Document:

Volcan Holdings, Inc.: Exhibit 10.5 - Prepared by TNT Filings Inc.

VOLCAN HOLDINGS, INC. 

2008 EQUITY INCENTIVE PLAN 

          1.      Purpose
of the Plan. 

                    This
2008 Equity Incentive Plan (the “Plan”) is intended as an incentive, to
retain in the employ of and as directors, officers, consultants, advisors and
employees to Volcan Holdings, Inc., a Delaware corporation (the
“Company”), and any Subsidiary of the Company, within the meaning of
Section 424(f) of the United States Internal Revenue Code of 1986, as amended
(the “Code”), persons of training, experience and ability, to attract new
directors, officers, consultants, advisors and employees whose services are
considered valuable, to encourage the sense of proprietorship and to stimulate
the active interest of such persons in the development and financial success of
the Company and its Subsidiaries. 

                    It
is further intended that certain options granted pursuant to the Plan shall
constitute incentive stock options within the meaning of Section 422 of the Code
(the “Incentive Options”) while certain other options granted pursuant to
the Plan shall be nonqualified stock options (the “Nonqualified
Options”). Incentive Options and Nonqualified Options are hereinafter
referred to collectively as “Options.” 

                    The
Company intends that the Plan meet the requirements of Rule 16b-3 (“Rule
16b-3”) promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and that transactions of the type specified in
subparagraphs (c) to (f) inclusive of Rule 16b-3 by officers and directors of
the Company pursuant to the Plan will be exempt from the operation of Section
16(b) of the Exchange Act. Further, the Plan is intended to satisfy the
performance-based compensation exception to the limitation on the Company’s tax
deductions imposed by Section 162(m) of the Code with respect to those Options
for which qualification for such exception is intended. In all cases, the terms,
provisions, conditions and limitations of the Plan shall be construed and
interpreted consistent with the Company’s intent as stated in this Section 1.

          2.      Administration
of the Plan. 

                    The
Board of Directors of the Company (the “Board”) shall appoint and
maintain as administrator of the Plan a Committee (the “Committee”)
consisting of two or more directors who are (i) “Independent Directors” (as such
term is defined under the rules of the NASDAQ Stock Market), (ii) “Non-Employee
Directors” (as such term is defined in Rule 16b-3) and (iii) “Outside Directors”
(as such term is defined in Section 162(m) of the Code), which shall serve at
the pleasure of the Board. The Committee, subject to Sections 3, 5 and 6 hereof,
shall have full power and authority to designate recipients of Options and
restricted stock (“Restricted Stock”) and to determine the terms and
conditions of the respective Option and Restricted Stock agreements (which need
not be identical) and to interpret the provisions and supervise the
administration of the Plan. The Committee shall have the authority, without
limitation, to designate which Options granted under the Plan shall be Incentive
Options and which shall be Nonqualified Options. To the extent any Option does
not qualify as an Incentive Option, it shall constitute a separate Nonqualified
Option. 

                    Subject
to the provisions of the Plan, the Committee shall interpret the Plan and all
Options and Restricted Stock granted under the Plan, shall make such rules as it
deems necessary for the proper administration of the Plan, shall make all other
determinations necessary or advisable for the administration of the Plan and
shall correct any defects or supply any omission or reconcile any inconsistency
in the Plan or in any Options or Restricted Stock granted under the Plan in the
manner and to the extent that the Committee deems desirable to carry into effect
the Plan or any Options or Restricted Stock. The act or determination of a
majority of the Committee shall be the act or determination of the Committee and
any decision reduced to writing and signed by all of the members of the
Committee shall be fully effective as if it had been made by a majority of the
Committee at a meeting duly held for such purpose. Subject to the provisions of
the Plan, any action taken or determination made by the Committee pursuant to
this and the other Sections of the Plan shall be conclusive on all parties. 

                    In
the event that for any reason the Committee is unable to act or if the Committee
at the time of any grant, award or other acquisition under the Plan does not
consist of two or more Non-Employee Directors, or if there shall be no such
Committee, or if the Board otherwise determines to administer the Plan, then the
Plan shall be 

administered by the Board, and references herein to the
Committee (except in the proviso to this sentence) shall be deemed to be
references to the Board, and any such grant, award or other acquisition may be
approved or ratified in any other manner contemplated by subparagraph (d) of
Rule 16b-3; provided, however, that grants to the Company’s Chief
Executive Officer or to any of the Company’s other four most highly compensated
officers that are intended to qualify as performance-based compensation under
Section 162(m) of the Code may only be granted by the Committee.

          3.      Designation
of Optionees and Grantees. 

                    The
persons eligible for participation in the Plan as recipients of Options (the
“Optionees”) or Restricted Stock (the “Grantees” and together with
Optionees, the “Participants”) shall include directors, officers and
employees of, and consultants and advisors to, the Company or any Subsidiary;
provided that Incentive Options may only be granted to employees of the Company
and any Subsidiary. In selecting Participants, and in determining the number of
shares to be covered by each Option or award of Restricted Stock granted to
Participants, the Committee may consider any factors it deems relevant,
including, without limitation, the office or position held by the Participant or
the Participant’s relationship to the Company, the Participant’s degree of
responsibility for and contribution to the growth and success of the Company or
any Subsidiary, the Participant’s length of service, promotions and potential. A
Participant who has been granted an Option or Restricted Stock hereunder may be
granted an additional Option or Options, or Restricted Stock if the Committee
shall so determine. 

          4.      Stock
Reserved for the Plan. 

                    Subject
to adjustment as provided in Section 8 hereof, a total of 40,000,000 shares of
the Company’s common stock, par value $0.001 per share (the “Stock”),
shall be subject to the Plan. The maximum number of shares of Stock that may be
subject to Options granted under the Plan to any individual in any calendar year
shall not exceed 40,000,000 shares, and the method of counting such shares shall
conform to any requirements applicable to performance based compensation under
Section 162(m) of the Code, if qualification as performance based compensation
under Section 162(m) is intended. The shares of Stock subject to the Plan shall
consist of unissued shares, treasury shares or previously issued shares held by
any Subsidiary of the Company, and such number of shares of Stock shall be and
is hereby reserved for such purpose. Any of such shares of Stock that may remain
unissued and that are not subject to outstanding Options at the termination of
the Plan shall cease to be reserved for the purposes of the Plan, but until
termination of the Plan the Company shall at all times reserve a sufficient
number of shares of Stock to meet the requirements of the Plan. Should any
Option or award of Restricted Stock expire or be canceled prior to its exercise
or vesting in full or should the number of shares of Stock to be delivered upon
the exercise or vesting in full of an Option or award of Restricted Stock be
reduced for any reason, the shares of Stock theretofore subject to such Option
or Restricted Stock may be subject to future Options or Restricted Stock under
the Plan, except where such reissuance is inconsistent with the provisions of
Section 162(m) of the Code where qualification as performance-based compensation
under Section 162(m) of the Code is intended. 

          5.      Terms
and Conditions of Options. 

                    Options
granted under the Plan shall be subject to the following conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of
the Plan, as the Committee shall deem desirable: 

                    (a)      Option
Price. The purchase price of each share of Stock purchasable under an
Incentive Option shall be determined by the Committee at the time of grant, but
shall not be less than 100% of the Fair Market Value (as defined below) of such
share of Stock on the date the Option is granted; provided,
however, that with respect to an Optionee who, at the time such Incentive
Option is granted, owns (within the meaning of Section 424(d) of the Code) more
than 10% of the total combined voting power of all classes of stock of the
Company or of any Subsidiary, the purchase price per share of Stock shall be at
least 110% of the Fair Market Value per share of Stock on the date of grant. The
purchase price of each share of Stock purchasable under a Nonqualified Option
shall not be less than 100% of the Fair Market Value of such share of Stock on
the date the Option is granted. The exercise price for each Option shall be
subject to adjustment as provided in Section 8 below. “Fair Market Value”
means the closing price on the final trading day immediately prior to the grant
date of the Stock on the principal securities exchange on which shares of Stock
are listed (if the shares of Stock are so listed), or on the NASDAQ Stock Market
or OTC Bulletin Board (if the shares of Stock are regularly quoted on the NASDAQ
Stock Market or 

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OTC Bulletin Board, as the case may be), or, if not so listed,
the mean between the closing bid and asked prices of publicly traded shares of
Stock in the over the counter market, or, if such bid and asked prices shall not
be available, as reported by any nationally recognized quotation service
selected by the Company, or as determined by the Committee in a manner
consistent with the provisions of the Code. Anything in this Section 5(a) to the
contrary notwithstanding, in no event shall the purchase price of a share of
Stock be less than the minimum price permitted under the rules and policies of
any national securities exchange on which the shares of Stock are listed. 

                    (b)     
Option Term. The term of each Option shall be fixed by the Committee, but
no Option shall be exercisable more than ten years after the date such Option is
granted and in the case of an Incentive Option granted to an Optionee who, at
the time such Incentive Option is granted, owns (within the meaning of Section
424(d) of the Code) more than 10% of the total combined voting power of all
classes of stock of the Company or of any Subsidiary, no such Incentive Option
shall be exercisable more than five years after the date such Incentive Option
is granted. 

                    (c)      Exercisability.
Subject to Section 5(j) hereof, Options shall be exercisable at such time or
times and subject to such terms and conditions as shall be determined by the
Committee at the time of grant; provided, however, that in the
absence of any Option vesting periods designated by the Committee at the time of
grant, Options shall vest and become exercisable as to one-third of the total
number of shares subject to the Option on each of the first, second and third
anniversaries of the date of grant; and provided further that no Options shall
be exercisable until such time as any vesting limitation required by Section 16
of the Exchange Act, and related rules, shall be satisfied if such limitation
shall be required for continued validity of the exemption provided under Rule
16b-3(d)(3). 

                    Upon
the occurrence of a “Change in Control” (as hereinafter defined), the Committee
may accelerate the vesting and exercisability of outstanding Options, in whole
or in part, as determined by the Committee in its sole discretion. In its sole
discretion, the Committee may also determine that, upon the occurrence of a
Change in Control, each outstanding Option shall terminate within a specified
number of days after notice to the Optionee thereunder, and each such Optionee
shall receive, with respect to each share of Company Stock subject to such
Option, an amount equal to the excess of the Fair Market Value of such shares
immediately prior to such Change in Control over the exercise price per share of
such Option; such amount shall be payable in cash, in one or more kinds of
property (including the property, if any, payable in the transaction) or a
combination thereof, as the Committee shall determine in its sole discretion.

                    For
purposes of the Plan, unless otherwise defined in an employment agreement
between the Company and the relevant Optionee, a Change in Control shall be
deemed to have occurred if: 

          (i)      a
tender offer (or series of related offers) shall be made and consummated for the
ownership of 50% or more of the outstanding voting securities of the Company,
unless as a result of such tender offer more than 50% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the stockholders of the Company (as of the time immediately prior
to the commencement of such offer), any employee benefit plan of the Company or
its Subsidiaries, and their affiliates; 

          (ii)     
the Company shall be merged or consolidated with another corporation, unless as
a result of such merger or consolidation more than 50% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the stockholders of the Company (as of the time immediately prior
to such transaction), any employee benefit plan of the Company or its
Subsidiaries, and their affiliates; 

          (iii)     
the Company shall sell substantially all of its assets to another corporation
that is not wholly owned by the Company, unless as a result of such sale more
than 50% of such assets shall be owned in the aggregate by the stockholders of
the Company (as of the time immediately prior to such transaction), any employee
benefit plan of the Company or its Subsidiaries and their affiliates; or 

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          (iv)     
a Person (as defined below) shall acquire 50% or more of the outstanding voting
securities of the Company (whether directly, indirectly, beneficially or of
record), unless as a result of such acquisition more than 50% of the outstanding
voting securities of the surviving or resulting corporation shall be owned in
the aggregate by the stockholders of the Company (as of the time immediately
prior to the first acquisition of such securities by such Person), any employee
benefit plan of the Company or its Subsidiaries, and their affiliates. 

Notwithstanding the foregoing, if Change of Control is defined
in an employment agreement between the Company and the relevant Optionee, then,
with respect to such Optionee, Change of Control shall have the meaning ascribed
to it in such employment agreement. 

          For
purposes of this Section 5(c), ownership of voting securities shall take into
account and shall include ownership as determined by applying the provisions of
Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act. In
addition, for such purposes, “Person” shall have the meaning given in Section
3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof; provided, however, that a Person shall not include (A)
the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its
Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an
offering of such securities; or (D) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportion as their
ownership of stock of the Company. 

                    (d)     
Method of Exercise. Options to the extent then exercisable may be
exercised in whole or in part at any time during the option period, by giving
written notice to the Company specifying the number of shares of Stock to be
purchased, accompanied by payment in full of the purchase price, in cash, or by
check or such other instrument as may be acceptable to the Committee. As
determined by the Committee, in its sole discretion, at or after grant, payment
in full or in part may be made at the election of the Optionee (i) in the form
of Stock owned by the Optionee (based on the Fair Market Value of the Stock
which is not the subject of any pledge or security interest, (ii) in the form of
shares of Stock withheld by the Company from the shares of Stock otherwise to be
received with such withheld shares of Stock having a Fair Market Value equal to
the exercise price of the Option, or (iii) by a combination of the foregoing,
such Fair Market Value determined by applying the principles set forth in
Section 5(a), provided that the combined value of all cash and cash equivalents
and the Fair Market Value of any shares surrendered to the Company is at least
equal to such exercise price and except with respect to (ii) above, such method
of payment will not cause a disqualifying disposition of all or a portion of the
Stock received upon exercise of an Incentive Option. An Optionee shall have the
right to dividends and other rights of a stockholder with respect to shares of
Stock purchased upon exercise of an Option at such time as the Optionee (i) has
given written notice of exercise and has paid in full for such shares, and (ii)
has satisfied such conditions that may be imposed by the Company with respect to
the withholding of taxes. 

                    (e)     
Non-transferability of Options. Options are not transferable and may be
exercised solely by the Optionee during his lifetime or after his death by the
person or persons entitled thereto under his will or the laws of descent and
distribution. The Committee, in its sole discretion, may permit a transfer of a
Nonqualified Option to (i) a trust for the benefit of the Optionee, (ii) a
member of the Optionee’s immediate family (or a trust for his or her benefit) or
(iii) pursuant to a domestic relations order. Any attempt to transfer, assign,
pledge or otherwise dispose of, or to subject to execution, attachment or
similar process, any Option contrary to the provisions hereof shall be void and
ineffective and shall give no right to the purported transferee. 

                    (f)     
Termination by Death. Unless otherwise determined by the Committee, if
any Optionee’s employment with or service to the Company or any Subsidiary
terminates by reason of death, the Option may thereafter be exercised, to the
extent then exercisable (or on such accelerated basis as the Committee shall
determine at or after grant), by the legal representative of the estate or by
the legatee of the Optionee under the will of the Optionee, for a period of one
(1) year after the date of such death (or, if later, such time as the Option may
be exercised pursuant to Section 14(d) hereof) or until the expiration of the
stated term of such Option as provided under the Plan, whichever period is
shorter. 

                    (g)     
Termination by Reason of Disability. Unless otherwise determined by the
Committee, if any Optionee’s employment with or service to the Company or any
Subsidiary terminates by reason of Disability (as defined below), then any
Option held by such Optionee may thereafter be exercised, to the extent it was
exercisable 

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at the time of termination due to Disability (or on such
accelerated basis as the Committee shall determine at or after grant), but may
not be exercised after ninety (90) days after the date of such termination of
employment or service (or, if later, such time as the Option may be exercised
pursuant to Section 14(d) hereof) or the expiration of the stated term of such
Option, whichever period is shorter; provided, however, that, if
the Optionee dies within such ninety (90) day period, any unexercised Option
held by such Optionee shall thereafter be exercisable to the extent to which it
was exercisable at the time of death for a period of one (1) year after the date
of such death (or, if later, such time as the Option may be exercised pursuant
to Section 14(d) hereof) or for the stated term of such Option, whichever period
is shorter. “Disability” shall mean an Optionee’s total and permanent
disability; provided, that if Disability is defined in an employment
agreement between the Company and the relevant Optionee, then, with respect to
such Optionee, Disability shall have the meaning ascribed to it in such
employment agreement. 

                    (h)     
Termination by Reason of Retirement. Unless otherwise determined by the
Committee, if any Optionee’s employment with or service to the Company or any
Subsidiary terminates by reason of Normal or Early Retirement (as such terms are
defined below), any Option held by such Optionee may thereafter be exercised to
the extent it was exercisable at the time of such Retirement (or on such
accelerated basis as the Committee shall determine at or after grant), but may
not be exercised after ninety (90) days after the date of such termination of
employment or service (or, if later, such time as the Option may be exercised
pursuant to Section 14(d) hereof) or the expiration of the stated term of such
Option, whichever date is earlier; provided, however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by
such Optionee shall thereafter be exercisable, to the extent to which it was
exercisable at the time of death, for a period of one (1) year after the date of
such death (or, if later, such time as the Option may be exercised pursuant to
Section 14(d) hereof) or for the stated term of such Option, whichever period is
shorter. 

                    For
purposes of this paragraph (h), “Normal Retirement” shall mean retirement
from active employment with the Company or any Subsidiary on or after the normal
retirement date specified in the applicable Company or Subsidiary pension plan
or if no such pension plan, age 65, and “Early Retirement” shall mean
retirement from active employment with the Company or any Subsidiary pursuant to
the early retirement provisions of the applicable Company or Subsidiary pension
plan or if no such pension plan, age 55. 

                    (i)      Other
Terminations. Unless otherwise determined by the Committee upon grant, if
any Optionee’s employment with or service to the Company or any Subsidiary is
terminated by such Optionee for any reason other than death, Disability, Normal
or Early Retirement or Good Reason (as defined below), the Option shall
thereupon terminate, except that the portion of any Option that was exercisable
on the date of such termination of employment or service may be exercised for
the lesser of ninety (90) days after the date of termination (or, if later, such
time as the Option may be exercised pursuant to Section 14(d) hereof) or the
balance of such Option’s term, which ever period is shorter. The transfer of an
Optionee from the employ of or service to the Company to the employ of or
service to a Subsidiary, or vice versa, or from one Subsidiary to another, shall
not be deemed to constitute a termination of employment or service for purposes
of the Plan. 

          (i)      In
the event that the Optionee’s employment or service with the Company or any
Subsidiary is terminated by the Company or such Subsidiary for “cause” any
unexercised portion of any Option shall immediately terminate in its entirety.
For purposes hereof, unless otherwise defined in an employment agreement between
the Company and the relevant Optionee, “Cause” shall exist upon a good-faith
determination by the Board, following a hearing before the Board at which an
Optionee was represented by counsel and given an opportunity to be heard, that
such Optionee has been accused of fraud, dishonesty or act detrimental to the
interests of the Company or any Subsidiary of Company or that such Optionee has
been accused of or convicted of an act of willful and material embezzlement or
fraud against the Company or of a felony under any state or federal statute;
provided, however, that it is specifically understood that “Cause”
shall not include any act of commission or omission in the good-faith exercise
of such Optionee’s business judgment as a director, officer or employee of the
Company, as the case may be, or upon the advice of counsel to the Company.
Notwithstanding the foregoing, if Cause is defined in an employment agreement
between the Company and the relevant Optionee, then, with respect to such
Optionee, Cause shall have the meaning ascribed to it in such employment
agreement. 

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          (ii)      In
the event that an Optionee is removed as a director, officer or employee by the
Company at any time other than for “Cause” or resigns as a director, officer or
employee for “Good Reason” the Option granted to such Optionee may be exercised
by the Optionee, to the extent the Option was exercisable on the date such
Optionee ceases to be a director, officer or employee. Such Option may be
exercised at any time within one (1) year after the date the Optionee ceases to
be a director, officer or employee (or, if later, such time as the Option may be
exercised pursuant to Section 14(d) hereof), or the date on which the Option
otherwise expires by its terms; which ever period is shorter, at which time the
Option shall terminate; provided, however, if the Optionee dies
before the Options terminate and are no longer exercisable, the terms and
provisions of Section 5(f) shall control. For purposes of this Section 5(i), and
unless otherwise defined in an employment agreement between the Company and the
relevant Optionee, Good Reason shall exist upon the occurrence of the following:

	 	(A) 	
      the assignment to Optionee of any duties inconsistent
      with the position in the Company that Optionee held immediately prior to
      the assignment;

	 	 	 
	 	(B) 	
      a Change of Control resulting in a significant adverse
      alteration in the status or conditions of Optionee’s participation with
      the Company or other nature of Optionee’s responsibilities from those in
      effect prior to such Change of Control, including any significant
      alteration in Optionee’s responsibilities immediately prior to such Change
      in Control; and

	 	 	 
	 	(C) 	
      the failure by the Company to continue to provide
      Optionee with benefits substantially similar to those enjoyed by Optionee
      prior to such failure.

Notwithstanding the foregoing, if Good
Reason is defined in an employment agreement between the Company and the
relevant Optionee, then, with respect to such Optionee, Good Reason shall have
the meaning ascribed to it in such employment agreement. 

                    (j)     
Limit on Value of Incentive Option. The aggregate Fair Market Value,
determined as of the date the Incentive Option is granted, of Stock for which
Incentive Options are exercisable for the first time by any Optionee during any
calendar year under the Plan (and/or any other stock option plans of the Company
or any Subsidiary) shall not exceed $100,000. 

          6.      Terms
and Conditions of Restricted Stock. 

                    Restricted
Stock may be granted under this Plan aside from, or in association with, any
other award and shall be subject to the following conditions and shall contain
such additional terms and conditions (including provisions relating to the
acceleration of vesting of Restricted Stock upon a Change of Control), not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

                    (a)     
Grantee rights. A Grantee shall have no rights to an award of Restricted
Stock unless and until Grantee accepts the award within the period prescribed by
the Committee and, if the Committee shall deem desirable, makes payment to the
Company in cash, or by check or such other instrument as may be acceptable to
the Committee. After acceptance and issuance of a certificate or certificates,
as provided for below, the Grantee shall have the rights of a stockholder with
respect to Restricted Stock subject to the non-transferability and forfeiture
restrictions described in Section 6(d) below. 

                    (b)      Issuance
of Certificates. The Company shall issue in the Grantee’s name a certificate
or certificates for the shares of Common Stock associated with the award
promptly after the Grantee accepts such award. 

                    (c)      Delivery
of Certificates. Unless otherwise provided, any certificate or certificates
issued evidencing shares of Restricted Stock shall not be delivered to the
Grantee until such shares are free of any restrictions specified by the
Committee at the time of grant. 

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                    (d)      Forfeitability,
Non-transferability of Restricted Stock. Shares of Restricted Stock are
forfeitable until the terms of the Restricted Stock grant have been satisfied.
Shares of Restricted Stock are not transferable until the date on which the
Committee has specified such restrictions have lapsed. Unless otherwise provided
by the Committee at or after grant, distributions in the form of dividends or
otherwise of additional shares or property in respect of shares of Restricted
Stock shall be subject to the same restrictions as such shares of Restricted
Stock. 

                    (e)     
Change of Control. Upon the occurrence of a Change in Control as defined
in Section 5(c), the Committee may accelerate the vesting of outstanding
Restricted Stock, in whole or in part, as determined by the Committee, in its
sole discretion. 

                    (f)     
Termination of Employment. Unless otherwise determined by the Committee
at or after grant, in the event the Grantee ceases to be an employee or
otherwise associated with the Company for any other reason, all shares of
Restricted Stock theretofore awarded to him which are still subject to
restrictions shall be forfeited and the Company shall have the right to complete
the blank stock power. The Committee may provide (on or after grant) that
restrictions or forfeiture conditions relating to shares of Restricted Stock
will be waived in whole or in part in the event of termination resulting from
specified causes, and the Committee may in other cases waive in whole or in part
restrictions or forfeiture conditions relating to Restricted Stock. 

          7.      Term
of Plan. 

                    No
Option or award of Restricted Stock shall be granted pursuant to the Plan on or
after the date which is ten years from the effective date of the Plan, but
Options and awards of Restricted Stock theretofore granted may extend beyond
that date. 

          8.      Capital
Change of the Company. 

                    In
the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, or other change in corporate structure affecting the Stock, the
Committee shall make an appropriate and equitable adjustment in the number and
kind of shares reserved for issuance under the Plan and in the number and option
price of shares subject to outstanding Options granted under the Plan, to the
end that after such event each Optionee’s proportionate interest shall be
maintained (to the extent possible) as immediately before the occurrence of such
event. The Committee shall, to the extent feasible, make such other adjustments
as may be required under the tax laws so that any Incentive Options previously
granted shall not be deemed modified within the meaning of Section 424(h) of the
Code. Appropriate adjustments shall also be made in the case of outstanding
Restricted Stock granted under the Plan. 

                    The
adjustments described above will be made only to the extent consistent with
continued qualification of the Option under Section 422 of the Code (in the case
of an Incentive Option) and Section 409A of the Code. 

          9.     
Purchase for Investment/Conditions. 

                    Unless
the Options and shares covered by the Plan have been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or the Company
has determined that such registration is unnecessary, each person exercising or
receiving Options or Restricted Stock under the Plan may be required by the
Company to give a representation in writing that he is acquiring the securities
for his own account for investment and not with a view to, or for sale in
connection with, the distribution of any part thereof. The Committee may impose
any additional or further restrictions on awards of Options or Restricted Stock
as shall be determined by the Committee at the time of award. 

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          10.      Taxes.

                    (a)      The
Company may make such provisions as it may deem appropriate, consistent with
applicable law, in connection with any Options or Restricted Stock granted under
the Plan with respect to the withholding of any taxes (including income or
employment taxes) or any other tax matters. 

                    (b)     
If any Grantee, in connection with the acquisition of Restricted Stock, makes
the election permitted under Section 83(b) of the Code (that is, an election to
include in gross income in the year of transfer the amounts specified in Section
83(b)), such Grantee shall notify the Company of the election with the Internal
Revenue Service pursuant to regulations issued under the authority of Code
Section 83(b). 

                    (c)     
If any Grantee shall make any disposition of shares of Stock issued pursuant to
the exercise of an Incentive Option under the circumstances described in Section
421(b) of the Code (relating to certain disqualifying dispositions), such
Grantee shall notify the Company of such disposition within ten (10) days
hereof. 

          11.      Effective
Date of Plan. 

                   
  The Plan shall be effective on September 12, 2008; provided,
however, that if, and only if, certain options are intended to qualify as
Incentive Stock Options, the Plan must subsequently be approved by majority vote
of the Company’s stockholders no later than September 12, 2009, and further,
that in the event certain Option grants hereunder are intended to qualify as
performance-based compensation within the meaning of Section 162(m) of the Code,
the requirements as to stockholder approval set forth in Section 162(m) of the
Code are satisfied. 

          12.     Amendment
and Termination. 

                    The
Board may amend, suspend, or terminate the Plan, except that no amendment shall
be made that would impair the rights of any Participant under any Option or
Restricted Stock theretofore granted without the Participant’s consent, and
except that no amendment shall be made which, without the approval of the
stockholders of the Company would: 

                    (a)     
materially increase the number of shares that may be issued under the Plan,
except as is provided in Section 8; 

                    (b)     
materially increase the benefits accruing to the Participants under the Plan;

                    (c)      materially
modify the requirements as to eligibility for participation in the Plan; 

                    (d)     
decrease the exercise price of an Incentive Option to less than 100% of the Fair
Market Value per share of Stock on the date of grant thereof or the exercise
price of a Nonqualified Option to less than 100% of the Fair Market Value per
share of Stock on the date of grant thereof; or 

                    (e)     
extend the term of any Option beyond that provided for in Section 5(b). 

                    (f)      except
as otherwise provided in Sections 5(d) and 8 hereof, reduce the exercise price
of outstanding Options or effect repricing through cancellations and re-grants
of new Options. 

                  
   Subject to the forgoing, the Committee may amend the terms of
any Option theretofore granted, prospectively or retrospectively, but no such
amendment shall impair the rights of any Optionee without the Optionee’s
consent. 

                 
    It is the intention of the Board that the Plan comply
strictly with the provisions of Section 409A of the Code and Treasury
Regulations and other Internal Revenue Service guidance promulgated thereunder
(the “Section 409A Rules”) and the Committee shall exercise its
discretion in granting awards hereunder (and the terms of such awards),
accordingly. The Plan and any grant of an award hereunder may be amended from
time to time 

- 8 - 

(without, in the case of an award, the consent of the
Participant) as may be necessary or appropriate to comply with the Section 409A
Rules. 

          13.      Government
Regulations. 

                
     The Plan, and the grant and exercise of Options or
Restricted Stock hereunder, and the obligation of the Company to sell and
deliver shares under such Options and Restricted Stock shall be subject to all
applicable laws, rules and regulations, and to such approvals by any
governmental agencies, national securities exchanges and interdealer quotation
systems as may be required. 

          14.     
General Provisions. 

                    (a)      Certificates.
All certificates for shares of Stock delivered under the Plan shall be subject
to such stop transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations and other requirements of the Securities
and Exchange Commission, or other securities commission having jurisdiction, any
applicable Federal or state securities law, any stock exchange or interdealer
quotation system upon which the Stock is then listed or traded and the Committee
may cause a legend or legends to be placed on any such certificates to make
appropriate reference to such restrictions. 

                    (b)      Employment
Matters. Neither the adoption of the Plan nor any grant or award under the
Plan shall confer upon any Participant who is an employee of the Company or any
Subsidiary any right to continued employment or, in the case of a Participant
who is a director, continued service as a director, with the Company or a
Subsidiary, as the case may be, nor shall it interfere in any way with the right
of the Company or any Subsidiary to terminate the employment of any of its
employees, the service of any of its directors or the retention of any of its
consultants or advisors at any time. 

                    (c)      Limitation
of Liability. No member of the Committee, or any officer or employee of the
Company acting on behalf of the Committee, shall be personally liable for any
action, determination or interpretation taken or made in good faith with respect
to the Plan, and all members of the Committee and each and any officer or
employee of the Company acting on their behalf shall, to the extent permitted by
law, be fully indemnified and protected by the Company in respect of any such
action, determination or interpretation. 

                    (d)     
Registration of Stock. Notwithstanding any other provision in the Plan,
no Option may be exercised unless and until the Stock to be issued upon the
exercise thereof has been registered under the Securities Act and applicable
state securities laws, or are, in the opinion of counsel to the Company, exempt
from such registration in the United States. The Company shall not be under any
obligation to register under applicable federal or state securities laws any
Stock to be issued upon the exercise of an Option granted hereunder in order to
permit the exercise of an Option and the issuance and sale of the Stock subject
to such Option, although the Company may in its sole discretion register such
Stock at such time as the Company shall determine. If the Company chooses to
comply with such an exemption from registration, the Stock issued under the Plan
may, at the direction of the Committee, bear an appropriate restrictive legend
restricting the transfer or pledge of the Stock represented thereby, and the
Committee may also give appropriate stop transfer instructions with respect to
such Stock to the Company’s transfer agent. 

          15.      Non-Uniform
Determinations. 

               
     The Committee’s determinations under the Plan,
including, without limitation, (i) the determination of the Participants to
receive awards, (ii) the form, amount and timing of such awards, (iii) the terms
and provisions of such awards and (ii) the agreements evidencing the same, need
not be uniform and may be made by it selectively among Participants who receive,
or who are eligible to receive, awards under the Plan, whether or not such
Participants are similarly situated. 

- 9 - 

          16.      Governing
Law. 

                  
  The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the
internal laws of the State of Delaware, without giving effect to principles of
conflicts of laws, and applicable federal law. 

- 10 -Volcan Holdings, Inc.: Exhibit 10.6 - Prepared by TNT Filings Inc.

VOLCAN HOLDINGS, INC. 
2008 EQUITY INCENTIVE PLAN 

FORM OF INCENTIVE STOCK OPTION AGREEMENT 

                             
This INCENTIVE STOCK OPTION AGREEMENT (the “Option Agreement”), dated as of the
__ day of ___________ , 20__ (the “Grant Date”), is between Volcan Holdings,
Inc., a Delaware corporation (the “Company”), and _______ (the “Optionee”), a
key employee of the Company or of a Subsidiary of the Company (a “Related
Corporation”), pursuant to the Volcan Holdings, Inc. 2008 Equity Incentive Plan
(the “Plan”). 

                             
WHEREAS, the Company desires to give the Optionee the opportunity to purchase
shares of common stock of the Company, par value $0.001 (“Common Shares”), in
accordance with the provisions of the Plan, a copy of which is attached hereto;

                             
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth
and for other good and valuable consideration, the parties hereto, intending to
be legally bound hereby, agree as follows: 

                             
1.      Grant of Option. The Company hereby
grants to the Optionee the right and option (the “Option”) to purchase all or
any part of an aggregate of [________] (______) Common Shares. The Option
is in all respects limited and conditioned as hereinafter provided, and is
subject in all respects to the terms and conditions of the Plan now in effect
and as it may be amended from time to time (but only to the extent that such
amendments apply to outstanding options). Such terms and conditions are
incorporated herein by reference, made a part hereof, and shall control in the
event of any conflict with any other terms of this Option Agreement. The Option
granted hereunder is intended to be an incentive stock option (“ISO”) meeting
the requirements of the Plan and section 422 of the Internal Revenue Code of
1986, as amended (the “Code”), and not a nonqualified stock option
(“NQSO”).

                             
2.      Exercise Price. The exercise price of
the Common Shares covered by this Option shall be $_________ per share. It is
the determination of the committee administering the Plan (the “Committee”) that
on the Grant Date the exercise price was not less than the greater of (i) 100%
(110% for an Optionee who owns more than 10% of the total combined voting power
of all shares of stock of the Company or of a Related Corporation – a
“More-Than-10% Owner”) of the “Fair Market Value” (as defined in the Plan) of a
Common Share, or (ii) the par value of a Common Share. 

                             
3.      Term. Unless earlier terminated pursuant
to any provision of the Plan or of this Option Agreement, this Option shall
expire on _________ __, 20__ (the “Expiration Date”), which date is not more
than 10 years (five years in the case of a More-Than-10% Owner) from the Grant
Date. This Option shall not be exercisable on or after the Expiration Date. 

                             
4.      Exercise of Option. The Option shall
vest according to the following schedule, provided that Optionee remains
continuously employed as a key employee of the Company or a Related Corporation
from the date hereof through the applicable vesting date: 

	Date Installment
      Becomes Exercisable 	Number of Shares 
	  	________ Shares 
	  	an additional ________  Shares 
	  	an additional ________  Shares 
	  	an additional ________  Shares

The Committee may accelerate any vesting date of the Option, in
its discretion, if it deems such acceleration to be desirable. Once the Option
becomes exercisable, it will remain exercisable until it is exercised or until
it terminates. 

                             
5.      Method of Exercising Option. Subject to
the terms and conditions of this Option Agreement and the Plan, the Option may
be exercised by written notice to the Company at its principal office. The form
of such notice is attached hereto and shall state the election to exercise the
Option and the number of whole shares with respect to which it is being
exercised; shall be signed by the person or persons so exercising the Option;
and shall be accompanied by payment of the full exercise price of such shares.
Only full shares will be issued.

                             
The exercise price shall be paid to the Company:

                             
(a)      in cash, or by certified check, bank draft, or
postal or express money order; 

                             
(b)      through the delivery of Common Shares
previously acquired by the Optionee; 

                             
(c)      by delivering a properly executed notice of
exercise of the Option to the Company and a broker, with irrevocable
instructions to the broker promptly to deliver to the Company the amount
necessary to pay the exercise price of the Option; 

                             
(d)      in Common Shares newly acquired by the
Optionee upon exercise of the Option (which shall constitute a disqualifying
disposition with respect to this ISO); or 

                             
(e)      in any combination of (a), (b), (c) or (d)
above. 

In the event the exercise price is paid, in whole or in part,
with Common Shares, the portion of the exercise price so paid shall be equal to
the Fair Market Value of the Common Shares surrendered on the date of exercise.

                             
Upon receipt of notice of exercise and payment, the Company shall deliver a
certificate or certificates representing the Common Shares with respect to which
the Option is so exercised. The Optionee shall obtain the rights of a
shareholder upon receipt of a certificate(s) representing such Common Shares.

- 2-

                             
Such certificate(s) shall be registered in the name of the person so exercising
the Option (or, if the Option is exercised by the Optionee and if the Optionee
so requests in the notice exercising the Option, shall be registered in the name
of the Optionee and the Optionee’s spouse, jointly, with right of survivorship),
and shall be delivered as provided above to, or upon the written order of, the
person exercising the Option. In the event the Option is exercised by any person
after the death or disability (as determined in accordance with Section 22(e)(3)
of the Code) of the Optionee, the notice shall be accompanied by appropriate
proof of the right of such person to exercise the Option. All Common Shares that
are purchased upon exercise of the Option as provided herein shall be fully paid
and non-assessable. 

                             
Upon exercise of the Option, Optionee shall be responsible for all employment
and income taxes then or thereafter due (whether Federal, State or local), and
if the Optionee does not remit to the Company sufficient cash (or, with the
consent of the Committee, Common Shares) to satisfy all applicable withholding
requirements, the Company shall be entitled to satisfy any withholding
requirements for any such tax by disposing of Common Shares at exercise,
withholding cash from Optionee’s salary or other compensation or such other
means as the Committee considers appropriate to the fullest extent permitted by
applicable law. Nothing in the preceding sentence shall impair or limit the
Company’s rights with respect to satisfying withholding obligations under
Section 10 of the Plan. 

                             
6.      Non-Transferability of Option. This
Option is not assignable or transferable, in whole or in part, by the Optionee
other than by will or by the laws of descent and distribution. During the
lifetime of the Optionee, the Option shall be exercisable only by the Optionee
or, in the event of his or her disability, by his or her guardian or legal
representative. 

                             
7.      Termination of Employment. If the
Optionee’s employment with the Company and all Related Corporations is
terminated for any reason (other than death or disability) prior to the
Expiration Date, then this Option may be exercised by Optionee, to the extent of
the number of Common Shares with respect to which the Optionee could have
exercised it on the date of such termination of employment, at any time prior to
the earlier of (i) the Expiration Date, or (ii) three months after such
termination of employment. Any part of the Option that was not exercisable
immediately before the termination of Optionee’s employment shall terminate at
that time. 

                             
8.      Disability. If the Optionee becomes
disabled (as determined in accordance with section 22(e)(3) of the Code) during
his or her employment and, prior to the Expiration Date, the Optionee’s
employment is terminated as a consequence of such disability, then this Option
may be exercised by the Optionee or by the Optionee’s legal representative, to
the extent of the number of Common Shares with respect to which the Optionee
could have exercised it on the date of such termination of employment at any
time prior to the earlier of (i) the Expiration Date or (ii) one year after such
termination of employment. Any part of the Option that was not exercisable
immediately before the Optionee’s termination of employment shall terminate at
that time.

- 3-

                             
9.      Death. If the Optionee dies during his
or her employment and prior to the Expiration Date, or if the Optionee’s
employment is terminated for any reason (as described in Paragraphs 7 and 8) and
the Optionee dies following his or her termination of employment but prior to
the earliest of (i) the Expiration Date, or (ii) the expiration of the period
determined under Paragraph 7 or 8 (as applicable to the Optionee), then this
Option may be exercised by the Optionee’s estate, personal representative or
beneficiary who acquired the right to exercise this Option by bequest or
inheritance or by reason of the Optionee’s death, to the extent of the number of
Common Shares with respect to which the Optionee could have exercised it on the
date of his or her death, at any time prior to the earlier of (i) the Expiration
Date or (ii) one year after the date of the Optionee’s death. Any part of the
Option that was not exercisable immediately before the Optionee’s death shall
terminate at that time.

                             
10.      Disqualifying Disposition of Option
Shares. The Optionee agrees to give written notice to the Company, at its
principal office, if a “disposition” of the Common Shares acquired through
exercise of the Option granted hereunder occurs at any time within two years
after the Grant Date or within one year after the transfer to the Optionee of
such shares. Optionee acknowledges that if such disposition occurs, the Optionee
generally will recognize ordinary income as of the date the Option was exercised
in an amount equal to the lesser of (i) the Fair Market Value of the Common
Shares on the date of exercise minus the exercise price, or (ii) the amount
realized on disposition of such shares minus the exercise price. If requested by
the Company at the time of and in the case of any such disposition, Optionee
shall pay to the Company an amount sufficient to satisfy the Company’s federal,
state and local withholding tax obligations with respect to such disposition.
The provisions of this Section 10 shall apply, whether or not the Optionee is in
the employ of the Company at the time of the relevant disposition. For purposes
of this Paragraph, the term “disposition” shall have the meaning assigned to
such term by section 424(c) of the Code. 

                             
11.      Securities Matters. (a) If, at any
time, counsel to the Company shall determine that the listing, registration or
qualification of the Common Shares subject to the Option upon any securities
exchange or under any state or federal law, or the consent or approval of any
governmental or regulatory body, or that the disclosure of non-public
information or the satisfaction of any other condition is necessary as a
condition of, or in connection with, the issuance or purchase of Common Shares
hereunder, such Option may not be exercised, in whole or in part, unless such
listing, registration, qualification, consent or approval, or satisfaction of
such condition shall have been effected or obtained on conditions acceptable to
the Board of Directors. The Company shall be under no obligation to apply for or
to obtain such listing, registration or qualification, or to satisfy such
condition. The Committee shall inform the Optionee in writing of any decision to
defer or prohibit the exercise of an Option. During the period that the
effectiveness of the exercise of an Option has been deferred or prohibited, the
Optionee may, by written notice, withdraw the Optionee’s decision to exercise
and obtain a refund of any amount paid with respect thereto. 

                             
(b)      The Company may require: (i) the Optionee (or
any other person exercising the Option in the case of the Optionee’s death or
Disability) as a condition of exercising the Option, to give written assurances,
in substance and form satisfactory to the Company, to the effect that such
person is acquiring the Common Shares subject to the Option 

- 4-

for his or her own account for investment and not with any
present intention of selling or otherwise distributing the same, and to make
such other representations or covenants; and (ii) that any certificates for
Common Shares delivered in connection with the exercise of the Option bear such
legends, in each case as the Company deems necessary or appropriate, in order to
comply with federal and applicable state securities laws, to comply with
covenants or representations made by the Company in connection with any public
offering of its Common Shares or otherwise. The Optionee specifically
understands and agrees that the Common Shares, if and when issued upon exercise
of the Option, may be “restricted securities,” as that term is defined in Rule
144 under the Securities Act of 1933 and, accordingly, the Optionee may be
required to hold the shares indefinitely unless they are registered under such
Securities Act of 1933, as amended, or an exemption from such registration is
available. 

                             
(c)      The Optionee shall have no rights as a
shareholder with respect to any Common Shares covered by the Option (including,
without limitation, any rights to receive dividends or non-cash distributions
with respect to such shares) until the date of issue of a stock certificate to
the Optionee for such Common Shares. No adjustment shall be made for dividends
or other rights for which the record date is prior to the date such stock
certificate is issued. 

                             
12.      Governing Law. This Option Agreement
shall be governed by the applicable Code provisions to the maximum extent
possible. Otherwise, the laws of the State of Delaware (without reference to the
principles of conflict of laws) shall govern the operation of, and the rights of
the Optionee under, the Plan and Options granted thereunder.

[SIGNATURE PAGE FOLLOWS]

- 5-

                             
IN WITNESS WHEREOF, the Company has caused this Incentive Stock Option Agreement
to be duly executed by its duly authorized officer, and the Optionee has
hereunto set his or her hand and seal, all as of the ______ day of ____________,
20__. 

VOLCAN HOLDINGS, INC. 

 

By:_______________________________
Name: 
Title: 

________________________________
Optionee 

VOLCAN HOLDINGS, INC. 
2008 EQUITY INCENTIVE PLAN 

Notice of Exercise of Incentive Stock Option 

                             
I hereby exercise the incentive stock option granted to me pursuant to the
Incentive Stock Option Agreement dated as of  ____________ __, 20__, by
Volcan Holdings, Inc. (the “Company”), with respect to the following number of
shares of the Company’s common stock (“Shares”), par value $0.001 per Share,
covered by said option: 

	 	Number of Shares to be purchased: 	________
	 	 	 
	 	Purchase price per Share: 	$_______ 
	 	 	 
	 	Total purchase price: 	$_______ 

	___ 	A. 	Enclosed is cash or my certified
      check, bank draft, or postal or express money order in the amount of $
      ________ in full/partial [circle one] payment for such Shares;
  
	 	  	 
	 	  	and/or 
	 	  	 
	___ 	B. 	Enclosed is/are Share(s) with a
      total fair market value of $ on the date hereof in full/partial [circle
      one] payment for such Shares; 
	 	  	 
	 	  	and/or 
	 	  	 
	___ 	C. 	I have provided notice to
      [insert name of broker], a broker, who will render full/partial
      [circle one] payment for such Shares. [Optionee should
      attach to the notice of exercise provided to such broker a copy of this
      Notice of Exercise and irrevocable instructions to pay to the
      Company the full/partial (as elected above) exercise price.]
  
	 	  	 
	 	  	and/or 
	 	  	 
	___ 	D. 	I elect to satisfy the payment
      for Shares purchased hereunder by having the Company withhold newly
      acquired Shares pursuant to the exercise of the Option. I understand that
      this will result in a “disqualifying disposition,” as described in Section
      10 of my Incentive Stock Option Agreement. 

                             
Please have the certificate or certificates representing the purchased Shares
registered in the following name or names*: _______________________
______________; and sent to _________________________. 

 

 

	DATED: _______________________ ___, 20__ 	______________________________
	  	Optionee’s Signature 

	* 	
      Certificates may be registered in the name of the
      Optionee alone or in the joint names (with right of survivorship) of the
      Optionee and his or her spouse.

- 2-

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