Document:

Exhibit
      10.11

     

    MODIGENE
      INC.

     

    STOCK
      INCENTIVE PLAN

     

    Effective
      December 14, 2005

     

    Article
      I

    Purpose
      and Adoption of the Plan

     

    1.01 Purpose.
      The
      Modigene Inc. Stock Incentive Plan (the “Incentive Plan”) was adopted by the
      Company to assist the Company and its Affiliates in attracting and retaining
      valued employees, directors, consultants and advisors; to act as an incentive
      in
      motivating selected employees, directors, consultants and advisors to achieve
      long-term corporate objectives; and to allow those employees, directors,
      consultants and advisors to share the benefits of future growth in the value
      of
      the Company that they help to create by providing them with the opportunity
      to
      acquire shares of Common Stock.

     

    1.02 Adoption
      and Term.
      The
      Incentive Plan has been approved by the Board, to be effective as of December
      14, 2005 (the “Effective Date”). No Awards may be granted under the Incentive
      Plan after the tenth anniversary of the Effective Date, or until terminated
      by
      action of the Board, whichever occurs sooner.
      The
      Incentive Plan shall remain in effect as long as any Awards are outstanding
      hereunder.

     

    Article
      II

    Definitions

     

    For
      the
      purposes of the Incentive Plan, capitalized terms shall have the following
      meanings: 

     

    2.01 Affiliate.
      “Affiliate”
      means any corporation or other entity which would be a subsidiary corporation
      with respect to the Company as defined in Section 424(f) of the
      Code.

     

    2.02 Award.
      “Award”
      means any award of an Option, Stock Appreciation Rights, Restricted Stock,
      Stock
      Unit or other stock-based grant under the Incentive Plan. Any Award under the
      Incentive Plan may be granted singularly, in combination with another Award
      (or
      Awards), or in tandem whereby the exercise or vesting of one Award held by
      a
      Participant cancels another Award held by the Participant. 

     

    2.03 Award
      Agreement.
      “Award
      Agreement” means a written agreement (in whatever medium prescribed by the
      Committee) between the Company and a Participant or a written notice from the
      Company to a Participant specifically setting forth the terms and conditions
      of
      an Award granted under the Incentive Plan. Such document is referred to as
      an
      agreement regardless of whether any Participant signature is
      required.

     

    2.04 Beneficiary.
      “Beneficiary”
      means an individual, trust, or estate who or which, by a written designation
      of
      the Participant filed with the Company or by operation of law, succeeds to
      the
      rights and obligations of the Participant under the Incentive Plan and an Award
      Agreement upon the Participant’s death.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.05 Board. “Board”
      means the Board of Directors of the Company.

     

    2.06 Change
      in Control.
      “Change
      in Control” means any one of the following events:

     

    (a) consummation
      of the acquisition by any person (as such term is defined in Section 13(d)
      or
      14(d) of the Securities Exchange Act of 1934, as amended from time to time
      (the
“1934 Act”)) of beneficial ownership (within the meaning of Rule 13d-3
      promulgated under the 1934 Act) of fifty percent (50%) or more of the combined
      voting power of the then outstanding voting securities of the
      Company;

     

    (b) the
      individuals who, as of the date hereof, are members of the Board cease for
      any
      reason to constitute a majority of the Board, unless the election, or nomination
      for election by the stockholders, of any new director was approved by a vote
      of
      a majority of the Board; or

     

    (c) the
      consummation of: (1) a merger or consolidation to which the Company is a party
      if the stockholders immediately before such merger or consolidation do not,
      as a
      result of such merger or consolidation, 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 merger or consolidation in
      substantially the same proportion as their ownership of the combined voting
      power of the Company’s voting securities outstanding immediately before such
      merger or consolidation or (2) a complete liquidation or dissolution of the
      Company.

     

    Notwithstanding
      the foregoing, a Change in 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: (1) a trustee or other fiduciary holding
      securities under one or more employee benefit plans maintained for employees
      of
      the entity; or (2) any corporation which, immediately after such acquisition
      is
      owned directly or indirectly by the stockholders of the Company in substantially
      the same proportion as their ownership of stock immediately prior to such
      acquisition.

     

    2.07 Code.
      “Code”
      means the Internal Revenue Code of 1986, as amended from time to time.
      References to a section of the Code include that section and any comparable
      section or sections of any future legislation that amends, supplements, or
      supersedes that section.

     

    2.08 Common
      Stock.
      “Common
      Stock” means the common stock, par value $0.001 per
      share, of the Company.

     

    2.09 Committee.
      “Committee”
      means the Committee acting under Section 3.01.

     

    2.10 Company.
      “Company”
      means Modigene Inc., a Delaware corporation, and any successor
      company.

     

    2.11 Date
      of Grant.
      “Date
      of
      Grant” means the date designated by the Board as the date as of which it grants
      an Award, which shall not be earlier than the date on which the Board approves
      the granting of the Award.

     

    
      
        
        

      

      
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    2.12 Disability.
      “Disability”
      means that a Participant: (i) is unable to engage in any substantial
      gainful activity by reason of any medically determinable physical or mental
      impairment which 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) is, by
      reason of any medically determinable physical or mental impairment which 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 the Company’s employees. 

     

    2.13 Effective
      Date.
      “Effective
      Date” is defined in Section 1.02
      of the
      Incentive Plan.

     

    2.14 Exchange
      Act.
      “Exchange
      Act” means the Securities Exchange Act of 1934, as amended from time to
      time.

     

    2.15 Exercise
      Price.
      “Exercise
      Price” means the price established with respect to an Option or Stock
      Appreciation Right pursuant to Section 6.01(b).

     

    2.16 Fair
      Market Value.
      “Fair
      Market Value” means, as of any applicable date: (i) if the Common Stock is
      listed on a national securities exchange or is authorized for quotation on
      the
      Nasdaq National Market System (“NMS”), the closing sales price of the Common
      Stock on the exchange or NMS, as the case may be, on that date, or, if no sale
      of the Common Stock occurred on that date, on the next preceding date on which
      there was a reported sale; or (ii) if none of the above apply, the closing
      bid price as reported by the Nasdaq SmallCap Market on that date, or if no
      price
      was reported for that date, on the next preceding date for which a price was
      reported; or (iii) if none of the above apply, the last reported bid price
      published in the “pink sheets” or displayed on the National Association of
      Securities Dealers, Inc. (“NASD”), Electronic Bulletin Board, as the case may
      be; or (iv) if none of the above apply, the fair market value of the Common
      Stock as determined by the Board on an annual basis.

     

    2.17 Incentive
      Plan.
      “Incentive
      Plan” means the Modigene Inc. Stock Incentive Plan described in this document
      and as it may be amended from time to time.

     

    2.18 Incentive
      Stock Option.
      “Incentive
      Stock Option” means a stock option within the meaning of Section 422 of the
      Code.

     

    2.19 Merger.
      “Merger”
      means any merger, reorganization, consolidation, share exchange, transfer of
      assets, or other transaction having a similar effect involving the
      Company.

     

    2.20 Non-Qualified
      Stock Option.
      “Non-Qualified
      Stock Option” means a stock option which is not an Incentive Stock
      Option.

     

    2.21 Non-Vested
      Share.
      “Non-Vested
      Share” means shares of the Company Common Stock issued to a Participant in
      respect of the non-vested portion of an Option in the event of the early
      exercise of such Participant’s Options pursuant to such Participant’s Award
      Agreement, as permitted in Section 6.06
      below.

     

    2.22 Option.
      “Option”
      means all Non-Qualified Stock Options and Incentive Stock Options granted at
      any
      time under the Incentive Plan.

     

    
      
        
        

      

      
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    2.23 Participant.
      “Participant”
      means a person designated to receive an Award under the Incentive Plan in
      accordance with Section 5.01
      below.

     

    2.24 Purchase
      Price.
      “Purchase
      Price” means the amount that a Participant is or may be required to pay with
      respect to an Award of Restricted Stock under Article
      VII
      or with
      respect to an Award of stock purchase rights under Section 6.04.

     

    2.25 Restricted
      Stock.
      “Restricted
      Stock” means an Award consisting of shares of Common Stock subject to the
      restrictions granted under Article
      VII
      below.

     

    2.26 Stock
      Appreciation Rights.
      “Stock
      Appreciation Rights” means Awards granted in accordance with Article
      VI.
      

     

    2.27 Stock
      Unit.
      “Stock
      Unit” means a unit of value, equal at any relevant time to the Fair Market Value
      of a share of Common Stock, established by the Board as a means of measuring
      the
      value of a Participant’s Stock Unit Account.

     

    2.28 Stock
      Unit Account.
      “Stock
      Unit Account” means the bookkeeping account maintained by the Committee on
      behalf of each Participant who is credited with Stock Units and dividend
      equivalents thereon pursuant to Section 8.02.

     

    2.29 Termination
      of Service.
      “Termination
      of Service” means the termination of a person’s status as a director or an
      employee, and termination of a business relationship with a consultant, advisor
      or any other Participant who is neither an employee nor a member of the Board.
      Subject to the terms of Code Section 409A and the regulations promulgated
      thereunder, a leave of absence shall not be considered a Termination of Service
      for purposes of the Incentive Plan. 

     

    2.30 409A
      Award.
      “409A
      Award” means Awards that are described in Section 9.05.

     

    Article
      III

    Administration

     

    3.01 Committee.
      The
      Incentive Plan shall be administered by the Committee. The Committee shall
      be
      selected by the Board. At any time the Common Stock is publicly traded, the
      Committee shall be comprised of two (2) or more members of the Board, each
      of
      whom are both (a) “non-employee director” (within the meaning of Rule 16b-3
      promulgated under the Exchange Act) and (b) an “outside director” (within the
      meaning of Code Section 162(m)). Subject to applicable stock exchange rules,
      if
      the Committee does not exist, or for any other reason determined by the Board,
      the Board may take any action under the Incentive Plan that would otherwise
      be
      the responsibility of the Committee. 

     

    3.02 Powers
      of the Committee.
      The
      Committee’s administration of the Incentive Plan shall be subject to the
      following:

     

    (a) Subject
      to the provisions of the Incentive Plan, the Committee will have the authority
      and discretion to select from among the employees, directors and service
      providers of the Company or its Affiliates those persons who shall receive
      Awards, to determine the time or times of receipt, to determine the types of
      Awards and the number of shares covered by the Awards, to establish the terms,
      conditions, performance criteria, restrictions, and other provisions of such
      Awards, and (subject to the restrictions imposed by Section 9.14)
      to
      cancel or suspend Awards.

     

    
      
        
        

      

      
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    (b) The
      Committee will have the authority and discretion to interpret the Incentive
      Plan, to establish, amend and rescind any rules and regulations relating to
      the
      Incentive Plan, and to make all other determinations that may be necessary
      or
      advisable for the administration of the Incentive Plan.

     

    (c) Any
      interpretation of the Incentive Plan by the Committee and any decision made by
      it under the Incentive Plan are final and binding on all persons.

     

    (d) The
      Committee shall make decisions by a majority vote of its members.

     

    (e) In
      controlling and managing the operation and administration of the Incentive
      Plan,
      the Committee shall take action in a manner that conforms to the articles and
      bylaws of the Company and applicable state corporate law.

     

    3.03 Delegation
      by Committee.
      Except
      to
      the extent prohibited by applicable law, the applicable rules of a stock
      exchange or the Incentive Plan, or as may be necessary to comply with the
      exemptive provisions of Rule 16b-3 under the Exchange Act, the Committee may
      allocate all or any portion of its responsibilities and powers to any one or
      more of its members and may delegate all or any part of its responsibilities
      and
      powers to any person or persons selected by it, including: (a) delegating
      to a committee of one or more members of the Board who are not “outside
      directors” within the meaning of Code Section 162(m), the authority to grant
      Awards under the Incentive Plan to eligible persons who are either: (i) not
      then
“covered employees,” within the meaning of Code Section 162(m) and are not
      expected to be “covered employees” at the time of recognition of income
      resulting from such Award; or (ii) not persons with respect to whom the
      Company wishes to comply with Code Section 162(m); and/or (b) delegating to
      a
      committee of one or more members of the Board who are not “non-employee
      directors,” within the meaning of Rule 16b-3, the authority to grant Awards
      under the Incentive Plan to eligible persons who are not then subject to Section
      16 of the Exchange Act.  Any such allocation or delegation may be revoked
      by the Committee at any time.  To the extent permitted by applicable law
      and resolution of the Board, the Committee may delegate all or any part of
      its
      responsibilities to any officer of the Company.

     

    3.04 Information
      to be Furnished to Committee.
      As
      may be
      permitted by applicable law, the Company and its subsidiaries shall furnish
      the
      Committee with such data and information as it determines may be required for
      it
      to discharge its duties.  The records of the Company and its subsidiaries
      as to an employee’s or Participant’s employment, termination of employment,
      leave of absence, reemployment and compensation shall be conclusive on all
      persons unless determined by the Committee to be manifestly incorrect. 
Subject to applicable law, Participants and other persons entitled to benefits
      under the Incentive Plan must furnish the Committee such evidence, data or
      information as the Committee considers desirable to carry out the terms of
      the
      Incentive Plan.

     

    
      
        
        

      

      
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    Article
      IV

    Stock

     

    4.01 Number
      of Shares.
      The
      maximum number of shares authorized to be issued under the Incentive Plan shall
      be 1,600,000 shares of the Company’s Common Stock. The number of shares
      available for issuance under the Incentive Plan shall be subject to adjustment
      in accordance with Section 9.06
      below.
      The shares to be offered under the Incentive Plan shall be authorized and
      unissued shares of Common Stock, or issued shares of Common Stock that have
      been
      reacquired by the Company in private or public transactions. 

     

    4.02 Reuse
      of Shares.
      Shares
      of Common Stock covered by any unexercised portions of terminated Options
      (including canceled or forfeited Options) granted under Article
      VI
      or any
      Award settled in cash without the issuance of Shares may be subject to new
      Awards under the Incentive Plan. Shares of Common Stock used to meet tax
      withholding requirements may be subject to new Awards under the Incentive
      Plan.

     

    4.03 Delivery
      of Shares.
      Delivery
      of shares of Common Stock or other amounts under the Incentive Plan shall be
      subject to the following:

     

    (a) Compliance
      with Applicable Laws. 
      Notwithstanding
      any other provision of the Incentive Plan, the Company shall have no obligation
      to deliver any shares of Common Stock or make any other distribution of benefits
      under the Incentive Plan unless such delivery or distribution complies with
      all
      applicable laws (including, the requirements of the Securities Act of 1933,
      as
      amended from time to time), and the applicable requirements of any securities
      exchange or similar entity.

     

    (b) Certificates. 
      To
      the
      extent that the Incentive Plan provides for the issuance of shares of Common
      Stock, the issuance may be affected on a non-certificated basis, to the extent
      not prohibited by applicable law or the applicable rules of any securities
      exchange or similar entity.

     

    Article
      V

    Participation

     

    5.01 Eligible
      Participants.
      Participants
      in the Incentive Plan shall be employees, directors, consultants and advisors
      of
      the Company or an Affiliate that the Committee, in its sole discretion, may
      designate from time to time. The Committee’s designation of a Participant in any
      year shall not require the Committee to designate the person to receive Awards
      in any other year. The Committee shall consider those factors it deems pertinent
      in selecting Participants and in determining the types and amounts of their
      respective Awards. 

     

    Article
      VI

    Stock
      Options & Stock Appreciation Rights

     

    6.01 Option
      Awards.

     

    (a) Grant
      of Options.
      The
      Committee may grant, to Participants who the Committee may select, Options
      entitling the Participants to purchase shares of Common Stock from the Company
      in the amount, at the price, on the terms, and subject to the conditions, not
      inconsistent with the terms of the Incentive Plan, that may be established
      by
      the Committee. The terms of any Option granted under the Incentive Plan shall
      be
      set forth in an Award Agreement.

     

    
      
        
        

      

      
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    (b) Exercise
      Price of Options.
      Subject
      to Section 6.01(d)
      below
      with respect to Incentive Stock Options, the Exercise Price of each Option
      for
      purchase of shares of Common Stock under any Option granted under the Incentive
      Plan shall be determined by the Committee and shall be set forth in the Award
      Agreement. To the extent required by applicable law, the Exercise Price will
      not
      be less than One Hundred percent (100%) of the Fair Market Value of a share
      of
      Common Stock on the Date of Grant.

     

    (c) Designation
      of Options.
      Except
      as otherwise expressly provided in the Incentive Plan, the Committee may
      designate an Option as an Incentive Stock Option or a Non-Qualified Stock Option
      at the time the grant is made; provided,
      however,
      that an
      Option may be designated as an Incentive Stock Option only if the applicable
      Participant is an employee of the Company or an Affiliate on the Date of
      Grant.

     

    (d) Special
      Incentive Stock Option Rules.
      No
      Participant may be granted Incentive Stock Options under the Incentive Plan
      (or
      any other plans of the Company) that would result in Incentive Stock Options
      to
      purchase shares of Common Stock with an aggregate Fair Market Value (measured
      on
      the Date of Grant) of more than $100,000 first becoming exercisable by the
      Participant in any one calendar year. Notwithstanding any other provision of
      the
      Incentive Plan to the contrary, the Exercise Price of each Incentive Stock
      Option shall be equal to or greater than the Fair Market Value of the Common
      Stock as of the Date of Grant of the Incentive Stock Option; provided,
      however,
      that no
      Incentive Stock Option shall be granted to any person who, at the time the
      Option is granted, owns stock (including stock owned by application of the
      constructive ownership rules in Section 424(d) of the Code) possessing more
      than
      10% of the total combined voting power of all classes of stock of the Company,
      unless at the time the Incentive Stock Option is granted the Exercise Price
      is
      at least 110% of the Fair Market Value of the Common Stock as of the Date of
      Grant and the Incentive Stock Option by its terms is not exercisable for more
      than five years from the Date of Grant.
      To the
      extent an Option does not qualify as an Incentive Stock Option, such Option
      shall be treated for all purposes as a Non-Qualified Stock Option.

     

    (e) Rights
      as a Stockholder.
      A
      Participant or a transferee of an Option pursuant to Section 9.03
      below
      shall have no rights as a stockholder with respect to the shares of Common
      Stock
      covered by an Option until that Participant or transferee becomes the holder
      of
      record of the shares, and no adjustment shall be made to the shares of Common
      Stock for dividends in cash or other property or distributions of other rights
      on the Common Stock for which the record date is prior to the date on which
      that
      Participant or transferee became the holder of record of any of the shares
      covered by the Option; provided,
      however,
      that
      Participants are entitled to share adjustments to reflect capital changes under
      Section 9.06.

     

    6.02 Stock
      Appreciation Rights.

     

    (a) Stock
      Appreciation Right Awards.
      The
      Committee is authorized to grant to any Participant one or more Stock
      Appreciation Rights. Such Stock Appreciation Rights may be granted either
      independent of or in tandem with or by reference to Options granted prior to
      or
      simultaneously with the grant of such rights to the same Participant. Stock
      Appreciation Rights may be granted in tandem with or by reference to a related
      Option, in which event the Participant may elect to exercise either the Option
      or the Stock Appreciation Right, but not both, as to the same share subject
      to
      the Option and the Stock Appreciation Right, or the Stock Appreciation Right
      may
      be granted independently of a related Option. Upon exercise of a Stock
      Appreciation Right with respect to a share of Common Stock, the Participant
      shall be entitled to receive an amount equal to the excess, if any, of (i)
      the
      Fair Market Value of a share of Common Stock on the date of exercise over (ii)
      the Exercise Price of such Stock Appreciation Right established in the Award
      Agreement, which amount shall be payable as provided in Section 6.02(c).

     

    
      
        
        

      

      
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    (b) Exercise
      Price.
      The
      Exercise Price established under any Stock Appreciation Right granted under
      the
      Incentive Plan shall be determined by the Committee, but in the case of Stock
      Appreciation Rights granted in tandem with Options shall not be less than the
      Exercise Price of such Options. 

     

    (c) Payment
      of Incremental Value.
      Any
      payment which may become due from the Company by reason of a Participant’s
      exercise of a Stock Appreciation Right may be paid to the Participant as
      determined by the Committee (i) all in cash, (ii) all in Common Stock, or (iii)
      in any combination of cash and Common Stock. In the event that all or a portion
      of the payment is made in Common Stock, the number of shares of Common Stock
      delivered in satisfaction of such payment shall be determined by dividing the
      amount of such payment or portion thereof by the Fair Market Value on the
      Exercise Date. 

     

    6.03 Terms
      of Stock Options & Stock Appreciation Rights.

     

    (a) Conditions
      on Exercise.
      An Award
      Agreement with respect to Options and/or Stock Appreciation Rights may contain
      conditions or restrictions as determined by the Committee at the time of
      grant.

     

    (b) Duration
      of Options.
      Unless
      otherwise provided in an Award Agreement, Options and/or Stock Appreciation
      Rights shall terminate after the first to occur of the following
      events:

     

    (i) termination
      of the Award as provided in Section 6.03(e),
      following the applicable Participant’s Termination of Service; and

     

    (ii) ten
      years
      from the Date of Grant (five years in certain cases, as described in
      Section 6.01(d)).

     

    (c) Acceleration
      of Exercise Time.
      The
      Committee, in its sole discretion, shall have the right (but shall not in any
      case be obligated), exercisable at any time after the Date of Grant, to permit
      the exercise of any Option and/or Stock Appreciation Right prior to the time
      the
      Award would otherwise vest under the terms of the related Award
      Agreement.

     

    (d) Extension
      of Exercise Time.
      In
      addition to the extensions permitted under Section 6.03(e)
      below in
      the event of Termination of Service, the Committee, in its sole discretion,
      shall have the right (but shall not in any case be obligated), exercisable
      on or
      at any time after the Date of Grant, to permit the exercise of any Option and/or
      Stock Appreciation Right after its expiration date described in Section
6.03(e),
      subject, however, to the limitations described in Section 6.03(b)(ii)
      above.

     

    
      
        
        

      

      
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    (e) Exercise
      of Options Upon Termination of Service.
      Unless
      otherwise provided in an Award Agreement, the following rules shall govern
      the
      treatment of Options and/or Stock Appreciation Rights upon Termination of
      Service:

     

    (i) Termination
      of Options and/or Stock Appreciation Rights Upon Termination of
      Service.

     

    
      	 	
              (A)

            	
              Termination
                Other Than Due to Death or Disability.
                In the event of a Participant’s Termination of Service for any reason
                other than death or Disability, the right of the Participant to exercise
                any vested Options and/or Stock Appreciation Rights shall, unless
                the
                exercise period is extended by the Committee in accordance with
                Section 6.03(d)
                above, terminate upon the earlier of: (I) ninety (90) days after
                the date
                of the Termination of Service; and (II) the date of expiration of
                the
                Options and/or Stock Appreciation Rights determined pursuant to
                Section 6.03(b)(ii)
                above.

            

    

     

    
      	 	
              (B)

            	
              Death
                or Disability.
                In the event of a Participant’s Termination of Service by reason of death
                or Disability, the right of the Participant to exercise any vested
                Options
                and/or Stock Appreciation Rights shall, unless the exercise period
                is
                extended by the Committee in accordance with Section 6.03(d)
                above, terminate upon the earlier of: (I) one year after the date
                of the
                Termination of Service; and (II) the date of expiration of the Options
                and/or Stock Appreciation Rights determined pursuant to
                Section 6.03(b)(ii)
                above.

            

    

     

    (ii) Termination
      of Unvested Options Upon Termination of Service.
      Subject
      to Section 6.06
      below,
      to the extent the right to exercise Options and/or Stock Appreciation Rights,
      or
      any portion thereof, has not vested as of the date of Termination of Service,
      the right shall expire on the date of Termination of Service regardless of
      the
      reason for the Termination of Service.

     

    6.04 Exercise
      Procedures.
      Each
      Option and Stock Appreciation Right granted under the Incentive Plan shall
      be
      exercised under such procedures and by such methods as the Committee may
      establish or approve from time to time. The Exercise Price of shares purchased
      upon exercise of an Option granted under the Incentive Plan shall be paid in
      full in cash by the Participant pursuant to the Award Agreement; provided,
      however,
      that
      the Committee may (but shall not be required to) permit payment to be made
      by
      delivery to the Company of either (a) shares of Common Stock held by the
      Participant for at least six (6) months or (b) any combination of cash and
      Common Stock held by the Participant for at least six (6) months or (c) any
      other consideration that the Committee deems appropriate and in compliance
      with
      applicable law. In the event that any Common Stock shall be transferred to
      the
      Company to satisfy all or any part of the Exercise Price, the part of the
      Exercise Price deemed to have been satisfied by such transfer of Common Stock
      shall be equal to the product derived by multiplying the Fair Market Value
      as of
      the date of exercise times the number of shares of Common Stock transferred
      to
      the Company. The Participant may not transfer to the Company in satisfaction
      of
      the Exercise Price any fractional share of Common Stock. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    6.05 Change
      in Control.
      Unless
      otherwise stated in the Award Agreement, in the event of a Change in Control,
      all Options and/or Stock Appreciation Rights outstanding as of the effective
      date of the Change in Control that have not previously vested or terminated
      under the terms of the applicable Award Agreement shall be immediately and
      fully
      vested and exercisable; provided
      however,
      for
      purposes of this Section 6.05,
      unless
      otherwise determined by the Committee, no Change in Control of the Company
      shall
      be deemed to have occurred for purposes of determining a Participant's rights
      under the Incentive Plan if (i) the Participant is a member of a group that
      first announces a proposal which, if successful, would result in a Change in
      Control, which proposal (including any modifications thereof) is ultimately
      successful, or (ii) the Participant acquires a two percent or more equity
      interest in the entity that ultimately acquires the Company pursuant to the
      transaction described in clause (i) of this Section 6.05.

     

    6.06 Early
      Exercise.
      An Award
      Agreement may provide the Participant the right to exercise the Option in whole
      or in part prior to the date the Option is fully vested. The provision may
      be
      included in the Award Agreement at the time of grant of the Option or may be
      added to the Award Agreement by amendment at a later date. In the event of
      an
      early exercise of an Option, any shares of Common Stock received shall be
      subject to a repurchase right in favor of the Company with terms established
      by
      the Committee. The Committee shall determine the time and/or the event that
      causes the repurchase right to terminate and fully vest the Common Stock in
      the
      Participant. 

     

    Article
      VII

    Restricted
      Stock

     

    7.01 Restricted
      Stock Awards.
      The
      Committee may grant to any Participant an Award of a number of shares of Common
      Stock subject to the terms, conditions, and restrictions as determined by the
      Committee. Such restrictions may be based on performance standards, periods
      of
      service, retention by the Participant of ownership of specified shares of Common
      Stock, or other criteria, as determined by the Committee. The terms of any
      Restricted Stock Award granted under the Incentive Plan shall be set forth
      in an
      Award Agreement that shall contain provisions determined by the Committee and
      not inconsistent with the Incentive Plan.

     

    (a) Issuance
      of Restricted Stock.
      As soon
      as practicable after the Date of Grant of a Restricted Stock Award by the
      Committee, the Company shall cause to be transferred on its books the number
      of
      shares of Restricted Stock awarded to the Participant, and the shares shall
      be
      issued in the name of the Participant. In the discretion of the Committee,
      the
      Restricted Stock may be subject to forfeiture to the Company as of the Date
      of
      Grant if an Award Agreement for the Restricted Stock covered by the Award is
      not
      signed by the Participant and timely returned to the Company. Until the lapse
      or
      release of all forfeiture restrictions applicable to an Award of Restricted
      Stock, the share certificates representing the Restricted Stock may be held,
      in
      the Company’s discretion, in custody by the Company, its designee, or, if the
      certificates bear a restrictive legend, by the Participant. 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (b) Shareholder
      Rights.
      Beginning on the Date of Grant of a Restricted Stock Award, subject to execution
      of the related Award Agreement and the provisions contained therein, the
      Participant shall become a shareholder of the Company with respect to the shares
      of Restricted Stock subject to the Award Agreement and shall have all of the
      rights of a holder of Common Stock, including, but not limited to, the right
      to
      vote and to receive dividends; provided,
      however,
      that any
      Common Stock or other securities distributed as a dividend or otherwise related
      to any Restricted Stock on which the Award Agreement restrictions have not
      yet
      lapsed, shall be subject to the same restrictions as such Restricted Stock
      and
      held or restricted as provided in Section 7.01(a).

     

    (c) Restriction
      on Transferability.
      No
      Restricted Stock may be assigned or transferred (other than by will or the
      laws
      of descent and distribution or to an inter
      vivos
      trust
      under which the Participant is treated as the owner under Sections 671 through
      677 of the Code), pledged, or sold prior to the lapse of the restrictions
      applicable to them.

     

    (d) Delivery
      of Stock Upon Vesting.
      Upon
      expiration or termination of the forfeiture period without a forfeiture and
      the
      satisfaction of or release from any other conditions prescribed by the Committee
      in the Award Agreement, or at any earlier time provided under the provisions
      of
      Section 7.03
      below,
      the such restrictions applicable to the Restricted Stock shall lapse. After
      the
      lapse of such restrictions, the Company shall, subject to the requirements
      of
      Section 9.04,
      promptly deliver to the Participant or, in case of the Participant’s death, to
      the Participant’s Beneficiary, one or more share certificates for the
      appropriate number of shares of Common Stock, free of all forfeiture
      restrictions (but not free of any transfer restrictions applicable to Common
      Stock generally or under the terms of an Award Agreement).

     

    7.02 Terms
      of Restricted Shares.

     

    (a) Forfeiture
      of Restricted Shares.
      Subject
      to Sections 7.02(b) and 7.03 below, Restricted Stock shall be forfeited and
      returned to the Company and all rights of the Participant with respect to the
      Restricted Stock shall terminate in the event of a Termination of Service
      occurring prior to the expiration of the forfeiture period for the Restricted
      Stock and the Participant satisfies any and all other conditions set forth
      in
      the Award Agreement. 

     

    (b) Waiver
      of Forfeiture Period.
      Notwithstanding anything contained in this Article
      VII
      to the
      contrary, the Committee may, in its sole discretion, waive the forfeiture period
      and any other conditions set forth in any Award Agreement under appropriate
      circumstances (including the death or Disability of the Participant or a
      material change in circumstances arising after the date of an Award) and subject
      to any terms and conditions (including forfeiture of a proportionate number
      of
      shares of Restricted Stock) that the Committee may deem
      appropriate.

     

    7.03 Change
      in Control.
      Unless
      otherwise stated in the Award Agreement, in the event of a Change in Control,
      all restrictions applicable to a Restricted Stock Award shall terminate fully
      (other than the transfer or other restrictions generally applicable to Common
      Stock) and the Participant shall immediately have the right to the delivery
      of
      share certificates for the Restricted Stock in accordance with
      Section 7.01(d)
      above.
Notwithstanding
      the foregoing,
      unless
      otherwise determined by the Committee, no Change in Control of the Company
      shall
      be deemed to have occurred for purposes of determining a Participant's rights
      under the Incentive Plan if (i) the Participant is a member of a group that
      first announces a proposal which, if successful, would result in a Change of
      Control, which proposal (including any modifications thereof) is ultimately
      successful, or (ii) the Participant acquires a two percent or more equity
      interest in the entity that ultimately acquires the Company pursuant to the
      transaction described in clause (i) of this Section 7.03.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Article
      VIII

    Other
      Stock-Based Awards

     

    8.01 Grant
      of Other Stock-Based Awards.
      Other
      stock-based Awards, consisting of stock purchase rights, Awards of Common Stock,
      or Awards valued in whole or in part by reference to, or otherwise based on,
      Common Stock, may be granted either alone or in addition to or in conjunction
      with other Awards under the Incentive Plan. Subject to the provisions of the
      Incentive Plan, the Committee shall have sole and complete authority to
      determine the persons to whom and the time or times at which such Awards shall
      be made, the number of shares of Common Stock to be granted pursuant to such
      Awards, and all other terms and conditions of the Awards. Any such Award shall
      be confirmed by an Award Agreement executed by the Company and the Participant,
      which Award Agreement shall contain such provisions as the Committee determines
      to be necessary or appropriate to carry out the intent of the Incentive Plan
      with respect to such Award.

     

    8.02 Terms
      of Other Stock-Based Awards.
      Unless
      otherwise provided in the Award Agreement, Awards made pursuant to this
Article
      VIII
      shall be
      subject to the following:

     

    (a) Any
      Common Stock subject to Awards made under this Article
      VIII
      may not
      be sold, assigned, transferred, pledged or otherwise encumbered prior to the
      date on which the shares are issued, or, if later, the date on which any
      applicable restriction, performance or deferral period lapses. 

     

    (b) The
      recipient of an Award under this Article
      VIII
      shall be
      entitled to receive interest or dividends or dividend equivalents with respect
      to the Common Stock or other securities covered by the Award.

     

    (c) If
      the
      vesting of an outstanding Award is conditioned upon the achievement of
      performance measures, then the Award shall be subject to the
      following:

     

    (i) If,
      at
      the time of the Change in Control, the established performance measures are
      less
      than fifty percent (50%) attained (as determined in the sole discretion of
      the
      Committee, based upon a pro rata determination through the date of the Change
      in
      Control), then such Award shall become vested and exercisable on a fractional
      basis with the numerator being equal to the percentage of attainment and the
      denominator being fifty percent (50%).

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (ii) If
      at the
      time of the Change in Control, the established performance measures are at
      least
      fifty percent (50%) attained (as determined in the sole discretion of the
      Committee, based upon a pro rata determination through the date of the Change
      in
      Control), then such Award shall become fully vested and exercisable.

     

    Article
      IX

    Terms
      Applicable to All Awards Granted under the Incentive
      Plan

     

    9.01 Plan
      Provisions Control Award Terms.
      The
      terms of the Incentive Plan shall govern all Awards granted under the Incentive
      Plan, and the Committee may not grant any Award under the Incentive Plan that
      contains terms that are contrary to any of the provisions of the Incentive
      Plan.
      In the event any provision of any Award granted under the Incentive Plan
      conflicts with any term in the Incentive Plan as in effect on the Date of Grant
      of the Award, the terms of the Incentive Plan shall control. Except as provided
      in Sections 9.05
      and
9.06
      below,
      the terms of any Award granted under the Incentive Plan may not be changed
      after
      the Date of Grant of the Award in a manner that would materially decrease the
      value of the Award without the express written approval of the
      Participant.

     

    9.02 Award
      Agreement.
      No
      person shall have any rights under any Award granted under the Incentive Plan
      unless and until the Company and the Participant to whom the Award was granted
      have executed and delivered an Award Agreement or the Participant has received
      and acknowledged notice of the Award authorized by the Committee expressly
      granting the Award to the Participant and containing provisions setting forth
      the terms of the Award.

     

    9.03 Limitation
      on Transfer.
      Except
      as may be provided in the applicable Award Agreement, a Participant’s rights and
      interest under the Incentive Plan may not be assigned or transferred other
      than
      by will or the laws of descent and distribution and, during the lifetime of
      a
      Participant, only the Participant personally (or the Participant’s personal
      representative) may exercise rights under the Incentive Plan. The Participant’s
      Beneficiary may exercise the Participant’s rights to the extent they are
      exercisable under the Incentive Plan following the death of the
      Participant. 

     

    9.04 Taxes.
      The
      Company shall be entitled, if the Committee deems it necessary or desirable,
      to
      withhold (or secure payment from the Participant in lieu of withholding) the
      amount of any withholding or other tax required by law to be withheld or paid
      by
      the Company regarding any amount payable and/or shares issuable under the
      Participant’s Award or regarding any income recognized upon a disqualifying
      disposition (i.e.,
      a
      disposition prior to the expiration of the required holding periods) of shares
      received pursuant to the exercise of an Incentive Stock Option, and the Company
      may defer payment of cash or issuance of shares upon exercise or vesting of
      an
      Award unless indemnified to its satisfaction against any liability for any
      taxes. The amount of the withholding or tax payment shall be determined by
      the
      Committee and shall be payable by the Participant in cash at the time the
      Committee determines; provided,
      however,
      that
      with the approval of the Committee, the Participant may elect to meet his or
      her
      withholding requirement, in whole or in part, by having withheld from the Award
      at the appropriate time that number of shares of Common Stock, rounded down
      to
      the next whole share, the Fair Market Value of which is equal to the amount
      of
      minimum required withholding taxes due.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    9.05 Code
      Section 409A. Any
      Options, Stock Appreciation Rights, Restricted Stock Awards, or other
      stock-based Award, which constitutes “deferred compensation” under Code Section
      409A (“409A Award”), and any rules and regulations promulgated thereunder, shall
      be subject to the following:

     

    (a) All
      409A
      Award documents and agreements, or rules and regulations created by the
      Committee pertaining to 409A Awards, shall provide for the required procedures
      under Code Section 409A, including the timing of deferral elections and the
      timing and method of payment distributions.

     

    (b) With
      respect to all 409A Awards, the Committee and its delegates shall operate the
      Incentive Plan at all times in conformity with the known rules, regulations
      and
      guidance promulgated under Code Section 409A, and the Committee shall reserve
      the right (including the right to delegate such right) to unilaterally amend
      any
      409A Award granted under the Incentive Plan, without the consent of the
      Participant, to maintain compliance with Code Section 409A. A Participant’s
      acceptance of any Award under the Incentive Plan constitutes acknowledgement
      and
      consent to such rights of the Committee. 

     

    9.06 Adjustments
      to Reflect Capital Changes.

     

    (a) Recapitalization.
      The
      number and kind of shares subject to outstanding Awards, the Exercise Price
      for
      the shares, the number and kind of shares available for Awards to be granted
      under the Incentive Plan shall be automatically adjusted to reflect any stock
      dividend, stock split, combination or exchange of shares, Merger, consolidation,
      or other change in capitalization with a similar substantive effect upon the
      Incentive Plan or the Awards granted under the Incentive Plan. The Committee
      shall have the power and sole discretion to determine the amount of the
      adjustment to be made in each case and shall have the right to prevent such
      automatic adjustment upon a determination that such adjustment would
      inappropriately increase or decrease the intended Award to the
      Participant.

     

    (b) Merger.
      In the
      event that the Company is a party to a Merger, outstanding Awards shall be
      subject to the agreement of merger or reorganization. Such agreement may
      provide, without limitation, for the continuation of outstanding Awards by
      the
      Company (if the Company is a surviving corporation), for their assumption by
      the
      surviving corporation or its parent or subsidiary, for the substitution by
      the
      surviving corporation or its parent or subsidiary of its own awards for such
      Awards, for accelerated vesting and accelerated expiration, or for settlement
      in
      cash or cash equivalents.

     

    (c) Awards
      to Replace Awards of Acquired Companies.
      After
      any Merger in which the Company or an Affiliate is a surviving corporation,
      the
      Board may grant substituted Awards under the provisions of the Incentive Plan,
      generally consistent with Section 424 of the Code, in replacement of awards
      granted under a plan of another party to the Merger whose shares of stock to
      be
      issued under the old awards may no longer be issued following the Merger. The
      terms and conditions of such replacement Awards shall be as determined by the
      Committee in its sole discretion.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    9.07 Initial
      Public Offering.
      As a
      condition of participation in the Incentive Plan, each Participant shall be
      obligated to cooperate with the Company and the underwriters in connection
      with
      any public offering of the Company’s securities and any transactions relating to
      a public offering, and shall execute and deliver any agreements and documents,
      including, without limitation, a lock-up agreement, that may be requested by
      the
      Company or the underwriters. The Participants’ obligations under this Section
      shall apply to any shares of Common Stock issued under the Incentive Plan as
      well as to any and all other securities of the Company or its successor for
      which Common Stock may be exchanged or into which Common Stock may be
      converted.

     

    9.08 No
      Implied Rights.

     

    (a) No
      Rights to Specific Assets. 
      Neither
      a
      Participant nor any other person shall by reason of participation in the
      Incentive Plan acquire any right in or title to any assets, funds or property
      of
      the Company or any subsidiary whatsoever, including any specific funds, assets,
      or other property which the Company or any subsidiary, in its sole discretion,
      may set aside in anticipation of a liability under the Incentive Plan.  A
      Participant shall have only a contractual right to the Common Stock or amounts,
      if any, payable or distributable under the Incentive Plan, unsecured by any
      assets of the Company, and nothing contained in the Incentive Plan shall
      constitute a guarantee that the assets of the Company or any subsidiary shall
      be
      sufficient to pay any benefits to any person.

     

    (b) No
      Contractual Right to Employment or Future Awards. 
      The
      Incentive Plan does not constitute a contract of employment, and selection
      as a
      Participant will not give any participating employee the right to be retained
      in
      the employ of the Company or an Affiliate or any right or claim to any benefit
      under the Incentive Plan, unless such right or claim has specifically accrued
      under the terms of the Incentive Plan.  Except as otherwise provided in the
      Incentive Plan, no Award under the Incentive Plan shall confer upon the holder
      thereof any rights as a stockholder of the Company prior to the date on which
      the individual fulfills all conditions for receipt of such rights.

     

    9.09 Awards
      Not Includable for Benefit Purposes.
      Payments
      received by a Participant pursuant to the provisions of the Incentive Plan
      shall
      not be included in the determination of benefits under any pension, group
      insurance, or other benefit plan applicable to the Participant that is
      maintained by the Company, except as may be provided under the terms of those
      plans or determined by the Committee.

     

    9.10 Governing
      Law.
      The
      Incentive Plan, and all Awards granted hereunder, and all actions taken in
      connection herewith, except as superseded by applicable federal law, shall
      be
      interpreted, construed, and enforced and its construction and performance shall
      be governed by the internal laws of the State of Delaware.

     

    9.11 No
      Strict Construction.
      No rule
      of strict construction shall be implied against the Company, the Board, the
      Committee, or any other person in the interpretation of any of the terms of
      the
      Incentive Plan, any Award granted under the Incentive Plan, or any rule or
      procedure established by the Committee that relates to the Incentive
      Plan.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    9.12 Captions.
      The
      captions and Section headings used in the Incentive Plan are for convenience
      only, do not constitute a part of the Incentive Plan, and shall not be deemed
      to
      limit, characterize, or affect in any way any provision of the Incentive Plan,
      and all provisions of the Incentive Plan shall be construed as if no captions
      or
      headings had been used in the Incentive Plan.

     

    9.13 Severability.
      Each
      part of the Incentive Plan is intended to be several. If any term, covenant,
      condition, or provision of the Incentive Plan is determined by a court of
      competent jurisdiction to be illegal, invalid, or unenforceable for any reason
      whatsoever, that determination shall not affect the legality, validity, or
      enforceability of the remaining parts of the Incentive Plan, and all remaining
      parts shall be legal, valid, and enforceable and have full force and effect
      as
      if the illegal, invalid, and/or unenforceable part had not been
      included.

     

    9.14 Amendment
      and Termination.

     

    (a) Amendment.
      The
      Committee shall have complete power and authority to amend the Incentive Plan
      at
      any time and for any reason. No termination or amendment of the Incentive Plan
      may, without the consent of the Participant (or, if the Participant is not
      then
      living, the affected Beneficiary) to whom any Award has previously been granted
      under the Incentive Plan, materially adversely affect the rights of the
      Participant or Beneficiary under that Award; provided,
      however, that
      no
      amendment may (i) materially increase the aggregate number of securities
      which may be issued under the Incentive Plan, other than pursuant to
      Section 9.06(a),
      or
      (ii) materially modify the requirements for participation in the Incentive
      Plan, unless the amendment is approved by a majority of the Company’s
      stockholders. 

     

    (b) Termination.
      The
      Committee shall have the right and the power to terminate the Incentive Plan
      at
      any time and for any reason. No Award shall be granted under the Incentive
      Plan
      after the termination of the Incentive Plan, but the termination of the
      Incentive Plan shall not affect any Award outstanding at the time of the
      termination of the Incentive Plan.

     

    9.15 Further
      Assurances.
      As a
      condition to receipt of any Award under the Incentive Plan, a Participant shall
      agree, upon demand of the Company, to do all acts and execute, deliver and
      perform all additional documents, instruments and agreements (including, without
      limitation, any applicable stockholder’s agreement or a joinder to such
      agreement) which may be reasonably required by the Company, to implement the
      provisions and purposes of the Incentive Plan.

     

    9.16 Form
      and Time of Elections. 
      Unless
      otherwise specified herein, each election required or permitted to be made
      by
      any Participant or other person entitled to benefits under the Incentive Plan,
      and any permitted modification, or revocation thereof, shall be filed with
      the
      Company at such times, in such form, and subject to such restrictions and
      limitations, not inconsistent with the terms of the Incentive Plan, as the
      Committee shall require.

     

    9.17 Evidence. 
      Evidence
      required of anyone under the Incentive Plan may be by certificate, affidavit,
      document or other information which the person acting on it considers pertinent
      and reliable, and signed, made or presented by the proper party or
      parties.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    9.18 Successors. 
      All
      obligations of the Company under the Incentive Plan shall be binding upon and
      inure to the benefit of any successor to the Company, whether the existence
      of
      such successor is the result of a direct or indirect purchase, Merger,
      consolidation or otherwise, of all or substantially all of the business, stock,
      and/or assets of the Company.

     

    9.19 Indemnification.
      The
      Company shall indemnify members of the Committee and any agent of the Committee
      who is an employee of the Company against any and all liabilities or expenses
      to
      which they may be subjected by reason of any act or failure to act with respect
      to their duties on behalf of the Incentive Plan, except in circumstances
      involving such person’s bad faith, gross negligence or willful
      misconduct.

     

    9.20 No
      Fractional Shares.
      Unless
      otherwise permitted by the Committee, no fractional shares of Common Stock
      shall
      be issued or delivered pursuant to the Incentive Plan or any Award. The
      Committee shall determine whether cash or other property shall be issued or
      paid
      in lieu of fractional shares or whether such fractional shares or any rights
      thereto shall be forfeited or otherwise eliminated.

     

    9.21 Notice.
      Unless
      otherwise provided in an Award Agreement, all written notices and all other
      written communications to the Company provided for in the Incentive Plan or
      any
      Award Agreement shall be delivered personally or sent by registered or certified
      mail, return receipt requested, postage prepaid (provided
      that international mail shall be sent via overnight or two-day
      delivery),
      or
      sent
      by facsimile or prepaid overnight courier to the Company at the address set
      forth below. Such notices, demands, claims and other communications shall be
      deemed given:

     

    (a) in
      the
      case of delivery by overnight service with guaranteed next day delivery, the
      next day or the day designated for delivery;

     

    (b) in
      the
      case of certified or registered U.S. mail, five (5) days after deposit in the
      U.S. mail; or

     

    (c) in
      the
      case of facsimile, the date upon which the transmitting party received
      confirmation of receipt by facsimile, telephone or otherwise;

     

    provided,
      however, that
      in
      no event shall any such communications be deemed to be given later than the
      date
      they are actually received; provided they are actually received. In the event
      a
      communication is not received, it shall only be deemed received upon the showing
      of an original of the applicable receipt, registration or confirmation from
      the
      applicable delivery service provider. Communications that are to be delivered
      by
      the U.S. mail or by overnight service to the Company shall be directed to the
      attention of the Company’s senior human resource officer and Corporate
      Secretary.

     

    9.22 Use
      of Term.
      Unless
      otherwise provided herein, the term “person” when referred to in the Incentive
      Plan or any Award Agreement may refer to an individual or an
      entity.

     

    
      
        
        

      

      
        17Exhibit
        10.12

    

     

    2007
      EQUITY INCENTIVE PLAN

    

    1. Purpose.
      The
      purpose of this Equity Incentive Plan (the “Plan”)
      is to
      advance the interests of Modigene
      Inc., a Nevada corporation (the
      “Company”)
      and
      its Affiliates (as defined below) by inducing eligible individuals of
      outstanding ability and potential to join and remain with, or to provide
      consulting or advisory services to, the Company or its Affiliates, by
      encouraging and enabling eligible employees, Outside Directors (as defined
      below), consultants, and advisors to acquire proprietary interests in the
      Company, and by providing participating eligible employees, Outside Directors,
      consultants, and advisors with an additional incentive to promote the success
      of
      the Company. These purposes are accomplished by providing for the granting
      of
      Incentive Stock Options, Nonqualified Stock Options, Reload Options, Stock
      Appreciation Rights, and Restricted Stock (all as defined below) to eligible
      employees, Outside Directors, consultants, and advisors.

    

    2. Definitions.
      As used
      in the Plan, the following terms have the meanings indicated:

    

    (a) “Affiliate”
means
      a
“parent corporation” or a “subsidiary corporation” (as set forth in Code
      Sections 424(e) and 424(f), respectively) of the Company.

    

    (b) “Applicable
      Withholding Taxes”
means
      the aggregate minimum amount of federal, state, local, and foreign income,
      payroll, and other taxes that the Employer is required to withhold in connection
      with the grant, vesting, or exercise of any Award.

    

    (c) “Award”
means
      an Incentive Stock Option, a Nonqualified Stock Option, a Reload Option, a
      Stock
      Appreciation Right, or Restricted Stock.

    

    (d) “Beneficiary”
means
      the person or entity designated by the Participant, in a form approved by the
      Company, to exercise the Participant’s rights with respect to an Award after the
      Participant’s death. If the Participant does not validly designate a
      Beneficiary, or if the designated person no longer exists, then the
      Participant’s Beneficiary shall be his or her estate.

    

    (e) “Board”
means
      the Board of Directors of the Company.

    

    (f) “Cause”
shall
      have the same meaning given to such term (or other term of similar meaning)
      in
      an Employment Agreement for purposes of termination of employment under such
      agreement, and in the absence of any such agreement or if such agreement does
      not include a definition of “Cause” (or other term of similar meaning), the term
“Cause” shall mean (i) any material breach by the Participant of any agreement
      to which the Participant and the Company or an Affiliate are parties, (ii)
      any
      continuing act or omission to act by the Participant which may have a material
      and adverse effect on the Company’s business or on the Participant’s ability to
      perform services for the Company or an Affiliate, including, without limitation,
      the commission of any crime (other than minor traffic violations), or (iii)
      any
      material misconduct or material neglect of duties by the Participant in
      connection with the business or affairs of the Company or an
      Affiliate.

    

    (g) “Change
      in Control”
means,
      unless such term or an equivalent term is otherwise defined with respect to
      an
      Award by the Participant’s Award agreement, any Employment Agreement or in a
      written contract of service, the occurrence of any of the
      following:

    

    (i) any
      “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
      Act) becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated
      under the Exchange Act), directly or indirectly, of securities of the Company
      representing more than fifty percent (50%) of the total combined voting power
      of
      the Company’s then-outstanding securities entitled to vote generally in the
      election of Directors; provided,
      however,
      that
      the following acquisitions shall not constitute a Change in Control: (1) an
      acquisition by any such person who on the Effective Date is the beneficial
      owner
      of more than fifty percent (50%) of such voting power, (2) any acquisition
      directly from the Company, including, without limitation, a public offering
      of
      securities, (3) any acquisition by the Company, (4) any acquisition by
      a trustee or other fiduciary under an employee benefit plan of a participating
      company or (5) any acquisition by an entity owned directly or indirectly by
      the stockholders of the Company in substantially the same proportions as their
      ownership of the voting securities of the Company; or

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii) an
      Ownership Change Event or series of related Ownership Change Events
      (collectively, a “Transaction”)
      in
      which the stockholders of the Company immediately before the Transaction do
      not
      retain immediately after the Transaction direct or indirect beneficial ownership
      of more than fifty percent (50%) of the total combined voting power of the
      outstanding securities entitled to vote generally in the election of directors
      or, in the case of an Ownership Change Event described in Section 2(x)(iii),
      the
      entity to which the assets of the Company were transferred (the “Transferee”),
      as
      the case may be; or

     

    (iii) a
      liquidation or dissolution of the Company;

     

    provided,
      however,
      that a
      Change in Control shall be deemed not to include a transaction described in
      subsections (i) or (ii) of this paragraph (g) in which a majority of the members
      of the board of directors of the continuing, surviving or successor entity,
      or
      parent thereof, immediately after such transaction is comprised of incumbent
      directors. For purposes of the preceding sentence, indirect beneficial ownership
      shall include, without limitation, an interest resulting from ownership of
      the
      voting securities of one or more corporations or other business entities which
      own the Company or the Transferee, as the case may be, either directly or
      through one or more subsidiary corporations or other business entities. The
      Committee shall have the right to determine whether multiple sales or exchanges
      of the voting securities of the Company or multiple Ownership Change Events
      are
      related, and its determination shall be final, binding and
      conclusive.

     

    (h) “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time, and any rulings
      or regulations promulgated thereunder.

    

    (i) “Committee”
means
      the Board, the Compensation Committee of the Board, or such other committee
      of
      the Board as the Board appoints to administer the Plan; provided,
      however,
      that
      should Section 162(m) of the Code and Section 16 of the Securities Exchange
      Act
      of 1934 apply to Awards under the Plan, if any member of the Committee does
      not
      qualify as both an “outside director” for purposes of Code Section 162(m) and a
“non-employee director” for purposes of Rule 16b-3, the remaining members of the
      Committee (but not less than two members) shall be constituted as a subcommittee
      of the Committee to act as the Committee for purposes of the Plan.

    

    (j) “Commission”
means
      the U.S. Securities and Exchange Commission. 

    

    (k) “Company”
means
      Modigene Inc., a Nevada corporation, and its subsidiaries. 

    

    (l) “Company
      Stock”
means
      the common stock, par value $0.0001 per share, of the Company. In the event
      of a
      change in the capital structure of the Company affecting the common stock (as
      provided in Section 14), the shares resulting from such a change in the common
      stock shall be deemed to be Company Stock within the meaning of the
      Plan.

    

    (m) “Date
      of Grant”
means
      the date on which the Committee grants an Award, or such future date as may
      be
      determined by the Committee.

    

    (n) “Disability”
means
      a
      disability within the meaning of Code Section 22(e)(3).

    

    (o) “Employer”
means
      the Company and each Affiliate that employs one or more Participants.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (p) “Employment
      Agreement”
means
      any written employment or other similar agreement between the Participant and
      the Company or an Affiliate.

    

    (q) “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

    

    (r) “Fair
      Market Value”
means
      on any given date the fair market value of Company Stock as of such date, as
      determined by the Committee. If the Company Stock is listed on a national
      securities exchange or traded on the over-the-counter market, Fair Market Value
      means the closing selling price or, if not available, the closing bid price
      or,
      if not available, the high bid price of the Company Stock quoted on such
      exchange, or on the over-the-counter market as reported by the NASDAQ Stock
      Market (“NASDAQ”),
      or if
      the Company Stock is not listed on NASDAQ, then by the National Quotation
      Bureau, Incorporated, on the day immediately preceding the day on which the
      Award is granted or exercised, as the case may be, or, if there is no selling
      or
      bid price on that day, the closing selling price, closing bid price, or high
      bid
      price on the most recent day which precedes that day and for which such prices
      are available.

    

    (s) “Incentive
      Stock Option”
means
      an Option that qualifies for favorable income tax treatment under Code Section
      422.

    

    (t) “Mature
      Shares”
means
      shares of Company Stock for which the stockholder has good title, free and
      clear
      of all liens and encumbrances.

    

    (u) “Nonqualified
      Stock Option”
means
      an Option that is not an Incentive Stock Option.

    

    (v) “Option”
means
      a
      right to purchase Company Stock granted under the Plan, at a price determined
      in
      accordance with the Plan.

    

    (w) “Outside
      Director”
means
      a
      member of the Board who is not an employee of, or a consultant or advisor to,
      the Company or an Affiliate as of the Date of Grant. 

    

    (x) “Ownership
      Change Event”
means
      the occurrence of any of the following with respect to the Company: (i) the
      direct or indirect sale or exchange in a single or series of related
      transactions by the stockholders of the Company of more than fifty percent
      (50%)
      of the voting stock of the Company; (ii) a merger or consolidation in which
      the Company is a party; or (iii) the sale, exchange, or transfer of all or
      substantially all of the assets of the Company (other than a sale, exchange
      or
      transfer to one or more subsidiaries of the Company).

    

    (y) “Participant”
means
      any employee, Outside Director, consultant, or advisor (including independent
      contractors, professional advisors, and service providers) of the Company or
      an
      Affiliate who receives an Award under the Plan.

    

    (z) “Restricted
      Stock”
means
      Company Stock awarded under Section 9 of the Plan.

    

    (aa) “Reload
      Option”
means
      a
      reload option grant made in accordance with Section 7 of the Plan.

    

    (bb) “Rule
      16b-3”
means
      Rule 16b-3 of the Commission promulgated under the Exchange Act. A reference
      in
      the Plan to Rule 16b-3 shall include a reference to any corresponding rule
      (or
      number redesignation) of any amendments to Rule 16b-3 enacted after the
      effective date of the Plan’s adoption.

    

    (cc)   “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (dd) “Stock
      Appreciation Right”
means
      a
      right to receive amounts awarded under Section 8.

    

    3. Stock.
      Subject
      to Section 14 of the Plan, there shall be reserved for issuance under the Plan
      an aggregate of 8,000,000 shares of Company Stock, which may be authorized
      but
      unissued shares, or shares held in the Company’s treasury, or shares purchased
      from stockholders expressly for use under the Plan. In addition, shares
      allocable to Awards granted under the Plan that expire, are forfeited, are
      cancelled without the delivery of the shares, or otherwise terminate
      unexercised, may again be available for Awards under the Plan. For purposes
      of
      determining the number of shares that are available for Awards under the Plan,
      the number shall also include the number of shares surrendered by a Participant
      actually or by attestation or retained by the Company in payment of Applicable
      Withholding Taxes, and any Mature Shares surrendered by a Participant upon
      exercise of an Option or in payment of Applicable Withholding Taxes. Shares
      issued under the Plan through the settlement, assumption, or substitution of
      outstanding awards or obligations to grant future awards as a condition of
      an
      Employer acquiring another entity shall not reduce the maximum number of shares
      available for delivery under the Plan.

    

    4. Eligibility.
      Subject
      to the terms of the Plan, the Committee shall have the power and complete
      discretion, as provided in Section 13, to select eligible employees, Outside
      Directors, consultants, and advisors to receive an Award under the Plan;
provided,
      however,
      that
      any Award shall be subject to the following terms and conditions:

    

    (a) Only
      those individuals who are employees (including officers) of the Company or
      an
      Affiliate at the Date of Grant shall be eligible to receive an Incentive Stock
      Option under the Plan.

    

    (b) All
      employees (including officers) and Outside Directors of, or consultants and
      advisors to, either the Company or an Affiliate at the Date of Grant shall
      be
      eligible to receive Nonqualified Stock Options, Stock
      Appreciation Rights,
      and
      Restricted Stock; provided, however, that Nonqualified Stock Options, Stock
      Appreciation Rights, and Restricted Stock may not be granted to any such
      consultants and advisors unless (i) bona fide services have been or are to
      be
      rendered by such consultant or advisor and (ii) such services are not in
      connection with the offer or sale of securities in a capital raising
      transaction.

     

    (c) Anything
      herein to the contrary notwithstanding, any recipient of an Award under the
      Plan
      must be includable in the definition of “employee” provided in the general
      instructions to Form S-8 Registration Statement under the Securities
      Act.

    

    (d) The
      grant
      of an Award shall not obligate an Employer to pay any employee, Outside
      Director, consultant, or advisor any particular amount of remuneration, to
      continue the employment of the employee or engagement of the Outside Director,
      consultant, or advisor after the grant, or to make further grants to the
      employee, Outside Director, consultant, or advisor at any time
      thereafter.

    

    5. Stock
      Options.

    

    (a) The
      Committee may make grants of Options to Participants. Except as otherwise
      provided herein, the Committee shall determine the number of shares for which
      Options are granted, the Option exercise price per share, whether the Options
      are Incentive Stock Options or Nonqualified Stock Options, and any other terms
      and conditions to which the Options are subject.

    

    (b) Unless
      determined otherwise by the Committee on the Date of Grant, the exercise price
      of shares of Company Stock covered by an Option shall be not less than 100
      percent of the Fair Market Value of Company Stock on the Date of Grant. Except
      as provided in Section 14, (i) the exercise price of an Option may not be
      decreased after the Date of Grant and (ii) a Participant may not surrender
      an
      Option in consideration for the grant of a new Option with a lower exercise
      price or another Award. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (c) All
      Options granted hereunder shall be subject to the following terms and
      conditions:

    

    (i) All
      Options shall be evidenced by a written stock option agreement (the
“Stock
      Option Agreement”)
      setting forth all the relevant terms of the Award.

    

    (ii) No
      Option
      shall be exercisable more than 10 years after the Date of Grant.

    

    (iii) The
      aggregate Fair Market Value, determined at the Date of Grant, of shares for
      which Incentive Stock Options become exercisable by a Participant during any
      calendar year shall not exceed $100,000 and any amount in excess of $100,000
      shall be treated as a Nonqualified Stock Option. The maximum aggregate number
      of
      shares for which Incentive Stock Options may be issued under the Plan to any
      Participant in any calendar year shall be 200,000.

    

    (iv) If
      an
      Incentive Stock Option is granted to an employee who owns, at the Date of Grant,
      more than 10 percent of the total combined voting power of all classes of stock
      of the Company or an Affiliate, then (A) the option price of the shares subject
      to the Incentive Stock Option shall be at least 110% of the Fair Market Value
      of
      the Company Stock at the Date of Grant and (B) such Incentive Stock Option
      shall
      not be exercisable after the expiration of 5 years from the Date of
      Grant.

    

    (v) Subject
      to earlier termination of the Option as otherwise provided herein and unless
      otherwise provided in any Employment Agreement or as provided by the Committee
      in the grant of an Option and set forth in or incorporated into the Stock Option
      Agreement: (A) if
      the
      employment of an employee by, or the services of an Outside Director for, or
      consultant or advisor to, the Company or an Affiliate should be terminated
      for
      Cause or terminated voluntarily by the grantee, then any outstanding Option
      shall terminate immediately, (B) if such employment or services terminates
      for
      any other reason, any such Option exercisable as of the date of termination
      may
      be exercised at any time within three months of termination. For purposes of
      this subsection, (y) the retirement of an individual either pursuant to a
      pension or retirement plan maintained by the Company or an Affiliate or at
      the
      applicable normal retirement date prescribed from time to time by the Company
      shall be deemed to be termination of the individual’s employment other than
      voluntarily or for Cause, and (z) an individual who leaves the employ or
      services of the Company or an Affiliate to become an employee or Outside
      Director of, or a consultant or advisor to, an entity that has assumed the
      Option as a result of a corporate reorganization or the like shall not be
      considered to have terminated employment or services.

    

    (vi) Subject
      to earlier termination of the Option as otherwise provided herein and unless
      otherwise provided in any Employment Agreement or as provided by the Committee
      in the grant of an Option and set forth in or incorporated into the Stock Option
      Agreement, if
      the
      holder of an Option under the Plan ceases employment or services because of
      Disability while employed by, or while serving as an Outside Director for or
      a
      consultant or advisor to, the Company or an Affiliate, then such Option may,
      subject to the provisions of subsection (viii) below, be exercised at any time
      within one year after the termination of employment or services due to the
      Disability.

    

    (vii) Subject
      to earlier termination of the Option as otherwise provided herein and unless
      otherwise provided in any Employment Agreement or as provided by the Committee
      in the grant of an Option and set forth in or incorporated into the Stock Option
      Agreement, if
      the
      holder of an Option under the Plan dies (A) while employed by, or while serving
      as an Outside Director for or a consultant or advisor to, the Company or an
      Affiliate, or (B) within three months after the termination of employment or
      services other than voluntarily by the grantee or for Cause, then such Option
      may, subject to the provisions of subsection (viii) below, be exercised by
      the
      Participant’s Beneficiary at any time within one year after the Participant’s
      death.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (viii) An
      Option
      may not be exercised after termination of employment, termination of
      directorship, termination of consulting or advisory services, Disability or
      death except to the extent that the holder was entitled to exercise the Option
      at the time of such termination or as otherwise provided in a currently
      effective written Employment Agreement, consulting agreement or other related
      agreement executed between the Company and the employee, Outside Director or
      consultant or advisor, and in any event may not be exercised after the
      expiration of the Option in accordance with the terms of the grant.

    

    (ix) The
      employment relationship of an employee of the Company or an Affiliate shall
      be
      treated as continuing intact while the employee is on military or sick leave
      or
      other bona fide leave of absence if such leave does not exceed 90 days or,
      if
      longer, so long as the employee’s right to reemployment is guaranteed either by
      statute or by contract.

    

    (d) The
      holder of any Option granted under the Plan shall have none of the rights of
      a
      stockholder with respect to the shares covered by the Option until such stock
      shall be transferred to the holder upon the exercise of the Option.

    

    6. Grants
      to Outside Directors.
      Awards,
      other than Incentive Stock Options, may be made to Outside Directors. The
      Committee shall have the power and complete discretion to select Outside
      Directors to receive Awards. The Committee shall have the complete discretion,
      under provisions consistent with Section 13, to determine the terms and
      conditions, the nature of the Award and the number of shares to be allocated
      as
      part of each Award for each Outside Director. The grant of an Award shall not
      obligate the Company to make further grants to the Outside Director at any
      time
      thereafter or to retain any person as a director for any period of
      time.

    

    7. Reload
      Options.
      The
      Committee may grant Options with a reload feature. A reload feature shall only
      apply when the exercise price is paid by delivery of Company Stock in accordance
      with Section 10. The Stock Option Agreement for the Option containing the reload
      feature shall provide that the holder of the Option shall receive,
      contemporaneously with the payment of the exercise price in shares of Company
      Stock, a Reload Option to purchase that number of shares of Company Stock equal
      to the sum of (i) the number of shares used to exercise the Option, and (ii)
      with respect to Nonqualified Stock Options, the number of shares used to satisfy
      Applicable Withholding Taxes. The terms of the Plan applicable to the Option
      shall be equally applicable to the Reload Option with the following exceptions:
      the price per share of Company Stock deliverable upon the exercise of the Reload
      Option (i) in the case of a Reload Option that is an Incentive Stock Option
      being granted to a Participant who owns more than 10 percent of the total
      combined voting power of all classes of stock of the Company or an Affiliate,
      shall be 110% of the Fair Market Value of a share of Company Stock on the Date
      of Grant of the Reload Option, and (ii) in the case of a Reload Option which
      is
      an Incentive Stock Option being granted to any other Participant, or which
      is a
      Nonqualified Stock Option, shall be the Fair Market Value of a share of Company
      Stock on the Date of Grant of the Reload Option, unless the Committee shall
      determine otherwise on the Date of Grant, but in no event shall such price
      be
      less than the exercise price of the Option which gave rise to the Reload Option.
      The term of the Reload Option shall be the same as the Option which gave rise
      to
      the Reload Option. If the exercise price of an Option containing a reload
      feature is paid in cash and not in shares of Company Stock, the reload feature
      shall have no application with respect to such exercise.

    

    8. Stock
      Appreciation Rights.
      Concurrently with the award of any Option to purchase one or more shares of
      Company Stock, the Committee may, in its sole discretion, award to the optionee
      with respect to each share of Company Stock covered by an Option a related
      Stock
      Appreciation Right, which permits the optionee to be paid the appreciation
      on
      the related Option in lieu of exercising the Option. The Committee shall
      establish as to each award of Stock Appreciation Rights the terms and conditions
      to which the Stock Appreciation Rights are subject; provided,
      however,
      that
      the following terms and conditions shall apply to all Stock Appreciation
      Rights:

    

    (a) A
      Stock
      Appreciation Right granted with respect to an Incentive Stock Option must be
      granted together with the related Option. A Stock Appreciation Right granted
      with respect to a Nonqualified Stock Option may be granted together with the
      grant of the related Option.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    (b) A
      Stock
      Appreciation Right shall entitle the Participant, upon exercise of the Stock
      Appreciation Right, to receive in exchange an amount equal to the excess of
      (i)
      the Fair Market Value on the date of exercise of Company Stock covered by the
      surrendered Stock Appreciation Right, over (ii) the Fair Market Value of Company
      Stock on the Date of Grant of the Stock Appreciation Right. The Committee may
      limit the amount that the Participant will be entitled to receive upon exercise
      of a Stock Appreciation Right.

    

    (c) A
      Stock
      Appreciation Right may be exercised only if and to the extent the underlying
      Option is exercisable, and a Stock Appreciation Right may not be exercisable
      in
      any event more than 10 years after the Date of Grant.

    

    (d) A
      Stock
      Appreciation Right may only be exercised at a time when the Fair Market Value
      of
      Company Stock covered by the Stock Appreciation Right exceeds the Fair Market
      Value of Company Stock on the Date of Grant of the Stock Appreciation Right.
      The
      Stock Appreciation Right may provide for payment in Company Stock or cash,
      or a
      fixed combination of Company Stock and cash, or the Committee may reserve the
      right to determine the manner of payment at the time the Stock Appreciation
      Right is exercised.

    

    (e) To
      the
      extent a Stock Appreciation Right is exercised, the underlying Option shall
      be
      cancelled, and the shares of Company Stock represented by the Option shall
      no
      longer be available for Awards under the Plan.

    

    9. Restricted
      Stock Awards.

    

    (a) The
      Committee may make grants of Restricted Stock to a Participant. The Committee
      shall establish as to each award of Restricted Stock the terms and conditions
      to
      which the Restricted Stock is subject, including the period of time before
      which
      all restrictions shall lapse and the Participant shall have full ownership
      of
      the Company Stock. The Committee in its discretion may award Restricted Stock
      without cash consideration. All Restricted Stock Awards shall be evidenced
      by a
      Restricted Stock Agreement setting forth all the relevant terms of the
      Award.

    

    (b) Except
      as
      provided in Section 12, Restricted Stock may not be sold, assigned, transferred,
      pledged, hypothecated, or otherwise encumbered or disposed of until the
      restrictions have lapsed or been removed. Certificates representing Restricted
      Stock shall be held by the Company until the restrictions lapse, and the
      Participant shall provide the Company with appropriate stock powers endorsed
      in
      blank.

    

    10. Method
      of Exercise of Options.

    

    (a) Options
      may be exercised by the Participant (or his or her legal guardian or personal
      representative) by giving written notice of the exercise to the Company at
      its
      principal office (attention of the Corporate Secretary) pursuant to procedures
      established by the Company. The notice shall state the number of shares the
      Participant has elected to purchase under the Option. Such notice shall be
      accompanied, or followed within 10 days of delivery thereof, by payment of
      the
      full exercise price of such shares. The exercise price may be paid in cash
      by
      means of a check payable to the order of the Company or, if the terms of an
      Option permit, (i) by delivery or attestation of Mature Shares (valued at their
      Fair Market Value) in satisfaction of all or any part of the exercise price,
      (ii) by delivery of a properly executed exercise notice with irrevocable
      instructions to a broker to deliver to the Company the amount necessary to
      pay
      the exercise price from the sale or proceeds of a loan from the broker with
      respect to the sale of Company Stock or a broker loan secured by the Company
      Stock,
      (iii) by such other consideration as may be approved by the Committee from
      time to time to the extent permitted by applicable law, or (iv) by any
      combination of (i) through (iii) hereof.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    (b) Unless
      prior to the exercise of the Option the shares issuable upon such exercise
      have
      been registered with the Commission pursuant to the Securities Act, the notice
      of exercise shall be accompanied by a representation or agreement of the
      individual or entity exercising the Option to the Company to the effect that
      such shares are being acquired for investment purposes and not with a view
      to
      the distribution thereof, and such other documentation as may be required by
      the
      Company, unless in the opinion of counsel to the Company such representation,
      agreement or documentation is not necessary to comply with any such
      act.

    

    (c) The
      Company shall not be obligated to deliver any Company Stock until the shares
      have been listed on each securities exchange or market on which the Company
      Stock may then be listed or until there has been qualification under or
      compliance with such federal or state laws, rules or regulations as the Company
      may deem applicable. The Company shall use reasonable efforts to obtain such
      listing, qualification and compliance.

    

    11. Tax
      Withholding.
      Each
      Participant shall agree as a condition of receiving an Award payable in the
      form
      of Company Stock to pay to the Employer, or make arrangements satisfactory
      to
      the Employer regarding the payment to the Employer of, Applicable Withholding
      Taxes. Under procedures established by the Committee or its delegate, a
      Participant may elect to satisfy Applicable Withholding Taxes by (i) making
      a
      cash payment or authorizing additional withholding from cash compensation,
      (ii)
      delivering Mature Shares (valued at their Fair Market Value), or (iii) if the
      applicable Stock Option Agreement or Restricted Stock Agreement permits, having
      the Company retain that number of shares of Company Stock (valued at their
      Fair
      Market Value) that would satisfy all or a specified portion of the Applicable
      Withholding Taxes.

    

    12. Transferability
      of Awards.
      Except
      as
      otherwise so provided by the Committee, awards under the Plan are not
      transferable except as designated by the Participant by will or by the laws
      of
      descent and distribution or pursuant to a qualified domestic relations order,
      as
      defined in the Code or Title I of the Employee Retirement Income Security Act
      of
      1974, as amended. The Committee shall have the discretion to permit the transfer
      of awards under the plan; provided,
      however,
      that
      such transfers shall be limited to immediate family members of participants,
      trusts and partnerships established for the primary benefit of such family
      members or to charitable organizations, and; provided,
      further,
      that
      such transfers are not made for consideration to the Participant.

    

    13. Administration
      of the Plan.

    

    (a) The
      Committee shall administer the Plan. Subject to the terms and conditions set
      forth in the Plan, the Committee shall have general authority to impose any
      term, limitation, or condition upon an Award that the Committee deems
      appropriate to achieve the objectives of the Award and of the Plan. The
      Committee may adopt rules and regulations for carrying out the Plan with respect
      to Participants and Beneficiaries. The interpretation and construction of any
      provision of the Plan by the Committee shall be final and conclusive as to
      any
      Participant or Beneficiary.

    

    (b) The
      Committee shall have the power to amend the terms and conditions of previously
      granted Awards so long as the terms as amended are consistent with the terms
      of
      the Plan and provided that the consent of the Participant is obtained with
      respect to any amendment that would be detrimental to him or her, except that
      such consent will not be required if such amendment is for the purpose of
      complying with Rule 16b-3 or any requirement of the Code or of other securities
      laws applicable to the Award.

    

    (c) The
      Committee shall have the power and complete discretion (i) to delegate to any
      individual, or to any group of individuals employed by the Company or any
      Affiliate, the authority to grant Awards under the Plan and (ii) to determine
      the terms and limitations of any delegation of authority; provided,
      however,
      that
      the Committee may not delegate power and discretion to the extent such action
      would cause noncompliance with, or the imposition of penalties, excise taxes,
      or
      other sanctions under, applicable corporate law, Rule 16b-3, Code Section 162(m)
      or 409A, or any other applicable securities or tax law.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    (d) The
      Committee shall have the power to include one or more provisions in the terms
      of
      Award grants to provide for the cancellation of an outstanding Award in the
      event the Participant violates any agreement or other obligation dealing with
      non-competition, non-solicitation or protection of the Company’s confidential
      information. 

    

    
      	 	
              14.

            	
              Change
                in Capital Structure; Change of Control.

            

    

    

    (a) Change
      in Capital Structure. In
      the
      event of a stock dividend, stock split, or combination of shares, share
      exchange, share distribution, recapitalization or merger in which the Company
      is
      the surviving corporation, a spin-off or split-off of a subsidiary or Affiliate,
      or other change in the Company’s capital stock (including, but not limited to,
      the creation or issuance to stockholders generally of rights, options, or
      warrants for the purchase of common stock or preferred stock of the Company),
      the aggregate number and kind of shares of stock or securities of the Company
      to
      be subject to the Plan and to Awards then outstanding or to be granted, the
      maximum number of shares or securities which may be delivered under the Plan
      under Sections 3, 5(b), or 8, the per share exercise price of Options, the
      terms
      of Awards, and other relevant provisions shall be proportionately and
      appropriately adjusted by the Committee in its discretion, and the determination
      of the Committee shall be binding on all persons. If the adjustment would
      produce fractional shares with respect to any unexercised Option, the Committee
      may adjust appropriately and in a nondiscriminatory manner the number of shares
      covered by the Option so as to eliminate the fractional shares.

    

    (b) Effect
      of Change in Control on Options and Stock Appreciation Rights.
Subject
      to the terms of any Employment Agreement, the Committee may provide in an Award
      agreement for, or in the event of a Change in Control may take such actions
      as
      it deems appropriate to provide for, any one or more of the
      following:

    

    (i) Accelerated
      Vesting.
      The
      Committee may provide for the acceleration of the exercisability and vesting
      in
      connection with a Change in Control of any or all outstanding Options and Stock
      Appreciation Rights and shares acquired upon the exercise thereof upon such
      conditions, including termination of the Participant’s service prior to, upon,
      or following such Change in Control, and to such extent as the Committee shall
      determine.

     

    (ii) Assumption
      or Substitution.
      In the
      event of a Change in Control, the surviving, continuing, successor, or
      purchasing entity or parent thereof, as the case may be (the “Acquiror”),
      may,
      without the consent of any Participant, either assume or continue the Company’s
      rights and obligations under any or all outstanding Options and Stock
      Appreciation Rights or substitute for any or all outstanding Options and Stock
      Appreciation Rights substantially equivalent options and stock appreciation
      rights (as the case may be) for the Acquiror’s stock. Any Options or Stock
      Appreciation Rights which are neither assumed or continued by the Acquiror
      in
      connection with the Change in Control nor exercised as of the time of
      consummation of the Change in Control shall terminate and cease to be
      outstanding effective as of the time of consummation of the Change in
      Control.

     

    (iii) Cash-Out.
      The
      Committee may, in its sole discretion and without the consent of any
      Participant, determine that, upon the occurrence of a Change in Control, each
      or
      any Option or Stock Appreciation Right outstanding immediately prior to the
      Change in Control shall be canceled in exchange for a payment with respect
      to
      each vested share (and each unvested share, if so determined by the Committee)
      of Company Stock subject to such canceled Option or Stock Appreciation Right
      in
      (A) cash, (B) stock of the Company or of a corporation or other
      business entity a party to the Change in Control, or (C) other property
      which, in any such case, shall be in an amount having a Fair Market Value equal
      to the excess of the Fair Market Value of the consideration to be paid per
      share
      of Company Stock in the Change in Control over the exercise price per share
      under such Option or Stock Appreciation Right (the “Spread”).
      In
      the event such determination is made by the Committee, the Spread (reduced
      by
      applicable withholding taxes, if any) shall be paid to Participants in respect
      of the vested portion (and unvested portion, if so determined by the Committee)
      of their canceled Options and Stock Appreciation Rights as soon as practicable
      following the date of the Change in Control.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (iv) Effect
      of Change in Control on Restricted Stock Awards.
      The
      Committee may provide for the acceleration of the vesting of the shares subject
      to the Restricted Stock Award upon such conditions, including termination of
      the
      Participant’s services to the Company prior to, upon, or following such Change
      in Control, and to such extent as the Committee shall determine.

    

    15. Effective
      Date.
      The
      effective date of the Plan is April [ ], 2007. The Plan shall be submitted
      to
      the stockholders of the Company for approval. Until (i) the Plan has been
      approved by the Company’s stockholders, and (ii) the requirements of any
      applicable federal or state securities laws have been met, no Restricted Stock
      shall be awarded, and no Option shall be granted or exercisable, that is not
      contingent on these events.

    

    16. Termination,
      Modification.
      If not
      sooner terminated by the Board, this Plan shall terminate at the close of
      business on April [ ], 2017. No Awards shall be made under the Plan after its
      termination. The Board may amend or terminate the Plan as it shall deem
      advisable; provided,
      however,
      that no
      change shall be made that increases the total number of shares of Company Stock
      reserved for issuance pursuant to Awards granted under the Plan (except pursuant
      to Section 14), or reduces the minimum exercise price for Options, or exchanges
      an Option for another Award, unless such change is authorized by the
      stockholders of the Company within one year of the date of such change. Except
      as otherwise specifically provided herein, a termination or amendment of the
      Plan shall not, without the consent of the Participant, adversely affect a
      Participant’s rights under an Award previously granted to him or
      her.

    

    17. American
      Jobs Creation Act of 2004.

     

    (a) It
      is
      intended that the Plan comply in all applicable respects with Code Sections
      409A(a)(2) through (4), as it may be amended from time to time, and any rulings,
      regulations, or other guidelines promulgated under either or both statutes
      (such
      statutes, rulings, regulations and other guidelines to be referred to
      collectively herein as “Section 409A”). This Plan, and any amendments thereto,
      shall therefore be interpreted and implemented at all times so as to (i) ensure
      compliance with Section 409A and (ii) avoid any penalty or early taxation of
      any
      payment or benefit under the Plan.

    

    (b) Anything
      herein to the contrary notwithstanding, the Board shall approve and implement
      such amendments as it deems necessary or desirable to ensure compliance with
      Section 409A and to avoid any penalty or early taxation of any payment or
      benefit under this Plan; provided,
      however,
      that no
      change shall be made that increases the total number of shares of Company Stock
      reserved for issuance pursuant to Awards granted under the Plan (except pursuant
      to Section 14), or reduces the minimum exercise price for Options, or exchanges
      an Option for another Award, unless such change is authorized by the
      stockholders of the Company. No such amendment shall require the consent of
      any
      Participant.

    

    18. Interpretation
      and Venue.
      Except
      to the extent preempted by applicable federal law, the terms of this Plan shall
      be governed by the laws of the State of New York without regard to its conflict
      of laws rules.

     

    
      
         

      

      
        10

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