2016 10-K Exhibit 10.17





EXHIBIT 10.17



AMENDED AND RESTATED PERNIX THERAPEUTICS HOLDINGS, INC.

                      2015 OMNIBUS INCENTIVE PLAN


(Amended and Restated as of October 14, 2016)




	Purpose.

The purposes of the Amended and Restated Pernix Therapeutics Holdings, Inc. 2015 Omnibus Incentive Plan (the "Plan") are to (i) align the
long-term financial interests of employees, directors, consultants, agents and other service providers of the Company and its Subsidiaries with those of the Company's shareholders;
(ii) attract and retain those individuals by providing compensation opportunities that are competitive with other companies; and (iii) provide incentives to those individuals who
contribute significantly to the long-term performance and growth of the Company and its Subsidiaries.



	Term. 



	Effective Date.  The Plan shall become effective on the date the Plan is approved by the Company's stockholders (the "Effective
Date").


	Duration.  Subject to the right of the Board to amend or terminate the Plan at any time pursuant to Section 17 hereof, the Plan shall remain in
effect until the earlier of (i) the date all shares of Common Stock subject to the Plan have been purchased or acquired according to the Plan's provisions or (ii) the tenth anniversary
of the date the Plan becomes effective pursuant to Section 2(a) hereof.  No Awards shall be granted under the Plan after such termination date but Awards granted prior to such
termination date shall remain outstanding in accordance with their terms.


	Definitions.

"Award" shall mean an Option, SAR, Share Award or Cash Award granted under the Plan.

"Award Agreement" shall mean any written agreement, contract, or other instrument or document evidencing an Award.

"Board" shall mean the Board of Directors of the Company.

"Blackout Period" means a period self-imposed by the Company when the Participant is prohibited from trading in the Company's securities.

"Business Day" means any day, other than a Saturday, Sunday or statutory or civic holiday, on which banks in New York, New York are open for
business.

"Cash Award" means cash awarded under Section 7(d) of the Plan, including cash awarded as a bonus or upon the attainment of
Performance Criteria or otherwise as permitted under the Plan.




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"Cause" shall have the meaning set forth in the Participant's employment agreement with the Company, as in effect on the date an Award is
granted; provided that if no such agreement or definition exists, "Cause" shall mean, unless otherwise specified in the Award Agreement: (i) conviction of any felony or
indictable offense (other than one related to a vehicular offense) or other criminal act involving fraud; (ii) willful misconduct that results in a material economic detriment to the Company;
(iii) material violation of Company policies and directives, which is not cured after written notice and an opportunity for cure; (iv) continued refusal by the Participant to perform the
Participant's duties after written notice identifying the deficiencies and an opportunity for cure; (v) a material violation by the Participant of any material covenants to the Company and
(vi) such other actions constituting cause under applicable common law.  No action or inaction shall be deemed willful if not demonstrably willful and if taken or not taken by the
Participant in good faith and with the understanding that such action or inaction was not adverse to the best interests of the Company.  Reference in this definition to the Company shall also
include direct and indirect Subsidiaries of the Company, and materiality shall be measured based on the action or inaction and the impact upon the Company taken as a whole.

"Change of Control" shall have the meaning set forth in Section 10.

"Code" shall mean the U.S. Internal Revenue Code of 1986, as amended, including any rules and regulations promulgated thereunder and any
successor thereto.

"Committee" shall mean the Board or a committee designated by the Board to administer the Plan.  With respect to Awards granted to Covered
Employees (or individuals expected to become Covered Employees), such committee shall consist of two or more individuals, each of whom, unless otherwise determined by the Board, is an
"outside director" within the meaning of Section 162(m) of the Code and a "nonemployee director" within the meaning of Rule 16b-3 of the Exchange Act.

"Common Stock" shall mean the common stock of the Company, $0.01 par value per share.

"Company" shall mean Pernix Therapeutics Holdings, Inc., a Maryland corporation.

"Covered Employee" shall mean a "covered employee," as such term is defined in Section 162(m)(3) of the Code.

"Deferred Shares" shall mean an Award payable in Common Stock at the end of a specified deferral period that is subject to the terms, conditions
and limitations described or referred to in Section 7(c)(iv).

"Disability" shall mean, unless otherwise provided in an Award Agreement, that the Participant is (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
employees of the Company; provided, that, if applicable to the Award, "Disability" shall be determined in a manner consistent with Section 409A of the Code.





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"Eligible Recipient" shall mean (i) any employee (including any officer) of the Company or any Subsidiary, (ii) any director of the
Company or any Subsidiary or (iii) any individual performing services for the Company or a Subsidiary in the capacity of a consultant, agent or otherwise.

"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder and any
successor thereto.

"Good Reason" shall have the meaning set forth in the Participant's employment agreement with the Company, as in effect on the date an Award is
granted; provided that if no such agreement or definition exists, "Good Reason" shall mean, unless otherwise specified in the Award Agreement, the occurrence of any of the events
or conditions described in clauses (i) and (ii) immediately below which are not cured by the Company (if susceptible to cure by the Company) within thirty (30) days after the
Company has received written notice from the Participant which notice must be provided by the Participant within ninety (90) days of the initial existence of the event or condition
constituting Good Reason specifying the particular events or conditions which constitute Good Reason and the specific cure requested by the Participant: (i) any material reduction in the
Participant's duties or responsibilities as in effect immediately prior thereto; provided that diminution of responsibility shall not include any such diminution resulting from a promotion, death or
Disability, the termination of the Participant's employment for Cause, or the Participant's termination of employment other than for Good Reason; and (ii) any reduction in the Participant's
base salary or target bonus opportunity which is not comparable to reductions in the base salary or target bonus opportunity of other similarly-situated employees at the Company.

"ISO" shall mean an Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code.

"Market Price" shall mean, with respect to Common Stock, (i) the closing price per share of Common Stock on the national securities
exchange on which the Common Stock is principally traded (as of the Effective Date, the NASDAQ Global Market) for the last preceding date on which there was a sale of such Common Stock
on such exchange, or (ii) if the Common Stock is not then listed on a national securities exchange but are then traded in an over-the-counter market, the average of the closing bid and
asked prices for the Common Stock in such over-the-counter market for the last preceding date on which there was a sale of such Common Stock in such market, or (iii) if the Common
Stock is not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, using any reasonable method of valuation, shall determine.
With respect to property other than Common Stock, the Market Price shall mean the fair market value of such other property determined by such methods or procedures as shall be established
from time to time by the Committee.

"Nonqualified Stock Option" shall mean an Option that is granted to a Participant that is not designated as an ISO.




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"Option" shall mean the right to purchase a specified number of shares of Common Stock at a stated exercise price for a specified period of time
subject to the terms, conditions and limitations described or referred to in Section 7(a).  The term "Option" as used in the Plan includes the terms "Nonqualified Stock
Option" and "ISO."

"Original Term" shall have the meaning set forth in Section 7(a).

"Participant" shall mean an Eligible Recipient who has been granted an Award under the Plan.

"Performance Criteria" shall mean performance criteria based on the attainment by the Company or any Subsidiary (or any division or business unit
of such entity) of performance measures pre-established by the Committee in its sole discretion, based on one or more of the following:



	revenues, income before taxes and extraordinary items, net income, operating income, earnings before income tax, earnings before interest, taxes, depreciation
and amortization, cash flow or a combination of any or all of the foregoing;


	after-tax or pre-tax profits including, without limitation, that attributable to continuing and/or other operations;


	the level of the Company's bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company either in absolute
terms or as it relates to a profitability ratio including operating income or EBITA;


	return on capital employed, return on assets, or return on invested capital;


	after-tax or pre-tax return on stockholders' equity;


	economic value added targets based on a cash flow return on investment formula;


	the Market Price of the Common Stock;


	the market capitalization or enterprise value of the Company, either in amount or relative to industry peers;


	the value of an investment in the Common Stock assuming the reinvestment of dividends;


	the achievement of operating margin targets or other measures of improving profitability;


	the filing of one or more new drug application(s) ("NDA") or the approval of one or more NDA(s) by the U.S. Food and Drug Administration;

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	the achievement of, or progress toward, a launch of one or more new drug(s);


	the achievement of research and development milestones;


	the achievement of other strategic milestones including, without limitation, the achievement of specific synergy capture and cost savings realization relating to
integrations and the successful creation or execution of a restructuring plan for a specific business or function;


	the successful completion of clinical trial phases;


	licensing or acquiring new products or product platforms;


	acquisition or divestiture of products or business;


	the entering into new, or exiting from existing, geographic markets or industry segments; or


	the attainment of a certain level of, reduction of, or other specified objectives with regard to limiting the level in or increase in, all or a portion of controllable
expenses or costs or other expenses or costs.

For purposes of item (i) above, "extraordinary items" shall mean all items of gain, loss or expense for the fiscal year determined to be extraordinary or
unusual in nature or infrequent in occurrence or related to a corporate transaction (including, without limitation, a disposition or acquisition) or restructuring or related to a change in accounting
principles, all as determined in accordance with standards established by Opinion No. 30 of the Accounting Principles Board.  Each financial metric described in item (i) above may
be on a business unit, geographic segment, total company or per-share basis, and on a GAAP or non-GAAP adjusted basis.  The Performance Criteria may be based upon the attainment of
specified levels of performance under one or more of the measures described above relative to the performance of other entities.  To the extent permitted under Section 162(m) of the
Code (including, without limitation, compliance with any requirements for shareholder approval) or to the extent that an Award is not intended to qualify as "performance-based
compensation" under Section 162(m) of the Code, the Committee in its sole discretion may designate additional business criteria on which the Performance Criteria may be based
or adjust, modify or amend the aforementioned business criteria, including to take into account actions approved by the Board or a committee thereof that affect the achievement of the original
performance criteria.  Performance Criteria may include a threshold level of performance below which no Award will be earned, a level of performance at which the target amount of an Award
will be earned and a level of performance at which the maximum amount of the Award will be earned.  To the extent permitted under Section 162(m) of the Code, the Committee, in its
sole discretion, shall make equitable adjustments to the Performance Criteria in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or the financial
statements of the Company or any Subsidiary, in response to changes in applicable laws or regulations, including changes in generally accepted accounting principles, or to account for items
of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in
accounting principles, as applicable.




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"Person" shall have the meaning set forth in Section 14(d)(2) of the Exchange Act.

"Restricted Shares" shall mean an Award of Common Stock that is subject to the terms, conditions, restrictions and limitations described or referred
to in Section 7(c)(iii).

"SAR" shall mean a share appreciation right that is subject to the terms, conditions, restrictions and limitations described or referred to in
Section 7(b).

"Section 16(a) Officer" shall mean an Eligible Recipient who is subject to the reporting requirements of Section 16(a) of the Exchange
Act.

"Separation from Service" shall have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations.

"Specified Employee" shall have the meaning set forth in Section 409A of the Code and the Treasury Regulations promulgated
thereunder.

"Share Award" shall have the meaning set forth in Section 7(c)(i).

"Share Payment" shall mean a share payment that is subject to the terms, conditions, and limitations described or referred to in
Section 7(c)(ii).

"Share Unit" shall mean a share unit that is subject to the terms, conditions and limitations described or referred to in Section 7(c)(v).

"Subsidiary" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations (other than the last corporation) in the unbroken chain owns shares possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in one
of the other corporations in the chain (or such lesser percent as is permitted by Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations).

"Treasury Regulations" shall mean the regulations promulgated under the Code by the United States Internal Revenue Service, as amended.




	Administration.



	Committee Authority.  Subject to applicable law, the Committee shall have full and exclusive power to administer and interpret the Plan, to grant
Awards and to adopt such administrative rules, regulations, procedures and guidelines governing the Plan and the Awards as it deems appropriate, in its sole discretion, from time to time.  The
Committee's authority shall include, but not be limited to, the authority to (i) determine the type of Awards to be granted under the Plan; (ii) select Award recipients and determine
the extent of their participation; (iii) determine Performance Criteria no later than such time as required to ensure




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that an underlying Award which is intended to comply with
Section 162(m) of the Code so complies; and (iv) establish all other terms, conditions, and limitations applicable to Awards, Award programs and, if applicable, the Common Stock
issued pursuant thereto.  The Committee may, in the event of a Participant's termination of employment, death or disability or upon a Change of Control, accelerate or defer the vesting or
payment of Awards, cancel or modify outstanding Awards, waive any conditions or restrictions imposed with respect to Awards or the Common Stock issued pursuant to Awards and make any
and all other determinations that it deems appropriate with respect to the administration of the Plan, subject to (A) the limitations contained in Sections 4(d) and 17 of the Plan and
applicable law with respect to all Participants and (B) the provisions of Section 162(m) of the Code with respect to Covered Employees.



	Administration of the Plan.  The administration of the Plan shall be managed by the Committee.  All determinations of the Committee shall be made
by a majority of its members either present in person or participating by conference telephone at a meeting or by written consent.  The Committee shall have the power to prescribe and modify
the forms of Award Agreement, correct any defect, supply any omission or clarify any inconsistency in the Plan and/or in any Award Agreement and take such actions and make such
administrative determinations that the Committee deems appropriate in its sole discretion.  Any decision of the Committee in the administration of the Plan, as described herein, shall be final,
binding and conclusive on all parties concerned, including the Company, its shareholders and Subsidiaries and all Participants.


	Delegation of Authority.  To the extent permitted by applicable law, the Committee may at any time delegate to one or more officers or directors of
the Company some or all of its authority over the administration of the Plan, with respect to individuals who are not Section 16(a) Officers or Covered Employees.


	Indemnification.  No member of the Committee or any other Person to whom any duty or power relating to the administration or interpretation of the
Plan has been delegated shall be personally liable for any action or determination made with respect to the Plan, except for his or her own willful misconduct or as expressly provided by
statute.  The members of the Committee and its delegates, including any employee with responsibilities relating to the administration of the Plan, shall be entitled to indemnification and
reimbursement from the Company, to the extent permitted by applicable law and the by-laws and policies of the Company.  To the fullest extent permitted by the law, in the performance of its
functions under the Plan, the Committee (and each member of the Committee and its delegates) shall be entitled to rely upon information and advice furnished by the Company's officers,
accountants, counsel and any other party they deem appropriate, and neither the Committee nor any such Person shall be liable for any action taken or not taken in reliance upon any such
advice.

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	Participation.



	Eligible Recipients.  Subject to applicable law and Section 7 hereof, the Committee shall determine, in its sole discretion, which Eligible
Recipients shall be granted Awards under the Plan.  Unless otherwise determined by the Committee, members of the Board shall generally not be eligible to receive SARs or Options.


	Participation outside of the United States.  In order to facilitate the granting of Awards to Employees who are foreign nationals or who are employed
outside of the U.S., the Committee may provide for such special terms and conditions, including, without limitation, substitutes for Awards, as the Committee may consider necessary or
appropriate to accommodate differences in local law, tax policy or custom.  The Committee may approve any supplements to, or amendments, restatements or alternative versions of, this Plan
as it may consider necessary or appropriate for the purposes of this Section 5(b) without thereby affecting the terms of this Plan as in effect for any other purpose, and the appropriate
officer of the Company may certify any such documents as having been approved and adopted pursuant to properly delegated authority; provided, that no such supplements, amendments,
restatements or alternative versions shall include any provisions that are inconsistent with the intent and purpose of this Plan, as then in effect; and further provided that any such action taken
with respect to a Covered Employee shall be taken in compliance with Section 162(m) of the Code and that any such action taken with respect to an Employee who is subject to
Section 409A of the Code shall be taken in compliance with Section 409A of the Code.


	Available Shares of Common Stock.1



	Shares Subject to the Plan.  Subject to the following provisions of this Section 6, the maximum number of Common Stock that may be issued
to Participants pursuant to Awards (all of which may be granted as ISOs) shall be equal to 700,000 shares.   Common Stock issued pursuant to Awards granted under the
Plan may be shares that have been authorized but unissued, or have been purchased in open market transactions or otherwise.


	Forfeited and Expired Awards; Repurchases.  If any shares subject to an Award are forfeited, canceled, exchanged or surrendered, or if an Award
terminates or expires without a distribution of Common Stock to the Participant, the shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange,
surrender, termination or expiration, again be available for Awards under the Plan.  Notwithstanding the forgoing, the shares surrendered or withheld as payment of either the exercise price of
an Option (including shares otherwise underlying an Award of a SAR that are retained by the Company to account for




___________________


1 All share numbers in Section 6 of the Plan have been adjusted to reflect the 1-for-10 reverse stock split of the Common Stock effected as of the close of business on October 13, 2016.




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the exercise price of such SAR) and/or withholding taxes in respect of an
Award shall no longer be available for Awards under the Plan.  Shares of Common Stock repurchased by the Company on the open market using the proceeds from the exercise of an Award
shall not increase the number of shares available for future grant of Awards.



	Other Items Not Included in Allocation.  The maximum number of Common Stock that may be issued under the Plan as set forth in
Section 6(a) shall not be affected by (i) the payment in cash of dividends or dividend equivalents in connection with outstanding Awards; (ii) the granting or payment of share-denominated
Awards that by their terms may be settled only in cash, (iii) the granting of Cash Awards; or (iv) Awards that are granted in connection with a transaction between the
Company or a Subsidiary and another entity or business in substitution or exchange for, or conversion adjustment, assumption or replacement of, awards previously granted by such other
entity to any individuals who have become Eligible Recipients as a result of such transaction.


	Other Limitations on Shares that May be Granted under the Plan.  Subject to Section 6(e), the aggregate number of Common Stock that may
be granted to any Covered Employee during a calendar year in the form of Options, SARs, and/or Share Awards intended to qualify as "performance-based compensation" under
Section 162(m) of the Code shall not exceed 150,000 per fiscal year.  Determinations made under this Section 6(d) with respect to Covered Employees shall be made in a manner
consistent with Section 162(m) of the Code.


	Adjustments.  In the event of any change in the Company's capital structure, including, but not limited to, a change in the number of shares of
Common Stock outstanding, on account of (i) any stock dividend, stock split, reverse stock split or any similar equity restructuring or (ii) any combination or exchange of equity
securities, merger, consolidation, recapitalization, reorganization, or divesture or any other similar event affecting the Company's capital structure, to reflect such change in the Company's
capital structure, the Committee shall make appropriate equitable adjustments to the maximum number of Common Stock that may be issued under the Plan as set forth in Section 6(a)
and to the maximum number of shares that may be granted to any single individual pursuant to Section 6(d) (but, in each case, only to the extent permitted under Section 162(m)
of the Code).  In the event of any extraordinary dividend, divestiture or other distribution (other than ordinary cash dividends) of assets to shareholders, or any transaction or event described
above, to the extent necessary to prevent the enlargement or diminution of the rights of Participants, the Committee shall make appropriate equitable adjustments to the number or kind of
shares subject to an outstanding Award, the exercise price applicable to an outstanding Award, and/or any measure of performance that relates to an outstanding Award, including any
applicable Performance Criteria.  Any adjustment to ISOs under this Section 6(e) shall be made only to the extent not constituting a "modification" within the meaning of
Section 424(h)(3) of the Code.  With respect to Awards subject to Section 409A of the Code, any adjustments under this Section 6(e) shall conform





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to the requirements of Section 409A of the Code.  Furthermore, with respect to Awards intended to qualify as "performance-based compensation" under Section 162(m) of the Code, such
adjustments shall be made only to the extent that the Committee determines that such adjustments may be made without causing the Company to be denied a tax deduction on account of
Section 162(m) of the Code.  Notwithstanding anything set forth herein to the contrary, the Committee may, in its discretion, decline to adjust any Award made to a Participant, if it
determines that such adjustment would violate applicable law or result in adverse tax consequences to the Participant or to the Company.  If, as a result of any adjustment under this
Section 6(e), a Participant would become entitled to a fractional Common Stock, the Participant has the right to acquire only the adjusted number of full shares of Common Stock and no
payment or other adjustment will be made with respect to the fractional Common Stock so disregarded.  Adjustments described under this Section 6(e) are subject to any applicable
regulatory approvals.



	Awards Under The Plan.

Awards under the Plan may be granted as Options, SARs, Share Awards or Cash Awards as described below.  Awards may be granted singly, in combination or in
tandem as determined by the Committee, in its sole discretion.



	Options.  Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs.  Options shall expire after such period, not to
exceed a maximum of ten years, as may be determined by the Committee (the "Original Term").  If an Option is exercisable in installments, such installments or portions
thereof that become exercisable shall remain exercisable until the Option expires or is otherwise canceled pursuant to its terms.  Notwithstanding anything to the contrary in this
Section 7(a), if the Original Term of an Option held by a Participant expires during a Blackout Period, the term of such Option shall be extended until the tenth Business Day following the
end of the Blackout Period, at which time any unexercised portion of the Option shall expire.  Except as otherwise provided in this Section 7(a), Options shall be subject to the terms,
conditions, restrictions, and limitations determined by the Committee, in its sole discretion, from time to time.



	Exercise Price.  The Committee shall determine the exercise price per share for each Option, which shall not be less than 100% of the Market Price
(as of the date of grant) of the Common Stock subject to the Option.


	Exercise of Options.  Upon satisfaction of the applicable conditions relating to vesting and exercisability, as determined by the Committee, and upon
provision for the payment in full of the exercise price and applicable taxes due, the Participant shall be entitled to exercise the Option and receive the number of Common Stock issuable in
connection with the Option exercise.  The Common Stock issued in connection with the Option exercise may be subject to such conditions and restrictions as the





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Committee may determine, from time to time.  The exercise price of an Option and applicable withholding taxes relating to an Option exercise may be paid by methods permitted by the Committee from time to time
including, but not limited to, (1) a cash payment; (2) tendering (either actually or by attestation) Common Stock owned by the Participant (for any minimum period of time that the
Committee, in its discretion, may specify), valued at the Market Price at the time of exercise; (3) arranging to have the appropriate number of shares of Common Stock issuable upon the
exercise of an Option withheld or sold; or (4) any combination of the above.  Additionally, the Committee may provide that a Nonqualified Stock Option may be "net exercised,"
meaning that upon the exercise of an Option or any portion thereof, the Company shall deliver the number of whole shares of Common Stock equal to (A) the difference between
(x) the aggregate Market Price of the Common Stock subject to the Option (or the portion of such Option then being exercised) and (y) the aggregate exercise price for all such
Common Stock under the Option (or the portion thereof then being exercised) plus (to the extent it would not give rise to adverse accounting consequences pursuant to applicable accounting
principles or to adverse tax consequences to the Participants) the amount of minimum withholding tax due upon exercise divided by (B) the Market Price of a share of Common Stock on
the date of exercise.  Any fractional share that would result from such equation shall be canceled.



	ISOs.  The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms,
conditions, limitations and administrative procedures established by the Committee from time to time in accordance with the Plan.  At the discretion of the Committee, ISOs may be granted only
to an employee of the Company, its "parent corporation" (as such term is defined in Section 424(e) of the Code) or a Subsidiary.


	ISO Grants to 10% Shareholders.  Notwithstanding anything to the contrary in this Section 7(a), if an ISO is granted to a Participant who owns shares representing
more than ten percent of the voting power of all classes of shares of the Company, its "parent corporation" (as such term is defined in Section 424 (e) of the Code) or a
Subsidiary, the term of the Option shall not exceed five years from the time of grant of such Option and the exercise price shall be at least 110 percent of the Market Price (as of the date of
grant) of the Common Stock subject to the Option.

	$100,000 Per Year Limitation for ISOs.  To the extent the aggregate Market Price (determined as of the date of grant) of the Common Stock for which ISOs are exercisable
for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

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	Disqualifying Dispositions.  Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date he or she makes a
"disqualifying disposition" of any Common Stock acquired pursuant to the exercise of such ISO.  A "disqualifying disposition" is any disposition (including any sale) of
such Common Stock before the later of (i) two years after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Common Stock by exercising the
ISO.  The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession of any Common Stock acquired pursuant to the exercise of an
ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such
shares.


	Share Appreciation Rights.  A SAR represents the right to receive a payment in cash, Common Stock, or a combination thereof, in an amount equal
to the product of (1) the excess of the Market Price per share of Common Stock on the date the SAR is exercised over the exercise price per share of Common Stock of such SAR (which
exercise price shall be no less than 100% of the Market Price of the Common Stock subject to the SAR as of the date the SAR was granted) and (2) the number of shares of Common
Stock subject to the portion of the SAR being exercised.  If a SAR is paid in Common Stock, the number of shares of Common Stock to be delivered will equal the amount determined to be
payable in accordance with the prior sentence divided by the Market Price of a share of Common Stock at the time of payment.  The Committee shall establish the Original Term of a SAR,
which shall not exceed a maximum of ten years.  Notwithstanding anything to the contrary in this Section 7(b), if the Original Term of a SAR held by the Participant expires during a
Blackout Period, the term of such SAR shall be extended until the tenth Business Day following the end of the Blackout Period, at which time any unexercised portion of the SAR shall expire.
Except as otherwise provided in this Section 7(b), SARs shall be subject to the terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion, from time
to time.  A SAR may only be granted to an Eligible Recipient to whom an Option could be granted under the Plan.


	Share Awards.   



	Form of Awards.  The Committee may grant Awards that are payable in Common Stock or denominated in units equivalent in value to Common
Stock or are otherwise based on or related to Common Stock ("Share Awards"), including, but not limited to, Share Payments, Restricted Shares, Deferred Shares, and
Share Units.  Share Awards shall be subject to such terms, conditions (including, without limitation, service-based and performance-based vesting conditions), restrictions and limitations as the
Committee may determine to be applicable to such Share Awards, in its sole discretion, from time to time.

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	Share Payment.  If not prohibited by applicable law, the Committee may issue unrestricted Common Stock in such amounts and subject to such
terms and conditions as the Committee shall from time to time in its sole discretion determine.  A Share Payment may be granted as, or in payment of, a bonus (including, without limitation, any
compensation that is intended to qualify as "performance-based compensation" for purposes of Section 162(m) of the Code), or to provide incentives or recognize special
achievements or contributions.


	Restricted Shares.  Restricted Shares shall be subject to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole
discretion, from time to time.  The number of Restricted Shares allocable to an Award under the Plan shall be determined by the Committee in its sole discretion.


	Deferred Shares.  Subject to Code Section 409A to the extent applicable, Deferred Shares shall be subject to the terms, conditions,
restrictions and limitations determined by the Committee, in its sole discretion, from time to time.  A Participant who receives an Award of Deferred Shares shall be entitled to receive the
number of shares of Common Stock allocable to his or her Award, as determined by the Committee in its sole discretion, from time to time, at the end of a specified deferral period determined
by the Committee.  Awards of Deferred Shares represent only an unfunded, unsecured promise to deliver shares in the future and shall not give Participants any greater rights than those of an
unsecured general creditor of the Company.


	Share Units.  A Share Unit is an Award denominated in shares of Common Stock that may be settled either in Common Stock or in cash, in the
discretion of the Committee, and, subject to Code Section 409A to the extent applicable, shall be subject to such other terms, conditions, restrictions and limitations determined by the
Committee from time to time in its sole discretion.


	Blackout Period.  In the event that any Share Unit is scheduled by its terms to be delivered (the "Original Distribution Date")
during a Blackout Period, then, if the Participant is restricted from selling Shares during the Blackout Period, such shares subject to the Share Unit shall not be delivered on such Original
Distribution Date and shall instead be delivered as soon as practicable following the expiration of the Blackout Period; provided, however, that in no event shall the delivery
of the shares be delayed pursuant to this provision beyond the latest date on which such delivery could be made without violating Code Section 409A.


	Cash Awards.  The Committee may grant Awards that are payable to Participants solely in cash, as deemed by the Committee to be consistent with
the purposes of the Plan, and, except as otherwise provided in this Section 7(d), such Cash





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Awards shall be subject to the terms, conditions, restrictions, and limitations determined by
the Committee, in its sole discretion, from time to time.  Awards granted pursuant to this Section 7(d) may be granted with value and payment contingent upon the achievement of
Performance Criteria.  The maximum amount that any Covered Employee may receive with respect to a Cash Award granted pursuant to this Section 7(d) in respect of any annual
performance period is $10,000,000 and for any other performance period, such amount multiplied by a fraction, the numerator of which is the number of months in the performance period and
the denominator of which is twelve.  Payments earned hereunder may be decreased or, with respect to any Participant who is not a Covered Employee, increased in the sole discretion of the
Committee based on such factors as it deems appropriate.  No payment shall be made to a Covered Employee under this Section 7(d) prior to the certification by the Committee that the
Performance Criteria have been attained.  The Committee may establish such other rules applicable to Cash Awards to the extent not inconsistent with Section 162(m) of the
Code.



	Unless the applicable Award Agreement provides otherwise or the Committee determines otherwise, vesting with respect to an Award will cease upon termination of
a Participant's employment or service with the Company, and unvested Awards shall be forfeited upon such termination.  In the case of termination for Cause, vested Awards shall also be
forfeited.


	Dividends and Dividend Equivalents.

The Committee may, in its sole discretion, provide that Share Awards shall earn dividends or dividend equivalents, as applicable.  Such dividends or dividend
equivalents may be credited to an account maintained on the books of the Company.  Any payment or crediting of dividends or dividend equivalents will be subject to such terms, conditions,
restrictions and limitations as the Committee may establish, from time to time, in its sole discretion, including, without limitation, reinvestment in additional Common Stock or common stock
equivalents; provided, however, if the payment or crediting of dividends or dividend equivalents is in respect of a Share Award that is subject to Code Section 409A, then the payment or
crediting of such dividends or dividend equivalents shall conform to the requirements of Code Section 409A and such requirements shall be specified in writing.  Notwithstanding the
foregoing, dividends or dividend equivalents may not be paid with respect to any Share Award subject to the achievement of Performance Criteria, unless and until the relevant Performance
Criteria have been satisfied, and then only to the extent determined by the Committee, as specified in the Award Agreement.



	Nontransferability.

Awards granted under the Plan, and during any period of restriction on transferability, shares of Common Stock issued in connection with the exercise of an Option or a
SAR, may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares
underlying such Award have been issued, and all restrictions applicable to such shares have lapsed or have been





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waived by the Committee.  No Award or interest or right therein shall be
subject to the debts, contracts or engagements of a Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance,
assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void, of no effect, and not binding on the Company in any way.  Notwithstanding the foregoing, the
Committee may, in its sole discretion, permit (on such terms, conditions and limitations as it may establish) Nonqualified Stock Options and/or shares issued in connection with an Option or a
SAR exercise that are subject to restrictions on transferability, to be transferred to a member of a Participant's immediate family or to a trust or similar vehicle for the benefit of a Participant's
immediate family members and Awards may be transferred to the extent required by a domestic relations order.  During the lifetime of a Participant, all rights with respect to Awards shall be
exercisable only by such Participant or, if applicable pursuant to the preceding sentence, a permitted transferee.



	Change of Control.



	Unless otherwise determined in an Award Agreement, in the event of a Change of Control:



	With respect to each outstanding Award that is assumed or substituted in connection with a Change of Control, in the event of a termination of a Participant's
employment or service without Cause or by the Participant for Good Reason during the 12-month period following such Change of Control, (i) such Award shall become fully vested and
exercisable, (ii) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) any performance conditions imposed with
respect to Awards shall be deemed to be achieved at target performance levels.


	With respect to each outstanding Award that is not assumed or substituted in connection with a Change of Control, immediately upon the occurrence of the Change
of Control, (i) such Award shall become fully vested and exercisable, (ii) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award granted shall
lapse, and (iii) any performance conditions imposed with respect to Awards shall be deemed to be achieved at target performance levels.


	For purposes of this Section 10, an Award shall be considered assumed or substituted for if, following the Change of Control, the Award remains subject to
the same terms and conditions that were applicable to the Award immediately prior to the Change of Control except that, if the Award related to Common Stock, the Award instead confers the
right to receive common stock of the acquiring entity.

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	Notwithstanding any other provision of the Plan, in the event of a Change of Control, the Committee (a) may, in its discretion provide that each Option and
each SAR which may, by its terms, only be settled in shares shall, immediately prior to the occurrence of a Change of Control, be deemed to have been exercised on a "net
exercise" basis; and (b) may, in its discretion, except as would otherwise result in adverse tax consequences under Code Section 409A, provide that each Award, other than
Options and SARs which may, by their terms, only be settled in shares, shall, immediately upon the occurrence of a Change of Control, be cancelled in exchange for a payment in cash or
securities in an amount equal to (i) the excess of the consideration paid per share of Common Stock in the Change of Control over the purchase price (if any) per share of Common Stock
subject to the Award multiplied by (ii) the number of shares of Common Stock then outstanding under the Award.


	For purposes of this Agreement and, except to the extent as would result in a violation of Code Section 409A, a "Change of Control" shall be
deemed to occur if and when the first of the following occurs:



	the acquisition (other than from the Company), by any person (as such term is defined in Section 13(c) or 14(d) of the Exchange Act) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the combined voting power of the Company's then outstanding voting
securities;


	the individuals who, as of the date hereof, are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least a majority of
the Board, unless the election, or nomination for election by the Company's shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, and such
new director shall be considered as a member of the Incumbent Board;


	the closing of a merger or similar business combination (each, an "Business Combination") involving the Company if (i) the shareholders of the
Company, immediately before such Business Combination, do not, as a result of such Business Combination, own, directly or indirectly, more than fifty percent (50%) of the combined
voting power of the then outstanding voting securities of the entity resulting from such Business Combination in substantially the same proportion as their ownership of the combined voting
power of the voting securities of the Company outstanding immediately before such Business Combination or (ii) immediately following the Business Combination, the individuals who
comprised the Board immediately prior thereto do not constitute at least a majority of the board of directors of the entity resulting from such Business Combination (or, if the entity resulting from
such Business Combination is then a subsidiary, the ultimate parent thereof);

                                                                                                   16










	a complete liquidation or dissolution of the Company or the closing of an agreement for the sale or other disposition of all or substantially all of the assets of the
Company.


	Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because fifty percent (50%) or more of the combined voting power of
the Company's then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any
of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the shareholders of the Company in the same proportion as their
ownership of shares in the Company immediately prior to such acquisition.  In addition, notwithstanding the foregoing, solely to the extent required by Section 409A, a Change of Control
shall be deemed to have occurred only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall
also be deemed to have occurred under Section 409A.


	Award Agreements.

Each Award under the Plan shall be evidenced by an Award Agreement (as such may be amended from time to time) that sets forth the terms, conditions, restrictions
and limitations applicable to the Award, including, but not limited to, the provisions governing vesting, exercisability, payment, forfeiture, and termination of employment, all or some of which
may be incorporated by reference into one or more other documents delivered or otherwise made available to a Participant in connection with an Award.



	Tax Withholding.

Participants shall be solely responsible for any applicable taxes (including, without limitation, income, payroll and excise taxes) and penalties, and any interest that
accrues thereon, which they incur in connection with the receipt, vesting or exercise of an Award.  The Company and its Subsidiaries shall have the right to require payment of, or may deduct
from any payment made under the Plan or otherwise to a Participant, or may permit shares to be tendered or sold, including Common Stock delivered or vested in connection with an Award, in
an amount sufficient to cover withholding of any federal, state, local, foreign or other governmental taxes or charges required by law and to take such other action as may be necessary to
satisfy any such withholding obligations.  It shall be a condition to the obligation of the Company to issue Common Stock upon the exercise of an Option, or SAR, or upon settlement of a Share
Award, that the Participant pay to the Company, on demand, such amount as may be requested by the Company for the purpose of satisfying any tax withholding liability.  If the amount is not
paid, the Company may refuse to issue shares.



	Other Benefit and Compensation Programs.

Awards received by Participants under the Plan shall not be deemed a part of a Participant's regular, recurring compensation for purposes of calculating payments or benefits





                                                                                                   17








from any Company benefit plan or severance program unless specifically provided for under the plan or program.  Unless specifically set forth in an Award Agreement, Awards under
the Plan are not intended as payment for compensation that otherwise would have been delivered in cash, and even if so intended, such Awards shall be subject to such vesting requirements
and other terms, conditions and restrictions as may be provided in the Award Agreement.



	Unfunded Plan.

The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation.  The Plan shall not establish any fiduciary relationship
between the Company and any Participant or other Person.  To the extent any Participant holds any rights by virtue of an Award granted under the Plan, such rights shall constitute general
unsecured liabilities of the Company and shall not confer upon any Participant or any other Person any right, title, or interest in any assets of the Company.



	Rights as a Shareholder.

Unless the Committee determines otherwise, a Participant shall not have any rights as a shareholder with respect to Common Stock covered by an Award until the date
the Participant becomes the holder of record with respect to such shares.  No adjustment will be made for dividends or other rights for which the record date is prior to such date, except as
provided in Section 8.



	Future Rights.

No Eligible Recipient shall have any claim or right to be granted an Award under the Plan.  There shall be no obligation of uniformity of treatment of Eligible Recipients
under the Plan.  Further, the Company and its Subsidiaries may adopt other compensation programs, plans or arrangements as deemed appropriate or necessary.  The adoption of the Plan, or
grant of an Award, shall not confer upon any Eligible Recipient any right to continued employment or service in any particular position or at any particular rate of compensation, nor shall it
interfere in any way with the right of the Company or a Subsidiary to terminate the employment or service of Eligible Recipients at any time, free from any claim or liability under the Plan.



	Amendment and Termination.



	The Plan and any Award may be amended, suspended or terminated at any time by the Board, provided that no amendment shall be made without shareholder
approval if such shareholder approval is required in order to comply with applicable law or the rules of the NASDAQ Global Market or any other securities exchange on which the Common
Stock is traded or quoted.  Except as otherwise provided in Section 10(a), no termination, suspension or amendment of the Plan or any Award shall adversely affect the right of any
Participant with respect to any Award theretofore granted, as determined by the Committee, without such Participant's written consent.

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	Notwithstanding Section 17(a), the Company shall obtain shareholder approval for: (i) subject to Section 6(e), a reduction in the exercise price or
purchase price of an Option or SAR (or the cancellation and re-grant of an Option or SAR resulting in a lower exercise price or purchase price or the cancellation of an Option or SAR for cash
except as permitted by Section 10); (ii)  any amendment to remove or to exceed the participation limits described in Section 6(d); (iii) an increase to the maximum number of
shares of Common Stock issuable under the Plan pursuant to Section 6(a) (other than adjustments in accordance with Section 6(e)); (iv) amendments to this
Section 17 other than amendments of a clerical nature; and (v) any amendment that permits Awards to be transferable or assignable other than for normal estate settlement
purposes or for other purposes not involving the receipt of monetary consideration.


	Successors and Assigns.

The Plan and any applicable Award Agreement shall be binding on all successors and assigns of a Participant, including, without limitation, the estate of such Participant
and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant's creditors. 



	Governing Law.

The Plan and all agreements entered into under the Plan shall be governed, construed and administered in accordance with the laws of the State of Maryland.



	Interpretation.

The Plan is designed and intended, to the extent applicable, to comply with Section 162(m) of the Code, and to provide for grants and other transactions which
are exempt under Rule 16b-3, and all provisions hereof shall be construed in a manner to so comply.  Awards under the Plan are also intended to comply with Code Section 409A to the
extent subject thereto, and the Plan and all Awards shall be interpreted in accordance with Code Section 409A and Treasury Regulations and other interpretive guidance issued
thereunder, including without limitation any such regulations or other guidance that may be issued after the effective date of the Plan.  Notwithstanding any provision in the Plan to the contrary,
no payment or distribution under this Plan that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of a Participant's termination of
employment or service with the Company shall be made to such Participant until such Participant's termination of employment or service constitutes a Separation from Service.  For purposes of
this Plan, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Code Section 409A.  If a participant is a Specified
Employee, then to the extent necessary to avoid the imposition of taxes under Code Section 409A, such Participant shall not be entitled to any payments upon a termination of his or her
employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of such Participant's Separation from Service or (ii) the date of such Participant's death.





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Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 20 (whether they
would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to such Participant in a lump sum as soon as practicable, but in no
event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Plan will be paid in accordance with the normal payment dates
specified for them herein.  Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any affiliate be liable to a Participant on account of an Award's failure to
(i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, Section 409A of the Code.






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