Document:

fs12011a2ex10viii_peoplestr.htm

Exhibit 10.8

 

157 Broad Street • Suite 109 • Red Bank, NJ 07701 • 732.741.2840 • www.PeopleString.com

 

3/16/2011

 

Carl J. Bennett

Chief Financial Officer

Cougar Trading

1370 Avenue of the Americas 30th Floor

New York, NY 10019

 

Dear Mr. Bennett:

 

In connection with the purchase by Cougar Trading, LLC (the "Holder") of shares of PeopleString Corporation ("PeopleString") common stock (the "Securities") from BigString Corporation, we agree to the following provisions:

 

Legend Removal. The legend set forth on the Securities shall be removed and PeopleString shall issue a new certificate without such legend to the Holder, if one of the following conditions is met: (a) the Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A; (b) in connection with a sale, assignment or other transfer of the Securities, the Holder provides PeopleString with an opinion of counsel, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Securities may be made without registration under the applicable requirements of the Securities Act of 1933, as amended (the "1933 Act") and that the legend can be removed from the Securities; or (c) the Securities are registered for resale under the 1933 Act.

 

Public Information. At any time during the period commencing from the six (6) month anniversary of the date the Securities are purchased by the Holder from BigString Corporation and ending at such time that all of the Securities may be sold without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1), if PeopleString shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a "Public Information Failure") then, as partial relief for the damages to the Holder by reason of any such delay in or reduction of its ability to sell the Securities (which remedy shall not be exclusive of any other remedies available at law or in equity), PeopleString shall pay to the Holder an amount in cash equal to one and one-half percent (1.5%) of the aggregate purchase price of the Securities on the day of a Public Information Failure and on every thirtieth day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required pursuant to Rule 144. Each payment to which the Holder shall be entitled pursuant to this letter agreement is referred to herein as a "Public Information Failure Payment." A Public Information Failure Payment shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payment is incurred and (ii) the third business day after the event or failure giving rise to the Public Information Failure Payment is cured. In the event PeopleString fails to make a Public Information Failure Payment in a timely manner, such Public Information Failure Payment shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full.

 

  

  

  

 

Carl J. Bennett

March 16, 2011

Page 2

 

 

Piggy-Back Registration Rights. If at any time before the date that all of the Securities (a) can be sold publicly under Rule 144 without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, or (b) have been sold by the Holder, there is not an effective registration statement covering all of the Securities and PeopleString shall determine to prepare and file with the Securities and Exchange Commission a registration statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities, other than on For S-4 or Form S-8 (each promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then PeopleString shall send to the Holder if it is not eligible to sell all of the Securities without restriction pursuant to Rule 144 and without the requirement for PeopleString to be in compliance with Rule 144(c)(1), written notice of such determination and if, within ten (10) days after receipt of such notice, the Holder shall so request in writing, PeopleString shall include in such registration statement all or any part of the Securities the Holder requests to be registered. Notwithstanding the foregoing, in the event that, in connection with any underwritten public offering, the managing underwriter(s) thereof shall impose a limitation on the number of PeopleString securities which may be included in the registration statement because, in such underwriter(s) judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, PeopleString shall be obligated to include in such registration statement only such limited portion of the Securities with respect to which the Holder has requested inclusion hereunder as the underwriter shall permit; provided, however, that (i) PeopleString shall not exclude any Securities unless PeopleString has first excluded all outstanding securities, the holders of which are not contractually entitled to inclusion of such securities in such registration statement or are not contractually entitled to pro rata inclusion with the Securities and (ii) after giving effect to the immediately preceding proviso, any such exclusion of Securities shall be made pro rata among the Holder and the holders of other securities having the contractual right to inclusion of their securities in such registration statement by reason of registration rights, in proportion to the number of Securities or other securities sought to be included by the Holder and other holders. If an offering in connection with which the Holder in entitled to registration under this letter agreement is an underwritten offering, then the Holder whose Securities are included in such registration statement shall, unless otherwise agreed by PeopleString, offer and sell such Securities in an underwritten offering using the same underwriter or underwriters and on the same terms and conditions as the other PeopleString securities included in such underwritten offering and shall enter into an underwriting agreement in a form and substance reasonably satisfactory to PeopleString and the underwriter or underwriters.

 

  

  

  

 

Carl J. Bennett

March 16, 2011

Page 2

 

 

 

Best Regards,

 

Darin Myman

Chief Executive Officer.

 

Accepted and Agreed: 

 

	 	 
Cougar Trading, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Emanuel E. Geduld	 
	 	 	Name: Emanuel E. Geduld	 
	 	 	Title: Senior Managing MemberEX-10.1

EXHIBIT 10.1

HARRIS CORPORATION

2005 EQUITY INCENTIVE PLAN

STOCK OPTION AWARD AGREEMENT

TERMS AND CONDITIONS

(AS OF AUGUST 26, 2011)

1. Stock Option – Terms and Conditions. Under and subject to the provisions of the
Harris Corporation 2005 Equity Incentive Plan (As Amended and Restated Effective August 27, 2010,
and as may be further amended from time to time, the “Plan”) and upon the terms and conditions set
forth herein (these “Terms and Conditions”), Harris Corporation (the “Corporation”) has granted to
the employee receiving these Terms and Conditions (the “Employee”) a Non-Qualified Stock Option
(the “Option”) to purchase such number of shares of common stock, $1.00 par value per share (the
“Common Stock”), of the Corporation at such designated exercise price per share as set forth in the
Award Letter (as defined below) from the Corporation to the Employee. Such grant is subject to the
following Terms and Conditions (these Terms and Conditions, together with the Corporation’s letter
to the Employee specifying the grant date, the number of shares issuable upon exercise of the
Option, the exercise price and certain other terms (the “Award Letter”), are referred to as the
“Agreement”).

(a) Except as set forth in Sections 1(e), 2(b), 2(c) and 2(d), the Option shall not be
exercisable to any extent until and unless the Employee shall have remained continuously in the
employ of the Corporation until the Option shall become exercisable. The grant of the Option shall
not limit or restrict the Corporation’s rights to terminate the Employee’s employment.

(b) During the lifetime of the Employee, the Option shall be exercisable only by the Employee,
and, except as otherwise set forth in Section 2, only while the Employee continues as an Employee
of the Corporation.

(c) Notwithstanding any other provision of these Terms and Conditions and the Agreement, the
Option shall expire no later than ten years from the grant date (the “Expiration Date”), and shall
not be exercisable thereafter.

(d) Except as otherwise provided in the Award Letter, the Option shall vest and become
exercisable as to the following shares issuable upon exercise of the Option:

(i) After the end of one year from the grant date and prior to the end of two years from the
grant date, not more than one-third of the aggregate shares issuable upon exercise of the Option;

(ii) After the end of two years from the grant date and prior to the end of three years from
the grant date, not more than two-thirds of the aggregate shares issuable upon exercise of the
Option; and

(iii) After the end of three years from the grant date, all shares issuable upon exercise of
the Option.

(e) Upon a Change in Control of the Corporation as defined in Section 11.1 of the Plan, any
outstanding Option shall immediately become fully vested and exercisable.

2. Termination of Employment.

(a) Termination of Employment. In the event of termination of employment with the
Corporation other than as a result of circumstances described in Sections 2(b), 2(c), 2(d), and
2(e) below, the Option, whether exercisable or not, shall terminate immediately upon termination of
employment.

(b) Death. Notwithstanding Section 1(d), in the event of the death of the Employee
(x) while employed by the Corporation, (y) following the Employee’s cessation of employment with
the Corporation due to permanent disability of the Employee (as determined by the Corporation)
while employed by the Corporation, or (z) following the retirement of the Employee if the
retirement occurred after the Employee reached age 62 and had ten or more years of full-time
service with the Corporation, the Option shall immediately become fully vested and exercisable, and
may be exercised by the Employee’s Beneficiary (as defined in Section 4) but only until the earlier
of (i) the date that is twelve (12) months following the date of death of the Employee or (ii) the
Expiration Date. In the event of the death of the Employee following termination of or cessation
of employment with the Corporation, unless the first sentence of this Section 2(b) is applicable,
the Option may be exercised by the Employee’s Beneficiary but only until the earlier of (i) the
date that is twelve (12) months following the date of death of the Employee or (ii) the Expiration
Date, and only to the extent that the Option was exercisable on the day immediately prior to the
date of the Employee’s death.

(c) Disability. In the event of cessation of employment with the Corporation due to
permanent disability of the Employee (as determined by the Corporation) while employed by the
Corporation, notwithstanding Section 1(d), the Option shall immediately become fully vested and
exercisable and unless the first sentence of Section 2(b) becomes applicable, may be exercised by
the Employee until the Expiration Date.

(d) Retirement. In the event of retirement of the Employee, the Option may, if the
retirement occurs after the Employee has reached age 55 and has ten or more years of full-time
service with the Corporation, be exercised by the Employee until the Expiration Date, but only to
the extent that the Option was vested and exercisable at the date of such retirement. In the event
of retirement of the Employee, the Option may, if the retirement occurs after the Employee has
reached age 62 and has ten or more years of full-time service with the Corporation, unless the
first sentence of Section 2(b) becomes applicable, be exercised by the Employee until the
Expiration Date and shall continue to vest and become exercisable after such retirement according
to the schedule set forth in Section 1(d).

(e) Involuntary or Voluntary Termination. In the event of termination of employment
of the Employee by the Corporation other than for Misconduct, the Option may be exercised by the
Employee but only until the earlier of (i) the date that is ninety (90) days following such
termination of employment or (ii) the Expiration Date, and only to the extent that the Option was
vested and exercisable at the date of such termination of employment. In the event of termination
of employment of the Employee by the Corporation for Misconduct, the Option shall immediately
terminate upon such termination of employment and shall not be exercisable. “Misconduct” shall
mean deliberate, willful or gross misconduct, as determined by the Corporation. In the event of
termination of employment of the Employee by the Employee other than as a result of death,
permanent disability (as determined by the Corporation) or retirement (in a circumstance in which
Section 2(d) applies), the Option may be exercised by the Employee but only until the earlier of
(i) the date that is thirty (30) days following such termination of employment or (ii) the
Expiration Date, and only to the extent that the Option was vested and exercisable at the date of
such termination of employment.

3. Exercise of Option. The Option may be exercised by delivering to the Corporation
at the office of the Corporate Secretary (i) a written notice, signed by the person entitled to
exercise the Option, stating the designated number of shares such person then elects to purchase;
provided, however, that in the discretion of the Corporation, notice sent through an approved
electronic means may be substituted for a signed, written notice, (ii) payment in an amount equal
to the full exercise price for the shares to be purchased, and (iii) in the event the Option is
exercised by any person other than the Employee, such as the Employee’s Beneficiary, evidence
satisfactory to the Corporation that such person has the right to exercise the Option. Payment of
the exercise price shall be made (a) in cash, (b) in previously acquired shares of Common Stock of
the Corporation, or (c) in any combination of cash and such shares. Shares tendered in payment of
the exercise price which have been acquired through an exercise of a stock option must have been
held at least six months prior to exercise of the Option and shall be valued at the Fair Market
Value. Upon the exercise of the Option, the Corporation shall cause the shares in respect of which
the Option shall have been so exercised to be issued and delivered by crediting such shares to a
book-entry account for the benefit of the Employee or the Employee’s Beneficiary maintained by the
Corporation’s stock transfer agent or its designee. The Employee does not have any rights as a
shareholder in respect of any shares as to which the Option shall not have been duly exercised and
no rights as a shareholder shall exist prior to the proper exercise of such Option.

4. Prohibition Against Transfer; Designation of Beneficiary. The Option and rights
granted by the Corporation under these Terms and Conditions and the Agreement are not transferable
except by will or by the laws of descent and distribution in the event of the Employee’s death.
The Employee may designate a beneficiary or beneficiaries (the “Employee’s Beneficiary”) to
exercise any rights or receive any benefits under Section 2(b) following the Employee’s death. To
be effective, such designation must be made in accordance with such rules and on such form as
prescribed by the Corporation for such purpose, which completed form must be received by the office
of the Corporate Secretary prior to the Employee’s death. If the Employee fails to designate a
beneficiary, or if no designated beneficiary survives the Employee’s death, the Employee’s estate
shall be deemed the Employee’s Beneficiary. Without limiting the generality of the foregoing,
except as aforesaid, the Option may not be sold, exchanged, assigned, transferred, pledged,
hypothecated, encumbered or otherwise disposed of, shall not be assignable by operation of law, and
shall not be subject to execution, attachment, charge, alienation or similar process. Any attempt
to effect any of the foregoing shall be null and void and without effect.

5. Employment by Corporation, Subsidiary or Successor; Termination or Cessation of
Employment. For the purpose of these Terms and Conditions and the Agreement, (a) employment by
the Corporation or any Subsidiary of or a successor to the Corporation shall be considered
employment by the Corporation, and (b) references to “termination of employment,” “cessation of
employment,” “ceases to be employed,” “ceases to be an Employee” or similar phrases shall mean the
last day actually worked (as determined by the Corporation), and shall not include any notice
period, or any period of severance or separation pay or pay continuation (whether required by law
or custom or otherwise provided) following the last day actually worked.

6. Miscellaneous. These Terms and Conditions and the other portions of the Agreement:
(a) shall be binding upon and inure to the benefit of any successor to the Corporation; (b) shall
be governed by the laws of the State of Delaware and any applicable laws of the United States; and
(c) except as permitted under Sections 3.2, 12 and 13.6 of the Plan, may not be amended without the
written consent of both the Corporation and the Employee. The Agreement shall not in any way
interfere with or limit the right of the Corporation to terminate the Employee’s employment or
service with the Corporation at any time, and no contract or right of employment shall be implied
by these Terms and Conditions and the Agreement of which they form a part.

7. Securities Law Requirement. The Corporation shall not be required to issue shares
upon exercise of the Option unless and until: (a) such shares have been duly listed upon each stock
exchange on which the Corporation’s Common Stock is then registered; and (b) a registration
statement under the Securities Act of 1933 with respect to such shares is then effective.

8. Non-Solicitation. In consideration of the grant of the Option to the Employee
under these Terms and Conditions, the Employee agrees, by the acceptance of the Option, that for a
period of twelve (12) months immediately following the date of termination of employment of the
Employee with the Corporation, the Employee shall not directly or indirectly recruit or solicit for
hire or hire, or assist in any manner in the recruitment, solicitation for hire or hiring of any
employee or officer of the Corporation or its Subsidiaries, or in any way induce any such employee
or officer to terminate his or her employment with the Corporation or its Subsidiaries.

9. Effect of Breach of Restrictive Covenants. Notwithstanding anything to the
contrary in Section 2 above, if the Employee, whether during employment or after termination of
employment of the Employee with the Corporation, engages in any conduct in breach of any written
non-solicitation (whether under Section 8 above or otherwise), non-competition or non-disparagement
agreement or undertaking, or any similar written agreement or undertaking for the protection of the
business of the Corporation or any of its Subsidiaries, whether now or hereafter in effect, then:
(i) the Option shall immediately terminate upon the occurrence of such breach and shall not be
exercisable; and (ii) to the extent provided by, and in accordance with, the terms of such written
agreement or undertaking, in the event of a breach thereof, the Corporation shall have the right to
reclaim and receive from the Employee all shares delivered to the Employee upon the exercise of the
Option, or to the extent the Employee has transferred such shares, the Fair Market Value thereof
(as of the date such shares were transferred by the Employee) in cash, and in each case upon
receipt thereof, the Corporation shall return the exercise price paid by the Employee. If a Change
in Control shall occur, this Section 9 shall immediately terminate and be of no further force and
effect.

10. Board Committee Administration. The Board Committee shall have authority, subject
to the express provisions of the Plan as in effect from time to time, to construe these Terms and
Conditions and the Agreement and the Plan, to establish, amend and rescind rules and regulations
relating to the Plan, and to make all other determinations in the judgment of the Board Committee
necessary or desirable for the administration of the Plan. The Board Committee may correct any
defect or supply any omission or reconcile any inconsistency in these Terms and Conditions and the
Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect,
and it shall be the sole and final judge of such expediency.

11. Incorporation of Plan Provisions. These Terms and Conditions and the Agreement
are made pursuant to the Plan, the provisions of which are hereby incorporated by reference.
Capitalized terms not otherwise defined herein have the meanings set forth for such terms in the
Plan. In the event of a conflict between the terms of these Terms and Conditions and the Agreement
and the Plan, the terms of the Plan shall govern.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]