Document:

Exhibit 10.3

Oak Hill Financial, Inc.

Non-Employee Director Deferred Compensation Plan

 

1.            Purpose. The purpose of the Oak Hill Financial, Inc. Non-Employee Director Deferred Compensation Plan (the “Plan”) is to promote the interests of Oak Hill Financial, Inc. and Oak Hill Banks and its affiliates (individually and collectively, the “Company”) and the Company’s stockholders by increasing the interests of non-employee directors in the growth and performance of the Company by awarding such directors awards of stock in the Company and by providing such directors with the opportunity to defer all or a portion of their stock awards.

2.            Administration. The Company’s Board of Directors (the “Board”) shall administer and interpret this Plan. Subject to the terms of this Plan and Internal Revenue Code Section 409A and any guidance promulgated thereunder (“Code 409A”), the Board shall be authorized to interpret the Plan, to establish any rules and regulations relating to the Plan, and to make all determinations necessary or advisable for the administration of the Plan. The determination of the Board in the administration of the Plan shall be final and conclusive.

3.            Plan Participation. The initial participants in the Plan will be those Directors who had deferred compensation agreements with the Company. Such Directors are listed in Exhibit A. The Board shall have the authority to select Directors as future Plan participants.

4.            Election to Defer. Director may elect to have his or her Director Fees take the form of (a) 100% cash, (b) 50% Shares and 50% cash, or (c) 100% Shares. In addition, if Director has elected to receive 50% Shares or 100% Shares, such Director may elect to either (d) receive such Shares as soon as practicable after the date on which the Director Fees are otherwise earned and payable, or (e) defer receipt of such Shares until the date on which his or her service on the Company’s Board terminates and separates as provided in Section 7 of this Plan. In the case of a deferral of the Shares, the cash value of such Shares shall be credited to the Stock Unit Account (as defined below) established for the Director and converted to Stock Units (as defined below) pursuant to Section 6 of
this Plan.

	
 

	
5.

	
Election Form.

(a) Director shall effect the election as to the time and form of payment of his or her Director Fees (as described in Section 4 above) by completing and delivering an election form (the “Election Form”) to the Company. The Election Form shall be in the form attached hereto as Exhibit B. An Election Form effective for a calendar year shall be delivered to the Company prior to the first day of such calendar year unless otherwise provided by Code 409A, and shall be irrevocable for that calendar year. An 

 

 

 

 

Election Form shall remain in effect for subsequent calendar years until a written notice to revise the Election Form is delivered to the Company on or before the first day of the calendar year in which the revision is to become effective. Except as provided in Subsection (b) below, an initial Election Form or a revised Election Form shall only apply to Director Fees otherwise payable to the Director after the end of the calendar year in which such initial or revised Election Form is delivered to the Company. An Election Form delivered by the Director shall be irrevocable with respect to any Director Fees covered by the election set forth therein.

(b) Notwithstanding the foregoing, an election made by a Director in the calendar year in which such Director first becomes eligible to defer his or her Director Fees and otherwise participate in the Plan, may be made pursuant to an Election Form delivered to the Company within 30 days after the date on which the Director initially becomes eligible to defer such Director Fees and otherwise participate in the Plan, and such Election Form shall be effective with respect to Director Fees earned after the date such Election Form is delivered to the Company.

	
 

	
6.

	
Director Accounts.

(a) Director Fees taking the form of Shares and deferred as provided in the Election Form pursuant to Section 5 of this Plan shall be credited as a dollar amount to the Director’s stock unit bookkeeping account (the “Stock Unit Account”) as of the date on which such Director Fees would have been paid, and shall be converted as of such date into stock units (the “Stock Units”) equivalent to whole Shares. Such conversion shall be determined by dividing the dollar balance of the Director’s Stock Unit Account as of such date by the Fair Market Value of a Share on such date. For purposes of this Plan, “Fair Market Value” shall mean the closing price per share of the Company’s common stock as reported on The Nasdaq National Market, or if such date is not a regular trading date on such exchange, on the next following regular trading date. The number of Stock Units for
full Shares so determined shall be credited to the Director’s Stock Unit Account and the aggregate value thereof shall be charged to the cash balance of the Director’s Stock Unit Account. Any cash balance remaining in the Director’s Stock Unit Account after such conversion, together with other subsequent credits of deferred Director Fees thereto and credits thereto pursuant to subsection (b) below, shall be converted into Stock Units to the extent possible on the next conversion date.

(b) Additional credits shall be made to the Director’s Stock Unit Account in dollar amounts equal to the cash dividends (or the fair market value of dividends paid in property other than Shares) that the Director would have received had he or she been the owner on each record date of a number of Shares equal to the number of Stock Units in his or her Stock Unit Account on such date. In the case of a dividend on the Shares or a common stock split, additional credits will be made to a Director’s Stock Unit Account of a number of Stock Units equal to the number of full Shares that the Director would have received had he or she been the owner on each record date of a number of Shares equal to the number of Stock Units in his or her Stock Unit Account on such date. Any cash dividends (or dividends paid in property other than Shares) shall be converted into Stock Units at the next conversion date as set
forth in subsection (a) above. In the event of a reclassification, reorganization, redesignation, or other change in the Company’s capitalization, the number of Stock Units in the Director’s Stock Unit Account shall be proportionately adjusted or substituted to reflect the same as soon as reasonably practicable after such event.

(c) Each Stock Unit Account shall be maintained on the books of Oak Hill Financial on behalf of the Company until full payment of the balance thereof has been made to 

 

 

 

 

the applicable Director (or the beneficiaries of a deceased Director) as described in Section 7 below. No funds shall be set aside or earmarked for any account, which shall be purely a bookkeeping device.

7.            Distribution of Director Accounts. Upon termination and separation of the Director’s service on the Company’s Board (or, if later, any service to an affiliate), death of the Director, or disability of the Director -- as those terms are defined in Code 409A -- the Company shall distribute the Director’s Stock Unit Account to the Director (or to his or her beneficiaries in the event of his or her death) in the form of Shares (which may be treasury Shares or Shares purchased by on the open market), a) in five substantially equal annual distributions starting on the anniversary of the date of such termination and separation and continuing thereafter for four additional distributions, or b) in a lump sum as soon as practicable after the date of such death or disability.
If a Director dies or becomes disabled after termination and separation from service on the Company’s Board and has not received the entire distribution to which he or she is entitled, the remaining amount shall be distributed in a lump sum as soon as practicable after the date of such death or disability. However, if a Director also is a “specified employee,” as that term is defined in Code 409A, of the Company, then no distribution upon termination and separation of service shall occur until the earlier of 30 days after 6 months following termination and separation of service from the Company, or the Director’s death. The Company, or its designee, shall deliver to the Director a certificate representing a number of Shares equal to the number of Stock Units in the Director’s Stock Unit Account, registered in the name of such Director (or his or her beneficiaries), and any remaining cash shall be distributed to the Director (or his or her beneficiaries). In the event of the
Director’s death, payment of any amount due under this Plan shall be made to the beneficiary or beneficiaries designated by the Director in a writing delivered to the Company. If the Director fails to designate a beneficiary, payment of any amount due under the Plan shall be made to the duly appointed and qualified executor or other personal representative of the Director to be distributed in accordance with his or her will or applicable intestacy law; or in the event that there shall be no such representative duly appointed and qualified within six (6) months after the date of death, then to such persons as, at the date of the Director’s death, would be entitled to share in the distribution of such Director’s personal estate under the provisions of the applicable statute then in force governing the descent of intestate property, in the proportions specified in such statute.

8.            Nontransferability. A Director’s Stock Unit Account, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than (1) by will or by the laws of descent and distribution or (2) to the extent allowed by the Code and by law, to a grantor trust in which the Director is the sole beneficial owner pursuant to Code 671 and state law, and shall not be subject to execution, attachment or similar process.

9.            Director’s Rights Unsecured. The right of the Director or his or her beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Director nor his or her beneficiary shall have any rights in or against any amounts credited to the Director’s Stock Unit Account or any other specific assets of the Company. All amounts credited to the Director’s Stock Unit Account shall constitute general 

 

 

 

 

assets of the Company and may be disposed of by the Company at such time and for such purposes as it may deem appropriate.

10.          Taxes. The Company may withhold from any deferred Director Fees, or any distributions made pursuant to Section 7 of this Plan, any amounts required to be withheld by applicable federal, state, and local tax laws and regulations thereunder. The Director may pay any applicable taxes due with respect to Shares distributed out of the Director’s Stock Unit Account in cash or in Shares (but any payment in Shares shall not be in excess of the minimum federal, state, and local withholding rate), either by having the Company withhold a portion of the Shares otherwise distributable, or by delivering to the Company Shares otherwise owned by the Director.

11.          Tax Advisor. Nothing contained in this Plan is intended, nor shall it be construed, as providing advice to the Director regarding the tax consequences of this Plan and the Election Form to the Director. The Company urges the Director to consult his or her own personal tax advisor to determine the particular tax consequences of this Plan and the Election Form to the Director, including the effect of federal, state and local taxes, and any changes in the tax laws from the date of this Plan.

12.          Company’s Election to Terminate. At any time and for any reason, the Board of the Company or the Board of Directors of Oak Hill Financial may terminate the Plan as to future deferrals provided that no distributions shall be made to a Director except as provided in Section 7 and permitted under Code 409A.

	
 

	
13.

	
Expenses. Costs of administration of this Plan will be paid by the Company.

14.          Notices. Any notice required to be given to the Company (including, but not limited to the Election Form) under this Plan shall be in writing, or by electronic means, and shall be received when actually delivered, or mailed postage paid as first class U.S. Mail. Notices shall be directed to the Company at its corporate offices. Any notice required to be given to the Director shall delivered to the address stated in the Director’s Election Form.

15.          Governing Law. This Plan shall be governed by the laws of the State of Ohio, except to the extent preempted by federal law.

16.          Previous Agreements; Amendment; Code 409A. This Plan supersedes all previous agreements, written or oral, between the Company and any Director relating to the subject matter hereof. Except as provided below, no amendment or modification of the terms of the Plan shall be binding on the parties hereto unless reduced to writing and signed by the Director and the Company. This Plan shall be interpreted in accordance with Code 409A, shall be administered in accordance with Code 409A, and shall be deemed to be modified to comply with Code 409A to the maximum extent necessary to bring the provisions of this Plan into compliance with Code 409A’s rules. If a Director is unexpectedly required to include any deferrals in his or her current year’s income because of a failure to meet the
requirements of Code 409A, the Director may receive a lump sum equal to the amount required to be included in 

 

 

 

 

income as a result of the failure to comply with Code 409A. Notwithstanding the above, the Director agrees to any amendment needed to bring the Plan into compliance with Code 409A.

17.          Employment; Continued Board Service. Nothing contained in this Plan shall be construed to constitute an employment contract between the Director and any person or entity, or an acknowledgement of any employment relationship between the Director and the Company. In addition, nothing in this Plan shall be construed as providing the Director with a right to be retained as a member of the Company’s Board.

18.          No Rights of Stockholders. Nothing in this Plan shall give any Director the rights and privileges of a stockholder of the Company unless and until the Company delivers to the Director the certificate representing the number of Shares the Director is to receive in accordance with Section 7 of the Plan.

19.          Severability. In the event any provision of this Plan is held illegal or invalid, the remaining provisions of this Plan shall not be affected thereby.

	
 

	
20.

	
Effective Date. The Plan shall be effective as of January 1, 2006.

 

 

 

 

Exhibit A

Initial Plan Participants

	
1.

	
Candice R. DeClark-Peace

	
2.

	
Donald P. Woods

	
 

	
3.

	
H. Grant Stephenson

	
 

				

 

 

 

 

Exhibit B

OAK HILL FINANCIAL, INC.

NON-EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN

Election, Deferral and Beneficiary Designation Form

for Non-Employee Directors

under the Oak Hill Financial, Inc., 2004 Stock Incentive Plan

I, ___________________________________, am a director of [Select one]:

	
 

	
o

	
Oak Hill Financial, Inc.

	
 

	
o

	
Oak Hill Banks

	
 

Each entity by the boxes above shall be individually and collectively referred to as the “Company”).

Pursuant to the Oak Hill Financial, Inc. Non-Employee Director Deferred Compensation Plan (the “Plan”), I hereby make the following elections with respect to Director Fees (as defined in the Plan) on the date indicated below.

	
1.

	
Election Regarding Form of Director Fees

I elect that my Director Fees take the form of:

	
 

	
o

	
100% shares of common stock of Oak Hill Financial, Inc. (“Shares”)*

	
 

	
o

	
50% Shares and 50% cash*

	
 

	
 

	
o

	
100% cash and no Shares

	
 

					

(* Note: If you have checked either of these boxes indicating your election to have your Director Fees take the form of Shares (either 100% or 50%), you must also make an election as to whether you will defer payment of the Shares by completing Part 2 below. You do not have the option of deferring Director Fees taken in the form of cash).

	
2.

	
Election Regarding Deferral of Director Fees Taking the Form of Shares

I have elected that either 100% or 50% my Director Fees take the form of Shares, and further elect with respect to such Shares:

	
 

	
o

	
TO DEFER receipt of the Shares which are otherwise payable to me.

(Note:     by checking the box immediately above, you will have elected to defer your receipt of all of the Shares which you may be entitled to receive.)

 

 

 

 

	
 

	
o

	
NOT TO DEFER receipt of the Shares which are otherwise payable to me.

(Note: by checking the box immediately above, you will have elected to receive all of the Shares which you may be entitled to receive when the Director Fees are otherwise payable, which is the last day of each month during which you served as a director of the Company)

	
3.

	
Terms Common to the Elections

With respect to the foregoing elections, I understand that:

	
 

	
(a)

	
if I have filed this Election Form within 30 calendar days of the date on which I first become eligible to make elections with respect to my Director Fees under a previous agreement or under the Plan, the election(s) I have made will be effective for all Director Fees that I earn after the date that I file this Election Form with the Company;

	
 

	
(b)

	
if I have filed this Election Form after the period referenced in (1) above, the elections I have made will be effective for all Director Fees that I earn as of the first day of the calendar year after I file the Election Form with the Company;

	
 

	
(c)

	
I may revise the election as to the form of my Director Fees pursuant to paragraph 1 above for Director Fees earned for calendar years commencing after my delivery to the Company of a written notice of revision;

	
 

	
(d)

	
any deferral election that I have made pursuant to paragraph 2 above is irrevocable until the first day of the calendar year following the calendar year in which I provided written notification to the Company of my intent to change my deferral election for the next calendar year.

	
 

	
(e)

	
neither I nor my legal representative shall be, or have any of the rights and privileges of, a stockholder of the Company with respect to any Shares payable upon distribution of a deferred Stock Unit unless and until certificates for such Shares have been issued;

	
 

	
(f)

	
all payments of cash or Shares are subject to tax withholding requirements, if any;

	
 

	
(g)

	
this Election Form is intended to comply with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder. To the extent that any elections do not comply with Section 409A or the regulations, the election shall be deemed to be modified to be consistent with Section 409A and guidance promulgated thereunder. I agree to any changes necessary to bring this Election Form into conformity with Section 409A and the guidance promulgated thereunder;

 

 

 

 

	
 

	
(h)

	
the Company has not and will not provide me with any advice or opinion regarding the tax consequences of this election and the Plan, and that I am solely responsible for obtaining my own tax advisor with respect to these matters;

	
 

	
(i)

	
in the event of any discrepancy between the Plan and this Election Form, the Plan shall control.

If I shall cease to be a Director of the Company by reason of my death, or if I shall die after I become entitled to a distribution under the Plan but prior to receipt of the entire distribution to which I am entitled, then all of the distribution to which I am entitled under the Plan and which has not been distributed to me at the date of my death shall be distributed to ____________________ (insert name of beneficiary) in a lump sum. If no beneficiary is named distributions shall be made as provided in the Plan.

By signing below, I consent to have all amounts previously deferred under agreements between the Company and me, as well as amounts deferred under the Plan, administered hereinafter in accordance with the Plan.

 

	
Date:

	
 

	
 

	
 

	
 

	
 

	
 

	
(Director’s Name)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Receipt acknowledged on behalf of the Company by:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	
 

	
 

	
 

	
ItsExhibit 10.16

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (the "Purchase Agreement") is entered
into this 8th day of December, 2005, by and between Ridgefield Acquisition
Corp., a Delaware corporation having an address at 100 Mill Plain Road, Danbury,
Connecticut 06811 (hereinafter referred to as the "Company") and RAM Capital
Management Trust I, a trust organized and existing under the laws of the State
of Florida, having an address at 5700 Whit Hickory Circle, Tamarac, Florida
33319 (hereinafter referred to as the "Purchaser").

                              W I T N E S S E T H:

         WHEREAS, the Company is publicly traded company with no current
operations except for seeking out and identifying prospective target companies
for a merger, acquisition, business combination, and/or similar transaction.

         WHEREAS, the Purchaser desires to purchase 100,000 shares of the
Company's common stock, par value $.10 (the "Shares") and the Company is willing
to sell, transfer and convey to Purchaser the Shares subject to the terms and
conditions set forth in this Agreement;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each of the parties hereto,
including the representations, warranties and the mutual covenants hereinafter
set forth, the parties hereby agree as follows:

                                    ARTICLE 1

                        ISSUANCE AND SALE OF COMMON STOCK

         1.1 Issuance and Sale of the Shares. Subject to the terms and
conditions of this Agreement, and on the basis of the representations,
warranties and covenants herein contained, effective at the Closing (as
hereinafter defined) the Company hereby agrees to sell, convey and deliver to
the Purchaser 100,000 shares of the Company's common stock, par value $.10 (the
"Shares); and the Purchaser hereby purchases, acquires and accepts the Shares
from the Company, in exchange for the Purchaser's payment of the Purchase Price
(as hereinafter defined) to the Company.

         1.2 Purchase Price. The purchase price (the "Purchase Price") for the
Shares is $1.65 per share or an aggregate purchase price of $165,000.00. The
Purchase Price is payable to the Company at the Closing (as hereinafter defined)
in cash, bank check or at the Company's discretion other acceptable funds.

         1.3 Legend. The certificates representing the Shares sold, conveyed and
delivered to the Purchaser pursuant to this Agreement shall be imprinted with a
restrictive legend in the following form:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES HAVE BEEN ACQUIRED FOR
     INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR
     HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
     SECURITIES UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL
     SATISFACTORY TO RIDGEFIELD ACQUISITION CORP. THAT REGISTRATION IS NOT
     REQUIRED UNDER SAID ACT.

                                    ARTICLE 2

                         REPRESENTATIONS AND WARRANTIES
                                 OF THE COMPANY

         In order to induce Purchaser to enter into this Agreement and purchase
the Shares, the Company makes the following representations and warranties to
Purchaser, which representations and warranties shall be true and correct as of
the Closing:

         2.1 Authority to Perform and Execute; Binding Nature. The Company has
all requisite right, power and authority and full legal capacity to enter into
this Agreement, to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation
of the Company enforceable against it in accordance with its terms, subject to
the effect of any applicable bankruptcy, reorganization, insolvency (including
without limitation all laws relating to fraudulent transfers), moratorium,
restructuring or similar laws affecting creditors' rights and remedies
generally, and general principles of equity that restrict the availability of
equitable remedies.

         2.2 No Conflict. The execution, delivery and performance of this
Agreement and the transactions contemplated by this Agreement will not conflict
with, or constitute or result in a breach, default or violation of (i) to the
Company's knowledge any law, ordinance, regulation or rule applicable to the
Company; (ii) any order, judgment, injunction or other decree by which the
Company is bound; or (iii) any written or oral contract, agreement, or
commitment to which the Company is a party; nor will such execution, delivery
and performance result in the creation of any lien or encumbrance upon the
Shares, except in the ordinary course of business and/or pursuant to this
Agreement.

<PAGE>

                                    ARTICLE 3

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

         In order to induce the Company to enter into this Agreement and sell
the Shares, Purchaser makes the following representations and warranties to the
Company, which representations and warranties shall be true and correct as of
the Closing:

         3.1 Requisite Power and Authority. Purchaser has all requisite right,
power and authority and full legal capacity to enter into this Agreement, to
carry out its obligations hereunder and to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by
Purchaser and constitutes a legal, valid and binding obligation of Purchaser,
enforceable against the Purchaser in accordance with its terms, subject to the
effect of any applicable bankruptcy, reorganization, insolvency (including
without limitation all laws relating to fraudulent transfers), moratorium,
restructuring or similar laws affecting creditors' rights and remedies
generally.

         3.2 Investment Representations. Purchaser understands that the Shares
have not been registered under the Securities Act of 1933 (the "Securities
Act"). Purchaser also understands that the Shares are being offered and sold
pursuant to an exemption from registration contained in the Securities Act based
in part upon the Purchaser's representations contained in this Agreement.
Purchaser hereby represents as follows:

         a. Purchaser Bears Economic Risk. Purchaser acknowledges that it has
such knowledge and experience in financial or business matters that it is
capable of evaluating the merits and risks of the investment in the Shares and
that it has the capacity to protect its own interests. Purchaser understands
that it must bear the economic risk of its investment indefinitely unless the
Shares are registered pursuant to the Securities Act or an exemption from
registration is available. Purchaser understands that the Company has no present
intention of registering the Shares. Purchaser also understands that there is no
assurance that any exemption from registration under the Securities Act will be
available and that, even if available such exemption may not allow Purchaser to
transfer all or any portion of the Shares under the circumstances, in the
amounts or at the times Purchaser might propose.

         b. Acquisition for Own Account. Purchaser is acquiring the Shares for
it own account for investment purposes only and not with a view towards further
distribution.

         c. Accredited Investor. Purchaser represents that it is an accredited
investor within the meaning of Regulation D promulgated under the Securities Act

         d. Company Information. Purchaser acknowledges that the Company files
annual reports on Form 10-KSB and quarterly reports of Form 10-QSB with the U.S.
Securities and Exchange Commission (the "SEC Reports"). Purchaser further
acknowledges that the SEC Reports are available on request from the Company or
on the Internet at http://www.sec.gov. and that you have reviewed the SEC
Reports independently and with your advisors to the extent you deem such review
appropriate. Purchaser has conducted its own investigation with respect to
making its decision to purchase the Shares. Purchaser has had the opportunity to
receive and review information about the Company concerning its assets, business
operations, management, and financial condition, and other information which the
Purchaser may consider to be relevant to its decision whether to purchase the
Shares. Additionally, Purchaser represents that it has had the opportunity to
ask questions and receive answers from the Company and its management concerning
the business and financial affairs of the Company and the Purchaser desires no
additional information with respect to the Company and/or its investment in the
Shares.

         e. Restricted Securities. Purchaser acknowledges and agrees that the
Shares must be held indefinitely unless they are registered pursuant to the
Securities Act or an exemption from such registration is available. Purchaser is
aware of the provisions of Rule 144, promulgated under the Securities Act, which
permits limited resale of shares purchased in a private offering subject to the
satisfaction of certain conditions, including, among other things: the
availability of certain current public information about the Company, the resale
occurring not less than one year after a party had purchased and paid for the
security to be sold, the sale being through an unsolicited broker's transaction
or in transactions directly with a market maker and the aggregate number of
shares sold in any three month period not exceeding specified limitations.

         f. Residence. The office of Purchaser in which its investment decision
was made is located in the State of Florida at the address of the Purchaser set
forth above.

         3.3 No Conflict. The execution, delivery and performance of this
Agreement and the transactions contemplated by this Agreement will not conflict
with, or constitute or result in a breach, default or violation of (i) to the
Purchaser's knowledge any law, ordinance, regulation or rule applicable to the
Purchaser; (ii) any order, judgment, injunction or other decree by which the
Purchaser is bound; or (iii) any written or oral contract, agreement, or
commitment to which the Purchaser is a party.

<PAGE>

                                    ARTICLE 4

                                CERTAIN COVENANTS

         4.1 Transfer of Shares. the Company shall take any and all actions
reasonably necessary to deliver and transfer in accordance with the terms of
this Agreement, possession of the Shares to Purchaser, free and clear of all
liens.

         4.2 Parties' Covenants. The Parties hereto covenant and agree that, at
all times from and after the date hereof, they will comply with all covenants
and provisions of this Agreement.

                                    ARTICLE 5

                            CONDITIONS TO THE CLOSING

         5.1 Conditions to the Obligations of Purchaser at the Closing. The
obligations of Purchaser at the Closing are subject to the fulfillment or waiver
by Purchaser, prior to or at the Closing, of the following conditions:

                  a. Representations and Warranties. The representations and
         warranties of the Company contained in this Agreement shall be true and
         correct in all material respects.

                  b. Performance. the Company shall have performed and complied
         with all of their obligations under this Agreement.

                  c. Consents and Waivers. The Company shall have obtained any
         and all consents, permits and waivers, approvals or authorizations of
         all third parties and governmental authorities required in connection
         with the execution and delivery of this Agreement, and the consummation
         of the transactions contemplated hereby.

                  d. No Order. There shall not (i) be in effect any statute,
         regulation, order, decree or judgment of any governmental authority
         which makes illegal or enjoins or prevents the consummation of the
         transactions contemplated by this Agreement or (ii) have been commenced
         or threatened any action or proceeding by any governmental authority
         which seeks to prevent or enjoin the transactions contemplated by this
         Agreement.

         5.2 Conditions to the Obligations of the Company at the Closing. The
obligations of the Company at the Closing are subject to the fulfillment or
waiver in writing by the Company prior to or at the Closing, of the following
conditions:

                  a. Representations and Warranties. The representations and
         warranties of the Purchaser contained in this Agreement shall be true
         and correct in all material respects.

                  b. Performance. Purchaser shall have performed and complied
         with all of its obligations under this Agreement.

                  c. No Order. There shall not (i) be in effect any statute,
         regulation, order, decree or judgment of any governmental authority
         which makes illegal or enjoins or prevents the consummation of the
         transactions contemplated by this Agreement or (ii) have been commenced
         or threatened any action or proceeding by any governmental authority
         which seeks to prevent or enjoin the transactions contemplated by this
         Agreement.

                                    ARTICLE 6

                                     CLOSING

         6 Closing. The Closing of the purchase and sale of the Shares as set
forth herein (the "Closing") shall occur on December __, 2005. At the Closing:

         (i)      the Purchaser shall deliver the Purchase Price for the Shares
                  to the Company; and

         (ii)     the Company shall sell, convey, and transfer the Shares to the
                  Purchaser, and thereafter cause its transfer agent to deliver
                  the Shares to the Purchaser.

<PAGE>

                                    ARTICLE 7

                                  MISCELLANEOUS

         7.1 Severability. In case one or more of the provisions contained in
this Agreement shall be deemed to be invalid, illegal, unenforceable or
enforceable only with limitations, in any respect, the validity, legality and
full enforceability of the remaining provisions contained herein or therein
shall not in any way be affected or impaired thereby. If any provision of this
Agreement shall be or shall be deemed to be legal, valid or enforceable only
with limitations under the applicable laws and regulations of one jurisdiction,
such provisions shall be so limited in that jurisdiction but shall not thereby
be limited in any other jurisdiction.

         7.2 Notices. All notices, requests or instructions hereunder shall be
in writing and delivered personally or sent by FedEx mail or similar overnight
delivery, postage prepaid, to the parties at the addresses set forth above. Or
to such other address as a party hereto may designate by notice given to the
other parties hereto pursuant to this paragraph. Any notice so addressed and
mailed shall be deemed to be given when so mailed. Any of the above addresses
may be changed at any time by notice given as provided above; provided, however,
that any such notice of change of address shall be effective only upon receipt.

         7.3 Survival of Representations. Each representation, warranty,
covenant and agreement of the parties hereto herein contained shall survive
until the first anniversary of the Closing, notwithstanding any investigation at
any time made by or on behalf of any party hereto.

         7.4 Entire Agreement. This Agreement contains the entire agreement
between the parties hereto with respect to the purchase and sale of the Shares,
and supersedes all prior understandings, arrangements and agreements with
respect to the subject matter hereof. No modification hereof shall be effective
unless in writing and signed by the party against whom it is sought to be
enforced.

         7.5 Further Action. Each of the parties hereto shall use such party's
best efforts to take such actions as may reasonably be necessary or reasonably
requested by the other party hereto to carry out and consummate the transactions
contemplated by this Agreement.

         7.6 Benefit of Agreement. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

         7.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware applicable in the case of
agreements made and to be performed entirely within such jurisdiction.

         7.8 Captions. The captions appearing herein are for the convenience of
the parties only and shall not be construed to affect the meaning of the
provisions of this Agreement.

         7.9 Brokerage. Each party hereto shall indemnify and hold harmless each
other party against and in respect of any claim for brokerage or other
commissions relative to this Agreement or to the transactions contemplated
hereby, based in any way on agreements, arrangements or understandings made or
claimed to have been made by the indemnifying party with any third party.

         7.10 Fees and Expenses. Whether or not this Agreement and the
transactions contemplated hereby are consummated, and except as otherwise
expressly set forth herein, all costs and expenses (including legal and
financial advisory fees and expenses) incurred in connection with, or in
anticipation of, this Agreement and the transactions contemplated hereby shall
be paid by the Party incurring such expenses.

         7.11 Counterparts. This Agreement may be executed in any number of
counterparts and any party hereto may execute any such counterpart, each of
which when executed and delivered shall be deemed to be an original and all of
which counterparts taken together shall constitute but one and the same
instrument. This Agreement shall become binding when one or more counterparts
taken together shall have been executed and delivered (which deliveries may be
by telephonic facsimile) by the parties.

         IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of date first above written.

                          Ridgefield Acquisition Corp.

                          By: /s/ Steven N. Bronson
                              ---------------------------------
                              Name: Steven N. Bronson
                              Title: President

                          RAM Capital Management Trust I

                          By: /s/ Eugene Oshinsky
                              ---------------------------------
                              Name: Eugene Oshinsky
                              Title: Trustee

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