2006-1 CONSULTANT AND EMPLOYEE SERVICES PLAN
1. Purpose of the Plan. The purpose of the 2006-1 Consultant and
Employee Services Plan ("Plan") of National Healthcare Technology, Inc., a
Colorado corporation, ("Company") is to provide the Company with a means of
compensating selected key consultants and Employees to the Company and its
subsidiaries for their services rendered with shares of Common Stock of the
Company.
2. Administration of the Plan. The Plan shall be administered by the
Company's Board of Directors (the "Board").
2.1 Award or Sales of shares. The Company's Board shall (a) select
those consultants and Employees to whom shares of the Company's Common Stock
shall be awarded or sold, and (b) determine the number of shares to be awarded
or sold; the time or times at which shares shall be awarded or sold; whether the
shares to be awarded or sold will be registered with the Securities and Exchange
Commission; and such conditions, rights of repurchase, rights of first refusal
or other transfer restrictions as the Board may determine. Each award or sale of
shares under the Plan may or may not be evidenced by a written agreement between
the Company and the persons to whom shares of the Company's Common Stock are
awarded or sold.
2.2 Consideration for Shares. Shares of the Company's Common Stock
to be awarded or sold under the Plan shall be issued for services rendered,
having a value not less than par value thereof, as shall be determined from time
to time by the Board in its sole discretion.
2.3 Board Procedures. The Board from time to time may adopt such
rules and regulations for carrying out the purposes of the Plan as it may deem
proper and in the best interests of the Company. The Board shall keep minutes of
its meetings and records of its actions. A majority of the members of the Board
shall constitute a quorum for the transaction of any business by the Board. The
Board may act at any time by an affirmative vote of a majority of those members
voting. Such vote shall be taken at a meeting (which may be conducted in person
or by any telecommunication medium) or by written consent of Board members
without a meeting.
2.4 Finality of Board Action. The Board shall resolve all
questions arising under the Plan. Each determination, interpretation, or other
action made or taken by the Board shall be final and conclusive and binding on
all persons, including, without limitation, the Company, its stockholders, the
Board and each of the members of the Board.
2.5 Non-Liability of Board Members. No Board member shall be
liable for any action or determination made by him in good faith with respect to
the Plan or any shares of the Company's Common Stock sold or awarded under it.
2.6 Board Power to Amend, Suspend, or Terminate the Amendment to
the Plan. The Board may, from time to time, make such changes in or additions to
the Plan as it may deem proper and in the best interests of the Company and its
Stockholders. The Board may also suspend or terminate the Plan at any time,
without notice, and in its sole discretion.
3. Shares Subject to the Plan. For purposes of the Plan, the Board of
Directors is authorized to sell or award up to 3,800,000 shares and/or options
of the Company's Common Stock, $.001 par value per share ("Common Stock").
4. Participants. All key consultants and Employees to the Company and
any of its subsidiaries (sometimes referred to herein as ("Participants") are
eligible to participate in the Plan. A copy of this Plan shall be delivered to
all Participants, together with a copy of any Board resolutions authorizing the
issuance of the shares and establishing the terms and conditions, if
any,relating to the sale or award of such shares.
5. Rights and Obligations of Participants. The award or sale of shares
of Common stock shall be conditioned upon the participant providing to the Board
a written representation that, at the time of such award or sale, it is the
intent of such person(s) to acquire the shares for investment only and not with
a view toward distribution. The certificate for unregistered shares issued for
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investment shall be restricted by the Company as to transfer unless the Company
receives an opinion of counsel satisfactory to the Company to the effect that
such restriction is not necessary under the pertaining law. The providing of
such representation and such restriction on transfer shall not, however, be
required upon any person's receipt of shares of Common Stock under the Amendment
to the Plan in the event that, at the time of award or sale, the shares shall be
(i) covered by an effective and current registration statement under the
Securities Act of 1933, as amended, and (ii) either qualified or exempt from
qualification under applicable state securities laws. The Company shall,
however, under no circumstances be required to sell or issue any shares under
the Amendment to the Plan if, in the opinion of the Board, (i) the issuance of
such shares would constitute a violation by the participant or the Company of
any applicable law or regulation of any governmental authority, or (ii) the
consent or approval of any governmental body is necessary or desirable as a
condition of, or in connection with, the issuance of such shares.
6. Payment of Shares.
(a) The entire purchase price of shares issued under the
Planshall be payable in lawful money of the United States of America at the time
when such shares are purchased, except as provided in subsection (b) below.
(b) At the discretion of the Board, Shares may be issued under
the Plan in consideration of services rendered; provided, however, that any
issuance of shares under the Plan shall be in compliance with Section 152 of the
Delaware General Corporation Law, as amended.
7. Adjustments. If the outstanding Common Stock shall be hereafter
increased or decreased, or changed into or exchanged for a different number or
kind of shares or other securities of the Company or of another corporation, by
reason of a recapitalization, reclassification, reorganization, merger,
consolidation, share exchange, or other business combination in which the
Company is the surviving parent corporation, stock split-up, combination of
shares, or dividend or other distribution payable in capital stock or rights to
acquire capital stock, appropriate adjustment shall be made by the Board in the
number and kind of shares which may be granted under the Amendment to the Plan.
8. Tax Withholding. As a condition to the purchase or award of shares,
the Participant shall make such arrangements as the Board may require for the
satisfaction of any federal, state, local or foreign withholding tax obligations
that may arise in connection with such purchase or award.
9. Terms of the Plan.
9.1 Effective Date. The Plan shall become effective on September 5,
2006.
9.2 Termination Date. The Plan shall terminate at Midnight on
September 5, 2007, and no shares shall be awarded or sold after that time. The
Plan may be suspended or terminated at any earlier time by the Board within the
limitations set forth in Section 2.6.
10. Non-Exclusivity of the Plan. Nothing contained in the Plan is
intended to amend, modify, or rescind any previously approved compensation
plans, programs or options entered into by the Company. This Plan shall be
construed to be in addition to and independent of any and all such other
arrangements. The adoption of the Amendment to the Plan by the Board shall not
be construed as creating any limitations on the power of authority of the Board
to adopt, with or without stockholder approval, such additional or other
compensation arrangements as the Board may from time to time deem desirable.
11. Governing Law. The Plan and all rights and obligations under it
shall be construed and enforced in accordance with the laws of the state of
Colorado.
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