Document:

Exhibit
10.3

    

    EMPLOYMENT
AGREEMENT

     

    THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made
as of the 19th day of January, 2011 (the “Effective Date”) by
and between C2 Global Technologies Inc., a Florida corporation (the “Company”), and
Adam Reich (“Executive”).

     

    Executive
is skilled in legal, business and financial matters, especially as they relate
to the asset liquidation business. The parties hereto believe that it is in
their respective interests to enter into an employment agreement whereby, for
the consideration specified herein, Executive shall provide the services
specified herein. Certain definitions are set forth in Section
7.

     

    The
parties hereto agree as follows:

     

    Section
1.            Employment.

     

    (a)          Employment Period.
The Company agrees to employ Executive and Executive accepts such employment for
the period (the “Employment Period”)
beginning on the Effective Date and ending on the fifth anniversary of the
Effective Date.  The Employment Period will renew automatically on a
year-to-year basis thereafter, until either party gives notice of non-renewal
not less than sixty (60) days prior to an anniversary of the Effective
Date.  The Employment Period will end on an earlier date if
Executive’s employment is terminated in accordance with Section 2 (the date
of termination or non-renewal being hereinafter called the “Termination
Date”).

     

    (b)          Position and
Duties.

     

    (i)            During
the Employment Period, Executive shall serve as the Co-CEO of the Company and
Executive shall report to the Chairman of the Board of the Company. Executive
shall perform all duties and shall have all powers which are commonly incident
to his office as well as all powers that are delegated to Executive by the
Chairman of the Board of the Company.

     

    (ii)           Executive
shall devote his best efforts and his full business time and attention to the
business and affairs of the Company, except for permitted vacation periods in
accordance with the Company’s policy, periods of illness or other incapacity,
and reasonable time spent with respect to civic and charitable activities,
provided that none of such activities materially interfere with Executive’s
duties to the Company or its Subsidiaries.

     

    (c)          Salary, Bonus and
Benefits.

     

    (i)            During
the Employment Period, the Company shall pay Executive a base salary at the rate
of $450,000 per annum (the “Base Salary”) in such
installments in accordance with the regular payroll practices of the Company
with respect to executive officers of the Company. The Board shall review the
Base Salary annually, but not reduce it.

     

    (ii)           During
the Employment Period, Executive will be eligible for a discretionary annual
bonus of up to fifty percent (50%) of the Base Salary, pro-rated for any periods
that do not commence on January 1 or end on December 31 in any given year (based
on the actual number of days elapsed over a year of 365 or 366 days, as
applicable) (the “Bonus”). The Chairman
of the Board of the Company shall determine the amount of any Bonus to be
awarded based on performance criteria established at the beginning of each
fiscal year, and the timing of such award and the payment of any such Bonus
shall be made within the ninety (90) day period beginning on March 1 of each
year immediately following the fiscal year in which the services to which the
Bonus applies were performed.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (iii)          During
the Employment Period, Executive will be entitled to participate in all employee
stock option, pension and welfare benefit plans, programs and practices
maintained by the Company for its employees generally in accordance with the
terms of such plans, programs and practices as in effect from time to time, and
in any other insurance, pension, retirement or welfare benefit plans, programs
and practices which the Company generally provides to its executives from time
to time.

     

    (iv)          On
the Effective Date, the Company will grant Executive options to purchase 625,000
shares of the Company’s common stock with an exercise price of $1.83 per share
and with vesting over four years beginning on the first anniversary of the
Effective Date (the “Option Award”). The
Option Award will be subject to the terms and conditions of the Company’s 2010
Nonqualified Stock Option Plan (the “Plan”) and a
Nonqualified Stock Option Agreement approved under the Plan.

     

    (v) 
         The Company shall pay
Executive a signing bonus in the amount of $100,000 promptly following the
Effective Date.

     

    (d)         Expenses. The Company
shall pay or reimburse Executive (at the Company’s option) in accordance with
the Company’s then-current policies for fully-documented (in accordance with the
Company’s policies) reasonable and necessary expenses and other disbursements
incurred by Executive for or on behalf of the Company in the performance of his
duties hereunder, including, without limitation, travel on behalf of or in
connection with his services for the Company in a manner customary for the
Company’s senior executives, including food and lodging expenses while Executive
is away from home performing services for the Company.

     

    (e)         Workplace and Work
Schedule. Executive’s workplace will be the Company’s office in New York,
or such other office or offices as are approved by the Company. Executive is
entitled to such holidays as are established by the Company’s policies.
Executive is entitled to four (4) weeks of vacation per year of employment,
which may be taken in various periods, subject to the Company’s
needs.

     

    Section
2.            Termination Of
Employment.

     

    (a)          Death or Disability.
The Company may terminate Executive’s employment during the Employment Period
due to his death or Disability. If Executive dies during the Employment Period,
the Termination Date will be deemed to be the date of his death.

     

    (b)          Cause. The Company
may terminate the employment of Executive at any time during the Employment
Period for Cause by giving him a Notice of Termination.

     

    (c)          Without Cause. The
Company may terminate Executive’s employment at any time during the Employment
Period without Cause by giving him a Notice of Termination.

     

    (d)          Good Reason.
Executive may terminate his employment during the Employment Period for Good
Reason by providing the Company a Notice of Termination within 45 days of his
knowledge of the event which he believes provides him with grounds to terminate
his employment for Good Reason.

     

    Section
3.            Effect Of Termination Of
Employment.

     

    (a)          Death or Disability.
If Executive’s employment is terminated due to death or Disability pursuant to
Section 2(a),
neither Executive nor his beneficiary or estate will have any further rights or
claims against the Company under this Agreement, except the right to
receive:

     

    (i)           the
earned but unpaid portion, if any, of the Base Salary, computed on a pro-rata
basis through the Termination Date (based on the actual number of days elapsed
over a year of 365 or 366 days, as applicable);

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (ii)       
  any outstanding amounts owed to Executive, if any, pursuant to Section 1(d)
(collectively, the “Accrued
Compensation”); and

     

    (iii)          provided
that Executive has met, as of the Termination Date, the performance criteria
established with respect to the Bonus for the fiscal year in which the
Termination Date occurs, the pro-rata portion of the Bonus for such fiscal year
(based on the actual number of days elapsed from the beginning of the fiscal
year to the Termination Date over a year of 365 or 366 days, as applicable), the
timing of the payment of any such Bonus to be in accordance with Section
1(c)(ii).

     

    (b)          Cause. If Executive’s
employment is terminated by the Company for Cause pursuant to Section 2(b), neither
Executive nor his beneficiary or estate will have any further rights or claims
against the Company under this Agreement, except the right to receive the
Accrued Compensation.

     

    (c)          Without Cause. If
Executive’s employment is terminated by the Company without Cause pursuant to
Section 2(c),
neither Executive nor his beneficiary or estate shall have any further rights or
claims against the Company under this Agreement, except the right to
receive:

     

     (i)            the
Accrued Compensation;

     

     (ii)           an
amount equal to the amount of the Base Salary, payable in a lump sum, Executive
would have received for the period commencing on the Termination Date and ending
12 months after the Termination Date as provided in Section 9(b);
and

     

    (iii)
          provided that
Executive has met, as of the Termination Date, the performance criteria
established with respect to the Bonus for the fiscal year in which the
Termination Date occurs, the pro-rata portion of the Bonus for such fiscal year
(based on the actual number of days elapsed from the beginning of the fiscal
year to the Termination Date over a year of 365 or 366 days, as applicable),
payable in a lump sum to be in accordance with Section 1(c)(ii).

     

    (d)         Good
Reason.  If Executive’s employment is terminated by Executive
for Good Reason pursuant to Section 2(d), neither
Executive nor his beneficiary or estate shall have any further rights or claims
against the Company under this Agreement, except the right to
receive:

     

    
      (i)           
the
Accrued Compensation; and

    

     

    (ii)           an
amount equal to the amount of the Base Salary, payable in equal monthly
installments in accordance with Section 1(c)(i),
Executive would have received for the period commencing on the Termination Date
and ending 12 months after the Termination Date as provided in Section
9(b).

     

    (e)         Release. Executive
acknowledges and agrees that the payments provided for in Sections 3(c)(ii) and
3(d)(ii) constitute liquidated damages for any claim of breach of
contract under this Agreement as it relates to termination of his employment
during the Employment Period without Cause pursuant to Section 2(c) or with
Good Reason pursuant to Section 2(d).
Notwithstanding the foregoing, if Executive is entitled to the payments set
forth in Section
3(c)(ii) or Section 3(d)(ii),
Executive shall execute and agree to be bound by an agreement, in form and
substance satisfactory to the Company (the “Release”), relating
to the waiver and general release of any and all claims arising out of or
relating to Executive’s employment and termination of employment, and the
Company will have no obligation to make the payments contemplated under Section 3(c)(ii) or
Section
3(d)(ii), as the case may be, if Executive fails to execute such Release
or seeks to revoke such Release before it becomes effective. In addition, if
Executive violates or threatens to violate the terms of Section 4, the
continuing obligations of the Company to make the payments contemplated under
Section
3(c)(ii) or Section 3(d)(ii), as
the case may be, shall immediately terminate.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Section
4.             Restrictions.

     

    (a)           Executive
shall at all times, both during the Employment Period and for a period of 12
months following the Termination Date (or, with respect to any trade secret, for
so long as such trade secret retains its status as such under applicable law),
keep strictly confidential and not use or disclose to any third party any trade
secret, information, knowledge or data not generally known to the public which
Executive may have learned, discovered, developed, conceived, originated,
prepared or received during or as a result of Executive’s employment by the
Company or any Subsidiary or Affiliate with respect to the operations,
businesses, affairs, products, services, technology, intellectual properties,
Agents, customers, clients, pricing of products or services, policies,
procedures, accounts, personnel, concepts, format, style, techniques or software
of the Company or any Subsidiary or Affiliate (“Proprietary
Information”). Executive acknowledges that Proprietary Information
includes, without limitation, the business or other needs, requirements,
preferences or other information relating to Agents and customers of the Company
or any Subsidiary or Affiliate, acquisition targets of the Company or any
Subsidiary or Affiliate and all information or data collected by the Company
with reference thereto. Executive shall comply with any and all procedures which
the Company may adopt from time to time to preserve the confidentiality of any
trade secret or other confidential and proprietary information. Immediately upon
the Termination Date, he shall (i) return to the Company all Proprietary
Information he has received, regardless of how recorded, including all copies
thereof made by him or any employee, agent or advisor of or to him, (ii) destroy
(or cause to be destroyed) all materials incorporating or based on such
Proprietary Information, and (iii) certify in writing that the foregoing have
been completed. The Company may, in its sole discretion, upon or after the
Termination Date, notify Executive’s new employer, clients or other parties that
Executive has had access to certain trade secrets or other confidential and
proprietary information which Executive is under a continuing obligation not to
use or disclose. Notwithstanding the foregoing, the limitations imposed on
Executive pursuant to this Section 4(a) will not
apply to Executive’s disclosure pursuant to an order of a court or governmental
agency, provided that Executive notifies the Company and affords it an
opportunity to oppose such order.

     

    (b)           In
order to protect the Company from unfair competition and to prevent the
unauthorized disclosure or use of the Proprietary Information, both during the
Employment Period and for a period of 12 months following the Termination Date,
Executive shall not, within the Restricted Territory (defined below), directly
or indirectly engage in or become associated with any Competitive Activity
(defined below).  Executive will be considered to have become
“associated with a Competitive Activity” if he becomes involved as an owner,
employee, employer, consultant, principal, officer, director, independent
contractor, agent, partner, advisor or in any other capacity, with or without
compensation, calling for the rendition of personal services with any Person
that is engaged in a Competitive Activity and his involvement relates to a
significant extent to the Competitive Activity of such Person; provided, however, that
Executive will not be prohibited from owning less than five percent (5%) of any
publicly traded corporation that is in competition with the
Company.  “Competitive Activity” means (i) the acquisition and
disposition of distressed and surplus assets throughout the United States and
Canada, including industrial machinery and equipment, real estate, inventories,
accounts receivables and distressed debt, (ii) the provision of traditional
asset disposition services, such as on-site and webcast auctions, liquidations
and negotiated sales, (iii) assisting financial institutions, bankruptcy and
restructuring firms and corporate clients with complex asset transactions that
arise from bankruptcies, plant closures, and restructuring situations, and (iv)
any other products or services being offered by the Company on the Termination
Date.  “Restricted Territory” means the United States and
Canada.  In the alternative, and only if the above territory is deemed
by a court of competent jurisdiction to be unreasonable or otherwise invalid or
unenforceable, then the Restricted Territory means New York State, California,
and any other state or province in which Executive maintained an office or
otherwise provided services to the Company during the term of this
agreement.   Notwithstanding the foregoing, this Section 4(b) shall
not apply after the Termination Date in the event that Executive’s employment is
terminated by the Company without Cause pursuant to Section 2(c) or by
Executive for Good Reason pursuant to Section
2(d).

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (c)           In
order to protect the Company from unfair competition and to prevent the
unauthorized disclosure or use of the Proprietary Information, both during the
Employment Period and for a period of 24 months following the Termination Date,
Executive shall not, directly or indirectly, for his own account or as a
partner, joint venturer, employee, agent, or consultant: (i) employ as an
employee, engage as an independent contractor or agent or otherwise retain or
solicit or seek to so employ, engage, retain or solicit any person who, during
any portion of the two (2) years prior to the Termination Date was, directly or
indirectly, employed as an employee, engaged as an independent contractor or
Agent or otherwise retained by the Company or any Subsidiary or Affiliate; (ii)
induce any Person (except for individuals considered to be clerical or
secretarial staff) to leave his or her employment with the Company, terminate an
independent contractor or Agent relationship with the Company or terminate or
reduce any contractual relationship with the Company or any Subsidiary or
Affiliate; or (iii) directly or indirectly induce or influence any Agent,
customer, supplier, or other person that has a business relationship with the
Company or any Subsidiary or Affiliate to discontinue or reduce the extent of
such relationship.

     

    (d)           Both
during and after the Employment Period, except as required by applicable law or
compelled by legal process, neither Executive nor anyone acting on his behalf
will (i) make any derogatory, disparaging or critical statement about the
Company or any of its present or former officers, directors, employees,
shareholders, parents or subsidiaries or (ii) without the prior written consent
of the Company, communicate, directly or indirectly, with the press or other
media concerning the Company or the present or former employees or business of
the Company (other than incidental references to the Company or its business
which are non-specific in nature and included as a part of Executive’s general
market observations).  Further, the Company agrees that, both during
and after the Employment Period, except as required by applicable law or
compelled by legal process, neither the Company nor anyone acting on its behalf
will (i) make any derogatory, disparaging or critical statement about Executive
or (ii) without the prior written consent of Executive, communicate, directly or
indirectly, with the press or other media concerning Executive.

     

    (e)           All
processes, improvements, formulations, ideas, inventions, designs and
discoveries, whether patentable or not (collectively “Discoveries”) and all
patents, copyrights, trademarks, and other intangible rights (collectively
“Intellectual Property
Rights”) that may be conceived or developed by Executive either alone or
with others, during the Employment Period or any extension or renewal thereof,
whether or not conceived or developed during working hours, and with respect to
which any equipment, supplies, facilities, or trade secret information of the
Company or any Subsidiary or Affiliate was used, or that related to the business
of the Company or any Subsidiary or Affiliate or to the Company’s or any
Subsidiary’s or Affiliate’s actual or demonstrably anticipated research and
development, or that result from any work performed by Executive for the Company
or any Subsidiary or Affiliate, will be the sole property of the Company or a
Subsidiary of Affiliate, as applicable. As provided in Section 2870 of the
California Labor Code, the requirement to assign inventions hereunder shall not
apply to an invention that Executive develops entirely on his own time without
using the Company’s or any Subsidiary’s or Affiliate’s equipment, supplies,
facilities, or trade secret information, except for those inventions that either
(i) relate, at the time of conception or reduction to practice of the invention
to the Company’s or any Subsidiary’s or Affiliate’s business, or actual or
demonstrably anticipated research or development of the Company or any
Subsidiary or Affiliate; or (ii) result from any work performed by Executive for
the Company or any Subsidiary or Affiliate. Executive shall disclose to the
Company all Discoveries and Intellectual Property Rights conceived during the
Employment Period, or any extension or renewal thereof, which Executive believes
meet the criteria set forth in California Labor Code Section 2870, whether or
not the property of the Company or any Subsidiary or Affiliate under the terms
of the preceding sentence.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (f)           All
Intellectual Property Rights that are subject to copyright protection and
reduced to tangible form in whole or in part by Executive in the course of his
employment shall be deemed to be a “work made for hire” as that term is used in
17 U.S.C. 101 et seq.,
and Executive shall take all actions reasonably requested by the Company in
order for the Company to obtain or register copyrights in such material.
Executive hereby assigns to the Company the entire right, title, and interest in
and to all Discoveries and all Intellectual Property Rights which are to be the
property of the Company or any Subsidiary or Affiliate under Section 4(e). Upon
request of the Company, whether during or following Executive’s employment,
Executive shall execute all such assignments, oaths, declarations, and other
documents as may be prepared by the Company to effect the purposes of this
paragraph. Upon request of the Company from time to time, whether during or
following Executive’s employment, Executive shall provide the Company with all
information, documentation, assistance, and other acts that the Company
reasonably may request to evidence, perfect, enforce, transfer, or defend the
Company’s proprietary rights in, to, or based upon Discoveries and/or
Intellectual Property Rights which are to be the property of the Company or any
Subsidiary or Affiliate under Section 4(e).
Executive shall provide all such information, documentation, assistance, and
other acts for no additional consideration other than actual and necessary
out-of-pocket expenses that are incurred at the Company’s request. Executive
hereby irrevocably designates and appoints the Company as his attorney-in-fact
and agent to act for and on his behalf to execute and file any document and to
do all other lawfully permitted acts to further the purposes of this paragraph
with the same legal force and effect as if executed by Executive.

     

    (g)          Executive
shall abide by policies related to his employment by the Company as they are
promulgated by the Company from time to time.

     

    (h)          Executive
has a personal contact database and computer that he will use for the benefit of
the Company. Such database and computer will remain the property of Executive.
Immediately upon the Termination Date, Executive shall provide the Company a
complete and accurate copy of such contact database and the Company and any
Subsidiary or Affiliate may continue to use it.  All telephone and
cellular numbers used by Executive in performing services for the Company shall
be property of the Company, provided that if the employment of Executive is
terminated by the Company without Cause pursuant to Section 2(c) or by
Executive for Good Cause pursuant to Section 2(d), then
Executive may retain Executive’s cellular number.

     

    (i)         
  Because the breach or attempted or threatened breach of this Section 4 may result
in immediate and irreparable injury to the Company for which the Company may not
have an adequate remedy at law, the Company shall be entitled, in addition to
all other remedies, to a decree of specific performance thereof and to a
temporary and permanent injunction enjoining such breach, without the necessity
of posting bond or furnishing any similar security. The parties’ obligations
under this Section
4 will survive any termination of Executive’s employment or this
Agreement.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Section 5.             Acknowledgments
By Executive.

     

    Executive
understands that the restrictions contained in Section 4 may limit
the ability of Executive to earn a livelihood in a competing business, but
Executive nevertheless believes that Executive has received and will receive
sufficient consideration and other benefits as an employee of the Company and as
otherwise provided hereunder to clearly justify such restrictions which, in any
event (given the education, skills and ability of Executive), Executive does not
believe would prevent him from earning a livelihood.  Executive
further acknowledges that this Agreement would not have been entered into and
the benefits described in Section 1 and Section 3 would not have been promised
in the absence of Executive’s promises under Section
4.

     

    Section
6.             Tax
Withholding.

     

    The
Company may withhold from any compensation or severance payable under this
Agreement all federal, state, city or other taxes as shall be required pursuant
to any law or governmental regulation or ruling.

     

    Section
7.             Definitions.

     

    (a)           “Affiliate” means any
other Person controlling, controlled by, or under common control with the
Company, where “control” means the possession, directly or indirectly, of the
power to direct the management and policies of a Person whether through the
ownership of voting securities, by contract, or otherwise.

     

    (b)           “Agent” means any
Person which has received or is entitled to receive a commission from the
Company related to the sale or marketing of the Company’s products or
services.

     

    (c)           “Board” means the
Board of Directors of the Company.

     

    (d)           “Cause” means actions
or omissions by Executive: (i) constituting fraud, larceny, embezzlement,
conversion or otherwise involving the misappropriation of assets of the Company
or any other illegal conduct with respect to the Company which acts are harmful
to, either financially, or to the business reputation of, the Company; (ii)
constituting gross negligence or intentional misconduct; (iii) resulting in a
conviction (or a plea of guilty or no contest) for any felony or any crime of
moral turpitude; (iv) constituting habitual alcohol or substance abuse; (v)
constituting a material breach of this Agreement which, if curable, is not cured within
fifteen (15) days after receipt of written notice thereof; (vi) constituting a material failure by
Executive to perform his duties, which nonperformance continues after written
notice thereof and a fifteen (15) day chance to cure; (vii) resulting in an
unauthorized breach of the Company’s Code of Conduct; or (viii) constituting a
breach of the fiduciary duty owed by Executive to the Company or any Subsidiary
or Affiliate which, if curable, is not cured within
fifteen (15) days after receipt of written notice thereof.

     

    (e)           “Disability” means a
physical or mental infirmity which impairs Executive’s ability to perform
substantially his duties for a total period exceeding six (6) months during the
Employment Period or for a period of four (4) consecutive months. Disability
shall be determined by a physician acceptable to both the Company and Executive,
or, if the Company and Executive cannot agree upon a physician within 15 days
after the Company claims that Executive is suffering from a Disability, by a
physician selected by two physicians, one designated by each of the Company and
Executive. Executive’s failure to submit to any physical examination by any such
physician after such physician has given reasonable notice of time and place of
such examination shall be conclusive evidence of Executive’s inability to
perform his duties hereunder.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (f)           “Good Reason” means,
during the Employment Period and without Executive’s consent: (i) a material
diminution of Executive’s title, reporting structure, position or
responsibilities; (ii) a material reduction in the Base Salary; or (iii) any
other action or inaction by the Company that constitutes a material breach of
this Agreement. Executive shall communicate any purported termination by
Executive for Good Reason by a written Notice of Termination for Good Reason to the
Company in accordance with Section 8 of this
Agreement.  For the purposes of this Agreement, a Notice of
Termination for Good Reason shall mean a notice by Executive specifying the
existence of one or more of the conditions described in this Section
7(f) within forty-five
(45) days after the initial existence of
the condition.  Upon receipt of that notice, the Company shall have a
period of thirty (30) days to remedy the condition or conditions specified in
the Notice of Termination for Good
Reason.  The Notice of
Termination for Good Reason must specify a
Termination Date of not more
than thirty (30) days after the last day of the Company’s cure
period.  If the Company remedies the condition within the 30-day
period, the Notice of Termination for Good
Reason shall become ineffective and the
Company shall have no obligations under this Agreement as a result of
it.

     

    (g)           “Notice of
Termination” means a written notice that indicates the Termination Date,
the specific termination provision in this Agreement relied upon, and the facts
and circumstances, if any, claimed to provide a basis for such
termination.

     

    (h)           “Person” means an
individual, a partnership, a limited liability company, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political
subdivision thereof.

     

    (i)   
        “Subsidiary” means any
corporation or other entity of which the securities having a majority of the
ordinary voting power in electing the board of directors (or similar governing
body or manager, as applicable) are, at the time as of which any determination
is being made, owned by the Company either directly or indirectly.

     

    Section
8.             Notices.

     

    Any
notice provided for in this Agreement must be in writing and must be either
personally delivered, mailed by first class mail (postage prepaid and. return
receipt requested) or sent by reputable overnight courier service (charges
prepaid) to the recipient at the address below indicated:

     

    If to the
Company:

     

    C2 Global
Technologies Inc.

    1 Toronto
Street, Suite 700

    Toronto,
Ontario Canada M5C 2V6

    
      Attention: 
Chairman

    

     

    If to
Executive:

     

    Adam
Reich

    10618
Pico Boulevard

    Los
Angeles, CA  90064

    

    or such
other address or to the attention of such other person as the recipient party
shall have specified by prior written notice to the sending party. Any notice
under this Agreement will be deemed to have been given when so delivered or sent
or, if mailed, five days after deposit in the U.S. or Canadian
mail.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Section
9.             Section
409A Savings Clause.

     

    (a)           Application of Section
409A. To the extent of any compliance issues or ambiguous terms, this
Agreement shall be construed in such a manner so as to comply with the
requirements of section 409A of the Code, and the rules set forth in this
Section 9 shall apply with respect to any payments (but only such payments)
that may be subject to section 409A of the Code notwithstanding any other
provision of this Agreement.

     

    (b)           Timing of
Payments.  Notwithstanding the applicable provisions of this
Agreement regarding the timing of payments, any payment due hereunder which is
contingent upon receipt of the Release described in Section
3(e) shall be made, if at all, in accordance with this Section 9(b), and
only if Executive has delivered to the Company a properly executed Release for
which all legally mandated revocation rights of the Executive have
expired prior to the ninetieth (90th) day following the Termination
Date.  Any such payment shall be made after receipt of such executed
and irrevocable Release within such ninety (90) period, unless otherwise
scheduled to be made after such period pursuant to the terms of this Agreement;
provided, however, if the ninety (90) day period for such payments begins in one
taxable year of Executive and ends in a second taxable year of Executive, any
payments otherwise payable within such ninety (90) day period will be made in
the second taxable year.  Any payments due after such ninety (90)
period shall be payable in accordance with their regularly scheduled payment
date.  All payments hereunder are subject to any required delay
pursuant to Section
9(c), if applicable. If the Company does not receive
a properly executed Release, for which all rights of revocation have lapsed,
prior to the time specified in this Section 9(b),
Executive shall forfeit all rights to any payments under Sections 3(c)(ii) and
3(d)(ii) of this Agreement.

     

    (c)           Delayed
Payments.  (i) Notwithstanding any other payment schedule
provided herein to the contrary, if, and only if, Executive is deemed on the
Termination Date to be a “specified employee” within the meaning of that term
under section 409A(a)(2)(B) of the Code, then the terms of this Section
9(c) shall apply as required by section 409A of the Code. Any payment that
is considered deferred compensation under section 409A of the Code payable on
account of a “separation from service” shall be made on the date which is the
earlier of (y) the expiration of the six (6) month period measured from the date
of such “separation from service” of Executive or (z) the date of Executive’s
death (the “Delay
Period”) to the extent required under section 409A of the Code. Upon
the expiration of the Delay Period, all payments delayed pursuant to the
immediately preceding sentence (whether they otherwise would have been payable
in a single sum or in installments in the absence of such delay) shall be paid
to Executive in a lump sum by the Company, and all remaining payments due under
this Agreement shall be paid or provided in accordance with the normal payment
dates specified for them herein; and

     

    (ii)           To
the extent that any benefits to be provided during the Delay Period are
considered deferred compensation under section 409A of the Code provided on
account of a “separation from service,” and such benefits are not otherwise
exempt from section 409A of the Code, Executive shall pay the cost of such
benefits during the Delay Period, and the Company shall reimburse Executive, to
the extent that such costs otherwise would have been paid by the Company or to
the extent that such benefits otherwise would have been provided by the Company
at no cost to Executive, the Company’s share of the cost of such benefits upon
expiration of the Delay Period, and any remaining benefits shall be reimbursed
or provided by the Company in accordance with the procedures specified
herein.

     

    (d)           Separation from
Service.  For purposes of this Agreement, the phrase
termination of employment or any similar term or phrase shall mean Executive’s
“Separation from Service” as defined by the default provisions of Treas. Reg. §
1.409A-1(h).

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Section
10.           General
Provisions.

     

    (a)           Severability.
Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.  Notwithstanding the foregoing, if the
scope of any provision in Section 4 is found to
be too broad to permit enforcement of such provision to its full extent, the
parties consent to judicial modification of such provision and enforcement to
the maximum extent permitted by law.

     

    (b)           Complete Agreement.
This Agreement, those documents expressly referred to herein and other documents
of even date herewith embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.

     

    (c)           Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed to
be an original and all of which taken together constitute one and the same
agreement.

     

    (d)          Successors and
Assigns. Except as otherwise provided herein, this Agreement shall bind
and inure to the benefit of and be enforceable by Executive, the Company and
their respective successors and assigns; provided that the
rights and obligations of Executive under this Agreement shall not be
assignable.

     

    (e)           Choice of Law; Venue.
This Agreement will be governed by and construed in accordance with the laws of
the State of New York, without regard to conflict of laws
principles.  Exclusive venue for any action arising out of or related
to this Agreement will be in state or federal court located in the County of New
York, New York, and each party consents to the jurisdiction of such courts and
waives any defense based on lack of personal jurisdiction or inconvenient
forum.

     

    (f)           Waiver of Jury
Trial.  EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY
HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATED TO THIS AGREEMENT BE TRIED BY JURY.  EACH PARTY KNOWINGLY AND
VOLUNTARILY WAIVES ITS RIGHT TO DEMAND TRIAL BY JURY.

     

    (g)          Amendment and Waiver.
The provisions of this Agreement may be amended and/or waived only with the
prior written consent of the Company and Executive.

     

    (h)          Insurance. The
Company, at its discretion, may apply for and procure in its own name and for
its own benefit life and/or disability insurance on Executive in any amount or
amounts considered available. Executive agrees to cooperate in any medical or
other examination, supply any information, and to execute and deliver any
applications or other instruments in writing as may be reasonably necessary to
obtain and constitute such insurance. Executive hereby represents that he has no
reason to believe that his life is not insurable at rates now prevailing for
healthy men of his age.

     

    (i)            No Personal
Liability.  For clarity, Executive will not have any personal
obligation or liability with respect to any of the debts, obligations or
liabilities of the Company.

     

    *           *           *           *

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the parties hereto
have executed this Employment Agreement as of the Effective Date.

     

    
      
        
          	 
      	
                  C2
      GLOBAL TECHNOLOGIES INC.

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Allan C. Silber

                
	 
      	
                  Name:
      Allan C. Silber

                
	 
      	
                  Its:
      Chairman & CEO

                
	 
      	 
      
	 
      	
                  /s/ Adam Reich

                
	 
      	
                  Adam
      Reich

                

        

      

    

     

    
      
         

      

      
        11Exhibit
10.4

       

      C2
GLOBAL TECHNOLOGIES INC.

      

      2010
NON-QUALIFIED STOCK OPTION PLAN

      

      ARTICLE
I

      ESTABLISHMENT
AND PURPOSE

      

      Section 1.1    C2
Global Technologies Inc., a Florida corporation (the “Company”), hereby
establishes an equity incentive plan to be named the 2010 Non-Qualified Stock
Option Plan (the “2010 Plan” or “Plan”).

       

      Section 1.2    The
purpose of the 2010 Plan is to induce certain key employees of the Company or
any of its subsidiaries who are in a position to contribute materially to the
Company’s prosperity to remain with the Company, to offer such persons
incentives and rewards in recognition of their contributions to the Company’s
progress, and to encourage such persons to continue to promote the best
interests of the Company. The 2010 Plan provides for grants of options
(“Non-Qualified Options”) which do not qualify as incentive stock options under
Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”).

       

      Section 1.3    This
Plan shall be governed by, and construed in accordance with, the laws of the
State of Florida, without reference to its conflicts of laws
principles.

       

      ARTICLE
II

      ADMINISTRATION

       

      Section 2.1    All
determinations under the 2010 Plan concerning the selection of persons eligible
to receive awards under the 2010 Plan and with respect to the timing, pricing
and amount of a grant or award under this 2010 Plan shall be made by the
administrator (the “Administrator”) of the 2010 Plan. The Administrator shall be
either (a) the Company’s Board of Directors (the “Board”), or (b) in
the discretion of the Board, a committee (the “Committee”) that is composed
solely of two or more members of the Board. In the event the Committee is the
Administrator, the Committee shall select one of its members as its Chairman and
shall hold its meetings at such times and places as it may determine. In such
case, a majority of the Committee shall constitute a quorum, and the acts of a
majority of the members present at any meeting at which a quorum is present, or
acts approved in writing by a majority of the Committee, shall be deemed the
acts of the Committee. With respect to persons subject to Section 16 of the
Securities Exchange Act of 1934 (“Exchange Act”), transactions under this 2010
Plan are intended to comply with all applicable conditions of Rule 16b-3
(“Rule 16b-3”) or its successor under the Exchange Act, as such may be
amended from time to time. To the extent any provision of the 2010 Plan or
action by the Administrator fails to so comply, it shall be deemed null and
void, to the extent permitted by law and deemed advisable by the
Administrator.

       

      Section 2.2    All
determinations made by the Administrator with respect to award grants to:
(i) the chief executive officer of the Company or an individual acting in
that capacity; (ii) one of the four highest compensated officers (other
than the chief executive officer) of the Company; or (iii) an individual
reasonably deemed likely, in the judgment of the Board of Directors or the
Committee, to become an employee described in clause (i) or (ii) of
this paragraph within the exercise period of any contemplated option, shall be
made only by those directors who qualify as an “outside director” within the
meaning of Treasury Regulation Sect. 1.162-27(e)(3), as that Regulation may be
amended from time to time (the “Regulation”), under the Code, and all other
directors must abstain from making any such award determinations. In addition to
the foregoing limitation and any others set forth by this Plan, the Committee
shall not make an award under this Plan which will result in the grant to any
individual of more than 625,000 shares of Common Stock under this Plan. This
limitation is subject to adjustment at the Board’s discretion pursuant to
Article VIII herein. This limitation shall be calculated by including the
number of shares of Common Stock underlying the exercise of any Option granted
pursuant to this Plan (if any).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Section 2.3    The
Company shall grant options under the 2010 Plan in accordance with
determinations made by the Board or the Committee pursuant to the provisions of
the 2010 Plan. All options shall be evidenced by a Stock Option Agreement. All
options granted pursuant to the 2010 Plan shall be clearly identified as
Non-Qualified Options. The Board or the Committee may from time to time adopt
(and thereafter amend or rescind) such rules and regulations for carrying out
the 2010 Plan and take such action in the administration of the 2010 Plan, not
inconsistent with the provisions hereof, as it shall deem proper. The Board or,
subject to the supervision of the Board, the Committee, shall have plenary
discretion, subject to the express provisions of this 2010 Plan, to determine
which persons shall be granted options, the number of shares subject to each
option, the time or times when an option may be exercised (whether in whole or
in installments), the terms and provisions of the respective option agreements
(which need not be identical), including such terms and provisions which may be
amended from time to time as shall be required, in the judgment of the Board or
the Committee, to conform to any change in any law or regulation applicable
hereto; and to make all other determinations deemed necessary or advisable for
the administration of the 2010 Plan. The interpretation and construction of any
provisions of the 2010 Plan by the Board or the Committee (unless otherwise
determined by the Board) shall be final, conclusive and binding upon all
persons.

       

      Section 2.4    No
member of the Board or the Committee shall be liable for any action or
determination made in good faith with respect to the 2010 Plan or any option
granted under it. A member of the Board or the Committee shall be indemnified by
the Company, pursuant to the Company’s By-Laws, for any expenses, judgments or
other costs incurred as a result of a lawsuit filed against such member claiming
any rights or remedies due to such member’s participation in the administration
of the 2010 Plan.

       

      ARTICLE
III

      TOTAL
NUMBER OF SHARES AVAILABLE TO BE OPTIONED OR GRANTED

       

      Section 3.1    There
shall be reserved for issuance or transfer upon exercise of options, to be
granted from time to time under this 2010 Plan, an aggregate of one million two
hundred fifty thousand (1,250,000) shares of common stock, $0.001 par value per
share, of the Company (“Common Stock”) (subject to adjustment as provided in
Article VIII hereof). The shares issued by the Company under the 2010 Plan
may be either treasury shares or authorized but unissued shares, as the Board
from time to time may determine.

       

      Section 3.2    In
the event that any outstanding options under the 2010 Plan for any reason should
expire or are terminated without having been exercised in full, the unpurchased
shares subject to such option may again be available for transfer under the 2010
Plan.

       

      ARTICLE
IV

      ELIGIBILITY

       

      Section 4.1    
Options may be granted pursuant to this 2010 Plan to any key employees and/or
key consultants selected by the Board or the Committee. Persons granted options
pursuant to this 2010 Plan are hereinafter referred to as “Optionees.” The Board
or the Committee may determine in its sole discretion that any person who would
otherwise be eligible to be granted options, shall, nonetheless, be ineligible
to receive any award under this 2010 Plan.

       

      Section 4.2    The
Board or the Committee will, in its discretion, determine the persons to be
granted options, the time or times at which options shall be granted; with
respect to options, the number of shares subject to each option; the terms of a
vesting or forfeiture schedule, if any; the period during which any such options
may be exercised; the manner in which options may be exercised and all other
terms and conditions of the options; provided, however, no option will be
granted which has terms or conditions inconsistent with this 2010 Plan. Relevant
factors in making such determinations may include the value of the services
rendered by the respective Optionee, his present and potential contributions to
the Company, and such other factors which are deemed relevant in accomplishing
the purpose of the 2010 Plan.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      ARTICLE
V

      TERMS
AND CONDITIONS OF OPTIONS

       

      Section 5.1    Each
option granted under the 2010 Plan shall be evidenced by a stock option
agreement in a form not inconsistent with the 2010 Plan (a “Stock Option
Agreement”), provided that the following terms and conditions shall
apply:

       

      (a)   The
price at which each share of Common Stock covered by an option may be purchased
(“Option Exercise Price”) shall be set forth in the Stock Option Agreement and
shall be determined by the Administrator, provided that the Option Exercise
Price for any option shall not be less than the fair market value of the Common
Stock at the time of grant as determined by the Administrator using a reasonable
application of a reasonable valuation method as described in the regulations or
other guidance promulgated under Section 409A of the Code.

       

      (b)   An
Optionee may, in the Board or the Committee’s discretion, be granted more than
one option during the duration of this 2010 Plan.

       

      (c)    The
duration of any option shall be within the sole discretion of the Board or the
Committee.

       

      (d)   Any
option and any right related thereto shall not be transferable by the Optionee
other than by will, or by the laws of descent and distribution. Except as
provided in Article VI, an option may be exercised during the Optionee’s
lifetime only by the Optionee.

       

      (e)    The
Committee may impose such other conditions with respect to the exercise of
options, including without limitation, any conditions relating to the
application of federal or state securities laws, as it may deem necessary or
advisable.

       

      ARTICLE
VI

      EMPLOYMENT
OR SERVICE OF OPTIONEE

       

      Section 6.1    If
the employment or service of an Optionee is terminated for cause, any vested or
unvested options, or rights to options (collectively referred to herein as
“Option Rights”) of such Optionee under any then outstanding option shall
terminate immediately. Unless the Board or the Committee determines to define
“cause” differently and such definition is set forth in the applicable Stock
Option Agreement, “cause” means actions or omissions by Optionee: (i)
constituting fraud, larceny, embezzlement, conversion or otherwise involving the
misappropriation of assets of the Company or any other illegal conduct with
respect to the Company which acts are harmful to, either financially, or to the
business reputation of, the Company; (ii) materially injurious to the business
interests of the Company; (iii) constituting gross negligence or intentional
misconduct; (iv) resulting in a conviction (or a plea of guilty or no contest)
for any felony or any crime of moral turpitude; (v) constituting habitual
alcohol or substance abuse; (vi) constituting a material breach of this
Agreement which, if curable, is not cured within fifteen (15) days after receipt
of written notice thereof; (vii) constituting a material failure by Optionee to
perform his duties, which nonperformance continues after written notice thereof
and a fifteen (15) day chance to cure; (viii) resulting in an unauthorized
breach of the Company’s Code of Conduct; or (ix) constituting a breach of the
fiduciary duty owed by Optionee to the Company or any subsidiary or affiliate of
the Company which, if curable, is not cured within fifteen (15) days after
receipt of written notice thereof.  The determination of the existence
and the proof of “cause” shall be made by the Board or the Committee and,
subject to the review of any determination made by the Committee by the Board,
such determination shall be binding on the Optionee and the
Company.

       

      Section 6.2    If
the employment or service of the Optionee is terminated by either the Optionee
or the Company for any reason other than for cause, death, or for disability, as
defined in Section 22(e)(3) of the Code, the Option Rights of such Optionee
under any then outstanding option shall be exercisable by such Optionee at any
time prior to the expiration of the option or within three months after the date
of such termination, whichever period of time is shorter, but only to the extent
of the vested right to exercise the option at the date of such
termination.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      Section 6.3    In
the case of an Optionee who becomes disabled, as defined in
Section 22(e)(3) of the Code, the Option Rights of such Optionee under any
then options shall be exercisable by such Optionee at any time prior to the
expiration of the option, or within three months after the date of termination
of employment or service due to disability, whichever period of time is shorter,
but only to the extent of the vested right to exercise the option at the date of
such termination.

       

      Section 6.4    In
the event of the death of an Optionee, the Option Rights of such Optionee under
any then outstanding options shall be exercisable by the person or persons to
whom these rights pass by will or by the laws of descent and distribution and
shall be exercisable at any time prior to the expiration of the option, or
within three months after the date of death, but only to the extent of the
vested right to exercise the option at such time. If a person or estate acquires
the right to exercise an option by bequest or inheritance, the Committee may
require reasonable evidence as to the ownership of such option, and may require
such consents and releases of taxing authorities, as the Committee may deem
advisable.

       

      Section 6.5    In
addition to the requirements set forth in the 2010 Plan, the Committee or the
Board may set such other targets, restrictions or other terms relating to the
employment or service of the Optionee, including but not limited to a
requirement that an employee must be continuously employed by the Company for
such period of time as the Board or Committee, in its discretion, deems
advisable before the right to exercise any portion of an option granted to such
employee will accrue, which targets, restrictions, or terms must be fulfilled or
complied with, as the case may be, prior to the exercise of any portion of an
option granted to any Optionee.

       

      Section 6.6    Options
granted under the 2010 Plan shall not be affected by any change of duties or
position, so long as the Optionee continues in the service of the
Company.

       

      Section 6.7    Nothing
contained in the 2010 Plan, or in any Stock Option Agreement relating to an
option granted pursuant to the 2010 Plan, shall confer upon any Optionee any
right with respect to continuance of employment or service by the Company nor
interfere in any way with the right of the Company to terminate the Optionee’s
employment or service or change the Optionee’s compensation at any
time.

       

      ARTICLE
VII

      EXERCISE
OF OPTIONS

       

      Section 7.1    Except
as provided in this Article VII, an option shall be exercised by tender to
the Company of the total Option Exercise Price of the shares with respect to
which the option is exercised and written notice of the exercise. The right to
purchase shares shall be cumulative so that, once the right to purchase any
shares has vested, such shares or any part thereof may be purchased at any time
thereafter until the expiration or termination of the option. A partial exercise
of an option shall not affect the right of the Optionee to exercise the option
from time to time, in accordance with the 2010 Plan, as to the remaining number
of shares subject to the option. The Option Exercise Price of the shares shall
be in United States dollars, payable in cash or by certified bank check.
Notwithstanding the foregoing, in lieu of cash, an Optionee may, with the
approval of the Board or the Committee, exercise his option by tendering to the
Company shares of Common Stock of the Company owned by him and having an
aggregate fair market value at least equal to the total Option Exercise Price or
by tendering part or all of one or more options to purchase Common Stock of the
Company for which the aggregate fair market value of the Common Stock underlying
exercise of the option (net of the exercise price) shall be at least equal to
the Option Exercise Price. The fair market value of any shares of Common Stock
so surrendered shall be determined by the Administrator using a reasonable
application of a reasonable valuation method as described in the regulations or
other guidance promulgated under Section 409A of the Code.

       

      Section 7.2    Except
as provided in Article VI, an option may not be exercised unless the holder
thereof is an officer, director, employee or consultant of the Company at the
time of exercise.

       

      Section 7.3    No
Optionee, or Optionee’s executor, administrator, legatee, distributee or other
permitted transferee, shall be deemed to be a holder of any shares subject to an
option for any purpose whatsoever unless and until a stock certificate or
certificates for such are issued to such person(s) under the terms of the 2010
Plan. No adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions or other rights
for which the record date is prior to the date such stock certificate is issued,
except as provided in Article VIII hereof.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      Section 7.4    If
(i) the listing, registration or qualification of the options issued
hereunder, or of any securities that may be purchased upon exercise of such
options (the “Subject Securities”) upon any securities exchange or quotation
system, or under federal or state law is necessary as a condition of or in
connection with the issuance or exercise of the options, or (ii) the
consent or approval of any governmental regulatory body is necessary as a
condition of, or in connection with, the issuance or exercise of the options,
the Company shall not be obligated to deliver the certificates representing the
Subject Securities or to accept or to recognize an option exercise unless and
until such listing, registration, qualification, consent or approval shall have
been effected or obtained. The Company will take reasonable action to so list,
register, or qualify the options and the Subject Securities, or effect or obtain
such consent or approval, so as to allow for their issuance.

       

      Section 7.5    An
Optionee may be required to represent to the Company as a condition of his
exercise of options issued under this 2010 Plan: (i) that the subject
Securities acquired upon option exercise are being acquired by him for
investment and not with a view to distribution or resale, unless counsel for the
Company is then of the view that such a representation is not necessary and is
not required under the Securities Act of 1933, as amended, (the “Securities
Act”) or any other applicable statute, law, regulation or rule; and
(ii) that the Optionee shall make no exercise or disposition of an option
or of the Subject Securities in contravention of the Securities Act, the
Exchange Act or the rules and regulations thereunder. Optionees may also be
required to provide (as a condition precedent to exercise of an option) such
documentation as may be reasonably requested by the Company to assure compliance
with applicable law and the terms and conditions of the 2010 Plan and the
subject option.

       

      ARTICLE
VIII

      CHANGE
IN NUMBER OF OUTSTANDING SHARES OF

      STOCK,
ADJUSTMENTS, REORGANIZATIONS, ETC.

       

      Section 8.1    In
the event that the outstanding shares of Common Stock of the Company are
hereafter increased or decreased, or changed into or exchanged for a different
number of shares or kind of shares or other securities of the Company, or of
another corporation, by reason of reorganization, merger, consolidation,
recapitalization, reclassification, stock split, combination of shares, or a
dividend payable in capital stock, appropriate adjustment may be made by the
Board or the Committee in the number and kind of shares for the purchase of
which options may be granted under the 2010 Plan, including the maximum number
that may be granted to any one person. In addition, the Administrator may make
appropriate adjustments in the number and kind of shares as to which outstanding
options or portions thereof then unexercised shall be exercisable, to the end
that the Optionee’s proportionate interest shall be maintained as before the
occurrence to the unexercised portion of the option and with a corresponding
adjustment in the Option Exercise Price per share. Any such adjustment made by
the Administrator shall be conclusive.

       

      Section 8.2    The
grant of an option pursuant to the 2010 Plan shall not affect in any way the
right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or
to consolidate or to dissolve, liquidate or sell, or transfer all or any part of
its business or assets.

       

      Section 8.3    Upon
the dissolution or liquidation of the Company, or upon a reorganization, merger
or consolidation of the Company as a result of which the outstanding securities
of the class then subject options are changed into or exchanged for cash or
property or securities not of the Company’s issue, or upon a sale of
substantially all the property of the Company to an association, person, party,
corporation, partnership, or control group as that term is construed for
purposes of the Exchange Act, the 2010 Plan shall terminate, and all options
theretofore granted hereunder shall terminate unless provision be made in
writing in connection with such transaction for the continuance of the 2010 Plan
and/or for the assumption of options theretofore granted, or the substitution
for such options of options covering the stock of a successor employer
corporation, or a parent or a subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and prices, in which event the 2010 Plan and
options heretofore granted shall continue in the manner and under the terms so
provided. If the 2010 Plan and unexercised options shall terminate pursuant to
the foregoing sentence, all persons owning any unexercised portions of options
then outstanding shall have the right, at such time prior to the consummation of
the transaction causing such termination as the Company shall designate, to
exercise the unexercised portions of their options, including the portions
thereof which would, but for this Section 8.3 not yet be
exercisable.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      Section
8.4    Notwithstanding the foregoing, neither the Board nor
the Committee shall make an adjustment to any option granted under the 2010 Plan
in a manner to cause such option to be subject to section 409A of the Code or
that would be treated as a modification or extension of such option, as defined
by the regulations, or as a deferral of income pursuant to Treasury Regulation
1.409A-1(b)(5).

       

      ARTICLE
IX

      WITHHOLDING
TAXES

       

      Section 9.1    General.    To
the extent required by applicable federal, state, local or foreign law, an
Optionee or his successor shall make arrangements satisfactory to the Company
for the satisfaction of any withholding tax obligations that arise in connection
with the Plan. The Company shall not be required to issue any Common Stock or
make any cash payment under the Plan until such obligations are
satisfied.

       

      Section 9.2    Share
Withholding.    The Committee may permit an Optionee to
satisfy all or part of his withholding or income tax obligations by having the
Company withhold all or a portion of any shares of Common Stock that otherwise
would be issued to him or by surrendering all or a portion of any shares of
Common Stock that he or she previously acquired. Such shares of Common Stock
shall be valued at their fair market value, as determined by the Administrator
using a reasonable application of a reasonable valuation method as described in
the regulations or other guidance promulgated under Section 409A of the
Code.

       

      ARTICLE
X

      DURATION,
AMENDMENT AND TERMINATION

       

      Section 10.1    The
Board may at any time terminate the 2010 Plan or make such amendments thereto as
it shall deem advisable and in the best interests of the Company, without action
on the part of the stockholders of the Company unless such approval is required
pursuant to applicable law; provided, however, that no such termination or
amendment shall, without the consent of the individual to whom any option shall
theretofore have been granted, affect or impair the rights of such individual
under such option.

       

      ARTICLE
XI

      RESTRICTIONS

       

      Section 11.1    Any
shares of Common Stock issued pursuant to the 2010 Plan shall be subject to such
restrictions on transfer and limitations as shall, in the opinion of the Board
or the Committee, be necessary or advisable to assure compliance with the laws,
rules and regulations of the United States government or any state or
jurisdiction thereof or any other applicable law. In addition, the Board or the
Committee may in any Stock Option Agreement impose such other restrictions upon
the exercise of an option or upon the sale or other disposition of the shares of
Common Stock deliverable upon exercise thereof as the Board or the Committee
may, in its sole discretion, determine, including but not limited to provisions
which allow the Company to reacquire such shares at their original purchase
price if the Optionee’s employment terminates within a stated period after the
acquisition of such shares. By accepting an award pursuant to the 2010 Plan each
Optionee shall thereby agree to any such restrictions.

       

      Section 11.2    Any
certificate issued to evidence shares of Common Stock issued pursuant to an
option shall bear such legends and statements as the Board or counsel to the
Company shall deem advisable to assure compliance with the laws, rules and
regulations of the United States government or any state or jurisdiction
thereof. No shares will be delivered under the 2010 Plan until the Company has
obtained such consents or approvals from such regulatory bodies of the United
States government or any state or jurisdiction thereof as the Board or counsel
to the Company deems necessary or advisable.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      ARTICLE
XII

      SECTION
409A COMPLIANCE

       

      Section 12.1    Notwithstanding
any provision of this 2010 Plan or any Stock Option Agreement to the contrary,
in the event any option granted pursuant to this 2010 Plan would be considered
to be a payment of nonqualified deferred compensation, this 2010 Plan and the
Stock Option Agreements, including any ambiguous terms thereof, shall be
construed in a manner such that no amount will be required to be included in the
Optionee’s income by reason of a failure to comply with the requirements of
sections 409A(a)(2), (3) and (4) of the Code.  This provision shall
apply to such payments and to such extent as necessary so as to avoid imposition
of tax or additions to tax pursuant to section 409A(a)(1)of the Code. Any
discretion granted to the Board or Committee with respect to any interpretation
of the 2010 Plan’s provisions or otherwise shall be limited at all times and in
all respects so as to be consistent with the requirements of section 409A of the
Code.  Any provision of the 2010 Plan that does not comply with such
requirements shall be void and of no effect.

       

      ARTICLE
XIII

      APPLICATION
OF FUNDS

       

      Section 13.1    The
proceeds received by the Company from the sale of stock pursuant to the exercise
of options under the 2010 Plan are to be added to the general funds of the
Company and used for its corporate purposes as determined by the
Board.

       

      ARTICLE
XIV

      EFFECTIVENESS
OF PLAN

       

      Section 14.1    This
2010 Plan shall become effective upon adoption by the Board, and options may be
issued hereunder from and after that date.

       

      IN
WITNESS WHEREOF, pursuant to the adoption of this 2010 Plan by the Board of
Directors of the Company, this 2010 Plan is hereby executed effective as of this
11th day of November, 2010.

       

      
        	 
      	
                C2
      GLOBAL TECHNOLOGIES INC.

              
	 
      	 
      
	 
      	
                /s/ Stephen A. Weintraub

              	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                Stephen A. Weintraub

              	 
      
	 
      	
                Its:

              	
                Secretary and Chief Financial
      Officer

              	 
      

      

       

      
        
           

        

        
          7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]