Document:

THE
      SECURITIES REPRESENTED BY THIS UNIT PURCHASE OPTION HAVE BEEN ACQUIRED FOR
      INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (“1933 ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE
      SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
      THEREFROM UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES
      LAWS.

    

    

    UNIT
      PURCHASE OPTION TO PURCHASE UNITS OF

    MIT
      HOLDING, INC.

    (VOID
      AFTER EXPIRATION DATE - MAY 1, 2012)

    

    

    This
      certifies that Meyers Associates, L.P. or its successors or assigns (“HOLDER”)
      for good and valuable consideration for each Unit (the “Unit”) of securities
      exercised hereunder, shall be entitled to purchase from MIT Holding, Inc.,
      a
      Delaware corporation (“Company”), having its principal place of business at 37
      West Fairmont Street, Suite 202, Savannah, Georgia 31406 up to 572 Units of
      the
      Company at the purchase price per Unit equal to $1000.00 (“PURCHASE PRICE”).
      Each Unit consists of one share of the Company’s Series A Convertible Preferred
      Stock and one detachable, transferable Warrant to purchase 2,000 shares of
      the
      Company’s stock, at a purchase price of $1,000 per Unit.

     

    This
      Unit
      Purchase Option shall be exchangeable for shares and warrants at any time,
      or
      from time-to-time, up to and including 5:00 p.m. (local time) on May 1, 2012
      (“EXPIRATION DATE”) upon the surrender to the Company at its principal place of
      business (or at such other location as the Company may advise the Holder in
      writing) of this Unit Purchase Option properly endorsed with a form of
      subscription in substantially the form attached hereto duly filled in and signed
      and, if applicable, upon payment of the aggregate PURCHASE PRICE for the number
      of Units for which this Unit Purchase Option is being exercised determined
      in
      accordance with the provisions hereof. Payment of the aggregate PURCHASE PRICE
      may be made as elected by Holder as follows (or by any combination of the
      following): (i) in United States currency by cash or delivery of a certified
      check, bank draft or postal or express money order payable to the order of
      the
      Company; or (ii) by surrender of a number of shares of Common Stock held by
      the
      Holder equal to the quotient obtained by dividing (A) the aggregate PURCHASE
      PRICE payable with respect to the portion of this Unit Purchase Option then
      being exercised by (B) the closing bid price per share of Common Stock on the
      date of exercise. The PURCHASE PRICE and the number of shares of Common Stock
      purchasable hereunder are subject to adjustment as provided in Section 2 of
      this
      Unit Purchase Option.

     

    
      	1.	
              EXERCISE;
                ISSUANCE OF CERTIFICATES; PAYMENT FOR
                UNITS.

            

    

     

    1.1 General.
      This
      Unit Purchase Option is exercisable in full, or in part for 1 or more Units,
      at
      the option of the Holder of record at any time or from time, to time, up to
      the
      Expiration Date for all of the shares of Common Stock (but not for a fraction
      of
      a share) and Warrants which may be purchased hereunder. In the case of the
      exercise of less than all of the Unit Purchase Options represented hereby,
      the
      Company shall cancel this Unit Purchase Option Certificate upon the surrender
      hereof and shall execute and deliver a new Unit Purchase Option Certificate
      or
      Unit Purchase Option Certificates of like tenor for the balance of such Unit
      Purchase Option. The Company agrees that the units purchased under this Unit
      Purchase Option shall be and are deemed to be issued to the Holder hereof as
      the
      record owner of such units as of the close of business on the date on which
      this
      Unit Purchase Option shall have been surrendered, properly endorsed, the
      completed, executed Subscription Form (attached hereto as Exhibit A-1) delivered
      and payment made for such units. Certificates for the shares of Common Stock
      and
      Warrants so purchased, together with any other securities or property to which
      the Holder is entitled upon such exercise, shall be delivered to the Holder
      by
      the Company at the Company’s expense within a reasonable time after the rights
      represented by this Unit Purchase Option have been so exercised, and in any
      event, within seven (7) days of such exercise. Each Common Stock and Warrant
      certificate so delivered shall be in such denominations of 1 or more shares
      as
      may be requested by the Holder hereof and shall be registered on the Company’s
      books in the name designated by such Holder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              1.2

            	
              Cashless
                Exercise

            

    

     

    The
      Holder may pay the Purchase Price through a cashless exercise (a “Cashless
      Exercise”),
      as
      hereinafter provided. The Holder may effect a Cashless Exercise by surrendering
      this Unit Purchase Option to the Company and noting on the Exercise Notice
      that
      the Holder wishes to effect a Cashless Exercise, upon which the Company shall
      issue to the Holder the number of Warrant Shares determined as
      follows:

     

    

    X
      = Y x
      (A-B)/A

    where:  

    

    X
      = the
      number of Units to be issued to the Holder;

    

    Y
      = the
      number of Units with respect to which this Unit Purchase Option is being
      exercised;

     

    
      	 	 	 	
              A
                =
                the Market Price (“Market
                Price” shall
                mean the volume weighted average price of the Company’s common stock (as
                reported Bloomberg, LP) for the thirty (30) trading days immediately
                preceding the most recent trading day);
                and

            

    

    

    
      	 	 	 	
              B
                =
                the Purchase Price.

            

    

    

    For
      purposes of Rule 144, it is intended and acknowledged that the Units issued
      in a
      Cashless Exercise transaction shall be deemed to have been acquired by the
      Holder, and the holding period for the Units required by Rule 144 shall be
      deemed to have been commenced, on the Issue Date. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    1.3 Shares
      To Be Fully Paid; Reservation Of Shares.
      The
      Company covenants and agrees that all shares of Common Stock which may be issued
      upon the exercise of the rights represented by this Unit Purchase Option will,
      upon issuance, be duly authorized, validly issued, fully paid and non assessable
      and free from all preemptive rights of any shareholder and free of all taxes,
      liens and charges with respect to the issue thereof. The Company further
      covenants and agrees that, during the period within which the rights represented
      by this Unit Purchase Option may be exercised, the Company will at all times
      have authorized and reserved, for the purpose of issue or transfer upon exercise
      of the subscription rights evidenced by this Unit Purchase Option, a sufficient
      number of shares of authorized but un-issued Common Stock, when and as required
      to provide for the exercise of the rights represented by this Unit Purchase
      Option. The Company will take all such action as may be necessary to assure
      that
      such shares of Common Stock may be issued as provided herein without violation
      of any applicable law or regulation, or of any requirements of any domestic
      securities exchange upon which the Common Stock or other securities may be
      listed; provided, however, that the Company shall not be required to effect
      a
      registration under federal or state securities laws with respect to such
      exercise. The Company will not take any action which would result in any
      adjustment of the PURCHASE PRICE (as set forth in Section 2 hereof) if the
      total
      number of shares of Common Stock issuable after such action upon exercise of
      all
      outstanding warrants, together with all shares of Common Stock then outstanding
      and all shares of Common Stock then issuable upon exercise of all options and
      upon the conversion of all convertible securities then outstanding, would exceed
      the total number of shares of Common Stock or Equity Securities then authorized
      by the Company’s Articles/Certificate of Incorporation (“Company
      Charter”).

     

    
      	2.	
              DETERMINATION
                OR ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF
                UNITS.

            

    

     

    The
      PURCHASE PRICE and the number of units purchasable upon the exercise of this
      Unit Purchase Option shall be subject to adjustment from time to time upon
      the
      occurrence of certain events described in this Section 2. Upon each adjustment
      of the PURCHASE PRICE, the Holder of this Unit Purchase Option shall thereafter
      be entitled to purchase, at the PURCHASE PRICE resulting from such adjustment,
      the number of units obtained by multiplying the PURCHASE PRICE in effect
      immediately prior to such adjustment by the number of units purchasable pursuant
      hereto immediately prior to such adjustment, and dividing the product thereof
      by
      the PURCHASE PRICE resulting from such adjustment.

     

    2.1 Subdivision
      or Combination of Common Stock.
      In case
      the Company shall at any time subdivide its outstanding shares of Common Stock
      into a greater number of shares, the PURCHASE PRICE in effect immediately prior
      to such subdivision shall be proportionately reduced, and conversely, in case
      the outstanding shares of Common Stock of the Company shall be combined into
      a
      smaller number of shares, the PURCHASE PRICE in effect immediately prior to
      such
      combination shall be proportionately increased.

     

    2.2 Dividends
      in Common Stock, Other Stock, Property, Reclassification.
      If at
      any time or from time to time the holders of Common Stock or Warrants (or any
      shares of stock or other securities at the time receivable upon the exercise
      of
      this Unit Purchase Option or into which such securities are convertible) shall
      have received or become entitled to receive, without payment
      therefore:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    2.2.1
      Stock,
      Common Stock or any shares of stock or other securities which are at any time
      directly or indirectly convertible into or exchangeable for Common Stock, or
      any
      rights or options to subscribe for, purchase or otherwise acquire any of the
      foregoing by way of dividend or other distribution,

     

    2.2.2
      Any
      cash
      paid or payable otherwise than as a cash dividend, or

     

    2.2.3
      Stock,
      Common Stock or additional stock or other securities or property (including
      cash) by way of spin-off, split-up, reclassification, combination of shares
      or
      similar corporate rearrangement, (other than shares of Common Stock issued
      as a
      stock split or adjustments in respect of which shall be covered by the terms
      of
      Section 2.1 above), then and in each such case, the Holder hereof shall, upon
      the exercise of this Unit Purchase Option, be entitled to receive, in addition
      to the number of shares of Stock or Common Stock receivable thereupon, and
      without payment of any additional consideration therefor, the amount of stock
      and other securities and property (including cash in the cases referred to
      in
      clause (2.2.2) above and this clause (2.2.3)) which such Holder would hold
      on
      the date of such exercise had he been the holder of record of such Common Stock
      as of the date on which holders of Common Stock received or became entitled
      to
      receive such shares or all other additional stock and other securities and
      property.

     

    2.3 Reorganization,
      Reclassification, Consolidation, Merger or Sale.
      If any
      recapitalization, reclassification or reorganization of the capital stock of
      the
      Company, or any consolidation or merger of the Company with another corporation,
      or the sale of all or substantially all of its assets or other transaction
      shall
      be effected in such a way that holders of Common Stock shall be entitled to
      receive stock, securities, or other assets or property (an “Organic Change”),
      then, as a condition of such Organic Change, lawful and adequate provisions
      shall be made by the Company whereby the Holder hereof shall thereafter have
      the
      right, upon exercise of this Unit Purchase Option, to purchase and receive
      (in
      lieu of the units of the Company immediately theretofore purchasable and
      receivable upon the exercise of the rights represented by this Unit Purchase
      Option) such shares of stock, securities or other assets or property as may
      be
      issued or payable with respect to or in exchange for a number of outstanding
      shares of such Common Stock equal to the number of units immediately theretofore
      purchasable and receivable upon the exercise of the rights represented by this
      Unit Purchase Option. In the event of any Organic Change, appropriate provision
      shall be made by the Company with respect to the rights and interests of the
      Holder of this Unit Purchase Option to the end that the provisions hereof
      (including, without limitation, provisions for adjustments of the PURCHASE
      PRICE
      and of the number of shares purchasable and receivable upon the exercise of
      this
      Unit Purchase Option) shall thereafter be applicable, in relation to any shares
      of stock, securities or assets thereafter deliverable upon the exercise hereof.
      The Company will not effect any such consolidation, merger or sale unless,
      prior
      to the consummation thereof, the successor corporation (if other than the
      Company) resulting from such consolidation or the corporation purchasing such
      assets shall assume by written instrument executed and mailed or delivered
      to
      the registered Holder hereof at the last address of such Holder appearing on
      the
      books of the Company, the obligation to deliver to such Holder, upon Holder’s
      exercise of this Unit Purchase Option and payment of the purchase price in
      accordance with the terms hereof, such shares of stock, securities or assets
      as,
      in accordance with the foregoing provisions, such Holder may be entitled to
      purchase.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    2.4 

     

    2.4.1
      Except
      as
      hereinafter provided, if and whenever after the date of execution of this Unit
      Purchase Option, the Company shall issue or sell any shares of its Common Stock
      for a consideration per Share less than the PURCHASE PRICE per Unit hereunder
      in
      effect immediately prior to the time of such issue or sale, then forthwith
      the
      PURCHASE PRICE of this Unit Purchase Option shall be reduced to the price
      (calculated to the nearest cent) which the Company received upon such issue
      or
      sale.

     

    2.4.2
      Notwithstanding
      anything herein to the contrary, no adjustment of the PURCHASE PRICE shall
      be
      made upon (i) the sale by the Company of any shares of Common Stock pursuant
      to
      the exercise of any options or warrants and/or conversion of notes previously
      issued and outstanding on the date hereof or (ii) issuable under any shareholder
      approved stock option plan.

     

    2.4.3
      No
      adjustment of the PURCHASE PRICE, however, shall be made in an amount less
      than
      $.02 per Share, but any such lesser adjustment shall be carried forward and
      shall be made at the time and together with the next subsequent adjustment
      which
      together with any adjustments so carried forward shall amount to $.02 per Share
      or more.

     

    2.5 Certain
      Events.
      If any
      change in the outstanding Common Stock of the Company or any other event occurs
      as to which the other provisions of this Section 2 are not strictly applicable
      or if strictly applicable would not fairly protect the purchase rights of the
      Holder of the Unit Purchase Option in accordance with such provisions, then
      the
      Board of Directors of the Company shall make an adjustment in the number and
      class of shares available under the Unit Purchase Option, the PURCHASE PRICE
      or
      the application of such provisions, so as to protect such purchase rights as
      aforesaid. The adjustment shall be such as will give the Holder of the Unit
      Purchase Option upon exercise for the same aggregate PURCHASE PRICE the total
      number, class and kind of shares as he would have owned had the Unit Purchase
      Option been exercised prior to the event and had he continued to hold such
      shares until after the event requiring adjustment.

     

    2.6 Notices
      of Change.

     

    2.6.1
      Upon
      any
      determination or adjustment in the number or class of shares subject to this
      Unit Purchase Option and of the PURCHASE PRICE, the Company shall give written
      notice thereof to the Holder, setting forth in reasonable detail and certifying
      the calculation of such determination or adjustment.

     

    2.6.2
      The
      Company shall give written notice to the Holder at least 10 business days prior
      to the date on which the Company closes its books or takes a record for
      determining rights to receive any dividends or distributions.

     

    2.6.3
      The
      Company shall also give written notice to the Holder at least 20 days prior
      to
      the date on which an Organic Change shall take place.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              ISSUE
                TAX.

            

    

     

    The
      issuance of certificates for shares of Common Stock and Warrants upon the
      exercise of the Unit Purchase Option shall be made without charge to the Holder
      of the Unit Purchase Option for any issue tax (other than any applicable income
      taxes) in respect thereof; provided, however, that the Company shall not be
      required to pay any tax which may be payable in respect of any transfer involved
      in the issuance and delivery of any certificate in a name other than that of
      the
      then Holder of the Unit Purchase Option being exercised.

     

    
      	4.	
              CLOSING
                OF BOOKS. 

            

    

     

    The
      Company will at no time close its transfer books against the transfer of any
      warrant or of any shares of stock issued or issuable upon the exercise of any
      warrant in any manner which interferes with the timely exercise of this Unit
      Purchase Option.

     

    
      	5.	
              NO
                VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY.
                

            

    

     

    Nothing
      contained in this Unit Purchase Option shall be construed as conferring upon
      the
      Holder hereof the right to vote as a shareholder of the Company. No dividends
      or
      interest shall be payable or accrued in respect of this Unit Purchase Option,
      the interest represented hereby, or the shares purchasable hereunder until,
      and
      only to the extent that, this Unit Purchase Option shall have been
      exercised.

     

    The
      Holder of this Unit Purchase Option shall receive all notices as if a
      shareholder of the Company. No provisions hereof, in the absence of affirmative
      action by the Holder to purchase shares of Common Stock, and no mere enumeration
      herein of the rights or privileges of the Holder hereof, shall give rise to
      any
      liability of such Holder for the PURCHASE PRICE or as a shareholder of the
      Company, whether such liability is asserted by the Company or by its
      creditors.

     

    
      	6.	
              RIGHTS
                AND OBLIGATIONS SURVIVE EXERCISE OF UNIT PURCHASE
                OPTION.

            

    

     

    The
      rights and obligations of the Company, of the Holder of this Unit Purchase
      Option and of the holder of shares of Common Stock and Warrants issued upon
      exercise of this Unit Purchase Option, shall survive the exercise of this Unit
      Purchase Option.

     

    
      	7.	
              FURTHER
                REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
                COMPANY.

            

    

     

    7.1 Articles
      and Bylaws.
      The
      Company has made available to Holder true, complete and correct copies of the
      Company Charter and Bylaws, as amended, through the date hereof.

     

    7.2 Due
      Authority.
      The
      execution and delivery by the Company of this Unit Purchase Option and the
      performance of all obligations of the Company hereunder, including the issuance
      to Holder of the right to acquire the shares of Common Stock and Warrants,
      have
      been duly authorized by all necessary corporate action on the part of the
      Company, and the Unit Purchase Option is not inconsistent with the Company
      Charter or Bylaws and constitutes a legal, valid and binding agreement of the
      Company, enforceable in accordance with its terms.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    7.3 Consents
      and Approvals.
      No
      consent or approval of, giving of notice to, registration with, or taking of
      any
      other action in respect of any state, federal or other governmental authority
      or
      agency is required with respect to the execution, delivery and performance
      by
      the Company of its obligations under this Unit Purchase Option, except for
      any
      filing required by applicable federal and state securities laws, which filing
      will be effective by the time required thereby.

     

    7.4 Issued
      Securities.
      All
      issued and outstanding shares of capital stock of the Company have been duly
      authorized and validly issued and are fully paid and nonassessable. All
      outstanding shares of capital stock were issued in full compliance with all
      federal and state securities laws.

     

    7.5 Exempt
      Transaction.
      Subject
      to the accuracy of the Holders representations in Section 8 hereof, the issuance
      of the Common Stock upon exercise of this Unit Purchase Option will constitute
      a
      transaction exempt from (i) the registration requirements of Section 5 of the
      Securities Act of 1933, as amended (“1933 Act”), in reliance upon Section 4(2)
      thereof, or upon the applicable exemption under Regulation D, and (ii) the
      qualification requirements of the applicable state securities laws.

     

    7.6 Compliance
      with Rule 144.
      At the
      written request of the Holder, who proposes to sell Common Stock issuable upon
      the exercise of the Unit Purchase Option in compliance with Rule 144 promulgated
      by the Securities and Exchange Commission, the Company shall furnish to the
      Holder, within five (5) days after receipt of such request, a written statement
      confirming the Company’s compliance with the filing requirements of the
      Securities and Exchange Commission as set forth in such Rule, as such Rule
      may
      be amended from time to time and an opinion of counsel allowing the sale
      pursuant to Rule 144.

     

    7.7 Registration.
      The
      shares of Common Stock underlying this Unit Purchase Option are subject to
      the
      same registration rights as provided to subscribers in the Private Placement
      of
      the Company dated March 19, 2007, the terms of which are incorporated by
      reference herein.

     

    
      	8.	
              REPRESENTATIONS
                AND COVENANTS OF THE HOLDER.

            

    

     

    8.1 This
      Unit
      Purchase Option has been entered into by the Company in reliance upon the
      following representations and covenants of the Holder:

     

    8.1.1
      Investment
      Purpose. The Unit Purchase Option or the Common Stock and Warrants issuable
      upon
      exercise of the Unit Purchase Option will be acquired for investment and not
      with a view to the sale or distribution of any part thereof, and the Holder
      has
      no present intention of selling or engaging in any public distribution of the
      same except pursuant to a registration or exemption.

     

    8.1.2
      Private
      Issue. The Holder understands (i) that the Unit Purchase Option and the Common
      Stock and Warrants issuable upon exercise of this Unit Purchase Option are
      not
      registered under the 1933 Act or qualified under applicable state securities
      laws on the ground that the issuance contemplated by this Unit Purchase Option
      will be exempt from the registration and qualifications requirements thereof,
      and (ii) that the Company’s reliance on such exemption is predicated on the
      representations set forth in this Section 8.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    8.1.3
      Disposition
      of Holders Rights. In no event will the Holder make a disposition of the Unit
      Purchase Option or the Common Stock and Warrants issuable upon exercise of
      the
      Unit Purchase Option unless and until (i) it shall have notified the Company
      of
      the proposed disposition, and (ii) if requested by the Company, it shall have
      furnished the Company with an opinion of counsel (which counsel may either
      be
      inside or outside counsel to the Holder) satisfactory to the Company and its
      counsel to the effect that (A) appropriate action necessary for compliance
      with
      the 1933 Act has been taken, or (B) an exemption from the registration
      requirements of the 1933 Act is available. Notwithstanding the foregoing, the
      restrictions imposed upon the transferability of any of its rights to acquire
      Common Stock issuable on the exercise of such rights do not apply to transfers
      from the beneficial owner of any of the aforementioned securities to its nominee
      or from such nominee to its beneficial owner, and shall terminate as to any
      particular share of stock when (1) such security shall have been effectively
      registered under the 1933 Act and sold by the Holder thereof in accordance
      with
      such registration or (2) such security shall have been sold without registration
      in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have
      been
      issued to the Holder at its request by the staff of the Securities and Exchange
      Commission or a ruling shall have been issued to the Holder at its request
      by
      such Commission stating that no action shall be recommended by such staff or
      taken by such Commission, as the case may be, if such security is transferred
      without registration under the 1933 Act in accordance with the conditions set
      forth in such letter or ruling and such letter or ruling specifies that no
      subsequent restrictions on transfer are required. Whenever the restrictions
      imposed hereunder shall terminate, as hereinabove provided, the Holder or holder
      of a share of stock then outstanding as to which such restrictions have
      terminated shall be entitled to receive from the Company, without expense to
      such Holder, one or more new certificates for the Unit Purchase Option or for
      such shares of stock not bearing any restrictive legend.

     

    8.1.4
      Financial
      Risk. The Holder has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of its investment,
      and has the ability to bear the economic risks of its investment.

     

    8.1.5
      Risk
      of
      No Registration. The Holder understands that if the Company does not file
      reports pursuant to Section 13 or 15(d), of the Securities Exchange Act of
      1934
      (“1934 ACT”), or if a registration statement covering the securities under the
      1933 Act is not in effect when it desires to sell (i) the Unit Purchase Option,
      or (ii) the Common Stock issuable upon exercise of the Unit Purchase Option,
      it
      may be required to hold such securities for an indefinite period. The Holder
      also understands that any sale of the Unit Purchase Options or the Common Stock
      and Warrants issuable upon exercise of the Unit Purchase Option which might
      be
      made by it in reliance upon Rule 144 under the 1933 Act may be made only in
      accordance with the terms and conditions of that Rule.

     

    8.1.6
      Restriction
      on Exercise by The Holder. Notwithstanding anything herein to the contrary,
      in
      no event shall any Holder be required to exercise this Unit Purchase Option
      if
      as a result of such exercise the aggregate number of shares of Common Stock
      beneficially owned by such Holder and its Affiliates would exceed 4.99% of
      the
      outstanding shares of the Common Stock following such exercise. For purposes
      of
      this Section 8.1.7, beneficial ownership shall be calculated in accordance
      with
      Section 13(d) of the Securities Exchange Act of 1934, as amended.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    9.    
MODIFICATION
      AND WAIVER. This Unit Purchase Option and any provision hereof may be changed,
      waived, discharged or terminated only by an instrument in writing signed by
      the
      party against which enforcement of the same is sought.

     

    10.    NOTICES.
      Any notice, request or other document required or permitted to be given or
      delivered to the Holder hereof or the Company shall be delivered or shall be
      sent by certified mail, postage prepaid or such other means which evidences
      receipt, to each such Holder at its address as shown on the books of the Company
      or to the Company at the address indicated therefor in the first paragraph
      of
      this Unit Purchase Option or such other address as either may from time to
      time
      provide to the other.

     

    11.    BINDING
      EFFECT ON SUCCESSORS. As provided in Section 2.3 above, this Unit Purchase
      Option shall be binding upon any corporation succeeding the Company by merger,
      consolidation or acquisition of all or substantially all of the Company’s
      assets. All of the obligations of the Company relating to the Common Stock
      and
      Warrants issuable upon the exercise of this Unit Purchase Option shall survive
      the exercise and termination of this Unit Purchase Option.

     

    All
      of
      the covenants and agreements of the Company shall inure to the benefit of the
      successors and assigns of the Holder hereof.

     

    12.   DESCRIPTIVE
      HEADINGS AND GOVERNING LAW. The description headings of the several sections
      and
      paragraphs of this Unit Purchase Option are inserted for convenience only and
      do
      not constitute a part of this Unit Purchase Option.

     

    This
      Unit
      Purchase Option shall be construed and enforced in accordance with, and the
      rights of the parties shall be governed by the laws of the State of
      Delaware.

     

    13.   LOST
      UNIT
      PURCHASE OPTIONS. The Company represents and warrants to the Holder hereof
      that
      upon receipt of evidence reasonably satisfactory to the Company of the loss,
      theft, destruction, or mutilation of this Unit Purchase Option and, in the
      case
      of any such loss, theft or destruction, upon receipt of an indemnity reasonably
      satisfactory to the Company, or in the case of any such mutilation upon
      surrender and cancellation of such Unit Purchase Option, the Company, at its
      expense, will make and deliver a new Unit Purchase Option, of like tenor, in
      lieu of the lost, stolen, destroyed or mutilated Unit Purchase
      Option.

     

    14.   FRACTIONAL
      SHARES. No fractional shares shall be issued upon exercise of this Unit Purchase
      Option. The Company shall, in lieu of issuing any fractional share, pay the
      Holder entitled to such fraction a sum in cash equal to such fraction multiplied
      by the then effective PURCHASE PRICE.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Unit Purchase Option to be duly
      executed by its officers, thereunto duly authorized this ___ day of May
      2007

     

    

    
      	 	 	 
	 	MIT HOLDING, INC., a Delaware
              corporation
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              William C. Parker
	 	Title:
              President & CEO

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    EXHIBIT
      A-1 SUBSCRIPTION FORM

     

    

    Date:
      _________________, _______

     

    

    MIT
      HOLDING, INC. - Attn: President

     

    

    Ladies
      and Gentlemen:

     

    

    The
      undersigned hereby elects to exercise the Unit Purchase Option issued to it
      by
      MIT Holding, Inc. (“COMPANY”) and dated May ___, 2007, (“UNIT PURCHASE OPTION”)
      and to purchase thereunder __________________________________ shares of the
      Common Stock of the Company (“SHARES”) and ________ Common Stock Purchase
      Warrants at a purchase price of ________________ ($______) per Share or an
      aggregate purchase price of __________________________________ Dollars
      ($__________) (“PURCHASE PRICE”).

     

    Pursuant
      to the terms of the Unit Purchase Option, the undersigned has delivered the
      PURCHASE PRICE herewith in a manner set forth in the Unit Purchase
      Option.

     

     

    
      	 	Very truly
              yours,

    

     

    
 

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    ASSIGNMENT
      To Be Executed by the Registered Holder in Order to Assign Unit Purchase
      Options

     

    

    FOR
      VALUE
      RECEIVED,

    

    ______________________________________________________
      hereby sells, assigns and transfers unto

     

    

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER 

     

    --------------------------------------
      -------------------------------------- --------------------------------------
      

     

    [please
      print or type name and address]

     

    

    _____________________of
      the Unit Purchase Options represented by this Unit Purchase Option Certificate,
      and hereby irrevocably constitutes and appoints
      ____________________________________ Attorney to transfer this Unit Purchase
      Option Certificate on the books of the Company, with full power of substitution
      in the premises.

     

    

    

    
      	Dated: ________________________ 	x ________________________
	 	Signature
              Guaranteed

    

     

    THE
      SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
      NAME
      AS WRITTEN UPON THE FACE OF THIS UNIT PURCHASE OPTION CERTIFICATE IN EVERY
      PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND
      MUST
      BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
      AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
      MIDWEST STOCK EXCHANGE.

    

    
      
         

      

      
        12EXHIBIT
      C

    

    

    2006
      STOCK INCENTIVE PLAN

    

    
      	1.	
              THE
                PLAN

            

    

    

    

    a)
      Purpose.
       This
      MIT
      Holding, Inc. 2006 Stock Incentive Plan (the "Plan") is intended to benefit
      the
      stockholders of MIT Holding, Inc. (the "Company") by providing a means to
      attract, retain and reward individuals who can and do contribute to the
      longer-term financial success of the Company. Further, the recipients of
      stock-based awards under the Plan should identify their success with that of
      the
      company's shareholders and therefore will be encouraged to increase their
      proprietary interest in the Company.

    

    b)
      Effective
      Date.
       To
      serve
      this purpose, the Plan will become effective upon its approval
      by the affirmative vote of a majority of the Company’s directors provided the
      Plan is approved by the affirmative vote of a majority of the Company’s
      outstanding shares of voting securities within twelve (12) months after such
      approval by the Board of Directors (the “Board”).

    

    
      	2.	
              ADMINISTRATION

            

    

    

    a)
      Committee. The
      Plan
      shall be administered by a Committee, appointed by the Board which shall consist
      of no less than two of its members, all of whom shall not be employees of the
      Company (the "Committee") or by the Board; provided, however, that from time
      to
      time the Board may assume, at its sole discretion, administration of the Plan.
      Except with regard to awards to employees subject to Section 16 of the
      Securities Exchange Act of 1934, the Committee may delegate certain
      responsibilities and powers to any executive officer or officers selected by
      it.
      Any such delegation may be revoked by the Committee at any time.

    

    b)
      Powers
      and Authority. The
      Committee's powers and authority include, but are not limited to: selecting
      individuals, who are either employees of the Company and any subsidiary of
      the
      Company or other entity in which the Company has a significant equity or other
      interest as determined by the Committee, non-employee members of the Board
      or
      independent consultants or other persons who perform services for or on behalf
      of the Company, to receive awards (“Awards”); determining the types and terms
      and conditions of all Awards granted, including performance and other earn
      out
      and/or vesting contingencies; permitting transferability of Awards to eligible
      third parties; interpreting the Plan’s provisions; and administering the Plan in
      a manner that is consistent with its purpose. The Committee's decision in
      carrying out the Plan and its interpretation and construction of any provisions
      of the Plan or any award granted or agreement or other instrument executed
      under
      it shall be final and binding upon all persons. No members of the Board shall
      be
      liable for any action or determination made in good faith in administering
      the
      Plan.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    c)
      Award
      Prices. All
      Awards denominated or made in shares of common stock shares shall use as the
      per
      Share price as the fair market value as established by the Board in good faith.
      In the case of an Incentive Stock Award, in accordance with Section 422 of
      the
      Internal Revenue Code (the “Code”), the fair market value (the “Fair Market
      Value”) means the average of the high and low sales prices of the Shares on such
      date on the principal securities exchange on which such Shares are listed,
      or if
      such Shares are not so listed or admitted to trading, the arithmetic mean of
      the
      per Share closing bid price and closing asked price per Share on such date
      as
      quoted on the quotation system of the Nasdaq Stock Market, Inc. or such other
      market in which such prices are regularly quoted.

    

    
      	3.	
              SHARES
                SUBJECT TO THE PLAN AND
                ADJUSTMENTS

            

    

    

    a)
      Maximum
      Shares Available for Delivery.
      Subject
      to adjustments under Section 3(c), the maximum number of Shares that may be
      delivered to participants and their beneficiaries under the Plan shall be
      7,000,000. In addition, any Shares delivered under the Plan or any prior plan
      of
      the Company which are forfeited back to the Company because of the failure
      to
      meet an award contingency or condition shall again be available for delivery
      pursuant to new Awards granted under the Plan. Any Shares covered by an award
      (or portion of an award) granted under the Plan which is forfeited or canceled,
      expires or is settled in cash, including the settlement of tax withholding
      obligations using Shares, shall be deemed not to have been delivered for
      purposes of determining the maximum number of Shares available for delivery
      under the Plan. Likewise, if any stock option is exercised by tendering Shares,
      either actually or by attestation, to the Company as full or partial payment
      for
      such exercise under this Plan or any prior plan of the Company, only the number
      of Shares issued net of the Shares tendered shall be deemed delivered for
      purposes of determining the maximum number of Shares available for delivery
      under the Plan. Further, Shares issued under the Plan through the settlement,
      assumption or substitution of outstanding Awards or obligations to grant future
      Awards as a condition of the Company acquiring another entity shall not reduce
      the maximum number of Shares available for delivery under the Plan. In addition,
      shares available for delivery in settlement of Awards under the Plan may be
      increased by the Board by the number of shares purchased or acquired by the
      Company using amounts equivalent to the cash proceeds received by the company
      from the exercise of stock options, granted under any plan of the Company.
      

    

    b)
      Payment
      Shares. Subject
      to the overall limitation on the number of Shares that may be
      delivered under the Plan, the Committee may, in addition to granting awards
      under Section 4, use available Shares as the form of payment for compensation,
      grants or rights earned or due under any other compensation plans or
      arrangements of the Company, including those of any entity acquired by the
      Company.

    

    c)
      Adjustments
      for Corporate Transactions.
      

    

    (i) The
      Committee may determine that a corporate transaction has affected the price
      per
      Share such that an adjustment or adjustments to outstanding Awards are required
      to preserve (or prevent enlargement of) the benefits or potential benefits
      intended at time of grant. For this purpose a corporate transaction will
      include, but is not limited to, any stock dividend, stock split, extraordinary
      cash dividend, recapitalization, reorganization, merger, consolidation,
      split-up, spin-off, combination or exchange of shares, or other similar
      occurrence. In the event of such a corporate transaction, the Committee shall,
      in such manner as the Committee deems equitable, adjust (i) the number and
      kind
      of shares which may be delivered under the Plan pursuant to Section 3(a) and
      3(b); (ii) the number and kind of shares subject to outstanding Awards; and
      (iii) the exercise price of outstanding stock options and stock appreciation
      rights

    

    (ii) In
      the
      event that the Company is not the surviving company of a merger, consolidation
      or amalgamation with another company, or in the event of a liquidation or
      reorganization of the Company, and in the absence of the surviving corporation's
      assumption of outstanding Awards made under the Plan, the Committee may provide
      for appropriate adjustments and/or settlements of such grants either at the
      time
      of grant or at a subsequent date. The Committee may also provide for adjustments
      and/or settlements of outstanding Awards as it deems appropriate and consistent
      with the Plan's purpose in the event of any other change-in-control of the
      Company.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    
      	4.	
              ELIGIBILITY

            

    

    

    a) Eligible
      Persons. All
      employees of the Company and its subsidiaries (“Employees”),
      including Employees who are officers or members of the Board, and members of
      the
      Board who are not Employees (“Non-Employee Directors”) shall be eligible to
      participate in the Plan. Consultants and advisors who perform services for
      the
      Company or any of its subsidiaries (“Key Advisors”) shall be eligible to
      participate in the Plan if the Key Advisors render bona fide services to the
      Company or its subsidiaries, the services are not in connection with the offer
      and sale of securities in a capital-raising transaction, and the Key Advisors
      do
      not directly or indirectly promote or maintain a market for the Company’s
      securities.

    

    b) Selection
      of Eligible Individuals.
      The
      Committee shall select the Employees, Non-Employee Directors and Key Advisors
      (collectively referred to as “Eligible Individuals”) to receive grants and shall
      determine the number of shares of Company Stock subject to a particular grant
      in
      such manner as the Committee determines. Incentive Stock Awards (as defined
      in
      Section 5(b)(i)) may not be granted to Non-Employee Directors.

    

    
      	5.	
              TYPES
                OF AWARDS

            

    

    

    a)
      General.
      An
      award may be granted singularly, in combination with another award(s)
      or in tandem whereby exercise or vesting of one award held by a participant
      cancels another award held by the participant. Subject to the limitations of
      Section 2(c), an award may be granted as an alternative to or replacement of
      an
      existing award under the Plan or under any other compensation plans or
      arrangements of the Company, including the plan of any entity acquired by the
      Company. The types of Awards that may be granted under the Plan
      include:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

      (i)
      Stock
      Option.
      A stock
      option represents a right to purchase a specified number of Shares during a
      specified period at a price per Share. A stock option may be in the form of
      an
      incentive stock option or in another form that may or may not qualify for
      favorable federal income tax treatment. The Shares covered by a stock option
      may
      be purchased by means of a cash payment or such other means as the Committee
      may
      from time-to-time permit, including (i) tendering (either actually or by
      attestation) Shares valued using the market price at the time of exercise,
      (ii)
      authorizing a third party to sells Shares (or a sufficient portion thereof)
      acquired upon exercise of a stock option and to remit to the Company a
      sufficient portion of the sale proceeds to pay for all the Shares acquired
      through such exercise and any tax withholding obligations resulting from such
      exercise; (iii) by converting Shares subject to options granted hereunder having
      a value equal to the exercise price of the Options being exercised on such
      terms
      and conditions as the Committee determines; or (iv) any combination of the
      above. 

    

    (ii)
      Stock
      Appreciation Right. A
      stock
      appreciation right is a right to receive a payment in cash, Shares or a
      combination, equal to the excess of the aggregate market price at time of
      exercise of a specified number of Shares over the aggregate exercise price
      of
      the stock appreciation right being exercised. The longest term a stock
      appreciation right may be outstanding shall be ten years. Such exercise price
      shall be based on one hundred percent (100%) of the per Share amount stipulated
      by Section 2(c).

    

    (iii)
      Stock
      Award.
      A stock
      award is a grant of Shares or of a right to receive Shares (or their cash
      equivalent or a combination of both) in the future. Except in cases of certain
      terminations of employment or an extraordinary event, each stock award shall
      be
      earned and vest over at least three years and shall be governed by such
      conditions, restrictions and contingencies as the Committee shall determine.
      These may include continuous service and/or the achievement of performance
      goals. The performance goals that may be used by the Committee for such Awards
      shall consist of: operating profits (including EBITDA), net profits, earnings
      per Share, profit returns and margins, revenues, shareholder return and/or
      value, stock price and working capital. Performance goals may be measured solely
      on a corporate, subsidiary or business unit basis, or a combination thereof.
      Further, performance criteria may reflect absolute entity performance or a
      relative comparison of entity performance to the performance of a peer group
      of
      entities or other external measure of the selected performance criteria. Profit,
      earnings and revenues used for any performance goal measurement shall exclude:
      gains or looses on operating asset sales or dispositions; asset write-downs;
      litigation or claim judgments or settlements; effect of changes in tax law
      or
      rate on deferred tax liabilities; accruals for reorganization and restructuring
      programs; uninsured catastrophic property losses; the cumulative effect of
      changes in accounting principles; and any extraordinary non-recurring items
      as
      described in Accounting Principles Board Opinion No. 30 and/or in management’s
      discussion and analysis of financial performance appearing in the Company’s
      annual report to shareholders for the applicable year.

    

    (iv)
      Cash
      Award.
       A
      cash
      award is a right denominated in cash or cash units to receive
      a
      cash payment, based on the attainment of pre-established performance goals
      and,
      subject to a vesting period and such other conditions, restrictions, and
      contingencies as the Committee shall determine.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    b)
      Purchase
      Price. The
      purchase price or the manner in which the purchase price
      is
      to be determined for Shares under each Award shall be determined by the
      Committee and set forth in the Agreement; provided, however, that 

     

    (i) the
      purchase price per Share under each Incentive Stock Award (defined herein as
      an
      Award satisfying the requirements of Section 422 of the Code and designated
      by
      the Committee as an Incentive Stock Award) shall not be less than 100% of the
      Fair Market Value of a Share on the date the Incentive Stock Award is granted
      (110% in the case of an Incentive Stock Award granted to a Ten-Percent
      Stockholder) and  

    

    (ii)
       the
      purchase price per Share under each Nonqualified Stock Award may be less than
      the Fair Market Value of a Share on the date the Nonqualified Stock Award is
      granted, at the discretion of the Committee, subject to the provisions of the
      Code and the federal securities laws. 

    

    c)
      Maximum
      Duration. Awards
      granted hereunder shall be for such term as the Committee shall determine,
      provided that an Incentive Stock Award granted hereunder shall not be
      exercisable after the expiration of ten (10) years from the date it is granted
      (five (5) years in the case of an Incentive Stock Award granted to a Ten-Percent
      Stockholder), and a Nonqualified Stock Award shall not be exercisable after
      the
      expiration of ten (10) years from the date it is granted. The Committee may,
      subsequent to the granting of any Award, extend the term thereof but in no
      event
      shall the term as so extended exceed the maximum term provided for in the
      preceding sentence.

    

    
      	6.	
              AWARD
                SETTLEMENTS AND PAYMENTS

            

    

    

    a)
      Dividends
      and Dividend Equivalents.
       An
      award
      may contain the right to receive dividends or dividend equivalent payments
      that
      may be paid either currently or credited to a participant's account. Any such
      crediting of dividends or dividend equivalents or reinvestment in Shares may
      be
      subject to such conditions, restrictions and contingencies as the Committee
      shall establish, including the reinvestment of such credited amounts in Share
      equivalents.

    

    

    b)
      Payments. Awards
      may be settled through cash payments, the delivery of Shares, the delivery
      of
      Awards in accordance with cashless exercise provisions, the granting of Awards
      or combination thereof as the Committee shall determine. Any award settlement,
      including payment deferrals, may be subject to such conditions, restrictions
      and
      contingencies as the Committee shall determine. The Committee may permit or
      require the deferral of any award payment, subject to such rules and procedures
      as it may establish, which may include provisions for the payment or crediting
      of interest, or dividend equivalents, including converting such credits into
      deferred Share equivalents.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	7.	
              PERFORMANCE
                SHARES 

            

    

    

    The
      Committee is authorized to grant Performance Shares to Eligible Individuals
      on
      the following terms and conditions:

    

    a)
      Performance
      Period. The
      Committee shall determine a performance period (the “Performance
      Period”) of one or more years and shall determine the performance objectives for
      grants of Shares (“Performance Shares”). Performance objectives may vary from
      Eligible Individual to Eligible Individual and shall be based upon such
      performance criteria as the Committee may deem appropriate. Performance periods
      may overlap and Eligible Individuals may participate simultaneously with respect
      to Performance Shares for which different Performance Periods are
      prescribed.

    

    b)
      Award
      Value.
      At the
      beginning of a Performance period, the Committee shall determine for each
      Eligible Individual or group of Eligible Individuals with respect to that
      Performance Period the range of number of Shares, if any, in the case of
      Performance Shares which may be fixed or may vary in accordance with such
      performance or other criteria specified by the Committee, which shall be paid
      to
      an Eligible Individual as an Award if the relevant measure of Company
      performance for the Performance Period is met.

    

    c)
      Significant
      Events.
       If
      during
      the course of a Performance Period there shall occur
      significant events as determined by the Committee which the Committee expects
      to
      have a substantial effect on a performance objective during such period, the
      Committee may revise such objectives; provided,
      however,
      that,
      if an Award Agreement so provides, the Committee shall not have any discretion
      to increase the amount of compensation payable under the Award to the extent
      such an increase would cause the Award to lose its qualification as
      performance-based compensation for purposes of Section 162m(4)(C) of the Code
      and the regulations thereunder.

    

    d)
      Forfeiture.
       Except
      as
      otherwise determined by the Committee, at the date of grant
      or
      thereafter, upon termination of employment during the applicable Performance
      Period, Performance Shares for which the Performance Period was prescribed
      shall
      be forfeited; provided,
      however,
      that
      the Committee may provide, by rule or regulation or in any Award Agreement,
      or
      may determine in an individual case, that restrictions or forfeiture conditions
      relating to Performance Shares will be waived in whole or in part in the event
      of terminations resulting from specified causes, and the Committee may in other
      cases waive in whole or in part the forfeiture of Performance
      Shares.

    

    e)
      Payment.
       Each
      Performance Share may be paid in whole Shares, or cash, or a combination
      of Shares and cash either as a lump sum payment or in installments, all as
      the
      Committee shall determine, at the time of grant of the Performance Share or
      otherwise, commencing as soon as practicable after the end of the relevant
      Performance Period.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    

    
      	8.	
              TERMS
                AND CONDITIONS APPLICABLE TO ALL
                AWARDS

            

    

    

    a)
      Duration. 
      Each
      Award shall terminate on the date which is the tenth anniversary
      of the grant date, unless terminated earlier as follows:

    

    (i) If
      the
      employment or services of an Eligible Individual terminates for any reason
      other
      than disability (as defined by the Committee), death or cause, the Eligible
      Individual may, for a period of three (3) months after such termination,
      exercise his or her Award to the extent, and only to the extent, such Award
      or
      portion thereof was vested and exercisable as of the date of the Eligible
      Individual’s employment or service terminated, after which time the Award shall
      automatically terminate in full.  

    

    (ii) If
      an
      Eligible Individual’s employment or service terminates by reason of the Eligible
      Individual’s disability, the Eligible Individual may exercise his or her Award
      for up to twelve (12) months after the date of termination to the extent, and
      only to the extent, such Award or portion thereof was vested and exercisable
      as
      of the date the Eligible Individual’s employment or service terminated, after
      which time the Award shall automatically terminate in full.

    

    (iii) If
      an
      Eligible Individual’s employment or service terminates for Cause, the Award
      granted to the Eligible Individual hereunder shall immediately terminate in
      full
      and no rights thereunder may be exercised.

    

    (iv) If
      an
      Eligible Individual dies while employed or in the service of the Company or
      an
      Affiliate or within the three (3) month or twelve (12) month period described
      in
      clause (i) or (ii), respectively, of this Section 8 the Award granted to the
      Eligible Individual may be exercised at any time within twelve (12) months
      after
      the Eligible Individual’s death by the person or persons to whom such rights
      under the Award shall pass by will, or by the laws of descent and distribution,
      after which time the Award shall terminate in full; provided, however, that
      an
      Award may be exercised to the extent, and only to the extent, such Award or
      portion thereof was exercisable on the date of death or earlier termination
      of
      the Eligible Individual’s services as a Director, employee, consultant or
      otherwise.

    

    (v)
       Upon
      retirement of an Eligible Individual, Stock Award privileges shall apply to
      those Shares immediately exercisable at the date of retirement. The Committee,
      however, in its discretion, may provide that any Stock Awards outstanding but
      not yet exercisable may be exercised in accordance with a schedule to be
      determined by the Committee. Stock Award privileges shall expire unless
      exercised within such period of time as may be established by the Committee,
      but
      in no event later than the expiration date of the Stock Award.

    

    Notwithstanding
      clauses (ii) through (v) above, the agreement evidencing the grant of an
      Incentive Stock Award or clauses (i) through (v) with respect to Nonqualified
      Stock Awards (“Award Agreement”) may, in the Committee’s sole and absolute
      discretion, set forth additional or different terms and conditions applicable
      to
      Awards upon a termination or change in status of the employment or service
      of an
      Eligible Individual. Such terms and conditions may be determined at the time
      the
      employee Award is granted or thereafter.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    b)
      Non-transferability.
       No
      Award
      (except for vested Shares) granted hereunder shall
      be
      transferable by the Eligible Individual to whom granted except by will or the
      laws of descent and distribution, and an Award may be exercised during the
      lifetime of such Eligible Individual only by the Eligible Individual or his
      or
      her guardian or legal representative. The terms of such Award shall be final,
      binding and conclusive upon the beneficiaries, executors, administrators, heirs
      and successors of the Eligible Individual.

     

    c)
      Method
      of Exercise.
       The
      exercise of an Award shall be made only by a written notice
      delivered in person or by mail to the Secretary or Chief Financial Officer
      of
      the Company at the Company’s principal executive office, specifying the number
      of Shares to be purchased and accompanied by payment therefor and otherwise
      in
      accordance with the Award Agreement pursuant to which the Award was granted.
      The
      purchase price for any Shares purchased pursuant to the exercise of an Award
      shall be paid in accordance with Section 8(e). The Eligible Individual shall
      deliver the Award Agreement evidencing the Award to the Secretary or Chief
      Financial Officer of the Company who shall endorse thereon a notation of such
      exercise and return such Agreement to the Eligible Individual. No fractional
      Shares (or cash in lieu thereof) shall be issued upon exercise of an Award
      and
      the number of Shares that may be purchased upon exercise shall be rounded to
      the
      nearest number of whole Shares. 

    

    d)
      Rights
      of Eligible Individuals.
      No
      Eligible Individual shall be deemed for any purpose to be the owner of any
      Shares subject to any Award unless and until (I) the Award shall have been
      exercised pursuant to the terms thereof, (ii) the Company shall have issued
      and
      delivered the Shares to the Eligible Individual and (iii) the Eligible
      Individual’s name shall have been entered as a stockholder of record on the
      books of the Company. Thereupon, the Eligible Individual shall have full voting,
      dividend and other ownership rights with respect to such Shares, subject to
      such
      terms and conditions as may be set forth in the applicable agreement evidencing
      such Award.

    

    e)
      Effect
      of Change in Control.
      In the
      event of a Change in Control, (as defined in Section 8(e), then the amount
      of
      shares that will vest in an Eligible Person or Eligible Individual shall
      be
      determined by the Committee. In the event an Eligible Person’s or Eligible
      Individual’s employment
      or service with the Company is terminated by the Company following a Change
      in
      Control, each Award held by the Eligible Person or Eligible Individual that
      was
      exercisable as of the date of termination of Eligible Person’s or Eligible
      Individual’s employment or service shall remain exercisable for a period ending
      not before the earlier of the first anniversary of the termination of the
      Eligible Person’s or Eligible Individual’s employment or service or the
      expiration of the stated term of the Award.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    For
      the
      purposes of the Agreement, “Change of Control” shall mean the occurrence of any
      of the following: (i) any “person” as defined in Sections 13(d) and 14(d) of the
      Exchange Act other
      than the persons or the group of persons in control of the Company on the date
      hereof is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
      Exchange Act), directly or indirectly, of securities of the Company representing
      fifty percent (50%) or more of the combined voting power of the Corporation’s
      then outstanding securities; (ii) within any period of two consecutive years)
      not including any period prior to the effective date of this Plan) there shall
      cease to be a majority of the Board comprised as follows: individuals who at
      the
      beginning of such period constitute the Board any new director(s) whose election
      was approved by a vote of at least two-thirds (2/3) of the directors then still
      in office who either were directors at the beginning of the period or whose
      election or nomination for election was previously so approved; (iii) the
      shareholders of the Company approve a merger of, or consolidation involving,
      the
      Company in which (A) the Company’s Common Stock, with no par value per share
      (such stock, or any other securities of the Company into which such stock shall
      have been converted through a reincorporation, recapitalization or similar
      transaction hereinafter called “Common Stock of the Company”), is converted into
      shares or securities of another corporation or into cash or other property,
      or
      (B) the Common Stock of the Company is not converted as described in Clause
      (A),
      but in which more than fifty percent (50%) of the Common Stock of the surviving
      corporation in the merger is owned by shareholders other than those who owned
      such amount prior to the merger; in each case, other than a transaction solely
      for the purpose of reincorporating the Company in another jurisdiction or
      recapitalizing the Common Stock of the Company; or (iv) the shareholders of
      the
      Company approve a plan or complete liquidation of the Company, or an agreement
      for the sale or disposition by the Company of all or substantially all of the
      Company’s assets, either of which is followed by a distribution of all or
      substantially all of the proceeds to the shareholders.  

    

    f)
      Limits
      on Incentive Stock Awards.
       Except
      as
      may otherwise be permitted by the Code,
      the
      Committee shall not grant to an Eligible Individual Incentive Stock Awards,
      that, in the aggregate, are first exercisable during any one calendar year
      to
      the extent that the aggregate fair market value of the Common Stock, at the
      time
      the Incentive Stock Awards are granted, exceeds $100,000.

    

    g)
      Form
      of Payment Under Awards.
       Subject
      to the terms of the Plan and any applicable
      Award Agreement, payments to be made by the Company or a Subsidiary or Affiliate
      upon the grant, maturation, or exercise of an Award may be made in such forms
      as
      the Committee shall determine at the date of grant or thereafter, including,
      without limitation, cash, Shares, or other property, and may be made in a single
      payment or transfer, in installments, or on a deferred basis. The Committee
      may
      make rules relating to installment or deferred payments with respect to Awards,
      including the rate of interest to be credited with respect to such payments.
      

    

    
      	9.	
              PLAN
                AMENDMENT AND TERMINATION

            

    

    

    a)
      Amendments.
       The
      Board
      may amend this Plan as it deems necessary and
      appropriate to better achieve the Plan's purpose provided, however, that: (I)the
      Share and other Award limitations set forth in Sections 3(a) and 3(b) cannot
      be
      increased and (ii) the minimum stock option and stock appreciation right
      exercise prices set forth in Sections 2© and 5(b) and (c) cannot be changed
      unless such a plan amendment is properly approved by the Company's
      stockholders.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    b)
      Plan
      Suspension and Termination.
      The
      Board may suspend or terminate this Plan
      at
      any time. Any such suspension or termination shall not of itself impair any
      outstanding award granted under the Plan or the applicable participant's rights
      regarding such award.

    

    
      	10.	
              MISCELLANEOUS

            

    

    

    a)
      No
      Individual Rights.
       No
      person
      shall have any claim or right to be granted an award
      under the Plan. Neither the Plan nor any action taken hereunder shall be
      construed as giving any employee or other person any right to continue to be
      employed by or to perform services for the Company, any subsidiary or related
      entity. The right to terminate the employment of or performance of services
      by
      any Plan participant at any time and for any reason is specifically reserved
      tithe employing entity.

    

    b)
      Unfunded
      Plan.
       The
      Plan
      shall be unfunded and shall not create (or be construed to create)
      a
      trust or a separate fund or funds. The Plan shall not establish any fiduciary
      relationship between the Company and any participant or beneficiary of a
      participant. To the extent any person holds any obligation of the Company by
      virtue of an award granted under the Plan, such obligation shall merely
      constitute a general unsecured liability of the Company and accordingly shall
      not confer upon such person any right, title or interest in any assets of the
      Company.

    

    c)
      Other
      Benefit and Compensation Programs.
       Unless
      otherwise specifically determined
      by the Committee, settlements of Awards received by participants under the
      Plan
      shall not be deemed a part of a participant's regular, recurring compensation
      for purposes of calculating payments or benefits from any Company benefit plan
      or severance program. Further, the Company may adopt other compensation
      programs, plans or arrangements as it deems appropriate.

    

    d)
      No
      Fractional Shares.
      No
      fractional Shares shall be issued or delivered pursuant to the
      Plan
      or any Award, and the Committee shall determine whether cash shall be paid
      or
      transferred in lieu of any fractional Shares, or whether such fractional Shares
      or any rights thereto shall be canceled.

    

    e)
      Governing
      Law.
      The
      validity, construction and effect of the Plan and any Award, agreement or other
      instrument issued under it shall be determined in accordance with the laws
      of
      the state of Delaware without reference to principles of conflict of law.

     

    
      
         

      

      
        10

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