Document:

Exhibit 10.5

                                    AGREEMENT

      THIS AGREEMENT (the "Agreement"), effective as of January 1, 2002 by and
between E-Z-EM, Inc., a Delaware corporation (the "Company") and Howard Stern
("Stern").

      WHEREAS, Stern is the Chairman of the Board of Directors of the Company
(the "Board") and previously served as President and Chief Executive Officer of
the Company; and

      WHEREAS, the Company recognizes Stern's past contributions to the Company
and wants to provide for the continuation of his contributions to the Company.

      NOW, THEREFORE, the parties hereto, intending to be legally bound hereby,
agree as follows:

1.    Position. Stern shall provide to the Company those services set forth on
      Exhibit A hereto, as Exhibit A may be amended from time to time with the
      consent of both the Company and Stern (the "Services"). Stern shall
      provide up to a maximum of 125 days per annum to Company, as may be
      necessary to perform the Services. In the event such period of time is
      exceeded, and per the specific request of the Chief Executive Officer of
      the Company (the "CEO") and on reasonable notice, Stern agrees to provide
      additional services and to perform projects and assignments assigned by
      the CEO for additional compensation to be agreed upon in advance between
      Stern and the CEO and approved by the Board.

2.    Independent Contractor. Stern shall perform the Services as an independent
      contractor and not as an employee of the Company. The Company shall not
      withhold any amounts for taxes from payments made to Stern. Stern shall be
      responsible for the payment of all taxes in connection with amounts paid
      to him by the Company and shall indemnify the Company and hold the Company
      harmless with respect to the payment of all such taxes.

3.    Board of Directors. The Company agrees to propose and nominate Stern as a
      Director of the Company for a three year term on the Company's slate of
      Directors when Stern comes up for re-election in October 2002. The Company
      acknowledges that it is the current intention of the Board that Stern be
      elected as the Chairman of the Board for a one-year term commencing
      October 2002, or for such longer term as the Board determines. So long as
      Stern is the Chairman of the Company he shall receive twice the Director's
      fees and other compensation (including cash, stock and options) as is
      received by other Directors of the Company. Payment of director fees and
      other compensation shall commence on December 1, 2001. If at any time
      Stern is a Director (but not the Chairman) of the Company he shall receive
      the normal Director's fees and compensation paid to other Directors.

4.    Term. The term of this Agreement shall be thirty-six (36) months,
      commencing on January 1, 2002 and terminating on December 31, 2004 (the
      "Term"); provided that the Term shall sooner terminate upon the earlier of
      Stern's death or a Change in Control. For purposes of this Agreement, a
      "Change in Control" shall have the meaning set forth in the Company's
      standard Change in Control Agreement.

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5.    Compensation.  In consideration of his performance of the Services, and in
      addition to the compensation and benefits to which Stern is entitled under
      paragraphs 3, 6, 7, 8, 9 and 10 hereof, Stern shall receive thirty-six
      (36) equal monthly payments of $20,833.34 payable on the first day of each
      month commencing January 1, 2002 (it being understood that the payments
      due on January 1, 2002 and February 1, 2002 shall be paid upon the
      execution and delivery of this Agreement by Stern and the Company).  Stern
      shall continue to receive such payments upon his disability (as defined in
      the Company's standard employment policy), but such payments shall cease
      upon the end of the month in which the sooner to occur of Stern's death or
      a Change in Control occurs.

6.    Bonus.  Stern shall be entitled to receive a pro-rata portion of the bonus
      payable pursuant to the existing Company and AngioDynamics Bonus Plans, if
      any such bonus is paid, for the period June, 1, 2001 to November 30, 2001.
      Commencing December 1, 2001, Stern shall no longer participate in either
      the Imaging or AngioDynamics Bonus Plans.  Notwithstanding the foregoing,
      nothing shall restrict the Board (or the AngioDynamics board) from
      awarding Stern, in its discretion, a bonus or additional compensation for
      services rendered or goals achieved above and beyond the duties and
      responsibilities assigned to Stern under this Agreement.

7.    Benefits.  During the Term, the Company shall pay for or reimburse Stern
      for  medical and dental benefits (of equal coverage to the existing
      Company policies for Stern) for Stern and his spouse.

8.    Business Expenses. During the Term and only so long as Stern is Chairman
      of the Board, the Company shall provide Stern with an annual sum of up to
      $80,000 to reimburse Stern for reasonable business expenses incurred in
      connection with his performance of the Services. All meetings and travel
      shall be pre-approved by the CEO based upon an annual meeting and travel
      schedule established by Stern and the CEO. If Stern's business expenses
      exceed $80,000 per annum, he shall be reimbursed for such additional
      expenses only if they are pre-approved by the CEO and the Board, whose
      approval shall not be unreasonably withheld if such business expenses are
      reasonable and necessary.

9.    Vehicle, Office and Secretary. During the Term, the Company shall furnish
      Stern with an automobile for his use in accordance with Company policy
      (either the vehicle currently being used by Stern or an equivalent new
      vehicle) and his current office and secretary.

10.   Split Dollar Insurance. The Company shall continue to honor its
      obligations under the split-dollar life insurance agreements for Stern
      dated May 27, 1998 (the "Split Dollar Agreements").

11.   Confidentiality. Stern shall execute the Company's standard Nondisclosure
      and Assignment of Inventions Agreement (the "NDA"), which shall prohibit
      his use and disclosure of confidential information during the Term and
      thereafter until such information no longer constitutes confidential
      information.

12.   Non-Competition. Provided that the Company shall not be in material breach
      of its obligations under paragraphs 1, 3, 5, 6, 7, 8, 9 and 10 hereof (it
      being understood that no such material breach shall be deemed to have
      occurred until and unless Stern has provided the Company with written
      notice of such material breach and the Company has not cured such breach
      in all material respects within thirty days after receipt of such notice),
      Stern agrees that during the Term and for a period of twelve (12) months
      following the termination or expiration of this Agreement, he shall

                                      -80-
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      not in any state or territory of the United States in which the Company
      conducts business, directly or indirectly, own, manage, operate, control,
      be employed by, be a shareholder of, be an officer of, participate in,
      contract with or be connected in any capacity or any manner with any
      business that directly or indirectly (whether through related companies or
      otherwise) manufactures, develops, designs, distributes, sells, or markets
      any product, device or equipment substantially similar to any product,
      device or equipment which during the Term has been manufactured, marketed,
      sold or distributed by the Company or any product, device or equipment
      (unless such product, device or equipment has been abandoned by the
      Company or such product, device or equipment is not competitive with the
      Company's business) which the Company was developing or designing during
      the Term for future manufacturing, marketing, sale and distribution;
      provided, however that nothing herein shall prohibit Stern from owning,
      directly or indirectly, as a passive investor, in the aggregate not more
      than one percent (1%) of the outstanding publicly traded stock of any
      company that competes with the Company.

13.   Miscellaneous.

      13.1. Notices. All notices, requests and other communications hereunder
            must be in writing and shall be deemed to have been duly given only
            if delivered personally against written receipt or by facsimile
            transmission or mailed by prepaid first class certified mail, return
            receipt requested, or mailed by overnight courier prepaid, to the
            parties at the following addresses or facsimile numbers:

            If to the Company:

            E-Z-EM, Inc.
            717 Main Street
            Westbury, NY 11590
            Attn:  President & CEO
            Facsimile:  (516) 333-8209

            If to Stern:

            Howard S. Stern
            23 I.U. Willets Road
            Old Westbury, NY  11568
            Facsimile: (516) 997-8626

            With a copy to:

            Paul M. Brown, Esq.
            Satterlee Stephens Burke & Burke LLP
            230 Park Avenue
            New York, NY 10169-0079
            Facsimile: (212) 818-9806

            Any party may from time to time change its address or facsimile
            number for the purpose of notices to that party by a similar notice
            specifying a new address or facsimile number, but no such change
            shall be deemed to have been given until it is actually received by
            the party sought to be charged with its contents.

      13.2. Entire Agreement. This Agreement, together with the NDA and the
            Split Dollar Agreement, supersede all prior discussions and
            agreements between the parties with respect to the subject matter
            hereof and thereof and contain the sole and entire agreement

                                      -81-
<PAGE>

            between the parties hereto with respect to the subject matter hereof
            and thereof. Without limiting the foregoing, all prior agreements
            between the Company and Stern relating to his employment by the
            Company, his provision of services to the Company and the payment to
            him of compensation (salary, bonus and otherwise) and benefits
            (stock, options, insurance and otherwise) are hereby agreed to be
            null and void; provided, however, the foregoing shall not apply to
            options, vested or unvested, previously granted to Stern by the
            Company or AngioDynamics.

      13.3. Waiver. Any term or condition of this Agreement may be waived at any
            time by the party that is entitled to the benefit thereof, but no
            such waiver shall be effective unless set forth in a written
            instrument duly executed by or on behalf of the party waiving such
            term or condition. No waiver by any party of any term or condition
            of this Agreement, in any one or more instances, shall be deemed to
            be or construed as a waiver of the same or any other term or
            condition of this Agreement on any future occasion. All remedies,
            either under this Agreement or by law or otherwise afforded, shall
            be cumulative and not alternative.

      13.4. Amendment. This Agreement may be amended, supplemented or modified
            only by a written instrument duly executed by or on behalf of each
            party hereto.

      13.5. No Third Party Beneficiary. The terms and provisions of this
            Agreement are intended solely for the benefit of each party hereto
            and their respective successors or permitted assigns, and it is not
            the intention of the parties to confer third-party beneficiary
            rights, and this Agreement does not confer any such rights, upon any
            other person.

      13.6. Assignment; Binding Effect. Neither this Agreement nor any right,
            interest or obligation hereunder of Stern may be assigned (by
            operation of law or otherwise) without the prior written consent of
            the Company and any attempt to do so shall be void.

      13.7. Invalid Provisions. If any provision of this Agreement is held to be
            illegal, invalid or unenforceable under any present or future law,
            and if the rights or obligations of any party hereto under this
            Agreement shall not be materially and adversely affected thereby,
            (a) such provision shall be fully severable, (b) this Agreement
            shall be construed and enforced as if such illegal, invalid or
            unenforceable provision had never comprised a part hereof, (c) the
            remaining provisions of this Agreement shall remain in full force
            and effect and shall not be affected by the illegal, invalid or
            unenforceable provision or by its severance herefrom and (d) in lieu
            of such illegal, invalid or unenforceable provision, there shall be
            added automatically as a part of this Agreement a legal, valid and
            enforceable provision as similar in terms to such illegal, invalid
            or unenforceable provision as may be possible.

      13.8. Governing Law. This Agreement shall be governed by and construed in
            accordance with the domestic 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 jurisdiction)
            that would cause the application of the laws of any jurisdiction
            other than the State of New York.

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<PAGE>

      13.9. Dispute Resolution. Any dispute, controversy or claim between the
            Company and the Consultant arising from or in connection with this
            Agreement (a "Dispute") regardless of the magnitude thereof or the
            amount in controversy or whether such Dispute would otherwise be
            considered justiciable or ripe for resolution by a court or arbitral
            tribunal, shall be submitted to, and finally determined by,
            arbitration in accordance with the AAA Commercial Rules. Any award
            pursuant to such arbitration may be enforced in any court having
            competent jurisdiction. The prevailing party shall recover its legal
            fees and costs from the non-prevailing party.

      13.10. Construction. The parties hereto agree that this Agreement is the
            product of negotiation between sophisticated parties and
            individuals, all of whom were represented by counsel, and each of
            whom had an opportunity to participate in and did participate in,
            the drafting of each provision hereof. Accordingly, ambiguities in
            this Agreement, if any, shall not be construed strictly or in favor
            of or against any party hereto but rather shall be given a fair and
            reasonable construction without regard to the rule of contra
            proferentum.

      13.11. Counterparts. This Agreement may be executed in any number of
            counterparts, each of which shall be deemed an original, but all of
            which together shall constitute one and the same instrument.

      13.12. Captions. Captions herein are inserted for reference purposes only
            and shall not affect the interpretation or construction of this
            Agreement.

      13.13. Further Assurances. Each party hereto, at its own expense, shall
            deliver all such further instruments and documents as may reasonably
            be requested by the other party in order to fully carry out the
            intent and accomplish the purposes of the transactions referred to
            therein.

IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of
the date first above written.

E-Z-EM, Inc.

By:  /s/ Anthony Lombardo                 By:  /s/ Howard Stern
    ---------------------------               --------------------------------
Name: Anthony Lombardo                    Howard Stern
Its:  CEO

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                                    EXHIBIT A

CHAIRMAN DUTIES:

1.    Chair regular and special BOD Meetings, with the assurance that they are
      held in a timely fashion. Will Chair both the AngioDynamics and the E-Z-EM
      Boards.

2.    Consult with the President/CEO of E-Z-EM and AngioDynamics, as well as
      with other BOD members, to set the agenda for the BOD Meetings.

3.    COB is to ensure that the BOD focuses on governance and shareholder rights
      with attention paid to maximizing shareholder value.

4.    COB to provide advice and leadership to the BOD; communications to the BOD
      will be made on a regular and timely fashion.

5.    Provide advice and support to the President and CEO.

6.    COB will work with the investment community, where appropriate, to support
      the efforts of the various Investor Relation Programs of the entire
      Company. He will assist the President/CEO as appropriate. He will use his
      networking connections, as well as those of the other members of the BOD,
      to assist in this effort.

7.    COB, based on his industry experience and knowledge, will provide support
      and guidance to the various strategic and tactical initiatives of the
      Company.

8.    Meet on a regular basis with the President/CEO to discuss the Company and
      its strategy.

SERVICES:

A.    Attend selective industry meetings to keep abreast of current trends. A
      defined set of meetings will be established and reviewed on an annual
      basis. Typical of these meetings will be: RSNA, SGR, SCIVR, DDW, and ACG.
      (This list is not meant to be all-inclusive).

B.    The COB will support the Management Team in specific negotiations as
      requested by the President/CEO or directed by the BOD.

C.    The COB may be asked to establish industry panels in specific areas that
      will support the Company's strategic plan.

D.    The COB will use his extensive industry network to search out,
      investigate, and recommend projects that have the potential to be
      "killer-projects" and thus be change agents or paradigm shifters to
      enhance the growth of the Company and thus enhance shareholder value. (I
      call this the "RFD" projects.)

The above will be accomplished within the established budgets, and procedures,
of the Company.

                                      -84-<PAGE>
                                                                    Exhibit 10.1

                          TERAYON COMMUNICATION SYSTEMS

                        1998 EMPLOYEE STOCK PURCHASE PLAN

                              ADOPTED JUNE 9, 1998
                    APPROVED BY SHAREHOLDERS ON JULY 7, 1998

                            AMENDED ON JULY 31, 2000
                            AMENDED ON APRIL 1, 2002
                             AMENDED ON MAY 22, 2002

1.       PURPOSE.

         (a) The purpose of the Employee Stock Purchase Plan (the "Plan") is to
provide a means by which employees of Terayon Communication Systems, Inc., a
Delaware corporation (the "Company"), and its Affiliates, as defined in
subparagraph 1(b), which are designated as provided in subparagraph 2(b), may be
given an opportunity to purchase stock of the Company.

         (b) The word "Affiliate" as used in the Plan means any parent
corporation or subsidiary corporation of the Company, as those terms are defined
in Sections 424(e) and (f), respectively, of the Internal Revenue Code of 1986,
as amended (the "Code").

         (c) The Company, by means of the Plan, seeks to retain the services of
its employees, to secure and retain the services of new employees, and to
provide incentives for such persons to exert maximum efforts for the success of
the Company.

         (d) The Company intends that the rights to purchase stock of the
Company granted under the Plan be considered options issued under an "employee
stock purchase plan" as that term is defined in Section 423(b) of the Code.

2.       ADMINISTRATION.

         (a) The Plan shall be administered by the Board of Directors (the
"Board") of the Company unless and until the Board delegates administration to a
Committee, as provided in subparagraph 2(c). Whether or not the Board has
delegated administration, the Board shall have the final power to determine all
questions of policy and expediency that may arise in the administration of the
Plan.

         (b) The Board shall have the power, subject to, and within the
limitations of, the express provisions of the Plan:

                  (i) To determine when and how rights to purchase stock of the
Company shall be granted and the provisions of each offering of such rights
(which need not be identical).

                                       1.
<PAGE>
                  (ii) To designate from time to time which Affiliates of the
Company shall be eligible to participate in the Plan.

                  (iii) To construe and interpret the Plan and rights granted
under it, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any
defect, omission or inconsistency in the Plan, in a manner and to the extent it
shall deem necessary or expedient to make the Plan fully effective.

                  (iv) To amend the Plan as provided in paragraph 13.

                  (v) Generally, to exercise such powers and to perform such
acts as the Board deems necessary or expedient to promote the best interests of
the Company.

         (c) The Board may delegate administration of the Plan to a Committee
composed of not fewer than two (2) members of the Board (the "Committee"). If
administration is delegated to a Committee, the Committee shall have, in
connection with the administration of the Plan, the powers theretofore possessed
by the Board, subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The
Board may abolish the Committee at any time and revest in the Board the
administration of the Plan.

3.       SHARES SUBJECT TO THE PLAN.

         (a) Subject to the provisions of paragraph 12 relating to adjustments
upon changes in stock, the stock that may be sold pursuant to rights granted
under the Plan shall not exceed in the aggregate four million four hundred
thousand (4,400,000) shares of the Company's common stock (the "Common Stock").
If any right granted under the Plan shall for any reason terminate without
having been exercised, the Common Stock not purchased under such right shall
again become available for the Plan.

         (b) The stock subject to the Plan may be unissued shares or reacquired
shares, bought on the market or otherwise.

4.       GRANT OF RIGHTS; OFFERING.

         The Board or the Committee may from time to time grant or provide for
the grant of rights to purchase Common Stock of the Company under the Plan to
eligible employees (an "Offering") on a date or dates (the "Offering Date(s)")
selected by the Board or the Committee. Each Offering shall be in such form and
shall contain such terms and conditions as the Board or the Committee shall deem
appropriate. The provisions of separate Offerings need not be identical, but
each Offering shall include (through incorporation of the provisions of this
Plan by reference in the Offering or otherwise) the substance of the provisions
contained in paragraphs 5 through 8, inclusive.

5.       ELIGIBILITY.

         (a) Rights may be granted only to employees of the Company or, as the
Board or the Committee may designate as provided in subparagraph 2(b), to
employees of any Affiliate of the

                                       2.
<PAGE>
Company. Except as provided in subparagraph 5(b), an employee of the Company or
any Affiliate shall not be eligible to be granted rights under the Plan, unless,
on the Offering Date, such employee has been in the employ of the Company or any
Affiliate for such continuous period preceding such grant as the Board or the
Committee may require, but in no event shall the required period of continuous
employment be equal to or greater than two (2) years. In addition, unless
otherwise determined by the Board or the Committee and set forth in the terms of
the applicable Offering, no employee of the Company or any Affiliate shall be
eligible to be granted rights under the Plan, unless, on the Offering Date, such
employee's customary employment with the Company or such Affiliate is at least
twenty (20) hours per week and at least five (5) months per calendar year.

         (b) The Board or the Committee may provide that each person who, during
the course of an Offering, first becomes an eligible employee of the Company or
designated Affiliate will, on a date or dates specified in the Offering which
coincides with the day on which such person becomes an eligible employee or
occurs thereafter, receive a right under that Offering, which right shall
thereafter be deemed to be a part of that Offering. Such right shall have the
same characteristics as any rights originally granted under that Offering, as
described herein, except that:

                  (i) the date on which such right is granted shall be the
"Offering Date" of such right for all purposes, including determination of the
exercise price of such right;

                  (ii) the Offering Period for such right shall begin on its
Offering Date and end coincident with the end of such Offering; and

                  (iii) the Board or the Committee may provide that if such
person first becomes an eligible employee within a specified period of time
before the end of the Offering Period for such Offering, he or she will not
receive any right under that Offering.

         (c) No employee shall be eligible for the grant of any rights under the
Plan if, immediately after any such rights are granted, such employee owns stock
possessing five percent (5%) or more of the total combined voting power or value
of all classes of stock of the Company or of any Affiliate. For purposes of this
subparagraph 5(c), the rules of Section 424(d) of the Code shall apply in
determining the stock ownership of any employee, and stock which such employee
may purchase under all outstanding rights and options shall be treated as stock
owned by such employee.

         (d) An eligible employee may be granted rights under the Plan only if
such rights, together with any other rights granted under "employee stock
purchase plans" of the Company and any Affiliates, as specified by Section
423(b)(8) of the Code, do not permit such employee's rights to purchase stock of
the Company or any Affiliate to accrue at a rate which exceeds twenty-five
thousand dollars ($25,000) of fair market value of such stock (determined at the
time such rights are granted) for each calendar year in which such rights are
outstanding at any time.

         (e) Officers of the Company and any designated Affiliate shall be
eligible to participate in Offerings under the Plan, provided, however, that the
Board may provide in an

                                       3.
<PAGE>
Offering that certain employees who are highly compensated employees within the
meaning of Section 423(b)(4)(D) of the Code shall not be eligible to
participate.

6.       RIGHTS; PURCHASE PRICE.

         (a) On each Offering Date, each eligible employee, pursuant to an
Offering made under the Plan, shall be granted the right to purchase up to the
number of shares of Common Stock of the Company purchasable with a percentage
designated by the Board or the Committee not exceeding fifteen percent (15%) of
such employee's Earnings (as defined in Section 7(a)) during the period which
begins on the Offering Date (or such later date as the Board or the Committee
determines for a particular Offering) and ends on the date stated in the
Offering, which date shall be no more than twenty-seven (27) months after the
Offering Date (the "Offering Period"). In connection with each Offering made
under this Plan, the Board or the Committee shall specify a maximum number of
shares which may be purchased by any employee as well as a maximum aggregate
number of shares which may be purchased by all eligible employees pursuant to
such Offering. In addition, in connection with each Offering which contains more
than one Purchase Date (as defined in the Offering), the Board or the Committee
may specify a maximum aggregate number of shares which may be purchased by all
eligible employees on any given Purchase Date under the Offering. If the
aggregate purchase of shares upon exercise of rights granted under the Offering
would exceed any such maximum aggregate number, the Board or the Committee shall
make a pro rata allocation of the shares available in as nearly a uniform manner
as shall be practicable and as it shall deem to be equitable.

         (b) The purchase price of stock acquired pursuant to rights granted
under the Plan shall be not less than the lesser of:

                  (i) an amount equal to eighty-five percent (85%) of the fair
market value of the stock on the Offering Date; or

                  (ii) an amount equal to eighty-five percent (85%) of the fair
market value of the stock on the Purchase Date.

7.       PARTICIPATION; WITHDRAWAL; TERMINATION.

         (a) An eligible employee may become a participant in an Offering by
delivering a participation agreement to the Company within the time specified in
the Offering, in such form as the Company provides. Each such agreement shall
authorize payroll deductions of up to the maximum percentage specified by the
Board or the Committee of such employee's Earnings during the Offering Period.
"Earnings" is defined as the total compensation paid to an employee, including
all salary, wages (including amounts elected to be deferred by the employee,
that would otherwise have been paid, under any cash or deferred arrangement
established by the Company), overtime pay, commissions, bonuses, and other
remuneration paid directly to the employee, but excluding profit sharing, the
cost of employee benefits paid for by the Company, education or tuition
reimbursements, imputed income arising under any Company group insurance or
benefit program, traveling expenses, business and moving expense reimbursements,
income received in connection with stock options, contributions made by the
Company under

                                       4.
<PAGE>
any employee benefit plan, and similar items of compensation. The payroll
deductions made for each participant shall be credited to an account for such
participant under the Plan and shall be deposited with the general funds of the
Company. A participant may reduce (including to zero), increase or begin such
payroll deductions after the beginning of any Purchase Period only as provided
for in the Offering. A participant may make additional payments into his or her
account only if specifically provided for in the Offering and only if the
participant has not had the maximum amount withheld during the Offering.

         (b) At any time during an Offering Period a participant may terminate
his or her payroll deductions under the Plan and withdraw from the Offering by
delivering to the Company a notice of withdrawal in such form as the Company
provides. Such withdrawal may be elected at any time prior to the end of the
Offering Period except as provided by the Board or the Committee in the
Offering. Upon such withdrawal from the Offering by a participant, the Company
shall distribute to such participant all of his or her accumulated payroll
deductions (reduced to the extent, if any, such deductions have been used to
acquire stock for the participant) under the Offering, without interest, and
such participant's interest in that Offering shall be automatically terminated.
A participant's withdrawal from an Offering will have no effect upon such
participant's eligibility to participate in any other Offerings under the Plan
but such participant will be required to deliver a new participation agreement
in order to participate in subsequent Offerings under the Plan.

         (c) Rights granted pursuant to any Offering under the Plan shall
terminate immediately upon cessation of any participating employee's employment
with the Company and any designated Affiliate, for any reason, and the Company
shall distribute to such terminated employee all of his or her accumulated
payroll deductions (reduced to the extent, if any, such deductions have been
used to acquire stock for the terminated employee), under the Offering, without
interest.

         (d) Rights granted under the Plan shall not be transferable, and,
except as provided in Section 14, shall be exercisable only by the person to
whom such rights are granted.

8.       EXERCISE.

         (a) On each purchase date, as defined in the relevant Offering (a
"Purchase Date"), each participant's accumulated payroll deductions and other
additional payments specifically provided for in the Offering (without any
increase for interest) will be applied to the purchase of whole shares of stock
of the Company, up to the maximum number of shares permitted pursuant to the
terms of the Plan and the applicable Offering, at the purchase price specified
in the Offering. No fractional shares shall be issued upon the exercise of
rights granted under the Plan. The amount, if any, of accumulated payroll
deductions remaining in each participant's account after the purchase of shares
which is less than the amount required to purchase one share of stock on the
final Purchase Date of an Offering shall be held in each such participant's
account for the purchase of shares under the next Offering under the Plan,
unless such participant withdraws from such next Offering, as provided in
subparagraph 7(b), or is no longer eligible to be granted rights under the Plan,
as provided in paragraph 5, in which case such amount shall be distributed to
the participant after the final Purchase Date of the Offering, without interest.
The amount, if any, of accumulated payroll deductions remaining in any
participant's account after the purchase

                                       5.
<PAGE>
of shares which is equal to the amount required to purchase whole shares of
stock on the final Purchase Date of an Offering shall be distributed in full to
the participant after such Purchase Date, without interest.

         (b) No rights granted under the Plan may be exercised to any extent
unless the Plan (including rights granted thereunder) is covered by an effective
registration statement pursuant to the Securities Act of 1933, as amended (the
"Securities Act"). If on a Purchase Date of any Offering hereunder the Plan is
not so registered, no rights granted under the Plan or any Offering shall be
exercised on said Purchase Date and the Purchase Date shall be delayed until the
Plan is subject to such an effective registration statement, except that the
Purchase Date shall not be delayed more than two (2) months and the Purchase
Date shall in no event be more than twenty-seven (27) months from the Offering
Date. If on the Purchase Date of any Offering hereunder, as delayed to the
maximum extent permissible, the Plan is not registered, no rights granted under
the Plan or any Offering shall be exercised and all payroll deductions
accumulated during the Offering Period (reduced to the extent, if any, such
deductions have been used to acquire stock) shall be distributed to the
participants, without interest.

9.       COVENANTS OF THE COMPANY.

         (a) During the terms of the rights granted under the Plan, the Company
shall keep available at all times the number of shares of stock required to
satisfy such rights.

         (b) The Company shall seek to obtain from each regulatory commission or
agency having jurisdiction over the Plan such authority as may be required to
issue and sell shares of stock upon exercise of the rights granted under the
Plan. If, after reasonable efforts, the Company is unable to obtain from any
such regulatory commission or agency the authority which counsel for the Company
deems necessary for the lawful issuance and sale of stock under the Plan, the
Company shall be relieved from any liability for failure to issue and sell stock
upon exercise of such rights unless and until such authority is obtained.

10.      USE OF PROCEEDS FROM STOCK.

         Proceeds from the sale of stock pursuant to rights granted under the
Plan shall constitute general funds of the Company.

11.      RIGHTS AS A STOCKHOLDER.

         A participant shall not be deemed to be the holder of, or to have any
of the rights of a holder with respect to, any shares subject to rights granted
under the Plan unless and until the participant's shareholdings acquired upon
exercise of rights hereunder are recorded in the books of the Company.

12.      ADJUSTMENTS UPON CHANGES IN STOCK.

         (a) If any change is made in the stock subject to the Plan, or subject
to any rights granted under the Plan (through merger, consolidation,
reorganization, recapitalization, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or otherwise), the Plan and outstanding

                                       6.
<PAGE>
rights will be appropriately adjusted in the class(es) and maximum number of
shares subject to the Plan and the class(es) and number of shares and price per
share of stock subject to outstanding rights.

         (b) In the event of: (1) a dissolution or liquidation of the Company;
(2) a merger or consolidation in which the Company is not the surviving
corporation; (3) a reverse merger in which the Company is the surviving
corporation but the shares of the Company's Common Stock outstanding immediately
preceding the merger are converted by virtue of the merger into other property,
whether in the form of securities, cash or otherwise; or (4) any other capital
reorganization in which more than fifty percent (50%) of the shares of the
Company entitled to vote are exchanged, then, as determined by the Board in its
sole discretion (i) any surviving corporation may assume outstanding rights or
substitute similar rights for those under the Plan, (ii) such rights may
continue in full force and effect, or (iii) participants' accumulated payroll
deductions may be used to purchase Common Stock immediately prior to the
transaction described above and the participants' rights under the ongoing
Offering terminated.

13.      AMENDMENT OF THE PLAN.

         (a) The Board at any time, and from time to time, may amend the Plan.
However, except as provided in paragraph 12 relating to adjustments upon changes
in stock, no amendment shall be effective unless approved by the stockholders of
the Company within twelve (12) months before or after the adoption of the
amendment, where the amendment will:

                  (i) Increase the number of shares reserved for rights under
         the Plan;

                  (ii) Modify the provisions as to eligibility for participation
         in the Plan (to the extent such modification requires stockholder
         approval in order for the Plan to obtain employee stock purchase plan
         treatment under Section 423 of the Code or to comply with the
         requirements of Rule 16b-3 promulgated under the Securities Exchange
         Act of 1934, as amended ("Rule 16b-3")); or

                  (iii) Modify the Plan in any other way if such modification
         requires stockholder approval in order for the Plan to obtain employee
         stock purchase plan treatment under Section 423 of the Code or to
         comply with the requirements of Rule 16b-3.

It is expressly contemplated that the Board may amend the Plan in any respect
the Board deems necessary or advisable to provide eligible employees with the
maximum benefits provided or to be provided under the provisions of the Code and
the regulations promulgated thereunder relating to employee stock purchase plans
and/or to bring the Plan and/or rights granted under it into compliance
therewith.

         (b) Rights and obligations under any rights granted before amendment of
the Plan shall not be altered or impaired by any amendment of the Plan, except
with the consent of the person to whom such rights were granted or except as
necessary to comply with any laws or governmental regulation.

14.      DESIGNATION OF BENEFICIARY.

                                       7.
<PAGE>
         (a) A participant may file a written designation of a beneficiary who
is to receive any shares and cash, if any, from the participant's account under
the Plan in the event of such participant's death subsequent to the end of an
Offering but prior to delivery to him of such shares and cash. In addition, a
participant may file a written designation of a beneficiary who is to receive
any cash from the participant's account under the Plan in the event of such
participant's death during an Offering Period.

         (b) Such designation of beneficiary may be changed by the participant
at any time by written notice. In the event of the death of a participant and in
the absence of a beneficiary validly designated under the Plan who is living at
the time of such participant's death, the Company shall deliver such shares
and/or cash to the executor or administrator of the estate of the participant,
or if no such executor or administrator has been appointed (to the knowledge of
the Company), the Company, in its discretion, may deliver such shares and/or
cash to the spouse or to any one or more dependents or relatives of the
participant, or if no spouse, dependent or relative is known to the Company,
then to such other person as the Company may designate.

15.      TERMINATION OR SUSPENSION OF THE PLAN.

         (a) The Board may suspend or terminate the Plan at any time. Unless
sooner terminated, the Plan shall terminate on June 8, 2008. No rights may be
granted under the Plan while the Plan is suspended or after it is terminated.

         (b) Rights and obligations under any rights granted while the Plan is
in effect shall not be altered or impaired by suspension or termination of the
Plan, except with the consent of the person to whom such rights were granted or
except as necessary to comply with any laws or governmental regulation.

16.      EFFECTIVE DATE OF PLAN.

         The Plan shall become effective as determined by the Board, but no
rights granted under the Plan shall be exercised unless and until the Plan has
been approved by the stockholders of the Company.

                                       8.

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