Document:

EXHIBIT 10.4

 

STOCK TRANSFER AND CONSULTING AGREEMENT

 

 

THE FOLLOWING AGREEMENTS are made effective this 31st day of March,
2003 (the “Effective Date”) by and between CONSOLIDATED AMERICAN ENERGY
RESOURCES, INC. (Consolidated”), whose principal offices are located at 660
Forest Center, Suite #307 Dallas, TX 75230 and MR. MICHAEL L. BANES (“Banes”),
whose principal offices are located at 2720 Stemmons, Freeway South Tower,
Suite 600 Dallas, TX 75207. 

 

PURPOSES: The parties desire to enter into the following Stock Transfer
Agreement and to cause certain financial adjustments to be made by Availent
Financial, Inc. of which Banes is presently a Director, Officer and
Stockholder. In addition, they agree to enter into, and to use their best
efforts to cause Availent to enter into the Consulting Agreement, as set forth
below. The execution of the Stock Transfer is a condition precedent to
Consolidated’s obligation to enter into its Consulting Agreement as set forth
below. They further agree to cause all of these agreements to ratified by
Availent. 

 

RECITALS

 

A.  WHEREAS Consolidated is
experienced in providing corporate financial and investment banking consulting
services.

 

B.  WHEREAS Consolidated has
developed relationships with brokers, institutional investors, investment
bankers, financial public relations firms and individual accredited investors
which may assist Banes in the corporate restructuring and possible debt and
equity financing of AVAILENT FINANCIAL, INC. (“Availent” or the “Company”). 

 

C.  WHEREAS according to the
unaudited financial statements of Availent (updated by the Company on March 20,
2003, hereinafter referred to as the “Financial Statements”), Availent’s
negative net worth was ($3,474,069) and ($4,256,117) on December 31, 2002 and
February 28, 2003, respectively. According to the Financial Statements,
Availent lost ($3,016,310) for the fiscal year ending December 31, 2002 and
lost ($782,048) for the two months ending February 28, 2003. 

 

D.  WHEREAS, Banes in
consideration of Consolidated’s best efforts participation in the corporate
restructuring and possible fixture equity and/or debt financing of Availent,
Banes agrees to the following: 

 

NOW THEREFORE, in consideration of the mutual promises, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are expressly acknowledged, Consolidated and
Banes agree as follows: 

 

[1]                                  Banes does hereby
agree to transfer and convey all (1,691,161 more or less) of the common shares
of Availent (the “Shares”) owned or controlled by Banes to Consolidated and
Consolidated’s agents and assigns, or Consolidated’s order, effective
immediately upon execution of this Agreement and any other agreement 

 

1

 

deemed by Consolidated to be necessary to
effectuate said transfer of Shares. Further, Banes agrees to notify the escrow
agent of the transfer of Shares to Consolidated, said escrow agent is currently
holding the Shares in accordance with the Loan Agreement between Availent and
Bobby Lutz dated February 12, 2003. In addition, immediately upon receipt of
written instructions from Consolidated, Banes agrees to notify Availent’s Stock
Transfer Agent of the transfer of Shares to Consolidated, its agents and
assigns. 

 

[2]                                  Banes does hereby
agrees to convert all principal balances owed to him and his wife (Michelle
Banes) as evidenced by Notes Receivable (the “Notes”) from Availent into
Availent common shares at the price of $1.00 per share. As of March 28, 2003,
Availent owed Banes and his wife $221,250. These Notes Receivable amounting to
$221,250 are hereby converted to equity at $1.00 per share in the amount of
221,250 shares with piggyback registration rights. 

 

[3]                                  Banes and Michelle
Banes do hereby agree to forgive immediately as of March 28, 2003 any and all
interest accrued and unpaid on the Notes (see Section 3 above,) now and
forevermore.

 

[4]                                  Bane does hereby
agree to forgive immediately any and all deferred compensation payable to him
by Availent as of March 28, now and forever more. Said deferred compensation
amounts to $48,916 + FICA for FY 2001, $130,035 + FICA for FY 2002 and
approximately $47,500 + FICA for FY 2003 (total is $226,451 plus FICA). 

 

[5]                                  To immediately elect
up to five additional directors to Availent’s Board of Directors, said five
directors to be chosen and nominated by Consolidated, at Consolidated’s
request. 

 

E.  Consolidated, as further
consideration for Banes’s agreement and performance as shown in Section D. [1]
thru [5] above and elsewhere in this agreement, does hereby agree to use its
best efforts to have Availent issue and execute an Employment Agreement, an
Executive Stock Option Plan and an Executive Performance Bonus Plan with the
provisions as shown below. Note that the aforementioned agreements and all
provisions contained therein are subject to review and approval of Availent’s
general counsel and Board of Directors: 

 

[1]                                  Annual salary, pay to
commence immediately as of March 30, 2003, every  two weeks, payable in arrears. Banes’s annual salary is $100,000.

 

[2]                                  A Quarterly Bonus
Plan (the “Bonus Plan”) for the Executives of Availent as designated by the
Board of Directors equal to 5% of the Net Income Before Taxes (in accordance
with GAAP) of Availent Financial up to $5 million Net Income Before Taxes
annually, payable within 45 days subsequent to the end of the quarter. Should
Net Income Before Taxes exceed $5 million per annum, the executives shall be
paid 2% of any NIBT in excess of $5 million. 

 

2

 

[3]                                  The term of
employment is 5 years, from March 31, 2003 to March 31, 2008.

 

[4]                                  Banes will retain the
title of President of Availent Mortgage.

 

[5]                                  Banes will
participate in a stock option plan with the participants limited to whatever
employees of Availent that are dictated by Federal statutes and ERISA. Banes’s
minimum participation in the ESOP under any and all circumstance will be 40% of
the total options. The ESOP will provide for the issuance in the aggregate of
at least 5% of the total common shares issued and outstanding of Availent for
three years as of fiscal year end 2003, 2004 and 2005. For purposes of
calculating the number of shares issued and outstanding, December 31 will be
utilized. 50% of the options shall be earned automatically. 25% of the options
shall be earned as annual gross revenue target amounts are achieved (amounts to
be determined) for FY 2003, 2004, 2005. 25% of the options shall be earned
according to Net Income Before Tax target amounts (to be determined) for FY
2003, 2004, 2005. These options will be cashless exchange options and will vest
100% as earned. 

 

[6]                                  Consolidated does
hereby agree to use its best efforts to facilitate Availent’s payment to Banes
for reimbursable expenses in the aggregate amount of $33,956.78. The future
payments related to these charge cards are subject to and conditional upon an
audit. 

 

F.  The services provided herein
are to be provided on a “best efforts” basis directly and through the
Consolidated’s officers, agents or others employed or retained by and under the
direction of Consolidated provided however, that the services shall expressly
exclude all legal advice, accounting services or any other services which
require licenses or certification which Consolidated does not possess. 

 

G.  Should further documents be
reasonably required to affect the purposes to these agreements and the assent
of either or both of the parties be necessary then they hereby agree to execute
such agreements. 

 

CONSULTING AGREEMENT

 

NOW THEREFORE, in consideration of the mutual promises, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are expressly acknowledged, Consolidated and
Banes agree as follows and to cause Availent to ratify, approve and enter into
the following agreement: 

 

1.  SCOPE OF REPRESENTATION. Consolidated shall
provide the corporate consulting, restructuring and financing services detailed
in Sections D and E of the Stock Transfer Agreement as set forth above and
Section 2 of this agreement as set forth below (the “Services”). 

 

2.  CONSOLIDATED’S EXPENSES. Expense
reimbursement shall be covered in a separate consulting agreement between
Consolidated and its agents and assigns and Availent. Availent 

 

3

 

and Consolidated agree that such agreement shall provide for the
recovery by Consolidated of all of its reasonable and necessary expenses
incurred in the performance of Consolidated’s efforts to affect the purposes of
this and future agreements entered into for the benefit of Availent The
reasonable necessity for such expenses shall be presumed until established
otherwise. 

 

3.  INDEPENDENT CONTRACTOR: NO POWER TO BIND.
Consolidated and its agents and assigns are not employees of Banes nor Availent
any purpose whatsoever, but are independent contractors. Banes is interested
only in the results obtained by Consolidated, and Consolidated shall have,
subject to the terms of this Agreement, sole control of the manner and means of
performing under this Agreement. 

 

4.  COMPENSATION. The transfer of shares as set
forth in Section D. [1] herein shall constitute Consolidated’s compensation.
Any additional compensation to be paid to Consolidated for its consulting
services will be set forth in a separate agreement with Availent. 

 

5.  TERM. The term of this Agreement shall be
for 12 (twelve) months from the date of execution of this Agreement.

 

6.  WARRANTIES AND REPRESENTATIONS OF
CONSOLIDATED. Consolidated represents, warrants and covenants to Banes that it
will at all times during the term of this Agreement satisfy the following
warranties and representations.

 

(a)  Consolidated shall at all
times comply with any and all applicable federal, state, local or foreign
securities laws, rules and regulations in its performance hereunder.
Consolidated will disclose in all reports, communications, etc. that it is a
consultant of Availent that it is being compensated by Availent and is a
shareholder of Availent. Specifically, that Consolidated will at all times
comply with the requirements of Section 17(b) of the Securities Act and will
not solicit the purchase or sale of any securities of Availent without
disclosing any compensation arrangement and the exact number of shares held by
Consolidated and any shares held by related parties as defined in the
Securities Act of 1933, as amended. 

 

(b)  Consolidated shall at all
times comply with all federal, state and foreign laws and all applicable rules,
regulations and orders of any court, government or any unit or agency thereof
in connection with performing its duties under this Agreement. 

 

(c)  Consolidated acknowledges
that the services to be provided pursuant to this Agreement and the receipt,
retention and disposition of the compensation to be paid to Consolidated under
this Agreement are subject to applicable securities laws, including the
Securities Act and the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) shall at all times comply with all applicable securities laws
in connection with performing its duties under this Agreement and in connection
with the receipt, retention and disposition of the compensation to be paid to
Consolidated under this Agreement. 

 

(d)  Consolidated is free to enter
into this Agreement and the services to be provided pursuant to this Agreement
are not in conflict with any other contractual or other obligation to which the
Consolidated is bound. 

 

4

 

(e)  Consolidated is providing
the Services on a best effort basis which are based on its management’s
personal experience and expertise. There are no guarantees, warranties and
representations (express or implied) of any kind that its advice or Services
will produce any specific results for the benefit of Banes or Availent. Actual
results may substantially and materially differ from those suggested by
Consolidated. 

 

(f)  Consolidated represents and
warrants to Banes that: (i) it is under no contractual restriction or other
restrictions or obligations that are inconsistent with this Agreement, the
performance of its duties and the covenants hereunder, (ii) its management is
under no physical or mental disability that would interfere with its keeping
and performing all of the agreements, covenants and conditions to be kept or
performed hereunder, (iii) it is familiar with all federal and state securities
laws applicable to the performance of its services as contemplated in this
Agreement, including Sections 17(b) of the Securities Act, Sections 9 and 10(b)
of the Exchange Act and Regulation FD; (iv) it will comply with all applicable
federal and state securities laws in the performance of the services under this
Agreement; and (v) it will cause any person to whom any of the Securities of
the Company or other compensation are transferred to agree and undertake for
the benefit of the Company to comply with all applicable federal and state
securities laws in connection with their ownership or disposition of the
Securities (including compliance with Section 17(b) of the Securities Act to
the extent applicable). 

 

(g)  Consolidated acknowledges
that it is in the business of consulting and may provide consulting services
and consulting advice (of the type contemplated by this Agreement) to others
and that nothing herein contained shall be construed to limit or restrict the
Consolidated in providing such similar consultant type services to others, or
rendering such advice to others. 

 

7.  WARRANTIES AND REPRESENTATIONS OF BANES. Banes
agrees to indemnify and hold Consolidated, its agents and assigns, harmless
from any and all claims, causes of action or liabilities of any nature
whatsoever arising out of this Agreement or the actions taken by Consolidated
pursuant to the terms of this Agreement, specifically including, but not
limited too, any claims by other Availent shareholders, regulatory authorities,
financiers or any other person or institution whose claim or claims are based
upon the terms and conditions of this Agreement. 

 

8. NOTICE.
Except as otherwise specifically provided, any notices to be given hereunder
shall be deemed given upon personal delivery, upon the next business day
immediately following the day sent if sent by overnight express carrier, or
upon the third business day following the day if sent by fax and separated by
postage prepaid by certified or registered mail, return receipt requested, to
the following address (or such other address as shall be specified in any
notice given): 

 

	
  In case of Consolidated:

  	
  CONSOLIDATED AMERICAN ENERGY RESOURCES, INC.

  
	
   

  	
  Mr. David Malina, President

  
	
   

  	
  660 Forest Center, Suite #307

  
	
   

  	
  Dallas, TX 75230

  
	
   

  
	
  In case of Banes:

  	
  MICHAEL L. BANES

  

 

5

 

	
   

  	
  2720 Stemmons, Freeway South Tower, Suite 600

  
	
   

  	
  Dallas, TX 75207.

  
	
   

  	
   

  
	
   

  	
   

  
	
  IN CASE OF AVAILENT: 

  	
  Michael L. Banes

  
	
   

  	
  President of Availent Mortgage

  
	
   

  	
  2720 Stemmons, Freeway South, Tower Suite 600

  
	
   

  	
  Dallas, TX 75207

  

 

9.  WAIVER OF BREACH. The waiver by a party
hereto of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any subsequent breach of this Agreement. 

 

10.  ASSIGNMENT. Except as otherwise provided
herein, the rights and benefits of the parties contained in this Agreement
shall inure to the benefit of and be binding upon the successors, assigns,
administrators, and personal representatives of the parties hereto.
Consolidated’s duties under this Agreement can be delegated by the them to the
third parties who agree to act in accordance with the terms and conditions of
this Agreement. 

 

12.  ARBITRATION. Any controversy or claim
arising out of or relating to any interpretation, breach or dispute concerning
any of the terms or provisions of this Agreement, which disagreement is not
settled within thirty days after it arises, shall be settled by binding
arbitration in Dallas, Texas in accordance wit the laws of the State of Texas
and under the rules then obtaining of the American Arbitration Association and
judgment upon the award rendered in said arbitration shall be final and may be
entered in any court of the State of Texas having jurisdiction thereof. Any
party hereto may apply for such arbitration. 

 

13.  ATTORNEYS FEES. In the event that an act on
at law or in equity is brought to enforce the provisions of this Agreement or
to prevent a breach thereof, the successful party in such action or arbitration
proceeding shall be entitled to an award of attorney’s fees and other costs as
shall be established by the court or pursuant to a binding arbitration proceeding.

 

14.  HOLD HARMLESS AND INDEMNIFICATION. Banes
shall hold Consolidated, its officers and directors harmless from and against
any liability, loss, cost, expenses or damages, including attorney’s fees,
howsoever caused by reason of any injury or loss sustained by or to any person
or property by reason of any actual or alleged wrongful act, misrepresentation
or omission by Banes and Availent or its agents or representatives (other than
the Consolidated). Consolidated shall hold the Banes and Availent and its
management harmless from and against any liability, loss, cost, expenses or
damages, including attorney’s fees, howsoever caused by reason of any injury or
loss sustained by or to any person or property by reason of any actual or 

 

6

 

alleged wrongful act, misrepresentation or omission by the Consolidated
or their agents or representatives.

 

15.  APPLICABLE LAW. This Agreement shall be
construed as whole and in accordance with its fair meaning. This Agreement
shall be interpreted in accordance with the laws of the State of Texas. 

 

16.  ENTIRE AGREEMENT. This Agreement, together
with the documents and exhibits referred to herein, embodies the entire
understanding among the parties and merges all prior discussions or
communications among them, and no party shall be bound by and definitions,
conditions or warranties, or representations other than as expressly stated in
this Agreement, or as subsequently set forth in writing, signed by the duly
authorized representatives of all of the parties hereto. This Agreement, when
executed shall supercede and render null and void any and all preceding oral or
written understandings and agreements. This agreement may be signed in
counterparts. 

 

17.  NO ORAL CHANGE: WAIVER. This Agreement may
only be changed, modified, or amended in writing by the mutual consent of the
parties hereto. The provisions of this Agreement may only be waived in or by
writing signed by the party against whom enforcement of any waiver is sought.

 

18.  CONFLICT OF INTEREST. Consolidated
represents that it is not presently aware of any conflicts of interest
regarding the performance of the Services in accordance with this Agreement. 

 

19.  SEVERABILITY. If any provision of this
Agreement shall be held or deemed to be, or shall in fact be, inoperative or
unenforceable as applied in any particular case because it conflicts with any
other provision or provisions hereof; or any other provision or provisions
hereof, or any constitution or statute or rule of public policy, or for any
other reason, such circumstances shall not have the effect of rendering the
provision in question inoperative or unenforceable to any extent whatsoever.
The invalidity of any one or more phrases, sentences, clauses, sections or
subsections of this Agreement shall not affect the remaining portions of this
Agreement. 

 

20.  INTERPRETATION. Each of the parties
acknowledge that they have been represented by independent counsel of their
choice throughout all negotiations that have preceded the execution of this
Agreement, and that they have executed the same with consent and upon the
advice of said independent counsel. Each party and their counsel cooperated in
the drafting and preparation of this Agreement and the documents referred to
herein, and any and all drafts relating thereto shall be deemed the work
product of the parties and may not be construed against any party by reason of
its preparation. Accordingly, any rule of law, including but not limited to any
decision that would require interpretation of any ambiguities in this Agreement
against the party that drafted it, is of no application and is hereby expressly
waived. The provisions of this Agreement shall be construed as a whole and in
accordance with its fair meaning to affect the intentions of the parties and
this Agreement. 

 

7

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
March 31, 2003,

 

	
  CONSOLIDATED AMERICAN ENERGY RESOURCES, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY:

  	
   /s/ DAVID MALINA

  	
   

  	
   

  
	
   

  	
  DAVID MALINA, PRESIDENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NAME:

  	
  /s/ DOUGLAS S. COCHRAN

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ADDRESS: 

  	
  1122 JACKSON #406

  	
   

  	
   

  
	
   

  	
  DALLAS, TX 75202

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL L. BANES

  	
  MICHELLE BANES

  
	
   

  	
   

  
	
  BY: 

  	
  /s/ MICHAEL L. BANES

  	
   

  	
  Agreed:

  	
  /s/ MICHELLE BANES

  	
   

  
	
   

  	
  MICHAEL L. BANES, INDIVIDUALLY AND AS

  	
   

  
	
   

  	
  PRESIDENT OF AVAILENT MORTGAGE, INC.

  	
   

  
	
   

  	
   

  
	
  WITNESS:

  	
   

  
	
   

  	
   

  
	
  NAME: 

  	
  /s/ MICHAEL L. BANES

  	
   

  	
  [ILLEGIBLE]

  	
   

  
	
   

  	
  Secretary of Availent Financial, Inc

  	
  President, Availent

  
	
   

  	
   

  
	
  ADDRESS:

  	
  2720 Stemmons Frwy Suite 600

  	
   

  	
  2720 Stemmons

  
	
   

  	
  Dallas, TX 75207

  	
   

  	
  Dallas, TX 75204

  
													

 

8Exhibit
10.7

 

NONQUALIFIED
STOCK OPTION AGREEMENT

 

AVAILENT
FINANCIAL, INC.

2003 EQUITY INCENTIVE PLAN

 

1.                                       Grant
of Option.  Pursuant to the Availent
Financial, Inc. 2003  Equity
Incentive Plan (the “Plan”) for employees, consultants and outside directors of
Availent Financial, Inc., a Delaware corporation (the “Company”), the Company
grants to

 

PATRICK A.
McGEENEY

(the
“Participant”),

 

an option to purchase shares of Common Stock (“Common Stock”) of the
Company as follows:

 

On the date hereof, the Company grants to the
Participant an option (the “Option” or “Stock Option”) to purchase (i) FIVE
HUNDRED FIFTY THOUSAND (550,000) full shares of Common Stock, (ii) an
additional amount of Common Stock guaranteed, and (iii) any additional Common
Stock granted based on annual revenue targets and net income before taxes
targets, at an Option Price equal to $1.00 per share.  The Date of Grant of this Stock Option is April 14, 2003.

 

The “Option Period” shall commence on the Date of Grant and shall
expire on the date immediately preceding the tenth (10th)
anniversary of the Date of Grant.  The
Stock Option is a Nonqualified Stock Option.

 

2.                                       Subject
to Plan.  The Stock Option and its
exercise are subject to the terms and conditions of the Plan, and the terms of
the Plan shall control to the extent not otherwise inconsistent with the
provisions of this Agreement. The capitalized terms used herein that are
defined in the Plan shall have the same meanings assigned to them in the
Plan.  The Stock Option is subject to
any rules promulgated pursuant to the Plan by the Board or the Committee and
communicated to the Participant in writing. In addition, if the Plan previously has not been approved by the
Company’s stockholders, the Stock Option is granted subject to such stockholder
approval.

 

3.                                       Vesting; Time of Exercise.

 

a.                                       Except as specifically provided in this
Agreement and subject to certain restrictions and conditions set forth in the
Plan, the Stock Option shall be fully exercisable on the Date of Grant.

 

b.                                      Except as specifically provided in this
Agreement and subject to certain restrictions and conditions set forth in the
Plan, the Optioned Shares shall be fully vested as follows:

 

i.                                          FIVE HUNDRED FIFTY THOUSAND (550,000) of the
total Optioned Shares shall vest on the Date of Grant provided the Participant
is employed by (or, if the Participant is a consultant or an Outside Director,
is providing services to) the Company or a Subsidiary on that date.

 

ii.                                       A number of Optioned Shares equal to (1) ONE
PERCENT (1.0%) of the total Common Shares of the Company issued and outstanding
as of December 31, 2003, (2) ONE HALF PERCENT (0.5%) of the total Common Shares
of the Company issued and

 

1

 

outstanding as of December
31, 2003 if the annual revenue targets are obtained by the Company, and (3) ONE
HALF PERCENT (0.5%) of the total Common Shares of the Company issued and
outstanding as of December 31, 2003 if the annual net income before taxes
targets are obtained by the Company shall vest on December 31, 2003, provided
the Participant is employed by (or, if the Participant is a consultant or an
Outside Director, is providing services to) the Company or a Subsidiary on that
date.

 

iii.                                    A number of Optioned Shares equal to (1) ONE
PERCENT (1.0%) of the total Common Shares of the Company issued and outstanding
as of December 31, 2004, (2) ONE HALF PERCENT (0.5%) of the total Common Shares
of the Company issued and outstanding as of December 31, 2004 if the annual
revenue targets are obtained by the Company, and (3) ONE HALF PERCENT (0.5%) of
the total Common Shares of the Company issued and outstanding as of December
31, 2004 if the annual net income before taxes targets are obtained by the
Company shall vest on December 31, 2004, provided the Participant is employed
by (or, if the Participant is a consultant or an Outside Director, is providing
services to) the Company or a Subsidiary on that date.

 

iv.                                   A number of Optioned Shares equal to (1) ONE
PERCENT (1.0%) of the total Common Shares of the Company issued and outstanding
as of December 31, 2005, (2) ONE HALF PERCENT (0.5%) of the total Common Shares
of the Company issued and outstanding as of December 31, 2005 if the annual
revenue targets are obtained by the Company, and (3) ONE HALF PERCENT (0.5%) of
the total Common Shares issued and outstanding as of December 31, 2005 if the
annual net income before taxes targets are obtained by the Company shall vest
on December 31, 2005, provided the Participant is employed by (or, if the
Participant is a consultant or an Outside Director, is providing services to)
the Company or a Subsidiary on that date.

 

c.                                       If the Optioned Shares received upon exercise
of this Stock Option are not fully vested as described in Section 3.b.
above at the time of exercise of the Stock Option, the unvested Optioned Shares
issued to the Participant shall be Restricted Stock, subject to the conditions
of Section 6.5 of the Plan.  The
Restriction Period for such Restricted Stock shall commence on the date of
exercise and shall expire on the date the Optioned Shares otherwise would vest
as described in Section 3.b. above. 
The Participant shall forfeit any Restricted Stock pursuant to the terms
of this Agreement.

 

Upon
the issuance to Participant of a certificate for Restricted Stock, Participant
shall endorse such certificate in blank or execute a stock power in form
satisfactory to the Company in blank and deliver such certificate and executed
stock power to the Company.  The provisions
of this paragraph shall be specifically performable by the Company in a court
of equity or law.

 

In
the event any shares of Restricted Stock are forfeited pursuant to a the terms
of this Agreement, the Company shall pay to the Participant, as soon as
practicable after the event causing forfeiture of such shares (but in any event
within five (5) business days after such event), in cash, an amount equal to
the lesser of the total consideration paid by the Participant for such
forfeited shares or the Fair Market Value of such forfeited shares as of the
date of such event.  Upon any
forfeiture, all rights of a Participant with respect to the forfeited shares of
the Restricted Stock shall cease and terminate, without any further obligation
on the part of the Company.

 

2

 

4.                                       Term;
Forfeiture.  Except as otherwise
provided in this Agreement, to the extent the unexercised portion of the Stock
Option relates to Optioned Shares which are not vested on the date of the
Participant’s Termination of Service, the Stock Option will be terminated on
that date, and to the extent the Participant has any Restricted Stock on the
date of the Participant’s Termination of Service, such Restricted Stock shall
be forfeited on that date.  The
unexercised portion of the Stock Option that relates to Optioned Shares which
are vested will terminate at the first of the following to occur:

 

i.                                          5
p.m. on the date the Option Period terminates;

 

ii.                                       5
p.m. on the date which is twelve (12) months following the date of the
Participant’s Termination of Service due to death or Total and Permanent Disability;

 

iii.                                    5
p.m. on the date of the Participant’s Termination of Service by the Company for
cause (as defined herein);

 

iv.                                   5 p.m. on the date of the Participant’s
voluntary Termination of Service, without the consent of the Company;

 

v.                                      5
p.m. on the date the Company causes any portion of the Option to be forfeited
pursuant to Section 7 hereof.

 

vi.                                   For purposes hereof, “cause” shall mean that
the Participant shall have (i) engaged in activities in direct or
indirect competition with the Company, including but not limited to any
violation of the Non-Competition and Non-Solicitation Agreement contained in
Participant’s Employment Agreement, if any, (ii) committed acts of gross
negligence, (iii) been convicted of a felony or misdemeanor involving moral
turpitude, (iv) demonstrated any acts of dishonesty or theft on the part of
Participant which, in the opinion of the Board of Directors of the Company, is
detrimental to the best interests of the Company, or (v) intentionally and
materially violated any written policy adopted by the Board of Directors of the
Company which is not corrected within ten (10) days after receipt by
Participant of a detailed written explanation from the Board of Directors of
the Company.

 

(b)                                 Acceleration
of Vesting.  In the event of a
Change of Control of the Company where a Participant is Involuntarily
Terminated (hereinafter defined) upon or within one year of the effective date
of such Change of Control, then notwithstanding the vesting provisions set
forth in Section 4(a) of
this Agreement, all unvested Optioned Shares shall automatically vest on an
accelerated basis as of the date immediately preceding any such Involuntary
Termination.  For purposes of this
agreement a “Involuntary
Termination” shall mean (i) a termination by the Company of the
Participant’s employment with the Company other than for cause (as defined in Section
4(a)(vi) above); (ii) without
the Participant’s consent, a material change in the nature or scope of the
Participant’s authority, powers, functions, duties or responsibilities relative
to the Participant’s authority, powers, functions, duties or responsibilities
as in effect immediately prior to such change; provided, however,
that any change in authority, powers, functions, duties or responsibilities
resulting solely from the Company being acquired by and made a part of a larger
entity (as, for example, when a chief financial officer becomes an employee of
the acquiring corporation following a Change of Control but is not the chief
financial officer of the acquiring corporation) shall not constitute an
Involuntary Termination; (iii) without the Participant’s consent, a material
reduction in the base salary of the Participant as in effect immediately prior
to such reduction; (iv) without the Participant’s consent, a material reduction
by the Company in the kind or level of employee benefits to which the
Participant was entitled immediately

 

3

 

prior to such reduction, with the result that the
Participant’s overall benefits package is materially reduced; or (v) without
the Participant’s consent, the relocation of the Participant to a location more
than fifty (50) miles from the Participant’s then present location.

 

5.                                       Who
May Exercise.  Subject to the terms
and conditions set forth in Sections 3 and 4 above, during the lifetime
of the Participant, the Stock Option may be exercised only by the Participant,
or by the Participant’s guardian or personal or legal representative.  If the Participant’s Termination of Service
is due to his death prior to the date specified in Section 4.a.i.
hereof, or Participant dies prior to the termination dates specified in Sections
4.a.i., ii., iii., iv. or v. hereof, and the Participant has not exercised
the Stock Option as to the maximum number of vested Optioned Shares as set
forth in Section 3 hereof as of the date of death, the following persons
may exercise the exercisable portion of the Stock Option on behalf of the
Participant at any time prior to the earliest of the dates specified in Section
4 hereof:  the personal
representative of his estate, or the person who acquired the right to exercise
the Stock Option by bequest or inheritance or by reason of the death of the
Participant; provided that the Stock Option shall remain subject to the other
terms of this Agreement, the Plan, and applicable laws, rules, and regulations.

 

6.                                       No
Fractional Shares.  The Stock Option
may be exercised only with respect to full shares, and no fractional share of
stock shall be issued.

 

7.                                       Manner
of Exercise.  Subject to such
administrative regulations as the Committee may from time to time adopt, the
Stock Option may be exercised by the delivery of written notice to the
Committee setting forth the number of shares of Common Stock with respect to
which the Stock Option is to be exercised, the date of exercise thereof (the
“Exercise Date”) which shall be at least three (3) days after giving such
notice unless an earlier time shall have been mutually agreed upon.  On the Exercise Date, the Participant shall
deliver to the Company consideration with a value equal to the total Option
Price of the shares to be purchased, payable as follows:  (a) cash, check, bank draft, or money order
payable to the order of the Company, (b) Common Stock (including Restricted
Stock) owned by the Participant on the Exercise Date, valued at its Fair Market
Value on the Exercise Date, and which the Participant has not acquired from the
Company within six (6) months prior to the Exercise Date, (c) if the Optioned
Shares are no longer Nonpublicly Traded, by delivery (including by FAX) to the
Company or its designated agent of an executed irrevocable option exercise form
together with irrevocable instructions from the Participant to a broker or
dealer, reasonably acceptable to the Company, to sell certain of the shares of
Common Stock purchased upon exercise of the Stock Option or to pledge such
shares as collateral for a loan and promptly deliver to the Company the amount
of sale or loan proceeds necessary to pay such purchase price, and/or (d) in
any other form of valid consideration that is acceptable to the Committee in
its sole discretion.  In the event that shares of Restricted Stock
are tendered as consideration for the exercise of a Stock Option, a number of
shares of Common Stock issued upon the exercise of the Stock Option with an
Option Price equal to the value of Restricted Stock used as consideration
therefor shall be subject to the same restrictions and provisions as the
Restricted Stock so tendered.  For
example, if 250 shares of Restricted Stock valued at $2.00 per share are used
to purchase 500 Optioned Shares at an Option Price of $1.00 per share, all 500
Optioned Shares shall be Restricted Stock.

 

Subject to Section 3.c.
hereof, Upon payment of all amounts due from the Participant, the
Company shall cause certificates for the Optioned Shares then being purchased
to be delivered to the Participant (or the person exercising the Participant’s
Stock Option in the event of his death) at its principal business office within
ten (10) business days after the Exercise Date. The obligation of the Company
to deliver shares of Common Stock shall, however, be subject to the condition
that if at any time the Company shall determine in its discretion that the
listing, registration, or qualification of the Stock Option or the Optioned
Shares upon any securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body, is necessary as a
condition of, or in connection with, the Stock Option or the issuance or

 

4

 

purchase of shares of Common Stock thereunder, then the Stock Option
may not be exercised in whole or in part unless such listing, registration,
qualification, consent, or approval shall have been effected or obtained free
of any conditions not reasonably acceptable to the Committee.

 

If the Participant fails to pay for any of the
Optioned Shares specified in such notice or fails to accept delivery thereof,
then the Stock Option, and right to purchase such Optioned Shares may be
forfeited by the Company.

 

8.                                       Nonassignability.

 

a.                                       The
Stock Option is not assignable or transferable by the Participant except by
will or by the laws of descent and distribution.

 

b.                                      Except as provided for in Section 7
hereof, no Restricted Stock, or interests therein, may be sold, assigned,
transferred (whether or not for consideration), registered for transfer, given,
donated, subjected to an option to purchase, pledged, encumbered, hypothecated,
or in any manner disposed of, or subjected to an agreement to do any of the
foregoing, by the Participant except by will or by the laws of descent and
distribution.

 

9.                                       Rights
as Stockholder.  The Participant
will have no rights as a stockholder with respect to any shares covered by the
Stock Option until the issuance of a certificate or certificates to the
Participant for the Optioned Shares. 
The Optioned Shares shall be subject to the terms and conditions of this
Agreement regarding such Shares.  Except
as otherwise provided in Section 10 hereof, no adjustment shall be made
for dividends or other rights for which the record date is prior to the
issuance of such certificate or certificates.

 

10.                                 Adjustment
of Number of Optioned Shares and Related Matters.  The number of shares of Common Stock covered by the Stock Option,
and the Option Prices thereof, shall be subject to adjustment in accordance
with Articles 11 - 13 of the Plan.

 

11.                                 Nonqualified
Stock Option.  The Stock Option
shall not be treated as an Incentive Stock Option.

 

12.                                 Voting.  The Participant, as record
holder of some or all of the Optioned Shares following exercise of this Stock
Option, has the exclusive right to vote, or consent with respect to, such
Optioned Shares until such time as the Optioned Shares are transferred in
accordance with this Agreement or a proxy is granted pursuant to Section 13
below; provided, however, that this Section shall not create any
voting right where the holders of such Optioned Shares otherwise have no such
right.

 

13.                                 Proxies.  The Participant shall execute
an irrevocable proxy with respect to any shares of Restricted Stock authorizing
the Board to vote such shares on all issues until the earlier of (i) the expiration
of the Restriction Period, or (ii) the date the Restricted Stock is no longer
Nonpublicly Traded.  Subject to the
foregoing provisions of this Section, the Participant may not grant a proxy to
any person, other than a revocable proxy not to exceed 30 days in duration
granted to another stockholder for the sole purpose of voting for directors of
the Company.

 

14.                                 Community Property. 
Each spouse individually is bound by, and such spouse’s interest, if
any, in any Optioned Shares is subject to, the terms of this Agreement.  Nothing in this Agreement shall create a
community property interest where none otherwise exists.

 

5

 

15.                                 Dispute Resolution.

 

a.                                       Arbitration.                                  All disputes and controversies of every kind
and nature between any parties hereto arising out of or in connection with this
Agreement or the transactions described herein as to the construction,
validity, interpretation or meaning, performance, non-performance, enforcement,
operation or breach, shall be submitted to arbitration pursuant to the
following procedures:

 

i.                                          After a dispute or controversy arises, any
party may, in a written notice delivered to the other parties to the dispute,
demand such arbitration.  Such notice
shall designate the name of the arbitrator (who shall be an impartial person)
appointed by such party demanding arbitration, together with a statement of the
matter in controversy.

 

ii.                                       Within 30 days after receipt of such demand,
the other parties shall, in a written notice delivered to the first party, name
such parties’ arbitrator (who shall be an impartial person).  If such parties fail to name an arbitrator,
then the second arbitrator shall be named by the American Arbitration Association
(the “AAA”).  The two arbitrators
so selected shall name a third arbitrator (who shall be an impartial person)
within 30 days, or in lieu of such agreement on a third arbitrator by the two
arbitrators so appointed, the third arbitrator shall be appointed by the AAA.  If any arbitrator appointed hereunder shall
die, resign, refuse or become unable to act before an arbitration decision is
rendered, then the vacancy shall be filled by the method set forth in this
Section for the original appointment of such arbitrator.

 

iii.                                    Each party shall bear its own arbitration
costs and expenses.  The arbitration
hearing shall be held in Dallas, Texas at a location designated by a majority
of the arbitrators.  The Commercial
Arbitration Rules of the American Arbitration Association shall be incorporated
by reference at such hearing and the substantive laws of the State of Texas
(excluding conflict of laws provisions) shall apply.

 

iv.                                   The arbitration hearing shall be concluded
within ten (10) days unless otherwise ordered by the arbitrators and the written
award thereon shall be made within fifteen (15) days after the close of
submission of evidence.  An award
rendered by a majority of the arbitrators appointed pursuant to this Agreement
shall be final and binding on all parties to the proceeding, shall resolve the
question of costs of the arbitrators and all related matters, and judgment on
such award may be entered and enforced by either party in any court of
competent jurisdiction.

 

v.                                      Except as set forth in Section 15.b.,
the parties stipulate that the provisions of this Section shall be a complete
defense to any suit, action or proceeding instituted in any federal, state or
local court or before any administrative tribunal with respect to any
controversy or dispute arising out of this Agreement or the transactions
described herein.  The arbitration
provisions hereof shall, with respect to such controversy or dispute, survive
the termination or expiration of this Agreement.

 

No party to an arbitration
may disclose the existence or results of any arbitration hereunder without the
prior written consent of the other parties; nor will any party to an
arbitration disclose to any third party any confidential information disclosed
by any other party to an arbitration in the course of an arbitration hereunder
without the prior written consent of such other party.

 

6

 

b.                                      Emergency Relief. 
Notwithstanding anything in this Section 15 to the contrary, any
party may seek from a court any provisional remedy that may be necessary to
protect any rights or property of such party pending the establishment of the
arbitral tribunal or its determination of the merits of the controversy or to
enforce a party’s rights under Section 15.

 

16.                                 Participant’s
Representations.  Notwithstanding
any of the provisions hereof, the Participant hereby agrees that he will not
exercise the Stock Option granted hereby, and that the Company will not be
obligated to issue any shares to the Participant hereunder, if the exercise
thereof or the issuance of such shares shall constitute a violation by the
Participant or the Company of any provision of any law or regulation of any
governmental authority.  Any
determination in this connection by the Company shall be final, binding, and
conclusive.  The obligations of the
Company and the rights of the Participant are subject to all applicable laws,
rules, and regulations.

 

17.                                 Investment
Representation.  Unless the Common
Stock is issued to him in a transaction registered under applicable federal and
state securities laws, by his execution hereof, the Participant represents and
warrants to the Company that all Common Stock which may be purchased hereunder
will be acquired by the Participant for investment purposes for his own account
and not with any intent for resale or distribution in violation of federal or
state securities laws.  Unless the
Common Stock is issued to him in a transaction registered under the applicable
federal and state securities laws, all certificates issued with respect to the
Common Stock shall bear an appropriate restrictive investment legend and shall
be held indefinitely, unless they are subsequently registered under the
applicable federal and state securities laws or the Participant obtains an
opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required.

 

18.                                 Legend.  The following legend shall be placed on all
certificates representing Optioned Shares:

 

“The shares evidenced by this certificate are subject
to a Stock Option Agreement containing certain rights and limitations on
transfer.  A copy of that agreement is
on file at the principal place of business or the registered office of the
Company, and a copy may be obtained without charge upon written request to the Company
at its principal place of business or its registered office.”

 

All Optioned Shares and shares into which Optioned
Shares may be converted owned by the Participant shall be subject to the terms
of this Agreement and shall be represented by a certificate or certificates
bearing the foregoing legend.

 

19.                                 Lock-up Agreement.  The
Participant agrees that in connection with any underwritten public offering of
Common Stock, the Optioned Shares may not be sold, offered for sale, pledged or
otherwise disposed of or transferred without the prior written consent of the
Company or the principal underwriter managing such public offering, as the case
may be, for at least sixty (60) days after the effectiveness of the
registration statement filed in connection with such offering, or such longer
period of time as the Board of Directors or the principal underwriter may
determine, if all of the Company’s directors and officers agree to be similarly
bound.  In the event of the declaration
of a stock dividend, a spin-off, a stock split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities without receipt of consideration, any new, substituted
or additional securities which are by reason of such transaction distributed
with respect to any Optioned Shares subject to this Section 19 or into
which such Optioned Shares thereby become convertible shall immediately be
subject to this Section 19. 
Appropriate adjustments to reflect the distribution of such securities
or property shall be made to the number and/or class of

 

7

 

the Optioned Shares subject to this Section 19.  The obligations under this Section 19
shall remain effective for all underwritten public offerings with respect to
which the Company has filed a registration statement on or before the date five
(5) years after the closing of the Company’s initial public offering, provided,
however, that this Section 19 shall cease to apply to any Optioned Shares
sold to the public pursuant to an effective registration statement or an
exemption from the registration requirements of the Securities Act in a
transaction that complied with the terms of this Agreement.

 

20.                                 Participant’s
Acknowledgments.  The Participant
acknowledges receipt of a copy of the Plan, which is annexed hereto, and
represents that he or she is familiar with the terms and provisions thereof,
and hereby accepts this Option subject to all the terms and provisions thereof.
The Participant hereby agrees to accept as binding, conclusive, and final all
decisions or interpretations of the Committee or the Board, as appropriate,
upon any questions arising under the Plan or this Agreement.

 

21.                                 Law
Governing.  This Agreement shall be
governed by, construed, and enforced in accordance with the laws of the State
of Delaware (excluding any conflict of laws rule or principle of Delaware law
that might refer the governance, construction, or interpretation of this
agreement to the laws of another state).

 

22.                                 No
Right to Continue Service or Employment. 
Nothing herein shall be construed to confer upon the Participant the
right to continue in the employ or to provide services to the Company or any
Subsidiary, whether as an employee or as a consultant or as an Outside
Director, or interfere with or restrict in any way the right of the Company or
any Subsidiary to discharge the Participant as an employee, consultant or
Outside Director at any time.

 

23.                                 Legal
Construction.  In the event that any
one or more of the terms, provisions, or agreements that are contained in this
Agreement shall be held by a Court of competent jurisdiction to be invalid,
illegal, or unenforceable in any respect for any reason, the invalid, illegal,
or unenforceable term, provision, or agreement shall not affect any other term,
provision, or agreement that is contained in this Agreement and this Agreement
shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.

 

24.                                 Covenants
and Agreements as Independent Agreements. Each of the covenants and
agreements that is set forth in this Agreement shall be construed as a covenant
and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of
action of the Participant against the Company, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement by
the Company of the covenants and agreements that are set forth in this
Agreement.

 

25.                                 Entire
Agreement.  This Agreement together
with the Plan supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject
matter hereof and constitute the sole and only agreements between the parties
with respect to the said subject matter. 
All prior negotiations and agreements between the parties with respect
to the subject matter hereof are merged into this Agreement.  Each party to this Agreement acknowledges
that no representations, inducements, promises, or agreements, orally or
otherwise, have been made by any party or by anyone acting on behalf of any
party, which are not embodied in this Agreement or the Plan and that any
agreement, statement or promise that is not contained in this Agreement or the
Plan shall not be valid or binding or of any force or effect.

 

26.                                 Parties
Bound.  The terms, provisions, and
agreements that are contained in this Agreement shall apply to, be binding
upon, and inure to the benefit of the parties and their respective heirs,
executors, administrators, legal representatives, and permitted successors and
assigns, subject to the limitation on assignment expressly set forth herein. No person or entity shall be permitted to
acquire any Optioned Shares

 

8

 

without first executing and delivering an agreement in the form
satisfactory to the Company making such person or entity subject to the
restrictions on transfer contained herein.

 

27.                                 Modification.  No change or modification of this Agreement
shall be valid or binding upon the parties unless the change or modification is
in writing and signed by the parties. 
Notwithstanding the preceding sentence, the Company may amend the Plan
or revoke this Stock Option to the extent permitted by the Plan.

 

28.                                 Headings.  The headings that are used in this Agreement
are used for reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and provisions of
this Agreement.

 

29.                                 Gender
and Number.  Words of any gender
used in this Agreement shall be held and construed to include any other gender,
and words in the singular number shall be held to include the plural, and vice
versa, unless the context requires otherwise.

 

30.                                 Notice.  Any notice required or permitted to be
delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set
forth below, or at such other addresses as they have theretofore specified by
written notice delivered in accordance herewith:

 

a.                                       Notice
to the Company shall be addressed and delivered as follows:

 

	
   

  
	
   

  
	
   

  
	
  Attn:

  	
   

  
	
  Facsimile:

  	
   

  
			

 

b.                                      Notice
to the Participant shall be addressed and delivered as set forth on the
signature page.

 

31.                                 Tax
Requirements.  The Participant is
hereby advised to consult immediately with his or her own tax advisor regarding
the tax consequences of this Agreement, the availability, method, and timing
for filing an election to include income arising from this Agreement into the
Participant’s gross income under Section 83(b) of the Code, and the tax
consequences of such election.  By
execution of this Agreement, the Participant agrees that if the Participant
makes such an election, the Participant shall provide the Company with written
notice of such election in accordance with the regulations promulgated under
Code Section 83(b).  The Company or, if
applicable, any Subsidiary (for purposes of this Section 31, the term “Company” shall be
deemed to include any applicable Subsidiary), shall have the right to deduct
from all amounts hereunder paid in cash or other form, any Federal, state,
local, or other taxes required by law to be withheld in connection with this
Award.  The Company may, in its sole
discretion, also require the Participant receiving shares of Common Stock
issued under the Plan to pay the Company the amount of any taxes that the
Company is required to withhold in connection with the Participant’s income
arising with respect to this Award. 
Such payments shall be required to be made when requested by the Company
and may be required to be made prior to the delivery of any certificate
representing shares of Common Stock. 
Such payment may be made (i) by the delivery of cash to the Company in
an amount that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding obligations of the Company;
(ii) if the Company, in its sole discretion, so consents in writing, the actual
delivery by the exercising Participant to the Company of shares of Common

 

9

 

Stock other than (A) Restricted Stock or (B) Common Stock that the Participant has not acquired from the
Company within six (6) months prior to the date of exercise, which shares so
delivered have an aggregate Fair Market Value that equals or exceeds (to avoid
the issuance of fractional shares under (iii) below) the required tax
withholding payment; (iii) if the Company, in its sole discretion, so consents
in writing, the Company’s withholding of a number of shares to be delivered
upon the exercise of the Stock Option other than shares that will constitute
Restricted Stock, which shares so withheld have an aggregate fair market value
that equals (but does not exceed) the required tax withholding payment; or (iv)
any combination of (i), (ii), or (iii). 
The Company may, in its sole discretion, withhold any such taxes from
any other cash remuneration otherwise paid by the Company to the Participant.

 

* * * * * * * *

 

10

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant, to evidence his consent and approval
of all the terms hereof, has duly executed this Agreement, as of the date
specified in Section 1 hereof.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  AVAILENT FINANCIAL, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
  Name:  PATRICK
  A. McGEENEY

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Witness:

  	
   

  	
   

  
								

 

11

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