Document:

EXCLUSIVE
LICENSE AND SALES AGREEMENT

    

    THIS EXCLUSIVE LICENSE AND SALES
AGREEMENT (“Agreement”) is made and
entered into as of February 24, 2009 (the “Effective Date”), by and
between Zevotek, Inc., a Delaware corporation located at134 Cedar Street,
Nutley, NJ 07110 (“Licensee”), Jason Ryu, an
individual residing at 547A Orchard Avenue, Palisades Park, New Jersey
(collectively, “Licensor”).

    

    RECITALS

    

    A.          Licensor
is the owner of the Licensed Intellectual Property (as defined
below).

    

    B.           On
May 22, 2007, Licensor and Licensee entered into that certain License and Supply
Agreement (the “Original
Agreement”) pursuant to which Licensor granted Licensee an exclusive,
commercial license to market, distribute, sell and manufacture the Ionic Bulb
Product and the patents underlying the Ionic Bulb Product set forth under the
term “Ionic Bulb Patents” on Exhibit A hereto (the
“Ionic Bulb Patents”)
which Original Agreement currently continues on a non-exclusive
basis.

    

    C.           Licensor
and Licensee wish to renegotiate the Original Agreement to amongst other things,
reclaim the license for the Ionic Bulb Products on an exclusive
basis.

    

    NOW,
THEREFORE, in consideration of the premises and the mutual agreements and
covenants hereinafter set forth, the parties hereto hereby agree as
follows:

    

    1.           Definitions.

    

    1.1           “Affiliate” means any person or entity
that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the person
specified.

    

    1.2           “Change of
Control” means
(a) the sale, leasing, licensing (on an exclusive basis) or otherwise disposing
of all or substantially all of the assets of the Licensee or of any subsidiary
of the Licensee (other than the leasing or licensing of assets or technologies
to an Affiliate of the Licensee), (b) the consolidation or merger of the
Licensee or any subsidiary of the Licensee with any other corporation or entity,
or the consolidation or merger of any other corporation or entity into the
Licensee or any subsidiary of the Licensee, (c) the approval by the shareholders
of the Licensee of any plan or proposal for the liquidation or dissolution of
the Licensee, or (d) the acquisition by any person or entity of “beneficial
ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of more than 50 percent of the combined voting power of the
Licensee’s securities ordinarily having the right to vote at elections of
directors (other than the current “beneficial owners” of the outstanding
securities of the Licensee).

     

    
      
        
        

      

      
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    1.3           “Consulting
Term” has the
meaning set forth in Section 7.3.2.

    

    1.4           “Licensed
Intellectual Property” means all of the Licensor’s
right, title and interest in and to all of the Licensed Patents and Licensed
Trademarks, all knowledge, information, know-how, discoveries, procedures,
devices, techniques, programs, inventions, creations, methods, formulas,
software, designs, drawings, works of authorship or other technical information
related to such Licensed Patents and Licensed Trademarks which has been
developed by or on behalf of Licensor as of the date of this
Agreement.

    

    1.5           “Licensed
Patents” means
those patents, patent applications, letters patent and like protections of the
United States or any other countries Patents as set forth on Exhibit A, including,
without limitation, improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same.

    

    1.6           “Licensed
Products” means
any product, service, component and/or tool of a system of products, sold,
licensed, rented, leased, or otherwise offered by the Licensee (or a
sub-licensee) or an Affiliate of the Licensee (or a sub-licensee of such
Affiliate), (i) but for this Agreement would be an infringement of any claim of
any Licensed Patent, that has neither expired nor been declared invalid by a
court from which no appeal has been or can be taken, or (ii) but for this
Agreement would be an infringement of any Licensed Trademark.

    

    1.7           “Licensed
Trademarks” means
those trademarks and service mark rights set forth on Exhibit B, whether or
not registered, applications to register and registrations of the same and like
protections, and the entire goodwill of the business of the Licensor connected
with or symbolized by such trademarks.

    

    1.8           “Losses” has the meaning set forth in
Section 9.1.

    

    1.9        
  “Net
Profits means, with respect to sales of the
Licensed Products by Ryu or any Sales Associate hired by Ryu, all revenues
generated by sales of the Licensed Products less the sum of (i) costs of goods
sold and (ii) selling general and administrative expenses (including, without
limitation, any and all financing costs, legal expenses and other promotional
and marketing expenses, including press releases).

    

    
      1.10       
 “Sales
Associate” has
the meaning set forth in Section 7.3.5.

    

    

    1.11         “Zevotek
Bankruptcy Event”
occurs if Zevotek  becomes the subject of a voluntary or
involuntary proceeding or appointment under any bankruptcy, insolvency,
receivership, liquidation, general assignment, custodian, trusteeship or similar
law or rule, and such proceeding is not withdrawn or abandoned within 90
days,

     

    
      
        
        

      

      
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    2.           License
Grant.

    

    2.1           License.

    

     2.1.1           Licensor
grants to Licensee, upon and subject to the terms and conditions of this
Agreement, for the Term of this Agreement, a worldwide, exclusive license (the
“License”) to
manufacture, have manufactured, market, use, sell, distribute and advertise
Licensed Products.

    

     2.1.2           If
either (a) the Licensee fails to file its quarterly and annual reports by the
due date for such report (including, if applicable, any extensions permitted
under Rule 12b-25 of the Securities Exchange Act of 1934, as amended) or (b) the
Licensee’s Common Stock (as defined in Section 3.1 below) is not quoted on the
OTCBB on or before February 14, 2010, then the License shall (unless Licensee
exercises the Option set forth under Section 3.2 below) continue on a
non-exclusive basis

    

    2.2           Sub-License. Licensee shall have the
right to grant sublicenses with respect to the Licensed Products upon written
approval by Licensor, which written approval shall not be unreasonably
withheld.

    

    
      	
               
      

            	
              3.

            	
              License
      Fees.

            

    

     

    3.1           In
consideration of the license which Licensor has granted, Licensee shall issue
fifty million (50,000,000) shares (the “Shares”) of the Licensee’s
common stock, par value $0.00001 per share (“Common Stock”) in the name of
Jason Ryu (“Ryu)  The Shares
shall fully vest immediately with Ryu as of the effective date of this Agreement
and the certificates representing theses Shares should bear the following
legend:

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”).  THE SHARES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF A CURRENT AND EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT WITH RESPECT TO SUCH SHARES, OR AN OPINION OF THE ISSUER’S
COUNSEL TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933
ACT.

     

    3.2           If,
pursuant to 2.1.2 the License is to be converted from exclusive to
non-exclusive, the Licensee, at it option (the “Option”), may issue to Ryu an
additional amount of shares of Common Stock equal to $90,000 (based upon the
average of the closing prices for the Company’s Common Stock on the 10 days
preceding notice by the Company of its option under this Section 3.2), the
exercise of such Option shall cause the License to continue on an exclusive
basis

     

    
      
        
        

      

      
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    4.           Term and
Termination.

    

    4.1           Term.  The
term of this Agreement and the license granted hereunder (the “Term”) shall continue in full
force from the Effective Date and thereafter from year to year unless earlier
terminated pursuant to Section 4.2 hereof.

    

    4.2           Termination. This
Agreement may only be terminated as follows:

    

     4.2.1           by
mutual consent of all parties;

    

     4.2.2           in
the event of a material breach of this Agreement, by the non-breaching party if
(a) such non-breaching party has given notice of the material breach to the
breaching party, and (b) the breaching party has not cured the material breach
within thirty (30) days after the notice has been sent; provided, however, that
the parties agree that any breach of Section 7.3 shall not be sufficient to
terminate the License granted under Section 2.1 above; or

    

    4.2.3            in
the event of a Zevotek Bankruptcy Event.

    

    5.           Licensor
Representations and Warranties.

    

    5.1           Organization,
Standing, Etc.  Ryu has the requisite power and authority to
own, lease or operate the Licensed Intellectual Property.

    

    5.2           Corporate
Acts and Proceedings.  This Agreement has been duly authorized
by all necessary action on behalf of the Licensor, has been duly executed and
delivered, is a valid and binding agreement on the part of the Licensor and is
enforceable against the Licensor in accordance with its terms.

    

    5.3           Compliance
with Applicable Laws and Other Instruments.  Neither the
execution nor delivery of, nor the performance of or compliance with, this
Agreement nor the consummation of the transactions contemplated hereby or
thereby will, with or without the giving of notice or passage of time, result in
any breach of, or constitute a default under, or result in the imposition of any
lien or encumbrance upon any of the Licensed Intellectual Property pursuant to,
any agreement or other instrument to which the Licensor is a party or by which
it or any of the Licensed Intellectual Property is bound or
affected.  The Licensor is not subject to any restriction that would
prohibit it from entering into or performing its obligations under this
Agreement.

    

    5.4           Patents
and Other Intangible Rights.

    

    5.4.1            Licensor
is the sole owner of and owns all right, title and interest in and to the
Licensed Intellectual Property and has the sole, exclusive and unencumbered
right to license the Licensed Intellectual Property.

    

    5.4.2            Neither
the Licensed Intellectual Property, the use thereof, nor the manufacture,
marketing, use, sale, distribution, or advertisement of Licensed Products
infringe upon or otherwise act adversely to any patent right, trademark right,
common law, proprietary or other right of another or require the consent of any
third party.

     

    
      
        
        

      

      
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    5.4.3            Licensor
has made no assignment of the Licensed Intellectual Property to a party other
than Licensee and is under no obligation to make any assignment of the Licensed
Intellectual Property therefor to any other party.

    

    5.4.4            Licensor
is not aware of any prior art which would preclude the issuance of any pending
patent application which is part of the Licensed Intellectual
Property.  Each of the patent applications which are part of the
Licensed Intellectual Property was properly filed and is being diligently
prosecuted, and none of these patent applications is under final
rejection.  There are no interferences, oppositions, or inventorship
challenges pending or contemplated with respect to any patents or patent
applications that are part of the Licensed Intellectual
Property.

     

    5.5           Access to
Information.  Ryu represents
that he has been given full and complete access to the Licensee for the purpose
of obtaining such information as  Ryu or his qualified representative
has reasonably requested in connection with the decision to accept Common Stock
under this Agreement.  Ryu represents that he has reviewed copies of
the reports filed by the Licensee with the Securities and Exchange
Commission.  Ryu represents that he has been afforded the opportunity
to ask questions of the officers of the Licensee regarding its business
prospects and the Common Stock, all as Ryu or Ryu’s qualified representative
have found necessary to make an informed investment regarding the Common
Stock.

     

    
      
        
        

      

      
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    5.6          Restricted
Securities.

     

    5.6.1            Ryu
has been advised that the Shares and the Incentive Shares have not been
registered under the Securities Act or any other applicable securities laws and
that Shares and the Incentive Shares are being offered and sold pursuant to
Section 4(2) of the Securities Act, and that the Licensee’s reliance upon
Section 4(2) is predicated in part on Ryu’s representations as contained
herein.  Ryu acknowledges that the Shares and the Incentive Shares
will be issued as “restricted securities” as defined by Rule 144 promulgated
pursuant to the Securities Act.  The Shares and the Incentive Shares
may not be resold in the absence of an effective registration thereof under the
Securities Act and applicable state securities laws unless, in the opinion of
the Licensee’s counsel, an applicable exemption from registration is
available.

     

    5.6.2            Ryu
represents that he is acquiring the Shares and the Incentive Shares for his own
account, and not as nominee or agent, for investment purposes only and not with
a view to, or for sale in connection with, a distribution, as that term is used
in Section 2(11) of the Securities Act, in a manner which would require
registration under the Securities Act or any state securities laws.

     

    5.6.3            Ryu
acknowledges that an investment in the Shares and the Incentive Shares is not
liquid and is transferable only under limited conditions.  Ryu
acknowledges that such securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such
registration is available.  Ryu is aware of the provisions of
Rule 144 promulgated under the Securities Act, which permits limited resale
of restricted securities subject to the satisfaction of certain conditions and
that such Rule is not now available and, in the future, may not become available
for resale of any of the Shares and the Incentive Shares.

     

    5.7          Sophistication
and Ability to Bear Risk of Loss. Ryu acknowledges that he is
able to protect his interests in connection with the acquisition of the Shares
and the Incentive Shares can bear the economic risk of investment in such
securities without producing a material adverse change in Ryu’s financial
condition.  Ryu, either alone or with the Ryu’s representative(s),
otherwise has such knowledge and experience in financial or business matters
that Ryu is capable of evaluating the merits and risks of the investment in the
Shares and the Incentive Shares.

     

    5.8          Preexisting
Relationship. Ryu
has a preexisting personal or business relationship with the Licensee, one or
more of its officers, directors or controlling persons.

     

    6.           Licensee
Representations and Warranties.

    

    6.1          Organization,
Standing, Etc.  The Licensee is a corporation duly organized,
validly existing and in good standing under the laws of Delaware and has the
requisite corporate power and authority to own, lease or operate its properties
and to carry on its business as it is now being conducted and as it is presently
proposed to be conducted.

     

    
      
        
        

      

      
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    6.2          Corporate
Acts and Proceedings.  This Agreement has been duly authorized
by all necessary action on behalf of the Licensee, has been duly executed and
delivered, is a valid and binding agreement on the part of the Licensee and is
enforceable against the Licensee in accordance with its terms.

    

    6.3          Compliance
with Applicable Laws and Other Instruments.  Neither the
execution nor delivery of, nor the performance of or compliance with, this
Agreement nor the consummation of the transactions contemplated hereby or
thereby will, with or without the giving of notice or passage of time, result in
any breach of, or constitute a default under any agreement or other instrument
to which the Licensee is a party, and will not violate its articles of
incorporation, bylaws, or any other of its governing documents.  The
Licensee is not subject to any restriction which would prohibit it from entering
into or performing its obligations under this Agreement.

    

    6.4          Valid
Issuance of Shares.  The shares of
Common Stock that are being issued to the Ryu hereunder, when issued, sold and
delivered in accordance with the terms hereof for the consideration expressed
herein, will be duly and validly issued, fully paid and nonassessable and free
of restrictions on transfer, other than restrictions on transfer under this
Agreement and under applicable federal and state securities laws, will be free
of all other liens and adverse claims.

    

    
                     
7.          
Covenants.

    

    

    7.1          Confidentiality.  The
parties realize that some information received by one party from the other
pursuant to this Agreement may be confidential.  It is therefore
agreed that any information received by one party from the other, and clearly
designated in writing as “CONFIDENTIAL,” shall not be disclosed by the receiving
party to any third party and shall not be used by the receiving party for
purposes other than those contemplated by this Agreement, including but not
limited to the use of the Licensed Intellectual Property, for the term of this
Agreement and for a period of five (5) years thereafter, unless, or
until:

    

    7.1.1            said
information shall become publicly known through no fault of the receiving party,
or

    

    7.1.2            said
information was already in the receiving party’s possession prior to the
disclosure of said information to the receiving party, or

    

    7.1.3            said
information shall be subsequently disclosed to the receiving party by a third
party who is not under any obligation of confidentiality to the disclosing
party, or

    

    7.1.4            said
information is independently developed by the receiving party.

     

    
      
        
        

      

      
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    It is to
be understood that specific information that has been disclosed to the receiving
party shall not be deemed to be available to the public or in the receiving
party’s prior possession merely because it was embraced by more general
information available to the public or in the prior possession of the receiving
party.  All information deemed Confidential will be marked
“Confidential.”  All oral exchanges of Confidential Information shall
be reduced to writing within 30 days of disclosure by the disclosing party,
marked “Confidential” and a copy provided to the receiving party.

    

    7.2          Non-Competition.

    

    7.2.1            During
the Term of this Agreement, Licensor shall not, and shall cause all of its
Affiliates not to, engage directly or indirectly in the manufacture, marketing,
use, sale, distribution or advertisement of any Licensed Products, except as
specifically set forth in this Agreement.  If the final judgment of a
court of competent jurisdiction declares that any term or provision of this
Section 7.2 is invalid or unenforceable, the court making the determination of
invalidity or unenforceability shall have the power to reduce the scope,
duration, or area of the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision, and this Agreement
shall be enforceable as so modified after the expiration of the time within
which the judgment may be appealed.

    

    7.2.3            Licensee
agrees that nothing herein shall give to Licensee any right, title, or interest
in the Licensed Trademarks except the right to use the Licensed Trademarks in
accordance with the terms of this Agreement, and that the Licensed Trademarks
are the sole property of the Licensor.

    

    7.2.4            Licensee
agrees not to raise or cause to be raised any questions, concerns, or objections
to the validity of the Licensed Trademarks or to the right of the Licensee
thereto on any grounds whatsoever.

    

    7.3          Sales
Arrangement.

    

    7.3.1            The
Licensee agrees to retain Ryu, and Ryu agrees to serve, as a non-exclusive
independent contractor sales representative so as to obtain purchase orders for
the Licensed Products on behalf of Licensee, subject to the terms and conditions
set forth in this Section 7.3.  It is understood and agreed that all
payments for sales of Licensed Products is to be remitted directly from any
purchaser of such products directly to the Licensee and Ryu and any Sales
Associate hired by him hereby agree to direct any and all customers of such
payment terms.  In the event that Ryu or any Sales Associate receives
payment for any sale of Licensed Product, they hereby agree to transfer such
payment directly to the Licensee without any deductions.

    

    7.3.2            Ryu
shall provide sales representative services to the Licensee as requested from
time to time by the Licensee from the date of this Agreement until February 28,
2010 (the “Consulting
Term”); provided, however, that the term will be extended automatically
for successive 12 month periods unless either party sends written notice to the
other that such party does not want it renewed at least 30 days before the end
of any term.

     

    
      
        
        

      

      
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    7.3.3            In
consideration for his consulting services, Licensee shall issue Ryu a
certificate for 750,000 shares of Common Stock for each $100,000 in gross sales
of the Licensed Product by Ryu (or any Sales Associate hired by him) on or
before February 28, 2010 up to a maximum of 75,000,000 shares of Common Stock
(collectively, the “Incentive
Shares”).  The Incentive Shares shall not vest unless Ryu (or
any Sales Associate hired by him) shall have collectively procured gross sales
of $5,000,000 for the Licensed Products on or before February 28, 2010 (the
“Target”).  If
Ryu fails to achieve the Target, such Incentive Shares shall be null and void
and of no further force and effect.  Ryu understands and agrees that
he will not receive credit towards the Target for any returns, cancellations,
and such other events as require Licensee to make a payment back to the merchant
and/or accept an offset to other payments that Licensee receives from that
merchant (“Buybacks”).  In the
event that Licensee receives notice of any Buybacks after February 28, 2010,
Licensee shall have the right to rescind the issuance of the Incentive Shares
and place a stop-transfer order with the Licensee’s transfer agent with respect
to the certificate representing the Incentive Shares.  In the event
that Ryu has disposed of any of the Incentive Shares prior to such date, Ryu
shall purchase in the open market the number of shares of the Licensee’s common
stock so disposed and return such shares to the Licensee along with any
Incentive Shares not so disposed, for cancellation..  Each certificate
representing these Incentive Shares should bear the following
legend:

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “1933 ACT”).  THE SHARES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF A CURRENT AND EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT WITH RESPECT TO SUCH SHARES, OR AN OPINION OF THE ISSUER’S
COUNSEL TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933
ACT.

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS
OF THAT CERTAIN EXCLUSIVE LICENSE AND SALES AGREEMENT DATED FEBRUARY 24, 2009 BY
AND AMONG ZEVOTEK, INC. AND JASON RYU.

     

    
      
        
        

      

      
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    7.3.4            Ryu
also agrees to establish, negotiate and execute a distribution agreement with
National Express (or a similar national distributor acceptable to Licensee) for
distribution of the Licensed Products (the ‘Distribution
Agreement”).  As consideration for consummation of the
Distribution Agreement Licensee agrees (within 7 days after receipt by Licensee
of a fully executed and enforceable Distribution Agreement) to issue Ryu a
certificate for 10,000,000 shares of Common Stock.  As soon as
practicable, following the execution of this Agreement, the Licensee will set
aside, out of its existing stock compensation plan(s), the shares to be issued
under this Section 7.3.4 and register such shares on a Form S-8 or other
applicable registration statement, which the Licensee agrees to file, if not
already filed, with the Securities and Exchange Commission (the “Commission”) as
soon as practicable after the date hereof.

    

    7.3.5            Licensee
agrees to pay a commission to Ryu at the rate 50% of all Net Profits recognized
by Licensee on sales of the Licensed Products made by Ryu (or Sales Associates
hired by Ryu) on behalf of Licensee during the period of this Agreement (the
“Commissions”).  All
Commissions that Ryu earns are subject to subsequent adjustment for any Buybacks
on Licensed Products sold by Ryu or Sales Associates, if any.  Such
adjustments can be applied at any time by Licensee at its sole
discretion  Licensee will reimburse Ryu in accordance with its normal
reimbursement policy for reasonable travel and other expenses incurred at the
Licensee’s request in carrying out the Ryu’s duties under this
Agreement.  Reimbursement for approved expenses will be made within
ten (10) days of receipt from Ryu of an itemized expense report.

     

    7.3.6            Within
thirty (30) days of the last day of each quarter, Licensee will calculate the
Commissions that it owes Ryu, provide Ryu with a statement regarding same and
make payment of said commissions.  In the event that, as a result of
adjustments, Ryu owes Licensee a payment at the end of any month, Licensee shall
have the option of either (a) carrying such negative balance to the following
month and offsetting it against income in the following month, or (b) providing
Ryu with a bill requiring Ryu to pay Licensee the amount of such negative
balance within ten (10) days of receipt of the bill

     

    7.3.7            Ryu
may engage one or more agents to directly sell the Licensed Products (each a
“Sales Associate”);
provided that such Sales Associates agree to be bound by the terms and
conditions of this Agreement.  Licensee shall have the right to
approve (which approval show not be unreasonably withheld, conditioned or
delayed) all Sales Associates.  It is understood and agreed that Ryu
shall be responsible for any and all compensation and any other amount due any
Sales Associate and Licensee shall have no monetary or other obligations with
respect to any activities of such Sales Associates.

     

    7.3.8            Ryu
shall keep, and shall contractually obligate its Affiliates (including Sales
Associates) to
keep, complete and accurate records of the latest three (3) years relating to
sales of Licensed Products and all information relevant under this Section
7.3.  Licensee shall have the right annually (and, reasonably, at
other times), at its expense, to retain an independent certified public
accountant selected by it and reasonably acceptable to the Ryu, to review Ryu’s
records in the location(s) where such records are maintained by the Ryu or its
affiliates upon reasonable notice and during regular business
hours.  Such representatives shall disclose to Licensee their
conclusions regarding the accuracy of Commissions and of records related
thereto.  The right to audit any Commission report shall extend for
three (3) years from the receipt of each Commission report.

     

    
      
        
        

      

      
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    7.3.9            Ryu
(and any Sales Associates) shall provide the services under this Section 7.4 as
an independent contractor of the Licensee and not as an employee. Ryu declares
and covenants for himself and any Sales Associates that Ryu is engaged in an
independent business, that the commissions received from Licensee are not the
only income source for such business and has complied and will comply with all
federal, state and local laws relating to business permits and licenses of any
kind that may be required to carry out the business and tasks to be performed by
Ryu under this Agreement.  Ryu is not required by Licensee to incur
any costs or expenses pursuant to this Agreement.  If Ryu does incur
costs and expenses, such as premiums for insurance of any kind, hiring
assistants, or local, state and federal taxes due and/or relating to income
received by Ryu from Licensee, Ryu agrees to pay them, and not seek
reimbursement from Licensee.  No payment or withholding of any
federal, state, local, city or other payroll or employment taxes, including but
not limited to FICA, state and federal income taxes, FUTA, state disability
insurance taxes, and state unemployment insurance taxes relating to income
received by Ryu from Licensee will be made by Licensee.  Ryu agrees to
indemnify and hold Licenssee harmless should a claim related to his expenses,
insurance or the lack thereof and/or local, state or federal taxes be made by
anyone, including any governmental authority

    

    7.3.10       
 Licensee retains the right to control the sales and promotion activities
to insure that they are consistent with the best interests of
Licensee.  Licensee retains the right to establish policies to enhance
business and/or customer relations for both Ryu and Licensee and to establish
other business procedures consistent with these goals and Ryu agrees to pursue
these procedures and policies to the best of Ryu's ability.

     

    7.3.11         No
worker's compensation insurance has been or will be obtained by Licensee on
account of Ryu or any Sales Associate.  Ryu is not entitled to receive
and will not receive benefits that employees of Licensee may or may not receive
such as medical insurance, life insurance, paid vacation or holidays, pension or
profit-sharing benefits, deferred compensation or any other similar
benefits.

     

    7.3.12         In
connection with the sale of the Licensed Products, Ryu (for himself and any
Sales Associate) represents, warrants, and agrees as follows:

     

    7.3.12.1      to
provide the Licensee with monthly nonbinding good-faith forecasts of its
anticipated requirements and shipping dates for the three (3) month period
following each forecast (or, if shorter, the remaining term of this
Agreement);

     

    7.3.12.2      to
use his best efforts to successfully market (including, without limitation,
production and broadcasting of infomercials relating to the Licensed Products),
distribute, and support the Licensed Products on a continuing basis and to
comply with good business practices and all laws and regulations relevant to
this Agreement or the subject matter hereof.  In his efforts, Ryu will
(1) use the then-current names used by the Licensee for the Licensed Products
(but will not represent or imply that it is the Licensee or is a part of the
Licensee); provided that all advertisements and promotional materials shall be
subject to prior written approval of the Licensee, which approval shall not be
unreasonably withheld, and, provided further, that no other right to use any
name or designation is granted by this Agreement; (2) will promptly deliver the
Licensed Products to his customers in accordance with good business practice and
local custom;

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    7.3.12.3      has
all required registrations, licenses, permits, approvals and authorizations
necessary to enter into and carry out its obligations under this Agreement,
including those that are required in connection with promoting, marketing,
selling and distributing the Licensed Products;

     

    7.3.12.4      will
not, during the term of this Agreement, represent any brand competitive with the
Licensed Products.

     

    7.3.12.5      timely
file all such price schedules and reports as may be prescribed by applicable
laws and regulations;

     

    7.3.12.6      to
keep the Licensee informed as to any problems encountered with the Licensed
Products and any resolutions arrived at for those problems, and to communicate
promptly to Licensee any and all modifications, design changes, or improvements
of the Licensed Products suggested by any customer, employee, or
agent.  Ryu further agrees that Licensee shall have and is hereby
assigned any and all right, title, and interest in and to any such suggested
modifications, design changes, or improvements of the Product, without the
payment of any additional consideration therefor either to Ryu, or its
employees, agents or customers.  Ryu will also promptly notify
Licensee of any infringement of any trademarks or other proprietary rights
relating to the Licensed Products; and

     

    7.3.12.7      to
comply with the U.S. Foreign Corrupt Practices Act and all applicable export
laws, restrictions, and regulations of any United States or foreign agency or
authority and not to export or re-export, or allow the export or re-export of
any product, technology, or information it obtains or learns pursuant to this
Agreement (or any direct product thereof) in violation of any such laws,
restrictions or regulations.  Ryu shall obtain and bear all expenses
relating to any necessary licenses and/or exemptions with respect to the export
from the U.S. of the Licensed Product to any location in compliance with all
applicable laws and regulations prior to delivery thereof by
Licensee.

     

    7.3.12.8      Ryu
has not been engaged to perform, nor will Ryu perform, any services in
connection with capital raising transactions for the Licensee or services that
will promote the market for the Common Stock.  It is mutually
understood and agreed that any fees for the services provided by Ryu, which
result in some benefit for the Licensee in connection with a capital raising
transaction or that promote the market for the Common Stock, shall be negotiated
separately from this Agreement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    7.3.12.9      Ryu
will provide the services under this Section 7.3 to the Licensee, and such
services will be bona fide services to the Company.

     

    7.3.12.9      Ryu
will not act as a conduit for distributing the any shares of Common Stock issued
pursuant to this Agreement to the general public.

     

    7.3.12.10    Neither
the Licensee nor any affiliate (as defined in the Securities Act of 1933, as
amended) has directed, instructed, or caused Ryu to resell the shares of Common
Stock in the public market, and Ryu will refuse any such direction or
request.

     

    7.3.12.11    Licensee
will not directly or indirectly receive a percentage of the proceeds from the
resale of the shares of Common Stock by Ryu

     

    7.4          Manufacturing.

    

    7.4.1           Licensor
will be responsible for manufacturing and supplying all Licensed Product
required for sales thereof.  Licensor authorizes Licensee to deal
directly with Licensor’s manufacturers of the Licensed Products and agrees to
provide Licensee with introductions to Licensor’s manufacturers of the Licensed
Products.

    

    7.4.2           Should
Licensee desire to utilize a third party manufacturer for the Licensed Products,
Licensor agrees to supply all design and manufacturing specifications to
Licensee.

    

    7.5           Use of
Name.  All Licensed Products for which Licensee delivers an
Acceptance Notice shall be marketed and sold under the “Zevotek”
name.

    

    
      8.          
Patents
and Trademarks.

    

    

    8.1          Cost of
Patent Prosecution and Maintenance.  The Licensor shall pay all
future costs incident to the United States and foreign applications, patents,
trademarks and like protection for the Licensed Patents and the Licensed
Trademarks, including all costs to be incurred in the future for filing,
prosecution, issuance and maintenance fees as well as any costs incurred in
filing continuations, continuations-in-part, divisionals or related applications
and any re-examinations or reissue proceedings.

    

    8.2           Patent
and Trademark Prosecution.  The Licensor, by counsel it selects
to whom the Licensee has no reasonable objection, in consultation with the
Licensee and/or with counsel appointed by the Licensor, may prepare, file,
prosecute, and maintain all Licensed Patents and Licensed Trademarks (including,
without limitation, improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same) in Licensor’s name and in
countries designated by the Licensee.  Licensor and Licensee shall use
their best efforts to establish the broadest possible patent and trademark
coverage for the Licensed Products.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    8.3          Proceedings.

    

    8.3.1           Licensor
and Licensee shall promptly notify the other if it knows or has reason to
believe that rights to any Licensed Intellectual Property are being infringed or
misappropriated by a third party or that such infringement or misappropriation
is threatened.

    

    8.3.2           Unless
Licensor, within fifteen (15) days either receiving or giving notice pursuant to
Section 8.3.1, either coordinates with Licensee to cause such infringement to
terminate without resort to the initiation of a legal proceeding or initiate
legal proceedings in its own name against the infringer, Licensee may, in its
sole discretion upon notice to Licensor, initiate legal proceedings against the
infringer at Licensee’s expense but on behalf and if required by law to pursue
such legal proceedings in the name of Licensor.  Any recovery in such
proceedings initiated or carried on by either party shall first be used to
reimburse the party initiating or carrying on such proceedings for reasonable
costs and legal fees incurred to conduct such proceedings.  The
balance shall be treated as Net Sales of Licensed Products under this Agreement,
except that any amount of the balance attributable to damages other than actual
damages shall be allocated to the Licensee.  In no event shall
Licensor settle any potential or actual infringement action without the prior
written consent of the Licensee.

    

    8.3.3           If
one party shall initiate or carry on legal proceedings to enforce any Licensed
Intellectual Property against an alleged infringer, the other party shall use
its best efforts to cooperate fully with any shall supply all assistance
reasonably requested by the party initiating or carrying on such
proceedings.  The party that institutes any proceeding to protect or
enforce a Licensed Patent shall have sole control of that proceeding, shall bear
the reasonable expenses incurred by said other party in providing such
assistance and cooperation as is requested pursuant to this paragraph, and shall
provide the other party with copies of all papers served and decisions rendered
in the proceeding.

    

    
      	
               
      

            	
              9.

            	
              Indemnification.

            

    

    

    9.1           Indemnification
by Licensor.  Licensor shall indemnify and hold Licensee
harmless from and against any and all claims, actions, liabilities, losses,
damages and expenses (“Losses”) incurred by Licensee
in connection with any claims, actions or liabilities arising out of or related
to any breaches of representations, warranties, covenants or any other
commitments given by Licensor (or any Sales Associate) in this Agreement,
including, but not limited to, any claim that the Licensee’s performance of this
Agreement constitutes an infringement of the intellectual property rights of a
third party.  Licensee will promptly notify Licensor within a
reasonable time after it becomes aware of any claim, action or proceeding that
may be subject to indemnification pursuant to this Section and will cooperate
with and authorize Licensor to carry out the management and defense of such
claim, action or proceeding.  Licensor agrees that Licensee may
participate and choose counsel of its own selection to defend and/or appeal the
claim or action on behalf of Licensee and shall pay any settlement amount or
judgment agreed to by or awarded against Licensee.  Licensee will not
compromise or settle any claim, action or proceeding subject to indemnification
pursuant to this Article without the prior written approval of
Licensor.  Section 9.1 shall survive expiration or other termination,
for any reason whatsoever, of this Agreement.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    9.2           Indemnification
by Licensee.  Licensee shall indemnify and hold harmless
Licensor from and against any and all Losses incurred by Licensor in connection
with any claims, actions or liabilities arising out of or related to the use of
the Licensed Intellectual Property by Licensee, except for any claim of
infringement of the intellectual property rights of a third party; Licensor will
promptly notify Licensee within a reasonable time after it becomes aware of any
claim, action or proceeding that may be subject to indemnification pursuant to
this Section and will cooperate with and authorize Licensee to carry out the
management and defense of such claim, action or proceeding.  Licensee
agrees that Licensor may participate and choose counsel of its own selection to
defend and/or appeal the claim or action on behalf of Licensor and shall pay any
settlement amount or judgment agreed to by or awarded against
Licensor.  Licensor will not compromise or settle any claim, action or
proceeding subject to indemnification pursuant to this Article without the prior
written approval of Licensee.  Section 9.2 shall survive expiration or
other termination, for any reason whatsoever, of this Agreement.

    

    
      10.       
 Miscellaneous.

    

    

    10.1        Amendments.  Any
term or provision of this Agreement may only be amended by a writing signed by
Licensor and Licensee.

    

    10.2        Severability.  Should
any one or more of the provisions of this Agreement or of any agreement entered
into pursuant to this Agreement be determined to be illegal or unenforceable,
all other provisions of this Agreement and of each other agreement entered into
pursuant to this Agreement, shall be given effect separately from the provision
or provisions determined to be illegal or unenforceable and shall not be
affected thereby. The parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other
purposes of the void or unenforceable provision.

    

    10.3        Assignment.  Neither
this Agreement nor any interest hereunder shall be assignable by either party,
nor shall either party undergo a Change of Control, without the prior written
consent or agreement of the other party; provided, however, that in the event of
a Licensee Change of Control, Ryu agrees that such consent or agreement shall
not be unreasonably withheld.  In addition, it is understood and
agreed that a party shall have the unrestricted right to assign, license, sell
or otherwise transfer this Agreement, in whole or in part, to an Affiliate of
such party at its sole discretion.  This Agreement shall inure to the
benefit of and shall be binding upon each party’s successors and permitted
assigns, and shall be deemed to include the names of each party’s successors and
permitted assigns to the extent necessary to carry out the intent of this
Agreement.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    10.4           Notice.  All
notices, requests, consents and other communications required or permitted
hereunder shall be in writing and shall be delivered, or sent by facsimile
transmission, or mailed first-class postage prepaid, registered or certified
mail, as follows:

     

    10.4.1 to
Licensor:

     

    Jason
Ryu

    547A
Orchard Avenue

    Palisades
Park, New Jersey

    Tel:  (201)
424-0797

    Fax:

     

    with a
copy (which shall not constitute notice to Licensor) to:

    

    Kenneth
M. Bushell

    6132
Riverside Avenue

    Bronx, NY
10471

    Tel:  (718)
549-9000

    Fax:  (718)
601-8225

     

    
      10.4.2
to
Licensee:

    

     

    Zevotek,
Inc.

    134 Cedar
Street

    Nutley,
NJ 07110

    Attn:
President

    Tel:  (201)
394-8684

    Fax:

     

    with a
copy (which shall not constitute notice to Licensee) to:

    

    Indeglia
& Carney, P.C.

    1900 Main
Street, Suite 125

    Irvine,
CA 92614

    Attn:  Marc
A. Indeglia

    Tel:  (949)
679-9545

    Fax:  (949)
851-5940

    

    and such
notices and other communications shall for all purposes of this Agreement be
treated as being effective or having been given if delivered personally, or, if
sent by mail delivery service or facsimile, when received.  Any party
may change its address for such communications by giving notice thereof to the
other parties in conformity with this Section.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    10.5        Governing
Law.  This Agreement shall be governed by and construed in
accordance with, the laws of the State of New Jersey without regard to its
principles of conflicts of laws.

    

    10.6        Jurisdiction;
Waiver of Jury Trial.  In the event of any dispute which arises
out of or relates to this Agreement, the parties agree to negotiate in good
faith for a period of thirty (30) days to resolve any dispute arising out of or
relating to this Agreement or the formation, breach, termination or validity
thereof (a “Dispute”).  If the
parties cannot timely resolve the Dispute, the parties agree that it will be
resolved in an action or proceeding brought in the state or federal courts of
the State of New Jersey, County of Essex and each of the parties hereby consents
to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts) in any such action or proceeding and waives any objection to venue laid
therein.  The parties hereto each waive any claim that such
jurisdiction is not a convenient forum for any such action; provided, however,
that each party reserves the right to seek to remove the action or proceeding
from the state court to the federal court in such jurisdiction or vice
versa.  Each party waives the right to a jury
trial.

    

    10.7        Attorney’s
Fees.  Should suit be brought to enforce or interpret any part
of this Agreement, the prevailing party shall be entitled to recover, as an
element of the costs of suit and not as damages, reasonable attorneys’ fees and
expert costs to be fixed by the court (including, without limitation, costs,
expenses and fees on any appeal).  The prevailing party shall be the
party entitled to recover its costs of suit, regardless of whether such suit
proceeds to final judgment.  A party not entitled to recover its costs
shall not be entitled to recover attorneys’ fees.

    

    10.8        Headings.  The
headings in this Agreement are for convenience only and are not intended to have
any legal effect.

    

    10.9        Waiver.
A failure by any party hereto to exercise or enforce any rights conferred upon
it by this Agreement shall not be deemed to be a waiver of any such rights or
operate so as to bar the exercise or enforcement thereof at any subsequent time
or times.

    

    10.10      Entire
Agreement.  This Agreement, the schedules hereto, the documents
referenced herein and the exhibits thereto, constitute the entire understanding
and agreement of the parties with respect to the subject matter hereof and
thereof and supersede all prior and contemporaneous agreements (including the
Original Agreement) or understandings, inducements or conditions, express or
implied, written or oral, between the Parties with respect hereto and
thereto.  The express terms hereof control and supersede any course of
performance or usage of the trade inconsistent with any of the terms
hereof.  Licensor
understands and agrees that it is not entitled to any fees, compensation or any
other form of payment under Original Agreement, any consulting arrangement or
other agreement entered into prior to the date hereof.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    10.11      Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one
and the same agreement.

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    This
Agreement is hereby executed as of the date first written above.

    

    
      
        
          
            	
                    LICENSOR:

                  	
                    RYU

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    Jason
      Ryu

                  
	 
      	 
      
	
                    LICENSEE:

                  	
                    ZEVOTEK,
      INC.

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Adam
      Engel, President

                  

          

        

      

    

    

    (Signature
Page to Exclusive License and Sales Agreement)

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    LICENSED
PATENTS

    

    Ionic Bulb
Patents

    

    U.S.
Patent US2006/0078460

    International
Patent PCT/KR2005/002997

    Korea
Patent KR 10-2004-74598

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    LICENSED
TRADEMARKS

    

    
      1.    “Ionic
Bulb” – United States Trademark Registration No.
___________

    

    
      
         

      

      
        C-1TEREX
CORPORATION

    

    SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TEREX
CORPORATION

    

    AMENDED
AND RESTATED

    SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

    

    The purpose of this Amended and
Restated Supplemental Executive Retirement Plan (the "Plan"), which was
originally effective as of October 1, 2002 (the "Effective Date"), is to provide
a further means whereby Terex Corporation (the "Company") may afford financial
security to a select group of executives of the Company who render valuable
services to the Company.  The Plan constitutes an important
contribution toward such executives' continued growth and success by providing
for additional future compensation so that such executives may be retained and
their productive efforts encouraged, all as provided herein.  The Plan
is intended to be an unfunded plan maintained for a "select group of management
or highly compensated employees" as defined in Sections 201(2), 301(a)(3),
401(a)(1) and 4021(b)(6) of the Employee Retirement Income Security Act of 1974,
as amended.  The Plan is hereby amended and restated, effective
January 1, 2005, to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (the "Code") and the regulations thereunder
("Section 409A").  The Plan is frozen as to new Participants effective
December 31, 2008.

    

    I

    

    DEFINITIONS

    

    1.           As
used in the Plan, terms defined parenthetically immediately after their use
shall have the respective meanings provided by such definitions, and the
following words and phrases shall have the meanings specified below (in either
case, such terms shall apply equally to both the singular and plural forms of
the terms defined), unless a different meaning is plainly required by the
context:

    

    Actuarial
Equivalent.  "Actuarial Equivalent" means a benefit of
equivalent value to a benefit or benefits payable to a Participant hereunder,
calculated in accordance with (a) the "applicable mortality table", as defined
in Section 417(e)(3) of the Code and (b) an interest rate of 8% compounded
annually, provided that
for purposes of Section 3.3(b) the interest rate shall be the applicable federal
mid-term rate under Section 1274(d) of the Code on the Benefit
Commencement Date.

    

    Beneficiary.  "Beneficiary"
shall mean the person or persons designated by a Participant pursuant to
Section 8.1 to receive the benefits to which a Participant is entitled upon
the death of the Participant or, upon the death of such designated person or
persons, the estate of a Participant.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    Benefit Commencement Date.  "Benefit
Commencement Date" means the date a Participant receives or first begins to
receive payment of benefits under the Plan, as applicable.

    

    Board.  "Board"
means the Board of Directors of the Company.

    

    Cause.  "Cause"
shall have the definition set forth in the Participant's employment agreement
with the Company, or, absent an employment agreement defining Cause, Cause shall
mean the Participant’s (i) continuing and material failure to fulfill his or her
employment obligations or willful misconduct or gross neglect in the performance
of his or her duties as an officer or employee of the Company, (ii) commission
of fraud, misappropriation or embezzlement in the performance of his or her
duties as an officer or employee of the Company or (iii) conviction of a felony,
which, as determined in good faith by the Board, constitutes a crime that may
result in material harm to the Company.

    

    Change of
Control.  "Change of Control" means (i) the consummation of an
acquisition by any person (as such term is defined in Section 13(d) or 14(d) of
the Securities Exchange Act of 1934, as amended) or group (as described in
regulations under Section 409A of the Code) of 40 percent or more of the
combined voting power of the Company’s then outstanding securities; (ii) a
change in the composition of the Board occurring within any twelve-month period,
as a result of which fewer than a majority of the directors are Incumbent
Directors ("Incumbent Directors" shall mean directors who either (A) are members
of the Board as of the Effective Date or (B) are elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the
Incumbent Directors at the time of such election or nomination, but shall not
include an individual not otherwise an Incumbent Director whose election or
nomination is in connection with an actual or threatened proxy contest relating
to the election of directors to the Board); or (iii) the consummation of (A) a
complete liquidation or dissolution of the Company or (B) a merger or
consolidation with the Company or in which securities of the Company are issued
or the sale of all or substantially all of the Company’s assets (collectively, a
"Business Combination") other than a Business Combination immediately after
which (x) the stockholders of the Company immediately before the Business
Combination beneficially own, directly or indirectly, more than 80 percent of
the combined voting power of the voting securities of the corporation or other
business entity resulting from the Business Combination (which in the case of a
sale of substantially all of the Company's assets means the corporation or other
business entity acquiring such assets) (the "Resulting Corporation"), (y) at
least a majority of the Board of directors of the Resulting Corporation or the
direct or indirect parent corporation of the Resulting Corporation are Incumbent
Directors and (z) no individual, entity or group (excluding the Resulting
Corporation or any employee benefit plan of the Resulting Corporation)
beneficially owns, directly or indirectly, 20 percent or more of the combined
voting power of the securities of the Resulting Corporation, who did not own
such securities immediately before the Business Combination; provided that, in
any case, the event constitutes a "change in the ownership or effective control"
of the Company or a "change in the ownership of a substantial portion of the
assets" of the Company, in each case, within the meaning of Section
409A.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Committee.  The
"Committee" shall mean the Compensation Committee of the Board.

    

    Compensation.  "Compensation"
means, for any calendar year, the sum of a Participant's base salary and annual
cash bonus earned during such calendar year (including any base salary or bonus
amounts deferred at the direction of the Participant).

    

    Disability.  A
Participant will be considered to have a "Disability" if the Participant is
unable to engage in any substantial gainful activity by reason of a medically
determinable physical or mental impairment that can be expected to result in
death or last for a continuous period of not less than 12
months.  "Disabled" shall refer to a Participant who has been
determined to have a Disability.

    

    Early Retirement.  "Early
Retirement" means the Termination of Employment on or after his or her Early
Retirement Date and prior to his or her Normal Retirement Date.

    

    Early Retirement
Age.  "Early Retirement Age" means the date on which a
Participant attains age 55.

    

    Early Retirement
Benefit.  "Early Retirement Benefit" means a benefit calculated
under Section 3.2(b).

    

    Early Retirement
Date.  "Early Retirement Date" shall be the first day of the
month next following the attainment by a Participant of Early Retirement
Age.

    

    Employment.  "Employment"
refers to full-time or substantially full-time employment by the Company or any
of its subsidiaries.

    

    Final Average
Compensation.  "Final Average Compensation" is an amount equal
to a Participant's average Compensation during his or her final 5 Years of
Service.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    Good
Reason.  "Good Reason" shall have the definition set forth in
the Participant's employment agreement with the Company, or, absent an
employment agreement defining Good Reason, Good Reason shall mean the occurrence
of one or more of the following, without the Participant's prior written
consent:  (i) a material change, adverse to the Participant, in his or
her position, title or office, status, rank, nature of responsibilities or
authority within the Company, except in connection with termination of his or
her employment for Cause or Disability or as a result of action by the
Participant, (ii) assignment of duties to the Participant that are materially
inconsistent with and adverse to his or her duties, status, rank,
responsibilities or authority, (iii) decrease in the Participant's base salary,
annual bonus opportunity or benefits (other than any such decrease applicable to
executives of the Company generally), and (iv) relocation of the Participant's
principal place of business to a location more than 50 miles from its location
on the date when he or she first became a Participant.

    

    Normal
Form.  "Normal Form" means a monthly benefit payable in the
form of a single life annuity for the life of Participant with payment
guaranteed for 120 months.

    

    Normal Retirement
Age.  "Normal Retirement Age" means the earlier of a
Participant's attainment of age 65 or the date on which the sum of his or her
age and Years of Service equals 90.

    

    Normal Retirement
Benefit.  "Normal Retirement Benefit" means a benefit
calculated under Section 3.2(a).

    

    Normal Retirement
Date.  "Normal Retirement Date" shall be the first day of the
month next following the attainment by a Participant of Normal Retirement
Age.

    

    Participant.  A
"Participant" is any senior officer or other key employee of
the Company who has become a participant in the Plan pursuant to Article
II.

    

    Participant
Notice.  "Participant Notice" means the written notice that
shall be provided by the Company to a Participant notifying him or her of his or
her participation in the Plan and specifying any special terms or conditions
applicable to such Participant's participation in the Plan.

     

    Primary Insurance Amount.  "Primary
Insurance Amount" means the primary insurance amount payable on a monthly basis
to the Participant on his or her Normal Retirement Date (excluding any benefit
payable on behalf of a spouse or other dependent) as provided under the Federal
Social Security Act or any other similar applicable national benefit program as
in effect on such date.  The Primary Insurance Amount shall be
determined on the following assumptions, notwithstanding facts to the
contrary:

    

    (1)           The
Participant's salary history shall begin with calendar year 1951 or the calendar
year he or she attains age 22, whichever is later, and end with the calendar
year preceding the calendar year in which occurs the later of his or her Benefit
Commencement Date or his or her Normal Retirement Date (including years when he
or she was not employed by the Company) (the "Salary History
Period").

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (2)           The
Participant will be deemed to have earned wages in excess of the Social Security
Act wage base during each year of the Salary History Period.

    

    (3)           The
Participant will be deemed to have been employed in the United States during
each year of the Salary History Period.

    

    (4)           The
Participant's Primary Insurance Amount under the Social Security Act will
commence payment with the month in which the Participant attains his or her
Normal Retirement Date or if his or her Termination of Employment occurs
thereafter, the month in which occurs his or her Termination of
Employment.

    

    In the
case of any Participant who may be entitled to government provided retirement
benefits payable by a government or a government sponsored retirement program
other than the United States, such benefits shall be included in the
Participant's Primary Insurance Amount and shall be calculated on a basis and
using assumptions that are comparable to the foregoing.

    

    Supplemental Retirement Benefit.  "Supplemental
Retirement Benefit" means for any Participant a benefit payable in the Normal
Form, commencing on the Participant's Normal Retirement Date or, if later, the
date on which his or her Termination of Employment occurs, and equal to the
excess of (a) one-twelfth of the product of 2% times the Participant's Years of
Service (not to exceed 20) times the Participant's Final Average
Compensation over (b) an amount payable in the Normal Form equal to the
Actuarial Equivalent of the sum of the following
amounts:  (i) 50% of the Participant's Primary Insurance Amount
and (ii) the Participant's accrued benefit under any other qualified (under
Section 401(a) of the Code) defined benefit pension plan maintained by the
Company or any of its subsidiaries.

    

    Termination of Employment.  "Termination
of Employment" means the ceasing of the Participant's Employment for any reason
whatsoever, whether voluntarily or involuntarily.

    

    Years of
Service.  "Years of Service" shall mean the calendar years
during which a Participant was employed by the Company (or any company acquired
by the Company or any of its subsidiaries), commencing with the calendar year
commencing on the January 1 nearest his or her date of hire and ending with the
calendar year in which his or her Termination of Employment occurs, if such
Termination of Employment occurs after the June 30th of that year, or the prior
calendar year if such Termination of Employment occurs prior to the July 1st of
the year in which such Termination of Employment occurs.  The
Committee may, in the Participant Notice or at any time thereafter, provide a
Participant with credit for additional Years of Service in respect of periods
for which he or she would not otherwise receive credit under the previous
sentence.

    
      
         

      

      
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    II

     

    ELIGIBILITY
AND PARTICIPATION

    

    2.1           Eligibility.  Any
senior officer or other key employee of the Company shall be eligible to
participate in the Plan.

    

    2.2           Participation.  An
eligible officer or key employee shall become a Participant in the Plan upon
approval by the Committee and notification by Company's Chief Executive Officer
that he or she has been selected to participate in the Plan.  The
effective date of a Participant's participation in the Plan shall be the date he
or she receives the Participant Notice or such other date as may be determined
by the Committee and as set forth in the Participant
Notice.  Notwithstanding the above to the contrary, no senior officer
or other employee of the Company shall be selected to participate in the Plan
after December 31, 2008.

    

    2.3           Terms and Conditions of
Participants.  Unless specified by the Committee in the
Participant Notice, a Participant's participation in the Plan shall be as set
forth in the terms of the Plan.  The Committee may determine in the
case of any Participant that the terms and conditions of his or her
participation in the Plan shall be different than those set forth in the Plan
(e.g., additional Years of Service); provided that such
determination shall be made and applied in a manner that complies with Section
409A of the Code.  However, unless set forth in the Participant
Notice, no special terms and conditions applicable to any Participant shall be
less favorable to the Participant than those provided for by the terms of the
Plan.

    

    2.4           Cessation of
Participation.  An individual shall cease to be a Participant
in the Plan once he or she has received from the Company all benefits to which
he or she is entitled under the Plan.

    
      
         

      

      
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    III

    

    RETIREMENT BENEFITS

    

    3.1           Vesting and Timing of
Retirement Benefit.  A Participant will vest in his or her
right to receive a benefit under this Plan on the earlier of (a) the
Participant’s attainment of Normal Retirement Age during Employment and (b) the
date on which the Participant has completed ten Years of Service (such earlier
date, the “Vesting Date”).  Except as provided in Section 3.3(b) or
Article IV, a Participant will be entitled to commence receiving a benefit under
this Plan, to the extent vested, on the Participant’s Benefit Commencement Date,
which shall be the later of (i) the first day of the month next following the
Participant’s Termination of Employment and (ii) the Participant’s Early
Retirement Date.

    

    3.2           Amount of Retirement
Benefit.  Except as provided in Section 3.4 or Article
IV,

    

    (a)           in
the event that a Participant's Termination of Employment occurs on or after the
Participant’s Normal Retirement Age, the Participant shall be entitled to
receive a benefit payable in the Normal Form in an amount that is equal to the
Participant's Supplemental Retirement Benefit.

    

    (b)           in
the event that a Participant’s Termination of Employment occurs (i) prior to his
or her Normal Retirement Age and (ii) after the date on which the Participant
has completed ten Years of Service, the Participant shall be entitled to receive
a benefit payable in the Normal Form in an amount that is equal to the Actuarial
Equivalent of the Participant’s accrued Supplemental Retirement Benefit,
determined as of his or her Benefit Commencement Date.

    

    3.3           Termination Without Cause or
for Good Reason.  In the event of a Participant's Termination
of Employment by the Company without Cause or by the Participant for Good
Reason,

    

    (a)              except
as provided in Section 3.3(b), if such Termination of Employment occurs prior to
the Participant's Vesting Date, the Participant shall nevertheless be entitled
to receive a benefit pursuant to Section 3.2 based on the Participant’s actual
number of Years of Service.  The amount of such benefit shall be
determined in accordance with Section 3.2(a) or (b), as the case may be, as of
his or her Benefit Commencement Date (determined in accordance with Section 3.1)
based on the Participant's Supplemental Retirement Benefit; and

    
      
         

      

      
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    (b)              if
such Termination of Employment occurs within two years following a Change in
Control, the Company shall pay to the Participant within 30 days after his or
her Termination of Employment, a cash lump sum equal to the Actuarial Equivalent
of his or her Supplemental Retirement Benefit.

    

    
      3.4    
 Termination for
Cause.

    

    

    (a)     A
Participant whose Employment is terminated by the Company shall not be entitled
to receive any benefit under the Plan if

    

    (i)           such
Participant’s Employment is terminated by the Company for Cause prior to the
Participant’s Vesting Date; or

    

    (ii)           such
Participant’s Employment is terminated by the Company for one of the reasons
specified in clauses (ii) or (iii) of the definition of Cause after the
Participant’s Vesting Date.

    

    (b)     A
Participant whose Employment is terminated by the Company for the reason
specified in clause (i) of the definition of Cause after the Participant’s
Vesting Date shall continue to be entitled to receive benefits in accordance
with Sections 3.1 and 3.2 of the Plan.

    

    3.5           Disability.  If
a Participant becomes Disabled and experiences a Termination of Employment after
his or her Vesting Date, Sections 3.1 and 3.2 will govern the timing and amount
of the Participant’s benefit hereunder. Notwithstanding any other provision of
the Plan to the contrary, a Participant who becomes Disabled and experiences a
Termination of Employment prior to the Participant’s Vesting Date
shall:

    

    (a)     be
considered to be a Participant in the Employment of the Company, for purposes of
determining the amount of such Participant’s Supplemental Retirement Benefit
(based on the assumption that his or her Compensation, as of the date his or her
Disability commenced, continued at the same rate), until the date that is the
earliest of (i) five years from the date such Participant becomes Disabled, (ii)
the date on which the Participant has completed ten Years of Service, or (iii)
the Participant's Normal Retirement Age;

    

    (b)     become
immediately vested in the right to receive a benefit under this Plan effective
as of the Participant’s Termination of Employment; and

    

    (c)     be
entitled to receive a benefit commencing at the time provided in Section
3.1.

    
      
         

      

      
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    In the event a Participant becomes
Disabled prior to his Benefit Commencement Date, the monthly Supplemental
Retirement Benefit payable to the Participant for any month shall be in an
amount provided pursuant to Section 3.2(b) less the amount of any long-term
disability benefit received by the Participant for that month under any
long-term disability insurance policy maintained by or through the Company or
any of its subsidiaries through the Participant’s Normal Retirement
Date.

     

    3.6           Failure to
Vest.  Upon any Termination of Employment prior to the
Participant’s Vesting Date, other than by reason of the Participant’s death or a
Termination of Employment described in Section 3.2, 3.3 or 3.5, he or she shall
not be entitled to receive any benefit under the Plan.

    

    3.7           Alternative Form
of Benefit.  In lieu of receiving his or her benefit under
Section 3.2, 3.3(a) or 3.5 in the Normal Form, a Participant may elect to
receive his or her benefit as a reduced monthly benefit in the form of a joint
and 50% survivor annuity (the "Alternative Form").  The Alternative
Form shall be payable for the life of the Participant and if the Participant's
spouse (or other Beneficiary approved by the Committee) on his or her Benefit
Commencement Date survives the Participant, the surviving spouse (or other
Beneficiary, if applicable) will receive for the remainder of his or her life, a
monthly amount equal to 50% of the monthly amount that was being paid to the
Participant.  The Alternative Form shall be the Actuarial Equivalent
of the Normal Form.  To receive the Alternative Form, a Participant
must file a written election with the Committee at least 90 days before the
Benefit Commencement Date. An election to receive the Alternative Form shall be
irrevocable; provided
that if the
Participant's spouse (or other Beneficiary, if applicable) dies after the
election is made and before the Benefit Commencement Date and no new Beneficiary
is named, the benefit, if any, shall be paid in the Normal Form; and provided
further, that if the Participant dies after the election is made and before the
Benefit Commencement Date the election shall be null and void and Article IV
shall apply.

    

    IV

    

    DEATH BENEFITS

    

    4.1         Death Before Early
Retirement Age but After Vesting Date.  If a Participant dies
prior to his or her Early Retirement Age but after his or her Vesting Date, his
or her Beneficiary shall be entitled to receive payments monthly for 120 months,
commencing on what would have been the Participant’s Early Retirement Date,
equal to the Actuarial Equivalent of the benefit that the Participant would have
received in the Normal Form on that date.

    
      
         

      

      
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    4.2           Death After Early
Retirement Age and Vesting Date But Before Benefit Commencement
Date.  If a Participant dies after his or her Early Retirement
Age and Vesting Date but, in any case, before such Participant’s Benefit
Commencement Date, his or her Beneficiary shall be entitled to receive payments
monthly for 120 months, commencing on the first day of the month immediately
succeeding the date of death of the Participant equal to the Actuarial
Equivalent of the Normal Form of benefit that the Participant had accrued at
that date.

    

    4.3           Death After Benefit
Commencement Date.  If a Participant dies after his or her
Benefit Commencement Date and before he or she has received 120 monthly
payments, his or her Beneficiary will continue to receive the monthly benefit to
which the Participant was entitled until a total of 120 monthly payments have
been made; provided,
however, that if the Participant elected to receive the Alternative Form,
no death benefit will be payable under the Plan unless the Participant is
survived by his or her spouse (determined as of the Benefit Commencement Date)
or Beneficiary, as applicable, in which event his or her spouse or Beneficiary,
as applicable, will be entitled to receive the benefit provided in Section
3.7.

    

    4.4             Death Before Vesting.  If
a Participant dies before his or her Vesting Date, no benefit shall be payable
under the Plan in respect of the Participant.

    

    V

     

    PAYMENT

     

    5.1                Commencement of Payments.  Payment
or commencement of payments under this Plan shall be made or begin as promptly
as practicable following the occurrence of an event or the satisfaction of all
conditions which entitles a Participant (or a Beneficiary) to payment or
payments under this Plan as described in Articles III and
IV.  Notwithstanding the foregoing, distribution of a benefit payable
under Article III by reason of the Termination of Employment of a "Key Employee"
(as defined below), shall not be made before six months after such Termination
of Employment or the Participant’s death, if earlier.  At the end of
such six-month period, all payments that would have been made but for the prior
sentence shall be paid in a lump sum on the first day of the seventh month
following such Participant’s Termination of Employment, without interest, and
remaining payments, if any, shall commence in accordance with the applicable
payment schedule under Article III hereof.  "Key Employee" shall mean
a Participant who is treated as a "specified employee" under Section
409A(a)(2)(B)(i) of the Code, i.e., a key employee of the Company (as defined in
Section 416(i) of the Code without regard to paragraph (5) thereof). The
Committee shall determine which employees shall be deemed Key Employees using
December 31st as an
identification date.

    
      
         

      

      
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    5.2                Withholding.  To
the extent required by the law in effect at the time payments are made, the
Company shall withhold from payments made hereunder any taxes required to be
withheld by the Federal or any state or local government.  If the
Company is required to withhold employment or other taxes prior to the payment
of benefits under the Plan, the Company shall make appropriate arrangements with
the Participant with respect to such withholding.

    

    5.3                Acceleration of
Payments.  Notwithstanding any provision of this Plan to the
contrary, the Company may, in its discretion, accelerate the payment of all or
any portion of a Participant’s benefits under this Plan, but only to the extent
permitted under any applicable exception to the prohibition on acceleration of
payments under Treasury Regulation Section 1.409A-3(j)(4), subsections (ii)
through (xiv) (for example, in accordance with a domestic relations order, for
payments less than $15,500 (indexed), for the payment of certain employment,
state, local or foreign taxes or taxes imposed under Section 409A of the Code,
cancellation of deferrals due to an unforeseeable hardship or disability, plan
termination and liquidation, to satisfy certain debts of the Participant to the
Company or in settlement of certain bona fide disputes).

    

    5.4                Transition Election –
Deferred Compensation Plan.  Notwithstanding any provision of
this Plan to the contrary, a Participant may elect, on or before December 31,
2008, to have his benefit under this Plan (a) converted to a lump sum amount,
based on the Actuarial Equivalent of his benefit as of December 31, 2008, and
(b) distributed pursuant to the terms of the Terex Corporation 2005 Deferred
Compensation Plan, provided that any such election shall not operate to (i)
accelerate the distribution of benefits into 2008 or (ii) defer the distribution
of benefits otherwise payable in 2008 to a subsequent year. With respect to any
Participant who makes such an election, effective January 1, 2009, the
Participant shall not be entitled to any benefits under this Plan and the
Company shall have no liability to the Participant for any benefits under this
Plan.

    

    VI

    

    ADMINISTRATION

    

    6.1                Administration of Plan.  The
Committee shall administer the Plan and interpret, construe and apply its
provisions in accordance with its terms.  The Committee shall
establish, adopt or revise such rules and regulations as it may deem necessary
or advisable for the administration of the Plan, including, but not limited to,
such additional terms and conditions with respect to a Participant as the
Committee, in its sole discretion, may deem necessary or
advisable.  All decisions of the Committee shall be by vote of a
majority of its members or written consent of all of its members and shall be
final, binding and conclusive on all persons.  Members of the
Committee shall be eligible to participate in the Plan while serving as a member
of the Committee, but a member of the Committee shall not vote or act upon any
matter which relates solely to such member as a Participant.

    
      
         

      

      
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    6.2                Indemnification of Committee
Members.  The Company shall indemnify and hold harmless each
member of the Committee from any and all claims, loss, damages, expenses
(including reasonable counsel fees approved by the Company), and liability
(including any reasonable amounts paid in settlement with the Company's
approval), arising from any act or omission of such member, except when the same
is judicially determined to be due to the willful misconduct of such
member.

    

    6.3                Claims
Procedure.

    

    (a)           Claims for
Benefits.  If any person or the authorized representative
of the person believes that the person is being denied benefits to which he or
she is entitled hereunder, the person or his or her representative (the
"Claimant") may file a written claim for such benefits with the
Company.  If such claim relates to the contents of a notice received
by the Claimant, the claim must be made within 60 days after such notice was
received by the Claimant.  All other claims must be made within 180
days of the date on which the event that caused the claim to arise
occurred.  Such claims should be sent to the following
address:

    

    Terex
Corporation

    Human
Resources Department

    200 Nyala
Farm Road

    Westport,
Connecticut  06880

    

    The
written claim must state: (i) the reason for making the claim; (ii) the facts
supporting the claim; (iii) the amount claimed; and (iv) the Claimant’s name and
address.

    

    (b)           Notice of
Determination.  If a claim is wholly or partially denied,
the Company will issue a determination in writing within a reasonable period of
time, but no later than 90 days after receipt of the claim.  If
special circumstances justify extending the period up to an additional 90 days,
the Claimant will be given written notice of this extension within the initial
90-day period and the notice will explain the special circumstances and the date
a decision is expected.  A notice of adverse determination will be
written in a manner calculated to be understood by the Claimant and will
contain: (i) the specific reason or reasons for the adverse determination; (ii)
reference to the specific Plan provisions on which the determination is based;
(iii) a description of any additional material or information necessary for the
Claimant to perfect the claim, along with an explanation of why this material or
information is necessary; (iv) a description of the Plan’s review procedures and
time limits applicable to these procedures; and (v) a statement of the
Claimant’s right to bring a civil action under ERISA Section 502(a)
following an adverse benefit determination on review.

    
      
         

      

      
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    (c)           Appeal of Adverse
Determination.  A Claimant may appeal an adverse determination
to the committee designated by the Board to determine such appeals (the "Appeals
Committee"), and receive a full and fair review of the claim and adverse
determination.  The Claimant’s appeal must be written and filed within
60 days of the Claimant’s receipt of the notification of adverse
determination.  The written request for appeal should contain: (i) a
statement of the ground on which the appeal is based; (ii) reference to the
applicable provisions of the Plan; (iii) the reason or argument why the Claimant
believes the claim should be granted and evidence supporting each reason or
argument; and (iv) any other relevant documents or comments that the Claimant
wishes to include. The Appeals Committee will provide the Claimant the
opportunity to submit written comments, documents, records and other information
relating to the claim, and the Appeals Committee will take such information into
account during the appeal without regard to whether such information was
submitted or considered in the initial determination.  The Claimant
will be provided, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to the
claim.

    

    (d)           Decision.  The
Appeals Committee will deliver to the Claimant
an electronic or written decision on the appeal within a reasonable period,
but no later than 60 days after the receipt of the Claimant’s request for
the review, unless special circumstances exist that justify extending this
period up to an additional 60 days.  If the period is extended, the
Claimant will be given written notice of this extension during the initial
60-day period, and the notice will set forth the special circumstances requiring
an extension and the date a decision is expected.  A notice of adverse
determination on appeal will be written in a manner calculated to be understood
by the Claimant and will contain: (i) the specific reason or reasons for the
adverse determination; (ii) references to the specific Plan provisions on which
the determination is based; (iii)a statement that the Claimant may receive, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the Claimant’s claim for benefits; and
(iv) a statement of the Claimant’s right to bring a civil action under ERISA
Section 502(a).

    

    (e)           Standard of
Review.  A claimant must pursue the claim and appeal rights
described above before seeking any other legal recourse regarding claims for
benefits.  Any further review, judicial or otherwise, of the Company’s
decision on the claim will be limited to whether, in the particular instance,
the Company abused its discretion.  In no event will any further
review, judicial or otherwise, be on a de novo basis, because the
Company has discretionary authority to determine eligibility for benefits under
the Plan and to construe and interpret the terms of the Plan.

    
      
         

      

      
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    VII

    

    AMENDMENT OR
TERMINATION

    

    7.1                Company's Right to Amend or Terminate.  The
Company reserves the sole right to terminate the Plan at any
time.  Each Participant shall be fully vested in his or her
Supplemental Retirement Benefit upon a termination of the Plan.  The
Company further reserves the right in its sole discretion to amend the Plan in
any respect, provided,
however, that no such amendment (i) that adversely affects a
Participant's rights with respect to benefits theretofore accrued by the
Participant shall be effective unless the Participant consents to such amendment
in writing and (ii) shall effect the timing or form of the distribution of a
benefit hereunder in a manner that would violate Section 409A of the
Code.  Notwithstanding the foregoing, the Plan may not be amended or
terminated prior to a Change in Control if such amendment or termination is
effected (a) at the request of any third party who has indicated an intent or
taken steps to effectuate a Change of Control, or (b) otherwise in connection
with or in anticipation of a Change in Control.  A Participant’s
entire benefit shall be distributed to the Participant (or Beneficiary)
following termination of the Plan in such form and on the earliest date
permitted under Section 409A.

    

    7.2                Procedure for Amendment or
Termination.  Subject to the provisions of Section 7.1, the
Plan may be amended or terminated at any time by action of the Board of
Directors.

    

    VIII

    

    MISCELLANEOUS

    

    8.1                Beneficiaries.  Each
Participant shall have the right, by giving written notice to the Committee on
such form as the Committee shall adopt, to designate a Beneficiary or
Beneficiaries to receive payments which become available under the Plan should
the Participant die.  A Beneficiary who becomes entitled to receive
benefits pursuant to Section 4.2 or 4.3 (an "Initial Beneficiary") shall have
the right, by giving written notice to the Committee on such form as the
Committee shall prescribe, to designate a Beneficiary to receive any benefits
payable under the Plan should the Initial Beneficiary die.  A
Participant or a Beneficiary, as the case may be, may change the designated
Beneficiary by filing a new beneficiary designation form with the Committee,
which change shall become effective upon receipt by the Committee.  If
a Participant or a Beneficiary, as the case may be, dies and has not designated
a Beneficiary, the estate of the deceased Participant or Beneficiary, as the
case may be, shall be deemed to be the Beneficiary.

    
      
         

      

      
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    8.2                No Right to Company Assets.  Neither
a Participant nor any other person shall acquire by reason of the Plan any right
in or title to any assets, funds or property of the Company whatsoever
including, without limiting the generality of the foregoing, any specific funds
or assets which the Company, in its sole discretion, may set aside in
anticipation of a liability hereunder, nor in or to any policy or policies of
insurance on the life of a Participant owned by the Company.  No trust
shall be deemed to be created by the execution or adoption of this Plan, and any
benefits which become payable hereunder shall be paid from the general assets of
the Company.  The Company may establish a trust pursuant to a trust
agreement and make contributions thereto for the purpose of paying benefits
hereunder; provided,
however, that the establishment of or contributions to such trust shall
not affect the status of the Plan as an unfunded plan maintained for the purpose
of providing deferred compensation for a select group of management or highly
compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974, as amended.  A Participant shall have only a
contractual right to the amounts, if any, payable hereunder unsecured by any
assets of the Company.

    

    8.3                No Employment Rights.  Nothing
herein shall constitute a contract of continuing employment or in any manner
obligate the Company to continue the service of a Participant, or obligate a
Participant to continue in the service of the Company, and nothing herein shall
be construed as fixing or regulating the compensation paid to a
Participant.

    

    8.4                Nonassignability.  Neither
a Participant nor any other person shall have any right to commute, sell,
assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable.  No part
of the amounts payable shall, prior to actual payment, be subject to seizure or
sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, nor be transferable by
operation of law in the event of any Participant's or any other person's
bankruptcy or insolvency.  Notwithstanding the foregoing, all or a
portion of a Participant’s benefit under the Plan may be paid to another person
as specified in a domestic relations order that the Company determines is a
"domestic relations order" as defined in Code section
414(p)(1)(B).

    
      
         

      

      
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    8.5                Protective Provisions.  The
Participant and any Beneficiary who may become entitled to receive benefits
under the Plan will cooperate with the Company by furnishing any and all
information requested by the Company in order to facilitate the payment of
benefits hereunder, taking such physical examinations as the Company may deem
necessary and taking such other action as may be requested by the
Company.  If a Participant or Beneficiary refuses so to cooperate, the
Company shall have no further obligation to the Participant or Beneficiary under
the Plan.

    

    8.6                Offset.  If
at the time payments or installments of payments are to be made hereunder a
Participant or his or her surviving spouse is indebted to the Company, then the
payments remaining to be made to the Participant or his or her surviving spouse
or both may, at the discretion of the Board of Directors, be reduced by the
amount of such indebtedness; provided, however, that an
election by the Board of Directors not to reduce any such payment or payments
shall not constitute a waiver of the Company's claim for such
indebtedness.

    

    8.7                Infancy or
Incompetence.  If the Committee determines that any person
entitled to payments under the Plan is an infant or incompetent by reason of
physical or mental disability, it may cause all payments thereafter becoming due
to such person to be made to any other person for such person's benefit in
accordance with applicable law, without responsibility for application of
amounts so paid.  Payments made pursuant to this provision shall
completely discharge the Plan, the Company and the Committee (if
any).

    

    8.8                Forfeiture of
Payments.  If the Company is unable to make payment to any
Participant or other person to whom a payment is due under the Plan because it
cannot ascertain the identity or whereabouts of such Participant or other person
after reasonable efforts have been made to identify or locate such person
(including a notice of the payment so due mailed to the last known address of
such Participant or other person as shown on the records of the Company), such
payment and all subsequent payments otherwise due to such Participant or other
person shall be forfeited twenty-four (24) months after the date such payment
first became due; provided,
however, that such payment and any subsequent payments shall be
reinstated retroactively, no later than sixty (60) days after the date on which
the Participant or person is identified or located.

    

    8.9                Gender and Number.  Wherever
appropriate herein, the masculine may mean the feminine and the singular may
mean the plural or vice versa.

    

    8.10              Notice.  Any
notice required or permitted to be given to the Committee under the Plan shall
be sufficient if in writing and hand delivered, or sent by registered or
certified mail, to the principal office of the Company, directed to the
attention of the Secretary of the Committee.  Such notice shall be
deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark or on the receipt for registration or
certification.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    8.11              Validity.  In
the event any provision of this Plan is held invalid, void or unenforceable, the
same shall not affect, in any respect whatsoever, the validity of any other
provision of this Plan.

    

    8.12              Applicable Law.  This
Plan shall be governed and construed in accordance with the laws of the State of
Delaware without regard to conflicts of law principles, except to the extent
preempted by federal law.

    
      
         

      

      
        17

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