Document:

exhibit109.htm

    TECHNOLOGY
      RESEARCH CORPORATION

    2000
      LONG
      TERM INCENTIVE PLAN

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    

    

    This
      OPTION AGREEMENT is made this ____
      day of _________, ____, between TECHNOLOGY RESEARCH CORPORATION, a Florida
      corporation, hereinafter referred to as the "Corporation" and
__________________, a Director of the Corporation, hereinafter
      referred to as "Director."

    

    WHEREAS,
      the holders of a majority of
      the shares of the Corporation’s voting common stock (the "Common Stock")
      represented in person or by proxy have adopted the terms and conditions of
      the
      2000 Long Term Incentive Plan (the "Plan"), at its Annual Meeting of
      shareholders conducted on August 24, 2000 and modified on August 21, 2003,
      the
      terms of which are hereby incorporated by reference;

    

    WHEREAS,
      the Corporation desires to
      carry out the purposes of the Plan to afford the Director an opportunity to
      purchase shares of its Common Stock and participate in the continued success
      and
      growth of the Corporation and to enhance ownership of the Corporation’s common
      stock by members of its Board of Directors.

    

    NOW,
      THEREFORE, in consideration of the
      mutual covenants hereinafter set forth and for other good and valuable
      consideration, the parties hereto agree as follows:

    

    1.  Grant
      of
      Option.  The Corporation hereby
      irrevocably grants to the Director a Non-qualified
      StockOption, hereinafter called the "Option", to
      purchase all or any part of an aggregate of ______
      shares (such number being subject to adjustment as provided in
      paragraph 10 hereof) of the Corporation’s Common Stock (the "Shares") on the
      terms and conditions herein set forth.  The Option granted under this
      Agreement is intended to qualify as an incentive stock option, as that term
      is
      defined in Section 422 of the Internal Revenue Code of 1986, as
      amended.

    

    2.  Purchase
      Price.  The purchase price of the Shares
      covered by the Option shall be $______ per
      share.

    

    3.  Term
      of
      Option.  The term of the Option shall be
      for a period of ten (10) years commencing on the date of grant of the Option;
      provided that any option granted to a Director owning more than ten percent
      (10%) of the voting power of all classes of voting stock of the Corporation
      shall similarly expire five years after the date of grant of such
      option.

    

    4.  Exercise
      of
      Option.  The Option may be exercised in
      whole or in part from time to time during its specified term in accordance
      with
      the following schedule:

    

    
      	
              ·  

            	
              ________ shares
                on ________, _____
                and

            

    

    
      	
              ·  

            	
              ________ shares
                on ________, _____.

            

    

    

    Exercisability
      of the Option Shares under this Section 4. is cumulative, and after the Option
      becomes exercisable under this Agreement with respect to any portion of the
      Option Shares, it shall continue to be exercisable with respect to that portion
      of the Option Shares until the Option expires.

    

    The
      Director shall be entitled to
      exercise any portion of the Option in accordance with the provisions of Section
      4 hereof, either in whole or in part, by delivering written notice of such
      exercise to the office of the Secretary of the Corporation or to such other
      location as may be designated by the Board (as that term is defined in the
      Plan), specifying therein the number of Shares with respect to which the Option
      is being exercised, which notice shall be accompanied by payment in full of
      the
      purchase price of the Shares being acquired.

    

    Notwithstanding
      anything in this Section to the contrary, the Option Shares shall become fully
      vested upon the occurrence of a "change in control," if the change in control
      occurs prior to the Option Shares becoming fully vested, and the Director’s date
      of termination of directorship as a Director of the Corporation.  For
      purposes of this Section, the term "change in control" means (a) the
      acquisition of beneficial ownership, as that term is defined in Rule 13d-3
      under
      the Securities Exchange Act of 1934, as amended, by any entity, person, or
      group, of more than 50% of the outstanding capital stock of the Corporation
      entitled to vote for the election of directors (“Voting Stock”); (b) the
      effective date of (i) a merger or consolidation of the Corporation with one
      or
      more other corporations as the result of which the holders of the outstanding
      Voting Stock of the Corporation immediately prior to such merger or
      consolidation (excluding those who are affiliates of any such other corporation)
      hold less than 50% of the Voting Stock of the surviving or resulting
      corporation, or (ii) a transfer of substantially all of the property of the
      Corporation other than to an entity of which the Corporation owns at least
      50%
      of the Voting Stock; or (c) the election to the Board, without the
      recommendation or approval of the incumbent board of the directors, constituting
      a majority of the number of directors of the Corporation then in
      office.

    

    5.           Payment
      of Exercise Price.  Payment
      may be made (i) wholly or partly in cash, (ii) in Stock valued at its
      Fair Market Value at the date of exercise, (iii) by agreeing to surrender
      options then exercisable by the Director valued at the excess of the aggregate
      Fair Market Value of the Stock subject to such options on the date of exercise
      over the aggregate option exercise price of such Stock; (iv) by directing the
      Corporation to withhold such number of Stock otherwise issuable upon exercise
      of
      such options having an aggregate Fair Market Value on the date of exercise
      equal
      to the exercise price of the option; or (v) by such other medium of payment
      as
      the Board, in its discretion, shall authorize, or by any combination of the
      aforementioned methods of payment.  No Shares shall be issued until
      full payment therefore has been made in the manner set forth above or in any
      combination of the methods set forth above, in each case to the extent approved
      by the Board.

    

    6.           Termination
      of Directorship.  In the event that
      termination of directorship occurs for any reason (other than by reason of
      death
      or permanent and total disability) and the Committee, as defined in the Plan,
      determines the Director to be in good standing, then the Option shall be
      considered fully and immediately vested, and the Director shall be entitled
      to
      exercise the Option at any time within three (3) months after such termination,
      but in no event more than ten (10) years after the date of grant of the Option;
      ii) the Director not to be in good standing, then the Director shall be entitled
      to exercise the vested portion of the Option at any time within three (3) months
      after such termination, but in no event more than ten (10) years after the
      date
      of grant of the Option

    

    7.           Death
      of Director.  If the directorship of the
      Director terminates due to death, the Option shall expire on the first
      anniversary of such termination of directorship or the date the Option expires
      in accordance with its terms, whichever occurs first.  The vested
      Options may be exercised by the devisee or legatee of the Director or by the
      personal representative or executor of his estate with respect to the same
      number of shares of Common Stock in the same manner, and to the same extent
      as
      if the Director had continued his directorship during such period and the Option
      shall be canceled with respect to all remaining shares of Common Stock otherwise
      subject to the Option.

    

    8.           Permanent
      and Total Disability of Director.  A
      permanent and totally disabled Director may exercise any Option within twelve
      (12) months after leaving the Corporation’s Board of Directors, or the date that
      the Option expires in accordance with its terms, whichever occurs
      first.  For purposes of the Plan and this Option, an individual is
      deemed to be permanently and totally disabled if he is unable to engage in
      any
      substantial, gainful activity by reason of any medically determinable physical
      or mental impairment which can be expected to result in death or which has
      lasted or can be expected to last for a continuous period of not less than
      twelve (12) months.

    

    9.           Transferability
      of Option.  Unless otherwise approved by
      the Board of Directors, the Option may be exercised only by the Director during
      his lifetime and may not be transferred other than by will or the applicable
      laws of descent or distribution.  The Option shall not otherwise be
      transferred, assigned, pledged or hypothecated for any purpose whatsoever and
      is
      not subject, in whole or in part, to execution, attachment, or similar
      process.  Any attempt at assignment, transfer, pledge or hypothecation
      or other disposition of the Option, other than in accordance with the terms
      set
      forth herein, shall be void and of no effect.  Notwithstanding
      anything in this Section to the contrary, the Director, with the approval of
      the
      Board, may transfer the Option for no consideration to or for the benefit of
      the
      Director’s immediate family (including, without limitation, to a trust for the
      benefit of the Director’s immediate family or to a partnership or limited
      liability company for one or more members of the Director’s immediate family),
      subject to such limits as the Board may establish, and the transferee shall
      remain subject to all the terms and conditions applicable to the Option prior
      to
      such transfer.  The foregoing right to transfer the Option shall apply
      to the right to consent to amendments to this Agreement and, in the discretion
      of the Board, shall also apply to the right to transfer ancillary rights
      associated with the Option.  The term “immediate family” shall mean
      the Director’s spouse, parent, children, stepchildren, adoptive relationships,
      sisters, brothers and grandchildren (and, for this purpose, shall also include
      the Director).

    

    

    

    

    10.           Adjustment
      of Number of Shares.  In the event that
      a dividend shall be declared upon the Common Stock of the Corporation payable
      in
      shares of Common Stock of the Corporation or a stock split, the number of shares
      of Common Stock then subject to any such option and the number of shares
      reserved for issuance pursuant to the Plan but not yet covered by an Option
      shall be adjusted by adding to each share the number of shares which shall
      be
      distributed thereon if such shares had been outstanding on the date fixed for
      determining the stockholders entitled to receive such stock dividend or
      split.  For example, if an Option were granted for 1,000 shares at a
      $10.00 per share option price (a total price of $10,000), and subsequently
      there
      was a two for one stock split, then the holder of such option shall be entitled
      to purchase 2,000 shares of Common Stock at the price of $5.00 per share or
      an
      aggregate purchase price of $10,000.  In the event that the
      outstanding shares of the Common Stock of the Corporation shall be changed
      into
      or exchanged for a different class of shares of stock of the Corporation or
      of
      another Corporation, whether through reorganization, recapitalization, merger
      or
      acquisition, then there shall be substituted for each share of Common Stock
      subject to any such option and for each share of Common Stock reserved for
      issuance pursuant to the Plan, but not yet covered by an Option, the number
      and
      kind of shares of stock or other securities into which each outstanding share
      of
      Common Stock shall be so changed or for which such share shall be
      exchanged.  No adjustment or substitution provided for in this
      paragraph shall require the Corporation to sell a fractional share.

    

    11.           Stock
      Certificates.  Upon exercise of the
      Option and payment of the exercise price, the Corporation shall deliver a
      certificate or certificates representing such Shares as soon as practicable
      after the notice shall be received; or (b) fix a date (not less than five (5)
      nor more than ten (10) business days from the date such notice shall be received
      by the Corporation) for the payment of the full purchase price of such Shares
      with the Secretary of the Corporation, against delivery of a certificate or
      certificates representing such shares.  The certificate or
      certificates for the Shares as to which the Option shall have been so exercised
      shall be registered in the name of the person or persons so exercising the
      Option (or, if the Option shall be exercised by the Director and if the Director
      shall so request in the notice exercising the Option, shall be registered in
      the
      name of the Director and another person jointly, with right of survivorship)
      and
      shall be delivered upon the written order of the person or persons exercising
      the Option.  In the event the Option shall be exercised pursuant to
      Section 7 hereof by any person or persons other than the Director, such notice
      shall be accompanied by appropriate proof of the right of such person or persons
      to exercise the Option.  All shares that shall be purchased upon the
      exercise of the Option as provided herein shall be fully paid and
      non-assessable.

    

    12.           No
      Additional Rights.  Neither the Director
      nor any other person entitled to exercise the Option under the terms hereof
      shall be, or have any of the rights or privileges of, a shareholder of the
      Corporation with respect to any of the Shares of Common Stock issuable upon
      exercise of the Option, unless and until the purchase price for such Shares
      shall have been paid in full.

    

    13.           Cancellation
      or Modification of Agreement.  In the
      event that the Option shall be exercised in whole, this Agreement shall be
      surrendered to the Corporation for cancellation.  In the event the
      Option shall be exercised in part, or a change in the number or designation
      of
      the Common Stock shall be made, this Agreement shall be delivered to the
      Corporation for the purpose of making appropriate notation thereon or otherwise
      revising in such manner as the Corporation shall determine the partial exercise
      or change in the number of Shares or designation of the Shares of Common
      Stock.

    

    14.           Reload
      Stock Options.  Subject to the terms and
      conditions within the Plan, the Board may at its discretion grant a reload
      stock
      option to the Director to purchase that number of Shares delivered to the
      Corporation in partial or full payment of the exercise price of an Option;
      provided, however, (i) that any reload option is granted with an exercise price
      that reflects the current fair market value of such Shares; (ii) any reload
      stock option does not cause the Plan to lose its exemption under Rule 16b-3
      of
      the Exchange Act, as may be amended from time to time; and (iii) any grant
      of a
      reload option does not cause the Director to violate the provisions of Section
      16(b) of the Exchange Act.

    

    15.           Notices.  Every
      direction, revocation or notice authorized or required by the Plan shall be
      deemed delivered to the Corporation (i) on the date it is personally delivered
      to the Secretary of the Corporation at its principal executive offices or (ii)
      three business days after it is sent by registered or certified mail, postage
      prepaid, addressed to the Secretary at such offices, and shall be deemed
      delivered to an optionee (i) on the date it is personally delivered to him
      or
      (ii) three business days after it is sent by registered or certified mail,
      postage prepaid, addressed to him at the last address shown for him on the
      records of the Corporation.

    

    16.           Investment
      Purpose.  The Option is granted on the
      express condition that the purchase of Shares upon an exercise hereof shall
      be
      made for investment purposes only and not with a view to their resale or further
      distribution unless such Shares, at the time of their issuance and delivery,
      are
      registered under the Securities Act of 1933, as amended, or, alternatively,
      at
      some time following such issuance their resale is determined by counsel for
      the
      Corporation to be exempt from the registration requirements of the Act and
      of
      any other applicable law, regulation or ruling.

    

    17.           Tax
      Withholding.  The Corporation shall have
      the right to deduct from any payment or settlement upon the exercise of any
      stock option, or the delivery of any Shares, any federal, state, local or other
      taxes of any kind which the Board, in its sole discretion, deems necessary
      to be
      withheld to comply with the Internal Revenue Code and/or any other applicable
      law, rule or regulation.  If the Board, in its sole discretion,
      permits Shares of the Corporation’s Common Stock to be used to satisfy any such
      tax withholding, such Shares shall be valued based on the fair market value
      of
      such Shares as of the date the tax withholding is required to be made, as
      determined by the Board.

    

    18.           General.  The
      Corporation shall at all times during the term of the Option reserve and keep
      available such number of shares of Common Stock as will be sufficient to satisfy
      the requirements of this Option Agreement, shall pay all original issue and
      transfer taxes with respect to the issue and transfer of shares pursuant hereto
      and all other fees and expenses necessarily incurred by the Corporation in
      connection therewith, and will from time to time use its best efforts to comply
      with all laws and regulations which, in the opinion of counsel for the
      Corporation,  shall be applicable thereto.  The Option shall
      be exercised in accordance with such administrative regulations as the Board
      shall from time to time adopt.

    

    19.           Acceptance
      by Director.  The exercise of the Option
      is conditioned upon the acceptance of Director of the terms hereof as evidenced
      by his execution of this Option Agreement.

    

    IN
      WITNESS WHEREOF, the Corporation has
      caused this Option Agreement to be duly executed by its officers thereunto
      duly
      authorized, and the Director has hereunto set his hand and seal, all on the
      day
      and year first above written.

    

    TECHNOLOGY
      RESEARCH
      CORPORATION

    

    

    By:                                          
                                         

    Name:                                                                         
      

                                                                                  Its:                                                           

    

    

    

    DIRECTOR

    

                                                                                                                                      _exhibit1010.htm

    TECHNOLOGY
      RESEARCH CORPORATION

    2000
      LONG
      TERM INCENTIVE PLAN

    INCENTIVE
      STOCK OPTION AGREEMENT

    

    

    This
      OPTION AGREEMENT is made this ____
      day of _________, ____, between TECHNOLOGY RESEARCH CORPORATION, a Florida
      corporation, hereinafter referred to as the "Corporation" and
      _______________________, an employee of the Corporation, hereinafter referred
      to
      as "Employee."

    

    WHEREAS,
      the holders of a majority of
      the shares of the Corporation’s voting common stock (the "Common Stock")
      represented in person or by proxy have adopted the terms and conditions of
      the
      2000 Long Term Incentive Plan (the "Plan"), at its Annual Meeting of
      shareholders conducted on August 24, 2000, the terms of which are hereby
      incorporated by reference;

    

    WHEREAS,
      the Corporation desires to
      carry out the purposes of the Plan to afford the Employee an opportunity to
      purchase shares of its Common Stock and participate in the continued success
      and
      growth of the Corporation and to enhance ownership of the Corporation’s common
      stock by members of its Board of Directors.

    

    NOW,
      THEREFORE, in consideration of the
      mutual covenants hereinafter set forth and for other good and valuable
      consideration, the parties hereto agree as follows:

    

    1.  Grant
      of
      Option.  The Corporation hereby
      irrevocably grants to the Employee an Incentive Stock Option, hereinafter called
      the "Option", to purchase all or any part of an aggregate of _______ shares
      (such number being subject to adjustment as provided in paragraph 10 hereof)
      of
      the Corporation’s Common Stock (the "Shares") on the terms and conditions herein
      set forth.  The Option granted under this Agreement is intended to
      qualify as an incentive stock option, as that term is defined in Section 422
      of
      the Internal Revenue Code of 1986, as amended.

    

    2.  Purchase
      Price.  The purchase price of the Shares
      covered by the Option shall be $_______ per share.

    

    3.  Term
      of
      Option.  The term of the Option shall be
      for a period of ten (10) years commencing on the date of grant of the Option;
      provided that any option granted to a key employee owning more than ten percent
      (10%) of the voting power of all classes of voting stock of the Corporation
      shall similarly expire five years after the date of grant of such
      option.

    

    4.  Exercise
      of
      Option.  The Option may be exercised in
      whole or in part from time to time during its specified term in accordance
      with
      the following schedule:

    

    The
      Option Shares shall vest over a
      period of three (3) years with an equal number of shares vesting at a rate
      of
      33-1/3% after the completion of the first year of employment, 33-1/3% after
      the
      completion of the second year of employment, and 33-1/3% after the completion
      of
      the third year of employment completed by the
      Employee.  Exercisability of the Option Shares under this Section 4.
      is cumulative, and after the Option becomes exercisable under this Agreement
      with respect to any portion of the Option Shares, it shall continue to be
      exercisable with respect to that portion of the Option Shares until the Option
      expires.

    

    The
      Employee shall be entitled to
      exercise any portion of the Option in accordance with the provisions of Section
      4 hereof, either in whole or in part, by delivering written notice of such
      exercise to the office of the Secretary of the Corporation or to such other
      location as may be designated by the Board (as that term is defined in the
      Plan), specifying therein the number of Shares with respect to which the Option
      is being exercised, which notice shall be accompanied by payment in full of
      the
      purchase price of the Shares being acquired.

    

    Notwithstanding
      anything in this Section to the contrary, the Option Shares shall become fully
      vested upon the occurrence of a "change in control," if the change in control
      occurs prior to the Option Shares becoming fully vested, and the Employee’s date
      of termination of employment as an employee of the Corporation.  For
      purposes of this Section, the term "change in control" means (a) the
      acquisition of beneficial ownership, as that term is defined in Rule 13d-3
      under
      the Securities Exchange Act of 1934, as amended, by any entity, person, or
      group, of more than 50% of the outstanding capital stock of the Corporation
      entitled to vote for the election of directors (“Voting Stock”); (b) the
      effective date of (i) a merger or consolidation of the Corporation with one
      or
      more other corporations as the result of which the holders of the outstanding
      Voting Stock of the Corporation immediately prior to such merger or
      consolidation (excluding those who are affiliates of any such other corporation)
      hold less than 50% of the Voting Stock of the surviving or resulting
      corporation, or (ii) a transfer of substantially all of the property of the
      Corporation other than to an entity of which the Corporation owns at least
      50%
      of the Voting Stock; or (c) the election to the Board, without the
      recommendation or approval of the incumbent board of the directors, constituting
      a majority of the number of directors of the Corporation then in
      office.

    

    5.           Payment
      of Exercise Price.  Payment
      may be made (i) wholly or partly in cash, (ii) through the delivery of
      shares of Stock which have been outstanding for at least six months (unless
      the
      Committee approves a shorter period) and which have a fair market value equal
      to
      the exercise price; (iii) by delivery of an unconditional and irrevocable
      undertaking by a broker to deliver promptly to the Company sufficient funds
      to
      pay the exercise price through a “cashless exercise” arrangement which permits
      the Participant to simultaneously exercise an option and sell the Shares thereby
      acquired and enable the broker to use the proceeds from such sale as payment
      for
      the exercise price of such option; or (iv) by any combination of the foregoing
      permissible forms of payment.  No Shares shall be issued until full
      payment therefore has been made in the manner set forth above or in any
      combination of the methods set forth above, in each case to the extent approved
      by the Board.

    

    6.           Termination
      of Employment.  In the event that
      termination of employment occurs for any reason (other than by reason of death,
      permanent and total disability or retirement), the Option shall expire on the
      date of termination of employment; provided that the Employee shall be entitled
      to exercise any vested Options at any time within three (3) months after such
      termination, but in no event more than ten (10) years after the date of grant
      of
      the Option.

    

    7.           Death
      of Employee.  If the employment of the
      Employee terminates due to death, the Option shall expire on the first
      anniversary of such termination of employment or the date the Option expires
      in
      accordance with its terms, whichever occurs first.  The vested Options
      may be exercised by the devisee or legatee of the Employee or by the personal
      representative or executor of his estate with respect to the same number of
      shares of Common Stock in the same manner, and to the same extent as if the
      Employee had continued his employment during such period and the Option shall
      be
      canceled with respect to all remaining shares of Common Stock otherwise subject
      to the Option.

    

    8.           Permanent
      and Total Disability of Employee.  A
      permanent and totally disabled Employee may exercise any Option within twelve
      (12) months after leaving the Corporation, or the date that the Option expires
      in accordance with its terms, whichever occurs first.  For purposes of
      the Plan and this Option, an individual is deemed to be permanently and totally
      disabled if he is unable to engage in any substantial, gainful activity by
      reason of any medically determinable physical or mental impairment which can
      be
      expected to result in death or which has lasted or can be expected to last
      for a
      continuous period of not less than twelve (12) months.

    

    9.           Retirement
      of Employee.  In the event that termination of employment
      occurs by reason of retirement and the Employee is of retirement age (i.e.
      age
      65 or greater), the Option shall continue to vest and is exercisable until
      the
      three year anniversary of such date of termination or the date the Option
      expires in accordance with its terms, whichever occurs first.

    

    10.           Transferability
      of Option.  Unless otherwise approved by
      the Board of Directors, the Option may be exercised only by the Employee during
      his lifetime and may not be transferred other than by will or the applicable
      laws of descent or distribution.  The Option shall not otherwise be
      transferred, assigned, pledged or hypothecated for any purpose whatsoever and
      is
      not subject, in whole or in part, to execution, attachment, or similar
      process.  Any attempt at assignment, transfer, pledge or hypothecation
      or other disposition of the Option, other than in accordance with the terms
      set
      forth herein, shall be void and of no effect.  Notwithstanding
      anything in this Section to the contrary, the Employee, with the approval of
      the
      Board, may transfer the Option for no consideration to or for the benefit of
      the
      Employee’s immediate family (including, without limitation, to a trust for the
      benefit of the Employee’s immediate family or to a partnership or limited
      liability company for one or more members of the Employee’s immediate family),
      subject to such limits as the Board may establish, and the transferee shall
      remain subject to all the terms and conditions applicable to the Option prior
      to
      such transfer.  The foregoing right to transfer the Option shall apply
      to the right to consent to amendments to this Agreement and, in the discretion
      of the Board, shall also apply to the right to transfer ancillary rights
      associated with the Option.  The term “immediate family” shall mean
      the Employee’s spouse, parent, children, stepchildren, adoptive relationships,
      sisters, brothers and grandchildren (and, for this purpose, shall also include
      the Employee).

    

    11.           Adjustment
      of Number of Shares.  In the event that
      a dividend shall be declared upon the Common Stock of the Corporation payable
      in
      shares of Common Stock of the Corporation or a stock split, the number of shares
      of Common Stock then subject to any such option and the number of shares
      reserved for issuance pursuant to the Plan but not yet covered by an Option
      shall be adjusted by adding to each share the number of shares which shall
      be
      distributed thereon if such shares had been outstanding on the date fixed for
      determining the stockholders entitled to receive such stock dividend or
      split.  For example, if an Option were granted for 1,000 shares at a
      $10.00 per share option price (a total price of $10,000), and subsequently
      there
      was a two for one stock split, then the holder of such option shall be entitled
      to purchase 2,000 shares of Common Stock at the price of $5.00 per share or
      an
      aggregate purchase price of $10,000.  In the event that the
      outstanding shares of the Common Stock of the Corporation shall be changed
      into
      or exchanged for a different class of shares of stock of the Corporation or
      of
      another Corporation, whether through reorganization, recapitalization, merger
      or
      acquisition, then there shall be substituted for each share of Common Stock
      subject to any such option and for each share of Common Stock reserved for
      issuance pursuant to the Plan, but not yet covered by an Option, the number
      and
      kind of shares of stock or other securities into which each outstanding share
      of
      Common Stock shall be so changed or for which such share shall be
      exchanged.  No adjustment or substitution provided for in this
      paragraph shall require the Corporation to sell a fractional share.

    

    12.           Stock
      Certificates.  Upon exercise of the
      Option and payment of the exercise price, the Corporation shall deliver a
      certificate or certificates representing such Shares as soon as practicable
      after the notice shall be received; or (b) fix a date (not less than five (5)
      nor more than ten (10) business days from the date such notice shall be received
      by the Corporation) for the payment of the full purchase price of such Shares
      with the Secretary of the Corporation, against delivery of a certificate or
      certificates representing such shares.  The certificate or
      certificates for the Shares as to which the Option shall have been so exercised
      shall be registered in the name of the person or persons so exercising the
      Option (or, if the Option shall be exercised by the Employee and if the Employee
      shall so request in the notice exercising the Option, shall be registered in
      the
      name of the Employee and another person jointly, with right of survivorship)
      and
      shall be delivered upon the written order of the person or persons exercising
      the Option.  In the event the Option shall be exercised pursuant to
      Section 7 hereof by any person or persons other than the Employee, such notice
      shall be accompanied by appropriate proof of the right of such person or persons
      to exercise the Option.  All shares that shall be purchased upon the
      exercise of the Option as provided herein shall be fully paid and
      non-assessable.

    

    13.           No
      Additional Rights.  Neither the Employee
      nor any other person entitled to exercise the Option under the terms hereof
      shall be, or have any of the rights or privileges of, a shareholder of the
      Corporation with respect to any of the Shares of Common Stock issuable upon
      exercise of the Option, unless and until the purchase price for such Shares
      shall have been paid in full.

    

    14.           Cancellation
      or Modification of Agreement.  In the
      event that the Option shall be exercised in whole, this Agreement shall be
      surrendered to the Corporation for cancellation.  In the event the
      Option shall be exercised in part, or a change in the number or designation
      of
      the Common Stock shall be made, this Agreement shall be delivered to the
      Corporation for the purpose of making appropriate notation thereon or otherwise
      revising in such manner as the Corporation shall determine the partial exercise
      or change in the number of Shares or designation of the Shares of Common
      Stock.

    

    15.           Reload
      Stock Options.  Subject to the terms and
      conditions within the Plan, the Board may at its discretion grant a reload
      stock
      option to the Employee to purchase that number of Shares delivered to the
      Corporation in partial or full payment of the exercise price of an Option;
      provided, however, (i) that any reload option is granted with an exercise price
      that reflects the current fair market value of such Shares; (ii) any reload
      stock option does not cause the Plan to lose its exemption under Rule 16b-3
      of
      the Exchange Act, as may be amended from time to time; and (iii) any grant
      of a
      reload option does not cause the Employee to violate the provisions of Section
      16(b) of the Exchange Act.

    

    16.           Notices.  Every
      direction, revocation or notice authorized or required by the Plan shall be
      deemed delivered to the Corporation (i) on the date it is personally delivered
      to the Secretary of the Corporation at its principal executive offices or (ii)
      three business days after it is sent by registered or certified mail, postage
      prepaid, addressed to the Secretary at such offices, and shall be deemed
      delivered to an optionee (i) on the date it is personally delivered to him
      or
      (ii) three business days after it is sent by registered or certified mail,
      postage prepaid, addressed to him at the last address shown for him on the
      records of the Corporation.

    

    17.           Investment
      Purpose.  The Option is granted on the
      express condition that the purchase of Shares upon an exercise hereof shall
      be
      made for investment purposes only and not with a view to their resale or further
      distribution unless such Shares, at the time of their issuance and delivery,
      are
      registered under the Securities Act of 1933, as amended, or, alternatively,
      at
      some time following such issuance their resale is determined by counsel for
      the
      Corporation to be exempt from the registration requirements of the Act and
      of
      any other applicable law, regulation or ruling.

    

    18.           Tax
      Withholding.  The Corporation shall have
      the right to deduct from any payment or settlement upon the exercise of any
      stock option, or the delivery of any Shares, any federal, state, local or other
      taxes of any kind which the Board, in its sole discretion, deems necessary
      to be
      withheld to comply with the Internal Revenue Code and/or any other applicable
      law, rule or regulation.  If the Board, in its sole discretion,
      permits Shares of the Corporation’s Common Stock to be used to satisfy any such
      tax withholding, such Shares shall be valued based on the fair market value
      of
      such Shares as of the date the tax withholding is required to be made, as
      determined by the Board.

    

    19.           General.  The
      Corporation shall at all times during the term of the Option reserve and keep
      available such number of shares of Common Stock as will be sufficient to satisfy
      the requirements of this Option Agreement, shall pay all original issue and
      transfer taxes with respect to the issue and transfer of shares pursuant hereto
      and all other fees and expenses necessarily incurred by the Corporation in
      connection therewith, and will from time to time use its best efforts to comply
      with all laws and regulations which, in the opinion of counsel for the
      Corporation,  shall be applicable thereto.  The Option shall
      be exercised in accordance with such administrative regulations as the Board
      shall from time to time adopt.

    

    20.           Acceptance
      by Employee.  The exercise of the Option
      is conditioned upon the acceptance of Employee of the terms hereof as evidenced
      by his execution of this Option Agreement.

    

    IN
      WITNESS WHEREOF, the Corporation has
      caused this Option Agreement to be duly executed by its officers thereunto
      duly
      authorized, and the Employee has hereunto set his hand and seal, all on the
      day
      and year first above written.

    

    TECHNOLOGY
      RESEARCH
      CORPORATION

    

    

    By:                                                                             
       

    Name:                                                                          

                                                    Its:                                           
                                         

     

    

    

    

    EMPLOYEE

     

                                                                                                           
      ____________________________________

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