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Accesspoint Corp/NV – ‘10QSB’ for 9/30/01 – EX-10.33

On: Wednesday, 11/14/01 · For: 9/30/01 · Accession #: 1092306-1-500307 · File #: 0-29217

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/14/01  Accesspoint Corp/NV               10QSB       9/30/01    3:130K                                   KMB Solutions, LLC/FA

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Form 10-Qsb Dated 09-30-01                            27    126K 
 2: EX-10.33    Stock Bonus Agreement - Standard                      13     54K 
 3: EX-10.34    Warrant Agreement - Bella Donna Limited                9     39K

EX-10.33 — Stock Bonus Agreement – Standard
Exhibit Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Company Employee
1	1st Page - Filing Submission
10	Employee
12	Company

EX-10.33 1st Page of 13 TOC ↑Top Previous Next ↓Bottom Just 1st
 
THE SECURITY  REPRESENTED BY THIS CERTIFICATE OR OTHERWISE  CONTEMPLATED IN THIS
AGREEMENT  HAS BEEN  ACQUIRED  FOR  INVESTMENT  AND NOT  WITH A VIEW  TO,  OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION  THEREOF.  NO SUCH SALE OR DISPOSITION
MAY BE EFFECTED WITHOUT AN EFFECTIVE  REGISTRATION  STATEMENT RELATED THERETO OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.                          

 STOCK BONUS AGREEMENT

THIS STOCK BONUS  AGREEMENT  ("Agreement")  is entered into as of the 1st day of
August,  2001,  by and between  Accesspoint  Corporation,  a Nevada  corporation
("Company"), and named individual ("Employee"). Accesspoint and/or the Employees
are sometimes  herein referred to individually as a "party" and  collectively as
the "parties."                                                                  

 R E C I T A L S

A.   WHEREAS,  Employee  is an employee of Processing Source International, Inc.
("PSI");                                                                        

B.   WHEREAS,  PSI  is  a  wholly  owned  subsidiary  of Accesspoint Corporation
("APC");                                                                        

C.   WHEREAS,  on  or  about  March 19, 1999 the Company adopted the Accesspoint
Corporation 1999 Stock Incentive Plan ("Plan"); and,                            

D.   WHEREAS, the Board of Directors of the Company  desire to grant to Employee
certain stock awards in the form of Preferred  stock,  Series A, pursuant to the
terms and conditions of this Agreement and the Plan.                            

NOW,  THEREFORE,  in consideration of the mutual promises  contained herein, and
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:                       

ARTICLE 1.

 GRANT OF PREFERRED SHARES

1.1.   GRANT  OF  PREFERRED  SHARES. For  value received, the Corporation hereby
grants  to  Employee  the  number of shares  of its  Preferred  Stock,  Series A
("Shares"),  set forth on  Schedule  1,  attached  hereto and made a part hereof
("Award").  The Shares  shall be made  available  from  authorized  and unissued
Preferred  Stock,  Series A, of the Company or from shares of  Preferred  Stock,
Series A, held by the Company as treasury  stock.  The  foregoing  Award is made
subject to the terms and conditions  hereinafter set forth.  The above Preferred
Stock, Series A, is subject to certain  redemption,  conversion and other rights
and  restrictions                                                               

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set forth in a Certificate of  Determination  filed by the Company.  The Company
shall not issue any Preferred Stock, Series A, unless and until a Certificate of
Determination is filed by the Company.                                          

1.2.   FAIR MARKET PRICE.  The fair market price for the Shares  shall be deemed
to be 3% of the  closing  price  at  which a share  of the  common  stock of the
company shall have been valued on the date of the grant pursuant to Schedule 1. 

1.3.   PLAN.  The  Award set forth herein is made expressly subject to the terms
and conditions of the Plan.  Notwithstanding the foregoing,  APC may, in lieu of
awards by the  Company  under the Plan,  or in  coordination  with awards by the
Company  under the Plan,  make stock bonus awards  pursuant to a similar plan or
plans  adopted by APC. It is the intent of the parties to provide  Employee with
the  benefit  of  ultimately  being  eligible  for  conversion  of some stock or
security into Common Shares of the Company.                                     

1.4.   CONVERSION. The Shares shall, subject to the terms and conditions of this
Agreement,  be convertible into fully paid non-assessable shares of Common Stock
upon  the  occurrence  of the  events  set  forth  herein.  Notwithstanding  the
foregoing,  the Shares may not be  converted  if the  issuance  of any shares of
Common Stock upon such conversion would constitute a violation of any applicable
federal or state  securities or other law or  regulation.  As a condition to the
conversion  of the Shares,  the  Company  may  require the  Employee to make any
representation  and warranty to the Company as may be required by any applicable
law or regulation.                                                              

1.5.   CONVERSION SCHEDULE.The Shares shall, subject to the terms and conditions
set forth in this Agreement,  and subject to forfeiture as set forth herein,  be
convertible  into Common  Shares upon the  attainment  of certain  earnings  and
revenue  milestones  by APC,  as defined at  Article 1, in  accordance  with the
conversion schedule set forth on Schedule 1.                                    

1.6.   TIME FOR  ATTAINMENT  OF REVENUE  LEVELS.  The  revenue  levels of APC as
milestones  referenced  above must be attained  by APC within the time  periods,
measured from the effective  date of this  Agreement as set forth on Schedule 1.
If the revenue levels are not so attained within the following times, the number
of Shares  available for  conversion  hereunder  shall decrease at a rate of ten
percent (10%) of the then  remaining  amount of Shares  available for conversion
each  calendar  month,  prorated on the basis of number of days in each calendar
month.                                                                          

1.7.   SHARES AVAILABLE FOR CONVERSION.The Shares available for conversion shall
be reduced as a pool as set forth at, above. Should the pool of Shares available
for conversion be insufficient  to provide for any level of conversion,  in full
or part, at any time as set forth in this  Agreement,  the remaining  conversion
schedule shall be of no further force or effect and all conversion  rights shall
expire  and  terminate  and no  further  Shares  shall  convert or be subject to
conversion.                                                                     

1.8.   SERVICE ADJUSTMENTS.The Shares subject to the Award, whether converted or
unconverted, shall be forfeited to the Company if the employment of the Employee
by the Company or an Affiliate is terminated for cause, as set forth herein.  If
such  termination  occurs  prior  to  completion  of 180  full  working  days of
continuous employment service, Employee shall forfeit one hundred percent (100%)
of the Shares,  whether  converted or unconverted.  If such  termination  occurs
after completion of 180 full working days of continuous  employment service, but
prior to completion of 270 full working days of continuous  employment  service,
Employee shall forfeit an amount of Shares,  whether  converted or  unconverted,
equal to 8/9 of the                                                             

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total Award  amount,  prorated on the basis of a 30 day month.  Thereafter,  for
each 30 day period,  or portion  thereof on a 30 day prorated basis, of complete
full working days of continuous  employment  service,  Employee shall forfeit an
amount of shares reduced by an amount equal to 1/9 of the total Award amount, so
that upon completion of 540 full working days of continuous employment,  none of
the Shares,  whether  converted or  unconverted,  pursuant to the Award shall be
subject to  forfeiture.  All  prorations  shall be made on the basis of a 30 day
month and a 360 day year.                                                       

1.9.   SPECIAL CONVERSION  OF DEATH OR FULL  DISABILITY.  Upon the death or full
disability of Employee,  and subject to the service  adjustments and forfeitures
as set forth above,  ten percent  (10%) of any Shares not then  converted  shall
automatically convert for the benefit of the Employee or the estate of Employee,
and the  remainder of the  conversion  rights shall expire and terminate and any
then unconverted Shares shall be forfeited to the Company.                      

1.10.  FULL DISABILITY OF EMPLOYEE.  In the event Employee  becomes  mentally or
physically  disabled to such an extent that Employee is unable to  substantially
perform  Employee's  normal  employment  duties on behalf of the  Company  for a
period  of  thirty  (30)  consecutive  days or more,  the  Company,  at any time
thereafter,  shall have the right, at its sole option, to declare Employee fully
disabled hereunder.                                                             

1.11.  DEFINITION  OF  CAUSE.  As used  herein  with  regard  to  suspension  or
discharge,  cause shall consist of the following:  (i) cause as defined pursuant
to any written  employment  agreement to which the Employee is a party; (ii) the
conviction  of Employee by a court of  competent  jurisdiction  (and to which no
further  appeal  can be taken) of a felony or any other  crime  involving  moral
turpitude;  (iii) the  commission  by  Employee  of an act of fraud or other act
materially  evidencing bad faith or  dishonesty;  (iv) the  misappropriation  by
Employee  of any  funds or  property  or other  rights of the  Company;  (v) the
suspension  or  removal  or  termination  of  Employee  by or at the  request or
requirement of any governmental  authority having jurisdiction over the Company;
(vi) the  willful  refusal  to  follow  any  lawful  directive  of the  Board of
Directors of Company;  or (vii) the breach by Employee of any material  terms of
this Agreement or any other  agreement  between  Employee and the Company or any
affiliate of the Company. The foregoing definition shall be used for purposes of
this  Agreement  only  and  shall  have  no  other  effect,   whether   binding,
interpretive,  illustrative,  or  otherwise,  on  any  employment  relationship,
whether at-will or pursuant to a written agreement employment agreement.        

1.12.  EXPIRATION OF CONVERSION RIGHTS. The conversion rights with regard to any
and all  Shares  which do not  become  fully  converted  at the  time set  forth
therefor  shall be deemed  expired and such Shares shall no longer be subject to
conversion in accordance with the terms and conditions of this  Agreement.  Such
Shares unconverted Shares shall be forfeited to the Company.                    

1.13.  REVENUE.  Subject to adjustment as set forth at Section 1.13,  below, the
term revenue as used herein shall mean the gross  revenue of APC from sources as
follows:  (i) all of the capital inflows of APC (or enhancements of assets) from
producing and delivering  goods,  rendering  services,  or other activities that
constitute  the  ongoing  central  business  operations  of APC;  and (ii) gross
revenues  from sales and  licensing  transaction  made by APC with regard to the
services  and  products  of APC for the  account or benefit of APC  pursuant  to
transactions materially initiated by Employee or in which the Employee is or was
a direct and substantial  influence.  Subject to the definitions and adjustments
set forth  herein,  the term revenue  shall be  construed  hereunder in a manner
consistent with generally accepted accounting principles.                       

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1.14.  ADJUSTMENT TO REVENUE.  The term revenue as used herein shall be adjusted
to exclude  contributions or distributions from the Company to APC or any of its
affiliated entities,  contributed capital,  equity inconvertments,  tax credits,
and  revenues,  gains and/or  increases in equity or assets from  peripheral  or
incidental  transactions  not otherwise  specifically set forth at Section 1.10,
above.                                                                          

1.15.  RIGHTS AS SHAREHOLDER. Employee shall have all rights as a shareholder of
Preferred Stock, Series A, with respect to the Shares, except to the extent that
such  rights as a share owner would cause the Plan not to comply with Rule 16b-3
under the  Securities  Exchange Act of 1934, as amended.  Employee  acknowledges
that the Preferred Stock, Series A, bear no voting rights.                      

ARTICLE 2.

ISSUANCE OF FULLY CONVERTED SHARES

2.1.   ISSUANCE ON  CONVERSION. Before any Shares may be  converted  into Common
Shares,  the Employee must surrender the certificate or certificates  evidencing
the Shares,  duly  endorsed in blank or  accompanied  by proper  instruments  of
transfer,  at the office of the  Company or any  transfer  agent for the Shares.
Employee  shall  give  written  notice to the  Company at such  office  that the
Employee  reasonably  believes  that  that a  certain  number  of Shares is then
subject to  conversion  as set forth  herein.  The notice shall also specify the
name or names in which the Employee the certificate or  certificates  for Common
Shares to be issued.  If a name  specified is not that of  Employee,  the notice
shall  also  state the  address  of the new  holder  and any  other  information
required by law. The Company shall have the right,  in its sole  discretion,  to
decline  to issue  any such  certificates  in any  name  other  than the name of
Employee  appearing the surrendered  certificates  representing the Shares.  The
Company  shall,  subject to the tax provisions set forth at Section 2.7, as soon
as practicable thereafter, issue and deliver at such office to the holder of the
Shares converted, or the that holder's nominee or nominees, certificates for the
number of full Common  Shares to which the holder shall be entitled,  to receive
together with a scrip  certificate or cash in lieu of any fraction of a share as
provided herein,  subject further to an available exemption under the securities
laws and general  compliance with all securities  laws,  rules and  regulations.
Notwithstanding  the  foregoing,  the Company  shall not be obligated to deliver
registered  or  qualified   securities  to  Employee,   and  the  obligation  of
Accesspoint to issue Common Shares and/or deliver stock certificates shall abate
unless and until an available  exemption from the requirement of registration or
qualification  under any  applicable  securities  laws is  available  and may be
obtained and perfected.                                                         

2.2    CONVERSION DATE.Conversion hereunder shall be deemed to have been made as
of the date of  surrender  of the  Shares  to be  converted,  and the  person or
persons  entitled to receive the Common Shares issuable upon conversion shall be
treated for al purposes as the record holder or holders of such Common Shares on
that date.                                                                      

2.3.   COMPLIANCE WITH  SECURITIES  LAWS.  All  offers,  sales,   transfers  and
Conversions  of the  Shares  shall be made in  compliance  with  all  applicable
securities  laws,  rules  and  regulations,  and  pursuant  to  registration  of
securities under the Securities Act (and qualification under General Corporation
Law of  California)  or pursuant to an  exemption  from  registration  under the
Securities Act (and qualification  under General Corporation Law of California).
The Employee  acknowledges  that the Shares are subject to the  restrictions  on
transfer set forth in Rule 144 of the Rules promulgated under the Securities Act
of  1933  ("Act").  Any                                                         

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and all offers and sales, to the extent permitted  hereunder,  by Employee after
the restricted  period shall be made only pursuant to such a  registration  (and
qualification)  or to such  exemption  from  registration  (and  qualification).
Employee  shall  comply  with  all  policies  and   procedures   established  by
Accesspoint with regard to Rule 144 matters.                                    

2.4.   CHANGE IN STRUCTURE OF ACCESSPOINT. Upon the  consummation of any sale of
substantially all of the assets of Accesspoint, or the merger,  consolidation or
reorganization  of  Accesspoint  in  which  Accesspoint  is  not  the  surviving
corporation,  and directly  pursuant to which  Employee is materially  prevented
from achieving any applicable revenue  milestones as set forth herein,  then all
conditionally converted Shares shall fully convert and Employee shall be granted
fully converted Shares as if the next applicable revenue milestone had then been
achieved.  The  remainder of any  conversion  rights  pertaining  to the Shares,
including,  without  limitation,  conversion  rights pertaining to conditionally
converted  Shares,  shall expire and terminate and the Shares shall no longer be
subject to conversion.                                                          

2.5.   EMPLOYMENT RELATIONSHIP.  The  parties  acknowledge  that any  employment
relationship  or  relationships  between  the  Employees  and the Company or the
Employees  and  Accesspoint,  if any,  is set forth  pursuant  to the terms of a
separate written  employment  agreement and that nothing in this Agreement shall
affect in any manner whatsoever such employment  relationships,  if any, between
The Employees and such parties. This Agreement does not constitute an express or
implied  promise of continued  employment for the periods  defined herein or any
other period or periods.                                                        

2.6.   TAX MATTERS. If  Accesspoint  determines  that it is required to withhold
federal,  state or local tax as a result of the grant of the Award or conversion
of the Shares,  then  Employee,  as a condition to the conversion of the Shares,
shall make arrangements satisfactory to Accesspoint to enable it to satisfy such
withholding  requirements.  Employee will pay when due and payable,  any and all
federal and state taxes or fees that may be payable by Employee with respect to,
without  limitation:  (i) the grant of the Shares;  (ii) the  conversion  of the
Shares; (iii) the issuance of any Common Shares or certificates therefor; and/or
(iv) the subsequent  disposition,  to the extent permitted hereunder,  of any of
the Shares, Common Shares, or certificates issued to Employee upon conversion of
the Shares.  The Employee  understands  that any of the foregoing  references to
taxation are based on federal income tax laws and regulations now in effect, and
may not be applicable to the Employee under certain circumstances.  The Employee
may also have  adverse tax  consequences  under state or local law. The Employee
has reviewed with the Employee's own tax advisors the federal,  state, local and
foreign tax consequences of the transactions contemplated by this Agreement. The
Employee  is  relying  solely  on such  advisors  and not on any  statements  or
representations  of the Company or any of its agents.  The Employee  understands
that the Employee (and not the Company) shall be responsible  for the Employee's
own tax liability that may arise as a result of the transactions contemplated by
this Agreement.                                                                 

2.7.   INCIDENTAL REGISTRATION.Accesspoint shall give written notice to Employee
of any proposed  registration under the Act of any of its securities of the same
class and series as the Common Shares issued to Employee  pursuant to conversion
of the Shares.  Accesspoint will use its best reasonable  commercial  efforts to
include in any such  Registration  Statement,  at the cost of Accesspoint and in
accordance  with the  intended  method or  methods of  distribution,  any of the
Common  Shares  issued to  Employee  pursuant  to  conversion  of the  Shares if
Employee  shall  request  inclusion  within  thirty  (30) days after the date of
mailing of the above notice. Employee will cooperate with Accesspoint,  execute,
acknowledge,  notarize,  and deliver reasonable  documents and instruments,  and
provide Accesspoint with all reasonable  documents,  instruments and information
reasonably  required to prepare,  complete and file the Registration  Statement.

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Employee  represents that no such documents,  instruments and information  shall
contain any untrue  statements  of material  fact or omit to state any  material
facts required to be stated therein necessary to make the statements therein not
misleading in light of the  circumstances  then  existing.  Notwithstanding  the
foregoing,  Accesspoint  may, but shall not be required  hereunder  to, keep any
such  Registration  Statement  effective  or prepare or file any  amendments  or
post-effective  amendments  to the  Registration  Statement  with  regard to the
shares of  Employee  or assist in any way with the sale or  distribution  of the
shares of Employee.                                                             

ARTICLE 3.

RESTRICTIONS ON TRANSFER

3.1.   RESTRICTIONS. Notwithstanding  anything herein to the contrary,  Employee
understands  and agrees  that  Employee  shall not dispose of any of the Shares,
whether  by  sale,  exchange,  assignment,   transfer,  gift,  devise,  bequest,
mortgage, pledge, encumbrance or otherwise,  except in accordance with the terms
and conditions of this Agreement, and Employee shall not take or omit any action
which will impair the absolute and  unrestricted  right,  power,  authority  and
capacity of Employee to sell Shares in accordance  with the terms and conditions
hereof                                                                          

3.2.   TRANSFERS VOID.Any purported transfer of Shares by Employee that violates
any provision of this Agreement  shall be wholly void and  ineffectual and shall
give to the Company or its designee the right to purchase  from Employee all but
not less than all of the Shares then owned by  Employee  for a period of 90 days
from the  date  the  Company  first  learns  of the  purported  transfer  at the
Agreement  Price  and on the  Agreement  Terms (as those  terms are  defined  in
Sections 3.11 and 3.12, respectively,  of this Article 3). If the Shares are not
purchased by the Company or its designee,  the purported  transfer thereof shall
remain  void and  ineffectual  and they  shall  continue  to be  subject to this
Agreement.  The Company  shall not cause or permit the transfer of any Shares to
be made on its books except in accordance with the terms hereof.                

3.3.   PERMITTED TRANSFERS.Employee may sell, assign or transfer any Shares held
by the  Employee  but only by  complying  with the  provisions  of Section  3.7.
Employee may sell,  assign or transfer  any Shares held by the Employee  without
complying  with the  provisions  of Section 3.7 by obtaining  the prior  written
consent of the  Company as approved by a majority of the members of the Board of
Directors of the Company,  provided that the transferee  agrees in writing to be
bound by the provisions of this Agreement and the transfer is made in accordance
with any other  restrictions or conditions  contained in the written consent and
in accordance with applicable federal and state securities laws.                

3.4.   NO TRANSFER UPON DEATH.  No Shares may be  transferred  upon the death of
Employee;  the Shares shall be subject to the special  conversion and forfeiture
provisions  set  forth  hereinabove  pertaining  to the death or  disability  of
Employee.                                                                       

3.5.   NO PLEDGE.  Unless  a majority  of the  members of the Board of Directors
consent, Shares may not be pledged,  mortgaged or otherwise encumbered to secure
indebtedness  for money borrowed or any other  obligation for which the Employee
is primarily or secondarily liable.                                             

3.6.   STOCK CERTIFICATE LEGEND. Each stock certificate for Shares issued to the
Employee shall have conspicuously  written,  printed,  typed or stamped upon the
face thereof,  or upon the reverse  thereof with a                              

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conspicuous  reference on the face thereof, the following legend, in addition to
any other legend or legends  deemed  required or  appropriate by counsel for the
Company:                                                                        

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED WITHOUT REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  AND MAY NOT BE TRANSFERRED IN THE
ABSENCE  OF  REGISTRATION   THEREUNDER  OR  AN  APPLICABLE  EXEMPTION  FROM  THE
REGISTRATION  REQUIREMENTS  OF SUCH ACT. SUCH SHARES MAY NOT BE SOLD,  ASSIGNED,
TRANSFERRED,  OR OTHERWISE  DISPOSED OF IN ANY MANNER EXCEPT IN ACCORDANCE  WITH
AND  SUBJECT TO THE TERMS OF THE STOCK  BONUS  AGREEMENT,  A COPY OF WHICH IS ON
FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. UNLESS A MAJORITY OF THE MEMBERS OF
THE BOARD OF DIRECTORS CONSENT, SUCH STOCK BONUS AGREEMENT PROHIBITS ANY PLEDGE,
MORTGAGE OR OTHER  ENCUMBRANCE  OF SUCH SHARES TO SECURE ANY  OBLIGATION  OF THE
HOLDER HEREOF.  EVERY CREDITOR OF THE HOLDER HEREOF AND ANY PERSON  ACQUIRING OR
PURPORTING  TO ACQUIRE THE  CERTIFICATE  OR THE SHARES  HEREBY  EVIDENCED OR ANY
INTEREST  THEREIN  IS HEREBY  NOTIFIED  OF THE  EXISTENCE  OF SUCH  STOCK  BONUS
AGREEMENT,  AND ANY ACQUISITION OR PURPORTED  ACQUISITION OF THIS CERTIFICATE OR
THE SHARES  HEREBY  EVIDENCED  OR ANY INTEREST  THEREIN  SHALL BE SUBJECT TO ALL
RIGHTS AND  OBLIGATIONS OF THE PARTIES TO SUCH STOCK BONUS  AGREEMENT AS THEREIN
SET FORTH.                                                                      

3.7.   SALES OF  SHARES;  RIGHT OF  FIRST  REFUSAL.  The  Company  shall  have a
right of first  refusal with regard to any sale,  assignment,  transfer or other
disposition of any Shares held by Employee.                                     

       3.7.1.  In  the event  that the Employee shall desire to sell,  assign or
transfer  any Shares  held by the  Employee to any other  person  (the  "Offered
Shares")  and shall be in receipt of a bona fide offer to  purchase  the Offered
Shares ("Offer"),  the following  procedure shall apply. The Employee shall give
to the Company written notice  containing the terms and conditions of the Offer,
including,  but not limited to: (i) the number of Offered Shares; (ii) the price
per Share;  (iii) the method of payment;  and (iv) the  name(s) of the  proposed
purchaser(s).                                                                   

       3.7.2.  An  offer  shall not be deemed bona fide unless the  Employee has
informed the  prospective  purchaser  of the  Employee's  obligation  under this
Agreement and the  prospective  purchaser has agreed to become a party hereunder
and to be bound  hereby.  The  Company  is  entitled  to take  such  steps as it
reasonably  may deem necessary to determine the validity and bona fide nature of
the Offer.                                                                      

       3.7.3.  Until  10 days after  such  notice is given,  the  Company or its
designee shall have the right to purchase all of the Offered Shares at the price
offered by the prospective purchaser and specified in such notice. Such purchase
shall be on the Agreement Terms, as defined in Sections 3.11 and 3.12.          

3.8.   FAILURE OF COMPANY OR ITS DESIGNEE TO PURCHASE OFFERED SHARES.  If all of
the Offered Shares are not purchased by the Company  and/or its designee  within
the 10-day period granted for such purchases,  then any remaining Offered Shares
may be sold, assigned or transferred pursuant to the Offer;  provided,  that the
Offered Shares are so transferred within 15 days of the expiration of the 10-day
period to the person or persons named in, and under the terms and conditions of,
the bona fide  Offer  described  in the  notice  to the  Company;  and  provided
further, that such persons agree to execute and deliver to the Company a written

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agreement, in form and content satisfactory to the Company, agreeing to be bound
by the terms and conditions of this Agreement.                                  

3.9.   MANNER OF EXERCISE. Any right to purchase  hereunder  shall be  exercised
by giving  written notice of election to the Employee,  the Employee's  personal
representative  or any other  selling  person,  as the case may be, prior to the
expiration of such right to purchase.                                           

3.10.  AGREEMENT PRICE.  The  "Agreement  Price"  shall be the higher of (i) the
fair market value of the Shares to be purchased  determined in good faith by the
Board of  Directors of the Company or (ii) the  original  exercise  price of the
Shares to be purchased.                                                         

3.11.  DELIVERY OF SHARES AND CLOSING  DATE. At the closing,  the Employee,  the
Employee's personal representative or such other selling person, as the case may
be, shall deliver  certificates  representing the Shares,  properly endorsed for
transfer,  and with the necessary  documentary and transfer tax stamps,  if any,
affixed, to the purchaser of such Shares. Payment of the purchase price therefor
shall   concurrently   be  made  to  the  Employee,   the  Employee's   personal
representative  or such other selling person,  as provided in subsection (ii) of
this Section  3.11.  Such  delivery and payment  shall be made at the  principal
office of the Company or at such other place as the parties  mutually agree. The
foregoing may be herein referred to as the "Agreement Terms."                   

3.12.    PAYMENT OF PURCHASE  PRICE.  The Company  shall pay the  purchase price
to the Employee at the closing. The purchase price payment terms shall be a part
of the "Agreement Terms."                                                       

3.13.  RIGHT TO PURCHASE UPON CERTAIN OTHER EVENTS.  The Company or its designee
shall have the right to purchase  all, but not less than all, of the Shares held
by the Employee at the Agreement  Price and on the Agreement  Terms for a period
of 90 days after any of the following events:                                   

       3.13.1.  Any  attempt  by  a  creditor  to  levy  upon or sell any of the
Employee's Shares;                                                              

       3.13.2.  The  filing  of  a  petition  by  the  Employee  under  the U.S.
Bankruptcy Code or any insolvency laws;                                         

       3.13.3.  The filing of a petition  against  Employee under any insolvency
or  bankruptcy  laws by any  creditor of the  Employee  if such  petition is not
dismissed within 30 days of filing;                                             

       3.13.4.  The  entry  of  a decree of divorce between the Employee and the
Employee's spouse; or,                                                          

       3.13.5.  The  termination  of  Employee's  services  as  an  employee  or
consultant with the Company.                                                    

3.14.  NOTICE OF EVENTS. The Employee  shall provide the Company  written notice
of the  occurrence  of any event set forth at Section 3.13 within 30 days of the
occurrence of such event.                                                       

3.15.  TERMINATION. The provisions  of this  Article 3 shall  terminate  and all
rights of each such party  hereunder  shall  cease  except for those which shall
have theretofore accrued upon the occurrence of any of the following events:    

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3.15.1.  Cessation of the Company's business;                     

3.15.2.  Bankruptcy, receivership or dissolution of the Company;  

       3.15.3.  Ownership  of  all  of  the issued and outstanding shares of the
Company by a single shareholder of the Company;                                 

       3.15.4.  Written consent or agreement of the shareholders  of the Company
holding  50% of the then  issued  and  outstanding  shares  Common  Stock of the
Company (determined on a fully diluted basis);                                  

       3.15.5.  Consent  or agreement  of a majority of the members of the Board
of Directors of the Company; or,                                                

       3.15.6.  Registration  of any  class of equity  securities of the Company
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.      

3.16.  AMENDMENT.  This Article 3 may be modified or amended in whole or in part
by a written instrument signed by shareholders of the Company holding 50% of the
outstanding  shares of Common Stock  (determined  on a fully diluted basis) or a
majority of the members of the Board of Directors of the Company.               

ARTICLE 4.

GENERAL PROVISIONS

4.1.   RECITALS. The recitals set forth above are incorporated  herein  by  this
reference  and  made a part of this Agreement.                                  

4.2.   ADVICE  OF  COUNSEL.  Each  party has been advised of and understands the
terms and  conditions  of this  Agreement.  This  Agreement  has been freely and
voluntarily entered into and executed by the parties, each of the parties hereto
being duly represented by counsel or having the benefit of advice of counsel.   

4.3.   AMENDMENTS.  This  Agreement  may  be  amended only by written consent of
each of the parties hereto.                                                     

4.4.   FURTHER  ACTS.  The  parties  hereto  shall cooperate with each other and
execute such  additional  documents or instruments and perform such further acts
as may  be  reasonably  necessary  to  affect  the  purpose  and  intent  of the
Agreement.                                                                      

4.5.   NOTICES. Any and all notices, demands, requests,  or other communications
required or permitted by this  Agreement or by law to be served on, given to, or
delivered to any party hereto by any other party to this  Agreement  shall be in
writing and shall be deemed duly served,  given,  or delivered  when  personally
delivered  to the  party  or to an  officer  of the  party,  or in  lieu of such
personal delivery, when deposited in the United States mail, first-class postage
prepaid addressed as follows:                                                   

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Accesspoint:                        Accesspoint Corporation                     
         38 Executive Park
 Suite 350
        Irvine, CA 92614
              Attn: Tom M. Djokovich

Employee:                           [See Schedule 1]                            

4.6.   EFFECT OF HEADINGS.  The  subject  headings of the  paragraphs  and  sub-
paragraphs of this Agreement are included for purposes of convenience  only, and
shall not affect the construction or interpretation of any of its provisions.   

4.7.   ENTIRE AGREEMENT; MODIFICATION,  WAIVER.  This Agreement  constitutes the
entire  agreement  between the parties  pertaining to the  conditional and final
converting  of any  Shares,  and along with the Plan and the  Trust,  the entire
agreement  between the parties  pertaining to any other subject matter contained
herein.  This  Agreement  supersedes  all prior and  contemporaneous  agreement,
representations  and  understandings  of the  parties.  No  waiver of any of the
provisions of this Agreement  shall be deemed,  or shall  constitute a waiver of
any other provision,  whether or not similar,  nor shall any waiver constitute a
continuing  waiver. No waiver shall be binding unless executed in writing by the
party making the waiver.                                                        

4.8.   SEVERABILITY.  Should  any  provision  or  portion of this  Agreement  be
held or otherwise become  unenforceable or invalid for any reason, the remaining
provisions  and  portions  of  this  Agreement   shall  be  unaffected  by  such
unenforceability or invalidity.                                                 

4.9.   COUNTERPARTS.  This  Agreement may be executed  simultaneously  in one or
more counterparts,  each of which shall be deemed an original,  but all of which
together shall  constitute one and the same  instrument.  The exhibits  attached
hereto and  initialed  by the parties  are made a part  hereof and  incorporated
herein by this reference.                                                       

4.10.  PARTIES  IN  INTEREST.  Nothing  in this  Agreement,  whether  express or
implied, is intended to confer any rights or remedies under or by reason of this
Agreement  on any persons  other than the parties to it, and APC,  and their and
its respective  successors and assigns.  APC is expressly declared to be a third
party beneficiary under this agreement with full rights of enforcement. Further,
nothing in this  Agreement  intended to relieve or discharge  the  obligation or
liability of any third party to this Agreement, nor shall any provision give any
third  person  except APC any right of  subrogation  or action over  against any
party to this Agreement.                                                        

4.11.  ASSIGNMENT.The Shares may be exercised only by Employee during his or her
lifetime, unless expressly agreed otherwise in writing by Accesspoint.  Employee
may not transfer or assign, or purport to transfer or assign, the Shares without
the prior written  consent of  Accesspoint.  To the extent that  Accesspoint may
consent to any such  assignment,  this Agreement  shall be binding on, and shall
inure to the  benefit  of,  the heirs,  legal  representatives,  successors  and
assigns of Employee.  Accesspoint  may assign this Agreement to any entity which
purchases  substantially  all of the assets of Accesspoint,  or is the surviving
entity in any merger, consolidation or reorganization of Accesspoint.           

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4.12.  SPECIFIC  PERFORMANCE. Each party's  obligations under this Agreement are
unique. If any party should default in its obligations under this Agreement, the
parties each acknowledge that it would be extremely impracticable to measure the
resulting  damages;  accordingly,  the  nondefaulting  party, in addition to any
other available rights or remedies,  may sue in equity for specific  performance
without the necessity of posting a bond or other security,  and the parties each
expressly waive the defense that a remedy in damages will be adequate.          

4.13.  RECOVERY OF LITIGATION  COSTS.  If any legal action or any arbitration or
other proceeding is brought for the enforcement of this Agreement, or because of
an alleged dispute,  breach, default or misrepresentation in connection with any
of the  provisions of this  Agreement,  the  successful  or prevailing  party or
parties shall be entitled to recover as an element of their damages,  reasonable
attorneys'  fees and other  costs  incurred  in that  action or  proceeding,  in
addition to any other relief to which they may be entitled.                     

4.14.  SURVIVAL  OF  REPRESENTATIONS  AND  OBLIGATIONS.   All   representations,
warranties and agreements of the parties contained in this Agreement,  or in any
instrument,  certificate,  opinion or other  writing  provided  for in it, shall
survive the dissolution of the Partnership.                                     

4.15.  GENDER;  NUMBER.  Whenever the context of this  Agreement  requires,  the
masculine gender includes the feminine or neuter gender, and the singular number
includes the plural.                                                            

4.16.  GOVERNING  LAW.  This  Agreement shall be construed in  accordance  with,
and governed by, the laws of the State of California.                           

4.17.  VENUE.  This  Agreement is to be performed at Orange  County, California.
Therefore,  venue  for  any  action  brought  regarding  the  interpretation  or
enforcement  of  this  Agreement   shall  lie   exclusively  in  Orange  County,
California.                                                                     

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IN WITNESS WHEREOF, this Agreement is executed on the date first set forth above
at Orange County, California.                                                   

COMPANY:  

                                   Accesspoint Corporation, a Nevada corporation

       By: /s/ Al Urcuyo
                                   ---------------------------------------------
Al Urcuyo,
             Office of the President

EMPLOYEE: 

                                   By: _________________________________________

[Employee]

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SCHEDULE 1

NUMBER OF PREFERRED SHARES, SERIES A, CONDITIONALLY AWARDED:                    

(1)  After completion of a minimum of twelve (12) months of employment with PSI:
[Number of Preferred Series A Shares] (X,XXX)                         

CONDITIONAL CONVERSION SCHEDULE:                                                

The following  conversion  schedule shall outline various  business  development
goals  under the direct  influence  and  responsibility  of  Employee  and shall
require  achievement,  in  accordance  with the  terms  and  conditions  of this
Agreement, of those milestones outlined below.                                  

Milestone 1.      The  Employee  shall have the right to  convert  [Number of   
                  Preferred  Series A Shares]  (X,XXX) Class A Preferred  Shares
                  upon attaining the following  business  development  goals for
PSI:                                        

                  (a) Employee shall be responsible  for account  administration
                  duties for Processing Source International, exercising all due
                  diligence and expertise in the discharge of the aforementioned
duties.                                     

                  (b)  Employee   shall   perform   aforementioned   duties  and
                  responsibilities  sufficient  to  allow  PSI  to  achieve  its
                  estimated  twelve  month new account  and  revenue  projection
                  totals of a minimum of twenty  thousand  (20,000) new accounts
                  and  seventeen  million  four hundred  thousand  ($17,400,000)
                  dollars  in  gross   revenues.   Furthermore,   the   business
                  development  division  shall  continue  to  grow  its  book of
                  business  and the  underwriting  division  shall  maintain its
                  ability  to keep up with  account  services  for a  period  of
                  thirty (30) days after the  achievement of the above described
milestones.                                 

                  The time attainment requirements for Employee's achievement of
                  the foregoing business  development goals and objectives shall
                  be twenty  four (24) months  from the  effective  date of this
Agreement.                                  

            ADDRESS OF EMPLOYEE FOR PURPOSE OF NOTICE AND OTHERWISE:

[Address of Employee]                       

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Dates Referenced Herein

		Referenced-On Page
This ‘10QSB’ Filing	Date	First	Last	Other Filings

Filed on:	11/14/01			None on these Dates
For Period End:	9/30/01
	3/19/99	1
				List all Filings

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Filing Submission 0001092306-01-500307 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Accesspoint Corp/NV – ‘10QSB’ for 9/30/01 – EX-10.33

On: Wednesday, 11/14/01 · For: 9/30/01 · Accession #: 1092306-1-500307 · File #: 0-29217

Previous ‘10QSB’: ‘10QSB’ on 8/14/01 for 6/30/01 · Next: ‘10QSB’ on 5/20/02 for 3/31/02 · Latest: ‘10QSB’ on 11/10/05 for 9/30/05

Quarterly Report — Small Business — Form 10-QSBFiling Table of Contents

EX-10.33 — Stock Bonus Agreement – StandardExhibit Table of Contents

Dates Referenced Herein

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

EX-10.33 — Stock Bonus Agreement – Standard
Exhibit Table of Contents