Document:

EX-10.1 W. HOOVER NON-QUALIFIED STOCK OPTION AGMNT

 

EXHIBIT 10.1

DYNAMICS RESEARCH CORPORATION

Non-Qualified Stock Option

Non-Qualified Stock Option granted by Dynamics Research Corporation, a
Massachusetts corporation (the “Company”), to William Hoover, an employee of
the Company (the “Employee”).

	 	1.	 	Grant of Option. This certificate evidences the grant by the
Company on April 7, 2003 to the Employee of an option to purchase, in
whole or in part, on the terms provided in this certificate, a total of
100,000 shares of common stock of the Company at $12.14 per share,
which is the fair market value of the shares on the date of grant of
this option (the “Option”). It is not intended that the Option
evidenced by this certificate shall be an incentive stock option as
defined in section 422 of the Internal Revenue Code of 1986, as amended
from time-to-time (the “Code”).
	 
	 	 	 	The latest time on which this option may be exercised is 5:00 p.m. on
April 7, 2013. This option is exercisable in the following installments
at or prior to that time:

	 	 	 
	33,333 shares on and after	 	
April 7, 2004
	 
	33,333 shares on and after	 	
April 7, 2005
	 
	33,334 shares on and after	 	
April 7, 2006.

	 	2.	 	Exercise of Option. Each election to exercise this Option shall be
in writing, signed by the Employee or Employee’s executor or
administrator or the person or persons to whom this option is
transferred by will or the applicable laws of descent and distribution
(the “Legal Representative”), and received by the Company at its
principal office, accompanied by this certificate, and payment in full
as provided in the Plan (defined below). Payment shall be made in cash
or by check (acceptable to the company in accordance with guidelines
established for this purpose), bank draft or money order payable to the
order of the Company, through the delivery of shares of the Company’s
common stock which have been outstanding for at least six months
(unless the Committee expressly approves a shorter period) and which
have a fair market value on the last business day preceding the date of
exercise equal to the exercise price or by any combination of the
permissible forms of payment. In the event that this Option is
exercised by the Employee’s Legal Representative, the Company shall be
under no obligation to deliver shares unless and until the company is
satisfied as to the authority of the person or persons exercising this
Option.
	 
	 	3.	 	Notice of Disposition. The person exercising this Option shall
notify the company when making any disposition of the shares acquired
upon exercise of this option, whether by sale, gift or otherwise.

 

 

	 	4.	 	Agreement to Provide Security. If at the time the Option is
exercised the Board of Directors determines that under applicable law
and regulations the Company could be liable for the withholding of any
federal or state tax with respect to a disposition of any shares
acquired upon exercise of this Option, this Option may not be exercised
unless the person exercising this Option gives such security as the
Board of Directors deems adequate to meet the potential liability of
the Company for the withholding of tax and agrees to augment such
security from time-to-time in any amount reasonably determined by the
board of Directors to be necessary to preserve the adequacy of such
security.
	 
	 	5.	 	Non-Transferability of Option. This Option is not transferable by
the Employee otherwise than by will or the laws of descent and
distribution, and is exercisable during the Employee’s lifetime only by
the Employee.
	 
	 	6.	 	Terms and Conditions of the Option. This Option is not issued
pursuant to the Company’s 2000 Incentive Plan (the “Plan”).
Notwithstanding the foregoing, this Option shall be subject to
identical terms and conditions as those contained in the Plan that are
applicable to Non-Qualified Stock Options. A copy of the Plan is
furnished to the Employee with this Option for the purpose of
disclosing such applicable terms and conditions.

     IN WITNESS WHEREOF, the Company has caused this Option to be executed
under its corporate seal by its duly authorized officer. This option shall
take effect as a sealed instrument.

	 	Dynamics Research Corporation

	 	By: /s/ James P. Regan

	 	Title: Chairman/CEO

	 	Date: 4/18/03

Accepted:

/s/ William C. Hoover/William Hoover

William Hoover

Date: 4/21/2003EXHIBIT 10.6

         AMENDMENT dated as of June 20, 2003 (this "Amendment") by and among
PerfectData Corporation (the "Company"), Millennium Capital Corporation
("Millennium"), Harris A. Shapiro ("Shapiro"), JDK & Associates, Inc. ("JDK")
and Joseph D Kowal ("Kowal") to letter agreement dated January 20, 2000 (the
"Consulting Agreement") by and among the Company, Millennium and JDK.

         WHEREAS, the Company, Millennium and JDK are parties to the Consulting
Agreement pursuant to which Millennium and JDK were to act as the Company's
financial advisor in connection with Transactions (as defined therein) between
the Company and third parties introduced to the Company by Millennium and/or
JDK;

         WHEREAS, Shapiro is the President, director and shareholder of
Millennium;

         WHEREAS, Kowal is the President, director and shareholder of JDK;

         WHEREAS, the Company has executed a letter of intent, and is currently
negotiating a definitive agreement and plan of merger and reorganization, with
SuperCom Ltd., an Israeli company ("SuperCom"), pursuant to which the
shareholders of SuperCom would, if the contemplated transaction were
consummated, obtain shares of the Company's Common Stock, no par value (the
"Common Stock"), representing in excess of seventy-two (72%) percent of the then
outstanding shares of the Common Stock, and SuperCom would become a subsidiary
of the Company;

         WHEREAS, the Company, Millennium and JDK desire to terminate the
Consulting Agreement on the terms and conditions set forth in this Amendment if
and only if the proposed transaction with SuperCom (the "SuperCom Transaction")
is consummated;

         NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, the parties agree as follows:

         1. Effective with the closing of the SuperCom Transaction, the
Consulting Agreement shall be terminated and shall thereafter have no further
force and effect and, without limitation thereof, the Company shall have no
further obligation thereunder to any of Millennium, Shapiro, JDK or Kowal and
none of Millennium, Shapiro, JDK or Kowal shall thereafter have any obligation
to the Company thereunder, except that each of Millennium and JDK may exercise
its warrant expiring March 30, 2005 to purchase 10,000 shares of the Common
Stock at $2.75 per share granted pursuant to the Consulting Agreement.

         2. The Company shall direct the Transfer Agent for the Common Stock to
issue 150,000 shares (the "Shares") of the Common Stock to JDK or its designee
effective with the closing of the SuperCom Transaction. JDK hereby represents
and warrants that it will acquire the Shares for investment purposes only and
not with a view toward, or in connection with, any distribution thereof as such
term is contemplated under the Securities Act of 1933, as amended

(the "Securities Act"). JDK hereby further agrees that, should it request that
all or part of the Shares be issued to its designee, a condition precedent to
any such issuance shall be a representation by the designee to the same effect
as set forth in the preceding sentence. Any certificate or certificates
evidencing the Shares shall bear such restrictive legend under the Securities
Act as counsel to the Company deems appropriate.

         3. If and only upon the closing of the SuperCom Transaction, each of
Millennium, Shapiro, JDK and Kowal releases and forever discharges the Company
(and its respective officers, directors, employees, agents, predecessors,
successors and assigns) from any and all claims, complaints, demands, suits,
actions, causes of action and liabilities of every kind, nature and description
whatsoever, both at law and in equity, that it may now or hereafter may hold,
have or claim to have by reason of any matter, cause or thing regarding,
relating to, or involving the Consulting Agreement other than the warrants
described in paragraph 1 hereof.

         4. If, at any time during the period ending with the second anniversary
of the issuance of the Shares, the Company (or its successor as contemplated by
the SuperCom Transaction) shall file pursuant to the Securities Act a
registration statement relating to an offering for its own account or the
account of others of any of its equity securities (other than on Form S-8 or its
then equivalent relating to equity securities to be issued in connection with a
stock option or other employee benefit plan), the Company shall send to JDK
and/or any other holder (the "Other Holder") of all or part of the Shares
written notice of its intention to file at least twenty (20) days prior to the
intended filing date and, if within ten (10) days after delivery of such notice,
JDK and/or the Other Holder requests inclusion of all or part of the Shares in
the registration statement, then the Shares or such portion thereon as to which
a request is made shall be so included. If the offer is underwritten, JDK and/or
the Other Holder agree to include the Shares in such underwritten offering and,
if not underwritten, to advise the Company (or its successor) as to his, her or
its proposed distribution method. The Company (or its successor) shall then use
its best efforts to get such registration statement effective.

         5. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of California without giving effect to any
principles of conflicts of law.

         6. This Amendment may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and each of which shall be
deemed an original.

         7. All signatures to this Amendment may be delivered via facsimile and
each such signature shall be considered an original signature.

         8. This Amendment embodies the entire agreement and understanding of
the parties hereto in respect of the termination of the Consulting Agreement.
There are no restrictions, promises, representations, warranties, covenants or
undertakings, other than those expressly set forth or referred to herein. This
Agreement supercedes all prior agreements and undertakings between the parties
with respect to the Consulting Agreement.

                                       2

         IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.

                                            PERFECTDATA CORPORATION

                                            By /s/Irene J. Marino
                                               ---------------------------
                                               Irene J. Marino
                                               Vice President, Finance

                                            MILLENNIUM CAPITAL CORPORATION

                                            By /s/ Harris A. Shapiro
                                               ---------------------------
                                               Harris A. Shapiro

                                               /s/ Harris A. Shapiro
                                            ------------------------------
                                               Harris A. Shapiro

                                            JDK & ASSOCIATES, INC.

                                            By Joseph D. Kowal
                                               ---------------------------
                                               Joseph D. Kowal
                                               President

                                               /s/ Joseph D. Kowal
                                            ------------------------------
                                               Joseph D. Kowal

                                        3

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