Document:

Unassociated Document

    SHARE
      EXCHANGE AGREEMENT

    

    This
      Agreement has been made and entered into as of this 16th day of May, 2008,
      by
      and among Emporia, Inc., a Nevada corporation having its principal business
      address at The Old Vicarage, Church Street, Uttoxeter, Staffordshire, United
      Kingdom. ST14 8AA ("Emporia"); Intent21 Ltd., a company organized pursuant
      to
      the laws of England and Wales having its principal business address
      at Unit
      1,
      J2 Business Park, Bridge Hall Lane, Bury, Greater Manchester, United Kingdom,
      BL9 7NY ("Intent21"), and the shareholders of Intent21 that represent
      100% of the issued and outstanding shares of Intent21 as specifically set forth
      on Exhibit A attached hereto (collectively, jointly and severally
      "Shareholders").

    

    RECITALS

    

    A.
      The
      Shareholders and the respective Boards of Directors of each of Intent21 and
      Emporia, have approved and declared it advisable to effect a share exchange
      (the
      "Exchange") pursuant to which Emporia will acquire all of the issued and
      outstanding shares of Intent21 (the “Transferred Shares”) from the Shareholders
      in exchange for, collectively, 32,500,000 shares of common stock of
      Emporia.

     

    B.
      The
      Shareholders and the respective Boards of Directors of Intent21, Intent21 and
      Emporia have determined that the Exchange is in furtherance of and consistent
      with their respective long-term business strategies and is fair to and in the
      best interests of their respective stockholders.

    

    NOW,
      THEREFORE, in consideration of the premises, and of the representations,
      warranties, covenants and agreements contained herein, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

    

    Article
      I

    

    The
      Share
      Exchange

    

    SECTION
      1.1 The Share Exchange. Upon the terms and subject to the conditions set forth
      in this Agreement, at the Closing, the Shareholders shall sell, convey, assign,
      transfer and deliver to Sorrel, free and clear of all Liens, and Emporia shall
      purchase, all right, title and interest in and to all of such Shareholder’s
      shares of the Transferred Shares, free and clear of all liens, security
      interests, charges, encumbrances and rights of others. In consideration for
      the
      shares of Transferred Shares so acquired by Emporia, Emporia shall issue and
      deliver the agreed shares of Emporia common stock (“Emporia Common Stock”)(an
      aggregate of 32,500,000 shares of Emporia Common Stock) to the Shareholders,
      in
      exchange for each share of Transferred Share transferred to Emporia pursuant
      to
      this Agreement, as soon as practicable following the satisfaction or permissible
      waiver of the conditions set forth in Article 5. 

    

    SECTION
      1.2 Closing. Subject to the terms and conditions of this Agreement, the closing
      of the Exchange and the consummation of the other transactions contemplated
      hereby (the "Closing") shall take place at the offices of Davisson &
Associates, PA, 3649 Brunswick Avenue North, Minneapolis, MN 55422 on May 19,
      2008, 8:00 a.m. Central Standard Time (or at such other date, time and place
      as
      the parties hereto may agree).

    

    SECTION
      1.3 Effective Time. On the date of Closing, the Shareholders shall deliver
      to
      Emporia stock certificates (the "Transferred Shares Certificates") representing
      the Transferred Shares duly endorsed in blank or accompanied by stock powers
      endorsed in blank.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Article
      II

    

    REPRESENTATIONS
      AND WARRANTIES OF INTENT21

    

    The
      Shareholders and Intent21, collectively, jointly and severally, represent,
      warrant and covenant to Emporia as follows and acknowledges that Emporia is
      relying upon such representations and warranties in connection with the
      Contemplated Transactions (as hereinafter defined):

    

    SECTION
      2.1 Capitalization. The outstanding and issued capital stock of Intent21
      consists of 100% of the companies ordinary shares which are owned by
      Shareholders as specifically set forth on Exhibit A attached hereto. Intent21
      does not and, at the Closing, Intent21 will not, have outstanding any capital
      stock or other securities or any rights, warrants or options to acquire
      securities of Intent21 or any convertible or exchangeable securities and, other
      than Emporia pursuant to this Agreement, no person has or, at Closing will
      have,
      any right to purchase or otherwise acquire any securities of Intent21. There
      are, and at Closing there will be, no outstanding obligations of Intent21 to
      repurchase, redeem or otherwise acquire any securities of Intent21. All of
      the
      Transferred Shares are, and at Closing will be, duly authorized, duly and
      validly issued, fully paid and non-assessable, and none were issued in violation
      of any preemptive rights, rights of first refusal or any other contractual
      or
      legal restrictions of any kind.

    

    SECTION
      2.2 Title to the Shares. The Shareholders are the beneficial owners and hold
      good and valid title to the Transferred Shares free and clear of any Lien.
      Upon
      consummation of the Contemplated Transactions and the satisfaction of the
      conditions to Closing set forth herein, Emporia will own all of the issued
      and
      outstanding shares of capital stock of Intent21, free and clear of any Lien.
      At
      the Closing, the Shareholders will deliver the Transferred Shares to Emporia
      free and clear of any Lien.

    

    SECTION
      2.3 Authority Relative to this Agreement. Intent21 and each Shareholder has
      full
      power, capacity and authority to execute and deliver each Transaction Document
      to which it is or, at Closing, will be, a party and to consummate the
      transactions contemplated hereby and thereby (the "Contemplated Transactions").
      The execution, delivery and performance by each Shareholder and Intent21 of
      each
      Transaction Document and the consummation of the Contemplated Transactions
      to
      which Intent21 or the Shareholders, are, or at Closing, will be, a party will
      have been duly and validly authorized by each Shareholder and Intent21,
      respectively, and no other acts by or on behalf of either the Shareholders
      or
      Intent21 will be necessary or required to authorize the execution, delivery
      and
      performance by the Shareholders and Intent21 of each Transaction Document and
      the consummation of the Contemplated Transactions to which it is or, at Closing,
      will be, a party. This Agreement and the other Transaction Documents to which
      the Shareholders and/or Intent21 is a party have been duly and validly executed
      and delivered by the Shareholders and Intent21 and (assuming the valid execution
      and delivery thereof by the other parties thereto) will constitute the legal,
      valid and binding agreements of each Shareholder and Intent21 enforceable
      against Shareholders and Intent21 in accordance with their respective terms,
      except as such obligations and their enforceability may be limited by applicable
      bankruptcy and other similar Laws affecting the enforcement of creditors' rights
      generally and except that the availability of equitable remedies is subject
      to
      the discretion of the court before which any proceeding therefor may be brought
      (whether at law or in equity).

    

    SECTION
      2.4 No Conflicts; Consents. The execution, delivery and performance by each
      Shareholder and Intent21 of each Transaction Document to which it is a party
      and
      the consummation of the Contemplated Transactions to which the Shareholders
      and/or Intent21 are a party, will not: (i) violate any provision of the articles
      or memorandum of association of Intent21; (ii) require Intent21 or any
      Shareholder to obtain any consent, approval or action of or waiver from, or
      make
      any filing with, or give any notice to, any Governmental Body or any other
      person, except as set forth on Schedule 2.4 (the "Intent21 Required Consents");
      (iii) violate, conflict with or result in a breach or default under (with or
      without the giving of notice or the passage of time or both), or permit the
      suspension or termination of, any material Contract (including any Real Property
      Lease) to which Intent21 is a party or by which it or any of its assets is
      bound
      or subject, or to the best of the Shareholder’s and Intent21’s knowledge and
      information result in the creation of any Lien upon any of the Transferred
      Shares or upon any of the Assets of Intent21; (iv) violate any Order, any Law,
      of any Governmental Body against, or binding upon, any Shareholder or Intent21
      or upon any of their respective assets or the Business; or (v) violate or result
      in the revocation or suspension of any Permit.

    

    SECTION
      2.5 Corporate Existence and Power. Intent21 is a company duly organized, validly
      existing and in good standing under the laws of England and Wales, and has
      all
      requisite powers, authority and all Permits required to own and/or operate
      its
      Assets and to carry on the Business as conducted as of the date hereof. Intent21
      has no subsidiaries and does not directly or indirectly own any equity or other
      interest or investment in any other person.

    

    SECTION
      2.6 Charter Documents and Corporate Records. Intent21 has heretofore delivered
      to Emporia true and complete copies of the certificate of incorporation and
      memorandum of association and minute books, or comparable instruments, of
      Intent21 as in effect on the date hereof. The stock transfer books of Intent21
      have been made available to Emporia for its inspection and are true and complete
      in all respects in accordance with their tenor.

    

    SECTION
      2.7 Financial Statements. 

    

    (a)
      Schedule 2.7A sets forth true, complete and correct copies of: (i) Intent21's
      financial statements as of and for the years ended December 31, 2006 and
      December 31, 2007 (the "Annual Statement"); and (ii) Intent21's financial
      statements as of and for the four months ended April 30, 2008 (the "Interim
      Statements"). The Annual Statement present fairly and accurately in all material
      respects the financial position of Intent21 as of its date, and the earnings,
      changes in stockholders' equity and cash flows thereof for the periods then
      ended in accordance with U.K. GAAP, consistently applied. Each balance sheet
      contained therein or delivered pursuant hereto fully sets forth all consolidated
      Assets and Liabilities of Intent21 existing as of its date which, under U.K.
      GAAP, should be set forth therein, and each statement of earnings contained
      therein or delivered pursuant hereto sets forth the items of income and expense
      of Intent21 which should be set forth therein in accordance with U.K.
      GAAP.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
      All
      financial, business and accounting books, ledgers, accounts and official and
      other records relating to Intent21 have been properly and accurately kept and
      completed, and Intent21 has no knowledge, notice belief or information there
      are
      any material inaccuracies or discrepancies contained or reflected therein.
      

    

    SECTION
      2.8 Liabilities. Intent21 has not incurred any Liabilities since April 30,
      2008
      (the "Latest Balance Sheet Date") except (i) current Liabilities for trade
      or
      business obligations incurred in connection with the purchase of goods or
      services in the ordinary course of the Business and consistent with past
      practice, and (ii) Liabilities reflected on any balance sheet referred to in
      Section 2.7(a). 

    

    SECTION
      2.9 Intent21 Receivables. Except to the extent of the amount of the allowance
      for doubtful accounts reflected in the Annual Statements, all the Receivables
      of
      Intent21 reflected therein, and all Receivables that have arisen since the
      Latest Balance Sheet Date (except Receivables that have been collected since
      such date), are valid and enforceable Claims subject to no known defenses,
      offsets, returns, allowances or credits of any kind, and constitute bona fide
      Receivables collectible in the ordinary course of the Business except as
      enforceability may be limited by applicable bankruptcy, reorganization,
      insolvency, moratorium, fraudulent conveyance or similar laws or principles
      of
      equity affecting the enforcement of creditors rights generally.

    

    SECTION
      2.10 Absence of Certain Changes. (a)(a) Since April 30, 2008 Intent21 has
      conducted the Business in the ordinary course consistent with past practice,
      except as disclosed on Schedule 2.10 hereof, and there has not
      been:

    

    (i)
       Any
      material adverse change in the Condition of the Business;

    

    (ii) Any
      damage, destruction or other casualty loss (whether or not covered by
      insurance), condemnation or other taking affecting the Business or the Assets
      of
      Intent21;

    

    (iii) Any
      change in any method of accounting or accounting practice by
      Intent21;

    

    (iv) Except
      for normal increases granted in the ordinary course of business, any increase
      in
      the compensation, commission, bonus or other direct or indirect remuneration
      paid, payable or to become payable to any officer, stockholder, director,
      consultant, agent or employee of Intent21, or any alteration in the benefits
      payable or provided to any thereof;

    

    (v) Any
      material adverse change in the relationship of Intent21 with its employees,
      customers, suppliers or vendors;

    

    (vi) Except
      for any changes made in the ordinary course of Business, any material change
      in
      any of Intent21's business policies, including advertising, marketing, selling,
      pricing, purchasing, personnel, returns or budget policies;

    

    (vii) Any
      agreement or arrangement whether written or oral to do any of the
      foregoing.

    

    (viii) Intent21
      has no Liability that is past due.

    

    SECTION
      2.11 Leased Real Property. (a)(a) Intent21 has no fee interest, purchase options
      or rights of first refusal in any real property and Intent21 has no leasehold
      or
      other interest in any real property, except as set forth on Schedule 2.11 (the
      "Leased Real Property"), and all leases including all amendments, modifications,
      extensions, renewals and/or supplements thereto (collectively, "Real Property
      Leases") are described on Schedule 2.11.

    

    SECTION
      2.12 Personal Property; Assets. Intent21 has good and valid title to (or valid
      leasehold interest in) all of its personal property and Assets, free and clear
      of all Liens, except the Permitted Liens and as indicated on Schedule 2.12.
      The
      machinery, equipment, computer software and other tangible personal property
      constituting part of the Assets and all other Assets (whether owned or leased)
      are in good condition and repair (subject to normal wear and tear) and are
      reasonably sufficient and adequate in quantity and quality for the operation
      of
      the Business as previously and presently conducted. Schedule 2.12 contains
      a
      list and description of all tangible personal property owned or leased by
      Intent21 with a book value (before depreciation) of $10,000 or more. The Assets
      constitute all of the assets, which are necessary to operate the Business of
      Intent21 as currently conducted.

    

    SECTION
      2.13 Contracts. (a)(a) Schedule 2.13 sets forth an accurate and complete list
      of
      all Contracts to which Intent21 is a party or by which it or its Assets are
      bound or subject that: (i) cannot be cancelled upon 30 days' notice without
      the
      payment or penalty of less than One Thousand Dollars ($1,000); or (ii) involve
      aggregate annual future payments by or to any person of more than Five Thousand
      Dollars ($5,000). True and complete copies of all written Contracts (including
      all amendments thereto and waivers in respect thereof) and summaries of the
      material provisions of all oral Contracts so listed have been made available
      to
      Emporia.

    

    (b)
      All
      Contracts to which Intent21 is a party are valid, subsisting, in full force
      and
      effect and binding upon Intent21 and the other parties thereto, in accordance
      with their terms, except that no representation or warranty is given as to
      the
      enforceability of any oral Contracts. To the best of the Shareholders’ knowledge
      and belief, except as set forth on Schedule 2.13, Intent21 is not in default
      (or
      alleged default) under any such Contract.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.14 Patents and Intellectual Property Rights. Intent21 does not own any
      patents, trademarks, trade names, service marks, brand marks, brand names,
      or
      registered copyrights (collectively, the "Intellectual Property").

    

    SECTION
      2.15 Claims and Proceedings. There are no outstanding Orders of any Governmental
      Body against or involving Intent21, its Assets, the Business, or the Transferred
      Shares. There are no actions, suits, claims or counterclaims, examinations,
      Intent21 Required Consents or legal, administrative, governmental or arbitral
      proceedings or investigations (collectively, "Claims") (whether or not the
      defence thereof or Liabilities in respect thereof are covered by insurance),
      pending or against or involving Intent21, its Assets, the Business or the
      Transferred Shares.

    

    SECTION
      2.16 Taxes. (a)(a) Except as set forth in Schedule 2.16:

    

    (i) Intent21
      has timely filed or, if not yet due but due before Closing, will timely file
      all
      Tax Returns required to be filed by it for all taxable periods ending on or
      before the date of Closing and all such Tax Returns are or, if not yet filed,
      will be, upon filing, true, correct and complete in all material
      respects;

    

    (ii) Intent21
      has paid, or if payment is not yet due but due before Closing, will promptly
      pay
      when due to each appropriate Tax Authority, all Taxes of Intent21 shown as
      due
      on the Tax Returns required to be filed by it for all taxable periods ending
      on
      or before the date of Closing;

    

    (iii) the
      accruals for Taxes currently payable as well as for deferred Taxes shown on
      the
      financial statements of Intent21 as of the date of the Annual Statement or
      the
      date of any financial statements delivered hereunder: (A) adequately provide
      for
      all contingent Tax Liabilities of Intent21 as of the date thereof; and (B)
      accurately reflect, as of the date thereof, all unpaid Taxes of Intent21 whether
      or not disputed, in each case as required to be reflected thereon in order
      for
      such statements to be in accordance with U.K. GAAP;

    

    (iv) no
      extension of time has been requested or granted for Intent21 to file any Tax
      Return that has not yet been filed or to pay any Tax that has not yet been
      paid
      and Intent21 has not granted a power of attorney that remains outstanding with
      regard to any Tax matter;

    

    (v) Intent21
      has not received notice of a determination by a Tax Authority that Taxes are
      currently owed by Intent21 (such determination to be referred to as a "Tax
      Deficiency") and, to the Shareholders' knowledge, no Tax Deficiency is proposed
      or threatened;

    

    (vi) all
      Tax
      Deficiencies have been paid or finally settled and all amounts determined by
      settlement to be owed have been paid;

    

    (vii) there
      are
      no Tax Liens on or pending against Intent21 or any of the Assets, other than
      those which constitute Permitted Liens;

    

    (viii) there
      are
      no presently outstanding waivers or extensions or requests for a waiver or
      extension of the time within which a Tax Deficiency may be asserted or
      assessed;

    

    (ix) no
      issue
      has been raised in any examination, investigation, Intent21 Required Consents,
      suit, action, claim or proceeding relating to Taxes (a "Tax Intent21 Required
      Consents") which, by application of similar principles to any past, present
      or
      future period, would result in a Tax Deficiency for such period;

    

    (x) there
      are
      no pending or threatened Tax Audits of Intent21;

    

    (xi) Intent21
      has no deferred intercompany gains or losses that have not been fully taken
      into
      income for income Tax purposes;

    

    (xii) there
      are
      no transfer or other taxes (other than income taxes) imposed by any state on
      Intent21 by virtue of the Contemplated Transactions; and

    

    (xiii) no
      claim
      has been made by any Tax Authority that Intent21 is subject to Tax in a
      jurisdiction in which Intent21 is not then paying Tax of the type
      asserted.

    

    (b)
      To
      the Shareholders’ knowledge, Intent21 has collected and remitted to the
      appropriate Tax Authority all sales and use or similar Taxes required to be
      collected on or prior to the date of Closing and has been furnished properly
      completed exemption certificates for all exempt transactions and has no
      information otherwise or notice of any claim by any government or jurisdiction
      with regards thereto. Intent21 has maintained and has in its possession all
      records, supporting documents and exemption certificates required by applicable
      sales and use Tax statutes and regulations to be retained in connection with
      the
      collection and remittance of sales and use Taxes for all periods up to and
      including the date of Closing. With respect to sales made by Intent21 prior
      to
      the date of Closing for which sales and use Taxes are not yet due as of the
      date
      of Closing, all applicable sales and use Taxes payable with respect to such
      sales will have been collected or billed by Intent21 and will be included in
      the
      Assets of Intent21 as of the date of Closing.

    

    SECTION
      2.17 Compliance with Laws. Intent21 is not in violation of any order, judgment,
      injunction, award, citation, decree, consent decree or writ (collectively,
      "Orders") nor is Intent21 in violation of any Laws of any Governmental Bodies
      affecting Intent21, the Transferred Shares or the Business.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.18 Permits. Intent21 has obtained all licenses, permits, certificates,
      certificates of occupancy, orders, authorizations and approvals (collectively,
      "Permits"), and has made all required registrations and filings with all
      Governmental Bodies, that are necessary to the ownership of the Assets, the
      use
      and occupancy of the Leased Real Property, as presently used and operated,
      and
      the conduct of the Business or otherwise required to be obtained by Intent21.
      All Permits required to be obtained or maintained by Intent21 are listed on
      Schedule 2.18 and are in full force and effect; no violations are or have been
      recorded, nor have any notices or violations thereof been received, in respect
      of any Permit; and no proceeding is pending or threatened to revoke or limit
      any
      Permit; and the consummation of the Contemplated Transactions will not (or
      with
      the giving of notice or the passage of time or both will not) cause any Permit
      to be revoked or limited.

    

    SECTION
      2.19 Environmental Matters. Intent21 is, and at all times has been, in full
      compliance with, and has not been and is not in violation of or liable under,
      any Environmental Law.

    

    SECTION
      2.20 Finders Fees. There is no investment banker, broker, finder or other
      intermediary which has been retained by or is authorized to act on behalf of
      Intent21 who might be entitled to any fee or commission from Intent21 in
      connection with the consummation of the Contemplated Transactions.

    

    SECTION
      2.21 Disclosure. Neither this Agreement, the Schedules hereto, nor any reviewed
      or unaudited financial statements, documents or certificates furnished or to
      be
      furnished to Emporia by or on behalf of Intent21 or the Shareholders pursuant
      to
      this Agreement contains or will contain any untrue statement of a material
      fact
      or omits or will omit to state a material fact necessary in order to make the
      statements contained herein or therein not misleading. There are no events,
      transactions or other facts, which, either individually or in the aggregate,
      may
      give rise to circumstances or conditions which would have a material adverse
      effect on the general affairs or Condition of the Business.

    

    Article
      III

    

    REPRESENTATIONS
      AND WARRANTIES OF EMPORIA

    

    Emporia
      represents, warrants and covenants to Intent21 as follows and acknowledges
      that
      the Shareholders are relying upon such representations and warranties in
      connection with the Contemplated Transactions:

    

    SECTION
      3.1 Authority Relative to this Agreement. The Board of Directors has authorized
      the officers of Emporia to execute and deliver each Transaction Document to
      which it is or, at Closing, will be, a party and to consummate the Contemplated
      Transactions. Following the approval of the shareholders of Emporia with respect
      to the Contemplated Transactions, the execution, delivery and performance by
      Emporia of each Transaction Document and the consummation of the Contemplated
      Transactions to which it is or, at Closing, will be, a party no other acts
      by or
      on behalf of Emporia are necessary or required to authorize the execution,
      delivery and performance by Emporia of each Transaction Document and the
      consummation of the Contemplated Transactions to which it is or, at Closing,
      will be a party. This Agreement and the other Transaction Documents to which
      Emporia is a party have been, executed and delivered by Emporia and (assuming
      the valid execution and delivery thereof by the other parties thereto)
      constitutes, or will, at the Closing, constitute, as the case may be, the legal,
      valid and binding agreements of Emporia enforceable against it in accordance
      with their respective terms, except as such obligations and their enforceability
      may be limited by applicable Laws affecting the enforcement of shareholders’ or
      creditors' rights generally and except that the availability of equitable
      remedies is subject to the discretion of the court before which any proceeding
      therefor may be brought (whether at law or in equity). 

    

    SECTION
      3.2 No Conflicts; Consents. The execution, delivery and performance by Emporia
      of each Transaction Document to which it is a party and the consummation of
      the
      Contemplated Transactions to which Emporia is a party does not and will not:
      (i)
      violate any provision of the certificate of incorporation or by-laws of Emporia,
      as the case may be; (ii) other than the filing of Form 8K and such other forms
      or schedules as may be required by the SEC, require Emporia to obtain any
      consent, approval or action of or waiver from, or make any filing with, or
      give
      any notice to, any Governmental Body or any other person; (iii) except as set
      forth in Schedule 3.2, violate, conflict with or result in the breach or default
      under (with or without the giving of notice or the passage of time), or permit
      the suspension or termination of, any material Contract to which Emporia is
      a
      party or any of them or any of its assets is bound or subject or result in
      the
      creation or any Lien upon any assets of Emporia; or (iv) violate any Order
      or,
      to Emporia’s knowledge, any Law of any Governmental Body against, or binding
      upon, Emporia, or upon any of its respective assets or businesses.

    

    SECTION
      3.3 Corporate Existence and Power of Emporia. Emporia is a corporation duly
      organized, validly existing and in good standing under the laws of the State
      of
      Nevada, and has all requisite corporate powers and all material governmental
      licenses, authorizations, consents and approvals required to carry on its
      business as now conducted.

    

    SECTION
      3.4 Capitalization. The authorized capital stock of Emporia consists of: (i)
      200,000,000 shares of common stock, $0.01 par value (the "Emporia Common
      Stock"). Emporia has approximately 96,000,000 shares of common stock issued
      and
      outstanding. All of Emporia Common Stock is, and at Closing will be, duly
      authorized, duly and validly issued, fully paid and non-assessable, and none
      were issued in violation of any pre-emptive rights, rights of first refusal
      or
      any other contractual or legal restrictions of any kind except for 20,236,125
      shares, issued to Challis International Limited which are the subject of a
      re-issuance and escrow agreement currently being negotiated between. Emporia
      and
      certain other parties. 

    

    SECTION
      3.5 Disclosure of Information. Emporia has been given the opportunity: (i)
      to
      ask questions of, and to receive answers from, persons acting on behalf of
      Intent21 concerning the terms and conditions of the Contemplated Transactions
      and the business, properties, prospects and financial conditions of Intent21;
      and (ii) to obtain any additional information (to the extent Intent21 or the
      Shareholders possesses such information or is able to acquire it without
      unreasonable effort or expense and without breach of confidentiality
      obligations) necessary to verify the accuracy of information provided about
      Intent21.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.6 SEC Filings. As soon as reasonably practical following the Closing Date,
      Emporia will have taken reasonable steps to file with the SEC, forms, reports,
      schedules, and statements that may be required to be filed by it with the SEC
      within the three (3) year period ending on the Effective Time, and will furnish
      or made available to Intent21 accurate and complete copies of all the SEC
      Documents. As of their respective dates. As of their respective dates, these
      reports and statements will not contain any untrue statement of a material
      fact
      or omit to state a material fact required to be stated in them or necessary
      to
      make the statements in them not misleading, in light of the circumstances under
      which they are made and these reports and statements will comply in all material
      respects with all applicable requirements of the Exchange Act and the Securities
      Act.

    

    SECTION
      3.7 Liabilities. Except as set forth on Schedule 3.7, Emporia has not incurred
      any Liabilities since April 30, 2008 except (i) current Liabilities for trade
      or
      business obligations incurred in connection with the purchase of goods or
      services in the ordinary course of the business and consistent with past
      practice, and (ii) Liabilities reflected on any balance sheet referred to
      herein. 

    

    SECTION
      3.8 Absence of Certain Changes. (a)(a) Since April 30, 2008, Emporia has
      conducted its business in the ordinary course consistent with past practice
      and
      except as disclosed on Schedule 3.8 hereto there has not been:

    

    (i) Any
      change in any method of accounting or accounting practice by
      Emporia;

    

    (ii) Any
      increase in the compensation, commission, bonus or other direct or indirect
      remuneration paid, payable or to become payable to any officer, stockholder,
      director, consultant, agent or employee of Emporia, or any alteration in the
      benefits payable or provided to any thereof; 

    

    (iii) Any
      material adverse change in the relationship of Emporia with its employees,
      customers, suppliers or vendors;

    

    (iv) Except
      for any changes made in the ordinary course of business, any material change
      in
      any of Emporia's business policies, including advertising, marketing, selling,
      pricing, purchasing, personnel, returns or budget policies; and

    

    (v) Any
      agreement or arrangement whether written or oral to do any of the
      foregoing.

    

    SECTION
      3.09 Contracts. (a)(a) Schedule 3.10 sets forth an accurate and complete list
      of
      all Contracts to which Emporia is a party or by which it or its assets are
      bound
      or subject that: (i) cannot be cancelled upon 30 days' notice without the
      payment or penalty of less than Fifty Thousand Dollars ($50,000); or (ii)
      involve aggregate annual future payments by or to any person of more than Fifty
      Thousand Dollars ($50,000). True and complete copies of all written Contracts
      (including all amendments thereto and waivers in respect thereof) and summaries
      of the material provisions of all oral Contracts so listed have been made
      available to the Shareholders.

    

    (b)
      All
      Contracts to which Emporia is a party are valid, subsisting, in full force
      and
      effect and binding upon Emporia and the other parties thereto, in accordance
      with their terms, except that no representation or warranty is given as to
      the
      enforceability of any oral Contracts. To the best of Emporia’s knowledge and
      belief, except as set forth on Schedule 3.09, Emporia is not in default (or
      alleged default) under any such Contract.

    

    SECTION
      3.10 Claims and Proceedings. There are no outstanding Orders of any Governmental
      Body against or involving Emporia, its assets or its business. There are no
      Claims (whether or not the defence thereof or Liabilities in respect thereof
      are
      covered by insurance), pending or, to the best of Emporia's knowledge,
      threatened on the date hereof, against or involving Emporia, its assets or
      its
      business except as are set forth on Schedule 3.10.

    

    SECTION
      3.11 Taxes. Except as set forth on Schedule 3.11: (a)(a)

    

    (i) Emporia
      has filed or, if not yet due but due before Closing, will timely file all Tax
      Returns required to be filed by it for all taxable periods ending on or before
      the date of Closing and all such Tax Returns are or, if not yet filed, will
      be,
      upon filing, true, correct and complete in all material respects;

    

    (ii) Emporia
      has paid, or if payment is not yet due but due before Closing, will promptly
      pay
      when due to each appropriate Tax Authority, all Taxes of Emporia shown as due
      on
      the Tax Returns required to be filed by it for all taxable periods ending on
      or
      before the date of Closing;

    

    (iii) the
      accruals for Taxes currently payable as well as for deferred Taxes shown on
      the
      financial statements of Emporia as of the date of the Interim Statements or
      the
      date of any financial statements delivered hereunder: (A) adequately provide
      for
      all contingent Tax Liabilities of Emporia as of the date thereof; and (B)
      accurately reflect, as of the date thereof, all unpaid Taxes of Emporia whether
      or not disputed, in each case as required to be reflected thereon in order
      for
      such statements to be in accordance with U.S. GAAP;

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iv) no
      extension of time has been requested or granted for Emporia to file any Tax
      Return that has not yet been filed or to pay any Tax that has not yet been
      paid
      and Emporia has not granted a power of attorney that remains outstanding with
      regard to any Tax matter;

    

    (v) Emporia
      has not received notice of a Tax Deficiency and, to Emporia's knowledge, no
      Tax
      Deficiency is proposed or threatened;

    

    (vi) all
      Tax
      Deficiencies have been paid or finally settled and all amounts determined by
      settlement to be owed have been paid;

    

    (vii) there
      are
      no Tax Liens on or pending against Emporia or any of the assets, other than
      those which constitute Permitted Liens;

    

    (viii) there
      are
      no presently outstanding waivers or extensions or requests for a waiver or
      extension of the time within which a Tax Deficiency may be asserted or
      assessed;

    

    (ix) no
      issue
      has been raised in any examination, investigation, suit, action, claim or
      proceeding relating to Taxes which, by application of similar principles to
      any
      past, present or future period, would result in a Tax Deficiency for such
      period;

    

    (x) there
      are
      no pending or threatened Tax Audits of Emporia;

    

    (xi) Emporia
      has no deferred intercompany gains or losses that have not been fully taken
      into
      income for income Tax purposes;

    

    (xii) there
      are
      no transfer or other taxes (other than income taxes) imposed by any state on
      Emporia by virtue of the Contemplated Transactions; and

    

    (xiii) no
      claim
      has been made by any Tax Authority that Emporia is subject to Tax in a
      jurisdiction in which Emporia is not then paying Tax of the type
      asserted.

    

    Each
      reference to a provision of the Code in this Section 3.12 shall be treated
      for
      state and local Tax purposes as a reference to analogous or similar provisions
      of state and local law.

    

    (b)
      To
      Emporia’s knowledge, Emporia has collected and remitted to the appropriate Tax
      Authority all sales and use or similar Taxes required to be collected on or
      prior to the date of Closing and has been furnished properly completed exemption
      certificates for all exempt transactions and has no information otherwise or
      notice of any claim by any government or jurisdiction with regards thereto.
      Emporia has maintained and has in its possession all records, supporting
      documents and exemption certificates required by applicable sales and use Tax
      statutes and regulations to be retained in connection with the collection and
      remittance of sales and use Taxes for all periods up to and including the date
      of Closing. With respect to sales made by Emporia prior to the date of Closing
      for which sales and use Taxes are not yet due as of the date of Closing, all
      applicable sales and use Taxes payable with respect to such sales will have
      been
      collected or billed by Emporia and will be included in the assets of Emporia
      as
      of the date of Closing.

    

    SECTION
      3.12 Compliance with Laws. Emporia is not in violation of any Orders and to
      the
      best of Emporia’s knowledge, belief and information, any Laws of any
      Governmental Bodies affecting Emporia or Emporia Common Stock.

    

    SECTION
      3.13 Environmental Matters. To the best of Emporia’s knowledge, belief and
      information, Emporia is, and at all times has been, in full compliance with,
      and
      has not been and is not in violation of or liable under, any Environmental
      Law.

    

    SECTION
      3.14 Finders Fees. There is no investment banker, broker, finder or other
      intermediary which has been retained by or is authorized to act on behalf of
      Emporia who might be entitled to any fee or commission from Emporia in
      connection with the consummation of the Contemplated Transactions.

    

    SECTION
      3.15 Disclosure. Neither this Agreement, the Schedules hereto, nor any reviewed
      or unaudited financial statements, documents or certificates furnished or to
      be
      furnished to the Shareholders or Intent21 by or on behalf of Emporia pursuant
      to
      this Agreement contains or will contain any untrue statement of a material
      fact
      or omits or will omit to state a material fact necessary in order to make the
      statements contained herein or therein not misleading. There are no events,
      transactions or other facts, which, either individually or in the aggregate,
      may
      give rise to circumstances or conditions which would have a material adverse
      effect on the general affairs or business of Emporia.

    

    Article
      IV

    

    COVENANTS
      AND AGREEMENTS

    

    The
      Shareholders covenant to Emporia; and Emporia covenants to the Shareholders
      that:

    

    SECTION
      4.1 Filings and Authorizations. The parties hereto shall cooperate and use
      their
      respective best efforts to make, or cause to be made, all registrations,
      filings, applications and submissions, to give all notices and to obtain all
      governmental or other third party consents, transfers, approvals, Orders and
      waivers necessary or desirable for the consummation of the Contemplated
      Transactions in accordance with the terms of this Agreement including without
      limitation the preparation of any SEC Documents required to be filed with the
      SEC in connection with the transactions contemplated by this Agreement; and
      shall furnish copies thereof to each other party prior to such filing and shall
      not make any such registration, filing, application or submission to which
      the
      Shareholders reasonably object in writing. All such filings shall comply in
      form
      and content in all material respects with applicable Law. The parties hereto
      also agree to furnish each other with copies of such filings and any
      correspondence received from any Governmental Body in connection
      therewith.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.2 Confidentiality. Each party hereto shall hold in strict confidence, and
      shall use its best efforts to cause all of its officers, employees, agents
      and
      professional counsel and accountants, (collectively, "Representatives") to
      hold
      in strict confidence, unless compelled to disclose by judicial or administrative
      process, or by other requirements of Law, all information concerning any other
      party which it has obtained from such party prior to, on, or after the date
      hereof in connection with the Contemplated Transactions, and each party shall
      not use or disclose to others, or permit the use of or disclosure of, any such
      information so obtained, and will not release or disclose such information
      to
      any other person, except its Representatives who need to know such information
      in connection with this Agreement and who shall be advised of the provisions
      of
      this Section 4.2. The foregoing provision shall not apply to any such
      information to the extent; (i) known by any party prior to the date such
      information was provided to such party in connection with the Contemplated
      Transactions; (ii) made known to such party from a third party not in breach
      of
      any confidentiality requirement; or (iii) made public through no fault of such
      party or any of its Representatives.

    

    SECTION
      4.3 Expenses. The Shareholders, Emporia and Intent21 shall bear their respective
      expenses, in each case, incurred in connection with the preparation, execution
      and performance of the Transaction Documents and the Contemplated Transactions,
      including, without limitation, all fees and expenses of their respective
      Representatives.

    

    SECTION
      4.4 Tax Matters. The Shareholders and Emporia shall reasonably cooperate, and
      shall cause their respective Representatives reasonably to cooperate, in
      preparing and filing all Tax Returns, including maintaining and making available
      to each other all records necessary in connection with the preparation and
      filing of Tax Returns, the payment of Taxes and the resolution of Tax Audits
      and
      Tax Deficiencies with respect to all taxable periods. Refunds or credits of
      Taxes that were paid by Intent21 with respect to any periods shall be for the
      account of Intent21.

    

    SECTION
      4.5 Further Assurances. At any time and from time to time after the date of
      Closing, upon the reasonable request of any party hereto, the other party(ies),
      shall do, execute, acknowledge and deliver, or cause to be done, executed,
      acknowledged or delivered, all such further documents, instruments or
      assurances, as may be necessary, desirable or proper to carry out the intent
      and
      accomplish the purposes of this Agreement.

    

    SECTION
      4.6 Restricted Securities. The parties acknowledge and agree that the
      Transferred Shares being issued or transferred pursuant to the Contemplated
      Transactions are being issued or transferred pursuant to the exemption from
      the
      registration requirements of the Securities Act of 1933, as amended (the
      "Securities Act") and constitute "restricted securities" within the meaning
      of
      the Securities Act. Such securities may not be transferred absent compliance
      with the provisions of the Securities Act, other applicable Laws, and all stock
      certificates evidencing such securities shall bear a legend to such effect
      and
      to the effect that such shares are subject to the terms and provisions of this
      Agreement.

    

    SECTION
      4.7 Due Diligence. Prior to the Closing Date The parties agree that each of
      them
      shall be entitled, through its Representatives, to make such investigation
      of
      the properties, businesses and operations of each other party, and such
      examination of the books, records and financial condition of the other parties,
      as such party reasonably deems necessary. Any such investigation and examination
      shall be conducted at reasonable times, under reasonable circumstances and
      upon
      reasonable notice. No investigation by a party shall diminish or obviate any
      of
      the representations, warranties, covenants or agreements of the other parties
      contained in this Agreement.

    

    SECTION
      4.8 Rescission of the Exchange If, on the sixth month anniversary of the
      Closing, the prior thirty (30) day average closing price for the shares of
      Emporia Common Stock (as quoted on the pink sheets electronic quotation system
      or such other system or exchange where the Emporia Common Stock is traded)
      is
      less than $0.25 per share (and adjusted to compensate for any reconfiguration
      or
      other numerical change of the number of shares in issue in Emporia Common
      Stock), the Shareholders shall have the option (which shall be exercised in
      a
      writing and delivered to Emporia not less than ten (10) days following the
      Determination Date) to either: (i) be issued to them additional shares of
      Emporia Common Stock to compensate the Shareholders up to a maximum number
      of
      shares equal to the net profit before Tax of Intent21 for the relevant period
      of
      the previous tax year to be issued at 20 cents per share; or (ii) unwind the
      Exchange (the “Rescission”) with the effect that the Transferred Shares shall be
      returned to the Shareholders and the Emporia Common Stock issued to the
      Shareholders shall be cancelled [provided that Intent21 has reached their basic
      profit level of existing business as at the time of closing]; provided, however,
      that if, at the time of the Rescission, the Shareholders are unable to deliver
      all the Emporia Common Stock received at the Closing because it is loaned,
      pledged, assigned or otherwise unavailable, the Rescission shall not be an
      option for the Shareholders.. In the event of the Rescission, ongoing joint
      business between Emporia and Intent21, if any, at the time of Rescission shall
      remain the business of Emporia. Notwithstanding anything contained herein to
      the
      contrary, in the event that the net profit before tax of Intent21 in the fiscal
      year ended 2007 or 2008 does not exceed $150,000, Emporia may, at its option
      and
      in its sole discretion, unwind the transaction and cancel the Emporia Common
      Stock issued to the Shareholders and return the Transferred Shares.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Article
      V

    

    CONDITIONS
      TO CLOSING

    

    SECTION
      5.1 Conditions to the Obligations of the Parties. The obligations of the Parties
      to consummate the Contemplated Transactions are subject to the satisfaction
      of
      the following conditions:

    

    (a)
      No
      Injunction. No provision of any applicable Law and no Order shall prohibit
      the
      consummation of the Contemplated Transactions.

    

    (b)
      No
      Proceedings or Litigation. No Claim instituted by any person (other than
      pursuant to this Agreement) shall have been commenced or pending against
      Intent21, Emporia, the Shareholders or any of their respective Affiliates,
      officers or directors, which Claim seeks to restrain, prevent, change or delay
      in any respect the Contemplated Transactions or seeks to challenge any of the
      terms or provisions of this Agreement or seeks damages in connection with any
      of
      such transactions.

    

    SECTION
      5.2 Conditions to the Obligations of the Shareholders. The obligations of the
      Shareholders hereunder to consummate the Contemplated Transactions are subject,
      at the option of the Shareholders, to the fulfilment prior to or at the Closing
      of each of the following further conditions:

    

    (a)
      Performance. Emporia shall have performed and complied in all material respects
      with all agreements, obligations and covenants required by this Agreement to
      be
      performed or complied with by it at or prior to the Closing Date.

    

    (b)
      Representations and Warranties. The representations and warranties of Emporia
      contained in this Agreement and in any certificate or other writing delivered
      by
      Emporia pursuant hereto shall be true in all material respects at and as of
      the
      Closing Date as if made at and as of such time (except for those representations
      and warranties made as of a specific date which shall be true in all material
      respects as of the date made).

    

    (c)
      No
      Material Adverse Change. From the date hereof through the Closing, there shall
      not have occurred any event or condition that has had or could have a material
      adverse effect on Emporia.

    

    (d)
      Documentation. There shall have been delivered to Intent21 the
      following:

    

    (i) a
      certificate, dated the Closing Date, of the Chairman of the Board and the
      President of Emporia confirming the matters set forth in Section 5.2(a) (b)
      and
      (c) hereof;

    

    (ii) the
      stock
      certificates in the names of the Shareholders and in the amounts of Emporia
      Common Stock as set forth on Exhibit A attached hereto; and

    

    (iii) resolutions
      adopted by the board of directors of Emporia authorizing the transactions
      contemplated hereby, certified by the Secretary of Emporia.

    

    SECTION
      5.3 Conditions to the Obligations of Emporia. All obligations of Emporia to
      consummate the Contemplated Transactions hereunder are subject, at the option
      of
      Emporia, to the fulfilment prior to or at the Closing of each of the following
      further conditions:

    

    (a)
      Performance. The Shareholders and Intent21 shall have performed and complied
      in
      all material respects with all agreements, obligations and covenants required
      by
      this Agreement to be performed or complied with by them at or prior to the
      Closing Date. 

    

    (b)
      Representations and Warranties. The representations and warranties of the
      Shareholders and Intent21, contained in this Agreement and in any certificate
      or
      other writing delivered by the Shareholders and/or Intent21 pursuant hereto
      shall be true in all material respects at and as of the Closing Date as if
      made
      at and as of such time (except for those representations and warranties made
      as
      of a specific date which shall be true in all material respects as of the date
      made).

    

    (c)
      No
      Material Adverse Change. From the date hereof through the Closing, there shall
      not have occurred any event or condition that has had or could have a material
      adverse effect on Intent21.

    

    (d)
      Documentation. There shall have been delivered to Emporia the
      following:

    

    (i) A
      certificate, dated the Closing Date, of the Chairman of the Board, the President
      or Chief Financial Officer of Intent21 confirming the matters set forth in
      Section 5.3(a) (b) and (c) hereof;

    

    (ii) A
      certificate, dated the Closing Date, of the Secretary of Intent21 and the
      Shareholders certifying, among other things, that attached or appended to such
      certificate: (i) is a true and correct copy of Intent21's articles of
      incorporation and all amendments thereto; and (ii) is a true and correct copy
      of
      Intent21's memorandum of association;

    

    (iii) resolutions
      adopted by the Shareholders authorizing the transactions contemplated hereby,
      certified by the Secretary of Intent21; and

    

    (iv) Transferred
      Share Certificate representing the Transferred Shares duly endorsed in blank
      or
      accompanied by stock powers duly endorsed in blank and in suitable form for
      transfer to Emporia by delivery.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Article
      VI

    

    INDEMNIFICATION

    

    SECTION
      6.1 Survival of Representations, Warranties and Covenants. (a) Notwithstanding
      any right of Emporia fully to investigate the affairs of Intent21 and the
      Shareholders and the rights of the Shareholders to fully investigate the affairs
      of Emporia, and notwithstanding any knowledge of facts determined or
      determinable by the Shareholders, Emporia, or Intent21, pursuant to such
      investigation or right of investigation, the Shareholders and Emporia have
      the
      right to rely fully upon the representations, warranties, covenants and
      agreements of Intent21, the Shareholders and Emporia respectively, contained
      in
      this Agreement, or listed or disclosed on any Schedule hereto or in any
      instrument delivered in connection with or pursuant to any of the foregoing.
      All
      such representations, warranties, covenants and agreements shall survive the
      execution and delivery of this Agreement and the Closing hereunder.
      Notwithstanding the foregoing, all representations and warranties of the
      Shareholders, Intent21 and Emporia respectively, contained in this Agreement,
      on
      any Schedule hereto or in any instrument delivered in connection with or
      pursuant to this Agreement shall terminate and expire twenty four (24) months
      after the date of Closing; provided, however, that the liability of the
      Shareholders and Emporia shall not terminate as to any specific claim or claims
      of the type referred to in Section 6.3 hereof, whether or not fixed as to
      Liability or liquidated as to amount, with respect to which the Shareholders
      and/or Emporia has been given specific notice on or prior to the date on which
      such Liability would otherwise terminate pursuant to the terms of this Section
      6.1(b), or which arise or result from or are related to a Claim for
      fraud.

    

    SECTION
      6.2 Obligation of the Shareholders to Indemnify. The Shareholders agree to
      indemnify, defend and hold harmless Emporia (and their respective directors,
      officers, employees, Affiliates, successors and assigns) from and against all
      Claims, losses, Liabilities, Regulatory Actions, damages, deficiencies,
      judgments, settlements, costs of investigation or other expenses (including
      Taxes, interest, penalties and reasonable attorneys' fees and fees of other
      experts and disbursements and expenses incurred in enforcing this
      indemnification) (collectively, the "Losses") suffered or incurred by Emporia,
      or any of the foregoing persons arising out of any breach of the representations
      and warranties of the Shareholders contained in this Agreement, or of the
      covenants and agreements contained in this Agreement or in the Schedules or
      any
      other Transaction Document.

    

    SECTION
      6.3 Obligation of Emporia to Indemnify. Emporia jointly and severally agree
      to
      indemnify, defend and hold harmless the Shareholders (and any heirs, successor
      or assignee thereof) from and against any Losses suffered or incurred by the
      Shareholders or any of the foregoing persons arising out of any breach of the
      representations and warranties of Emporia, or of the covenants and agreements
      of
      Emporia contained in this Agreement or in the Schedules or any other Transaction
      Document.

    

    SECTION
      6.4 Notice and Opportunity to Defend Third Party Claims. (a)(a) Within ten
      (10)
      days following receipt by any party hereto (the "Indemnitee") of notice of
      any
      demand, claim, circumstance or Tax Audit which would or might give rise to
      a
      claim, or the commencement (or threatened commencement) of any action,
      proceeding or investigation that may result in a Loss (an "Asserted Liability"),
      the Indemnitee shall give notice thereof (the "Claims Notice") to the party
      or
      parties obligated to provide indemnification pursuant to Sections 6.2, or 6.3
      (collectively, the "Indemnifying Party"). The Claims Notice shall describe
      the
      Asserted Liability in reasonable detail and shall indicate the amount
      (estimated, if necessary, and to the extent feasible) of the Loss that has
      been
      or may be suffered by the Indemnitee.

    

    (b)
      The
      Indemnifying Party may elect to defend, at its own expense and with its own
      counsel, any Asserted Liability unless: (i) the Asserted Liability includes
      a
      Claim seeking an Order for injunction or other equitable or declaratory relief
      against the Indemnitee, in which case the Indemnitee may at its own cost and
      expense and at its option defend the portion of the Asserted Liability seeking
      equitable or declaratory relief against the Indemnitee, or (ii) the Indemnitee
      shall have reasonably, and in good faith, after consultation with the
      Indemnifying Party, concluded that: (x) there is a conflict of interest between
      the Indemnitee and the Indemnifying Party which could prevent or negatively
      influence the Indemnifying Party from impartially or adequately conducting
      such
      defence; or (y) the Indemnitee shall have one or more defences not available
      to
      the Indemnifying Party but only to the extent such defence cannot legally be
      asserted by the Indemnifying Party on behalf of the Indemnitee. If the
      Indemnifying Party elects to defend such Asserted Liability, it shall within
      ten
      (10) days (or sooner, if the nature of the Asserted Liability so requires)
      notify the Indemnitee of its intent to do so, and the Indemnitee shall
      cooperate, at the expense of the Indemnifying Party, in the defence of such
      Asserted Liability. If the Indemnifying Party elects not to defend the Asserted
      Liability, is not permitted to defend the Asserted Liability by reason of the
      first sentence of this Section 6.4(b), fails to notify the Indemnitee of its
      election as herein provided or contests its obligation to indemnify under this
      Agreement with respect to such Asserted Liability, the Indemnitee may pay,
      compromise or defend such Asserted Liability at the sole cost and expense of
      the
      Indemnifying Party. Notwithstanding the foregoing, neither the Indemnifying
      Party nor the Indemnitee may settle or compromise any claim over the reasonable
      written objection of the other, provided that the Indemnitee may settle or
      compromise any claim as to which the Indemnifying Party has failed to notify
      the
      Indemnitee of its election under this Section 6.4(b) or as to which the
      Indemnifying Party is contesting its indemnification obligations hereunder.
      If
      the Indemnifying Party desires to accept a reasonable, final and complete
      settlement of an Asserted Liability so that such Indemnitee’s Loss is paid in
      full and the Indemnitee refuses to consent to such settlement, then the
      Indemnifying Party’s liability to the Indemnitee shall be limited to the amount
      offered in the settlement. The Indemnifying Party will exercise good faith
      in
      accepting any reasonable, final and complete settlement of an Asserted
      Liability. In the event the Indemnifying Party elects to defend any Asserted
      Liability, the Indemnitee may participate, at its own expense, in the defence
      of
      such Asserted Liability. In the event the Indemnifying Party is not permitted
      by
      the Indemnitee to defend the Asserted Liability, it may nevertheless participate
      at its own expense in the defence of such Asserted Liability. If the
      Indemnifying Party chooses to defend any Asserted Liability, the Indemnitee
      shall make available to the Indemnifying Party any books, records or other
      documents within its control that are necessary or appropriate for such defence.
      Any Losses of any Indemnitee for which an Indemnifying Party is liable for
      indemnification hereunder shall be paid upon written demand
      therefor.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.5 Limits on Indemnification. (a)(a) Notwithstanding the foregoing or the
      limitations set forth in Section 6.5(b) below, in the event such Losses arise
      out of any fraud related matter on the part of any Indemnifying Party, then
      such
      Indemnifying Party shall be obligated to indemnify the Indemnitee in respect
      of
      all such Losses. 

    

    (b)
      The
      Shareholders shall not be liable to indemnify Emporia pursuant to Section 6.2
      above and Emporia shall not be liable to indemnify the Shareholders pursuant
      to
      Section 6.3 above with respect to special, consequential or punitive damages;
      or
      in respect of any individual Loss of less than $10,000.

    

    SECTION
      6.6 Exclusive Remedy. The parties agree that the indemnification provisions
      of
      this Article VI shall constitute the sole or exclusive remedy of any party
      in
      seeking damages or other monetary relief with respect to this Agreement and
      the
      Contemplated Transactions, provided that, nothing herein shall be construed
      to
      limit the right of any party to seek: (i) injunctive relief for a breach of
      this
      Agreement; (ii) legal or equitable relief for a Claim for fraud; or (iii)
      indemnity under the bylaws of Emporia if they are or have been a director or
      officer of Emporia.

    

    Article
      VII

    

    SPECIFIC
      PERFORMANCE; TERMINATION

    

    SECTION
      7.1 Specific Performance. The Shareholders acknowledges and agrees that, if
      they
      fails to proceed with the Closing in any circumstance other than those described
      in clauses (a), (b), (c) or (d) of Section 7.2 below, Emporia will not have
      adequate remedies at law with respect to such breach. In such event, and in
      addition to each party's right to terminate this Agreement, each party shall
      be
      entitled, without the necessity or obligation of posting a bond or other
      security, to seek injunctive relief, by commencing a suit in equity to obtain
      specific performance of the obligations under this Agreement or to sue for
      damages, in each case, without first terminating this Agreement. The
      Shareholders or Emporia specifically affirms the appropriateness of such
      injunctive, other equitable relief or damages in any such action.

    

    SECTION
      7.2 Termination. This Agreement may be terminated and the Contemplated
      Transactions may be abandoned at any time prior to the Closing:

    

    (a)
      By
      mutual written consent of the Shareholders and Emporia;

    

    (b)
      By
      the Shareholders if: (i) there has been a material misrepresentation or material
      breach of warranty on the part of Emporia in the representations and warranties
      contained herein and such misrepresentation or breach of warranty, if curable,
      is not cured within ninety days after written notice thereof from the
      Shareholders; (ii) Emporia has committed a breach of any covenant imposed upon
      it hereunder and fails to cure such breach within thirty days after written
      notice thereof from the Shareholders; or (iii) any condition to the
      Shareholders” obligations under Article V becomes incapable of fulfilment
      through no fault of the Shareholders and is not waived by Emporia;

    

    (c)
      By
      Emporia, if: (i) there has been a misrepresentation or breach of warranty on
      the
      part of the Shareholders in the representations and warranties contained herein
      and such misrepresentation or breach of warranty, if curable, is not cured
      within thirty days after written notice thereof from Emporia; (ii) the
      Shareholders have committed a breach of any covenant imposed upon them hereunder
      and fail to cure such breach within thirty days after written notice thereof
      from Emporia; or (iii) any condition to Emporia’s obligations under Article V
      becomes incapable of fulfilment through no fault of Emporia and is not waived
      by
      the Shareholders; and

    

    (d)
      By
      the Shareholders or by Emporia, if any condition under Section 5.1 becomes
      incapable of fulfilment through no fault of the party seeking termination and
      is
      not waived by the party seeking termination.

    

    SECTION
      7.3 Effect of Termination; Right to Proceed. Subject to the provisions of
      Section 7.1 hereof, in the event that this Agreement shall be terminated
      pursuant to Section 7.2, all further obligations of the parties under this
      Agreement shall terminate without further liability of any party hereunder
      except that: (i) the agreements contained in Section 4.2 shall survive the
      termination hereof; and (ii) termination shall not preclude any party from
      seeking relief against any other party for breach of Section 4.2. In the event
      that a condition precedent to its obligation is not met, nothing contained
      herein shall be deemed to require any party to terminate this Agreement, rather
      than to waive such condition precedent and proceed with the Contemplated
      Transactions.

    

    Article
      VIII

    

    MISCELLANEOUS

    

    SECTION
      8.1 Notices. (a) Any notice or other communication required or permitted
      hereunder shall be in writing and shall be delivered personally by hand or
      by
      recognized overnight courier, or mailed (by registered or certified mail,
      postage prepaid return receipt requested) as follows:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If
      to
      Emporia, one copy to:

    

    Thomas
      H.
      Adams

    

    CEO

    

    Emporia
      Inc

    

     

    

    If
      to the
      Shareholders, one copy to:

    

    Adrian
      Gleave

    

    Managing
      Director

    

    Intent
      21
      Ltd

    

    (b)
      Each
      such notice or other communication shall be effective when delivered at the
      address specified in Section 8.1(a). Any party by notice given in accordance
      with this Section 8.1 to the other parties may designate another address or
      person for receipt of notices hereunder. Notices by a party may be given by
      counsel to such party.

    

    SECTION
      8.2 Entire Agreement. This Agreement (including the Schedules and Exhibits
      hereto) and the collateral agreements executed in connection with the
      consummation of the Contemplated Transactions contain the entire agreement
      among
      the parties with respect to the subject matter hereof and related transactions
      and supersede all prior agreements, written or oral, with respect
      thereto.

    

    SECTION
      8.3 Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies.
      This Agreement may be amended, superseded, cancelled, renewed or extended only
      by a written instrument signed by the Shareholders and Emporia. The provisions
      hereof may be waived in writing by the Shareholders and Emporia, as the case
      may
      be. Any such waiver shall be effective only to the extent specifically set
      forth
      in such writing. No failure or delay on the part of any party in exercising
      any
      right, power or privilege hereunder shall operate as a waiver thereof. Nor
      shall
      any waiver on the part of any party of any such right, power or privilege,
      nor
      any single or partial exercise of any such right, power or privilege, preclude
      any other or further exercise thereof or the exercise of any other such right,
      power or privilege. Except as otherwise provided herein, the rights and remedies
      herein provided are cumulative and are not exclusive of any rights or remedies
      that any party may otherwise have at law or in equity.

    

    SECTION
      8.4 Governing Law. This Agreement shall be governed and construed in accordance
      with the laws of the State of Nevada applicable to agreements made and to be
      performed entirely within such State without regard to the conflict of laws
      rules thereof.

    

    SECTION
      8.5 Consent to Jurisdiction. Each of the parties hereto irrevocably and
      voluntarily submits to personal jurisdiction in the State of Minnesota and
      in
      the Federal courts in such state in any action or proceeding arising out of
      or
      relating to this Agreement and agrees that all claims in respect of such action
      or proceeding may be heard and determined in any such court. If for any reason
      the Federal courts in such state will not entertain such action or proceeding,
      then the parties hereto irrevocably and voluntarily submit to personal
      jurisdiction in the state courts located in the State of Minnesota in any action
      or proceeding arising out of or relating to this Agreement and agree that all
      claims in respect of any action or proceeding may be heard and determined in
      any
      such court. Each of the parties further consents and agrees that such party
      may
      be served with process in the same manner as a notice may be given under Section
      8.1. The parties hereto agree that any action or proceeding instituted by any
      of
      them against any other party with respect to this Agreement will be instituted
      exclusively in the United States District Court located within the State of
      Minnesota, or alternatively, in the State courts located therein. Each party
      irrevocably and unconditionally waive and agree not to plead, to the fullest
      extent permitted by law, any objection that they may now or hereafter have
      to
      the laying of venue or the convenience of the forum of any action or proceeding
      with respect to this Agreement in any such courts.

    

    SECTION
      8.6 Binding Effect; No Assignment. This Agreement and all of its provisions,
      rights and obligations shall be binding upon and shall inure to the benefit
      of
      the parties hereto and their respective successors, heirs and legal
      representatives. This Agreement may not be assigned (including by operation
      of
      Law) by any party hereto without the express written consent of the other party
      and any purported assignment, unless so consented to, shall be void and without
      effect.

    

    SECTION
      8.7 Exhibits. All Exhibits and Schedules attached hereto are hereby incorporated
      by reference into, and made a part of, this Agreement.

    

    SECTION
      8.8 Severability. If any provision of this Agreement for any reason shall be
      held to be illegal, invalid or unenforceable, such illegality shall not affect
      any other provision of this Agreement, this Agreement shall be amended so as
      to
      enforce the illegal, invalid or unenforceable provision to the maximum extent
      permitted by applicable law, and the parties shall cooperate in good faith
      to
      further modify this Agreement so as to preserve to the maximum extent possible
      the intended benefits to be received by the parties.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      8.9 Counterparts. The Agreement may be executed in any number of counterparts,
      each of which shall be deemed to be an original as against any party whose
      signature appears thereon, and all of which shall together constitute one and
      the same instrument. This Agreement shall become binding when one or more
      counterparts hereof, individually or taken together, shall bear the signatures
      of all of the parties reflected hereon as the signatories.

    

    SECTION
      8.10 Third Parties. Except as specifically set forth or referred to herein,
      nothing herein express or implied is intended or shall be construed to confer
      upon or give to any person other than the parties hereto and their permitted
      heirs, successors, assigns and legal representatives, any rights or remedies
      under or by reason of this Agreement or the Contemplated
      Transactions.

    

    Article
      IX

    

    DEFINITIONS

    

    SECTION
      9.1 Definitions. The following terms, as used herein, have the following
      meanings:

    

    "Affiliate"
      of any person means any other person directly or indirectly through one or
      more
      intermediary persons, controlling, controlled by or under common control with
      such person.

    

    "Agreement"
      or "this Agreement" shall mean, and the words "herein", "hereof" and "hereunder"
      and words of similar import shall refer to, this agreement as it from time
      to
      time may be amended.

    

    "Assets"
      shall mean all cash, instruments, properties, rights, interests and assets
      of
      every kind, real, personal or mixed, tangible and intangible, used or usable
      in
      the Business.

    

    The
      term
      "audit" or "audited" when used in regard to financial statements shall mean
      an
      examination of the financial statements by a firm of independent certified
      public accountants in accordance with generally accepted auditing standards
      for
      the purpose of expressing an opinion thereon.

    

    "Business"
      shall mean the ownership and operation of the business of Intent21.

    

    "Condition
      of the Business" shall mean the financial condition, prospects or the results
      of
      operations of the Business, the Assets or Intent21.

    

    "Contract"
      shall mean any contract, agreement, indenture, note, bond, lease, conditional
      sale contract, mortgage, license, franchise, instrument, commitment or other
      binding arrangement, whether written or oral.

    

    The
      term
      "control", with respect to any person, shall mean the power to direct the
      management and policies of such person, directly or indirectly, by or through
      stock ownership, agency or otherwise, or pursuant to or in connection with
      an
      agreement, arrangement or understanding (written or oral) with one or more
      other
      persons by or through stock ownership, agency or otherwise; and the terms
      "controlling" and "controlled" shall have meanings correlative to the
      foregoing.

    

    "GAAP"
      shall mean generally accepted accounting principles in effect on the date hereof
      (or, in the case of any opinion rendered in connection with an audit, as of
      the
      date of the opinion) in the subject jurisdiction. 

    

    "Governmental
      Bodies" shall mean any government, municipality or political subdivision
      thereof, whether federal, state, local or foreign, or any governmental or
      quasi-governmental agency, authority, board, bureau, commission, department,
      instrumentality or public body, or any court, arbitrator, administrative
      tribunal or public utility.

    

    The
      term
      "knowledge" with respect to: (a) any individual shall mean actual knowledge
      of
      such individual; and (b) any corporation shall mean the actual knowledge of
      the
      directors and executive officers of such corporation; and "knows" has a
      correlative meaning. The terms "any Shareholder's knowledge," and "Shareholder's
      knowledge," including any correlative meanings, shall mean the knowledge of
      any
      Shareholder.

    

    "Laws"
      shall mean any law, statute, code, ordinance, rule, regulation or other
      requirement of any Governmental Bodies.

    

    "Liability"
      shall mean any direct or indirect indebtedness, liability, assessment, claim,
      loss, damage, deficiency, obligation or responsibility, fixed or unfixed, choate
      or inchoate, liquidated or unliquidated, secured or unsecured, accrued,
      absolute, actual or potential, contingent or otherwise (including any liability
      under any guaranties, letters of credit, performance credits or with respect
      to
      insurance loss accruals).

    

    "Lien"
      shall mean any mortgage, lien (including mechanics, warehousemen, labourers
      and
      landlords liens), claim, pledge, charge, security interest, preemptive right,
      right of first refusal, option, judgment, title defect, covenant, restriction,
      easement or encumbrance of any kind.

    

    The
      term
      "person" shall mean an individual, corporation, partnership, joint venture,
      limited liability company, association, trust, unincorporated organization
      or
      other entity, including a government or political subdivision or an agency
      or
      instrumentality thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Receivables"
      shall mean as of any date any trade accounts receivable, notes receivable,
      sales
      representative advances and other miscellaneous receivables of
      Intent21.

    

    "SEC"
      means the United States Securities and Exchange Commission.

    

    "SEC
      Documents" means all forms, notices, reports, schedules, statements, and other
      documents filed by Emporia with the SEC within the three years from the
      Effective Time, whether or not constituting a "filed" document, and includes
      all
      proxy statements, registration statements, amendments to registration
      statements, periodic reports on Forms 10-KSB, 10-QSB, and 8-K, and annual and
      quarterly reports to shareholders.

    

    "Tax"
      (including, with correlative meaning, the terms "Taxes" and "Taxable") shall
      mean: (i)(A) any net income, gross income, gross receipts, sales, use, ad
      valorem, transfer, transfer gains, franchise, profits, license, withholding,
      payroll, employment, excise, severance, stamp, rent, recording, occupation,
      premium, real or personal property, intangibles, environmental or windfall
      profits tax, alternative or add-on minimum tax, customs duty or other tax,
      fee,
      duty, levy, impost, assessment or charge of any kind whatsoever (including
      but
      not limited to taxes assessed to real property and water and sewer rents
      relating thereto), together with; (B) any interest and any penalty, addition
      to
      tax or additional amount imposed by any Governmental Body (domestic or foreign)
      (a "Tax Authority") responsible for the imposition of any such tax and interest
      on such penalties, additions to tax, fines or additional amounts, in each case,
      with respect to any party hereto, the Business or the Assets (or the transfer
      thereof); (ii) any liability for the payment of any amount of the type described
      in the immediately preceding clause (i) as a result of a party hereto being
      a
      member of an affiliated or combined group with any other person at any time
      on
      or prior to the date of Closing; and (iii) any liability of a party hereto
      for
      the payment of any amounts of the type described in the immediately preceding
      clause (i) as a result of a contractual obligation to indemnify any other
      person.

    

    "Tax
      Return" shall mean any return or report (including elections, declarations,
      disclosures, schedules, estimates and information returns) required to be
      supplied to any Tax Authority.

    

    "Transaction
      Documents" shall mean, collectively, this Agreement, and each of the other
      agreements and instruments to be executed and delivered by all or some of the
      parties hereto in connection with the consummation of the transactions
      contemplated hereby.

    

    SECTION
      9.2 Interpretation. Unless the context otherwise requires, the terms defined
      in
      this Agreement shall be applicable to both the singular and plural forms of
      any
      of the terms defined herein. All accounting terms defined in this Agreement,
      and
      those accounting terms used in this Agreement except as otherwise expressly
      provided herein, shall have the meanings customarily given thereto in accordance
      with GAAP as of the date of the item in question. When a reference is made
      in
      this Agreement to Sections, such reference shall be to a Section of this
      Agreement unless otherwise indicated. The headings contained in this Agreement
      are for reference purposes only and shall not affect in any way the meaning
      or
      interpretation of this Agreement. The use of the neuter gender herein shall
      be
      deemed to include the masculine and feminine genders wherever necessary or
      appropriate, the use of the masculine gender shall be deemed to include the
      neuter and feminine genders and the use of the feminine gender shall be deemed
      to include the neuter and masculine genders wherever necessary or appropriate.
      Whenever the words "include", "includes" or "including" are used in this
      Agreement, they shall be deemed to be followed by the words "without
      limitation."

    

    [THE
      REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    

     

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Stock Exchange Agreement
      as
      of the date set forth above.

    

    EMPORIA:

    EMPORIA,
      INC.

    

    

    By:
      

    Tom
      Adams

    Chief
      Executive Officer and President

    

    

    INTENT21:

    INTENT21
      LTD.

     

    By:
      

    Name:

    

    Title:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SHAREHOLDERS:

    

    

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

     

    

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

     

    

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

    

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

    

    

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

     

    

    _____________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________

    

     

    ______________________________________

    

    Name:

    Amount
      of
      Shares of Intent 21 owned:________Exhibit
      4.2

    TRANSWITCH
      CORPORATION

    2008
      EQUITY INCENTIVE PLAN

    

    1. Purpose
      and Eligibility.
      The
      purpose of this 2008 Equity Incentive Plan (the “Plan”)
      of
TranSwitch
      Corporation,
      a
      Delaware corporation
      (the “Company”),
      is to
      provide stock options, stock issuances and other equity interests in the Company
      (each, an “Award”)
      to (a)
      employees, officers, directors, consultants and advisors of the Company and
      its
      Subsidiaries or any future parent corporation, and (b) any other person who
      is
      determined by the Board to have made (or is expected to make) contributions
      to
      the Company. Any person to whom an Award has been granted under the Plan is
      called a “Participant.”
      Additional definitions are contained in Section
      10.

    

    2. Administration.

    

    a. Administration
      by Board of Directors.
      The
      Plan will be administered by the Board of Directors of the Company (the
“Board”).
      The
      Board, in its sole discretion, shall have the authority to grant and amend
      Awards, to adopt, amend and repeal rules relating to the Plan and to interpret
      and correct the provisions of the Plan and any Award. The Board shall have
      authority, subject to the express limitations of the Plan, (i) to construe
      and determine the respective Stock Option Agreement (as defined below), Awards
      and the Plan, (ii) to prescribe, amend and rescind rules and regulations
      relating to the Plan and any Awards, (iii) to determine the terms and
      provisions of the respective Stock Option Agreements and Awards, which need
      not
      be identical, (iv) to create sub-plans hereunder necessary to comply with laws
      and regulations of any foreign country in which the Company may seek to grant
      an
      Award to a person eligible under Section
      1,
      and
      (v) to make all other determinations in the judgment of the Board of
      Directors necessary or desirable for the administration and interpretation
      of
      the Plan. The Board may correct any defect or supply any omission or reconcile
      any inconsistency in the Plan or in any Stock Option Agreement or Award in
      the
      manner and to the extent it shall deem expedient to carry the Plan, any Stock
      Option Agreement or Award into effect and it shall be the sole and final judge
      of such expediency. All decisions by the Board shall be final and binding on
      all
      interested persons. Neither the Company nor any member of the Board shall be
      liable for any action or determination relating to the Plan.

     

    b. Appointment
      of Committee.
      To the
      extent permitted by applicable law, the Board may delegate any or all of its
      powers under the Plan to one or more committees or subcommittees of the Board
      (a
“Committee”).
      If so
      delegated, all references in the Plan to the “Board”
shall
      mean such Committee or the Board. 

     

    c. Delegation
      to Executive Officers.
      To the
      extent permitted by applicable law, the Board may delegate to one or more
      executive officers of the Company the power to grant Awards and exercise such
      other powers under the Plan as the Board may determine, provided that the Board
      shall fix the maximum number of Awards to be granted and the maximum number
      of
      shares issuable to any one Participant pursuant to Awards granted by such
      executive officers. 

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    d. Applicability
      of Section Rule 16b-3.
      Notwithstanding anything to the contrary in the foregoing if, or at such time
      as, the Common Stock is or becomes registered under Section 12 of the Exchange
      Act of 1934, as amended (the “Exchange
      Act”),
      or
      any successor statute, the Plan shall be administered in a manner consistent
      with Rule 16b-3 promulgated thereunder, as it may be amended from time to time,
      or any successor rules (“Rule
      16b-3”),
      such
      that all subsequent grants of Awards hereunder to Reporting Persons, as
      hereinafter defined, shall be exempt under such rule. Those provisions of the
      Plan which make express reference to Rule 16b-3 or which are required in order
      for certain option transactions to qualify for exemption under Rule 16b-3 shall
      apply only to such persons as are required to file reports under Section 16
      (a)
      of the Exchange Act (a “Reporting
      Person”).
      

     

    3. Stock
      Available for Awards.

    

    a. Number
      of Shares.
      Subject
      to adjustment under Section
      3(c),
      the
      (i) aggregate number of shares of Common Stock of the Company (the “Common
      Stock”)
      that
      may be issued pursuant to the Plan is 15,000,000 (the “Available
      Shares”).
      If an
      Award granted under the Plan is (i) canceled, expires, forfeited, is settled
      in
      cash, settled by delivery of fewer shares of Common Stock than the number of
      shares of Common Stock underlying the award or option or otherwise is terminated
      without delivery of the shares of Common Stock to the holder of such award
      or
      option or (ii) shares that were withheld from such an Award or separately
      surrendered by the Participant in payment of an exercise price or taxes relating
      to such an Award shall be deemed to constitute shares not delivered and will
      be
      available under the Plan for subsequent awards. 

     

    b. Per-Participant
      Limit.
      Subject
      to adjustment under Section
      3(c),
      no
      Participant may be granted Awards during any one fiscal year to receive, acquire
      or purchase more than 3,000,000 shares of Common Stock.

     

    c. Adjustment
      to Common Stock.
      Subject
      to Section
      8,
      in the
      event of any stock split, reverse stock split, stock dividend, extraordinary
      cash dividend, recapitalization, reorganization, merger, consolidation,
      combination, exchange of shares, liquidation, spin-off, split-up, or other
      similar change in capitalization or similar event, (i) the number and class
      of
      Available Shares and the per-Participant share limit, (ii) the number and class
      of securities, vesting schedule and exercise price per share subject to each
      outstanding Option (as defined below), (iii) the repurchase price per security
      subject to repurchase, and (iv) the terms of each other outstanding Award shall
      be adjusted by the Company (or substituted Awards may be made if applicable)
      to
      the extent the Board shall determine, in good faith, that such an adjustment
      (or
      substitution) is appropriate. Any such adjustment to outstanding Awards will
      be
      effected in a manner that precludes the enlargement of rights and benefits
      under
      such Awards.

     

    4. Stock
      Options.

    

    a. General.
      The
      Board may grant options to purchase Common Stock (each, an “Option”)
      and
      determine the number of shares of Common Stock to be covered by each Option,
      the
      exercise price of each Option and the conditions and limitations applicable
      to
      the exercise of each Option and the shares of Common Stock issued upon the
      exercise of each Option, including, but not limited to, vesting provisions,
      repurchase provisions and restrictions relating to applicable federal or state
      securities laws. Each Option will be evidenced by a Stock Option Agreement,
      consisting of a Notice of Stock Option Award and a Stock Option Award Agreement
      or such other form of documentation as may be approved by the Board
      (collectively, a “Stock
      Option Agreement”).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    b. Incentive
      Stock Options.
      An
      Option that the Board intends to be an incentive stock option (an “Incentive
      Stock Option”)
      as
      defined in Section 422 of the Code, as amended, or any successor statute
      (“Section
      422”),
      shall
      be granted only to an employee of the Company and shall be subject to and shall
      be construed consistently with the requirements of Section 422 and regulations
      thereunder. The Board and the Company shall have no liability if an Option
      or
      any part thereof that is intended to be an Incentive Stock Option does not
      qualify as such. An Option or any part thereof that does not qualify as an
      Incentive Stock Option is referred to herein as a “Nonstatutory
      Stock Option”
or
      “Nonqualified
      Stock Option.”

     

    c. Dollar
      Limitation.
      For so
      long as the Code shall so provide, Options granted to any employee under the
      Plan (and any other incentive stock option plans of the Company) which are
      intended to qualify as Incentive Stock Options shall not qualify as Incentive
      Stock Options to the extent that such Options, in the aggregate, become
      exercisable for the first time in any one calendar year for shares of Common
      Stock with an aggregate Fair Market Value (as defined below) (determined as
      of
      the respective date or dates of grant) of more than $100,000. The amount of
      Incentive Stock Options which exceed such $100,000 limitation shall be deemed
      to
      be Nonqualified Stock Options. For the purpose of this limitation, unless
      otherwise required by the Code or regulations of the Internal Revenue Service
      or
      determined by the Board, Options shall be taken into account in the order
      granted, and the Board may designate that portion of any Incentive Stock Option
      that shall be treated as Nonqualified Option in the event that the provisions
      of
      this paragraph apply to a portion of any Option. The designation described
      in
      the preceding sentence may be made at such time as the Committee considers
      appropriate, including after the issuance of the Option or at the time of its
      exercise. 

     

    d. Exercise
      Price.
      The
      Board shall establish the exercise price (or determine the method by which
      the
      exercise price shall be determined) at the time each Option is granted and
      specify the exercise price in the applicable Stock Option Agreement, provided,
      however, in no event may the per share exercise price of an Incentive Stock
      Option be less than 100% of the Fair Market Value of the Common Stock on the
      date such Option is granted.
      In the
      case of an Incentive Stock Option granted to a Participant who, at the time
      of
      grant of such Option, owns stock representing more than ten percent (10%) of
      the
      voting power of all classes of stock of the Company or any Subsidiary or future
      parent corporation, then the exercise price shall be no less than 110% of the
      Fair Market Value of the Common Stock on the date of grant.
      The
      Board in its sole and absolute discretion may, with the consent of the
      Recipient, if applicable, and subject to compliance with any legal, regulatory
      or other administrative
      requirements applicable to the Plan amend or adjust the terms and conditions
      of
      any Award, at any time or from time to time, including, but not limited to,
      to
      either (1) reduce the exercise price of an outstanding Option or other Award
      or
      (2) simultaneously cancel Options for which the exercise price exceeds the
      then
      current Fair Market Value of the underlying Common Stock and grant a new Award
      with an exercise price equal to or greater than the then current Fair Market
      Value of the underlying Common Stock. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    e. Duration
      of Options.
      Each
      Option shall be exercisable at such times and subject to such terms and
      conditions as the Board may specify in the applicable Stock Option Agreement;
      provided, that the term of any Incentive Stock Option may not be more than
      ten
      (10) years from the date of grant. In the case of an Incentive Stock Option
      granted to a Participant who, at the time of grant of such Option, owns stock
      representing more than ten percent (10%) of the voting power of all classes
      of
      stock of the Company or any Subsidiary or future parent corporation, the term
      of
      the Option shall be no longer than five (5) years from the date of
      grant.
      

     

    f. Payment
      Upon Exercise.
      Common
      Stock purchased upon the exercise of an Option shall be paid for by one or
      any
      combination of the following forms of payment as permitted by the Board in
      its
      sole and absolute discretion:

     

    i. by
      check
      payable to the order of the Company;

    

    ii. only
      if
      the Common Stock is then publicly traded, by delivery of an irrevocable and
      unconditional undertaking by a creditworthy broker to deliver promptly to the
      Company sufficient funds to pay the exercise price, or delivery by the
      Participant to the Company of a copy of irrevocable and unconditional
      instructions to a creditworthy broker to deliver promptly to the Company cash
      or
      a check sufficient to pay the exercise price;

    

    iii. to
      the
      extent permitted in the applicable Stock Option Agreement, by delivery of shares
      of Common Stock owned by the Participant; or

    

    iv. payment
      of such other lawful consideration as the Board may determine.

    

    Except
      as
      otherwise expressly set forth in a Stock Option Agreement, the Board shall
      have
      no obligation to accept consideration other than cash. The fair market value
      of
      any shares of the Company's Common Stock or other non-cash consideration which
      may be delivered upon exercise of an Option shall be determined in such manner
      as may be prescribed by the Board. 

    

    g. Determination
      of Fair Market Value.
      If, at
      the time an Option is granted under the Plan, the Company's Common Stock is
      publicly traded under the Exchange Act, “Fair
      Market Value”
shall
      mean (i) if the Common Stock is listed on any established stock exchange, its
      fair market value shall be the closing price for such stock on that date or
      the
      closing price as reported on NASDAQ; or (ii) if the Common Stock is traded
      in
      the over-the-counter securities market, then the average of the high bid and
      low
      bid quotations for the Common Stock as published in The
      Wall Street Journal.
      In the
      absence of an established market for the Common Stock, the fair market value
      thereof shall be determined in good faith by the Board after taking into
      consideration all factors which it deems appropriate.

     

    5. Restricted
      Stock.

    

    a. Grants.
      The
      Board may (i) grant Awards to a Participant of restricted shares of Common
      Stock
      and shall determine the price, if any, to be paid by the Participant for each
      restricted share of Common Stock and (ii) shall provide the right of the Company
      to repurchase all or part of such shares at the issue price or other stated
      or
      formula price from the Participant in the event that the conditions specified
      by
      the Board in the applicable Award are not satisfied prior to the end of the
      applicable restriction period or periods established by the Board for such
      Award
      (each, a “Restricted
      Stock Award”).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    b. Terms
      and Conditions.
      The
      Board shall determine the terms and conditions of any such Restricted Stock
      Award. Any stock certificates issued in respect of a Restricted Stock Award
      shall be registered in the name of the Participant and, unless otherwise
      determined by the Board, deposited by the Participant, together with a stock
      power endorsed in blank, with the Company (or its designee). After the
      expiration of the applicable restriction periods, the Company (or such designee)
      shall deliver the certificates no longer subject to such restrictions to the
      Participant or, if the Participant has died, to the beneficiary designated
      by a
      Participant, in a manner determined by the Board, to receive amounts due or
      exercise rights of the Participant in the event of the Participant's death
      (the
“Designated
      Beneficiary”).
      In
      the absence of an effective designation by a Participant, Designated Beneficiary
      shall mean the Participant's estate. 

     

    6. Other
      Stock-Based Awards.
      The
      Board shall have the right to grant other Awards based upon the Common Stock
      having such terms and conditions as the Board may determine, including, without
      limitation, the grant of shares based upon certain conditions, the grant of
      securities convertible into Common Stock and the grant of stock appreciation
      rights, phantom stock awards, performance stock, deferred stock, restricted
      stock units, shares of Common Stock not subject to any restrictions or stock
      units. 

    

    7. General
      Provisions Applicable to Awards.

    

    a. Transferability
      of Awards.
      Except
      as the Board may otherwise determine or provide in an Award, Awards shall not
      be
      sold, assigned, transferred, pledged or otherwise encumbered by the person
      to
      whom they are granted, either voluntarily or by operation of law, except by
      will
      or the laws of descent and distribution, and, during the life of the
      Participant, shall be exercisable only by the Participant; provided, however,
      except as the Board may otherwise determine or provide in an Award, other than
      an Incentive Stock Option, may be transferred pursuant to a qualified domestic
      relations order (as defined in Employee Retirement Income Security Act of 1974,
      as amended) or to a grantor-retained annuity trust or a similar estate-planning
      vehicle in which the trust is bound by all provisions of the Stock Option
      Agreement and Restricted Stock Award, which are applicable to the Participant.
      References to a Participant, to the extent relevant in the context, shall
      include references to authorized transferees. 

     

    b. Documentation.
      Each
      Award under the Plan shall be evidenced by a written instrument in such form
      as
      the Board shall determine or as executed by an officer of the Company pursuant
      to authority delegated by the Board. Each Award may contain terms and conditions
      in addition to those set forth in the Plan, provided that such terms and
      conditions do not contravene the provisions of the Plan or applicable law.
      Notice of a grant shall be given to each Participant to whom an Award is so
      granted within a reasonable time after the determination has been
      made.

     

    c. Board
      Discretion.
      The
      terms of each type of Award need not be identical, and the Board need not treat
      Participants uniformly. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    d. Additional
      Award Provisions.
      The
      Board may, in its sole discretion, include additional provisions in any Stock
      Option Agreement, Restricted Stock Award or other Award granted under the Plan,
      including without limitation restrictions on transfer, repurchase rights,
      commitments to pay cash bonuses, to make, arrange for or guaranty loans or
      to
      transfer other property to Participants upon exercise of Awards, or transfer
      other property to Participants upon exercise of Awards, or such other provisions
      as shall be determined by the Board; provided that such additional provisions
      shall not be inconsistent with any other term or condition of the Plan or
      applicable law.

     

    e. Termination
      of Status.
      The
      Board shall determine the effect on an Award of the disability (as defined
      in
      Code Section 22(e)(3)), death, retirement, authorized leave of absence or other
      change in the employment or other status of a Participant and the extent to
      which, and the period during which, the Participant, or the Participant's legal
      representative, conservator, guardian or Designated Beneficiary, may exercise
      rights under the Award, subject to applicable law and the provisions of the
      Code
      related to Incentive Stock Options. 

     

    f. Change
      of Control of the Company.
      

     

    i. Unless
      otherwise expressly provided in the applicable Stock Option Agreement or
      Restricted Stock Award or other Award, in connection with the occurrence of
      a
      Change in Control (as defined below), the Board shall, in its sole discretion
      as
      to any outstanding Award (including any portion thereof; on the same basis
      or on
      different bases, as the Board shall specify), take one or any combination of
      the
      following actions:

    

    A. make
      appropriate provision for the continuation of such Award by the Company or
      the
      assumption of such Award by the surviving or acquiring entity and by
      substituting on an equitable basis for the shares then subject to such Award
      either (x) the consideration payable with respect to the outstanding shares
      of
      Common Stock in connection with the Change of Control, (y) shares of stock
      of
      the surviving or acquiring corporation, or (z) such other securities as the
      Board deems appropriate, the Fair Market Value of which shall not materially
      differ from the Fair Market Value of the shares of Common Stock subject to
      such
      Award immediately preceding the Change of Control (as determined by the Board
      in
      its sole discretion; 

    

    B. accelerate
      the date of exercise or vesting of such Award; 

    

    C. permit
      the exchange of such Award for the right to participate in any stock option
      or
      other employee benefit plan of any successor corporation; 

    

    D. provide
      for the repurchase of the Award for an amount equal to the difference of (i)
      the
      consideration received per share for the securities underlying the Award in
      the
      Change of Control minus (ii) the per share exercise price of such securities.
      Such amount shall be payable in cash or the property payable in respect of
      such
      securities in connection with the Change of Control. The value of any such
      property shall be determined by the Board in its discretion; or

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    E. Solely
      with respect to a transaction described in Section
      7(f)(i)(F)(a)
      below,
      provide for the termination of such Award immediately prior to the consummation
      of the Change of Control; provided that no such termination shall be effective
      unless the option holder is provided at least fifteen (15) business days prior
      to the consummation of the Change of Control to exercise his/her
      options.

    

    F. For
      the
      purpose of this Agreement, a “Change
      of Control”
shall
      mean:

    

    (a) The
      consummation of (i) a reorganization, merger or consolidation (any of the
      foregoing, a “Merger”),
      in
      each case, with respect to which the individuals and entities who were the
      beneficial owners of the Voting Stock immediately prior to such Merger do not,
      following such Merger, beneficially own, directly or indirectly, more than
      50%
      of the then outstanding shares of common stock of the corporation resulting
      from
      the Merger (the Resulting
      Corporation”)
      as a
      result of the individuals’ and entities’ shareholdings in the Company
      immediately prior to the consummation of the Merger and without regard to any
      of
      the individual’s and entities’ shareholdings in the Resulting Corporation
      immediately prior to the consummation of the Merger, (ii) a complete liquidation
      or dissolution of the Company, or (iii) the sale or other disposition of all
      or
      substantially all of the assets of the Company, excluding a sale or other
      disposition of assets to a subsidiary of the Company.

    

    g. Dissolution
      or Liquidation.
      In the
      event of the proposed dissolution or liquidation of the Company or termination
      of an Award under Section
      7(f)(i)(E),
      the
      Board shall notify each Participant as soon as practicable prior to the
      effective date of such proposed transaction. The Board in its sole discretion
      may provide for a Participant to have the right to exercise his or her Award
      until fifteen (15) days prior to such transaction as to all of the shares of
      Common Stock covered by the Option or Award, including shares as to which the
      Option or Award would not otherwise be exercisable, which exercise may in the
      sole discretion of the Board, be made subject to and conditioned upon the
      consummation of such proposed transaction. In addition, the Board may provide
      that any Company repurchase option applicable to any shares of Common Stock
      purchased upon exercise of an Option or Award shall lapse as to all such shares
      of Common Stock, provided the proposed dissolution and liquidation takes place
      at the time and in the manner contemplated. To the extent it has not been
      previously exercised, an Award will terminate upon the consummation of such
      proposed action.

     

    h. Assumption
      of Options Upon Certain Events.
      In
      connection with a merger or consolidation of an entity with the Company or
      the
      acquisition by the Company of property or stock of an entity, the Board may
      grant Awards under the Plan in substitution for stock and stock-based awards
      issued by such entity or an affiliate thereof. The substitute Awards shall
      be
      granted on such terms and conditions as the Board considers appropriate in
      the
      circumstances.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    i. Parachute
      Payments and Parachute Awards.
      Notwithstanding the provisions of Section
      7(f),
      if, in
      connection with a Change of Control described therein, a tax under
      Section 4999
      of
      the Code would be imposed on the Participant (after taking into account the
      exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code) and
      not
      otherwise paid for by the Company, then the number of Awards which shall become
      exercisable, realizable or vested as provided in such Section shall be reduced
      (or delayed), to the minimum extent necessary, so that no such tax would be
      imposed on the Participant (the Awards not becoming so accelerated, realizable
      or vested, the “Parachute
      Awards”);
      provided, however, that if the “aggregate present value” of the Parachute Awards
      would exceed the tax that, but for this sentence, would be imposed on the
      Participant under Section 4999 of the Code in connection with the Change of
      Control, then the Awards shall become immediately exercisable, realizable and
      vested without regard to the provisions of this sentence. For purposes of the
      preceding sentence, the “aggregate present value” of an Award shall be
      calculated on an after-tax basis (other than taxes imposed by Section 4999
      of
      the Code) and shall be based on economic principles rather than the principles
      set forth under Section 280G of the Code and the regulations promulgated
      thereunder. All determinations required to be made under this Section
      7(i)
      shall be
      made by the Company.

     

    j. Amendment
      of Awards.
      The
      Board may amend, modify or terminate any outstanding Award including, but not
      limited to, substituting therefor another Award of the same or a different
      type,
      changing the date of exercise or realization, and converting an Incentive Stock
      Option to a Nonstatutory Stock Option, provided that the Participant's consent
      to such action shall be required unless the Board determines that the action,
      taking into account any related action, would not materially and adversely
      affect the Participant. 

     

    k. Conditions
      on Delivery of Stock.
      The
      Company will not be obligated to deliver any shares of Common Stock pursuant
      to
      the Plan or to remove restrictions from shares previously delivered under the
      Plan until (i) all conditions of the Award have been met or removed to the
      satisfaction of the Company, (ii) in the opinion of the Company's counsel,
      all
      other legal matters in connection with the issuance and delivery of such shares
      have been satisfied, including any applicable securities laws and any applicable
      stock exchange or stock market rules and regulations, and (iii) the Participant
      has executed and delivered to the Company such representations or agreements
      as
      the Company may consider appropriate to satisfy the requirements of any
      applicable laws, rules, or regulations.

     

    l. Acceleration.
      The
      Board may at any time provide that any Award shall become immediately
      exercisable in full or in part, or that any other stock-based Awards may become
      exercisable in full or in part or free of some or all restrictions or
      conditions, or otherwise realizable in full or in part, as the case may be,
      despite the fact that the foregoing actions may (i) cause the application of
      Sections 280G and 4999 of the Code if a Change In Control of the Company occurs,
      or (ii) disqualify all or part of the Option as an Incentive Stock Option.
      In
      addition, the Board may, in its sole discretion, and in all instances subject
      to
      any relevant tax and accounting considerations which may adversely impact or
      impair the Company, extend the dates during which all or any particular Options
      or Awards granted under the Plan may be exercised.

     

    m. Participation
      in Foreign Countries.
      The
      Board shall have the authority to adopt such modifications, procedures, and
      subplans as may be necessary or desirable to comply with provisions of the
      laws
      of foreign countries in which the Company or its Subsidiaries may operate to
      assure the viability of the benefits from Awards granted to Participants
      performing services in such countries and to meet the objectives of the
      Plan.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    8. Withholding.
      The
      Company shall have the right to deduct from payments of any kind otherwise
      due
      to the optionee or recipient of an Award any federal, state, or local taxes
      of
      any kind required by law to be withheld with respect to any shares issued upon
      exercise of Options under the Plan or the purchase of shares subject to the
      Award. Subject to the prior approval of the Company, which may be withheld
      by
      the Company in its sole discretion, the optionee or recipient of an Award may
      elect to satisfy such obligation, in whole or in part, (a) by causing the
      Company to withhold shares of Common Stock otherwise issuable pursuant to the
      exercise of an Option or the purchase of shares subject to an Award or (b)
      by
      delivering to the Company shares of Common Stock already owned by the optionee
      or Award recipient of an Award. The shares so delivered or withheld shall have
      a
      fair market value of the shares used to satisfy such withholding obligation
      as
      shall be determined by the Company as of the date that the amount of tax to
      be
      withheld is to be determined. An optionee or recipient of an Award who has
      made
      an election pursuant to this Section may only satisfy his or her withholding
      obligation with shares of Common Stock which are not subject to any repurchase,
      forfeiture, unfulfilled vesting, or other similar requirements.

    

    9. No
      Exercise of Option if Engagement or Employment Terminated for
      Cause.
      If the
      employment or engagement of any Participant is terminated “for Cause”, the Award
      may terminate, upon a determination of the Board, on the date of such
      termination and the Option shall thereupon not be exercisable to any extent
      whatsoever and the Company shall have the right to repurchase any shares of
      Common Stock subject to a Restricted Stock Award whether or not such shares
      have
      vested. For purposes of this Section
      9,
      “for
      Cause”
shall
      be defined as follows: (i) if the Participant has executed an employment
      agreement, the definition of “cause” contained therein, if any, shall govern, or
      (ii) if the Participant has not executed an employment agreement in which the
      definition of “cause” is provided, conduct, as determined by the Board of
      Directors, involving one or more of the following: (a) gross misconduct or
      inadequate performance by the Participant which is injurious to the Company;
      or
      (b) the commission of an act of embezzlement, fraud or theft, which results
      in
      economic loss, damage or injury to the Company; or (c) the unauthorized
      disclosure of any trade secret or confidential information of the Company (or
      any client, customer, supplier, or other third party who has a business
      relationship with the Company) or the violation of any noncompetition or
      nonsolicitation covenant or assignment of inventions obligation with the
      Company; or (d) the commission of an act which constitutes unfair competition
      with the Company or which induces any customer or prospective customer of the
      Company to breach a contract with the Company or to decline to do business
      with
      the Company (to the extent such restriction is enforceable under applicable
      state law; or (e) the indictment or conviction of the Participant for a felony
      or serious misdemeanor offense, either in connection with the performance of
      his
      or her obligations to the Company or which shall adversely affect the
      Participant's ability to perform such obligations; or (f) the commission of
      an
      act of fraud or breach of fiduciary duty which results in loss, damage or injury
      to the Company; or (g) the failure of the Participant to perform in a material
      respect his or her employment, consulting or advisory obligations without proper
      cause. The Board may in its discretion waive or modify the provisions of this
      Section at a meeting of the Board with respect to any individual Participant
      with regard to the facts and circumstances of any particular situation involving
      a determination under this Section.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    10. Miscellaneous.

    

    a. Definitions.

     

    i. “Company”,
      for
      purposes of eligibility under the Plan, shall include any present or future
      subsidiary corporations of TranSwitch Corporation, as defined in Section 424(f)
      of the Code (a “Subsidiary”),
      and
      any present or future parent corporation of TranSwitch Corporation, as defined
      in Section 424(e) of the Code. For purposes of Awards other than Incentive
      Stock
      Options, the term “Company” shall include any other business venture in which
      the Company has a direct or indirect significant interest, as determined by
      the
      Board in its sole discretion.

    

    ii. “Code”
means
      the Internal Revenue Code of 1986, as amended, and any regulations promulgated
      thereunder.

    

    iii. “Effective
      Date”
means
      the date the Plan is approved by the Company’s stockholders.

    

    iv. “Employee”
      for
      purposes of eligibility under the Plan shall include a person to whom an offer
      of employment has been extended by the Company.

    

    b. No
      Right To Employment or Other Status.
      No
      person shall have any claim or right to be granted an Award, and the grant
      of an
      Award shall not be construed as giving a Participant the right to continued
      employment or any other relationship with the Company. The Company expressly
      reserves the right at any time to dismiss or otherwise terminate its
      relationship with a Participant free from any liability or claim under the
      Plan.
      Except as specifically provided by the Board in any particular case, the loss
      of
      existing or potential profit and Awards granted under this Plan will not
      constitute an element of damages in the event of termination of an employment
      relationship even if the termination is in violation of an obligation of the
      Company to the Participant.

     

    c. Compliance
      with Law.
      The
      Company shall not be required to sell or issue any shares of Common Stock under
      any Award if the sale or issuance of such shares would constitute a violation
      by
      the Participant, any other individual exercising an Option, or the Company
      of
      any provision of any law or regulation of any governmental authority, including
      without limitation any federal or state securities laws or regulation. If at
      any
      time the Company shall determine, in its discretion, that the listing,
      registration or qualification of any share subject to an Award up on any
      security exchange or under any governmental regulatory body is necessary or
      desirable as a condition of, or in connection with, the issuance or purchase
      of
      shares hereunder, no shares of Common Stock may be issued or sold to the
      Participant or any other individual exercising an Option pursuant to such Award
      unless such listing, registration, qualification, consent, or approval shall
      have been effected or obtained free of any conditions not acceptable to the
      Company, and any delay caused thereby shall in no way effect the date of
      termination of the Award. Any determination in connection with the preceding
      sentence by the Board shall be final, binding and conclusive. The Company may,
      but shall in no event be obligated to, register any securities covered hereby
      pursuant to the Securities Act. The Company shall not be obligated to take
      any
      affirmative action in order to cause the exercise of an Option or the issuance
      of shares of Common Stock pursuant to the Plan to comply with any law or
      regulation of any governmental authority. As to any jurisdiction that expressly
      imposes that a Option shall not be exercised until the shares of Common Stock
      covered by such Option are registered or exempt from registration, the exercise
      of such Option (under circumstances in which the laws of such jurisdiction
      apply) shall be deemed conditioned up on the effectiveness of such registration
      or availability of such an exemption.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    d. No
      Rights As Stockholder.
      Subject
      to the provisions of the applicable Award, no Participant or Designated
      Beneficiary shall have any rights as a stockholder with respect to any shares
      of
      Common Stock to be distributed with respect to an Award until becoming the
      record holder thereof. 

     

    e. Effective
      Date and Term of Plan.
      The
      Plan shall become effective on the date on which it is approved by the
      stockholders. No Awards shall be granted under the Plan after the completion
      of
      ten years from the date on which the Plan was approved by the stockholders,
      but
      Awards previously granted may extend beyond that date. 

     

    f. Amendment
      of Plan.
      The
      Board of Directors may, at any time, suspend or terminate the Plan or revise
      or
      amend it in any respect whatsoever. An Amendment shall be contingent on approval
      of the Company’s stockholders to the extent stated by the Board, required by
      applicable law or required by applicable stock exchange listing
      requirements.

     

    g. Governing
      Law.
      The
      provisions of the Plan and all Awards made hereunder shall be governed by and
      interpreted in accordance with the laws of the State of Delaware, without regard
      to any applicable conflicts of law principles.

     

    
      
        
        

      

      
        11

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