Document:

EXHIBIT 10.1

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                   AMENDMENT NUMBER 2 TO EMPLOYMENT AGREEMENT
                   ------------------------------------------

         AMENDMENT NUMBER 2 TO EMPLOYMENT AGREEMENT, dated as of May 23, 2005 by
and between STEVEN MADDEN, LTD., a Delaware corporation (the "Company"), and
RICHARD OLICKER, an individual residing at 57 Bacon Rd. Old Westbury, NY 11568
(the "Executive").

                              W I T N E S S E T H:
                              --------------------

         WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of January 3, 2001 (the "Employment Agreement");

         WHEREAS, the Company and the Executive entered into Amendment Number 1
to the Employment Agreement dated as of July 1, 2002 ("Amendment Number 1");

         WHEREAS, the Company and the Executive both desire to modify certain
provisions of the Employment Agreement;

         WHEREAS, capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto in the Employment Agreement or Amendment Number 1 as
applicable.

         NOW, THEREFORE, the parties mutually agree as follows:

         1.       The first sentence of Section 2 "Duties; Exclusive Services;
Best Efforts" of the Employment Agreement, as amended by Amendment Number 1
thereto, shall be deleted and replaced with the following:

                  Section 2.   Duties; Exclusive Services; Best Efforts. The
         Executive shall perform all duties incident to the position of
         President and Chief Operating Officer as well as any other duties as
         may from time to time be assigned by the Chief Executive Officer, and
         agrees to abide by all By-laws, policies, practices, procedures or
         rules of the Company; provided, however, that the Board of Directors
         may appoint a new Chief Operating Officer of the Company, in which
         event, the Executive shall retain the position of President.

         2.       Section 3 "Term of Employment; Vacation" of the Employment
Agreement shall be deleted from the Employment Agreement and replaced with the
following provision:
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                  Section 3.   Term of Employment; Vacation.
                               -----------------------------

                  (a)      Unless extended in writing by both the Company and
         the Executive, the term of the Executive's employment shall be for a
         period commencing on July 1, 2002 and ending on December 31, 2005,
         subject to earlier termination by the parties pursuant to Sections 5
         and 6 hereof (the "Term").

                  (b)      The Executive shall be entitled to four (4) weeks
         vacation during each full calendar year of the Term.

         3.       Section 4.1 "Salary" of the Employment Agreement shall be
amended by adding the following sentence to the end thereof:

                           Notwithstanding the foregoing, the parties
         acknowledge and agree that for the period from January 1, 2005 through
         the end of the Term, the Base Salary shall be Four Hundred Fifty Three
         Thousand Seven Hundred Forty Seven ($453,747.00) per annum, less such
         deductions as shall be required to be withheld by applicable law and
         regulations.

         4.       Subsection (a) of Section 4.3 "Performance Bonuses" of the
Employment Agreement shall be shall be deleted from the Employment Agreement and
replaced with the following provision:

                  (a)      The Executive shall be entitled to receive a cash
         performance bonus for the calendar year 2005 (though due and owing
         following the expiration of the Term) based upon the Company's net
         earnings before the payment of interest expenses and taxes and
         deductions for depreciation ("EBIT-D") as reflected in the Company's
         annual report on Form 10-K (or its annual financial statements in the
         event that the Company no longer prepares annual reports on form 10-K).
         On or prior to April 15, 2006, the Company shall pay to the Executive a
         cash performance bonus equal to four percent (4%) of the amount by
         which the aggregate EBIT-D for the fiscal year ending December 31, 2005
         exceeds EBIT-D for the fiscal year ending December 31, 2004 (the
         "Annual Cash Bonus"). The Annual Cash Bonus for the fiscal year ending
         December 31, 2005 shall be pro-rated for the period of the Executive's
         employment during that period. For example, if EBIT-D for the year
         ending December 31, 2005 equals $20,000,000, and EBIT-D for the year
         ending December 31, 2004 was $15,000,000, the Executive would be
         entitled to receive an Annual Cash Bonus equal to $200,000 ($20,000,000
         - $15,000,000 = $5,000,000 x .04 = $200,000).

         5.       Subsection (b) of Section 4.3 "Performance Bonuses" of the
Employment Agreement shall be deleted from the Employment Agreement.

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         6.       Subsection (c) of Section 4.3 "Performance Bonuses" of the
Employment Agreement shall be deleted from the Employment Agreement and replaced
with the following provision:

                  (c)      In lieu of the Option Bonus contemplated by the
         original Section 4.3(c) of the Employment Agreement, as amended by
         Amendment Number 1 thereto, upon execution of Amendment Number 2 to
         this Agreement, the Company shall deliver to the Executive a check
         payable in the amount of Three Hundred Seventy Three Thousand Dollars
         ($373,000.00), less such deductions as shall be required to be withheld
         by applicable law and regulations. This payment represents Two Dollars
         ($2.00) for each of the stock options to purchase 186,713 shares of
         Common Stock earned as Option Bonus referenced in such Section 4.3(c).

         7.       Subsection (d) of Section 4.3 "Performance Bonuses" of the
Employment Agreement shall be deleted from the Employment Agreement.

         8.       Subsection (e) of Section 4.3 "Performance Bonuses" of the
Employment Agreement shall be deleted from the Employment Agreement.

         9.       The following provision shall be added as subsection (f) of
Section 4.3 of the Employment Agreement:

                  (f)      In addition to the foregoing compensation and
         benefits, the Executive shall be entitled to a discretionary bonus, if
         any, to be determined solely by the Board of Directors, to be paid at
         the end of the Term or as soon as reasonably practicable thereafter.

         10.      Section 4.6 "Amendment Number 1 Signing Bonus" of the
Employment Agreement shall be deleted from the Employment Agreement.

         11.      All other provisions of the Employment Agreement including the
amendments reflected previously in Amendment Number 1 shall remain in full force
and effect.

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                                       STEVEN MADDEN, LTD.

                                       By: /s/ JAMIESON KARSON
                                           -------------------------------------
                                           Name:  Jamieson A. Karson
                                           Title: Chief Executive Officer

                                           /s/ RICHARD OLICKER
                                           -------------------------------------
                                           Richard Olicker

                                       42005 Stock Incentive Plan

    Exhibit
      10.1

     

    ALTAIR
      NANOTECHNOLOGIES INC. 

     

    2005
      STOCK INCENTIVE PLAN

     

    1. Purpose.
      The
      purpose of this 2005 Stock Incentive Plan (the “Plan”) is to enable Altair
      Nanotechnologies Inc. (the “Company”) to attract and retain the services of (i)
      selected employees, officers and directors of the Company or any parent or
      subsidiary of the Company and (ii) selected nonemployee agents, consultants,
      advisers and independent contractors of the Company or any parent or subsidiary
      of the Company. For purposes of this Plan, a person is considered to be employed
      by or in the service of the Company if the person is employed by or in the
      service of any entity (the “Employer”) that is either the Company or a direct or
      indirect subsidiary of the Company.

     

    2. Shares
      Subject to the Plan.
      Subject
      to adjustment as provided below and in Section 10, the shares to be
      offered
      under the Plan shall consist of Common Stock of the Company, and the total
      number of shares of Common Stock that may be issued under the Plan shall be
      3,000,000 shares. If an option or Performance-Based Award granted under the
      Plan
      expires, terminates or is canceled, the unissued shares subject to that option
      or Performance-Based Award shall again be available under the Plan. If shares
      awarded as a bonus pursuant to Section 7 or sold pursuant to Section 
      8 under the Plan are forfeited to or repurchased by the Company, the number
      of
      shares forfeited or repurchased shall again be available under the
      Plan.

     

    3. Effective
      Date and Duration of Plan.

     

    3.1 Effective
      Date.
      The
      Plan shall become effective as of the date it is approved by the stockholders
      of
      the Company. No Incentive Stock Option (as defined in Section 5 below)
      granted under the Plan shall become exercisable and no payments shall be made
      under a Performance-Based Award, however, until the Plan is approved by the
      affirmative vote of the holders of a majority of the shares of Common Stock
      represented at a shareholders meeting at which a quorum is present or by means
      of unanimous consent resolutions, and the exercise of any Incentive Stock
      Options granted under the Plan before approval shall be conditioned on and
      subject to that approval. Subject to this limitation, options and
      Performance-Based Awards may be granted and shares may be awarded as bonuses
      or
      sold under the Plan at any time after the effective date and before termination
      of the Plan.

     

    3.2 Duration.
      The
      Plan shall continue in effect until all shares available for issuance under
      the
      Plan have been issued and all restrictions on the shares have lapsed. The Board
      of Directors may suspend or terminate the Plan at any time except with respect
      to options, Performance-Based Awards and shares subject to restrictions then
      outstanding under the Plan. Termination shall not affect any outstanding
      options, any outstanding Performance-Based Awards or any right of the Company
      to
      repurchase shares or the forfeitability of shares issued under the
      Plan.

     

    4. Administration.

     

    4.1 Board
      of Directors.
      The
      Plan shall be administered by the Board of Directors of the Company, which
      shall
      determine and designate the individuals to whom awards shall be made, the amount
      of the awards and the other terms and conditions of the awards. Subject to
      the
      provisions of the Plan, the Board of Directors may adopt and amend rules and
      regulations relating to administration of the Plan, advance the lapse of any
      waiting period, accelerate any exercise date, waive or modify any restriction
      applicable to shares (except those restrictions imposed by law) and make all
      other determinations in the judgment of the Board of Directors necessary or
      desirable for the administration of the Plan. The interpretation and
      construction of the provisions of the Plan and related agreements by the Board
      of Directors shall be final and conclusive. The Board of Directors may correct
      any defect or supply any omission or reconcile any inconsistency in the Plan
      or
      in any related agreement in the manner and to the extent it deems expedient
      to
      carry the Plan into effect, and the Board of Directors shall be the sole and
      final judge of such expediency.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.2 Committee.
      The
      Board of Directors may delegate to any committee of the Board of Directors
      (the
“Committee”) any or all authority for administration of the Plan. If authority
      is delegated to the Committee, all references to the Board of Directors in
      the
      Plan shall mean and relate to the Committee, except (i) as otherwise provided
      by
      the Board of Directors and (ii) that only the Board of Directors may amend
      or
      terminate the Plan as provided in Sections 3 and 11.

     

    5. Types
      of Awards, Eligibility, Limitations.
      The
      Board of Directors may, from time to time, take the following actions,
      separately or in combination, under the Plan: (i) grant Incentive Stock Options,
      as defined in Section 422 of the Internal Revenue Code of 1986, as amended
      (the “Code”), as provided in Sections 6.1 and 6.2; (ii) grant options other
      than Incentive Stock Options (“Non-Statutory Stock Options”) as provided in
      Sections 6.1 and 6.3; (iii) award stock bonuses as provided in
      Section 7; (iv) sell shares subject to restrictions as provided in
      Section 8; and (v) award Performance-Based Awards as provided in
      Section 9. Awards may be made to employees, including employees who
      are
      officers or directors, and to other individuals described in Section 1
      selected by the Board of Directors; provided, however, that only employees
      of
      the Company or any parent or subsidiary of the Company (as defined in
      subsections 424(e) and 424(f) of the Code) are eligible to receive
      Incentive Stock Options under the Plan. The Board of Directors shall select
      the
      individuals to whom awards shall be made and shall specify the action taken
      with
      respect to each individual to whom an award is made. At the discretion of the
      Board of Directors, an individual may be given an election to surrender an
      award
      in exchange for the grant of a new award. 

     

    6. Option
      Grants.

     

    6.1 General
      Rules Relating to Options.

     

    6.1-1 Terms
      of Grant.
      The
      Board of Directors may grant options under the Plan. With respect to each option
      grant, the Board of Directors shall determine the number of shares subject
      to
      the option, the exercise price, the period of the option, the time or times
      at
      which the option may be exercised and whether the option is an Incentive Stock
      Option or a Non-Statutory Stock Option. At the time of the grant of an option
      or
      at any time thereafter, the Board of Directors may provide that an optionee
      who
      exercised an option with Common Stock of the Company shall automatically receive
      a new option to purchase additional shares equal to the number of shares
      surrendered and may specify the terms and conditions of such new
      options.

     

    
      
         

      

      
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    6.1-2 Exercise
      of Options.
      Except
      as provided in Section 6.1-4 or as determined by the Board of Directors,
      no
      option granted under the Plan may be exercised unless at the time of exercise
      the optionee is employed by or in the service of the Company and shall have
      been
      so employed or provided such service continuously since the date the option
      was
      granted. Except as provided in Sections 6.1-4 and 10, options granted
      under
      the Plan may be exercised from time to time over the period stated in each
      option in amounts and at times prescribed by the Board of Directors, provided
      that options may not be exercised for fractional shares. Unless otherwise
      determined by the Board of Directors, if an optionee does not exercise an option
      in any one year for the full number of shares to which the optionee is entitled
      in that year, the optionee’s rights shall be cumulative and the optionee may
      purchase those shares in any subsequent year during the term of the option.
      

     

    6.1-3 Nontransferability.
      Each
      Incentive Stock Option and, unless otherwise determined by the Board of
      Directors (either at, or at any time following, the time of grant), each other
      option granted under the Plan by its terms (i) shall be nonassignable and
      nontransferable by the optionee, either voluntarily or by operation of law,
      except by will or by the laws of descent and distribution of the state or
      country of the optionee’s domicile at the time of death, and (ii) during the
      optionee’s lifetime, shall be exercisable only by the optionee.

     

    6.1-4 Termination
      of Employment or Service.

     

    6.1-4(a) General
      Rule.
      Unless
      otherwise determined by the Board of Directors (either at, or at any time
      following, the time of grant), if an optionee’s employment or service with the
      Company terminates for any reason other than because of total disability or
      death as provided in Sections 6.1-4(b) and (c), his or her option may
      be
      exercised at any time before the expiration date of the option or the expiration
      of 30 days after the date of termination, whichever is the shorter period,
      but only if and to the extent the optionee was entitled to exercise the option
      at the date of termination.

     

    6.1-4(b) Termination
      Because of Total Disability.
      Unless
      otherwise determined by the Board of Directors, if an optionee’s employment or
      service with the Company terminates because of total disability, his or her
      option may be exercised at any time before the expiration date of the option
      or
      before the date 12 months after the date of termination, whichever is
      the
      shorter period, but only if and to the extent the optionee was entitled to
      exercise the option at the date of termination. The term “total disability”
      means a medically determinable mental or physical impairment that is expected
      to
      result in death or has lasted or is expected to last for a continuous period
      of
      12 months or more and that, in the opinion of the Company and two
      independent physicians, causes the optionee to be unable to perform his or
      her
      duties as an employee, director, officer or consultant of the Employer and
      unable to be engaged in any substantial gainful activity. Total disability
      shall
      be deemed to have occurred on the first day after the two independent physicians
      have furnished their written opinion of total disability to the Company and
      the
      Company has reached an opinion of total disability.

     

    6.1-4(c) Termination
      Because of Death.
      Unless
      otherwise determined by the Board of Directors, if an optionee dies while
      employed by or providing service to the Company, his or her option may be
      exercised at any time before the expiration date of the option or before the
      date 12 months after the date of death, whichever is the shorter period,
      but only if and to the extent the optionee was entitled to exercise the option
      at the date of death and only by the person or persons to whom the optionee’s
      rights under the option shall pass by the optionee’s will or by the laws of
      descent and distribution of the state or country of domicile at the time of
      death.

     

    
      
         

      

      
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    6.1-4(d) Amendment
      of Exercise Period Applicable to Termination.
      The
      Board of Directors may at any time extend the 30-day and 12-month exercise
      periods any length of time not longer than the original expiration date of
      the
      option. The Board of Directors may at any time increase the portion of an option
      that is exercisable, subject to terms and conditions determined by the Board
      of
      Directors.

     

    6.1-4(e) Failure
      to Exercise Option.
      To the
      extent that the option of any deceased optionee or any optionee whose employment
      or service terminates is not exercised within the applicable period, all further
      rights to purchase shares pursuant to the option shall cease and
      terminate.

     

    6.1-4(f) Leave
      of Absence.
      Absence
      on leave approved by the Employer or on account of illness or disability shall
      not be deemed a termination or interruption of employment or service. Unless
      otherwise determined by the Board of Directors, vesting of options shall
      continue during a medical, family or military leave of absence, whether paid
      or
      unpaid, and vesting of options shall be suspended during any other unpaid leave
      of absence.

     

    6.1-5 Purchase
      of Shares.

     

    6.1-5(a) Notice
      of Exercise.
      Unless
      the Board of Directors determines otherwise, shares may be acquired pursuant
      to
      an option granted under the Plan only upon the Company’s receipt of written
      notice from the optionee of the optionee’s binding commitment to purchase
      shares, specifying the number of shares the optionee desires to purchase under
      the option and the date on which the optionee agrees to complete the
      transaction, and, if required to comply with the Securities Act of 1933 and/or
      governing state securities laws of laws of foreign countries with jurisdiction,
      containing a representation that it is the optionee’s intention to acquire the
      shares for investment and not with a view to distribution.

     

    6.1-5(b) Payment.
      Unless
      the Board of Directors determines otherwise (either at, or at any time
      following, the time of grant), on or before the date specified for completion
      of
      the purchase of shares pursuant to an option exercise, the optionee must pay
      the
      Company the full purchase price of those shares in cash or by check or, with
      the
      consent of the Board of Directors, in whole or in part, in Common Stock of
      the
      Company valued at fair market value, restricted stock or other contingent awards
      denominated in either stock or cash, promissory notes (to the extent permitted
      by governing law) and other forms of consideration. Unless otherwise determined
      by the Board of Directors, any Common Stock provided in payment of the purchase
      price must have been previously acquired and held by the optionee for at least
      six months. The fair market value of Common Stock provided in payment of the
      purchase price shall be the closing price of the Common Stock last reported
      before the time payment in Common Stock is made or, if earlier, committed to
      be
      made, if the Common Stock is publicly traded, or another value of the Common
      Stock as specified by the Board of Directors. No shares shall be issued until
      full payment for the shares has been made, including all amounts owed for tax
      withholding. With the consent of the Board of Directors (either at, or at any
      time following, the time of grant), an optionee may request the Company to
      apply
      automatically the shares to be received upon the exercise of a portion of a
      stock option (even though stock certificates have not yet been issued) to
      satisfy the purchase price for additional portions of the option.

     

    
      
         

      

      
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    6.1-5(c) Tax
      Withholding.
      Each
      optionee who has exercised an option shall, immediately upon notification of
      the
      amount due, if any, pay to the Company in cash or by check amounts necessary
      to
      satisfy any applicable federal, state and local tax withholding requirements.
      If
      additional withholding is or becomes required (as a result of exercise of an
      option or as a result of disposition of shares acquired pursuant to exercise
      of
      an option) beyond any amount deposited before delivery of the certificates,
      the
      optionee shall pay such amount, in cash or by check, to the Company on demand.
      If the optionee fails to pay the amount demanded, the Company or the Employer
      may withhold that amount from other amounts payable to the optionee, including
      salary, subject to applicable law. With the consent of the Board of Directors,
      an optionee may satisfy this obligation, in whole or in part, by instructing
      the
      Company to withhold from the shares to be issued upon exercise or by delivering
      to the Company other shares of Common Stock; provided, however, that the number
      of shares so withheld or delivered shall not exceed the minimum amount necessary
      to satisfy the required withholding obligation.

     

    6.1-5(d) Reduction
      of Reserved Shares.
      Upon
      the exercise of an option, the number of shares reserved for issuance under
      the
      Plan shall be reduced by the number of shares issued upon exercise of the option
      (less the number of any shares surrendered in payment for the exercise price
      or
      withheld to satisfy withholding requirements).

     

    6.1-6 Limitations
      on Grants to Non-Exempt Employees.
      Unless
      otherwise determined by the Board of Directors, if an employee of the Company
      or
      any parent or subsidiary of the Company is a non-exempt employee subject to
      the
      overtime compensation provisions of Section 7 of the Fair Labor Standards
      Act (the “FLSA”), any option granted to that employee shall be subject to the
      following restrictions: (i) the option price shall be at least 85 percent
      of the fair market value, as described in Section 6.2-4, of the Common
      Stock subject to the option on the date it is granted; and (ii) the option
      shall
      not be exercisable until at least six months after the date it is granted;
      provided, however, that this six-month restriction on exercisability will cease
      to apply if the employee dies, becomes disabled or retires, there is a change
      in
      ownership of the Company, or in other circumstances permitted by regulation,
      all
      as prescribed in Section 7(e)(8)(B) of the FLSA.

     

    6.2 Incentive
      Stock Options.
      Incentive Stock Options shall be subject to the following additional terms
      and
      conditions:

     

    6.2-1 Limitation
      on Amount of Grants.
      If the
      aggregate fair market value of stock (determined as of the date the option
      is
      granted) for which Incentive Stock Options granted under this Plan (and any
      other stock incentive plan of the Company or its parent or subsidiary
      corporations, as defined in subsections 424(e) and 424(f) of the Code)
      are
      exercisable for the first time by an employee during any calendar year exceeds
      $100,000, the portion of the option or options not exceeding $100,000, to the
      extent of whole shares, will be treated as an Incentive Stock Option and the
      remaining portion of the option or options will be treated as a Non-Statutory
      Stock Option. The preceding sentence will be applied by taking options into
      account in the order in which they were granted. If, under the $100,000
      limitation, a portion of an option is treated as an Incentive Stock Option
      and
      the remaining portion of the option is treated as a Non-Statutory Stock Option,
      unless the optionee designates otherwise at the time of exercise, the optionee’s
      exercise of all or a portion of the option will be treated as the exercise
      of
      the Incentive Stock Option portion of the option to the full extent permitted
      under the $100,000 limitation. If an optionee exercises an option that is
      treated as in part an Incentive Stock Option and in part a Non-Statutory Stock
      Option, the Company will designate the portion of the stock acquired pursuant
      to
      the exercise of the Incentive Stock Option portion as Incentive Stock Option
      stock by issuing a separate certificate for that portion of the stock and
      identifying the certificate as Incentive Stock Option stock in its stock
      records. 

     

    
      
         

      

      
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    6.2-2 Limitations
      on Grants to 10 percent Shareholders.
      An
      Incentive Stock Option may be granted under the Plan to an employee possessing
      more than 10 percent of the total combined voting power of all classes
      of
      stock of the Company or any parent or subsidiary (as defined in
      subsections 424(e) and 424(f) of the Code) only if the option price
      is at
      least 110 percent of the fair market value, as described in
      Section 6.2-4, of the Common Stock subject to the option on the date
      it is
      granted and the option by its terms is not exercisable after the expiration
      of
      five years from the date it is granted.

     

    6.2-3 Duration
      of Options.
      Subject
      to Sections 6.1-2, 6.1-4 and 6.2-2, Incentive Stock Options granted
      under
      the Plan shall continue in effect for the period fixed by the Board of
      Directors, except that by its terms no Incentive Stock Option shall be
      exercisable after the expiration of 10 years from the date it is
      granted.

     

    6.2-4 Option
      Price.
      The
      option price per share shall be determined by the Board of Directors at the
      time
      of grant. Except as provided in Section 6.2-2, the option price shall
      not
      be less than 100 percent of the fair market value of the Common Stock
      covered by the Incentive Stock Option at the date the option is granted. The
      fair market value shall be the closing price of the Common Stock last reported
      before the time the option is granted, if the stock is publicly traded, or
      another value of the Common Stock as specified by the Board of
      Directors.

     

    6.2-5 Limitation
      on Time of Grant.
      No
      Incentive Stock Option shall be granted on or after the tenth anniversary of
      the
      last action by the Board of Directors adopting the Plan or approving an increase
      in the number of shares available for issuance under the Plan, which action
      was
      subsequently approved within 12 months by the shareholders.

     

    6.2-6 Early
      Dispositions.
      If
      within two years after an Incentive Stock Option is granted or within
      12 months after an Incentive Stock Option is exercised, the optionee
      sells
      or otherwise disposes of Common Stock acquired on exercise of the Option, the
      optionee shall within 30 days of the sale or disposition notify the
      Company
      in writing of (i) the date of the sale or disposition, (ii) the amount realized
      on the sale or disposition and (iii) the nature of the disposition (e.g., sale,
      gift, etc.).

     

    6.3 Non-Statutory
      Stock Options.
      Non-Statutory Stock Options shall be subject to the following terms and
      conditions, in addition to those set forth in Section 6.1
      above:

     

    6.3-1 Option
      Price.
      The
      option price for Non-Statutory Stock Options shall be determined by the Board
      of
      Directors at the time of grant and may be any amount determined by the Board
      of
      Directors.

     

    6.3-2 Duration
      of Options.
      Non-Statutory Stock Options granted under the Plan shall continue in effect
      for
      the period fixed by the Board of Directors.

     

    
      
         

      

      
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    7. Stock
      Bonuses.
      The
      Board of Directors may award shares under the Plan as stock bonuses. Shares
      awarded as a bonus shall be subject to the terms, conditions and restrictions
      determined by the Board of Directors. The restrictions may include restrictions
      concerning transferability and forfeiture of the shares awarded, together with
      any other restrictions determined by the Board of Directors. The Board of
      Directors may require the recipient to sign an agreement as a condition of
      the
      award, but may not require the recipient to pay any monetary consideration
      other
      than amounts necessary to satisfy tax withholding requirements. The agreement
      may contain any terms, conditions, restrictions, representations and warranties
      required by the Board of Directors. The certificates representing the shares
      awarded shall bear any legends required by the Board of Directors. The Company
      may require any recipient of a stock bonus to pay to the Company in cash or
      by
      check upon demand amounts necessary to satisfy any applicable federal, state
      or
      local tax withholding requirements. If the recipient fails to pay the amount
      demanded, the Company or the Employer may withhold that amount from other
      amounts payable to the recipient, including salary, subject to applicable law.
      With the consent of the Board of Directors, a recipient may satisfy this
      obligation, in whole or in part, by instructing the Company to withhold from
      any
      shares to be issued or by delivering to the Company other shares of Common
      Stock; provided, however, that the number of shares so withheld or delivered
      shall not exceed the minimum amount necessary to satisfy the required
      withholding obligation. Upon the issuance of a stock bonus, the number of shares
      reserved for issuance under the Plan shall be reduced by the number of shares
      issued, less the number of shares withheld or delivered to satisfy withholding
      obligations.

     

    8. Restricted
      Stock.
      The
      Board of Directors may issue shares under the Plan for any consideration
      (including promissory notes and services) determined by the Board of Directors.
      Shares issued under the Plan shall be subject to the terms, conditions and
      restrictions determined by the Board of Directors. The restrictions may include
      restrictions concerning transferability, repurchase by the Company and
      forfeiture of the shares issued, together with any other restrictions determined
      by the Board of Directors. All Common Stock issued pursuant to this
      Section 8 shall be subject to a purchase agreement, which shall be executed
      by the Company and the prospective purchaser of the shares before the delivery
      of certificates representing the shares to the purchaser. The purchase agreement
      may contain any terms, conditions, restrictions, representations and warranties
      required by the Board of Directors. The certificates representing the shares
      shall bear any legends required by the Board of Directors. The Company may
      require any purchaser of restricted stock to pay to the Company in cash or
      by
      check upon demand amounts necessary to satisfy any applicable federal, state
      or
      local tax withholding requirements. If the purchaser fails to pay the amount
      demanded, the Company or the Employer may withhold that amount from other
      amounts payable to the purchaser, including salary, subject to applicable law.
      With the consent of the Board of Directors, a purchaser may satisfy this
      obligation, in whole or in part, by instructing the Company to withhold from
      any
      shares to be issued or by delivering to the Company other shares of Common
      Stock; provided, however, that the number of shares so withheld or delivered
      shall not exceed the minimum amount necessary to satisfy the required
      withholding obligation. Upon the issuance of restricted stock, the number of
      shares reserved for issuance under the Plan shall be reduced by the number
      of
      shares issued, less the number of shares withheld or delivered to satisfy
      withholding obligations.

     

    
      
         

      

      
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    9. Performance-Based
      Awards.
      The
      Board of Directors may grant awards intended to qualify as qualified
      performance-based compensation under Section 162(m) of the Code and
      the
      regulations thereunder (“Performance-Based Awards”). Performance-Based Awards
      shall be denominated at the time of grant either in Common Stock (“Stock
      Performance Awards”) or in dollar amounts (“Dollar Performance Awards”). Payment
      under a Stock Performance Award or a Dollar Performance Award shall be made,
      at
      the discretion of the Board of Directors, in Common Stock (“Performance
      Shares”), or in cash or in any combination thereof. Performance-Based Awards
      shall be subject to the following terms and conditions:

     

    9.1 Award
      Period.
      The
      Board of Directors shall determine the period of time for which a
      Performance-Based Award is made (the “Award Period”).

     

    9.2 Performance
      Goals and Payment.
      The
      Board of Directors shall establish in writing objectives (“Performance Goals”)
      that must be met by the Company or any subsidiary, division or other unit of
      the
      Company (“Business Unit”) during the Award Period as a condition to payment
      being made under the Performance-Based Award. The Performance Goals for each
      award shall be one or more targeted levels of performance with respect to one
      or
      more of the following objective measures with respect to the Company or any
      Business Unit: earnings, earnings per share, stock price increase, total
      shareholder return (stock price increase plus dividends), return on equity,
      return on assets, return on capital, economic value added, revenues, operating
      income, inventories, inventory turns, cash flows or any of the foregoing before
      the effect of acquisitions, divestitures, accounting changes, and restructuring
      and special charges (determined according to criteria established by the Board
      of Directors). The Board of Directors shall also establish the number of
      Performance Shares or the amount of cash payment to be made under a
      Performance-Based Award if the Performance Goals are met or exceeded, including
      the fixing of a maximum payment (subject to Section 9.4). The Board
      of
      Directors may establish other restrictions to payment under a Performance-Based
      Award, such as a continued employment requirement, in addition to satisfaction
      of the Performance Goals. Some or all of the Performance Shares may be issued
      at
      the time of the award as restricted shares subject to forfeiture in whole or
      in
      part if Performance Goals or, if applicable, other restrictions are not
      satisfied.

     

    9.3 Computation
      of Payment.
      During
      or after an Award Period, the performance of the Company or Business Unit,
      as
      applicable, during the period shall be measured against the Performance Goals.
      If the Performance Goals are not met, no payment shall be made under a
      Performance-Based Award. If the Performance Goals are met or exceeded, the
      Board
      of Directors shall certify that fact in writing and certify the number of
      Performance Shares earned or the amount of cash payment to be made under the
      terms of the Performance-Based Award. 

     

    9.4 Maximum
      Awards.
      No
      participant may receive in any fiscal year Stock Performance Awards under which
      the aggregate amount payable under the Awards exceeds the equivalent of 500,000
      shares of Common Stock or Dollar Performance Awards under which the aggregate
      amount payable under the Awards exceeds $1,000,000.

     

    
      
         

      

      
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    9.5 Tax
      Withholding.
      Each
      participant who has received Performance Shares shall, upon notification of
      the
      amount due, pay to the Company in cash or by check amounts necessary to satisfy
      any applicable federal, state and local tax withholding requirements. If the
      participant fails to pay the amount demanded, the Company or the Employer may
      withhold that amount from other amounts payable to the participant, including
      salary, subject to applicable law. With the consent of the Board of Directors,
      a
      participant may satisfy this obligation, in whole or in part, by instructing
      the
      Company to withhold from any shares to be issued or by delivering to the Company
      other shares of Common Stock; provided, however, that the number of shares
      so
      delivered or withheld shall not exceed the minimum amount necessary to satisfy
      the required withholding obligation.

     

    9.6 Effect
      on Shares Available.
      The
      payment of a Performance-Based Award in cash shall not reduce the number of
      shares of Common Stock reserved for issuance under the Plan. The number of
      shares of Common Stock reserved for issuance under the Plan shall be reduced
      by
      the number of shares issued upon payment of an award, less the number of shares
      delivered or withheld to satisfy withholding obligations.

     

    10. Changes
      in Capital Structure.

     

    10.1 Stock
      Splits, Stock Dividends.
      If the
      outstanding Common Stock of the Company is hereafter increased or decreased
      or
      changed into or exchanged for a different number or kind of shares or other
      securities of the Company by reason of any stock split, combination of shares,
      dividend payable in shares, recapitalization or reclassification, appropriate
      adjustment shall be made by the Board of Directors in the number and kind of
      shares available for grants under the Plan and in all other share amounts set
      forth in the Plan. In addition, the Board of Directors shall make appropriate
      adjustment in the number and kind of shares as to which outstanding options,
      or
      portions thereof then unexercised, shall be exercisable, so that the optionee’s
      proportionate interest before and after the occurrence of the event is
      maintained. Notwithstanding the foregoing, the Board of Directors shall have
      no
      obligation to effect any adjustment that would or might result in the issuance
      of fractional shares, and any fractional shares resulting from any adjustment
      may be disregarded or provided for in any manner determined by the Board of
      Directors. Any such adjustments made by the Board of Directors shall be
      conclusive.

     

    10.2 Mergers,
      Reorganizations, Etc.
      In the
      event of a merger, consolidation, plan of exchange, acquisition of property
      or
      stock, split-up, split-off, spin-off, reorganization or liquidation to which
      the
      Company is a party, any sale, lease, exchange or other transfer (in one
      transaction or a series of related transactions) of all, or substantially all,
      of the assets of the Company, or the transfer by one or more shareholders,
      in
      one transfer or several related transfers, of 50% of more of the Common Stock
      outstanding on the date of such transfer (or the first of such related
      transfers) to persons, other than wholly-owned subsidiaries or family trusts,
      who were not shareholders of the Company prior to the first such transfer (each,
      a “Transaction”), the Board of Directors shall, in its sole discretion and to
      the extent possible under the structure of the Transaction, select one of the
      following alternatives for treating outstanding options under the Plan prior
      to
      the consummation of the Transaction:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    10.2-1 Outstanding
      options shall remain in effect in accordance with their terms.

     

    10.2-2 Outstanding
      options shall be converted into options to purchase stock in one or more of
      the
      corporations, including the Company, that are the surviving or acquiring
      corporations in the Transaction. The amount, type of securities subject thereto
      and exercise price of the converted options shall be determined by the Board
      of
      Directors of the Company, taking into account the relative values of the
      companies involved in the Transaction and the exchange rate, if any, used in
      determining shares of the surviving corporation(s) to be held by holders of
      shares of the Company following the Transaction. Unless otherwise determined
      by
      the Board of Directors, the converted options shall be vested only to the extent
      that the vesting requirements relating to options granted hereunder have been
      satisfied.

     

    10.2-3 The
      Board
      of Directors shall provide a period of at least 10 days before the completion
      of
      the Transaction during which outstanding options may be exercised to the extent
      then exercisable, and upon the expiration of that period, all unexercised
      options shall immediately terminate. The Board of Directors may, in its sole
      discretion, accelerate the exercisability of options so that they are
      exercisable in full during that period.

     

    10.3 Dissolution
      of the Company.
      In the
      event of the dissolution of the Company, options shall be treated in accordance
      with Section 10.2-3.

     

    10.4 Rights
      Issued by Another Corporation.
      The
      Board of Directors may also grant options and stock bonuses and
      Performance-Based Awards and issue restricted stock under the Plan with terms,
      conditions and provisions that vary from those specified in the Plan, provided
      that any such awards are granted in substitution for, or in connection with
      the
      assumption of, existing options, stock bonuses, Performance-Based Awards and
      restricted stock granted, awarded or issued by another corporation and assumed
      or otherwise agreed to be provided for by the Company pursuant to or by reason
      of a Transaction. 

     

    11. Amendment
      of the Plan.
      The
      Board of Directors may at any time modify or amend the Plan in any respect.
      Except as provided in Section 10, however, no change in an award already
      granted shall be made without the written consent of the holder of the award
      if
      the change would adversely affect the holder.

     

    12. Approvals.
      The
      Company’s obligations under the Plan are subject to the approval of state and
      federal authorities or agencies with jurisdiction in the matter. The Company
      will use its best efforts to take steps required by state or federal law or
      applicable regulations, including rules and regulations of the Securities and
      Exchange Commission and any stock exchange on which the Company’s shares may
      then be listed, in connection with the grants under the Plan. The foregoing
      notwithstanding, the Company shall not be obligated to issue or deliver Common
      Stock under the Plan if such issuance or delivery would violate state or federal
      securities laws. Unless the Company determines, with advice of counsel that
      such
      legend is not necessary, certificates representing all shares of Common Stock
      issued in connection with the Plan will contain a legend indicating that such
      shares of Common Stock are “restricted securities,” as defined under Rule 144
      promulgated under the Securities Act of 1933, as amended, and that such shares
      may not be transferred unless such transfer is registered under the Securities
      Act and governing state securities laws or exempt from the registration
      requirements of the same.

     

    
      
         

      

      
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    13. Employment
      and Service Rights.
      Nothing
      in the Plan or any award pursuant to the Plan shall (i) confer upon any employee
      any right to be continued in the employment of an Employer or interfere in
      any
      way with the Employer’s right to terminate the employee’s employment at will at
      any time, for any reason, with or without cause, or to decrease the employee’s
      compensation or benefits, or (ii) confer upon any person engaged by an Employer
      any right to be retained or employed by the Employer or to the continuation,
      extension, renewal or modification of any compensation, contract or arrangement
      with or by the Employer.

     

    14. Rights
      as a Shareholder.
      The
      recipient of any award under the Plan shall have no rights as a shareholder
      with
      respect to any shares of Common Stock until the date the recipient becomes
      the
      holder of record of those shares. Except as otherwise expressly provided in
      the
      Plan, no adjustment shall be made for dividends or other rights for which the
      record date occurs before the date the recipient becomes the holder of
      record.

     

    

    Approved
      by Board of Directors subject to stockholder approval: January
      2005.

    

    Approved
      by stockholders and adopted: [__________________] 

     

     

     

    11

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