Document:

Exhibit 10.5

Exhibit
10.5

IFT
CORPORATION

KEY
EMPLOYEE STOCK OPTION PLAN

SECTION
I

PURPOSE

IFT
CORPORATION (the "Company"), a Delaware corporation, desires to afford certain
of its key employees and officers, who are responsible for the continued growth
of the Company, an opportunity to acquire a proprietary interest in the Company,
and, thus, to create in such individuals a greater concern for the welfare of
the Company and its subsidiaries. The Company, by means of this Key Employee
Stock Option Plan (the “Plan”), seeks to retain the services of persons now
holding key positions and to secure the services of persons capable of filling
such positions. The Options offered herein are a matter of separate inducement
and are not in lieu of any salary or other compensation for the services of any
key employee or officer. The Options granted hereunder are intended to be either
Incentive Stock Options or Non-Qualified Stock Options.

SECTION
II

DEFINITIONS

The
terms, as used in this Plan, shall have the meanings provide below:

(a)    Administrator.
The Board of Directors of the Company, or a committee established by the Board,
designated to administer the Plan, which shall consist of not less than two (2)
Non-Employee Directors satisfying the requirements of Rule 16b-3.

(b)    Affiliate.
Any entity that, directly or indirectly through one or more intermediaries, is
controlled by the Company and any entity in which the Company has a significant
equity interest.

(c)    Eligible
Person. Any employee or officer providing services to the Company or any
Affiliate who the Administrator determines to be an Eligible
Person.

(d)    Fair
Market Value. The closing "bid" price of the common stock, $.01 par value (the
“Shares”) on the date in question as quoted on the American Stock Exchange, or
any successor national stock exchange on which the Shares are then traded;
provided, however, that if on the date in question there is no public market for
the Shares and they are neither quoted on the American Stock Exchange nor traded
on a national securities exchange, then the Administrator shall, in its sole
discretion and best judgment, determine the Fair Market Value.

(e)    Incentive
Stock Option. An Option granted under the Plan that is intended to meet the
requirements of Section 422 of the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder (the “Code”) or any successor
provision.

(f)    Non-Employee
Directors. Directors, as such term is defined in Rule 16b-3(b)(3)(I) promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
having the qualifications thereunder to satisfy the requirements of Rule
16b-3.

(g)    Non-Qualified
Stock Option. An Option granted under the Plan that is not intended nor meets
the requirements of Section 422 of the Code or any successor
provision.

(h)    Option.
An Incentive Stock Option or a Non-Qualified Stock Option.

(i)    Option
Agreement. Any written agreement, contract or document evidencing any Option
granted under the Plan.

(j)    Optionee.
An Eligible Person granted an Option under the Plan.

(k)    Participant.
An Eligible Person designated to be granted an Option under the
Plan.

(l)    Person.
Any individual who is an officer or employee of the Company.

(m)    Rule
16b-3. The Rule 16b-3 promulgated by the Securities and Exchange Commission (the
“SEC”) under the Exchange Act, or any successor rule or regulation.

(n)    10%
Shareholder. A Participant who owns Shares of the Company or shares of any
subsidiary corporation or parent corporation of the Company possessing more than
10% of the Company or subsidiary corporation or parent corporation of the
Company.

 

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SECTION
III

ADMINISTRATION

The
Administrator, subject to the express provisions contained herein and applicable
law, shall administer this Plan with full power and authority to:

(a)    designate
Participants;

(b)    determine
the types of Options (e.g., whether Incentive Stock Options or Non-Qualified
Stock Options) to be granted to each Participant under the Plan;

(c)    determine
the number of Shares to be covered by each Option;

(d)    determine
the terms and conditions of any Option Agreement;

(e)    amend
the terms and conditions of any Option Agreement and accelerate the
exercisability of Options covered thereunder;

(f)    determine
whether, to what extent and under what circumstances Options may be exercised in
cash, shares, cancellation of indebtedness of the Company owing to the Optionee,
other securities, other property, or any combination thereof, or canceled,
forfeited or suspended;

(g)    determine
whether, to what extent and under what circumstances Options shall be deferred
either automatically or at the election of the holder thereof or the
Administrator;

(h)    interpret
and administer the Plan and any instrument or Option Agreement relating to, or
Option granted under the Plan;

(i)    establish,
amend, suspend or waive such rules and regulations and appoint such agents as it
shall deem appropriate for the proper administration of the Plan;
and

(j)    make
any other determination and take any other action that it deems necessary or
desirable for the administration of the Plan.

Unless
otherwise expressly provided in the Plan, all designations, determinations,
interpretations and other decisions under or with respect to the Plan or any
Option shall be within the sole discretion of the Administrator, may be made at
any time and shall be final, conclusive and binding upon any Participant, any
holder or beneficiary of any Option granted under the Plan and any employee of
the Company or any Affiliate.

SECTION
IV

AVAILABLE
SHARES SUBJECT TO OPTION

The
Shares underlying the Options granted pursuant to this Plan are subject to the
following provisions:

(a)    Shares
Available. The total number of Shares for which Options may be granted pursuant
to the Plan shall be 825,000 Shares in the aggregate, subject to adjustments as
provided in Section 4(c). If any Shares covered by an Option or to which an
Option relates are not purchased or are forfeited, or if an Option otherwise
expires, then the number of Shares counted against the aggregate number of
Shares available under the Plan with respect to such Option, to the extent of
any such forfeitures or terminations, shall again be available for Options under
the Plan.

(b)    Accounting
for Shares Covered by an Option. For purposes of this Section 4, the number of
Shares covered by an Option shall be counted on the date of grant of such Option
against the aggregate number of Shares available for granting Options under the
Plan.

(c)    Adjustments.
In the event that the Administrator shall determine that any dividend or other
distribution (whether in the form of cash, shares, other securities or other
property), re-capitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange
of shares or other securities of the Company, issuance of warrants or other
rights to purchase shares or other securities of the Company or other similar
rights to purchase shares or other securities of the Company or other similar
corporation transaction or event affects the Shares subject to Option grants
under the Plan such that an adjustment is determined by the Administrator to be
appropriate in order to prevent unjust dilution or unjust enrichment of the
benefits or potential benefits intended to be made available under the Plan,
then the Administrator shall, in such manner as it may deem equitable, adjust
any or all of:

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(1)    the
number of Shares which may thereafter be made the subject of
Options;

(2)    the
number of Shares subject to outstanding Option awards; and

(3)    the
purchase or exercise price with respect to any Option, provided, however, that
the number of Shares covered by an Option or to which such Option relates shall
always be a whole number.

(d)    Incentive
Stock Options. Notwithstanding the foregoing, the number of Shares available for
granting Incentive Stock Options under the Plan shall not exceed 525,000 Shares
subject to adjustment as provided in the Plan and Section 422 or 424 of the Code
or any successor provisions.

SECTION
V

ELIGIBILITY

Any
Eligible Person shall be eligible to be designated a Participant. In determining
which Eligible Persons shall receive an Option and the terms of any Option, the
Administrator may take into account the nature of the services rendered by the
respective Eligible Persons, their present and potential contributions to the
success of the Company or such other factors as the Administrator, in its
discretion, shall deem relevant. Notwithstanding the foregoing, an Incentive
Stock Option may only be granted to full time employees (which term as used
herein includes, without limitation, officers who are also employees) and shall
not be granted to an employee of an Affiliate unless such Affiliate is also a
"subsidiary corporation" of the Company within the meaning of Section 424(f) of
the Code or any successor provision.

SECTION
VI

OPTION
AWARDS

The
Administrator is authorized to grant Options to Participants with the following
terms and conditions and with such additional terms and conditions not
inconsistent with the provisions of the Plan as the Administrator shall
determine:

(a)    Exercise
Price. The purchase price per Share purchasable under an Option shall be
determined by the Administrator, provided, however, that such purchase price
shall not be less than ninety percent (90%) of the Fair Market Value of a Share
on the date of grant of such Option, provided further, any Option granted to a
Participant who, at the time such Option is granted, is an officer of the
Company, the purchase price shall not be less than one hundred percent (100%) of
the Fair Market Value of a Share on the date of grant of such Option, provided
further, however, that in the case of an Incentive Stock Option granted to a
Participant who, at the time such Option is granted, is deemed to be a 10%
Shareholder, the purchase price for each Share shall be such amount as the
Administrator in its best judgment shall determine to be not less than one
hundred and ten percent (110%) of the Fair Market Value per Share at the date
the Incentive Stock Option is granted. In determining stock ownership of a
Participant for any purposes under the Plan, the rules of Section 424(d) of the
Code shall be applied, and the Administrator may rely on representations of fact
made to it by the Participant and believe it to be true.

(b)    Option
Term. The term of each Option shall be fixed by the Administrator which in any
event shall not exceed a term of ten (10) years from the date of the grant,
provided, however, that the term of any Incentive Stock Option granted to any
10% Shareholder shall not be exercisable after the expiration of five (5) years
from the date such Incentive Stock Option was granted.

(c)    Maximum
Grant of Incentive Stock Options. The aggregate Fair Market Value (determined on
the date the Incentive Stock Option is granted) of Shares subject to an
Incentive Stock Option (when first exercisable) granted to a Participant by the
Administrator in any calendar year shall not exceed one hundred thousand dollars
($100,000.00).

(d)    Time
and Method of Exercise. Subject to the provisions of the Plan, the Administrator
shall determine the time or times at which an Option may be exercised in whole
or in part and the method or methods which shall consist of cash, shares,
cancellation of indebtedness of the Company owing to the Optionee, other
property, or any combination thereof, having a Fair Market Value on the exercise
date equal to the relevant exercise price, in which, payment of the exercise
price may be made or deemed to have been made.

  

(e)    Vesting
of Options. Unless otherwise stated in the Option, Options granted to
participants shall either vest immediately on grant or shall vest over time in
the Administrator’s discretion. All Options
under the Plan shall be required to be vested prior to exercise and if the
entire option is not fully vested at the time of exercise, only that portion of
the option that is vested shall be exercisable.

 

(f)    Limits
on Transfer of Options. No Option shall be transferable by a Participant
otherwise than by will or by the laws of descent and distribution, except by
gift to family members which is not otherwise specifically proscribed by the
Administrator in its discretion; provided, however, that, if so determined by
the Administrator, a Participant may, in the manner established by the
Administrator, designate a beneficiary or beneficiaries to exercise the rights
of the Participant and receive any Shares purchased with respect to any Option
upon the death of the Participant. Each Option shall be exercisable during the
Participant's lifetime only by the Participant or, if permissible under
applicable law, by the Participant's guardian or legal representative. No Option
or Shares underlying any Option shall be pledged, alienated, attached or
otherwise encumbered, and any purported pledge, alienation, attachment or
encumbrance shall be void and unenforceable against the Company or any
Affiliate.

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(g)    Restrictions
and Securities Exchange Listing. All certificates for Shares delivered upon the
exercise of Options shall be subject to such stop transfer orders and other
restrictions as the Administrator may deem advisable under the Plan or the
rules, regulations and other requirements of the Securities and Exchange
Commission and any applicable federal or state securities laws, and the
Administrator may cause a legend or legends to be placed on such certificates to
make appropriate reference to such restrictions. If the Shares or other
securities are traded on a national securities exchange, the Company shall not
be required to deliver any Shares covered by an Option unless and until such
Shares have been admitted for trading on such securities exchange.

(h)    Option
Status upon Termination of Employment. Options held by a Participant upon
Termination of employment shall be subject to the following
provisions:

(1)    Upon
termination of the employment of any Participant, an Option previously granted
to the Participant, unless otherwise specified herein or by the Administrator in
the Option, shall, to the extent not theretofore exercised, not terminate or
become null and void:

(i)    If
the Participant shall die while in the employ of the Company or during the one
(1) year period, whichever is applicable, specified in clause;(ii) below
and at a time when such Participant was entitled to exercise an Option as herein
provided, the legal representative of such Participant, or such Person who
acquired such Option by bequest or inheritance or by reason of the death of the
Participant, may, not later than fifteen (15) months from the date of death,
exercise such Option, to the extent not theretofore exercised, in respect of any
or all of such number of Shares specified by the Administrator in such Option;
and

(iii)    If
the employment of any Participant to whom a vested Option shall have been
granted shall terminate by reason of the Participant's retirement (at such age
upon such conditions as shall be specified by the Board of Directors),
disability (as described in Section 22(e) of the Code) or dismissal by the
Company other than for cause (as defined below), and while such Participants
entitled to exercise such Option as herein provided, such Participant shall have
the right to exercise such Option so granted, to the extent not theretofore
exercised, in respect of any or all of such number of Shares as specified by the
Administrator in such Option, at any time up to one (1) year from the date of
termination of the Optionee's employment by reason of retirement or dismissal
other than for cause or disability, provided, that if the Optionee dies within
such twelve (12) month period, subclause (i) above shall apply.

 

(2)    If
a Participant voluntarily terminates his or her employment or is discharged for
cause, any Option granted hereunder shall, unless otherwise specified by the
Administrator in the Option, forthwith terminate with respect to any unexercised
portion thereof.

(3)    If
an Option granted hereunder shall be exercised by the legal representative of a
deceased or disabled Participant, or by a person who acquired an Option granted
hereunder by bequest or inheritance or by reason of death of any such person,
written notice of such exercise shall be accompanied by a certified copy of
letters testamentary or equivalent proof of the right of such legal
representative or other person to exercise such Option.

(4)    For
all purposes of the Plan, the term "for cause" shall mean:

(i)    With
respect to a Participant who is a party to a written employment agreement with
the Company, as the case may be, which contains a "for cause" definition or
"cause" (or words of like import) for purposes of termination of employment
thereunder by the Company, "for cause" or "cause" as defined in the most recent
of such agreements; or

(ii)    In
all other cases, as determined by the Administrator in its sole discretion, that
one or more of the following has occurred:

(A)    any
failure by a Participant to substantially perform his or her employment duties
which shall not have been corrected within thirty (30) days following written
notice thereof;

(B)    any
engaging by such Participant in misconduct or, in the case of an officer
Participant, any failure or refusal by such officer Participant to follow the
directions of the Company's Board of Directors or Chief Executive Officer of the
Company which, in either case, is injurious to the Company or any
Affiliate;

(C)    any
breach by a Participant of any obligation or

specification
contained in the instrument pursuant to which an Option is granted;
or

(D)    such
Participant's conviction or entry of a plea of nolo contendere in respect of any
felony, or of a misdemeanor which results in or is reasonably expected to result
in economic or reputational injury to the Company or any of its
Affiliates.

 

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SECTION
VII

AMENDMENTS,
TERMINATION AND ADJUSTMENTS

Except
to the extent prohibited by applicable law and unless otherwise expressly
provided in an Option Agreement or in the Plan:

(a)    Amendments
to the Plan. The Board of Directors of the Company may amend, alter, suspend,
discontinue or terminate the Plan; provided, however, that, notwithstanding any
other provision of the Plan or any Option, without approval of the stockholders
of the Company, no such amendment, alteration, suspension, discontinuation or
termination shall be made that, absent such approval:

(1)    would
cause Rule 16b-3 to become unavailable with respect to the Plan;

(2)    would
violate the rules or regulations of any national securities exchange on which
the Shares of the Company are traded or the rules or regulations of the National
Association of Securities Dealers, Inc. that are applicable to the Company;
or

(3)    would
cause the Company to be unable, under the Code, to grant Incentive Stock Options
under the Plan.

 

(b)    Amendments
to Option Grants. The Administrator may waive any conditions or rights of the
Company under any outstanding Option grant, prospectively or retroactively. The
Administrator may not amend, alter, suspend, discontinue or terminate any
outstanding Option grant, prospectively or retroactively, without the consent of
the Participant or holder or beneficiary thereof, except as otherwise herein
provided.

(c)    Correction
of Defects, Omissions and Inconsistencies. The Administrator may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any
Option in the manner and to the extent it shall deem desirable to carry the Plan
into affect.

(d)    This
Plan was originally established as the 2000 Stock Purchase and Option Plan,
which was approved by the shareholders of the Company on June 20, 2000. The
Administrator amended the 2000 Stock Purchase and Option Plan, effective
December 31, 2004, to change its name to the “Key Employee Stock Option Plan”,
combine its terms and conditions with the 2002 Stock Option Plan, and eliminate
consultants and directors as Eligible Persons under the Plan, for administrative
convenience. The 2002 Stock Option Plan was approved by the shareholders on May
28, 2002.

SECTION
VIII

INCOME
TAX WITHHOLDING AND TAX BONUSES

The
exercise of Options and issuance of the underlying Shares under this Plan, are
subject to the following:

(a)    Withholding.
In order to comply with all applicable federal or state income tax laws or
regulations, the Company may take such action as it deems appropriate to ensure
that all applicable federal or state payroll, withholding, income or other
taxes, which are the sole and absolute responsibility of a Participant, are
withheld or collected from such Participant. In order to assist a Participant in
paying all or a portion of the federal and state taxes to be withheld or
collected upon exercise of any Option, the Administrator, in its discretion and
subject to such additional terms and conditions as it may adopt, may permit the
Participant to satisfy such tax obligation by:

(1)    electing
to have the Company withhold a portion of the Shares otherwise to be delivered
upon exercise of any Option with a Fair Market Value equal to the amount of such
taxes, or

(2)    delivering
to the Company Shares other than the shares issuable upon exercise of the
applicable Option with a Fair Market Value equal to the amount of such taxes.
The election, if any, must be made on or before the date that the amount of tax
to be withheld is determined.

(b)    Tax
Bonuses. The Administrator, in its discretion, shall have the authority, at the
time of grant of any Option under this Plan or at any time thereafter, to
approve cash bonuses to designated Participants to be paid upon their exercise
in order to provide funds to pay all or a portion of federal and state taxes due
as a result of such exercise, and shall have full authority in its discretion to
determine the amount of any such tax bonus.

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SECTION
IX

EFFECTIVE
DATE AND TERM

The
effective date and term of this Plan are as follows:

(a)    Effective
Date. The effective date of this Plan shall be July 1, 2000.

(b)    Term
of Plan. Unless the Plan shall have been discontinued or terminated as provided
for in the provisions of this Plan, the Plan shall terminate on June 30, 2010.
No Option shall be granted after the termination of the Plan. However, unless
otherwise expressly provided in the Plan or in an applicable Option, any Option
theretofore granted may extend beyond the termination of the Plan, and the
authority of the Administrator provided for hereunder with respect to the Plan
and any Option grants, and the authority of the Board of Directors of the
Company to amend the Plan, shall extend beyond the termination of the
Plan.

SECTION
X

GENERAL
PROVISIONS

The
general provisions applicable to this Plan are as follows:

(a)    No
Rights to Option Grants. No Eligible Person, Participant or other Person shall
have any claim to be granted an Option under the Plan, and there is no
obligation for uniformity of treatment of Eligible Persons, Participants or
holders or beneficiaries of Options granted under the Plan. The terms and
conditions of Options need not be the same with respect to any Participant or
with respect to different Participants.

 

(b)    Option
Agreements. No Participant will have rights under an Option granted to such
Participant unless and until a written Option shall have been duly executed on
behalf of the Company. Each Option shall set forth the terms and conditions of
the Option as granted to a Participant consistent with the provisions of this
Plan.

(c)    Limit
on Other Compensation Arrangements. Nothing contained in the Plan shall prevent
the Company or any Affiliate from adopting or continuing in effect other or
additional compensation arrangements, and such arrangements may be either
generally applicable or applicable only in specific cases.

(d)    No
Right to Employment. The grant of an Option shall not be construed as giving a
Participant the right to be retained in the employ of the Company or any
Affiliate, nor will it affect in any way the right of the Company or an
Affiliate to terminate such employment at any time, with or without cause. In
addition, the Company or an Affiliate may at any time dismiss a Participant from
employment free from any liability or any claim under the Plan, unless otherwise
expressly provided in the Plan or in any Option.

(e)    Governing
Law. The validity, construction and effect of the Plan or any Option granted
hereunder, and any rules and regulations relating to the Plan or any Option
granted hereunder, shall be determined in accordance with the laws of the State
of Delaware except to the extent preempted by Federal law.

(f)    Severability.
If any provision of the Plan or any Option is or becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction or would disqualify the
Plan or any Option under any law deemed applicable by the Administrator, 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 determination of
the Administrator, materially altering the purpose or intent of the Plan or the
Option, such provision shall be stricken as to such jurisdiction or Option, and
the remainder of the Plan or any Option shall remain in full force &
effect.

(g)    Section
Headings. The section headings included herein are only for convenience, and
they shall have no effect on the interpretation of the Plan.

IN
WITNESS WHEREOF, this Plan has been duly executed at Deerfield Beach, Florida on
this 31st
day of December 2004.

IFT
CORPORATION

Michael
T. Adams

CEO

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EXHIBIT

OPTION

THE
BOARD OF DIRECTORS of the IFT Corporation (the "Company") have authorized and
approved the Key Employee Stock Option Plan (the "Plan"). This Plan provides for
the grant of Options to employees and officers of the Company. Unless otherwise
provided herein all defined terms shall have the respective meanings ascribed to
them under the Plan.

1.    GRANT
OF OPTION. Pursuant to authority granted to it under the Plan, the Administrator
responsible for administering the Plan hereby grants to you, as an employee or
officer of the Company and as of ________, _______ ("Grant Date"), the following
Option ___________. Each Option permits you to purchase one share of the
Company's common stock, $.01 par value per share ("Shares").

2.    CHARACTER
OF OPTIONS. Pursuant to the Plan, Options granted herein may be Incentive Stock
Options or Non-Qualified Stock Options, or both. To the extent permitted under
the Plan and by law, such Options shall first be considered Incentive Stock
Options.

3.    EXERCISE
PRICE. The Exercise Price for each Non-Qualified Stock Option granted herein to
employees or officers shall be $_______ per Share, and the exercise price for
each Incentive Stock Option granted herein shall be $ _______ per Share, except
that an Incentive Stock Option granted to a 10% Shareholder shall be $_______
per Share. It is agreed and determined by the Administrator that the Fair Market
Value of the Shares subject to the Options herein on the date of grant is
$________ per Share.

4.    PAYMENT
OF EXERCISE PRICE. Options represented hereby may be exercised in whole or in
part by delivering to the Company your payment of the Exercise Price of the
Option so exercised in cash, Shares, cancellation of indebtedness of the Company
owing to the Optionee, or in such form permitted under the Plan, or any
combination thereof, having a Fair Market Value on the exercise date equal to
the relevant exercise price of the relevant Option being exercised.

5.    TERMS
OF OPTIONS. The term of each Option granted herein shall be for a term of up to
______ (___) years from the Grant Date, provided, however, that the term of any
Incentive Stock Option granted herein to an Optionee who is at the time of the
grant, the owner of 10% or more of the outstanding Shares of the Company, shall
not be exercisable after the expiration of five (5) years from the Grant
Date.

6.    LIMITS
ON TRANSFER OF OPTIONS. The Option granted herein shall not be transferable by
you otherwise than by will or by the laws of descent and distribution, except
for gifts to family members subject to any specific limitation concerning such
gift by the Administrator in its discretion; provided, however, that you may
designate a beneficiary or beneficiaries to exercise your rights and receive any
Shares purchased with respect to any Option upon your death. Each Option shall
be exercisable during your lifetime only by you or, if permissible under
applicable law, by your legal representative. No Option herein granted or Shares
underlying any Option shall be pledged, alienated, attached or otherwise
encumbered, and any purported pledge, alienation, attachment or encumbrance
thereof shall be void and unenforceable against the Company or any
Affiliate.

7.    TERMINATION
OF EMPLOYMENT. If your employment is terminated with the Company, your Option
and/or any unexercised portion, shall be subject to the provisions
below:

(a)    Upon
the termination of your employment with the Company, to the extent not
theretofore exercised, your Option shall continue to be valid; provided,
however, that:

(i)    If
the Participant shall die while in the employ of the Company or during the one
(1) year period, whichever is applicable, specified in clause (ii) below and at
a time when such Participant was entitled to exercise an Option as herein
provided, the legal representative of such Participant, or such Person who
acquired such Option by bequest or inheritance or by reason of the death of the
Participant, may, not later than fifteen (15) months from the date of death,
exercise such Option, to the extent not theretofore exercised, in respect of any
or all of such number of Shares specified by the Administrator in such Option;
and

(ii)    If
the employment of any Participant to whom such Option shall have been granted
shall terminate by reason of the Participant's retirement (at such age upon such
conditions as shall be specified by the Board of Directors), disability (as
described in Section 22(e) of the Code) or dismissal by the Company other than
for cause (as defined below), and while such Participant is entitled to exercise
such Option as herein provided, such Participant shall have the right to
exercise such Option so granted, to the extent not theretofore exercised, in
respect of any or all of such number of Shares as specified by the Administrator
in such Option, at any time up to one (1) year from the date of termination of
the Optionee's employment by reason of retirement or dismissal other than for
cause or disability, provided, that if the Optionee dies within such twelve (12)
month period, subclause (i) above shall apply.

(b)    If
you voluntarily terminate your employment, or are discharged for cause, any
Options granted hereunder shall forthwith terminate with respect to any
unexercised portion thereof.

 

7

 

             (c)    If
any Options granted hereunder shall be exercised by your legal representative if
you should die or become disabled, or by any person who acquired any Options
granted hereunder by bequest or inheritance or by reason of death of any such
person written notice of such exercise shall be accompanied by a certified copy
of letters testamentary or equivalent proof of the right of such legal
representative or other person to exercise such Options.

(d)    For
all purposes of the Plan, the term "for cause" shall mean "cause" as defined in
the Plan or your employment agreement with the Company.

8.    RESTRICTION;
SECURITIES EXCHANGE LISTING. All certificates for shares delivered upon the
exercise of Options granted herein shall be subject to such stop transfer orders
and other restrictions as the Administrator may deem advisable under the Plan or
the rules, regulations and other requirements of the Securities and Exchange
Commission and any applicable federal or state securities laws, and the
Administrator may cause a legend or legends to be placed on such certificates to
make appropriate reference to such restrictions. If the Shares or other
securities are traded on a national securities exchange, the Company shall not
be required to deliver any Shares covered by an Option unless and until such
Shares have been admitted for trading on such securities exchange.

9.    ADJUSTMENTS.
If there is any change in the capitalization of the Company affecting in any
manner the number or kind of outstanding shares of Common Stock of the Company,
whether by stock dividend, stock split, reclassification or recapitalization of
such stock, or because the Company has merged or consolidated with one or more
other corporations (and provided the Option does not thereby terminate pursuant
to Section 5 hereof), then the number and kind of shares then subject to the
Option and the price to be paid therefor shall be appropriately adjusted by the
Board of Directors; provided,
however,
that in no event shall any such adjustment result in the Company's being
required to sell or issue any fractional shares. Any such adjustment shall be
made without change in the aggregate purchase price applicable to the
unexercised portion of the option, but with an appropriate adjustment to the
price of each Share or other unit of security covered by this
Option.

10.    CESSATION
OF CORPORATE EXISTENCE. Notwithstanding any other provision of this Option, upon
the dissolution or liquidation of the Company, the reorganization, merger or
consolidation of the Company with one or more corporations as a result of which
the Company is not the surviving corporation, or the sale of substantially all
the assets of the Company or of more than 50% of the then outstanding stock of
the Company to another corporation or other entity, the option granted hereunder
shall terminate; provided, however, that: (i) each option for which no option
has been tendered by the surviving corporation in accordance with all of the
terms of provision (ii) immediately below shall, within five days before the
effective date of such dissolution or liquidation, merger or consolidation or
sale of assets in which the Company is not the surviving corporation or sale of
stock, become fully exercisable; or (ii) in its sole and absolute discretion,
the surviving corporation may, but shall not be so obligated to, tender to any
Optionee, an option to purchase shares of the surviving corporation, and such
new option or options shall contain such terms and provisions as shall be
required substantially to preserve the rights and benefits of this
option

11.    AMENDMENTS
TO OPTIONS HEREIN GRANTED. The Options granted herein may not be amended without
your consent.

12.    WITHHOLDING
TAXES. As provided in the Plan, the Company may withhold from sums due or to
become due to you from the Company an amount necessary to satisfy its obligation
to withhold taxes incurred by reason of the disposition of the Shares acquired
by exercise of the Options in a disqualifying disposition (within the meaning of
Section 421(b) of the Code), or may require you to reimburse the Company in such
amount.

IFT
CORPORATION

	 	 
	
      (Printed
      Name)
	 
	
      (Title)
	 
	 	 
	 	 
	
      Date
	 

8Exhibit 10.9

Exhibit
10.9

IFT
CORPORATION

DIRECTOR
COMPENSATION PLAN

I.    GENERAL
PROVISIONS.

1.1    Purposes
of Plan.
IFT Corporation (the "Company") has adopted this Director Compensation Plan (the
"Plan") to enable the Company to attract and retain the services of experienced
and knowledgeable Non-Employee Directors and to align further their interests
with those of the stockholders of the Company by providing for or increasing the
proprietary interests of the Non-Employee Directors in the Company.

1.2    Definitions.
The following terms, when used in this Plan, shall have the meanings set forth
in this Section 1.2:

 

(a)    "Award"
means an award of Restricted Stock under the Plan.

 

(b)    "Change
in Control" means the following and shall be deemed to occur if any of the
following events occur:

 

(i)    Any
"person," as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") (a "Person"), is or
becomes the "beneficial owner," as defined in Rule 13d-3 under the Exchange Act
(a "Beneficial Owner"), directly or indirectly, of securities of the Company
representing (i) 20% or more of the combined voting power of the Company's then
outstanding voting securities, which acquisition is not approved in advance of
the acquisition or within 30 days after the acquisition by a majority of the
Incumbent Board (as hereinafter defined) or (ii) 33% or more of the combined
voting power of the Company's then outstanding voting securities, without regard
to whether such acquisition is approved by the Incumbent Board;

 

(ii)    Individuals
who, as of the date hereof, constitute the Board of Directors (the "Incumbent
Board"), cease for any reason to constitute at least a majority of the Board of
Directors, provided that any person becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company's stockholders,
is approved by a vote of at least a majority of the directors then comprising
the Incumbent Board (other than an election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the directors of the Company, as
such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) shall, for the purposes of this Plan, be considered as though such
person were a member of the Incumbent Board of the Company;

 

(iii)    The
consummation of a merger, consolidation or reorganization involving the Company,
other than one which satisfies both of the following conditions:

 

(A)    a
merger, consolidation or reorganization which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of another entity) at least 55% of the combined voting power of the
voting securities of the Company or such other entity resulting from the merger,
consolidation or reorganization (the "Surviving Corporation") outstanding
immediately after such merger, consolidation or reorganization and being held in
substantially the same proportion as the ownership in the Company's voting
securities immediately before such merger, consolidation or reorganization,
and

 

(B)    a
merger, consolidation or reorganization in which no Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company's then
outstanding voting securities; or

(iv)    The
stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or other disposition by the Company of all
or substantially all of the Company's assets.

 

1

 

Notwithstanding
the preceding provisions of this Paragraph (c), a Change in Control shall not be
deemed to have occurred if the Person described in the preceding provisions of
this Paragraph (c) is (1) an underwriter or underwriting syndicate that has
acquired any of the Company's then outstanding voting securities solely in
connection with a public offering of the Company's securities, (2) the Company
or any subsidiary of the Company or (3) an employee stock ownership plan or
other employee benefit plan maintained by the Company that is qualified under
the provisions of the Code. In addition, notwithstanding the preceding
provisions of this Paragraph (c), a Change in Control shall not be deemed to
have occurred if the Person described in the preceding provisions of this
Paragraph (c) becomes a Beneficial Owner of more than the permitted amount of
outstanding securities as a result of the acquisition of voting securities by
the Company which, by reducing the number of voting securities outstanding,
increases the proportional number of shares beneficially owned by such Person,
provided, that if a Change in Control would occur but for the operation of this
sentence and such Person becomes the Beneficial Owner of any additional voting
securities (other than through the exercise of options granted under any stock
option plan of the Company or through a stock dividend or stock split), then a
Change in Control shall occur.

(c)    "Common
Stock" means the common stock, par value $.01 per share, of the
Company.

 

(d)    "Non-Employee
Director" means any member of the Board of Directors who is not an employee of
the Company or of a parent or subsidiary corporation (as defined in Section 425
of the Internal Revenue Code) with respect to the Company.

 

(e)    "Participant"
means any Non-Employee Director who receives an Award pursuant to the terms of
the Plan.

 

(f)    "Restricted
Stock" means Common Stock which is the subject of an Award under this Plan and
which is nontransferable and subject to a substantial risk of forfeiture until
specific conditions are met as set forth in this Plan.

 

(g)    “Retention
Fee” means cash payments for Independent Directors (as such term is defined in
the American Stock Exchange Company Guide) after three consecutive years of
service on the Board. 

1.3    Common
Shares Subject to Plan.

(a)    Subject
to the provisions of Article IV and of this Section 1.3, the maximum number of
shares of Common Stock which may be issued or transferred pursuant to Awards
under this Plan shall not exceed 1,600,000 shares.

 

(b)    The
shares of Common Stock to be delivered under the Plan shall be made available,
at the discretion of the Board of Directors, either from authorized but unissued
shares of Common Stock or from shares of Common Stock held by the Company as
treasury shares, including shares purchased in the open market.

 

(c)    If,
on or before termination of the Plan, any shares of Common Stock subject to an
Award shall not be issued or transferred and shall cease to be issuable or
transferable for any reason, or if such shares shall have been reacquired by the
Company pursuant to restrictions imposed on such shares under the Plan, the
shares not so issued or transferred and the shares so reacquired shall not
longer be charged against the limitation provided for in Paragraph (a) of this
Section 1.3 and may be again made the subject of Awards under this
Plan.

1.4    Administration
of Plan.

(a)    Subject
to the provisions of Paragraph (b) below, this Plan shall be administered by the
Board of Directors. Awards under the Plan shall be automatic as described
elsewhere in this Plan. Subject to the provisions of this Plan, the Board shall
be authorized and empowered to do all things necessary or desirable in
connection with the administration.

2

 

(b)    The
Board, in its absolute discretion, may at any time and from time to time
delegate to a committee of three or more persons appointed by the Board (the
"Committee") all or any part of the authority, powers and discretion of the
Board under this Plan. Any determinations, decisions, interpretations, rules,
regulations or other actions of the Committee shall have the same effect as if
made or taken by the Board. Members of the Committee shall be subject to removal
at any time as determined by the Board, and the Board may at any time abolish
the entire Committee, in which case all authority, powers and discretion
delegated to the Committee shall immediately become revested in the Board. The
Board also may limit the Committee's authority and power at any time, in which
case any specified authority or power removed from the Committee shall
immediately become revested in the Board. No Non-Employee Director shall be
eligible to be a member of the Committee.

1.5    Participation.
All Non-Employee Directors shall receive Awards under this Plan, which Awards
shall be granted automatically as provided in Section 2.1 below.

II.    COMPENSATION.

2.1    Restricted
Stock Awards.

(a)    Immediately
following the effective date of this Plan (as determined pursuant to Section 5.2
hereof), each Non-Employee Director who is then serving as a member of the Board
of Directors shall automatically be granted an Award consisting of a number of
shares of Restricted Stock (rounded to the nearest whole number of shares) equal
to: 48,000 for the Chairman of the Board, who is also a Non-Employee Director;
and 12,000 for the other Non-Employee Directors, as of the effective date of
this Plan.

 

(b)    Thereafter,
each Non-Employee Director who is newly appointed or elected to the Board for a
full term of one (1) year shall automatically be granted an award consisting of
the applicable number of shares of Restricted Stock described in Section 2.1(a)
with respect to any other Non-Employee Director, at the time such Non-Employee
Director first joins the Board. Such Award shall be made on the first business
day following the date of the regular annual meeting of stockholders of the
Company, or any adjournment thereof, at which directors are
elected.

 

(c)    Each
Non-Employee Director who is appointed or elected to fulfill a term of less than
one (1) year (whether by replacing a director who retires, resigns or otherwise
terminates his service as a director prior to the expiration of this term or
otherwise) shall automatically be granted a pro-rata Award consisting of the
applicable number of shares of Restricted Stock described in Section
2.1(a)(rounded to the nearest whole number of shares) equal to 1,000 multiplied
by the Applicable Service Fraction with respect to such Non-Employee Director
determined as of the date of such Non-Employee Director's appointment or
election to the Board. Such Award shall be made as of the first business day
following the date of such Non-Employee Director's appointment or election to
the Board.

 

(d)    Each
Non-Employee Director who is re-elected (or, in the case of a Non-Employee
Director who was appointed to the Board and received an Award pursuant to any of
the preceding provisions of this Section 2.1 (an "Appointed Director"), elected)
to the Board for a full term of one (1) year shall automatically be granted an
Award consisting of the applicable number of shares of Restricted Stock
described in Section 2.1(a) at the time of such Non-Employee Director's
re-election (or, in the case of an Appointed Director, election) to the Board.
Such Award shall be made on the first business day following the date of the
annual meeting of stockholders of the Company, or any adjournment thereof, at
which directors of the Company are elected.

 

(e)    As
used herein, "Applicable Service Fraction" means, with respect to any
Non-Employee Director, a fraction the numerator of which is the number of months
remaining in such Non-Employee Director's term at the time the Applicable
Service Fraction is to be determined pursuant hereto and the denominator of
which is 12.

 

(f)    Notwithstanding
the foregoing, any restricted common stock received by any Non-Employee Director
for serving on the Board prior to the effective date of this Plan under any
other Non-Employee Plan or arrangement of the Company, shall be in addition to
the automatic grant described in Section 2.1(a). The Chairman of the Board, who
is also a Non-Employee Director, did not receive any prior restricted common
stock for serving in such capacity on the Board since February 8,
1999.

3

 

(g)    Anything
stated herein to the contrary notwithstanding, a one-time grant of 1,168,000
shares of Restricted Stock shall be made to Richard J. Kurtz, Chairman of the
Board, which shall be in addition to the automatic grant described in Section
2.1(a). This grant recognizes his personal cost for substantially funding the
Company and acting as Chairman of the Board without adequate compensation over a
three-year period.

2.2    Purchase
Price.
Participants under the Plan shall not be required to pay any purchase price for
the shares of Common Stock to be acquired pursuant to an Award, unless otherwise
required under applicable law or regulations for the issuance of shares of
Common Stock which are nontransferable and subject to a substantial risk of
forfeiture until specific conditions are met. If so required, the price at which
shares of Common Stock shall be sold to Participants under this Plan pursuant to
an Award shall be the minimum purchase price required in such law or
regulations, as determined by the Board in the exercise of its sole
discretion.

2.3    Terms
of Payment.
The purchase price, if any, of shares of Common Stock sold by the Company
hereunder shall be payable by the Participant in cash at the time such award is
granted.

2.4    Cash
Payments.
A Retention Fee of $10,000 per year, payable on a quarterly basis during the
year, shall be paid by the Company to all eligible Participants under this
Plan.

III.    RESTRICTIONS
ON GRANTED STOCK.

3.1    Restrictions
on Shares Issued.
All shares of Common Stock granted pursuant to an Award under this Plan shall be
subject to the following restrictions:

(a)    The
shares may not be sold, assigned, transferred, pledged, hypothecated or
otherwise disposed of, alienated or encumbered until the restrictions set forth
in Paragraph (b) below lapse and are removed as provided in Paragraph (d) below,
and any additional requirements or restrictions set forth in or imposed pursuant
to this Plan have been satisfied, terminated or expressly waived by the Company
in writing.

 

(b)    In
the event a Participant's service as a director of the Company terminates for
any reason other than death or total disability, all shares of Common Stock
acquired under this Plan by such Participant with respect to which, at the date
of such termination of service, the vesting restrictions imposed under this Plan
have not lapsed and been removed as provided in Paragraph (d) below shall be
returned to the Company forthwith, and all rights of the Participant to such
shares shall immediately terminate upon payment by the Company to such
Participant of the amount, if any, that the Participant paid to the Company for
such shares.

 

(c)    In
the event a Participant's service as a director of the Company terminates
because of death or total disability, the Participant shall not be obligated to
return any shares as described in Paragraph (b) above and, except for any
continuing and additional restrictions which may exist as set forth in or
imposed pursuant to this Plan, the vesting restrictions imposed upon the shares
of Common Stock acquired by such Participant under this Plan shall lapse and be
removed (and the shares of Common Stock acquired by such Participant under
Awards pursuant to the Plan shall vest) upon such termination of
service.

 

(d)    The
restrictions imposed under Paragraph (b) above shall lapse and be removed (and
the shares of Common Stock acquired by a Participant pursuant to an Award shall
vest) in accordance with the following rules:

(i)    Subject
to the provisions of Subparagraphs (iii) and (iv) below, in the case of an Award
granted pursuant to Paragraph (a) or (c) of Section 2.1, as of the date of each
regular annual meeting of stockholders of the Company at which directors are to
be elected following the date of such Award, the vesting restrictions imposed
under this Plan shall lapse and be removed from such number of shares of
Restricted Stock acquired pursuant to the Award as is required to cause the
aggregate number of shares of Common Stock acquired pursuant to such Award with
respect to which the vesting restrictions imposed pursuant to this Plan have
lapsed and been removed (and in which the Participant shall be fully vested) to
equal the number (rounded to the nearest whole number of shares) computed by
multiplying the total number of shares of Restricted Stock that were initially
the subject of such Award by the lesser of (a) one or (b) a fraction the
numerator of which is the number of months the Participant has served as a
member of the Board of Directors subsequent to the date upon which the Award was
granted and the denominator of which is the total number of months in the term
of such Non-Employee Director determined as of the date upon which the Award was
granted.

 

4

 

(ii)    Subject
to the provisions of Subparagraph (iii) and (iv) below, in the case of an Award
pursuant to Paragraph (b) or (d) of Section 2.1, as of the date of each regular
annual meeting of stockholders of the Company at which directors are to be
elected following the date of such Award, the vesting restrictions imposed
pursuant to this Plan shall lapse and be removed (and the Participant shall be
fully vested) with respect to all of the shares acquired by the Participant
pursuant to such Award as of the date of the next annual meeting of stockholders
following the date upon which the Award is granted.

 

(iii)    Notwithstanding
the provisions of Subparagraphs (i), (ii) and (v) of this Section 3.1, in the
event that a Participant's service as a director of the Company terminates
because of death or total disability, as of the date of such termination of
service the vesting restrictions imposed pursuant to this Plan shall lapse and
be removed (and the Participant shall be fully vested) with respect to all
shares of Common Stock acquired by such Participant under Awards pursuant to
this Plan.

 

(iv)    Notwithstanding
the provisions of Subparagraphs (i), (ii) and (v) of this Section 3.1, in the
event of a Change in Control, as of the date of such Change in Control the
vesting restrictions imposed pursuant to this Plan shall lapse and be removed
(and Participants shall be fully vested) with respect to all shares of Common
Stock acquired under Awards pursuant to this Plan.

 

(v)  Notwithstanding
the provisions in Subparagraphs (i) through (iv) of this Section 3.1(d), the
Award made pursuant to Section 2.1(g), as of the effective date of this Plan,
shall vest 25% per year commencing as of the effective date of this
Plan.

 

(e)    Vesting.
Unless otherwise expressly stated herein, shares granted hereunder shall vest
after 12-months following date of grant.

3.2    Prior
Shares of Restricted Common Stock Outside of the Plan.
Any and all restricted common stock received by each Non-Employee Director for
serving on the Board prior to the effective date of this Plan under any other
Non-Employee Plan or arrangement of the Company prior to the effective date of
this Plan, shall be fully vested.

 

3.3    Rights
with Respect to Shares of Restricted Stock.
A Non-Employee Director to whom an Award has been made shall be notified of the
Award, and upon payment in full of the purchase price (if any) required for the
shares of the Restricted Stock, the Company shall promptly cause to be issued or
transferred to the name of the Non-Employee Director a certificate or
certificates for the number of shares of Restricted Stock granted, subject to
the provisions of Sections 3.4, 3.5 and 3.6 below. From and after the date of
the Award, the Non-Employee Director shall be a Participant and shall have all
rights of ownership with respect to such shares of Restricted Stock, including
the right to vote and to receive dividends and other distributions with respect
thereto, subject to the terms, conditions and restrictions described in this
Plan.

 

3.4    Custody
of Stock Certificates.
In order to enforce the restrictions imposed upon shares of Restricted Stock
pursuant to this Plan, the Board may require that the certificates representing
such shares of Restricted Stock remain in the physical custody of the Company
until any or all of the restrictions imposed pursuant to the Plan expire or
shall have been removed.

 

3.5    Legends
on Stock Certificates.
The Board shall cause such legend or legends making reference to the
restrictions imposed hereunder to be placed on certificates representing shares
of Common Stock which are subject to restrictions hereunder as the Board deems
necessary or appropriate in order to enforce the restrictions imposed upon
shares of Restricted Stock issued pursuant to Awards granted
hereunder.

 

3.6    Securities
Law Requirements.
Shares of Common Stock shall not be offered or issued under this Plan unless the
offer, issuance and delivery of such shares shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended and the requirements of any stock exchange
upon which the Common Stock may then be listed. As a condition precedent to the
issuance of shares of Common Stock pursuant to an Award, the Company may require
the Participant to execute such documents or take any reasonable action
necessary to comply with such requirements.

5

IV.    ADJUSTMENTS.
If the outstanding shares of the Common Stock of the Company are increased,
decreased or exchanged for a different number or kind of shares or other
securities, or if additional shares or new or different shares or other
securities are distributed in respect of such shares of Common Stock (or any
stock or securities received with respect to such Common Stock), through merger,
consolidation, sale or exchange of all or substantially all of the properties of
the Company, reorganization, recapitalization, reclassification, stock dividend,
stock split, reverse stock split, spin-off or other distribution in respect of
such shares of Common Stock (or any stock or securities received with respect to
such Common Stock), a fair, appropriate and proportionate adjustment shall be
made in (i) the maximum number of securities provided in Section 1.3 of the
Plan, (ii) the number of shares to be included in each grant of Restricted Stock
of the Plan; (iii) the number and kind of shares then subject to restrictions
pursuant to Section 3.1 of the Plan, and (iv) the repurchase price, if any, for
each share of Common Stock subject to such restrictions. The Board's
determination of the adjustments required under this Section 4.1 shall be final,
binding and conclusive. No fractional interests shall be issued under the Plan
on account of any such adjustment.

V.    MISCELLANEOUS
PROVISIONS.

5.1    Amendment,
Suspension and Termination of Plan.
The Board of Directors may at any time amend, suspend, or terminate the Plan;
provided, however, that no such action shall deprive the holder of an Award of
such Award without the consent of such holder, and further provided that the
nondiscretionary manner in which Awards are made to Non-Employee Directors under
Section 2.1 shall not be modified or amended (provided that the number of shares
to be included in each automatic grant thereunder may be changed with the
approval of the stockholders). Furthermore, no such amendment shall, without
approval of the stockholders of the Company, except as provided in Article IV
hereof:

(a)    increase
the maximum number of shares specified in paragraph (a) of Section
1.3;

 

(b)    change
the price of Common Stock specified in Section 2.2;

 

(c)    change
the terms of payment specified in Section 2.3;

 

(d)    accelerate
the restriction-removal schedule specified in Paragraph (d) of Section
3.1;

 

(e)    extend
the duration of the Plan;

 

(f)    materially
modify the requirements as to eligibility for participation in the Plan;
or

 

(g)    materially
increase in any other way the benefits accruing to the holder of an Award
already granted or that subsequently may be granted under this
Plan.

Except as
provided in Article IV, no termination, suspension or amendment of this Plan
may, without the consent of the holder thereof, affect Common Stock previously
acquired by a Participant pursuant to this Plan.

 

5.2    Effective
Date and Duration of Plan.
This Plan shall become effective on the date of its approval by the holders of
the outstanding shares of Common Stock (either by a vote of a majority of such
outstanding shares present in person or by proxy and entitled to vote at a
meeting of the stockholders of the Company). Unless previously terminated by the
Board of Directors, this Plan shall terminate at the close of business on May
29, 2006, and no Award may be granted under the Plan thereafter, but such
termination shall not affect any Award theretofore granted and any shares of
Common Stock granted pursuant thereto.

 

5.3    Additional
Limitations on Common Stock.
With respect to any shares of Common Stock issued or transferred under any
provisions of the Plan, such shares may be issued or transferred subject to such
conditions, in addition to those specifically provided in the Plan as the Board
may direct.

 

5.4    Director
Status.
Nothing in this Plan or in any instrument executed pursuant hereto shall confer
upon any Non-Employee Director any right to continue as a member of the Board of
Directors of the Company or any subsidiary thereof or shall interfere with or
restrict the right of the Company or its stockholders (or of a subsidiary or its
stockholders, as the case may be) to terminate the service of any Non-Employee
Director at any time and for any reason whatsoever, with or without good
cause.

 

6

 

5.5     Securities
Law Legends.
In addition to any legend or legends pursuant to Section 3.5 above, each
certificate representing shares of Common Stock issued under the Plan shall be
endorsed with such legends as the Company may, in its discretion, deem
reasonably necessary or appropriate to comply with or give notice of applicable
federal and state securities laws.

 

5.6     No
Entitlement to Shares.
No Non-Employee Director (individually or as a member of a group), and no
beneficiary or other person claiming under or through such Non-Employee
Director, shall have any right, title, or interest in or to any shares of Common
Stock allocated or reserved for the purpose of the Plan or subject to any Award
except as to such shares of Common Stock, if any, as shall have been issued in
the name of or transferred to such Non-Employee Director. A Non-Employee
Director's rights to any shares of Common Stock issued or transferred to the
name of such Non-Employee Director pursuant to an Award under this Plan shall be
subject to such limitations and restrictions as are set forth in or imposed
pursuant to this Plan.

 

5.7     Withholding
of Taxes.
The Company may make such provisions as it deems appropriate for the withholding
by the Company of such amounts as the Company determines it is required to
withhold in connection with any Award. The Company may require a Participant to
satisfy any relevant tax requirements before authorizing any issuance of Common
Stock to such Participant. Any such settlement shall be made in the form of
cash, a certified or bank cashier's check or such other form of consideration as
is satisfactory to the Board.

 

5.8     Transferability.
No award or right under this Plan, contingent or otherwise, shall be assignable
or otherwise transferable other than by will or the laws of descent and
distribution, or shall be subject to any encumbrance, pledge or change or any
nature. Any Award shall be accepted during a Participant's lifetime only by the
Participant or the Participant's guardian or other legal
representative.

 

5.9     Other
Plans.
Nothing in this Plan is intended to be a substitute for, or shall preclude or
limit the establishment or continuation of, any other plan, practice or
arrangement for the payment of compensation or benefits to directors generally,
which the Company now has or may hereafter lawfully put into effect, including,
without limitation, any retirement, pension, insurance, stock purchase,
incentive compensation or bonus plan.

 

5.10    Invalid
Provisions.
In the event that any provision of this Plan document is found to be invalid or
otherwise unenforceable under any applicable law, such invalidity or
unenforceability shall not be construed as rendering any other provisions
contained herein invalid or unenforceable, and all such other provisions shall
be given full force and effect to the same extent as though the invalid or
unenforceable provision were not contained herein.

 

5.11    Singular,
Plural; Gender.
Whenever used herein, nouns in the singular shall include the plural, and the
masculine pronoun shall include the feminine gender, as the context may
require.

 

5.12    Applicable
Law.
This Plan shall be governed by, interpreted under, and construed and enforced in
accordance with the internal laws, and not the laws relating to conflicts or
choice of laws, of the State of Delaware.

 

5.13    Successors
and Assigns of the Company.
The Plan shall be binding upon the successors and assignees of the
Company.

 

5.14    Successors
and Assigns of Participants.
The provisions of this Plan and any agreement executed upon the acquisition of
shares hereunder shall be binding upon each Participant in the Plan, and such
Participant's heirs, executors, administrators, personal representatives,
transferees, assignees and successors in interest.

 

5.15    Headings,
Etc. Not Part of Plan.
Heading of Articles and Sections hereof are inserted for convenience and
reference only, and they shall not constitute a part of the Plan.

  

7

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