Document:

EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (this “Employment
      Agreement”)
      is
      made and entered into as of February 15th,
      2008,
      by and between Measurement Specialties, Inc., a New Jersey corporation with
      corporate offices located in Hampton, Virginia (the “Employer”),
      and
      Glen MacGibbon (the “Executive”).
      The
      Employer and the Executive are sometimes individually referred to herein as
      a
“Party”
or
      collectively referred to herein as the “Parties.”

     

    WHEREAS,
      Employer desires to employ Executive and Executive desires such employment,
      pursuant to the terms and conditions set forth herein.

     

    NOW
      THEREFORE, in consideration of the premises and mutual covenants and obligations
      hereinafter set forth, and for other good and valuable consideration, the
      sufficiency and adequacy of which are hereby acknowledged, and intending to
      be
      legally bound hereby, the Employer and the Executive hereby agree as
      follows:

     

    1. Effective
      Date and Employment Term.

     

    (a) Effective
      Date.
      Subject
      to the provisions of Section 3(a) hereof, this Employment Agreement shall be
      effective as of February 15th,
      2008
      (the “Effective
      Date”).

     

    (b) Employment
      At Will.
      This
      Agreement shall be effective and the Executive’s employment under this
      Employment Agreement shall commence on the Effective Date. The Executive is
      an
      at-will employee of the Employer. Subject to the requirements of Section 4,
      either Party may elect to terminate the Executive’s employment by 30-day written
      notice to the other Party. Termination of the Executive’s employment shall not
      terminate the obligations of either Party and, in particular, the Executive’s
      obligations under Sections 5 and 6 shall survive termination of Executive’s
      employment by either Party. This Agreement shall continue in effect until and
      unless amended or terminated pursuant to Section 4. 

     

    (c) Prior
      Agreements.
      This
      Agreement shall supersede any prior agreement relating to Executive’s employment
      by the Employer except to the extent specifically provided herein.

     

    2. Position,
      Duties, Reporting, Operations and Other Activities.

     

    (a) Position
      and Duties.
      The
      Employer hereby employs the Executive and the Executive hereby accepts
      employment with the Employer to serve as Group Vice President, PFG. Executive
      shall perform the services and duties attendant to such office as set forth
      herein or in the Bylaws of the Employer, subject in all respects to the
      direction and supervision of the Board of Directors of the Employer, provided
      that such services and duties are consistent with the normal and customary
      responsibilities of an Officer of the Company and that Executive retains the
      position of Vice President. As a Vice President, the Executive shall report
      directly to the Chief Executive Officer and the Board of Directors of the
      Employer. The Executive shall serve the Employer faithfully and diligently
      and
      shall devote his full professional time and attention (except for vacation,
      sick
      leave, and other excused leaves of absence) to the performance of his services
      under this Agreement. The
      Executive shall at all times act in good faith and in the interests of the
      Employer and its affiliates. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Other
      Activities.
      Except
      upon the prior approval of the Employer, during the Employment Term, the
      Executive will not: (i) accept any other employment; (ii) accept any position
      as
      a director or officer of any business or organization other than the Employer
      and its affiliates (other than positions with a reasonable number of charitable
      organizations) or (iii) engage, directly or indirectly, in any other business
      activity (whether or not pursued for pecuniary advantage) that is competitive
      with, or that places him or any other business or company in a competing
      position to Employer and their respective affiliates.

     

    3. Compensation
      and Other Benefits.

     

    (a) Compensation.
      In
      consideration of the services to be rendered by the Executive during the
      Employment Term, the Employer shall pay to the Executive, and the Executive
      agrees to accept from the Employer, a salary at a rate of $203,000 per year
      (the
“Salary”),
      payable in accordance with the Employer’s payroll practices in effect during the
      course of this Employment Agreement. The Board of Directors of the Employer
      or
      Compensation Committee shall review the Salary on an annual basis and consider,
      at its discretion, any increases therein.

     

    (b) Annual
      Bonus.
      During
      the Employment Term, the Executive shall be eligible for an annual bonus of
      up
      to 60% of his Salary based on minimum performance standards to be determined
      on
      an annual basis by management of Employer (the “Annual
      Bonus”).
      The
      Employer shall pay the Executive the Annual Bonus consistent with its normal
      bonus practices.

     

    (c) Expenses.
      The
      Employer shall reimburse the Executive for reasonable travel and other business
      expenses (“Business
      Expenses”),
      which
      are properly documented and consistent with the Employer’s expense policies (to
      include business class airfare for international travel as appropriate),
      incurred by the Executive in the performance of his duties hereunder in
      accordance with the Employer’s general policies, as they may be amended from
      time to time during the course of this Employment Agreement. 

     

    (d) Benefits.
      The
      Executive shall be entitled to take up to six weeks of paid vacation per year,
      subject to accrual and carryover into the next year of a maximum of one week
      of
      unused vacation consistent with the written vacation pay policies of the
      Employer applicable to similarly-situated Executives, and the Executive shall
      be
      entitled to participate in the same and other employee benefits as are generally
      provided to executive employees of the Employer in accordance with such terms,
      conditions and eligibility requirements as may from time to time be established
      by the Employer for its executive employees generally, provided, however, that
      the regular medical and dental insurance made available by the Employer, or
      benefits provided through self-insurance, shall be provided at no cost the
      Executive. Additionally, to the extent the Executive is asked to work in other
      states and incurs additional state income tax, the Employer shall cover that
      incremental amount. 

     

    (e) Stock
      Options.
      The
      Executive shall be eligible for an annual grant of options to purchase between
      zero and 15,000 shares of the Employer’s Common Stock, as the Employer may
      determine from time to time (the “Option”). The exercise price per share of the
      Option shall be equal to the fair market value of a share of the Employer’s
      Common Stock on the date of such grant, except to the extent that the Employer
      determines that the exercise price shall be greater than fair market value
      in
      order to comply with federal tax or other law (the “Option”). The Option shall
      vest over a three-year period in equal installments on each of the next three
      anniversaries of the date of grant based solely on the continued employment
      of
      the Executive with the Employer; provided, however, that all such Options (as
      well as any previously granted, un-vested options) shall become immediately
      vested upon a “change in control” (as defined in the Option plan or agreement
      evidencing such grant). The Option shall be granted pursuant to the Employer’s
      2006 Stock Option Plan in accordance with the Employer’s normal option grant
      procedures, and shall be subject to the terms, conditions and provisions thereof
      and of the certificate or agreement evidencing the Option. 

    
      
        
        

      

      
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    4. Termination
      of Employment.

     

    (a) By
      Death.
      If the
      Executive dies prior to the expiration of the Employment Term, the Employer
      will
      pay to his beneficiaries or estate in a lump sum, within thirty (30) days of
      his
      death (or, solely with respect to the Annual Bonus, as soon as practicable
      after
      determination of the Annual Bonus consistent with the Employer’s normal bonus
      determination practices, (i) the unpaid portion of his Salary earned
      through the date of his death, together with the amount of any accrued but
      unpaid Annual Bonus which was earned in the prior completed fiscal year
      (disregarding any requirement that Executive be employed on the date of payment
      of the bonus), (ii) unreimbursed business expenses properly documented in
      accordance with the Employer’s then existing expense policies and
      (iii) accrued but unused vacation. Thereafter, the Employer’s obligations
      hereunder shall terminate.

     

    (b) By
      Disability.
      If the
      Executive becomes “Permanently
      Disabled”
(as
      defined below) prior to the expiration of the Employment Term, then the Employer
      shall be entitled to terminate his employment, subject to the requirements
      of
      applicable law, and the Executive shall be entitled to receive disability
      benefits in accordance with any applicable disability policy maintained by
      the
      Employer as of the date of such disability. In the event of such termination,
      the Employer shall pay to the Executive in a lump sum, within ten (10) days
      of
      his termination (or, solely with respect to the Annual Bonus, as soon as
      practicable after determination of the Annual Bonus consistent with the
      Employer’s normal bonus determination practices, (i) the unpaid portion of
      his Salary earned through the date of termination, together with the amount
      of
      any accrued but unpaid Annual Bonus which was earned in the prior completed
      fiscal year (disregarding any requirement that Executive be employed on the
      date
      of payment of the bonus), (ii) unreimbursed business expenses properly
      documented in accordance with the Employer’s then existing expense policies and
      (iii) accrued but unused vacation. Thereafter, the Employer’s obligations
      hereunder shall terminate. For the purposes of this Employment Agreement, the
      Executive shall be deemed “Permanently
      Disabled”
when
      the Board of Directors of Employer determines, in good faith, that the Executive
      has suffered a physical or mental disability that prevents the Executive from
      performing the essential duties of his position with reasonable accommodations
      as may be required by law: (i) for a period of ninety (90) consecutive calendar
      days; or (ii) for an aggregate of one hundred twenty (120) business days in
      any
      twelve (12) month period.

    
      
        
        

      

      
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    (c) By
      the
      Executive for Good Reason; by the Employer Other than for Cause.
      

     

    (1) The
      Executive may terminate, without liability, his employment for “Good
      Reason”
(as
      defined below) upon advance written notice of thirty (30) days to the Employer.
      The Employer may terminate the Executive “Other
      than for Cause”
(as
      defined below) upon advance written notice of thirty (30) days to the Executive.
      Upon a termination of Executive’s employment Other than for Cause or for Good
      Reason, Executive shall be entitled to receive from the Employer the following
      sums, each payable within the time frame set forth herein: (i) in a lump sum
      the
      amount of Executive’s Salary accrued through the date of termination and unpaid,
      together with the amount of any accrued but unpaid Annual Bonus earned in the
      prior completed fiscal year, or a pro-rata portion of the accrued annual bonus
      versus the total target bonus for the current fiscal year (disregarding any
      requirement that Executive be employed on the date of payment of the bonus),
      to
      be paid within twenty (20) business days after the date of termination (or,
      solely with respect to the Annual Bonus, as soon as practicable after
      determination of the Annual Bonus consistent with the Employer’s normal bonus
      determination practices), (ii) subject to Section 4(c)(2), an additional amount
      equal to 100% of Executive’s Annual Salary as in effect at the date of
      termination, to be paid in equal installments over the course of one year
      following the date of termination in accordance with the Employer’s payroll
      practices then in effect, beginning with the first payroll payment date
      beginning after the date of termination, (iii) the amount of any outstanding
      business expenses that were incurred by Executive prior to the date of
      termination but not reimbursed as of such date, to be paid in a lump sum within
      twenty (20) business days after the date of termination, and (iii) a lump
      sum payment for accrued but unused vacation to be paid within twenty (20)
      business days after the date of termination. Thereafter, except as specifically
      excluded from the Release (as hereinafter defined), the Employer’s obligations
      hereunder shall terminate.

     

    (2) The
      payments and benefits provided for in Section 4(c)(1)(ii) are contingent on
      (i)
      the receipt by the Employer of a release (the “Release”)
      executed by the Executive in the form attached as Exhibit
      A
      (which
      is to be executed and delivered by the Executive following Executive’s
      termination), and (ii) the lapse of the seven day revocation period set forth
      in
      the Release without receipt by the Employer of a notice of revocation. The
      Executive acknowledges that to the extent the Employer does not receive a
      Release in the form attached as Exhibit
      A
      executed
      by Executive on or within twenty-one (21) days after Executive’s termination or
      if the Release is revoked by the Executive during the seven day revocation
      period, the Executive shall not be entitled to the payments and benefits
      provided for in Section 4(c)(1)(ii). The Executive acknowledges and agrees
      that,
      to the extent he delivers the Release and accepts the payments and benefits
      provided for in Section 4(c)(1)(ii), the payments and benefits provided for
      in
      Section 4(c)(1)(ii) of this Agreement are the sole and exclusive remedies of
      the
      Executive against the Employer and its affiliates if the employment of the
      Executive is terminated pursuant to this Section 4(c); provided,
      however,
      that
      the Executive shall retain all of the claims excluded in the Release.

     

    (3) Upon
      a
      termination of Executive’s employment by the Employer Other than for Cause (or
      by the Executive for Good Reason), a pro rata portion of the annual installment
      of the Option otherwise vesting within a 12 month window of the period in which
      the termination of the Executive’s employment occurs shall be deemed to have
      vested as of the date of termination in proportion to the percentage of the
      fiscal year for which the Executive was actually employed by the
      Employer.

    
      
        
        

      

      
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    (4) For
      the
      purposes of this Employment Agreement, “Good
      Reason”
shall
      exist for a period of sixty (60) days after the occurrence of any of the
      following events: (i) the Employer shall continue to be in default of any
      obligations under this Employment Agreement after the Executive has given the
      Employer notice of such default and an opportunity to cure such default within
      ten (10) days of receipt of such notice; (ii) there is any material diminution
      in the title, job responsibilities, authority, powers or duties of the
      Executive, provided, however, that a change in the Executive’s reporting
      structure shall not constitute a diminution of the Executive’s title, job
      responsibilities, authority, powers or duties; (iii) the Employee’s required
      place of employment is relocated from Wayne, PA; or (iv) there is any reduction
      of Executive’s Annual Bonus target percentage. If the Executive elects not to
      terminate his employment within sixty (60) days after the occurrence of any
      event specified above, the Executive shall be deemed to have consented to the
      occurrence of such event and any subsequent termination by the Executive of
      his
      employment which he claims to be result thereof shall nonetheless be deemed
      a
      termination by the Executive other than for Good Reason.

     

    (5) “Other
      than for Cause”
shall
      mean any termination by the Employer of the Executive’s employment other than
      pursuant to Section 4(b) or 4(e). In the event that this Employment Agreement
      is
      not renewed by the Employer upon the expiration of the Initial Term or any
      Renewal Term pursuant to Section 1(b) hereof, such non-renewal shall be deemed
      a
      termination of the Executive’s employment Other than for Cause and shall entitle
      the Executive to the payments and benefits set forth in Section
      4(c)(1).

     

    (d) By
      the
      Executive other than for Good Reason.
      If the
      Executive terminates his employment for any reason other than for Good Reason
      then all the Employer’s obligations hereunder shall immediately terminate,
      except that the Employer shall pay to the Executive in a lump sum, within ten
      (10) business days (or, solely with respect to the Annual Bonus, as soon as
      practicable after determination of the Annual Bonus consistent with the
      Employer’s normal bonus determination practices, (i) the unpaid portion of
      his Salary earned through the date of termination, together with the amount
      of
      any accrued but unpaid Annual Bonus earned in the latest completed fiscal year
      (disregarding any requirement that Executive be employed on the date of payment
      of the bonus), (ii) accrued but unused vacation and (iii) unreimbursed
      business expenses properly documented in accordance with the Employer’s then
      existing expense policies incurred through the date of such
      termination.

     

    (e) By
      the
      Employer for Cause.
      If the
      Employer terminates the Executive for Cause, then all of the Employer’s
      obligations hereunder shall immediately terminate, except that the Employer
      shall pay to the Executive, within ten (10) business days, the portion of his
      Salary earned through the date of termination and unreimbursed Business Expenses
      properly documented in accordance with the Employer’s then existing expense
      policies incurred through the date of such termination. For purposes of this
      Employment Agreement, “Cause”
shall
      mean: (i) any act or omission that constitutes a material breach by the
      Executive of any of his obligations under this Employment Agreement or any
      material written policy of the Employer or any of its affiliates of which the
      Executive has been given prior notice; (ii) the failure or refusal by the
      Executive to follow any lawful reasonable direction of the Chief Executive
      Officer or the Board of Directors of the Employer that is material and is
      consistent with the Executive’s obligations under this Employment Agreement; or
      (iii) the conviction of the Executive (including a nolo
      contendere
      or
      guilty plea) of a felony or a crime involving fraud, misappropriation or
      dishonesty. Notwithstanding the foregoing, the occurrence of an event described
      in clause (i) or (ii) above shall not constitute Cause unless and until the
      Employer has provided the Executive with written notice of the event and action
      required to remedy the same, including a description and details of same, and
      (A) the Executive has failed to remedy the same within ten (10) business days
      of
      such notice, or (B) if such conduct is not remediable by diligent efforts within
      ten (10) business days, but the Executive has commenced diligent action to
      remedy such situation within ten (10) business days, the Executive has failed
      to
      remedy the same with twenty (20) business days of such notice. 

    
      
        
        

      

      
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    (f) Termination
      of Employment.
      For
      purposes of this Agreement, any references to a termination of employment or
      to
      the time at which the Executive terminates his employment will be construed
      consistent with a “separation from service” within the meaning of Section 409A
      of the Code.

     

    5. Proprietary
      Information.

     

    (a) Defined.
      For
      purposes of this Employment Agreement, “Proprietary
      Information”
shall
      mean all proprietary, secret or confidential information pertaining to the
      business and affairs of the Employer and its respective affiliates (whether
      or
      not such information is in written form). Without limiting the generality of
      the
      foregoing, Proprietary Information shall include: (i) client lists, lists of
      potential clients and details of agreements with clients; (ii) acquisition,
      expansion, marketing, financial and other business information, projections
      and
      plans; (iii) research and development; (iv) computer programs and computer
      software; (v) sources of supplies and supplier lists; (vi) identity of
      specialized consultants and contractors and Proprietary Information that is
      developed or learned by the Executive in the course of his relations with the
      Employer and its affiliates; (vii) purchasing, operating and other cost data;
      (viii) special client needs, cost and pricing data; (ix) employee information;
      (x) all Proprietary Rights, which shall mean the following: (A) any and all
      patents and patent applications (including all provisional, divisions,
      continuations, continuations in part, and reissues), patentable inventions,
      and
      business methods; (B) all registered and unregistered fictional business names,
      trade names, trademarks, service marks, and registered domain names and all
      applications with respect to any of the foregoing; (C) registered and
      unregistered copyrights in both published works and unpublished works and
      copyrightable subject matter, including software; and (D) all know-how, trade
      secrets, customer lists, confidential information, technical information, data,
      process technology, plans, drawings, and blueprints.); and (xi) all data,
      concepts, ideas, findings, discoveries, developments, programs, designs,
      inventions, improvements, methods, practices and techniques, whether or not
      patentable, relating to present and planned future activities and the products
      and services of the Employer and their respective affiliates. Proprietary
      Information also includes information recorded in manuals, memoranda,
      projections, minutes, plans, drawings, designs, formula books, specifications,
      computer programs and records, whether or not legended or otherwise identified
      as Proprietary Information, as well as information that is the subject of
      meetings and discussions and not so recorded; provided,
      however,
      that
      Proprietary Information shall not include any information which (i) is or
      becomes generally available to the public other than as a result of disclosure
      by the Executive, (ii) was or becomes available to the Executive on a
      non-confidential basis from a third party, which source is not bound by a
      confidentiality agreement or other duty of confidentiality with respect to
      such
      Proprietary Information, or (iii) disclosure was specifically authorized in
      writing by the Employer. In the event that the Executive becomes legally
      compelled (by oral questions, interrogatories, requests for information or
      documents, subpoena, criminal or civil investigative demand or other legal
      process or requirement) to disclose any Proprietary Information, the Executive
      shall be entitled to disclose any Proprietary Information he is legally
      compelled to disclose and will provide the Employer with prompt written notice
      of such request or requirement so that the Employer, at the Employer’s expense,
      may seek a protective order or other appropriate remedy or relief and/or waive
      compliance with the provisions of this Employment Agreement prior to such
      disclosure and consult with the Executive to a reasonable extent on the
      advisability of taking steps to resist or narrow the scope of such request
      or
      requirement.

    
      
        
        

      

      
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    (b) General
      Restrictions on Use.
      The
      Executive agrees to hold all Proprietary Information in strict confidence and
      trust for the sole benefit of the Employer and its affiliates, as the case
      may
      be, or, with regard to Proprietary Information that is the property of a
      customer or client of the Employer, for the sole benefit of such entity, and
      to
      not, directly or indirectly, disclose, use, copy, publish, summarize, or remove
      from the premises of the Employer or its affiliates, without the prior written
      consent of the Employer, any Proprietary Information except during the
      Employment Term to the extent necessary to carry out the Executive’s
      responsibilities under this Employment Agreement.

     

    (c) No
      Conflict with Other Obligations.
      The
      Executive hereby represents to Employer that he is not a party to, or obligated
      by, any restrictive covenant or any other obligation or agreement that would
      interfere with the performance of his obligations under this Employment
      Agreement or limit in any way his ability to render services to Employer or
      their respective affiliates. 

     

    (d) Executive’s
      Obligations.

     

    (1) The
      Executive, as part of the consideration for this Employment Agreement and for
      his continued employment by the Employer, hereby assigns to the Employer, to
      the
      extent permitted by applicable law, the entire right, title, and interest in
      and
      to any and all inventions, know-how, technology, copyrights, trade secrets,
      improvements, plans and specifications and any and all proprietary rights of
      any
      nature whatsoever: (i) which he alone, or in conjunction with others, may make,
      conceive or develop while he is employed by the Employer; and (ii) which relate
      to or derive from any subject matter or problem with respect to which the
      Executive shall have become informed by reason of his relations with the
      Employer or any affiliate, or to any product or process involved in the business
      of the Employer or any affiliate.

     

    (2) The
      Executive further agrees that he will promptly disclose fully to the Employer
      such inventions, trade secrets, improvements, plans and specifications and
      will
      at any time render to the Employer such reasonable cooperation and assistance
      (excluding financial assistance) as the Employer may deem to be advisable in
      order to obtain copyrights or patents, as the case may be, on or otherwise
      perfect or defend the Employer’s rights in each such invention, trade secret,
      improvement, plan or specification, including, but not limited to, the execution
      of any and all applications for copyrights or patents, assignments of copyrights
      or patents and other instruments in writing which the Employer, its officers
      or
      attorneys may reasonably deem necessary or desirable, and the aforesaid
      obligation shall be binding on the assigns, executors, administrators and other
      legal representatives of the Executive.

    
      
        
        

      

      
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    (3) The
      Executive hereby constitutes and appoints the Employer, its successors and
      assigns, the true and lawful attorney-in-fact of the Executive with full power
      of substitution, for him and in his name and stead or otherwise, but at the
      sole
      expense and on behalf of and for the benefit of the Employer, its successors
      and
      assigns, to institute and prosecute from time to time, any proceedings at law,
      in equity or otherwise, that the Employer, its successors or assigns, may
      reasonably deem proper in order to assert or enforce any claim, right, or title
      of any kind in and to the inventions, trade secrets and improvements described
      under this Section 5(d), to defend and compromise any and all actions, suits
      or
      proceedings in respect of any of said inventions, trade secrets and improvements
      and, generally to do any and all such acts and things in relation thereto as
      the
      Employer, its successors and assigns, reasonably shall deem advisable,
      including, but not limited to, execution of any and all applications,
      assignments and instruments contemplated under this Section 5(d). The Executive
      declares that the appointment hereby made and the powers hereby granted are
      coupled with an interest and shall be irrevocable by the Executive.

     

    6. Restrictive
      Covenant.

     

    (a) Competition.
      During
      the Restricted Period (as defined below), the Executive will not, directly
      or
      indirectly, work as an employee, consultant, agent, principal, partner, manager,
      stockholder, officer, director or in any other capacity, for any person or
      entity inside or outside the United States of America who or which is engaged
      in
      the business of designing and manufacturing sensors and sensor-based products
      competitive with the Company at the time of termination.  The restriction
      in the preceding sentence shall not apply to ownership of less than five percent
      (5%) of the issued and outstanding capital of stock of any corporation that
      is
      publicly traded and for which capital stock selling and asking prices are
      published from time to time in The Wall Street Journal.  The “Restricted
      Period”
shall
      mean the Employment Term plus (i) two (2) years following the termination
      thereof by the Executive other than for Good Reason or by the Employer for
      Cause, or (ii) (1) year following the termination thereof for any other reason.
      

     

    (b) Solicitation.
      During
      the Employment Term, and for a period of two (2) years following the termination
      thereof for any reason, the Executive will not, directly or indirectly, either
      for himself, or on behalf of any other business enterprise, directly or
      indirectly, under any circumstance (i) solicit for employment any person who
      is
      employed by the Employer or any of its subsidiaries during the period of the
      Executive’s service to the Employer, (ii) induce any person who is employed by
      the Employer to terminate his or her employment with the Employer or any of
      its
      subsidiaries, or (iii) call on or solicit any person or entity who or which
      is a
      customer of the Employer or any of its subsidiaries. 

     

    (c) Enforcement.
      It is
      expressly agreed by the Executive that the nature and scope of each of the
      provisions set forth above in this Section 6 are reasonable and necessary.
      If,
      for any reason, any aspect of the above provisions as it applies to the
      Executive is determined by a court of competent jurisdiction to be unreasonable
      or unenforceable, the provisions shall only be modified to the minimum extent
      required to make the provisions reasonable and/or enforceable, as the case
      may
      be. 

    
      
        
        

      

      
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    (d) Survival.
      This
      Section 6 shall survive the expiration or termination of this Employment
      Agreement for any reason.

     

    7. Assignment.

     

    (a) No
      Assignment by the Executive.
      Neither
      this Employment Agreement nor any right or interest hereunder shall be
      assignable by the Executive, his beneficiaries, or legal representatives without
      the Employer’s prior written consent; provided,
      that
      nothing in this Section 7(a) shall preclude the Executive from designating
      a
      beneficiary to receive, upon his death, any benefit payable hereunder, or the
      executors, administrators, or other legal representatives of the Executive’s
      estate from assigning any rights hereunder to the person or persons entitled
      thereto.

     

    (b) Assignment
      to Receive Payments.
      Except
      as otherwise required by law, without the Employer’s prior written consent, no
      right of the Executive to receive payments under this Employment Agreement
      shall
      be subject to anticipation, commutation, alienation, sale, assignment,
      encumbrance, charge, pledge, or hypothecation, or to exclusion, attachment,
      levy, or similar process or assignment by operation of law, and any attempt,
      voluntary or involuntary, to effect any such action shall be null, void, and
      of
      no effect.

     

    8. “Key
      Man” Life and Disability Insurance.
      The
      Employer may, in its discretion, apply for and procure, in its own name and
      for
      its own benefit, life insurance and disability insurance with regard to the
      Executive, in any amount or amounts that the Employer may deem advisable. In
      connection therewith, the Executive shall submit to any reasonable medical
      or
      other examination, and execute and deliver any application or other instrument,
      as reasonably requested by the Employer. Nothing herein shall obligate the
      Employer to establish, maintain or continue any such insurance arrangement.
      

     

    9. Notices.
      All
      notices, requests, claims, demands, and other communications under this
      Employment Agreement shall be in writing and shall be deemed given if delivered
      personally or sent by overnight courier (providing proof of delivery) to the
      parties at the following addresses (or at such address for a party as shall
      be
      specified by like notice): 

     

    If
      to the
      Employer:

    

    Measurement
      Specialties, Inc.

    1000
      Lucas Way

    Hampton,
      VA 23666

    Attention:
      Frank Guidone, President and CEO

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    If
      to the
      Executive:

    

    [INSERT
      ADDRESS]

    

    10. Entire
      Agreement.
      The
      terms of this Employment Agreement are intended by the parties to be the final
      expression of their agreement with respect to the employment of the Executive
      by
      the Employer and may not be contradicted by evidence of any prior or
      contemporaneous agreement. The parties further intend that this Employment
      Agreement shall constitute the complete and exclusive statement of its terms
      and
      that no extrinsic evidence may be introduced in any judicial, administrative,
      or
      other legal proceeding involving this Employment Agreement.

     

    11. Amendments;
      Waivers.
      This
      Employment Agreement may not be modified, amended, or terminated except by
      an
      instrument in writing, signed by the Executive and by a duly authorized
      representative of the Employer other than the Executive. By an instrument in
      writing similarly executed, either party may waive compliance by the other
      party
      with any provision of this Employment Agreement that such other party was or
      is
      obligated to comply with or perform; provided
      that
      such waiver shall not operate as a waiver of, or estoppel with respect to,
      any
      other or subsequent failure. No failure to exercise and no delay in exercising
      any right, remedy, or power hereunder shall operate as a waiver thereof, nor
      shall any single or partial exercise of any right, remedy, or power hereunder
      preclude any other or further exercise thereof, or the exercise of any other
      right, remedy, or power provided herein, or by law or in equity.

     

    12. Confidentiality.
      The
      Executive agrees that the terms and conditions of this Employment Agreement
      are
      confidential and shall not be disclosed by the Executive to any third parties,
      other than the Executive’s immediate family members, lawyers, accountants and
      other professional advisors, unless such disclosure is required by
      law.

     

    13. Governing
      Law.
       The
      validity, interpretation, enforceability, and performance of this Employment
      Agreement shall be governed by and construed in accordance with the law of
      the
      State of Virginia, without giving effect to conflict of laws
      principles.

     

    14. Consent
      to Jurisdiction.
      Without
      in any manner limiting the provisions of this Employment Agreement, any action
      or proceeding seeking to enforce any provision of, or based on any right arising
      out of, this Employment Agreement may be brought exclusively in the courts
      of
      the State of Virginia, or, if it has or can acquire jurisdiction, in the United
      States District Court for the district of Virginia, and each of the parties
      consents to the exclusive jurisdiction of such courts (and of the appropriate
      appellate courts) in any such action or proceeding and waives any objection
      to
      venue laid therein. Process in any action or proceeding referred to in the
      preceding sentence may be served on any party anywhere in the world. The
      foregoing shall not limit the rights of any party to bring the legal action
      or
      proceeding or to obtain execution of judgment in any appropriate jurisdiction.
      Each of the parties hereto further agrees that final judgment against it in
      any
      such action or proceeding shall be conclusive and may be enforced by any other
      jurisdiction within or outside the United States of America by suit on the
      judgment, a certified or exemplified copy of which shall be conclusive evidence
      thereof. 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    15. Remedies.
      Except
      as otherwise provided in this Employment Agreement and in the Release attached
      as Exhibit
      A
      hereto
      (which is the form of Release to be executed and delivered by Executive
      following Executive’s termination), (i) none of the remedies provided in this
      Employment Agreement are the exclusive remedy of a party for breach of this
      Employment Agreement and (ii) the parties hereto shall have the right to seek
      any other remedy in law or equity, including without limitation an action for
      damages for breach of contract.

     

    16. Additional
      Executive Acknowledgment.
      The
      Executive acknowledges: (i) that he has been advised by Employer to consult
      with
      independent counsel of his own choice concerning this Employment Agreement
      and
      has been provided the opportunity to do so; and (ii) that he has read and
      understands the Employment Agreement, is fully aware of its legal effect, and
      has entered into it freely based on his own judgment.

     

    17. Binding
      Effect.
      This
      Employment Agreement shall be binding upon and shall inure to the benefit of
      the
      Employer and its respective successors and assigns, but the rights and
      obligations of the Executive are personal and may not be assigned or delegated
      without the Employer’s prior written consent.

     

    18. Invalid
      Provisions.
      The
      invalidity or unenforceability of a particular provision of this Employment
      Agreement shall not affect the enforceability of any other provisions hereof
      and
      this Employment Agreement shall be construed in all respects as if such invalid
      or unenforceable provisions were omitted. 

     

    19. Counterparts;
      Facsimile.
      This
      Employment Agreement may be executed by facsimile and in two or more
      counterparts, each of which will be deemed an original but all of which together
      shall constitute one and the same instrument.

     

    20. Delay
      of Payment.
      Notwithstanding any other provision of this Agreement, if the Executive is
      a
“specified employee,” within the meaning of Section 409A of the Code to the
      extent necessary to comply with Section 409A of the Code, no payments or
      benefits (which are not otherwise exempt) may be paid or provided hereunder
      before the date which is six months after the Executive’s separation from
      service or, if earlier, his death. The amounts that would have otherwise been
      required to be paid, and the benefits that would have otherwise have been
      provided during such six months or, if earlier until Executive’s death, shall be
      paid to the Executive in one lump sum cash payment as soon as administratively
      practicable after the date which is six months after the Executive’s separation
      from service or, if earlier, after the Executive’s death. Any other payments
      scheduled to be made or benefits scheduled to be provided after such period
      shall be made and provided at the times otherwise designated in this Agreement
      disregarding the delay of payment for the payments and benefits described in
      this Section 20.

     

    21. Section
      409A.
      This
      Agreement is intended to comply with the applicable requirements of Section
      409A
      of the Code and shall be construed and interpreted in accordance therewith.
      

     

    {the
      remainder of this page has been intentionally left blank}

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF the parties have duly executed this Employment Agreement as
      of
      the date first written above.

    

    
      	
              MEASUREMENT SPECIALTIES, INC.

            
	 	 
	
              By:

            	 
	
              Name:

            	
              Frank
                Guidone

            
	
              Title:

            	
              President
                and CEO

            
	 	 
	
              EXECUTIVE

            
	 
	 
	
              Glen
                MacGibbon

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF GENERAL RELEASE

     

    FOR
      AND
      IN CONSIDERATION OF the severance payments provided for in Section 4(c)(1)(ii)
      of the Employment Agreement entered into as of February 15, 2007 (the
“Employment
      Agreement”),
      by
      and between Glen
      MacGibbon (the “Executive”)
      and
      Measurement Specialties, Inc. (the “Employer”),
      and
      pursuant to Section 4 of the Employment Agreement, the Executive agrees, on
      behalf of himself, his heirs, executors, administrators and assigns, to release
      and discharge the Employer, its affiliates and their current and former
      officers, directors, employees, agents, owners, subsidiaries, divisions,
      affiliates, parents, successors and assigns (the “Released
      Parties”)
      from
      any and all manner of actions and causes of action, suits, debts, dues,
      accounts, bonds, covenants, contracts, agreements, judgments, charges, claims,
      and demands whatsoever (“Claims”)
      which
      the Executive, his heirs, executors, administrators and assigns have or may
      have
      against the Released Parties or any of them from the beginning of the world
      to
      the date hereof, arising out of any and all matters relating to the Executive’s
      employment by the Employer and the cessation thereof, and all other matters
      arising under any federal, state, or local statute, rule, or regulation or
      principle of contract law or common law relating to Executive’s employment with
      the Employer or the cessation thereof, including but not limited to, Title
      VII
      of the Civil Rights Act of 1964, as amended,
      42
      U.S.C. § 2000e et seq.,
      the
      Age Discrimination in Employment Act of 1967, as amended,
      29
      U.S.C. § 621 et seq.,
      the
      Americans with Disabilities Act of 1990, as amended,
      42
      U.S.C. § 12101 et seq.,
      the
      Family and Medical Leave Act, Section 1981 of the Civil Rights Act of 1866,
      the
      Fair Labor Standards Act, the Virginians With Disabilities Act, the Virginia
      Human Rights Act, the Virginia Whistleblowers Statute, and any other equivalent
      state or local statute, but specifically excluding any Claims with respect
      to
      amounts due and owing to the Executive pursuant to the terms and conditions
      of
      Section 4(c) of the Employment Agreement or under any other employee benefit
      plan of the Released Parties. 

     

    It
      is
      understood that nothing in this General Release is to be construed as an
      admission on behalf of the Released Parties of any wrongdoing with respect
      to
      the Executive, any such wrongdoing being expressly denied.

     

    The
      Executive represents and warrants that he fully understands the terms of this
      General Release, that the Employer has advised the Executive to seek the advice
      of independent counsel of his own choosing and that he has been provided the
      opportunity to do so, and that he knowingly and voluntarily, of his own free
      will without any duress, being fully informed and after due deliberation,
      accepts its terms and signs the same as his own free act. The Executive
      understands that as a result of executing this General Release, he will not
      have
      the right to assert that the Employer violated any of his rights in connection
      with his employment.

     

    The
      Executive affirms that he has not filed, and agrees not to initiate or cause
      to
      be initiated on his behalf, any complaint, charge, claim, or proceeding against
      the Released Parties before any federal, state, or local agency, court or other
      body relating to his employment and the cessation thereof; provided, however,
      nothing in this Release shall preclude the Executive from filing a charge under
      the Age Discrimination in Employment Act with the Equal Employment Opportunity
      Commission or participating in an investigation, hearing or proceeding conducted
      by the Equal Employment Opportunity Commission regarding a charge under that
      statute, but the intent of this Release is to waive and release the Executive’s
      right to recover damages through any such charge, investigation, hearing or
      proceedings.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    The
      Executive may take up to 21 days to consider whether to execute this General
      Release. Alternatively, the Executive, having had the opportunity to seek the
      advice of counsel, may knowingly waive the remainder of the 21-day period he
      had
      from the date of termination of the Employment Agreement to consider whether
      to
      execute this General Release. Upon the Executive’s execution of this General
      Release, he will have 7 days after execution to revoke it. In the event of
      revocation, the Executive must present written notice of revocation to the
      CEO
      of the Employer. If 7 days pass without receipt of such notice of revocation,
      this General Release shall become binding and effective on the 8th
      day.

     

    This
      General Release shall be governed by the laws of the State of Virginia without
      giving effect to its conflict of laws principles.

    

    
      	
              Dated:
                

            	 	 	 	 
	 	 	 	
              [NAME]

            	 

    

     

    
      
        
        

      

      
        14Exhibit
      10.4

    

    NGP
      CAPITAL RESOURCES COMPANY

    NGP
      INVESTMENT ADVISOR, LP

    

    AMENDED
      AND RESTATED

    JOINT
      CODE OF ETHICS

    

    Adopted
      July 31, 2008

     

    This
      Amended and Restated Code of Ethics (the “Code”) has been adopted by the Board
      of Directors, including a majority of the Directors who are not interested
      persons, of NGP Capital Resources Company (the “Company”) and the general
      partner of NGP Investment Advisor, LP (the “Adviser”) in order to satisfy the
      requirements of Rule 17j-1 under the Investment Company Act of 1940 (the “1940
      Act”) and Section 204A of the Investment Advisers Act of 1940 (the “Advisers
      Act”).

    

    As
      it
      relates to Rule 17j-1 of the 1940 Act, the purpose of the Code is to establish
      standards and procedures that are reasonably designed for the detection and
      prevention of activities by which persons having knowledge of the investments
      and investment intentions of the Company may abuse their fiduciary duties to
      the
      Company and otherwise deal with the types of conflicts of interest situations
      to
      which Rule 17j-1 is addressed. As it relates to Section 204A of the Advisers
      Act, the purpose of this Code is to establish procedures that, taking into
      consideration the nature of the Adviser’s business, are reasonably designed to
      prevent the misuse of material non-public information in violation of the
      federal securities laws by persons associated with the Adviser.

    

    SECTION
      1

    

    DEFINITIONS

    

    
      	 	
              1.1.

            	
              “Access
                Person”
                means (a) the Adviser, (b) any director, general partner, or officer
                of
                the Adviser or the Company, and (c) any Advisory Person.
                

            

    

    

    
      	 	
              1.2.

            	
              “Advisory
                Person”
                means any (a) employee of the Company (or any company in a Control
                relationship with the Company) who, in connection with his or her
                regular
                functions or duties, makes, participates in, or obtains information
                regarding the purchase or sale of Covered Securities by the Company
                or
                whose functions relate to the making of any recommendations with
                respect
                to such purchases or sales, and (b) employee of the Adviser who has
                access
                to nonpublic information regarding the Company’s purchase or sale of
                securities, or nonpublic information regarding the portfolio holdings
                of
                the Company, or who, in connection with his or her regular functions
                or
                duties is involved in making securities recommendations to the Company,
                or
                has access to such recommendations that are not public.
                

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    
      	 	
              1.3.

            	
              “Annual
                Certification”
                means an Annual Certification of Compliance with Code of Ethics,
                in the
                form attached as Schedule F.

            

    

    

    
      	 	
              1.4.

            	
              “Automatic
                Investment Plan”
                means a program in which regular periodic purchases (or withdrawals)
                are
                made automatically in (or from) investment accounts in accordance
                with a
                predetermined schedule and allocation and includes a dividend reinvestment
                plan.

            

    

    

    
      	 	
              1.5.

            	
              “Beneficial
                Ownership”
                has the meaning set forth in paragraph (a)(2) of Rule 16a-1 under
                the
                Securities Exchange Act of 1934, and for purposes of this Code includes
                any interest by which an Access Person or any Immediate Family Member
                of
                an Access Person can directly or indirectly derive monetary or other
                economic benefit from the purchase, sale (or other acquisition or
                disposition), or ownership of a security, including any such interest
                that
                arises as a result of: a general partnership interest in a general
                or
                limited partnership, an interest in a trust, a right to dividends
                that is
                separated or separate from the underlying security, a right to acquire
                equity securities through the exercise or conversion of a derivative
                security (whether or not presently exercisable), and a performance
                related
                advisory fee (other than an asset based
                fee).

            

    

    

    
      	 	
              1.6.

            	
              “Board
                Member”
                means each individual who serves as a director of the
                Company.

            

    

    

    
      	 	
              1.7.

            	
              “Committee
                of Independent Directors”
                means a committee comprised of all of the directors of the Company
                who are
                not “interested persons” of the Company as defined in Section 2(a)(19) of
                the 1940 Act acting as a committee of the
                whole.

            

    

    

    
      	 	
              1.8.

            	
              “Compliance
                Officer”
                means the person designated by the Adviser to serve as the chief
                compliance officer of the Adviser.

            

    

    

    
      	 	
              1.9.

            	
              “Control”
                has the meaning set forth in Section 2(a)(9) of the 1940 Act, and
                includes
                the power to exercise a controlling influence over the management
                or
                policies of a company, unless such power is solely the result of
                an
                official position with the company. Control shall be presumed to
                exist
                where a person owns beneficially, either directly or through one
                or more
                companies, more than 25% of the voting securities of a
                company.

            

    

    

    
      	 	
              1.10.

            	
              “Covered
                Security”
                means a security as defined in Section 2(a)(36) of the 1940 Act and
                includes any and all stock, debt obligations, and similar instruments
                of
                whatever kind, including any right or warrant to purchase a security,
                or
                option to acquire or sell a security, a group or index of securities.
                References to a security in this Code shall be deemed to refer to
                and
                include any warrant for, option in, or security immediately convertible
                into that security, and shall also include any financial instrument
                that
                has an investment return or value that is based, in whole or in part,
                on
                that security (collectively “derivatives”).

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    The
      term
“Covered Security” does not include: (a) direct obligations of the Government of
      the United States, (b) bankers’ acceptances, bank certificates of deposit,
      commercial paper, and high quality short-term debt instruments, including
      repurchase agreements, (c) shares issued by money market funds, (d) any shares
      issued by an open-end investment company, and (e) shares issued by unit
      investment trusts that are invested exclusively in one or more open-end
      investment companies.

    

    A
      Covered
      Security is “being considered for purchase or sale” when a recommendation to
      purchase or sell the security has been made or communicated and, with respect
      to
      the person making the recommendation, when such person seriously considers
      making such a recommendation.

     

    
      	 	
              1.11.

            	
              “Immediate
                Family Member”
                means a person who shares the same household as the Access Person
                and is
                related to the Access Person by blood, marriage, or
                adoption.

            

    

    

    
      	 	
              1.12.

            	
              “Independent
                Board Member”
                means each individual who serves as a director of the Company who
                is not
                an “interested person,” as defined in Section 2(a)(19) of the 1940 Act, of
                the Company.

            

    

    

    
      	 	
              1.13.

            	
              “Initial
                Certification”
                means an Initial Certification of Compliance with Code of Ethics,
                in the
                form attached as Schedule E.

            

    

    

    
      	 	
              1.14.

            	
              “Initial
                Public Offering”
                means an offering of securities registered under the Securities Act
                of
                1933, the issuer of which, immediately before the registration was
                not
                subject to the reporting requirements of Section 13 or 15(d) of the
                Securities Exchange Act of 1934.

            

    

    

    
      	 	
              1.15
                

            	
              “Investment
                Personnel”
                mean (a) any employee of the Company or the Advisor (or of any company
                in
                a control relationship to the Company or the Advisor who, in connection
                with his or her regular functions or duties, makes or participates
                in
                making recommendations regarding the purchase or sale of securities
                by the
                Company or (b) any natural person who controls the Company or the
                Advisor
                and who obtains information concerning recommendations made by the
                Company
                regarding the purchase or sale of securities by the
                Company.

            

    

    

    
      	 	
              1.16.

            	
              “Limited
                Offering”
                means an offering that is exempt from registration pursuant to Section
                4(2) of Section 4(6) of the Securities Act of 1933 or Rule 504, 505,
                or
                506 thereunder.

            

    

    

    
      	 	
              1.17.

            	
              “Related
                Party”
                means an employee’s spouse, minor children, other relative who live in the
                employee’s household and trusts and similar entities with respect to which
                an employee is trustee or otherwise enjoys beneficial
                ownership.

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              1.18.

            	
              “Restricted
                Securities”
                has the meaning ascribed to such term in
                Section 3.1.

            

    

    

    
      	 	
              1.19.

            	
              “Restricted
                Securities List”
                means the list of Restricted Securities maintained by the Compliance
                Officer as it exists at such time.

            

    

    

    
      	 	
              1.20.

            	
              “Security
                Held or to be Acquired by the Company”
                means (a) any Covered Security that, within the most recent 15 days:
                (i)
                is or has been held by the Company, or (ii) is being or has been
                considered by the Company or the Advisor for purchase by the Company,
                and
                (b) any option to purchase or sell, and any securities convertible
                into or
                exchangeable for, a Covered Security described in clause
                (a).

            

    

    

    SECTION
      2

    

    STATEMENT
      OF GENERAL PRINCIPLES

    

    The
      general fiduciary principles that govern the trading activities by an Access
      Person are as follows:

    

    
      	 	
              (a)

            	
              The
                duty at all times to place the interests of the stockholders of the
                Company first.

            

    

    

    
      	 	
              (b)

            	
              The
                requirement that all personal securities transactions be conducted
                in a
                manner that does not interfere with the Company’s portfolio transactions
                so as to avoid any actual or potential conflict of interest or any
                abuse
                of an individual’s position of trust and
                responsibility.

            

    

    

    
      	 	
              (c)

            	
              The
                fundamental standard that Access Persons should not take inappropriate
                or
                unfair advantage of their relationship with the Company or the
                Adviser.

            

    

    

    
      	 	
              (d)

            	
              The
                duty of all Access Persons to comply with all applicable federal
                securities laws.

            

    

    

    Access
      Persons must adhere to these general principles as well as comply with the
      Code’s specific provisions.

     

    SECTION
      3

    

    PROHIBITED
      PURCHASES AND SALES

    

    3.1 Except
      as
      permitted pursuant to Section 4 or 5 below, no Access Person shall purchase
      or
      sell, directly or indirectly, any Covered Security in which he or she has,
      or by
      reason of such transaction acquires, any direct or indirect beneficial ownership
      and which he or she knows or should know at the time of such purchase or sale:
      (a) has been purchased or sold by the Company within the last 15 calendar days
      or held by the Company for less than 60 calendar days, (b) is currently being
      purchased or sold by the Company, or (c) is being, or within the most recent
      15
      calendar days has been, considered for purchase or sale by the Company
      (“Restricted
      Securities”).
      These
      prohibitions shall continue until the time that the Adviser or any such Access
      Person decides not to recommend such purchase or sale, or if such recommendation
      is made, until the time that the Company decides not to enter into, or
      completes, such recommended purchase or sale.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.2 No
      Access
      Person shall recommend any securities transaction by the Company without having
      disclosed his interest, if any, in such securities or the issuer of the
      securities, including without limitation: (a) his or her direct or indirect
      beneficial ownership of any securities of any such issuer, (b) any contemplated
      transaction by such person in such securities, (c) any position with such issuer
      or its affiliates, or (d) any present or proposed business relationship between
      such issuer or its affiliates and such person or any party in which such person
      has a significant interest.

    

    3.3 No
      Access
      Person shall, directly or indirectly in connection with the purchase or sale
      of
      any Security Held or to be Acquired by the Company: (a) employ any device,
      scheme, or artifice to defraud the Company, (b) make to the Company any untrue
      statement of a material fact or omit to state to the Company a material fact
      necessary in order to make the statements made, in light of the circumstances
      under which they are made, not misleading, (c) engage in any act, practice,
      or
      course of business that operates or would operate as a fraud or deceit upon
      the
      Company, or (d) engage in any manipulative practice with respect to the
      Company.

    

    3.4
       No
      Access
      Person or Investment Personnel shall: (a) purchase, directly or indirectly,
      or
      by reason of such transaction acquire, any direct or indirect beneficial
      ownership of any Covered Securities in an Initial Public Offering or a Limited
      Offering without prior approval in accordance with this Code or (b) (i) seek
      or
      accept favors, preferential treatment or any other personal benefit because
      of
      his or her association with the Adviser or the Company, (ii) accept any
      entertainment, gift or other personal benefit that may create or appears to
      create a conflict between the interests of such person and the Adviser or the
      Company, or (iii) receive any gift or other personal benefit of more than de
      minimis value from any person or entity that does business with or on behalf
      of
      the Adviser or the Company.  For purposes of this Code, de minimis is
      defined as reasonable and customary gifts, benefits or business entertainment
      (such as dinners, tickets to sporting events or theater, or comparable
      entertainment) which is neither so frequent nor so extensive as to raise any
      question of propriety. Any questions regarding the receipt of any gift or other
      personal benefit should be directed to the Compliance Officer. 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    SECTION
      4

    

    EXEMPT
      PURCHASES AND SALES

    

    
      	 	
              The
                prohibitions in Section 3 of this Code shall not apply
                to:

            

    

    

    
      	 	
              (a)

            	
              purchases
                or sales effected in any account over which an Access Person has
                no direct
                or indirect influence or control;

            

    

    

    
      	 	
              (b)

            	
              purchases
                or sales of securities that are not listed on the Restricted Securities
                List, other than securities acquired in an Initial Public Offering
                or a
                Limited Offering;

            

    

    

    
      	 	
              (c)

            	
              purchases
                or sales of securities that are U.S. Treasury obligations, commercial
                paper and high quality debt instruments (including repurchase agreements)
                with a stated maturity of 12 months or less, bankers' acceptances,
                and
                bank certificates of deposit;

            

    

    

    
      	 	
              (d)

            	
              purchases
                and redemptions of shares of registered open-end investment companies
                (mutual funds), but not shares of funds advised by the Adviser, closed-end
                funds, or exchange traded funds;

            

    

    

    
      	 	
              (e)

            	
              purchases
                effected upon exercise of rights issued by an issuer pro rata to
                all
                holders of a class of its securities to the extent such rights were
                acquired from such issuer, and sales of such rights to be
                acquired;

            

    

    

    
      	 	
              (f)

            	
              involuntary
                (i.e., non-volitional) purchases and sales of
                securities;

            

    

    

    
      	 	
              (g)

            	
              transactions
                effected pursuant to an Automatic Investment Plan;
                

            

    

    

    
      	 	
              (h)

            	
              joint
                investments permitted pursuant to an exemptive order issued by the
                Securities and Exchange Commission;
                or

            

    

    

    
      	 	
              (i)

            	
              purchases
                or sales for which the Access Person has received prior approval
                from the
                Compliance Officer in accordance with this
                Code.

            

    

    

    SECTION
      5

    

    PRIOR
      CLEARANCE OF TRANSACTIONS

    

    No
      Access
      Person or Investment Personnel shall acquire any beneficial ownership in any
      Covered Securities in an Initial Public Offering or in a Limited Offering,
      without obtaining prior written clearance from the Compliance Officer or a
      person designated by the Compliance Officer to pre-clear transactions. The
      Compliance Officer and these designated persons are referred to as a “Clearing
      Officer.” A Clearing Officer seeking pre-clearance with respect to his or her
      own transaction shall obtain such clearance from another Clearing
      Officer.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Any
      Access Person or Investment Personnel who effects a purchase or sale of any
      Covered Security after obtaining prior written clearance shall be deemed not
      to
      be in violation of Section 3 of this Code by reason of such purchase or sale.
      Upon written request from an Access Person or Investment Personnel as provided
      in Paragraph 5.1 below, a Clearing Officer shall have the sole discretion to
      pre-approve a personal securities transaction, and thereby exempt such
      transaction from the restrictions of this Code. The Clearing Officer shall
      make
      such determination in accordance with the following:

    

    
      	 	
              (a)

            	
              Prior
                approval shall be granted only if a purchase or sale of securities
                is
                consistent with the purposes of this Code and Section 17(j) of the
                1940
                Act. To illustrate, a purchase or sale shall be considered consistent
                with
                those purposes if such purchase or sale is only remotely potentially
                harmful to the Company or the Adviser because such purchase or sale
                would
                be unlikely to affect a highly institutional market, or because such
                purchase or sale is clearly not related economically to the securities
                held, purchased, or sold by the
                Company.

            

    

    

    
      	 	
              (b)
                

            	
              Prior
                approval shall take into account, among other
                factors:

            

    

    

    
      	 	
              (i)
                

            	
              whether
                the investment opportunity should be reserved for the Company and
                whether
                the opportunity is being offered to the Access Person or Investment
                Personnel by virtue of the Access Person’s or Investment Personnel’s
                position with the Company or the
                Adviser;

            

    

    

    
      	 	
              (ii)
                

            	
              whether
                the amount or nature of the transaction or person making it is likely
                to
                affect the price or market for the
                security;

            

    

    

    
      	 	 	
              (iii)
                

            	
              whether
                the Access Person or Investment Personnel making the proposed purchase
                or
                sale is likely to benefit from purchases or sales being made or being
                considered by the Company;

            

    

    

    
      	 	 	
              (iv)
                

            	
              whether
                the security proposed to be purchased or sold is one that would qualify
                for purchase or sale by the
                Company;

            

    

    

    
      	 	 	
              (v)
                

            	
              whether
                the transaction is non-volitional on the part of the individual,
                such as
                receipt of a stock dividend or a sinking fund call;
                

            

    

    

    
      	 	 	
              (vi)

            	
              whether
                the chance of a conflict of interest is remote;
                and

            

    

    

    
      	 	 	
              (vii)

            	
              whether
                the transaction is likely to effect the Company
                adversely.

            

    

    

    
      	 	
              (c)

            	
              An
                Access Person or Investment Personnel must submit in writing a completed
                and executed Request for Permission to Engage in a Personal Securities
                Transaction (a form of which is attached hereto as Schedule A), which
                shall set forth the details of the proposed transaction. Approval
                of the
                transaction as described on such form shall be evidenced by the signature
                of the Clearing Officer thereon. A copy of all prior approval forms,
                with
                all required signatures, shall be retained by the Compliance
                Officer.

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              If
                approval is given to the Access Person or Investment Personnel in
                accordance with this Code to engage in a securities transaction,
                the
                Access Person or Investment Personnel is under an affirmative obligation
                to disclose that position if such Access Person or Investment Personnel
                plays a material role in the Company’s subsequent investment decision
                regarding the same issuer. In such circumstances, an independent
                review of
                the Company’s investment decision to purchase securities of the issuer by
                investment personnel with no personal interest in the issuer shall
                be
                conducted.

            

    

    

    
      	 	
              (e)

            	
              Approval
                granted to an Access Person or Investment Personnel in accordance
                with
                this Code is only effective for seven days from the date of such
                approval;
                provided, however, that a pre-clearance expires upon the Access Person
                or
                Investment Personnel receiving pre-clearance becoming aware of facts
                or
                circumstances that would prevent a proposed trade from being pre-cleared
                were such facts or circumstances made known to a Clearing Officer.
                Accordingly, if an Access Person or Investment Personnel becomes
                aware of
                new or changed facts or circumstances that give rise to a question
                as to
                whether pre-clearance could be obtained if a Clearing Officer was
                aware of
                such facts or circumstances, the Access Person or Investment Personnel
                shall be required to so advise a Clearing Officer and obtain a new
                pre-clearance before proceeding with such
                transaction.

            

    

    

    SECTION
      6

    

    REPORTING

    

    6.1 Every
      Access Person must submit an Initial Holdings Report, Quarterly Transactions
      Reports, and Annual Holdings Reports on such dates as shall be determined by
      the
      Compliance Officer containing the information set forth below about each
      transaction, if any, by which the Access Person acquires any direct or indirect
      beneficial ownership of a Covered Security; provided, however,
      that:

    

    
      	 	
              (a)

            	
              an
                Access Person shall not be required to include in such reports any
                transaction effected for any account over which such Access Person
                does
                not have any direct or indirect influence or control;
                and

            

    

    

    
      	 	
              (b)

            	
              Independent
                Board Members of the Company shall not be required to submit an Initial
                Holdings Report or Annual Holdings Reports, and shall be required
                to
                submit a Quarterly Transaction Report of a transaction only if such
                person, at the time of that transaction, knew, or in the ordinary
                course
                of fulfilling his official duties as a director of the Company should
                have
                known, that during the 15-day period immediately preceding or after
                the
                date of the transaction by such person, the security such person
                purchased
                or sold is or was purchased or sold by the Company or was being considered
                for purchase or sale by the Company or the
                Adviser.

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    6.2 Each
      Access Person within ten days of the date that he or she becomes an Access
      Person (which information must be current as of a date no more than 45 days
      prior to the date the person becomes an Access Person) shall furnish to the
      Compliance Officer an Initial Holdings Report in the form attached as Schedule
      B
      containing the following information: (a) the title, number of shares, and
      principal amount of each Covered Security that he or she beneficially owns,
      directly or indirectly, (b) the name of any broker, dealer, or bank with whom
      the Access Person maintained an account in which any Covered Securities held,
      purchased, or sold (“personal securities account”) for the direct or indirect
      benefit of the Access Person as of the date the person became an Access Person,
      and (c) the date the report is submitted by the Access Person.

    

    Timely
      submission of an Initial Holdings Report, along with a copy of the most recent
      monthly statement for each personal securities account and copies of all
      confirmation of transactions effected after the date of such statement, shall
      satisfy the requirements of this Section 6.2 regarding submission of an Initial
      Holdings Report.

    

    6.3 An
      Access
      Person must submit no later than 30 days after the end of each calendar quarter
      to the Compliance Officer (a) a report containing the name of any broker,
      dealer, or bank with whom the Access Person established an account in which
      any
      Covered Securities were held during the quarter for such person’s direct or
      indirect benefit, the date the account was established, and the date the report
      is submitted, and (b) a Quarterly Transactions Report in the form attached
      as
      Schedule C containing the following information with respect to any transaction
      during the quarter in a Covered Security in which the Access Person had any
      direct or indirect beneficial ownership:

    

    
      	 	
              (a)

            	
              the
                date of the transaction, the title, the interest rate and maturity
                date
                (if applicable) and the number of shares, and the principal amount
                of each
                security involved;

            

    

    

    
      	 	
              (b)

            	
              the
                nature of the transaction (i.e., purchase, sale or other acquisition
                or
                disposition);

            

    

    

    
      	 	
              (c)

            	
              the
                price at which the transaction was
                effected;

            

    

    

    
      	 	
              (d)

            	
              the
                name of the broker, dealer or bank with or through whom the transaction
                was effected; and

            

    

    

    
      	 	
              (e)

            	
              the
                date that the report is submitted by the Access
                Person.

            

    

    

    An
      Access
      Person need not file a Quarterly Transaction Report for a calendar quarter
      if
      the Compliance Officer is being furnished with (a) confirmations and statements
      for all personal securities accounts of such Access Person, (b) duplicate
      monthly brokerage statements for all personal securities accounts on all
      transactions required to be reported hereunder, or (c) the requisite information
      on all transactions required to be reported hereunder through a transaction
      monitoring system, which may or may not be automated, in a manner acceptable
      to
      the Compliance Officer, provided that the Access Person has no reportable
      transactions other than those reflected in the confirmations and statements
      for
      such accounts.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    6.4 Every
      Access Person must submit an Annual Holdings Report in the form attached as
      Schedule D to the Compliance Officer, which information must be current as
      of a
      date no more than 45 days before the report is submitted containing the
      following information:

    

    
      	 	
              (a)

            	
              the
                title and the number of shares, and the principal amount of each
                Covered
                Security in which the Access Person had any direct or indirect beneficial
                ownership;

            

    

    

    
      	 	
              (b)

            	
              the
                name of any broker, dealer or bank with whom the Access Person maintains
                an account; and

            

    

    

    
      	 	
              (c)

            	
              the
                date that the report is submitted by the Access
                Person.

            

    

    

    Submission
      of the Annual Holdings Report, along with copies of the most recent monthly
      statement for each person’s securities account, shall satisfy the requirements
      of this Section 6.4 regarding submission of an Annual Holdings
      Report.

    

    6.5 Any
      report may also contain a statement declaring that the reporting or recording
      of
      any such transaction shall not be construed as an admission that the Access
      Person making the report has any direct or indirect beneficial ownership in
      the
      security to which the report relates.

    

    6.6
       An
      Access
      Person to the Advisor need not make a separate report to the Advisor under
      this
      Section 6 to the extent the information in the report would duplicate
      information required to be recorded under Rule 204-2(a)(13) under the Investment
      Advisers Act of 1940. 

    

    SECTION
      7

    

    ADMINISTRATION
      AND PROCEDURAL MATTERS

    

    
      	 	
              7.1

            	
              The
                Compliance Officer shall:

            

    

    

    
      	 	
              (a)

            	
              maintain
                a current list of the names of all Access Persons, with an appropriate
                description in each case of the titles or employment of such persons,
                including a notation of any directorships held by Access Persons,
                and the
                date each such person became an Access
                Person.

            

    

    

    
      	 	
              (b)

            	
              on
                an annual basis, furnish a copy of this Code to each Access
                Person;

            

    

    

    
      	 	
              (c)

            	
              notify
                each Access Person of his or her obligation to file reports as provided
                by
                this Code;

            

    

    

    
      	 	
              (d)

            	
              obtain
                Initial and Annual Holdings Reports from Access Persons and review
                Initial
                and Annual Holdings Reports;

            

    

    

    
      	 	
              (e)

            	
              report
                to the Board Members of the Company the facts contained in any reports
                filed with the Compliance Officer pursuant to this Code when any
                such
                report indicates that an Access Person purchased or sold a security
                held
                or to be acquired by the
                Company;

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              supervise
                the implementation of this Code by the Adviser and the enforcement
                of the
                terms hereof by the Adviser;

            

    

    

    
      	 	
              (g)

            	
              determine
                whether any particular securities transaction should be exempted
                pursuant
                to the provisions of this Code;

            

    

    

    
      	 	
              (h)

            	
              issue
                either personally or with the assistance of counsel as may be appropriate,
                any interpretation of this Code that may appear consistent with the
                objectives of Rule 17j-1 and this
                Code;

            

    

    

    
      	 	
              (i)

            	
              conduct
                such inspections or investigations as shall reasonably be required
                to
                detect and report any apparent violations of this Code to the Board
                Members of the Company;

            

    

    

    
      	 	
              (j)

            	
              review
                reports submitted pursuant to this
                Code;

            

    

    

    
      	 	
              (k)

            	
              maintain
                and cause to be maintained in an easily accessible place, the following
                records:

            

    

    

    
      	 	
              (i)

            	
              a
                copy of any Code adopted pursuant to Rule 17j-1 which has been in
                effect
                during the past five years;

            

    

    

    
      	 	
              (ii)

            	
              a
                record of any violation of any such Code and of any action taken
                as a
                result of such violation;

            

    

    

    
      	 	
              (iii)

            	
              a
                copy of each report made by the Compliance Officer during the past
                five
                years;

            

    

    

    
      	 	
              (iv)

            	
              a
                list of all persons who are, or within the past five years have been,
                required to make reports pursuant to Rule 17j-1, or who are or were
                responsible for reviewing these reports, with an appropriate description
                of their title or employment;

            

    

    

    
      	 	
              (v)

            	
              a
                copy of each report made by an Access Person as required by Section
                6 of
                the Code, including any information provided in lieu of the reports
                under
                Section 6 of the Code, during the past five years;
                and

            

    

    

    
      	 	
              (vi)

            	
              a
                copy of each report to the Board Members of the Company required
                by
                Section 7.1(e) during the past five years;
                and

            

    

    

    
      	 	
              (l)

            	
              perform
                such other duties as are set forth in this
                Code.

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    7.2 This
      Code
      may not be amended or modified except in a written form that is specifically
      approved by the Board Members of the Company, including a majority of the
      Independent Board Members, within six months after such amendment or
      modification.

    

    In
      connection with any such amendment or modification the Board Members must
      receive a certification from the Compliance Officer certifying the procedures
      reasonably necessary to prevent Access Persons from violating the Code, as
      proposed to be amended or modified, have been adopted.

    

    7.3 The
      Compliance Officer may delegate to one or more other officers of the Adviser
      such responsibilities of the Compliance Officer as he or she may deem
      appropriate; provided, that: (a) any such delegation shall be set forth in
      writing and retained as part of the records of the Company and the Adviser
      and
      (b) it shall be the responsibility of the Compliance Officer to supervise the
      performance by such persons of the responsibilities that have been delegated
      to
      them.

    

    SECTION
      8

    

    PROHIBITION
      AGAINST INSIDER TRADING

    

    This
      Section is intended to satisfy the requirements of Section 204A of the Advisers
      Act, which is applicable to the Adviser and requires that the Adviser establish
      and enforce procedures designed to prevent the misuse of material, non-public
      information by its associated persons. It applies to all employees of the
      Company and the Adviser as well as to Board Members of the Company. Trading
      securities while in possession of material, non-public information, or
      improperly communicating that information to others, may expose an employee
      or
      Board Member to severe penalties. Criminal sanctions may include a fine of
      up to
      $1,000,000 and/or imprisonment for up to ten years (25 years if their actions
      constitute fraud). The SEC can recover the profits gained or losses avoided
      through the violative trading, a penalty of up to three times the illicit
      windfall, and an order permanently barring an Adviser Employee from the
      securities industry. Finally, an employee or Board Member may be sued by
      investors seeking to recover damages for insider trading violations.

    

    8.1 Prohibited
      Transactions.
      When an
      employee or Board Member of the Company or the Adviser knows material, nonpublic
      information about the Company, he or she may not: (a) trade in the Company’s
      securities, (b) advise others to buy, hold, or sell the Company’s securities,
      (c) have others trade for him or her in Company securities, (d) disclose or
      communicate the information to anyone else who might then trade (“tip”), or (e)
      assist anyone in any of these activities. Transactions that may be necessary
      or
      justifiable for independent reasons (such as the need to raise money for an
      emergency) are not an exception to the prohibition on insider trading. In
      addition, a Related Party of an employee or Board Member of the Company or
      the
      Adviser may not purchase Company securities while such employee or Board Member,
      as applicable, is in possession of material, nonpublic information, even if
      the
      employee or Board Member does not actually “tip” the Related Party regarding
      such information, and (ii) a Related Party of a Section 16 Employee (as
      hereinafter defined) or an Access Person is subject to the preclearance and
      trading window restrictions set forth below.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    8.2 Transactions
      in Securities of Portfolio Companies.
      Employees and Board Members also may learn material, nonpublic information
      about
      other companies from time to time as a result of their positions. Prohibitions
      against insider trading apply equally to transactions in those companies’
securities while the employee or Board Member is in possession of their
      material, nonpublic information. Contacts with portfolio companies or
      prospective portfolio companies will sometimes be a part of an employee’s
      research efforts. Employees of the Adviser may make investment decisions on
      the
      basis of conclusions formed through such contacts and analysis of publicly
      available information. Difficult legal issues arise, however, when, in the
      course of these contacts, an employee or Board Member becomes aware of material,
      non-public information. This could happen, for example, if a portfolio company’s
      chief financial officer prematurely discloses quarterly results to an employee
      or an investor relations representative makes selective disclosure of adverse
      news to a handful of investors. In such situations, an employee or Board Member
      must make a judgment as to his or her further conduct. To protect yourself,
      clients, the Company, and the Adviser, an employee and Board Member should
      contact the Compliance Officer immediately if he or she believes that he or
      she
      may have received material, non-public information.

    

    8.3 Short
      Sales.
      Employees and Board Members of the Company and the Adviser, regardless of
      whether or not they are aware of material, nonpublic information about the
      Company, may not engage in short sales of the Company’s securities.

    

    8.4 Material
      Information.
      Information is “material” where there is a substantial likelihood that a
      reasonable investor would consider it important in making his or her investment
      decisions. Generally, this includes any information the disclosure of which
      will
      have a substantial effect on the price of a security. No simple test exists
      to
      determine when information is material; assessments of materiality involve
      a
      highly fact specific inquiry. For this reason, employees and Board Members
      should direct any questions about whether information is material to the
      Compliance Officer. Material information often relates to a company’s results
      and operations, including, for example, quarterly and year-end earnings and
      significant changes in financial performance, outlook, or liquidity; portfolio
      valuation and net asset value announcements; changes in dividend policies or
      amounts; changes in previously released earnings estimates; significant merger
      or acquisition proposals or agreements; major litigation, liquidity problems;
      stock splits; private or public securities offerings; and extraordinary
      management developments. Material information may also relate to the market
      for
      a company’s securities. Information about a significant order to purchase or
      sell securities may, in some contexts, be material. Pre-publication information
      regarding reports in the financial press may also be material. 

    

    8.5 Nonpublic
      Information.
      Information is “public” when it has been disseminated broadly to investors in
      the marketplace. For example, information is public after it has become
      available to the general public through a public filing with the SEC or some
      other government agency, the Dow Jones “tape” or The
      Wall Street Journal
      or some
      other publication of general circulation, and after sufficient time has passed
      so that the information has been disseminated widely. Generally, no transaction
      should take place until the next business day after the disclosure of material
      information.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    8.6 Review
      Prior to Executing a Trade.
      An
      employee or Board Member of the Company or the Adviser, before executing any
      trade for himself or herself, or others, including the Company or other accounts
      managed by the Adviser or by a stockholder of the Adviser, or any affiliate
      of
      the stockholder (“Client
      Accounts”),
      must
      determine whether he or she has material, non-public information. An employee
      or
      Board Member who believes he or she is in possession of material, non-public
      information must take the following steps: 

    

    
      	 	
              (a)

            	
              Report
                the information and proposed trade immediately to the Compliance
                Officer;

            

    

    

    
      	 	
              (b)

            	
              Do
                not purchase or sell the securities on behalf of anyone, including
                Client
                Accounts; and

            

    

    

    
      	 	
              (c)

            	
              Do
                not communicate the information to any person, other than to the
                Compliance Officer.

            

    

    

    After
      the
      Compliance Officer has reviewed the issue, the Adviser will determine whether
      the information is material and non-public and, if so, what action the Adviser
      and the employee or Board Member, as applicable, should take. Employees and
      Board Members must consult with the Compliance Officer before taking any action.
      This degree of caution will protect employees, Board Members, clients, the
      Company, and the Adviser. 

    

    8.7 Rule
      10b5-1 Trading Plans.
      An
      employee or Board Member of the Company or the Adviser may trade in Company
      securities regardless of his or her awareness of material, nonpublic information
      if the transaction is made pursuant to a pre-arranged trading plan that was
      entered into when the employee was not in possession of material, nonpublic
      information (a “Rule
      10b5-1 Trading Plan”).
      Any
      such Rule 10b5-1 Trading Plans must (a) be written, (b) specify the amount
      of,
      date(s) on, and price(s) at which the securities are to be traded or establish
      a
      formula for determining such items, and (c) receive prior approval from the
      Compliance Officer. A Rule 10b5-1 Trading Plan may not be adopted when an
      employee or Board Member is in possession of material, nonpublic information
      about the Company. Furthermore, an employee or Board Member may amend or replace
      his or her Rule 10b5-1 Trading Plan only during periods when trading is
      permitted in accordance with this Code.

     

    8.8 Preclearance
      Procedures for Section 16 Employees and Access Persons.
      Certain
      Company employees who are subject to the reporting provisions and the trading
      restrictions of Section 16 of the Securities Exchange Act of 1934, as amended
      (“Section
      16 Employees”),
      as
      well as Access Persons, may trade in Company securities only at certain times
      throughout the year (“trading
      windows”)
      and
      only after first obtaining prior approval for a trade from the Compliance
      Officer at least two (2) days, but no more than five (5) days, prior to the
      proposed trade.

     

    The
      Compliance Officer may reject any trading request made by a Section 16 Employee
      or an Access Person at his or her sole and reasonable discretion. An employee
      or
      Board Member who is deemed by the Company to be a Section 16 Employee and/or
      Access Person will be notified of such a decision by the Compliance
      Officer.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    8.9
       Trading
      Windows for Section 16 Employees.
      Subject
      to being precleared by the Compliance Officer, Section 16 Employees may trade
      in
      Company securities only during the period beginning on the first full trading
      day following the Company’s widespread public release of quarterly or year-end
      earnings, and ending at the close of trading on the last business day of the
      second month of the fiscal quarter in which the earnings are released (e.g.,
      if
      the Company releases first quarter earnings on Tuesday, May 6th, Section 16
      Employees will have a trading window that is open from Wednesday, May 7th,
      through the last business day in May).  

     

    8.10 Trading
      Windows for Access Persons.
      Subject
      to being precleared by the Compliance Officer, an Access Person may trade in
      Company securities only during the period beginning on the first full trading
      day following the Company’s widespread public release of quarterly or year-end
      earnings, and ending at the close of trading on the last business day of the
      fiscal quarter in which the earnings are released (e.g., if the Company releases
      first quarter earnings on Tuesday, May 6th, Access Persons will have a trading
      window that is open from Wednesday, May 7th, through the last business day
      in
      June). 

     

    8.11 Hardship
      Cases.
      The
      Compliance Officer may, on a case-by-case basis, authorize trading in Company
      securities by Section 16 Employees and Access Persons outside of the applicable
      trading windows due to financial hardship or other hardships, but only if:
      (a)
      the employee or Board Member who wishes to trade has, at least two (2) days
      prior to the anticipated trade date, notified the Compliance Officer in writing
      of the circumstances of the hardship and the amount and nature of the proposed
      trade(s) and (b) the person trading is not in possession of material, nonpublic
      information concerning the Company and has certified that fact in writing to
      the
      Compliance Officer.

     

    8.12 Additional
      Prohibited Transactions.
      The
      Company considers it improper and inappropriate for any Section 16 Employee
      or
      Access Person to engage in speculative transactions in the Company's securities.
      It is therefore the Company’s policy that, in addition to the prohibited
      transactions described above, Section 16 Employees and Access Persons may not
      engage in any of the following transactions with respect to the Company's
      securities: (a) publicly traded options and (b) hedging transactions (such
      as
      zero-cost collars and forward sales contracts).

     

    8.13 Reporting
      Violations. Any
      employee or Board Member who becomes aware of a violation of this insider
      trading policy should report such violation to his or her supervisor or the
      Compliance Officer.

     

    8.14 Legal
      Review.
      Whenever an employee or Board Member has any questions about a transaction
      or
      compliance with this insider trading policy or seeks an exception from this
      policy, he or she should consult with the Compliance Officer before the
      transaction takes place. Although the Compliance Officer’s advice should not be
      considered investment advice or a guarantee that no liability will arise, all
      decisions by the Compliance Officer with respect to this policy will be final.
      

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    SECTION
      9

    

    SANCTIONS

    

    Any
      violation of this Code shall be subject to the imposition of such sanctions
      by
      the Company and the Adviser as may be deemed appropriate under the circumstances
      to achieve the purposes of Rule 17j-1 and this Code. Any sanctions to be imposed
      by the Company shall be determined by the Committee of Independent Directors
      of
      the Company. Any sanctions to be imposed by the Adviser shall be designated
      by
      the Adviser. Sanctions may include, but are not limited to, suspension or
      termination of employment, a letter of censure and/or restitution of an amount
      equal to the difference between the price paid or received by the Company and
      the more advantageous price paid or received by the offending person.

    

    SECTION
      10

    

    REVIEW
      OF
      REPORTS

    

    The
      Compliance Officer shall be responsible for reviewing all reports filed with
      the
      Company or the Adviser pursuant to Section 6 of this Code. Such officer shall
      indicate on each report the date of his review and shall sign each report to
      indicate that it has been reviewed. Such officer shall report to the Committee
      of the Independent Directors of the Company any violations of this Code that
      come to his or her attention in such review. 

    

    SECTION
      11

    

    INVESTMENT
      ADVISERS

    

    Prior
      to
      retaining the services of an investment adviser or principal underwriter for
      the
      Company, the Board of Directors of the Company shall review the Code of Ethics
      adopted pursuant to paragraph (b)(1)(i) of Rule 17j-1 under the 1940 Act by
      such
      investment adviser or principal underwriter, and shall receive a certification
      from such investment adviser or principal underwriter that it has adopted such
      procedures as are necessary to prevent Access Persons from violating such
      code.

    

    SECTION
      12

    

    PERIODIC
      REVIEW

    

    The
      Board
      of Directors (including a majority of the Independent Directors) of the Company
      shall review and evaluate this Code and the Reports filed by Access Persons
      at
      least once a year to determine that each Access Person is complying with the
      requirements of the Code and to determine that this Code contains such
      provisions as are reasonably necessary to prevent Access Persons from engaging
      in any act, practice, or course of business prohibited by paragraph (a) of
      Rule
      17j-1.

    

    No
      less
      frequently than annually, the Compliance Officer shall furnish the Board of
      Directors of the Company a report:

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (a)

            	
              Describing
                issues arising under this Code of Ethics since the last report to
                the
                Board, including but not limited to, information about material violations
                of the Code, sanctions imposed in response to such violations, changes
                made to the Code or procedures, and any proposed or recommended changes
                to
                the Code or procedures, and

            

    

    

    
      	 	
              (b)

            	
              Certifying
                that the Company and the Adviser each have adopted such procedures
                as are
                reasonably necessary to prevent Access Persons from violating the
                Code.

            

    

    

    SECTION
      13

    

    CONFIDENTIALITY

    

    All
      information obtained from any Access Person hereunder shall be kept in strict
      confidence, except that reports of securities transactions hereunder will be
      made available to the SEC or any other regulatory or self-regulatory
      organization only to the extent required by law or regulation. 

    

    SECTION
      14

    

    OTHER
      LAWS, RULES AND STATEMENTS OF POLICY

    

    Nothing
      contained in this Code shall be interpreted as relieving any Access Person
      from
      acting in accordance with the provisions of any applicable law, rule or
      regulation or any other statement of policy or procedure governing the conduct
      of such person adopted by the Company or the Adviser.

     

    SECTION
      15

    

    FURTHER
      INFORMATION

    

    If
      any
      person has any question with regard to the applicability of the provisions
      of
      this Code generally or with regard to any securities transaction or
      transactions, he or she should consult the Compliance Officer. As of the date
      hereof, the Compliance Officer is John H. Homier or such person or persons
      to
      whom he shall delegate such duty from time to time. 

    

    SECTION
      16

    

    CERTIFICATION
      OF ACCESS PERSONS

    

    All
      Access Persons of the Company must submit a certificate (a form of which is
      attached as Schedule E) that they have read and understand this Code and
      recognize that as an Access Person they are subject to the terms of this Code.
      All Access Persons of the Company or the Adviser shall agree to certify on
      an
      annual basis (a form of which is attached as Schedule F) that they have complied
      with the requirements of this Code and that they have disclosed or reported
      all
      personal securities transactions required to be disclosed or reported pursuant
      to the requirements of this Code.

    Dated:
      July 31, 2008

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      A

    

    NGP
      CAPITAL RESOURCES COMPANY

    NGP
      INVESTMENT ADVISOR, LP

    

    REQUEST
      FOR PERMISSION TO

    ENGAGE
      IN
      PERSONAL SECURITIES TRANSACTION

     

    To
      the
      Clearing Officer:

    

    On
      each
      of the dates proposed below, I hereby request permission to effect a transaction
      in securities as indicated below on behalf of myself, my family (spouse, minor
      children, or adults living in my household), trusts of which I am trustee of
      or
      other accounts in which I have a beneficial ownership interest or legal
      title.

    

    (Use
      approximate dates and amounts of proposed transactions)

    

    
      	
               

               

               

              Name
                of Security

            	
               

            	
               

              Proposed 

              Date of

              Transaction

            	
               

            	
               

              No. of Shares

              or Principal

              Amount

            	
               

            	
               

              Dollar

              Amount of

              Transaction

            	
               

            	
              Nature of 

              Transaction 

              (Purchase, Sale, 

              Other)

            	
               

            	
               

               

              Broker/Dealer 

              or Bank

            	
               

            	
               

               

               

              Share Price

            	
               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

     

    
      	 	 	
              Name:
                ____________________________________________

            
	 	 	 
	 	 	
              Position
                with Company: _______________________________

            
	 	 	 
	
              Date:
                ________________

            	 	
              Signature:
                __________________________________________

            
	 	 	 
	
              Permission
                Granted _____

            	 	
              Permission
                Denied _________

            
	 	 	 
	
              Date:
                ________________

            	 	
              Signature:
                __________________________________________

            
	 	 	
                                
                Clearing Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    NGP
      CAPITAL RESOURCES COMPANY

    NPG
      INVESTMENT ADVISOR, LP

    

    INITIAL
      REPORT OF SECURITIES

    

    To
      the
      Compliance Officer:

    

    On
      the
      date indicated, the following are Covered Securities of which I, my family
      (spouse, minor children, or adults living in my household) or trusts of which
      I
      am trustee, possessed direct or indirect “beneficial ownership.” If there were
      no such securities, I have so indicated by typing or printing “NONE.” I certify
      that all my personal securities accounts are listed below. I further certify
      that, other than those securities listed below, I hold no Covered Securities
      in
      which I may be deemed to have beneficial ownership other than in the personal
      securities accounts listed.* 

    

    
      	
               

              Name
                of Security

            	
               

            	
              No. of Shares or

              Principal Amount

            	
               

            	
               

              Broker/Dealer or Bank

            	
               

            	
               

              Account No.

            	
               

            
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

    

    

    This
      report (i) excludes transactions with respect to which I had no direct or
      indirect influence or control, (ii) any other transactions not required to
      be
      reported under the Code and (iii) is not an admission that I have or had any
      direct or indirect beneficial ownership in the securities listed
      above.

    

    
      	
              Date:
                ________________

            	 	
              Signature:
                __________________________________________

            
	 	 	 
	 	 	
              Printed
                Name ________________________________________

            
	 	 	 
	 	 	
              Company:
                __________________________________________

            
	 	 	 
	 	 	
              Position
                with Company:
                ________________________________

            

    

    

    *
      Information may be provided by attaching the most recent monthly statement
      for
      each account, along with confirmations of any transactions effected since the
      date of such statements. Information must be current as of a date no more than
      45 days prior to the date the person becomes and Access Person.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      C

    

    NGP
      CAPITAL RESOURCES COMPANY

    NPG
      INVESTMENT ADVISOR, LP

    

    QUARTERLY
      REPORT OF SECURITIES TRANSACTIONS

    

    To
      the
      Compliance Officer:

    

    I
      certify
      that this report, together with the confirmations and statements for any
      personal securities accounts as to which I have arranged for the Compliance
      Officer to receive duplicate confirmations and statements, identifies all
      transactions, if any, during the calendar quarter which were effected in
      securities of which I, my family (spouse, minor children, or adults living
      in my
      household), or trusts of which I am trustee, participated or acquired or
      disposed of, direct or indirect “beneficial ownership.” If no such transactions
      were effected, I have so indicated by typing or printing “NONE.” Use reverse
      side if additional space is needed.

    

    
      	
               

               

               

              Name of Security

            	
               

            	
               

            	
              
              

              
              

              
              

              Date

            	
               

            	
               

            	
              
              

              No. of Shares

              and Principal

              Amount

            	
               

            	
               

            	
              
              

              Dollar

              Amount of

              Transaction

            	
               

            	
               

            	
              Nature of 

              Transaction 

              (Purchase, 

              Sale, Other)

            	
               

            	
               

            	
              
              

              
              

              
              

              Account

            	
               

            	
               

            	
              
              

              
              

              
              

              Executing Broker

            	
               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    

    This
      report (i) excludes transactions with respect to which I had no direct or
      indirect influence or control, (ii) any other transactions not required to
      be
      reported under the Code and (iii) is not an admission that I have or had any
      direct or indirect beneficial ownership in the securities listed
      above.

     

    
      	
              Date:
                ________________

            	 	
              Signature:
                __________________________________________

            
	 	 	 
	 	 	
              Printed
                Name: _______________________________________

            
	 	 	 
	 	 	
              Company:
                __________________________________________

            
	 	 	 
	 	 	
              Position
                with Company:
                ________________________________

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      D

    

    NGP
      CAPITAL RESOURCES COMPANY

    NPG
      INVESTMENT ADVISOR, LP

    

    ANNUAL
      REPORT OF SECURITIES

     

    To
      the
      Compliance Officer:

    

    On
      the
      date indicated, the following are Covered Securities of which I, my family
      (spouse, minor children, or adults living in my household) or trusts of which
      I
      am trustee, possessed direct or indirect “beneficial ownership.” If there were
      no such securities, I have so indicated by typing or printing “NONE.” I certify
      that all my personal securities accounts are listed below. I further certify
      that, other than those securities listed below, I hold no Covered Securities
      in
      which I may be deemed to have beneficial ownership other than in the personal
      securities accounts listed.* 

    

    
      	
               

              Name
                of Security

            	
               

            	
              No. of Shares or

              Principal Amount

            	
               

            	
              Broker/Dealer or Bank

            	
               

            	
               

              Account No.

            	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

    

    

    This
      report (i) excludes transactions with respect to which I had no direct or
      indirect influence or control, (ii) any other transactions not required to
      be
      reported under the Code and (iii) is not an admission that I have or had any
      direct or indirect beneficial ownership in the securities listed
      above.

     

    
      	
              Date:
                ________________

            	 	
              Signature:
                __________________________________________

            
	 	 	 
	 	 	
              Printed
                Name: _______________________________________

            
	 	 	 
	 	 	
              Company:
                __________________________________________

            
	 	 	 
	 	 	
              Position
                with Company:
                ________________________________

            

    

     

    *
      Information may be provided by attaching the most recent monthly statement
      for
      each account, along with confirmations of any transactions effected since the
      date of such statements

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      E

    

    CERTIFICATION
      OF COMPLIANCE WITH CODE OF ETHICS

    

    Attention: Compliance
      Officer

    

    I
      certify
      that I have read and understand the Amended and Restated Code of Ethics of
      NGP
      Capital Resources Company and NGP Investment Advisor, LP (the “Code”), a copy of
      which has been provided to me., I recognize that the provisions of the Code
      apply to me and agree to comply in all respects with the procedures described
      therein. 

    

    I
      hereby
      agree to certify on an annual basis that I have complied with the requirements
      of the Code and I have disclosed or reported all personal securities
      transactions required to be disclosed or reported pursuant to the requirements
      of the Code.

     

    
      
        	
                I
                  am a director of the following public and private
                  companies: 

              	 

      

    

     

    
      
        
          	 	 
	 	 
	 	 
	 	 
	 	
                   .

                

        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned has caused this Certification to be executed
      and delivered as of the date hereof.

     

    
      	 ___________________________________________________
	 
	
              Name:
                _______________________________________

            
	 
	
              Title:
                ________________________________________

            

    

     

    Dated: ___________________

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      F

    

    ANNUAL
      CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS

    

    Attention: Compliance
      Officer

    

    I
      certify
      that I have read and understand the Amended and Restated Code of Ethics of
      NGP
      Capital Resources Company and NGP Investment Advisor, LP (the “Code”), a copy of
      which has been provided to me., I recognize that the provisions of the Code
      apply to me and agree to comply in all respects with the procedures described
      therein. 

    

    I
      certify
      that I have complied in all respects with the requirements of the Code as in
      effect during the past year. I also certify that all transactions during the
      past year that were required to be reported by me pursuant to the Code have
      been
      reported in Quarterly Transaction Reports that I have filed or in confirmations
      and statements for my personal securities accounts that have been sent to
      you.

    

    
      	
              I
                am a director of the following public and private
                companies: 

            	 

    
      	
            	 
	 	 
	 	 
	 	 
	 	
               .

            

    

     

    IN
      WITNESS WHEREOF, the undersigned has caused this Certification to be executed
      and delivered as of the date hereof.

     

    
      
        	 ___________________________________________________
	 
	
                Name:
                  _______________________________________

              
	 
	
                Title:
                  ________________________________________

              

      

    

     

    Dated: ___________________

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