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                                                                   EXHIBIT 10.32

WARRANT NO.: 2004-__A

                                     WARRANT

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED BY THE REGISTERED OWNER FOR
INVESTMENT PURPOSES ONLY, WITHOUT A VIEW TO RESALE OR DISTRIBUTION THEREOF, AND
MAY NOT BE SOLD, TRANSFERRED OR DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND
REGISTRATION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH
REGISTRATION STATEMENT IS NOT REQUIRED.

                                 FIRST AMENDMENT
                                       TO
                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                           STELLAR TECHNOLOGIES, INC.

         THIS FIRST AMENDMENT TO WARRANT TO PURCHASE COMMON STOCK OF STELLAR
TECHNOLOGIES, INC. (this "Amendment"), is made on and as of April __, 2005, for
the purpose of amending Warrant No.: 2004-__ (the "Warrant") of Stellar
Technologies, Inc. (the "Company") dated June 8, 2004 issued to FEQ Investments,
Inc. to purchase 300,000 shares of Common Stock. Capitalized terms not otherwise
defined herein shall have the meanings ascribed to such terms in the Warrant.

                                    RECITALS

         WHEREAS, the Company hereto desires to amend the Warrant to reduce the
Exercise Price of the Warrant; and

         WHEREAS, Section 10 of the Warrant permits the Company to supplement or
amend the warrant without the approval of the holder of the Warrant, provided
that the amendment does not materially adversely affect the interest of the
Holder.

         NOW, THEREFORE, in consideration of the foregoing premises, and
intending to be legally bound hereby, the Warrant is hereby amended as follows:
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         1. The introductory paragraph of the Warrant is hereby amended to
provide that "Exercise Price" shall mean $1.00 per share of Common Stock.

         2. Except as expressly provided herein, the Warrant shall remain in
full force and effect.

         IN WITNESS WHEREOF, the Company has caused this Amendment to be signed
by its officer hereunto duly authorized, on and as of the date first written
above.

                                 STELLAR TECHNOLOGIES, INC.

                                 By:____________________________________
                                    Name:
                                    Title:EXHIBIT 4.1

 

EXHIBIT 4.1

IPC HOLDINGS, LTD.

STOCK OPTION PLAN

(as amended effective June 10, 2005)

1. Establishment.

          IPC Holdings, Ltd. (the “Company”) hereby adopts this IPC Holdings, Ltd. Stock Option Plan,
the purpose of which is to enable the Company and its subsidiaries to provide certain employees
with an additional incentive to contribute to the success of the Company by giving them an
opportunity to acquire a proprietary interest in the Company, as well as to attract to such
corporations persons of training, experience and ability.

2. Definitions.

     The following terms shall have the respective meanings assigned to them as used herein:

     (a) “Board” shall mean the Board of Directors of the Company.

     (b) “Committee” shall mean a committee of the Board to be drawn solely from members of
the Board who are not eligible to participate in the Plan and who have not been eligible for
one year prior to serving on the Committee and who are otherwise eligible under Rule 16b-3
under the United States Securities Exchange Act of 1934 to administer the Plan.

     (c) “Common Stock” shall refer to each of the Company’s Voting Common Stock and the
Company’s Common Shares.

     (d) “Common Shares” shall mean the Company’s Common Shares, par value U.S. $0.01 per
share, to be authorized and outstanding upon consummation of the Company’s initial public
offering.

     (e) “Disability” shall mean the inability of a Participant, for reasons of health, to
carry out the functions of his or her duties for the Company or its subsidiaries for a total
of six months during any twelve-month period.

     (f) “Option” shall mean an option to purchase Common Stock granted under the Plan.

     (g) “Participant” shall mean an employee of the Company or its subsidiaries who has
been granted an Option.

     (h) “Plan” shall mean this IPC Holdings, Ltd. Stock Option Plan (as amended effective
June 10, 2005).

     (i) “Public Market Value” of one Common Share shall mean (i) when the Company’s Common
Shares are publicly traded, the closing price of a Common Share on the principal securities
exchange on which the Common Shares are listed or, if not so listed, as traded in the NASDAQ
National Market, if traded therein, on the trading day prior to the date of grant of an
Option, or (ii) if the Common Shares are not so listed or traded, the average of the bid and
asked prices of a Common Share as otherwise quoted on the NASDAQ system or any successor
system in use on the most recent date prior to the date of determination on which such
quoted prices exist.

     (j) “Recapitalization” shall mean the conversion of each share of the currently
authorized, issued and outstanding shares of Voting Common Stock and Non-Voting Common
Stock, par value $200

 

 

per share, into 25,000 of the Company’s Common Shares, to be effected upon consummation
of the Company’s initial public offering.

     (k) “Voting Common Stock” shall mean the Company’s Voting Common Stock, par value $200
per share, currently authorized and outstanding.

3. Plan Administration.

          3.1. Authority. The Plan shall be administered by the Committee, which shall have
full power and authority to interpret the Plan, to establish, amend and rescind rules and
regulations relating to the Plan, to determine the terms of Options to be issued under the Plan, to
provide for conditions and assurances deemed necessary or advisable to protect the interests of the
Company and to make all other determinations necessary or advisable for the administration of the
Plan.

          The Committee shall determine the time or times at which Options shall be granted, the number
of Options to be granted to each Participant, the duration of each of the Options and the time or
times within which (during the term of such Options) all or a portion of each of the Options may be
exercised.

          3.2. Decisions are Final and Conclusive. The determination of the Committee as to any
question arising under the Plan, including questions of construction and interpretation, shall be
final, binding and conclusive upon all persons, including the Company, its shareholders and persons
having any interest in the Options.

4. Eligibility.

          All employees of the Company and its subsidiaries, including officers (whether or not
directors), are eligible for the grant of Options by the Committee. Directors who are not
employees of the Company or any subsidiary shall not be eligible for the grant of Options under the
Plan.

5. Shares Subject to the Plan.

          5.1. Number. The aggregate number of shares of Common Stock that may be subject to
Options granted under the Plan shall not exceed in the aggregate 11.1 shares of Voting Common Stock
(if granted prior to the Recapitalization) or 2,327,500 Common Shares (following consummation of
the Recapitalization, inclusive of any Options to purchase Voting Common Stock granted prior to the
Recapitalization adjusted to reflect the Recapitalization in the manner provided in Section 5.2).
The shares of Common Stock obtainable pursuant to Options shall be authorized but unissued shares.
Upon the expiration or termination (in whole or in part) of unexercised Options, shares of Common
Stock subject thereto shall again be available for option under the Plan.

          5.2. Adjustment in Capitalization. If there is any change in the number or nature of
outstanding shares of the Company’s capital stock by reason of a share dividend, recapitalization,
merger, consolidation, scheme of arrangement, share split, combination or exchange, share
repurchase or otherwise, or if there is any non-cash distribution in respect of any such shares,
which in any such case has a dilutive or anti-dilutive effect on the Common Stock, the number of
shares of Common Stock subject to each outstanding Option, the exercise price thereof and/or other
terms thereof shall be appropriately adjusted by the Committee. With respect to the
Recapitalization, each Option to purchase Voting Common Stock granted prior to the Recapitalization
shall be adjusted to give effect to the 25,000-for-one ratio of Common Shares to shares of Voting
Common Stock to be effected by the Recapitalization, such adjustment to occur automatically without
action of any person.

6. Terms and Conditions of Options.

          6.1. Grant of Options. The Committee shall determine in its sole discretion from time
to time the employees of the Company and its subsidiaries who shall be granted Options, the number
of shares of Common Stock which shall be subject to each Option and, subject to Section 6.5 hereof,
the term of each Option.

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          6.2. Exercise Price. The exercise price for each Option shall be as determined by the
Committee in its sole discretion; provided, however, that the exercise price may not be less than
100% of the applicable Public Market Value.

          6.3. Vesting. Unless determined otherwise by the Committee, each Option granted under
the Plan shall vest and become exercisable in four equal annual installments on each of the next
four anniversaries of the date of grant of the Option. Any shares not purchased on the applicable
installment date may be purchased thereafter at any time prior to the final expiration of the
Option.

          In addition, all Options shall vest immediately and become exercisable in the event of a
“Change of Control”, which shall be deemed to occur if (i) any “person” (as such term is defined in
Section 3(a)(9) and as used in Sections 13(d) and 14(d) of the United States Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), excluding the Company or any of its subsidiaries, a
trustee or any fiduciary holding securities under an employee benefit plan of the Company or any of
its subsidiaries, an underwriter temporarily holding securities pursuant to an offering of such
securities or a corporation owned, directly or indirectly, by shareholders of the Company in
substantially the same proportion as their ownership of the Company, is or becomes the “beneficial
owner” as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 50% or more of the combined voting power of the company’s then outstanding
securities (“Voting Securities”); (ii) during any period of not more than two years, individuals
who constitute the Board as of the beginning of the period and any new director (other than a
director designated by a person who has entered into an agreement with the Company to effect a
transaction described in clause (i) or (iii) of this sentence) whose election by the Board or
nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at such time or whose
election or nomination for election was previously so approved, cease for any reason to constitute
a majority thereof; (iii) the shareholders of the Company approve a merger, consolidation,
amalgamation or reorganization or a court of competent jurisdiction approves a scheme of
arrangement of the Company, other than a merger, consolidation, amalgamation, reorganization or
scheme of arrangement which would result in the Voting Securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least 50% of the combined voting power
of the Voting Securities of the Company or such surviving entity outstanding immediately after such
merger, consolidation, amalgamation, reorganization or scheme of arrangement; or (iv) the
shareholders of the Company approve a plan of complete liquidation of the Company or any agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets.

          6.4. Option Agreement. Each Option granted under the Plan shall be evidenced by a
written share option agreement setting forth the terms under which the Option is granted.

          6.5. Term of Options. All rights to exercise an Option shall expire not later than
ten years from the date on which such Option is granted.

          6.6. Nontransferability. No Option shall be assignable or transferable, and no right
or interest of any Participant shall be subject to any lien, obligation or liability of the
Participant, except by will or the laws of descent and distribution. During a Participant’s
lifetime, an Option shall be exercisable only by the Participant. Each written share option
agreement shall set forth transfer restrictions upon the shares of Common Stock obtainable upon
exercise thereof in a form approved by the Committee.

          6.7. Termination of Employment. No part of any Option may be exercised after the
termination of employment of a Participant with the Company or any subsidiary, except that:

(i) If such termination of employment is at or after normal retirement age or due to
Disability, any portion of an Option, whether or not exercisable at the time of such
termination, may be exercised by the Participant at any time within the term of the
Option; and

(ii) if such termination of employment is not at or after normal retirement age or
due to Disability or death, with the approval of the Board, any portion of an Option
may be exercised by the Participant within such period as the Board may determine
after such termination, but only to

3

 

the extent such Option was exercisable at the time of such termination unless the
Board otherwise determines.

          6.8. Death of Participant. In the event of the death of the Participant (whether
during or after the termination of his employment) any portion of an Option exercisable at the time
of death may be exercised within 12 months after the death of the Participant (but in no event
after the expiration of the term of the Option) by the person or persons to whom the Participant’s
rights under such Option are transferred by will or the laws of descent and distribution. In the
event of the death of the Participant during his or her employment but prior to the time an Option
would normally become fully exercisable, such Option shall be considered fully exercisable at the
time of the death.

          6.9. Other Terms and Conditions. Options may contain such other terms, conditions and
restrictions, which shall not be inconsistent with the provisions of the Plan, as the Committee
shall deem appropriate in its sole discretion.

7. Exercise of Options.

          7.1. Written Notice. A Participant who wishes to exercise an Option, or a portion of
an Option, shall give written notice thereof to the Company. The date the Company receives such
notice shall be considered as the date such Option was exercised as to the Common Stock specified
in such notice.

          7.2. Payment. A Participant who exercises an Option shall pay to the Company at the
date of exercise and prior to the delivery of the Common Stock for which the Option is being
exercised (i) the aggregate exercise price of all shares of Common Stock pursuant to such exercise
of the Option and (ii) an amount equal to the income and other taxes, if any, required to be
withheld and paid by the Company as a result of such exercise, unless such taxes are withheld or
otherwise collected from the Participant. All payments shall be made in cash or by certified check
payable to the order of the Company; provided, however, the aggregate exercise price may be paid
all or in part in shares of Common Stock, valued as of the date of exercise (at fair market value
as determined by the Committee), of the same class as those to be transferred upon exercise of the
Option.

          7.3. No Privileges of Shareholder. A Participant shall not have any of the rights or
privileges of a shareholder of the Company with respect to the shares of Common Stock subject to an
Option unless and until such shares of Common Stock have been duly issued and vested and have been
registered in the Participant’s name.

          7.4. Further Assurances. Any person exercising an Option shall make such
representations and agreements and furnish such information as the Committee may in its discretion
deem necessary or desirable to assure compliance by the Company, on terms acceptable to the
Company, with the provisions of the United States Securities Act of 1933 and any other applicable
legal requirements. If a Participant so requests, shares purchased may be issued in the name of
the Participant and another jointly with the rights of survivorship.

8. Duration.

          The Plan shall remain in effect for a period of ten years after the effective date of the
Plan, as amended, unless sooner terminated by the Board. Options theretofore granted may extend
beyond that date in accordance with the provisions of the Plan.

9. No Right To Employment.

          Nothing contained in the Plan or in any option agreement shall give a Participant any right to
continue employment with the Company or its subsidiaries.

4

 

10. Termination or Amendment of Plan/Options.

          The Board may at any time terminate the Plan with respect to any shares of Common Stock of the
Company not at the time subject to option, and may from time to time alter or amend the Plan or any
part thereof, provided that no change may be made in any Option theretofore granted which would
impair the rights of a Participant without the consent of such Participant, and further, that no
alteration or amendment may be made without the approval of shareholders if such approval is
required by Rule 16b-3 under the United States Securities Exchange Act of 1934 for transactions
pursuant to the Plan to be exempt thereunder. No Option may be repriced, replaced, regranted
through cancellation, or modified without shareholder approval (except as otherwise provided under
Section 5.2), if the effect would be to reduce the exercise price for the shares underlying such
award. In addition, the Committee may not cancel an outstanding Option that is underwater for the
purpose of granting a replacement award of a different type.

11. Government Regulations.

          The Plan, the grant and exercise of Options hereunder and the obligation of the Company to
sell and deliver shares of Common Stock pursuant to such Options shall be subject to all applicable
laws, rules and regulations, and to any required approvals by any governmental agencies.

12. Effective Date.

          The original effective date of this Plan was February 15, 1996. The effective date of the
Plan, as amended, is June 10, 2005.

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