EXHIBIT 10.4
STOCK OPTION
AGREEMENT
Parties
: Micro Component Technology, Inc.
(the “Company”); IT Carrier, Inc.
(“Optionee”).
Date
: June 19,
2008 (the “Date of Grant”).
Agreement
1.
Grant of Option . The Company irrevocably grants to
Optionee the right and option to purchase all or any part of the
aggregate of 500,000 shares of the Company’s Common Stock at
a price of $0.10 per share upon the terms and conditions set forth
herein. This Option is non-qualified for tax
purposes.
2.
Option Period . The Option shall continue for a period of
five years from the Date of Grant or, if earlier, one year from the
date of termination of the Consulting Agreement between the Company
and Optionee (the “Consulting Agreement”).
3.
Exercise of Option . The Option shall vest and become
exercisable in increments, upon satisfaction of the following
milestones, as follows:
|
Milestone
|
|
Shares Vested
|
|
|
|
|
|
|
|
Initial sale arranged by Optionee to
each new customer in North East Asia of $300,000 or more of
revenue
|
|
50,000 Shares
|
|
|
|
|
|
|
|
Execution by the Company of each
strategic agreement (e.g, joint venture, license, joint marketing
or joint development) with company in China, Japan, Korea and
Taiwan generating possibility of near term revenues in excess of
$3M, arranged by Optionee in conjunction with LMWH Management
Partners LLC
|
|
50,000 shares
|
|
Prior to the execution of the
strategic agreement milestones, the Chairman of the Board and the
Optionee will provide the Board a detailed description of the
potential strategic agreements the Optionee plans to undertake to
ensure the satisfaction of the Board that such strategic agreements
will satisfy the requirements of the milestones.
The Option shall become immediately
exercisable in full in the event that the Company is acquired by
merger, purchase of all or substantially all of the
Company’s
