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Exhibit 10(n)    
  

 
  KAISER GROUP HOLDINGS, INC.
  2002 EQUITY COMPENSATION PLAN
  (Adopted September 20, 2002; Approved by Shareholders
                        , 2003)    
  

 1.  Purpose  

        The purpose of the Plan is to advance the long-term interests of Kaiser Group Holdings, Inc. by (i) motivating key personnel by means of
long-term incentive compensation, (ii) furthering the identity of interests of participants with those of the shareholders of the Corporation through the ownership and performance
of the Common Stock of the Corporation, and (iii) permitting the Corporation to attract and retain directors and key personnel upon whose judgment the successful conduct of the business of the
Corporation largely depends. Toward this objective, the Committee may grant stock options, stock appreciation rights, restricted stock awards, phantom stock and/or performance shares to key employees
of, and consultants to, the Corporation and its Subsidiaries, and to non-employee directors of the Corporation, on the terms and subject to the conditions set forth in the Plan. 

2.    Definitions  

        2.1  "Administrative
Policies" means the administrative policies and procedures adopted and amended from time to time by the Committee to administer the Plan. 

        2.2  "Award"
means any form of stock option, stock appreciation right, restricted stock award, phantom stock or performance share granted under the Plan, whether singly, in
combination, or in tandem, to a
Participant by the Committee pursuant to such terms, conditions, restrictions and limitations, if any, as the Committee may establish by the Award Agreement or otherwise. 

        2.3  "Award
Agreement" means a written agreement with respect to an Award between the Corporation and a Participant establishing the terms, conditions, restrictions and
limitations applicable to an Award. To the extent an Award Agreement is inconsistent with the terms of the Plan, the Plan shall govern the rights of the Participant thereunder. 

        2.4  "Board"
means the Board of Directors of the Corporation. 

        2.5  "Change
In Control" means a change in control of the Corporation of a nature that would be required to be reported (assuming such event has not been previously reported)
in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act (or a successor provision thereto), provided
that, without limitation, a Change In Control shall be deemed to have occurred at such time after September 20, 2002 as (i) any "person", within the meaning of Section 14(d) of
the Exchange Act, becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing 50% or more of the combined voting power of the Corporation's then outstanding
securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors cease for any reason to constitute at least a
majority thereof unless the election or the nomination for election, by the Corporation's shareholders, of each new director was approved by a vote of at least two-thirds of the directors
then still in office who were directors at the beginning of the period. 

        2.6  "Change
In Control Price" means the higher of (i) the mean of the high and low trading prices for the Corporation's Common Stock on the Stock Exchange on the date
of determination of the Change In Control or (ii) the highest price per share actually paid for the Common Stock in connection with the Change In Control of the Corporation. 

        2.7  "Code"
means the Internal Revenue Code of 1986, as amended from time to time. 

        2.8  "Committee"
means the Compensation Committee of the Board, or such other committee designated by the Board, authorized to administer the Plan under Section 3
hereof. The Committee, in its discretion, may delegate to a senior executive officer of the Corporation all or part of the Committee's authority and duties with respect to Awards to individuals who
are not subject to the 

 

reporting and other provisions of Section 16 of the Exchange Act. In the event of any such delegation, references herein to the "Committee" shall, to the extent of such permitted delegation,
be deemed to be references to such senior executive officer as well. The Committee may revoke or amend the terms of a delegation at any time, but such action shall not invalidate any prior actions of
any such senior executive officer that were consistent with the terms of the Plan. 

        2.9  "Common
Stock" means Common Stock, par value $.01, of the Corporation. 

        2.10 "Corporation"
means Kaiser Group Holdings, Inc. 

        2.11 "Exchange
Act" means the Securities Exchange Act of 1934, as amended. 

        2.12 "Key
Employee" means an employee of the Corporation or a Subsidiary who holds a position of responsibility in a managerial, administrative or professional capacity, or
a consultant to the Corporation, in either case whose performance, as determined by the Committee in the exercise of its sole and absolute discretion, can have a significant effect on the growth,
profitability and success of the Corporation. 

        2.13 "Participant"
means any individual to whom an Award has been granted by the Committee under this Plan. 

        2.14 "Plan"
means the Kaiser Group Holdings, Inc. 2002 Equity Compensation Plan, as amended from time to time. 

        2.15 "Stock
Exchange" means the exchange, automatic quotation system or such other market price reporting system on which the Common Stock is traded or quoted designated by
the Committee after it determines that such other system is both reliable and reasonably accessible. 

        2.16 "Subsidiary"
means a corporation or other business entity in which the Corporation directly or indirectly owns fifty percent (50%) or more of the voting equity. 

3.    Administration  

        (a)  The
Plan shall be administered under the supervision of the Committee composed of not less than two directors, each of whom shall be a "Non-Employee
Director" under Rule 16b-3 under the Exchange Act or any successor rule or act. 

        (b)  Members
of the Committee shall serve at the pleasure of the Board of Directors, and may resign by written notice filed with the Chairman or the Secretary of the
Corporation. 

        (c)  A
vacancy in the membership of the Committee shall be filled by the appointment of a successor member by the Board of Directors. Until such vacancy is filled, the
remaining members shall constitute a quorum and the action at any meeting of a majority of the entire Committee, or an action unanimously approved in writing, shall constitute action of the Committee.
Subject to the express provisions of this Plan, the Committee shall have conclusive authority to construe and interpret the Plan, any Award Agreement entered into hereunder and to establish, amend and
rescind Administrative Policies for the administration of this Plan and shall have such additional authority as the Board of Directors may from time to time determine to be necessary or desirable. 

4.    Eligibility  

        Any Key Employee or director of the Corporation is eligible to become a Participant in the Plan. 

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5.    Shares Available  

        (a)  Shares
of Common Stock available for issuance under the Plan may be authorized and unissued shares or treasury shares. Subject to the adjustments provided for in
Sections 17 and 18 hereof: 

        (i)    The
maximum number of shares of Common Stock available for grant of Awards under the Plan shall be 150,000; 

        (ii)  Not
more than 125,000 shares of Common Stock shall be available for the award of incentive stock options under the Plan; and 

        (iii)  The
maximum number of shares that may be covered by stock options granted under the Plan to any Participant in any one calendar year shall be 35,000. 

        (b)  For
purposes of calculating the number of shares of Common Stock deemed to be granted hereunder, each Award, whether denominated in stock options, stock appreciation
rights, restricted stock, performance shares or phantom stock, shall be deemed to be a grant of a number of shares of Common Stock equal to the number of shares represented by the stock options,
shares of restricted stock, performance shares, shares of phantom stock or stock appreciation rights set forth in the Award, provided,  however: 

        (i)    in
the case of any Award as to which the exercise of one right nullifies the exercisability of another (including, by way of illustration the grant of a stock option
with Tandem SARs (as hereinafter defined)), the number of shares deemed to have been granted shall be the maximum number of shares (and/or cash equivalents) that could have been acquired upon the
maximum exercise or settlement of the Award; and 

        (ii)  in
the case of performance share awards providing for payments in excess of 100% of the number of shares set forth in the Award Agreement, the number of shares granted
shall be deemed to be the maximum number of shares (and/or the cash equivalent thereof) issuable under the Award at the highest level of performance. 

        (c)  Any
shares for which an Award is granted hereunder that are released from such Award for any reason shall become available for other Awards to be granted under the Plan.
Notwithstanding the foregoing, for purposes of calculating the number of shares available for regrant in any year, the portion of any Award that has been settled by the payment of cash or the issuance
of shares of Common Stock, or a combination thereof, shall not be available for re-grant under the Plan, irrespective of the value of the settlement or the method of its payment. The
settlement of an Award shall not be deemed to be the grant of an Award hereunder. 

6.    Term  

        The Plan shall become effective as of September 20, 2002 subject to approval of the Plan by the Corporation's shareholders. No Awards shall be exercisable
or payable before approval of the Plan has been obtained from the Corporation's shareholders. Any Award made under the Plan prior to the date of approval by the shareholders shall be void if
shareholder approval is not obtained. 

7.    Participation  

        The Committee shall select, from time to time, Participants from directors and those Key Employees who, in the opinion of the Committee, can further the Plan's
purposes, and the Committee shall determine the type or types of Awards to be made to the Participant. The terms, conditions and restrictions of each Award shall be set forth in an Award Agreement. 

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8.    Stock Options  

        (a)    Grants.    Awards may be granted in the form of stock options. Stock options may be incentive stock options
within the meaning of section 422 of the Code or non-statutory stock options (i.e., stock options which are not incentive stock options), or a combination of both, or any particular
type of tax advantage option authorized by the Code from time to time. 

        (b)    Terms and Conditions of Options.    An option shall be exercisable in whole or in such installments and at such
times as may be determined by the Committee; provided, however, that no stock option shall be
exercisable more than ten (10) years after the date of grant thereof. The option exercise price shall be established by the Committee, but such price shall not be less than the per share fair
market value of the Common Stock, as determined by the Committee, on the date of the stock option's grant subject to adjustment as provided in Sections 17 or 18 hereof. 

        (c)    Restrictions Relating to Incentive Stock Options.    Stock options issued in the form of incentive stock
options shall, in addition to being subject to all applicable terms, conditions, restrictions and/or limitations established by the Committee, comply with section 422 of the Code. Incentive
Stock Options shall be granted (i) only to employees of the Corporation and its subsidiaries within the meaning of section 424 of the Code and (ii) within ten (10) years
after the date of adoption of this Plan. The aggregate fair market value (determined as of the date the option is granted) of shares with respect to which incentive stock options are exercisable for
the first time by an individual during any calendar year (under this Plan or any other plan of the Corporation or any Subsidiary which provides for the granting of incentive stock options) may not
exceed $100,000 or such other number as may be applicable under the Code from time to time. Any incentive stock option that is granted to any employee who is, at the time the option is granted, deemed
for purposes of section 422 of the Code, or any successor provision, to own shares of the Corporation possessing more than ten percent of the total combined voting power of all classes of
shares of the Corporation or of a parent or subsidiary of the Corporation, shall have an option exercise price that is at least one hundred ten percent (110%) of the
fair market value of the shares at the date of grant and shall not be exercisable after the expiration of five years from the date it is granted. 

        (d)    Additional Terms and Conditions.    The Committee may, by way of the Award Agreement or otherwise, establish
such other terms, conditions, restrictions and/or limitations, if any, on any stock option Award, provided they are not inconsistent with the Plan. 

        (e)    Payment.    Upon exercise, a Participant may pay the option exercise price of a stock option in cash or shares
of Common Stock, Stock Appreciation Rights or a combination of the foregoing, or such other consideration as the Committee may deem appropriate. The Committee shall establish appropriate methods for
accepting Common Stock and may impose such conditions as it deems appropriate on the use of such Common Stock to exercise a stock option. 

9.    Stock Appreciation Rights  

        (a)    Grants.    Awards may be granted in the form of stock appreciation rights ("SARs"). SARs shall entitle the
recipient to receive a payment equal to the appreciation in market value of a stated number of shares of Common Stock from the price stated in the Award Agreement to the market value of the Common
Stock on the date of exercise or surrender. An SAR may be granted in tandem with all or a portion of a related stock option under the Plan ("Tandem SARs"), or may be granted separately ("Freestanding
SARs"). A Tandem SAR may be granted either at the time of the grant of the related stock option or at any time thereafter during the term of the stock option. An SAR may be exercised no sooner than
six months after it is granted. In the case of SARs granted in tandem with stock options granted prior to the grant of such SARs, the appreciation in value shall be appreciation from the option
exercise price of such related stock option to the market value of the Common Stock on the date of exercise. 

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        (b)    Terms and Conditions of Tandem SARs.    Subject to limitations contained in the preceding paragraph, a Tandem
SAR shall be exercisable to the extent, and only to the extent, that the related stock option is exercisable. Upon exercise of a Tandem SAR as to some or all of the shares covered by an Award, the
related stock option shall be cancelled automatically to the extent of the number of SARs exercised, and such shares shall not thereafter be eligible for grant under Section 5 hereof. 

        (c)    Terms and Conditions of Freestanding SARs.    Freestanding SARs shall be exercisable in whole or in such
installments and at such times as may be determined by the Committee. The base price of a
Freestanding SAR shall also be determined by the Committee; provided, however, that such price shall not
be less that the fair market value of the Common Stock, as determined by the Committee, on the date of the award of the Freestanding SAR. 

        (d)    Deemed Exercise.    The Committee may provide that an SAR shall be deemed to be exercised at the close of
business on the scheduled expiration date of such SAR, if at such time the SAR by its terms is otherwise exercisable and, if so exercised, would result in a payment to the participant. 

        (e)    Additional Terms and Conditions.    The Committee may, consistent with the Plan, by way of the Award Agreement
or otherwise, determine such other terms, conditions, restrictions and/or limitations, if any, on any SAR Award, including but not limited to determining the manner in which payment of the
appreciation in value shall be made. 

10.  Restricted Stock Awards  

        (a)    Grants.    Awards may be granted in the form of Restricted Stock Awards. Restricted Stock Awards shall be
awarded in such numbers and at such times as the Committee shall determine. 

        (b)    Award Restrictions.    Restricted Stock Awards shall be subject to such terms, conditions, restrictions, or
limitations as the Committee deems appropriate including, by way of illustration but not by way of limitation, restrictions on transferability, requirements of continued employment or individual
performance or the financial performance of the Corporation. The Committee may modify, or accelerate the termination of, the restrictions applicable to a Restricted Stock Award under such
circumstances as it deems appropriate. 

        (c)    Rights as Shareholders.    During the period in which any restricted shares of Common Stock are subject to the
restrictions imposed under the preceding paragraph, the Committee may, in its discretion, grant to the Participant to whom such restricted shares have been awarded all or any of the rights of a
shareholder with respect to such shares, including, by way of illustration but not by way of limitation, the right to vote such shares and to receive dividends. 

        (d)    Evidence of Award.    Any Restricted Stock Award granted under the Plan may be evidenced in such manner as the
Committee deems appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. 

11.  Phantom Stock  

        (a)    Grants.    Awards may be granted in the form of Phantom Stock Awards. Phantom Stock Awards shall entitle the
Participant to receive the market value or the appreciation in value of an equivalent number of shares of Common Stock on a settlement date determined by the Committee. 

        (b)    Additional Terms and Conditions.    The Committee may, consistent with the plan, by way of Award Agreement or
otherwise, determine such other terms, conditions, restrictions or limitations, if any, on any Award of Phantom Stock. 

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12.  Performance Shares  

        (a)    Grants.    Awards may be granted in the form of performance shares. "Performance Shares" means interests the
entitlement to which is based upon the attainment of predetermined Performance Targets as hereinafter defined during a Performance Period as hereinafter defined. At the end of the Performance Period,
Performance Shares shall be converted into Common Stock (or Common Stock and cash, as determined by the Award Agreement) and distributed to Participants based upon such entitlement. 

        (b)    Performance Criteria.    The Committee may grant an Award of Performance Shares to Participants as of the first
day of each Performance Period. As used herein, the term "Performance Period" means the period during which a Performance Target is measured and the term "Performance Target" means the predetermined
goals established by the Committee. A Performance Target will be established at the beginning of each Performance Period. If at the end of the Performance Period, the Performance Target is fully met,
the Performance Shares will be converted 100% into shares of Common Stock (or the cash equivalent thereof, as determined by the Award Agreement) and issued to the Participant. Award payments in excess
of 100% shall be permitted based upon an attainment in excess of 100% of the Performance Target. If the Performance Target has not been fully met, Performance Shares will be converted and delivered
only to the extent, if any, provided at the time of the grant of such Award for conversion based upon partial attainment of the Performance Target and the balance of the Performance Shares will be
forfeited to the Corporation and available for reissuance pursuant to Section 5 hereof. Award payments made in cash rather than the issuance of Common Stock shall not, by reason of such payment
in cash, result in additional shares being available for reissuance pursuant to Section 5 hereof. 

        (c)    Additional Terms and Conditions.    The Committee may, consistent with the terms of this Plan, by way of the
Award Agreement or otherwise, determine the manner of payment of Awards of Performance Shares and other terms, conditions, restrictions or limitations, if any, on any Award of Performance Shares. 

13.  Payment of Awards  

        Except as otherwise provided herein Award Agreements may provide that, at the discretion of the Committee, payment of Awards may be made in cash, Common Stock, a
combination of cash and Common Stock, or any other form of property as the Committee shall determine. Further, the terms of Award Agreements may provide for payment of Awards in the form of a lump sum
or installments, as determined by the Committee. 

14.  Dividends and Dividend Equivalents  

        If an Award is granted in the form of a Restricted Stock Award, Phantom Stock Award or a Freestanding SAR, the Committee may choose, at the time of the grant of
the Award, to include as part of such Award an entitlement to receive dividends or dividend equivalents, subject to such terms, conditions, restrictions or limitations, if any, as the Committee may
establish. Dividends and dividend equivalents shall be paid in such form and manner and at such time as the Committee shall determine. All dividends or dividend equivalents which are not paid
currently may, at the Committee's discretion, accrue interest or be reinvested into additional shares of Common Stock. 

15.  Termination of Employment  

        The Committee may adopt Administrative Policies determining the entitlement of Participants who cease to be employed by either the Corporation or Subsidiary
whether because of death, disability, resignation, termination or retirement pursuant to an established retirement plan or policy of the 

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Corporation or of its applicable Subsidiary. Such matters may also be dealt with under the terms of Award Agreements. 

16.  Assignment and Transfer  

        The rights and interests of a Participant under the Plan may not be assigned, encumbered or transferred except (a) in the event of the death of a
Participant, by will or the laws of descent and distribution, and (b) as may be explicitly set forth in an Award Agreement. 

17.  Adjustments Upon Changes in Capitalization  

        In the event of any change in the outstanding shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination
or exchange of shares, merger, consolidation or any change in the corporate structure or shares of the Corporation, the maximum aggregate number and class of shares as to which Awards may be granted
under the Plan and the shares issuable pursuant to then outstanding Awards (and the exercise price of any outstanding stock options) shall be appropriately adjusted by the Committee, whose
determination shall be final. 

18.  Extraordinary Distributions and Pro-Rata Repurchases  

        In the event the Corporation shall at any time when an Award is outstanding make an Extraordinary Distribution (as hereinafter defined) in respect of Common Stock
or effect a ProRata Repurchase of Common Stock (as hereinafter defined), the Committee shall consider the economic impact of the Extraordinary Distribution or Pro-Rata Repurchase on
Participants and make such adjustments as it deems equitable under the circumstances. The determination of the Committee shall, subject to revision by the Board of Directors, be final and binding upon
all Participants. 

        (a)  As
used herein, the term "Extraordinary Distribution" means any dividend or other distribution of 

        (i)    cash,
where the aggregate amount of such cash dividend or distribution together with the amount of all cash dividends and distributions made during the preceding twelve
months, when combined with the aggregate amount of all Pro-Rata Repurchases (for this purpose, including only that portion of the aggregate purchase price of such Pro-Rata
Repurchases which is in excess of the Fair Market Value of the Common Stock repurchased during such twelve month period), exceeds ten percent (10%) of the aggregate Fair Market Value of all shares of
Common Stock outstanding on the record date for determining the shareholders entitled to receive such Extraordinary Distribution or 

        (ii)  any
shares of capital stock of the Corporation (other than shares of Common Stock), other securities of the Corporation, evidences of indebtedness of the Corporation or
any other person or any other property (including shares of any Subsidiary of the Corporation), or any combination thereof. 

        (b)  As
used herein "Pro-Rata Repurchase" means any purchase of shares of Common Stock by the Corporation or any Subsidiary thereof, pursuant to any tender offer
or exchange offer, subject to
Section 13(e) of the Exchange Act or any successor provision of law, or pursuant to any other offer available to substantially all holders of Common Stock;  provided, however, that no purchase of shares of the Corporation or any Subsidiary thereof made in open
market transactions shall be deemed a Pro-Rata Repurchase. 

19.  Withholding Taxes  

        The Corporation or the applicable Subsidiary shall be entitled to deduct from any payment under the Plan, regardless of the form of such payment, the amount of
all applicable income and employment 

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tax required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax prior to and as a condition of the making of such payment. The Committee may allow
a Participant to pay the amount of taxes required by law to be withheld from an Award by withholding from any payment of Common Stock due as a result of such Award, or by permitting the Participant to
deliver to the Corporation shares of Common Stock having a fair market value, as determined by the Committee, equal to the amount of such required withholding taxes. 

20.  Regulatory Approvals and Listings  

        Notwithstanding anything contained in this Plan to the contrary, the Corporation shall have a no obligation to issue or deliver certificates of Common Stock
evidencing Restricted Stock Awards or any other Award payable in Common Stock prior to (a) the obtaining of any approval from any governmental agency which the Corporation shall, in its sole
discretion, determine to be necessary or advisable, (b) the admission of such shares to listing on the Stock Exchange and (c) the completion of any registration or other qualification of
said shares under any state or federal law or ruling of any governmental body that the Corporation shall, in its sole discretion, determine to be necessary or advisable. 

21.  No Right to Continued Employment or Grants  

        Participation in the Plan shall not give any Key Employee any right to remain in the employ of the Corporation or any Subsidiary or any director the right to
remain as a director of the Corporation. The Corporation or, in the case of employment with a Subsidiary, the Subsidiary, reserves the right to terminate the employment of any Key Employee at any
time. The adoption of this Plan shall not be deemed to give any Key Employee or any other individual any right to be selected as a Participant, to be granted any Awards hereunder or if granted an
Award in any year, to receive Awards in any subsequent year. 

22.  Amendment  

        The Corporation reserves the right to amend, modify or terminate this Plan at any time by action of its Board of Directors, or, by action of the Board of
Directors with the consent of a Participant, to amend, modify or terminate any outstanding Award or Award Agreement, except that the Corporation may not, without shareholder approval, adopt any
amendment which would (a) materially increase the benefits accruing to Participants under the Plan, (b) materially increase the number of shares of Common Stock which may be issued under
the Plan (except as specified in Section 17), or (c) materially modify the requirements as to eligibility for participation in the Plan. Moreover, no action may be taken by the
Corporation (without the consent of the Participant) that will impair the validity of any Award then outstanding or that will prevent any incentive stock options issued or to be issued under this Plan
from being "incentive stock options" as defined under section 422 of the Code or any successor provision. 

23.  Governing Law  

        The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, except as preempted by applicable Federal law. 

24.  Change In Control  

        (a)    Stock Options.    In the event of a Change In Control, options not otherwise exercisable at the time of a
Change In Control shall become fully exercisable immediately prior to such Change In Control and, in the discretion of the Committee, (i) the options shall be assumed, or an equivalent option
substituted, by any successor corporation to the Corporation, or (ii) the Corporation shall make 

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provisions for the Participant to exercise the options for a minimum of ten (10) days prior to the Change In Control as to all shares subject to the options. 

        (b)    Stock Appreciation Rights.    In the event of a Change In Control, Tandem SARs not otherwise exercisable upon a
Change In Control shall become exercisable to the extent that the related Stock Option is exercisable. Freestanding SARs not otherwise exercisable upon a Change In Control shall also become fully
exercisable upon such Change In Control. 

        (i)    The
Corporation shall make payment to Participants with respect to SARs in cash in an amount equal to the appreciation in the value of the SAR from the base price
specified in the Award Agreement to the Change In Control Price. 

        (ii)  Such
cash payments to Participants shall be due and payable, and shall be paid by the Corporation, immediately upon the occurrence of such Change In Control; and 

        (iii)  After
the payment provided for in (ii) above, Participants shall have no further rights under SARs outstanding at the time of such Change In Control. 

        (c)    Restricted Stock Awards.    In the event of a Change In Control, all restrictions previously established with
respect to Restricted Stock Awards will conclusively be deemed to have been satisfied. Participants shall be entitled to have issued to them the shares of Common Stock described in the applicable
Award Agreements, free and clear of any restriction or restrictive legend, except that if, upon the advice of counsel to the Corporation, shares of Common Stock cannot lawfully be issued without
restriction, then the Corporation shall make payment to Participants in cash in an amount equal to the Change In Control Price of the Common Stock that otherwise would have been issued: 

        (i)    Such
cash payments to Participants shall be due and payable, and shall be paid by the Corporation, immediately upon the occurrence of such Change In Control; and 

        (ii)  After
the payment provided for in (i) above, Participants shall have no further rights under Restricted Stock Awards outstanding at the time of such Change In
Control of the Corporation. 

        (d)    Phantom Stock.    In the event of a Change In Control: 

        (i)    all
restrictions and conditions, if any, previously established with respect to Phantom Stock Awards will conclusively be deemed to have been satisfied and fulfilled,
and the Corporation shall make payment to Participants in cash in an amount necessary to satisfy the Participants' rights under Phantom Stock Awards in accordance with the amounts otherwise payable by
the Corporation pursuant to the Award Agreement; 

        (ii)  Such
cash payments shall be made to Participants by the Corporation immediately prior to the occurrence of such Change In Control; and 

        (iii)  After
the payment provided for in (ii) above, the Participants shall have no further rights under Phantom Stock Awards outstanding at the time of such change of
control of the Corporation. 

        (e)    Performance Shares.    In the event of a Change In Control: 

        (i)    All
previously established Performance Targets will be conclusively deemed to have been met. Participants shall be entitled to a pro-rata proportion of the
shares of Common Stock which would have been issued to them upon conversion of any outstanding Performance Shares at the end of the Performance Period (based upon the applicable Performance Targets,
which are conclusively deemed to have been met by reason of the Change In Control), payable in the manner specified in subsection (ii) hereof. The pro-rata proportion of the shares
of Common Stock to be issued shall be equal to a fraction, the numerator of which is the duration of the 

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Performance Period prior to such Change In Control and the denominator of which is the original length of the Performance Period; 

        (ii)  In
lieu of issuing shares of Common Stock upon such conversion of Performance Shares, the Corporation shall make payment to Participants in cash in an amount equal to
the Change In Control Price of the shares of Common Stock that would have been issued under paragraph (i) above; 

        (iii)  Such
cash payments to Participants shall be due and payable, and shall be paid by the Corporation, immediately upon the occurrence of such Change In Control; and 

        (iv)  After
the payment provided for in (ii) above, the Participants shall have no further rights under awards of Performance Shares outstanding at the time of such
Change In Control of the Corporation. 

        (f)    Miscellaneous.    Upon a Change In Control, no action shall be taken which would adversely affect the rights of
any Participant or the operation of the Plan with respect to any Award to which the Participant may have become entitled hereunder on or prior to the date of the Change In Control or to which he may
become entitled as a result of such Change In Control. 

25.  No Right, Title, or Interest In Corporation Assets  

        No Participant shall have any rights as a shareholder as a result of participation in the Plan until the date of issuance of a stock certificate in his name
except, in the case of Restricted Stock Awards, to the extent such rights are granted to the Participant under Section 10(c) hereof. To the extent any person
acquires a right to receive payments from the Corporation under this Plan, such rights shall be no greater than the rights of an unsecured creditor of the Corporation. 

26.  Payment by Subsidiaries  

        Settlement of Awards to employees of Subsidiaries shall be made by and at the expense of such Subsidiary. Except as prohibited by law, if any portion of an Award
is to be settled in shares of Common Stock, the Corporation shall sell and transfer to the Subsidiary, and the Subsidiary shall purchase, the number of shares necessary to settle such portion of the
Award. 

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QuickLinks

Exhibit 10(n)

KAISER GROUP HOLDINGS, INC. 2002 EQUITY COMPENSATION PLAN (Adopted September 20, 2002; Approved by Shareholders , 2003)THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS
OTHERWISE SET FORTH HEREIN OR IN A SECURITIES PURCHASE AGREEMENT DATED AS OF
SEPTEMBER 27, 2002, NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR SUCH SECURITIES UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE
AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT
REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144
OR REGULATION S UNDER SUCH ACT.

                                                                        Right to
                                                                Purchase 120,000
                                                                Shares of Common
                                                                Stock, $.001 par
                                                                 value per share

                             STOCK PURCHASE WARRANT

          THIS CERTIFIES THAT, for value received, AJW Partners, LLC or its
registered assigns, is entitled to purchase from Insynq, Inc., a Delaware
corporation (the "Company"), at any time or from time to time during the period
specified in Paragraph 2 hereof, One Hundred Twenty Thousand (120,000) fully
paid and nonassessable shares of the Company's Common Stock, $.001 par value per
share (the "Common Stock"), at an exercise price per share equal to $0.01 (the
"Exercise Price"). The term "Warrant Shares," as used herein, refers to the
shares of Common Stock purchasable hereunder. The Warrant Shares and the
Exercise Price are subject to adjustment as provided in Paragraph 4 hereof. The
term "Warrants" means this Warrant and the other warrants issued pursuant to
that certain Securities Purchase Agreement, dated September 27, 2002, by and
among the Company and the Buyers listed on the execution page thereof (the
"Securities Purchase Agreement"), including any additional warrants issuable
pursuant to Section 4(l) thereof.

          This Warrant is subject to the following terms, provisions, and
conditions:

1.   MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES. Subject
     to the provisions hereof, this Warrant may be exercised by the holder
     hereof, in whole or in part, by the surrender of this Warrant, together
     with a completed exercise agreement in the form attached hereto (the
     "Exercise Agreement"), to the Company during normal business hours on any
     business day at the Company's principal executive offices (or such other
     office or agency of the Company as it may designate by notice to the holder
     hereof), and upon (i) payment to the Company in cash, by certified or
     official bank check or by wire transfer for the account of the Company of
     the Exercise Price for the Warrant Shares specified in the Exercise
     Agreement or (ii) if the resale of the Warrant Shares by the holder is not
     then registered pursuant to an effective registration statement under the
     Securities Act of 1933, as amended (the "Securities Act"), delivery to the
     Company of a written notice of an election to effect a "Cashless Exercise"
     (as defined in Section 11(c) below) for the Warrant Shares specified in the
     Exercise Agreement. The Warrant Shares so purchased shall be deemed to be
     issued to the holder hereof or such holder's designee, as the record owner
     of such shares, as of the close of business on the date on which this
     Warrant shall have been surrendered, the completed Exercise Agreement shall
     have been delivered, and payment shall have been made for such shares as
     set forth above. Certificates for the Warrant Shares so purchased,
     representing the aggregate number of shares specified in the Exercise
     Agreement, shall be delivered to the holder hereof within a reasonable
     time, not exceeding three (3) business days, after this Warrant shall have
     been so exercised. The certificates so delivered shall be in such
     denominations as may be requested by the holder hereof and shall be
     registered in the name of such holder or such other name as shall be
     designated by such holder. If this Warrant shall have been exercised only
     in part, then, unless this Warrant has expired, the Company shall, at its
     expense, at the time of delivery of such certificates, deliver to the
     holder a new Warrant representing the number of shares with respect to
     which this Warrant shall not then have been exercised. In addition to all
     other available remedies at law or in equity, if the Company fails to
     deliver certificates for the Warrant Shares within three (3) business days
     after this Warrant is exercised, then the Company shall pay to the holder
     in cash a penalty (the "Penalty") equal to 2% of the number of Warrant
     Shares that the holder is entitled to multiplied by the Market Price (as
     hereinafter defined) for each day that the Company fails to deliver
     certificates for the Warrant Shares. For example, if the holder is entitled
     to 100,000 Warrant Shares and the Market Price is $2.00, then the Company
     shall pay to the holder $4,000 for each day that the Company fails to
     deliver certificates for the Warrant Shares. The Penalty shall be paid to
     the holder by the fifth day of the month following the month in which it
     has accrued.

          Notwithstanding anything in this Warrant to the contrary, in no event
     shall the holder of this Warrant be entitled to exercise a number of
     Warrants (or portions thereof) in excess of the number of Warrants (or
     portions thereof) upon exercise of which the sum of (i) the number of
     shares of Common Stock beneficially owned by the holder and its affiliates
     (other than shares of Common Stock which may be deemed beneficially owned
     through the ownership of the unexercised Warrants and the unexercised or
     unconverted portion of any other securities of the Company (including the
     Debentures (as defined in the Securities Purchase Agreement)) subject to a
     limitation on conversion or exercise analogous to the limitation contained
     herein) and (ii) the number of shares of Common Stock issuable upon
     exercise of the Warrants (or portions thereof) with respect to which the
     determination described herein is being made, would result in beneficial
     ownership by the holder and its affiliates of more than 4.9% of the
     outstanding shares of Common Stock. For purposes of the immediately
     preceding sentence, beneficial ownership shall be determined in accordance
     with Section 13(d) of the Securities Exchange Act of 1934, as amended, and
     Regulation 13D-G thereunder, except as otherwise provided in clause (i) of
     the preceding sentence. The holder of this Warrant may waive the
     limitations set forth herein by sixty-one (61) days written notice to the
     Company. Notwithstanding anything to the contrary contained herein, the
     limitation on exercise of this Warrant set forth herein may not be amended
     without (i) the written consent of the holder hereof and the Company and
     (ii) the approval of a majority of shareholders of the Company.

2.   PERIOD OF EXERCISE. This Warrant is exercisable at any time or from time to
     time on or after the date on which this Warrant is issued and delivered
     pursuant to the terms of the Securities Purchase Agreement and before 6:00
     p.m., New York, New York time on the fifth (5th) anniversary of the date of
     issuance (the "Exercise Period").

3.   CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby covenants and agrees
     as follows:

     (A)  SHARES TO BE FULLY PAID. All Warrant Shares will, upon issuance in
          accordance with the terms of this Warrant, be validly issued, fully
          paid, and nonassessable and free from all taxes, liens, and charges
          with respect to the issue thereof.

     (B)  RESERVATION OF SHARES. Subject to the Stockholder Approval (as defined
          in Section 4(1) of the Purchase Agreement) During the Exercise Period,
          the Company shall at all times have authorized, and reserved for the
          purpose of issuance upon exercise of this Warrant, a sufficient number
          of shares of Common Stock to provide for the exercise of this Warrant.

     (C)  LISTING. The Company shall promptly secure the listing of the shares
          of Common Stock issuable upon exercise of the Warrant upon each
          national securities exchange or automated quotation system, if any,
          upon which shares of Common Stock are then listed (subject to official
          notice of issuance upon exercise of this Warrant) and shall maintain,
          so long as any other shares of Common Stock shall be so listed, such
          listing of all shares of Common Stock from time to time issuable upon
          the exercise of this Warrant; and the Company shall so list on each
          national securities exchange or automated quotation system, as the
          case may be, and shall maintain such listing of, any other shares of
          capital stock of the Company issuable upon the exercise of this
          Warrant if and so long as any shares of the same class shall be listed
          on such national securities exchange or automated quotation system.

     (D)  CERTAIN ACTIONS PROHIBITED. The Company will not, by amendment of its
          charter or through any reorganization, transfer of assets,
          consolidation, merger, dissolution, issue or sale of securities, or
          any other voluntary action, avoid or seek to avoid the observance or
          performance of any of the terms to be observed or performed by it
          hereunder, but will at all times in good faith assist in the carrying
          out of all the provisions of this Warrant and in the taking of all
          such action as may reasonably be requested by the holder of this
          Warrant in order to protect the exercise privilege of the holder of
          this Warrant against dilution or other impairment, consistent with the
          tenor and purpose of this Warrant. Without limiting the generality of
          the foregoing, the Company (i) will not increase the par value of any
          shares of Common Stock receivable upon the exercise of this Warrant
          above the Exercise Price then in effect, and (ii) will take all such
          actions as may be necessary or appropriate in order that the Company
          may validly and legally issue fully paid and nonassessable shares of
          Common Stock upon the exercise of this Warrant.

     (E)  SUCCESSORS AND ASSIGNS. This Warrant will be binding upon any entity
          succeeding to the Company by merger, consolidation, or acquisition of
          all or substantially all the Company's assets.

4.   ANTIDILUTION PROVISIONS. During the Exercise Period, the Exercise Price and
     the number of Warrant Shares shall be subject to adjustment from time to
     time as provided in this Paragraph 4.

     In the event that any adjustment of the Exercise Price as required herein
     results in a fraction of a cent, such Exercise Price shall be rounded up to
     the nearest cent.

     (A)  ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES UPON ISSUANCE OF
          COMMON STOCK. Except as otherwise provided in Paragraphs 4(c) and 4(e)
          hereof, if and whenever on or after the date of issuance of this
          Warrant, the Company issues or sells, or in accordance with Paragraph
          4(b) hereof is deemed to have issued or sold, any shares of Common
          Stock for no consideration or for a consideration per share (before
          deduction of reasonable expenses or commissions or underwriting
          discounts or allowances in connection therewith) less than the Market
          Price (as hereinafter defined) on the date of issuance (a "Dilutive
          Issuance"), then immediately upon the Dilutive Issuance, the Exercise
          Price will be reduced to a price determined by multiplying the
          Exercise Price in effect immediately prior to the Dilutive Issuance by
          a fraction, (i) the numerator of which is an amount equal to the sum
          of (x) the number of shares of Common Stock actually outstanding
          immediately prior to the Dilutive Issuance, plus (y) the quotient of
          the aggregate consideration, calculated as set forth in Paragraph 4(b)
          hereof, received by the Company upon such Dilutive Issuance divided by
          the Market Price in effect immediately prior to the Dilutive Issuance,
          and (ii) the denominator of which is the total number of shares of
          Common Stock Deemed Outstanding (as defined below) immediately after
          the Dilutive Issuance.

     (B)  EFFECT ON EXERCISE PRICE OF CERTAIN EVENTS. For purposes of
          determining the adjusted Exercise Price under Paragraph 4(a) hereof,
          the following will be applicable:

          (I)  ISSUANCE OF RIGHTS OR OPTIONS. If the Company in any manner
               issues or grants any warrants, rights or options, whether or not
               immediately exercisable, to subscribe for or to purchase Common
               Stock or other securities convertible into or exchangeable for
               Common Stock ("Convertible Securities") (such warrants, rights
               and options to purchase Common Stock or Convertible Securities
               are hereinafter referred to as "Options") and the price per share
               for which Common Stock is issuable upon the exercise of such
               Options is less than the Market Price on the date of issuance or
               grant of such Options, then the maximum total number of shares of
               Common Stock issuable upon the exercise of all such Options will,
               as of the date of the issuance or grant of such Options, be
               deemed to be outstanding and to have been issued and sold by the
               Company for such price per share. For purposes of the preceding
               sentence, the "price per share for which Common Stock is issuable
               upon the exercise of such Options" is determined by dividing (i)
               the total amount, if any, received or receivable by the Company
               as consideration for the issuance or granting of all such
               Options, plus the minimum aggregate amount of additional
               consideration, if any, payable to the Company upon the exercise
               of all such Options, plus, in the case of Convertible Securities
               issuable upon the exercise of such Options, the minimum aggregate
               amount of additional consideration payable upon the conversion or
               exchange thereof at the time such Convertible Securities first
               become convertible or exchangeable, by (ii) the maximum total
               number of shares of Common Stock issuable upon the exercise of
               all such Options (assuming full conversion of Convertible
               Securities, if applicable). No further adjustment to the Exercise
               Price will be made upon the actual issuance of such Common Stock
               upon the exercise of such Options or upon the conversion or
               exchange of Convertible Securities issuable upon exercise of such
               Options.

          (II) ISSUANCE OF CONVERTIBLE SECURITIES. If the Company in any manner
               issues or sells any Convertible Securities, whether or not
               immediately convertible (other than where the same are issuable
               upon the exercise of Options) and the price per share for which
               Common Stock is issuable upon such conversion or exchange is less
               than the Market Price on the date of issuance, then the maximum
               total number of shares of Common Stock issuable upon the
               conversion or exchange of all such Convertible Securities will,
               as of the date of the issuance of such Convertible Securities, be
               deemed to be outstanding and to have been issued and sold by the
               Company for such price per share. For the purposes of the
               preceding sentence, the "price per share for which Common Stock
               is issuable upon such conversion or exchange" is determined by
               dividing (i) the total amount, if any, received or receivable by
               the Company as consideration for the issuance or sale of all such
               Convertible Securities, plus the minimum aggregate amount of
               additional consideration, if any, payable to the Company upon the
               conversion or exchange thereof at the time such Convertible
               Securities first become convertible or exchangeable, by (ii) the
               maximum total number of shares of Common Stock issuable upon the
               conversion or exchange of all such Convertible Securities. No
               further adjustment to the Exercise Price will be made upon the
               actual issuance of such Common Stock upon conversion or exchange
               of such Convertible Securities.

          (III) CHANGE IN OPTION PRICE OR CONVERSION RATE. If there is a change
               at any time in (i) the amount of additional consideration payable
               to the Company upon the exercise of any Options; (ii) the amount
               of additional consideration, if any, payable to the Company upon
               the conversion or exchange of any Convertible Securities; or
               (iii) the rate at which any Convertible Securities are
               convertible into or exchangeable for Common Stock (other than
               under or by reason of provisions designed to protect against
               dilution), the Exercise Price in effect at the time of such
               change will be readjusted to the Exercise Price which would have
               been in effect at such time had such Options or Convertible
               Securities still outstanding provided for such changed additional
               consideration or changed conversion rate, as the case may be, at
               the time initially granted, issued or sold.

          (IV) TREATMENT OF EXPIRED OPTIONS AND UNEXERCISED CONVERTIBLE
               SECURITIES. If, in any case, the total number of shares of Common
               Stock issuable upon exercise of any Option or upon conversion or
               exchange of any Convertible Securities is not, in fact, issued
               and the rights to exercise such Option or to convert or exchange
               such Convertible Securities shall have expired or terminated, the
               Exercise Price then in effect will be readjusted to the Exercise
               Price which would have been in effect at the time of such
               expiration or termination had such Option or Convertible
               Securities, to the extent outstanding immediately prior to such
               expiration or termination (other than in respect of the actual
               number of shares of Common Stock issued upon exercise or
               conversion thereof), never been issued.

          (V)  CALCULATION OF CONSIDERATION RECEIVED. If any Common Stock,
               Options or Convertible Securities are issued, granted or sold for
               cash, the consideration received therefor for purposes of this
               Warrant will be the amount received by the Company therefor,
               before deduction of reasonable commissions, underwriting
               discounts or allowances or other reasonable expenses paid or
               incurred by the Company in connection with such issuance, grant
               or sale. In case any Common Stock, Options or Convertible
               Securities are issued or sold for a consideration part or all of
               which shall be other than cash, the amount of the consideration
               other than cash received by the Company will be the fair value of
               such consideration, except where such consideration consists of
               securities, in which case the amount of consideration received by
               the Company will be the Market Price thereof as of the date of
               receipt. In case any Common Stock, Options or Convertible
               Securities are issued in connection with any acquisition, merger
               or consolidation in which the Company is the surviving
               corporation, the amount of consideration therefor will be deemed
               to be the fair value of such portion of the net assets and
               business of the non-surviving corporation as is attributable to
               such Common Stock, Options or Convertible Securities, as the case
               may be. The fair value of any consideration other than cash or
               securities will be determined in good faith by the Board of
               Directors of the Company.

          (VI) EXCEPTIONS TO ADJUSTMENT OF EXERCISE PRICE. No adjustment to the
               Exercise Price will be made (i) upon the exercise of any
               warrants, options or convertible securities granted, issued and
               outstanding on the date of issuance of this Warrant; (ii) upon
               the grant or exercise of any stock or options which may hereafter
               be granted or exercised under any employee benefit plan, stock
               option plan or restricted stock plan of the Company now existing
               or to be implemented in the future, so long as the issuance of
               such stock or options is approved by a majority of the
               independent members of the Board of Directors of the Company or a
               majority of the members of a committee of independent directors
               established for such purpose; or (iii) upon the exercise of the
               Warrants.

     (C)  SUBDIVISION OR COMBINATION OF COMMON STOCK. If the Company at any time
          subdivides (by any stock split, stock dividend, recapitalization,
          reorganization, reclassification or otherwise) the shares of Common
          Stock acquirable hereunder into a greater number of shares, then,
          after the date of record for effecting such subdivision, the Exercise
          Price in effect immediately prior to such subdivision will be
          proportionately reduced. If the Company at any time combines (by
          reverse stock split, recapitalization, reorganization,
          reclassification or otherwise) the shares of Common Stock acquirable
          hereunder into a smaller number of shares, then, after the date of
          record for effecting such combination, the Exercise Price in effect
          immediately prior to such combination will be proportionately
          increased.

     (D)  ADJUSTMENT IN NUMBER OF SHARES. Upon each adjustment of the Exercise
          Price pursuant to the provisions of this Paragraph 4, the number of
          shares of Common Stock issuable upon exercise of this Warrant shall be
          adjusted by multiplying a number equal to the Exercise Price in effect
          immediately prior to such adjustment by the number of shares of Common
          Stock issuable upon exercise of this Warrant immediately prior to such
          adjustment and dividing the product so obtained by the adjusted
          Exercise Price.

     (E)  CONSOLIDATION, MERGER OR SALE. In case of any consolidation of the
          Company with, or merger of the Company into any other corporation, or
          in case of any sale or conveyance of all or substantially all of the
          assets of the Company other than in connection with a plan of complete
          liquidation of the Company, then as a condition of such consolidation,
          merger or sale or conveyance, adequate provision will be made whereby
          the holder of this Warrant will have the right to acquire and receive
          upon exercise of this Warrant in lieu of the shares of Common Stock
          immediately theretofore acquirable upon the exercise of this Warrant,
          such shares of stock, securities or assets as may be issued or payable
          with respect to or in exchange for the number of shares of Common
          Stock immediately theretofore acquirable and receivable upon exercise
          of this Warrant had such consolidation, merger or sale or conveyance
          not taken place. In any such case, the Company will make appropriate
          provision to insure that the provisions of this Paragraph 4 hereof
          will thereafter be applicable as nearly as may be in relation to any
          shares of stock or securities thereafter deliverable upon the exercise
          of this Warrant. The Company will not effect any consolidation, merger
          or sale or conveyance unless prior to the consummation thereof, the
          successor corporation (if other than the Company) assumes by written
          instrument the obligations under this Paragraph 4 and the obligations
          to deliver to the holder of this Warrant such shares of stock,
          securities or assets as, in accordance with the foregoing provisions,
          the holder may be entitled to acquire.

     (F)  DISTRIBUTION OF ASSETS. In case the Company shall declare or make any
          distribution of its assets (including cash) to holders of Common Stock
          as a partial liquidating dividend, by way of return of capital or
          otherwise, then, after the date of record for determining shareholders
          entitled to such distribution, but prior to the date of distribution,
          the holder of this Warrant shall be entitled upon exercise of this
          Warrant for the purchase of any or all of the shares of Common Stock
          subject hereto, to receive the amount of such assets which would have
          been payable to the holder had such holder been the holder of such
          shares of Common Stock on the record date for the determination of
          shareholders entitled to such distribution.

     (G)  NOTICE OF ADJUSTMENT. Upon the occurrence of any event which requires
          any adjustment of the Exercise Price, then, and in each such case, the
          Company shall give notice thereof to the holder of this Warrant, which
          notice shall state the Exercise Price resulting from such adjustment
          and the increase or decrease in the number of Warrant Shares
          purchasable at such price upon exercise, setting forth in reasonable
          detail the method of calculation and the facts upon which such
          calculation is based. Such calculation shall be certified by the Chief
          Financial Officer of the Company.

     (H)  MINIMUM ADJUSTMENT OF EXERCISE PRICE. No adjustment of the Exercise
          Price shall be made in an amount of less than 1% of the Exercise Price
          in effect at the time such adjustment is otherwise required to be
          made, 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 not less than 1% of such Exercise Price.

     (I)  NO FRACTIONAL SHARES. No fractional shares of Common Stock are to be
          issued upon the exercise of this Warrant, but the Company shall pay a
          cash adjustment in respect of any fractional share which would
          otherwise be issuable in an amount equal to the same fraction of the
          Market Price of a share of Common Stock on the date of such exercise.

     (J)  OTHER NOTICES. In case at any time:

          (I)  the Company shall declare any dividend upon the Common Stock
               payable in shares of stock of any class or make any other
               distribution (including dividends or distributions payable in
               cash out of retained earnings) to the holders of the Common
               Stock;

          (II) the Company shall offer for subscription pro rata to the holders
               of the Common Stock any additional shares of stock of any class
               or other rights;

          (III) there shall be any capital reorganization of the Company, or
               reclassification of the Common Stock, or consolidation or merger
               of the Company with or into, or sale of all or substantially all
               its assets to, another corporation or entity; or

          (IV) there shall be a voluntary or involuntary dissolution,
               liquidation or winding up of the Company; then, in each such
               case, the Company shall give to the holder of this Warrant (a)
               notice of the date on which the books of the Company shall close
               or a record shall be taken for determining the holders of Common
               Stock entitled to receive any such dividend, distribution, or
               subscription rights or for determining the holders of Common
               Stock entitled to vote in respect of any such reorganization,
               reclassification, consolidation, merger, sale, dissolution,
               liquidation or winding-up and (b) in the case of any such
               reorganization, reclassification, consolidation, merger, sale,
               dissolution, liquidation or winding-up, notice of the date (or,
               if not then known, a reasonable approximation thereof by the
               Company) when the same shall take place. Such notice shall also
               specify the date on which the holders of Common Stock shall be
               entitled to receive such dividend, distribution, or subscription
               rights or to exchange their Common Stock for stock or other
               securities or property deliverable upon such reorganization,
               reclassification, consolidation, merger, sale, dissolution,
               liquidation, or winding-up, as the case may be. Such notice shall
               be given at least 30 days prior to the record date or the date on
               which the Company's books are closed in respect thereto. Failure
               to give any such notice or any defect therein shall not affect
               the validity of the proceedings referred to in clauses (i), (ii),
               (iii) and (iv) above.

     (K)  CERTAIN EVENTS. If any event occurs of the type contemplated by the
          adjustment provisions of this Paragraph 4 but not expressly provided
          for by such provisions, the Company will give notice of such event as
          provided in Paragraph 4(g) hereof, and the Company's Board of
          Directors will make an appropriate adjustment in the Exercise Price
          and the number of shares of Common Stock acquirable upon exercise of
          this Warrant so that the rights of the holder shall be neither
          enhanced nor diminished by such event.

     (L)  CERTAIN DEFINITIONS.

          (I)  "COMMON STOCK DEEMED OUTSTANDING" shall mean the number of shares
               of Common Stock actually outstanding (not including shares of
               Common Stock held in the treasury of the Company), plus (x)
               pursuant to Paragraph 4(b)(i) hereof, the maximum total number of
               shares of Common Stock issuable upon the exercise of Options, as
               of the date of such issuance or grant of such Options, if any,
               and (y) pursuant to Paragraph 4(b)(ii) hereof, the maximum total
               number of shares of Common Stock issuable upon conversion or
               exchange of Convertible Securities, as of the date of issuance of
               such Convertible Securities, if any.

          (II) "MARKET PRICE," as of any date, (i) means the average of the last
               reported sale prices for the shares of Common Stock on the
               Over-the-Counter Bulletin Board (the "OTCBB") for the five (5)
               Trading Days (as hereinafter defined) immediately preceding such
               date as reported by Bloomberg Financial Markets, Inc., or (ii) if
               the OTCBB is not the principal trading market for the shares of
               Common Stock, the average of the last reported sale prices on the
               principal trading market for the Common Stock during the same
               period as reported by Bloomberg Financial Markets, Inc., or (iii)
               if market value cannot be calculated as of such date on any of
               the foregoing bases, the Market Price shall be the fair market
               value as reasonably determined in good faith by (a) the Board of
               Directors of the Company or, at the option of a
               majority-in-interest of the holders of the outstanding Warrants
               by (b) an independent investment bank of nationally recognized
               standing in the valuation of businesses similar to the business
               of the corporation. The manner of determining the Market Price of
               the Common Stock set forth in the foregoing definition shall
               apply with respect to any other security in respect of which a
               determination as to market value must be made hereunder.

          (III) "COMMON STOCK," for purposes of this Paragraph 4, includes the
               Common Stock, par value $.001 per share, and any additional class
               of stock of the Company having no preference as to dividends or
               distributions on liquidation, provided that the shares
               purchasable pursuant to this Warrant shall include only shares of
               Common Stock, par value $.001 per share, in respect of which this
               Warrant is exercisable, or shares resulting from any subdivision
               or combination of such Common Stock, or in the case of any
               reorganization, reclassification, consolidation, merger, or sale
               of the character referred to in Paragraph 4(e) hereof, the stock
               or other securities or property provided for in such Paragraph.

          (IV) "TRADING DAY," shall mean any day on which the Common Stock is
               traded for any period on the OTCBB, or on the principal
               securities exchange or other securities market on which the
               Common Stock is then being traded.

5.   ISSUE TAX. The issuance of certificates for Warrant Shares upon the
     exercise of this Warrant shall be made without charge to the holder of this
     Warrant or such shares for any issuance tax or other costs in respect
     thereof, provided 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 the holder of this
     Warrant.

6.   NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant shall not entitle
     the holder hereof to any voting rights or other rights as a shareholder of
     the Company. No provision of this Warrant, in the absence of affirmative
     action by the holder hereof to purchase Warrant Shares, 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 Exercise Price or as a
     shareholder of the Company, whether such liability is asserted by the
     Company or by creditors of the Company.

7.   TRANSFER, EXCHANGE, AND REPLACEMENT OF WARRANT.

     (A)  RESTRICTION ON TRANSFER. This Warrant and the rights granted to the
          holder hereof are transferable, in whole or in part, upon surrender of
          this Warrant, together with a properly executed assignment in the form
          attached hereto, at the office or agency of the Company referred to in
          Paragraph 7(e) below, provided, however, that any transfer or
          assignment shall be subject to the conditions set forth in Paragraph
          7(f) hereof and to the applicable provisions of the Securities
          Purchase Agreement. Until due presentment for registration of transfer
          on the books of the Company, the Company may treat the registered
          holder hereof as the owner and holder hereof for all purposes, and the
          Company shall not be affected by any notice to the contrary.
          Notwithstanding anything to the contrary contained herein, the
          registration rights described in Paragraph 8 are assignable only in
          accordance with the provisions of that certain Registration Rights
          Agreement, dated September 27, 2002, by and among the Company and the
          other signatories thereto (the "Registration Rights Agreement").

     (B)  WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant is
          exchangeable, upon the surrender hereof by the holder hereof at the
          office or agency of the Company referred to in Paragraph 7(e) below,
          for new Warrants of like tenor representing in the aggregate the right
          to purchase the number of shares of Common Stock which may be
          purchased hereunder, each of such new Warrants to represent the right
          to purchase such number of shares as shall be designated by the holder
          hereof at the time of such surrender.

     (C)  REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
          satisfactory to the Company of the loss, theft, destruction, or
          mutilation of this Warrant and, in the case of any such loss, theft,
          or destruction, upon delivery of an indemnity agreement reasonably
          satisfactory in form and amount to the Company, or, in the case of any
          such mutilation, upon surrender and cancellation of this Warrant, the
          Company, at its expense, will execute and deliver, in lieu thereof, a
          new Warrant of like tenor.

     (D)  CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this Warrant
          in connection with any transfer, exchange, or replacement as provided
          in this Paragraph 7, this Warrant shall be promptly canceled by the
          Company. The Company shall pay all taxes (other than securities
          transfer taxes) and all other expenses (other than legal expenses, if
          any, incurred by the holder or transferees) and charges payable in
          connection with the preparation, execution, and delivery of Warrants
          pursuant to this Paragraph 7.

     (E)  REGISTER. The Company shall maintain, at its principal executive
          offices (or such other office or agency of the Company as it may
          designate by notice to the holder hereof), a register for this
          Warrant, in which the Company shall record the name and address of the
          person in whose name this Warrant has been issued, as well as the name
          and address of each transferee and each prior owner of this Warrant.

     (F)  EXERCISE OR TRANSFER WITHOUT REGISTRATION. If, at the time of the
          surrender of this Warrant in connection with any exercise, transfer,
          or exchange of this Warrant, this Warrant (or, in the case of any
          exercise, the Warrant Shares issuable hereunder), shall not be
          registered under the Securities Act of 1933, as amended (the
          "Securities Act") and under applicable state securities or blue sky
          laws, the Company may require, as a condition of allowing such
          exercise, transfer, or exchange, (i) that the holder or transferee of
          this Warrant, as the case may be, furnish to the Company a written
          opinion of counsel, which opinion and counsel are acceptable to the
          Company, to the effect that such exercise, transfer, or exchange may
          be made without registration under said Act and under applicable state
          securities or blue sky laws, (ii) that the holder or transferee
          execute and deliver to the Company an investment letter in form and
          substance acceptable to the Company and (iii) that the transferee be
          an "accredited investor" as defined in Rule 501(a) promulgated under
          the Securities Act; provided that no such opinion, letter or status as
          an "accredited investor" shall be required in connection with a
          transfer pursuant to Rule 144 under the Securities Act. The first
          holder of this Warrant, by taking and holding the same, represents to
          the Company that such holder is acquiring this Warrant for investment
          and not with a view to the distribution thereof.

8.   REGISTRATION RIGHTS. The initial holder of this Warrant (and certain
     assignees thereof) is entitled to the benefit of such registration rights
     in respect of the Warrant Shares as are set forth in Section 2 of the
     Registration Rights Agreement.

9.   NOTICES. All notices, requests, and other communications required or
     permitted to be given or delivered hereunder to the holder of this Warrant
     shall be in writing, and shall be personally delivered, or shall be sent by
     certified or registered mail or by recognized overnight mail courier,
     postage prepaid and addressed, to such holder at the address shown for such
     holder on the books of the Company, or at such other address as shall have
     been furnished to the Company by notice from such holder. All notices,
     requests, and other communications required or permitted to be given or
     delivered hereunder to the Company shall be in writing, and shall be
     personally delivered, or shall be sent by certified or registered mail or
     by recognized overnight mail courier, postage prepaid and addressed, to the
     office of the Company at 1101 Broadway Plaza, Tacoma, Washington 98498,
     Attention: Chief Executive Officer, or at such other address as shall have
     been furnished to the holder of this Warrant by notice from the Company.
     Any such notice, request, or other communication may be sent by facsimile,
     but shall in such case be subsequently confirmed by a writing personally
     delivered or sent by certified or registered mail or by recognized
     overnight mail courier as provided above. All notices, requests, and other
     communications shall be deemed to have been given either at the time of the
     receipt thereof by the person entitled to receive such notice at the
     address of such person for purposes of this Paragraph 9, or, if mailed by
     registered or certified mail or with a recognized overnight mail courier
     upon deposit with the United States Post Office or such overnight mail
     courier, if postage is prepaid and the mailing is properly addressed, as
     the case may be.

10.  GOVERNING LAW. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN
     ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
     MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE
     PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE
     EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW
     YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE
     AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS
     CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE
     OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.
     BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY
     FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF
     PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL
     AFFECT EITHER PARTY'S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
     BY LAW. BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH
     SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
     JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE
     PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS WARRANT
     SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS' FEES,
     INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

11.  MISCELLANEOUS.

     (A)  AMENDMENTS. This Warrant and any provision hereof may only be amended
          by an instrument in writing signed by the Company and the holder
          hereof.

     (B)  DESCRIPTIVE HEADINGS. The descriptive headings of the several
          paragraphs of this Warrant are inserted for purposes of reference
          only, and shall not affect the meaning or construction of any of the
          provisions hereof.

     (C)  CASHLESS EXERCISE. Notwithstanding anything to the contrary contained
          in this Warrant, if the resale of the Warrant Shares by the holder is
          not then registered pursuant to an effective registration statement
          under the Securities Act, this Warrant may be exercised by
          presentation and surrender of this Warrant to the Company at its
          principal executive offices with a written notice of the holder's
          intention to effect a cashless exercise, including a calculation of
          the number of shares of Common Stock to be issued upon such exercise
          in accordance with the terms hereof (a "Cashless Exercise"). In the
          event of a Cashless Exercise, in lieu of paying the Exercise Price in
          cash, the holder shall surrender this Warrant for that number of
          shares of Common Stock determined by multiplying the number of Warrant
          Shares to which it would otherwise be entitled by a fraction, the
          numerator of which shall be the difference between the then current
          Market Price per share of the Common Stock and the Exercise Price, and
          the denominator of which shall be the then current Market Price per
          share of Common Stock. For example, if the holder is exercising
          100,000 Warrants with a per Warrant exercise price of $0.75 per share
          through a cashless exercise when the Common Stock's current Market
          Price per share is $2.00 per share, then upon such Cashless Exercise
          the holder will receive 62,500 shares of Common Stock.

     (D)  REMEDIES. The Company acknowledges that a breach by it of its
          obligations hereunder will cause irreparable harm to the holder, by
          vitiating the intent and purpose of the transaction contemplated
          hereby. Accordingly, the Company acknowledges that the remedy at law
          for a breach of its obligations under this Warrant will be inadequate
          and agrees, in the event of a breach or threatened breach by the
          Company of the provisions of this Warrant, that the holder shall be
          entitled, in addition to all other available remedies at law or in
          equity, and in addition to the penalties assessable herein, to an
          injunction or injunctions restraining, preventing or curing any breach
          of this Warrant and to enforce specifically the terms and provisions
          thereof, without the necessity of showing economic loss and without
          any bond or other security being required.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
     by its duly authorized officer.

                                                INSYNQ, INC.

                                                By: /s/ John P. Gost
                                                    John P. Gorst
                                                    Chief Executive Officer

Dated as of September 27, 2002

<PAGE>

                           FORM OF EXERCISE AGREEMENT

                                                      Dated:  ________ __, 200_

To:      Insynq, Inc.

     The undersigned, pursuant to the provisions set forth in the within
Warrant, hereby agrees to purchase ________ shares of Common Stock covered by
such Warrant, and makes payment herewith in full therefor at the price per share
provided by such Warrant in cash or by certified or official bank check in the
amount of, or, if the resale of such Common Stock by the undersigned is not
currently registered pursuant to an effective registration statement under the
Securities Act of 1933, as amended, by surrender of securities issued by the
Company (including a portion of the Warrant) having a market value (in the case
of a portion of this Warrant, determined in accordance with Section 11(c) of the
Warrant) equal to $_________. Please issue a certificate or certificates for
such shares of Common Stock in the name of and pay any cash for any fractional
share to:

                       Name:    ______________________________

                       Signature:
                       Address:____________________________

                       Note:             The above signature should
                                         correspond exactly with the name
                                         on the face of the within Warrant,
                                         if applicable.

and, if said number of shares of Common Stock shall not be all the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of said undersigned covering the balance of the shares purchasable thereunder
less any fraction of a share paid in cash.

<PAGE>

                               FORM OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
all the rights of the undersigned under the within Warrant, with respect to the
number of shares of Common Stock covered thereby set forth hereinbelow, to:

NAME OF ASSIGNEE                    ADDRESS                        NO OF SHARES

, and hereby irrevocably constitutes and appoints
___________________________________ as agent and attorney-in-fact to transfer
said Warrant on the books of the within-named corporation, with full power of
substitution in the premises.

Dated:   ________ __, 200_

In the presence of:          ______________________________

                        Name:______________________________

                        Signature:_________________________
                        Title of Signing Officer or Agent (if any):

                        Address: ______________________________

                        Note:    The  above   signature   should   correspond
                                 exactly  with  the  name on the  face of the
                                 within Warrant, if applicable.

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