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Exhibit 10.1    
  

TECHNOLOGY SPECIALISTS, INC.  

 1996 STOCK OPTION PLAN  

        
Adopted by the Board of Directors on April 11, 1996 

        1.    Purpose.    

        The
purpose of this 1996 Stock Option Plan (this "Plan") of Technology Specialists, Inc., a Pennsylvania corporation (the "Company"), is to provide a means whereby selected directors,
officers and employees of the Company may be granted options to purchase shares of Series B Common Stock par value $0.01 per share, of the Company ("Series B Common Stock"), in order to attract or
retain the services of such directors, officers and employees by creating incentive compensation that directly relates to the Company's future performance and appreciation in value and to insure that
such directors, officers and employees are aligned with the same performance target — the maximization of the Company's value. Except where the context otherwise requires, the term
"Company" shall include the parent, if any, and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced
from time to time (the "Code"). 

        2.    Type of Options and Administration.    

        (a)    Types of Options.    Options granted pursuant to this Plan shall be authorized by action of the Board of
Directors of the Company (the "Board") (or a committee designated by the Board as hereinafter provided) and may be either incentive stock options meeting the requirements of Section 422 of the Code
("Incentive Stock Options") or non-statutory options which are not intended to meet the
requirements of Section 422 of the Code. Those provisions of this Plan which make express reference to Section 422 of the Code shall apply only to Incentive Stock Options. 

        (b)    Administration.    This Plan will be administered by the Board, whose construction and interpretation of the
terms and provisions of this Plan shall be final and conclusive. Subject to the terms and conditions expressly set forth in this Plan, the Board will have the authority, in its sole discretion, to
determine all matters relating to the options to be granted under this Plan, including, but not limited to, the selection of the individuals to be granted options, the number of shares of Series B
Common Stock to be subject to each option, the exercise price, the conditions with respect to the vesting or exercisability of such options and all other terms and conditions of the options, to adopt
and approve the stock option agreements evidencing such options consistent with the terms of the grant of such options and this Plan, which stock option agreements need not be identical, even when
made simultaneously, and to issue shares of Series B Common Stock upon exercise of such options as provided in this Plan and the stock option agreements. In addition, the Board shall have authority,
subject to the express provisions of this Plan, to construe the respective stock option agreements and this Plan, to prescribe, amend and rescind rules and regulations relating to this Plan and to
make all other determinations in the judgment of the Board necessary or desirable for the administration of this Plan. The Board may correct any defeat or supply any omission or reconcile any
inconsistency in this Plan or in any stock option agreement in the manner and to the extent it shall deem expedient to carry this Plan into effect and it shall be the sole and final judge of such
expediency. The Board may, to the full extent permitted by or consistent with applicable laws or regulations, delegate any or all of its powers under this Plan to a committee (the "Committee")
appointed by the Board, and if the Committee is so appointed all references to the Board in this Plan shall mean and relate to such Committee. 

        From
and after the registration of the Series B Common Stock (or of the Series C Common Stock, par value $0.01 per share, of the Company ("Series C Common Stock") into which the Series B
Common Stock shall convert upon the closing of the Company's first underwritten public offering of any series of its Common Stock, par value $0.0 1 per share ("Common Stock"), pursuant to a
registration statement declared effective under the Securities Act of 1933, as amended (the "IPO")) 

 

under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this Plan will be administered either (i) by the Board, of which all members shall be "disinterested persons"
(as hereinafter defined), or (ii) by a Committee consisting of two or more directors having full authority to act in the matter, each of whom shall be a "disinterested person." For the purposes of
this Plan, a director shall be deemed to be a "disinterested person" only if such person qualifies as a "disinterested person" within the meaning of Rule 16b-3 promulgated under the Exchange Act, or
any successor rule ("Rule 16b-3"), as such term is interpreted from time to time. 

        (c)    Applicability of Rule 16b-3.    Those provisions of this Plan which make express reference to Rule 16b-3 shall
apply only to persons that are required to file reports under Section 16(a) of the Exchange Act (a
"Reporting Person"). Furthermore, until and after such time as the Series B Common Stock (or the Series C Common Stock into which the Series B Common Stock shall convert upon the closing of the IPO)
is registered under Section 12 of the Exchange Act, references herein to Rule 16b-3 shall be of no force or effect. 

        3.    Eligibility.    

        Options
may be granted to persons specified by the Board, in its sole discretion, who are, at the time of grant, directors, officers or employees of the Company;  provided, however, that Incentive Stock Options
may be granted only to employees of the Company. A person who has been granted an option may, if he or
she is otherwise eligible, be granted additional options if the Board shall so determine. 

        4.    Stock Subject to Plan.    

        The
stock subject to this Plan shall be the Series B Common Stock presently authorized but unissued or subsequently acquired by the Company; provided,
however, that upon the closing of the IPO the stock subject to this Plan shall be the Series C Common Stock and all references herein to the Series B Common Stock shall be
deemed references to the Series C Common Stock. Subject to adjustment as provided in Section 15 hereof, the maximum number of shares of Series B Common Stock which may be issued and sold under this
Plan is 313,192 shares. If an option granted under this Plan shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such option shall again
be available for subsequent option grants under this Plan. 

        5.    Forms of Stock Option Agreements.    

        Options
granted under this Plan shall be evidenced by written stock option agreements in such form or forms not inconsistent with this Plan as may be approved by the Board from time to
time, which stock option agreements shall contain such terms, conditions, limitations, restrictions and other provisions as the Board shall deem advisable and which are not inconsistent with this
Plan. Such stock option agreements may differ among recipients, even when made simultaneously. The provisions of Sections 13, 14, 15, 16, 17, 18, 19 and 20 of this Plan shall be included in such stock
option agreements or incorporated therein by reference. The grant of an option pursuant to this Plan shall be conditional on the execution of the applicable stock option agreement by the recipient of
such grant. 

        6.    Purchase Price.    

        (a)    General.    The purchase price per share of Series B Common Stock deliverable upon the exercise of an option
shall be determined by the Board and set forth in the applicable stock option agreement; provided, however, that the purchase price per share of Series
B Common Stock shall not be less than (i) in the case of an Incentive Stock Option (other than Incentive Stock Options described in Section 11(b) hereof), 100% of the fair market value of a share of
Series B Common Stock, as determined by
the Board, at the time of grant of such option (without regard to any restriction other than a restriction which, by its terms, will never lapse), and (ii) in the case of Incentive Stock Options
described in Section 11(b) hereof, 110% of such fair market value, as so determined. 

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        (b)    Payment of Purchase Price.    Options granted under this Plan may provide for the payment of the exercise price
by delivery of cash or a certified check to the order of the Company in an amount equal to the aggregate exercise price of such options, or, to the extent provided in the applicable stock option
agreement, (i) by delivery to the Company of shares of any series of Common Stock already owned by the optionee having a fair market value equal in amount to the aggregate exercise price of the
options being exercised, (ii) by any other means (including, but not limited to, (A) by delivery of a promissory note of the optionee payable on such terms as are specified by the Board or (B) by
cancellation of outstanding options of the optionee or withholding shares of Common Stork issuable to the optionee upon the exercise of such option upon terms set by the Board, which the Board
determines are consistent with the purpose of this Plan and with applicable laws and regulations (including, but not limited to, the provisions of Rule 16b-3) or (iii) by any combination of such
methods of payment. The fair market value of any shares of any series of Common Stock or other non-cash consideration which may be delivered upon exercise of an option shall be determined by the
Board. 

        7.    Option Period.    

        Each
option and all rights with respect thereto shall expire on such date as shall be set forth in the applicable stock option agreement, except that (a) in the case of an Incentive
Stock Option (other than an Incentive Stock Option described in Section 11(b) hereof), such date shall not be later than ten years after the date on which such option is granted, (b) in the case of an
Incentive Stock Option described in Section 11(b) hereof, such date shall not be later than five years after the date on which such option is granted, and (c) in all cases, options may be subject to
earlier termination as provided in this Plan or in the applicable stock option agreement. 

        8.    Exercise of Options.    

        Each
option granted under this Plan shall become exercisable either in full or in installments at such time or times and during such period as shall be set forth in the stock option
agreement evidencing such option, subject to the provisions of this Plan. 

        9.    Nontransferability of Options.    

        Options
granted under this Plan and the rights and privileges conferred thereby may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or
otherwise), other than (a) by will, or (b) by the applicable laws of descent and distribution, and shall not be subject to
execution, attachment or similar process. Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any such option or of any right or privilege conferred thereby, contrary to this
Plan, or the sale or levy or similar process upon the rights and privileges conferred thereby, shall be void. 

        10.    Effect of Termination of Employment or Other Relationship.    

        Except
as provided in Section 11 hereof with respect to Incentive Stock Options, and subject to the provisions of this Plan, the Board shall determine the period of time, if any, during
which an optionee may exercise an option following (i) the termination of the optionee's employment or other relationship with the Company or (ii) the death or disability of the optionee. Such periods
shall be set forth in the stock option agreement evidencing such option. 

        11.    Incentive Stock Options.    

        Options
granted under this Plan which are intended to be Incentive Stock Options shall be subject to the following additional terms and conditions: 

        (a)    Express Designation.    All Incentive Stock Options granted under this Plan shall, at the time of grant, be
specifically designated as such in the stock option agreement covering such Incentive Stock Options. 

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        (b)    10% Shareholder.    If any employee to whom an Incentive Stock Option is to be granted under this Plan is, at
the time of the grant of such option, the owner of stock possessing more than 10% of the total combined voting power of all classes or series of stock of the Company (after taking into account the
attribution of stock ownership rules of Section 424(d) of the Code), then the following special provisions shall be applicable to the Incentive Stock Option granted to such individual: 

        (i)    The
purchase price per share of the Series B Common Stock subject to such incentive Stock Option shall not be less than 110% of the fair market value of a share of
Series B Common Stock at the time of grant; and 

        (ii)  the
option exercise period shall not exceed five years from the date of grant. 

        (c)    Dollar Limitation.    For so long as the Code shall so provide, options granted to any employee under this Plan
(and any other incentive stock option plans of the Company) which are otherwise designated
as Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such options, in the aggregate, become exercisable for the first time in any calendar year for shares of
Series B Common Stock or of any other class of stock of the Company with an aggregate fair market value (determined as of the respective date or dates of grant) in excess of $100,000. 

        (d)    Termination of Employment, Death or Disability.    No Incentive Stock Option may be exercised unless, at the
time of such exercise, the optionee is, and has been continuously since the date of grant of his or her option, in the employment of the Company, except that: 

        (i)    an
Incentive Stock Option may be exercised within the period of three months after the date the optionee ceases to be an employee of the Company (or within such lesser
period as may be specified in the applicable option agreement), provided, however, that the stock option agreement with respect to such option may
designate a longer exercise period and if such option is exercised after such three-month period the exercise of such option shall be treated as the exercise of a non-statutory option under this Plan; 

        (ii)  if
the optionee dies while in the employ of the Company, or within three months after the optionee ceases to be such an employee, the Incentive Stock Option may be
exercised by the person to whom it is transferred by will or the laws of descent and distribution within the period of one year after the date of death (or within such lesser period as may be
specified In the applicable stock option agreement); and 

        (iii)  if
the optionee becomes disabled (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto) while in the employ of the Company, the
Incentive Stock Option may be exercised within the period of one year after the date the optionee ceases to be such an employee because of such disability (or within such lesser period as may be
specified in the applicable stock option agreement). 

For
purposes of this Plan and any option granted hereunder, "employment" shall be defined in accordance with the provisions of Section 1.421-7(h) of the Income Tax Regulations (or any successor
regulations). Notwithstanding the foregoing provisions, no Incentive Stock Option may be exercised after its expiration date. 

        12.    Additional Provisions.    

        (a)    Additional Option Provisions.    The Board may, in its sole discretion, include additional provisions in stock
option agreements covering options granted under this Plan and shares of Series B Common Stock issued upon exercise of such options, including, but not limited to, (i) restrictions on transfer and
disposition, (ii) the grant of registration rights, (iii) repurchase rights, (iv) commitments to pay cash
bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of options, (v) restrictions on voting, and (vi) any additional 

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conditions to the issuance of shares of Series B Common Stock upon the exercise of options, including, without limitation, the execution of one or more shareholders agreements;  provided, however, that
such additional provisions shall not be inconsistent with any other term or condition of this Plan and such additional
provisions shall not cause any Incentive Stock Option granted under this Plan to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code. 

        (b)    Acceleration, Extension and Other Matters.    The Board may, in its sole discretion, (i) accelerate the date or
dates on which all or any particular option or options granted under the Plan may be exercised or (ii) extend the dates during which all or any particular option or options granted under the Plan may
be exercised; provided, however, that no such extension shall be permitted if it would cause the Plan to fail to comply with (A) Section 422 of the Code
and (B) Rule 16b-3. 

        13.    General Restrictions.    

        (a)    Investment Representations.    The Board may require any person to whom an option is granted, as a condition of
exercising such option, to give written assurances in form and substance satisfactory to the Board in its sole discretion to the effect that such person is acquiring the Series B Common Stock subject
to the option for his or her own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Board deems necessary or
appropriate in its sole discretion in order to comply with federal and applicable state securities laws, or with covenants or representations made by the Company in connection with any public offering
of its Common Stock. 

        (b)    Compliance With Securities Laws.    Each option shall be subject to the requirement that if, at any time,
counsel to the Company shall determine that (i) the listing registration or qualification of the shares subject to such option upon any securities exchange or under any federal, state or foreign law,
(ii) the consent or approval of any governmental or regulatory body, or (iii) the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in
connection with the issuance or purchase of shares thereunder, such option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval, disclosure
or satisfaction of such condition, shall have been effected or obtained on conditions acceptable to the Board in its sole discretion. Nothing contained herein shall be deemed to require the Company to
apply for or to obtain such listing, registration, qualification, or approval, to make such disclosure or to satisfy such condition. 

        14.    Rights as a Shareholder.    

        The
holder of an option shall have no rights as a shareholder with respect to any shares covered by the option (including, but not limited to, any rights to receive dividends or
distributions with respect to
such shares) until the date of issue of a stock certificate to him or her for such shares. No adjustment shall be made for dividends, distributions or other rights for which the record date is prior
to the date such stock certificate is issued. 

        15.    Adjustment Provisions for Recapitalizations and Related Transactions.    

        (a)    General.    If, as a result of any merger, consolidation, reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar transaction or the consummation of the IPO, (i) the outstanding shares of Series B Common Stock are increased, decreased, exchanged
for or converted into a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash
assets are distributed with respect to such shares of Series B Common Stock or other securities, an appropriate and proportionate adjustment may be made in (x) the maximum number and kind of shares
reserved for issuance under this Plan, (y) the number and 

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kind of shares or other securities subject to any then outstanding options under this Plan, and (z) the price for each share subject to any then outstanding options under this Plan, without
changing the aggregate purchase price as to which such options remain exercisable. Notwithstanding the foregoing, no adjustment shall be made pursuant to this Section 15 if such adjustment would cause
this Plan to fail to comply with (A) Section 422 of the Code and (B) Rule 16b-3. 

        (b)    Board Authority to Make Adjustments.    Any adjustments under this Section 15 will be made by the Board, whose
determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. 

        16.    Certain Mergers, Consolidations and Other Regorganization.    

        (a)    General.    In the event of a consolidation or merger in which outstanding shares of Series B Common Stock are
exchanged for securities, cash or other property of any other corporation or entity or in the event of the sale of all or substantially all of the assets of the Company or in the event of a
liquidation of the Company or in the event of any sale or series of sales of shares of the Company's capital stock by the holders thereof which results in any person or entity or group of affiliated
persons or entities (other than the owners of the Company's capital stock prior to such sale or sales) owning capital stock of the Company possessing the voting power (under ordinary circumstances to
elect a majority of the Board, the Board, or the board of directors of any corporation assuming the obligations of the Company, may, in its sole discretion, take any one or more of the following
actions, as to outstanding options: (i) provide that such options shall be assumed, or equivalent options shall be substituted, by the acquiring or succeeding corporation or entity (or an affiliate
thereof), provided, however, that any such options substituted for Incentive Stock Options shall meet the requirements of Section 424(a) of the Code,
(ii) upon written notice to the optionees, provide that (A) all exercisable but unexercised options will terminate immediately prior to the consummation of such transaction unless exercised by the
optionee within a specified period following the date of such notice and prior to the consummation
of such event or transaction and (B) all unexercisable options will terminate upon consummation of such event or transaction, (iii) in the event of a merger or consolidation under the terms of which
holders of the Series B Common Stock of the Company will receive upon consummation thereof a payment for each sham surrendered in the merger or consolidation (the "Merger Price"), make or provide for
a payment to the optionees equal to the difference between (A) the Merger Price times the number of shares of Series B Common Stock subject to such outstanding options (to the extent then exercisable
at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding options, in exchange for the termination of such options, (iv) provide that all or any
outstanding options shall become exercisable in full immediately prior to such event or transaction and shall cease to be exercisable at any time after such event or transaction, or (v) take any other
action with respect to outstanding options that is not prohibited by (A) any other term or condition of this Plan, (B) such terms and provisions of the Exchange Act (and the rules promulgated
thereunder) that bear upon this Plan or the options authorized or granted under it and (C) in the case of Incentive Stock Options, such terms and provisions of the Code (and the rules promulgated
thereunder) that apply to such Incentive Stock Options. 

        (b)    Substitute Options.    The Company may grant options under this Plan in substitution for options held by
employees of another corporation who become employees of the Company or a subsidiary of the Company as the result of a merger or consolidation of the employing corporation with the Company or a
subsidiary of the Company, or as a result of the acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may direct that substitute
options be granted on such terms and conditions as the Board considers appropriate in its sole discretion in the circumstances consistent with the provisions of this Plan. 

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        17.    No Special Employment or Relationship Rights.    

        Nothing
contained in this Plan or in any option shall confer upon any optionee any right with respect to the continuation of his or her employment by or relationship with the Company or
any parent or subsidiary of the Company or interfere in any way with the right of the Company or any parent or subsidiary of the Company at any time to terminate such employment or relationship or to
increase or decrease the compensation of the optionee. 

        18.    Other Employee Benefits.    

        Except
as to plans which by their express terms include such amounts as compensation, the amount of any compensation deemed to be received by an employee as a result of the exercise of
an option or the sale of shares received upon such exercise will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, but not
limited to, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board. 

        19.    Amendment of this Plan.    

        (a)  The
Board may at any time, and from time to time, modify or amend this Plan in any respect, except that, if at any time the approval of the shareholders of the Company
is required under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, or Rule 16b-3, such modification or amendment shall not become effective until such
approval is obtained. 

        (b)  Except
as provided in the last sentence of this Section 19(b), the termination or any modification or amendment of this Plan shall not, without the consent of an
optionee, affect his or her rights under an option previously granted to him or her. With the consent of the optionee, however, the Board may amend outstanding stock option agreements between the
Company and such optionee in a manner not inconsistent with this Plan. In addition, the Board shall in any event have the right to amend or modify (i) the terms and provisions of this Plan and of any
outstanding Incentive Stock Options granted under this Plan to the extent necessary to qualify any or all such options for such favorable federal income tax treatment (including deferral of taxation
upon exercise) as may be afforded Incentive Stock Options under Section 422 of the Code and (ii) the terms and provisions of this Plan and of any outstanding option to the extent necessary to ensure
the qualification of this Plan under Rule 16b-3. 

        20.    Witholding.    

        (a)  The
Company stall have the right to deduct from payments of any kind otherwise due to the optionee any federal, state, local or foreign taxes of any kind required by law
to be withheld with respect to any shares issued upon exercise of options under this Plan. Subject to the prior approval of the Board, which may be withheld by the Board in its sole discretion, the
optionee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company to withhold shares of Series B Common Stock otherwise issuable pursuant to the exercise of an option or
(ii) by delivering to the Company shares of Series B Common Stock already owned by the optionee. The shares so delivered or withheld shall have a fair market value equal to such withholding
obligation. The fair market value of the shares used to satisfy such witholding obligation shall be determined by the Board as of the date that the amount of tax to be withheld is to be determined. An
optionee who has made an election described above under his or her stock option agreement with the Company, consistent with the terms of this Section 20(a), may only satisfy his or her withholding
obligation with shares of Series B Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

        (b)  Notwithstanding
the foregoing, in the case of a Reporting Person, no election to use shares for the payment of withholding taxes shall be effective unless made in
compliance with any applicable requirements of Rule 16b-3. 

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        21.    Cancellation and New Grant of Options.    

        In
addition to, and not in limitation of, the provisions contained in Sections 15 and 16 hereof, the Board shall have the authority to effect, at any time and from time to time, with the
consent of the affected optionees and consistent with the Plan, (a) the cancellation of any or all outstanding options under this Plan and the grant in substitution therefore of new options under this
Plan covering the same or different numbers of shares of Series B Common Stock and having an option exercise price per share which may be lower or higher than the exercise price per share of the
canceled options or (b) the amendment of the terms of any and all outstanding options under this Plan to provide an option exercise price per share which is higher or lower than the then-current
exercise price per share of such outstanding options. 

        22.    Effective Date and Termination of this Plan.    

        (a)    Effective Date.    This Plan shall become effective upon adoption by the Board. Options may be granted under
this Plan at any time after the effective date and before the date fixed for termination of this Plan. 

        (b)    Termination.    Unless sooner terminated in accordance with Section 16 hereof, this Plan shall terminate upon
the tenth anniversary of the date of its adoption by the Board. Options outstanding on such date shall continue to have force and effect in accordance with the provisions of the stock option agreement
applicable to such options. 

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AMENDMENT NO. 1  

 TO  

 COLLEGIS, INC. 1996 STOCK OPTION PLAN  

        
Adopted by the Board of Directors on November 13, 1996 

	1.
	Section
1 of the COLLEGIS, Inc. 1996 Stock Option Plan be, and hereby is, amended by deleting the phrase "directors, officers and employees" in each instance in which it is used
therein and replacing it in each such instance with the phrase "directors, officers, employees and consultants".

	2.
	The
first sentence of Section 3 of the COLLEGIS, Inc. 199G Stock Option Plan be, and hereby is, amended and restated to read in its entirety as follows: 

"Options
may be granted to persons specified by the Board, in its sole discretion, who are, at the time of grant, directors, officers, employees or consultants of the Company." 

	3.
	The
second sentence of Section 4 of the COLLEGIS, Inc. 1996 Stock Option Plan be, and hereby is, amended and restated to read in its entirety as follows; 

"Subject
to adjustment as provided in Section 15 hereof, the maximum number of shares of Series B Common Stock that may be issued and sold under this Plan is 1,692,336." 

EXHIBIT B  

 COLLEGIS, Inc.

Incentive Option Program #1  

	1.
	Options
will be granted to a specified individual as earned pursuant to this program. Options will be allocated over a three-year period beginning with the year ending December 31,
1997 and ending with the year ending December 31, 1999. The maximum number of options allocated in any one year is 1/3 of the total options reserved under this program. 

	Year Earned
	 	% Allocated of

Total Reservation
	 
	1997	 	33	%
	1998	 	33	%
	1999	 	34	%
	 	 	
	 
	 	 	100	%
	 	 	
	 

The
date of grant of options (if any are earned) will be December 31 of the year for which the options are earned, i.e., options earned for December 31, 1997 will have a date of grant of December 31,
1997. 

	2.
	Options
earned will vest ratably over a four-year period beginning with the date of grant as follows: 

	 
	 	Vesting
	 
	 
	 	December 31,
	 
	Date of

Grant

December 31,
	 
	 	1997
	 	1998
	 	1999
	 	2000
	 	2001
	 	2002
	 
	1997	 	25	%	25	%	25	%	25	%	 	 	 	 
	1998	 	 	 	25	%	25	%	25	%	25	%	 	 
	1999	 	 	 	 	 	25	%	25	%	25	%	25	%

	3.
	Exercise
of options will not be required until seven years from the date of grant.

	4.
	No
options will be earned for any year in which the current fiscal year's net revenues (excluding revenues from acquisitions) are less than 35% greater than the prior fiscal year. When
the growth rate equals 35%, then 75% of the annual allocation will be earned. For each additional percentage point by which the growth rate exceeds 35%, an additional 2.5% of the annual allocation
will be earned until 100% of the annual allocation is earned. The earned options cannot exceed 100% of the annual allocation. 

Table of Earned Options  

	Growth Rate
	 	% of Year's

Allocation Earned

	<35%	 	0
	    35%	 	75.0
	    40%	 	87.5
	    45%	 	100.0

Notwithstanding
the above, no options will be earned by any participant who, in the opinion of the CEO and the Board of Directors did not perform his/her duties in a satisfactory manner during the
year. Any unearned options for any year will not be reallocated under this program. 

	5.
	If
a Fundamental Change occurs, then any remaining unearned options shall be deemed to be earned and vested. "Fundamental Change" means (a) a sale or transfer of all or substantially
all of the assets of COLLEGIS, Inc. on a consolidated basis in any transaction or series of related 

 

transactions
(other than sales in the ordinary course of business), or (b) any merger, consolidation or reorganization to which COLLEGIS, Inc. is a party, except for a merger, consolidation or
reorganization in which, after giving effect to such merger, consolidation or reorganization, the holders of COLLEGIS, Inc. outstanding capital stock (on a fully diluted basis) immediately prior to
the merger, consolidation or reorganization will own immediately following the merger, consolidation or reorganization the outstanding capital stock (on a fully diluted basis) of the surviving or
resulting corporation or entity having the voting power (under ordinary circumstances) to elect a majority of the board of directors or the surviving or resulting corporation or entity, 

	6.
	The
computation of the rate of growth for net revenues will be made using audited net revenues computed consistently with prior years' net revenues.

	7.
	If
an employee's employment is terminated for any reason prior to December 31 of any year, he or she will forfeit all rights to options for the year in which the termination occurs and
thereafter.

	8.
	The
exercise price per share for the options granted under the program options will be $1.125 per share. 

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EXHIBIT 10.2    
  

STOCK OPTION AGREEMENT  

        THIS STOCK OPTION AGREEMENT (this "Agreement"), is made and entered into as of this
         day of         ,         , by and between COLLEGIS, Inc., a Delaware
corporation (the "Company"), and
                             (the "Holder"). 

        1.    Background.    On June 19, 1996, the Board of Directors of the Company (the "Board") adopted and approved
the Company's 1996 Stock Option Plan (the "Plan"), which has subsequently been amended by the Board in order to, among other things, (i) increase the number of shares that may be granted
thereunder from 1,252,768 to 2,200,000 (in addition to 300,000 carry-over options) and (ii) provide for the Company's authority, at the Board's discretion, to issue stock options
thereunder to directors, officers and employees of the Company. This Agreement (a) is being entered into as of the date hereof in connection with a grant of a stock option (the
"Stock Option") to the Holder pursuant to the terms and conditions of the Plan and (b) documents the relative rights, privileges, powers, duties,
responsibilities and obligations of the parties hereto with respect to the Stock Option. The Stock Option is issued, and this Agreement is entered into, in accordance with the terms of the Plan and
the provisions of the Plan, including, but not limited to, Sections 13, 14, 15, 16, 17, 18, 19 and 20 thereof, are hereby incorporated in this Agreement by reference. The Stock Option is not intended
to be an Incentive Stock Option (as defined in the Plan). 

        2.    Definitions.    In addition to the other terms defined herein, when used ]herein, the following capitalized
terms shall have the following meanings: 

        "Business" means the business of providing information technology outsourcing services, facilities management services,
Internet® access, distance learning services, systems integration, consulting and professional services relating to information technology to the administrative and academic departments of
colleges, community colleges, medical institutes (other than hospitals in their health care providing capacity), graduate schools, universities and other institutions of higher learning and any other
business in which the Company or any Subsidiary may engage while the Holder is employed by, or has a relationship with, the Company or any Subsidiary. 

        "Exercise Price" has the meaning set forth in Section 3.1 hereof. 

        "Expiration Date" has the meaning set forth in Section 3.2 hereof. 

        "Fundamental Change" means (a) a sale or transfer of all or substantially all the assets of the Company on a consolidated basis in
any transaction or series of related transactions (other than sales in the ordinary course of business), or (b) any merger, consolidation or reorganization to which the Company is a party,
except for a merger, consolidation or reorganization in which, after giving effect to such merger, consolidation or reorganization, the holders of the Company's outstanding capital stock (on a
fully-diluted basis) immediately prior to the merger, consolidation or reorganization will own immediately following the merger, consolidation or reorganization the outstanding capital stock (on a
fully diluted basis) of the surviving or resulting corporation or entity having the voting power (under ordinary circumstances) to elect a majority of the board of directors of the surviving or
resulting corporation or entity. 

        "Independent Auditor" has the meaning set forth in Section 7.2(d) hereof. 

        "IPO" means the Company's first underwritten public offering of its capital stock pursuant to a registration statement declared effective
under the Securities Act. 

        "Liquidation" means the dissolution, liquidation or winding-up of the Company, whether voluntary or involuntary. 

        "Market Value" has the meaning set forth in Section 7.2(d) hereof. 

 

        "New Institute" means The COLLEGIS Research Institute, a North Carolina not-for-profit corporation formed by the
Company to engage in research and development activities in connection with the innovation, use and application of distributed learning technologies and resources. 

        "Option Shares" means              shares of Series B Common Stock, subject to
adjustment as set
forth in Section 3.7 hereof; provided, however, that upon the closing of an IPO, the Stock Option
shall be exercisable for the same number of shares of Series C Common Stock as the number of shares of Series B Common Stock that would have been issuable upon exercise of the Stock
Option if an IPO had not occurred and all references herein to Series B Common Stock shall thereafter be deemed to be references to Series C Common Stock. 

        "Original Cost" means, with respect to each Purchased Option Share, the price per share actually paid by the Holder upon the purchase of
such Purchased Option Share, such amount to be adjusted proportionately in the event the Purchased Option Shares are subdivided into a greater number (whether by stock split, stock dividend or
otherwise) or combined into a lesser number (whether by reverse stock split or otherwise) at any time or from time to time after the purchase of such Purchased Option Shares. 

        "Permitted Transferees" has the meaning set forth in Section 7.3 hereof. 

        "Person" means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company,
trust, unincorporated organization, governmental or regulatory body or other entity. 

        "Purchased Option Shares" means (a) the Option Shares purchased by the Holder hereunder, (b) any shares of Series C
Common Stock issued upon conversion of any Purchased Option Shares and (c) any shares of capital stock of the Company issued as a dividend or other distribution with respect to or in
replacement of other Purchased Option Shares (including, but not limited to, any shares of capital stock of the Company issued in connection with a stock dividend, stock split, reverse stock split or
similar event). 

        "Representative" means the executor(s) or administrator(s) of the Holder's estate or, if the Holder is incompetent, the Holder's
guardian(s). 

        "Restricted Period" means the period commencing on the date hereof and ending eighteen (18) months after the termination of the
Holder's employment with the Company for any reason. 

        "Restrictive Covenants" has the meaning set forth in Section 6.6 hereof. 

        "Securities Act" means the Securities Act of 1933, as amended, or any similar federal law then in force. 

        "Series B Common Stock" means the Series B Common Stock, par value $0.01 per share, of the Company. 

        "Series C Common Stock" means the Series C Common Stock, par value $0.01 per share, of the Company. 

        "Stock Option" has the meaning set forth in Section 1 hereof. 

        "Stock Sale" means any sale or issuance of shares of the capital stock of the Company by the holders thereof or the Company, if after
giving effect to such sale or issuance the holders of the Company's capital stock (on a fully diluted basis) prior to such sale or issuance do not own immediately following such sale or issuance
outstanding capital stock of the Company (on a fully diluted basis) having the voting power (under ordinary circumstances) to elect a majority of the Board. 

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        "Subsidiary" means any corporation, association or other business entity of which securities or other ownership interest representing more
than fifty percent (50%) of the ordinary voting power of such corporation, association or other business entity are, at the time as of which any determination is being made, owned or controlled by the
Company or one or more Subsidiaries of the Company or the Company and one or more Subsidiaries of the Company. 

        "Termination Date" means the date on which the Holder's employment with the Company terminates for any reason. 

        "Unpurchased Option Shares" means all Option Shares (whether or not available for purchase by the Holder pursuant to  Section 3.3
hereof) which have not yet been purchased pursuant to this Agreement. 

        3.    Terms of Stock Option.    

        3.1    Grant of the Option.    Upon the terms and conditions hereinafter set forth, the Company hereby grants to the
Holder an option to purchase the Option Shares for a purchase price of          per share, subject to adjustment as set forth in  Section 3.7 hereof
(the "Exercise Price"). 

        3.2    Procedures for Exercise.    Subject to the Stock Option becoming vested and exercisable pursuant to  Section 3.3 hereof,
the Holder, during his lifetime, may exercise the Stock Option, in whole or in part, at any time prior to the earlier of
(a) 5:00 p.m. (Orlando time) on                              if such date falls on a day on
which national banks are open for business or, if such date falls on a day
which is not a business day, on the next succeeding business day (the "Expiration Date") and (b) the Stock Option's earlier termination pursuant
to the terms set forth herein. In order to exercise the Stock Option, the Holder (or, in the event of the Holder's death or permanent disability, his Representative) shall give to the Company a
written notice specifying the number of Option Shares to be purchased, accompanied by payment in full of the entire Exercise Price for such Option Shares in cash or other immediately available funds
payable to the order of the Company. 

        3.3    Vesting Schedule.    One-fourth of the Option Shares shall become vested and exercisable on each of
the first, second, third and fourth anniversaries of the date hereof; provided, however, that if a Fundamental Change or Stock Sale occurs at any time
prior to the earlier of the Expiration Date or the termination of the Stock Option pursuant to the terms hereof, the Stock Option will become fully vested and exercisable for all of the Option Shares
immediately prior to the consummation of such Fundamental Change or Stock Sale, as the case may be; provided further, however, that if the Holder's
employment with the Company is terminated as the result of the Holder's death or disability at any time prior to the earlier of the Expiration Date or the termination of the Stock Option pursuant to
the terms hereof, the Stock Option shall become fully vested and exercisable for all of the Option Shares on the Termination Date. 

        3.4    Fractional Shares.    Fractional shares will not be issued upon the exercise of the Stock Option but in any
case where the Holder would, except for the provisions of this Section 3.4, be entitled under the terms of this Agreement to receive a fractional
share upon the complete exercise of the Stock Option, the Company will, upon the exercise of the Stock Option for the largest number of whole shares then called for, pay a sum in cash equal to the
excess of the value of such fractional share (determined in such reasonable manner and in good faith by the Board or an authorized committee thereof) over the proportional part of the Exercise Price
represented by such fractional share. 

        3.5    Termination Events.    If the Holder's employment with the Company terminates as the result of the Holder's
death or disability while the Stock Option is outstanding and unexercised, in whole or in part, the Stock Option shall terminate and cease to be exercisable with respect to any Unpurchased Option
Shares on the first anniversary of the Termination Date. 

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        (a)  If
the Holder's employment with the Company terminates for any reason (other than as the result of the Holder's death or disability) while the Stock Option is
outstanding and unexercised, in whole or in part, the Stock Option shall terminate and cease to be exercisable (i) with respect to any Unpurchased Option Shares which have not become vested and
exercisable hereunder as of such Termination Date,
and (ii) with respect to any Unpurchased Option Shares which have become vested and exercisable hereunder as of the Termination Date, on the first anniversary of such Termination Date. 

        (b)  In
the event of a Liquidation, the Stock Option shall terminate for all Unpurchased Option Shares at the close of business on the business day on which banks are open
for business immediately prior to the effective date of such Liquidation. Upon the consummation of a Fundamental Change or a Stock Sale, the Stock Option shall terminate for all Unpurchased Option
Shares. 

        (c)  The
Company shall use its reasonable best efforts to give notice to the Holder not less than fifteen (15) days prior to the consummation of a Fundamental Change,
a Stock Sale or a Liquidation. 

        (d)  Notwithstanding
subsections (a), (b), (c) or (d) above, if the Holder (or a Permitted Transferee, if applicable) violates Sections
6, 7 or 8 hereof, the Stock Option shall, at the option of the Board, terminate and cease to be exercisable as of and after the
time of such violation. 

        3.6    Certain Rules.    For purposes of this Agreement, (a) employment of the Holder by any Subsidiary shall
be deemed employment by the Company, (b) a transfer of the Holder's employment, without any intervening period, from the Company to any Subsidiary or vice versa, from such Subsidiary to
another, shall not be deemed a termination of the Holder's employment and (c) the term "employment" as used in this Agreement shall also be deemed to include the Company's engagement of the
Holder as a director, officer, consultant, independent contractor or otherwise. Nothing contained in the Plan or this Agreement shall confer upon the Holder any right with respect to the continuation
of the Holder's employment by, or relationship with, the Company or any Subsidiary or interfere in any way with the right of the Company or any Subsidiary at any time to terminate such employment or
relationship or to increase or decrease the compensation of the Holder. 

        3.7    Antidilution Provisions.    In the event of (a) any stock dividend, stock split, combination, or
exchange of shares of Series B Common Stock or any recapitalization or similar change in capitalization affecting shares of Series B Common Stock or (b) the closing of an IPO and
the related conversion of Series B Common Stock into Series C Common Stock, the number and kind of shares that are subject to the Stock Option and the Exercise Price may be
proportionately and appropriately adjusted, without any change in the aggregate Exercise Price to be paid for all Option Shares upon full exercise of the Stock Option. Any adjustments under this  Section 3.7
will be made by the Board, whose determination as to what adjustments, if any, will be made and the extent thereof will be final,
binding and conclusive. 

        4.    Representations of the Holder.    The Holder represents and warrants to the Company as follows: 

        (a)  the
Holder will acquire the Option Shares, to the extent that the Stock Option becomes exercisable pursuant to the terms hereof and the Holder exercises the Stock
Option, in whole or in part, solely for
investment for the Holder's own account and not with a view to the resale or distribution of all or any part thereof; 

        (b)  the
Holder understands that (i) the Holder may purchase the Option Shares only to the extent that the Stock Option becomes exercisable pursuant to  Section 3.3 hereof, (ii) it is possible that
the Stock Option will not become exercisable for any of the Option Shares, (iii) none
of the Company or any Subsidiary is obligated to continue the Holder's employment, and (iv) none of the Option Shares have been registered under the Securities Act of 1933, as amended (the
"Securities  

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 Act"), and the Holder may have to hold the Option Shares, to the extent they become Purchased Option Shares hereunder, for an indefinite period unless the offer and sale
thereof is subsequently registered under the Securities Act (and the Company is under no obligation to so register any Purchased Option Shares) or an exemption is available therefrom; and 

        (c)  the
Holder's permanent residence is at the address specified on the signature page hereof. 

        5.    Representations of the Company.    The Company represents and warrants to the Holder that (a) the Company
is a corporation validly existing and in good standing under the laws of the State of Delaware, (b) this Agreement has been duly authorized, executed, and delivered by the Company and has
received all necessary approvals from the Company's existing shareholders and the Board, (c) the Company has the requisite power and authority to issue the Option Shares and to perform its
obligations under this Agreement, and (d) the execution, delivery, and performance of this Agreement by the Company do not and will not violate or result in a default under the Company's
certificate of incorporation or by-laws or any material agreement or instrument to which the Company is a party or by which it or any of its property is bound. 

        6.    Restrictive Covenants.    

        6.1    Non-Compete.    During the Restricted Period, the Holder shall not, in the United States or any
other place where the Company, New Institute or any Subsidiary, whether such Subsidiary is now existing or hereafter formed, conducts the Business or any part thereof, directly or indirectly,
(i) engage in the Business (other than on behalf of and at the written request of the Company and or any Subsidiary); (ii) enter the employ of, or render any services to, any Person
(other than the Company or any Subsidiary) engaged in the Business; or (iii) become interested in any such person in any capacity, including, without limitation, as an individual, partner,
member, manager, shareholder, creditor, officer, director, principal, agent or trustee; provided, however, that, the foregoing notwithstanding, the
Holder may own, directly or indirectly, solely as an investment, securities of any publicly-traded person if the Holder is not a controlling person of, or a member of a group which controls, such
person and the Holder does not, directly or indirectly, own 5% or more of any class of securities of such person. Nothing contained herein shall prevent the Holder from being employed by, teaching at
or providing consulting services (individually and not as an employee, partner or owner of a professional consulting company) to, any entity so long as (i) the Holder does not thereby or in
connection therewith violate
the terms of subsections 6.2, 6.3, 6.4 or 6.5 hereof and (ii) either (A) such entity is not providing or making available services or products similar to or competitive with services or
products included in the Business to any third party in exchange for payment in any form or (B) such employment, teaching or consulting services are not competitive with services included in
the Business. Without limiting the foregoing, nothing contained herein shall prevent the Holder from participating in any symposiums, conferences or similar forums (collectively,
"Conferences") pertaining to the Business so long as (i) the Holder does not thereby or in connection therewith violate the terms of subsections
6.2, 6.3, 6.4 or 6.5 hereof, (ii) the Holder's affiliation with the Company and New Institute is disclosed in any program literature or materials relating to the forum in a manner reasonably
satisfactory to the Company, (iii) the Conferences are not sponsored or promoted by any entity that is a competitor of the Company or New Institute, (iv) such participation does not
materially interfere with the Holder's ability to perform his duties pursuant to the this Agreement and (v) the Holder's compensation for such participation is limited to the reimbursement of
his incidental expenses and an honorarium or fee that is reasonable and customary for events of such kind. 

        6.2    Confidential Information.    At all times during and after the Restricted Period, the Holder shall keep secret
and retain in strictest confidence, and shall not use for the benefit of himself or others, or disclose, except as may be required in connection with any judicial or administrative proceeding or
inquiry, to any person or entity, other than an officer or director of the Company (or of 

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New Institute or any Subsidiary) or a person or entity to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Holder of the Holder's duties as an employee
or director of the Company (or of New Institute or any Subsidiary) any Confidential Information (as hereinafter defined) obtained by the Holder while in the employ of, or providing services for, the
Company (or any Subsidiary thereof) or any predecessor of any such entity with respect to the Business or its assets. For purposes of this Agreement, "Confidential
Information" includes, without limitation, information relating to the properties, accounts, books, records, suppliers, intellectual property, trade secrets, contracts,
business relationship and service models, pricing policies, methods, algorithms and relation information, operational methods, marketing plans or strategies, business acquisition plans and new
personnel acquisition plans of the Company (or of New Institute or any Subsidiary) or any predecessor of any such entity; provided, however, that
Confidential Information shall not include any information known or available to the public (other than as a result of unauthorized disclosure by the Holder or any of the Holder's agents or
representatives). 

        6.3    Property of the Business.    All memoranda, notes, lists, records and other documents or papers (and all copies
thereof), including such items stored in computer memories, or microfiche or by any other means, made or compiled by or on behalf of the Holder, or made available to the Holder relating to the
Business, are and shall be the Company's property and shall be delivered to the Company promptly upon the termination of the Holder's employment with the Company or at any other time on request. 

        6.4    Employees of the Business.    During the Restricted Period, the Holder shall not, directly or indirectly, hire
or solicit (other than on behalf of the Company and in accordance with this Agreement) any employee of the Company, New Institute or any Subsidiary (or any person who was an employee thereof on or
after the date hereof) or encourage any such employee to leave such employment. 

        6.5    Consultants of the Business.    During the Restricted Period, the Holder shall not, directly or indirectly,
hire or solicit (other than on behalf of the Company) any consultant then under contract with or otherwise engaged by the Company or any Subsidiary unless the engagement is unrelated to the Business
or encourage such consultant to terminate such relationship. 

        6.6    Rights and Remedies Upon Breach.    If the Holder breaches, or threatens to commit a breach of, any of the
provisions of this Section 6 (the "Restrictive Covenants"), the Company shall have the following
rights and remedies, each of which shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the
Company under law or in equity: 

        6.6.1    Specific Performance.    The right and remedy to have the Restrictive Covenants specifically enforced by any
court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not
provide an adequate remedy to the Company. 

        6.6.2    Accounting.    The right and remedy to require the Holder to account for and pay over to the Company, all
compensation, monies, accruals, increments and other benefits derived or received by the Holder as the result of any transaction constituting a breach of the Restrictive Covenants. 

        6.6.3    Damages.    The right and remedy to require the Holder to reimburse the Company for all reasonable
out-of-pocket costs and expenses (including, but not limited to, attorneys' and accountants' fees and disbursements) incurred by the Company in connection with, or with respect
to, such breach or breaches. In the event a court of competent jurisdiction ultimately determines that the Holder has not breached the Restrictive Covenants, the Company will reimburse the Holder for
all reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable Attorneys' and accountants' fees and disbursements) 

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incurred by the Holder in connection with, or with respect to, the defense of any such alleged breach or breaches. 

        6.7    Severability of Covenants.    The Holder acknowledges and agrees that the Restrictive Covenants are reasonable
and valid in duration and geographical scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder
of the Restrictive Covenants shall not be affected thereby and shall be given full effect without regard to the invalid portions. 

        6.8    Reformation.    If any court determines that any of the Restrictive Covenants, or any part thereof, is
unenforceable because of the duration or geographical scope of such provisions, such court shall have
the power to reform the duration or scope of such provision, as the case may be, and such provision shall then be enforceable as reformed. 

        6.9    Termination of Restrictive Covenants.    The provisions of this Section 6  shall survive (a) the exercise or
expiration of the Stock Option and (b) the termination of the Holder's employment with the Company. 

        7.    Restrictions on Disposition of Purchased Option Shares.    

        7.1    Disposition of Purchased-Option Shares.    Except (a) in connection with a Fundamental Change or a Stock
Sale or (b) in compliance with Section 7.2 of this Agreement or as permitted by Section 7.3  of this Agreement, the Holder will not transfer,
sell, convey, exchange or otherwise dispose of (herein referred to as a "disposition" or "to dispose of") any Purchased Option
Shares. 

        7.2    Repurchase Option.    (a) In the event the Holder's employment with the Company is terminated for any
reason, the Purchased Option Shares (including any Purchased Option Shares then held by any Permitted Transferee) will be subject to repurchase pursuant to the terms and conditions set forth in this  Section 7.2
(the "Repurchase Option"). 

        (b)  If
the Holder's employment with the Company is terminated by the Company for "Cause" (as hereafter defined), the purchase price per share for each Purchased Option Share
(the "Repurchase Price") will be equal to the lesser of (A) the Original Cost and (B) the Market Value. For purposes of this Agreement,
"Cause" means the Holder's (i) commission of fraud, theft, embezzlement or similar malfeasance or any felony or (ii) material failure to perform the duties and functions from time to
time assigned to the Holder in good faith by the Board. 

        (c)  If
the Holder's employment with the Company is terminated for any reason other than for Cause, the Repurchase Price will be equal to the Market Value. 

        (d)  For
purposes of this Agreement, "Market Value" means, with respect to each Purchase Option Share, such Purchase Option
Share's fair value determined pursuant to this Section 7.2. Within thirty (30) days after the Termination Date, the Board shall determine
the fair value of each Purchased Option Share and notify the Holder thereof (the "Valuation Notice"). If the Holder does not notify the Company, in
writing, of the Holder's objection to such fair value within fifteen (15) days of the date of the Valuation Notice, then such fair value, as determined by the Board, shall be the Market Value.
If the Holder notifies the Company, in writing, of the Holder's objection to such fair value determination within fifteen (15) days of the date of the Valuation Notice, then the Company and the
Holder will each select an independent auditor of national standing (an "Independent Auditor") within ten (10) days after the Company's receipt
of such written objection and such Independent Auditors will select a third Independent Auditor within ten (10) days after their selection, which third Independent Auditor must agree to
determine the fair value of each Purchased Option Share. The fair value as determined by the
third Independent Auditor shall be the Market Value. The Holder will pay one hundred percent (100%) of the fees and expenses for the Independent Auditors if the fair value, as ultimately determined by
the third 

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Independent Auditor, is equal to, or greater than, ninety percent (90%) of the fair value determined by the Board; otherwise, the Company will pay one hundred percent (100%) of such fees and
expenses. The Market Value of each Purchased Option Share, as ultimately determined pursuant to this Section 7.2, shall be conclusive and binding
on the parties hereto. 

        (e)  The
Company may elect to purchase all or any portion of the Purchased Option Shares subject to repurchase by delivering written notice (the
"Repurchase Notice") to the Holder within ninety (90) days after the later of (i) the Termination Date and (ii) the date on which
the Holder purchased the Purchased Option Shares. The Repurchase Notice will set forth the number of Purchased Option Shares to be acquired from the Holder and the time and place for the closing of
the transaction, which will be within thirty (30) days after the date of the Repurchase Notice. The Company will pay for the Purchased Option Shares to be purchased pursuant to the Repurchase
Option by delivery of a check or wire transfer in the aggregate amount of the total purchase price. The Company will be entitled to receive customary representations and warranties from the Holder
regarding ownership of the Purchased Option Shares. 

        (f)    In
the event the Company does not deliver the Repurchase Notice to the Holder in accordance with Section 7.2(e),  the provisions of this Section 7.2 shall terminate and be of no further force or effect. 

        7.3    Permitted Transfers.    The Holder may transfer Purchased Option Shares (a) in connection with a
Fundamental Change or a Stock Sale or (b) to any Permitted Transferee who agrees in a writing delivered to the Company (i) that, upon termination of the Holder's employment with the
Company, such Purchased Option Shares shall be subject to, and such Permitted Transferee shall be bound by, the Repurchase Option in the same manner as the Holder and (ii) to otherwise be bound
by the terms of this Agreement in the same manner as the Holder as if an original party hereto. For purposes of this Agreement, "Permitted Transferees"
means the spouse or lineal descendants of the Holder; any trust for the benefit of the Holder or the benefit of the spouse or lineal descendants of the Holder; any corporation, limited liability
company, or partnership in which the Holder, the spouse and the lineal descendants of the Holder are the direct and beneficial owners of all of the equity interests (provided the Holder, spouse and
lineal descendants agree in writing to remain the direct and beneficial owners of all such equity interests); and the personal representative of the Holder upon the Holder's death for purposes of
administration of the Holder's estate or upon the Holder's incompetency for purposes of the protection and management of the assets of the Holder. 

        7.4    Pledges.    The Holder will not pledge or otherwise grant a security interest in any Purchased Option Shares
without the Company's prior written consent. 

        7.5    Legends.    (a) The Company will cause each certificate or other instrument representing Purchased
Option Shares to be stamped or otherwise imprinted, throughout the term of the applicability of this Section 7, with a legend in substantially
the following form: 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS SET FORTH IN A CERTAIN STOCK OPTION AGREEMENT OF COLLEGIS, INC. (THE
"COMPANY") DATED AS OF                             , A COPY OF WHICH IS AVAILABLE UPON REQUEST AT THE
PRINCIPAL OFFICE OF THE COMPANY." 

        (b)  Until
(i) the Purchased Option Shares represented by such certificate are effectively registered under the Securities Act (and the Company, absent an express
written agreement to the contrary, is under no obligation at any time to so register any of such Purchased Option Shares), or (ii) the holder of such securities delivers to the Company a
written opinion of counsel, which counsel and opinion are reasonably acceptable to the Company, to the effect that such legend is no longer necessary, the Company shall be entitled to cause each
certificate representing 

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Purchased Option Shares to be stamped or otherwise imprinted with a legend in substantially the following form: 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THUS MAY NOT BE TRANSFERRED UNLESS SO REGISTERED OR UNLESS AN EXEMPTION FROM
REGISTRATION IS AVAILABLE." 

        7.6    Termination of Restrictions on Transfers of Purchased Option Shares.    The provisions of this  Section 7 shall survive
(a) the exercise or expiration of the Stock Option and (b) the termination of the Holder's employment with
the Company; provided, however, that the provisions of Section 7.2 shall terminate in accordance
with their terms and all of the provisions of this Section 7 shall terminate and be of no further force or effect immediately upon the
consummation of an IPO, a Stock Sale or a Fundamental Change. 

        8.    Miscellaneous.    

        8.1    Successors and Assigns; Binding Agreement.    

        Subject
to the provisions of the Plan and Sections 7 and 8.2 hereof, this Agreement shall
inure to the benefit of, be enforceable by and binding upon, the respective successors and assigns of the Company
and the Holder and their respective successors, assigns, trustees, custodians, personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. 

        8.2    Limitation on Alienation.    Except as expressly set forth herein, the Holder shall not dispose of the Stock
Option and rights and privileges set forth herein, the Option Shares and the Purchased Option Shares without the prior written consent of the Company. 

        8.3    Governing Law.    This Agreement shall be governed by and construed in accordance with the internal law of, and
not the law of conflicts of, the State of Delaware applicable to contracts entered into and to be wholly performed in Delaware. 

        8.4    Waivers.    The waiver by either party of any right hereunder or of any failure to perform or breach by the
other party shall not be deemed a waiver of any other right hereunder or of any other failure or breach by the other party, whether of the same or a similar nature or otherwise. No waiver shall be
deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and
each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically
waived. 

        8.5    Notices.    All notices and communications that are required or permitted to be given hereunder shall be in
writing and shall be deemed to have been duly given when delivered personally or upon dispatch by any form of mail or private express carrier providing for receipted delivery, postage or charges
prepaid, as follows: 

If
to the Company, to: 

COLLEGIS, Inc.

2300 Maitland Center Parkway, Suite 340

Maitland, Florida 32751

Attention: President 

        If
to the Holder, to the address set forth on the signature page hereto; or to such other address as may be specified in a confirming notice given by one party to the other. 

9

 

        8.6    Severability.    If for any reason any term or provision of this Agreement is held to be invalid or
unenforceable, all other valid terms and provisions hereof shall remain in full force and effect, and all of the terms and provisions of this Agreement shall be deemed to be severable in nature. 

        8.7    Counterparts.    This Agreement may be executed in several counterparts, each of which shall be deemed to be an
original but all of which together shall constitute one and the same instrument. 

        8.8    Amendment.    This Agreement may be amended or canceled by mutual agreement of the parties in writing without
the consent of any other person or entity and, so long as the Holder lives, no person or entity, other than the parties, shall have any rights under or interest in this Agreement or the subject matter
hereof. 

        8.9    Entire Agreement.    This Agreement and the Plan constitute the entire agreement between the parties, and
supersedes all prior oral or written understandings between the parties, relating to the Option Shares and the Purchased Option Shares. The Holder acknowledges that he has received a copy of the Plan
and in the event that any provision of this Agreement is inconsistent with any provision of the Plan, the provisions of the Plan shall be controlling. 

        8.10    Exhibits and Schedules.    All exhibits and schedules hereto are an integral part of this Agreement. 

        8.11    No Attachment.    Except as required by law, no right to receive Option Shares under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect. 

        8.12    No Rights as Shareholder.    The Holder will not have any of the rights of a Shareholder with respect to the
Option Shares except to the extent that such Option Shares are actually issued pursuant to exercise of the Stock Option. The existence of the Stock Option shall not affect in any way the right or
power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes to the Company's capital structure or its business, or to
effect any sale, merger or consolidation of the Company, nor create any preemptive right on behalf of the holder of the Stock Option to acquire any capital stock of the Company or securities or
indebtedness convertible into or exchangeable for capital stock of the Company. 

[signature
page follows] 

10

 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Stock Option Agreement as of the date first above written. 

	

 	
 	

COLLEGIS, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

	

 	
 	

	

 	
 	

Address:
	

 	
 	

	

 	
 	

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EXHIBIT 10.2

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