Document:

renewalfuels_8k-ex1002.htm

     

    EXHIBIT 10.2

    WARRANT

     

    THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM
REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144
UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THIS WARRANT MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT.

     

    RENEWAL
FUELS, INC.

     

    Warrant
To Purchase Common Stock

     

    
      	Warrant No.:
      PI-001 	
              Number of
      Shares:                     
      20,000,000

            
	 	
              Warrant Exercise
      Price:                      
      $0.05

            
	 	
              Expiration
      Date:                    
      April 21, 2013

            

    

     

    Date of
Issuance: April 21, 2008

    

    Renewal
Fuels, Inc., a Delaware corporation (the “Company”), hereby
certifies that, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Phoenix Investors, LLC (the
“Holder”), the
registered holder hereof or its permitted assigns, is entitled, subject to the
terms set forth below, to purchase from the Company upon surrender of this
Warrant, at any time or times on or after the date hereof, but not after
11:59 P.M. Eastern Time on the Expiration Date (as defined herein) 20,000,000 fully paid and
nonassessable shares of Common Stock (as defined herein) of the Company (the
“Warrant
Shares”) at the exercise price per share provided in Section 1(b)
below or as subsequently adjusted; provided, however, that in no event shall the
holder be entitled to exercise this Warrant for a number of Warrant Shares in
excess of that number of Warrant Shares which, upon giving effect to such
exercise, would cause the aggregate number of shares of Common Stock
beneficially owned by the holder and its affiliates to exceed 4.99% of the
outstanding shares of the Common Stock following such exercise, except within
sixty (60) days of the Expiration Date (however, such restriction may be waived
by Holder (but only as to itself and not to any other holder) upon not less than
65 days prior notice to the Company).  For purposes of the foregoing
proviso, the aggregate number of shares of Common Stock beneficially owned by
the holder and its affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which the determination
of such proviso is being made, but shall exclude shares of Common Stock which
would be issuable upon (i) exercise of the remaining, unexercised Warrants
beneficially owned by the 

     

    
      
        
        

      

      
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    holder
and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by
the holder and its affiliates (including, without limitation, any convertible
notes or preferred stock) subject to a limitation on conversion or exercise
analogous to the limitation contained herein.  Except as set forth in
the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended.  For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock a holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most
recent Form 10-QSB or Form 10-KSB, as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or its
transfer agent setting forth the number of shares of Common Stock
outstanding.  Upon the written request of any holder, the Company
shall promptly, but in no event later than one (1) Business Day following the
receipt of such notice, confirm in writing to any such holder the number of
shares of Common Stock then outstanding.  In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to
the exercise of Warrants (as defined below) by such holder and its affiliates
since the date as of which such number of outstanding shares of Common Stock was
reported.

     

    Section
1. 

     

    (a)    Definitions.  The
following words and terms as used in this Warrant shall have the following
meanings:

     

    (i)    “Approved Stock Plan”
means a stock option plan that has been approved by the Board of Directors of
the Company, pursuant to which the Company’s securities may be issued only to
any employee, officer or director for services provided to the
Company.

     

    (ii)   “Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in
the City of New York are authorized or required by law to remain
closed.

     

    (iii)   “Closing Bid Price”
means the closing bid price of Common Stock as quoted on the Principal Market
(as reported by Bloomberg Financial Markets (“Bloomberg”) through
its “Volume at Price” function).

     

    (iv)   “Common Stock” means
(i) the Company’s common stock, par value $0.001 per share, and
(ii) any capital stock into which such Common Stock shall have been changed
or any capital stock resulting from a reclassification of such Common
Stock.

     

    (v)   “Event of Default”
means an event of default under the Securities Purchase Agreement or the
Convertible Debentures issued in connection therewith.

     

    (vi)   “Excluded Securities”
means, (a) shares issued or deemed to have been issued by the Company pursuant
to an Approved Stock Plan, (b) shares of Common Stock issued or deemed to be
issued by the Company upon the conversion, exchange or exercise of any right,
option, obligation or security outstanding on the date prior to date of the
Securities Purchase Agreement, provided that the terms of such right, option,
obligation or security are not amended or otherwise modified on or after the
date of the Securities Purchase Agreement, and provided that the conversion
price, exchange price, exercise price or other purchase price is not reduced,
adjusted or otherwise modified and the number of shares of Common Stock issued
or issuable is not increased (whether by operation of, or in accordance with,
the relevant governing documents or otherwise) on or after the date of the
Securities Purchase Agreement,  (c) the shares of Common Stock
issued or deemed to be issued by the Company upon conversion of the Convertible
Debentures or exercise of the Warrants, (d) shares of Common Stock issued in
connection with employment or consulting agreement(s), and (e) shares of Common
Stock issued in connection with the acquisition of a business or assets by the
Company or any subsidiary thereof.

     

    
      
        
        

      

      
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    (vii)         “Expiration Date”
means April 21, 2013.

     

    (viii)       
“Issuance Date” means
the date hereof.

     

    (ix)         
“Options” means any
rights, warrants or options to subscribe for or purchase Common Stock or
Convertible Securities.

     

    (x)   “Person” means an
individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization and a government or any
department or agency thereof.

     

    (xi)        
“Principal Market”
means on any of (a) the American Stock Exchange, (b) New York Stock Exchange,
(c) the Nasdaq National Market, (d) the Nasdaq Capital Market, or (e) the Nasdaq
OTC Bulletin Board (“OTCBB”)

     

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

     

    (xiii)       
“Warrant” means this
Warrant and all Warrants issued in exchange, transfer or replacement
thereof.

     

    (xiv)       
“Warrant Exercise
Price” shall be $0.05 per share or as subsequently adjusted as provided
in Section 8 hereof.

     

    (b)    Other
Definitional Provisions.

     

    (i)    Except as
otherwise specified herein, all references herein (A) to the Company shall
be deemed to include the Company’s successors and (B) to any applicable law
defined or referred to herein shall be deemed references to such applicable law
as the same may have been or may be amended or supplemented from time to
time.

     

    (ii)    When used
in this Warrant, the words “herein”, “hereof”, and “hereunder” and words of similar import,
shall refer to this Warrant as a whole and not to any provision of this Warrant,
and the words “Section”, “Schedule”, and “Exhibit” shall refer
to Sections of, and Schedules and Exhibits to, this Warrant unless otherwise
specified.

     

    (iii)    Whenever
the context so requires, the neuter gender includes the masculine or feminine,
and the singular number includes the plural, and vice versa.

     

    
      
        
        

      

      
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    Section
2.      
Exercise of
Warrant.

     

    (a)    Subject
to the terms and conditions hereof, this Warrant may be exercised by the holder
hereof then registered on the books of the Company, pro rata as hereinafter
provided, at any time on any Business Day on or after the opening of business on
such Business Day, commencing with the first day after the date hereof, and
prior to 11:59 P.M. Eastern Time on the Expiration Date (i) by delivery of
a written notice, in the form of the subscription notice attached as Exhibit A hereto (the
“Exercise
Notice”), of such holder’s election to exercise this Warrant, which
notice shall specify the number of Warrant Shares to be purchased, payment
to the Company of an amount equal to the Warrant Exercise Price(s) applicable to
the Warrant Shares being purchased, multiplied by the number of Warrant
Shares (at the applicable Warrant Exercise Price) as to which this Warrant
is being exercised (plus any applicable issue or transfer taxes) (the
“Aggregate Exercise
Price”) in cash or wire transfer of immediately available funds and the
surrender of this Warrant (or an indemnification undertaking with respect to
this Warrant in the case of its loss, theft or destruction) to a common carrier
for overnight delivery to the Company as soon as practicable following such date
(“Cash Basis”)
or (ii) if at the time of exercise, the Warrant Shares are not subject to an
effective registration statement or if an Event of Default has occurred, by
delivering an Exercise Notice and in lieu of making payment of the Aggregate
Exercise Price in cash or wire transfer, elect instead to receive upon such
exercise the “Net Number” of shares of Common Stock determined according to the
following formula (the “Cashless
Exercise”):

     

    Net
Number = (A x B) – (A
x C)

                                          B

    

    For purposes of the foregoing
formula:

    

    A = the
total number of Warrant Shares with respect to which this Warrant is then being
exercised.

    

    B = the
Closing Bid Price of the Common Stock on the date of exercise of the
Warrant.

    

    C = the
Warrant Exercise Price then in effect for the applicable Warrant Shares at the
time of such exercise.

    

    In the
event of any exercise of the rights represented by this Warrant in compliance
with this Section 2, the Company shall on or before the fifth (5th)
Business Day following the date of receipt of the Exercise Notice, the Aggregate
Exercise Price and this Warrant (or an indemnification undertaking with respect
to this Warrant in the case of its loss, theft or destruction) and the receipt
of the representations of the holder specified in Section 6 hereof, if requested
by the Company (the “Exercise Delivery
Documents”), and if the Common Stock is DTC eligible, credit such
aggregate number of shares of Common Stock to which the holder shall be entitled
to the holder’s or its designee’s balance account with The Depository Trust
Company; provided, however, if the holder who submitted the Exercise Notice
requested physical delivery of any or all of the Warrant Shares, or, if the
Common Stock is not DTC eligible  then the Company shall, on or before
the fifth (5th)
Business Day following receipt of the Exercise Delivery Documents, issue and
surrender to a common carrier for overnight delivery to the address specified in
the Exercise Notice, a certificate, registered in the name of the holder, for
the number of shares of Common Stock to which the holder shall be entitled
pursuant to such request.  Upon delivery of the Exercise Notice and
Aggregate Exercise Price referred to in clause (i) or (ii) above the holder
of this Warrant shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has
been exercised.  In the case of a dispute as to the determination of
the Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation
of the Warrant Shares, the Company shall promptly issue to the holder the number
of Warrant Shares that is not disputed and shall submit the disputed
determinations or arithmetic calculations to the holder via facsimile within one
(1) Business Day of receipt of the holder’s Exercise Notice.

     

    
      
        
        

      

      
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    (b)    If the
holder and the Company are unable to agree upon the determination of the Warrant
Exercise Price or arithmetic calculation of the Warrant Shares within one (1)
day of such disputed determination or arithmetic calculation being submitted to
the holder, then the Company shall immediately submit via facsimile (i) the
disputed determination of the Warrant Exercise Price or the Closing Bid Price to
an independent, reputable investment banking firm or (ii) the disputed
arithmetic calculation of the Warrant Shares to its independent, outside
accountant.  The Company shall cause the investment banking firm or
the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the holder of the results no later than
forty-eight (48) hours from the time it receives the disputed determinations or
calculations.  Such investment banking firm’s or accountant’s
determination or calculation, as the case may be, shall be deemed conclusive
absent manifest error.

     

    (c)    Unless
the rights represented by this Warrant shall have expired or shall have been
fully exercised, the Company shall, as soon as practicable and in no event later
than five (5) Business Days after any exercise and at its own expense, issue a
new Warrant identical in all respects to this Warrant exercised except it shall
represent rights to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant exercised, less the number
of Warrant Shares with respect to which such Warrant is exercised.

     

    (d)    No
fractional Warrant Shares are to be issued upon any pro rata exercise of this
Warrant, but rather the number of Warrant Shares issued upon such exercise of
this Warrant shall be rounded up or down to the nearest whole
number.

     

    (e)    If the
Company or its Transfer Agent shall fail for any reason or for no reason to
issue to the holder within ten (10) days of receipt of the Exercise
Delivery Documents, a certificate for the number of Warrant Shares to which the
holder is entitled or to credit the holder’s balance account with The Depository
Trust Company for such number of Warrant Shares to which the holder is entitled
upon the holder’s exercise of this Warrant, the Company shall, in addition to
any other remedies under this Warrant or otherwise available to such holder, pay
as additional damages in cash to such holder on each day the issuance of such
certificate for Warrant Shares is not timely effected an amount equal to 0.025%
of the product of (A) the sum of the number of Warrant Shares not issued to the
holder on a timely basis and to which the holder is entitled, and (B) the
Closing Bid Price of the Common Stock for the trading day immediately preceding
the last possible date which the Company could have issued such Common Stock to
the holder without violating this Section 2.

     

    (f)    If within
ten (10) days after the Company’s receipt of the Exercise Delivery Documents,
the Company fails to deliver a new Warrant to the holder for the number of
Warrant Shares to which such holder is entitled pursuant to Section 2 hereof,
then, in addition to any other available remedies under this Warrant, or
otherwise available to such holder, the Company shall pay as additional damages
in cash to such holder on each day after such tenth (10th) day
that such delivery of such new Warrant is not timely effected in an amount equal
to 0.25% of the product of (A) the number of Warrant Shares represented by
the portion of this Warrant which is not being exercised and (B) the
Closing Bid Price of the Common Stock for the trading day immediately preceding
the last possible date which the Company could have issued such Warrant to the
holder without violating this Section 2.

     

    
      
        
        

      

      
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    Section
3.               Covenants as to Common
Stock.  The Company hereby covenants and agrees as
follows:

     

    (a)    This
Warrant is, and any Warrants issued in substitution for or replacement of this
Warrant will upon issuance be, duly authorized and validly issued.

     

    (b)    All
Warrant Shares which may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance, be validly issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the
issue thereof.

     

    (c)    During
the period within which the rights represented by this Warrant may be exercised,
the Company will at all times have authorized and reserved at least one hundred
percent (100%) of the number of shares of Common Stock needed to provide for the
exercise of the rights then represented by this Warrant and the par value of
said shares will at all times be less than or equal to the applicable Warrant
Exercise Price.  If at any time the Company does not have a sufficient
number of shares of Common Stock authorized and available, then the Company
shall call and hold a special meeting of its stockholders within sixty (60)
days of that time for the sole purpose of increasing the number of authorized
shares of Common Stock.

     

    (d)    If at any
time after the date hereof the Company shall file a registration statement, the
Company shall include the Warrant Shares issuable to the holder, pursuant to the
terms of this Warrant and shall maintain, so long as any other shares of Common
Stock shall be so listed, such listing of all Warrant Shares from time to time
issuable upon the exercise of this Warrant; and the Company shall so list on
each national securities exchange or automated quotation system, as the case may
be, and shall maintain such listing of, any other shares of capital stock of the
Company issuable upon the exercise of this Warrant if and so long as any shares
of the same class shall be listed on such national securities exchange or
automated quotation system.

     

    (e)    The
Company will not, by amendment of its Articles of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities, or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed by it
hereunder, but will at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may
reasonably be requested by the holder of this Warrant in order to protect the
exercise privilege of the holder of this Warrant against dilution or other
impairment, consistent with the tenor and purpose of this
Warrant.  The Company will not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the Warrant
Exercise Price then in effect, and (ii) will take all such actions as may
be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock upon the exercise of
this Warrant.

     

    (f)    This
Warrant will be binding upon any entity succeeding to the Company by merger,
consolidation or acquisition of all or substantially all of the Company’s
assets.

     

    
      
        
        

      

      
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    Section
4.      
Taxes.  The
Company shall pay any and all taxes, except any applicable withholding, which
may be payable with respect to the issuance and delivery of Warrant Shares upon
exercise of this Warrant.

     

    Section
5.      
Warrant Holder Not Deemed a
Stockholder.  Except as otherwise specifically provided herein,
no holder, as such, of this Warrant shall be entitled to vote or receive
dividends or be deemed the holder of shares of capital stock of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer
upon the holder hereof, as such, any of the rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends or subscription rights, or otherwise, prior to the issuance to
the holder of this Warrant of the Warrant Shares which he or she is then
entitled to receive upon the due exercise of this Warrant.  In
addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on such holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the
Company.  Notwithstanding this Section 5, the Company will provide the
holder of this Warrant with copies of the same notices and other information
given to the stockholders of the Company generally, contemporaneously with the
giving thereof to the stockholders.

     

    Section
6. Representations of
Holder.  The holder of this Warrant, by the acceptance hereof,
represents that it is acquiring this Warrant and the Warrant Shares for its own
account for investment only and not with a view towards, or for resale in
connection with, the public sale or distribution of this Warrant or the Warrant
Shares, except pursuant to sales registered or exempted under the Securities
Act; provided, however, that by making the representations herein, the holder
does not agree to hold this Warrant or any of the Warrant Shares for any minimum
or other specific term and reserves the right to dispose of this Warrant and the
Warrant Shares at any time in accordance with or pursuant to a registration
statement or an exemption under the Securities Act.  The holder of
this Warrant further represents, by acceptance hereof, that, as of this date,
such holder is an “accredited investor” as such term is defined in
Rule 501(a)(1) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act (an “Accredited
Investor”).  Upon exercise of this Warrant  the
holder shall, if requested by the Company, confirm in writing, in a form
satisfactory to the Company, that the Warrant Shares so purchased are being
acquired solely for the holder’s own account and not as a nominee for any other
party, for investment, and not with a view toward distribution or resale and
that such holder is an Accredited Investor.  If such holder cannot
make such representations because they would be factually incorrect, it shall be
a condition to such holder’s exercise of this Warrant that the Company receive
such other representations as the Company considers reasonably necessary to
assure the Company that the issuance of its securities upon exercise of this
Warrant shall not violate any United States or state securities
laws.

     

    Section
7. Ownership and
Transfer.

     

    (a)    The
Company shall maintain at its principal executive offices (or such other office
or agency of the Company as it may designate by notice to the holder hereof), a
register for this Warrant, in which the Company shall record the name and
address of the person in whose name this Warrant has been issued, as well as the
name and address of each transferee.  The Company may treat the person
in whose name any Warrant is registered on the register as the owner and holder
thereof for all purposes, notwithstanding any notice to the contrary, but in all
events recognizing any transfers made in accordance with the terms of this
Warrant.

     

    
      
        
        

      

      
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    Section
8. Adjustment of Warrant
Exercise Price and Number of Shares.  The Warrant Exercise
Price and the number of shares of Common Stock issuable upon exercise of this
Warrant shall be adjusted from time to time as follows:

     

    (a)    Adjustment of Warrant
Exercise Price and Number of Shares upon Issuance of Common
Stock.  If and whenever on or after the Issuance Date of this
Warrant, the Company issues or sells, or is deemed to have issued or sold, any
shares of Common Stock (other than Excluded Securities) for a consideration
per share less than a price (the “Applicable Price”)
equal to the Warrant Exercise Price in effect immediately prior to such issuance
or sale, then immediately after such issue or sale the Warrant Exercise Price
then in effect shall be reduced to an amount equal to such consideration per
share.  Upon each such adjustment of the Warrant Exercise Price
hereunder, the number of Warrant Shares issuable upon exercise of this Warrant
shall be adjusted to the number of shares determined by multiplying the Warrant
Exercise Price in effect immediately prior to such adjustment by the number of
Warrant Shares issuable upon exercise of this Warrant immediately prior to such
adjustment and dividing the product thereof by the Warrant Exercise Price
resulting from such adjustment.

     

    (b)    Effect on Warrant Exercise
Price of Certain Events.  For purposes of determining the
adjusted Warrant Exercise Price under Section 8(a) above, the following shall be
applicable:

     

    (i)    Issuance of
Options.  If after the date hereof, the Company in any manner
grants any Options and the lowest price per share for which one share of Common
Stock is issuable upon the exercise of any such Option or upon conversion or
exchange of any convertible securities issuable upon exercise of any such Option
is less than the Applicable Price, then such share of Common Stock shall be
deemed to be outstanding and to have been issued and sold by the Company at the
time of the granting or sale of such Option for such price per
share.  For purposes of this Section 8(b)(i), the lowest price per
share for which one share of Common Stock is issuable upon exercise of such
Options or upon conversion or exchange of such Convertible Securities shall be
equal to the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to any one share of Common Stock upon the
granting or sale of the Option, upon exercise of the Option or upon conversion
or exchange of any convertible security issuable upon exercise of such
Option.  No further adjustment of the Warrant Exercise Price shall be
made upon the actual issuance of such Common Stock or of such convertible
securities upon the exercise of such Options or upon the actual issuance of such
Common Stock upon conversion or exchange of such convertible
securities.

     

    (ii)   Issuance of Convertible
Securities.  If the Company in any manner issues or sells any
convertible securities and the lowest price per share for which one share of
Common Stock is issuable upon the conversion or exchange thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be
outstanding and to have been issued and sold by the Company at the time of the
issuance or sale of such convertible securities for such price per
share.  For the purposes of this Section 8(b)(ii), the lowest
price per share for which one share of Common Stock is issuable upon such
conversion or exchange shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to one
share of Common Stock upon the issuance or sale of the convertible security and
upon conversion or exchange of such convertible security.  No further
adjustment of the Warrant Exercise Price shall be made upon the actual issuance
of such Common Stock upon conversion or exchange of such convertible securities,
and if any such issue or sale of such convertible securities is made upon
exercise of any Options for which adjustment of the Warrant Exercise Price had
been or are to be made pursuant to other provisions of this Section 8(b), no
further adjustment of the Warrant Exercise Price shall be made by reason of such
issue or sale.

     

    
      
        
        

      

      
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    (iii)    Change in Option Price or
Rate of Conversion.  If the purchase price provided for in any
Options, the additional consideration, if any, payable upon the issue,
conversion or exchange of any convertible securities, or the rate at which any
convertible securities are convertible into or exchangeable for Common Stock
changes at any time, the Warrant Exercise Price in effect at the time of such
change shall be adjusted to the Warrant Exercise Price which would have been in
effect at such time had such Options or convertible securities provided for such
changed purchase price, additional consideration or changed conversion rate, as
the case may be, at the time initially granted, issued or sold and the number of
Warrant Shares issuable upon exercise of this Warrant shall be correspondingly
readjusted.  For purposes of this Section 8(b)(iii), if the terms of
any Option or convertible security that was outstanding as of the Issuance Date
of this Warrant are changed in the manner described in the immediately preceding
sentence, then such Option or convertible security and the Common Stock deemed
issuable upon exercise, conversion or exchange thereof shall be deemed to have
been issued as of the date of such change.  No adjustment pursuant to
this Section 8(b) shall be made if such adjustment would result in an
increase of the Warrant Exercise Price then in effect.

     

    (iv)    Calculation of Consideration
Received.  If any Common Stock, Options or convertible
securities are issued or sold or deemed to have been issued or sold for cash,
the consideration received therefore will be deemed to be the net amount
received by the Company therefore.  If any Common Stock, Options or
convertible securities are issued or sold for a consideration other than cash,
the amount of such consideration received by the Company will be the fair value
of such consideration, except where such consideration consists of marketable
securities, in which case the amount of consideration received by the Company
will be the market price of such securities on the date of receipt of such
securities.  If any Common Stock, Options or convertible securities
are issued to the owners of the non-surviving entity in connection with any
merger in which the Company is the surviving entity, the amount of consideration
therefore will be deemed to be the fair value of such portion of the net assets
and business of the non-surviving entity as is attributable to such Common
Stock, Options or convertible securities, as the case may be.  The
fair value of any consideration other than cash or securities will be determined
jointly by the Company and the holders of Warrants representing at least
two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then
outstanding.  If such parties are unable to reach agreement within
ten (10) days after the occurrence of an event requiring valuation (the
“Valuation
Event”), the fair value of such consideration will be determined within
five (5) Business Days after the tenth (10th) day
following the Valuation Event by an independent, reputable appraiser jointly
selected by the Company and the holders of Warrants representing at least
two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then
outstanding.  The determination of such appraiser shall be final and
binding upon all parties and the fees and expenses of such appraiser shall be
borne jointly by the Company and the holders of Warrants.

     

    (v)    Integrated
Transactions.  In case any Option is issued in connection with
the issue or sale of other securities of the Company, together comprising one
integrated transaction in which no specific consideration is allocated to such
Options by the parties thereto, the Options will be deemed to have been issued
for a consideration of $.01.

     

    (vi)    Treasury
Shares.  The number of shares of Common Stock outstanding at
any given time does not include shares owned or held by or for the account of
the Company, and the disposition of any shares so owned or held will be
considered an issue or sale of Common Stock.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (vii)   Record
Date.  If the Company takes a record of the holders of Common
Stock for the purpose of entitling them (1) to receive a dividend or other
distribution payable in Common Stock, Options or in convertible securities or
(2) to subscribe for or purchase Common Stock, Options or convertible
securities, then such record date will be deemed to be the date of the issue or
sale of the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or the making of such other distribution or the
date of the granting of such right of subscription or purchase, as the case may
be.

     

    (c)    Adjustment of Warrant
Exercise Price upon Subdivision or Combination of Common
Stock.  If the Company at any time after the date of issuance
of this Warrant subdivides (by any stock split, stock dividend, recapitalization
or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, any Warrant Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of
shares of Common Stock obtainable upon exercise of this Warrant will be
proportionately increased.  If the Company at any time after the date
of issuance of this Warrant combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, any Warrant Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of Warrant
Shares issuable upon exercise of this Warrant will be proportionately
decreased.  Any adjustment under this Section 8(c) shall become
effective at the close of business on the date the subdivision or combination
becomes effective.

     

    (d)    Distribution of
Assets.  If the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of
Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate
rearrangement or other similar transaction) (a “Distribution”), at
any time after the issuance of this Warrant, then, in each such
case:

     

    (i)    any
Warrant Exercise Price in effect immediately prior to the close of business on
the record date fixed for the determination of holders of Common Stock
entitled to receive the
Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Warrant Exercise Price by
a fraction of which (A) the numerator shall be the Closing Sale Price of the
Common Stock on the trading day immediately preceding such record date minus the
value of the Distribution (as determined in good faith by the Company’s Board of
Directors) applicable to one share of Common Stock, and (B) the denominator
shall be the Closing Sale Price of the Common Stock on the trading day
immediately preceding such record date; and

     

    (ii)   either
(A) the number of Warrant Shares obtainable upon exercise of this Warrant shall
be increased to a number of shares equal to the number of shares of Common Stock
obtainable immediately prior to the close of business on the record date fixed
for the determination of holders of Common Stock entitled to receive the
Distribution multiplied by the reciprocal of the fraction set forth in the
immediately preceding clause (i), or (B) in the event that the Distribution is
of common stock of a company whose common stock is traded on a national
securities exchange or a national automated quotation system, then the holder of
this Warrant shall receive an additional warrant to purchase Common Stock, the
terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the amount of the assets that would have been
payable to the holder of this Warrant pursuant to the Distribution had the
holder exercised this Warrant immediately prior to such record date and with an
exercise price equal to the amount by which the exercise price of this Warrant
was decreased with respect to the Distribution pursuant to the terms of the
immediately preceding clause (i).

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (e)    Certain
Events.  If any event occurs of the type contemplated by the
provisions of this Section 8 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation
rights, phantom stock rights or other rights with equity features), then the
Company’s Board of Directors will make an appropriate adjustment in the Warrant
Exercise Price and the number of shares of Common Stock obtainable upon exercise
of this Warrant so as to protect the rights of the holders of the Warrants;
provided, except as set forth in section 8(c),that no such adjustment pursuant
to this Section 8(e) will increase the Warrant Exercise Price or decrease the
number of shares of Common Stock obtainable as otherwise determined pursuant to
this Section 8.

     

    (f)    Notices.

     

    (i)    Immediately
upon any adjustment of the Warrant Exercise Price, the Company will give written
notice thereof to the holder of this Warrant, setting forth in reasonable
detail, and certifying, the calculation of such adjustment.

     

    (ii)   The
Company will give written notice to the holder of this Warrant at least ten (10)
days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Common Stock,
(B) with respect to any pro rata subscription offer to holders of Common
Stock or (C) for determining rights to vote with respect to any Organic
Change (as defined below), dissolution or liquidation, provided that such
information shall be made known to the public prior to or in conjunction with
such notice being provided to such holder.

     

    (iii)   The
Company will also give written notice to the holder of this Warrant at least ten
(10) days prior to the date on which any Organic Change, dissolution or
liquidation will take place, provided that such information shall be made known
to the public prior to or in conjunction with such notice being provided to such
holder.

     

    Section
9.      
Purchase Rights;
Reorganization, Reclassification, Consolidation, Merger or
Sale.

     

    (a)    In
addition to any adjustments pursuant to Section 8 above, if at any time the
Company grants, issues or sells any Options, Convertible Securities or rights to
purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock (the “Purchase Rights”),
then the holder of this Warrant will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which such
holder could have acquired if such holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant immediately
before the date on which a record is taken for the grant, issuance or sale of
such Purchase Rights, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (b)    Any
recapitalization, reorganization, reclassification, consolidation, merger, sale
of all or substantially all of the Company’s assets to another Person or other
transaction in each case which is effected in such a way that holders of Common
Stock are entitled to receive (either directly or upon subsequent liquidation)
stock, securities or assets with respect to or in exchange for Common Stock is
referred to herein as an “Organic
Change.”  Prior to the consummation of any (i) sale of all or
substantially all of the Company’s assets to an acquiring Person or (ii) other
Organic Change following which the Company is not a surviving entity, the
Company will secure from the Person purchasing such assets or the successor
resulting from such Organic Change (in each case, the “Acquiring Entity”) a
written agreement (in form and substance satisfactory to the holders of Warrants
representing at least two-thirds (iii) of the Warrant Shares issuable upon
exercise of the Warrants then outstanding) to deliver to each holder of Warrants
in exchange for such Warrants, a security of the Acquiring Entity evidenced by a
written instrument substantially similar in form and substance to this Warrant
and satisfactory to the holders of the Warrants (including an adjusted warrant
exercise price equal to the value for the Common Stock reflected by the terms of
such consolidation, merger or sale, and exercisable for a corresponding number
of shares of Common Stock acquirable and receivable upon exercise of the
Warrants without regard to any limitations on exercise, if the value so
reflected is less than any Applicable Warrant Exercise Price immediately prior
to such consolidation, merger or sale).  Prior to the consummation of
any other Organic Change, the Company shall make appropriate provision (in form
and substance satisfactory to the holders of Warrants representing a
majority of the
Warrant Shares issuable upon exercise of the Warrants then outstanding) to
insure that each of the holders of the Warrants will thereafter have the right
to acquire and receive in lieu of or in addition to (as the case may be) the
Warrant Shares immediately theretofore issuable and receivable upon the exercise
of such holder’s Warrants (without regard to any limitations on exercise),
such shares of stock, securities or assets that would have been issued or
payable in such Organic Change with respect to or in exchange for the number of
Warrant Shares which would have been issuable and receivable upon the exercise
of such holder’s Warrant as of the date of such Organic Change (without taking
into account any limitations or restrictions on the exercisability of this
Warrant).

     

    Section
10.    Lost, Stolen, Mutilated or
Destroyed Warrant.  If this Warrant is lost, stolen, mutilated
or destroyed, the Company shall promptly, on receipt of an indemnification
undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new
Warrant of like denomination and tenor as this Warrant so lost, stolen,
mutilated or destroyed.

     

    Section
11.    Notice.  Any
notices, consents, waivers or other communications required or permitted to be
given under the terms of this Warrant must be in writing and will be deemed to
have been delivered:  (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of receipt is received by the sending party transmission is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to
receive the same.  The addresses and facsimile numbers for such
communications shall be:

     

    
      	
              If
      to Holder:

            	
              Phoenix
      Investors, LLC

            
	 
      	
              1818
      North Farwell Avenue

            
	 
      	
              Milwaukee,
      Wisconsin 53202

            
	 
      	
              Attention:    David
      Marks

            
	 
      	
              Telephone:         
      (414) 283-2616

            
	 
      	
              Facsimile:            
      (312) 873-3739

            
	 
      	 
      
	 
      	 
      
	
              If
      to the Company, to:

            	
              Renewal
      Fuels, Inc.

            
	 
      	
              1818
      North Farwell Avenue

            
	 
      	
              Milwaukee,
      Wisconsin 53202

            
	 
      	
              Attention:            Bryan
      Chance

            
	 
      	
              Telephone:

            
	 
      	
              Facsimile:

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
If to a
holder of this Warrant, to it at the address and facsimile number set forth
herein, or at such other address and facsimile as shall be delivered to the
Company upon the issuance or transfer of this Warrant.  Each party
shall provide five days’ prior written notice to the other party of any change
in address or facsimile number.  Written confirmation of receipt
(A) given by the recipient of such notice, consent, facsimile, waiver or
other communication, (or (B) provided by a nationally recognized overnight
delivery service shall be rebuttable evidence of personal service, receipt by
facsimile or receipt from a nationally recognized overnight delivery service in
accordance with clause (i), (ii) or (iii) above, respectively.

     

    Section
12.    Date.  The
date of this Warrant is set forth on page 1 hereof.  This Warrant,
in all events, shall be wholly void and of no effect after the close of
business on the Expiration Date, except that notwithstanding any other
provisions hereof, the provisions of Section 8(b) shall continue in full
force and effect after such date as to any Warrant Shares or other securities
issued upon the exercise of this Warrant.

     

    Section
13.    Amendment and
Waiver.  Except as otherwise provided herein, the provisions of
the Warrants may be amended and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it,
only if the Company has obtained the written consent of the holders of Warrants
representing at least two-thirds of the Warrant Shares issuable upon exercise of
the Warrants then outstanding; provided that, except for Section 8(d), no such
action may increase the Warrant Exercise Price or decrease the number of shares
or class of stock obtainable upon exercise of any Warrant without the written
consent of the holder of such Warrant.

     

    Section
14.    Descriptive Headings;
Governing Law.  The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do
not constitute a part of this Warrant.  The corporate laws of the
State of New York shall govern all issues concerning the relative rights of the
Company and its stockholders.  All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York.  Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the United States District Court for the District of
New York, for the adjudication of any dispute hereunder or in connection
herewith or therewith, or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.

     

    Section
15.    Waiver of Jury
Trial.  AS A
MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE
PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
ASSOCIATED WITH THIS TRANSACTION.

     

    REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
Company has caused this Warrant to be signed as of the date first set forth
above.

     

    
      	 
      	
              RENEWAL
      FUELS, INC.

            
	 
      	 
      
	 
      	
              By:
       /s/ Bryan
      Chance                                                 
      

            
	 
      	
              Name:  
      Bryan Chance

            
	 
      	
              Title:     CEO

            

    

     

    
 

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    EXHIBIT A TO
WARRANT

     

    EXERCISE
NOTICE

     

    TO
BE EXECUTED

    BY
THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

     

    RENEWAL
FUELS, INC.

     

    The
undersigned holder hereby exercises the right to purchase ______________ of the
shares of Common Stock (“Warrant Shares”) of
Renewal Fuels, Inc. (the “Company”), evidenced
by the attached Warrant (the “Warrant”).  Capitalized
terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

     

    Specify
Method of exercise by check mark:

     

    1.  ___   
Cash Exercise

     

    (a) Payment of Warrant Exercise
Price. The holder shall pay the Aggregate Exercise Price of
$______________ to the Company in accordance with the terms of the
Warrant.

     

    (b) Delivery of Warrant
Shares.  The Company shall deliver to the holder
__________Warrant Shares in accordance with the terms of the
Warrant.

     

     

    2.  ___    Cashless
Exercise

     

    (a) Payment of Warrant Exercise
Price.  In lieu of making payment of the Aggregate Exercise
Price, the holder elects to receive upon such exercise the Net Number of shares
of Common Stock determined in accordance with the terms of the
Warrant.

     

    (b) Delivery of Warrant
Shares.  The Company shall deliver to the holder __________
Warrant Shares in accordance with the terms of the Warrant.

     

    

    Date:
_______________ __, ______

    

    Name of
Registered Holder

    

    By:___________________________

    Name:_________________________      

    Title:__________________________   

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT B TO
WARRANT

     

    FORM OF WARRANT
POWER

     

    FOR VALUE RECEIVED, the
undersigned does hereby assign and transfer to ________________, Federal
Identification No. __________, a warrant to purchase ____________ shares of
the capital stock of Renewal Fuels, Inc. represented by warrant certificate
no. _____, standing in the name of the undersigned on the books of said
corporation.  The undersigned does hereby irrevocably constitute and
appoint ______________, attorney to transfer the warrants of said corporation,
with full power of substitution in the premises.

     

    
      	
              Dated:___________________________

            	_____________________________________
      
	 
      	 
      
	 
      	
              By:___________________________________                                                                

            
	 
      	
              Name:_________________________________

            
	 
      	
              Title:__________________________________

            
	 
      	 
      

    

    

     

     

    B-1ko8k42208x10.htm

    Exhibit
10.1

     

    THE
COCA-COLA COMPANY

    2008
STOCK OPTION PLAN

     

    Section 1.    Purpose

     

    The
purpose of The Coca-Cola Company 2008 Stock Option Plan (the “Plan”) is to
advance the interest of The Coca-Cola Company (the “Company”) and its Related
Companies (as defined in Section 2) by encouraging and enabling the
acquisition of a financial interest in the Company by officers and other key
employees of the Company or its Related Companies. In addition, the Plan is
intended to aid the Company and its Related Companies in attracting and
retaining key employees, to stimulate the efforts of such employees and to
strengthen their desire to remain in the employ of the Company and its Related
Companies.

     

    Section 2.    Definitions

     

    “Business
Day” means a day on which the New York Stock Exchange is open for securities
trading.

     

    “Change
in Control” shall mean a change in control of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
under the Securities Exchange Act of 1934, as amended (“1934 Act”), as in effect
on January 1, 2002, provided that such a change in control shall be deemed
to have occurred at such time as (i) any “person” (as that term is used in
Sections 13(d) and 14(d)(2) of the 1934 Act), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act as in effect on
January 1, 2002) directly or indirectly, of securities representing 20% or
more of the combined voting power for election of directors of the then
outstanding securities of the Company or any successor of the Company;
(ii) during any period of two (2) consecutive years or less,
individuals who at the beginning of such period constituted the Board of
Directors of the Company cease, for any reason, to constitute at least a
majority of the Board of Directors, unless the election or nomination for
election of each new director was approved by a vote of at least two-thirds of
the directors then still in office who were directors at the beginning of the
period; (iii) the shareowners of the Company approve any merger or
consolidation as a result of which the KO Common Stock (as defined below) shall
be changed, converted or exchanged (other than a merger with a wholly owned
subsidiary of the Company) or any liquidation of the Company or any sale or
other disposition of 50% or more of the assets or earning power of the Company,
and such merger, consolidation, liquidation or sale is completed; or
(iv) the shareowners of the Company approve any merger or consolidation to
which the Company is a party as a result of which the persons who were
shareowners of the Company immediately prior to the effective date of the merger
or consolidation shall have beneficial ownership of less than 50% of the
combined voting power for election of directors of the surviving corporation
following the effective date of such merger or consolidation, and such merger or
consolidation is completed; provided, however, that no Change in Control shall
be deemed to have occurred if, prior to such times as a Change in Control would
otherwise be deemed to have occurred, the Board of Directors determines
otherwise. Additionally, no Change in Control will be deemed to have occurred
under clause (i) if, subsequent to such time as a Change in Control would
otherwise be deemed to have occurred, a majority of the Directors in office
prior to the acquisition of the securities by such person determines
otherwise.

     

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

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     “Committee”
means at least two “non-employee Directors” who are members of the Compensation
Committee of the Board of Directors.

     

    “Disabled”
or “Disability” means a condition for which a Participant becomes eligible for a
disability benefit under the long term disability insurance policy issued to the
Company providing Basic Long Term Disability Insurance benefits pursuant to The
Coca-Cola Company Health and Welfare Benefits Plan, or under any other long term
disability plan which hereafter may be maintained by the Company, whether or not
the optionee is covered by such plans.

     

    “ISO”
means an incentive stock option within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended.

     

    “KO
Common Stock” means the common stock of The Coca-Cola Company, par value $0.25
per share.

     

    “Majority-Owned
Related Company” means a Related Company in which the Company owns, directly or
indirectly, 50% or more of the voting stock or capital on the date an Option is
granted.

     

    “NSO”
means a stock option that does not constitute an ISO.

     

    “Options”
means ISOs and NSOs granted under this Plan.

     

    “Related
Company” or “Related Companies” means corporation(s) or other business
organization(s) in which the Company owns, directly or indirectly, 20% or more
of the voting stock or capital at the relevant time.

     

    “Retirement”
means an employee’s termination of employment on a date which is on or after the
earliest date on which such employee would be eligible for an immediately
payable benefit pursuant to (i) for those employees eligible for
participation in the Company’s Supplemental Pension Plan, the terms of that plan
in effect on January 1, 2008 and (ii) for all other employees, the
terms of the Employee Retirement Plan (the “ERP”) in effect on January 1,
2008, whether or not the employee is covered by the ERP.

     

    Section 3.    Eligibility

     

    Options
may be granted only to employees of the Company and its Majority-Owned Related
Companies.

     

    No person
shall be granted the right to acquire, pursuant to Options granted under the
Plan, more than 5 % of the aggregate number of shares of KO Common Stock
originally authorized under the Plan, as adjusted pursuant to Section 11.
No option shall be exercisable unless the employee properly, timely and
unconditionally executes (by any means approved by the plan administrator) a
stock option agreement provided in connection with the stock
option.

     

    An
individual who is granted an Option shall be referred to herein as an
“optionee.”

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    

     

    Section 4.    Administration

     

    The Plan
shall be administered by the Committee. No person, other than members of the
Committee, shall have any discretion concerning decisions regarding the Plan.
The Committee shall determine the key employees of the Company and its
Majority-Owned Related Companies (including officers, whether or not they are
directors) to whom, and the time or times at which, Options will be granted; the
number of shares to be subject to each Option; the duration of each Option; the
time or times within which the Option may be exercised; the cancellation of the
Option (with the consent of the holder thereof); and the other conditions of the
grant of the Option, at grant or while outstanding, pursuant to the terms of the
Plan. The provisions and conditions of the Options need not be the same with
respect to each optionee or with respect to each Option.

     

    The
Committee may, subject to the provisions of the Plan, establish such rules and
regulations as it deems necessary, or advisable, for the proper administration
of the Plan, and may make determinations and may take such other action in
connection with or in relation to the Plan as it deems necessary or advisable.
Each determination or other action made or taken pursuant to the Plan, including
interpretation of the Plan and the specific conditions and provisions of the
Options granted hereunder by the Committee, shall be final and conclusive for
all purposes and upon all persons including, but without limitation, the
Company, its Related Companies, the Committee, the Board, officers and the
affected employees, optionees and the respective successors in interest of any
of the foregoing.

     

    Section 5.    Stock

     

    
      	 
      	
              (a)

            	
              The
      KO Common Stock to be issued, transferred and/or sold under the Plan shall
      be made available from authorized and unissued KO Common Stock or from the
      Company’s treasury shares. The total number of shares of KO Common Stock
      that may be issued or transferred under the Plan pursuant to Options
      granted thereunder may not exceed 140,000,000 shares (subject to
      adjustment as described below); provided, however, that in no event shall
      the number of shares of KO Common Stock that may be issued, transferred or
      sold under the Plan exceed 5% of the number of shares of KO Common Stock
      outstanding on a given date. Such number of shares shall be subject to
      adjustment in accordance with
Section 10.

            

    

     

    
      	 
      	
              (b)

            	
              Shares
      Counted Against Limitation. If an Option is exercised by delivery, sale or
      attestation of Shares of KO Common Stock under Section 6, or if the
      tax withholding obligation is satisfied by withholding or selling Shares
      of KO Common Stock under Section 6, the number of Shares of KO Common
      Stock deemed to have been issued under the Plan (for purposes of the
      limitation set forth in this section) shall be the number of Shares of KO
      Common Stock that were subject to the Option or portion thereof so
      exercised and not the net number of shares of KO Common Stock actually
      issued upon such exercise.

            

    

     

    
      	 
      	
              (c)

            	
              Lapsed
      Awards. If an Option: (i) expires; (ii) is terminated,
      surrendered, or canceled without having been exercised in full; or
      (iii) is otherwise forfeited in whole or in part, then the unissued
      shares of KO Common Stock that were subject to such Option and/or such
      surrendered, canceled, or forfeited Shares of KO Common Stock shall become
      available for future grant under the
Plan.

            

    

     

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section 6.    Awards
of Options

     

    Except as
otherwise specifically provided in this Plan, Options granted pursuant to the
Plan shall be subject to the following terms and conditions:

     

    (a)
Option Price. The option price shall be no less than 100% of the fair market
value of the KO Common Stock on the date of grant. The fair market value of a
share of KO Common Stock shall be the average of the high and low market prices
at which a share of KO Common Stock shall have been sold on the date of grant,
or on the next preceding trading day if such date was not a trading date, as
reported on the New York Stock Exchange Composite Transactions
listing.

     

    (b)
Payment of Option Price. The option price shall be paid in full at the time of
exercise, except as provided in the next two sentences. The cashless method is
permitted for any Options granted under this Plan, unless prohibited by law in a
particular jurisdiction. If an exercise is executed by the plan administrator
using the cashless method, the exercise price shall be paid in full no later
than the close of business on the third Business Day following the
exercise.

     

    Payment
may be in cash or, upon conditions established by the Committee, by delivery of
shares of KO Common Stock owned by the optionee for at least six months prior to
the date of exercise.

     

    The
optionee, if a U.S. taxpayer, may elect to satisfy Federal, state and local
income tax liabilities due by reason of the exercise by the withholding of
shares of KO Common Stock.

     

    If shares
are delivered to pay the option price or if shares are withheld for U.S.
taxpayers to satisfy such tax liabilities, the value of the shares delivered or
withheld shall be computed on the basis of the reported market price at which a
share of KO Common Stock most recently traded prior to the time the exercise
order was processed. Such price will be determined by reference to the New York
Stock Exchange Composite Transactions listing.

     

    (c)
Exercise May Be Delayed until Withholding is Satisfied. The Company may refuse
to recognize the exercise of an Option if the optionee has not made arrangements
satisfactory to the Company to satisfy the tax withholding that the Company
determines is necessary to comply with applicable requirements.

     

    (d)
Duration of Options. The duration of Options shall be determined by the
Committee, but in no event shall the duration of an Option exceed ten years from
the date of its grant.

     

    (e)
Vesting. Options shall contain such vesting terms as are determined by the
Committee, at its sole discretion, including, without limitation, vesting upon
the achievement of certain specified performance targets. In the event that no
vesting determination is made by the Committee, Options shall vest as follows:
(1) 25% on the first anniversary of the date of the grant; (2) 25% on
the second anniversary of the date of the grant; (3) 25% on the third
anniversary of the date of the grant; and (4) 25% on the fourth anniversary
of the date of the grant.

     

    (f) Other
Terms and Conditions. Options may contain such other provisions, not
inconsistent with the provisions of the Plan, as the Committee shall determine
appropriate from time to time; provided, however, that, except in the event of a
Change in Control, Retirement, Disability or death of the optionee, no grant
shall provide that an Option shall be exercisable in whole or in part for a
period of twelve months from the date on which the Option is granted. The grant
of an Option to any employee shall not affect in any way the right of the
Company and any Related Company to terminate the employment of such
employee.

     

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     (g)
ISOs. The Committee, with respect to each grant of an Option to an optionee,
shall determine whether such Option shall be an ISO, and, upon determining that
an Option shall be an ISO, shall designate it as such in the written instrument
evidencing such Option. If the written instrument evidencing an Option does not
contain a designation that it is an ISO, it shall not be an ISO.

     

    The
aggregate fair market value (determined in each instance on the date on which an
ISO is granted) of the KO Common Stock with respect to which ISOs are first
exercisable by any optionee in any calendar year shall not exceed $100,000 for
such optionee (or such other time limit as may be required by the Internal
Revenue Code of 1986, as amended). If any subsidiary or Majority-Owned Related
Company of the Company shall adopt a stock option plan under which options
constituting ISOs may be granted, the fair market value of the stock on which
any such incentive stock options are granted and the times at which such
incentive stock options will first become exercisable shall be taken into
account in determining the maximum amount of ISOs which may be granted to the
optionee under this Plan in any calendar year.

     

    Section 7.    Nontransferability
of Options

     

    No Option
granted pursuant to the Plan shall be transferable otherwise than by will or by
the laws of descent and distribution. During the lifetime of an optionee, the
Option shall be exercisable only by the optionee personally or by the optionee’s
legal representative.

     

    Section 8.    Effect
of Termination of Employment, Other Changes of Employment or Employee Status,
Death, Retirement, or a Change in Control

     

    (a) The
following chart describes the impact on vesting and the exercise period of
certain events:

     

    
      	 
      	 
      	 
      	 
      	 
      
	
              Event

            	
                

            	
              Impact
      on Vesting

            	
                

            	
              Impact
      on Exercise Period

            
	 
      	 
      	 
      
	
              Employment
      terminates upon Disability.

            	
                

            	
              All
      Options become immediately vested.

            	
                

            	
              Option
      expiration date provided in grant continues to apply.

            
	 
      	 
      	 
      
	
              Employment
      terminates upon Retirement.

            	
                

            	
              Options
      held at least 12 months become immediately vested; Options held less than
      12 months are forfeited.

            	
                

            	
              Option
      expiration date provided in grant continues to apply.

            
	 
      	 
      	 
      
	
              Employment
      terminates upon death.

            	
                

            	
              All
      Options become immediately vested.

            	
                

            	
              Right
      of executor, administrator of estate (or other transferee permitted by
      Section 7) to exercise Options terminates on earlier of (1) five years
      from the date of death, or (2) the Option expiration date provided in the
      grant.

            
	 
      	 
      	 
      
	
              Employment
      terminates upon Change in Control.

            	
                

            	
              All
      Options become immediately vested.

            	
                

            	
              Option
      expiration date provided in grant continues to
  apply.

            

    

     

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	 
      	 
      	 
      
	
              Event

            	
                

            	
              Impact
      on Vesting

            	
                

            	
              Impact
      on Exercise Period

            
	 
      	 
      	 
      
	
              Employment
      terminates for any other reason.

            	
                

            	
              Unvested
      Options are forfeited.

            	
                

            	
              Expires
      upon earlier of (1) six months from termination date, or (2) the Option
      expiration date provided in the grant.

            
	 
      	 
      	 
      
	
              US
      military leave

            	
                

            	
              Vesting
      continues during leave.

            	
                

            	
              Option
      expiration date provided in the grant continues to
  apply.

            
	 
      	 
      	 
      
	
              US
      FMLA leave of absence

            	
                

            	
              Vesting
      continues during leave.

            	
                

            	
              Option
      expiration date provided in the grant continues to
  apply.

            
	 
      	 
      	 
      
	
              Optionee’s
      employer is no longer a Related Company (this constitutes a termination of
      employment under the Plan, effective the date the Company’s investment
      falls

              below
      20%).

            	
                

            	
              Unvested
      Options are forfeited.

            	
                

            	
              Expires
      upon earlier of (1) six months from termination date or (2) Option
      expiration date provided in the grant.

            
	 
      	 
      	 
      
	
              Employment
      moves to Related Company

            	
                

            	
              Vesting
      continues after move.

            	
                

            	
              Option
      expiration date provided in the grant continues to
  apply.

            
	 
      	 
      	 
      
	
              Death
      after employment has

              terminated
      but before option has expired. Note: Termination of employment may have
      resulted in a change to the original Option expiration date provided in
      the grant.

            	
                

            	
              Not
      applicable

            	
                

            	
              Right
      of executor, administrator of estate (or other transferee permitted by
      Section 8) terminates on earlier of (1) five years from the date of death,
      or (2) the Option expiration date that applied at the date of
      death.

            

    

     

    In the
case of other leaves of absence not specified above, optionees will be deemed to
have terminated employment (so that Options unvested will expire and the option
exercise period will end on the earlier of six months from the date the leave
began or the option expiration date provided in the grant), unless the Committee
identifies a valid business interest in doing otherwise, in which case it may
specify what provisions it deems appropriate at its sole discretion; provided
that the Committee shall have no obligation to consider any such
matters.

     

    (b)
Committee Discretion to Establish Different Terms. Notwithstanding the foregoing
provisions, the Committee may, at its sole discretion, establish different terms
and conditions pertaining to the effect of an optionee’s termination on the
expiration or exercisability of Options at the time of grant or (with the
consent of the affected optionee) on the expiration or exercisability of
outstanding Options. However, no Option can have a term of more than ten
years.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    Section 9.    No
Rights as a Shareowner

     

    An
optionee or a transferee of an optionee pursuant to Section 7 shall have no
right as a shareowner with respect to any KO Common Stock covered by an Option
or receivable upon the exercise of an Option, until the optionee or transferee
shall have become the holder of record of such KO Common Stock. No adjustments
shall be made for dividends in cash or other property or other distributions or
rights in respect to such KO Common Stock covered by any Option for which the
record date is prior to the date on which the optionee or transferee shall have
in fact become the holder.

     

    Section 10.    Adjustment
in the Number of Shares and in Option and Exercise Price

     

    In the
event there is any change in the shares of KO Common Stock through the
declaration of stock dividends, or stock splits, or through recapitalization or
merger or consolidation or combination of shares or spin-offs or otherwise, the
Committee or the Board shall make an appropriate adjustment in the number of
shares of KO Common Stock available for Options as well as the number of shares
of KO Common Stock subject to any outstanding Option and the Option price
thereof. Any such adjustment may provide for the elimination of any fractional
shares, which might otherwise become subject to any Option, without payment
therefor.

     

    Section 11.    Amendments,
Modifications and Termination of the Plan

     

    The Board
or the Committee may terminate the Plan at any time. From time to time, the
Board or the Committee may suspend the Plan, in whole or in part. From time to
time, the Board or the Committee may amend the Plan, in whole or in part,
including the adoption of amendments deemed necessary or desirable to qualify
the Options under the laws of various countries (including tax laws) and under
rules and regulations promulgated by the Securities and Exchange Commission with
respect to optionees who are subject to the provisions of Section 16 of the
1934 Act, or to correct any defect or supply an omission or reconcile any
inconsistency in the Plan or in any Option granted thereunder, or for any other
purpose or to any effect permitted by applicable laws and regulations, without
the approval of the shareowners of the Company. However, in no event may
additional shares of KO Common Stock be allocated to the Plan or any outstanding
option be repriced or replaced without shareowner approval. Without limiting the
foregoing, the Board or the Committee may make amendments applicable or
inapplicable only to participants who are subject to Section 16 of the 1934
Act.

     

    No
amendment or termination or modification of the Plan shall in any manner affect
any Option theretofore granted without the consent of the optionee, except that
the Committee may amend or modify the Plan in a manner that does affect Options
theretofore granted upon a finding by the Committee that such amendment or
modification is in the best interest of holders of outstanding Options affected
thereby. Grants of ISOs may be made under this Plan until February 20, 2018
or such earlier date as this Plan is terminated, and grants of NSOs may be made
until all of the 140,000,000 shares of KO Common Stock authorized for issuance
hereunder (adjusted as provided in Sections 5 and 10) have been issued or until
this Plan is terminated, whichever first occurs. The Plan shall terminate when
there are no longer Options outstanding under the Plan, unless earlier
terminated by the Board or by the Committee.

     

    Section 12.    Governing
Law

     

    Except to
extent preempted by Federal Law, this Plan shall be construed, governed and
enforced under the laws of the State of Delaware (without regard to the
conflicts of law principles thereof) and any and all disputes arising under this
Plan are to be resolved exclusively by courts sitting in Delaware.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    Addendum
to The Coca-Cola Company 2008 Stock Option Plan

    France

     

    Options
granted under The Coca-Cola Company 2008 Stock Option Plan to employees based in
France (the “Employees”) of the Related Companies (as defined) of The Coca-Cola
Company (the “Company”) may be granted under the terms of this Addendum as
follows:

     

    
      	
              1)

            	
              Notwithstanding
      any other provision of the Plan, options granted to any Employee who is a
      consultant, an “Administrateur,” or a member of the “Conseil de
      Surveillance,” as these terms are defined in French Corporate law, and who
      does not have a work contract with the Company or its Related Companies
      will be deemed to have not been granted an option pursuant to this
      Addendum.

            

    

     

    
      	
              2)

            	
              Notwithstanding
      any other provision of the Plan, the number of options offered through the
      Plan cannot exceed one third of the capital of the
  Company.

            

    

     

    
      	
              3)

            	
              Notwithstanding
      any other provision of the Plan, any option with an exercise price on the
      date of grant of the option that is less than 80% of the average of the
      market value of the underlying share during the 20 trading days preceding
      the date of grant shall be deemed to have not been granted under this
      Addendum.

            

    

     

    
      	
              4)

            	
              Notwithstanding
      any other provision of the Plan, options cannot be granted during the 20
      trading days after the payment of a dividend or after an increase of
      capital reserved to the
shareholders.

            

    

     

    
      	
              5)

            	
              Notwithstanding
      any other provision of the Plan, no options can be granted during the 10
      trading days preceding or following the publication of the annual
      financial consolidated account or the annual financial
      statement.

            

    

     

    
      	
              6)

            	
              Notwithstanding
      any other provision of the Plan, no options can be granted during the
      period starting the date the corporate management of the company is aware
      of information the publication of which could have a substantial
      consequence on the fair market value of the shares and ending 10 trading
      days after the publication of this
information.

            

    

     

    
      	
              7)

            	
              Notwithstanding
      any other provision of the Plan, the exercise price of an option shall be
      adjusted only upon the occurrence of the events specified under
      July 24, 1966 corporate law (section 208-5) in accordance with French
      law. Any reduction by the Company, to the exercise price of an outstanding
      and unexercised option previously issued under this Addendum, to the
      current fair market value of the underlying share shall be deemed to not
      have been an option granted under this
Addendum.

            

    

     

    
      	
              8)

            	
              Notwithstanding
      any other provision of the Plan, to the extent an option was exercisable
      by an Employee at the time of his death, such option shall remain
      exercisable for a maximum period of 6 months from the date of the
      Employee’s death.

            

    

    

     

    
      
         

      

      
        8

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