Common use of Issuance of Equity Clause in Contracts

Issuance of Equity. 6.1 Executive shall receive a grant of 1,000,000 shares of Series A Preferred Stock upon execution of this agreement. Terms and Conditions of Series A preferred Stock are to be established, determined and set forth in a Stockholders Agreement to be finalized within them next 14 days. QUINTEK acknowledges that it has committed to sell to Executive additional shares of common stock (or grant to Executive rights to purchase additional shares of common stock) in QUINTEK so that, including all options or shares previously issued to or purchased by Executive, Executive would own, in the aggregate, shares of common stock or rights to purchase shares of common stock representing ten percent (10%) of the current outstanding common stock in QUINTEK on a fully-diluted basis after taking into account the issuance of such additional shares to Executive and assuming the issuance of all other shares subject to currently outstanding options or warrants. QUINTEK and Executive acknowledge and agree that the purchase price for such shares (or the exercise price for such options) will be $.03 per share, but they have otherwise not as yet determined how such additional shares and/or options will be issued to Executive. It is contemplated that QUINTEK and Executive will enter into a separate agreement or agreements on these additional shares and/or options within 90 days of the date of this Agreement (or upon the authorization of additional shares by the Shareholders of Quintek). Specifically, it is presently anticipated that the new stock agreements(s) will have , at minimum, new termination and repurchase provisions, with the termination provisions to be consistent with new termination and repurchase provisions, with the termination provisions to be consistent with the termination provisions set forth in this Agreement. The agreement(s) also will contain provisions providing Executive with pre-emptive rights to purchase additional shares of common stock of QUINTEK under certain circumstances. Options shall vest according to the following schedule: Right to purchase two and a half percent (2.5%) of outstanding common stock, upon the authorization of additional shares by the Shareholders of Quintek, assuming that authorization of more shares is approved by the shareholders of the Company, options giving Executive the right to purchase an additional two and a half percent (2.5%) of outstanding common stock at the time of grant, will be granted to executive upon the one (1) year anniversary of this agreement for the following three (3) years. In the event of a sale of Quintek, termination of this agreement by the Company, or any other event that may impede Quintek's ability to fulfill its obligations under this Agreement, all options will be immediately vest.

Issuance of Equity. 6.1 QUINTEK agrees that is will issue to executive 2,000,000 options to purchase common stock under the Company’s stock purchase plan. Stock options granted under the Company's stock purchase plan will have the following criteria: they will expire 5 years from the date of vesting or upon termination of employment status with the Company; they will give the Executive shall receive a grant of 1,000,000 shares of Series A Preferred Stock upon execution of this agreement. Terms the right to purchase stock in the Company at and Conditions of Series A preferred Stock are exercise price equal to be establishedthe prior day closing bid price as quoted on the OTCBB, determined and set forth in a Stockholders Agreement vesting to be finalized within them next 14 daysoccur immediately. QUINTEK acknowledges that it has committed to sell to Executive additional shares of common stock (or grant to Executive rights to purchase additional shares of common stock) in QUINTEK so that, including all options or shares previously issued to or purchased by Executive, Executive would own, in the aggregate, shares of common stock or rights to purchase shares of common stock representing ten percent (10%) of the current outstanding common stock in QUINTEK on a fully-diluted basis after prior to taking into account the issuance of such additional shares to Executive and assuming the issuance of all other shares subject to currently outstanding options or warrantsExecutive. QUINTEK and Executive acknowledge and agree that the purchase price for such shares (or the exercise price for such options) will be the lesser of $.03 .0662 per share, but they have otherwise not as yet determined how such additional shares and/or share or the “Fixed Conversion Price” of the Secured Convertible Debentures issued by the Company and held by Cornell Capital Partners. These options will be issued to Executiveshall expire five years from the date of vesting. It is contemplated that QUINTEK and Executive will enter into a separate agreement or agreements on these additional shares and/or options within 90 days of the date of this Agreement (or upon the authorization of additional shares by the Shareholders of Quintek)Agreement. Specifically, it is presently anticipated that the new stock agreements(sagreement(s) will have have, at minimum, new termination and repurchase provisions, with the termination provisions to be consistent with new termination and repurchase provisions, with the termination provisions to be consistent with the termination provisions set forth in this Agreement. The agreement(s) also will contain provisions providing Executive with pre-emptive rights to purchase additional shares of common stock of QUINTEK under certain circumstances. Options shall vest according to the following schedule: Right Options giving Executive the right to purchase two and a half percent (2.5%) % of outstanding common stock, upon stock at the authorization time of additional shares by the Shareholders execution of Quintek, assuming that authorization of more shares is approved by the shareholders of the Companythis agreement, options giving Executive the right to purchase an additional two and a half percent (2.5%) % of outstanding common stock at the time of grant, will be granted to executive Executive upon the one (1) 1 year anniversary of this agreement for the following three (3) years. In the event of a sale of QuintekQUINTEK, termination of this agreement by the Company, or any other event that may impede Quintek's QUINTEK’s ability to fulfill its obligations under this Agreement, all options will be immediately vest.

Issuance of Equity. 6.1 7.1 Executive shall receive a grant of 1,000,000 250,000 shares of Series A Preferred Stock upon execution of this agreement. Terms and Conditions of Series A preferred Stock are to be established, determined and set forth in a Stockholders Agreement to be finalized within them next 14 days. QUINTEK acknowledges that it has committed to sell to Executive additional shares of common stock (or grant to Executive rights to purchase additional shares of common stock) in QUINTEK so that, including all options or shares previously issued to or purchased by Executive, Executive would own, in the aggregate, shares of common stock or rights to purchase shares of common stock representing ten five percent (105%) of the current outstanding common stock in QUINTEK on a fully-diluted basis after taking into account the issuance of such additional shares to Executive and assuming the issuance of all other shares subject to currently outstanding options or warrants. QUINTEK and Executive acknowledge and agree that the purchase price for such shares (or the exercise price for such options) will be $.03 per shareequal to seventy five percent (75%) of the five day closing average price of the Company's common stock immediately prior to the execution of this Agreement, but they have otherwise not as yet determined how such additional shares and/or options will be issued to Executive. It is contemplated that QUINTEK and Executive will enter into a separate agreement or agreements on these additional shares and/or options within 90 days of the date of this Agreement (or upon the authorization of additional shares by the Shareholders of Quintek). Specifically, it is presently anticipated that the new stock agreements(sagreement(s) will have have, at minimum, new termination and repurchase provisions, with the termination provisions to be consistent with new termination and repurchase provisions, with the termination provisions to be consistent with the termination provisions set forth in this Agreement. The agreement(s) also will contain provisions providing Executive with pre-emptive rights to purchase additional shares of common stock of QUINTEK under certain circumstances. Options shall vest according to the following schedule: Right to purchase two and a half percent (2.5%) 1.25% of outstanding common stock, upon the authorization of additional shares by the Shareholders of Quintek, assuming that authorization of more shares is approved by the shareholders of the Company, options giving Executive the right to purchase an additional two and a half percent (2.5%) 1.25% of outstanding common stock at the time of grant, will be granted to executive upon the one (1) 1 year anniversary of this agreement Agreement for the following three (3) years. In the event of a sale of Quintek, termination of this agreement by the CompanyQUINTEK, or any other event that may impede QuintekQUINTEK's ability to fulfill its obligations under this Agreement, all options will be immediately vest.

Issuance of Equity. 6.1 Executive shall receive a grant 7.1 QUINTEK agrees that is will issue to Consultant 2,000,000 options to purchase common stock under the Company’s stock purchase plan. Stock options granted under the Company's stock purchase plan will have the following criteria: they will expire 5 years from the date of 1,000,000 shares of Series A Preferred Stock vesting or upon execution termination of this agreement. Terms Agreement; they will give the Consultant the right to purchase stock in the Company at and Conditions of Series A preferred Stock are exercise price equal to be establishedthe prior day closing bid price as quoted on the OTCBB, determined and set forth in a Stockholders Agreement vesting to be finalized within them next 14 daysoccur immediately. QUINTEK acknowledges that it has committed to sell to Executive Consultant additional shares of common stock (or grant to Executive Consultant rights to purchase additional shares of common stock) in QUINTEK so that, including all options or shares previously issued to or purchased by ExecutiveConsultant, Executive Consultant would own, in the aggregate, shares of common stock or rights to purchase shares of common stock representing ten percent (10%) of the current outstanding common stock in QUINTEK on a fully-diluted basis after prior to taking into account the issuance of such additional shares to Executive and assuming the issuance of all other shares subject to currently outstanding options or warrantsConsultant. QUINTEK and Executive Consultant acknowledge and agree that the purchase price for such shares (or the exercise price for such options) will be the lesser of $.03 .0662 per share, but they have otherwise not as yet determined how such additional shares and/or share or the “Fixed Conversion Price” of the Secured Convertible Debentures issued by the Company and held by Cornell Capital Partners. These options will be issued to Executiveshall expire five years from the date of vesting. It is contemplated that QUINTEK and Executive Consultant will enter into a separate agreement or agreements on these additional shares and/or options within 90 days of the date of this Agreement (or upon the authorization of additional shares by the Shareholders of Quintek)Agreement. Specifically, it is presently anticipated that the new stock agreements(sagreement(s) will have have, at minimum, new termination and repurchase provisions, with the termination provisions to be consistent with new termination and repurchase provisions, with the termination provisions to be consistent with the termination provisions set forth in this Agreement. The agreement(s) also will contain provisions providing Executive with pre-emptive rights to purchase additional shares of common stock of QUINTEK under certain circumstances. Options shall vest according to the following schedule: Right to purchase two and a half percent (2.5%) of outstanding common stock, upon the authorization of additional shares by the Shareholders of Quintek, assuming that authorization of more shares is approved by the shareholders of the Company, options Options giving Executive Consultant the right to purchase an additional two and a half percent (2.5%) % of outstanding common stock at the time of grantexecution of this agreement, options giving Consultant the right to purchase an additional 2.5% of outstanding common stock will be granted to executive Consultant upon the one (1) 1 year anniversary of this agreement for the following three (3) years. In the event of a sale of QuintekQUINTEK, termination of this agreement by the Company, or any other event that may impede Quintek's QUINTEK’s ability to fulfill its obligations under this Agreement, all options will be immediately vest.