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                                                                   EXHIBIT 10.32

                         MERITAGE HOSPITALITY GROUP INC.

                  AMENDED 1996 MANAGEMENT EQUITY INCENTIVE PLAN

                                   ARTICLE 1.
                                   OBJECTIVES

         Meritage Hospitality Group Inc. has established this Management Equity
Incentive Plan effective, as amended, April 16, 1996 as an incentive to the
attraction and retention of dedicated and loyal employees of outstanding
ability, to stimulate the efforts of such persons in meeting Meritage
Hospitality Group Inc.'s objectives and to encourage ownership of its Common
Shares by employees.

                                   ARTICLE 2.
                                   DEFINITIONS

         .1       For purposes of the Plan the following terms shall have the
definition which is attributed to them, unless another definition is clearly
indicated by a particular usage and context.

                  A. "Code" means the Internal Revenue Code of 1986, as amended.

                  B. The "Company" means Meritage Hospitality Group Inc. and any
         subsidiary of Meritage Hospitality Group Inc., as the term "subsidiary"
         is defined in Section 424(f) of the Code.

                  C. "Date of Exercise" means the date on which the Company has
         received a written notice of exercise of an Option, in such form as is
         acceptable to the Committee, and full payment of the purchase price.

                  D. "Date of Grant" means the date on which the Committee makes
         an award of an Option.

                  E. "Eligible Employee" means any individual who performs
         services for the Company and is treated as an employee for federal
         income tax purposes.

                  F. "Fair Market Value" means the last sale price reported on
         any stock exchange or over-the-counter trading system on which Shares
         are trading on the last trading day prior to a specified date or, if no
         last sales price is reported, the average of the closing bid and asked
         prices for a Share on a specified date. If no sale has been made on the
         specified date, then prices on the last preceding day on which any such
         sale shall have been made shall be used in determining Fair Market
         Value under either method prescribed in the previous sentence.

                  G. "Incentive Share Option" shall have the same meaning as
         given to that term by Section 422 of the Code.

                  H. "Nonqualified Share Option" means any Option granted under
         the Plan which is not considered an Incentive Share Option.

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                  I. "Option" means the right to purchase a stated number of
         Shares at a specified price. The Option may be granted to an Eligible
         Employee subject to the terms of this Plan, and such other conditions
         and restrictions as the Committee deems appropriate. Each Option shall
         be designated by the Committee to be either an Incentive Share Option
         or a Nonqualified Share Option.

                  J. "Option Price" means the purchase price per Share subject
         to an Option and shall be fixed by the Committee, but shall not be less
         than 100% of the Fair Market Value of a Share on the Date of Grant in
         the case of an Incentive Share Option.

                  K. "Permanent and Total Disability" shall mean any medically
         determinable physical or mental impairment rendering an individual
         unable to engage in any substantial gainful activity, which disability
         can be expected to result in death or which has lasted or can be
         expected to last for a continuous period of not less than 12 months.

                  L. "Plan" means this 1996 Management Equity Incentive Plan as
         it may be amended from time to time.

                  M. "Share" means one Common Share, $.01 par value, of the
         Company.

                                   ARTICLE 3.
                                 ADMINISTRATION

         .1       The Plan shall be administered by a committee (the
"Committee") designated by the Board of Directors of the Company. The Committee
shall be comprised solely of three or more directors each of whom shall be (i) a
"disinterested person" as defined under Rule 16b-3 of the Securities Exchange
Act of 1934 (the "Act") and (ii) an "outside director" to the extent required by
Section 162(m) of the Internal Revenue Code ("Section 162(m)"). Notwithstanding
the foregoing, to the extent relevant state law now or hereafter permits, the
Committee may be comprised solely of two or more such directors.

         Actions shall be taken by a majority of the Committee.

         .2       Except as specifically limited by the provisions of the Plan,
the Committee in its discretion shall have the authority to:

                  A. Determine which Eligible Employees shall be granted
         Options;

                  B. Determine the number of Shares which may be subject to each
         Option;

                  C. Determine the Option Price;

                  D. Determine the term of each Option;

                  E. Determine whether each Option is an Incentive Share Option
         or Nonqualified Share Option;

                  F. Interpret the provisions of the Plan and decide all
         questions of fact arising in its application; and

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                  G. Prescribe such rules and procedures for Plan administration
         as from time to time it may deem advisable.

         .3       Any action, decision, interpretation or determination by the
Committee with respect to the application or administration of this Plan shall
be final and binding upon all persons, and need not be uniform with respect to
its determination of recipients, amount, timing, form, terms or provisions of
Options.

         .4       No member of the Committee shall be liable for any action or
determination taken or made in good faith with respect to the Plan or any Option
granted hereunder, and to the extent permitted by law, all members shall be
indemnified by the Company for any liability and expenses which may occur
through any claim or cause of action.

                                   ARTICLE 4.
                             SHARES SUBJECT TO PLAN

         .1       The Shares that may be made subject to Options granted under
the Plan shall not exceed 725,000 Shares in the aggregate. Except as provided in
Section , upon lapse or termination of any Option for any reason without being
completely exercised, the Shares which were subject to such Option may again be
subject to other Options.

         .2       The maximum number of Shares with respect to which
Nonqualified Share Options may be granted to any employee during each fiscal
year of the Company is 50,000 Shares. If a Nonqualified Share Option is
canceled, it continues to be counted against the maximum number of Shares for
which Nonqualified Share Options may be granted to an employee. If a
Nonqualified Share Option is repriced, the transaction is treated as a
cancellation of the Nonqualified Share Option and a grant of a new Nonqualified
Share Option.

                                   ARTICLE 5.
                               GRANTING OF OPTIONS

         Subject to the terms and conditions of the Plan, the Committee may,
from time to time prior to April 16, 2006, grant Options to Eligible Employees
on such terms and conditions as the Committee may determine. More than one
Option may be granted to the same Eligible Employee.

                                   ARTICLE 6.
                                TERMS OF OPTIONS

         .1       Subject to specific provisions relating to Incentive Share
Options set forth in Article , each Option shall be for a term of from one to
ten years from the Date of Grant and may not be exercised during the first
twelve months of the term of said Option. Commencing on the first anniversary of
the Date of Grant of an Option, the Option may be exercised for 20% of the total
Shares covered by the Option with an additional 20% of the total Shares covered
by the Option becoming exercisable on each succeeding anniversary until the
Option is exercisable to its full extent. This right of exercise shall be
cumulative and shall be exercisable in whole or in part. The Committee in its
sole discretion may permit particular holders of Options to exercise an Option
to a greater extent than provided herein. The Committee may establish a
different exercise schedule and impose other conditions upon exercise for any
particular Option or groups of Options.

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         .2       The holder of an Option must remain continuously in the
service of the Company as an employee for a period of at least twelve months.
Nothing contained in this Plan or in any Option granted pursuant to it shall
confer upon any employee any right to continue in the employ of the Company or
to interfere in any way with the right of the Company to terminate employment at
any time. So long as a holder of an Option shall continue to be an employee of
the Company, the Option shall not be affected by any change of the employee's
duties or position.

                                   ARTICLE 7.
                               EXERCISE OF OPTIONS

         Any person entitled to exercise an Option in whole or in part may do so
by delivering a written notice of exercise to the Company, attention Corporate
Secretary, at its principal office. The written notice shall specify the number
of Shares for which an Option is being exercised and the grant date of the
option being exercised and shall be accompanied by full payment of the Option
Price for the Shares being purchased.

                                   ARTICLE 8.
                             PAYMENT OF OPTION PRICE

         Payment of the Option Price may be made in cash, by the tender of
Mature Shares, or both. Shares tendered shall be valued at their Fair Market
Value on the Date of Exercise. "Mature Shares" means Company Shares that an
Eligible Employee has owned for at least six months. Payment may also be made
through a broker-assisted cashless exercise of Stock Options.

                                   ARTICLE 9.
             INCENTIVE SHARE OPTIONS AND NONQUALIFIED SHARE OPTIONS

         .1       The Committee in its discretion may designate whether an
Option is to be considered an Incentive Share Option or a Nonqualified Share
Option. The Committee may grant both an Incentive Share Option and a
Nonqualified Share Option to the same individual. However, where both an
Incentive Share Option and a Nonqualified Share Option are awarded at one time,
such Options shall be deemed to have been awarded in separate grants, shall be
clearly identified, and in no event will the exercise of one such Option affect
the right to exercise the other such Option.

         .2       Any option designated by the Committee as an Incentive Share
Option will be subject to the general provisions applicable to all Options
granted under the Plan. In addition, the Incentive Share Option shall be subject
to the following specific provisions:

                  A.       At the time the Incentive Share Option is granted, if
         the Eligible Employee owns, directly or indirectly, shares representing
         more than 10% of (i) the total combined voting power of the Common
         Shares of the Company, or (ii) a corporation that owns 50% or more of
         the total combined voting power of the Common Shares of the Company,
         then:

                           (i)      The Option Price must equal at least 110% of
                  the Fair Market Value on the Date of Grant; and

                           (ii)     The term of the Option shall not be greater
                  than five years from the Date of Grant.

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                  B.       The aggregate Fair Market Value of Shares (determined
         at the Date of Grant) with respect to which Incentive Share Options are
         exercisable by an Eligible Employee for the first time during any
         calendar year under this Plan or any other plan maintained by the
         Company shall not exceed $100,000.

         .3       If any Option is not granted, exercised, or held pursuant to
the provisions noted immediately above, it will be considered to be a
Nonqualified Share Option to the extent that the grant is in conflict with these
restrictions.

                                  ARTICLE 10.
                            TRANSFERABILITY OF OPTION

         An Option in not transferable by the Eligible Employee to whom granted
other than by will or the laws of descent and distribution or pursuant to a
qualified domestic relations order as defined by the Code or Title 1 of the
Employee Retirement Income Security Act, as amended.

                                   ARTICLE 11.
                             TERMINATION OF OPTIONS

         .1       An Option will terminate as follows:

                  A.       Upon exercise or expiration by its terms.

                  B.       Except as provided in Subsection , upon termination
         of employment for reasons other than cause, the then-exercisable
         portion of any Option will terminate on the 60th day after the date of
         termination. The portion not then exercisable will terminate on the
         date of termination of employment. For purposes of the Plan, a leave of
         absence approved by the Company shall not be deemed to be termination
         of employment.

                  C.       If an Eligible Employee holding an Option dies or
         becomes subject to a Permanent and Total Disability while employed by
         the Company, or within 60 days after termination of employment, for
         reasons other than cause, such Option may be exercised, to the extent
         exercisable on the date of such death, Permanent and Total Disability
         or termination of employment, at any time within one year after the
         date the employment of such Eligible Employee terminated, by the estate
         or guardian of such person or by those persons to whom the Option may
         have been transferred by will or by the laws of descent and
         distribution.

                  D.       Options shall terminate immediately if employment is
         terminated for cause. Cause is defined as including, but not limited
         to, theft of or intentional damage to Company property, intentional
         harm to the Company's reputation, material breach of the Optionee's
         duty of fidelity to the Company, the use of illegal drugs, the
         commission of a criminal act, willful violation of Company policy, or
         trading in securities of the Company for personal gain based on
         knowledge of the Company's activities or results when such information
         is not available to the general public.

                  E.       If an Eligible Employee holding an Option violates
         any terms of any written employment or noncompetition agreement between
         the Company and the Eligible Employee, all existing Options held by
         such Employee will terminate. In addition, if at the time of such
         violation the Employee has exercised Options but has not received
         certificates for the shares to be issued, the Company may void the
         Option and its exercise. Any such actions by the Company

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         shall be in addition to any other rights or remedies available to the
         Company in such circumstances.

         .2       Except as provided in Article hereof, in no event will the
continuation of the term of an Option beyond the date of termination of
employment allow the Eligible Employee, or his beneficiaries or heirs, to accrue
additional rights under the Plan, or to purchase more Shares through the
exercise of an Option than could have been purchased on the day that employment
was terminated. In addition, notwithstanding anything contained herein, no
Option may be exercised in any event after the expiration of ten years from the
date of grant of such Option.

                                  ARTICLE 12.
                     ADJUSTMENTS TO SHARES AND OPTION PRICE

         .1       In the event of changes in the outstanding Common Shares of
the Company as a result of share dividends, split-ups, recapitalizations,
combinations of Shares or exchanges of Shares, the number and class of Shares
for all purposes covered by the Plan, and the number and class of Shares and
price per Share for each Option and each outstanding Option covered by the Plan,
shall be correspondingly adjusted by the Committee.

         .2       The Committee shall make appropriate adjustments in the Option
Price to reflect any spin-off of assets, extraordinary dividends or other
distributions to shareholders.

         .3       In the event of the dissolution or liquidation of the Company
or any merger, consolidation, exchange or other transaction in which the Company
is not the surviving corporation or in which the outstanding Shares of the
Company are converted into cash, other securities or other property, each
outstanding Option shall terminate as of a date fixed by the Committee provided
that not less than 20 days' written notice of the date of expiration shall be
given to each holder of an Option and each such holder shall have the right
during such period following notice to exercise the Option as to all or any part
of the Shares for which it is exercisable at the time of such notice. The
Committee, in its sole discretion, may provide that Options in such
circumstances may be exercised to an extent greater than the number of Shares
for which they were exercisable at the time of such a notice.

         .4       All outstanding Options shall become immediately exercisable
in full if a change in control of the Company occurs. For purposes of this
Agreement, a "change in control of the Company" shall be deemed to have occurred
if (a) any "person," as such term is used in Sections 13(d) and 14(d) of the
Act, other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company becomes the "beneficial owner," as defined
in Rule 13d-3 under the Act, directly or indirectly, of securities of the
Company representing 30% or more of the combined voting power of the Company's
then outstanding securities; or (b) during any period of one year (not including
any period prior to the execution of this Agreement), individuals who at the
beginning of such period constitute the Board of Directors and any new director
whose election by the Board or nomination for election by the Company's
shareholders was approved by a vote of at least two-thirds (2/3) of the
Directors then still in office who either were Directors at the beginning of the
period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof.

                                  ARTICLE 13.
                                OPTION AGREEMENTS

         .1       All Options granted under the Plan shall be evidenced by a
written agreement in such form or forms as the Committee in its sole discretion
may determine.

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         .2       Each optionee, by acceptance of an Option under this Plan,
shall be deemed to have consented to be bound, on the optionee's own behalf and
on behalf of the optionee's heirs, assigns and legal representatives, by all
terms and conditions of this Plan.

                                  ARTICLE 14.
                       AMENDMENT OR DISCONTINUANCE OF PLAN

         .1       The Board of Directors of the Company may at any time amend,
suspend, or discontinue the Plan; provided, however, that no amendments by the
Board of Directors of the Company shall, without further approval of the
shareholders of the Company:

         A.       Change the definition of Eligible Employees;

         B.       Except as provided in Articles and hereof, increase the number
of Shares which may be subject to Options granted under the Plan; or

         C.       Cause the Plan or any Option granted under the Plan to fail to
be excluded from the $1 million deduction limitation imposed by Section 162(m)
of the Code, or qualify as an "Incentive Share Option" as defined by Section 422
of the Code.

         .2       No amendment or discontinuance of the Plan shall alter or
impair any Option granted under the Plan without the consent of the holder
thereof.

                                   ARTICLE 15.
                                 EFFECTIVE DATE

         This Plan shall become effective as of April 16, 1996, having been
adopted by the Board of Directors of the Company on such date subject to
approval by the affirmative vote of the holders of a majority of the Common
Shares of the Company voting on the issue, and all Options granted prior to such
approval are expressly conditioned upon such approval being received. If
shareholder approval is not received within 12 months of the Effective Date,
Options granted pursuant to this Plan shall be null and void.

                                   ARTICLE 16.
                                  MISCELLANEOUS

         .1       Nothing contained in this Plan or in any action taken by the
Board of Directors or shareholders of the Company shall constitute the granting
of an Option. An Option shall be granted only at such time as a written Option
shall have been executed and delivered to the respective employee and the
employee shall have executed an agreement respecting the Option in conformance
with the provisions of the Plan.

         .2       Certificates for Shares purchased through exercise of Options
will be issued in regular course after exercise of the Option and payment
therefor as called for by the terms of the Option but in no event shall the
Company be obligated to issue certificates more often than once each quarter of
each fiscal year. No persons holding an Option or entitled to exercise an Option
granted under this Plan shall have any rights or privileges of a shareholder of
the Company with respect to any Shares issuable upon exercise of such Option
until certificates representing such Shares shall have been issued and
delivered. No Shares shall be issued and delivered upon exercise of an Option
unless and until the Company, in the opinion of its counsel, has complied with
all applicable registration requirements of the Securities Act of

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1933 and any applicable state securities laws and with any applicable listing
requirements of any national securities exchange on which the Company securities
may then be listed as well as any other requirements of law.

         .3       This Plan shall continue in effect until the expiration of all
Options granted under the Plan unless terminated earlier in accordance with
Article; provided, however, that it shall otherwise terminate ten years after
the Effective Date.

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                                                                   EXHIBIT 10.33

                         MERITAGE HOSPITALITY GROUP INC.

                    AMENDED 1996 DIRECTORS' SHARE OPTION PLAN

         The purpose of the 1996 Directors' Share Option Plan, as amended, is to
advance the interests of Meritage Hospitality Group Inc. and its shareholders by
affording non-employee members of the Company's Board of Directors an
opportunity to increase their proprietary interest in the Company by the grant
of options to them to purchase Common Shares under the terms set forth herein.
The Company believes that this Plan will give an incentive to these members of
the Board to increase revenues and profits.

         1.       Effective Date of the Plan. This Plan shall become effective
at such time as it is approved by shareholders at the 1996 Annual Meeting of
Shareholders of the Company.

         2.       Shares Subject to the Plan. The shares to be issued upon the
exercise of the options granted under the Plan shall be Common Shares, $.01 par
value, of the Company. Either treasury or authorized and unissued Common Shares,
or both, as the Board of Directors shall from time to time determine, may be so
issued. No Common Shares which are the subject of any lapsed, expired or
terminated options may be made the subject of additional options under the Plan.

         Subject to the provisions of Section 4 hereof, the aggregate number of
Common Shares for which options may be granted under the Plan shall be 120,000
Shares.

         3.       Administration. The Plan shall be administered by a committee
appointed in accordance with the Bylaws and consisting of three or more
directors which directors may also be eligible to participate in the Plan.

         Subject to the express provisions of the Plan, the Committee shall have
the authority to establish the terms and conditions of such option agreements,
consistent with this Plan. Such agreements need not be uniform.

         4.       Adjustments to Common Shares and Option Price.

                  4.1      In the event of changes in the outstanding Common
         Shares of the Company as a result of share dividends, split-ups,
         recapitalizations, combinations or exchanges, the number and class of
         Common Shares authorized to be the subject of options under the Plan
         and the number and class of Common Shares and Option Price for each
         option which is outstanding under this Plan shall be correspondingly
         adjusted by the Committee.

                  4.2      The Committee shall make appropriate adjustments in
         the Option Price to reflect any spin-off of assets, extraordinary
         dividends or other distributions to shareholders.

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                                      -2-

                  4.3      In the event of the dissolution or liquidation of the
         Company or any merger, consolidation or combination in which the
         Company is not the surviving corporation or in which the outstanding
         Common Shares of the Company are converted into cash, other securities
         or other property, each outstanding option issued hereunder shall
         terminate as of a date fixed by the Committee, provided that no less
         than 20 days' written notice of the date of expiration shall be given
         to each holder of an option. Each such holder shall have the right
         during such period following notice to exercise the option as to all or
         any part of the option for which it is exercisable at the time of such
         notice.

         5.       Eligible Directors; Grant of Options. An Eligible Director is
each director of the Company as of the time of grant of an Option called for
hereafter who is not also an employee of the Company.

         Each Eligible Director shall be granted an option for the purchase of
5,000 Common Shares immediately after the 1996 Annual Shareholders' Meeting and
an additional Option for 1,000 Common Shares immediately after each subsequent
Annual Shareholders' Meeting. Persons who become Eligible Directors after the
effective date of the Plan shall be granted an option for 5,000 shares as a
result of their election, whether by shareholders or directors, and upon each
subsequent Annual Shareholders' Meeting, another option for 1,000 shares. All
grants shall be made on the date of the event giving rise to the option. Such
grants shall continue until the number of the shares provided for in Section 2
are exhausted.

         6.       Price. The purchase price of the Common Shares which may be
acquired pursuant to the exercise of any option granted pursuant to the Plan
shall be the last closing sale price reported on the date of grant, provided
such price shall not be less than Seven Dollars ($7.00) per share on all grants
made immediately after the 1996 Annual Shareholders' Meeting.

         7.       Period of Option. The term of each option shall be ten years
from the date of grant.

         8.       Exercise of Option. An option may be exercised by an Eligible
Director as to all or part of the shares covered thereby by giving written
notice to the Company at its principal office, directed to the attention of its
Secretary, accompanied by payment of the Option Price in full for shares being
purchased. The payment of the Option Price shall be either in cash or, subject
to any conditions set forth in the option agreement, by delivery of Mature
Shares of the Company having a fair market value equal to the purchase price on
the date of exercise of the option, or by any combination of cash and such
Mature Shares. "Mature Shares" is defined as Company common shares that an
Eligible Director has owned for at least six months. Payment may also be made
through a broker-assisted cashless exercise of Stock Options.

         Unless there is in effect at the time of exercise a registration
statement under the Securities Act of 1933 permitting the resale to the public
of shares acquired under the Plan, the holder of the option shall, except to the
extent determined by the Committee that such is not required, (i) represent and
warrant in writing to the Company that the shares acquired are being acquired
for investment and not with a view to the distribution thereof, (ii) acknowledge
that the shares acquired may not be sold unless registered for sale under said
Act or pursuant to an

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                                      -3-

exemption from such registration, and (iii) agree that the certificates
evidencing such shares shall bear a legend to the effect of clauses (i) and
(ii).

         9.       Nontransferability of Options. An option is not transferable
by an Eligible Director to whom granted other than by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order as
defined by the Internal Revenue Code of 1986, as amended (the "Code"), or Title
1 of the Employee Retirement Income Security Act, as amended.

         10.      Death or Disability of an Optionee. If an optionee shall cease
to be an Eligible Director on account of disability or death, an option
theretofore granted to such Eligible Director may be exercised by the optionee
or, in the case of death, by the legal representative of the estate of the
deceased option holder or by the person or persons to whom such Eligible
Director's rights under the option shall pass by will or the laws of descent and
distribution, at any time within one year from the date the optionee ceased to
be an Eligible Director, but only to the extent the option holder was entitled
to exercise the option at the date of such cessation and only during the option
period. "Disability" shall have the meaning ascribed to it in Section 105(d)(4)
of the Code.

         11.      Rights as a Shareholder. The holder of an option shall not
have any of the rights of a shareholder of the Company with respect to the
shares subject to an option until a certificate or certificates for such shares
shall have been issued upon the exercise of the option.

         12.      Amendment and Termination.

                  12.1     The Plan shall terminate five years after its
         effective date and thereafter no options shall be granted thereunder.
         All options outstanding at the time of termination of the Plan shall
         continue in full force and effect in accordance with and subject to the
         terms and conditions of the Plan. The Board of Directors of the Company
         at any time prior to that date may terminate the Plan or make such
         amendments to it as the Board of Directors shall deem advisable;
         provided, however, that except as provided in Section 4 hereof, the
         Board of Directors may not, without shareholder approval, increase the
         maximum number of shares as to which options may be granted under the
         Plan, change the class of persons eligible to receive options under the
         Plan or change the number of options to be granted to each eligible
         person under the Plan. No termination or amendment of the Plan may,
         without the consent of the holder of an option then existing, terminate
         the option or materially and adversely affect the rights under the
         option.

                  12.2     This Plan may not be amended more than once every six
         months other than to conform with changes in the Code, the Employee
         Retirement Income Security Act, as amended, or the rules thereunder.

         13.      Automatic Termination of Option. Notwithstanding anything
contained herein to the contrary:

                  13.1     If at any time a holder of an option granted under
         this Plan becomes an employee, officer or director of or a consultant
         to an entity which the Committee

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                                      -4-

         determines is a competitor of the Company, such option shall
         automatically terminate as of the date such conflicting relationship
         was established regardless of whether such option is exercisable in
         whole or in part at such time.

                  13.2     An Option shall terminated immediately if such
         termination is for cause. Cause is defined as including, but not
         limited to, theft or intentional damage to Company property, the use of
         illegal drugs, the commission of a criminal act, or willful violations
         of the law or of policies of the Company which prohibit directors from
         trading Common Shares for personal gain based on knowledge of the
         Company's activities or results when such information is not available
         to the general public.

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