Document:

exhibit_4-7.htm

Exhibit 4.7

 

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

WIN GLOBAL MARKETS, INC.

COMMON STOCK PURCHASE WARRANT

	
Warrant No.:

	  	
Original Issue Date:

	
Initial Holder:

	
Initial Exercisable Date: the date falling six (6) months as of the Original Issue Date

	  	
No. of Shares Subject to Warrant:

	  	
Exercise Price Per Share: $ 0.10

	  	
Expiration Date:  4 p.m., New York time, on: the date falling twenty four (24) months as of the Original Issue Date

	  

 

    Win Global Markets, Inc., a Nevada corporation (the ”Company”), hereby certifies that, for value received, the Initial Holder shown above, or its permitted registered assigns (the ”Holder”), is entitled to purchase from the Company up to the number of shares of its common stock shown above (the ”Common Stock”) (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at the exercise price shown above (as may be adjusted from time to time as provided herein, the ”Exercise Price”), at any time and from time to time on or after the Initial Exercisable Date shown above and through and including the Expiration Date shown above (the “Expiration Date”), and subject to the following terms and conditions:

This Warrant is being issued pursuant to a Securities Purchase Agreement, dated ____________ (the “SPA”), by and between the Company and the Initial Holder. 

1.             Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings given to such terms in the SPA.

 

  

  

  

2.            List of Warrant Holders.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder (which shall include the Initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder from time to time).  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

3.            List of Transfers; Restrictions on Transfer. The Company shall register any transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant.

4.             Exercise and Duration of Warrant.

 (a)          All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of this Warrant at any time and from time to time on or after the Initial Exercisable Date and through and including the Expiration Date. Subject to Section 11 hereof, at the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and shall no longer be outstanding.

(b)           The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached hereto (the ”Exercise Notice”), completed and duly signed by the Holder, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised. The date such items are delivered to the Company (as determined in accordance with the notice provisions hereof) shall be referred to as an ”Exercise Date”. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall constitute an agreement by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter.  Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

5.             Delivery of Warrant Shares.

(a)           Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise. “Trading Day” shall mean a date on which the Company’s Common Stock trades on its principal trading market ("Trading Market"). The Holder, or any person and\or entity permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon the written request of the Holder, use its best efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through the Depository Trust and Clearing Corporation or another established clearing corporation performing similar functions, if available; provided, that, the Company may, but will not be required to, change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through the Depository Trust and Clearing Corporation.  If as of the time of exercise the Warrant Shares constitute restricted or control securities, the Holder, by exercising, agrees not to resell them except in compliance with all applicable securities laws.

 

  

  

  

(b)           To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any person and\or entity or any action to enforce the same, or any set-off, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other person and\or entity of any obligation to the Company or any violation or alleged violation of law by the Holder or any other person and\or entity, and irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

6.             Charges, Taxes and Expenses. The Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liabilities that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon the exercise hereof.

7.             Replacement of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

  

  

  

8.             Reservation of Warrant Shares. The Company covenants that it will, at all times, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are then issuable and deliverable upon the exercise of this entire Warrant, free from any preemptive rights or any other contingent purchase rights of any person and\or entity other than the Holder (taking into account the adjustments and restrictions of Section 9 herein). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance thereof and the payment of the applicable Exercise Price in accordance with the terms hereof, shall be duly and validly authorized, issued and fully paid and non-assessable.

9.             Certain Adjustments; Termination under Certain Circumstances. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

(a)           Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)           Pro Rata Distributions.  If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset besides cash (in each case, ”Distributed Property”), then either upon any exercise of this Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such distribution or, at the option of the Company, concurrently with such distribution, the Holder shall be entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately prior to such record date.

(c)           Fundamental Transactions. As used herein, “Fundamental Transaction” means  at any time while this Warrant is outstanding  (i) the Company effects any merger of the Company with another entity, in which the shareholders of the Company immediately prior to the transaction own immediately after the transaction less than a majority of the outstanding stock of the successor entity, or its parent if applicable, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant to which holders of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property.  In the event of a Fundamental Transaction pursuant to which the securities, cash or property issuable with respect to the outstanding Common Stock consist solely of cash and/or securities traded on a national securities exchange or an established over-the-counter market (the “Alternate Consideration”), this Warrant shall expire immediately prior to the closing of the Fundamental Transaction.  The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder shall be entitled to receive upon proper exercise of this Warrant prior to such closing.

 

  

  

  

(d)           Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

(e)           Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

(f)            Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, in good faith, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent for the Common Stock.

(g)           Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (ii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction at least ten (10) Trading Days prior to the applicable record or effective date on which a person and\or entity would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all reasonable steps to give Holder the practical opportunity to exercise this Warrant prior to such time;  provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

  

  

  

 

        10.             Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds.

                11.             Limitations on Exercise. (a) Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by the Holder and its affiliates and any other entity whose beneficial ownership of Common Stock would be aggregated with the Holder’s for the purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), does not exceed 4.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Each delivery of an Exercise Notice by the Holder will constitute a representation by the Holder that it has evaluated the limitation set forth in this Section and determined that issuance of the full number of Warrant Shares requested in such Exercise Notice is permitted under this Section.  The Company’s obligation to issue shares of Common Stock in excess of the limitation referred to in this Section shall be suspended (and, except as provided below, shall not terminate or expire notwithstanding any contrary provisions hereof) until such time, if any, as such shares of Common Stock may be issued in compliance with such limitation; provided, that, if, as of the Expiration Date, the Company has not received written notice that the shares of Common Stock may be issued in compliance with such limitation, the Company’s obligation to issue such shares shall terminate. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.  By written notice to the Company, the Holder may waive the provisions of this Section but any such waiver will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, nor will any such waiver affect any other Holder.

 

  

  

  

                (b)           Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other entity whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Each delivery of an Exercise Notice hereunder will constitute a representation by the Holder that it has evaluated the limitation set forth in this Section and determined that issuance of the full number of Warrant Shares requested in such Exercise Notice is permitted under this Section.  The Company’s obligation to issue shares of Common Stock in excess of the limitation referred to in this Section shall be suspended (and, except as provided below, shall not terminate or expire notwithstanding any contrary provisions hereof) until such time, if any, as such shares of Common Stock may be issued in compliance with such limitation;  provided , that, if, as of the Expiration Date, the Company has not received written notice that the shares of Common Stock may be issued in compliance with such limitation, the Company’s obligation to issue such shares shall terminate. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.  This restriction may not be waived.

 12.          No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the closing price of one Warrant Share as reported by the applicable Trading Market on the applicable Exercise Date.

13.           Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section at or prior to 10:00 a.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via fax at the fax number specified in this Section on a day that is not a Trading Day or later than 10:00 a.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such notices or communications shall be:  if to the Company, to ____________ (or such other address as the Company shall indicate in writing in accordance with this Section) or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register (or such other address as the Holder shall indicate in writing in accordance with this Section).

14.           Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

  

  

  

15.           Miscellaneous.

(a)           This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any person and\or entity other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns.

 

(b)            All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.

(c)           The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

(d)           In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

  

  

  

(e)            Prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder with respect to the Warrant Shares.

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	
Win Global Markets Inc.

By:

Name:

Title:

  

  

  

 

WIN GLOBAL MARKETS, INC.

EXERCISE NOTICE

WARRANT ORIGINALLY ISSUED ON NOVEMBER 8, 2012

WARRANT NO. __________

Ladies and Gentlemen:

(1)           The undersigned hereby elects to exercise the above-referenced Warrant with respect to shares of Common Stock.  Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

(2)           The Holder intends that payment of the Exercise Price shall be made as:

                Cash Exercise under Section 10 of the Warrant.

(3)            The holder shall pay the sum of $ ______________   to the Company in accordance with the terms of the Warrant.

(4)            Pursuant to this Exercise Notice, the Company shall deliver to the Holder the number of Warrant Shares determined in accordance with the terms of the Warrant.

(5)            By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of the Warrant to which this notice relates.

 

	
Dated:

	  	  	
HOLDER:

	  	  	  
	  	  	  
	  	  	
Print name

	  	  	  
	  	  	
By:

	  
	  	  	  	  
	  	  	
Title:

	  

 

  

  

  

 

WIN GLOBAL MARKETS, INC.

WARRANT ORIGINALLY ISSUED ON NOVEMBER 8, 2012

WARRANT NO. _______________

FORM OF ASSIGNMENT

To be completed and signed only upon transfer of Warrant

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _________________ the right represented by the above-referenced Warrant to purchase _________________ shares of Common Stock to which the within Warrant relates and appoints __________________ attorney to transfer said right on the books of the Company with full power of substitution in the premises.

	
Dated:

	  	  	
TRANSFEROR:

	  	  	  
	  	  	  
	  	  	
Print name

	  	  	  
	  	  	
By:

	  
	  	  	  	  
	  	  	
Title:

	  
	  	  	  	  
	  	  	  	  
	  	  	
TRANSFEREE:

	  	  	  
	  	  	
Print name

	  	  	  
	  	  	
By:

	  
	  	  	  	  
	  	  	
Title:

	  
	
WITNESS:

	  	  	  
	  	  	
Address of Transferee:

	  	  	  	  
	
Print nameexhibit_10-1.htm

                                                                    EXHIBIT 10.1

                            WIN GLOBAL MARKETS, INC.
                       THE 2004 GLOBAL SHARE OPTION PLAN
                      AS AMENDED AS OF SEPTEMBER 13, 2012

 

 

                                TABLE OF CONTENTS

1.   PURPOSE OF THE PLAN......................................................3

2.   DEFINITIONS..............................................................3

3.   ADMINISTRATION OF THE PLAN...............................................5

4.   DESIGNATION OF PARTICIPANTS..............................................6

5.   SHARES RESERVED FOR THE PLAN.............................................6

6.   PURCHASE PRICE...........................................................7

7.   ADJUSTMENTS..............................................................7

8.   TERM AND EXERCISE OF OPTIONS.............................................9

9.   VESTING OF OPTIONS......................................................10

10    PUCHASE FOR INVESTMENT ................................................10

11    DIVIDENDS..............................................................12

12    RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS......................12

13    EFFECTIVE DATE AND DURATION OF THE PLAN................................12

14    AMENDMENTS OR TERMINATION..............................................13

15    GOVERNMENT REGULATIONS.................................................14

16    CONTINUANCE OF EMPLOYMENT..............................................13

17    GOVERNING LAW AND JURISDICTION.........................................13

18   TAX CONSEQUENCES........................................................14

19    NON-EXCLUSIVITY OF THE PLAN............................................14

20    MULTIPLE AGREEMENTS....................................................14

21   RULES PARTICULAR TO SPECIFIC COUNTRIES..................................14

                                       2

 

 

This  plan,  as  amended  from  time  to  time, shall be known as the Win Global
Markets, Inc. 2004 Global Share Option Plan (the "PLAN").

1.    PURPOSE OF THE PLAN

      The Plan is intended to provide an incentive to retain, in the employ of
      the Company (as defined below) and its affiliates, persons of training,
      experience and ability; to attract new employees, directors, consultants
      and service providers; to encourage the sense of proprietorship of such
      persons; and to stimulate the active interest of such persons in the
      development and financial success of the Company by providing them with
      opportunities to purchase shares in the Company.

2.    DEFINITIONS

      For purposes of interpreting the Plan and related documents (including the
      Option Agreement and its appendixes), the following definitions shall
      apply:

      2.1   "BOARD" means the Board of Directors of the Company.

      2.2   "CAUSE" means (i) conviction for any felony involving moral
            turpitude or affecting the Company or its affiliates; (ii) any
            refusal to carry out a reasonable directive of the Company's Chief
            Executive Officer, Board or the Optionee's direct supervisor, which
            involves the business of the Company or its affiliates and was
            capable of being lawfully performed; (iii) embezzlement of funds of
            the Company or its affiliates; (iv) any breach of the Optionee's
            fiduciary duties or duties of care of the Company or its affiliates;
            including without limitation disclosure of confidential information
            of the Company or its affiliates; and (v) any conduct (other than
            conduct in good faith) reasonably determined by the Board to be
            materially detrimental to the Company or its affiliates.

      2.3   "CHAIRMAN" means the Chairman of the Committee.

      2.4   "COMMITTEE" means a share option compensation committee of the
            Board, designated from time to time by the resolution of the Board,
            which shall consist of no fewer than two members of the Board, each
            of whom is a "non-employee director" as defined in Rule 16b-3 and an
            "outside director" within the meaning of Section 162(m).

      2.5   "COMPANY" means Win Global Markets, Inc. a Nevada company.

      2.6   "DATE OF GRANT" means the date determined by the Board as set forth
            in the Option Agreement.

      2.7   "EMPLOYEE" means a person who is employed by the Company or any
            affiliate.

      2.8   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
            amended.

                                       3

 

 

      2.8 "EXPIRATION DATE" means the date upon which an Option shall expire, as
      set forth in Section 8.2 of the Plan.

      2.9 "FAIR MARKET VALUE" means as of any date, the value of a Share
      determined as follows:

            (i)   If the Shares are listed on any established stock exchange or
                  a national market system, including without limitation the Tel
                  Aviv Stock Exchange, the NASDAQ National Market System or the
                  NASDAQ SmallCap Market, the Fair Market Value shall be the
                  last reported sale price for such Shares (or the highest
                  closing bid, if no sales were reported), as quoted on such
                  exchange or system for the last market trading day prior to
                  time of determination, as reported in The Wall Street Journal,
                  or such other source as the Board deems reliable;

            (ii)  If the Shares are regularly quoted by one or more recognized
                  securities dealers, but selling prices are not reported, the
                  Fair Market Value shall be the mean between the highest bid
                  and lowest asked prices for the Shares on the last market
                  trading day prior to the day of determination; or

            (iii) In the absence of an established market for the Shares, the
                  Fair Market Value thereof shall be determined in good faith by
                  the Board.

            (iv)  Notwithstanding the foregoing, the Fair Market Value of a
                  Share shall never be less than par value of such Share.

      2.10  "IPO" means the initial public offering of the Company's shares.

      2.11  "OPTION" means an option to purchase one or more Shares pursuant to
            the Plan.

      2.12  "OPTIONEE" means a person who receives or holds an Option under the
            Plan.

      2.13  "OPTION AGREEMENT" means the share option agreement between the
            Company and an Optionee that evidences and sets out the terms and
            conditions of an Option.

      2.14  "PLAN" means the Company's 2004 Global Share Option Plan.

      2.15  "PURCHASE PRICE" means the price for each Share subject to an
            Option.

      2.16  "RULE 16B-3" means Rule 16b-3 promulgated by the Securities and
            Exchange Commission under Section 16 of the Exchange Act and any
            successor rule.

      2.17  "SECTION 162(M)" means Section 162(m) of the Internal Revenue Code
            of 1986, as amended from time to time, or any successor thereto, and
            the regulations thereunder.

      2.16  "SERVICE PROVIDER" means a director, consultant or adviser of the
            Company or any affiliate, or any other person who is not an
            Employee.

                                       4

 

 

      2.17  "SHARE" means the common stock, 0.001 par value, of the Company.

      2.18  "SUCCESSOR COMPANY" means any entity into which the Company is
            merged to or by which the Company is acquired.

      2.20  "VESTED OPTION" means any Option, which has already vested upon one
            or more of the Vesting Dates of such Option.

      2.21  "VESTING DATE" means, with respect to any Option, the date
            determined by the Board as of which the Optionee shall be entitled
            to exercise such Option, in whole or in part , as set forth in
            Section 9 of the Plan.

3.    ADMINISTRATION OF THE PLAN

      3.1   The Board shall have the power to administer the Plan. To the extent
            permitted under applicable law, the Board may delegate its powers
            under the Plan, or any part thereof, to the Committee, in which
            case, any reference to the Board in the Plan with respect to the
            rights so delegated shall be construed as reference to the
            Committee. Notwithstanding the foregoing, the Board shall
            automatically have residual authority (i) if no Committee shall be
            constituted, (ii) with respect to rights not delegated by the Board
            to the Committee, or (iii) if such Committee shall cease to operate
            for any reason whatsoever.

      3.2   The Committee, if appointed, shall select one of its members as its
            Chairman and shall hold its meetings at such times and places as the
            Chairman shall determine. The Committee shall keep records of its
            meetings and shall make such rules and regulations for the conduct
            of its business as it shall deem advisable.

      3.3   The Board shall have full power and authority to the extent required
            under applicable law (and subject further to applicable laws): (i)
            to designate Optionees; (ii) to determine the terms and provisions
            of respective Option Agreements (which need not be identical)
            including, but not limited to, the number of Shares to be covered by
            each Option, provisions concerning the time or times when and the
            extent to which the Options may be exercised and the nature and
            duration of restrictions as to transferability or restrictions
            constituting substantial risk of forfeiture; (iii) to accelerate the
            right of an Optionee to exercise, in whole or in part, any
            previously granted Option; (iv) to interpret the provisions and
            supervise the administration of the Plan; (v) to determine the Fair
            Market Value of the Shares; (vi) to designate the type of Options to
            be granted to an Optionee; (vii) to determine any other matter which
            is necessary or desirable for, or incidental to, the administration
            of the Plan.

      3.4   The Board shall have the authority to grant, in its discretion, to
            an Optionee, in exchange for the surrender and cancellation of an
            Option, a new Option having a purchase price equal to, lower than or
            higher than the Purchase Price of the original Option so surrendered
            and canceled, and containing such other terms and conditions as the
            Board may prescribe in accordance with the provisions of the Plan.

                                       5

 

 

      3.5   Subject to the Company's incorporation documents, all decisions and
            selections made by the Board or, if appointed, the Committee
            pursuant to the provisions of the Plan shall be made by a majority
            of its members except that no member of the Board or the Committee
            shall vote on, or be counted for quorum purposes, with respect to
            any proposed action of the Board or the Committee relating to any
            Option to be granted to that member. Any decision reduced to writing
            shall be executed in accordance with the provisions of the Company's
            incorporation documents, as the same may be in effect from time to
            time.

      3.6   The interpretation and construction by the Board of any provision of
            the Plan or of any Option Agreement thereunder shall be final and
            conclusive.

      3.7   Subject to the Company's incorporation documents and the Company's
            discretion, and conditioned upon receipt of all approvals legally
            required, each member of the Board or, if appointed, the Committee
            shall be indemnified and held harmless by the Company against any
            cost or expense (including counsel fees) reasonably incurred by him,
            or any liability (including any sum paid in settlement of a claim
            with the approval of the Company) arising out of any act or omission
            to act in connection with the Plan unless arising out of such
            member's own fraud or bad faith, to the extent permitted by
            applicable law. Such indemnification shall be in addition to any
            rights of indemnification the member may have as a director or
            otherwise under the Company's incorporation documents, any
            agreement, any vote of shareholders or disinterested directors,
            insurance policy or otherwise.

4.    DESIGNATION OF PARTICIPANTS

      The persons eligible for participation in the Plan shall include Employees
      and/or Service Providers. The grant of an Option hereunder shall neither
      entitle the Optionee to nor disqualify him or her from, receipt of any
      other grant of Options pursuant to the Plan or any other option or share
      plan of the Company or any of its affiliates.

      The Board's grant of an Option to an Optionee hereunder in any year shall
      not require the Board to grant such Optionee an Options in any other year.
      The Board shall consider such factors as it deems pertinent in selecting
      an Optionee and in determining the type and amount of Options to be
      granted. An Optionee may hold more than one Option granted under the Plan.

      5.    SHARES RESERVED FOR THE PLAN; OPTION AGREEMENT

            5.1   The Company has reserved 20,000,000 authorized but unissued
                  Shares for the purposes of the Plan and for the purpose of the
                  Company's other share option plans when applicable, subject to
                  adjustment as set forth in Section 7 below. Any Shares which
                  remain unissued and which are not subject to outstanding
                  Options at the termination of the Plan shall cease to be
                  reserved for the purpose of the Plan, but until termination of
                  the Plan the Company shall at all times reserve a sufficient
                  number of Shares to meet the requirements of the Plan. Should
                  any Option for any reason expire or be canceled prior to its
                  exercise or relinquishment in full, the Shares subject to such
                  Option may again be subject to new Options under the Plan or
                  under future plans.

            5.2   Each Option granted pursuant to the Plan, shall be evidenced
                  by a written Option Agreement between the Company and the
                  Optionee, in such form as the Board shall from time to time
                  approve. Each Option Agreement shall state, inter alia, the
                  number of Shares to which the Option relates, the type of
                  Option granted, the Vesting Date or Dates, the Purchase Price
                  per Share and the Expiration Date.

                                       6

 

 

 6.    PURCHASE PRICE

      6.1   The Purchase Price of each Share subject to an Option shall be
            determined by the Board in its sole and absolute discretion in
            accordance with applicable law. Each Option Agreement will contain
            the Purchase Price determined for each Optionee.

      6.2   The Purchase Price shall be payable upon the exercise of an Option
            by cash, check or wire transfer or in such form as the Board may
            accept.

7.    ADJUSTMENTS

      Upon the occurrence of any of the following described events, Optionee's
      rights to purchase Shares under the Plan shall be adjusted as hereafter
      provided:

      7.1   Recapitalization. The number and kind of shares subject to
            outstanding Options, the purchase price or exercise price of such
            Options, and the number and kind of shares available for Options
            subsequently granted under the Plan shall be appropriately and
            equitably adjusted so as to maintain the proportionate number of
            Shares without changing the aggregate Purchase Price so to reflect
            any stock dividend, stock split, combination or exchange of shares,
            merger, consolidation or other change in capitalization with a
            similar substantive effect upon the Plan or the Options granted
            under the Plan. The Board shall have the power and sole and absolute
            discretion to determine the nature and amount of the adjustment to
            be made in each case.

      7.2   Upon the dissolution or liquidation of the Company, upon a
            reorganization, merger, or consolidation in which the Company is not
            the surviving corporation, upon the sale of substantially all of the
            property or assets of the Company to another corporation, or if at
            least 50% or more of the voting stock of the Company is sold either
            through a tender offer or otherwise to a party or an affiliated
            group of parties, then the Plan and the Options issued thereunder
            shall terminate, unless provisions are made in connection with such
            transaction for the assumption of Options theretofore granted, or
            for the substitution for such Options of new options of the
            successor corporation or a parent or subsidiary thereof, with
            appropriate adjustment as to the number and kinds of shares and the
            per share exercise prices. In the event such Options shall be
            terminated, all outstanding Options shall be exercisable in full for
            at least 30 days prior to such termination date.

      7.3   The Optionee acknowledges that Optionee's rights to sell the Shares
            may be subject to certain limitations (including a lock-up period),
            as will be requested by the Company or its underwriters, and the
            Optionee unconditionally agrees and accepts any such limitations.

                                       7

 

 

8.    TERM AND EXERCISE OF OPTIONS

      8.1   Options shall be exercised by the Optionee's by giving written
            notice of to the Company or to any third party designated by the
            Company (the "REPRESENTATIVE"), in such form and method as may be
            determined by the Company, which exercise shall be effective upon
            receipt of such notice by the Company and/or the Representative and
            the payment of the Purchase Price for the number of Shares with
            respect to which the Option is being exercised, at the Company's or
            the Representative's principal office. The notice shall specify the
            number of Shares with respect to which the Option is being
            exercised. No Shares shall be issued on exercise of an Option until
            payment, as provided herein, therefor has been made.

      8.2   Options, to the extent not previously exercised, shall terminate
            upon the earlier of: (i) the date set forth in the Option Agreement;
            (ii) the expiration of ten (10) years from the Date of Grant; or
            (iii) the expiration of any extended period in any of the events set
            forth in Section 8.5 below.

      8.3   The Options may be exercised by the Optionee in whole at any time or
            in part from time to time, to the extent that the Options have
            become vested and exercisable, prior to the Expiration Date, and
            provided that, subject to the provisions of Section 8.5 below, the
            Optionee is an Employee or a Service Provider at all times during
            the period beginning with the granting of the Option and ending upon
            the date of exercise.

      8.4   Subject to the provisions of Section 8.5 below, in the event of
            termination of Optionee's employment or service, all Options granted
            to such Optionee shall immediately expire. Unless otherwise approved
            by the Committee, a notice of termination of employment or services
            shall be deemed to constitute termination of employment or services.

      8.5   Notwithstanding anything to the contrary hereinabove and unless
            otherwise determined in the Optionee's Option Agreement, an Option
            may be exercised after the date of termination of Optionee's
            employment or service during an additional period of time beyond the
            date of such termination, but only with respect to the number of
            Vested Options at the time of such termination according to the
            Vesting Dates, if:

            8.5.1 termination is without Cause, in which event the Vested
                  Options still in force and unexpired may be exercised within a
                  period of three (3) months after the date of such termination;
                  or

            8.5.2 termination is the result of death or disability of the
                  Optionee, in which event the Vested Options still in force and
                  unexpired may be exercised within a period of twelve (12)
                  months after such date of termination; or-

            8.5.3 prior to the date of such termination, the Board shall
                  authorize an extension of the term of all or part of the
                  Vested Options beyond the date of such termination for a
                  period not to exceed the period during which the Options by
                  their terms would otherwise have been exercisable.

                                       8

 

 

            For avoidance of any doubt, if termination of employment or service
            is for Cause, any outstanding unexercised Option will immediately
            expire and terminate, and the Optionee shall not have any right in
            respect of such outstanding Options.

      8.6   To avoid doubt, Optionees shall not have any of the rights or
            privileges of shareholders of the Company, in respect of any Shares
            purchasable upon the exercise of an Option, nor shall they be deemed
            to be a class of shareholders or creditors of the Company for the
            purpose of all applicable law, until registration of the Optionee as
            holder of such Shares in the Company's register of shareholders upon
            exercise of the Option in accordance with the provisions of the
            Plan.

9.    VESTING OF OPTIONS

      9.1   Subject to the provisions of the Plan, Options shall vest at the
            Vesting Dates set forth in the relevant Option Agreement. However no
            Option shall be exercised after the Expiration Date of such Option.

      9.2   An Option may be subject to such other terms and conditions, not
            inconsistent with the Plan, on the time or times when it may be
            exercised as the Committee may deem appropriate. The vesting
            provisions of individual Options may vary.

10.   PURCHASE FOR INVESTMENT

      The Company's obligation to issue or allocate Shares upon exercise of an
      Option granted under the Plan is expressly conditioned upon: (a) the
      Company's completion of any registration or other qualifications of such
      Shares under all applicable laws, rules and regulations or (b)
      representations and undertakings by the Optionee (or his legal
      representative, heir or legatee, in the event of the Optionee's death) to
      assure that the sale of the Shares complies with any registration
      exemption requirements which the Company in its sole discretion shall deem
      necessary or advisable. Such required representations and undertakings may
      include representations and agreements that such Optionee (or his legal
      representative, heir, or legatee): (a) is purchasing such Shares for
      investment and not with any present intention of selling or otherwise
      disposing thereof; and (b) agrees to have placed upon the face and reverse
      of any certificates evidencing such Shares a legend setting forth (i) any
      representations and undertakings which such Optionee has given to the
      Company or a reference thereto and (ii) that, prior to effecting any sale
      or other disposition of any such Shares, the Optionee must furnish to the
      Company an opinion of counsel, satisfactory to the Company, that such sale
      or disposition will not violate the applicable laws, rules and regulations
      of the United States or any other state having jurisdiction over the
      Company and the Optionee.

                                       9

 

 

11.   DIVIDENDS

      With respect to all Shares (but excluding, for avoidance of any doubt, any
      unexercised Options) allocated or issued upon the exercise of Options
      purchased by the Optionee and held by the Optionee or by a trustee, as the
      case may be, the Optionee shall be entitled to receive dividends in
      accordance with the quantity of such Shares, subject to the provisions of
      the Company's incorporation documents, as amended from time to time and
      subject to any applicable taxation on distribution of dividends.

12.   RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS

      No Option or any right with respect thereto, purchasable hereunder,
      whether fully paid or not, shall be assignable, transferable, or given as
      collateral nor any right with respect thereto may be given to any third
      party whatsoever, other than by will or by the laws of descent and
      distribution or as specifically otherwise allowed under the Plan and
      during the lifetime of the Optionee, each and all of such Optionee's
      rights to purchase Shares hereunder shall be exercisable only by the
      Optionee. Any action made in contradiction to the aforementioned shall be
      null and void.

13.   EFFECTIVE DATE AND DURATION OF THE PLAN

      The Plan shall be effective as of the day it was adopted by the Board and
      shall terminate at the end of ten (10) years from such day of adoption.

      The Company shall obtain the approval of the Company's shareholders for
      the adoption of this Plan or for any amendment to this Plan, if
      shareholders' approval is necessary or desirable to comply with any
      applicable law including without limitation the U.S. securities law or the
      securities laws of other jurisdiction applicable to Options granted to
      Optionees under this Plan, or if shareholders' approval is required by any
      authority or by any governmental agencies or national securities exchanges
      including without limitation the US Securities and Exchange Commission.

14.   AMENDMENTS OR TERMINATION

      14.1  The Board may at any time, subject to the provisions of Section 14.2
            below and all applicable law, amend, alter, suspend or terminate the
            Plan, provided, however, that (i) the Board may not extend the term
            of the Plan specified in Section 13 and (ii) no amendment,
            alteration, suspension or termination of the Plan shall impair the
            rights of any Optionee, unless mutually agreed otherwise by the
            Optionee and the Company, which agreement must be in writing and
            signed by the Optionee and the Company. Earlier termination of the
            Plan prior to the Termination Date shall not affect the Board's
            ability to exercise the powers granted to it hereunder with respect
            to Options granted under the Plan prior to the date of such earlier
            termination.

                                       10

 

 

      14.2  The Company shall obtain the approval of the Company's shareholders
            for any amendment to this Plan and/or the Appendixes thereto if
            shareholders' approval is required under any applicable law
            including without limitation the U.S. securities law or the
            securities laws of other jurisdiction applicable to Options granted
            to Optionees under this Plan and/or the Appendixes thereto, or if
            shareholders' approval is required by any authority or by any
            governmental agencies or national securities exchanges including
            without limitation the U.S. Securities and Exchange Commission.

15.   GOVERNMENT REGULATIONS

            The Plan, the granting and exercise of Options hereunder and the
            obligation of the Company to sell and deliver Shares under such
            Options shall be subject to all applicable laws, rules, regulations,
            approvals and consents whether of the United States, the State of
            Israel, or any other state having jurisdiction over the Company or
            the Optionee, including the registration of the Shares under the
            United States Securities Act 1933 or under the securities act of any
            applicable jurisdiction, and to such approvals by any governmental
            agencies or national securities exchanges as may be required.
            Nothing herein shall be deemed to require the Company to register
            the Shares under the securities law of any jurisdiction.

            It is intended that the Plan be applied and administered in
            compliance with Rule 16b-3 and with Section 162(m). If any provision
            of the Plan would be in violation of Section 162(m) if applied as
            written, such provision shall not have effect as written and shall
            be given effect so as to comply with Section 162(m) as determined by
            the Board in its sole and absolute discretion. The Board is
            authorized to amend the Plan and the Board is authorized to make any
            such modifications to Option Agreements to comply with Rule 16b-3
            and Section 162(m), as they may be amended from time to time, and to
            make any other such amendments or modifications deemed necessary or
            appropriate to better accomplish the purposes of the Plan in light
            of any amendments made to Rule 16b-3 and Section 162(m).
            Notwithstanding the foregoing, the Board may amend the Plan so that
            it (or certain of its provisions) no longer comply with either or
            both of Rule 16b-3 or Section 162(m) if the Board specifically
            determines that such compliance is no longer desired and the Board
            may grant Options that do not comply with Rule 16b-3 and/or Section
            162(m) if the Board determines, in its sole and absolute discretion,
            that it is in the interest of the Company to do so.

16.   CONTINUANCE OF EMPLOYMENT

            Neither the Plan nor any Option Agreement shall impose any
            obligation on the Company or an affiliate to continue any Optionee
            in its employ or service, and nothing in the Plan or in any Option
            granted pursuant hereto shall confer upon any Optionee any right to
            continue in the employ or service of the Company or an affiliate
            thereof or restrict the right of the Company or an affiliate thereof
            to terminate such employment or service at any time.

17.   GOVERNING LAW AND JURISDICTION

                                       11

 

 

      The Plan shall be governed by and construed and enforced in accordance
      with the laws of the State of Israel as applicable to contracts made and
      to be performed therein, without giving effect to the principles of
      conflict of laws. The competent courts of the State of Israel shall have
      sole jurisdiction in any matters pertaining to the Plan.

18.   TAX CONSEQUENCES

      Any tax consequences to any Optionee arising from the grant or exercise of
      any Option, from the payment for Shares covered thereby or from any other
      event or act (of the Company and/or its affiliates, or the Optionee)
      hereunder shall be borne solely by the Optionee. The Company and/or its
      affiliates shall withhold taxes according to the requirements under the
      applicable laws, rules, and regulations, including withholding taxes at
      source. Furthermore, the Optionee shall agree to indemnify the Company
      and/or its affiliates and hold them harmless against and from any and all
      liability for any such tax or interest or penalty thereon, including
      without limitation, liabilities relating to the necessity to withhold, or
      to have withheld, any such tax from any payment made to the Optionee.

      The Company shall not be required to release any Share certificate to an
      Optionee until all required payments have been fully made.

21.   NON-EXCLUSIVITY OF THE PLAN

      The adoption of the Plan by the Board shall not be construed as amending,
      modifying or rescinding any previously approved incentive arrangements or
      as creating any limitations on the power of the Board to adopt such other
      incentive arrangements as it may deem desirable, including, without
      limitation, the granting of Options otherwise then under the Plan, and
      such arrangements may be either applicable generally or only in specific
      cases. For the avoidance of doubt, prior grant of options to Optionees of
      the Company under their employment agreements, and not in the framework of
      any previous option plan, shall not be deemed an approved incentive
      arrangement for the purpose of this section.

22.   MULTIPLE AGREEMENTS

      The terms of each Option may differ from other Options granted under the
      Plan at the same time, or at any other time. The Board may also grant more
      than one Option to a given Optionee during the term of the Plan, either in
      addition to, or in substitution for, one or more Options previously
      granted to that Optionee. Except as required by Rule 16b-3 with respect to
      Options granted to persons subject to Section 16 of the Exchange Act, no
      amendment of an Option shall be deemed to be the grant of a new Option.

                                       12

 

 

23.   RULES PARTICULAR TO SPECIFIC COUNTRIES

      Notwithstanding anything herein to the contrary, the terms and conditions
      of the Plan may be adjusted with respect to a particular country by means
      of an addendum to the Plan in the form of an appendix (the "APPENDIX"),
      and to the extent that the terms and conditions set forth in the Appendix
      conflict with any provisions of the Plan, the provisions of the Appendix
      shall govern. Terms and conditions set forth in the Appendix shall apply
      only to Options issued to Optionees under the jurisdiction of the specific
      country that is subject of the Appendix and shall not apply to Options
      issued to any other Optionee. The adoption of any such Appendix shall be
      subject to the approval of the Board and if required the approval of the
      shareholders of the Company.

                                      * * *

                                       13

 

 

                            WIN GLOBAL MARKETS, INC.

                               APPENDIX A - ISRAEL

                       TO THE 2004 GLOBAL SHARE OPTION PLAN

1.    GENERAL

      1.1.  This  appendix (the "APPENDIX") shall apply only to participants who
            are  residents  of the state of Israel or those who are deemed to be
            residents  of  the  state  of  Israel  for  the  payment of tax. The
            provisions  specified  hereunder  shall form an integral part of the
            2004   Global   Share   Option  Plan  of  Win  Global  Markets,  Inc.
            (hereinafter:  the "PLAN"), which applies to the issuance of options
            to  purchase  Shares of Win Global Markets, Inc. (hereinafter: the "
            COMPANY").
            According  to the Plan, options to purchase the Company's Shares may
            be issued to employees, directors, consultants and service providers
            of the Company or its affiliates.

      1.2   This Appendix shall comply with Amendment no. 132 of the Israeli Tax
            Ordinance.

      1.3.  This Appendix is to be read as a continuation of the Plan and only
            modifies options granted to Israeli Optionees so that they comply
            with the requirements set by the Israeli law in general, and in
            particular with the provisions of Section 102 (as specified herein),
            as may be amended or replaced from time to time. For the avoidance
            of doubt, this Appendix does not add to or modify the Plan in
            respect of any other category of Optionees.

      1.5.  The Plan and this Appendix are complementary to each other and shall
            be deemed as one. In any case of contradiction, whether explicit or
            implied, between the provisions of this Appendix and the Plan, the
            provisions set out in the Appendix shall prevail.

      1.6.  Any capitalized terms not specifically defined in this Appendix
            shall be construed according to the interpretation given to it in
            the Plan.

2.    DEFINITIONS

      2.1   "AFFILIATE" means any "employing company" within the meaning of
            Section 102(a) of the Ordinance.

      2.2   "APPROVED 102 OPTION" means an Option granted pursuant to Section
            102(b) of the Ordinance and held in trust by a Trustee for the
            benefit of the Optionee.

 

 

      2.3   "CAPITAL GAIN OPTION (CGO)" means an Approved 102 Option elected and
            designated by the Company to qualify for capital gain tax treatment
            in accordance with the provisions of Section 102(b)(2) of the
            Ordinance.

      2.4   "CONTROLLING SHAREHOLDER" shall have the meaning ascribed to it in
            Section 32(9) of the Ordinance.

      2.5   "EMPLOYEE" means a person who is employed by the Company or its
            Affiliates, including an individual who is serving as a director or
            an office holder, but excluding any Controlling Shareholder, all as
            determined under Section 102 of the Ordinance.

      2.6   "ITA" means the Israeli Tax Authorities.

      2.7   "NON-EMPLOYEE" means a consultant, adviser, service provider,
            Controlling Shareholder or any other person who is not an Employee.

      2.8   "ORDINARY INCOME OPTION (OIO)" means an Approved 102 Option elected
            and designated by the Company to qualify under the ordinary income
            tax treatment in accordance with the provisions of Section 102(b)(1)
            of the Ordinance.

      2.9   "102 OPTION" means any Option granted to Employees pursuant to
            Section 102 of the Ordinance.

      2.10  "3(I) OPTION" means an Option granted pursuant to Section 3(i) of
            the Ordinance to any person who is a Non- Employee.

      2.11  "ORDINANCE" means the Israeli Income Tax Ordinance [New Version]
            1961 as now in effect or as hereafter amended.

      2.12  "SECTION 102" means section 102 of the Ordinance and any
            regulations, rules, orders or procedures promulgated thereunder as
            now in effect or as hereafter amended.

      2.13  "TRUSTEE" means any individual appointed by the Company to serve as
            a trustee and approved by the ITA, all in accordance with the
            provisions of Section 102(a) of the Ordinance.

      2.14  "UNAPPROVED 102 OPTION" means an Option granted pursuant to Section
            102(c) of the Ordinance and not held in trust by a Trustee.

3.    ISSUANCE OF OPTIONS

      3.1   The persons eligible for participation in the Plan as Optionees
            shall include any Employees and/or Non-Employees of the Company or
            of any Affiliate; provided, however, that (i) Employees may only be
            granted 102 Options; and (ii) Non-Employees and/or Controlling
            Shareholders may only be granted 3(i) Options.

                                     - 2 -

 

 

      3.2   The Company may designate Options granted to Employees pursuant to
            Section 102 as Unapproved 102 Options or Approved 102 Options.

      3.3   The grant of Approved 102 Options shall be made under this Appendix
            adopted by the Board, and shall be conditioned upon the approval of
            this Appendix by the ITA.

      3.4   Approved 102 Options may either be classified as Capital Gain
            Options ("CGOS") or Ordinary Income Options ("OIOS").

      3.5   No Approved 102 Options may be granted under this Appendix to any
            eligible Employee, unless and until the Company's election of the
            type of Approved 102 Options as CGO or OIO granted to Employees (the
            "ELECTION") is appropriately filed with the ITA. Such Election shall
            become effective beginning the first date of grant of an Approved
            102 Option under this Appendix and shall remain in effect at least
            until the end of the year following the year during which the
            Company first granted Approved 102 Options. The Election shall
            obligate the Company to grant only the type of Approved 102 Option
            it has elected, and shall apply to all Optionees who were granted
            Approved 102 Options during the period indicated herein, all in
            accordance with the provisions of Section 102(g) of the Ordinance.
            For the avoidance of doubt, such Election shall not prevent the
            Company from granting Unapproved 102 Options simultaneously.

      3.6   All Approved 102 Options must be held in trust by a Trustee, as
            described in Section 4 below.

      3.7   For the avoidance of doubt, the designation of Unapproved 102
            Options and Approved 102 Options shall be subject to the terms and
            conditions set forth in Section 102.

4.    TRUSTEE

      4.1   Approved 102 Options which shall be granted under this Appendix
            and/or any Shares allocated or issued upon exercise of such Approved
            102 Options and/or other shares received subsequently following any
            realization of rights, including without limitation bonus shares,
            shall be allocated or issued to the Trustee and held for the benefit
            of the Optionees for such period of time as required by Section 102
            or any regulations, rules or orders or procedures promulgated
            thereunder (the "HOLDING PERIOD"). In case the requirements for
            Approved 102 Options are not met, then the Approved 102 Options may
            be regarded as Unapproved 102 Options, all in accordance with the
            provisions of Section 102.

      4.2   Notwithstanding anything to the contrary, the Trustee shall not
            release any Shares allocated or issued upon exercise of Approved 102
            Options prior to the full payment of the Optionee's tax liabilities
            arising from Approved 102 Options which were granted to him and/or
            any Shares allocated or issued upon exercise of such Options.

                                     - 3 -

 

 

      4.3   With respect to any Approved 102 Option, subject to the provisions
            of Section 102 and any rules or regulation or orders or procedures
            promulgated thereunder, an Optionee shall not sell or release from
            trust any Share received upon the exercise of an Approved 102 Option
            and/or any share received subsequently following any realization of
            rights, including without limitation, bonus shares, until the lapse
            of the Holding Period required under Section 102 of the Ordinance.
            Notwithstanding the above, if any such sale or release occurs during
            the Holding Period, the sanctions under Section 102 of the Ordinance
            and under any rules or regulation or orders or procedures
            promulgated thereunder shall apply to and shall be borne by such
            Optionee.

      4.4   Upon receipt of Approved 102 Option, the Optionee will sign an
            undertaking to release the Trustee from any liability in respect of
            any action or decision duly taken and bona fide executed in relation
            with this Appendix, or any Approved 102 Option or Share granted to
            him thereunder.

5.    THE OPTIONS

      The terms and conditions upon which the Options shall be issued and
      exercised, shall be as specified in the Option Agreement to be executed
      pursuant to the Plan and to this Appendix. Each Option Agreement shall
      state, inter alia, the number of Shares to which the Option relates, the
      type of Option granted thereunder (whether a CGO, OIO, Unapproved 102
      Option or a 3(i) Option), the vesting provisions and the exercise price.

6.    FAIR MARKET VALUE

      Without derogating from Section 2.9 of the Plan and solely for the purpose
      of determining the tax liability pursuant to Section 102(b)(3) of the
      Ordinance, if at the date of grant the Company's shares are listed on any
      established stock exchange or a national market system or if the Company's
      shares will be registered for trading within ninety (90) days following
      the date of grant of the CGOs, the fair market value of the Shares at the
      date of grant shall be determined in accordance with the average value of
      the Company's shares on the thirty (30) trading days preceding the date of
      grant or on the thirty (30) trading days following the date of
      registration for trading, as the case may be.

7.    EXERCISE OF OPTIONS

      Options shall be exercised by the Optionee by giving a written notice to
      the Company and/or to any third party designated by the Company (the
      "REPRESENTATIVE"), in such form and method as may be determined by the
      Company and, when applicable, by the Trustee, in accordance with the
      requirements of Section 102, which exercise shall be effective upon
      receipt of such notice by the Company and/or the Representative and the
      payment of the exercise price for the number of Shares with respect to
      which the option is being exercised, at the Company's or the
      Representative's principal office. The notice shall specify the number of
      Shares with respect to which the option is being exercised.

                                     - 4 -

 

 

8.    ASSIGNABILITY AND SALE OF OPTIONS

      8.1.  Notwithstanding any other provision of the Plan, no Option or any
            right with respect thereto, purchasable hereunder, whether fully
            paid or not, shall be assignable, transferable or given as
            collateral or any right with respect to them given to any third
            party whatsoever, and during the lifetime of the Optionee each and
            all of such Optionee's rights to purchase Shares hereunder shall be
            exercisable only by the Optionee.

            Any such action made directly or indirectly, for an immediate
            validation or for a future one, shall be void.

      8.2   As long as Options or Shares purchased pursuant to thereto are held
            by the Trustee on behalf of the Optionee, all rights of the Optionee
            over the shares are personal, can not be transferred, assigned,
            pledged or mortgaged, other than by will or laws of descent and
            distribution.

9.    INTEGRATION OF SECTION 102 AND TAX ASSESSING OFFICER'S PERMIT

      9.1.  With regards to Approved 102 Options, the provisions of the Plan
            and/or the Appendix and/or the Option Agreement shall be subject to
            the provisions of Section 102 and the Tax Assessing Officer's
            permit, and the said provisions and permit shall be deemed an
            integral part of the Plan and of the Appendix and of the Option
            Agreement.

      9.2.  Any provision of Section 102 and/or the said permit which is
            necessary in order to receive and/or to keep any tax benefit
            pursuant to Section 102, which is not expressly specified in the
            Plan or the Appendix or the Option Agreement, shall be considered
            binding upon the Company and the Optionees.

10.   DIVIDEND

      Subject to the Company's incorporation documents, with respect to all
      Shares (but excluding, for avoidance of any doubt, any unexercised
      options) allocated or issued upon the exercise of Options and held by the
      Optionee or by the Trustee as the case may be, the Optionee shall be
      entitled to receive dividends in accordance with the quantity of such
      shares, and subject to any applicable taxation on distribution of
      dividends, and when applicable subject to the provisions of Section 102
      and the rules, regulations or orders promulgated thereunder.

11.   TAX CONSEQUENCES

      11.1  Any tax consequences arising from the grant or exercise of any
            Option, from the payment for Shares covered thereby or from any
            other event or act (of the Company, and/or its Affiliates, and the
            Trustee or the Optionee), hereunder, shall be borne solely by the
            Optionee. The Company and/or its Affiliates, and/or the Trustee
            shall withhold taxes according to the requirements under the
            applicable laws, rules, and regulations, including withholding taxes
            at source. Furthermore, the Optionee shall agree to indemnify the
            Company and/or its Affiliates and/or the Trustee and hold them
            harmless against and from any and all liability for any such tax or
            interest or penalty thereon, including without limitation,
            liabilities relating to the necessity to withhold, or to have
            withheld, any such tax from any payment made to the Optionee.

                                     - 5 -

 

 

      11.2  The Company and/or, when applicable, the Trustee shall not be
            required to release any share certificate to an Optionee until all
            required payments have been fully made.

      11.3  With respect to an Unapproved 102 Option, if the Optionee ceases to
            be employed by the Company or any Affiliate, the Optionee shall
            extend to the Company and/or its Affiliate a security or guarantee
            for the payment of tax due at the time of sale of Shares, all in
            accordance with the provisions of Section 102 and the rules,
            regulation or orders promulgated thereunder.

12.   GOVERNING LAW & JURISDICTION

      This Appendix shall be governed by and construed and enforced in
      accordance with the laws of the State of Israel applicable to contracts
      made and to be performed therein, without giving effect to the principles
      of conflict of laws. The competent courts of Tel-Aviv, Israel shall have
      sole jurisdiction in any matters pertaining to this Appendix.

                                      * * *

                                      - 6 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]