Document:

Exhibit
4.3

CORGENIX
MEDICAL CORPORATION

SECOND AMENDED AND RESTATED

EMPLOYEE STOCK PURCHASE PLAN

I.                                         Purpose

The Corgenix
Medical Corporation Amended and Restated Employee Stock Purchase Plan (the
“Plan”) is intended to provide eligible employees of Corgenix (the “Company”)
with an opportunity to acquire a proprietary interest in the Company through
their participation in a plan designed to qualify as an employee stock purchase
plan under Section 423 of the Internal Revenue Code of 1986 (the “Code”).

II.                                     Administration

(a)                                  Plan
Administrator.  The Plan shall be
administered by the board of directors of the Company (the “Board”), which may
from time to time delegate all or part of its authority to a committee (the
“Committee”) composed of at least two members of the Board, all of whom shall
be Non-Employee Directors.  A
Non-Employee Director is a director who meets the definition of Non-Employee
Director under Rule 16b-3 of the Securities Exchange Act of 1934 (the “1934 Act”).  References herein to the Plan Administrator
refer to the Board or, to the extent the Board delegates its authority to the
Committee, to the Committee.  The Plan
Administrator shall have full authority to administer the Plan, and to adopt
such rules and regulations for administering the Plan as it may deem necessary
in order to comply with the requirements of Section 423 of the Code.  The Plan Administrator may delegate to an
agent or agents any of its responsibilities under the Plan except its responsibilities
to establish the number of shares available for purchase by employees during
any purchase period, the maximum and minimum percentage of base compensation to
be paid by any single employee for the purchase of stock during any of the
periods and its authority to construe and interpret the provisions of the Plan.

(b)                                 Actions
of Plan Administrator.  All actions
taken and all interpretations and determinations made by the Plan Administrator
in good faith (including determinations of fair market value) shall be final
and binding upon all Participants, the Company and all other interested
persons.  No member of the Plan
Administrator shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Plan, and all members of
the Plan Administrator shall, in addition to their rights as Directors, be
fully protected by the Company with respect to any such action, determination
or interpretation.

III.                                 Purchase
Periods

The first purchase
period under the Second Amended and Restated Employee Stock Purchase Plan will
commence on May 1, 2007, and terminate on June 30, 2007.  Unless otherwise determined by the Plan
Administrator, a purchase period shall commence on the first day of each
succeeding calendar quarter and shall terminate on the last day of

each such
quarter.  The Plan Administrator may,
from time to time, establish purchase periods with differing commencement dates
and durations.  In no event, however,
shall a purchase period extend beyond 27 months.  No two purchase periods shall run concurrently.

IV.                                 Eligibility
and Participation

(a)                                  Every
employee of the Company who, on the commencement date of the purchase period,
is employed on a basis which customarily requires not less than 20 hours of
service per calendar week is eligible to participate in the Plan during a
purchase period.

(b)                                 An
eligible employee may become a Participant in the Plan for a particular
purchase period by completing the enrollment forms (the “Enrollment Forms”)
prescribed by the Plan Administrator and filing such forms prior to the
commencement date of the purchase period with the person designated by the Plan
Administrator.  No Enrollment Forms will
be accepted from an individual who is not on the active payroll of the Company
on the filing date, unless such individual is temporarily off the payroll by
reason of illness, vacation, jury duty or other employer-approved absence.

V.                                     Stock
Subject to Plan

(a)                                  Common
Stock.  The stock which is
purchasable by Participants shall be the Company’s authorized but unissued or
reacquired Common Stock, par value $.00l per share (the “Common Stock”).  In order to have shares available for sale
under the Plan, the Company may repurchase shares of Common Stock on the open
market, issue authorized but unissued stock or otherwise.  The maximum number of shares which may be
sold to employees during any single purchase period shall be established by the
Plan Administrator prior to the beginning of the purchase period; provided
however, that the total number of shares which may be sold to employees
throughout the entire duration of the Plan shall not exceed 400,000 shares
subject to adjustment under subparagraph (b) below.

(b)                                 Changes
in Capital Structure.  In the event
any change is made to the Common Stock purchasable under the Plan (whether by
reason of merger, consolidation, reorganization, recapitalization, stock
dividend in excess of 10% at any single time, stock split, combination of
shares, exchange of shares, changes in corporate structure or otherwise), then
appropriate adjustments shall be made to the maximum number of shares
purchasable under the Plan, the maximum number of shares purchasable under any
right to purchase stock outstanding under the Plan, and the number of shares
and price per share of stock subject to rights to purchase stock outstanding
under the Plan.

 2
 

VI.                                 Purchase
of Common Stock

(a)                                  Right
to Purchase.  An eligible employee
who becomes a Participant for a particular purchase period shall have the
right, as of the beginning of the purchase period, to purchase Common Stock upon
the terms and conditions set forth below.

(b)                                 Price
Per Share.  Except as provided in
Section VI (i), the purchase price per share shall be 85 percent of the
fair market value of a share of Common Stock on the commencement date of the
purchase period.  If the Common Stock is
not traded publicly, the fair market value of a share of Common Stock on any
date shall be determined, in good faith, by the Board or the Committee after
consultation with outside legal, accounting or other experts as the Board or Committee
may deem advisable, and the Board or Committee shall maintain a written record
of its method of determining such value. 
The fair market value of a share of Common Stock on any date shall be
the closing sales price, as quoted by the National Association of Securities
Dealers through the OTC Bulletin Board, for the date in question, or, if the
Common Stock is listed on a national stock exchange, the officially-quoted
closing sales price on such exchange on the date in question.

(c)                                  Total
Purchase Price.  Each Participant
shall, for any purchase period, have the right to purchase Common Stock with a
total purchase price equal to a designated percentage of the Participant’s
Compensation.  A “Participant’s
Compensation” for a particular purchase period shall be the amount of the
Participant’s base salary or wages, and overtime pay but excluding bonuses and
other incentive payments, that is payable to the Participant at any time or
from time to time during the purchase period. 
Each Participant shall designate in his or her purchase agreement the
whole percentage of his or her Compensation the Participant wishes to pay for
the purchase of stock for the particular purchase period, subject to the
provisions set forth below which shall be uniformly applied to all Participants
in a particular purchase period:

(i)                                  The
maximum percentage of a Participant’s Compensation which may be paid for the
purchase of stock in a particular purchase period shall be ten percent (10%);
provided, however, that the Plan Administrator shall establish prior to the
beginning of the purchase period a maximum number of shares (subject to
adjustment under Section V(b)) that may be purchased during the purchase
period by each Participant.

(ii)                               The
minimum percentage of a Participant’s Compensation which may be paid for the
purchase of stock in a particular purchase period shall be one percent (1%).

(iii)                            No
right to purchase shares under the Plan shall be granted to an employee if such
employee would, immediately after the grant, own stock possessing five percent
(5%) or more of the total combined voting power or value of all classes of
stock of the Company as defined in

 3
 

Section 424(f)
of the Code.  An employee’s stock
ownership shall be determined under Section 424(d) of the Code and stock
which an employee may purchase under any outstanding options shall be treated
as stock owned by the employee.

Notwithstanding
the provisions of paragraphs (i) and (ii), above, the Plan
Administrator may, in its discretion, establish any other maximum and minimum
percentages of Compensation to be paid for stock under the Plan.

(d)                                 Allocation
of Available Shares.  Should the
total number of shares of Common Stock which may be purchased under the
purchase agreements of all Participants for a particular purchase period exceed
the number of shares available for sale under the Plan, then the Plan
Administrator shall make a pro rata allocation of the available shares and
shall notify each Participant of such allocation.

(e)                                  Payment.  Payment of the purchase price for stock under
the Plan shall be effected by means of payroll deductions, which shall begin
with the first pay period which occurs coincident with or immediately following
the commencement date of the relevant purchase period and shall terminate with
the last pay period which occurs on or prior to the last day of the purchase
period.  Each payroll deduction shall be
an amount equal to the percentage of the Compensation included in that payroll
payment that was designated by the Participant in the Participant’s Enrollment
Form.

(f)                                    Termination
of Right to Purchase.  A Participant
may, at any time prior to the last day of the purchase period, terminate his or
her right to purchase stock under the Plan by notifying the Plan Administrator
or its delegate in writing.  Any amounts
deducted from the Participant’s pay or otherwise collected from the Participant
by reason of his or her participation in the Plan for such purchase period
shall be refunded, and no further amounts will be collected from the Participant
(by payroll deduction or otherwise) during the remainder of the purchase
period.  A Participant’s termination of
his or her right to purchase shall be irrevocable with respect to the purchase
period to which it pertains.

(g)                                 Termination
of Employment.  If a Participant
ceases to be an employee of the Company for any reason (including death or
retirement) during a purchase period, the Participant or the Participant’s
personal representative may either

(i)                                     receive
a stock certificate for the number of shares of Common Stock paid for pursuant
to payroll deductions made on behalf of the Participant during the purchase
period up to the day prior to the date of the Participant’s cessation of
employment; or

(ii)                                  receive
a cash refund of all sums previously collected from the Participant during the
purchase period.

Any election
provided by this Section VI(g) shall be exercisable only during the 30-day
period following the date of the Participant’s cessation of employment (but in
no event

 4
 

later than the
last date of the purchase period), and the underlying right to purchase stock
under the Plan shall terminate upon the exercise of such election.  If a Participant or the Participant’s
personal representative fails to make a timely election under this
Section VI(g), the Company shall treat such failure as an election to
exercise alternative (ii).

(h)                                 Exercise.  Each right to purchase stock under the Plan
other than a right to purchase stock which has been accelerated under the Plan
or which has been previously terminated under the Plan shall be exercised
automatically on the last day of the purchase period.  Promptly after the date of exercise of any
right to purchase stock under the Plan, the Participant, or his or her nominee,
shall be issued a stock certificate for the whole number of shares for which
the Participant’s right to purchase has been exercised.  Not more than one certificate shall be issued
pursuant to the exercise of any right to purchase stock under the Plan.  Any excess of the amount previously collected
during the purchase period over the purchase price of the issued shares shall
be promptly refunded or left on deposit for the ensuing quarterly period.

(i)                                     Reduction
of Purchase Price.  If the fair
market value of a share of Common Stock on the last day of the purchase period
is less than the fair market value of such share on the commencement date of
the purchase period, then the purchase price per share under the Plan on the
last day of the purchase period shall be reduced to 85 percent (85%) of the
fair market value of such share on the last day of the purchase period.  Each right to purchase stock under the Plan
not previously exercised or terminated shall be automatically exercised on the
last day of the purchase period for the number of whole shares obtained by
dividing the sum on deposit from the Participant (and not refunded) by the
purchase price per share determined under this Section VI(i), but in no
event shall any right to purchase stock under the Plan be exercised for more
than the specified number of shares, if any, (subject to adjustment under
Section V(b)) established by the Plan Administrator pursuant to
Section VI(c)(i) prior to the beginning of the purchase period, and the
balance shall be at the sole option of the Company promptly refunded or left on
deposit for the ensuing quarterly period. 
For example, if a Participant has $1,000.00 on account and the Company’s
stock price pursuant to this paragraph is determined to be $0.68, then one
thousand four hundred seventy (1,470) shares will be issued ($1,000.00 divided
by $0.68) and $0.40 will be left on deposit or refunded as herein stated.

(j)                                     Rights
as Shareholder.  A Participant shall
have no rights as a shareholder with respect to shares subject to a right to
purchase stock granted under the Plan until such right to purchase is
exercised.  No adjustments shall be made
for dividends, distributions or other rights for which the record date is prior
to the date of exercise.

(k)                                  Assignability.  No right to purchase stock granted under the
Plan shall be assignable or transferable by a Participant other than by will or
by the laws of the

 5
 

descent and
distribution, and during the lifetime of the Participant such rights to
purchase stock shall be exercisable only by the Participant.

(l)                                     Accrual
Limitations.  No Participant shall be
entitled to accrue rights to purchase stock under this Plan which, when
aggregated with purchase rights accruable by him under other qualified employee
stock purchase plans (within the meaning of Section 423 of the Code) of
the Company (as defined in Section 424(f) of the Code), would permit such
Participant to purchase more than $25,000 worth of Common Stock (determined on
the basis of the fair market value of such Common Stock on the date the
Participant accrues purchase rights under the Plan) for each calendar year such
purchase rights are at any time outstanding.

(m)                               Merger
or Liquidation of Company.  In the
event the Company or its shareholders enter into an agreement to dispose of all
or substantially all of the assets or outstanding capital stock of the Company
by means of sale, merger, reorganization or liquidation, each participant may
either

(i)                                     receive
a stock certificate for the number of shares of Common Stock paid for pursuant
to payroll deductions made on behalf of the Participant during the purchase
period up to the day prior to the date of such transaction; or

(ii)                                  receive
a cash refund of all sums previously collected from the Participant during the
purchase period.

(n)                                 No
Interest.  No interest shall be paid
on any monies refunded to Participants pursuant to the provisions of this Plan.

(o)                                 Withholding.  The Company may withhold any taxes required
by any law or regulation of any governmental authority, whether federal, state
or local, in connection with the purchase of stock under the Plan or the sale
of such stock that is not held for at least two years after the beginning of
the purchase period during which the stock was purchased.  Such withholding may include all or any
portion of any payment or other compensation payable to the Participant, unless
the Participant reimburses the Company for such amount.

VII.                          Amendment

The Board may from
time to time alter, amend, suspend or discontinue the Plan; provided, however,
that no such action shall adversely affect rights and obligations with respect
to rights to purchase stock at the time outstanding under the Plan; and
provided, further, that no such action of the Board may, without the approval
of the shareholders of the Company, increase the number of shares subject to
the Plan or the maximum number of shares for which a right to purchase stock
under the Plan may be exercised (unless necessary to effect the adjustments
required by Section V(b)), extend the term of the Plan, alter the per
share purchase price formula so as to reduce the purchase price per share
specified in the Plan otherwise materially increase the benefits accruing to
Participants under the Plan or materially modify the requirements for
eligibility to participate in the Plan. 
Furthermore, the Plan may not, without the approval of the

 6
 

shareholders of
the Company, be amended in any manner which will cause the Plan to fail to meet
the requirements of an “employee stock purchase plan” under Section 423 of
the Code.

VIII.                         Effective
Date

This Plan was
originally approved by the Board and became effective on February 1,
1999, and was approved by the Company’s Shareholders on January 26,
2000.  The Amended and Restated
Employee Stock Purchase Plan was approved by the Board and became effective on October 1,
2002, and was approved by the Company’s Shareholders on December 11,
2002. The Second Amended and Restated Employee Stock Purchase Plan was
approved by the Board and became effective on February 22, 2007, and
will be submitted for the approval of the Company’s Shareholders on April
26, 2007.

	
  Corgenix Medical Corporation

  
	
   

  
	
   

  
	
  By:

  
	
  Douglass T.
  Simpson

  
	
  President and
  Chief Operating Officer

  

 

 7Exhibit
4.4

CORGENIX
MEDICAL CORPORATION

2007 INCENTIVE COMPENSATION PLAN

SECTION 1

INTRODUCTION

1.1                                 Establishment.  Corgenix Medical Corporation, a Nevada
corporation (hereinafter referred to as the “Company” except where the context
otherwise requires), hereby establishes the 2007 Corgenix Incentive
Compensation Plan (the “Plan”).

1.2                                 Purpose. 
The purpose of the Plan is to attract and retain directors, officers,
consultants and employees and to motivate such persons by relating incentive
compensation to increases in stockholder value.

SECTION 2

DEFINITIONS

2.1                                 Definitions.  The following terms shall have the meanings
set forth below:

(a)                                  “Affiliate” means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by or
under direct or indirect common control with such Person.  A Person shall be deemed to control another
Person for purposes of this definition if such Person possesses, directly or
indirectly, the power (i) to vote the securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors of a
corporation or other Persons performing similar functions for any other type of
Person, or (ii) to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract, as general partner, as trustee or otherwise.

(b)           “Award” means a grant made under this Plan
in the form of Non-Statutory Options, Incentive Stock Options and/or Restricted
Stock Awards.

(c)           “Board” means the Board of Directors of the
Company.

(d)           “Committee” shall mean the Board, or if
one has been appointed, the Compensation Committee.

(e)           “Compensation Committee” means a committee
consisting of at least two Non-Employee Directors (as defined in Rule
16b-3(i) under the 1934 act who are empowered hereunder to take actions in the
administration of the Plan.  If the Stock
is publicly traded, the Compensation Committee shall be so constituted at all
times as to permit the Plan to comply with Rule 16b-3 or any successor rule
promulgated under the Securities Exchange Act of 1934 (the “1934 Act”) as well
§162(m) of the Internal Revenue Code of 1986, as it may be amended from time to
time (“Code”).  Members of the
Compensation Committee shall be appointed from time to time by the Board, shall
serve at the pleasure of the Board, and may resign at any time upon written
notice to the Board.

 B-1
 

(f)                                    “Effective Date” means the effective date
of the Plan, January 4, 2007.

(g)                                 “Eligible Employees” means key employees
(including, without limitation, officers and directors who are also employees)
of the Company or any division thereof, upon whose judgment, initiative and
efforts the Company is, or will be, important to the successful conduct of its
business.

(h)                                 “Fair Market Value” means, if the Stock is
not publicly traded, the value of the Stock as determined in good faith by the
Committee after such consultation with outside legal, accounting and other
experts as the Committee may deem advisable. 
The Committee shall maintain a written record of its method of
determining such value.  If the Stock is
publicly traded, Fair Market Value means the officially quoted closing price of
the Stock on the national exchange on which the Stock is traded on a particular
date.  If there are no Stock transactions
on such date, the Fair Market Value shall be determined as of the immediately
preceding date on which there were Stock transactions.  If no such prices are reported on the
national exchange on which the Stock is traded, then Fair Market Value shall
mean the most recent ten day average of the high and low sale prices for the
Stock (or if no sales prices are reported, the average of the preceding ten day
high and low bid prices) as reported by the principal regional stock exchange,
or if not so reported, as reported by a quotation system of general circulation
to brokers and dealers.

(i)                                     “Incentive Stock Option” means any Option
designated as such and granted in accordance with the requirements of § 422 of
the Code.

(j)                                     “Non-Statutory
Option” means any Option other than an Incentive Stock Option.

(k)                                  “Option” means a right to purchase Stock
at a stated price for a specified period of time.

(l)                                     “Option Price” means the price at which
shares of Stock subject to an Option may be purchased, determined in accordance
with subsection 6.2(b).

(m)                               “Participant” means an Eligible Employee,
consultant or other independent advisor of the Company designated by the
Committee from time to time during the term of the Plan to receive one or more
Awards under the Plan.

(n)                                 “Person” means any individual,
partnership, joint venture, firm, company, corporation, association, trust or
other enterprise or any government or political subdivision or any agent,
department or instrumentality thereof.

(o)                                 “Plan Year” means each 12-month period
coinciding the Company’s fiscal year except that for the first year of the Plan
it shall begin on the Effective Date and extend to the end of the fiscal year
of Company following the Effective Date.

(p)                                 “QDRO” shall mean a qualified domestic
relations order as defined by the Internal Revenue Code or Title I of the
Employee Retirement Income Security Act of 1934, as amended, or the rules
thereunder.

 B-2
 

(q)                                 “Restricted Stock”  shall mean shares of Stock granted under
Section 7 that are subject to restrictions imposed pursuant to such
Section.

(r)                                    “Share” means a share of Stock.

(s)                                  “Stock” means the common stock of the
Company.

2.2                                 Gender and Number.  Except when otherwise indicated by the
context, the masculine gender shall also include the feminine gender, and the
definition of any term herein in the singular shall also include the plural

SECTION 3

PLAN ADMINISTRATION

The Plan shall be administered by the Committee.  In accordance with the provisions of the
Plan, the Committee shall, in its sole discretion, select Participants from
among the Eligible Employees to whom Awards will be granted, the form of each
Award, the amount of each Award and any other terms and conditions of each
Award as the Committee may deem necessary or desirable and consistent with the
terms of the Plan.  The Committee shall
determine the form or forms of the agreements with Participants which shall
evidence the particular provisions, terms, conditions, rights and duties of the
Company and the Participants with respect to Awards granted pursuant to the
Plan, which provisions need not be identical except as may be provided
herein.  The Committee may from time to
time adopt such rules and regulations for carrying out the purposes of the Plan
as it may deem proper and in the best interests of the Company.  The Committee may correct any defect, supply
any omission or reconcile any inconsistency in the Plan or in any agreement
entered into hereunder in the manner and to the extent it shall deem expedient
and it shall be the sole and final judge of such expediency.  No member of the Committee shall be liable
for any action or determination made in good faith, and all members of the
Committee shall, in addition to their rights as directors, be fully protected
by the Company with respect to any such action, determination or
interpretation.  The determination,
interpretations and other actions of the Committee pursuant to the provisions
of the Plan shall be binding and conclusive for all purposes and on all
persons.

SECTION 4

STOCK SUBJECT TO THE PLAN

4.1                                 Number of Shares.  Initially, 3,000,000 Shares are authorized
for issuance under the Plan in accordance with the provisions of the Plan and
subject to such restrictions or other provisions as the Committee may from time
to time deem necessary.  The Shares may
be divided among the various Plan components as the Committee shall determine,
and all of them shall be available for the grant of Incentive Stock Options
under the Plan.  Shares which may be
issued upon the exercise of Options shall be applied to reduce the maximum
number of Shares remaining available for use under the Plan.  The Company shall at all times during the
term of the Plan and while any Options are outstanding retain as authorized and
unissued Stock, or as treasury Stock, at least the number of Shares from time
to time required under the provisions of the Plan, or otherwise assure itself
of its ability to perform its obligations hereunder.

4.2                                 Unused and Forfeited Stock.  Any Shares that are subject to an Award under
this Plan which are not used because the terms and conditions of the Award

 B-3
 

are not met, including
any Shares that are subject to an Option which expires or is terminated for any
reason, any Shares which are used for full or partial payment of the purchase
price of Shares with respect to which an Option is exercised and any Shares
retained by the Company pursuant to Section 13.2 shall automatically become
available for use under the Plan. 
Notwithstanding the foregoing, any Shares used for full or partial
payment of the purchase price of the Shares with respect to which an Option is
exercised and any Shares retained by the Company pursuant to Section 13.2 that
were originally Incentive Stock Option Shares must still be considered as
having been granted for purposes of deter-mining whether the limitation on
Incentive Stock Option grants provided for in Section 4.1 has been reached.

4.3                                 Adjustments for Stock Split, Stock Dividend, Etc.  If the Company shall at any time increase or
decrease the number of its outstanding Shares or change in any way the rights
and privileges of such Shares by means of the payment of a stock dividend or
any other distribution upon such Shares payable in Stock, or through a stock
split, subdivision, consolidation, combination, reclassification or
recapitalization involving the Stock, then in relation to the Stock that is
affected by one or more of the above events, the numbers, rights and privileges
of the following shall be increased, decreased or changed in like manner as if
they had been issued and outstanding, fully paid and nonassessable at the time
of such occurrence:  (i) the Shares as to
which Awards may be granted under the Plan; and (ii) the Shares of Stock then
included in each outstanding Option granted hereunder.

4.4                                 Other Changes in Stock.  In the event there shall be any change, other
than as specified in Section 4.3, in the number or kind of outstanding Shares
or of any stock or other securities into which the Stock shall be changed or
for which it shall have been exchanged, and if the Committee shall in its
discretion determine that such change equitably requires an adjustment in the
number or kind of Shares subject to outstanding Awards or which have been
reserved for issuance pursuant to the Plan but are not then subject to an
Award, then such adjustments shall be made by the Committee and shall be
effective for all purposes of the Plan and on each outstanding Award that
involves the particular type of stock for which a change was effected.

4.5                                 General Adjustment Rules.  If any adjustment or substitution provided
for in this Section 4 shall result in the creation of a fractional Share
under any Award, the Company shall, in lieu of selling or otherwise issuing
such fractional Share, pay to the Participant a cash sum in an amount equal to
the product of such fraction multiplied by the Fair Market Value of a Share on
the date the fractional Share would otherwise have been issued.  In the case of any such substitution or
adjustment affecting an Option, the total Option Price for the Shares then
subject to an Option shall remain unchanged but the Option Price per share
under each such Option shall be equitably adjusted by the Committee to reflect
the greater or lesser number of Shares or other securities into which the Stock
subject to the Option may have been changed.

4.6                                 Determination by Committee, Etc.  Adjustments under this Section 4 shall
be made by the Committee, whose determinations with regard thereto shall be
final and binding upon all parties thereto.

 B-4
 

SECTION 5

PARTICIPATION

Participants in the Plan shall be those Participants
who, in the judgment of the Committee, are performing, or during the term of
their employment will perform, important services in the management, operation
and development of the Company, and significantly contribute, or are expected
to significantly contribute, to the achievement of long-term corporate economic
objectives.  Participants may be granted
from time to time one or more Awards; provided, however, that the grant of each
such Award shall be separately approved by the Committee, and receipt of one
such Award shall not result in automatic receipt of any other Award.  Written notice shall be given to such person,
specifying the terms, conditions, rights and duties related thereto.  Each Participant shall enter into an
agreement with the Company, in such form as the Committee shall determine and
which is consistent with the provisions of the Plan, specifying such terms,
conditions, rights and duties.  Awards
shall be deemed to be granted as of the date specified in the grant resolution
of the Committee, which date shall be the date of any related agreement with
the Participant.  In the event of any
inconsistency between the provisions of the Plan and any such agreement entered
into hereunder, the provisions of the Plan shall  govern.

SECTION 6

STOCK OPTIONS

6.1                                 Grant of Options.  Coincident with the following designation for
participation in the Plan, a Participant may be granted one or more
Options.  The Committee in its sole discretion
shall designate whether an Option is to be considered an Incentive Stock Option
or a Non-Statutory Option.  The Committee
may grant both an Incentive Stock Option and a Non-Statutory Option to the same
Participant at the same time or at different times.  Incentive Stock Options and Non-Statutory
Options, whether granted at the same or different times, shall be deemed to
have been awarded in separate grants, shall be clearly identified, and in no
event shall the exercise of one Option affect the right to exercise any other
Option or affect the number of Shares for which any other Option may be
exercised.

6.2                                 Option Agreements.  Each Option granted under the Plan shall be
evidenced by a written stock option agreement which shall be entered into by
the Company and the Participant to whom the Option is granted (the “Option
Holder”), and which shall contain the following terms and conditions, as well
as such other terms and conditions not inconsistent therewith, as the Committee
may consider appropriate in each case.

(a)                                  Number of Shares.  Each stock option agreement shall state that
it covers a specified number of Shares, as determined by the Committee.  Notwithstanding any other provision of the
Plan, the aggregate Fair Market Value of the Shares with respect to which
Incentive Stock Options are exercisable for the first time by an Option Holder
in any calendar year, under the Plan or otherwise, shall not exceed
$100,000.  For this purpose, the Fair
Market Value of the Shares shall be determined as of the time an Option is
granted.

(b)                                 Price. 
The price at which each Share covered by an Option may be purchased
shall be determined in each case by the Committee and set

 B-5
 

forth in the stock option
agreement, but in no event shall the Option Price for each Share covered by an
Incentive Stock Option be less than the Fair Market Value of the Stock on the
date the Option is granted; provided that the Option Price for each Share
covered by a Non-Statutory Option may be granted at any price less than Fair
Market Value, in the sole discretion of the Committee.  In addition, the Option Price for each Share
covered by an Incentive Stock Option granted to an Eligible Employee who then
owns stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the
Company must be at least 110% of the Fair Market Value of the Stock subject to
the Incentive Stock Option on the date the Option is granted.

(c)                                  Duration of Options.  Each stock option agreement shall state the
period of time, determined by the Compensation Committee, within which the
Option may be exercised by the Option Holder (the “Option Period”).  The Option Period must expire, in all cases,
not more than seven years from the date an Option is granted.  Each stock option agreement shall also state
the periods of time, if any, as determined by the Compensation Committee, when
incremental portions of each Option shall vest. 
Except as provided in Section 7, no portion of any Option shall
vest earlier than one year after the date of grant of the Option.

(d)                                 Termination of Employment, Death, Disability, Etc.  Except as otherwise determined by the
Committee, each stock option agreement shall provide as follows with respect to
the exercise of the Option upon termination of the employment or the death of
the Option Holder:

(i)                                     If
the employment of the Option Holder is terminated within the Option Period for
cause, as determined by the Company, the Option shall thereafter be void for
all purposes.  As used in this subsection
6.2(d), “cause” shall mean willful dishonesty towards, fraud upon or deliberate
injury or attempted deliberate injury to the Company, misrepresentation or
concealment of a material fact or circumstance for the purpose of or otherwise
in connection with securing employment with the Company, breach of any
limitations on the use or disclosure of confidential information or materials,
conviction for a felony or a material breach of the Option Holder’s employment
agreement with the Company.  The effect
of this subsection 6.2(d)(i) shall be limited to determining the consequences
of a termination, and nothing in this subsection 6.2(d)(i) shall restrict or
otherwise interfere with the Company’s discretion with respect to the termination
of any employee.

(ii)                                  If
the Option Holder dies, or if the Option Holder becomes disabled (within the
meaning of Section 22(e) of the Internal Revenue Code), during the Option
Period while still employed, or within the 30 day period referred to in (iii)
below, the Option may be exercised by those entitled to do so under the Option
Holder’s will or by the laws of descent and distribution within twelve months
following the Option Holder’s death or disability, but not thereafter.  In any such case, the Option may be exercised
only as to the Shares as to which the Option had become exercisable on or
before the date of the Option Holder’s death or disability.

(iii)                               If
the employment of the Option Holder by the Company is terminated (which for
this purpose means that the Option Holder is no longer employed by the Company
or by an Affiliate) within the Option Period for any reason other than cause,
disability or the Option Holder’s death, the Option may be exercised by

 B-6
 

the Option Holder within
30 days following the date of such termination (provided that such exercise
must occur within the Option Period), but not thereafter.  In any such case, the Option may be exercised
only as to the Shares as to which the Option had become exercisable on or
before the date of termination of employment.

(e)                                  Transferability.  Each stock option agreement applicable to an
Incentive Stock Option shall provide that the Option granted therein is not
transferable by the Option Holder except by will or pursuant to the laws of
descent and distribution, and that such Option is exercisable during the Option
Holder’s lifetime only by him or her, or in the event of disability or
incapacity, by his or her guardian or legal representative.  The Committee shall determine the extent, if
any, to which Non-Statutory Options shall be subject to transferability and
exercisability restrictions.

(f)                                    Exercise, Payments, Etc.

(i)                                     Each
stock option agreement shall provide that the method for exercising the Option
granted therein shall be by delivery to the Corporate Secretary of the Company
of written notice specifying the number of Shares with respect to which such
Option is exercised (which must be in an amount evenly divisible by 100) and
payment of the Option Price.  Such notice
shall be in a form satisfactory to the Committee and shall specify the
particular Option (or portion thereof) which is being exercised and the number
of Shares with respect to which the Option is being exercised.  The exercise of the Option shall be deemed
effective upon receipt of such notice by the Corporate Secretary and payment to
the Company.  The purchase of such Stock
shall take place at the principal offices of the Company upon delivery of such
notice, at which time the purchase price of the Stock shall be paid in full by any
of the methods or any combination of the methods set forth in (ii) below.  A properly executed certificate or
certificates representing the Stock shall be issued by the Company and
delivered to the Option Holder.  If
certificates representing Stock are used to pay all or part of the Option
Price, separate certificates for the same number of Shares shall be issued by
the Company and delivered to the Option Holder representing each certificate
used to pay the Option Price, and an additional certificate shall be issued by
the Company and delivered to the Option Holder representing the additional
Shares, in excess of the Option Price, to which the Option Holder is entitled
as a result of the exercise of the Option.

(ii)                                  The
Option Price shall be paid by any of the following methods or any combination
of the following methods:

(A)                              In
cash;

(B)                                By
cashier’s check payable to the order of the Company;

(C)                                By
delivery to the Company of certificates representing the number of Shares then
owned by the Option Holder, the Fair Market Value of which equals the Option
Price, properly endorsed for transfer to the Company; provided however, that
Shares used for this purpose must have been held by the Option Holder for such
minimum period of time as may be established from time to time by the
Committee; For purposes of this Plan, the Fair Market Value of any

 B-7
 

Shares delivered in payment of the Option Price shall
be the Fair Market Value as of the exercise date.  The exercise date shall be the delivery day
of the certificates for the Stock used as payment of the Option Price; or

(D)                               If
the Stock is publicly traded, by delivery to the Company of a properly executed
notice of exercise together with irrevocable instructions to a broker to
deliver to the Company promptly the amount of the proceeds of the sale of all
or a portion of the Stock necessary to pay the Option Price.

(g)                                 Withholding.

(i)                                     Non-Statutory
Options.  Each stock option
agreement covering Non-Statutory Options shall provide that, upon exercise of
the Option, the Option Holder shall make appropriate arrangements with the
Company to provide for the amount of additional withholding required by
applicable federal and state income tax laws, including payment of such taxes
through delivery of Stock or by withholding Stock to be issued under the
Option, as provided in Section 13.

(ii)                                  Incentive Stock Options.  In the event that a Participant makes a
disposition (as defined in Section 424(c) of the Code) of any Stock acquired
pursuant to the exercise of an Incentive Stock Option prior to the expiration
of two years from the date on which the Incentive Stock Option was granted or
prior to the expiration of one year from the date on which the Option was
exercised, the Participant shall send written notice to the Company at its
principal office (Attention:  Corporate
Secretary) of the date of such disposition, the number of Shares disposed of,
the amount of proceeds received from such disposition, and any other
information relating to such disposition as the Company may reasonably
request.  The Participant shall, in the
event of such a disposition, make appropriate arrangements with the Company to
provide for the amount of additional withholding, if any, required by
applicable federal and state income tax laws.

(h)                                 Adjustment of Options.  Subject to the limitations contained in
Section 6 and Section 9, the Committee may make any adjustment to the
Option Price, the number of Shares subject to, or the terms of, an outstanding
Option and a subsequent granting of an Option by amendment or by substitution
of an outstanding Option.  Such
amendment, substitution, reduction, or re-grant may result in terms and
conditions (including Option Price, number of shares covered, vesting schedule
or Option Period) that differ from the terms and conditions of the original
Option.  The Committee may not, however,
adversely affect the rights of any Participant to previously granted Options
without the consent of such Participant. 
If such action is affected by amendment, the effective date of such amendment
shall be the date of the original grant.

6.3                                 Stockholder Privileges.  No Option Holder shall have any rights as a
stockholder with respect to any Shares covered by an Option until the Option
Holder becomes the holder of record of such Stock, and no adjustments shall be
made for dividends or other distributions or other rights as to which there is
a record date preceding the date such Option Holder becomes the holder of
record of such Stock, except as provided in Section 4.

 B-8
 

SECTION 7

RESTRICTED STOCK PROGRAM

7.1                                 Awards Granted.  Coincident with or following designation for
participation in the Plan, a Participant may be granted one or more Restricted
Stock Awards consisting of Shares.  The
number of Shares granted as a Restricted Stock Award shall be determined by the
Committee.  Each Restricted Stock Award
shall be evidenced by a written equity award agreement that shall be entered
into by the Company and the Participant to whom the Award is granted.

7.2                                 Restrictions.  A Participant’s right to retain a Restricted
Stock Award granted to such Participant under Section 7.1 shall be subject to
such restrictions set forth in the equity award agreement, including but not
limited to his or her continuous employment by the Company for a restriction
period specified by the Committee or the attainment of specified performance
goals and objectives, as may be established by the Committee with respect to
such Award.  The Committee may in its
sole discretion require different periods of employment or different performance
goals and objectives with respect to different Participants, to different
Restricted Stock Awards or to separate, designated portions of the Shares
constituting a Restricted Stock Award.

7.3                                 Privileges of a Stockholder. Transferability.  A Participant shall have all voting,
dividend, liquidation and other rights with respect to Shares in accordance
with its terms received by him or her as a Restricted Stock Award under this
Section 7 upon his or her becoming the holder of record of such Shares; provided,
however, that the Participant’s right to sell, encumber or otherwise transfer
such Shares shall be subject to the limitations of Section 9.2 hereof.

SECTION 8

CHANGE IN CONTROL

8.1                                 Options. 
In the event of a change in control of the Company as defined in Section
8.2, then the Committee shall have the power and discretion to prescribe the
terms and conditions for the exercise of, or modification of, any outstanding
Awards granted hereunder.  By way of
illustration, and not by way of limitation, the Committee may provide for the
complete or partial acceleration of the dates of exercise of the Options, or
may provide that such Options will be exchanged or converted into options to
acquire securities of the surviving or acquiring corporation, or may provide for
a payment or distribution in respect of outstanding Options (or the portion
thereof that is currently exercisable) in cancellation thereof.  The Committee may modify the performance
requirements for any other Awards.  The
Committee may provide that Awards granted hereunder must be exercised in
connection with the closing of such transaction, and that if not so exercised
such Awards will expire.  Any such
determinations by the Committee may be made generally with respect to all
Participants, or may be made on a case-by-case basis with respect to particular
Participants.

8.2                                 Definition.  For purposes of the Plan, a “change in
control” shall be deemed to have occurred if (a) any “person” or “group”
(within the meaning of Sections 13(d) and 14(d)(2) of the 1934 Act), other than
a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or the current beneficial owners or their Affiliates are or
become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, of more than one-half of the

 B-9
 

voting power of the then
outstanding voting stock of the Company; or (b) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least a majority of the combined voting
power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or the stockholders
approve a plan of complete liquidation of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s
assets.

SECTION 9

RIGHTS OF EMPLOYEES; PARTICIPANTS

9.1                                 Employment.  Nothing contained in the Plan or in any Award
granted under the Plan shall confer upon any Participant any right with respect
to the continuation of his or her employment by the Company, or interfere in
any way with the right of the Company, subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease the compensation of the Participant from the rate in
existence at the time of the grant of an Award.

9.2                                 Nontransferability.  Awards under this Plan may not be sold,
pledged, assigned, or transferred in any manner other than by will or the laws
of descent and distribution or pursuant to a QDRO, unless and until such Awards
have been exercised, or the Shares underlying such Awards have been issued, and
all restrictions applicable to such Shares have lapsed.

During the lifetime of the Participant, only he may
exercise an Award (or any portion thereof) granted to him under the Plan,
unless it has been disposed of pursuant to a QDRO.  After the death of the Participant, any
exercisable portion of an Award may, prior to the time when such portion
becomes unexercisable under the Plan or the applicable agreement, be exercised
by his personal representative or by any person empowered to do so under the
deceased Participant’s will or under the then applicable laws of descent and
distribution.

SECTION 10

GENERAL RESTRICTIONS

10.1                           Investment Representations.  The Company may require any person to whom an
Option or other Award is granted, as a condition of exercising such Option or
receiving Stock under the Award, to give written assurances in substance and
form satisfactory to the Company and its counsel to the effect that such person
is acquiring the Stock subject to the Option or the Award for his own account
for investment and not with any present intention of selling or otherwise
distributing the same, and to such other effects as the Company deems necessary
or appropriate in order to comply with federal and applicable state securities
laws.  Legends evidencing such
restrictions may be placed on the certificates evidencing the Stock.

10.2                           Compliance with Securities Laws.  Each Award shall be subject to the
requirement that, if at any time counsel to the Company shall determine that
the

 B-10
 

listing, registration or
qualification of the Shares subject to such Award upon any securities exchange
or under any state or federal law, or the consent or approval of any
governmental or regulatory body, is necessary as a condition of, or in
connection with, the issuance or purchase of Shares thereunder, such Award may
not be accepted or exercised in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained on conditions acceptable to the Committee.  Nothing herein shall be deemed to require the
Company to apply for or to obtain such listing, registration or qualification.

10.3                           Stock Restriction Agreement.  The Committee may provide that Shares
issuable upon the exercise of an Option or grant of any Award shall, under
certain conditions, be subject to restrictions whereby the Company has a right
to prohibit the transfer of such Shares, a right of first refusal with respect
to such Shares and/or a right or obligation to repurchase all or a portion of
such Shares, which restrictions may survive a Participant’s term of employment
with the Company.

SECTION 11

OTHER EMPLOYEE BENEFITS

The amount of any compensation deemed to be received
by a Participant as a result of the exercise of an Option or the grant or
vesting of any other Award shall not constitute “earnings” with respect to
which any other employee benefits of such employee are determined, including
without limitation benefits under any pension, profit sharing, life insurance
or salary continuation plan.

SECTION 12

PLAN AMENDMENT, MODIFICATION AND TERMINATION

The Committee may at any time terminate, and from
time-to-time may amend or modify, the Plan; provided, however, that no
amendment or modification may become effective without approval of the
amendment or modification by the stockholders if stockholder approval is
required to enable the Plan to satisfy any applicable statutory or regulatory
requirements, or if the Company, on the advice of counsel, determines that
either stockholder and/or Board approval is otherwise necessary or desirable.

No amendment, modification or termination of the Plan
shall in any manner adversely affect any Awards theretofore granted under the
Plan, without the consent of the Participant holding such Awards.

SECTION 13

WITHHOLDING

13.1                           Withholding Requirement.  The Company’s obligations to deliver Shares
upon the exercise of an Option, or upon the vesting of any other Award, shall
be subject to the Participant’s satisfaction of all applicable federal, state
and local income and other tax withholding requirements.

13.2                           Withholding With Stock.  At the time the Committee grants an Award, it
may, in its sole discretion, grant the Participant an election to pay all
amounts of tax withholding, or any part thereof, by electing to transfer to the
Company, or to have the Company withhold from Shares otherwise issuable to the
Participant, Shares having a

 B-11
 

value equal to the amount
required to be withheld or such lesser amount as may be elected by the
Participant.  All elections shall be
subject to the approval or disapproval of the Committee.  The value of Shares to be withheld shall be
based on the Fair Market Value of the Stock on the date that the amount of tax
to be withheld is to be determined (the “Tax Date”).  Any such elections by Participants to have
Shares withheld for this purpose will be subject to the following restrictions:

(a)                                  All
elections must be made prior to the Tax Date.

(b)                                 All
elections shall be irrevocable.

(c)                                  If
the Participant is an officer or director of the Company within the meaning of
Section 16 of the Securities Exchange Act of 1934 (“Section 16”), the Participant
must satisfy the requirements of such Section 16 and any applicable rules
thereunder with respect to the use of Stock to satisfy such tax withholding
obligation.

SECTION 14

BROKERAGE ARRANGEMENTS

The Committee, in its discretion, may enter into
arrangements with one or more banks, brokers or other financial institutions to
facilitate the disposition of shares acquired upon exercise of Stock Options,
including, without limitation, arrangements for the simultaneous exercise of
Stock Options and sale of the Shares acquired upon such exercise.

SECTION 15

NONEXCLUSIVITY OF THE PLAN

Neither the adoption of the Plan by the Board nor the
submission of the Plan to stockholders of the Company for approval shall be
construed as creating any limitations on the power or authority of the Board to
adopt such other or additional incentive or other compensation arrangements of
whatever nature as the Board may deem necessary or desirable or preclude or
limit the continuation of any other plan, practice or arrangement for the
payment of compensation or fringe benefits to employees generally, or to any
class or group of employees, which the Company now has lawfully put into
effect, including, without limitation, any retirement, pension, savings and
stock purchase plan, insurance, death and disability benefits and executive
short-term Compensations.

SECTION 16

REQUIREMENTS OF LAW

16.1                           Requirements of Law.  The issuance of Stock and the payment of cash
pursuant to the Plan shall be subject to all applicable laws, rules and regulations.

16.2                           Federal Securities Law Requirements.  If, and to the extent, required by law, if a
Participant is an officer or director of the Company within the meaning of
Section 16 of the 1934 Act, Awards granted hereunder shall be subject to all
conditions required under Rule 16b-3, or any successor rule promulgated under
the 1934 Act, to qualify the Award for any exception from the provisions of
Section 16(b) of the 1934 Act available under that Rule.  Such conditions are hereby incorporated
herein by reference and shall be set forth in the agreement with the
Participant which describes the Award.

 B-12
 

16.3                           Governing Law.  The Plan and all agreements hereunder shall
be construed in accordance with and governed by the laws of the State of
Colorado.

SECTION 17

DURATION OF THE PLAN

The Plan shall terminate at such time as may be
determined by the Board of Directors, and no Award shall be granted after such
termination.  If not sooner terminated
under the preceding sentence, the Plan shall fully cease and expire at midnight
on that date which is the date immediately preceding the fifth anniversary of
the date of adoption of the Plan.  Awards
outstanding at the time of the Plan termination may continue to be exercised or
earned in accordance with their terms.

SECTION 18

CONFLICT IN TERMS

In the event that there is a conflict between the terms of this Plan
and any Stock Option granted pursuant to this Plan and/or any Repurchase
Agreement executed in connection with this Plan, the terms of this Plan shall
control.

 B-13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]