Document:

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                                                                    EXHIBIT 10.2
                                                                    ------------

                               EXCHANGE AGREEMENT

                  THIS EXCHANGE AGREEMENT (this "Agreement") made as of this
27th day of March, 2003, by and between EUROTECH, LTD., a District of Columbia
corporation ("Eurotech"), and MARKLAND TECHNOLOGIES, INC., a Florida corporation
("MKLD" or the "COMPANY").

                  When used in this Agreement, the following terms shall have
the specified definitions, unless the context otherwise requires:

                  "CERTIFICATE OF DESIGNATIONS" shall mean the Certificate of
Designations of Rights and Preferences of the Series D Preferred Stock, which
Certificate of Designations is and shall be in the form attached hereto as
EXHIBIT A. Such Certificate of Designations shall be the form filed with the
Secretary of State of Florida.

                  "MKLD COMMON STOCK" shall mean the Common Stock of MKLD,
$.0001 par value.

                  "PREFERRED D STOCK" shall mean the Series D Convertible
Preferred Stock of MLKD, $.0001 par value.

                                 R E C I T A L S

                  A. Eurotech has agreed to enter into a Private Equity Credit
Agreement with a third party in the principal amount of $10,000,000 (the "EQUITY
LINE"). As a condition of closing such agreement, such third party will require
that Eurotech and MKLD have entered into and affected the Exchange (as defined
below).

                  B. Eurotech is the owner of two hundred thirty-nine million
nine hundred twenty-seven thousand three hundred forty four (239,927,344)
restricted shares of the MKLD Common Stock, of which one hundred million
(100,000,000) shares form the subject of this Agreement (such 100,000,000
shares, the "EXCHANGED COMMON STOCK").

                  C. Eurotech wishes to acquire from MKLD 16,000 shares of
Preferred D Stock in exchange for the Exchanged Common Stock, and the MKLD
desires to affect such exchange (such transaction, the "EXCHANGE"), in each case
on the terms set forth herein.

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                  NOW, THEREFORE, for and in consideration of the premises and
the mutual agreement contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                  1.       (a) EXCHANGE. In consideration of the mutual
benefits to be gained by the parties hereto pursuant to the Exchange and the
other transactions contemplated by this Agreement, at the Closing (as defined
below), Eurotech agrees to exchange with MKLD, and MKLD agrees to exchange with
Eurotech, respectively, the Exchanged Common Stock for the Preferred D Stock.

                           (b) TERMINATION AND GRANT OF CERTAIN REGISTRATION
RIGHTS. Eurotech and the Company acknowledge that pursuant to that certain
Exchange Agreement, dated December 9, 2002, by and among Eurotech, the Company
and certain other parties, Eurotech was granted demand and piggy-back
registration rights with respect to the MKLD Common Stock owned by Eurotech (the
"OLD REGISTRATION RIGHTS"). At the Closing, Eurotech will agree to terminate the
Old Registration Rights and will execute and deliver to the Company such
instruments of termination as may be reasonably requested by the Company.
Additionally, at the Closing, Eurotech and the Company will enter into a new
Registration Rights Agreement in the form attached hereto as Exhibit B (the "NEW
REGISTRATION RIGHTS AGREEMENT").

                  2. CLOSING DATE. Subject to the satisfaction (or waiver) of
the conditions thereto set forth in Section 7 and Section 8 below, the date of
the closing of the Exchange pursuant to this Agreement (the "CLOSING DATE")
shall be on April 15, 2003 or such other mutually agreed upon time. The closing
of the transactions contemplated by this Agreement (the "CLOSING") shall occur
on the Closing Date at the offices of Krieger & Prager, 39 Broadway, Suite 1440,
New York, New York or at such other location as may be agreed to by the parties.

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                  3. MUTUAL DELIVERIES OF SHARES. At the Closing, upon the
delivery by Eurotech of the Exchanged Common Stock duly endorsed for transfer,
MKLD shall deliver to Eurotech the Preferred D Stock, bearing substantially the
following legend:

                  THE SECURITIES REPRESENTED HEREBY (THE "SECURITIES") HAVE NOT
                  BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
                  (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
                  AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN
                  EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN
                  OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE
                  CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

                  4. REPRESENTATIONS AND WARRANTIES OF MKLD. MKLD represents and
warrants to Eurotech that:

                           (a) The Company has the corporate power and authority
to enter into this Agreement, and to perform its obligations hereunder. The
execution and delivery by the Company of this Agreement and the consummation by
the Company of the transactions contemplated hereby have been duly authorized by
all necessary corporate action on the part of the Company. This Agreement has
been duly executed and delivered by the Company and constitutes a valid and
binding obligation of the Company enforceable against it in accordance with its
terms, subject to the effects of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors' rights generally
and to the application of equitable principles in any proceeding (legal or
equitable).

                           (b) There is no pending, or to the knowledge of the
Company, threatened, judicial, administrative or arbitral action, claim, suit,
proceeding or investigation which might affect the validity or enforceability of
this Agreement or which involves the Company and which if adversely determined,
could reasonably be expected to have a material adverse effect on the Company.

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                           (c) Except as specifically contemplated by this
Agreement and as required under the Securities Act of 1933, as amended (the
"SECURITIES ACT"), and any applicable federal and state securities laws, or as
required under that certain Exchange Agreement, dated December 9, 2002, between
MKLD, Market LLC and James LLC (the "Market/James Exchange Agreement"), MKLD is
not required to obtain any consent, authorization or order of, or make any
filing or registration with, any court, governmental agency, regulatory agency,
self regulatory organization or stock market or any third party in order for it
to execute, deliver or perform any of its obligations under this Agreement in
accordance with the terms hereof. Except for filings that may be required under
applicable federal and state securities laws in connection with the issuance of
the Preferred D Stock, all consents, authorizations, orders, filings and
registrations which the Company is required to obtain pursuant to the preceding
sentence have been obtained or effected on or prior to the date hereof.

                           (d) As of the date of this Agreement, the authorized
capital stock of the Company consists of 500,000,000 shares of common stock, par
value $.0001 per share ("MARKLAND COMMON STOCK"), of which 313,870,869 shares
shall be issued and outstanding as of the Closing Date, inclusive of the
Exchanged Common Stock. All of the outstanding shares of Markland Common Stock
are duly authorized, validly issued, fully paid and nonassessable. There are no
additional issued and outstanding shares of Markland Common Stock. As of the
Closing Date, there are certain shares of preferred stock of MKLD are issued and
outstanding, consisting of (i) Series A Convertible Preferred Stock, par value
$.0001 per share ("SERIES A PREFERRED") and (ii) Series C Convertible Preferred
Stock, par value $.0001 per share ("SERIES C PREFERRED"), and no other shares of
preferred stock of any class. Except for a certain promissory note held by
Market, LLC which is convertible into shares of Markland Common Stock, to the
actual knowledge of MKLD's current officers and directors, there are no material
options, warrants, or rights to subscribe to, securities, rights or obligations
convertible into or exchangeable for or giving any right to subscribe for any
shares of capital stock of the Company. All of the shares of Series A Preferred
and Series C Preferred have been duly and validly authorized and issued and are
fully paid and non assessable.

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                           (e) Except as contemplated by the Market/James
Exchange Agreement, to the actual knowledge of MKLD's current officers and
directors, the execution, delivery and performance of this Agreement by the
Company and the consummation by the Company of the transactions contemplated
hereby, will not (i) conflict with or result in a violation of any provision of
its certificate of incorporation, bylaws or other organizational documents, or
(ii) violate or conflict with, or result in a breach of any provision of, or
constitute a default (or an event which with notice or lapse of time or both
could become a default) under, or give to others any rights of termination,
amendment, acceleration, modification or cancellation of, any contract,
agreement, note, bond, indenture or other instrument to which the Company is a
party or under which the Company, its assets or its capital stock is or may be
effected, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including federal and state securities laws and regulations
and regulations of any self-regulatory organizations) applicable to the Company
or by which any property of the Company, the Markland Common Stock, the Series C
Preferred or the Preferred D Stock are or will be bound or affected.

                           (f) The Company is a reporting company under the
Exchange Act of 1934, as amended (the "EXCHANGE ACT") and the shares of Markland
Common Stock are registered under Section 12(g) of the Exchange Act. The Company
has made available to Eurotech, through electronic filings on EDGAR, each
registration statement, report, proxy statement or information statement
prepared by it since June 30, 2000, including its Annual Report on Form 10-KSB
for the years ended June 30, 2001 and June 30, 2002 and its Quarterly Reports on
Form 10-QSB for the quarters ended since June 30, 2000, in the form (including
exhibits, annexes and any amendments thereto) filed with the Securities and
Exchange Commission ("SEC") (collectively, including any such registration
statements, reports, proxy statements or information statements filed subsequent
to the Agreement Date, its "REPORTS"). Since June 30, 2000, Markland has made
all filings required to be made by the Securities Act and the Exchange Act.
Except as indicated in its Reports, to the knowledge of the directors, officers
and employees of the Company, no Person or group beneficially owns 10% or more
of the outstanding voting securities of the Company. As used in this Section
5(f), the terms "beneficially owns" and "group" shall have the meanings ascribed
to such terms under Rule 13d-3 and Rule 13d-5 under the Exchange Act.

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                           (g) Except as disclosed in the Company's Reports
filed prior to the Closing Date, the businesses of the Company has not been
conducted in violation of any applicable laws, rules or regulations of any
jurisdiction. Except as disclosed in the Company's Reports filed prior to the
Closing Date, no investigation or review by any governmental or regulatory
entity ("GOVERNMENTAL ENTITY") with respect to the Company is pending or, to the
actual knowledge of its executive officers, threatened, nor has any Governmental
Entity indicated an intention to conduct the same, except for those the outcome
of which are not, individually or in the aggregate, reasonably likely to have a
material adverse effect on the Company or prevent, materially delay or
materially impair its ability to consummate the transactions contemplated by
this Agreement.

                  5. REPRESENTATIONS AND WARRANTIES OF EUROTECH. Eurotech hereby
represents and warrants to the Company that:

                           (a) Eurotech has the corporate power and authority to
enter into this Agreement and to perform its obligations hereunder. The
execution and delivery by Eurotech of this Agreement, and the consummation by
Eurotech of the transactions contemplated hereby, have been duly authorized by
all necessary corporate action on the part of Eurotech. This Agreement has been
duly executed and delivered by Eurotech and constitutes a valid and binding
obligation of Eurotech, enforceable against it in accordance with its terms,
subject to the effects of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and to the
application of equitable principles in any proceeding (legal or equitable).

                           (b) There is no pending, or to the knowledge of
Eurotech, threatened, judicial, administrative or arbitral action, claim, suit,
proceeding or investigation which might affect the validity or enforceability of
this Agreement or which involves Eurotech, and which if adversely determined,
could reasonably be expected to have a material adverse effect on Eurotech.

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                           (c) Except as specifically contemplated by this
Agreement and as required under the Securities Act and any applicable federal
and state securities laws, Eurotech is not required to obtain any consent,
authorization or order of, or make any filing or registration with, any court,
governmental agency, regulatory agency, self regulatory organization or stock
market or any third party in order for it to execute, deliver or perform any of
its obligations under this Agreement in accordance with the terms hereof. Except
for filings that may be required under applicable federal and state securities
laws in connection with the exchange of the Exchanged Common Stock, all
consents, authorizations, orders, filings and registrations which Eurotech is
required to obtain pursuant to the preceding sentence have been obtained or
effected on or prior to the date hereof.

                           (d) Except as contemplated by that certain Pledge and
Security Agreement, dated December 19, 2002, between Eurotech and Woodward LLC
(the "SECURITY AGREEMENT"), the execution, delivery and performance of this
Agreement by Eurotech and the consummation by Eurotech of the transactions
contemplated hereby, will not (i) conflict with or result in a violation of any
provision of its certificate of incorporation, bylaws or other organizational
documents, or (ii) violate or conflict with, or result in a breach of any
provision of, or constitute a default (or an event which with notice or lapse of
time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, note,
bond, indenture or other instrument to which Eurotech is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws and regulations and regulations of
any self-regulatory organizations) applicable to Eurotech or by which any
property of Eurotech or the Exchanged Common Stock are bound or affected.

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                           (e) Eurotech is a sophisticated investor (as
described in Rule 506(b)(2)(ii) of Regulation D) and an accredited investor (as
defined in Rule 501 of Regulation D), and Eurotech has such experience in
business and financial matters that it is capable of evaluating the merits and
risks of an investment in the Preferred D Stock. Eurotech acknowledges that an
investment in the Preferred D Stock is speculative and involves a high degree of
risk.

                           (f) Eurotech has received all documents, records,
books and other information pertaining to Eurotech's acquisition of the
Preferred D Stock pursuant to the Exchange that have been requested by Eurotech.

                           (g) Eurotech understands that (i) the sale or resale
of the shares of Preferred D Stock has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Preferred D
Stock may not be transferred unless (a) the Preferred D Stock are sold pursuant
to an effective registration statement under the Securities Act, (b) the
Preferred D Stock are sold or transferred pursuant to an exemption from such
registration, (c) the Preferred D Stock are sold or transferred to an
"affiliate" (as defined in Rule 144 promulgated under the Securities Act (or a
successor rule) ("RULE 144")) who agrees to sell or otherwise transfer the
Preferred D Stock only in accordance with this section and who is an "accredited
investor" (as defined under the Securities Act"), or (d) the shares of Preferred
D Stock are sold pursuant to Rule 144, if such rule is available; (ii) any sale
of such shares of Preferred D Stock made in reliance on Rule 144 may be made
only in accordance with the terms of said rule and further, if said rule is not
applicable, any resale of such shares of Preferred D Stock under circumstances
in which the seller (or the person through whom the sale is made) may be deemed
to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and
regulations of the SEC thereunder; and (iii) neither the Company nor any other
person is under any obligation to comply with the terms and conditions of any
exemption under the Securities Act.

                           (h) Except for the restrictions on the Exchanged
Common Stock contained in the Security Agreement, Eurotech is the owner of good
and marketable title to the Exchanged Common Stock, free and clear of all liens,
pledges, and encumbrances.

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                  6. Nothing contained herein shall in any way otherwise limit
Eurotech's right to sell or transfer the Preferred D Stock of the Company to be
issued to Eurotech.

                  7. CONDITIONS TO MKLD'S OBLIGATIONS. The obligations of the
Company hereunder to exchange and deliver the certificate(s) representing the
Preferred D Stock to Eurotech at the Closing is subject to the satisfaction, at
or before the Closing Date of each of the following conditions thereto, provided
that these conditions are for MKLD's sole benefit and may be waived by MKLD at
any time in its sole discretion:

                           (a) Eurotech shall have executed this Agreement and
delivered same to MKLD.

                           (b) Eurotech shall have delivered the Exchanged
Common Stock in accordance with Section 3 above.

                           (c) The representations and warranties of Eurotech
shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time (except for representations
and warranties that speak as of a specific date), and Eurotech shall have
performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied
or complied with by Eurotech at or prior to the Closing Date.

                           (d) No litigation, statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by or in any court or governmental authority of
competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby which prohibits the consummation of any of the
transactions contemplated by this Agreement.

                           (e) Eurotech shall have executed and delivered to
MKLD (i) an instrument terminating the Old Registration Rights as contemplated
by Section 1(b) above and (ii) the New Registration Rights Agreement.

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                  8. CONDITIONS TO EUROTECH'S OBLIGATIONS. The obligation of
Eurotech hereunder at the Closing is subject to the satisfaction, at or before
the Closing Date of each of the following conditions, provided that these
conditions are for Eurotech's sole benefit and may be waived by Eurotech at any
time in its sole discretion.

                           (a) MKLD shall have executed this Agreement and
delivered the same to Eurotech.

                           (b) MKLD shall have delivered to Eurotech duly
executed certificate(s) representing the Preferred D Stock (in such
denominations as Eurotech shall reasonably request) in accordance with Section 3
above.

                           (c) The representations and warranties of MKLD shall
be true and correct in all material respects as of the date when made and as of
the Closing Date as though made at such time (except for representations and
warranties that speak as of a specific date) and MKLD shall have performed,
satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied
with by MKLD at or prior to the Closing Date.

                           (d) No litigation, statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by or in any court or governmental authority of
competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby which prohibits the consummation of any of the
transactions contemplated by this Agreement.

                           (e) MKLD shall have executed and delivered to
Eurotech the New Registration Rights Agreement.

                  9. GOVERNING LAW; MISCELLANEOUS

                           (a) GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL
BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITH SUCH
STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO
HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS
LOCATED IN THE CITY OF NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING

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UNDER THIS AGREEMENT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.
BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST
CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON
THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT ANY
PARTY'S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE PARTIES
AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH
JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTIES HEREBY WAIVE A TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES
HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT.

                           (b) JURY TRIAL WAIVER. The parties hereby waive a
trial by jury in any action, proceeding or counterclaim brought by either of the
parties hereto against the other in respect of any matter arising out of or in
connection with the Transaction Documents.

                           (c) COUNTERPARTS. This Agreement may be executed in
one or more counterparts and by facsimile transmission, each of which shall be
deemed an original but all of which shall constitute one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement.

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                           (d) HEADINGS. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

                           (e) SEVERABILITY. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction.

                           (f) ENTIRE AGREEMENT; AMENDMENTS. This Agreement and
the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as
specifically set forth herein or therein, neither the Company nor the Purchaser
make any representation, warranty, covenant or undertaking with respect to such
matters. No provision of this Agreement may be waived other than by an
instrument in writing signed by the party to be charged with enforcement and no
provision of this Agreement may be amended other than by an instrument in
writing signed by the Company and the Purchaser.

                           (g) NOTICES. Any notices required or permitted to be
given under the terms of this Agreement shall be sent by certified or registered
mail (return receipt requested) or delivered personally or by courier, overnight
delivery service or by confirmed facsimile transmission, and shall be effective
five days after being placed in the mail, if mailed, or upon receipt or refusal
of receipt, if delivered personally or by courier, overnight delivery service or
confirmed facsimile transmission, in each case addressed to a party. The
addresses for such communications shall be:

                  If to the Company:
                  Eurotech, Ltd.
                  10306 Eaton Place, Suite 220
                  Fairfax, VA 22030
                  Attention: Don Hahnfeldt, President
                  Fax: 703-352-5994

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                  with a copy (which shall not constitute notice) to:

                  Ellenoff, Grossman, Schole & Cyruli, LLP
                  370 Lexington Avenue
                  New York, NY 10017
                  Attention: Barry I. Grossman
                  Telecopier No.: 212-370-7889

                  If to Markland:

                  Markland Technologies, Inc.
                  54 Danbury Road, Suite #207
                  Ridgefield, CT  06877
                  Attention: Kenneth P. Ducey
                  Facsimile No.:  203-431-8301

                  with a copy (which shall not constitute notice) to:

                  Krieger & Prager, LLP
                  39 Broadway
                  New York, New York 10006
                  Facsimile No.: 212-363-2999

                  Each party shall provide notice to the other parties of any
change in address.

                           (h) SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and inure to the benefit of the parties and their successors and
assigns. Neither the Company nor any Purchaser shall assign this Agreement or
any rights or obligations hereunder without the prior written consent of the
other.

                           (i) THIRD PARTY BENEFICIARIES. This Agreement is
intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.

                           (j) NO STRICT CONSTRUCTION. The language used in this
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against
any party.

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                           (k) TERMINATION BY MUTUAL CONSENT. This Agreement may
be terminated and the Exchange may be abandoned at any time prior to the Closing
Date by mutual written consent of Eurotech and the Company, through action of
their respective Boards of Directors.

                  11. FEES. Eurotech agrees to assume the legal fees in excess
of $10,000 incurred by MKLD in connection with the negotiation of the Agreement,
and the preparation, execution and implementation of this Agreement, it being
agreed that MKLD will be responsible for the first $10,000 of such fees.

                  12. PUBLICITY. The initial press release with respect to the
Exchange shall be a joint, mutually agreed press release. Thereafter, Eurotech
and the Company shall consult with each other prior to issuing any press
releases or otherwise making public announcements with respect to the Exchange
and prior to making any filings with any third party and/or any Governmental
Entity (including any securities exchange) with respect thereto, except as may
be required by Law or by obligations pursuant to any listing agreement with or
rules of any securities exchange.

                  13. ADVICE OF COUNSEL; WAIVER. Eurotech and MKLD each
acknowledge and agree that they have had the opportunity to seek advice from
separate legal counsel in connection with the transactions contemplated by this
Agreement and further waive any conflict arising from the past, present or
future representation of Eurotech by Ellenoff Grossman Schole & Cyruli, LLP,
which firm, the parties acknowledge, has performed, and expects to perform,
legal services for both Eurotech and MKLD.

                  14. FURTHER ASSURANCES. Each party shall do and perform or
cause to be done and perform, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

                            [Signature Page Follows]

                                       14
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  IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                       EUROTECH LTD.

                                       By:    /s/ Don V. Hahnfeldt
                                              --------------------
                                              Name: Don V. Hahnfeldt
                                              Title:   President

                                       MARKLAND TECHNOLOGIES, INC.

                                       By:    /s/ Kenneth P. Ducey
                                              --------------------
                                              Name: Kenneth P. Ducey
                                              Title:   Executive Vice President

                     [Signature page to Exchange Agreement]

                                       15Salaried Employees' Stock Option and Stock award plan.

EXHIBIT 10.28 
 
THE SPORTS AUTHORITY, INC. 
SALARIED EMPLOYEES’ STOCK OPTION AND STOCK AWARD PLAN 
 
1. Purpose. The Sports Authority, Inc. Salaried Employees’ Stock Option and Stock Award Plan (the “Plan”) is
intended to be a broadly-based plan designed to attract, retain and reward full-time salaried employees of the Company and its “Subsidiaries” (business entities which have a majority of their equity interests owned directly or indirectly
by the Company), other than “executive officers,” as defined in Securities Exchange Act Rule 3b-7 or “officers,” as defined in Securities Exchange Act Rule 16a-1(f) (“Executive Officers”). The Plan is intended to
increase the proprietary interest in the Company of such persons by providing further opportunity for ownership of the Company’s common shares, $.01 par value (the “Shares”) and to increase the incentives to such persons to contribute
to the success of the Company’s business. 
 
2. Administration. The Plan shall be administered by the Compensation Committee of the Board of Directors (the “Board”) consisting of not less than two directors of the Company appointed by the Board (the
“Committee”). Members of the Committee shall be appointed by and serve at the pleasure of the Board. 
 
The Committee shall have sole discretion and authority to construe and interpret the Plan, to make factual determinations and to establish
and amend rules for the administration of the Plan. The Committee shall have no obligation to treat persons uniformly, except to the extent otherwise specifically provided in the Plan. All actions which may be taken by the Committee under the Plan
may be taken by the Board. All actions by the Committee or the Board may be taken in its sole discretion and shall be conclusive and binding on all parties. 
 
3. Grants Under the Plan; Shares Reserved. Grants under the Plan may consist of grants of nonqualified stock options
(“Options”) or restricted or unrestricted stock awards (“Stock Awards”). All Options and Stock Awards shall be subject to the terms and conditions set forth herein and to such other terms and conditions consistent with this Plan
as the Committee deems appropriate and as are specified in writing by the Committee to the individual in (i) a Stock Option Agreement for the grant of an Option or (ii) a Stock Award Agreement for the grant of Stock Awards (or an amendment to either
of the foregoing). The Committee shall approve the form and provisions of each Stock Option Agreement and Stock Award Agreement. 
 
The number of Shares reserved for issuance pursuant to Options and Stock Awards under the Plan shall be 1,600,000 Shares, subject to
adjustment as described in Section 9 below. In no event may more than 500,000 Shares be used for grants of Stock Awards, subject to adjustment as described in Section 9 below. The maximum aggregate number of Shares that shall be subject to grants
made under the Plan to any individual during any calendar year shall be 250,000 Shares, subject to adjustment as described in Section 9 below. Shares to be issued under the Plan may be either authorized and unissued Shares or issued Shares which
shall have been reacquired by the Company. In 

the event that any outstanding Options or Stock Awards expires or is cancelled, surrendered or terminated
for any reason, the Shares allocable to the unexercised portion of such Options or the unvested portion of such Stock Awards may again be subjected to a grant or be issued under the Plan. 
 
4. Grant of Options. 
 
(a) General Powers of Committee; Employees Eligible for Grants. The Committee may grant Options to
full-time salaried employees of the Company or its Subsidiaries (“Employees”), other than Employees who are Executive Officers (Employees who receive Options are referred to as “Optionees”). 
 
The Committee shall have sole discretion, in accordance with
the provisions of the Plan, to determine to whom an Option is granted, the number of Shares covered by the Option and the terms and conditions of the Option, and shall have the authority to accelerate the vesting or exercisability of any Option. In
making such determinations, the Committee may consider the position and responsibilities of the Optionee, the nature and value to the Company of his or her services and accomplishments, his or her present and potential contribution to the success of
the Company, and such other factors as the Committee may deem relevant, but shall not be required to treat Optionees uniformly. 
 
(b) Options In Lieu of Bonuses. Pursuant to its powers under Section 4(a), and without limiting the foregoing, the Committee may
grant Options to Employees wholly or partially in lieu of bonuses otherwise payable under any annual bonus plan of the Company. The Committee shall have sole discretion to determine the method of valuing such Options and bonuses for this purpose,
and shall be entitled to grant Options of equal, greater or lesser value, as so determined, than the bonuses that such Options replace. The Committee shall have sole discretion to vary such valuation methods among individual Optionees and from one
grant to the next. 
 
(c) General
Provisions. All Options granted under the Plan shall be subject to and governed by the provisions of the Plan, including the terms and conditions set forth in this Section 4 and Section 5 hereof and by such other terms and conditions, not
inconsistent with the Plan, as shall be determined by the Committee. The date on which an Option shall be granted shall be the date that the Optionee, the number of Shares optioned and the terms and conditions of the Option are determined by the
Committee, or as otherwise specified by the Committee. Each Option shall be evidenced by a Stock Option Agreement in such form as the Committee may from time to time approve. 
 
5. Terms and Conditions of Options. 
 
(a) Option Price. The purchase price of each Option granted under the Plan shall be determined by the
Committee and shall not be less than the Fair Market Value (as defined below) of a Share on the date of grant of such Option. Fair Market Value of a Share for purposes of the Plan shall be deemed to be the closing price on the 

New York Stock Exchange Composite Transactions Tape (or its equivalent as determined by the Committee, if
the Shares are not traded on the New York Stock Exchange) of a Share for the relevant valuation date or, if Shares are not traded on that date, the trading day immediately prior to the relevant valuation date. 
 
(b) Period of Option, Vesting and When Exercisable.

 
(i) The Committee shall establish the term of
each Option, which shall not exceed ten years from the date of grant. An Option granted under the Plan may not be exercised after its term or the applicable time limit specified in Section 5(b)(iii). Any Option not exercised within the
aforementioned time period shall automatically terminate at the expiration of such period. 
 
(ii) The time or times during which Options may become nonforfeitable (“vest”) or become exercisable, and any conditions pertaining to the vesting or exercisability thereof, shall be
determined by the Committee and specified in the Stock Option Agreement. The Committee may grant Options that permit the Optionee to exercise the Options before they vest and receive restricted Shares that will vest over the remainder of the
Option’s vesting period. Notwithstanding the foregoing, vesting and exercisability shall be accelerated if termination of the employment of the Optionee results from death or total and permanent disability, if termination of the employment of
the Optionee occurs at or after age 65 and the Optionee has ten or more years of full-time service with the Company or a Subsidiary, or if and to the extent that the Committee may so determine in its sole discretion. 
 
(iii) An Option may be exercised by an Optionee only while
such Optionee is in the employ of, or providing services to, the Company or a Subsidiary or within three months thereafter, or within such longer period as the Committee may establish in its sole discretion, and only if any limitation upon the
vesting of and the right to exercise such option under Section 5(b)(ii) has been removed or has expired prior to termination of employment and exercise is not otherwise precluded hereunder; provided that (i) if at the date of termination of
employment, the optionee has ten or more years of full-time service with the Company or a Subsidiary or if termination of employment results from death or total and permanent disability, such three month period shall be extended to three years, and
(ii) for then-vested options granted in lieu of bonuses, such three month period shall be extended to three months after the date such options were scheduled to first become exercisable. Employment or service with a Subsidiary shall be deemed
terminated on the date a former Subsidiary ceases to be a Subsidiary of the Company. 
 
(iv) In the event of the disability of an Optionee, an Option which is otherwise exercisable may be exercised as provided in the Stock Option Agreement by the Optionee’s legal representative or
guardian. In the event of the death of an Optionee, either before or after termination of employment, an Option which is otherwise exercisable may be exercised as provided in the Stock Option Agreement by the person or persons whom the Optionee
shall have designated in writing on forms prescribed by 

 
and filed with the Committee
(“Beneficiaries”), or, if no such designation has been made, by the person or persons to whom the Optionee’s rights shall have passed by will or the laws of descent and distribution (“Successor(s)”). The Committee may
require an indemnity and or such evidence or other assurances as it may deem necessary in connection with an exercise by a legal representative, guardian, Beneficiary or Successor. 
 
(c) Exercise and Payment. 
 
(i) Subject to the provisions of Section 5(b), an Option may be exercised by notice (in the form prescribed
by the Committee) to the Company specifying the number of Shares to be purchased. Payment for the number of Shares purchased upon the exercise of an Option shall be made in full at the price provided for in the applicable Stock Option Agreement.
Such purchase price shall be paid (x) by the delivery to the Company of cash (including check or similar draft) in United States dollars or whole Shares (subject to any restrictions the Committee may impose), or a combination thereof; (y) by payment
through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (z) by such other method as the Committee approves. Shares used in payment of the purchase price shall be valued at their Fair Market Value as
of the date notice of exercise is received by the Company. Any Shares delivered to the Company shall be in such form as is acceptable to the Company and shall have been held by the Optionee for the requisite period to avoid adverse accounting
consequences to the Company with respect to the Option. 
 
(ii) The Company may defer making delivery of Shares under the Plan until satisfactory arrangements have been made for the payment of any tax attributable to exercise of the Option. The Committee may, in its sole discretion, permit
an Optionee to elect, in such form and at such time as the Committee may prescribe, to pay all or a portion of all taxes arising in connection with the exercise of an Option by electing to (y) have the Company withhold whole Shares, or (z) deliver
other whole Shares previously owned by the Optionee having a Fair Market Value not greater than the amount to be withheld; provided that the Fair Market Value of any Shares to be withheld shall not exceed the Optionee’s minimum applicable
withholding tax rate for federal (including FICA), state and local tax liabilities associated with the transaction. 
 
(d) Termination of Option by Optionee. An Optionee may at any time elect, in a written notice filed with the Committee, to
terminate an Option with respect to any number of shares as to which such Option shall not have been exercised. 
 
(e) Nontransferability. No Option or any rights with respect thereto shall be subject to any debts or liabilities of an Optionee,
nor be assignable or transferable except by will or the laws of descent and distribution or as described in subsection (b)(iv) above; provided that, if and to the extent permitted by the Committee, Options and related rights may be transferred
during the Optionee’s lifetime to one or more of the Optionee’s family members or trusts or other entities established for the benefit of family members, and such transferees may exercise rights thereunder in accordance with the terms
hereof. 

 
(f) Rights
as a Stockholder. An Optionee shall have no rights as a record holder with respect to Shares covered by his or her Option until the date of issuance to him or her of a certificate evidencing such Shares after the exercise of such Option and
payment in full of the purchase price. No adjustment will be made for cash dividends for which the record date is prior to the date such certificate is issued. 
 
6. Grant of Stock Awards 
 
(a) General Powers of Committee. The Committee may grant Stock Awards, consisting of restricted or unrestricted Shares, to an
Employee (“Grantee”) of the Company or its Subsidiaries upon such terms as the Committee deems appropriate. The Committee shall have sole discretion, in accordance with the provisions of the Plan, to determine to whom Stock Awards are
granted, the number of Shares subject to the Stock Awards, the nature and duration of any restrictions, and the terms and conditions of each grant. In making such determinations, the Committee may consider the position and responsibilities of the
Employee, the nature and value to the Company of his or her services and accomplishments, his or her present and potential contribution to the success of the Company, and such other factors as the Committee may deem relevant, but shall not be
required to treat eligible persons uniformly. 
 
(b) General Provisions. Stock Awards granted under the Plan shall be subject to and governed by the provisions of the Plan and by the terms and conditions set forth in this Section 6 and by such other terms and conditions, not
inconsistent with the Plan, as shall be determined by the Committee. The date on which Stock Awards shall be granted shall be the date that the Grantee, the number of Shares granted and the terms and conditions of the grant are determined by the
Committee, or as otherwise specified by the Committee. Each grant of Stock Awards shall be evidenced by a Stock Award Agreement in such form as the Committee may from time to time approve. 
 
(c) Restrictions; Restricted Period. 
 
(i) The Committee shall determine for each grant of Stock Awards the period, if any, during which
transferability shall be restricted and any conditions which must be met during or at the expiration of such period in order for the grant to become vested (the “Restricted Period”). If any condition contained in a grant of Stock Awards is
not met within the period of time it is required to be met, the grant shall be forfeited. Stock Awards may be granted with or without vesting restrictions, as the Committee determines. 
 
(ii) The conditions which must be met for a grant of Stock Awards to become vested may include performance
goals of whatever type or nature as the Committee may determine, to be met by the Grantee, the Grantee’s business unit, the Company and its Subsidiaries as a whole, or any combination of the foregoing. Any such performance goal may be waived in
whole or in part at any time by the Committee, in its sole discretion. 

 
(iii) Except
as otherwise determined by the Committee in the Stock Award Agreement, the conditions which must be met for a grant of Stock Awards to become vested shall include the Grantee’s continued employment by the Company or its Subsidiaries during the
Restricted Period. This condition shall be deemed satisfied and the Restricted Period shall be deemed completed (subject to the satisfaction or waiver by the Committee of any performance goals described in subsection (ii) above) if termination of
employment of the grantee results from death or total and permanent disability, if termination of employment of the grantee occurs at or after age 65 and the grantee has ten or more years of full-time service with the Company or a Subsidiary, or if
and to the extent that the Committee may determine in its sole discretion. 
 
(iv) The Committee may allow Grantees to defer the payment of Stock Awards and may provide for the payment of dividend equivalents with respect to deferred Shares. 
 
(d) Manner of Holding and Delivering Certificates for Stock
Awards. Each certificate issued for Stock Awards shall be registered in the name of the Grantee and deposited with the Company or its designee in an escrow account, accompanied by a stock power executed in blank by the Grantee covering the Stock
Awards. At the end of the Restricted Period, certificates representing the number of Shares to which the Grantee is then entitled shall be released from escrow and delivered to the Grantee free and clear of all restrictions. As an alternative, the
Committee may establish appropriate procedures with respect to non-certificated Shares. The Company may defer delivering Shares until satisfactory arrangements have been made for the payment of any tax attributable to the grant or vesting of such
Shares. The Committee may, in its sole discretion, permit a Grantee to elect, in such form and at such time as the Committee may prescribe, to pay all or a portion of all taxes arising in connection with a Stock Award by electing to have the Company
withhold whole Shares, provided that the amount to be withheld shall not exceed the Grantee’s minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities associated with the transaction. 
 
(e) Nontransferability. No restricted Stock Awards
granted or held under the Plan shall be subject to any debts or liabilities of a Grantee, nor be assignable or transferable except by will or the laws of descent and distribution. 
 
(f) Rights as a Stockholder. Except for the restrictions and limitations described in the Plan, a
Grantee holding Stock Awards shall have all of the rights of a record holder of the Shares, including the right to receive dividends paid on those Shares and the right to vote them at meetings of shareholders of the Company. 
 
7. Limitations on Rights of Optionees and Grantees.

 
(a) Employment. No provision of the Plan,
nor any term or condition of any grant of an Option or Stock Awards, nor any action taken by the Committee, the Company or a Subsidiary pursuant to the Plan, shall give or be construed as giving an 

 
Optionee or Grantee any right
to be retained in the employ of the Company or any Subsidiary, or affect or limit in any way the right of the Company or any Subsidiary to terminate such employment by any Optionee or Grantee. 
 
(b) Conditions. Notwithstanding anything contained
herein to the contrary, all rights with respect to all Options and Stock Awards are subject to the conditions that the Optionee or Grantee not engage or have engaged in fraud, embezzlement, defalcation, gross negligence in the performance or
nonperformance of the Optionee’s or Grantee’s duties (other than as a result of total and permanent disability) or material failure or refusal to perform the Optionee’s or Grantee’s duties at any time while in the employ of the
Company or a Subsidiary, and all rights with respect to all Options and Stock Awards are subject to the conditions that the Optionee or Grantee not engage or have engaged in activity directly or indirectly in competition with any business of the
Company or a Subsidiary, or in other conduct inimical to the best interests of the Company or a Subsidiary, during the employment of the Optionee or Grantee or following the Optionee’s or Grantee’s termination of employment. If it is
determined by the Committee that there has been a failure of any such condition, all Options, and all rights with respect to all Options granted to such Optionee, and all rights with respect to Stock Awards which shall not have then vested shall
immediately terminate and be null and void. If a restriction in this Section 7(b) is determined to be overbroad or unenforceable in any respect, such restriction may be modified or narrowed, either by a court or by the Committee, so as to preserve
and protect the legitimate interests of the Company and its Subsidiaries, and without negating or impairing any other restrictions or agreements set forth herein. The provisions of this Section 7(b) shall inure to the benefit of any successor of the
Company or a Subsidiary by merger or otherwise. 
 
8. Change in Control. 
 
(a)
As herein used a Change in Control shall be deemed to have occurred if: 
 
(i) the “beneficial ownership” (as defined in Rule l3d-3 under the Exchange Act) of securities representing more than 20% of the combined voting power of the Company is acquired by any “person” as defined
in section 13(d) or section 14(d) of the Exchange Act (other than the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company), or 
 
(ii) the shareholders of the Company approve a definitive agreement to merge or consolidate the Company with
or into another corporation or to sell or otherwise dispose of all or substantially all of its assets, or adopt a plan of liquidation, or 
 
(iii) during any period of three consecutive years, individuals who at the beginning of such period were members of the Board cease for
any reason to constitute at least a majority thereof (unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of at least a majority of the directors then still in office
who were directors at the beginning of such period). 

 
(b) Notice
and Acceleration. Upon a Change in Control, (i) the Company shall provide each Optionee and Grantee with outstanding Options and Stock Awards written notice of such Change in Control, (ii) all outstanding Options shall automatically accelerate
and become fully exercisable and (iii) the restrictions and conditions on all outstanding Stock Awards shall immediately lapse. 
 
(c) Assumption of Options. Upon a Change in Control where the Company is not the surviving corporation (or survives only as a
subsidiary of another corporation), unless the Committee determines otherwise, all outstanding Options that are not exercised shall be assumed by, or replaced with comparable options by, the surviving corporation. 
 
(d) Other Alternatives. Notwithstanding the foregoing,
in the event of a Change in Control, the Committee may take one or both of the following actions: the Committee may (i) require that Optionees surrender their outstanding Options in exchange for a payment by the Company, in cash or Shares as
determined by the Committee, in an amount equal to the amount by which the then Fair Market Value of the Shares subject to the Optionee’s unexercised Options exceeds the exercise price of the Options, or (ii) after giving Optionees an
opportunity to exercise their outstanding Options, terminate any or all unexercised Options at such time as the Committee deems appropriate. Such surrender or termination shall take place as of the date of the Change in Control or such other date as
the Committee may specify. 
 
9.
Adjustments. If there is any change in the number or class of Shares through the declaration of Share dividends, or recapitalization, or combinations or exchanges of such Shares or similar corporate transactions, or if the Committee otherwise
determines that, as a result of a corporate transaction involving a change in the Company’s capitalization, it is appropriate to effect the adjustments described in this Section, the aggregate number or class of Shares with respect to which
Options or Stock Awards may be granted or which may be issued under the Plan, the per-person limits on grants, the number or class of Shares covered by each outstanding Option and Stock Award grant, and the price per Share of each Option, shall all
be appropriately adjusted by the Committee; provided that any fractional Shares resulting from such adjustment shall be eliminated. If a new Option is substituted for the Option granted hereunder, or an assumption of an Option granted hereunder is
made, by reason of a corporate merger, consolidation, acquisition of property or stock, split-up, reorganization or liquidation, the new or assumed Option shall pertain to and apply to the securities to which a holder of the number of Shares subject
to the Option would have been entitled. 
 
10.
Application of Funds. The proceeds received by the Company from the sale of Shares pursuant to Options and Stock Awards granted under the Plan will be used for general corporate purposes. 
 
11. Effective Date and Term of Plan. The Plan shall
become effective on February 1, 2001. The term during which Options and Stock Awards may be granted 

 
under the Plan shall expire on
March 28, 2006. The term of Options granted and Stock Awards made prior thereto, however, may extend beyond such date and the provisions of the Plan shall continue to apply thereto. 
 
12. Amendments. The Board may from time to time alter, amend, suspend or discontinue the Plan;
provided that stockholder approval shall be required for any amendment that requires stockholder approval in order for any applicable stock exchange requirements to be met. The Plan, each Option under the Plan and the grant and exercise thereof,
each grant of Stock Awards under the Plan, and the obligation of the Company to sell and issue Shares under the Plan shall be subject to all applicable laws, rules, regulations and governmental, stock exchange and stockholder approvals, and the
Committee may make such amendment or modification thereto as it shall deem necessary to comply with any such laws, rules and regulations or to obtain any such approvals. 
 
13. Severability. If any provision of the Plan, any term or condition of any Option or Stock Awards
granted or form executed or to be executed thereunder or any application thereof to any person or circumstance is invalid, such provision, term, condition or application shall to that extent be void (or, in the sole discretion of the Committee, such
provision, term or condition may be amended so as to avoid such invalidity), and shall not affect other provisions, terms or conditions or applications thereof, and to this extent such provision, term or condition is severable. 
 
14. Grants in Connection with Corporate Transactions and
Otherwise. Nothing contained in this Plan shall be construed to (i) limit the right of the Committee to make grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or
assets of any corporation, firm or association, including grants to employees thereof who become Employees of the Company, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other grants
outside of this Plan. Without limiting the foregoing, the Committee may make a grant to an employee of another corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or
liquidation involving the Company or any of its subsidiaries in substitution for a stock option or stock award grant made by such corporation. The terms and conditions of the substitute grants may vary from the terms and conditions required by the
Plan and from those of the substituted stock incentives. The Committee shall prescribe the provisions of the substitute grants. 
 
15. Governing Law. The Plan shall be applied and construed in accordance with and governed by the laws of the State of Delaware,
without regard to the conflict of laws principles thereof, and applicable Federal law. 
 

9

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