Document:

Exhibit 10.2

    Exhibit
      10.2

       

      AMENDMENT
        TO LIQUIDITY AGREEMENT

       

      THIS
        AMENDMENT, dated as of December 1, 2006 (this “Amendment”),
        to
        the Amended and Restated Liquidity Agreement, dated as of December 11, 1998
        (as
        further amended and restated as of December 2, 2003) (the “Liquidity
        Agreement”),
        among
        BISHOP’S GATE RESIDENTIAL MORTGAGE TRUST (the “Trust”),
        the
        Banks listed therein (the “Banks”),
        and
        JPMORGAN CHASE BANK, N.A.
        (as
        successor to JPMorgan Chase Bank), as
        Agent
        (the “Agent”).

       

      WITNESSETH:

       

      WHEREAS,
        the Trust, the Banks and the Agent are parties to the Liquidity
        Agreement;

       

      WHEREAS,
        the Trust has requested that the Agent, with the consent of the Banks, amend
        and
        waive certain provisions of the Liquidity Agreement; and

       

      WHEREAS,
        the Agent, with the consent of the Banks, is agreeable to the requested waivers,
        but only on the terms and subject to the conditions set forth
        herein.

       

      NOW,
        THEREFORE, in consideration of the premises contained herein, the parties
        hereto
        agree as follows:

       

      1.  Defined
        Terms.
        Unless
        otherwise defined herein, terms which are defined in the Liquidity Agreement
        and
        used herein (and in the recitals hereto) as defined terms are used as so
        defined.

       

      “Base
        Indenture”
means
        the Base Indenture, dated as of December 11, 1998, between the Trust
        and The Bank of New York, as Indenture Trustee.

       

      “Indenture
        Event of Default”
means
        the occurrence of any event set forth in Section 9.01 of the Base
        Indenture.

       

      “PHH
        Credit Agreement”
means
        the Amended and Restated Competitive Advance and Revolving Credit Agreement,
        dated as of January 6, 2006, among PHH Corporation, PHH Vehicle
        Management Services Inc., and JPMorgan Chase Bank, N.A., as administrative
        agent.

       

      2.  Extension
        of Expiration Date.
        The
        Banks
        hereby (i)
        extend
        the Expiration Date for a period of 364 days from the Expiration Date currently
        in effect, to November 30, 2007,
        and
        (ii)
        waive
        the
        60-day request notification requirement set forth in Section
        4.06.

       

      3.  Reduction
        of Facility Amount.
        Pursuant
        to Section 4.02(a) of the Liquidity Agreement, the Banks hereby permanently
        reduce the Facility Amount as set forth in Schedule A
        hereto.
        In connection therewith, Section 4.02(c) of the Liquidity Agreement is
        hereby amended to provide that (i) the Bank Commitment of each Bank shall
        be as set forth in Schedule A
        hereto
        and (ii) Danske Bank A/S shall have no Bank Commitment hereunder after the
        effective date of this Amendment.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4.  Waiver. 
        Notwithstanding
        anything in the Liquidity Agreement to the contrary, the Banks hereby waive
        any
        Event of Default under the Liquidity Agreement (which shall be deemed not
        to be
        existing or continuing for all purposes of the Liquidity Agreement) that
        may
        arise by reason of an Indenture Event of Default or any failure to be in
        compliance with Section 6.02 of the Liquidity Agreement at the time of a
        Credit Utilization, in either case, which arises due to the failure of the
        Trust
        to (i) deliver to the Indenture Trustee, the Rating
        Agencies, the Commercial Paper Dealers, the Owner Trustee, the
        Collateral
        Agent
        and the
        Agent
        the financial statements of PHH for the fiscal quarters ended March 31, 2006,
        June 30, 2006 and September 30, 2006 pursuant to Section 8.01(a)
        of
        the Liquidity Agreement and
        Section
        8.3(a)
        of the
        Indenture, as the case may be,
        on or
        prior to December 29, 2006 (such
        waiver
        to
        continue to such
        date
after
        December 29, 2006 as
        may be
        agreed to in writing by the lenders party to the PHH Credit Agreement for
        delivery of such financial statements and certificates pursuant to Sections
        5.1(b) and (c) of the PHH Credit Agreement, but in any case not later than
        March 31, 2007),
        (ii) deliver to the Indenture Trustee, the Rating Agencies, the Commercial
        Paper Dealers, the Owner Trustee, the Collateral Agent and the Agent the
        financial statements of PHH for the fiscal quarter ending March 31, 2007
        pursuant to Section 8.01(a) of the Liquidity Agreement and Section 8.3(a)
        of the
        Indenture, as the case may be, on or prior to the 60th
        day
        after March 31, 2007 (such waiver to continue to such date after the
        60th
        day
        after March 31, 2007 as may be agreed to in writing by the lenders party
        to the
        PHH Credit Agreement for delivery of such financial statements and certificates
        pursuant to Sections 5.1(b) and (c) of the PHH Credit Agreement,
but
        in
        any case not later than June 30, 2007)
        or
        (iii) deliver to the Indenture Trustee, the Rating Agencies, the Commercial
        Paper Dealers, the Owner Trustee, the Collateral Agent and the Agent the
        financial statements of PHH, the Trust and the Seller for the fiscal year
        ending
        December 31, 2006 pursuant to Section 8.01(a) of the Liquidity Agreement
        and Section 8.3(a) of the Indenture, as the case may be, on or prior to the
        105th
        day
        after December 31, 2006 (such waiver to continue to such date after the
        105th
        day
        after December 31, 2006 as may be agreed to in writing by the lenders party
        to
        the PHH Credit Agreement for delivery of such financial statements and
        certificates pursuant to Sections 5.1(b) and (c) of the PHH Credit Agreement,
        but
        in
        any case not later than June 30, 2007).

       

      5.  Consent
        to Supplemental Indenture No. 2.
        Pursuant to Section 8.09 of the Liquidity Agreement, the Banks hereby
        consent to the execution and delivery by the Trust of a Supplemental Indenture
        No. 2 in substantially the form attached hereto as Exhibit
        A.

       

      6.  Effectiveness
        of Amendment. This
        Amendment shall become effective as of the date the Trust shall have received
        counterparts of this Amendment duly executed by each of the Banks.

       

      7.  Continuing
        Effect; No Other Waivers and Amendments. 
        Except
        as
        expressly provided herein, all of the terms and provisions of the Liquidity
        Agreement are and shall remain in full force and effect. The waivers and
        amendments provided for herein are limited to the specific subsections of
        the
        Liquidity Agreement specified herein and shall not constitute a consent,
        waiver
        or amendment of, or an indication of the Banks’ willingness to consent to any
        action requiring consent under any other provisions of the Liquidity Agreement
        or the same Section for any other date or time period other than those specified
        herein.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      Notwithstanding
        the foregoing, in the event the Indenture Trustee provides notice pursuant
        to
Section 9.1
        of
        the Base Indenture declaring the principal of the Notes due and payable,
        the
        waivers provided by Section 4 hereof shall be revoked immediately and shall
        be of no further effect.

       

      8.  Counterparts. 
        This
        Amendment may be executed in any number of counterparts by the parties hereto
        (including by facsimile or electronic transmission), each of which counterparts
        when so executed shall be an original, but all the counterparts shall together
        constitute one and the same instrument.

       

      9.  GOVERNING
        LAW. 
        THIS
        AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
        WITH, THE LAWS OF THE STATE OF NEW YORK.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      

      

      
        
          
            

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
        executed and delivered by their proper and duly authorized officers as of
        the
        day and year first above written.

       

      BISHOP’S
        GATE RESIDENTIAL MORTGAGE TRUST

       

      By:
         PHH
        MORTGAGE CORPORATION, 

      as
        Administrator under the Administration Agreement

       

      By: 
        /s/
        Mark E. Johnson

      Name:
        Mark E. Johnson

      Title:
        Vice President & Treasurer

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
         JPMORGAN
        CHASE BANK, N.A., 

          as
        Agent and
        as a Lender

       

      By: 
        /s/
        Elizabeth H. Schwabe

          Name:
        Elizabeth H. Schwabe

          Title:
        Managing Director

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        BANK
        OF AMERICA, N.A.

       

      By: 
        /s/
        Elizabeth H. Schwabe

          Name:
        Elizabeth H. Schwabe

          Title:
        Managing Director

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        BARCLAYS BANK PLC

       

      By: 
        /s/
        Alison McGuigan

          Name:
        Alison
        McGuigan

          Title:
        Associate Director

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      Name
        of
        Bank: Canadian Imperial Bank of Commerce

       

      By: 
        /s/
        Ronald G. Hurst

          Name:
        Ronald
        G. Hurst

          Title:
        Authorized Signatory

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        CITIBANK N.A.

       

      By: 
        /s/
        Hugo Arias

          Name:
        Hugo
        Arias

          Title:
        Vice
        President

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        DEUTSCHE BANK AG

       

      By: 
        /s/
        Michael Cheng

          Name:
        Michael
        Cheng

          Title:
        Director

       

      By: 
        /s/
        Peter Kim

          Name:
        Peter
        Kim

          Title:
        Vice
        President

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      Name
        of
        Bank: Manufacturers and Traders Trust Company 

       

      By: 
        /s/
        Brooks W. Thropp

          Name:
        Brooks
        W. Thropp

          Title:
        Administrative Vice President

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        MELLON BANK, N.A.

       

      By: 
        /s/
        Laurie G. Dunn

          Name:
        Laurie
        G. Dunn

          Title:
        First
        Vice President

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        THE
        BANK OF NOVA SCOTIA

       

      By: 
        /s/
        Todd Meller

          Name:
        Todd
        Meller

          Title:
        Managing Director

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Signature
        page to 

      Amendment
        under Bishop’s Gate Residential Mortgage Trust

      Amendment
        and Restated Liquidity Agreement,

      dated
        as
        of December 11, 1998

      (as
        further amended and restated on December 2, 2003)

      

       

      By:
        THE
        ROYAL BANK OF SCOTLAND PLC

      

      

      By: 
        /s/
        Angela Reilly

          Name:
        Angela
        Reilly

          Title:
        Managing Director<PAGE>

EXHIBIT 4.1

                                VOYAGER ONE, INC.
                       2006 NON-EMPLOYEE COMPENSATION PLAN

================================================================================

     THIS VOYAGER ONE, INC. 2006 NON-EMPLOYEE COMPENSATION PLAN (the "PLAN") is
designed to retain outside consultants, professionals and service providers and
reward them for making major contributions to the success of the Company. These
objectives are accomplished by making long-term incentive awards under the Plan
thereby providing Participants with a proprietary interest in the growth and
performance of the Company.

1.   Definitions.

     (a)  "BOARD" - The Board of Directors of the Company.

     (b)  "CODE" - The Internal Revenue Code of 1986, as amended from time to
          time.

     (c)  "COMMITTEE" - The Compensation Committee of the Company's Board, or
          such other committee of the Board that is designated by the Board to
          administer the Plan, composed of not less than two members of the
          Board all of whom are disinterested persons, as contemplated by Rule
          16b-3 ("RULE 16B-3") promulgated under the Securities Exchange Act of
          1934, as amended (the "EXCHANGE ACT").

     (d)  "COMPANY" - Voyager One, Inc. and its subsidiaries including
          subsidiaries of subsidiaries.

     (e)  "EXCHANGE ACT" - The Securities Exchange Act of 1934, as amended from
          time to time.

     (f)  "CLOSING BID PRICE" - The closing bid price of the Company's Stock as
          reported on the Over-The-Counter-Bulletin Board on the trading day
          prior to the Grant of the Stock to a Participant.

     (g)  "GRANT" - The grant of any stock award to a Participant pursuant to
          such terms, conditions and limitations as the Committee may establish
          in order to fulfill the objectives of the Plan.

     (h)  "GRANT AGREEMENT" - An agreement between the Company and a Participant
          that sets forth the terms, conditions and limitations applicable to a
          Grant.

     (i)  "PARTICIPANT" - An outside consultant, professional and service
          provider of the Company to whom an Award has been made under the Plan.

     (j)  "SECURITIES ACT" - The Securities Act of 1933, as amended from time to
          time.

     (k)  "STOCK" - Authorized and issued or unissued shares of common stock of
          the Company.

     (l)  "STOCK AWARD" - A Grant made under the Plan in stock or denominated in
          units of stock for which the Participant is not obligated to pay
          additional consideration.

2.   Administration.

     The Plan shall be administered by the Board, provided however, that the
     Board may delegate such administration to the Committee. Subject to the
     provisions of the Plan, the Board and/or the Committee shall have authority
     to (a) grant, in its discretion, Stock Awards; (b) determine which eligible
     persons shall receive Grants and the number of shares, restrictions, terms
     and conditions to be included in such Grants; (c) construe and interpret
     the Plan; (d) promulgate, amend and rescind rules and regulations relating
     to its administration, and correct defects, omissions and inconsistencies
     in the Plan or any Grant; (e) consistent with the Plan and with the consent
     of the Participant, as appropriate, amend any outstanding Grant; (f)
     determine the duration and purpose of leaves of absence which may be
     granted to Participants without constituting termination of their
     engagement for the purpose of the Plan or any Grant; and (g) make all other
     determinations necessary or advisable for the Plan's administration. The
     interpretation and construction by the Board of any provisions of the Plan
     or selection of Participants shall be conclusive and final. No member of
     the Board or the Committee shall be liable for any action or determination
     made in good faith with respect to the Plan or any Grant made thereunder.

<PAGE>

3.   Eligibility.

     The persons who shall be eligible to receive Grants shall be outside
     consultants, professionals and service providers who provide services to
     the Company in connection with, among other things, the Company's
     obligations as a publicly-held reporting company. The term consultant shall
     mean any person, other than an employee, who is engaged by the Company to
     render services and is compensated for such services.

4.   Stock.

     (a)  AUTHORIZED STOCK: Stock subject to Grants may be either unissued or
          reacquired Stock.

     (b)  NUMBER OF SHARES: Subject to adjustment as provided in Section 7 of
          the Plan, the total number of shares of Stock which may be purchased
          or granted directly by Stock Awards granted under the Plan shall not
          exceed Two Million Five Hundred Thousand (2,500,000) shares. If any
          Grant shall for any reason terminate or expire, any shares allocated
          thereto but remaining unvested shall again be available for Grants
          with respect thereto under the Plan as though no Grant had previously
          occurred with respect to such shares. Any shares of Stock issued
          pursuant to a Grant and repurchased pursuant to the terms thereof
          shall be available for future Grants as though not previously covered
          by a Grant.

     (c)  RESERVATION OF SHARES: The Company shall reserve and keep available at
          all times during the term of the Plan such number of shares as shall
          be sufficient to satisfy the requirements of the Plan. If, after
          reasonable efforts, which efforts shall not include the registration
          of the Plan or Grants under the Securities Act, the Company is unable
          to obtain authority from any applicable regulatory body, which
          authorization is deemed necessary by legal counsel for the Company for
          the lawful issuance of shares hereunder, the Company shall be relieved
          of any liability with respect to its failure to issue and sell the
          shares for which such requisite authority was so deemed necessary
          unless and until such authority is obtained.

5.   Stock Awards.

     All or part of any Stock Award under the Plan may be subject to conditions
     established by the Board or the Committee, and set forth in a Stock Award
     Agreement, which may include, but are not limited to, continuous service
     with the Company, achievement of specific business objectives, increases in
     specified indices, attaining growth rates and other comparable measurements
     of Company performance. Such Awards may be based on Closing Bid Price or
     other specified valuation. All Stock Awards will be made pursuant to the
     execution of a Stock Award Agreement.

     (a)  CONDITIONS AND RESTRICTIONS. Shares of Stock which Participants may
          receive as a Stock Award under a Stock Award Agreement may include
          such restrictions as the Board or Committee, as applicable, shall
          determine, including restrictions on transfer, repurchase rights,
          right of first refusal, and forfeiture provisions. When transfer of
          Stock is so restricted or subject to forfeiture provisions it is
          referred to as "RESTRICTED STOCK." Further, with Board or Committee
          approval, Stock Awards may be deferred, either in the form of
          installments or a future lump sum distribution. The Board or Committee
          may permit selected Participants to elect to defer distributions of
          Stock Awards in accordance with procedures established by the Board or
          Committee to assure that such deferrals comply with applicable
          requirements of the Code including, at the choice of Participants, the
          capability to make further deferrals for distribution after
          retirement. Any deferred distribution, whether elected by the
          Participant or specified by the Stock Award Agreement or by the Board
          or Committee, may require the payment be forfeited in accordance with
          the provisions of Section 5(b). Dividends or dividend equivalent
          rights may be extended to and made part of any Stock Award, subject to
          such terms, conditions and restrictions as the Board or Committee may
          establish.

                                    2

<PAGE>

     (b)  CANCELLATION AND RESCISSION OF GRANTS. Unless the Stock Award
          Agreement specifies otherwise, the Board or Committee, as applicable,
          may cancel any unvested or deferred Grants at any time if the
          Participant is not in compliance with all other applicable provisions
          of the Stock Award Agreement, the Plan and with the following
          conditions:

          (i)  A Participant shall not render services for any organization or
               engage directly or indirectly in any business which, in the
               judgment of the President of the Company or other senior officer
               designated by the Board or Committee, is or becomes competitive
               with the Company, or which organization or business, or the
               rendering of services to such organization or business, is or
               becomes otherwise prejudicial to or in conflict with the
               interests of the Company. For Participants whose engagement has
               terminated, the judgment of the President shall be based on the
               Participant's position and responsibilities while employed by the
               Company, the Participant's post-engagement responsibilities and
               position with the other organization or business, the extent of
               past, current and potential competition or conflict between the
               Company and the other organization or business, the effect on the
               Company's customers, suppliers and competitors and such other
               considerations as are deemed relevant given the applicable facts
               and circumstances. A Participant who discontinues working for
               Company shall be free, however, to purchase as an investment or
               otherwise, stock or other securities of such organization or
               business so long as they are listed upon a recognized securities
               exchange or traded over-the-counter, and such investment does not
               represent a substantial investment to the Participant or a
               greater than five percent (5%) equity interest in the
               organization or business.

          (ii) A Participant shall not, without prior written authorization from
               the Company, disclose to anyone outside the Company, or use in
               other than the Company's business, any confidential information
               or material relating to the business of the Company, acquired by
               the Participant either during or after engagement with the
               Company.

          (iii) A Participant shall disclose promptly and assign to the Company
               all right, title and interest in any invention or idea,
               patentable or not, made or conceived by the Participant during
               engagement by the Company, relating in any manner to the actual
               or anticipated business, research or development work of the
               Company and shall do anything reasonably necessary to enable the
               Company to secure a patent where appropriate in the United States
               and in foreign countries.

          (iv) Upon exercise, payment or delivery pursuant to a Grant, the
               Participant shall certify on a form acceptable to the Board or
               Committee that he or she is in compliance with the terms and
               conditions of the Plan.

     (c)  NONASSIGNABILITY.

          (i)  Except pursuant to Section 5(d)(i), no Grant or any other benefit
               under the Plan shall be assignable or transferable, or payable
               to, anyone other than the Participant to whom it was granted.

          (ii) Where a Participant terminates engagement and retains a Grant in
               order to assume a position with a governmental, charitable or
               educational institution, the Board or Committee, in its
               discretion and to the extent permitted by law, may authorize a
               third party (including but not limited to the trustee of a
               "blind" trust), acceptable to the applicable governmental or
               institutional authorities, the Participant and the Board or
               Committee, to act on behalf of the Participant with regard to
               such Awards.

     (d)  TERMINATION OF ENGAGEMENT. If the engagement or service to the Company
          of a Participant terminates, other than pursuant to any of the
          following provisions under this Section 5(d), all unvested or deferred
          Stock Awards shall be cancelled immediately, unless the Stock Award
          Agreement provides otherwise:

                                    3

<PAGE>

          (i) DEATH OR DISABILITY OF A PARTICIPANT.

               (1)  In the event of a Participant's death, the Participant's
                    estate or beneficiaries shall have a period up to the
                    expiration date specified in the Grant Agreement within
                    which to receive or exercise any outstanding Grant held by
                    the Participant under such terms as may be specified in the
                    applicable Grant Agreement. Rights to any such outstanding
                    Grants shall pass by will or the laws of descent and
                    distribution in the following order: (a) to beneficiaries so
                    designated by the Participant; if none, then (b) to a legal
                    representative of the Participant; if none, then (c) to the
                    persons entitled thereto as determined by a court of
                    competent jurisdiction. Grants so passing shall be made at
                    such times and in such manner as if the Participant were
                    living.

               (2)  In the event a Participant is deemed by the Board or
                    Committee to be unable to perform his or her usual duties by
                    reason of mental disorder or medical condition which does
                    not result from facts which would be grounds for termination
                    of services, Grants and rights to any such Grants may be
                    paid to the Participant, if legally competent, or a
                    committee or other legally designated guardian or
                    representative if the Participant is legally incompetent by
                    virtue of such disability.

               (3)  After the death or disability of a Participant, the Board or
                    Committee may in its sole discretion at any time (1)
                    terminate restrictions in Grant Agreements; (2) accelerate
                    any or all installments and rights; and (3) instruct the
                    Company to pay the total of any accelerated payments in a
                    lump sum to the Participant, the Participant's estate,
                    beneficiaries or representative; notwithstanding that, in
                    the absence of such termination of restrictions or
                    acceleration of payments, any or all of the payments due
                    under the Grant might ultimately have become payable to
                    other beneficiaries.

               (4)  In the event of uncertainty as to interpretation of or
                    controversies concerning this Section 5, the determinations
                    of the Board or Committee, as applicable, shall be binding
                    and conclusive.

6.   Investment Intent. All Grants under the Plan are intended to be exempt from
     registration under the Securities Act provided by Rule 701 thereunder.
     Unless and until the sale and issuance of Stock subject to the Plan are
     registered under the Securities Act or shall be exempt pursuant to the
     rules promulgated thereunder, each Grant under the Plan shall provide that
     the purchases or other acquisitions of Stock thereunder shall be for
     investment purposes and not with a view to, or for resale in connection
     with, any distribution thereof. Further, unless the issuance and sale of
     the Stock have been registered under the Securities Act, each Grant shall
     provide that no shares shall be purchased upon the exercise of the rights
     under such Grant unless and until (i) all then applicable requirements of
     state and federal laws and regulatory agencies shall have been fully
     complied with to the satisfaction of the Company and its counsel, and (ii)
     if requested to do so by the Company, the person exercising the rights
     under the Grant shall (i) give written assurances as to knowledge and
     experience of such person (or a representative employed by such person) in
     financial and business matters and the ability of such person (or
     representative) to evaluate the merits and risks of receiving the Stock as
     compensation, and (ii) execute and deliver to the Company a letter of
     investment intent and/or such other form related to applicable exemptions
     from registration, all in such form and substance as the Company may
     require. If shares are issued upon exercise of any rights under a Grant
     without registration under the Securities Act, subsequent registration of
     such shares shall relieve the purchaser thereof of any investment
     restrictions or representations made upon the exercise of such rights.

                                    4

<PAGE>

7.   Amendment, Modification, Suspension or Discontinuance of the Plan. The
     Board may, insofar as permitted by law, from time to time, with respect to
     any shares at the time not subject to outstanding Grants, suspend or
     terminate the Plan or revise or amend it in any respect whatsoever, except
     that without the approval of the shareholders of the Company, no such
     revision or amendment shall (i) increase the number of shares subject to
     the Plan, (ii) decrease the price at which Grants may be granted, (iii)
     materially increase the benefits to Participants, or (iv) change the class
     of persons eligible to receive Grants under the Plan; provided, however, no
     such action shall alter or impair the rights and obligations under any
     Stock Award outstanding as of the date thereof without the written consent
     of the Participant thereunder. No Grant may be issued while the Plan is
     suspended or after it is terminated, but the rights and obligations under
     any Grant issued while the Plan is in effect shall not be impaired by
     suspension or termination of the Plan.

     In the event of any change in the outstanding Stock by reason of a stock
     split, stock dividend, combination or reclassification of shares,
     recapitalization, merger, or similar event, the Board or the Committee may
     adjust proportionally (a) the number of shares of Stock (i) reserved under
     the Plan, (ii) covered by outstanding Stock Awards; and (b) the Stock
     prices related to outstanding Grants. In the event of any other change
     affecting the Stock or any distribution (other than normal cash dividends)
     to holders of Stock, such adjustments as may be deemed equitable by the
     Board or the Committee, including adjustments to avoid fractional shares,
     shall be made to give proper effect to such event. In the event of a
     corporate merger, consolidation, acquisition of property or stock,
     separation, reorganization or liquidation, the Board or the Committee shall
     be authorized to issue or assume stock options, whether or not in a
     transaction to which Section 424(a) of the Code applies, and other Grants
     by means of substitution of new Grant Agreements for previously issued
     Grants or an assumption of previously issued Grants.

8.   Tax Withholding. The Company shall have the right to deduct applicable
     taxes from any Grant payment and withhold, at the time of delivery or
     exercise of Stock Awards or vesting of shares under such Grants, an
     appropriate number of shares for payment of taxes required by law or to
     take such other action as may be necessary in the opinion of the Company to
     satisfy all obligations for withholding of such taxes. If Stock is used to
     satisfy tax withholding, such stock shall be valued based on the Closing
     Bid Price when the tax withholding is required to be made.

9.   Availability of Information. During the term of the Plan and any additional
     period during which a Grant granted pursuant to the Plan shall be payable,
     the Company shall make available, not later than one hundred and twenty
     (120) days following the close of each of its fiscal years, such financial
     and other information regarding the Company as is required by the bylaws of
     the Company and applicable law to be furnished in an annual report to the
     shareholders of the Company.

10.  Notice. Any written notice to the Company required by any of the provisions
     of the Plan shall be addressed to the President or to the Chief Executive
     Officer of the Company, and shall become effective when it is received by
     the office of the President or the Chief Executive Officer.

11.  Indemnification of Board. In addition to such other rights or
     indemnifications as they may have as directors or otherwise, and to the
     extent allowed by applicable law, the members of the Board and the
     Committee shall be indemnified by the Company against the reasonable
     expenses, including attorneys' fees, actually and necessarily incurred in
     connection with the defense of any claim, action, suit or proceeding, or in
     connection with any appeal thereof, to which they or any of them may be a
     party by reason of any action taken, or failure to act, under or in
     connection with the Plan or any Grant granted thereunder, and against all
     amounts paid by them in settlement thereof (provided such settlement is
     approved by independent legal counsel selected by the Company) or paid by
     them in satisfaction of a judgment in any such claim, action, suit or
     proceeding, except in any case in relation to matters as to which it shall
     be adjudged in such claim, action, suit or proceeding that such Board or
     Committee member is liable for negligence or misconduct in the performance
     of his or her duties; provided that within sixty (60) days after
     institution of any such action, suit or Board proceeding the member
     involved shall offer the Company, in writing, the opportunity, at its own
     expense, to handle and defend the same.

                                    5

<PAGE>

12.  Governing Law. The Plan and all determinations made and actions taken
     pursuant hereto, to the extent not otherwise governed by the Code or the
     securities laws of the United States, shall be governed by the law of the
     State of Nevada and construed accordingly.

13.  Effective and Termination Dates. The Plan shall become effective on the
     date it is approved by the Board of Directors. The Plan shall terminate ten
     years later, subject to earlier termination by the Board pursuant to
     Section 7.

         The foregoing 2006 NON-EMPLOYEE COMPENSATION PLAN (consisting of 8
pages, including this page) was duly adopted and approved by the Board of
Directors on November 28, 2006.

                                         VOYAGER ONE, INC.
                                         a Nevada corporation

                                         By:  /s/ Sebastien  DuFort
                                              ----------------------------
                                              Sebastien  DuFort
                                         Its: President

                                     6

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