<PAGE> 1
As filed with the Securities and Exchange Commission on December 3, 1999
Registration No. 333-______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
TeleServices Internet Group Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Florida 59-2773602
- -------------------------------------------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
100 Second Avenue South, Suite 1000, St. Petersburg, Florida 33701
- -------------------------------------------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
TSIG.com 1999 Stock Plan
- --------------------------------------------------------------------------------
(Full title of the plan)
Paul W. Henry, Secretary, 100 Second Avenue South, Suite 1000,
St. Petersburg, Florida 33701
- --------------------------------------------------------------------------------
(Name and address of agent for service)
(727) 895-4410
- --------------------------------------------------------------------------------
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
======================================================================================================================
Proposed maximum Proposed maximum
Title of securities Amount to be offering price aggregate offering Amount of
to be registered registered per share (1) price (1) registration fee (1)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock,
$.0001 Par Value (2) 35,000,000 $.044 $1,540,000 $428.12
======================================================================================================================
TOTALS 35,000,000 $1,540,000 $428.12
======================================================================================================================
</TABLE>
(1) Because neither the offering price of shares of Common Stock being
registered nor the exercise price of any options to be granted under the
TSIG.com 1999 Stock Plan is not known at this time, the proposed maximum
offering price per share, the proposed maximum aggregate offering price and
the registration fee with respect to these shares have been calculated
pursuant to Rule 457(h)(1) and Rule 457(c) of Regulation C under the
Securities Act of 1933, as amended, which require that, solely for purposes
of calculating the registration fee, these figures are based upon the
average of the bid and asked price per share of the Registrant's common
stock on a date within five (5) days prior to the date of filing of this
Registration Statement, as reported on the National Association of
Securities Dealers, Inc. OTC Bulletin Board.
(2) To be issued, at the sole discretion of the Registrant, directly or
pursuant to options under the TSIG.com 1999 Stock Plan.
<PAGE> 2
REGISTRATION OF ADDITIONAL SECURITIES
In accordance with General Instruction E of Form S-8, TeleServices
Internet Group Inc. (the "Registrant") is registering additional shares of
common stock pursuant to the TSIG.com 1999 Stock Plan (the "TSIG.com Plan"). The
Registrant currently has an effective registration statement filed on Form S-8
relating to the TSIG.com Plan which registered securities of the same class as
those being registered herewith, File No. 333-86751, filed with the Securities
and Exchange Commission on September 8, 1999. The Registrant incorporates by
reference into this registration statement the contents of its earlier
registration statement on Form S-8 (File No. 333-86751), which is made a part
hereof.
On November 16, 1999, the Board of Directors of the Registrant
increased the number of shares of common stock authorized to be issued under the
TSIG.com Plan from 25,000,000 to 60,000,000. The 25,000,000 previously
authorized to be issued under the TSIG.com Plan were registered in the prior
registration statement. This registration statement registered the additional
35,000,000 shares authorized to be issued under the TSIG.com Plan.
EXHIBITS
Exhibit Number Description
-------------- -----------
4.8 The Company's Articles of Incorporation, as
amended, which define the rights of holders
of the equity securities being registered.
(Incorporated by reference to Exhibit 3.7 of
the Company's Current Report on Form 8-K
dated July 8, 1999 and filed July 13, 1999).
4.9 The Company's Bylaws, as amended, which
define the rights of holders of the equity
securities being registered. (Incorporated
by reference to Exhibit 3.6 of the
Registrant's Registration Statement on Form
SB-2 (file no. 333-78077) filed on May 7,
1999).
5.11 Opinion of Counsel, Futro & Trauernicht LLC.
(Filed herewith.)
10.14 TSIG.com 1999 Stock Plan, as amended
November 16, 1999. (Filed herewith.)
23.23 Consent of Schumacher & Associates, Inc.,
Certified Public Accountants. (Filed
herewith.)
23.24 Consent of Counsel, Futro & Trauernicht LLC.
(Included in Exhibit 5.11.)
1
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement or amendment to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of St. Petersburg, State of Florida, on the 3rd day
of December, 1999.
TELESERVICES INTERNET GROUP INC.
By: /s/ Robert P. Gordon
---------------------------------------
Robert P. Gordon, Chairman
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
By: /s/ Robert P. Gordon
---------------------------------------
Robert P. Gordon, Chairman, Director
Dated: December 3, 1999
By: /s/ Anthony Peterson
---------------------------------------
Anthony Peterson, Chief Financial
Officer, Principal Accounting Officer
Dated: December 3, 1999
By: /s/ Paul W. Henry
---------------------------------------
Paul W. Henry, Secretary, Treasurer,
Director
Dated: December 3, 1999
By: /s/ Frank Ragano
---------------------------------------
Frank Ragano, Director
Dated: December 3, 1999
By: /s/ J.R. LeShufy
---------------------------------------
J.R. LeShufy, Director
Dated: December 3, 1999
2
<PAGE> 4
EXHIBIT INDEX
Exhibit Number Description
-------------- -----------
4.8 The Company's Articles of Incorporation, as
amended, which define the rights of holders
of the equity securities being registered.
(Incorporated by reference to Exhibit 3.7 of
the Company's Current Report on Form 8-K
dated July 8, 1999 and filed July 13, 1999).
4.9 The Company's Bylaws, as amended, which
define the rights of holders of the equity
securities being registered. (Incorporated
by reference to Exhibit 3.6 of the
Registrant's Registration Statement on Form
SB-2 (file no. 333-78077) filed on May 7,
1999).
5.11 Opinion of Counsel, Futro & Trauernicht LLC.
(Filed herewith.)
10.14 TSIG.com 1999 Stock Plan, as amended
November 16, 1999. (Filed herewith.)
23.23 Consent of Schumacher & Associates, Inc.,
Certified Public Accountants. (Filed
herewith.)
23.24 Consent of Counsel, Futro & Trauernicht LLC.
(Included in Exhibit 5.11.)
<PAGE> 1
EXHIBIT 5.11
FUTRO & TRAUERNICHT LLC
Attorneys and Counselors at Law
ALAMO PLAZA
1401 SEVENTEENTH STREET - 11TH FLOOR
DENVER, COLORADO 80202
TELEPHONE (303) 295-3360
FACSIMILE (303) 295-1563 WITH OFFICES IN
---------------
[email protected] LOS ANGELES, CALIFORNIA
December 3, 1999
U.S. Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington D.C. 20549
Re: TeleServices Internet Group Inc.
OPINION OF COUNSEL NO. 99-337.1
Form S-8 Registration Statement - Registration of Additional
Securities for the "TSIG.com 1999 Stock Plan"
Ladies and Gentlemen:
OPINION OF COUNSEL
------------------
We have acted as counsel to TeleServices Internet Group Inc. (the
"Company") in connection with the preparation and filing of a Registration
Statement on Form S-8 (the "Registration Statement") covering registration under
the Securities Act of 1933, as amended, of an additional 35,000,000 shares of
the Company's common stock, $.0001 par value per share (the "Shares"), pursuant
to the employee benefit plan of the Company entitled the "TSIG.com 1999 Stock
Plan" dated August 25, 1999, as amended on November 16, 1999 (the "Plan"). As
such, we have examined the Registration Statement, the Plan, the Company's
Articles of Incorporation and Bylaws, as amended, and minutes of meetings of its
Board of Directors.
Based upon the foregoing, and assuming that the Shares will be issued
as set forth in the Plan and Registration Statement, at a time when effective,
and that the Company will fully comply with all applicable securities laws
involved under the Securities Act of 1933, as amended, the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated pursuant to
said Acts, and in those states or foreign jurisdictions in which the Shares may
be sold, we are of the opinion that, upon proper and legal issuance of the
Shares and receipt of the consideration to be paid for the Shares, the Shares
will be validly issued, fully paid and nonassessable shares of common stock of
the Company. This opinion does not cover any matters related to any re-offer or
re-sale of the Shares by any Plan participants, once properly and legally issued
pursuant to the Plan as described in the Registration Statement.
This opinion is not to be used, circulated, quoted or otherwise
referred to for any other purpose without our prior written consent. This
opinion is based on our knowledge of the law and facts as of the
<PAGE> 2
FUTRO & TRAUERNICHT LLC
Attorneys and Counselors at Law
U.S. Securities and Exchange Commission
OPINION OF COUNSEL NO. 99-337.1
December 3, 1999
Page 2
date hereof. This opinion does not address or relate to any specific state
securities laws. We assume no duty to communicate with the Company in respect to
any matter which comes to our attention hereafter.
CONSENT
We consent to the use of this opinion as an exhibit to the Registration
Statement and to the reference to our firm in any prospectus which is
incorporated by reference into and made a part of the Registration Statement.
/s/ Futro & Trauernicht LLC
FUTRO & TRAUERNICHT LLC
<PAGE> 1
EXHIBIT 10.14
AMENDMENT DATED NOVEMBER 16, 1999
TO THE
TSIG.COM 1999 STOCK PLAN
Pursuant to a resolution adopted by the Board of Directors on November
16, 1999, Section 6 of the TSIG.com 1999 Stock Option Plan is amended to read as
follows:
SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK
The total number of shares of Common Stock reserved for
issuance by the Company either directly as Stock Awards or underlying
Options granted under this Plan shall not be more than 60,000,000. The
total number of shares of Common Stock reserved for such issuance may
be increased only by a resolution adopted by the Board of Directors and
amendment of this Plan. Such Common Stock may be authorized and
unissued or reacquired Common Stock of the Company.
This Amendment is dated as of the 16th day of November, 1999.
TELESERVICES INTERNET GROUP INC.
By: /s/ Robert P. Gordon
-----------------------------------
Robert P. Gordon, Chairman
ATTEST:
/s/ Paul W. Henry
- -------------------------------------
Paul W. Henry, Secretary
<PAGE> 2
TSIG.COM 1999 STOCK PLAN
SECTION 1. INTRODUCTION
1.1 Establishment. Effective as provided in Section 17, TeleServices
Internet Group Inc., a Florida corporation (the "Company"), hereby establishes
this plan of stock-based compensation incentives for selected Eligible
Participants of the Company and its affiliated corporations. This Plan shall be
known as the TSIG.com 1999 Stock Plan (the "Plan").
1.2 Purpose. The purpose of this Plan is to promote the best interest
of the Company, and its stockholders by providing a means of non-cash
remuneration to selected Eligible Participants who contribute most to the
operating progress and earning power of the Company.
SECTION 2. DEFINITIONS
The following definitions shall be applicable to the terms used in this
Plan:
2.1 "Affiliated Corporation" means any corporation that is either a
parent corporation with respect to the Company or a subsidiary corporation with
respect to the Company (within the meaning of Sections 424(e) and (f),
respectively, of the Internal Revenue Code).
2.2 "Code" means the Internal Revenue Code of 1986, as it may be
amended from time to time.
2.3 "Committee" means a committee designated by the Board of Directors
to administer this Plan or, if no committee is so designated, the Board of
Directors. Any Committee member who is also an Eligible Participant may receive
an Option or Stock Award only if he abstains from voting in favor of a grant to
himself, and the grant is determined and approved by the remaining Committee
members. The Board of Directors, in its sole discretion, may at any time remove
any member of the Committee and appoint another Director to fill any vacancy on
the Committee.
2.4 "Common Stock" means the Company's $.0001 par value common stock.
2.5 "Company" means TeleServices Internet Group Inc., a Florida
corporation and its subsidiaries.
2.6 "Effective Date" means the effective date of this Plan, as set
forth in Section 17 hereof.
2.7 "Eligible Participant" means any employee, director, officer,
consultant, or advisor of the Company who is determined (in accordance with the
provisions of Section 4 hereof) to be eligible to receive an Option or Stock
Award hereunder.
2.8 "Option" means the grant to an Eligible Participant of a right to
acquire shares of Common Stock.
2.9 "Plan" means this TSIG.com 1999 Stock Plan, dated August 25, 1999.
2.10 "Stock Award" means the grant to an Eligible Participant of shares
of Common Stock issuable directly under this Plan rather than upon exercise of
an Option.
Wherever appropriate, words used in this Plan in the singular may mean
the plural, the plural may mean the singular, and the masculine may mean the
feminine.
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 1 OF 6
<PAGE> 3
SECTION 3. ADOPTION AND ADMINISTRATION OF THIS PLAN
Upon adoption by the Company's Board of Directors, this Plan became
effective as of August 25, 1999. In the absence of contrary action by the Board
of Directors, and except for action taken by the Committee pursuant to Section 4
in connection with the determination of Eligible Participants, any action taken
by the Committee or by the Board of Directors with respect to the
implementation, interpretation or administration of this Plan shall be final,
conclusive and binding.
SECTION 4. ELIGIBILITY AND AWARDS
The Committee shall determine at any time and from time to time after
the effective date of this Plan: (i) the Eligible Participants; (ii) the number
of shares of Common Stock issuable directly or to be granted pursuant to an
Option; (iii) the price per share at which each Option may be exercised, in cash
or cancellation of fees for services for which the Company is liable, if
applicable, or the value per share if a direct issue of stock pursuant to a
Stock Award; and (iv) the terms on which each Option may be granted. Such
determination, as may from time to time be amended or altered at the sole
discretion of the Committee. Notwithstanding the provisions of Section 3 hereof,
no such determination by the Committee shall be final, conclusive and binding
upon the Company unless and until the Board of Directors has approved the same;
provided, however, that if the Committee is composed of a majority of the
persons then comprising the Board of Directors of the Company, such approval by
the Board of Directors shall not be necessary.
SECTION 5. GRANT OF OPTION OR STOCK AWARD
Subject to the terms and provisions of this Plan, the terms and
conditions under which an Option or Stock Award may be granted to an Eligible
Participant shall be set forth in a written agreement (i.e., a Consulting
Agreement, Services Agreement, Fee Agreement, or Employment Agreement) or, if an
Option, a written Grant of Option in the form attached hereto as Exhibit A
(which may contain such modifications thereto and such other provisions as the
Committee, in its sole discretion, may determine).
SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK
The total number of shares of Common Stock reserved for issuance by the
Company either directly as Stock Awards or underlying Options granted under this
Plan shall not be more than 25,000,000. The total number of shares of Common
Stock reserved for such issuance may be increased only by a resolution adopted
by the Board of Directors and amendment of this Plan. Such Common Stock may be
authorized and unissued or reacquired Common Stock of the Company.
SECTION 7. PURCHASE OF SHARES OF COMMON STOCK
7.1 As soon as practicable after the determination by the Committee and
approval by the Board of Directors (if necessary, pursuant to Section 4 hereof)
of the Eligible Participants and the number of shares an Eligible Participant
may be issued directly as a Stock Award or eligible to purchase pursuant to an
Option, the Committee shall give written notice thereof to each Eligible
Participant, which notice may be accompanied by the Grant of Option, if
appropriate, to be executed by such Eligible Participant.
7.2 The negotiated cost basis of stock issued directly as a Stock Award
or the exercise price for each Option to purchase shares of Common Stock
pursuant to paragraph 7.1 shall be as determined by the Committee, it being
understood that the price so determined by the Committee may vary from one
Eligible Participant to another. In computing the negotiated direct issue price
as a Stock Award or the Option exercise price per share of Common Stock, the
Committee shall take into consideration, among other factors, the restrictions
set forth in Section 11 hereof.
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 2 OF 6
<PAGE> 4
SECTION 8. TERMS AND CONDITIONS OF OPTIONS
The Committee shall determine the terms and conditions of each Option
granted to Eligible Participants, which terms shall be set forth in writing. The
terms and conditions so set by the Committee may vary from one Eligible
Participant to another. In the event that all the Committee approves an Option
permitting deferred payments, the Eligible Participant's obligation to pay for
such Common Stock may be evidenced by a promissory note executed by such
Eligible Participant and containing such modifications thereto and such other
provisions as the Committee, in its sole discretion, may determine.
SECTION 9. DELIVERY OF SHARES OF COMMON STOCK UPON EXERCISE OF OPTION
The Company shall deliver to each Eligible Participant such number of
shares of Common Stock as such Eligible Participant is entitled to receive
pursuant to a Stock Award or elects to purchase upon exercise of the Option.
Such shares, which shall be fully paid and nonassessable upon the issuance
thereof (unless a portion or all of the purchase price shall be paid on a
deferred basis) shall be represented by a certificate or certificates registered
in the name of the Eligible Participant and stamped with an appropriate legend
referring to the restrictions thereon, if any. Subject to the terms and
provisions of the Florida Business Corporation Act and the written agreement to
which he is a party, an Eligible Participant shall have all the rights of a
stockholder with respect to such shares, including the right to vote the shares
and to receive all dividends or other distributions paid or made with respect
thereto (except to the extent such Eligible Participant defaults under a
promissory note, if any, evidencing the deferred purchase price for such
shares), provided that such shares shall be subject to the restrictions
hereinafter set forth. In the event of a merger or consolidation to which the
Company is a party, or of any other acquisition of a majority of the issued and
outstanding shares of Common Stock of the Company involving an exchange or a
substitution of stock of an acquiring corporation for Common Stock of the
Company, or of any transfer of all or substantially all of the assets of the
Company in exchange for stock of an acquiring corporation, a determination as to
whether the stock of the acquiring corporation so received shall be subject to
the restrictions set forth in Section 11 shall be made solely by the acquiring
corporation.
SECTION 10. RIGHTS OF EMPLOYEES; ELIGIBLE PARTICIPANTS
10.1 Employment. Nothing contained in this Plan or in any Option or
Stock Award granted under this Plan shall confer upon any Eligible Participant
any right with respect to the continuation of his or her employment by the
Company or any Affiliated Corporation, or interfere in any way with the right of
the Company or any Affiliated Corporation, subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease the compensation of the Eligible Participant from the
rate in existence at the time of the grant of an Option or Stock Award. Whether
an authorized leave of absence, or absence in military or government service,
shall constitute termination of employment shall be determined by the Committee
at the time.
10.2 Non-transferability. No right or interest of any Eligible
Participant in an Option or Stock Award shall be assignable or transferable
during the lifetime of the Eligible Participant, either voluntarily or
involuntarily, or subjected to any lien, directly or indirectly, by operation of
law, or otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. However, the Board of Directors may, in its sole discretion, permit
transfers to family members if and to the extent such transfers are permissible
under applicable securities laws. In the event of a Eligible Participant's
death, a Eligible Participant's rights and interest in an Option or Stock Award
shall be transferable by testamentary will or the laws of descent and
distribution, and delivery of any shares of Common Stock due under this Plan
shall be made to, and exercise of any Options may be made by, the Eligible
Participant's legal representatives, heirs or legatees. If in the opinion of the
Committee a person entitled to payments or to exercise rights with respect to
this Plan is unable to care for his or her affairs because of mental condition,
physical condition, or age, payment due such person may be made to, and such
rights shall be exercised by, such person's guardian, conservator or other legal
personal representative upon furnishing the Committee with evidence satisfactory
to the Committee of such status.
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 3 OF 6
<PAGE> 5
SECTION 11. GENERAL RESTRICTIONS
11.1 Investment Representations. The Company may require any person to
whom an Option or Stock Award is granted, as a condition of exercising such
Option, or receiving such Stock Award, to give written assurances in substance
and form satisfactory to the Company and its counsel to the effect that such
person is acquiring the Common Stock subject to the Option or Stock Award for
his or her own account for investment and not with any present intention of
selling or otherwise distributing the same, and to such other effects as the
Company deems necessary or appropriate in order to comply with federal and
applicable state securities laws.
11.2 Restrictions on Transfer of Common Stock. The shares of Common
Stock issuable directly as a Stock Award or upon exercise of an Option may not
be offered for sale, sold or otherwise transferred except pursuant to an
effective registration statement or pursuant to an exemption from registration,
the availability of which is to be established to the satisfaction of the
Company, and any certificates representing shares of Common Stock will bear a
legend to that effect. However, the Company may, in the sole discretion of the
Board of Directors, register with the Securities and Exchange Commission some or
all of the shares of Common Stock reserved for issuance under this Plan. Special
resale restrictions may, however, continue to apply to officers, directors,
control shareholders and affiliates of the Company and such persons will be
required to obtain an opinion of counsel as regards their ability to resell
shares received pursuant to this Plan.
11.3 Compliance with Securities Laws. Each Option or Stock Award shall
be subject to the requirement that if at any time counsel to the Company shall
determine that the listing, registration or qualification of the shares of
Common Stock subject to such Option or Stock Award upon any securities exchange
or under any state or federal law, or the consent or approval of any
governmental or regulatory body, is necessary as a condition of, or in
connection with, the issuance or purchase of shares thereunder, such Option or
Stock Award may not be accepted or exercised in whole or in part unless such
listing, registration, qualification, consent or approval shall have been
effected or obtained on conditions acceptable to the Committee. Nothing herein
shall be deemed to require the Company to apply for or to obtain such listing,
registration or qualification.
11.4 Changes in Accounting Rules. Notwithstanding any other provision
of this Plan to the contrary, if, during the term of this Plan, any changes in
the financial or tax accounting rules applicable to Options or Stock Awards
shall occur that, in the sole judgment of the Committee, may have a material
adverse effect on the reported earnings, assets or liabilities of the Company,
the Committee shall have the right and power to modify as necessary, or cancel,
any then outstanding and unexercised Options.
SECTION 12. COMPLIANCE WITH TAX REQUIREMENTS
Each Eligible Participant shall be liable for payment of all applicable
federal, state and local income taxes incurred as a result of the receipt of a
Stock Award or an Option, the exercise of an Option, and the sale of any shares
of any shares of Common Stock received pursuant to a Stock Award or upon
exercise of an Option. The Company may be required, pursuant to applicable tax
regulations, to withhold taxes for an Eligible Participant, in which case the
Company's obligations to deliver shares of Common Stock upon the exercise of any
Option granted under this Plan or pursuant to any Stock Award, shall be subject
to the Eligible Participant's satisfaction of all applicable federal, state and
local income and other income tax withholding requirements.
SECTION 13. PLAN BINDING UPON ASSIGNS OR TRANSFEREES
In the event that, at any time or from time to time, any Option or
Stock Award is assigned or transferred to any party (other than the Company)
pursuant to the provisions of Section 10.2 hereof, such party shall take such
Option or Stock Award pursuant to all provisions and conditions of this Plan,
and, as a condition precedent to the transfer of such interest, such party shall
agree (for and on behalf of himself or itself, his or its legal representatives
and his or its transferees and assigns) in writing to be bound by all provisions
of this Plan.
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 4 OF 6
<PAGE> 6
SECTION 14. COSTS AND EXPENSES
All costs and expenses with respect to the adoption, implementation,
interpretation and administration of this Plan shall be borne by the Company.
SECTION 15. CHANGES IN CAPITAL STRUCTURE OF THE COMPANY
Appropriate adjustments shall be made to the number of shares of Common
Stock issuable pursuant to an incomplete or pending Stock Award that has not yet
been delivered or upon exercise of any Options and the exercise price thereof in
the event of: (i) a subdivision or combination of any of the shares of capital
stock of the Company; (ii) a dividend payable in shares of capital stock of the
Company; (iii) a reclassification of any shares of capital stock of the Company;
or (iv) any other change in the capital structure of the Company.
SECTION 16. PLAN AMENDMENT, MODIFICATION AND TERMINATION
The Board, upon recommendation of the Committee or at its own
initiative, at any time may terminate and at any time and from time to time and
in any respect, may amend or modify this Plan, including:
(a) Increase the total amount of Common Stock that may be
awarded under this Plan, except as provided in Section 15 of this Plan;
(b) Change the classes of persons from which Eligible
Participants may be selected or materially modify the requirements as
to eligibility for participation in this Plan;
(c) Increase the benefits accruing to Eligible Participants;
or
(d) Extend the duration of this Plan.
Any Option or other Stock Award granted to a Eligible Participant prior
to the date this Plan is amended, modified or terminated will remain in effect
according to its terms unless otherwise agreed upon by the Eligible Participant;
provided, however, that this sentence shall not impair the right of the
Committee to take whatever action it deems appropriate under Section 11 or
Section 15. The termination or any modification or amendment of this Plan shall
not, without the consent of a Eligible Participant, affect his rights under an
Option or other Stock Award previously granted to him.
SECTION 17. EFFECTIVE DATE OF THIS PLAN
17.1 Effective Date. This Plan is effective as of August 25, 1999, the
date it was adopted by the Board of Directors of the Company.
17.2 Duration of this Plan. This Plan shall terminate at midnight on
August 24, 2004, which is the day before the fifth anniversary of the Effective
Date, and may be extended thereafter or terminated prior thereto by action of
the Board of Directors; and no Option or Stock Award shall be granted after such
termination. Options and Stock Awards outstanding at the time of this Plan
termination may continue to be exercised, or become free of restrictions, in
accordance with their terms.
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 5 OF 6
<PAGE> 7
SECTION 18. BURDEN AND BENEFIT
The terms and provisions of this Plan shall be binding upon, and shall
inure to the benefit of, each Eligible Participant, his executives or
administrators, heirs, and personal and legal representatives.
Dated as of the 25th day of August, 1999.
TELESERVICES INTERNET GROUP INC.
By: /s/ Robert P. Gordon
--------------------------------------
Robert P. Gordon, Chairman
ATTEST:
/s/ Paul W. Henry
- --------------------------------
Paul W. Henry, Secretary
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE 6 OF 6
<PAGE> 8
EXHIBIT A
FORM OF
GRANT OF OPTION PURSUANT TO THE
TSIG.COM 1999 STOCK PLAN
TeleServices Internet Group Inc., a Florida corporation (the
"Company"), hereby grants to ________________________________ ("Optionee") an
Option to purchase ___________ shares of common stock, $.0001 par value (the
"Shares") of the Company at the purchase price of $______ per share (the
"Purchase Price"), in accordance with and subject to the terms and conditions of
the TSIG.com 1999 Stock Plan (the "Plan"). This option is exercisable in whole
or in part, and upon payment in cash or cancellation of fees, or other form of
payment acceptable to the Company, to the offices of the Company at 100 Second
Avenue South, Suite 1000, St. Petersburg, Florida 33701. This Grant of Option
supersedes and replaces any prior notice of option grant, description of vesting
terms or similar documents previously delivered to Optionee for options granted
on the date stated below.
Unless otherwise set forth in a separate written agreement, in the
event that Optionee's employee or consultant status with the Company or any of
its subsidiaries ceases or terminates for any reason whatsoever, including, but
not limited to, death, disability, or voluntary or involuntary cessation or
termination, this Grant of Option shall terminate with respect to any portion of
this Grant of Option that has not vested prior to the date of cessation or
termination of employee or consultant status, as determined in the sole
discretion of the Company. In the event of termination for cause, this Grant of
Option shall immediately terminate in full with respect to any un-exercised
options, and any vested but un-exercised options shall immediately expire and
may not be exercised. Unless otherwise set forth in a separate written
agreement, vested options must be exercised within six months after the date of
termination (other than for cause), notwithstanding the Expiration Date set
forth below.
Subject to the preceding paragraph, this Grant of Option, or any
portion hereof, may be exercised only to the extent vested per the attached
schedule, and must be exercised by Optionee no later than
____________________________ (the "Expiration Date") by (i) notice in writing,
signed by Optionee; and (ii) payment of the Purchase Price of a minimum of
$1,000 (unless the Purchase price for the exercise of all vested options
available to be exercised totals less than $1,000) pursuant to the terms of this
Grant of Option and the Plan. Any portion of this Grant of Option that is not
exercised on or before the Expiration Date shall lapse. The notice must refer to
this Grant of Option, and it must specify the number of shares being purchased,
and recite the consideration being paid therefor. Notice shall be deemed given
on the date on which the notice is received by the Company.
This Option shall be considered validly exercised once payment therefor
has cleared the banking system or the Company has issued a credit memo for
services in the appropriate amount, or receives a duly executed acceptable
promissory note, if the Option is granted with deferred payment, and the Company
has received written notice of such exercise. If payment is not received within
two business days after the date the notice is received, the Company may deem
the notice to be invalid.
If Optionee fails to exercise this Option in accordance with this Grant
of Option, then this Grant of Option shall terminate and have no force and
effect, in which event the Company and Optionee shall have no liability to each
other with respect to this Grant of Option.
This Option may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.
The validity, construction and enforceability of this Grant of Option
shall be construed under and governed by the laws of the State of Florida,
without regard to its rules concerning conflicts of laws, and any action brought
to enforce this Grant of Option or resolve any controversy, breach or
disagreement
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE A-1
<PAGE> 9
relative hereto shall be brought only in a court of competent jurisdiction
within the county of Pinellas, Florida.
The shares of common stock issuable upon exercise of the Option (the
"Underlying Shares") may not be sold, exchanged, assigned, transferred or
permitted to be transferred, whether voluntarily, involuntarily or by operation
of law, delivered, encumbered, discounted, pledged, hypothecated or otherwise
disposed of until (i) the Underlying Shares have been registered with the
Securities and Exchange Commission pursuant to an effective registration
statement on Form S-8, or such other form as may be appropriate, in the
discretion of the Company; or (ii) an Opinion of Counsel, satisfactory to the
Company, has been received, which opinion sets forth the basis and availability
of any exemption for resale or transfer from federal or state securities
registration requirements.
The Underlying Shares ___________________ [insert appropriate language:
"have" or "have not"] been registered with the Securities and Exchange
Commission pursuant to a registration statement on Form S-8.
This Grant of Option relates to options granted on
____________________, 19___.
TELESERVICES INTERNET GROUP INC.
BY THE BOARD OF DIRECTORS
OR A SPECIAL COMMITTEE THEREOF
NOT FOR EXECUTION
By:
---------------------------------------
OPTIONEE:
NOT FOR EXECUTION
- --------------------------------
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE A-2
<PAGE> 10
GRANT OF OPTION PURSUANT TO THE
TSIG.COM 1999 STOCK PLAN.
OPTIONEE: ___________________
OPTIONS GRANTED: ___________________
PURCHASE PRICE: $______per Share
DATE OF GRANT: ___________________
EXERCISE PERIOD: ________ to ________
<TABLE>
<CAPTION>
VESTING SCHEDULE: OPTION ON
#SHARES DATE VESTED (ASSUMING CONTINUED EMPLOYMENT, ETC.)
------- -----------
<S> <C> <C>
---------- -----------
---------- -----------
---------- -----------
---------- -----------
---------- -----------
EXERCISED TO DATE: _________ INCLUDING THIS EXERCISE
BALANCE TO BE EXERCISED: _________
</TABLE>
================================================================================
NOTICE OF EXERCISE
(TO BE SIGNED ONLY UPON EXERCISE OF THE OPTION)
TO: TeleServices Internet Group Inc. ("Optionor")
The undersigned, the holder of the Option described above, hereby
irrevocably elects to exercise the purchase rights represented by such Option
for, and to purchase thereunder, _________ shares of the Common Stock of
TeleServices Internet Group Inc., and herewith makes payment of
_______________________ therefor. Optionee requests that the certificates for
such shares be issued in the name of Optionee and be delivered to Optionee at
the address of ______________________________________________________________
______________________, and if such shares shall not be all of the shares
purchasable hereunder, represents that a new Notice of Exercise of like tenor
for the appropriate balance of the shares, or a portion thereof, purchasable
under the Grant of Option pursuant to the TSIG.com 1999 Stock Plan, be delivered
to Optionor when and as appropriate.
OPTIONEE:
NOT FOR EXECUTION
Dated:
------------------- --------------------------------------------
- --------------------------------------------------------------------------------
TSIG.COM 1999 STOCK PLAN PAGE A-3
<PAGE> 1
EXHIBIT 23.23
SCHUMACHER & ASSOCIATES, INC.
Certified Public Accountants
12835 East Arapahoe Road, T-II, #110
Englewood, Colorado 80112
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement of
TeleServices Internet Group Inc. on Form S-8 of our report dated March 30, 1999,
on our audits of the consolidated balance sheet of TeleServices Internet Group
Inc. (formerly TeleServices International Group Inc.) as of December 31, 1998,
and the related statements of operations, changes in stockholders' equity
(deficit), and cash flows for the year then ended, which report is included in
the Annual Report on Form 10-KSB for the year ended December 31, 1998.
/s/ Schumacher & Associates, Inc.
SCHUMACHER & ASSOCIATES, INC.
Englewood, Colorado
November 30, 1999
