EXHIBIT 10.2
2002 STOCK AWARD PLAN
OF
GLOBAL ASSETS AND SERVICES, INC.
SECTION 1. ESTABLISHMENT AND PURPOSE
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The Plan was established on July 1, 2002, effective July 1, 2002, to offer
directors, officers and selected key employees, advisors and consultants an
opportunity to acquire a proprietary interest in the success of the Company to
receive compensation, or to increase such interest, by purchasing Shares of the
Company's common stock. The Plan provides both for the direct award or sale of
Shares and for the grant of Options to purchase Shares. Options granted under
the Plan may include Nonstatutory Options as well as IS0s intended to qualify
under section 422 of the Code.
The Plan is intended to comply in all respects with Rule 16b-3 (or its
successor) under the Exchange Act and shall be construed accordingly.
SECTION 2. DEFINITIONS.
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(A) "BOARD OF DIRECTORS" shall mean the Board of Directors of the Company, as
constituted from time to time.
(B) "CODE" shall mean the Internal Revenue Code of 1986, as amended.
(C) "COMMITTEE" shall mean a committee of the Board of Directors, as described
in Section 3(a).
(D) "COMPANY" shall mean Global Assets and Services, Inc., a Florida
corporation including its wholly owned subsidiary as they may come into
existence.
(E) "EMPLOYEE" shall mean (i) any individual who is a common-law employee of
the Company or of a Subsidiary, (ii) an Outside Director, (iii) an
independent contractor who performs services for the Company or a
Subsidiary and who is not a member of the Board of Directors including
consultants and advisors that provide professional, technical, financial,
accounting, capital markets related and other services. Service as an
Outside Director or independent contractor shall be considered employment
for all purposes of the Plan, except as provided in Subsections (a) and (b)
of Section 4,
(F) "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as amended.
(G) "EXERCISE PRICE" shall mean the amount for which one Share may be purchased
upon exercise of an Option, as specified by the Committee in the applicable
Stock Option Agreement.
(H) "FAIR MARKET VALUE" shall mean the market price of Stock, determined by the
Committee as follows:
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(i) If Stock was traded on a stock exchange on the date in question,
then the Fair Market Value shall be equal to the closing price reported for
such date by the applicable composite-transactions report;
(ii) If stock was traded over-the-counter on the date in question and
was traded on the Nasdaq system or the Nasdaq National Market, then the
Fair Market Value shall be equal to the last-transaction price quoted for
such date by the Nasdaq system or the Nasdaq National Market;
(iii) If Stock was traded over-the-counter on the date in question but
was not traded on the Nasdaq system or the Nasdaq National Market, then the
Fair Market Value shall be equal to the mean between the last reported
representative bid and asked prices quoted for such date by the principal
automated inter-dealer quotation system on which Stock is quoted or, if the
Stock is not quoted on any such system, by the "Pink Sheets" published by
the National Quotation Bureau, Inc.; and
(iv) If none of the foregoing provisions is applicable, then the Fair
Market Value shall be determined by the Committee in good faith on such
basis as it deems appropriate.
In all cases, the determination of Fair Market Value by the Committee
shall be conclusive and binding on all persons.
(I) "ISO" shall mean an employee incentive stock option described in section
422(b) of the Code.
(J) "NONSTATUTORY OPTION" shall mean an employee stock option not described in
sections 422(b) or 423(b) of the Code.
(K) "OFFEREE" shall mean an individual to whom the Committee has offered the
right to acquire Shares under the Plan (other than upon exercise of an
Option).
(L) "OPTION" shall mean an ISO or Nonstatutory Option granted under the Plan
and entitling the holder to purchase Shares.
(M) "OPTIONEE" shall mean an individual who holds an Option.
(N) "OUTSIDE DIRECTOR" shall mean a member of the Board of Directors who is not
a common-law employee of the Company or of a Subsidiary.
(O) COMMITTEE PROCEDURES. The Committee shall designate one of its members as
chairman. The Committee may hold meetings at such times and places as it
shall determine. The acts of a majority of the Committee members present at
meetings at which a quorum exists, or acts reduced to or approved in
writing by all Committee members, shall be valid acts of the Committee.
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(P) COMMITTEE RESPONSIBILITIES. Subject to the provisions of the Plan, the
Committee shall have the authority and discretion to take the following
actions:
(i) To interpret the Plan and to apply its provisions;
(ii) To adopt, amend or rescind rules, procedures and forms relating
to the Plan;
(iii) To authorize any person to execute, on behalf of the Company,
any instrument required to carry out the purposes of the Plan;
(iv) To determine when Shares are to be awarded or offered for sale
and when Options are to be granted under the Plan,
(v) To select the Offerees and Optionees;
(vi) To determine the number of Shares to be offered to each Offeree
or to be made subject to each Option;
(vii) To prescribe the terms and conditions of each award or sale of
Shares, including (without limitation) the Purchase Price, and to specify
the provisions of the Stock Purchase Agreement relating to such award or
sale;
(viii) To prescribe the terms and conditions of each Option, including
(without limitation) the Exercise Price, to determine whether such Option
is to be classified as an ISO or as a Nonstatutory Option, and to specify
the provisions of the Stock Option Agreement relating to such Option;
(ix) To amend any outstanding Stock Purchase Agreement or Stock Option
Agreement, subject to applicable legal restrictions and, to the extent such
amendments adverse to the Offeree's or Optionee's interest, to the consent
of the Offeree or Optionee who entered into such agreement;
(x) To prescribe the consideration for the grant of each Option or
other right under the Plan and to determine the sufficiency of such
consideration; and
(xi) To take any other actions deemed necessary or advisable for the
administration of the Plan.
All decisions, interpretations and other actions of the Committee
shall be final and binding on all Offerees, all Optionees, and all persons
deriving their rights from an Offeree or Optionee. No member of the
Committee shall be liable for any action that he or she has taken or has
failed to take in good faith with respect to the Plan, any Option, or any
right to acquire Shares under the Plan.
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SECTION 4. ELIGIBILITY.
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(A) GENERAL RULES. Only Employees (including, without limitation, advisors,
consultants and independent contractors who are not members of the Board of
Directors) shall be eligible for designation as Optionees or Offerees by
the Committee. In addition, only Employees who are common-law employees of
the Company or a Subsidiary shall be eligible for the grant of IS0s.
Employees who are Outside Directors shall only be eligible for the grant of
the Nonstatutory Options described in Subsection (b) below.
(B) OUTSIDE DIRECTORS. Any other provision of the Plan notwithstanding, the
participation of Outside Directors in the Plan shall be subject to the
following restrictions:
(i) Outside Directors shall receive no grants other than the
Nonstatutory options described in this Subsection (b).
(ii) All Nonstatutory Options granted to an Outside Director under
this Subsection (b) shall also become exercisable in fill in the event of
the termination of such Outside Director's service because of death, Total
and Permanent Disability or voluntary retirement at or after age 65.
(iii) The Exercise Price under all Nonstatutory Options granted to an
Outside Director under this Subsection (b) shall be equal to 100 percent of
the Fair Market Value of a Share on the date of grant, payable in one of
the forms described in Subsection (a), (b), (c) or (d) of Section 8.
(iv) Nonstatutory Options granted to an Outside Director under this
Subsection (b) shall terminate on the earliest of (A) the 10th anniversary
of the date of grant, (B) the date three months after the termination of
such Outside Director's service for any reason other than death or Total
and Permanent Disability or (C) the date 12 months after the termination of
such Outside Director's service because of death or Total and Permanent
Disability.
The Committee may provide that the Nonstatutory Options that otherwise
would be granted to an Outside Director under this Subsection (b) shall
instead be granted to an affiliate of such Outside Director. Such affiliate
shall then be deemed to be an Outside Director for purposes of the Plan,
provided that the service-related vesting and termination provisions
pertaining to the Nonstatutory Options shall be applied with regard to the
service of the Outside Director.
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(C) ATTRIBUTION RULES. For purposes of Subsection (c) above, in determining
stock ownership, an Employee shall be deemed to own the stock owned,
directly or indirectly, by or for such Employee's brothers, sisters,
spouse, ancestors and lineal descendants. Stock owned, directly or
indirectly, by or for a corporation, partnership, estate or trust shall be
deemed to be owned proportionately by or for its stockholders, partners or
beneficiaries. Stock with respect to which such Employee holds an option
shall not be counted.
(D) OUTSTANDING STOCK. For purposes of Subsection (c) above, "outstanding
stock" shall include all stock actually issued and outstanding immediately
after the grant. "Outstanding stock" shall not include shares authorized
for issuance under outstanding options held by the Employee or by any other
person.
SECTION 5. STOCK SUBJECT TO PLAN.
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(A) BASIC LIMITATION. Shares offered under the Plan shall be authorized but
unissued Shares or treasury Shares. The aggregate number of Shares which
may be issued under the Plan (upon exercise of Options or other rights to
acquire Shares) shall not exceed 15% of Shares outstanding, subject to
adjustment pursuant to Section 9. The number of Shares which are subject to
Options or other rights outstanding at any time under the Plan shall not
exceed the number of Shares which then remain available for issuance under
the Plan. The Company, during the term of the Plan, shall at all times
reserve and keep available sufficient Shares to satisfy the requirements of
the Plan.
(B) ADDITIONAL SHARES. In the event that any outstanding Option or other right
for any reason expires or is cancelled or otherwise terminated, the Shares
allocable to the unexercised portion of such Option or other right shall
again be available for the purposes of the Plan. In the event that Shares
issued under the Plan are reacquired by the Company pursuant to a
forfeiture provision, a right of repurchase or a right of first refusal,
such Shares shall again be available for the purposes of the Plan.
SECTION 6. TERMS AND CONDITIONS OF AWARDS OR SALES.
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(A) AGREEMENT. Each award or sale of Shares under the Plan (other than upon
exercise of an Option) shall be evidenced by an Agreement between the
Offeree and the Company. Such award or sale shall be subject to all
applicable terms and conditions of the Plan and may be subject to any other
terms and conditions which are not inconsistent with the Plan and which the
Committee deems appropriate for inclusion in an Agreement. The provisions
of the various Agreements entered into under the Plan need not be
identical.
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(B) DURATION OF OFFERS AND NONTRANSFERABILITY OF RIGHTS. Any right to acquire
Shares under the Plan (other than an Option) shall automatically expire if
not exercised by the Offeree within 30 days after the grant of such right
was communicated to the Offeree by the Committee. Such right shall not be
transferable and shall be exercisable only by the Offeree to whom such
right was granted.
(C) PURCHASE PRICE. The Purchase Price of Shares to be offered under the Plan
shall not be less than 90 percent of the Fair Market Value of such Shares.
Subject to the preceding sentence, the Purchase Price shall be determined
by the Committee at its sole discretion. The Purchase Price shall be
payable in a form described in Section 8.
(D) WITHHOLDING TAXES. As a condition to the award, sale or vesting of Shares,
the Offeree shall make such arrangements as the Committee may require for
the satisfaction of any federal, state, local or foreign withholding tax
obligations that arise in connection with such Shares. The Committee may
permit the Offeree to satisfy all or part of his or her tax obligations
related to such Shares by having the Company withhold a portion of any
Shares that otherwise would be issued to him or her or by surrendering any
Shares that previously were acquired by him or her. The Shares withheld or
surrendered shall be valued at their Fair Market Value on the date when
taxes otherwise would be withheld in cash. The payment of taxes by
assigning Shares to the Company, if permitted by the Committee, shall be
subject to such restrictions as the Committee may impose, including any
restrictions required by rules of the Securities and Exchange Commission.
(E) RESTRICTIONS ON TRANSFER OF SHARES. Any Shares awarded or sold under the
Plan shall be subject to such special forfeiture conditions, rights of
repurchase, rights of first refusal and other transfer restrictions as the
Committee may determine. Such restrictions shall be set forth in the
applicable Stock Purchase Agreement and shall apply in addition to any
general restrictions that may apply to all holders of Shares.
SECTION 7. TERMS AND CONDITIONS OF OPTIONS.
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(A) STOCK OPTION AGREEMENT. Each grant of an Option under the Plan shall be
evidenced by a Stock Option Agreement between the Optionee and the Company.
Such Option shall be subject to all applicable terms and conditions of the
Plan and may be subject to any other terms and conditions which are not
inconsistent with the Plan and which the Committee deems appropriate for
inclusion in a Stock Option Agreement. The provisions of the various Stock
Option Agreements entered into under the Plan need not be identical.
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(B) NUMBER OF SHARES. Each Stock Option Agreement shall specify the number of
Shares that are subject to the Option and shall provide for the adjustment
of such number in accordance with Section 9. The Stock Option Agreement
shall also specify whether the Option is an ISO or a Nonstatutory Option.
(C) EXERCISE PRICE. Each Stock Option Agreement shall specify the Exercise
Price. The Exercise Price of an ISO shall not be less than 100 percent of
the Fair Market Value of a Share on the date of grant, except as otherwise
provided in Section 4(c). The Exercise Price of a Nonstatutory Option shall
not be less than 85 percent of the Fair Market Value of a Share on the date
of grant. Subject to the preceding two sentences, the Exercise Price under
any Option shall be determined by the Committee at its sole discretion. The
Exercise Price shall be payable in a form described in Section 8.
(D) WITHHOLDING TAXES. As a condition to the exercise of an Option, the
Optionee shall make such arrangements as the Committee may require for the
satisfaction of any federal, state, local or foreign withholding tax
obligations that arise in connection with such exercise. The Optionee shall
also make such arrangements as the Committee may require for the
satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with the disposition of Shares
acquired by exercising an Option. The Committee may permit the Optionee to
satisfy all or part of his or her tax obligations related to the Option by
having the Company withhold a portion of any Shares that otherwise would be
issued to him or her or by surrendering any Shares that previously were
acquired by him or her. Such Shares shall be valued at their Fair Market
Value on the date when taxes otherwise would be withheld in cash. The
payment of taxes by assigning Shares to the Company, if permitted by the
Committee, shall be subject to such restrictions as the Committee may
impose, including any restrictions required by rules of the Securities and
Exchange Commission.
(E) EXERCISABILITY AND TERM. Each Stock Option Agreement shall specify the date
when all or any installment of the Option is to become exercisable. The
vesting of any Option shall be determined by the Committee at its sole
discretion. A Stock Option Agreement may provide for accelerated
exercisability in the event of the Optionee's death, Total and Permanent
Disability or retirement or other events. The Stock Option Agreement shall
also specify the term of the Option. The term shall not exceed 10 years
from the date of grant, except as otherwise provided in Section 4(c).
Subject to the preceding sentence, the Committee at its sole discretion
shall determine when an Option is to expire.
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(F) NONTRANSFERABILITY. During an Optionee's lifetime, such Optionee's
Option(s) shall be exercisable only by him or her and shall not be
transferable, unless permitted by the Stock Option Agreement. In the event
of an Optionee's death, such Optionee's Option(s) shall not be transferable
other than by will, by a beneficiary designation executed by the Optionee
and delivered to the Company, or by the laws of descent and distribution.
(G) TERMINATION OF SERVICE (EXCEPT BY DEATH). If an Optionee's Service
terminates for any reason other than the Optionee's death, then such
Optionee's Option(s) shall expire on the earliest of the following
occasions:
(i) The expiration date determined pursuant to Subsection (e) above;
(ii) The date 90 days after the termination of the Optionee's Service
for any reason other than Total and Permanent Disability; or
(iii) The date six months after the termination of the Optionee's
Service by reason of Total and Permanent Disability.
The Optionee may exercise all or part of his or her Option(s) at any
time before the expiration of such Option(s) under the preceding sentence,
but only to the extent that such Option(s) had become exercisable before
the Optionee's Service terminated or became exercisable as a result of the
termination. The balance of such Option(s) shall lapse when the Optionee's
Service terminates. In the event that the Optionee dies after the
termination of the Optionee's Service but before the expiration of the
Optionee's Option(s), all or part of such Option(s) may be exercised (prior
to expiration) by his or her designated beneficiary (if applicable), by the
executors or administrators of the Optionee's estate or by any person who
has acquired such Option(s) directly from the Optionee by bequest or
inheritance, but only to the extent that such Option(s) had become
exercisable before the Optionee's Service terminated or became exercisable
as a result of the termination.
(H) LEAVES OF ABSENCE. For purposes of Subsection (g) above, Service shall be
deemed to continue while the Optionee is on sick leave or other bona fide
leave of absence (as determined by the Committee). The foregoing
notwithstanding, in the case of an ISO granted under the Plan. Service
shall not be deemed to continue beyond the first 90 days of such leave,
unless the Optionee's reemployment rights are guaranteed by statute or by
contract.
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(I) DEATH OF OPTIONEE. If an Optionee dies while he or she is in Service, then
such Optionee's Option(s) shall expire on the earlier of the following
dates:
(i) The expiration date determined pursuant to Subsection (e) above;
or
(ii) The date six months after the Optionee's death.
All or part of the Optionee's Option(s) may be exercised at any time
before the expiration of such Option(s) under the preceding sentence by his
or her designated beneficiary (if applicable), by the executors or
administrators of the Optionee's estate or by any person who has acquired
such Option(s) directly from the Optionee by bequest or inheritance, but
only to the extent that such Option(s) had become exercisable before the
Optionee's death or became exercisable as a result of the Optionee's death.
The balance of such Option(s) shall lapse when the Optionee dies.
(J) NO RIGHTS AS A STOCKHOLDER. An Optionee, or a transferee of an Optionee,
shall have no rights as a stockholder with respect to any Shares covered by
his or her Option until the date of the issuance of a stock certificate for
such Shares. No adjustments shall be made, except as provided in Section 9.
(K) MODIFICATION. EXTENSION AND RENEWAL OF OPTIONS. Within the limitations of
the Plan, the Committee may modify, extend or renew outstanding Options or
may accept the cancellation of outstanding Options (to the extent not
previously exercised) in return for the grant of new Options at the same or
a different price. The foregoing notwithstanding, no modification of an
Option shall, without the consent of the Optionee, impair such Optionee's
rights or increase his or her obligations under such Option.
(L) RESTRICTIONS ON TRANSFER OF SHARES. Any Shares issued upon exercise of an
Option shall be subject to such special forfeiture conditions, rights of
repurchase, rights of first refusal and other transfer restrictions as the
Committee may determine. Such restrictions shall be set forth in the
applicable Stock Option Agreement and shall apply in addition to any
general restrictions that may apply to all holders of Shares.
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SECTION 8. PAYMENT FOR SHARES.
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(A) GENERAL RULE. The entire Purchase Price or Exercise Price of Shares issued
under the Plan shall be payable in lawful money of the United States of
America at the time when such Shares are purchased, except as follows:
(i) In the case of Shares sold under the terms of a Stock Purchase
Agreement subject to the Plan, payment shall be made only pursuant to the
express provisions of such Stock Purchase Agreement. However, the Committee
(at its sole discretion) may specify in the Stock Purchase Agreement that
payment may be made in one or all of the forms described in Subsections
(e), (f) and (g) below.
(ii) In the case of an ISO granted under the Plan, payment shall be
made only pursuant to the express provisions of the applicable Stock Option
Agreement. However, the Committee (at its sole discretion) may specify in
the Stock Option Agreement that payment may be made pursuant to Subsections
(b), (c), (d), (1) or (g) below.
(iii) In the case of a Nonstatutory Option granted under the Plan, the
Committee (at its sole discretion) may accept payment pursuant to
Subsections (b), (c), (d), (f) or (g) below.
(B) SURRENDER OF STOCK. To the extent that this Subsection (b) is applicable,
payment may be made all or in part with Shares which have already been
owned by the Optionee or his or her representative for more than 12 months
and which are surrendered to the Company in good form for transfer, Such
Shares shall be valued at their Fair Market Value on the date when the new
Shares are purchased under the Plan.
(C) EXERCISE/SALE. To the extent that this Subsection (c) is applicable,
payment may be made by the delivery (on a form prescribed by the Company)
of an irrevocable direction to a securities broker approved by the Company
to sell Shares and to deliver all or part of the sales proceeds to the
Company in payment of all or part of the Exercise Price and any withholding
taxes.
(D) EXERCISE/PLEDGE. To the extent that this Subsection (d) is applicable,
payment may be made by the delivery (on a form prescribed by the Company)
of an irrevocable direction to pledge Shares to a securities broker or
lender approved by the Company, as security for a loan, and to deliver all
or part of the loan proceeds to the Company in payment of all or part of
the Exercise Price and any withholding taxes.
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(E) SERVICES RENDERED. To the extent that this Subsection (e) is applicable,
Shares may be awarded under the Plan in consideration of services rendered
to the Company or a Subsidiary prior to the award. If Shares are awarded
without the payment of a Purchase Price in cash, the Committee shall make a
determination (at the time of the award) of the value of the services
rendered by the Offeree and the sufficiency of the consideration to meet
the requirements of Section 6(c).
(F) PROMISSORY NOTE. To the extent that this Subsection (f) is applicable, a
portion of the Purchase Price or Exercise Price, as the case may be, of
Shares issued under the Plan maybe payable by a full-recourse promissory
note, provided that (i) the par value of such Shares must be paid in lawful
money of the United States of America at the time when such Shares are
purchased, (ii) the Shares are security for payment of the principal amount
of the promissory note and interest thereon and (iii) the interest rate
payable under the terms of the promissory note shall be no less than the
minimum rate (if any) required to avoid the imputation of additional
interest under the Code. Subject to the foregoing, the Committee (at its
sole discretion) shall specify the term, interest rate, amortization
requirements (if any) and other provisions of such note.
(G) OTHER FORMS OF PAYMENT. To the extent that this Subsection (g) is
applicable, payment may be made in any other form approved by the
Committee, consistent with applicable laws, regulations and rules.
SECTION 9. ADJUSTMENT OF SHARES.
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(A) GENERAL. In the event of a subdivision of the outstanding Stock, a
declaration of a dividend payable in Shares, a declaration of a dividend
payable in a form other than Shares in an amount that has a material effect
on the value of Shares, a combination or consolidation of the outstanding
Stock (by reclassification or otherwise) into a lesser number of Shares, a
recapitalization, a spinoff or a similar occurrence, the Committee shall
make appropriate adjustments in one or more of (i) the number of Shares
available for future grants under Section 5, (ii) the number of
Nonstatutory Options to be granted to Outside Directors under Section 4(b),
(iii) the number of Shares covered by each outstanding Option or (iv) the
Exercise Price under each outstanding Option.
(B) REORGANIZATIONS. In the event that the Company is a party to a merger or
other reorganization, outstanding Options shall be subject to the agreement
of merger or reorganization. Such agreement may provide, without
limitation, for the assumption of outstanding Options by the surviving
corporation or its parent, for their continuation by the Company (if the
Company is a surviving corporation), for payment of a cash settlement equal
to the difference between the amount to be paid for one Share under such
agreement and the Exercise Price, or for the acceleration of their
exercisability followed by the cancellation of Options not exercised, in
all cases without the Optionees' consent. Any cancellation shall not occur
until after such acceleration is effective and Optionees have been notified
of such acceleration. In the case of Options that have been outstanding for
less than 12 months, a cancellation need not be preceded by acceleration.
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(C) RESERVATION OF RIGHTS. Except as provided in this Section 9, an Optionee or
Offeree shall have no rights by reason of any subdivision or consolidation
of shares of stock of any class, the payment of any dividend or any other
increase or decrease in the number of shares of stock of any class. Any
issue by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall not affect, and no
adjustment by reason thereof shall be made with respect to; the number or
Exercise Price of Shares subject to an Option. The grant of an Option
pursuant to the 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, to merge or consolidate or to
dissolve, liquidate, sell or transfer all or any part of its business or
assets.
SECTION 10. SECURITIES LAWS.
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Shares shall not be issued under the Plan unless the issuance and delivery
of such Shares complies with (or is exempt from) all applicable requirements of
law, including (without limitation) the Securities Act of 1933, as amended, the
rules and regulations promulgated thereunder, state securities laws and
regulations, and the regulations of any stock exchange on which the Company's
securities may then be listed.
SECTION 11. NO RETENTION RIGHTS.
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Neither the Plan nor any Option shall be deemed to give any individual a
right to remain an employee, consultant or director of the Company or a
Subsidiary. The Company and its Subsidiaries reserve the right to terminate the
service of any employee, consultant or director at any time, with or without
cause, subject to applicable laws, the Company's certificate of incorporation
and by-laws and a written employment agreement (if any).
SECTION 12. DURATION AND AMENDMENTS.
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(A) TERM OF THE PLAN. The Plan, as set forth herein, shall become effective as
of July 1, 2002. The Plan shall terminate automatically 15 years after its
initial adoption by the Board of Directors on July 1, 2017, and may be
terminated on any earlier date pursuant to Subsection (b) below.
(B) RIGHT TO AMEND OR TERMINATE THE PLAN. The Board of Directors may, subject
to applicable law, amend, suspend or terminate the Plan at any time and for
any reason. An amendment to the Plan shall require stockholder approval
only to the extent required by applicable law.
(C) EFFECT OF AMENDMENT OR TERMINATION. No Shares shall be issued or sold under
the Plan after the termination thereof, except upon exercise of an Option
granted prior to such termination. The termination of the Plan, or any
amendment thereto shall not affect any Share previously issued or any
Option previously granted under the Plan.
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SECTION 13. EXECUTION.
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To record the adoption of the Plan by the Board of Directors on July 1,
2002, the Company has caused its authorized officer to execute the same.
GLOBAL ASSETS AND SERVICES, INC.
By/s/Thomas McCrimmon
Thomas McCrimmon
Its: President
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