Document:

ex10_3.htm

    
      

    

    
      Exhibit 10.3

      

      [EXECUTION
COPY]

      

      

      

      

      STOCK
PURCHASE AGREEMENT

      

      BETWEEN

      

      AmbiCom
Acquisition Corp.,

      a Nevada
corporation, on the one hand.

      

      AND

      

      AmbiCom,
Inc.,

      a
California corporation, on the other.

      
        
           

        

        
          Page 1 of
26

          
            

          

        

        
           

        

      

      AGREEMENT

      

      This Stock Purchase Agreement
is dated as of May 21, 2009, and is by and between AmbiCom Acquisition
Corp., a Nevada corporation (“AAC”), on the one hand, and AmbiCom. Inc., a
California corporation (“AmbiCom”) on the other.

      

      WHEREAS, the respective Boards
of Directors of AAC and AmbiCom have each approved the transfers and purchases
set forth herein (the “Acquisition”), upon the terms and subject to the
conditions set forth in this Agreement;

      

      WHEREAS, the respective Boards
of Directors of AAC and AmbiCom have each determined that the Acquisition and
the other transactions contemplated hereby are consistent with, and in
furtherance of, their respective business strategies and goals and are in the
best interests of their respective stockholders;

      

      WHEREAS, AAC and AmbiCom
desire to make certain representations, warranties, covenants and agreements in
connection with the Acquisition and also to prescribe various conditions to the
Acquisition.

      

      NOW, THEREFORE, in
consideration of the representations, warranties, covenants and agreements
contained in this Agreement, the parties agree as follows:

      

      ARTICLE
1

      

      THE
ACQUISITION

      

      SECTION
1.1. The Acquisition.
Upon the terms and subject to the conditions set forth in this Agreement,
AmbiCom will sell, transfer and convey to AAC all of its stock, which includes
by operation of law without limitation the assets and properties owned by
AmbiCom or in which AmbiCom has any right, title, or interest inchoate or
otherwise, of every kind and description, wherever located in exchange for the
receipt by AmbiCom of $2,600,000 of AAC convertible preferred stock (the “AAC
Preferred Stock”) and twelve-month warrants to purchase 500,000 shares of common
stock of AAC at an exercise price of $2.00 per share (the “AAC Warrants”), all
as more particularly described below. AmbiCom represents that it has fully and
accurately disclosed the assets to be transferred, which include all those
reasonably necessary for the conduct of the acquired business in the same manner
as that in which such business has been conducted in the immediate past and that
no such assets have been heretofore transferred.

      

      SECTION
1.2. Liabilities.
AmbiCom, Inc. has disclosed all known liabilities, actual or
contingent.

      

      SECTION
1.3. Audited Financial
Statements. AmbiCom shall deliver to AAC by June 15, 2009, a true and
complete copy of its audited financial statements for the years ended December
31, 2006, December 31, 2007, and unaudited financial statements for the year
ended December 31, 2008, and for the quarter ended March 31, 2009 (the “AmbiCom
Financial Statements”). The Financial Statements shall have been prepared in
accordance with generally accepted accounting principles applied on a consistent
basis (except as may be indicated therein or in the notes thereto) and fairly
present the financial position of AmbiCom as of the dates thereof and the
results of its operations and changes in financial position for the periods then
ended.

      
        
           

        

        
          Page 2 of
26

          
            

          

        

        
           

        

      

      SECTION
1.4. Instruments of
Transfer. The sales, assignments, and deliveries to be made to AAC
pursuant to this Agreement shall be effected if and as may be necessary under
applicable law by stock transfers, deeds, bills of sale, indorsements, checks,
and other instruments of transfer in such form as AAC shall reasonably request.
AmbiCom shall prepare appropriate forms of instruments of transfer and
conveyance in conformity with this agreement and shall submit them to AAC within
fourteen (14) days of execution of this Agreement.

      

      SECTION
1.5. Name. AmbiCom
agrees that it has not and will not authorize the use of the name AmbiCom, or
any trade name or trademark under which it has conducted business.

      

      SECTION
1.6. Assignment of Contract
Rights. To the extent necessary under applicable law, if any contract,
license, lease, commitment, or sales or purchase order assignable to AAC under
this Agreement may not be assigned without the consent of the other party
thereto, AmbiCom will use its best efforts to obtain the consent of the other
party to the assignment.

      

      SECTION
1.7. Books and Records.
Within two weeks of the execution of this Agreement, AmbiCom shall deliver to
AAC the originals of minute books, stock books, and other corporate records of
AmbiCom.

      

      SECTION
1.8. Closing. The
closing of the Acquisition (the “Closing”) will take place upon completion of
the transfer of AmbiCom stock ownership unless another time or date is agreed to
in writing by the parties hereto. For the purposes of this provision, email
correspondence shall be considered a “writing.”

      

      SECTION
1.9. Effective Time.
Subject to the provisions of this Agreement, as soon as practicable on the
Closing Date, the parties shall cause the Acquisition to be consummated by
filing appropriate documents executed in accordance with the relevant provisions
of applicable law and shall make all other filings or recordings required to
transfer the stock and otherwise to effect the transactions contemplated by this
Agreement.

      

      SECTION
1.10. Effects of the
Acquisition. The Acquisition shall have the effect of transferring one
hundred percent (100%) of ownership and rights to the stock of AmbiCom and all
rights and benefits attendant to such stock acquisition.

      

      SECTION
1.11. Reservation of Right to
Revise Transaction. If each of AmbiCom, and AAC agree, the parties hereto
may change the method of effecting the acquisition and transactions contemplated
hereby, and each party shall cooperate in such efforts, including, to provide
for maximization of tax attributes and, among other methods, (a) a merger of
AmbiCom with and into a new corporation, or (b) a merger of AmbiCom with and
into AAC; provided, however, that no such change shall alter or change the
amount or kind of consideration to be issued to AmbiCom provided for in this
Agreement (the “Acquisition Consideration”).

      
        
           

        

        
          Page 3 of
26

          
            

          

        

        
           

        

      

      ARTICLE
II

      

      EFFECT
OF THE ACQUISITION ON THE CAPITAL STOCK

      OF
THE CONSTITUENT CORPORATIONS;

      DELIVERY
OF CERTIFICATES

      

      SECTION
2.1. Effect on AmbiCom Options,
Warrants and Convertible Securities. As of the Closing Date, by virtue of
the Acquisition each outstanding share of AmbiCom common and preferred stock and
each outstanding option and warrant to purchase shares of AmbiCom common stock,
shall be cancelled, with the Board having granted authority to AAC to issue 100%
of ownership in AmbiCom to AAC. As soon as practicable after the Closing Date
but no later than thirty (30) days. AAC shall issue to AmbiCom for immediate
distribution to the preferred shareholders the AAC
Preferred Stock and for distribution to the common shareholders the Warrants
referenced in Section 1.1, above and in (a) and (b), below. AAC understands that
AmbiCom has obtained the agreement of its shareholders and debtholders that the
AAC Preferred Stock and the Warrants shall be distributed by AmbiCom as
follows:

      

      
        	
                 
      

              	
                (a)

              	
                AmbiCom’s
      preferred shareholders shall receive the AAC Preferred Stock Acquisition
      Consideration, which shall be convertible into AAC Common Stock beginning
      one year after the date of issuance of the public company shares and for
      two years thereafter at the average of the market price for the thirty day
      period preceding the conversion. If not converted, the AAC Preferred Stock
      Acquisition Consideration shall then yield a 5% dividend and be paid in
      arrears at the end of the sixth year. The Preferred Stock, or common stock
      issued by conversion thereof, may not be sold for a period of two years
      from the date of the initial issuance of the Preferred
    Stock.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Common
      shareholders of AmbiCom shall be issued the AAC Warrants Acquisition
      Consideration, which shall be exchanged for the public company warrants,
      with the 12 month warrant exercise period to begin upon issuance of the
      public company warrants. Key officers shall be issued the AAC Options
      subject to agreed performance criteria over the first two years after the
      Closing Date.

              

      

      

      SECTION
2.2. AAC to Deliver
Certificates. AAC shall issue the AAC Preferred Stock and the AAC
Warrants in conformity with the records provided by AmbiCom.

      

      SECTION
2.3. No Fractional
Securities. Notwithstanding any other provision of this Agreement, no
certificates or scrip for shares of capital stock representing less than one
share of AAC Common Stock shall be issued.

      

      SECTION
2.4. Restricted
Securities. The shares of the AAC Preferred Stock, the shares underlying
the AAC Warrants, and any other securities (including without limitation the
Warrants) to be issued in connection with the Acquisition shall be deemed
“restricted securities” as defined by Rule 144 under the Securities Act of 1933,
as amended (the “Securities Act”). The certificates evidencing such shares shall
bear the following restrictive legend:

      

      The
shares evidenced by this certificate have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and may not be sold
or otherwise transferred unless registered under the Securities Act or there is
an opinion from counsel to the Company that such sale or other transfer may be
made pursuant to an exemption from the registration requirement of the
Securities Act.

      
        
           

        

        
          Page 4 of
26

          
            

          

        

        
           

        

      

      In
addition, the restriction on sale or transfer shall be for a period of
twenty-four (24) months after the Closing Date, and any holder shall not offer
to sell, contract to sell or otherwise sell, dispose of loan, pledge,
hypothecate, or grant any rights with respect to any shares of said Preferred
Stock, or common issued on conversion, any warrants to purchase any shares of
Common Stock or any securities convertible into or exchangeable for shares of
Common Stock. The certificates evidencing any such shares shall bear the
following restrictive legend:

      

      This
stock certificate and the shares represented thereby is issued and shall be held
subject to those particular qualifications, limitations and restrictions
concerning the sale or transfer of stock as set forth in the STOCK PURCHASE
AGREEMENT dated as of May 21, 2009, between AmbiCom Acquisition Corp., a Nevada
corporation, on the one hand, and AmbiCom, Inc., a California corporation, on
the other, which matters are hereby referred to and made a part hereof, to all
of which the holder of this certificate assents.

      

      ARTICLE
III

      

      REPRESENTATIONS
AND WARRANTIES

      

      SECTION
3.1. Representations and
Warranties of AmbiCom. AmbiCom represents and warrants to AAC as
follows:

      

      
        	
                 
      

              	
                1.

              	
                Organization, Standing and
      Corporate Power. (i) AmbiCom is a corporation duly organized,
      validly existing and in good standing (with respect to jurisdictions which
      recognize such concept) under the laws of the jurisdiction in which it is
      organized and has the requisite corporate or other power and authority to
      carry on its business as now being conducted, except, for those
      jurisdictions where the failure to be so organized, existing or in good
      standing individually or in the aggregate would not have a material
      adverse effect (as defined in Section 9.3) on AmbiCom. AmbiCom is duly
      qualified or licensed to do business and is in good standing (with respect
      to jurisdictions which recognize such concept) in each jurisdiction in
      which the nature of its business or the ownership, leasing or operation of
      its properties makes such qualification or licensing necessary, except for
      those jurisdictions where the failure to be so qualified or licensed or to
      be in good standing would not have a material adverse effect on AmbiCom.
      AmbiCom has delivered to AAC prior to the execution of this Agreement,
      complete and correct copies of its Certificate of Incorporation and
      By-Laws, as amended to date.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Subsidiaries. AmbiCom
      does not beneficially own any subsidiaries nor does it own any capital
      stock or other proprietary interest, directly, indirectly in any
      corporation, trust, partnership, joint venture or other
      entity.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Capital Structure. The
      authorized capital stock of AmbiCom consists of 56,001,846 shares, of
      which 40,000,000 shares are designated as Common Stock (“Ambicom Common
      Stock”) and 16,001,846 are designated as shares of preferred stock
      (“AmbiCom Preferred Stock”). As of the date hereof: (i) 3,373,833 shares
      of AmbiCom Common Stock were issued and outstanding; (ii) no shares of
      AmbiCom Common Stock were held by AmbiCom in its treasury; (iii)
      12,002,400 shares of AmbiCom Preferred Stock were issued and outstanding,
      (iii) 2,400,000 shares of AmbiCom Common Stock were reserved for issuance
      upon exercise of stock options issuable under the AmbiCom Stock Option
      Plans; and (iv) no shares of AmbiCom Common Stock were reserved for
      issuance upon the exercise of common stock purchase warrants and
      convertible securities. All outstanding shares of capital stock of AmbiCom
      are and all shares which may be issued will be, when issued, duly
      authorized, validly issued, fully paid and nonassessable and not subject
      to preemptive rights.

              

      

      
        
           

        

        
          Page 5 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                4.

              	
                Authority;
      Noncontravention. AmbiCom has all requisite corporate power and
      authority to enter into this Agreement and to consummate the transactions
      contemplated by this Agreement. The execution and delivery of this
      Agreement by AmbiCom and the consummation by AmbiCom of the transactions
      contemplated by this Agreement have been duly authorized by all necessary
      corporate action on the part of AmbiCom, subject, in the case of the
      Acquisition, to the AmbiCom Stockholder Approval (approval of the
      preferred and common shareholders of AmbiCom as required by AmbiCom’s
      Articles of Incorporation and by applicable California law). This
      Agreement has been duly executed and delivered by AmbiCom and, assuming
      the due authorization, execution and delivery by AAC constitutes the only
      legal, valid and binding obligation of AmbiCom, enforceable against
      AmbiCom in accordance with its terms. The execution and delivery of this
      Agreement does not, and the consummation of the transactions contemplated
      by this Agreement and compliance with the provisions of this Agreement
      will not, conflict with, or result in any violation of, or default (with
      or without notice or lapse of time, or both) under, or give rise to a
      right of termination, cancellation or acceleration of any obligation or
      loss of a benefit under, or result in the creation of any Lien upon any of
      the Assets to be transferred of AmbiCom or any of its subsidiaries under,
      (i) the certificate of incorporation or bylaws of AmbiCom or the
      comparable organizational documents of any of its subsidiaries, (ii) any
      loan or credit agreement, note, bond, mortgage, indenture, lease or other
      agreement, instrument, permit, concession, license or similar
      authorization applicable to AmbiCom or any of its subsidiaries or their
      respective properties or assets or (iii) subject to the governmental
      filings and other matters referred to in the following sentence, any
      judgment, order, decree, statute, law, ordinance, rule or regulation
      applicable to AmbiCom or any of its subsidiaries or their respective
      properties or assets, other than, in the case of clauses (ii) and (iii),
      any such conflicts, violations, defaults, rights, losses or Liens that
      individually or in the aggregate would not (x) have a material adverse
      effect on AmbiCom or (y) reasonably be expected to impair the ability of
      AmbiCom to perform its obligations under this Agreement. No consent,
      approval, order or authorization of, action by or in respect of, or
      registration, declaration or filing with, any federal, state, local or
      foreign government, any court, administrative, regulatory or other
      governmental agency, commission or authority or any nongovernmental
      self-regulatory agency, commission or authority (a “Governmental Entity”)
      is required by or with respect to AmbiCom or any of its subsidiaries in
      connection with the execution and delivery of this Agreement by AmbiCom or
      the consummation by AmbiCom of the transactions contemplated by this
      Agreement, except for (1) the filing of appropriate documents with the
      relevant authorities of other states in which AmbiCom is qualified to do
      business and such filings with Governmental Entities to satisfy the
      applicable requirements of state securities or “blue sky” laws or the
      transfer or assignment of patents, service marks, trade names, copy rights
      or similar rights; and (2) such consents, approvals, orders or
      authorizations the failure of which to be made or obtained individually or
      in the aggregate would not (x) have a material adverse effect on AmbiCom
      or (y) reasonably be expected to impair the ability of AmbiCom to perform
      its obligations under this
Agreement.

              

      

      
        
           

        

        
          Page 6 of
26

          
            

          

        

        
           

        

      

      To the
knowledge of AmbiCom neither AmbiCom, nor any of its Subsidiaries, are in
material violation of, or in material default under, (i) any term or
provision of its Certificate of Incorporation or bylaws; or (ii) any existing
applicable law, rule, regulation, judgment, order or decree of any governmental
agency or court domestic or foreign, having jurisdiction over it or any of its
properties or business. AmbiCom owns, possesses or has obtained all material
governmental and other licenses, permits, certifications, registration,
approvals or consents and other authorizations necessary to own or lease, as the
case may be, and to operate its properties and to conduct its business or
operations as presently conducted and all such governmental and other licenses,
permits, certifications, registrations, approvals, consents and other
authorizations are outstanding and in good standing and there are no existing
actions, seeking to cancel, terminate or limit such licenses, permits,
certifications, registrations, approvals or consents or
authorizations.

      

      
        	
                 
      

              	
                5.

              	
                Good Title. All assets
      and properties that were and are used in the business of AmbiCom, or that
      were reflected in the balance sheet dated December 31. 2008, are owned by
      AmbiCom and are free and clear of all liens and encumbrances and are not
      subject to any restriction.

              

      

      

      
        	
                 
      

              	
                6.

              	
                Undisclosed Liabilities.
      To AmbiCom’s knowledge, except (i) as reflected in the AmbiCom Financial
      Statements or in the notes thereto, (ii) for liabilities incurred in
      connection with this Agreement or the transactions contemplated hereby, or
      (iii) liabilities incurred in the ordinary cause of AmbiCom’s business
      since its inception, neither AmbiCom nor any of its subsidiaries has any
      liabilities or obligations of any nature which, individually or in the
      aggregate, would have a material adverse effect on AmbiCom or its ability
      to carry out the terms of this
Agreement.

              

      

      

      
        	
                 
      

              	
                7.

              	
                Information Supplied.
      None of the information supplied or to be supplied by AmbiCom specifically
      for inclusion or incorporation by reference any reports, notices,
      schedules or filings to be filed with the SEC by AAC in connection with
      the transactions contemplated hereby will to AmbiCom’s knowledge contain
      any untrue statement of a material fact or omit to state any material fact
      required to be stated therein or necessary in order to make the statements
      therein, in light of the circumstances under which they are made, not
      misleading.

              

      

      

      
        	
                 
      

              	
                8.

              	
                Customer Relationships.
      AmbiCom enjoys very good relationships with its customers, and there have
      been no significant difficulties experienced that would indicate that
      these good relationships will not continue past the Closing Date. AmbiCom
      does not now have, nor has ever had, any agreement, arrangement, or
      understanding with any of its customers with respect to discriminatory
      allowances, preferential or special terms of sale, or exclusive dealing or
      special delivery terms, and nothing has been done or said by AmbiCom to
      cause any of its customers to expect any such special conditions as a
      prerequisite for continued purchases of products from AmbiCom or AAC or
      AAC’s successor corporation. AmbiCom is not in default under any contract,
      agreement, lease, or other document to which it is a party, and has
      complied with all laws, regulations, and ordinances applicable to its
      business to the date of this
Agreement.

              

      

      
        
           

        

        
          Page 7 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                9.

              	
                Absence of Certain Changes or
      Events. Except for liabilities incurred in connection with this
      Agreement or the transactions contemplated hereby since December 31, 2008,
      AmbiCom and its “subsidiaries have conducted their business only in the
      ordinary course since such date and prior to the date hereof, and there
      has not been (i) any material adverse change in AmbiCom, (ii) any
      declaration, setting aside or payment of any dividend or other
      distribution (whether in cash, stock or property) with respect to any of
      AmbiCom’s capital stock, (iii) any split, combination or reclassification
      of any of AmbiCom’s capital stock or any issuance or the authorization of
      any issuance of any other securities in respect of, in lieu of or in
      substitution for shares of AmbiCom’s capital stock, (iv) (A) any granting
      by AmbiCom or any of its subsidiaries to any current or former director,
      executive officer or other key employee of AmbiCom or its subsidiaries
      of any increase in compensation, bonus or other benefit, (B) any granting
      by AmbiCom or any of its subsidiaries to any such current or former
      director, executive officer or key employee of
      any increase in severance or termination pay, or (C) any entry by AmbiCom
      or any of its subsidiaries into, or any amendment of, any employment,
      deferred compensation consulting, severance, termination or
      indemnification agreement with any such current or former director,
      executive officer or key employee, (v) except insofar as may have been
      disclosed in AmbiCom Disclosure Documents provided to AAC or required by a
      change in USGAAP, any change in accounting methods, principles or
      practices by AmbiCom materially affecting its assets, liabilities or
      business, or (vi) except insofar as may have been disclosed in the AmbiCom
      Disclosure Documents, any tax election that individually or in the
      aggregate would have a material adverse effect on AmbiCom or any of its
      tax attributes or any settlement or compromise of any material income tax
      liability.

              

      

      

      
        	
                 
      

              	
                10.

              	
                Compliance with Applicable
      Laws; litigation. (i) To the knowledge of AmbiCom, AmbiCom
      holds all permits, licenses, variances, exemptions, orders, registrations
      and approvals of all Governmental Entities which are required for the
      operation of the businesses of AmbiCom (the “AmbiCom Permits”) except
      where the failure to have any such AmbiCom Permits individually or in the
      aggregate would not have a material adverse effect on AmbiCom. AmbiCom
      is in compliance with the terms of the AmbiCom Permits and all applicable
      statutes, laws, ordinances, rules and regulations, except where the
      failure so to comply individually or in the aggregate
      would not have a material adverse effect on AmbiCom. As of the date of
      this Agreement no action, demand, requirement or investigation by any
      Governmental Entity and no suit, action or
      proceeding by any person, in each case with respect to AmbiCom or any of
      its respective properties, is pending or, to the knowledge of AmbiCom,
      threatened, except as set forth in AmbiCom Disclosure Documents, (ii)
      AmbiCom is not subject to any outstanding order, injunction or decree
      which has had or, insofar as can be reasonably foreseen, individually
      or in the
      aggregate will have a material adverse effect on AmbiCom, and no state of
      facts exist which could reasonably be foreseen to give rise to litigation,
      threatened or otherwise.

              

      

      

      
        	
                 
      

              	
                11.

              	
                Taxes. (i) To AmbiCom’s
      knowledge, each of AmbiCom and its subsidiaries has filed all material tax
      returns and reports required to be filed by it and all such returns and
      reports are complete and correct in all material respects, or requests for
      extensions to file such returns or reports have been
      timely filed, granted and have not expired, except to the extent that such
      failures to file, to be complete or correct or to have extensions granted
      that remain in effect individually or in the aggregate would not have a
      material adverse effect on
AmbiCom.

              

      

      
        
           

        

        
          Page 8 of
26

          
            

          

        

        
           

        

      

      AmbiCom
and each of its subsidiaries has paid (or AmbiCom has paid on its behalf) all
taxes (as defined herein) shown as due on such returns.

      

      (ii) As
used in this Agreement, “taxes” shall include all (x) federal, state, local or
foreign income, property, sales, excise and other taxes or similar governmental
charges, including any interest, penalties or additions with respect thereto,
(y) liability for the payment of any amounts of the type described in (x) as a
result of being a member of an affiliated, consolidated, combined or unitary
group, and (z) liability for the payment of any amounts as a result of being
party to any tax sharing agreement or as a result of any express or implied
obligation to indemnify any other person with respect to the payment of any
amounts of the type described in clause (x) or (y).

      

      
        	
                 
      

              	
                12.

              	
                Financial Statements.
      The Ambicom Financial Statements comply as to form in all material
      respects with applicable accounting requirements with respect thereto; and
      fairly present, in all material respects, on a consolidated basis, the
      financial position of AmbiCom at, and the results of its operations for,
      each of the periods then ended and were prepared in conformity with GAAP
      applied on a consistent basis, except as otherwise disclosed therein and,
      subject to normal year-end adjustments, the absence of footnote
      disclosures, and any other adjustments described therein, it being
      understood the financial statements for year ended December 31, 2008 and
      subsequent are unaudited.

              

      

      

      
        	
                 
      

              	
                13.

              	
                Absence of Certain Changes or
      Events. Except for liabilities incurred in connection with this
      Agreement or the transactions contemplated hereby, since December 31,
      2008, AmbiCom and its subsidiaries have conducted their business only in
      the ordinary course and to AmbiCom’s knowledge there has not been any
      material adverse change in AmbiCom’s businesses or
    finances.

              

      

      

      
        	
                 
      

              	
                14.

              	
                Intellectual Property.
      To the knowledge of AmbiCom, AmbiCom and its subsidiaries own or have a
      valid license to use all trademarks, service marks, trade names, patents
      and copyrights (including any registrations or applications for
      registration of any of the foregoing) (collectively, the “AmbiCom
      Intellectual Property”) necessary to carry on its business substantially
      as currently conducted and as set forth in its business plan and as
      otherwise represented, except for such AmbiCom Intellectual Property the
      failure of which to own or validly license individually or in the
      aggregate would not have a material adverse effect on AmbiCom. Neither
      AmbiCom nor any such subsidiary has received any notice of infringement of
      or conflict with, and, to AmbiCom’s knowledge, there are no infringements
      of or conflicts (i) with the rights of others with respect to the use of,
      or (ii) by others with respect to, any AmbiCom Intellectual Property that
      individually or in the aggregate, in either such case, would have a
      material adverse effect on AmbiCom. AmbiCom is the owner of its patents
      free and clear of any liens, encumbrances, or licenses. AmbiCom has no
      knowledge of pending or threatened claims of infringement or interference
      involving these patents nor any set of facts that would give rise to
      claims of infringement or interference involving these patents.
      Notwithstanding and without limiting the foregoing, AmbiCom specifically
      represents that it owns the name AmbiCom, and except in
      the one instance disclosed that is disputed, no other party is using the
      name AmbiCom
      anywhere in the world.

              

      

      

      
        	
                 
      

              	
                15.

              	
                Full Disclosure. The
      documents, certificates, and other writings furnished or to be furnished
      by or on behalf of AmbiCom to AAC pursuant to the provisions of this
      Agreement, taken together in the aggregate, do not and will not contain
      any untrue statement of a material fact, or omit to state any material
      fact necessary to make the statements made, in the light of the
      circumstances under which they are made, not
  misleading.

              

      

      
        
           

        

        
          Page 9 of
26

          
            

          

        

        
           

        

      

      SECTION
3.2. Representations and
Warranties of AAC. AAC to the extent applicable and with regard to
itself, represents and warrants to AmbiCom the following.

      

      
        	
                 
      

              	
                1.

              	
                Organization, Standing and
      Corporate Power. (i) AAC is a corporation or other legal entity
      duly organized, validly existing and in good standing (with respect to
      jurisdictions which recognize such concept) under the laws of the
      jurisdiction in which it is organized and has the requisite corporate or
      other power, as the case may be, and authority to carry on its business as
      now being conducted, except, as to subsidiaries, for those jurisdictions
      where the failure to be so organized, existing or in good standing
      individually or in the aggregate would not have a material adverse effect
      on AAC. Each of AAC and its subsidiaries is duly qualified or licensed to
      do business and is in good standing (with respect to jurisdictions which
      recognize such concept) in each jurisdiction in which the nature of its
      business or the ownership, leasing or operation of its properties makes
      such qualification or licensing necessary, except for those jurisdictions
      where the failure to be so qualified or licensed or to be in good standing
      individually or in the aggregate would not have a material adverse effect
      on AAC, (ii) AAC has delivered to AmbiCom prior to the execution of this
      Agreement, complete and correct copies of its Articles of Incorporation
      and bylaws, as amended to date.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Subsidiaries. AAC does
      not beneficially own any subsidiaries nor does it own any capital stock or
      other proprietary interest, directly, indirectly in any corporation,
      trust, partnership, joint venture or other
  entity.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Authority;
      Noncontravention. AAC has all requisite corporate power and
      authority to enter into this Agreement and to consummate the transactions
      contemplated by this Agreement. The execution and delivery of this
      Agreement by AAC and the consummation by AAC of the transactions
      contemplated by this Agreement have been duly authorized by all necessary
      corporate action on the part of AAC. This Agreement has been duly executed
      and delivered by AAC and, assuming the due authorization, execution and
      delivery by AmbiCom, constitutes the only legal, valid and binding
      obligations of AAC, enforceable against AAC in accordance with its terms.
      The execution and delivery of this Agreement does not, and the
      consummation of the transactions contemplated by this Agreement and
      compliance with the provisions of this Agreement will not, conflict with,
      or result in any violation of, or default (with or without notice or lapse
      of time, or both) under, or give rise to a right of termination,
      cancellation or acceleration of any obligation or loss of a benefit under,
      or result in the creation of any Lien upon any of the properties or assets
      of AAC or any of its subsidiaries under, (i) the articles of incorporation
      or bylaws of AAC or the comparable organizational documents of any of its
      subsidiaries, (ii) any loan or credit agreement, note, bond, mortgage,
      indenture, lease or other agreement, instrument, permit, concession,
      franchise, license or similar authorization applicable to AAC or any of
      its subsidiaries or their respective properties or assets or (iii) subject
      to the governmental filings and other matters referred to in the following
      sentence, any judgment, order, decree, statute, law, ordinance, rule or
      regulation applicable to AAC or any of its subsidiaries or their
      respective properties or assets, other than, in the case of clauses (ii)
      and (iii), any such conflicts, violations, defaults, rights, losses or
      Liens that individually or in the aggregate would not (x) have a material
      adverse effect on AAC or (y) reasonably be expected to impair the ability
      of AAC to perform its obligations under this Agreement. No consent
      approval, order or authorization of action by, or in respect of. or
      registration, declaration or filing with, any Governmental Entity is
      required by or with respect to AAC or any of its subsidiaries in
      connection with the execution and delivery of this Agreement by AAC or the
      consummation by AAC of the transactions contemplated by this Agreement,
      except for (1) the filing with the SEC of such reports under Section
      13(a), 13(d), 15(d) or 16(a) of the Exchange Act as may be required in
      connection with this Agreement and the transactions contemplated by this
      Agreement; (2) the filing appropriate documents with the relevant
      authorities of other states in which AAC is qualified to do business and
      such filings with Governmental Entities to satisfy the applicable
      requirements of state securities or “blue sky” laws; and (3) such
      consents, approvals, orders or authorizations the failure of which to be
      made or obtained individually or in the aggregate would not (x) have a
      material adverse effect on AAC, or (y) reasonably be expected to impair
      the ability of AAC to perform its obligations under this
      Agreement.

              

      

      
        
           

        

        
          Page 10 of
26

          
            

          

        

        
           

        

      

      AAC is
not in material violation of, or in default under, (i) any term or provision of
its Articles of Incorporation or bylaws; or (ii) any existing applicable law,
rule, regulation, judgment, order or decree of any governmental agency or court,
domestic or foreign, having jurisdiction over it or any of its properties or
business. AAC owns, possesses or has obtained all material governmental and
other licenses, permits, certifications, registration, approvals or consents and
other authorizations necessary to own or lease, as the case may be, and to
operate its properties and to conduct its business or operations as presently
conducted and all such governmental and other licenses, permits, certifications,
registrations, approvals, consents and other authorizations are outstanding and
in good standing and mere are no existing actions, seeking to cancel, terminate
or limit such licenses, permits, certifications, registrations, approvals or
consents or authorizations.

      

      
        	
                 
      

              	
                4.

              	
                Undisclosed Liabilities;
      Financial Statements. AAC has delivered to AmbiCom its unaudited
      financial statements, relating to the period ended December 31, 2008 (the
      “AAC Financial Statements”). To AAC’s knowledge, the AAC Financial
      Statements fairly present the financial position and results of operations
      of AAC for the periods presented.

              

      

      

      
        	
                 
      

              	
                5.

              	
                Information Supplied.
      None of the information supplied or to be supplied by AAC specifically for
      inclusion or incorporation by reference in any registration statements,
      prospectuses, reports, schedules or other documents to be filed with the
      SEC or any other governmental entity, shall contain any untrue statement
      of a material fact or omit to state any material fact required to be
      stated therein or necessary in order to make the statements therein, in
      light of the circumstances under which they are made, not misleading. All
      SEC Filings will comply as to form and substance in all material respects
      with the requirements of the Securities Act and the Exchange Act and the
      rules and regulations thereunder, except that no representation or
      warranty is made by AAC with respect to statements made or incorporated by
      reference therein based on information supplied by AmbiCom specifically
      for inclusion or incorporation by reference in any subsequent SEC
      Filing.

              

      

      
        
           

        

        
          Page 11 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                6.

              	
                Absence of Certain Changes or
      Events. Except for liabilities incurred in connection with this
      Agreement or the transactions contemplated hereby since July 29, 2008, AAC
      and its subsidiaries have conducted their business only in the ordinary
      course since such date and prior to the date hereof, and there has not
      been (i) any material adverse change in AAC, (ii) any declaration, setting
      aside or payment of any dividend or other distribution (whether in cash,
      stock or property) with respect to any of AACs capital stock, (iii) any
      split, combination or reclassification of any of AACs capital stock or any
      issuance or the authorization of any issuance of any other securities in
      respect of, in lieu of or in substitution for shares of AACs capital
      stock, (iv)(A) any granting by AAC or any of its subsidiaries to any
      current or former director, executive officer or other key employee of AAC
      or its subsidiaries of any increase in compensation, bonus or other
      benefit, (B) any granting by AAC or any of its subsidiaries to any such
      current or former director, executive officer or key employee of any
      increase in severance or termination pay, or (C) any entry by AAC or any
      of its subsidiaries into, or any amendment of, any employment, deferred
      compensation consulting, severance, termination or indemnification
      agreement with any such current or former director, executive officer or
      key employee, (v) except insofar as may have been required by a change in
      USOAAP, any change in accounting methods, principles or practices by AAC
      materially affecting its assets, liabilities or business, or (vi) any tax
      election that individually or in the aggregate would have a material
      adverse effect on AAC or any of its tax attributes or any settlement or
      compromise of any material income tax
liability.

              

      

      

      
        	
                 
      

              	
                7.

              	
                Compliance with Applicable
      Laws; Litigation. (i) To the knowledge of AAC, AAC holds all
      permits, licenses, variances, exemptions, orders, registrations and
      approvals of all Governmental Entities which are required for the
      operation of the businesses of AAC (the “AAC Permits”) except where the
      failure to have any such AAC Permits individually or in the aggregate
      would not have a material adverse effect on AAC. AAC is in compliance with
      the terms of the AAC Permits and all applicable statutes, laws,
      ordinances, rules and regulations, except where the failure so to comply
      individually or in the aggregate would not have a material adverse effect
      on AAC. As of the date of this Agreement, no action, demand, requirement
      or investigation by any Governmental Entity and no suit, action or
      proceeding by any person, in each case with respect to AAC or any of its
      respective properties, is pending or, to the knowledge of AAC, threatened,
      except as set forth in AAC Disclosure documents, (ii) AAC is not subject
      to any outstanding order, injunction or decree which has had or, insofar
      as can be reasonably foreseen, individually or in the aggregate will have
      a material adverse effect on AAC.

              

      

      

      
        	
                 
      

              	
                8.

              	
                Absence of Benefit
      Plans. AAC has no severance, or employment agreements or policies,
      bonus, pension, profit sharing, deferred compensation, incentive
      compensation, stock ownership, stock purchase, stock option, phantom
      stock, retirement, vacation, severance, disability, death benefit,
      hospitalization, medical or other plan, arrangement or understanding
      providing benefits to any current or former employee, officer or director
      of AAC.

              

      

      

      
        	
                 
      

              	
                9.

              	
                ERISA Compliance. AAC
      has never had any employee, medical or pension benefit
    plans.

              

      

      

      
        	
                 
      

              	
                10.

              	
                Taxes. (i) AAC has filed
      all material tax returns and reports required to be filed by it and all
      such returns and reports are complete and correct in all material
      respects, or requests for extensions to file such returns or reports have
      been timely filed, granted and have not expired, except to the extent that
      such failures to file, to be complete or correct or to have extensions
      granted that remain in effect individually or in the aggregate would not
      have a material adverse effect on AAC. AAC has paid (or AAC has paid on
      its behalf) all taxes shown as due on such returns, and the most recent
      financial statements contained in the AAC SEC Documents reflect an
      adequate reserve in accordance with USGAAP for all taxes payable by AAC
      for all taxable periods and portions thereof accrued through the date of
      such financial statements.

              

      

      
        
           

        

        
          Page 12 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                11.

              	
                State Takeover Statutes;
      Certificate of Incorporation. The Board of Directors of AAC (including the
      disinterested Directors thereof) has unanimously approved this Agreement
      and the transactions contemplated hereby and such approval constitutes
      approval of the Acquisition, and the other transactions contemplated
      hereby by the AAC Board of Directors and constitutes approval of the
      Acquisition the issuance of AAC Preferred Stock in connection therewith
      and the other transactions contemplated
hereby.

              

      

      

      
        	
                 
      

              	
                12.

              	
                Intellectual Property.
      To the knowledge of AAC, AAC owns or has a
      valid license to use all trademarks, service marks, trade names, patents
      and copyrights (including any registrations or applications for
      registration of any of the foregoing) (collectively, the “AAC Intellectual
      Property”) necessary to cam on its business substantially as currently
      conducted, except for such AAC Intellectual Property the failure of which
      to own or validly license individually or in the aggregate would not have
      a material adverse effect on AAC. AAC has not received any notice of
      infringement of or conflict with, and, to AAC’s knowledge, there are no
      infringements of or conflicts (i) with the rights of others with respect
      to the use of, or (ii) by others with respect to, any AAC Intellectual
      Property that individually or in the aggregate, in either such case, would
      have a material adverse effect on
AAC.

              

      

      

      
        	
                 
      

              	
                13.

              	
                Certain Contracts. AAC
      is not a party to or bound by (i) any “material contract” (as such term is
      defined in item 601 (b)( 10) of Regulation S-K of the SEC), (ii) any
      non-competition agreement or any other agreement or obligation which
      purports to limit in any material respect the manner in which, or the
      localities in which, all or any material portion of the business of AAC
      (including AmbiCom), taken as a whole, is or would be conducted, or (iii)
      any contract or other agreement which would prohibit or materially delay
      the consummation of the Acquisition or any of the transactions
      contemplated by this Agreement (all contracts of the type described in
      clauses (i) and (ii) being referred to herein as “AAC Material
      Contracts”). Each AAC Material Contract is valid and binding on AAC and is
      in full force and effect, and AAC has in all material respects performed
      all obligations required to be performed by it to date under each AAC
      Material Contract, except where such noncompliance, individually or in the
      aggregate, would not have a material adverse effect on AAC. AAC does not
      know of, nor has received notice of, any violation or default under (nor,
      to the knowledge of AAC, does there exist any condition which with the
      passage of time or the giving of notice or both would result in such a
      violation or default under) any AAC Material
  Contract.

              

      

      

      ARTICLE
IV

      

      COVENANTS
RELATING TO CONDUCT OF BUSINESS SECTION

      

      SECTION
4.1. Conduct of
Business.

      

      
        	
                 
      

              	
                1.

              	
                Conduct of Business.
      Except as may otherwise be expressly contemplated by this Agreement or as
      consented to by the other Party in writing, such consent not to be
      unreasonably withheld or delayed, during the period from the date of this
      Agreement to the Effective Time, each Party shall carry on its business in
      the ordinary course consistent with past practice and in compliance in all
      material respects with all applicable laws and regulations and, to the
      extent consistent therewith, use all reasonable efforts to preserve intact
      their current business organizations, use reasonable efforts to keep
      available the services of their current officers and other key employees
      and preserve their relationships with those persons having business
      dealings with them to the end that their goodwill and ongoing businesses
      shall be unimpaired at the Closing. Without limiting the generality of the
      foregoing (but subject to the above exceptions), except as otherwise
      contemplated by this Agreement, during the period from the date of this
      Agreement to the Closing, AAC shall
not:

              

      

      
        
           

        

        
          Page 13 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                i.

              	
                (x)
      declare, set aside or pay any cash dividends on, make any other
      distributions in respect of, or enter into any agreement with respect to
      the voting of, any of its capital stock, (y) split, combine or reclassify
      any of its capital stock or issue or authorize the issuance of any other
      securities in respect of, in lieu of or in substitution for shares of its
      capital stock;

              

      

      

      
        	
                 
      

              	
                ii.

              	
                issue,
      deliver, sell, pledge or otherwise encumber or subject to any Lien any
      shares of its capital stock, any other voting securities or any securities
      convertible into, or any rights, warrants or options to acquire, any such
      shares, voting securities or convertible
  securities;

              

      

      

      
        	
                 
      

              	
                iii.

              	
                except
      as contemplated hereby, amend its certificate of incorporation. By-Laws or
      other comparable organizational
documents;

              

      

      

      
        	
                 
      

              	
                iv.

              	
                acquire
      or agree to acquire by merging or consolidating with, or by purchasing a
      substantial portion of the assets of, or by any other manner, any business
      or any person;

              

      

      

      
        	
                 
      

              	
                v.

              	
                sell,
      lease, license, mortgage or otherwise encumber or subject to any Lien or
      otherwise dispose of any of its properties or assets (including
      securitization);

              

      

      

      
        	
                 
      

              	
                vi.

              	
                incur
      any indebtedness for borrowed money or issue any debt securities or
      assume, guarantee or endorse, or otherwise as an accommodation become
      responsible for the obligations of any person for borrowed money;
      or

              

      

      

      
        	
                 
      

              	
                vii.

              	
                authorize,
      or commit or agree to take, any of the foregoing
  actions.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Other Actions. Except as
      required by law, AmbiCom and AAC shall not voluntarily take any action
      that would, or that could reasonably be expected to, result in any of the
      representations and warranties of such party set forth in this Agreement
      that are qualified as to materiality becoming untrue at the Effective
      Time.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Advise of Changes.
      AmbiCom and AAC shall promptly advise the other Party orally and in
      writing to the extent it has knowledge of (i) any representation or
      warranty made by it contained in this Agreement that is qualified as to
      materiality becoming untrue or inaccurate in any respect or any such
      representation or warranty that is not so qualified becoming untrue or
      inaccurate in any material respect, (ii) the failure by it to comply in
      any material respect with or satisfy in any material respect any covenant,
      condition or agreement to be complied with or satisfied by it under this
      Agreement and (iii) any change or event having, or which, insofar as can
      reasonably be foreseen, could reasonably be expected to have a material
      adverse effect on such party or on the truth of their respective
      representations and warranties or the ability of the conditions set forth
      in Article VI to be satisfied; provided, however, that no such
      notification shall affect the representations, warranties, covenants or
      agreements of the parties (or remedies with respect thereto) or the
      conditions to the obligations of the parties under this
      Agreement.

              

      

      
        
           

        

        
          Page 14 of
26

          
            

          

        

        
           

        

      

      SECTION
4.2. No Solicitation by
AmbiCom.

      

      
        	
                 
      

              	
                1.

              	
                AmbiCom
      shall not, nor shall they authorize or permit any of their directors,
      officers or employees or any investment banker, financial advisor,
      attorney, accountant or other representative retained by them or any of
      their subsidiaries to. directly or indirectly through another person, (i)
      solicit, initiate or encourage (including by way of furnishing
      information), or take any other action designed to facilitate, any
      inquiries or the making of any proposal which constitutes any AmbiCom
      Takeover Proposal (as defined below) or (ii) participate in any
      discussions or negotiations regarding any AmbiCom Takeover Proposal;
      provided, however, that if the Board of Directors of AmbiCom determines in
      good faith, based on the advice of outside counsel, that it is necessary
      to do so in order to act in a manner consistent with its fiduciary duties
      to AmbiCom’s stockholders under applicable law, AmbiCom may, in response
      to a AmbiCom Superior Proposal (as defined in Section 4.2(b)) which was
      not solicited by it, which did not otherwise result from a breach of this
      Section 4.2(a) and subject to providing prior written notice of its
      decision to take such action to AmbiCom and compliance with Section 4.2(c)
      (x) furnish information with respect to AmbiCom and its subsidiaries to
      any person making a AmbiCom Superior Proposal pursuant to a customary
      confidentiality agreement (as determined by AmbiCom based on the advice of
      its outside counsel, the terms of which are no more favorable to such
      person than those normally utilized to protect the confidential
      information of the disclosing party) and (y) participate in discussions or
      negotiations regarding such AmbiCom Superior Proposal. For purposes of
      this Agreement, “AmbiCom Takeover Proposal” means any inquiry, proposal or
      offer from any person relating to any direct or indirect acquisition or
      purchase of a business that constitutes 50% or more of the net revenues,
      net income or the assets of AmbiCom and its subsidiaries, taken as a
      whole, or 10% or more of any class of equity securities of AmbiCom, any
      tender offer, exchange offer or other transactions that if consummated
      would result in any person beneficially owning 10% or more of any class of
      equity securities of AmbiCom, or any merger, consolidation, business
      combination, recapitalization, liquidation, dissolution or similar
      transaction involving AmbiCom or the AmbiCom Capital Stock other than the
      transactions contemplated by this
Agreement.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Except
      as expressly permitted by this Section 4.2, neither the Board of Directors
      of AmbiCom nor any committee thereof shall (i) withdraw or modify, or
      propose publicly to withdraw or modify, in a manner adverse to AAC, the
      approval or recommendation by such Board of Directors, this Agreement or
      the issuance of AmbiCom Capital Stock in connection with the Acquisition,
      (ii) approve or recommend, or propose publicly to approve or recommend,
      any AmbiCom Takeover Proposal, or (iii) cause AmbiCom to enter into any
      letter of intent, agreement in principle, acquisition agreement or other
      similar agreement (each, a “AmbiCom Acquisition Agreement”) related to any
      AmbiCom Takeover Proposal. Notwithstanding the foregoing, at any time
      prior to the obtaining of the AmbiCom Stockholder Approval, the Board of
      Directors of AmbiCom, to the extent that it determines in good faith,
      based upon the advice of outside counsel, that it is necessary to do so in
      order to act in a manner consistent with its fiduciary duties to AmbiCom’s
      stockholders under applicable law, may (subject to this and the following
      sentences) terminate this Agreement solely in order to concurrently enter
      into any AmbiCom Acquisition Agreement with respect to any AmbiCom
      Superior Proposal, but only at a time that is after the fifth business day
      following AmbiCom’s receipt of written notice advising AmbiCom that the
      Board of Directors of AmbiCom is prepared to accept an AmbiCom Superior
      Proposal, specifying the material terms and conditions of such AmbiCom
      Superior Proposal and identifying the person making such AmbiCom Superior
      Proposal. For purposes of this Agreement, a “AmbiCom Superior Proposal”
      means any proposal made by a third party to acquire, directly or
      indirectly, including pursuant to a tender offer, exchange offer, merger,
      consolidation, business combination, recapitalization, liquidation,
      dissolution or similar transaction, for consideration consisting of cash
      and/or securities, more than 50% of the combined voting power of the
      shares of AmbiCom Common Stock then outstanding or all or substantially
      all the assets of AmbiCom and otherwise on terms which the Board of
      Directors of AmbiCom determines in its good faith judgment (based on the
      advice of a financial advisor of nationally recognized reputation) to be
      more favorable to AmbiCom stockholders than the Acquisition and for which
      financing, to the extent required, is then committed or which, in the good
      faith judgment of the Board of Directors of AmbiCom based on the advice of
      its financial advisor, is reasonably capable of being obtained by such
      third party.

              

      

      
        
           

        

        
          Page 15 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                3.

              	
                In
      addition to the obligations of AmbiCom set forth in paragraphs (a) and (b)
      of this Section 4.2, AmbiCom shall immediately advise AAC orally and in
      writing of any request for information or of any AmbiCom Takeover
      Proposal, the material terms and conditions of such request or AmbiCom
      Takeover Proposal and the identity of the person making such request or
      AmbiCom Takeover Proposal. AmbiCom will keep AAC reasonably informed of
      the status and details (including amendments or proposed amendments) of
      any such request or AmbiCom Takeover Proposal. AAC shall treat any
      information it receives from AmbiCom pursuant to this section as
      confidential information.

              

      

      

      
        	
                 
      

              	
                4.

              	
                Nothing
      contained in this Section 4.2 shall prohibit AmbiCom from taking and
      disclosing to its stockholders a position contemplated by Rule 14e-2(a)
      promulgated under the Exchange Act or from making any disclosure to
      AmbiCom’s stockholders if, in the good faith judgment of the Board of
      Directors of AmbiCom after consultation with outside counsel, failure so
      to disclose would be inconsistent with its obligations under applicable
      law; provided, however, that neither AmbiCom nor its Board of Directors
      nor any committee thereof shall withdraw or modify, or propose publicly to
      withdraw or modify, its position with respect to this Agreement, the
      Acquisition, the issuance of AmbiCom Common Stock in connection with the
      Acquisition, or approve or recommend, or propose publicly to approve or
      recommend, an AmbiCom Takeover
Proposal.

              

      

      

      ARTICLE
V

      

      ADDITIONAL
AGREEMENTS

      

      SECTION
5.1. Access to Information;
Confidentiality. Both AmbiCom and AAC shall afford to the other party and
to the officers, employees, accountants, counsel, financial advisors and other
representatives of such other party, reasonable access during normal business
hours during the period prior to the Closing to all their respective properties,
books, contracts, commitments, personnel and records and, during such period,
both AmbiCom and AAC shall furnish promptly to the other party (a) a copy of
each report, schedule, registration statement and other document tiled by it
during such period pursuant to the requirements of federal or state securities
laws and (b) all other information concerning its business, properties and
personnel as such other party may reasonably request. No review pursuant to this
Section 5.1 shall affect any representation or warranty given by the other party
hereto. Both AmbiCom and AAC will hold, and will cause its respective officers,
employees, accountants, counsel, financial advisors and other representatives
and affiliates to hold, any nonpublic information in accordance with the terms
of the Confidentiality Agreement.

      
        
           

        

        
          Page 16 of
26

          
            

          

        

        
           

        

      

      SECTION
5.2 Best
Efforts.

      

      
        	
                 
      

              	
                1.

              	
                Upon
      the terms and subject to the conditions set forth in this Agreement, each
      of the parties aerees to use their commercially reasonable best efforts to
      take, or cause to be taken, all actions, and to do, or cause to be done,
      and to assist and cooperate with the other parties in doing, all things
      necessary, proper or advisable to consummate and make effective, in the
      most expeditious manner practicable, the Acquisition and the other
      transactions contemplated by this Agreement, including (i) the obtaining
      of all necessary’ actions or nonactions, waivers, consents and approvals
      from Governmental Entities and the making of all necessary registrations
      and filings and the taking of all steps as may be necessary to obtain an
      approval or waiver from, or to avoid an action or proceeding by, any
      Governmental Entity, (ii) the obtaining of all necessary consents,
      approvals or waivers from third parties, (iii) the defending of any
      lawsuits or other legal proceedings, whether judicial or administrative,
      challenging this Agreement or the consummation of the transactions
      contemplated by this Agreement, including seeking to have any stay or
      temporary restraining order entered by any court or other Governmental
      Entity vacated or reversed, and (iv) the execution and delivery of any
      additional instruments necessary to consummate the transactions
      contemplated by. and to fully carry out the purposes of this Agreement.
      Nothing set forth in this Section 5.2(a) will limit or affect actions
      permitted to be taken pursuant to Sections 4.1 and
  4.2.

              

      

      

      
        	
                 
      

              	
                2.

              	
                In
      connection with and without limiting the foregoing, AmbiCom and AAC shall
      each (i) take all action necessary to ensure that no state statute or
      regulation is or becomes applicable to the Acquisition, this Agreement, or
      any of the other transactions contemplated by this Agreement and if any
      state statute or regulation becomes applicable to this Agreement, or any
      other transaction contemplated by this Agreement, take all action
      necessary to ensure that the Acquisition and the other transactions
      contemplated by this Agreement may be consummated as promptly as
      practicable on the terms contemplated by this Agreement and otherwise to
      minimize the effect of such statute or regulation on the Acquisition and
      the other transactions contemplated by this
  Agreement.

              

      

      

      
        	
                 
      

              	
                3.

              	
                As
      part of the transaction and as soon as an active trading market has been
      established, AAC will use its commercially reasonable best efforts to
      arrange for an agreed level of financing to be provided for growth of the
      business in accordance with the business plan prepared in advance by
      AmbiCom and approved by AAC, which among other things will set forth
      benchmarks related dates and corresponding levels of financing, with the
      amount initially estimated to be no less than $1,500,000 over the first
      18-month period and a similar amount over the next subsequent 18-month
      period.

              

      

      
        
           

        

        
          Page 17 of
26

          
            

          

        

        
           

        

      

      SECTION
5.3. Reverse Merger. It
is recognized by the parties hereto that AAC intends to identify a public
company to be involved in a “reverse merger” with terms substantially similar as
this Agreement. At the closing of any such “reverse merger,” the parties
anticipate the public company shall issue shares of its preferred stock to the
former AmbiCom preferred shareholders in exchange for its shares of preferred
stock of AAC, and the warrants to the common shareholders in exchange for its
warrants in AAC, subject to the same provisions and restrictions on transfer as
set forth in this Agreement

      

      SECTION
5.4. Fees and Expenses.
All fees and expenses incurred in connection with this Agreement, and the
transactions contemplated by this Agreement, shall be paid by the party
incurring such fees or expenses, whether or not the Acquisition is
consummated.

      

      SECTION
5.5. Public
Announcements. AAC and AmbiCom will consult with each other before
issuing, and provide each other the opportunity to review, comment upon and
concur with and use reasonable efforts to agree on. any press release or other
public statements with respect to the transactions contemplated by this
Agreement, including the Acquisition, and shall not issue any such press release
or make any such public statement prior to such consultation, except as either
party may determine is required by applicable law, court process or by
obligations pursuant to any listing agreement with any national securities
exchange. The parties agree that the initial press release to be issued with
respect to the transactions contemplated by this Agreement shall be in the form
heretofore agreed to by the parties.

      

      SECTION
5.6. Tax Treatment. No
representation or warranty is being made by any party to any other regarding the
treatment of this transaction for federal or state income taxation. Each party
has relied exclusively on its own legal, accounting and other tax adviser
regarding the treatment of the transaction for federal and state income taxes
and on no representation, warranty, or assurance from any other party or such
other party’s legal, accounting, or other adviser.

      

      SECTION
5.7. Company Officers;
Employment Contracts; Equity Awards. At or prior to the Closing Date, AAC
will enter into employment agreements with Kenneth Cheng CEO and other key
employees as determined by and in form and substance reasonably satisfactory to
Kenneth Cheng, AmbiCom and AAC. AACs Board of Directors shall authorize a Stock
Option Plan, subject to shareholder approval, in form and substance reasonably
satisfactory to AmbiCom and designed to maximize tax attributes.

      

      SECTION
5.8. Post-Acquisition
Operations. Following the Closing, AAC shall maintain its principal
corporate office in California.

      

      SECTION
5.9. Conveyance Taxes.
AAC and AmbiCom shall cooperate in the preparation, execution and filing of all
returns, questionnaires, applications or other documents regarding any real
property transfer or gains, sales, use, transfer, value added, stock transfer
and stamp taxes, any transfer, recording, registration and other fees or any
similar taxes which become payable in connection with the transactions
contemplated by this Agreement that are required or permitted to be filed on or
before the Closing. AAC shall pay, and AmbiCom shall pay, without deduction or
withholding from any amount payable to the holders of AmbiCom Common and
Preferred Stock, any such taxes or fees imposed by any Governmental Entity (and
any penalties and interest with respect to such taxes and fees), which become
payable in connection with the transactions contemplated by this Agreement, on
behalf of their respective stockholders.

      
        
           

        

        
          Page 18 of
26

          
            

          

        

        
           

        

      

      ARTICLE
VI

      

      CONDITIONS
PRECEDENT

      

      SECTION
6.1. Conditions to Each Party’s
Obligation to Effect the Acquisition. The respective obligation of each
party to effect the Acquisition is subject to the satisfaction or waiver on or
prior to the Closing Date of the following conditions:

      

      
        	
                 
      

              	
                1.

              	
                Stockholder and Creditor
      Approvals. If required by applicable law, each of the AmbiCom
      common and preferred stockholder approvals and the approval of the
      creditors of AmbiCom shall have been obtained, and copies of said
      approvals shall have been provided to AAC by
  AmbiCom.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Governmental and Regulatory
      Approvals. Other than the filing provided for under Section 1.3,
      all consents, approvals and actions of, filings with and notices to any
      Governmental Entity-required of AmbiCom, .AAC or any of their subsidiaries
      to consummate the Acquisition and the other transactions contemplated
      hereby, the failure of which to be obtained or taken (i) is reasonably
      expected to have a material adverse effect on the Surviving Corporation
      and its prospective subsidiaries, taken as a whole, or (ii) will result in
      a violation of any laws, shall have been obtained, all in form and
      substance reasonably satisfactory to AmbiCom and
  AAC.

              

      

      

      
        	
                 
      

              	
                3.

              	
                No Injunctions or
      Restraints. No judgment, order, decree, statute, law, ordinance,
      rule or regulation, entered, enacted, promulgated, enforced or issued by
      any court or other Governmental Entity of competent jurisdiction or other
      legal restraint or prohibition (collectively, “Restraints”) shall be in
      effect (i) preventing the consummation of the Acquisition, or (ii) which
      otherwise is reasonably likely to have a material adverse effect on
      AmbiCom or AAC, as applicable; provided, however, that each of the parties
      shall have used its commercially reasonable best efforts to prevent the
      entry of any such Restraints and to appeal as promptly as possible any
      such Restraints that may be
entered.

              

      

      

      
        	
                 
      

              	
                4.

              	
                Public Transaction. AAC
      shall enter into a binding agreement within two weeks after the completion
      of the 2008 audit to become public through a reverse merger type
      transaction.

              

      

      

      SECTION
6.2. Conditions to Obligations
of AAC. The obligation of AAC to effect the Acquisition is further
subject to satisfaction or waiver of the following conditions:

      

      
        	
                 
      

              	
                1.

              	
                Representations and
      Warranties. The representations and warranties of AmbiCom set forth
      herein shall be true and correct both when made and at and as of the
      Closing Date, as if made at and as of such time (except to the extent
      expressly made as of an earlier date, in which case as of such date),
      except where the failure of such representations and warranties to be so
      true and correct (without giving effect to any limitation as to
      “materiality” or “material adverse effect” set forth therein) does not
      have, and is not likely to have, individually or in the aggregate, a
      material adverse effect on AmbiCom.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Performance of Obligations of
      AmbiCom. AmbiCom shall have performed in all material respects all
      obligations required to be performed by it under this Agreement at or
      prior to the Closing Date.

              

      

      
        
           

        

        
          Page 19 of
26

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                3.

              	
                No Material Adverse
      Change. At any time after the date of this Agreement there shall
      not have occurred any material adverse change relating to
      AmbiCom.

              

      

      

      SECTION
6.3. Conditions to Obligations
of AmbiCom. The obligation of AmbiCom to effect the Acquisition is
further subject to satisfaction or waiver of the following
conditions:

      

      
        	
                 
      

              	
                1.

              	
                Representations and
      Warranties. The representations and warranties of AAC set forth
      herein shall be true and correct both when made and at and as of the
      Closing Date, as if made at and as of such time (except to the extent
      expressly made as of an earlier date, in which case as of such date),
      except where the failure of such representations and warranties to be so
      true and correct (without giving effect to any limitation as to
      “materiality,” or “material adverse effect” set forth therein) does not
      have, and is not likely to have, individually or in the aggregate, a
      material adverse effect on AAC.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Performance of Obligations of
      AAC. AAC shall have performed in all material respects all
      obligations required to be performed by it under this Agreement at or
      prior to the Closing Date.

              

      

      

      
        	
                 
      

              	
                3.

              	
                No Material Adverse
      Change. At any time after the date of this Agreement there shall
      not have occurred any material adverse change relating to
    AAC.

              

      

      

      SECTION
6.4. Frustration of Closing
Conditions. Neither AmbiCom nor AAC may rely on the failure of any
condition set forth in Section 6.1, 6.2 or 6.3, as the case may be. to be
satisfied if such failure was caused by such party’s failure to use commercially
reasonable best efforts to consummate the Acquisition and the other transactions
contemplated by this Agreement. Any term, condition or provision of the closing
conditions may be waived which shall not affect the validity of the
Acquisition.

      

      ARTICLE
VII

      

      TERMINATION,
AMENDMEN I AND WAIVER

      

      SECTION
7.1. Termination. This
Agreement may be terminated at any time prior to the Closing Date, and (except
in the case of 7.1(d) or 7.1(e)) whether before or after the AmbiCom Stockholder
Approval.

      

      
        	
                 
      

              	
                1.

              	
                by
      mutual written consent of AmbiCom and
AAC:

              

      

      

      
        	
                 
      

              	
                2.

              	
                by
      AAC:

              

      

      

      
        	
                 
      

              	
                i.

              	
                if
      the Acquisition shall not have been consummated by June 15, 2009;
      provided, however, that the right to terminate this Agreement pursuant to
      this Section 7.1(b)(i) shall not be available to any parry whose failure
      to perform any of its obligations under this Agreement results in the
      failure of the Acquisition to be consummated by such time; provided,
      however, that this Agreement may be extended not more than 30 days by
      either party by written notice to the other party if the Acquisition shall
      not have been consummated as a direct result of AmbiCom or AAC having
      failed to receive all regulatory approvals required to be obtained with
      respect to the Acquisition.

              

      

      
        
           

        

        
          Page 20 of
26

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                ii.

              	
                if
      any Restraint having any of the effects set forth in Section 6.1(c) shall
      be in effect and shall have become final and nonappealable; provided, that
      the party seeking to terminate this Agreement pursuant to this Section
      7.1(b)(ii) shall have used commercially reasonable best efforts to prevent
      the entry of and to remove such
Restraint;

              

      

      

      
        	
                 
      

              	
                3.

              	
                by
      AAC, if AmbiCom shall have breached or failed to perform in any material
      respect any of its representations, warranties, covenants or other
      agreements contained in this Agreement, which breach or failure to perform
      (A) would give rise to the failure of a condition set forth in Section
      6.2(a) or (b), and (B) is incapable of being cured by AAC or is not cured
      within 60 days of written notice
thereof:

              

      

      

      
        	
                 
      

              	
                4.

              	
                by
      AAC in accordance with Section 4.2; provided that, in order for the
      termination of this Agreement pursuant to this paragraph (d) to be deemed
      effective. AAC shall have complied with all provisions contained in
      Section 4.2, including the notice provisions therein, and with applicable
      requirements; or

              

      

      

      
        	
                 
      

              	
                5.

              	
                by
      AmbiCom, if AAC shall have breached or failed to perform in any material
      respect any of its representations, warranties, covenants or other
      agreements contained in this Agreement, which breach or failure to perform
      (A) would give rise to the failure of a condition set forth in Section
      6.3(a) or (b), and (B) is incapable of being cured by AmbiCom or is not
      cured within 60 days of written notice
thereof.

              

      

      

      SECTION
7.2. Effect of
Termination. In the event of termination of this Agreement by either
AmbiCom or AAC as provided in Section 7.1, this Agreement shall forthwith become
void and have no effect, without any liability or obligation on the part of AAC.
AAC or AmbiCom, other than the provisions of this Section 7.2 and Article VIII,
which provisions survive such termination, and except to the extent that such
termination results from the willful and material breach by a party of any of
its representations, warranties, covenants or agreements set forth in this
Agreement.

      

      SECTION
7.3. Amendment. This
Agreement may be amended by the parties at any time before or after the AmbiCom
Stockholder Approval. This Agreement may not be amended except by an instrument
in writing signed on behalf of each of the parties.

      

      SECTION
7.4. Extension; Waiver.
At any time, a party may (a) extend the time for the performance of any of the
obligations or other acts of the other parties, or (b) waive any inaccuracies in
the representations and warranties of the other parties contained in this
Agreement or in any document delivered pursuant to this Agreement.

      

      SECTION
7.5. Procedure for Termination,
Amendment, Extension or Waiver. A termination of this Agreement pursuant
to Section 7.1, an amendment of this Agreement pursuant to Section 7.3 or an
extension or waiver pursuant to Section 7.4 shall, in order to be effective,
require, in the case of AAC or AmbiCom, action by its Board of Directors or,
with respect to any amendment to this Agreement, the duly authorized committee
of its Board of Directors to the extent permitted by law.

      
        
           

        

        
          Page 21 of
26

          
            

          

        

        
           

        

      

      ARTICLE
VIII

      

      SURVIVAL
AND INDEMNIFICATION

      

      SECTION
8.1. Survival of
Representations and Warranties. The representations and warranties of AAC
and AmbiCom shall survive the execution and delivery hereof and the Closing
hereunder.

      

      SECTION
8.2. Indemnify by
AmbiCom. AmbiCom shall indemnify, defend and hold harmless AAC, its
parent(s), subsidiaries, affiliates, directors, officers, agents and employees
(the “AAC Indemnified Parties”) against and in respect of any and all
liabilities including interest, penalties and reasonable attorneys’ fees, that
the AAC Indemnified Parties shall incur or suffer, which arise or result from,
or relate to (a) any breach by AmbiCom of any of its representations or
warranties contained in the Agreement, or the failure of AmbiCom to perform any
covenant or agreement contained in the Agreement, or in any schedule,
certificate, exhibit or other instrument furnished or to be furnished by AmbiCom
under the Agreement, (b) any and all claims of whatever nature, asserted (with
or without the commencement of legal action) against the AAC Indemnified Parties
with respect to any liabilities or assets not disclosed, and (c) any and all
claims of whatever nature, asserted (but only upon the commencement of legal
action) against the AAC Indemnified Parties by any creditor or shareholder of
AmbiCom or by any third party making a claim through or on behalf of such
creditor or shareholder.

      

      SECTION
8.3. Indemnity by AAC.
AAC shall indemnify, defend and hold harmless AmbiCom, its parentis),
subsidiaries, affiliates, directors, officers, agents and employees (the
‘‘AmbiCom Indemnified Parties”) against and in respect of any and all
liabilities including interest, penalties and reasonable attorneys’ fees, that
the AmbiCom Indemnified Parties shall incur or suffer, which arise or result
from, or relate to (a) any breach by AAC of any of its representations or
warranties contained in the Agreement, or the failure of AAC to perform any
covenant or agreement contained in the Agreement, or in any schedule,
certificate exhibit or other instrument furnished or to be furnished by AAC
under the Agreement and (b) any and all claims of whatever nature, asserted (but
only upon the commencement of legal action) against the AmbiCom Indemnified
Parties by any creditor or shareholder of AAC or by any third party making a
claim through or on behalf of such creditor or shareholder.

      

      ARTICLE
IX

      

      GENERAL
PROVISIONS

      

      SECTION
9.1. Survival of
Representations and Warranties. The representations and warranties in
this Agreement shall survive the Closing.

      

      SECTION
9.2. Notices. All
notices, requests, claims, demands and other communications under this Agreement
shall be in writing and shall be deemed given if delivered personally,
telecopied (which is confirmed) or sent by overnight courier (providing proof of
delivery) to the parties at the following addresses (or at such other address
for a party as shall be specified by like notice):

      

      
        	
                 
      

              	
                1.

              	
                if
      to AAC, to

              

      

      

      AmbiCom
Acquisition Corporation

      9903
Santa Monica Blvd.

      Suite
918

      Beverly
Hills, CA 90212

      

      Ann: Lyn
Tanner

      
        
           

        

        
          Page 22 of
26

          
            

          

        

        
           

        

      

       

      with a
copy to:

      

      Christopher
L. Cella

      Cella
Lange & Cella LLP

      23120
Alicia Parkway, Suite 200

      Mission
Viejo, CA 92692

      

      
        	
                 
      

              	
                2.

              	
                if
      to AmbiCom, to

              

      

      

      AmbiCom
Inc.

      405 River
Oaks Parkway

      San Jose,
CA 95134

      

      with a
copy to:

      

      Wen-Ching
Lin

      1030 E El
Camino Real Ste 288

      Sunnyvale,
CA 94087

      

      SECTION
9.3. Definitions. For
purposes of this Agreement:

      

      
        	
                 
      

              	
                1.

              	
                except
      for purposes of Section 5.10, an “affiliate” of any person means another
      person that directly or indirectly, through one or more intermediaries,
      controls, is controlled by, or is under common control with, such first
      person, where “control” means the possession, directly or indirectly; of
      the power to direct or cause the direction of the management policies of a
      person, whether through the ownership of voting securities, by contract,
      as trustee or executor, or
otherwise;

              

      

      

      
        	
                 
      

              	
                2.

              	
                “material
      adverse change” or “material adverse effect” means, when used in
      connection with AmbiCom or AAC, any change, effect, event, occurrence or
      state of facts that is, or would reasonably be expected to be, materially
      adverse to the business, financial condition or results of operations of
      such party: and the terms “material” and “materially” have correlative
      meanings;

              

      

      

      
        	
                 
      

              	
                3.

              	
                “person”
      means an individual, corporation, partnership, limited liability company,
      joint venture, association, trust, unincorporated organization or other
      entity;

              

      

      

      
        	
                 
      

              	
                4.

              	
                a
      “subsidiary” of any person means another person, an amount of the voting
      securities, other voting ownership or voting partnership interests of
      which is sufficient to elect at least a majority of its Board of Directors
      or other governing body (or, if there are no such voting interests, 50% or
      more of the equity interests of which) is owned directly or indirectly by
      such first person; provided however, that with respect to AAC, such term
      shall not include AmbiCom; and

              

      

      
        
           

        

        
          Page 23 of
26

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                5.

              	
                “knowledge”
      of any person which is not an individual means the knowledge of such
      person’s executive officers or senior management of such person’s
      operating divisions and segments, in each case after reasonable
      inquiry.

              

      

      

      SECTION
9.4. Power of Attorney.
AmbiCom hereby appoints AAC as its agent and attorney-in-fact for the purpose of
executing and delivering any and all documents necessary to carry out the intent
and provisions of this Agreement. In the event AmbiCom refuses to comply with
any of the provisions of this Agreement or is not present at the Closing, any
conveyance by such agent and attorney-in-fact shall be a conveyance of all of
the AmbiCom’s right, title, and equity in and to the stock. This power of
attorney is coupled with an interest and may not be terminated by AmbiCom as
long as this Agreement remains in effect.

      

      SECTION
9.5. Interpretation.
When a reference is made in this Agreement to an Article, Section or Exhibit,
such reference shall be to an Article or Section of, or an Exhibit to, this
Agreement unless otherwise indicated. The table of contents and headings
contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed bv the words “without limitation”. The words “hereof,
“herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. The definitions contained in
this Agreement are applicable to the singular as well as the plural forms of
such terms and to the masculine as well as to the feminine and neuter genders of
such term. Any agreement, instrument or statute defined or referred to herein or
in any agreement or instrument that is referred to herein means such agreement,
instrument or statute as from time to time amended, modified or supplemented,
including (in the case of agreements or instruments) by waiver or consent and
(in the case of statutes) by succession of comparable successor statutes and
references to all attachments thereto and instruments incorporated therein.
References to a person are also to its permitted successors and
assigns.

      

      SECTION
9.6. Counterparts. This
Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the
other parties.

      

      SECTION
9.7. Entire Agreement.
This Agreement (including the documents and instruments referred to herein) (a)
constitute the entire agreement, and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the
subject matter of this Agreement.

      

      SECTION
9.8. Governing Law;
Disputes. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of California regardless of the laws that
might otherwise govern under applicable principles of conflict of laws thereof.
..Any dispute, controversy or claim arising out of or in connection with or
relating to this Agreement, its formation or any breach or alleged breach
hereof, shall be determined and settled by arbitration in the City of Beverly
Hills, State of California, conducted by an arbitrator selected by the parties
from a panel of a private arbitration mediation service comprised essentially of
retired judges. The arbitration shall be conducted pursuant to the then existing
rules, regulations, practices and procedures of JAMS/Endispute. Any decision
rendered by the arbitrator shall be final, conclusive and binding upon the
parties to the arbitration and may be enforced by the judgment and order of any
court having competent jurisdiction. The party first submitting the dispute to
arbitration shall pay the full administrative fee (for each party to the
dispute) and shall be responsible for the total cost of the arbitrator’s time,
and any cancellation, adjournment, settlement, and/or other standard
administrative fees. All fees will be in accordance with the private arbitration
mediation service’s fee schedule in effect at the lime of the tiling. The
arbitrators shall have the right to award a party recovery of all costs relating
to the arbitration including, without limitation, the above mentioned fees and
costs, as well as reimbursement of legal fees and expenses.

      
        
           

        

        
          Page 24 of
26

          
            

          

        

        
           

        

      

       

      SECTION
9.9. Assignment. Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement shall be assigned, in whole or in pan, by operation of law or
otherwise by either of the parties hereto without the prior written consent of
the other party. Any assignment in violation of the preceding sentence shall be
void. Subject to the preceding two sentences, this Agreement will be binding
upon, inure to the benefit of, and be enforceable by, the parties and their
respective successors and assigns.

      

      SECTION
9.10. Headings. The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this
Agreement.

      

      SECTION
9.11. Severability. If
any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any rule of law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect.
Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as
closely as possible to the fullest extent permitted by applicable law in an
acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the extent possible.

      

      [SIGNATURE
PAGE FOLLOWS]

      
        
           

        

        
          Page 25 of
26

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, AAC and AmbiCom have caused this Agreement to be signed by
their respective officers thereunto duly authorized, all as of the date first
written above.

      

      

      

      

      
        	 
      	
                AmbiCom,
      Inc., a California corporation

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Kenneth Cheng

              	 
      
	 
      	
                Name:

              	
                Kenneth
      Cheng

              	 
      
	 
      	
                Title:

              	
                Chief
      Executive Officer

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                AmbiCom
      Acquisition Corp., a Nevada corporation

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Lynn Tanner

              	 
      
	 
      	
                Name:

              	
                Lynn
      Tanner

              	 
      
	 
      	
                Title:

              	
                President

              	 
      

      

       

      
Page 26 of
26ex10_4.htm

    

    Exhibit
10.4

    

    AMBICOM
HOLDINGS, INC.

    2010
INCENTIVE PLAN

    

    

    SECTION
1.  PURPOSE

     

    The
purpose of the AmbiCom Holdings, Inc. 2010 Incentive Plan is to attract, retain
and motivate employees, officers, directors, consultants, agents, advisors and
independent contractors of the Company and its Related Companies by providing
them the opportunity to acquire a proprietary interest in the Company and to
align their interests and efforts to the long-term interests of the Company’s
stockholders.

    

    SECTION
2.  DEFINITIONS

     

    Certain
capitalized terms used in the Plan have the meanings set forth in Appendix
A

    

    SECTION
3.  ADMINISTRATION

     

    3.1           Administration of the
Plan.

     

    The Plan
shall be administered by the Board or the Compensation Committee.  The
Compensation Committee shall be composed of two or more directors, each of whom
is a “non-employee director” within the meaning of Rule 16b-3(b)(3) promulgated
under the Exchange Act, or any successor definition adopted by the Securities
and Exchange Commission.  As used in this Plan, the term “Compensation
Committee” shall be construed as if followed by the words “(if any)”; and
nothing in this Plan requires the Board to have a Compensation
Committee.

     

    3.2           Delegation.

     

    Notwithstanding
the foregoing, the Board may delegate responsibility for administering the Plan
with respect to designated classes of Eligible Persons to different committees
consisting of one or more members of the Board, subject to such limitations as
the Board deems appropriate, except with respect to Awards to any Participants
who are then subject to Section 16 of the Exchange Act.  Members of
any committee shall serve for such term as the Board may determine, subject to
removal by the Board at any time.  To the extent consistent with
applicable law, the Board or the Compensation Committee may authorize one or
more officers of the Company to grant Awards to designated classes of Eligible
Persons, within limits specifically prescribed by the Board or the Compensation
Committee; provided, however, that no such officer shall have or obtain
authority to grant Awards to himself or herself or to any person then subject to
Section 16 of the Exchange Act.  All references in the Plan to the
“Committee” shall be, as applicable, to the Board, the Compensation Committee or
any other committee or any officer to whom the Board or the Compensation
Committee has delegated authority to administer the Plan.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    3.3           Administration and
Interpretation by Committee.

     

    (a)
Except for the terms and conditions explicitly set forth in the Plan and to the
extent permitted by applicable law, the Committee shall have full power and
exclusive authority, subject to such orders or resolutions not inconsistent with
the provisions of the Plan as may from time to time be adopted by the Board or a
Committee composed of members of the Board, to (i) select the Eligible Persons
to whom Awards may from time to time be granted under the Plan; (ii) determine
the type or types of Award to be granted to each Participant under the Plan;
(iii) determine the number of shares of Common Stock to be covered by each Award
granted under the Plan; (iv) determine the terms and conditions of any Award
granted under the Plan; (v) approve the forms of notice or agreement for use
under the Plan; (vi) determine whether, to what extent and under what
circumstances Awards may be settled in cash, shares of Common Stock or other
property or canceled or suspended; (vii) determine whether, to what extent and
under what circumstances cash, shares of Common Stock, other property and other
amounts payable with respect to an Award shall be deferred either automatically
or at the election of the Participant; (viii) interpret and administer the Plan
and any instrument evidencing an Award, notice or agreement executed or entered
into under the Plan; (ix) establish such rules and regulations as it shall deem
appropriate for the proper administration of the Plan; (x) delegate ministerial
duties to such of the Company’s employees as it so determines; and (xi) make any
other determination and take any other action that the Committee deems necessary
or desirable for administration of the Plan.

     

    (b) The
Committee shall have the right, without stockholder approval, to cancel or amend
outstanding Options or SARs for the purpose of repricing, replacing or
regranting such Options or SARs with Options or SARs that have a purchase or
grant price that is less than the purchase or grant price for the original
Options or SARs except in connection with adjustments provided in Section
15.

     

    (c) The
effect on the vesting of an Award of a Company-approved leave of absence or a
Participant’s working less than full-time shall be determined by the Company’s
chief human resources officer or other person performing that function or, with
respect to directors or executive officers, by the Committee, whose
determination shall be final.

     

    (d)
Decisions of the Committee shall be final, conclusive and binding on all
persons, including the Company, any Participant, any stockholder and any
Eligible Person.  A majority of the members of the Committee may
determine its actions.

     

    SECTION 4.  SHARES SUBJECT
TO THE PLAN

     

    4.1           Authorized Number of
Shares.

     

    Subject
to adjustment from time to time as provided in Section 15.1, a maximum of Two
Million Two Hundred and Seventy-Seven Thousand Seven Hundred and Seventy Eight
(2,277,778) shares of Common Stock shall be available for issuance under the
Plan.  Shares issued under the Plan shall be drawn from authorized and
unissued shares or shares now held or subsequently acquired by the Company as
treasury shares.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    4.2           Share
Usage.

     

    (a)
Shares of Common Stock covered by an Award shall not be counted as used unless
and until they are actually issued and delivered to a Participant.  If
any Award lapses, expires, terminates or is canceled prior to the issuance of
shares thereunder or if shares of Common Stock are issued under the Plan to a
Participant and thereafter are forfeited to or otherwise reacquired by the
Company, the shares subject to such Awards and the forfeited or reacquired
shares shall again be available for issuance under the Plan.  Any
shares of Common Stock (i) tendered by a Participant or retained by the Company
as full or partial payment to the Company for the purchase price of an Award or
to satisfy tax withholding obligations in connection with an Award, or (ii)
covered by an Award that is settled in cash, or in a manner such that some or
all of the shares of Common Stock covered by the Award are not issued, shall be
available for Awards under the Plan.  The number of shares of Common
Stock available for issuance under the Plan shall not be reduced to reflect any
dividends or dividend equivalents that are reinvested into additional shares of
Common Stock or credited as additional shares of Common Stock subject or paid
with respect to an Award.

     

    (b) The
Committee shall also, without limitation, have the authority to grant Awards as
an alternative to or as the form of payment for grants or rights earned or due
under other compensation plans or arrangements of the Company.

     

    (c)
Notwithstanding anything in the Plan to the contrary, the Committee may grant
Substitute Awards under the Plan.  Substitute Awards shall not reduce
the number of shares authorized for issuance under the Plan.  In the
event that an Acquired Entity has shares available for awards or grants under
one or more preexisting plans not adopted in contemplation of such acquisition
or combination, then, to the extent determined by the Committee, the shares
available for grant pursuant to the terms of such preexisting plan (as adjusted,
to the extent appropriate, using the exchange ratio or other adjustment or
valuation ratio or formula used in such acquisition or combination to determine
the consideration payable to holders of common stock of the entities that are
parties to such acquisition or combination) may be used for Awards under the
Plan and shall not reduce the number of shares of Common Stock authorized for
issuance under the Plan; provided, however, that Awards using such available
shares shall not be made after the date awards or grants could have been made
under the terms of such preexisting plans, absent the acquisition or
combination, and shall only be made to individuals who were not employees or
directors of the Company or a Related Company prior to such acquisition or
combination.  In the event that a written agreement between the
Company and an Acquired Entity pursuant to which a merger or consolidation is
completed is approved by the Board and that agreement sets forth the terms and
conditions of the substitution for or assumption of outstanding awards of the
Acquired Entity, those terms and conditions shall be deemed to be the action of
the Committee without any further action by the Committee, except as may be
required for compliance with Rule 16b-3 under the Exchange Act, and the persons
holding such awards shall be deemed to be Participants.

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    (d)
Notwithstanding the other provisions in this Section 4.2, the maximum number of
shares that may be issued upon the exercise of Incentive Stock Options shall
equal the aggregate share number stated in Section 4.1, subject to adjustment as
provided in Section 15.1.

    

    SECTION
5.  ELIGIBILITY

     

    An Award
may be granted to any employee, officer or director of the Company or a Related
Company whom the Committee from time to time selects.  An Award may
also be granted to any consultant, agent, advisor or independent contractor for
bona fide services rendered to the Company or any Related Company that (a) are
not in connection with the offer and sale of the Company’s securities in a
capital-raising transaction and (b) do not directly or indirectly promote or
maintain a market for the Company’s securities.

     

    SECTION
6.  AWARDS

     

    6.1           Form, Grant and Settlement
of Awards.

     

    The
Committee shall have the authority, in its sole discretion, to determine the
type or types of Awards to be granted under the Plan.  Such Awards may
be granted either alone or in addition to or in tandem with any other type of
Award.  Any Award settlement may be subject to such conditions,
restrictions and contingencies as the Committee shall determine.

     

    6.2           Evidence of
Awards.

     

    Awards
granted under the Plan shall be evidenced by a written, including an electronic,
notice or agreement that shall contain such terms, conditions, limitations and
restrictions as the Committee shall deem advisable and that are not inconsistent
with the Plan.

     

    6.3           Deferrals.

     

    The
Committee may permit or require a Participant to defer receipt of the payment of
any Award if and to the extent set forth in the instrument evidencing the Award
at the time of grant.  If any such deferral election is permitted or
required, the Committee, in its sole discretion, shall establish rules and
procedures for such payment deferrals, which may include the grant of additional
Awards or provisions for the payment or crediting of interest or dividend
equivalents, including converting such credits to deferred stock unit
equivalents; provided, however, that the terms of any deferrals under this
Section 6.3 shall comply with all applicable law, rules and regulations,
including, without limitation, Section 409A of the Code.

     

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    
      6.4           Dividends and
Distributions.

         

    

    Participants
may, if and to the extent the Committee so determines and sets forth in the
instrument evidencing the Award at the time of grant, be credited with dividends
paid with respect to shares of Common Stock underlying an Award in a manner
determined by the Committee in its sole discretion.  The Committee may
apply any restrictions to the dividends or dividend equivalents that the
Committee deems appropriate.  The Committee, in its sole discretion,
may determine the form of payment of dividends or dividend equivalents,
including cash, shares of Common Stock, Restricted Stock or Stock
Units.

    

    SECTION
7.  OPTIONS

     

    7.1           Grant of
Options.

     

    The
Committee may grant Options designated as Incentive Stock Options or
Nonqualified Stock Options.

     

    7.2           Option Exercise
Price.

     

    The
exercise price for shares purchased under an Option shall be at least 100% of
the Fair Market Value on the Grant Date (and shall not be less than the minimum
exercise price required by Section 422 of the Code with respect to Incentive
Stock Options), except in the case of Substitute Awards.

     

    7.3           Term of
Options.

     

    Subject
to earlier termination in accordance with the terms of the Plan and the
instrument evidencing the Option, the maximum term of a Nonqualified Stock
Option shall be ten years from the Grant Date.

     

    7.4           Exercise of
Options.

     

    The
Committee shall establish and set forth in each instrument that evidences an
Option the time at which, or the installments in which, the Option shall vest
and become exercisable, any of which provisions may be waived or modified by the
Committee at any time.

     

    To the
extent an Option has vested and become exercisable, the Option may be exercised
in whole or from time to time in part by delivery to or as directed or approved
by the Company of a properly executed stock option exercise agreement or notice,
in a form and in accordance with procedures established by the Committee,
setting forth the number of shares with respect to which the Option is being
exercised, the restrictions imposed on the shares purchased under such exercise
agreement, if any, and such representations and agreements as may be required by
the Committee, accompanied by payment in full as described in Sections 7.5 and
13.  An Option may be exercised only for whole shares and may not be
exercised for less than a reasonable number of shares at any one time, as
determined by the Committee.

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    7.5           Payment of Exercise
Price.

     

    The
exercise price for shares purchased under an Option shall be paid in full to the
Company by delivery of consideration equal to the product of the Option exercise
price and the number of shares purchased.  Such consideration must be
paid before the Company will issue the shares being purchased and must be in a
form or a combination of forms acceptable to the Committee for that purchase,
which forms may include:

     

    (a)
cash;

     

    (b) check
or wire transfer;

    

    (c)
having the Company withhold shares of Common Stock that would otherwise be
issued on exercise of the Option that have an aggregate Fair Market Value equal
to the aggregate exercise price of the shares being purchased under the
Option;

     

    (d)
tendering (either actually or, so long as the Common Stock is registered under
Section 12(b) or 12(g) of the Exchange Act, by attestation) shares of Common
Stock owned by the Participant that have an aggregate Fair Market Value equal to
the aggregate exercise price of the shares being purchased under the
Option;

     

    (e) so
long as the Common Stock is registered under Section 12(b) or 12(g) of the
Exchange Act, and to the extent permitted by law, delivery of a properly
executed exercise notice, together with irrevocable instructions to a brokerage
firm designated or approved by the Company to deliver promptly to the Company
the aggregate amount of  proceeds to pay the Option exercise price and
any withholding tax obligations that may arise in connection with the exercise,
all in accordance with the regulations of the Federal Reserve Board;
or

     

    (f) such
other consideration as the Committee may permit.

     

    7.6           Effect of Termination of
Service.

     

    The
Committee shall establish and set forth in each instrument that evidences an
Option whether the Option shall continue to be exercisable, and the terms and
conditions of such exercise, after a Termination of Service, any of which
provisions may be waived or modified by the Committee at any time.  If
not so established in the instrument evidencing the Option, the Option shall be
exercisable according to the following terms and conditions, which may be waived
or modified by the Committee at any time:

     

    (a) Any
portion of an Option that is not vested and exercisable on the date of a
Participant’s Termination of Service shall expire on such date.

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    (b) Any
portion of an Option that is vested and exercisable on the date of a
Participant’s Termination of Service shall expire on the earliest to occur
of:

     

    (i) if
the Participant’s Termination of Service occurs for reasons other than Cause,
Retirement, Disability or death, the date that is three months after such
Termination of Service;

     

    (ii) if
the Participant’s Termination of Service occurs by reason of Retirement,
Disability or death, the one-year anniversary of such Termination of Service;
and

     

    (iii) the
Option Expiration Date.

     

    Notwithstanding
the foregoing, if a Participant dies after his or her Termination of Service but
while an Option is otherwise exercisable, the portion of the Option that is
vested and exercisable on the date of such Termination of Service shall expire
upon the earlier to occur of (y) the Option Expiration Date and (z) the one-year
anniversary of the date of death, unless the Committee determines
otherwise.

     

    Also
notwithstanding the foregoing, in case a Participant’s Termination of Service
occurs for Cause, all Options granted to the Participant shall automatically
expire upon first notification to the Participant of such termination, unless
the Committee determines otherwise.  If a Participant’s employment or
service relationship with the Company is suspended pending an investigation of
whether the Participant shall be terminated for Cause, all the Participant’s
rights under any Option shall likewise be suspended during the period of
investigation.  If any facts that would constitute termination for
Cause are discovered after a Participant’s Termination of Service, any Option
then held by the Participant may be immediately terminated by the Committee, in
its sole discretion.

     

    (c) If
the exercise of the Option following a Participant’s Termination of Service, but
while the Option is otherwise exercisable, would be prohibited solely because
the issuance of Common Stock would violate either the registration requirements
under the Securities Act or the Company’s insider trading policy, then the
Option shall remain exercisable until the earlier of (i) the Option Expiration
Date and (ii) the expiration of a period of three months (or such longer period
of time as determined by the Committee in its sole discretion) after the
Participant’s Termination of Service during which the exercise of the Option
would not be in violation of such Securities Act or insider trading policy
requirements.

     

    SECTION 8.  INCENTIVE STOCK
OPTION LIMITATIONS

     

    Notwithstanding
any other provisions of the Plan, the terms and conditions of any Incentive
Stock Options shall in addition comply in all respects with Section 422 of the
Code, or any successor provision, and any applicable regulations thereunder,
including, to the extent required thereunder, the following:

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    8.1           Dollar
Limitation.

     

    To the
extent the aggregate Fair Market Value (determined as of the Grant Date) of
Common Stock with respect to which a Participant’s Incentive Stock Options
become exercisable for the first time during any calendar year (under the Plan
and all other stock option plans of the Company and its parent and subsidiary
corporations) exceeds $100,000, such portion in excess of $100,000 shall be
treated as a Nonqualified Stock Option.  In the event the Participant
holds two or more such Options that become exercisable for the first time in the
same calendar year, such limitation shall be applied on the basis of the order
in which such Options are granted.

     

    8.2           Eligible
Employees.

     

    Individuals
who are not employees of the Company or one of its parent or subsidiary
corporations may not be granted Incentive Stock Options.

     

    8.3           Exercise
Price.

     

    The
exercise price of an Incentive Stock Option shall be at least 100% of the Fair
Market Value of the Common Stock on the Grant Date, and in the case of an
Incentive Stock Option granted to a Participant who owns more than 10% of the
total combined voting power of all classes of the stock of the Company or of its
parent or subsidiary corporations (a “Ten Percent Stockholder”), shall not be
less than 110% of the Fair Market Value of the Common Stock on the Grant
Date.  The determination of more than 10% ownership shall be made in
accordance with Section 422 of the Code.

    

    8.4           Option
Term.

     

    Subject
to earlier termination in accordance with the terms of the Plan and the
instrument evidencing the Option, the maximum term of an Incentive Stock Option
shall not exceed ten years, and in the case of an Incentive Stock Option granted
to a Ten Percent Stockholder, shall not exceed five years.

     

    8.5           Exercisability.

     

    An Option
designated as an Incentive Stock Option shall cease to qualify for favorable tax
treatment as an Incentive Stock Option to the extent it is exercised (if
permitted by the terms of the Option) (a) more than three months after the date
of a Participant’s Termination of Service if termination was for reasons other
than death or disability, (b) more than one year after the date of a
Participant’s Termination of Service if termination was by reason of disability,
or (c) after the Participant has been on leave of absence for more than 90 days,
unless the Participant’s reemployment rights are guaranteed by statute or
contract.

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    8.6           Taxation of Incentive Stock
Options.

     

    In order
to obtain certain tax benefits afforded to Incentive Stock Options under Section
422 of the Code, the Participant must hold the shares acquired upon the exercise
of an Incentive Stock Option for two years after the Grant Date and one year
after the date of exercise.

     

    A
Participant may be subject to the alternative minimum tax at the time of
exercise of an Incentive Stock Option.  The Participant shall give the
Company prompt notice of any disposition of shares acquired on the exercise of
an Incentive Stock Option prior to the expiration of such holding
periods.

     

    8.7           Code
Definitions.

     

    For the
purposes of this Section 8 “disability,” “parent corporation” and “subsidiary
corporation” shall have the meanings attributed to those terms for purposes of
Section 422 of the Code.

     

    SECTION
9.  STOCK APPRECIATION RIGHTS

     

    9.1           Grant of Stock Appreciation
Rights.

     

    The
Committee may grant Stock Appreciation Rights to Participants at any time on
such terms and conditions as the Committee shall determine in its sole
discretion.  An SAR may be granted in tandem with an Option or alone
(“freestanding”).  The grant price of a tandem SAR shall be equal to
the exercise price of the related Option.  The grant price of a
freestanding SAR shall be established in accordance with procedures for Options
set forth in Section 7.2.  An SAR may be exercised upon such terms and
conditions and for the term as the Committee determines in its sole discretion;
provided, however, that, subject to earlier termination in accordance with the
terms of the Plan and the instrument evidencing the SAR, the maximum term of a
freestanding SAR shall be ten years, and in the case of a tandem SAR, (a) the
term shall not exceed the term of the related Option and (b) the tandem SAR may
be exercised for all or part of the shares subject to the related Option upon
the surrender of the right to exercise the equivalent portion of the related
Option, except that the tandem SAR may be exercised only with respect to the
shares for which its related Option is then exercisable.

    

    9.2           Payment of SAR
Amount.

     

    Upon the
exercise of an SAR, a Participant shall be entitled to receive payment in an
amount determined by multiplying:  (a) the difference between the Fair
Market Value of the Common Stock on the date of exercise over the grant price of
the SAR by (b) the number of shares with respect to which the SAR is
exercised.  At the discretion of the Committee as set forth in the
instrument evidencing the Award, the payment upon exercise of an SAR may be in
cash, in shares, in some combination thereof or in any other manner approved by
the Committee in its sole discretion.

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    9.3           Waiver of
Restrictions.

     

    Subject
to Section 18.5, the Committee, in its sole discretion, may waive any other
terms, conditions or restrictions on any SAR under such circumstances and
subject to such terms and conditions as the Committee shall deem
appropriate.

     

    SECTION
10.  STOCK AWARDS, RESTRICTED STOCK AND STOCK UNITS

     

    10.1         Grant of Stock Awards,
Restricted Stock and Stock Units.

     

    The
Committee may grant Stock Awards, Restricted Stock and Stock Units on such terms
and conditions and subject to such repurchase or forfeiture restrictions, if
any, which may be based on continuous service with the Company or a Related
Company or the achievement of any performance goals, as the Committee shall
determine in its sole discretion, which terms, conditions and restrictions shall
be set forth in the instrument evidencing the Award.

     

    10.2         Vesting of Restricted Stock
and Stock Units.

     

    Upon the
satisfaction of any terms, conditions and restrictions prescribed with respect
to Restricted Stock or Stock Units, or upon a Participant’s release from any
terms, conditions and restrictions of Restricted Stock or Stock Units, as
determined by the Committee, and subject to the provisions of Section 13, (a)
the shares of Restricted Stock covered by each Award of Restricted Stock shall
become freely transferable by the Participant, and (b) Stock Units shall be paid
in shares of Common Stock or, if set forth in the instrument evidencing the
Awards, in cash or a combination of cash and shares of Common
Stock.  Any fractional shares subject to such Awards shall be paid to
the Participant in cash.

     

    10.3         Waiver of
Restrictions.

     

    Subject
to Section 18.5, the Committee, in its sole discretion, may waive the repurchase
or forfeiture period and any other terms, conditions or restrictions on any
Restricted Stock or Stock Unit under such circumstances and subject to such
terms and conditions as the Committee shall deem appropriate.

     

    SECTION
11.  PERFORMANCE AWARDS

     

    11.1         Performance
Shares.

     

    The
Committee may grant Awards of Performance Shares, designate the Participants to
whom Performance Shares are to be awarded and determine the number of
Performance Shares and the terms and conditions of each such
Award.  Performance Shares shall consist of a unit valued by reference
to a designated number of shares of Common Stock, the value of which may be paid
to the Participant by delivery of shares of Common Stock or, if set forth in the
instrument evidencing the Award, of such property as the Committee shall
determine, including, without limitation, cash, shares of Common Stock, other
property, or any combination thereof, upon the attainment of performance goals,
as established by the Committee, and other terms and conditions specified by the
Committee.  Subject to Section 18.5, the amount to be paid under an
Award of Performance Shares may be adjusted on the basis of such further
consideration as the Committee shall determine in its sole
discretion.

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    11.2         Performance
Units.

     

    The
Committee may grant Awards of Performance Units, designate the Participants to
whom Performance Units are to be awarded and determine the number of Performance
Units and the terms and conditions of each such Award.  Performance
Units shall consist of a unit valued by reference to a designated amount of
property other than shares of Common Stock, which value may be paid to the
Participant by delivery of such property as the Committee shall determine,
including, without limitation, cash, shares of Common Stock, other property, or
any combination thereof, upon the attainment of performance goals, as
established by the Committee, and other terms and conditions specified by the
Committee.  Subject to Section 18.5, the amount to be paid under an
Award of Performance Units may be adjusted on the basis of such further
consideration as the Committee shall determine in its sole
discretion.

     

    SECTION 12.  OTHER STOCK OR
CASH-BASED AWARDS

     

    Subject
to the terms of the Plan and such other terms and conditions as the Committee
deems appropriate, the Committee may grant other incentives payable in cash or
in shares of Common Stock under the Plan.

     

    SECTION
13.  WITHHOLDING

     

    The
Company may require the Participant to pay to the Company the amount of (a) any
taxes that the Company is required by applicable federal, state, local or
foreign law to withhold with respect to the grant, vesting or exercise of an
Award (“tax withholding obligations”) and (b) any amounts due from the
Participant to the Company or to any Related Company (“other
obligations”).  The Company shall not be required to issue any shares
of Common Stock or otherwise settle an Award under the Plan until such tax
withholding obligations and other obligations are satisfied.

    

    The
Committee may permit or require a Participant to satisfy all or part of the
Participant’s tax withholding obligations and other obligations by (a) paying
cash to the Company, (b) having the Company withhold an amount from any cash
amounts otherwise due or to become due from the Company to the Participant, (c)
having the Company withhold a number of shares of Common Stock that would
otherwise be issued to the Participant (or become vested, in the case of
Restricted Stock) having a Fair Market Value equal to the tax withholding
obligations and other obligations, or (d) surrendering a number of shares of
Common Stock the Participant already owns having a value equal to the tax
withholding obligations and other obligations.  The value of the
shares so withheld or tendered may not exceed the employer’s minimum required
tax withholding rate.

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    SECTION
14.  ASSIGNABILITY

     

    No Award
or interest in an Award may be sold, assigned, pledged (as collateral for a loan
or as security for the performance of an obligation or for any other purpose) or
transferred by a Participant or made subject to attachment or similar
proceedings otherwise than by will or by the applicable laws of descent and
distribution, except to the extent the Participant designates one or more
beneficiaries on a Company-approved form who may exercise the Award or receive
payment under the Award after the Participant’s death.  During a
Participant’s lifetime, an Award may be exercised only by the
Participant.  Notwithstanding the foregoing and to the extent
permitted by Section 422 of the Code, the Committee, in its sole discretion, may
permit a Participant to assign or transfer an Award subject to such terms and
conditions as the Committee shall specify.

     

    SECTION
15.  ADJUSTMENTS

     

    15.1         Adjustment of
Shares.

     

    In the
event, at any time or from time to time, a stock dividend, stock split,
spin-off, combination or exchange of shares, recapitalization, merger,
consolidation, distribution to stockholders other than a normal cash dividend,
or other change in the Company’s corporate or capital structure results in (a)
the outstanding shares of Common Stock, or any securities exchanged therefor or
received in their place, being exchanged for a different number or kind of
securities of the Company or (b) new, different or additional securities of the
Company or any other company being received by the holders of shares of Common
Stock, then the Committee shall make proportional adjustments in (i) the maximum
number and kind of securities available for issuance under the Plan; (ii) the
maximum number and kind of securities issuable as Incentive Stock Options as set
forth in Section 4.2; and (iii) the number and kind of securities that are
subject to any outstanding Award and the per share price of such securities,
without any change in the aggregate price to be paid therefor.  The
determination by the Committee, as to the terms of any of the foregoing
adjustments shall be conclusive and binding.

     

    Notwithstanding
the foregoing, the issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, for cash or property,
or for labor or services rendered, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities,
shall not affect, and no adjustment by reason thereof shall be made with respect
to, outstanding Awards.  Also notwithstanding the foregoing, a
dissolution or liquidation of the Company or a Company Transaction shall not be
governed by this Section 15.1 but shall be governed by Sections 15.2 and 15.3,
respectively.

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    15.2         Dissolution or
Liquidation.

     

    To the
extent not previously exercised or settled, and unless otherwise determined by
the Committee in its sole discretion, Awards shall terminate immediately prior
to the dissolution or liquidation of the Company.  To the extent a
vesting condition, forfeiture provision or repurchase right applicable to an
Award has not been waived by the Committee, the Award shall be forfeited
immediately prior to the consummation of the dissolution or
liquidation.

     

    15.3         Change in
Control.

     

    Notwithstanding
any other provision of the Plan to the contrary, unless the Committee shall
determine otherwise in the instrument evidencing the Award or in a written
employment, services or other agreement between the Participant and the Company
or a Related Company, in the event of a Change in Control:

     

    (a) All
outstanding Awards, other than Performance Shares and Performance Units, shall
become fully and immediately exercisable, and all applicable deferral and
restriction limitations or forfeiture provisions shall lapse, immediately prior
to the Change in Control and shall terminate at the effective time of the Change
in Control; provided, however, that with respect to a Change in Control that is
a Company Transaction, such Awards shall become fully and immediately
exercisable, and all applicable deferral and restriction limitations or
forfeiture provisions shall lapse, only if and to the extent such Awards are not
converted, assumed or replaced by the Successor Company.

     

    For the
purposes of this Section 15.3(a), an Award shall be considered converted,
assumed or replaced by the Successor Company if following the Company
Transaction the option or right confers the right to purchase or receive, for
each share of Common Stock subject to the Award immediately prior to the Company
Transaction, the consideration (whether stock, cash or other securities or
property) received in the Company Transaction by holders of Common Stock for
each share held on the effective date of the transaction (and if holders were
offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares); provided, however, that if
such consideration received in the Company Transaction is not solely common
stock of the Successor Company, the Committee may, with the consent of the
Successor Company, provide for the consideration to be received upon the
exercise of the Option, for each share of Common Stock subject thereto, to be
solely common stock of the Successor Company substantially equal in fair market
value to the per share consideration received by holders of Common Stock in the
Company Transaction.  The determination of such substantial equality
of value of consideration shall be made by the Committee, and its determination
shall be conclusive and binding.

     

    (b) All
Performance Shares or Performance Units earned and outstanding as of the date
the Change in Control is determined to have occurred shall be payable in full at
the target level in accordance with the payout schedule pursuant to the
instrument evidencing the Award.  Any remaining Performance Shares or
Performance Units (including any applicable performance period) for which the
payout level has not been determined shall be prorated at the target payout
level up to and including the date of such Change in Control and shall be
payable in full at the target level in accordance with the payout schedule
pursuant to the instrument evidencing the Award.  Any existing
deferrals or other restrictions not waived by the Committee in its sole
discretion shall remain in effect.

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    (c)
Notwithstanding Sections 15.3(a) and 15.3(b), the Committee, in its sole
discretion, may (unless otherwise provided in the instrument evidencing the
Award or in a written employment, services or other agreement between the
Participant and the Company or a Related Company) instead provide in the event
of a Change in Control that is a Company Transaction (i) for adjustments to the
Plan and outstanding Awards as contemplated by Section 15.1 or (ii) that a
Participant’s outstanding Awards shall terminate upon or immediately prior to
such Company Transaction and that such Participant shall receive, in exchange
therefor, a cash payment equal to the amount (if any) by which (x) the value of
the per share consideration received by holders of Common Stock in the Company
Transaction, or, if the Company Transaction is a sale of assets or otherwise
does not result in direct receipt of consideration by holders of Common Stock,
the value of the deemed per share consideration received, in each case as
determined by the Committee in its sole discretion, multiplied by the number of
shares of Common Stock subject to such outstanding Awards (to the extent then
vested and exercisable or whether or not then vested and exercisable, as
determined by the Committee in its sole discretion) exceeds (y) if applicable,
the respective aggregate exercise price or grant price for such
Awards.

     

    15.4         Further Adjustment of
Awards.

     

    Subject
to Sections 15.2 and 15.3, the Committee shall have the discretion, exercisable
at any time before a sale, merger, consolidation, reorganization, liquidation,
dissolution or change in control of the Company, as defined by the Committee, to
take such further action as it determines to be necessary or advisable with
respect to Awards.  Such authorized action may include (but shall not
be limited to) establishing, amending or waiving the type, terms, conditions or
duration of, or restrictions on, Awards so as to provide for earlier, later,
extended or additional time for exercise, lifting restrictions and other
modifications, and the Committee may take such actions with respect to all
Participants, to certain categories of Participants or only to individual
Participants.  The Committee may take such action before or after
granting Awards to which the action relates and before or after any public
announcement with respect to such sale, merger, consolidation, reorganization,
liquidation, dissolution or change in control that is the reason for such
action.

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    
      15.5        
No
Limitations.

    

    

    The grant
of Awards shall in no way affect the Company’s right to adjust, reclassify,
reorganize or otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets.

     

    15.6         Fractional
Shares.

     

    In the
event of any adjustment in the number of shares covered by any Award, each such
Award shall cover only the number of full shares resulting from such
adjustment.

    

    15.7         Section 409A of the
Code.

     

    Notwithstanding
anything in this Plan to the contrary, (a) any adjustments made pursuant to this
Section 15 or any other amendments to Awards that are considered “deferred
compensation” within the meaning of Section 409A of the Code shall be made in
compliance with the requirements of Section 409A of the Code and (b) any
adjustments made pursuant to this Section 15 or any other amendments to Awards
that are not considered “deferred compensation” subject to Section 409A of the
Code shall be made in such a manner as to ensure that after such adjustment or
amendment the Awards either (i) continue not to be subject to Section 409A of
the Code or (ii) comply with the requirements of Section 409A of the
Code.

     

    SECTION
16.  MARKET STANDOFF

     

    In the
event of an underwritten public offering by the Company of its equity securities
pursuant to an effective registration statement filed under the Securities Act
(including any registration statement that registers for resale any shares
issued in the Company’s Alternative Public Offering), no person may sell, make
any short sale of, loan, hypothecate, pledge, grant any option for the purchase
of, or otherwise dispose of or transfer for value or otherwise agree to engage
in any of the foregoing transactions with respect to any shares issued pursuant
to an Award granted under the Plan without the prior written consent of the
Company or its underwriters.  Such limitations shall be in effect for
such period of time as may be requested by the Company or such underwriters;
provided, however, that in no event shall such period exceed (a) 180 days after
the effective date of the registration statement for such public offering or (b)
such longer period requested by the underwriter as is necessary to comply with
regulatory restrictions on the publication of research reports (including, but
not limited to, NYSE Rule 472 or NASD Conduct Rule 2711).  The
limitations of this Section 16 shall in all events terminate two years after the
effective date of the Company’s Alternative Public Offering.

     

    In the
event of any stock split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the Company’s outstanding
Common Stock effected as a class without the Company’s receipt of consideration,
any new, substituted or additional securities distributed with respect to any
shares issued as or pursuant to an Award under the Plan shall be immediately
subject to the provisions of this Section 16, to the same extent such shares are
at such time covered by such provisions.

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    In order
to enforce the limitations of this Section 16, the Company may impose
stop-transfer instructions with respect to the purchased shares until the end of
the applicable standoff period.

     

    SECTION
17.  AMENDMENT AND TERMINATION

     

    17.1         Amendment, Suspension or
Termination.

     

    The Board
or the Compensation Committee may amend, suspend or terminate the Plan or any
portion of the Plan at any time and in such respects as it shall deem advisable;
provided, however, that, to the extent required by applicable law, regulation or
stock exchange rule, stockholder approval shall be required for any amendment to
the Plan; and provided, further, that any amendment that requires stockholder
approval may be made only by the Board and not by the Compensation
Committee.  Subject to Section 17.3, the Committee may amend the terms
of any outstanding Award, prospectively or retroactively.

    

    17.2         Term of the
Plan.

     

    Unless
sooner terminated as provided herein, the Plan shall terminate ten years from
the Effective Date.  After the Plan is terminated, no future Awards
may be granted, but Awards previously granted shall remain outstanding in
accordance with their applicable terms and conditions and the Plan’s terms and
conditions.  Notwithstanding the foregoing, no Incentive Stock Options
may be granted more than ten years after the later of:  (a) the
adoption of the Plan by the Board and (b) the adoption by the Board of any
amendment to the Plan that constitutes the adoption of a new plan for purposes
of Section 422 of the Code.

     

    17.3         Consent of
Participant.

     

    The
amendment, suspension or termination of the Plan or a portion thereof or the
amendment of an outstanding Award shall not, without the Participant’s consent,
materially adversely affect any rights under any Award theretofore granted to
the Participant under the Plan.  Any change or adjustment to an
outstanding Incentive Stock Option shall not, without the consent of the
Participant, be made in a manner so as to constitute a “modification” that would
cause such Incentive Stock Option to fail to continue to qualify as an Incentive
Stock Option.  Notwithstanding the foregoing, any adjustments made
pursuant to Section 15 shall not be subject to these restrictions.

     

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

       

    
      SECTION
18.  GENERAL

       

      18.1         No Individual
Rights.
   

    

    No
individual or Participant shall have any claim to be granted any Award under the
Plan, and the Company has no obligation for uniformity of treatment of
Participants under the Plan.

     

    Furthermore,
nothing in the Plan or any Award granted under the Plan shall be deemed to
constitute an employment contract or confer or be deemed to confer on any
Participant any right to continue in the employ of, or to continue any other
relationship with, the Company or any Related Company or limit in any way the
right of the Company or any Related Company to terminate a Participant’s
employment or other relationship at any time, with or without
cause.

     

    18.2         Issuance of
Shares.

     

    Notwithstanding
any other provision of the Plan, the Company shall have no obligation to issue
or deliver any shares of Common Stock under the Plan or make any other
distribution of benefits under the Plan unless, in the opinion of the Company’s
counsel, such issuance, delivery or distribution would comply with all
applicable laws (including, without limitation, the requirements of the
Securities Act or the laws of any state or foreign jurisdiction) and the
applicable requirements of any securities exchange or similar
entity.

     

    The
Company shall be under no obligation to any Participant to register for offering
or resale or to qualify for exemption under the Securities Act, or to register
or qualify under the laws of any state or foreign jurisdiction, any shares of
Common Stock, security or interest in a security paid or issued under, or
created by, the Plan, or to continue in effect any such registrations or
qualifications if made.

    

    As a
condition to the exercise of an Option or any other receipt of Common Stock
pursuant to an Award under the Plan, the Company may require (a) the Participant
to represent and warrant at the time of any such exercise or receipt that such
shares are being purchased or received only for the Participant’s own account
and without any present intention to sell or distribute such shares and (b) such
other action or agreement by the Participant as may from time to time be
necessary to comply with the federal, state and foreign securities
laws.  At the option of the Company, a stop-transfer order against any
such shares may be placed on the official stock books and records of the
Company, and a legend indicating that such shares may not be pledged, sold or
otherwise transferred, unless an opinion of counsel (satisfactory to the
Company, in its sole discretion) is provided stating that such transfer is not
in violation of any applicable law or regulation, may be stamped on stock
certificates to ensure exemption from registration.  The Committee may
also require the Participant to execute and deliver to the Company a purchase
agreement or such other agreement as may be in use by the Company at such time
that describes certain terms and conditions applicable to the
shares.

     

    To the
extent the Plan or any instrument evidencing an Award provides for issuance of
stock certificates to reflect the issuance of shares of Common Stock, the
issuance may be effected on a noncertificated basis, to the extent not
prohibited by applicable law or the applicable rules of any stock
exchange.

    

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

    

    18.3         Indemnification.

     

    Each
person who is or shall have been a member of the Board, or a committee appointed
by the Board, or an officer of the Company to whom authority was delegated in
accordance with Section 3, shall be indemnified and held harmless by the Company
against and from any loss, cost, liability or expense that may be imposed upon
or reasonably incurred by such person in connection with or resulting from any
claim, action, suit or proceeding to which such person may be a party or in
which such person may be involved by reason of any action taken or failure to
act under the Plan and against and from any and all amounts paid by such person
in settlement thereof, with the Company’s approval, or paid by such person in
satisfaction of any judgment in any such claim, action, suit or proceeding
against such person; provided, however, that such person shall give the Company
an opportunity, at its own expense, to handle and defend the same before such
person undertakes to handle and defend it on such person’s own
behalf.  This duty to indemnify shall not apply to the extent that (i)
such loss, cost, liability or expense is a result of such person’s own willful
misconduct or (ii) such indemnification is expressly prohibited by
statute.

     

    The
foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such person may be entitled under the Company’s
certificate of incorporation or bylaws, as a matter of law, or otherwise, or of
any power that the Company may have to indemnify or hold harmless.

    

    18.4         No Rights as a
Stockholder.

     

    Unless
otherwise provided by the Committee or in the instrument evidencing the Award or
in a written employment, services or other agreement, no Award, other than a
Stock Award, shall entitle the Participant to any cash dividend, voting or other
right of a stockholder unless and until the date of issuance under the Plan of
the shares that are the subject of such Award.

     

    18.5         Compliance with Laws and
Regulations.

     

    In
interpreting and applying the provisions of the Plan, any Option granted as an
Incentive Stock Option pursuant to the Plan shall, to the extent permitted by
law, be construed as an “incentive stock option” within the meaning of Section
422 of the Code.

     

    Any Award
granted pursuant to the Plan is intended to comply with the requirements of
Section 409A of the Code, including any applicable regulations and guidance
issued thereunder, and including transition guidance, to the extent Section 409A
of the Code is applicable thereto, and the terms of the Plan and any Award
granted under the Plan shall be interpreted, operated and administered in a
manner consistent with this intention to the extent the Committee deems
necessary or advisable to comply with Section 409A of the Code and any official
guidance issued thereunder.  Any payment or distribution that is to be
made under the Plan (or pursuant to an Award under the Plan) to a Participant
who is a “specified employee” of the Company within the meaning of that term
under Section 409A of the Code and as determined by the Committee, on account
of  a “separation from service” within the meaning of that term under
Section 409A of the Code, may not be made before the date which is six months
after the date of such “separation from service,” unless the payment or
distribution is exempt from the application of Section 409A of the Code by
reason of the short-term deferral exemption or
otherwise.  Notwithstanding any other provision in the Plan, the
Committee, to the extent it deems necessary or advisable in its sole discretion,
reserves the right, but shall not be required, to unilaterally amend or modify
the Plan and any Award granted under the Plan so that the Award qualifies for
exemption from or complies with Section 409A of the Code; provided, however,
that the Committee makes no representations that Awards granted under the Plan
shall be exempt from or comply with Section 409A of the Code and makes no
undertaking to preclude  Section 409A of the Code from applying to
Awards granted under the Plan.

    

    
      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

    18.6         Participants in Other
Countries or Jurisdictions.

     

    Without
amending the Plan, the Committee may grant Awards to Eligible Persons who are
foreign nationals on such terms and conditions different from those specified in
the Plan as may, in the judgment of the Committee, be necessary or desirable to
foster and promote achievement of the purposes of the Plan and shall have the
authority to adopt such modifications, procedures, subplans and the like as may
be necessary or desirable to comply with provisions of the laws or regulations
of other countries or jurisdictions in which the Company or any Related Company
may operate or have employees to ensure the viability of the benefits from
Awards granted to Participants employed in such countries or jurisdictions, meet
the requirements that permit the Plan to operate in a qualified or tax-efficient
manner, comply with applicable foreign laws or regulations and meet the
objectives of the Plan.

     

    18.7         No Trust or
Fund.

     

    The Plan
is intended to constitute an “unfunded” plan.  Nothing contained
herein shall require the Company to segregate any monies or other property, or
shares of Common Stock, or to create any trusts, or to make any special deposits
for any immediate or deferred amounts payable to any Participant, and no
Participant shall have any rights that are greater than those of a general
unsecured creditor of the Company.

     

    18.8         Successors.

     

    All
obligations of the Company under the Plan with respect to Awards shall be
binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or
otherwise, of all or substantially all the business and/or assets of the
Company.

     

    
      
        
           

        

        
          19

          
            

          

        

        
           

        

      

    

     

    
      18.9         Severability.

       

    

    If any
provision of the Plan or any Award is determined to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person, or would disqualify the
Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to applicable laws,
or, if it cannot be so construed or deemed amended without, in the Committee’s
determination, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award, and the
remainder of the Plan and any such Award shall remain in full force and
effect.

     

    18.10       Choice of Law and
Venue.

     

    The Plan,
all Awards granted thereunder and all determinations made and actions taken
pursuant hereto, to the extent not otherwise governed by the laws of the United
States, shall be governed by the laws of the State of California without giving
effect to principles of conflicts of law.  Participants irrevocably
consent to the nonexclusive jurisdiction and venue of the state and federal
courts located in the State of California.

     

    18.11       Legal
Requirements.

     

    The
granting of Awards and the issuance of shares of Common Stock under the Plan are
subject to all applicable laws, rules and regulations and to such approvals by
any governmental agencies or national securities exchanges as may be
required.

     

    SECTION
19.  EFFECTIVE DATE

     

    The
effective date (the “Effective Date”) is the date on which the Plan is adopted
by the Board.  If the stockholders of the Company do not approve the
Plan within 12 months after the Board’s adoption of the Plan, any Incentive
Stock Options granted under the Plan will be treated as Nonqualified Stock
Options.

    

    
      
        
           

        

        
          20

          
            

          

        

        
           

        

      

    

    

    APPENDIX
A

    DEFINITIONS

     

    As used
in the Plan,

     

    “Acquired Entity”
means any entity acquired by the Company or a Related Company or with which the
Company or a Related Company merges or combines.

     

    “Alternative Public
Offering” means the series of related transactions in which (i) the
shareholders of AmbiCom Acquisition Corp. enters into a share exchange with the
Company which results in AmbiCom Acquisition Corp. becoming a wholly-owned
subsidiary of Med Control, Inc. (ii) shareholders of AmbiCom Acquisition Corp.
receive shares of common stock of the Company in exchange for their shares of
capital stock of AmbiCom Acquisition Corp., and (iv) the Company issues shares
of Common Stock in a private placement of securities.

     

    “Award” means any
Option, Stock Appreciation Right, Stock Award, Restricted Stock, Stock Unit,
Performance Share, Performance Unit, cash-based award or other incentive payable
in cash or in shares of Common Stock as may be designated by the Committee from
time to time.

     

    “Board” means the
Board of Directors of the Company.

     

    “Cause,” unless
otherwise defined in the instrument evidencing an Award or in a written
employment, services or other agreement between the Participant and the Company
or a Related Company, means dishonesty, fraud, serious or willful misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conduct prohibited by law (except minor violations), in each case as determined
by the Company’s chief human resources officer or other person performing that
function or, in the case of directors and executive officers, the Committee,
whose determination shall be conclusive and binding.

     

    “Change in Control,”
unless the Committee determines otherwise with respect to an Award at the time
the Award is granted or unless otherwise defined for purposes of an Award in a
written employment, services or other agreement between the Participant and the
Company or a Related Company, means the occurrence of any of the following
events:

     

    (i)  An
acquisition by any individual, entity or group, within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act, (a “Person”) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more
than fifty percent (50%) of either (1) the then outstanding shares of Common
Stock of the Company (the “Outstanding Common Stock”) or (2) the combined voting
power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Voting Securities”);
excluding, however, the following: (1) any acquisition directly from the
Company, other than an acquisition by virtue of the exercise, exchange or
conversion of any Convertible Securities unless such securities were themselves
acquired directly from the Company, (2) any acquisition by the Company; (3) any
acquisition by John Hwang or any Entity that he controls, or (4) any acquisition
by any Person pursuant to a transaction which complies with clauses (1), (2) and
(3) of subsection (iii) of the definition of “Company Transaction”;
or

    

    
      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    

    

    (ii)  Within
any period of 24 consecutive months, a change in the composition of the Board
such that the individuals who, immediately prior to such period, constituted the
Board (such Board shall be hereinafter referred to as the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided,
however, for purposes hereof, that any individual who becomes a member of the
Board during such period, whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of those
individuals who are members of the Board and who were also members of the
Incumbent Board (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; but,
provided further, that any such individual whose initial assumption of office
occurs as a result of either an actual or threatened election contest (as such
terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
Act) or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board shall not be so considered as a member
of the Incumbent Board; or

     

    (iii)  A
Company Transaction; or

     

    (iv)  The
approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company, other than to an entity pursuant to a transaction
which would comply with clauses (1), (2) and (3) of the definition of “Company
Transaction”, assuming for this purpose that such transaction were a Company
Transaction.

     

    For
purposes of the definition of “Change of Control” and “Company Transaction”, a
series of transactions undertaken with a common purpose shall be treated as a
single transaction that begins at the consummation of the first transaction in
the series and ends at the consummation of the last transaction in the
series.

     

    “Company Transaction”
means the consummation of (i) a reorganization, merger or consolidation of the
Company or (ii) the sale or other disposition of all or substantially all of the
assets of the Company and its direct and indirect subsidiaries taken as a whole,
except in each case a transaction pursuant to which (1) all or substantially all
of the individuals and entities who are the beneficial owners, respectively, of
the Outstanding Common Stock and Outstanding Voting Securities immediately prior
to such transaction will beneficially own, directly or indirectly, more than
sixty percent (60%) of, respectively, the outstanding shares of common stock,
and the combined voting power of the outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the entity
resulting from such transaction (including, without limitation, an entity which
as a result of such transaction owns the Company or all or substantially all of
the Company’s assets, either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such
transaction, of the Outstanding Common Stock and Outstanding Voting Securities,
as the case may be, (2) no Person (other than the Company) will beneficially
own, directly or indirectly, more than twenty-five percent (25%) of,
respectively, the outstanding shares of common stock of the Company resulting
from such transaction or the combined voting power of the outstanding voting
securities of such Company entitled to vote generally in the election of
directors, except to the extent that such ownership existed with respect to the
Company prior to the transaction, and (3) individuals who were members of the
Board immediately prior to the approval by the stockholders of the Company of
such transaction will constitute at least a majority of the members of the board
of directors of the Company resulting from such transaction.

    

    
      
        
           

        

        
          22

          
            

          

        

        
           

        

      

    

    

    “Convertible Security”
means any security convertible into or exchangeable for shares of Common Stock
of the Company, or any option, warrant or other right to acquire shares of
Common Stock of the Company.

     

    “Code” means the
Internal Revenue Code of 1986, as amended from time to time.

     

    “Committee” has the
meaning set forth in Section 3.2.

     

    “Common Stock” means
the common stock of the Company.

     

    “Company” means
AmbiCom Holdings, Inc., a Nevada corporation formerly known as Med Control,
Inc.

     

    “Compensation
Committee” means the Compensation Committee (if any) of the
Board.

     

    “Disability,” unless
otherwise defined by the Committee for purposes of the Plan or in the instrument
evidencing an Award or in a written employment, services or other agreement
between the Participant and the Company or a Related Company, means a mental or
physical impairment of the Participant that is expected to result in death or
that has lasted or is expected to last for a continuous period of 12 months or
more and that causes the Participant to be unable to perform his or her material
duties for the Company or a Related Company and to be engaged in any substantial
gainful activity, in each case as determined by the Company’s chief human
resources officer or other person performing that function or, in the case of
directors and executive officers, the Committee, whose determination shall be
conclusive and binding.

     

    “Effective Date” has
the meaning set forth in Section 19.

     

    “Eligible Person”
means any person eligible to receive an Award as set forth in Section
5.

     

    “Entity” means any
individual, entity or group (within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act).

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time.

    

    
      
        
           

        

        
          23

          
            

          

        

        
           

        

      

    

    

    “Fair Market Value”
means the closing price for the Common Stock on any given date during regular
trading, or if not trading on that date, such price on the last preceding date
on which the Common Stock was traded, unless determined otherwise by the
Committee using such methods or procedures as it may establish.

     

    “Grant Date” means the
later of (a) the date on which the Committee completes the corporate action
authorizing the grant of an Award or such later date specified by the Committee
and (b) the date on which all conditions precedent to an Award have been
satisfied, provided that conditions to the exercisability or vesting of Awards
shall not defer the Grant Date.

     

    “Incentive Stock
Option” means an Option granted with the intention that it qualify as an
“incentive stock option” as that term is defined for purposes of Section 422 of
the Code or any successor provision.

    

    “including”, “include”, “includes” and words
of similar import shall be construed broadly as if followed by the phrase
“without limitation”.

     

    “Nonqualified Stock
Option” means an Option other than an Incentive Stock
Option.

     

    “Option” means a right
to purchase Common Stock granted under Section 7.

     

    “Option Expiration
Date” means the last day of the maximum term of an Option.

     

    “Outstanding Company Common
Stock” has the meaning set forth in the definition of “Change in
Control.”

     

    “Outstanding Company Voting
Securities” has the meaning set forth in the definition of “Change in
Control.”

     

    “Parent Company” means
a company or other entity which as a result of a Company Transaction owns the
Company or all or substantially all of the Company’s assets either directly or
through one or more subsidiaries.

     

    “Participant” means
any Eligible Person to whom an Award is granted.

     

    “Performance Award”
means an Award of Performance Shares or Performance Units granted under Section
11.

     

    “Performance Share”
means an Award of units denominated in shares of Common Stock granted under
Section 11.1.

     

    “Performance Unit”
means an Award of units denominated in cash or property other than shares of
Common Stock granted under Section 11.2.

    

    
      
        
           

        

        
          24

          
            

          

        

        
           

        

      

    

    

    “Plan” means the
AmbiCom Holdings, Inc. 2010 Incentive Plan.

     

    ‘‘Related Company”
means any entity that is directly or indirectly controlled by, in control of or
under common control with the Company.

     

    “Restricted Stock”
means an Award of shares of Common Stock granted under Section 10, the rights of
ownership of which are subject to restrictions prescribed by the
Committee.

     

    “Retirement,” unless
otherwise defined in the instrument evidencing the Award or in a written
employment, services or other agreement between the Participant and the Company
or a Related Company, means “Retirement” as defined for purposes of the Plan by
the Committee or the Company’s chief human resources officer or other person
performing that function or, if not so defined, means Termination of Service on
or after the date the Participant reaches “normal retirement age,” as that term
is defined in Section 411(a)(8) of the Code.

     

    “Securities Act” means
the Securities Act of 1933, as amended from time to time.

     

     “Stock Appreciation
Right” or “SAR” means a right
granted under Section 9.1 to receive the excess of the Fair Market Value of a
specified number of shares of Common Stock over the grant price.

     

    “Stock Award” means an
Award of shares of Common Stock granted under Section 10, the rights of
ownership of which are not subject to restrictions prescribed by the
Committee.

     

    “Stock Unit” means an
Award denominated in units of Common Stock granted under Section
10.

     

    “Substitute Awards”
means Awards granted or shares of Common Stock issued by the Company in
substitution or exchange for awards previously granted by an Acquired
Entity.

     

    “Successor Company”
means the surviving company, the successor company or Parent Company, as
applicable, in connection with a Company Transaction.

     

    “Termination of
Service” means a termination of employment or service relationship with
the Company or a Related Company for any reason, whether voluntary or
involuntary, including by reason of death, Disability or
Retirement.  Any question as to whether and when there has been a
Termination of Service for the purposes of an Award and the cause of such
Termination of Service shall be determined by the Company’s chief human
resources officer or other person performing that function or, with respect to
directors and executive officers, by the Committee, whose determination shall be
conclusive and binding.  Transfer of a Participant’s employment or
service relationship between the Company and any Related Company shall not be
considered a Termination of Service for purposes of an Award.  Unless
the Committee determines otherwise, a Termination of Service shall be deemed to
occur if the Participant’s employment or service relationship is with an entity
that has ceased to be a Related Company.  A Participant’s change in
status from an employee of the Company or a Related Company to a consultant,
advisor or independent contractor of the Company or a Related Company or a
change in status from a consultant, advisor or independent contractor of the
Company or a Related Company to an employee of the Company or a Related Company,
shall not be considered a Termination of Service.

     

    “Vesting Commencement
Date” means the Grant Date or such other date selected by the Committee
as the date from which an Award begins to vest.

    
       

       

      25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]