Document:

Unassociated Document

    
      
        

      

      Exhibit
        10.2

      OPTION
        AGREEMENT

      

      THE
        BOARD
        OF DIRECTORS of IFT Corporation authorized and approved the Equity Incentive
        Plan ("Plan"). The Plan provides for the grant of Options to employees of
        IFT
        Corporation and its subsidiaries (“Company”). Unless otherwise provided herein
        all defined terms shall have the respective meanings ascribed to them under
        the
        Plan.

       

      1.  Grant
        of Option.
        Pursuant to authority granted to it under the Plan, the Administrator
        responsible for administering the Plan hereby grants to Michael T. Adams,
        as an
        employee of the Company (“Optionee”) and as of July 12, 2005 ("Grant Date"), the
        following Option: 400,000. Each Option permits you to purchase one share
        of IFT
        Corporation’s common stock, $.01 par value per share ("Shares").

      

      2.  Character
        of Options.
        Pursuant to the Plan, Options granted herein may be Incentive Stock Options
        or
        Non-Qualified Stock Options, or both. To the extent permitted under the Plan
        and
        by law, such Options shall first be considered Incentive Stock
        Options.

      

      3.  Exercise
        Price.
        The
        Exercise Price for each Non-Qualified Stock Option granted herein is $.67
        per
        Share, and exercise price for each Incentive Stock Option granted herein
        shall
        be $.67 per Share.

      

      4.  Exercisability.
        The
        exercisability of the Options granted hereby is subject to the following
        performance criteria and restrictions:

      

      
        	 	
                4.1

              	
                Vesting
                  Schedule.
                  The Options vest according to the following Sales Goal
                  Thresholds:

              

      

      
        

        
          	 	
                  4.1.1

                	
                  80,000
                    Options upon reaching $ 12 Million in Sales during a fiscal
                    year;

                

        

        
          	 	
                  4.1.2

                	
                  80,000
                    Options upon reaching $ 18 Million in Sales during a fiscal
                    year;

                

        

        
          	 	
                  4.1.3

                	
                  80,000
                    Options upon reaching $ 24 Million in Sales during a fiscal
                    year;

                

        

        
          	 	
                  4.1.4

                	
                  80,000
                    Options upon reaching $ 30 Million in Sales during a fiscal year;
                    and

                

        

        
          	 	
                  4.1.5

                	
                  80,000
                    Options upon reaching $ 40 Million in Sales during a fiscal
                    year.

                

        

         

      

      4.2     Sales
        Goal Thresholds Non-Repetitive.
        The
        Sales Goals Thresholds and number of Options referenced in Section 4.1 are
        non-repetitive, which means once a particular Sales Goal Threshold has been
        met
        during any fiscal year, that same Sales Goal is not eligible to be used again
        for additional shares during any other fiscal year (e.g. if the Sales Goal
        in
        4.1.1 is met during the 2005 fiscal year, then that same opportunity is not
        available for any other fiscal year).

      

      4.3     Gross
        Profit Margin Requirement.
        In
        addition to the Sales Goal Thresholds requirement, a 25% Gross Profit Margin
        must be achieved for the number of Options apportioned to each Sales Goal
        Threshold set forth in Section 4.1 to vest. “Gross
        Profit Margin”
        is
        calculated by taking Gross Profit and dividing it by Total Sales Revenue.
        Notwithstanding the foregoing, at the sole discretion of the Company’s Board of
        Directors, upon recommendation of the Compensation Committee, the Gross Profit
        Margin Requirement described in this Section 4.3 may be decreased or waived
        entirely for an acquisition(s) or merger or otherwise adjusted as determined
        by
        the Compensation Committee. This Section 4.3 in no way requires the Corporation
        to make an acquisition(s) or merge with any other entity.

      

      4.4     Vesting
        Procedure.
        The
        determination of whether or not a particular Sales Goal Threshold and Gross
        Profit Margin, including any adjustments thereto, if any, is met during a
        given
        year is made by the Compensation Committee based on the independent annual
        audited financial statements of the Company, as approved by the Audit Committee,
        and ratification and approval of such determination by the Board of
        Directors.

      

      4.5    Restrictions
        on Exercisability.
        Options, when vested, shall be exercisable over a declining four year period
        beginning on the date of hire of the Optionee, based on a 25% and 75% formula.
        To illustrate:

      

      4.5.1     Assume
        80,000 Options vest in accordance with the procedures set forth in Section
        4.4
        on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as
        follows: (a) March 31, 2006 = 5,000 Options; (b) December 31, 2006 = 5,000
        Options; December 31, 2007 = 5,000 Options; December 31, 2008 = 5,000 Options;
        and January 31, 2009 = 60,000 Options.

      

      4.5.2     Assume
        80,000 Options vest in accordance with the procedures set forth in Section
        4.4
        on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as
        follows: (a) March 31, 2007 = 6,666 Options; (b) December 31, 2007 = 6,667
        Options; (c) December 31, 2008 = 6,667 Options; and January 31, 2009 = 60,000
        Options.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      5.  Term
        of Options.
        The
        term of each Option granted herein shall be for a term of up to six (6) years
        from the Grant Date, provided, however, that the term of any Incentive Stock
        Option granted herein to the Optionee who is at the time of the grant, a
        Ten
        Percent Owner, shall not be exercisable after the expiration of five (5)
        years
        from the Grant Date.

      

      6.  Payment
        of Exercise Price.
        Options
        represented hereby may be exercised in whole or in part by delivering to
        the
        Company your payment of the Exercise Price of the Option so exercised
        (i) in cash, by check or cash equivalent, (ii) by tender to
        the
        Company of shares of Stock (as defined in the Plan) owned by the Participant
        having a Fair Market Value not less than the exercise price; (iii) by tender
        to
        the Company of a written consent to accept a reduction in the number of shares
        of Stock to which the Option relates (“Reduced
        Number of Shares”),
        which
        Reduced Number of Shares, when ascribed a value, shall be equal to the exercise
        price of the balance of shares of Stock covered by the Option; (iv) by delivery
        of a properly executed notice of exercise together with irrevocable instructions
        to a broker providing for the assignment to the Company of the proceeds of
        a
        sale or loan with respect to some or all of the shares being acquired upon
        the
        exercise of the Option (including, without limitation, through an exercise
        complying with the provisions of Regulation T as promulgated from
        time to
        time by the Board of Governors of the Federal Reserve System) (a "Cashless
        Exercise"),
        (v) by such other consideration as may be approved by the Committee
        from
        time to time to the extent permitted by applicable law, or (vi) by
        any
        combination thereof. The Company reserves, at any and all times, the right,
        in
        the Company's sole and absolute discretion, to establish, decline to approve
        or
        terminate any program or procedures for the exercise of Options by means
        of a
        Cashless Exercise.

      

      7.  Limits
        on Transfer of Options.
        The
        Option granted herein shall not be transferable by you otherwise than by
        will or
        by the laws of descent and distribution, except for gifts to family members
        subject to any specific limitation concerning such gift by the Administrator
        in
        its discretion; provided, however, that you may designate a beneficiary or
        beneficiaries to exercise your rights and receive any Shares purchased with
        respect to any Option upon your death. Each Option shall be exercisable during
        your lifetime only by you or, if permissible under applicable law, by your
        legal
        representative. No Option herein granted or Shares underlying any Option
        shall
        be pledged, alienated, attached or otherwise encumbered, and any purported
        pledge, alienation, attachment or encumbrance thereof shall be void and
        unenforceable against the Company. Notwithstanding the foregoing, to the
        extent
        permitted by the Administrator, in its discretion, an Option shall be assignable
        or transferable subject to the applicable limitations, if any, described
        in the
        General Instructions to Form S-8 Registration Statement under the
        Securities Act of 1933, as amended.

      

      8.  Termination
        of Employment.
        If your
        employment is terminated with the Company, the Option and any unexercised
        portion shall be subject to the provisions below:

      

      (a)  Upon
        the
        termination of your employment with the Company, to the extent not theretofore
        exercised, your Option shall continue to be valid; provided, however,
        that:

      

      (i)  If
        the
        Participant shall die while in the employ of the Company or during the one
        (1)
        year period, whichever is applicable, specified in clause (ii) below and
        at a
        time when such Participant was entitled to exercise an Option as herein
        provided, the legal representative of such Participant, or such Person who
        acquired such Option by bequest or inheritance or by reason of the death
        of the
        Participant, may, not later than fifteen (15) months from the date of death,
        exercise such Option, to the extent not theretofore exercised, in respect
        of any
        or all of such number of Shares specified by the Administrator in such Option;
        and

      

      (ii)  If
        the
        employment of any Participant to whom such Option shall have been granted
        shall
        terminate by reason of the Participant's retirement (at such age upon such
        conditions as shall be specified by the Board of Directors), disability (as
        described in Section 22(e) of the Code) or dismissal by the Company other
        than
        for cause (as defined below), and while such Participant is entitled to exercise
        such Option as herein provided, such Participant shall have the right to
        exercise such Option so granted, to the extent not theretofore exercised,
        in
        respect of any or all of such number of Shares as specified by the Administrator
        in such Option, at any time up to one (1) year from the date of termination
        of
        the Optionee's employment by reason of retirement or dismissal other than
        for
        cause or disability, provided, that if the Optionee dies within such twelve
        (12)
        month period, subclause (i) above shall apply.

      

      (b)  If
        you
        voluntarily terminate your employment, or are discharged for cause, any Options
        granted hereunder shall forthwith terminate with respect to any unexercised
        portion thereof.

      

      (c)  If
        any
        Options granted hereunder shall be exercised by your legal representative
        if you
        should die or become disabled, or by any person who acquired any Options
        granted
        hereunder by bequest or inheritance or by reason of death of any such person
        written notice of such exercise shall be accompanied by a certified copy
        of
        letters testamentary or equivalent proof of the right of such legal
        representative or other person to exercise such Options.

      

      (d)  For
        all
        purposes of the Plan, the term "for cause" shall mean "cause" as defined
        in the
        Plan or your employment agreement with the Company.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      9.  Restriction;
        Securities Exchange Listing.
        All
        certificates for shares delivered upon the exercise of Options granted herein
        shall be subject to such stop transfer orders and other restrictions as the
        Administrator may deem advisable under the Plan or the rules, regulations
        and
        other requirements of the Securities and Exchange Commission and any applicable
        federal or state securities laws, and the Administrator may cause a legend
        or
        legends to be placed on such certificates to make appropriate reference to
        such
        restrictions.

      

      10.  Adjustments.
        If
        there is any change in the capitalization of the Company affecting in any
        manner
        the number or kind of outstanding shares of Common Stock of the Company,
        whether
        by stock dividend, stock split, reclassification or recapitalization of such
        stock, or because the Company has merged or consolidated with one or more
        other
        corporations (and provided the Option does not thereby terminate pursuant
        to
        Section 5 hereof), then the number and kind of shares then subject to the
        Option
        and the price to be paid therefor shall be appropriately adjusted by the
        Board
        of Directors; provided, however, that in no event shall any such adjustment
        result in the Company's being required to sell or issue any fractional shares.
        Any such adjustment shall be made without change in the aggregate purchase
        price
        applicable to the unexercised portion of the option, but with an appropriate
        adjustment to the price of each Share or other unit of security covered by
        this
        Option.

      

      11.  Change
        in Control.
        In the
        event of a Change in Control (as defined in the Plan), the surviving,
        continuing, successor, or purchasing entity or parent thereof, as the case
        may
        be (the "Acquiror"),
        may,
        without the consent of any Participant, either assume the Company's rights
        and
        obligations under outstanding Options or substitute for outstanding Options
        substantially equivalent options for the Acquiror's stock. In the event the
        Acquiror elects not to assume or substitute for outstanding Options in
        connection with a Change in Control, the Committee shall provide that any
        unexercised and/or unvested portions of outstanding Options shall be immediately
        exercisable and vested in full as of the date thirty (30) days prior to the
        date
        of the Change in Control. The exercise and/or vesting of any Option that
        was
        permissible solely by reason of this Section 11 shall be conditioned upon
        the
        consummation of the Change in Control. Any Options which are not assumed
        by the
        Acquiror in connection with the Change in Control nor exercised as of the
        time
        of consummation of the Change in Control shall terminate and cease to be
        outstanding effective as of the time of consummation of the Change in
        Control.

      

      12.  Amendment
        to Options Herein Granted.
        The
        Options granted herein may not be amended without your consent.

      

      13.  Withholding
        Taxes.
        As
        provided in the Plan, the Company may withhold from sums due or to become
        due to
        Optionee from the Company an amount necessary to satisfy its obligation to
        withhold taxes incurred by reason of the disposition of the Shares acquired
        by
        exercise of the Options in a disqualifying disposition (within the meaning
        of
        Section 421(b) of the Code), or may require you to reimburse the Company
        in such
        amount.

      

      IFT
        CORPORATION

      
        
           

          
 

          
            	
                    /s/
                      Sharmeen Hugue, Secretary

                  	
                     

                  	
                    7/12/05

                  	
                     

                  	
                    /s/
                      Sherry Lawson

                  	
                     

                  	
                    7/12/05

                  
	
                    Sharmeen
                      Hugue

                  	 	
                    Date

                  	
                     

                  	
                    Witness

                  	
                     

                  	
                    Date

                  
	
                    Corporate
                      Secretary

                  	 	 	 	 	 	 

          

          

          

          OPTIONEE

          

          
 

          
            	
                    /s/
                      Michael T. Adams

                  	
                     

                  	
                    7/12/05

                  	
                     

                  	
                    /s/
                      Kelly Shannon-Hicks

                  	
                     

                  	
                    7/12/05

                  
	
                    Michael
                      T. Adams

                  	
                     

                  	
                    Date

                  	
                     

                  	
                    Witness

                  	
                     

                  	
                    Date

                  

          

           

          3Exhibit 10.3

    
      
        

      

    

    Exhibit
      10.3

    OPTION
      AGREEMENT

    

    THE
      BOARD
      OF DIRECTORS of IFT Corporation authorized and approved the Equity Incentive
      Plan ("Plan"). The Plan provides for the grant of Options to employees of IFT
      Corporation and its subsidiaries (“Company”). Unless otherwise provided herein
      all defined terms shall have the respective meanings ascribed to them under
      the
      Plan.

    

    1.  Grant
      of Option.
      Pursuant to authority granted to it under the Plan, the Administrator
      responsible for administering the Plan hereby grants to Douglas J. Kramer,
      as an
      employee of the Company (“Optionee”) and as of July 12, 2005 ("Grant Date"), the
      following Option: 2,000,000. Each Option permits you to purchase one share
      of
      IFT Corporation’s common stock, $.01 par value per share
      ("Shares").

    

    2.  Character
      of Options.
      Pursuant to the Plan, Options granted herein may be Incentive Stock Options
      or
      Non-Qualified Stock Options, or both. To the extent permitted under the Plan
      and
      by law, such Options shall first be considered Incentive Stock
      Options.

    

    3.  Exercise
      Price.
      The
      Exercise Price for each Non-Qualified Stock Option granted herein is $.67 per
      Share, and exercise price for each Incentive Stock Option granted herein shall
      be $.67 per Share.

    

    4.  Exercisability.
      The
      exercisability of the Options granted hereby is subject to the following
      performance criteria and restrictions:

    

    4.1   Vesting
      Schedule.
      The
      Options vest according to the following Sales Goal Thresholds:

    

      
        	 	
                4.1.1

              	
                480,000
                  Options upon reaching $ 12 Million in Sales during a fiscal
                  year;

              

      

      
        	 	
                4.1.2

              	
                340,000
                  Options upon reaching $ 18 Million in Sales during a fiscal
                  year;

              

      

      
        	 	
                4.1.3

              	
                340,000
                  Options upon reaching $ 24 Million in Sales during a fiscal
                  year;

              

      

      
        	 	
                4.1.4

              	
                340,000
                  Options upon reaching $ 30 Million in Sales during a fiscal year;
                  and

              

      

      
        	 	
                4.1.5

              	
                500,000
                  Options upon reaching $ 40 Million in Sales during a fiscal
                  year.

              

      

    

     

    4.2     Sales
      Goal Thresholds Non-Repetitive.
      The
      Sales Goals Thresholds and number of Options referenced in Section 4.1 are
      non-repetitive, which means once a particular Sales Goal Threshold has been
      met
      during any fiscal year, that same Sales Goal is not eligible to be used again
      for additional shares during any other fiscal year (e.g. if the Sales Goal
      in
      4.1.1 is met during the 2005 fiscal year, then that same opportunity is not
      available for any other fiscal year).

    

    4.3     Gross
      Profit Margin Requirement.
      In
      addition to the Sales Goal Thresholds requirement, a 25% Gross Profit Margin
      must be achieved for the number of Options apportioned to each Sales Goal
      Threshold set forth in Section 4.1 to vest. “Gross
      Profit Margin”
is
      calculated by taking Gross Profit and dividing it by Total Sales Revenue.
      Notwithstanding the foregoing, at the sole discretion of the Company’s Board of
      Directors, upon recommendation of the Compensation Committee, the Gross Profit
      Margin Requirement described in this Section 4.3 may be decreased or waived
      entirely for an acquisition(s) or merger or otherwise adjusted as determined
      by
      the Compensation Committee. This Section 4.3 in no way requires the Corporation
      to make an acquisition(s) or merge with any other entity.

    

    4.4     Vesting
      Procedure.
      The
      determination of whether or not a particular Sales Goal Threshold and Gross
      Profit Margin, including any adjustments thereto, if any, is met during a given
      year is made by the Compensation Committee based on the independent annual
      audited financial statements of the Company, as approved by the Audit Committee,
      and ratification and approval of such determination by the Board of
      Directors.

    

    4.5              
      Restrictions
      on Exercisability.
      Options, when vested, shall be exercisable over a declining four year period
      beginning on the date of hire of the Optionee, based on a 25% and 75% formula.
      To illustrate:

    

    4.5.1  Assume
      480,000 Options vest in accordance with the procedures set forth in Section
      4.4
      on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as
      follows: (a) March 31, 2006 = 30,000 Options; (b) December 31, 2006 = 30,000
      Options; December 31, 2007 = 30,000 Options; December 31, 2008 = 30,000 Options;
      and January 31, 2009 = 360,000 Options.

    

    4.5.2 
Assume
      340,000 Options vest in accordance with the procedures set forth in Section
      4.4
      on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as
      follows: (a) March 31, 2007 = 28,050 Options; (b) December 31, 2007 = 28,050
      Options; (c) December 31, 2008 = 28,900 Options; and January 31, 2009 = 255,000
      Options.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    5.  Term
      of Options.
      The
      term of each Option granted herein shall be for a term of up to six (6) years
      from the Grant Date, provided, however, that the term of any Incentive Stock
      Option granted herein to the Optionee who is at the time of the grant, a Ten
      Percent Owner, shall not be exercisable after the expiration of five (5) years
      from the Grant Date.

    

    6.  Payment
      of Exercise Price.
      Options
      represented hereby may be exercised in whole or in part by delivering to the
      Company your payment of the Exercise Price of the Option so exercised
      (i) in cash, by check or cash equivalent, (ii) by tender to the
      Company of shares of Stock (as defined in the Plan) owned by the Participant
      having a Fair Market Value not less than the exercise price; (iii) by tender
      to
      the Company of a written consent to accept a reduction in the number of shares
      of Stock to which the Option relates (“Reduced
      Number of Shares”),
      which
      Reduced Number of Shares, when ascribed a value, shall be equal to the exercise
      price of the balance of shares of Stock covered by the Option; (iv) by delivery
      of a properly executed notice of exercise together with irrevocable instructions
      to a broker providing for the assignment to the Company of the proceeds of
      a
      sale or loan with respect to some or all of the shares being acquired upon
      the
      exercise of the Option (including, without limitation, through an exercise
      complying with the provisions of Regulation T as promulgated from time to
      time by the Board of Governors of the Federal Reserve System) (a "Cashless
      Exercise"),
      (v) by such other consideration as may be approved by the Committee from
      time to time to the extent permitted by applicable law, or (vi) by any
      combination thereof. The Company reserves, at any and all times, the right,
      in
      the Company's sole and absolute discretion, to establish, decline to approve
      or
      terminate any program or procedures for the exercise of Options by means of
      a
      Cashless Exercise.

    

    7.  Limits
      on Transfer of Options.
      The
      Option granted herein shall not be transferable by you otherwise than by will
      or
      by the laws of descent and distribution, except for gifts to family members
      subject to any specific limitation concerning such gift by the Administrator
      in
      its discretion; provided, however, that you may designate a beneficiary or
      beneficiaries to exercise your rights and receive any Shares purchased with
      respect to any Option upon your death. Each Option shall be exercisable during
      your lifetime only by you or, if permissible under applicable law, by your
      legal
      representative. No Option herein granted or Shares underlying any Option shall
      be pledged, alienated, attached or otherwise encumbered, and any purported
      pledge, alienation, attachment or encumbrance thereof shall be void and
      unenforceable against the Company. Notwithstanding the foregoing, to the extent
      permitted by the Administrator, in its discretion, an Option shall be assignable
      or transferable subject to the applicable limitations, if any, described in
      the
      General Instructions to Form S-8 Registration Statement under the
      Securities Act of 1933, as amended.

    

    8.  Termination
      of Employment.
      If your
      employment is terminated with the Company, the Option and any unexercised
      portion shall be subject to the provisions below:

    

    (a)  Upon
      the
      termination of your employment with the Company, to the extent not theretofore
      exercised, your Option shall continue to be valid; provided, however,
      that:

    

    (i)  If
      the
      Participant shall die while in the employ of the Company or during the one
      (1)
      year period, whichever is applicable, specified in clause (ii) below and at
      a
      time when such Participant was entitled to exercise an Option as herein
      provided, the legal representative of such Participant, or such Person who
      acquired such Option by bequest or inheritance or by reason of the death of
      the
      Participant, may, not later than fifteen (15) months from the date of death,
      exercise such Option, to the extent not theretofore exercised, in respect of
      any
      or all of such number of Shares specified by the Administrator in such Option;
      and

    

    (ii)  If
      the
      employment of any Participant to whom such Option shall have been granted shall
      terminate by reason of the Participant's retirement (at such age upon such
      conditions as shall be specified by the Board of Directors), disability (as
      described in Section 22(e) of the Code) or dismissal by the Company other than
      for cause (as defined below), and while such Participant is entitled to exercise
      such Option as herein provided, such Participant shall have the right to
      exercise such Option so granted, to the extent not theretofore exercised, in
      respect of any or all of such number of Shares as specified by the Administrator
      in such Option, at any time up to one (1) year from the date of termination
      of
      the Optionee's employment by reason of retirement or dismissal other than for
      cause or disability, provided, that if the Optionee dies within such twelve
      (12)
      month period, subclause (i) above shall apply.

    

    (b)  If
      you
      voluntarily terminate your employment, or are discharged for cause, any Options
      granted hereunder shall forthwith terminate with respect to any unexercised
      portion thereof.

    

    (c)  If
      any
      Options granted hereunder shall be exercised by your legal representative if
      you
      should die or become disabled, or by any person who acquired any Options granted
      hereunder by bequest or inheritance or by reason of death of any such person
      written notice of such exercise shall be accompanied by a certified copy of
      letters testamentary or equivalent proof of the right of such legal
      representative or other person to exercise such Options.

    

    (d)  For
      all
      purposes of the Plan, the term "for cause" shall mean "cause" as defined in
      the
      Plan or your employment agreement with the Company.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    9.  Restriction;
      Securities Exchange Listing.
      All
      certificates for shares delivered upon the exercise of Options granted herein
      shall be subject to such stop transfer orders and other restrictions as the
      Administrator may deem advisable under the Plan or the rules, regulations and
      other requirements of the Securities and Exchange Commission and any applicable
      federal or state securities laws, and the Administrator may cause a legend
      or
      legends to be placed on such certificates to make appropriate reference to
      such
      restrictions.

    

    10.  Adjustments.
      If
      there is any change in the capitalization of the Company affecting in any manner
      the number or kind of outstanding shares of Common Stock of the Company, whether
      by stock dividend, stock split, reclassification or recapitalization of such
      stock, or because the Company has merged or consolidated with one or more other
      corporations (and provided the Option does not thereby terminate pursuant to
      Section 5 hereof), then the number and kind of shares then subject to the Option
      and the price to be paid therefor shall be appropriately adjusted by the Board
      of Directors; provided, however, that in no event shall any such adjustment
      result in the Company's being required to sell or issue any fractional shares.
      Any such adjustment shall be made without change in the aggregate purchase
      price
      applicable to the unexercised portion of the option, but with an appropriate
      adjustment to the price of each Share or other unit of security covered by
      this
      Option.

    

    11.  Change
      in Control.
      In the
      event of a Change in Control (as defined in the Plan), the surviving,
      continuing, successor, or purchasing entity or parent thereof, as the case
      may
      be (the "Acquiror"),
      may,
      without the consent of any Participant, either assume the Company's rights
      and
      obligations under outstanding Options or substitute for outstanding Options
      substantially equivalent options for the Acquiror's stock. In the event the
      Acquiror elects not to assume or substitute for outstanding Options in
      connection with a Change in Control, the Committee shall provide that any
      unexercised and/or unvested portions of outstanding Options shall be immediately
      exercisable and vested in full as of the date thirty (30) days prior to the
      date
      of the Change in Control. The exercise and/or vesting of any Option that was
      permissible solely by reason of this Section 11 shall be conditioned upon the
      consummation of the Change in Control. Any Options which are not assumed by
      the
      Acquiror in connection with the Change in Control nor exercised as of the time
      of consummation of the Change in Control shall terminate and cease to be
      outstanding effective as of the time of consummation of the Change in
      Control.

    

    12.  Amendment
      to Options Herein Granted.
      The
      Options granted herein may not be amended without your consent.

    

    13.  Withholding
      Taxes.
      As
      provided in the Plan, the Company may withhold from sums due or to become due
      to
      Optionee from the Company an amount necessary to satisfy its obligation to
      withhold taxes incurred by reason of the disposition of the Shares acquired
      by
      exercise of the Options in a disqualifying disposition (within the meaning
      of
      Section 421(b) of the Code), or may require you to reimburse the Company in
      such
      amount.

    

    IFT
      CORPORATION

     

     

    

    
      	
              /s/
                Sharmeen Hugue, Secretary

            	 	
              7/12/05

            	 	
              /s/
                Sherry Lawson

            	 	
              7/12/05

            
	
              Sharmeen
                Hugue

            	 	
              Date

            	 	
              Witness

            	 	
              Date

            
	
              Corporate
                Secretary

            	 	 	 	 	 	 

    

    

    

    OPTIONEE

     

    

    

    
      	
              /s/
                Douglas J. Kramer

            	 	
              7/12/05

            	 	
              /s/
                Kelly Shannon-Hicks

            	 	
              7/12/05

            
	
              Douglas
                J. Kramer

            	 	
              Date

            	 	
              Witness

            	 	
              Date

            

    

     

    3

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