Document:

EXHIBIT 10(a)  

MICROTEK MEDICAL
HOLDINGS, INC. 

1999 LONG-TERM
INCENTIVE PLAN 

[AS AMENDED MAY 23,
2002 AND MAY 19, 2004] 

SECTION 1 

GENERAL 

        1.1  
Purpose. The Microtek Medical Holdings, Inc. 1999 Long-Term Incentive Plan (the
“Plan”) has been established by Microtek Medical Holdings, Inc. (the
“Company”) to (i) attract and retain persons eligible to participate in the
Plan; (ii) motivate Participants, by means of appropriate incentives, to achieve
long-range goals; (iii) provide incentive compensation opportunities that are competitive
with those of other similar companies; and (iv) further identify Participants’
interests with those of the Company’s other shareholder through compensation that is
based on the Company’s common stock; and thereby promote the long-term financial
interest of the Company and the Related Companies, including the growth in value of the
Company’s equity and enhancement of long-term shareholder return. 

        1.2  
Participation. Subject to the terms and conditions of the Plan, the Committee shall
determine and designate, from time to time, from among the Eligible Persons, those persons
who will be granted one or more Awards under the Plan, and thereby become
“Participants” in the Plan. In the discretion of the Committee, a Participant
may be granted any Award permitted under the provisions of the Plan, and more than one
Award may be granted to a Participant. Awards may be granted as alternatives to or
replacement of awards outstanding under the Plan, or any other plan or arrangement of the
Company or a Related Company (including a plan or arrangement of a business or entity, all
or a portion of which is acquired by the Company or a Related Company). 

        1.3  
Operation, Administration, and Definitions. The operation and administration of the
Plan, including the Awards made under the Plan, shall be subject to the provisions of
Section 4 (relating to operation and administration). Capitalized terms in the Plan shall
be defined as set forth in the Plan (including the definition provisions of Section 7 of
the Plan). 

SECTION 2 

OPTIONS AND SARS 

        2.1  Definitions
of Options and SARS.  

          	(a) 	  	
               The grant of an “Option” entitles the Participant to purchase shares
               of Stock at an Exercise Price established by the Committee. Options granted
               under this Section 2 may be either Incentive Stock Options or Non-Qualified
               Stock Options, as determined in the discretion of the Committee. An
               “Incentive Stock Option” is an Option that is intended to satisfy the
               requirements applicable to an “incentive stock option” described in
               section 422(b) of the Code. A “Non-Qualified Option” is an Option that
               is not intended to be an “incentive stock option” as that term is
               described in section 422(b) of the Code. 

               

          	(b) 	  	
               To the extent that the aggregate fair market value of Stock with respect to
               which Incentive Stock Options are exercisable for the first time by the
               Participant during any calendar year (under all plans of the Company and all
               Related Companies) exceeds $100,000, such options shall be treated as
               Non-Qualified Stock Options, to the extent required by section 422 of the Code. 

               

          	(c) 	  	
               A stock appreciation right (an “SAR”) entitles the Participant to
               receive, in cash or Stock (as determined in accordance with subsection 2.6),
               value equal to all or a portion of the excess of: (a) the Fair Market Value of a
               specified number of shares of Stock at the time of exercise; over (b) an
               Exercise Price established by the Committee. 

               

        2.2  
Exercise Price. The “Exercise Price” of each Option and SAR granted under
this Section 2 shall be established by the Committee or shall be determined by a method
established by the Committee at the time the Option or SAR is granted. The Exercise Price
shall not be less than 100% of the Fair Market Value of a share of Stock on the date of
grant of the Award; provided, however, that if the Option or SAR is granted in connection
with the recipient’s hiring, promotion or similar events, the Option Exercise Price
may not be less than the market value of the Stock on the date on which the recipient is
hired or promoted (or similar event), if the grant of the Option or SAR occurs not more
than ninety days after the date of such hiring, promotion or other event. 

        2.3  
Exercise. An Option and an SAR shall be exercisable in accordance with such terms
and conditions and during such periods as may be established by the Committee. 

        2.4  
     Payment of Option Exercise  Price.  The payment of the Exercise Price of an Option
granted under this Section 2 shall be subject to the following: 

          	(a) 	  	
               Subject to the following provisions of this subsection 2.4, the full Exercise
               Price for shares of Stock purchased upon the exercise of any Option shall be
               paid at the time of such exercise (except that, in the case of an exercise
               arrangement approved by the Committee and described in paragraph 2.4(c), payment
               may be made as soon as practicable after the exercise). 

               

          	(b) 	  	
               The Exercise Price shall be payable in cash or by tendering shares of Stock (by
               either actual delivery of shares or by attestation, with such shares valued at
               Fair Market Value as of the day of exercise), or in any combination thereof, as
               determined by the Committee. 

               

          	(c) 	  	
               The Committee may permit a Participant to elect to pay the Exercise Price upon
               the exercise of an Option by authorizing a third party to sell shares of Stock
               (or a sufficient portion of the shares) acquired upon exercise of the Option and
               remit to the Company a sufficient portion of the sale proceeds to pay the entire
               Exercise Price and any tax withholding resulting from such exercise, or the
               Company may choose to retain such shares in satisfaction of the Exercise Price
               and any tax withholding. 

               

2 

        2.5  
Expiration Date. The “Expiration Date” with respect to an Option means
the date established as the Expiration Date by the Committee at the time of the grant;
provided, however, that unless otherwise established by Committees at the time of grant,
the Expiration Date with respect to any Option shall not be later than the earliest to
occur of: 

          	(a) 	  	
               the ten-year anniversary of the date on which the Option is granted; 

               

          	(b) 	  	
               if the Participant’s Date of Termination occurs by reason of death or
               disability, the one-year anniversary of such Date of Termination; 

               

          	(c) 	  	
               if the Participant’s Date of Termination occurs by reason of Retirement or
               Early Retirement, the three-year anniversary of such Date of Termination; or 

               

          	(d) 	  	
               if the Participant’s Date of Termination occurs for reasons other than
               Retirement, Early Retirement, death or disability, the one year anniversary of
               such Date of Termination. 

               

        2.6  
Settlement of Award. Distribution following exercise of an Option or SAR, and
shares of Stock distributed pursuant to such exercise, shall be subject to such
conditions, restrictions and contingencies as the Committee may establish. Settlement of
SARs may be made in shares of Stock (valued at their Fair Market Value at the time of
exercise), in cash, or in a combination thereof, as determined in the discretion of the
Committee. The Committee, in its discretion, may impose such conditions, restrictions and
contingencies with respect to shares of Stock acquired pursuant to the exercise of an
Option or an SAR as the Committee determines to be desirable. 

SECTION 3 

OTHER STOCK AWARDS 

        3.1  
Definition. A Stock Award is a grant of shares of Stock or of a right to receive
shares of Stock (or their cash equivalent or a combination of both) in the future. 

        3.2  
Restrictions on Stock Awards. Each Stock Award shall be subject to such conditions,
restrictions and contingencies as the Committee shall determine. These may include
continuous service and/or the achievement of performance measures. The performance
measures that may be used by the Committee for such Awards shall be measured by revenues,
income, or such other criteria as the Committee may specify. The Committee may designate a
single goal criterion or multiple goal criteria for performance measurement purposes, with
the measurement based on absolute Company or business unit performance and/or on
performance as compared with that of other publicly-traded companies. Subject to
acceleration of vesting in the event of a Change in Control, each Stock Award shall be
subject to forfeiture in the event the Participant’s Date of Termination occurs
within the one year anniversary of the date on which the Stock Award is granted. 

3 

SECTION 4 

OPERATION AND
ADMINISTRATION 

        4.1  
Effective Date. The Plan is subject to the approval of the shareholders of the
Company at the Company’s next annual meeting of its shareholders; therefore the Plan
shall be effective as of the date such approval is obtained (the “Effective
Date”). The Plan shall be unlimited in duration and, in the event of Plan
termination, shall remain in effect as long as any Awards under it are outstanding;
provided, however, that, to the extent required by the Code, no Incentive Stock Options
may be granted under the Plan on a date that is more than ten years from the date the Plan
is approved by shareholders. 

        4.2  
Shares Subject to Plan. 

          	(a) 	  	
               (i)  Subject to the following provisions of this subsection 4.2, the maximum
               number of shares of Stock that may be delivered to Participants and their
               beneficiaries under the Plan shall be 5,345,000. 

               

	 	   	(ii)  Any shares of Stock granted under the Plan that are forfeited because of the
          failure to meet an Award contingency or condition shall again be available for
          delivery pursuant to new Awards granted under the Plan. To the extent any shares
          of Stock covered by an Award are not delivered to a Participant or beneficiary
          because the Award is forfeited or cancelled, or the shares of Stock are not
          delivered because the Award is settled in cash, such shares shall not be deemed
          to have been delivered for purposes of determining the maximum number of shares
          of Stock available for delivery under the Plan.

	 	   	(iii) If
the Exercise Price of any stock option granted under the Plan is satisfied           by
tendering shares of Stock to the Company (by either actual delivery or by
          attestation), only the number of shares of Stock issued net of the shares of
          Stock tendered shall be deemed delivered for purposes of determining the
maximum           number of shares of Stock available for delivery under the Plan.  

	 	   	(iv) Shares
of Stock delivered under the Plan in settlement, assumption or           substitution of
outstanding awards (or obligations to grant future awards) under           the plans or
arrangements of another entity shall not reduce the maximum number           of shares of
Stock available for delivery under the Plan, to the extent that           such
settlement, assumption or substitution is a result of the Company or a           Related
Company acquiring another entity (or an interest in another entity).  

4 

	(b)	  	Subject
to paragraphs 4.2(a) and 4.2(c), the following additional maximums are           imposed
under the Plan.  

	 	   	(i) The maximum number of shares of Stock that may be issued by Options intended to
          be Incentive Stock Options shall be 5,345,000 shares.

	 	   	(ii) The
maximum number of shares of Stock that may be issued in conjunction with           Awards
granted pursuant to Section 3 (relating to Stock Awards) shall be           5,345,000
shares.  

	 	   	(iii) The
maximum number of shares that may be covered by Awards granted to any one
          individual pursuant to Section 2 (relating to Options and SARs) shall be
500,000           shares during any consecutive 12 month period. 

	 	   	(iv) The
maximum payment that can be made for awards granted to any one individual
          pursuant to Section 3 (relating to Stock Awards) shall be $500,000 for any
          single or combined performance goals established for any fiscal year. If an
          Award granted under Section 3 is, at the time of grant, denominated in shares,
          the value of the shares of Stock for determining this maximum individual
payment           amount will be the Fair Market Value of a share of Stock on the first
day of the           applicable performance period. 

          	(c) 	  	
               In the event of a corporate transaction involving the Company (including,
               without limitation, any stock dividend, stock split, extraordinary cash
               dividend, recapitalization, reorganization, merger, consolidation, split-up,
               spin-off, combination or exchange of shares), the Committee may adjust Awards to
               preserve the benefits or potential benefits of the Awards. Action by the
               Committee may include adjustment of: (i) the number and kind of shares which may
               be delivered under the Plan; (ii) the number and kind of shares subject to
               outstanding Awards; and (iii) the Exercise Price of outstanding Options and
               SARs; as well as any other adjustments that the Committee determines to be
               equitable. 

               

        4.3  
     Limit on  Distribution.  Distribution  of shares of Stock or other  amounts  under
the Plan  shall be  subject to the following: 

          	(a) 	  	
               Notwithstanding any other provision of the Plan, the Company shall have no
               liability to deliver any shares of Stock under the Plan or make any other
               distribution of benefits under the Plan unless such delivery or distribution
               would comply with all applicable laws (including, without limitation, the
               requirements of the Securities Act of 1933), and the applicable requirements of
               any securities exchange or similar entity. 

               

5 

          	(b) 	  	
               To the extent that the Plan provides for issuance of stock certificates to
               reflect the issuance of shares of Stock, the issuance may be effected on a
               non-certificated basis, to the extent not prohibited by applicable law or the
               applicable rules of any stock exchange. 

               

        4.4  
Tax Withholding. Whenever the Company proposes, or is required, to distribute Stock
under the Plan, the Company may require the recipient to remit to the Company an amount
sufficient to satisfy any Federal, state and local tax withholding requirements prior to
the delivery of any certificate for such shares or, in the discretion of the Committee,
the Company may withhold from the shares to be delivered shares sufficient to satisfy all
or a portion of such tax withholding requirements. Whenever under the Plan payments are to
be made in cash, such payments may be net of an amount sufficient to satisfy any Federal,
state and local tax withholding requirements. 

        4.5  
Payment in Shares. Subject to the overall limitation on the number of shares of
Stock that may be delivered under the Plan, the Committee may use available shares of
Stock as the form of payment for compensation, grants or rights earned or due under any
other compensation plans or arrangements of the Company or a Related Company, including
the plans and arrangements of the Company or a Related Company acquiring another entity
(or an interest in another entity). 

        4.6  
Dividends and Dividend Equivalents. An Award may provide the Participant with the
right to receive dividends or dividend equivalent payments with respect to Stock which may
be either paid currently or credited to an account for the Participant, and may be settled
in cash or Stock as determined by the Committee. Any such settlements, and any such
crediting of dividends or dividend equivalents or reinvestment in shares of Stock, may be
subject to such conditions, restrictions and contingencies as the Committee shall
establish, including the reinvestment of such credited amounts in Stock equivalents. 

        4.7  
Payments. Awards may be settled through cash payments, the delivery of shares of
Stock, the granting of replacement Awards, or any combination thereof as the Committee
shall determine. Any Award settlement, including payment deferrals, may be subject to such
rules and procedures as it may establish, which may include provisions for the payment or
crediting of interest, or dividend equivalents, including converting such credits into
deferred Stock equivalents. 

        4.8  
Transferability. Except as otherwise provided by the Committee, Awards under the
Plan are not transferable except as designated by the Participant by will or by the laws
of descent and distribution. 

        4.9  
Form and Time of Elections. Unless otherwise specified herein, each election
required or permitted to be made by any Participant or other person entitled to benefits
under the Plan, and any permitted modification, or revocation thereof, shall be in writing
filed with the Committee at such times, in such form, and subject to such restrictions and
limitations, not inconsistent with the terms of the Plan, as the Committee shall require. 

        4.10  
Agreement With Company. At the time of an Award to a Participant under the Plan,
the Committee may require a Participant to enter into an agreement with the Company (the
“Agreement”) in a form specified by the Committee, agreeing to the terms and
conditions of the Plan and to such additional terms and conditions, not inconsistent with
the Plan, as the Committee may, in its sole discretion, prescribe. 

6 

        4.11  
Limitation of Implied Rights. 

          	(a) 	  	
               Neither a Participant nor any other person shall, by reason of the Plan, acquire
               any right in or title to any assets, funds or property of the Company or any
               Related Company whatsoever, including, without limitation, any specific funds,
               assets, or other property which the Company or any Related Company, in their
               sole discretion, may set aside in anticipation of a liability under the Plan. A
               Participant shall have only a contractual right to the stock or amounts, if any,
               payable under the Plan, unsecured by any assets of the Company or any Related
               Company. Nothing contained in the Plan shall constitute a guarantee that the
               assets of such companies shall be sufficient to pay any benefits to any person. 

               

          	(b) 	  	
               The Plan does not constitute a contract of employment, and selection as a
               Participant will not give any employee the right to be retained in the employ of
               the Company or any Related Company, nor any right or claim to any benefit under
               the Plan, unless such right or claim has specifically accrued under the terms of
               the Plan. Except as otherwise provided in the Plan, no Award under the Plan
               shall confer upon the holder thereof any right as a shareholder of the Company
               prior to the date on which the individual fulfills all conditions for receipt of
               such rights. 

               

        4.12  
Evidence. Evidence required of anyone under the Plan may be by certificate,
affidavit, document or other information which the person acting on it considers pertinent
and reliable, and signed, made or presented by the proper party or parties. 

        4.13  
Action by Company or Related Company. Any action required or permitted to be taken
by the Company or any Related Company shall be by resolution of its board of directors, or
by action of one or more members of the board (including a committee of the board) who are
duly authorized to act for the board, or (except to the extent prohibited by applicable
law or applicable rules of any stock exchange) by a duly authorized officer of the
Company. 

        4.14  
Gender and Number. Where the context admits, words in any gender shall include any
other gender, words in the singular shall include the plural and the plural shall include
the singular. 

        4.15  
Change of Control. In the event of a Change of Control, any Award granted under the
Plan shall become exercisable except to the extent (i) the Award otherwise provides or
(ii) the exercisability of any such Award will result in an “excess parachute
payment” within the meaning of Section 280G of the Code, as determined by the
Committee based on information available to it at said time. 

        4.16  
Liability for Cash Payment. Each Related Company shall be liable for payment of
cash due under the Plan with respect to any Participant to the extent that such benefits
are attributable to the services rendered for that Related Company by the Participant. Any
disputes relating to liability of a Related Company for cash payments shall be resolved by
the Committee. 

7 

        4.17  
Governing Law. This Plan and all awards made and actions taken hereunder shall be
governed by and construed in accordance with the laws of the State of Georgia, excluding
its conflict of law provisions. 

SECTION 5 

COMMITTEE 

        5.1  
Administration. The authority to control and manage the operation and
administration of the Plan shall be vested in a committee (the “Committee”) in
accordance with this Section 5. 

        5.2  
Selection of Committee. The Committee shall be selected by the Board, and shall
consist of two or more members of the Board and may consist of the entire Board. 

        5.3  
Powers of Committee. The authority to manage and control the operation and
administration of the Plan shall be vested in the Committee, subject to the following: 

          	(a) 	  	
               Subject to the provisions of the Plan, the Committee will have the authority and
               discretion to select from among the Eligible Persons those persons who shall
               receive Awards, to determine the time or times of receipt, to determine the
               types of Awards and the number of shares covered by the Awards, to establish the
               terms, conditions, performance criteria, restrictions, and other provisions of
               such Awards, and (subject to the restrictions imposed by Section 6) to cancel or
               suspend Awards. In making such Award determinations, the Committee may take into
               account the nature of services rendered by the individual, the individual’s
               present and potential contribution to the Company’s success and such other
               factors as the Committee deems relevant. 

               

          	(b) 	  	
               Subject to the provisions of the Plan, the Committee will have the authority and
               discretion to determine the extent to which Awards under the Plan will be
               structured to conform to the requirements applicable to performance-based
               compensation as described in Code section 162(m), and to take such action,
               establish such procedures, and impose such restrictions at the time such Awards
               are granted as the Committee determines to be necessary or appropriate to
               conform to such requirements. 

               

          	(c) 	  	
               The Committee will have the authority and discretion to establish terms and
               conditions of awards as the Committee determines to be necessary or appropriate
               to conform to applicable requirements or practices of jurisdictions outside of
               the United States. 

               

          	(d) 	  	
               The Committee will have the authority and discretion to interpret the Plan, to
               establish, amend, and rescind any rules and regulations relating to the Plan, to
               determine the terms and provisions of any agreements made pursuant to the Plan,
               and to make all other determinations that may be necessary or advisable for the
               administration of the Plan. 

               

8 

          	(e) 	  	
               Any interpretation of the Plan by the Committee and any decision made by it
               under the Plan is final and binding. 

               

          	(f) 	  	
               In controlling and managing the operation and administration of the Plan, the
               Committee shall act by a majority of its then members, by meeting or by writing
               filed without a meeting. The Committee shall maintain and keep adequate records
               concerning the Plan and concerning its proceedings and acts in such form and
               detail as the Committee may decide. 

               

        5.4  
Delegation by Committee. Except to the extent prohibited by applicable law or the
applicable rules of a stock exchange, the Committee may allocate all or any portion of its
responsibilities and powers to any one or more of its members and may delegate all or any
part of its responsibilities and powers to any person or persons selected by it. Any such
allocation or delegation may be revoked by the Committee at any time. 

        5.5  
Information to be Furnished to Committee. The Company and Related Companies shall
furnish the Committee with such data and information as may be required for it to
discharge its duties. The records of the Company and Related Companies as to an
employee’s or Participant’s employment (or other provision of services),
termination of employment (or cessation of the provision of services), leave of absence,
reemployment and compensation shall be conclusive on all persons unless determined to be
incorrect. Participants and other persons entitled to benefits under the Plan must furnish
the Committee such evidence, data or information as the Committee considers desirable to
carry out the terms of the Plan. 

SECTION 6 

AMENDMENT AND
TERMINATION 

        6.1  
Board of Directors. The Board may, at any time, amend or terminate the Plan,
provided that, subject to subsection 4.2 (relating to certain adjustments to shares), no
amendment or termination may, in the absence of written consent to the change by the
affected Participant (or, if the Participant is not then living, the affected
beneficiary), adversely affect the rights of any Participant or beneficiary under any
Award granted under the Plan prior to the date such amendment is adopted by the Board;
provided, however, that the Board may not amend the provisions of Section 2.2 hereof to
reduce the minimum Exercise Price, nor may the Board increase the number of shares
reserved under the Plan, unless it obtains shareholder approval. Subject to the foregoing,
the Board shall have broad authority to amend the Plan to take into account changes in
applicable securities and tax laws and accounting rules, as well as other developments. 

        6.2  
Committee. The Committee may amend the terms of any Award theretofore granted,
prospectively or retroactively, but, subject to subsection 4.2 (relating to certain
adjustments to shares) no amendment or termination may, in the absence of written consent
to the change by the affected Participant (or, if the Participant is not then living, the
affected beneficiary), adversely affect the rights of any Participant or beneficiary under
any Award granted under the Plan prior to the date such amendment is adopted by the
Committee. Subject to subsection 4.2, Options which have been granted and remain
outstanding under this Plan may not be amended to reduce the Exercise Price of such
Options without obtaining shareholder approval. 

9 

        6.3  
Shareholder Approval. Unless a greater vote is required by any applicable legal
requirement, where shareholder approval is required under this Plan, the minimum vote
which will constitute shareholder approval shall be a majority of the total votes cast on
the proposal in person or by proxy. 

SECTION 7 

DEFINED TERMS 

        7.1  
     For purposes of the Plan, the terms listed below shall be defined as follows: 

          	(a) 	  	
               Award. The term “Award” shall mean any award or benefit granted
               to any Participant under the Plan, including, without limitation, the grant of
               Options, SARs, and Stock Awards. 

               

          	(b) 	  	
               Board. The term “Board” shall mean the Board of Directors of
               the Company. 

               

          	(c) 	  	
               Change of Control. The term “Change of Control” shall mean: 

               

	 	   	(i)  Individuals
who, as of the date hereof, constitute the Board of Directors of           the Company
(the “Incumbent Board”) cease for any reason to constitute           at least a
majority of such Board; provided, however, that any individual           becoming a
director subsequent to the date hereof whose election, or nomination           for
election by Company shareholders, was approved by a vote of at least a           majority
of the directors than comprising the Incumbent Board shall be           considered as
though such individual was a member of the Incumbent Board, but           excluding, for
this purpose, any individual whose initial assumption of such           directorship
shall occur as a result of either an actual or threatened election           contest (as
such terms are used in Section 14a-11 of Regulation 14A           promulgated under
the Securities Exchange Act of 1934 (the “Exchange           Act”)) or other
actual or threatened solicitation of proxies by or on           behalf of any individual,
entity or group other than the Board;  

	 	   	(ii) The
acquisition by an individual, entity or group (within the meaning of           Section
13(d)(3) or 14(d)(2) of the Exchange Act), other than a trustee or other
          fiduciary holding securities under an employee benefit plan of the Company, of
          beneficial ownership (as defined in that certain Shareholder Protection Rights
          Agreement dated as of December 20, 1996 between the Company and SunTrust Bank,
          as such agreement may be modified or amended from time to time) of 15% or more
          of either the then outstanding shares of common stock of the Company or the
          combined voting power of the outstanding voting securities of the Company
          entitled to vote generally in the election of directors unless the Incumbent
          Board determines that such transaction shall not constitute a “change of
          control” hereunder; 

10 

	 	   	(iii) If
there occurs any merger or consolidation of the Company with or into any           other
corporation or entity (other than a wholly-owned subsidiary of the           Company)
unless the Incumbent Board determines that such transaction shall not
          constitute a change of control hereunder; or  

	 	   	(iv) There
occurs a sale or disposition by the Company of all or substantially all           of the
Company’s assets.  

          	(d) 	  	
               Code. The term “Code” means the Internal Revenue Code of 1986,
               as amended. A reference to any provision of the Code shall include reference to
               any successor provision of the Code. 

               

          	(e) 	  	
               Date of Termination. The term “Date of Termination” shall mean
               the date on which a Participant is no longer actively employed by the Company or
               any Related Company unless such date occurs by reason of a leave of absence
               approved the Committee in which event the “Date of Termination” shall
               occur upon expiration of such approved leave of absence without the prior return
               of such Participant to such active employment status. 

               

          	(f) 	  	
               Early Retirement. The term “Early Retirement” shall mean
               retirement, with the express written consent of the Company, approved by the
               Committee, of a participant from active employment with the Company and any
               Related Company. 

               

          	(g) 	  	
               Eligible Person. The term “Eligible Person” shall mean any
               employee of the Company or a Related Company, any director of the Company, and
               any consultant or other person providing key services to the Company or a
               Related Company. 

               

          	(h) 	  	
               Fair Market Value. For purposes of determining the “Fair Market
               Value” of a share of Stock, the following rules shall apply: 

               

	 	   	(i) If
the Stock is at the time listed or admitted to trading on any stock exchange
          (including the NASDAQ National Stock Market), then the “Fair Market
          Value” shall be the closing sale price of the Stock on the date in
question           on the principal exchange on which the Stock is then listed or
admitted to           trading. If no reported sale of Stock takes place on the date in
question on the           principal exchange, then the reported closing asked price of
the Stock on such           date on the principal exchange shall be determinative of
“Fair Market           Value.” 

11 

	 	   	(ii) If
the Stock is not at the time listed or admitted to trading on a stock           exchange,
the “Fair Market Value” shall be the mean between the lowest           reported
bid price and highest reported asked price of the Stock on the date in           question
in the over-the-counter market, as such prices are reported in a           publication of
general circulation selected by the Committee and regularly           reporting the
market price of Stock in such market.  

	 	   	(iii) If
the Stock is not listed or admitted to trading on any stock exchange or           traded
in the over-the-counter market, the “Fair Market Value” shall           be as
determined in good faith by the Committee.  

          	(i) 	  	
               Permanent Disability. The term “Permanent Disability” means the
               physical or mental condition of a Participant which renders a Participant
               incapable of continuing his customary employment with the Company. The Permanent
               Disability of a Participant will be determined by the Committee. In any event,
               Permanent Disability status shall be determined in accordance with the
               requirements of Section 22(e)(3) of the Code. 

               

          	(j) 	  	
               Related Company. The term “Related Company” means any
               subsidiary of the Company, and any business venture in which the Company has a
               significant interest, as determined in the discretion of the Committee. 

               

          	(k) 	  	
               Retirement. The term “Retirement” shall mean retirement from
               active employment with the Company and any Related Company on or after age 65. 

               

          	(l) 	  	
               Stock. The term “Stock” shall mean shares of common stock of
               the Company. 

               

SECTION 8 

UNFUNDED STATUS OF
THE PLAN 

        8.1  
The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant or optionee by
the Company, nothing contained herein shall give any such Participant or optionee any
rights that are greater than those of a general creditor of the Company. In its sole
discretion, the Committee may authorize the creation of trusts or other arrangements to
meet the obligations created under the Plan to deliver Stock or payments in lieu of or
with respect to awards hereunder; provided, however, that, unless the Committee otherwise
determines with the consent of the affected Participant, the existence of such trusts or
other arrangements is consistent with the “unfunded” status of the Plan. 

12EXHIBIT 10.23

                               AMENDMENT NO. 14
                        TO MASTER REPURCHASE AGREEMENT

           Amendment No. 14, dated as of  March 31, 2004 (this  "Amendment"),
 between CREDIT SUISSE FIRST  BOSTON MORTGAGE CAPITAL  LLC (the "Buyer")  and
 UNITED FINANCIAL MORTGAGE CORP. (the "Seller").

                                   RECITALS
                                   --------
           The Buyer  and  the Seller  are  parties to  that  certain  Master
 Repurchase Agreement, dated as of August  29, 2001, as amended by  Amendment
 No. 1, dated as of August 28, 2002,  Amendment No. 2, dated as of  September
 3, 2002, Amendment No. 3, dated as  of September 26, 2002, Amendment No.  4,
 dated as of October 1, 2002,  Amendment No. 5, dated as of December 2, 2002,
 Amendment No. 6 dated as of January 30,  2003, Amendment No. 7, dated as  of
 March 15, 2003, Amendment No. 8, dated as of May 30, 2003, Amendment No.  9,
 dated as of  July 16, 2003,  Amendment No. 10,  dated as of  July 23,  2003,
 Amendment No. 11, dated as of August  27, 2003, and Amendment No. 12,  dated
 as of December 16, 2003, Amendment No. 13, dated as of February 2, 2004 (the
 "Existing  Repurchase  Agreement";  as   amended  by  this  Amendment,   the
 "Repurchase Agreement"). Capitalized  terms used but  not otherwise  defined
 herein shall have  the meanings  given to  them in  the Existing  Repurchase
 Agreement.

           The Buyer and  the Seller have  agreed, subject to  the terms  and
 conditions of  this Amendment,  that the  Existing Repurchase  Agreement  be
 amended to  reflect  certain agreed  upon  revisions  to the  terms  of  the
 Existing Repurchase Agreement.

           Accordingly,  the   Buyer  and   the  Seller   hereby  agree,   in
 consideration of  the  mutual  premises and  mutual  obligations  set  forth
 herein, that the Existing Repurchase Agreement is hereby amended as follows:

           Section 1. Amendments.

           1.1 Definitions. Section 2 of the Existing Repurchase Agreement is
 hereby amended by:

           (a) deleting the definition of "Maximum Aggregate Purchase  Price"
      in its entirety and replacing it with the following language:

          ""Maximum Aggregate  Purchase  Price" means  ONE  HUNDRED  MILLION
      DOLLARS ($100,000,000)."

           (b) deleting clause (xiii) of the definition of "Market Value"  in
      its entirety and replacing it with the following:

           "(xiii) when the Purchase Price  for such Purchased Mortgage  Loan
      is added  to other  Purchased Mortgage  Loans, the  aggregate  Purchase
      Price of all Sub-Prime Mortgage Loans that are Purchased Mortgage Loans
      exceeds $20 million;"

           Section 2. Conditions  Precedent.   This  Amendment  shall  become
 effective on March 31, 2004 (the "Amendment Effective Date"), subject to the
 satisfaction of the following conditions precedent:

           2.1 Delivered Documents. On the Amendment Effective Date, the  Buyer
 shall have  received  the  following  documents,  each  of  which  shall  be
 satisfactory to the Buyer in form and substance:

           (a) this Amendment, executed and  delivered by  a duly  authorized
      officer of the Buyer and Seller;

           (b) such other documents as the Buyer or counsel to the Buyer  may
      reasonably request.

           Section 3. Representations  and  Warranties.  The  Seller   hereby
 represents and warrants to  the Buyer that they  are in compliance with  all
 the terms and provisions set forth in the Repurchase Agreement on their part
 to be observed or performed, and that no  Event of  Default has occurred  or
 is continuing,  and  hereby confirm  and  reaffirm the  representations  and
 warranties contained in Section 13 of the Repurchase Agreement.

           Section 4. Limited  Effect.  Except  as   expressly  amended   and
 modified by this Amendment, the Existing Repurchase Agreement shall continue
 to be, and shall  remain, in full  force and effect  in accordance with  its
 terms.

           Section 5. Counterparts. This Amendment may be executed by each of
 the parties hereto  on any number  of separate counterparts,  each of  which
 shall be an original  and all of which  taken together shall constitute  one
 and the same instrument.

          Section 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,  AND
 CONSTRUED IN ACCORDANCE  WITH, THE  LAWS OF THE  STATE OF  NEW YORK  WITHOUT
 REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

                           [SIGNATURE PAGE FOLLOWS]

           IN WITNESS  WHEREOF, the  parties have  caused their  names to  be
 signed hereto by their respective officers  thereunto duly authorized as  of
 the day and year first above written.

 Buyer:                      CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
                             as Buyer

                             By: _____________________________
                                 Name:
                                 Title:

 Seller:                     UNITED FINANCIAL MORTGAGE CORP.,
                             as Seller

                             By: _____________________________
                                 Name:
                                 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]