Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.20

Employment Agreement

This Agreement is effective October 1, 2007 by and between X-Change Corporation, a Delaware
corporation (“the Corporation”) and George DeCourcy, an individual (hereinafter called
“Executive”).

Inasmuch as the Corporation is desirous of employing the Executive in the position, and upon
the terms, stated in this Agreement; and, whereas, the Executive is desirous of providing services
to the Corporation as an Executive.

Now, therefore, in consideration of the mutual promises stated in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Corporation and the Executive hereby agree as follows:

1. Employment. The Corporation hereby employs the Executive and the Executive hereby accepts
employment at such location as may be reasonably determined by the Corporation.

2. Office, Duties and Term. The Executive shall hold the office and perform the duties for such
office as described on Exhibit A attached to this Agreement. The duties of the Executive may be
changed from time to time by the Corporation. The term of this Agreement shall be three (3) years,
and such employment shall continue uninterrupted until terminated as provided in Section 6 below.
The Executive shall devote the Executive’s entire time, attention, energies and skill to the
business of the Company during the term of this Agreement.

3. Compensation and Benefits. The Corporation shall pay to the Executive, and the Executive
accepts as full compensation for all services to be rendered to the Corporation the compensation
and benefits described in full on Exhibit B attached to this Agreement.

4. Expenses. The Corporation agrees to reimburse the Executive from time to time for all
reasonable business expenses incurred by the Executive in performing the Executive’s duties for the
Corporation under this Agreement in accordance with the Corporation’s policies, provided that the
Executive presents to the Corporation adequate records and other documented evidence required by
the Corporation for reimbursement of such expenses incurred on its behalf.

5. Other Business Activities. During employment, the Executive shall devote his/her work efforts
to the performance of this Agreement and shall not, without the Company’s prior written consent,
render to others services of any kind for compensation, or engage in any other business activity
that would materially interfere with the performance of his/her duties under this Agreement,
provided, however, that the Executive may continue to serve as Director of other corporations, and
to receive compensation for that service from those corporations as listed on Schedule A to this
Agreement, and approved by the Company.

6. Non Competition. During the term of the Executive’s employment and for such longer period as
the Executive may receive employment severance payments, the Executive shall not, directly or
indirectly, as an Executive, Corporation, consultant, advisor, agent, principal, partner, officer,
director or in any other individual or representative capacity, engage or participate in any
business or activity that is competitive in any manner whatsoever with the activities and business
of the Corporation; nor shall the Executive, during the term of the Executive’s employment induce
or attempt to induce any Executive of the Corporation to leave such employ for the purpose of
joining any organization in competition with the Corporation. This Section 6 shall survive
expiration or termination of this Agreement.

Airgate Technologies, Inc.

 

 

 

7. Termination. This Agreement will be terminated by any of the following events:

7.1 Termination upon the Executive’s Death. If the Executive dies during the term of the
employment, the Executive is entitled to (i) compensation then in effect and benefits that accrued
and vested through the date of termination and (ii) a continuance of compensation for a total of
twelve (12) months to one of its surviving parties or to a party (ies) determined by the Executive.

7.2 Termination Upon the Executive’s Disability. If, as a result of incapacity due to
physical or mental illness or injury, the Executive shall have been absent from his/her full time
duties hereunder for four (4) consecutive months, then thirty days after receiving written notice
(which notice may occur before or after the end of such four (4) month period, but which shall not
be effective earlier than the last day of such four (4) month period), the Corporation may
terminate the Executive’s employment hereunder provided the Executive is unable to resume his/her
full time duties at the conclusion of such notice period. Also, the Executive may terminate his
employment hereunder if his health should become impaired to an extent that makes the continued
performance of his duties hereunder hazardous to his physical or mental health or his life;
provided, that the Executive shall have furnished the Corporation with a written statement from a
qualified doctor to such effect and provided, further, that, at the Corporation’s request made
within thirty (30) days of the date of such written statement, the Executive shall submit to an
examination by a doctor selected mutually by the Corporation and the Executive and concurred in the
conclusion of the Executive’s doctor. In the event this agreement is terminated as a result of the
Executive’s disability, the Executive shall (i) receive from the Corporation, in a lump sum payment
due within thirty (30) days of the effective date of termination, the base salary then in effect
for a period of twelve (12) months and (ii) the corporation shall make the insurance and benefits
premium payments for the Executive and any covered dependents for a period of twelve (12) months
after such termination.

7.3 Termination by the Corporation for Good Cause. The Corporation may terminate this
agreement upon a showing of “good Cause” by the Corporation or by a majority vote of the Board of
Directors. “Good Cause” is defined in this agreement as the occurrence of one of the following:
(i) The Executive commits any misfeasance in office (including gross negligence or recklessness) or
any act of dishonesty or fraud against the Corporation; (ii) the Executive commits any unlawful or
criminal act involving moral turpitude; (iii) the Executive willfully breaches this Agreement or
habitually neglects the Executive’s duties to the Corporation. If this agreement is terminated for
Good Cause, as herein enumerated, the Executive shall have no right to any severance compensation,
and shall be entitled only to the compensation and benefits that accrued and vested through the
date of termination.

7.4 Termination by the Corporation Without Good Cause. If the Corporation determines to
terminate this Agreement without Good Cause within the initial three (3) year period, as herein
provided, the Executive shall receive from the Corporation the base salary then in effect for a
period of six (6) months. Further if the Executive is terminated without Good Cause, the
Corporation shall (i) make the insurance and benefits premium payments for a period of six (6)
months after such termination for the Executive and dependents covered by the plans, (ii) vest all
Executive rights in the Corporation’s stock notwithstanding any contrary provisions in the Stock
Option Plan of the Corporation, and (iii) the Executive shall be entitled to receive all other
unpaid benefits due, owing or accrued through his/her last day of employment.

X-Change Corporation. — Confidential

 

Page 2 of 6

 

8. Resignation. The Executive may resign and terminate this Agreement for these reasons:

8.1 Termination by the Executive for Good Reason. The Executive may terminate this agreement with
“Good Reason” by giving thirty (30) days written notice to the Corporation. For purposes of
Section
8, “Good Reason” means any of the following: (i) the Corporation’s material breach of this
agreement, or (ii) the assignment of the Executive without his consent to a position,
responsibilities, or duties of a materially lesser status or degree of responsibility than his
position, responsibilities, or duties at the Effective Date (provided, however, that the parties
hereto agree that a mere change in the title of the Executive shall not constitute “Good Reason” or
(iii) a reduction in the Executive’s base salary by more than 10%, or (iv) a receipt that the
principal workplace will be relocated more than 50 miles. In either case, the Corporation shall
have thirty (30) days to cure such alleged event giving rise to “Good Reason”. In the event the
Executive terminates this agreement for “Good Reason”, the Executive shall receive from the
Corporation the base salary then in effect for a period of nine (9) months. Further, if the
Executive terminates his employment hereunder with “Good Reason”, the Corporation shall (i) make
the insurance and benefits premium payments for a period of nine (9) months after such termination
for the Executive and dependants covered by the plans, (ii) vest all options to purchase the
Corporation’s stock, and (iii) pay all other unpaid expenses and benefits due, owing or accrued
through the Executive’s last day of employment.

8.2 Termination by the Executive Without Good Reason. The Executive may resign or otherwise
terminate this agreement without Good Reason by giving thirty (30) days written notice to the
Corporation. In such event, the Executive shall receive three (3) months severance compensation
and shall be entitled to the compensation and benefits that accrued and vested through the date of
termination.

9. Rights subsequent to a Change of Control. If a “Change of Control” of the Corporation
occurs during the term of this agreement, the Executive shall remain entitled to receive
compensation and benefits as long as the Executive remains employed by the surviving entity. If the
Executive is terminated without Good Cause (“Involuntary Termination”) within ninety (90) days
before, simultaneous with, on or within 18 months after such change of Control, he/she shall be
entitled to the base salary then in effect for a period of twenty four (24) months. In addition,
the Executive’s Insurance and other benefit premium payments will continue for a period of twenty
four (24) months and for any dependants covered by the Executive under any qualifying benefit
plans. Furthermore, In the event of a “Change of Control”, 100% of the unvested balance of the
Executive’s stock options shall vest immediately. For purposes of this agreement, a “Change of
Control” means a merger, consolidation, change of ownership, or reorganization with or involving
any other person, partnership, corporation or business entity such that fifty percent (50%) or more
of the combined voting power of the corporation’s stock has been accumulated by a person,
partnership, corporation or business entity that did not own the Corporation’s majority stock prior
to such transaction or series of related transactions.

10. Indemnification. The Corporation, for the full term of the Executive’s employment, and for a
period thereafter where claims might arise, hereby indemnifies the Executive against any and all
claims against the Executive as an individual from any source relating to the business of the
Corporation. Further, the Corporation agrees that it will maintain a reasonable and adequate
liability insurance policy that conforms to industry norms protecting officers and directors as
individuals from such claims. If such claims arise, the Corporation agrees to advance reasonable
amounts (including estimated legal fees) to the Executive to allow for defending against such
claims.

11. Nonassignability. Neither the Corporation nor the Executive shall have the right to assign
this Agreement or any rights or obligations contained in this Agreement without the written consent
of the other party. Despite the previous, this Agreement shall be binding upon the successors or
assigns of that portion of the business of the Corporation with which or for which the Executive is
employed.

X-Change Corporation. — Confidential

 

Page 3 of 6

 

12. Notices. Any notice required or provided to be given under this Agreement shall be sufficient
if in writing, sent by first class mail, to the Executive’s residence in the case of notice to the
Executive or to
its principal office in the case of the Corporation. Any such notice shall be effective upon
delivery if it is hand delivered; upon receipt if it is transmitted by wire or telegram or upon the
expiration of seventy-two (72) hours after deposit in the United States mail if mailed.

13. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement by
the other party shall not operate or be construed as a waiver of any subsequent breach by such
other party.

14. Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of
the State of Texas, and any action brought to enforce any provision of this Agreement or to
commence any other action in connection therewith shall have its venue in Dallas County of State of
Texas.

15. Entire Agreement/Amendment. This agreement supersedes all previous contracts, and constitutes
the entire agreement of whatsoever kind of nature existing between or among the parties respecting
the subject matter hereof, and no party shall be entitled to other benefits than those specified
herein. As between or among the parties, no oral statements or prior written material not
specifically incorporated herein shall be of any force and effect. The parties specifically
acknowledge that, in entering into and executing this agreement each is relying solely upon the
representations and agreements contained in this Agreement and no others. All prior
representations or agreements, whether written or oral, not expressly incorporated herein, are
superseded and no changes in or additions to this Agreement shall be recognized unless and until
made in writing and signed by all parties hereto.

16. Partial Invalidity. If any provision of this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless
continue in full force without being impaired or invalidated in any way.

17. Attorney Fees. If either party employs an attorney to enforce any provision of this Agreement,
the prevailing party shall be entitled to reasonable attorneys’ fees, litigation expenses and costs
and expenses incurred in connection with such enforcement or action.

In witness of this, the parties have executed this Employment Agreement as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	AirGATE Technologies, Inc.	 	 	 	 	 	Executive	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Mike Sheriff
	 	 	 	 	 	 

George DeCourcy
	 	 
	 

	 	Chairman and CEO	 	 	 	 	 	 	 	 

X-Change Corporation. — Confidential

 

Page 4 of 6

 

Exhibit A

Office and Duties

During the term of this Agreement, and unless otherwise changed from time to time by the
mutual written consent of the parties, the Executive shall hold the office and perform the duties
for such office as described below:

			
	Office:	 	710 Century Parkway

Allen, TX 75013

Duties of Office:

Chief Financial Officer and other duties as determined by the Chief Executive Officer, and the
Board of Directors.

Other Business Activities

X-Change Corporation. — Confidential

 

Page 5 of 6

 

Exhibit B

Compensation and Benefits

1. The Corporation shall pay the Executive the following compensation and benefits during the term
of this Agreement:

2. Salary. The Corporation shall pay the Executive an annual salary of $205,000.00 payable
periodically in accordance with the Corporation’s normal compensation schedules. Notwithstanding
the above, the Executive acknowledges and understands that Company is currently not adequately
financed to continue operations on a regular and customary basis. Accordingly, the Executive agrees
to waive $65,000.00 of the annual base salary until such time as appropriate financing is in place
to finance the companies operations given its stage of development. For purposes of clarification,
any single financing in excess of $1,500,000 shall be deemed appropriate financing for this
purpose, and such waiver shall no longer be required.  Further, even when the financing milestone
is reached, Employee agrees to continue to waive $15,000.00 of the annual base until such time as
the Company has achieved revenues of $2,000,000 in any 12 month period. The Executive’s salary
shall be reviewed and adjusted accordingly at any time.

3. Bonus. The Executive may be paid additional compensation, in the form of a bonus, as may be
determined by the Corporation in the Corporation’s sole and absolute discretion, giving weight to
such factors as (1) overall company pre-tax operating profits, (2) revenue objectives (3) funding
initiatives, and (4) progress made by the Executive towards specific goals and objectives.

4. Deductions. The Corporation shall deduct from compensation payable to the Executive such
amounts as is required by law to deduct, including but not limited to federal and state withholding
taxes, social security taxes and state disability insurance, and any other amounts as may be
required pursuant to the Corporation’s benefit programs of which the Executive is a participant.

5. Vacation. The Executive shall be entitled to an annual vacation of four (4) weeks after being
employed for one (1) full year. The Executive shall also be entitled to holidays and illness days
for the days, and at the pay, as is stated in the Corporation’s policies from time to time in
effect.

6. Benefits. The Executive shall also be entitled to participate in all of the Corporation’s
benefit programs of general application to the Executives of X-Change Corporation, including the
following:

Health and Dental Insurance

Disability Insurance

Life Insurance

Stock Option Program, as approved by the Board of Directors

Profit Sharing, as approved by the Board of Directors

401K or similar programs, as approved by the Board of Directors

All other Benefits assigned, as approved by the Board of Directors

X-Change Corporation. — Confidential

 

Page 6 of 6Filed by Bowne Pure Compliance

 

Exhibit 10.21

X-Change Corporation

2007 Stock Incentive Plan

(As Adopted Effective June 21, 2007)

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page No.	 
	 
	 	 	 	 
	ARTICLE 1. INTRODUCTION
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2. ADMINISTRATION
	 	 	1	 
	2.1. Committee Composition
	 	 	1	 
	2.2. Committee Responsibilities
	 	 	1	 
	2.3. Committee for Non-Officer Grants
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 3. SHARES AVAILABLE FOR GRANTS
	 	 	2	 
	3.1. Basic Limitation
	 	 	2	 
	3.2. Additional Shares
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 4. ELIGIBILITY
	 	 	2	 
	4.1. Nonstatutory Stock Options
	 	 	2	 
	4.2. Incentive Stock Options
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 5. OPTIONS
	 	 	2	 
	5.1. Stock Option Agreement
	 	 	2	 
	5.2. Number of Shares
	 	 	2	 
	5.3. Exercise Price
	 	 	3	 
	5.4. Exercisability and Term
	 	 	3	 
	5.5. Effect of Change in Control
	 	 	3	 
	5.6. Modification or Assumption of Options
	 	 	3	 
	5.7. Buyout Provisions
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 6. PAYMENT FOR OPTION SHARES
	 	 	3	 
	6.1. General Rule
	 	 	3	 
	6.2. Surrender of Stock
	 	 	4	 
	6.3. Exercise/Sale
	 	 	4	 
	6.4. Other Forms of Payment
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 7. AUTO ATIC OPTION GRANTS TO OUTSIDE DIRECTORS
	 	 	4	 
	7.1. Initial Grants
	 	 	4	 
	7.2. Annual Grants
	 	 	4	 
	7.3. Accelerated Exercisability
	 	 	5	 
	7.4. Exercise Price
	 	 	5	 
	7.5. Term
	 	 	5	 
	7.6. Affiliates of Outside Directors
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 8. PROTECTION AGAINST DILUTION
	 	 	5	 
	8.1. Adjustments
	 	 	5	 
	8.2. Dissolution or Liquidation
	 	 	6	 
	8.3. Reorganizations
	 	 	6	 

 

 i

 

	 	 	 	 	 
	 	 	Page No.	 
	 
	 	 	 	 
	ARTICLE 9. LIMITATION ON RIGHTS
	 	 	6	 
	9.1. Retention Rights
	 	 	6	 
	9.2. Stockholders’ Rights
	 	 	6	 
	9.3. Regulatory Requirements
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 10. WITHHOLDING TAXES
	 	 	7	 
	10.1. General
	 	 	7	 
	10.2. Share Withholding
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 11. LIMITATION ON PAYMENTS
	 	 	7	 
	11.1. Scope of Limitation
	 	 	7	 
	11.2. Basic Rule
	 	 	7	 
	11.3. Reduction of Payments
	 	 	8	 
	11.4. Overpayments and Underpayments
	 	 	8	 
	11.5. Related Corporations
	 	 	8	 
	 
	 	 	 	 
	ARTICLE 12. FUTURE OF THE PLAN
	 	 	9	 
	12.1. Term of the Plan
	 	 	9	 
	12.2. Amendment or Termination
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 13. DEFINITIONS
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 14. EXECUTION
	 	 	12	 

 

 ii

 

X-CHANGE CORPORATION

2007 STOCK INCENTIVE PLAN

ARTICLE 1. INTRODUCTION.

The Board adopted the Plan effective as of June 21, 2007. The purpose of the Plan is to
promote the long-term success of the Company and the creation of stockholder value by (a)
encouraging Employees, Outside Directors, and Consultants to focus on critical long-range
objectives, (b) encouraging the attraction and retention of Employees, Outside Directors, and
Consultants with exceptional qualifications, and (c) linking Employees, Outside Directors, and
Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to
achieve this purpose by providing for Awards in the form of Options (which may constitute incentive
stock options or nonstatutory stock options).

The Plan shall be governed by, and construed in accordance with, the laws of the State of
Nevada (except their choice-of-law provisions).

ARTICLE 2. ADMINISTRATION.

2.1. Committee Composition. The Committee shall administer the Plan. The Committee shall
consist exclusively of two or more directors of the Company, who shall be appointed by the Board.
In addition, the Company shall use its best efforts to ensure the composition of the Committee
shall satisfy:

(a) Such requirements as the Securities and Exchange Commission may establish
for administrators acting under plans intended to qualify for exemption under Rule
16b-3 (or its successor) under the Exchange Act; and

(b) Such requirements as the Internal Revenue Service may establish for outside
directors acting under plans intended to qualify for exemption under section
162(m)(4)(C) of the Code.

2.2. Committee Responsibilities. The Committee shall (a) select the Employees, Outside
Directors, and Consultants who are to receive Awards under the Plan, (b) determine the type,
number, vesting requirements, and other features and conditions of such Awards, (c) interpret the
Plan, and (d) make all other decisions relating to the operation of the Plan. The Committee may
adopt such rules or guidelines as it deems appropriate to implement the Plan. The Committee’s
determinations under the Plan shall be final and binding on all persons.

2.3. Committee for Non-Officer Grants. The Board may also appoint a secondary committee of
the Board, which shall be composed of one or more directors of the Company who need not satisfy the
requirements of Section 2.1. Such secondary committee may administer the Plan with respect to
Employees and Consultants who are not considered officers or directors of the Company under section
16 of the Exchange
Act, may grant Awards under the Plan to such Employees and Consultants, and may determine all
features and conditions of such Awards. Within the limitations of this Section 2.3, any reference
in the Plan to the Committee shall include such secondary committee.

The X-Change Corporation — Confidential

 

1

 

ARTICLE 3. SHARES AVAILABLE FOR GRANTS.

3.1. Basic Limitation. Common Shares issued pursuant to the Plan may be authorized but
unissued shares or treasury shares. The aggregate number of Options and Shares awarded under the
Plan shall not exceed 6,000,000 shares plus the additional Common Shares described in Section 3.2.
The limitation of this Section 3.1 shall be subject to adjustment pursuant to Article 9.

3.2. Additional Shares. If Options are forfeited or terminate for any other reason before
being exercised, then the corresponding Common Shares shall again become available for the grant of
Options under the Plan. If Common Shares issued upon the exercise of Options are forfeited, then
such Common Shares shall again become available for the grant of NSOs under the Plan. The aggregate
number of Common Shares that may be issued under the Plan upon the exercise of ISOs shall not be
increased when Common Shares are forfeited.

ARTICLE 4. ELIGIBILITY.

4.1. Nonstatutory Stock Options. Only Employees, Outside Directors, and Consultants shall be
eligible for the grant of NSOs.

4.2. Incentive Stock Options. Only Employees who are common-law employees of the Company, a
Parent, or a Subsidiary shall be eligible for the grant of ISOs. In addition, an Employee who owns
more than 10% of the total combined voting power of all classes of outstanding stock of the Company
or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the
requirements set forth in section 422(c)(5) of the Code are satisfied.

ARTICLE 5. OPTIONS.

5.1. Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a
Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all
applicable terms of the Plan and may be subject to any other terms that are not inconsistent with
the Plan. The provisions of the various Stock Option Agreements entered into under the Plan need
not be identical.

5.2. Number of Shares. Each Stock Option Agreement shall specify the number of Common Shares
subject to the Option and shall provide for the adjustment of such number in accordance with
Article 9. Options granted to any Optionee in a single fiscal year of the Company shall not cover
more than 1,500,000 Common Shares, except that Options granted to a new Employee in the fiscal year
of the Company in which his or her Service first commences shall not cover more than
2,000,000 Common Shares. The limitations set forth in the preceding sentence shall be subject
to adjustment in accordance with Article 9.

The X-Change Corporation — Confidential

 

2

 

5.3. Exercise Price. Each Stock Option Agreement shall specify the Exercise Price; provided
that the Exercise Price under an ISO or NSO shall in no event be less than 100% of the Fair Market
Value of a Common Share on the date of grant.

5.4. Exercisability and Term. Each Stock Option Agreement shall specify the date or event
when all or any installment of the Option is to become exercisable. The Stock Option Agreement
shall also specify the term of the Option; provided that the term of an ISO shall in no event
exceed 10 years from the date of grant. A Stock Option Agreement may provide for accelerated
exercisability in the event of the Optionee’s death, disability, or retirement, or other events,
and may provide for expiration prior to the end of its term in the event of the termination of the
Optionee’s Service.

5.5. Effect of Change in Control. The Committee may determine, at the time of granting an
Option or thereafter, that such Option shall become exercisable as to all or part of the Common
Shares subject to such Option in the event that a Change in Control occurs with respect to the
Company or in the event that the Optionee is subject to an Involuntary Termination after a Change
in Control. However, in the case of an ISO, the acceleration of exercisability shall not occur
without the Optionee’s written consent. In addition, acceleration of exercisability may be required
under Section 9.3.

5.6. Modification or Assumption of Options. Within the limitations of the Plan, the Committee
may modify, extend or assume outstanding options or may accept the cancellation of outstanding
options (whether granted by the Company or by another issuer) in return for the grant of new
options for the same or a different number of shares and at the same or a different exercise price.
The foregoing notwithstanding, no modification of an Option shall, without the consent of the
Optionee, alter or impair his or her rights or obligations under such Option.

5.7. Buyout Provisions. The Committee may at any time (a) offer to buy out for a payment in
cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash
out an Option previously granted, in either case at such time and based upon such terms and
conditions as the Committee shall establish.

ARTICLE 6. PAYMENT FOR OPTION SHARES.

6.1. General Rule. The entire Exercise Price of Common Shares issued upon exercise of Options
shall be payable in cash or cash equivalents at the time when such Common Shares are purchased,
except as follows:

(a) In the case of an ISO granted under the Plan, payment shall be made only
pursuant to the express provisions of the applicable Stock Option Agreement. The
Stock Option Agreement may
specify that payment may be made in any form(s) described in this Article 6.

(b) In the case of an NSO, the Committee may at any time accept payment in any
form(s) described in this Article 6.

The X-Change Corporation — Confidential

 

3

 

6.2. Surrender of Stock. To the extent that this Section 6.2 is applicable, all or any part
of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Common Shares
that are already owned by the Optionee. Such Common Shares shall be valued at their Fair Market
Value on the date when the new Common Shares are purchased under the Plan. The Optionee shall not
surrender, or attest to the ownership of, Common Shares in payment of the Exercise Price if such
action would cause the Company to recognize compensation expense (or additional compensation
expense) with respect to the Option for financial reporting purposes.

6.3. Exercise/Sale. To the extent that this Section 6.3 is applicable, all or any part of the
Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the
Company) an irrevocable direction to a securities broker approved by the Company to sell all or
part of the Common Shares being purchased under the Plan and to deliver all or part of the sales
proceeds to the Company.

6.4. Other Forms of Payment. To the extent that this Section 6.4 is applicable, all or any
part of the Exercise Price and any withholding taxes may be paid in any other form that is
consistent with applicable laws, regulations and rules.

ARTICLE 7. AUTOMATIC OPTION GRANTS TO OUTSIDE DIRECTORS.

7.1. Initial Grants. If Article 7 of this Plan is separately approved by stockholders, each
Outside Director who first becomes a member of the Board after June 21, 2007 shall receive a
one-time grant of an NSO covering 100,000 Common Shares. Such NSO shall be granted on the date
when such Outside Director first joins the Board and shall become exercisable twelve months from
the date of grant. An Outside Director who previously was an Employee shall not receive a grant
under this Section 7.1.

7.2. Annual Grants. Upon the conclusion of each regular annual meeting of the Company’s
stockholders held in the year 2007 or thereafter, each Outside Director who will continue serving
as a member of the Board thereafter shall receive an NSO covering 50,000 Common Shares, except that
such NSO shall not be granted in the calendar year in which the same Outside Director received the
NSO described in Section 7.1. NSOs granted under this Section 7.2 shall become exercisable in full
on the first anniversary of the date of grant. An Outside Director who previously was an Employee
shall be eligible to receive grants under this Section 7.2.

The X-Change Corporation — Confidential

 

4

 

7.3. Accelerated Exercisability. All NSOs granted to an Outside Director under this Article 7
shall also become exercisable in full in the event that:

(a) Such Outside Director’s Service terminates because of death, total and
permanent disability or retirement at or after age 70; or

(b) The Company is subject to a Change in Control before such Outside
Director’s Service terminates.

Acceleration of exercisability may also be required by Section 9.3.

7.4. Exercise Price. The Exercise Price under all NSOs granted to an Outside Director under
this Article 7 shall be equal to 100% of the Fair Market Value of a Common Share on the date of
grant, payable in one of the forms described in Sections 6.1, 6.2 and 6.3.

7.5. Term. All NSOs granted to an Outside Director under this Article 7 shall terminate on
the earliest of (a) the 10th anniversary of the date of grant, (b) the date three months
after the termination of such Outside Director’s Service for any reason other than death or total
and permanent disability, or (c) the date twelve months after the termination of such Outside
Director’s Service because of death or total and permanent disability.

7.6. Affiliates of Outside Directors. The Committee may provide that the NSOs that otherwise
would be granted to an Outside Director under this Article 7 shall instead be granted to an
affiliate of such Outside Director. Such affiliate shall then be deemed to be an Outside Director
for purposes of the Plan, provided that the Service-related vesting and termination provisions
pertaining to the NSOs shall be applied with regard to the Service of the Outside Director.

ARTICLE 8. PROTECTION AGAINST DILUTION.

8.1. Adjustments. In the event of a subdivision of the outstanding Common Shares, a
declaration of a dividend payable in Common Shares or a combination or consolidation of the
outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares,
corresponding adjustments shall automatically be made in each of the following:

(a) The number of Options available for future Awards under Article 3;

(b) The limitations set forth in Section 5.2;

(c) The number of Common Shares covered by each outstanding Option; or

(d) The Exercise Price under each outstanding Option.

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In the event of a declaration of an extraordinary dividend payable in a form other than Common
Shares in an amount that has a material effect on the price of Common Shares, a recapitalization, a
spin-off or a similar occurrence, the Committee shall make
such adjustments as it, in its sole discretion, deems appropriate in one or more of the foregoing.
Except as provided in this Article 8, a Participant shall have no rights by reason of any issuance
by the Company of stock of any class or securities convertible into stock of any class, any
subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or
any other increase or decrease in the number of shares of stock of any class.

8.2. Dissolution or Liquidation. To the extent not previously exercised, Options shall
terminate immediately prior to the dissolution or liquidation of the Company.

8.3. Reorganizations. In the event that the Company is a party to a merger or other
reorganization, outstanding Options shall be subject to the agreement of merger or reorganization.
Such agreement shall provide for (a) the continuation of the outstanding Awards by the Company, if
the Company is a surviving corporation, (b) the assumption of the outstanding Awards by the
surviving corporation or its parent or subsidiary, (c) the substitution by the surviving
corporation or its parent or subsidiary of its own awards for the outstanding Awards, (d) full
exercisability or vesting and accelerated expiration of the outstanding Awards or (e) settlement of
the full value of the outstanding Awards in cash or cash equivalents followed by cancellation of
such Awards.

ARTICLE 9. LIMITATION ON RIGHTS.

9.1. Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed
to give any individual a right to remain an Employee, Outside Director, or Consultant. The Company
and its Parents, Subsidiaries and Affiliates reserve the right to terminate the Service of any
Employee, Outside Director, or Consultant at any time, with or without cause, subject to applicable
laws, the Company’s certificate of incorporation and by-laws and a written employment agreement (if
any).

9.2. Stockholders’ Rights. A Participant shall have no dividend rights, voting rights or
other rights as a stockholder with respect to any Common Shares covered by his or her Award prior
to the time when a stock certificate for such Common Shares is issued or, in the case of an Option,
the time when he or she becomes entitled to receive such Common Shares by filing a notice of
exercise and paying the Exercise Price. No adjustment shall be made for cash dividends or other
rights for which the record date is prior to such time, except as expressly provided in the Plan.

9.3. Regulatory Requirements. Any other provision of the Plan notwithstanding, the obligation
of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules
and regulations and such approval by any regulatory body as may be required. The Company reserves
the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award
prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares,
to their registration, qualification, or listing, or to an exemption from registration,
qualification, or listing.

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ARTICLE 10. WITHHOLDING TAXES.

10.1. General. To the extent required by applicable federal, state, local or foreign law, a
Participant or his or her successor shall make arrangements satisfactory to the Company for the
satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company
shall not be required to issue any Common Shares or make any cash payment under the Plan until such
obligations are satisfied.

10.2. Share Withholding. To the extent that applicable law subjects a Participant to tax
withholding obligations, the Committee may permit such Participant to satisfy all or part of such
obligations by having the Company withhold all or a portion of any Common Shares that otherwise
would be issued to him or her or by surrendering all or a portion of any Common Shares that he or
she previously acquired. Such Common Shares shall be valued at their Fair Market Value on the date
when they are withheld or surrendered.

ARTICLE 11. LIMITATION ON PAYMENTS.

11.1. Scope of Limitation. This Article 11 shall apply to an Award only if:

(a) The independent auditors most recently selected by the Board (the
“Auditors”) determine that the after-tax value of such Award to the Participant,
taking into account the effect of all federal, state and local income taxes,
employment taxes, and excise taxes applicable to the Participant (including the
excise tax under section 4999 of the Code), will be greater after the application of
this Article 11 than it was before the application of this Article 11; or

(b) The Committee, at the time of making an Award under the Plan or at any time
thereafter, specifies in writing that such Award shall be subject to this Article 11
(regardless of the after-tax value of such Award to the Participant).

If this Article 11 applies to an Award, it shall supersede any contrary provision of the Plan or of
any Award granted under the Plan.

11.2. Basic Rule. In the event that the Auditors determine that any payment or transfer by
the Company under the Plan to or for the benefit of a Participant (a “Payment”) would be
nondeductible by the Company for federal income tax purposes because of the provisions concerning
“excess parachute payments” in section 280G of the Code, then the aggregate present value of all
Payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this Article
11, the “Reduced Amount” shall be the amount, expressed as a present value, which maximizes the
aggregate present value of the Payments without causing any Payment to be nondeductible by the
Company because of section 280G of the Code.

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11.3. Reduction of Payments. If the Auditors determine that any Payment would be
nondeductible by the Company because of section 280G of the Code, then the Company shall promptly
give the Participant notice to that effect and a copy of the detailed calculation thereof and of
the Reduced Amount, and the Participant may then elect, in his or her sole discretion, which and
how much of the Payments shall be eliminated or reduced (as long as after such election the
aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in
writing of his or her election within 10 days of receipt of notice. If no such election is made by
the Participant within such 10-day period, then the Company may elect which and how much of the
Payments shall be eliminated or reduced (as long as after such election the aggregate present value
of the Payments equals the Reduced Amount) and shall notify the Participant promptly of such
election. For purposes of this Article 11, present value shall be determined in accordance with
section 280G(d)(4) of the Code. All determinations made by the Auditors under this Article 11 shall
be binding upon the Company and the Participant and shall be made within 60 days of the date when a
Payment becomes payable or transferable. As promptly as practicable following such determination
and the elections hereunder, the Company shall pay or transfer to or for the benefit of the
Participant such amounts as are then due to him or her under the Plan and shall promptly pay or
transfer to or for the benefit of the Participant in the future such amounts as become due to him
or her under the Plan.

11.4. Overpayments and Underpayments. As a result of uncertainty in the application of
section 280G of the Code at the time of an initial determination by the Auditors hereunder, it is
possible that Payments will have been made by the Company which should not have been made (an
“Overpayment”) or that additional Payments which will not have been made by the Company could have
been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount
hereunder. In the event that the Auditors, based upon the assertion of a deficiency by the Internal
Revenue Service against the Company or the Participant which the Auditors believe has a high
probability of success, determine that an Overpayment has been made, such Overpayment shall be
treated for all purposes as a loan to the Participant which he or she shall repay to the Company,
together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code;
provided, however, that no amount shall be payable by the Participant to the Company if and to the
extent that such payment would not reduce the amount which is subject to taxation under section
4999 of the Code. In the event that the Auditors determine that an Underpayment has occurred, such
Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the
Participant, together with interest at the applicable federal rate provided in section 7872(f)(2)
of the Code.

11.5. Related Corporations. For purposes of this Article 11, the term “Company” shall include
affiliated corporations to the extent determined by the Auditors in accordance with section
280G(d)(5) of the Code.

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ARTICLE 12. FUTURE OF THE PLAN.

12.1. Term of the Plan. The Plan, as set forth herein, shall become effective on June 22,
2007. The Plan shall remain in effect until it is terminated under Section 12.2, except that no
ISOs shall be granted on or after the 10th anniversary of the date when the Board adopted the Plan
that was approved by the Company’s stockholders.

12.2. Amendment or Termination. The Board may, at any time and for any reason, amend or
terminate the Plan. An amendment of the Plan shall be subject to the approval of the Company’s
stockholders only to the extent required by applicable laws, regulations, or rules. No Awards shall
be granted under the Plan after the termination thereof. The termination of the Plan, or any
amendment thereof, shall not affect any Award previously granted under the Plan.

ARTICLE 13. DEFINITIONS.

13.1. “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more
Subsidiaries own not less than 50% of such entity.

13.2. “Award” means any award of an Option under the Plan.

13.3. “Board” means the Company’s Board of Directors, as constituted from time to time.

13.4. “Cause” shall mean (a) the unauthorized use or disclosure of the confidential
information or trade secrets of the Company, which use or disclosure causes material harm to the
Company, (b) conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of
the United States or any State thereof, (c) gross negligence, (d) willful misconduct or (e) a
failure to perform assigned duties that continues after the Participant has received written notice
of such failure from the Board. The foregoing, however, shall not be deemed an exclusive list of
all acts or omissions that the Company (or the Parent, Subsidiary, or Affiliate employing the
Participant) may consider as grounds for the discharge of Participant without Cause.

13.5. “Change in Control” means:

(a) The consummation of a merger or consolidation of the Company with or into
another entity or any other corporate reorganization, if persons who were not
stockholders of the Company immediately prior to such merger, consolidation, or
other reorganization own immediately after such merger, consolidation, or other
reorganization 50% or more of the voting power of the outstanding securities of each
of (i) the continuing or surviving entity and (ii) any direct or indirect parent
corporation of such continuing or surviving entity;

(b) The sale, transfer, or other disposition of all or substantially all of the
Company’s assets; or

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(c) Any transaction as a result of which any person is the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing at least 50% of the total voting power
represented by the Company’s then outstanding voting securities. For purposes of
this Subsection (c), the term “person” shall have the same meaning as when used in
sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or
of a Parent or Subsidiary and (ii) a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership
of the common stock of the Company.

A transaction shall not constitute a Change in Control if its sole purpose is to change the state
of the Company’s incorporation or to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such
transaction.

13.6. “Code” means the Internal Revenue Code of 1986, as amended.

13.7. “Committee” means a committee of the Board, as described in Article 2.

13.8. “Common Share” means one share of the common stock of the Company.

13.9. “Company” means X-Change Corporation, a Nevada corporation.

13.10. “Consultant” means a consultant or adviser who provides bona fide services to the
Company, a Parent, a Subsidiary, or an Affiliate as an independent contractor. Service as a
Consultant shall be considered employment for all purposes of the Plan, except as provided in
Section 4.2.

13.11. “Employee” means a common-law employee of the Company, a Parent, a Subsidiary or an
Affiliate.

13.12. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

13.13. “Exercise Price” means the amount for which one Common Share may be purchased upon
exercise of an Option, as specified in the applicable Stock Option Agreement.

13.14. “Fair Market Value” means the market price of Common Shares, determined by the
Committee in good faith on such basis as it deems appropriate. Whenever possible, the determination
of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street
Journal Online. Such determination shall be conclusive and binding on all persons.

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13.15. “Involuntary Termination” means the termination of the Participant’s Service by reason
of:

(a) The involuntary discharge of the Participant by the Company (or the Parent,
Subsidiary or Affiliate employing him or her) for reasons other than Cause; or

(b) The voluntary resignation of the Participant following (i) a material
adverse change in his or her title, stature, authority or responsibilities with the
Company (or the Parent, Subsidiary or Affiliate employing him or her), (ii) a
material reduction in his or her base salary or (iii) receipt of notice that his or
her principal workplace will be relocated by more than 30 miles.

13.16. “ISO” means an incentive stock option described in section 422(b) of the Code.

13.17. “NSO” means a stock option not described in sections 422 or 423 of the Code.

13.18. “Option” means an ISO or NSO granted under the Plan and entitling the holder to
purchase Common Shares.

13.19. “Optionee” means an individual or estate who holds an Option.

13.20. “Outside Director” means a member of the Board who is not an Employee. Service as an
Outside Director shall be considered employment for all purposes of the Plan, except as provided in
Section 4.2.

13.21. “Parent” means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, if each of the corporations other than the Company owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after
the adoption of the Plan shall be considered a Parent commencing as of such date.

13.22. “Participant” means an individual or estate that holds an Award.

13.23. “Plan” means this X-Change Corporation 2007 Stock Incentive Plan, as amended from time
to time.

13.24. “Service” means service as an Employee, Outside Director, or Consultant.

13.25. “Stock Option Agreement” means the agreement between the Company and an Optionee that
contains the terms, conditions, and restrictions pertaining to his or her Option.

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13.26. “Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than the last
corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that
attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date.

ARTICLE 14. EXECUTION.

To record the adoption of the Plan by the Board on June 21 ,2007, the Company has caused its
duly authorized officer to execute this document in the name of the Company.

(Remainder of page intentionally blank.)

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	 	X-CHANGE CORPORATION

 	 
	 	By:  	 	 
	 	 	 	 
	 	Title:  	 	 
	 

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