Document:

Unassociated Document

    Exhibit
      10.3

    

    SHARE
      EXCHANGE AGREEMENT

    

    This
      Agreement is made on November 29, 2005, by and among the shareholders of Beasley
      Holdings Limited (“Beasley BVI”), each of whom are identified on the attached
      Exhibit A and who own all of the outstanding shares of stock of Beasley BVI
      (collectively referred to in this Agreement as “Sellers”), and ZipGlobal
      Holdings, Inc., a Delaware corporation (“Buyer”).

    

    RECITALS

    

    Sellers
      own all the stock of a corporation that is poised to become the leading provider
      of next-generation telecommunication services for the globally oriented
      customer. The company’s mission is to offer high-quality, multimedia-enabled
      communication services that unite disparate and dispersed local communities
      in
      global dialogues. In essence, the company intends to localize global
      communications; and 

    

    Buyer
      desires to acquire from the selling shareholders (Sellers) all the stock of
      Sellers and Sellers desire to sell all of their stock to Buyer; 

    

    NOW,
      THEREFORE, in consideration of mutual covenants contained in this agreement
      and
      other good and valuable consideration, which is acknowledged to be sufficient,
      the parties agree as follows:

    

    TERMS
      OF AGREEMENT

    

    SECTION
      1. STOCK
      EXCHANGED. Sellers agree to transfer to Buyer, and Buyer agrees to accept from
      Sellers, on the terms and conditions set forth in this Agreement, all of their
      stock, of all classes and categories, of Beasley BVI. 

    

    SECTION
      2. LIABILITIES
      NOT ASSSUMED. Except for accounting liabilities already disclosed to Buyer
      in
      its due diligence, Sellers are not aware of any contingent or other liabilities
      of Beasley BVI, other than those duly reported on its books and records. Buyer
      specifically does not assume any liabilities that do not appear on the books
      and
      records of Beasley BVI, or any other liabilities of Beasley BVI. 

    

    SECTION
      3. PAYMENT
      FOR STOCK 

    

    3.1 The
      consideration for this transaction is the exchange of stock. Sellers will
      receive and agree to accept 16,000,000 duly issued shares of Buyer’s common
      stock; likewise, Buyer will receive and agrees to accept all the shares of
      Beasley BVI, owned by Sellers. 

    

    3.2 In
      exchange for all of their shares of Beasley BVI, Sellers agree to accept shares
      of common stock of Buyer, which shares will be restricted under Section 144
      of
      the Securities and Exchange Commission Rules. The total of 16,000,000 shares
      of
      Buyer’s common stock are to be restricted under Section 144 and are to be
      allocated according to Exhibit A attached to this Agreement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.3 Buyer
      agrees to deliver or cause to be delivered to Sellers the stock certificates
      in
      the amounts set for above in paragraph 3.1 at Closing or as soon after Closing
      as is reasonably possible. 

    

    SECTION
      4. SELLER’S
      REPRESENTATIONS AND WARRANTIES. Sellers represent and warrant to Buyer that
      they
      have all requisite authority to enter into and perform the obligations under
      this Agreement; that none of the stock sold under this agreement is pledged,
      mortgaged, or otherwise encumbered; and that the books and records of Beasley
      BVI, which have been examined by Buyer, correctly represent the financial
      condition of Beasley BVI, as of the date of this Agreement, and the stock
      exchanged in this Agreement is predicated upon these
      representations.

    

    SECTION
      5. REPRESENTATIONS
      OF BUYER. Buyer represents and warrants that it is a corporation duly organized,
      validly existing, and in good standing under the laws of the State of Delaware.
      Buyer has all requisite corporate power and authority to enter into and perform
      its obligations under this Agreement, and the books and records of Buyer
      correctly represent the financial condition of the company as of the date of
      this Agreement, and the stock exchanged by this Agreement is predicated upon
      these representations.

    

    SECTION
      6. COVENANTS
      OF THE PARTIES. Sellers and Buyer agree that between the date of this Agreement
      and Closing, the parties will not do anything to cause any dilution or
      encumbrance of any type with respect to its stock sold under this agreement.
      Buyer will use its best efforts to effect the transaction described by this
      Agreement and to fulfill all conditions of Buyer’s obligations under this
      Agreement. 

    

    SECTION
      7. CONFIDENTIAL
      INFORMATION. If for any reason this purchase and sale of stock is not closed,
      Buyer will not disclose to third parties any confidential information received
      from Sellers, and Sellers will not disclose to third parties any confidential
      information received from Buyer in the course of investigating, negotiating,
      and
      performing the transactions contemplated by this Agreement. 

    

    SECTION
      8. FURTHER
      REPRESENTATIONS AND WARRANTIES OF SELLER

    

    8.1 All
      representations and warranties made in this Agreement by Sellers and Buyers
      shall be true as of Closing as fully as those such representations and
      warranties had been made on or as of Closing, and, as of Closing, Sellers and
      Buyer shall not have violated or failed to perform in accordance with any
      covenant contained in this Agreement. 

    

    8.2 At
      Closing, no suit, action, or other proceeding shall have been threatened or
      instituted to restrain, enjoin, or otherwise prevent the consummation of this
      Agreement or the contemplated transactions. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    SECTION
      9. BUYER’S
      ACCEPTANCE. Buyer represents and acknowledges that it has entered into this
      Agreement on the basis of its own examination, personal knowledge, and opinion
      as to the value of the assets and business of Seller. 

    

    SECTION
      10. SURVIVAL.
      All representations and warranties made in this Agreement shall survive the
      Closing of this Agreement. 

    

    SECTION
      11. CLOSING.
      The Closing will take place at the law offices of Virginia K. Sourlis, Esq.,
      The
      Galleria, 2 Bridge Ave., Red Bank, NJ 07701 upon receipt of the Minimum Offering
      Amount set forth in the Private Placement Memorandum and any supplements thereto
      for a private placement being conducted by ZipGlobal Holdings, Inc. at the
      time
      of this Agreement. If ZipGlobal Holdings, Inc. does not receive the Minimum
      Offering Amount according to the terms of the Private Placement Memorandum
      and
      any supplements thereto, then no Closing shall occur and this Agreement shall
      immediately be terminated and become null and void.

    

    SECTION
      12. TERMINATION
      OF AGREEMENT. This Agreement may be terminated by mutual written consent of
      Buyer and Sellers. 

    

    SECTION
      13. MISCELLANEOUS
      

    

    13.1 The
      provisions of this Agreement shall be binding upon the inure to the benefit
      of
      their heirs, personal representatives, successors, and assigns of the parties.
      

    

    13.2 Any
      notice or other communication required or permitted to be given under this
      Agreement shall be in writing and shall be mailed by certified mail, return
      receipt requested, postage prepaid, or by commercial carrier, addressed to
      the
      parties as set forth on the signature pages hereto.

    

    13.3 This
      Agreement shall be governed by and shall be construed in accordance with the
      laws of the State of Delaware.

    

    13.4 This
      Agreement constitutes the entire agreement between the parties pertaining to
      its
      subject matter and it supersedes all prior contemporaneous agreements,
      representations, and understandings of the parties. No supplement, modification,
      or amendment of this Agreement shall be binding unless executed in writing
      by
      all parties. 

    

    

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      PAGE INTENTIONALLY LEFT BLANK]

    

    

    [SIGNATURES
      FOLLOW]

     

    
      
         

      

      
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    Buyer:

    

    ZipGlobal
      Holdings, Inc., a Delaware company

    

    

    By:
      /s/
      Michael C. Lee         

    Michael
      C. Lee

    President

    

    

    Sellers:

    

    Representative
      of the Sellers

    

    

    

    By:
      /s/
      Michael C. Lee           

    Michael
      C. Lee

    Representative

     

    
      
         

      

      
        4Unassociated Document

    Exhibit
      10.4

    

    

    

    

    

    

    ZIPGLOBAL
      HOLDINGS, INC.

    

    2006
      STOCK OPTION PLAN

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    ZIPGLOBAL
      HOLDINGS, INC.

    

    

    2006
      STOCK OPTION PLAN

    

    

    Table
      of Contents

    

    Page

    

    

    
      	1.	Purpose; Effectiveness of the Plan	
              3

            
	2.	Certain Definitions	
              3

            
	3.	Eligibility	
              6

            
	4.	Administration	
              6

            
	5.	Shares Reserved for Options	
              8

            
	6.	Terms of Stock Option Agreements	
              8

            
	7.	Proceeds from Sale of Stock	
              17

            
	8.	Modification, Extension and Renewal
              of
              Options	
              17

            
	9.	Amendment and Discontinuance	
              17

            
	10.	Copies of Plan	
              15

            
	11.	Shareholder Approval	
              15

            

    

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    ZIPGLOBAL
      HOLDINGS, INC.

    

    

    2006
      STOCK OPTION PLAN

    

    

    1. Purpose;
      Effectiveness of the Plan.

    

    (a) The
      purpose of this Plan is to advance the interests of the Company and its
      stockholders by helping the Company obtain and retain the services of key
      employees, officers, consultants, and directors, upon whose judgment, initiative
      and efforts the Company is substantially dependent, and to provide those persons
      with further incentives to advance the interests of the Company.

    

    (b) This
      Plan
      will become effective on the date of its adoption by the Board, provided this
      Plan is approved by the stockholders of the Company (excluding holders of shares
      of Stock issued by the Company pursuant to the exercise of options granted
      under
      this Plan) within twelve (12) months before or after that date. If this Plan
      is
      not so approved by the stockholders of the Company, any options granted under
      this Plan will be rescinded and will be void. This Plan will remain in effect
      until it is terminated by the Board or the Committee (as defined hereafter)
      under section 9 hereof, except that no ISO (as defined herein) will be granted
      after the tenth anniversary of the date of this Plan’s adoption by the Board.
      This Plan will be governed by, and construed in accordance with, the laws of
      the
      State of Delaware.

    

    2. Certain
      Definitions. Unless
      the context otherwise requires, the following defined terms (together with
      other
      capitalized terms defined elsewhere in this Plan) will govern the construction
      of this Plan, and of any stock option agreements entered into pursuant to this
      Plan:

     

    
      	 	
              (a)

            	
              “10%
                Stockholder”
                means a person who owns, either directly or indirectly by virtue
                of the
                ownership attribution provisions set forth in Section 424(d) of the
                Code
                at the time he or she is granted an Option, stock possessing more
                than ten
                percent (10%) of the total combined voting power or value of all
                classes
                of stock of the Company and/or of its
                subsidiaries;

            

    

    

    
      	
            	(b)	
              “1933
                Act”
                means the federal Securities Act of 1933, as
                amended;

            

    

    

    
      	
            	(c)	
              “Board”
                means the Board of Directors of the
                Company;

            

    

    

    
      	 	
              (d)

            	
              “Called
                for under an Option,”
                or words to similar effect, means issuable pursuant to the exercise
                of an
                Option;

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    
      	 	
              (e)

            	
              “Code”
                means the Internal Revenue Code of 1986, as amended (references herein
                to
                Sections of the Code are intended to refer to Sections of the Code
                as
                enacted at the time of this Plan’s adoption by the Board and as
                subsequently amended, or to any substantially similar successor provisions
                of the Code resulting from recodification, renumbering or
                otherwise);

            

    

    

    
      	 	
              (f)

            	
              “Committee”
                means a committee of two or more directors, appointed by the Board,
                to
                administer and interpret this Plan; provided that the term “Committee”
                will refer to the Board during such times as no Committee is appointed
                by
                the Board.

            

    

    

    
      	
            	(g)	
              “Company”
                means ZipGlobal Holdings, Inc., a Delaware
                corporation;

            

    

    

    
      	 	
              (h)

            	
              “Disability”
                has the same meaning as “permanent and total disability,” as defined in
                Section 22(e)(3) of the Code;

            

    

    

    
      	 	
              (i)

            	
              “Eligible
                Participants”
                means persons who, at a particular time, are key employees, officers,
                consultants, or directors of the Company or its
                subsidiaries;

            

    

    

    
      	 	
              (j)

            	
              “Fair
                Market Value”
                means, with respect to the Stock and as of the date an ISO is granted
                hereunder, the market price per share of such Stock determined by
                the
                Committee, consistent with the requirements of Section 422 of the
                Code and
                to the extent consistent therewith, as
                follows:

            

      	 	 	 

    

    
      	 	 	 	
              (i)

            	
              If
                the Stock was traded on a stock exchange on the date in question,
                when the
                Fair Market Value will be equal to the closing price reported by
                the
                applicable composite-transactions report for such
                date;

            

      	 	 	 	 	 

    

    
      	 	 	 	
              (ii)

            	
              If
                the Stock was traded over-the-counter on the date in question and
                was
                classified as a national market issue, then the Fair Market Value
                will be
                equal to the last-transaction price quoted by the NASDAQ system for
                such
                date;

            

      	 	 	 	 	 

    

    
      	 	 	 	
              (iii)

            	
              If
                the Stock was traded over-the-counter on the date in question but
                was not
                classified as a national market issue, then the Fair Market Value
                will be
                equal to the average of the last reported representative bid and
                asked
                prices quoted by the NASDAQ system for such date;
                and

            

      	 	 	 	 	 

    

    
      	 	 	 	
              (iv)

            	
              If
                none of the foregoing provisions is applicable, then the Fair Market
                Value
                will be determined by the Committee in good faith on such basis as
                it
                deems appropriate.

            

    

    

    
      
         

      

      
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              (k)

            	
              “First
                Public Offering”
                means the closing of the first sale of stock to the public, through
                a firm
                commitment underwriting, for an aggregate price of at least five
                million
                dollars ($5,000,000), pursuant to an effective registration statement
                filed with the Securities and Exchange Commission under the 1933
                Act;

            

      	 	 	 

    

    
      	 	
              (l)

            	
              “ISO”
                has the same meaning as “incentive stock option,” as defined in Section
                422 of the Code;

            

    

    

    
      	 	
              (m)

            	
              “Involuntary
                Transfer”
                means a Transfer that occurs pursuant to any of the following: an
                assignment of Option Stock for the benefit of creditors of the Optionee;
                a
                Transfer by operation of law, including, without limitation, a Transfer
                by
                will or under the laws of descent and distribution; an execution
                of
                judgment against the Option Stock or the acquisition of record or
                beneficial ownership of Option Stock by a lender or creditor; a Transfer
                pursuant to any decree of divorce, dissolution or separate maintenance,
                any property settlement, any separation agreement or any other agreement
                with a spouse (except for estate planning purposes) under which a
                part or
                all of any Option Stock are Transferred or awarded to the spouse
                of the
                Optionee or are required to be sold; or a Transfer resulting from
                the
                filing by the Optionee of a petition for relief, or the filing of
                an
                involuntary petition against the Optionee, under the bankruptcy laws
                of
                the United States or of any other
                nation;

            

    

    

    
      	 	
              (n)

            	
              “Just
                Cause Termination”
                means a termination by the Company of an Optionee’s employment by and/or
                service to the Company (or if the Optionee is a director, removal
                of the
                Optionee from the Board by action of the stockholders or, if permitted
                by
                applicable law and the by-laws of the Company, the other directors),
                without cause, or in connection with the good faith determination
                of the
                Company’s board of directors (or of the Company’s stockholders if the
                Optionee is a director and the removal of the Options from the Board
                is by
                action of the stockholders, but in either case excluding the vote
                of the
                Optionee if he or she is a director or a stockholder) that the Optionee
                has engaged in any acts involving dishonesty or moral turpitude or
                in any
                acts that materially and adversely affect the business, affairs or
                reputation of the Company or its
                subsidiaries;

            

    

    

    
      	 	
              (o)

            	
              “NSO”
                means any option granted under this Plan whether designated by the
                Committee as a “non-qualified stock option,” a “non-statutory stock
                option” or otherwise, other than an option designated by the Committee as
                an ISO, or any option so designated but which, for any reason, fails
                to
                qualify as an ISO pursuant to Section 422 of the Code and the rules
                and
                regulations thereunder;

            

    

    

    
      	 	
              (p)

            	
              “Option”
                means an option granted pursuant to this Plan entitling the option
                holder
                to acquire shares of Stock issued by the Company pursuant to the
                valid
                exercise of the option;

            

    

    

    
      
         

      

      
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              (q)

            	
              “Option
                Agreement”
                means an agreement between the Company and an Optionee, in form and
                substance satisfactory to the Committee in its sole discretion, consistent
                with this Plan;

            

    

    

    
      	 	
              (r)

            	
              “Option
                Price”
                with respect to any particular Option means the exercise price at
                which
                the Optionee may acquire each share of the Option Stock called for
                under
                such Option;

            

    

    

    
      	 	
              (s)

            	
              “Option
                Stock”
                means Stock issued or issuable by the Company pursuant to the valid
                exercise of an Option;

            

    

    

    
      	 	
              (t)

            	
              “Optionee”
                means an Eligible Participant to whom Options are granted hereunder,
                and
                any transferee thereof pursuant to a Transfer authorized under this
                Plan;

            

    

    

    
      	
            	(u)	
              “Plan”
                means this 2006 Stock Option Plan of the
                Company;

            

    

    

    
      	 	
              (v)

            	
              “QDRO”
                has the same meaning as “qualified domestic relations order” as defined in
                Section 414(p) of the Code;

            

    

    

    
      	
            	(w)	
              “Stock”
                means shares of the Company’s Common Stock, $0.0001 par
                value;

            

    

    

    
      	 	
              (x)

            	
              “Subsidiary”
                has the same meaning as “Subsidiary Corporation” as defined in Section
                424(f) of the Code;

            

    

    

    
      	 	
              (y)

            	
              “Transfer,”
                with respect to Option Stock, includes, without limitation, a voluntary
                or
                involuntary sale, assignment, transfer, conveyance, pledge, hypothecation,
                encumbrance, disposal, loan, gift, attachment or levy of such Option
                Stock; and

            

    

    

    
      	
            	(z)	
              “Voluntary
                Transfer”
                means any Transfer other than an Involuntary
                Transfer.

            

    

    

    3. Eligibility. The
      Company may grant Options under this Plan only to persons who are Eligible
      Participants as of the time of such grant. Subject to the provisions of sections
      4(d), 5 and 6 hereof, there is no limitation on the number of Options that
      may
      be granted to an Eligible Participant.

     

    
      
         

      

      
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    4. Administration.

    

    
      	
            	(a)	
              Committee. The
                Committee, if appointed by the Board, will administer this Plan.
                If the
                Board, in its discretion, does not appoint such a Committee, the
                Board
                itself will administer this Plan and take such other actions as the
                Committee is authorized to take hereunder; provided that the Board
                may
                take such actions hereunder in the same manner as the Board may take
                other
                actions under the Company’s certificate of incorporation and by-laws
                generally.

            

    

    

    
      	
            	(b)	
              Authority
                and Discretion of Committee. The
                Committee will have full and final authority in its discretion, at
                any
                time and from time to time, subject only to the express terms, conditions
                and other provisions of the Company’s certificate of incorporation,
                by-laws and this Plan, and the specific limitations on such discretion
                set
                forth herein:

            

    

    

    
      	 	 	
              (i)

            	
              to
                select and approve the persons who will be granted Options under
                this Plan
                from among the Eligible Participants, and to grant to any person
                so
                selected one or more Options to purchase such number of shares of
                Option
                Stock as the Committee may
                determine;

            

    

    

    
      	 	 	
              (ii)

            	
              to
                determine the period or periods of time during which Options may
                be
                exercised, the Option Price and the duration of such Options, and
                other
                matters to be determined by the Committee in connection with specific
                Option grants and Option Agreements as specified under this
                Plan;

            

    

    

    
      	 	 	
              (iii)

            	
              to
                interpret this Plan, to prescribe, amend and rescind rules and regulations
                relating to this Plan, and to make all other determinations necessary
                or
                advisable for the operation and administration of this Plan;
                and

            

    

    

    
      	 	 	
              (iv)

            	
              to
                delegate all or a portion of its authority under subsections (i)
                and (ii)
                of this section 4(b) to one or more directors of the Company who
                are
                executive officers of the Company, but only in connection with Options
                granted to Eligible Participants who are not officers or directors
                of the
                Company, and subject to such restrictions and limitations (such as
                the
                aggregate number of shares of Option Stock called for by such Options
                that
                may be granted) as the Committee may decide to impose on such delegate
                directors.

            

    

    

    
      	
            	(c)	
              Limitation
                on Authority. Notwithstanding
                the foregoing, or any other provision of this Plan, the Committee
                will
                have no authority to grant Options to any of its members, unless
                approved
                by the Board.

            

    

    

    
      	
            	(d)	
              Designation
                of Options. Except
                as otherwise provided herein, the Committee will designate any Option
                granted hereunder either as an ISO or as an NSO. To the extent that
                the
                Fair Market Value (determined at the time the Option is granted)
                of Stock
                with respect to which all ISOs are exercisable for the first time
                by any
                individual during any calendar year (pursuant to this Plan and all
                other
                plans of the Company and/or its subsidiaries) exceeds $100,000, such
                option will be treated as an NSO. Notwithstanding the general eligibility
                provisions of section 3 hereof, the Committee may grant ISOs only
                to
                persons who are employees of the Company and/or its
                subsidiaries.

            

    

    

    
      	
            	(e)	
              Option
                Agreements. Options
                will be deemed granted hereunder only upon the execution and delivery
                of
                an Option Agreement by the Optionee and a duly authorized officer
                of the
                Company. Options will not be deemed granted hereunder merely upon
                the
                authorization of such grant by the
                Committee.

            

    

    

    
      
         

      

      
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    5. Shares
      Reserved for Options.

     

    
      	
            	(a)	
              Option
                Pool. The
                aggregate number of shares of Option Stock that may be issued pursuant
                to
                the exercise of Options granted under this Plan will not exceed
                One
                Million Seven-Hundred-Thousand Shares
                (1,700,000)
                (the “Option Pool”), provided that such number will be increased by the
                number of shares of Option Stock that the Company subsequently may
                reacquire through repurchase or otherwise. Shares of Option Stock
                that
                would have been issuable pursuant to Options, but that are no longer
                issuable because all or part of those Options have terminated or
                expired,
                will be deemed not to have been issued for purposes of computing
                the
                number of shares of Option Stock remaining in the Option Pool and
                available for issuance.

            

    

    

    
      	
            	(b)	
              Adjustments
                Upon Changes in Stock. In
                the event of any change in the outstanding Stock of the Company as
                a
                result of a stock split, reverse stock split, stock dividend,
                recapitalization, combination or reclassification, appropriate
                proportionate adjustments will be made in: (i) the aggregate number
                of
                shares of Option Stock in the Option Pool that may be issued pursuant
                to
                the exercise of Options granted hereunder; (ii) the Option Price
                and the
                number of shares of Option Stock called for in each outstanding Option
                granted hereunder; and (iii) other rights and matters determined
                on a per
                share basis under this Plan of any Option Agreement hereunder. Any
                such
                adjustments will be made only by the Board, and when so made will
                be
                effective, conclusive and binding for all purposes with respect to
                this
                Plan and all Options then outstanding. No such adjustments will be
                required by reason of the issuance or sale by the Company for cash
                or
                other consideration of additional shares of its Stock or securities
                convertible into or exchangeable for shares of its
                Stock.

            

    

     

    6. Terms
      of Stock Option Agreements.
      Each
      Option granted pursuant to this Plan will be evidenced by an agreement (an
      “Option Agreement”) between the Company and the person to whom such Option is
      granted, in form and substance satisfactory to the Committee in its sole
      discretion, consistent with this Plan. Without limiting the foregoing, each
      Option Agreement (unless otherwise stated therein) will be deemed to include
      the
      following terms and conditions:

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
            	(a)	
              Covenants
                of Optionee. At
                the discretion of the Committee, the person to whom an Option is
                granted
                hereunder, as a condition to the granting of the Option, must execute
                and
                deliver to the Company a confidential information agreement approved
                by
                the Committee. Nothing contained in this Plan, any Option Agreement
                or in
                any other agreement executed in connection with the granting of an
                Option
                under this Plan will confer upon any Optionee any right with respect
                to
                the continuation of his or her status as an employee of, consultant
                or
                independent contractor to, or director of, the Company or its
                subsidiaries.

            

    

    

    
      	
            	(b)	
              Vesting
                Periods. Except
                as otherwise provided herein, each Option Agreement may specify the
                period
                or periods of time within which each Option or portion thereof will
                first
                become exercisable (the “Vesting Period”) with respect to the total number
                of shares of Option Stock called for thereunder (the “Total Award Option
                Stock”). Such Vesting Periods will be fixed by the Committee in its
                discretion, and may be accelerated or shortened by the Committee
                in its
                discretion. If the Optionee does not exercise his or her Option within
                the
                time specified in his or her Option Agreement, the Option shall terminate,
                and the Shares covered by such Option shall revert to the Plan. Some
                alternatives the Committee may use for vesting of Options
                are:

            

    

    

    
      	
            	(i)	
              the
                right to exercise an Option granted hereunder will vest immediately
                upon
                the grant thereof by the Committee, or on such later Grant Date as
                may be
                specified in such Option Agreement;

            

    

    

    
      	
            	(ii)	
              the
                right to exercise an Option granted hereunder will be subject to
                the
                following Vesting Periods, subject to the Optionee continuing to
                be an
                Eligible Participant and the occurrence of any other event (including
                the
                passage of time) that would result in the cancellation or termination
                of
                the Option: no
                portion of the Option will be exercisable prior to the first anniversary
                of the Grant Date set forth in the Option
                Agreement;

            

    

    

    
      	 	 	 	
              (iii)

            	
              the
                Option will become exercisable on a cumulative basis as to twenty-five
                percent (25%) of the Total Award Option Stock on each of the first,
                second, third and fourth anniversaries of such Grant Date, so that
                the
                Option will have become fully exercisable, subject to the Optionee’s
                remaining an Eligible Participant, on the fourth anniversary of such
                Grant
                date;

            

    

    

    
      	 	 	 	
              (iv)

            	
              upon
                and after such first anniversary of such Grant Date, the Optionee
                may
                purchase up to twenty-five percent (25%) of the Total Award Option
                Stock;
                and the Option will become exercisable on a cumulative basis as to
                six and
                one-quarter percent (6.25%) of the Total Award Option Stock, at the
                end of
                every period of three (3) months that elapses after such first
                anniversary, so that the Option will have become fully exercisable,
                subject to the Optionee’s remaining an Eligible Participant, on the fourth
                anniversary of such Grant Date; and

            

    

    

    
      	 	 	 	
              (v)

            	
              upon
                and after such first anniversary of such Grant Date, the Optionee
                may
                purchase up to twenty-five percent (25%) of the Total Award Option
                Stock;
                and the Option will become exercisable on a cumulative basis as to
                two and
                one-twelfths percent (approximately 2.083%) of the Total Award Option
                Stock, at the end of every month that elapses after such first
                anniversary, so that the Option will have become fully exercisable,
                subject to the Optionee’s remaining an Eligible Participant, on the fourth
                anniversary of such Grant Date.

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      	
            	(c)	
              Exercise
                of the Option.

            

    

    

    
      	
            	(i)	
              Mechanics
                and Notice. An
                Option may be exercised to the extent exercisable (1) by giving written
                notice of exercise to the Company, specifying the number of full
                shares of
                Option Stock to be purchased and accompanied by full payment of the
                Option
                Price thereof and the amount of withholding taxes pursuant to subsection
                (ii) below; and (2) by giving assurances satisfactory to the Company
                that
                the shares of Option Stock to be purchased upon such exercise are
                being
                purchased for investment and not with a view to resale in connection
                with
                any distribution of such shares in violation of the 1933 Act; provided,
                however, that in the event the Option Stock called for under the
                Option is
                registered under the 1933 Act, or in the event resale of such Option
                Stock
                without such registration would otherwise be permissible, this second
                condition will be inoperative if, in the opinion of counsel for the
                Company, such condition is not required under the 1933 Act, or any
                other
                applicable law, regulation or rule of any governmental
                agency.

            

    

    

    
      	
            	(ii)	
              Withholding
                Taxes. As
                a condition to the issuance of the shares of Option Stock upon full
                or
                partial exercise of an NSO granted under this Plan, the Optionee
                will pay
                to the Company in cash, or in such other form as the Committee may
                determine in its discretion, the amount of the Company’s tax withholding
                liability required in connection with such exercise. For purposes
                of this
                subsection 6(c)(ii), “tax withholding liability” will mean all federal and
                state income taxes, social security tax, and any other taxes applicable
                to
                the compensation income arising from the transaction required by
                applicable law to be withheld by the
                Company.

            

    

    

    
      	
            	(d)	
              Payment
                of Option Price. Each
                Option Agreement will specify the Option Price with respect to the
                exercise of Option Stock thereunder, to be fixed by the Committee
                in its
                discretion, but in no event will the Option Price for an ISO granted
                hereunder be less than the Fair Market Value (or, in case the Optionee
                is
                a 10% Stockholder, one hundred ten percent (110%) of such Fair Market
                Value) of the Option Stock at the time such ISO is granted, and in
                no
                event will the Option Price for an NSO granted hereunder be less
                than the
                80% of Fair Market Value. The Option Price will be payable to the
                Company
                in United States dollars in cash or by check or, such other legal
                consideration as may be approved by the Committee, in its
                discretion.

            

    

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    
      	
            	(e)	
              Termination
                of the Option. Except
                as otherwise provided herein, each Option Agreement will specify
                the
                period of time, to be fixed by the Committee in its discretion, during
                which the Option granted therein will be exercisable, not to exceed
                ten
                (10) years from the date of grant in the case of an ISO (the “Option
                Period”); provided that the Option Period will not exceed five (5) years
                from the date of grant in the case of an ISO granted to a 10%
                Stockholder.

            

    

    

    To
      the
      extent not previously exercised, each Option will terminate upon the earliest
      of
      the following occasions: (i) expiration of the Option Period specified in the
      Option Agreement; (ii) thirty (30) days after the date that the Optionee ceases
      to be an Eligible Participant for any reason, other than by reason of death,
      disability, and cessation of Optionee’s services; (iii) twelve (12) months after
      the date that the Optionee ceases to be an Eligible Participant by reason of
      such person’s death or disability; or (iv) on the date immediately preceding the
      date Optionee’s services ceased. If, on the date of termination, the Optionee is
      not vested as to his or her entire Option, the Shares covered by the unvested
      portion of the Option shall revert to the Plan. If, after termination, the
      Optionee does not exercise his or her Option within the time specified by the
      Committee, the Option shall terminate, and the Shares covered by such Option
      shall revert to the Plan.

    

    
      	
            	(f)	
              Dissolution
                or Liquidation. In
                the event of the proposed dissolution or liquidation of the Company,
                the
                Committee shall notify each Optionee as soon as practicable prior
                to the
                effective date of such proposed transaction. The Committee in its
                discretion may provide for an Optionee to have the right to exercise
                his
                or her Option until ten (10) days prior to such transaction as to
                all of
                the Optioned Stock covered thereby, including Shares as to which
                the
                Option would not otherwise be exercisable. In addition, the Committee
                may
                provide that any Company repurchase option applicable to any Shares
                purchased upon exercise of an Option shall lapse as to all such Shares,
                provided the proposed dissolution or liquidation takes place at the
                time
                and in the manner contemplated. To the extent it has not been previously
                exercised, an Option will terminate immediately prior to the consummation
                of such proposed action.

            

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    
      	
            	(g)	
              Merger
                or Asset Sale. In
                the event of a merger of the Company with or into another corporation,
                or
                the sale of substantially all of the assets of the Company, each
                outstanding Option shall be assumed or an equivalent option or right
                substituted by the successor corporation or a Parent or Subsidiary
                of the
                successor corporation. In the event that the successor corporation
                refuses
                to assume or substitute for the Option, the Optionee shall fully
                vest in
                and have the right to exercise the Option as to all of the Optioned
                Stock,
                including Shares as to which it would not otherwise be vested or
                exercisable. If an Option becomes fully vested and exercisable in
                lieu of
                assumption or substitution in the event of a merger or sale of assets,
                the
                Committee shall notify the Optionee in writing or electronically
                that the
                Option shall be fully vested and exercisable for a period of fifteen
                (15)
                days from the date of such notice, and the Option shall terminate
                upon the
                expiration of such period. For the purposes of this paragraph, the
                Option
                shall be considered assumed if, following the merger or sale of assets,
                the option or right confers the right to purchase or receive, for
                each
                Share of Optioned Stock subject to the Option immediately prior to
                the
                merger or sale of assets, the consideration (whether stock, cash,
                or other
                securities or property) received in the merger or sale of assets
                by
                holders of Common Stock for each Share held on the effective date
                of the
                transaction (and if holders were offered a choice of consideration,
                the
                type of consideration chosen by the holders of a majority of the
                outstanding Shares); provided, however, that if such consideration
                received in the merger or sale of assets is not solely common stock
                of the
                successor corporation or its Parent, the Committee may, with the
                consent
                of the successor corporation, provide for the consideration to be
                received
                upon the exercise of the Option, for each Share of Optioned Stock
                subject
                to the Option, to be solely common stock of the successor corporation
                or
                its Parent equal in fair market value to the per share consideration
                received by holders of Common Stock in the merger or sale of
                assets.

            

    

    

    
      	
            	(h)	
              Qualification
                of Stock. The
                right to exercise an Option will be further subject to the requirement
                that if at any time the Committee determines, in its discretion,
                that the
                listing, registration or qualification of the shares of Option Stock
                called for thereunder upon any securities exchange or under any state
                or
                federal law, or the consent or approval of any governmental regulatory
                authority, is necessary or desirable as a condition of or in connection
                with the granting of such Option or the purchase of shares of Option
                Stock
                thereunder, the Option may not be exercised, in whole or in part,
                unless
                and until such listing, registration, qualification, consent or approval
                is effected or obtained free of any conditions not acceptable to
                the
                Board, in its discretion.

            

    

    

    
      	
            	(g)	
              Non-Transferability
                of Options.

            

    

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

    
      	
            	(i)	
              Options
                Nontransferable. Unless
                determined otherwise by the Committee, an Option may not be sold,
                pledged,
                assigned, hypothecated, transferred, or disposed of in any manner
                other
                than by will or by the laws of descent or distribution and may be
                exercised, during the lifetime of the Optionee, only by the Optionee.
                If
                the Committee makes an Option transferable, such Option shall contain
                such
                additional terms and conditions as the Administrator deems
                appropriate.

            

    

    

    
      	
            	(ii)	
              Repurchase
                Option. Unless
                the Committee determines otherwise, the Option Agreement shall grant
                the
                Company a repurchase option exercisable upon the voluntary or involuntary
                termination of the Optionee’s service with the Company for any reason
                (including death or Disability). The purchase price for Shares repurchased
                pursuant to the Option Agreement shall be the original price paid
                by the
                Optionee and may be paid by cancellation of any indebtedness of the
                Optionee to the Company. The repurchase option shall lapse at a rate
                determined by the Committee.

            

    

    

    
      	
            	(i)	
              Additional
                Restrictions on Transfer. By
                accepting Options and/or Option Stock under this Plan, the Optionee
                will
                be deemed to represent, warrant and agree as
                follows:

            

    

    

    
      	
            	(i)	
              Securities
                Act of 1933. The
                Optionee understands that the shares of Option Stock have not been
                registered under the 1933 Act, and that such shares are not freely
                tradable and must be held indefinitely unless such shares are either
                registered under the 1933 Act or an exemption from such registration
                is
                available. The Optionee understands that the Company is under no
                obligation to register the shares of Option
                Stock.

            

    

    

    
      
        	
              	(ii)	
                Other
                  Applicable Laws. The
                  Optionee further understands that Transfer of the Option Stock
                  requires
                  full compliance with the provisions of all applicable
                  laws.

              

      

    

    

    
      
        	
              	(iii)	
                Investment
                  Intent.

              

      

    

    

    	(1)  	
            Upon
              exercise of any Option, the Optionee will purchase the Option Stock
              for
              his or her own account and not with a view to distribution within the
              meaning of the 1933 Act, other than as may be effected in compliance
              with
              the 1933 Act and the rules and regulations promulgated
              thereunder;

          

    

    	(2)  	
            no
              one else will have any beneficial interest in the Option Stock;
              and

          

    

    	(3)  	
            he
              or she has no present intention of disposing of the Option Stock at
              any
              particular time.

          

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

       

    

    
      	
            	(iv)	
              Lock-Up
                Period. The
                Optionee agrees not to, directly or indirectly, issue, offer, agree
                or
                offer to sell, sell, transfer, assign, encumber, grant an option
                for the
                purchase or sale of, pledge, hpyothecate or otherwise dispose of
                any
                Option Stock for a period of 12 months following exercise of Optionee’s
                Stock Option.

            

    

    

    
      	
            	(j)	
              Compliance
                with Law.Notwithstanding
                any other provision of this Plan, Options may be granted pursuant
                to this
                Plan, the Option Stock may be issued pursuant to the exercise thereof
                by
                an Optionee, only after there has been compliance with all applicable
                federal and state securities laws, and all of the same will be subject
                to
                this overriding condition. The Company will not be required to register
                or
                qualify Option Stock with the Securities and Exchange Commission
                or any
                State agency, except that the Company will register with, or as required
                by local law, file for and secure an exemption from such registration
                requirements from, the applicable securities administrator and other
                officials of each jurisdiction in which an Eligible Participant would
                be
                granted an Option hereunder prior to such
                grant.

            

    

    

    
      	
            	(k)	
              Stock
                Certificates. Certificates
                representing the Option Stock issued pursuant to the exercise of
                Options
                will bear all legends required by law and necessary to effectuate
                this
                Plan’s provisions. The Company may place a “stop transfer” order against
                shares of the Option Stock until all restrictions and conditions
                set forth
                in this Plan and in the legends referred to in this section 6(k)
                have been
                complied with.

            

    

    

    
      	
            	(l)	
              Market
                Standoff. To
                the extent requested by the Company and any underwriter of securities
                of
                the Company in connection with a firm commitment underwriting, no
                holder
                of any shares of Option Stock will sell or otherwise Transfer any
                such
                shares not included in such underwriting, or not previously registered
                pursuant to a registration statement filed under the 1933 Act, during
                the
                one hundred and twenty (120) day period following the effective date
                of
                the registration statement filed with the Securities and Exchange
                Commission in connection with such
                offering.

            

    

    

    
      	
            	(m)	
              Notices. Any
                notice to be given to the Company under the terms of an Option Agreement
                will be addressed to the Company at its principal executive office,
                Attention: Corporate Secretary, or at such other address as the Company
                may designate in writing. Any notice to be given to an Optionee will
                be
                addressed to the Optionee at the address provided to the Company
                by the
                Optionee. Any such notice will be deemed to have been duly given
                if and
                when enclosed in a properly sealed envelope, addressed as aforesaid,
                registered and deposited, postage and registry fee prepaid, in a
                post
                office or branch post office regularly maintained by the United States
                Government.

            

    

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

       

    

    
      	
            	(n)	
              Other
                Provisions. The
                Option Agreement may contain such other terms, provisions and conditions,
                including restrictions on the Transfer of Option Stock issued upon
                exercise of any Options granted hereunder, not inconsistent with
                this
                Plan, as may be determined by the Committee in its sole
                discretion.

            

    

    

    7. Proceeds
      from Sale of Stock. Cash
      proceeds from the sale of shares of Option Stock issued from time to time upon
      the exercise of Options granted pursuant to this Plan will be added to the
      general funds of the Company and as such will be used from time to time for
      general corporate purposes.

    

    8. Modification,
      Extension and Renewal of Options. Subject
      to the terms and conditions and within the limitations of this Plan, the
      Committee may modify this Plan, or accept the surrender of outstanding Options
      (to the extent not theretofore exercised) and authorize the granting of new
      Options in substitution therefor (to the extent, extend or renew outstanding
      Options granted but not theretofore exercised). Notwithstanding the foregoing,
      however, no modification of any Option will, without the consent of the holder
      of the Option, alter or impair any rights or obligations under any Option
      theretofore granted under this Plan.

     

    9. Amendment
      and Discontinuance. The
      Board
      may amend, suspend or discontinue this Plan at any time or from time to time;
      provided that no action of the Board will cause ISOs granted under this Plan
      not
      to comply with Section 422 of the Code unless the Board specifically declares
      such action to be made for that purpose and provided further that no such action
      may, without the approval of the stockholders of the Company, increase (other
      than by reason of an adjustment pursuant to section 5(b) hereof) the maximum
      aggregate number of shares of Option Stock in the Option Pool that may be issued
      under Options granted pursuant to this Plan. Moreover, no such action may alter
      or impair any Option previously granted under this Plan without the consent
      of
      the holder of such Option.

     

    10. Copies
      of Plan. A
      copy of
      this Plan will be delivered to each Optionee at or before the time he or she
      executes an Option Agreement.

    

    11. Shareholder
      Approval. The
      Plan
      shall be subject to approval by the shareholders of the Company within twelve
      (12) months after the date the Plan is adopted. Such shareholder approval shall
      be obtained in the manner and to the degree required under Applicable
      Laws.

     

    
      
         

      

      
        15

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