Document:

ex10-9.htm

    Exhibit 10.9

    

    AGREEMENT

    

    This Agreement (the “Agreement”),
entered into this 4th day of
April 2008, is by and between Carey G. Birmingham, an individual (“Mr.
Birmingham”), and Steven L. White, an individual (“Mr. White”).

    

    Recitals

    

    WHEREAS, Mr. Birmingham is the sole
officer and director of United Restaurant Management, Inc., a Delaware
corporation (the “Company”), a non-operating public shell company;

    

    WHEREAS, Mr. Birmingham is the
principal shareholder of the Company owning, directly or indirectly, 1,663,592
shares, or approximately 93.8%, of the outstanding common stock of the
Company;

    

    WHEREAS, Mr. White desires to assume
control of the Company for the purpose of locating a suitable business
combination for the Company to maximize the value of the Company for its
shareholders; and

    

    WHEREAS, Mr. Birmingham is willing to
relinquish control of the Company to Mr. White pursuant to the terms and
conditions of this Agreement;

    

    NOW, THEREFORE, in consideration of the
mutual terms and conditions of the parties set forth in this Agreement, and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the parties, the parties hereto agree as
follows:

    

    ARTICLE
I

    Transaction

    

    1.1           Issuance of
Stock.  At Closing, Mr. Birmingham shall, as the sole director
of the Company, authorize and cause the Company to issue 20,000,000 shares of
its common stock to Mr. White and Mr. White shall pay $20,000 to the Company for
such shares.  Such shares shall be issued pursuant to Rule 506 of
Regulation D and Mr. White shall provide such information and documentation as
shall be reasonably requested by the Company to comply with such exemption from
registration, including, but not limited to, a Subscription Agreement in the
form of Exhibit A attached hereto.

    

    1.2           Appointment to
Board.  Effective immediately following Closing,
Mr. Birmingham shall increase the number of directors of the Company to two
persons and shall appoint Mr. White as a director to fill the vacancy created by
the increase in the number of directors as provided in the form of unanimous
written consent by the Board of Directors of the Company (the “Written Consent”)
attached hereto as Exhibit B-1.  Immediately upon acceptance by Mr.
White as a director of the Company, Mr. Birmingham shall resign as a director
and officer
of the Company as provided in the form of resignation (the “Resignation”)
attached hereto as Exhibit B-2.  Prior to Closing, Mr. Birmingham
shall have the right to request information evidencing Mr. White’s
qualifications to become a director and take control of the
Company.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
 

    1.3           Sale of
Shares.  At closing, Mr. White shall provide to Mr. Birmingham
referrals of persons to whom Mr. Birmingham may sell the first 800,000 of the
1,600,000 shares owned directly or indirectly by him (the “Birmingham
Shares”).  If Mr. Birmingham decides to sell such shares to such
referrals, he shall sell 800,000 of the Birmingham Shares for an aggregate of
$50,000.  Upon receipt of such $50,000, Mr. Birmingham agrees
unconditionally to sell the remaining 800,000 shares to persons referred to him
by Mr. White at the following times and for the following designated
amounts:

    

    a.           An
aggregate of 400,000 of the Birmingham Shares for $100,000 not later than ten
(10) business days following the date upon which the common stock of the Company
is approved for quotation on the OTC Bulletin Board; provided that Mr.
Birmingham agrees to sell such shares at an earlier date if Mr. White provides
referrals to him for such sales; and

    

    b.           An
aggregate of 400,000 of the Birmingham Shares for $100,000 not later than ten
(10) business days following the date upon which the Company closes a reverse
acquisition with an operating entity, but in no event later than one year from
the date of obtaining a trading symbol as provided in Section 1.3(a) above;
provided that Mr. Birmingham agrees to sell such shares at an earlier date if
Mr. White provides referrals to him for such sales.

    

    Following the receipt by Mr. Birmingham
of the $50,000 as set forth above, if the remaining 800,000 shares are not
purchased as provided herein, the $50,000 shall be retained by Mr. Birmingham as
liquidated damages and the following shall occur:  (i) the
certificates representing the Birmingham Shares shall be returned to Mr.
Birmingham; (ii) Mr. White shall appoint Mr. Birmingham as a director and shall
immediately resign as a director and officer of the Company as provided in the
form of the written consent and resignation set forth in Exhibit C attached
hereto (iii) Mr. White shall cancel the 20,000,000 shares issued pursuant to
Section 1.1 above; and (iv) any amount received by Mr. Birmingham in excess of
the $50,000 shall be returned to the purchasers pro rata.

    

    The purchase price for the Birmingham
shares shall be placed in escrow and released pursuant to the terms of the
Escrow Agreement.

    

    1.4           General Release and
Forgiveness of Debt.  Mr. Birmingham shall execute and deliver
a general release and forgiveness of debt document (the “Release Document”), in
the form set forth in Exhibit D attached hereto, which document shall forgive
all debts owed by the Company to, or obligations of the Company to, Mr.
Birmingham and any affiliated entities.  The Release Document shall be
held pursuant to the terms of the Escrow Agreement.  The Release
Document shall be effective immediately upon, but shall not be released until,
receipt by
Mr. Birmingham of the $50,000 as set forth in Section 1.3 above.

     

     

     

    
      
        
        

      

      
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    1.5           Payment of Company
Debts.  Mr. Birmingham shall pay all outstanding debts of the
Company owed to third parties through the Closing Date and not otherwise
satisfied by the Release Document, except for those debts or obligations set
forth in Schedule 1.5 attached hereto, which debts and obligations shall remain
the obligation of the Company.  At Closing Mr. Birmingham shall
provide reasonable evidence of payment of such debts and satisfaction of such
obligations.

    

    1.6           Termination of
Agreement.  On or before the Closing, Mr. Birmingham shall
obtain the termination of the Agreement dated September 24, 2007, between him
and Mastodon Ventures, Inc. (the “Mastodon Agreement”), in the form of
termination agreement set forth in Exhibit E attached hereto (the “Termination
Agreement”), subject only to payment of $25,000, which Mr. Birmingham agrees to
authorize for release pursuant to the Escrow Agreement from the first $50,000
received from the sale of the Birmingham Shares as set forth in Section 1.3
above.

    

    1.7           Cancellation of
Warrants.  Prior to or at Closing, Mr. Birmingham shall cancel
each of the 30,000 warrants held by him (the “Birmingham Warrants”) and shall
provide evidence of such cancellation at Closing.

    

    1.8           Escrow of Funds, Shares, and
Documents.  Prior to or at Closing Mr. White shall cause to be
deposited $50,000 in escrow for the purchase of the Birmingham Shares as provide
in Section 1.3 above.  Such funds shall be held in escrow pursuant to
the terms of the Escrow Agreement, a copy of which is attached hereto as Exhibit
F (the “Escrow Agreement”) and shall be released immediately upon receipt of
notification of Mr. Birmingham’s decision to sell the Birmingham
Shares.  In addition, prior to or at Closing, Mr. White shall deposit
the stock certificate representing the 20,000,000 shares issued pursuant to
Section 1.1 above, which shall be held pursuant to the terms of the Escrow
Agreement in the event that the purchase price for the Birmingham shares is not
paid as provided in Section 1.3 above.  In addition, prior to or at
Closing, Mr. Birmingham shall deposit the stock certificates representing the
Birmingham Shares, together with signature guaranteed stock powers therefor, to
be held in escrow pursuant to the terms of the Escrow Agreement.

    

    ARTICLE
II

    Closing

    

    2.1           Closing
Date.  The closing of this Agreement (the “Closing”) shall take
place at the law offices of counsel for Mr. White, Ronald N. Vance, P.C., 1656
Reunion Avenue, Suite 250, South Jordan, Utah at 10:00 a.m., mountain time, on
April 16, 2008, or as soon as practicable after the satisfaction or waiver of
the conditions set forth in ARTICLE V of this Agreement, or such other date,
time and place as each of the parties hereto may otherwise agree in writing (the
“Closing Date”).  The parties are not required to attend the Closing
in person but may be permitted to participate in the Closing by telephone,
provided that the Closing documents and other items are delivered at or prior to
Closing.  Documents or funds provided prior to the Closing shall be
held in trust by counsel for Mr. White Agreement until delivered at
Closing.

     

     

     

    
      
        
        

      

      
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    2.2           Deliveries upon
Closing.  Prior to or at Closing the parties shall deliver or
cause to be delivered the following documents or other items:

    

    a.           Mr.
Birmingham shall deliver the following to Mr. White or to the Escrow Agent, as
applicable:

    

    
      	
               
      

            	
              i.

            	
              A
      stock certificate representing the 20,000,000 shares issued to Mr. White
      pursuant to Section 1.1 above for delivery to the escrow agent as provide
      in the Escrow Agreement;

            

    

    

    
      	
               
      

            	
              ii.

            	
              A
      copy of the Subscription Agreement as set forth in Exhibit A, duly
      accepted by the Company;

            

    

    

    
      	
               
      

            	
              iii.

            	
              The
      duly executed Written Consent and Resignation as set forth in Exhibits B-1
      and B-2;

            

    

    

    
      	
               
      

            	
              iv.

            	
              The
      duly executed Release Document as set forth in Exhibit
  D;

            

    

    

    
      	
               
      

            	
              v.

            	
              The
      duly executed Termination Agreement as set forth in Exhibit
    E;

            

    

    

    
      	
               
      

            	
              vi.

            	
              A
      copy of the Escrow Agreement as set forth in Exhibit F duly executed by
      Mr. Birmingham;

            

    

    

    
      	
               
      

            	
              vii.

            	
              The
      stock certificates representing the Birmingham Shares, together with an
      equal number of duly executed stock powers, to be delivered to the Escrow
      Agent as provided in the Escrow
Agreement;

            

    

    

    
      	
               
      

            	
              viii.

            	
              Evidence
      of cancellation of the Birmingham
Warrants;

            

    

    

    
      	
               
      

            	
              ix.

            	
              All
      the corporate and accounting books and records of the Company;
      and

            

    

    

    
      	
               
      

            	
              x.

            	
              Such
      other documents or items reasonably requested by Mr.
  White.

            

    

    

    b.           Mr.
White shall deliver the following documents or funds to Mr. Birmingham or to the
Escrow Agent, as applicable:

    

    
      	
               
      

            	
              i.

            	
              The
      duly executed Subscription Agreement as set forth in Exhibit
      A;

            

    

    

    
      	
               
      

            	
              ii.

            	
              Immediately
      available funds representing the $20,000 payable to the Company for the
      purchase of the 20,000,000 shares as provided in Section 1.1
      above;

            

    

     

     

     

     

    
      
        
        

      

      
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    iii.           A
copy of the Escrow Agreement as set forth in Exhibit F duly executed by Mr.
White and the escrow agent designated therein;

    

    
      	
               
      

            	
              iv.

            	
              Evidence
      of the deposit of $50,000 with the Escrow Agent pursuant to the Escrow
      Agreement;

            

    

    

    
      	
               
      

            	
              v.

            	
              Evidence
      of the deposit of a duly executed and signature guaranteed stock power for
      the 20,000,000 shares;

            

    

    

    
      	
               
      

            	
              vi.

            	
              Evidence
      of deposit pursuant to the Escrow Agreement of a duly executed written
      consent and resignation as set forth in Exhibit C;
  and

            

    

    

    
      	
               
      

            	
              vii.

            	
              Such
      other documents or items reasonably requested by Mr.
      Birmingham.

            

    

    

    ARTICLE
III

    Representations
and Warranties of Mr. Birmingham

    

    Mr. Birmingham represents and warrants
to Mr. White as follows:

    

    3.1           Ownership of
Stock.  He is the beneficial owner and holder of the Birmingham
Shares and, except for the  Mastodon Agreement, such shares are owned
free and clear of all liens, encumbrances, charges and assessments of every
nature and subject to no restrictions with respect to
transferability.  Mr. Birmingham has full power and authority to
dispose, assign, and transfer the Birmingham Shares in accordance with the terms
hereof.  Except as provided in this Agreement, there are no
outstanding options, contracts, calls, commitments, agreements or demands of any
character relating to the Birmingham Shares.

    

    3.2           Due
Incorporation.  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware,
with all requisite power and authority to own, lease and operate its properties
and to carry on its businesses as they are now being owned, leased, operated and
conducted.  The Company has no subsidiaries.

    

    3.3           Capitalization.   The
entire authorized capital stock of the Company consists of 110,000,000 shares,
of which 100,000,000 are designated as common shares and of which 1,774,283 are
issued and outstanding, and 10,000,000 authorized preferred shares, none of
which are outstanding (the “Company Shares”).  No Company Shares are
held in treasury.  All of the issued and outstanding Company Shares
have been duly authorized, are validly issued, fully paid, and
non-assessable.  There are no outstanding or authorized options,
warrants (except for the Birmingham Warrants to be cancelled at Closing),
purchase rights, subscription rights, conversion rights, exchange rights, or
other contracts or commitments that could require the Company to issue, sell, or
otherwise cause to become outstanding any of its capital stock.  Other
than the Company Shares, there are no outstanding or authorized stock
appreciation, phantom stock, profit participation, or similar rights with
respect to the Company.  To the knowledge and reasonable belief of Mr.
Birmingham, there are no voting
trusts, proxies, or other agreements or understandings with respect to the
voting of the capital stock of the Company.

     

     

     

     

    
      
        
        

      

      
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    3.4           Financial
Statements.  The Company’s financial statements for the years
ended December 31, 2007 and 2006, copies of which have been furnished to Mr.
White (the “Company Financial Statements”), have been prepared from, are in
accordance with, and accurately reflect the books and records of the Company,
and have been prepared in accordance with U.S. GAAP applied on a consistent
basis during the periods involved (except as may be stated in the notes
thereto), and fairly present the financial position and the results of
operations and cash flows of the Company as of the times and for the periods
referred to therein.  The Company Financial Statements do not reflect
any transactions which are not bona fide transactions and do not contain any
untrue statement of a material fact or omit to state any material fact necessary
to make the statements contained therein, in light of the circumstances in which
they were made, not misleading.  The Company Financial Statements make
full and adequate disclosure of, and provision for, all obligations and
liabilities of the Company as of the times and for the periods referred to
therein; provided that no provision for any adjustments have been made in the
financial statements that might result from the failure of the Company as a
“going concern.”

    

    3.5           No Adverse
Effect.  Except as reflected in the Company Financial
Statements, since December 31, 2007, the Company has not suffered any material
adverse effect.  For purposes of this Agreement, “material adverse
effect” shall mean any change or effect that is, or is reasonably likely to be,
materially adverse to the business, assets and liabilities (taken together),
financial condition or operations or results of operations of the
Company.

    

    3.6           Taxes.  All
federal, state, foreign, county, and local income, withholding, profits,
franchise, occupation, property, sales, use, gross receipts and other taxes
(including any interest or penalties relating thereto) and assessments which are
due and payable have been duly reported, fully paid and discharged as reported
by the Company, and there are no unpaid taxes which are, or could become a lien
on the properties and assets of the Company, except as provided for in the
Company Financial Statements, or have been incurred in the normal course of
business of the Company since that date.  All tax returns of any kind
required to be filed have been filed and the taxes paid, except for the year
ended December 31, 2007.  There are no disputes as to taxes of any
nature payable by the Company.

    

    3.7           Litigation.  To
the best knowledge and reasonable belief of Mr. Birmingham, there are no legal,
administrative or other proceedings, investigations or inquiries, product
liability or other claims, judgments, injunctions or restrictions, either
threatened, pending, or outstanding against or involving the Company, or its
assets, properties, or business, nor does Mr. Birmingham know, or have
reasonable grounds to know, of any basis for any such proceedings,
investigations or inquiries, product liability or other claims, judgments,
injunctions or restrictions.  In addition, there are no material
proceedings existing, pending or reasonably contemplated to which any officer,
director, or affiliate of the Company is a party adverse to the Company or has a
material interest adverse to the Company.

    

    3.8           SEC
Filings.  As of their respective filing dates, each and every
filing made by the Company with the Securities and Exchange Commission (the
“SEC”) complied as to form in all material
respects with the applicable requirements of the Exchange Act and the Securities
Act, to the knowledge of Mr. Birmingham did not contain a misstatement of a
material fact or an omission of a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading as of the time such documents were filed
and were timely filed with the SEC.  There is no other document or
report required to be filed by the Company with the SEC that has not been filed
and, with the exception of the transactions contemplated hereby, no event or
transaction has occurred or is presently contemplated which is required to be
disclosed by the Company in any filing with the SEC. 

     

     

     

     

    
      
        
        

      

      
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    3.9           Undisclosed
Liabilities.  The Company has no material liability (whether
known or unknown, whether asserted or unasserted, whether absolute or
contingent, whether accrued or unaccrued, whether liquidated or unliquidated,
and whether due or to become due, including any liability for taxes), except for
liabilities set forth on the face of the balance sheet included with the Company
Financial Statements (rather than in any notes thereto), except as set forth in
Schedule 3.9 attached hereto.

    

    3.10         Legal
Compliance.  The Company has complied with all applicable laws
(including rules, regulations, codes, plans, injunctions, judgments, orders,
decrees, rulings, and charges thereunder) of federal, state, local, and foreign
governments (and all agencies thereof), and no action, suit, proceeding,
hearing, investigation, charge, complaint, claim, demand, or notice has been
filed or commenced against any of them alleging any failure so to comply, except
where the failure to comply would not have a material adverse
effect.

    

    3.11         Issuance of
Shares.  The 20,000,000 shares of common stock of the Company
to be issued to Mr. White upon receipt of the $20,000 as provided in Section 1.1
hereof, shall be deemed legally issued, fully paid and non-assessable
outstanding shares of the Company.

    

    3.12         Full
Disclosure.  No representation or warranty by the Company
contained in this Agreement contains any untrue statement of material fact or
omits to state a material fact necessary, in light of the circumstances under
which it was made, to make any of the representations and warranties therein not
misleading.

    

    ARTICLE
IV

    Covenants

    

    4.1           Access to
Information.  Mr. White and his authorized representatives
shall have full access during normal business hours to all properties, books,
records, contracts, and documents of the Company, and Mr. Birmingham shall cause
the Company to furnish or cause to be furnished to Mr. White and his authorized
representatives all information with respect to its affairs and business as Mr.
White may reasonably request.  Mr. White shall hold, and shall cause
his representatives to hold confidential, all such information and documents,
other than information that (i) is in the public domain at the time of its
disclosure to Mr. White; (ii) becomes part of the public domain after disclosure
through no fault of Mr. White; (iii) is known to Mr. White prior to disclosure;
or (iv) is disclosed in accordance with the written consent of Mr.
Birmingham.  In the event this Agreement is terminated prior to
Closing, Mr. White shall, upon the written request of Mr. Birmingham, promptly
return all copies of all documentation and information provided by the Company
hereunder.

     

     

     

     

    
      
        
        

      

      
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    4.2           Actions Prior to
Closing.  From and after the date of this Agreement and until
the Closing Date, Mr. White shall cause the Company to carry on its business
substantially in the same manner as heretofore, without any material changes to
the Company.

    

    4.3           Publicity.  The
parties agree that no publicity, release, or other public announcement
concerning this Agreement or the transactions contemplated by this Agreement
shall be issued by any party hereto without the advance approval of both the
form and substance of the same by the other parties and their counsel, which
approval, in the case of any publicity, release, or other public announcement
required by applicable law, shall not be unreasonably withheld or
delayed.

    

    4.4           Expenses.  Each
party to this Agreement shall bear his own respective expenses incurred in
connection with the negotiation and preparation of this Agreement, in the
consummation of the transactions contemplated hereby, and in connection with all
duties and obligations required to be performed by each of them under this
Agreement.

    

    4.5           Brokerage.  Each
of the parties hereto represents that he has had no dealings in connection with
this transaction with any finder or broker who will demand payment of any fee or
commission from the other party.

    

    4.6           SEC
Filings.  Mr. Birmingham shall cause the Company to file all
periodic and current reports required to be filed with the SEC for all periods
after execution of this Agreement through the Closing Date.

    

    4.7           Birmingham
Shares.  From the date of this Agreement until the sale of all
of the Birmingham Shares by Mr. Birmingham as provided in Section 1.3 above, Mr.
Birmingham shall not otherwise bargain, sell, or encumber, or grant any other
right to purchase, such shares in any manner.

    

    4.8           Bank
Accounts.  Prior to Closing Mr. Birmingham shall cause the
Company to use any remaining funds in its bank accounts to pay any outstanding
payables and thereafter to close such bank accounts.

    

    4.9           Further
Assurances.  At any time, and from time to time, after the date
and Closing of this Agreement, each party will execute such additional
instruments and take such action as may be reasonably requested by the other
party to confirm or perfect title to any property interests transferred
hereunder or otherwise to carry out the intent and purposes of this
Agreement.

    

    4.10         Mutual
Indemnification.  Mr. Birmingham shall indemnify Mr. White for
any loss, cost, expense, or other damage (including, without limitation,
attorneys’ fees and expenses) suffered by him resulting from, arising out of, or
incurred with respect to the falsity or the breach of any
representation, warranty, or covenant made by Mr. Birmingham herein, and any
claims arising from the operations of the Company prior to the Closing
Date.  Mr. White shall indemnify and hold Mr. Birmingham harmless from
and against any loss, cost, expense, or other damage (including, without
limitation, attorneys’ fees and expenses) resulting from, arising out of, or
incurred with respect to, or alleged to result from, arise out of or have been
incurred with respect to, the falsity or the breach of any representation,
covenant, warranty, or agreement made by Mr. White herein, and any claims
arising from the operations of the Company following the Closing
Date.  The indemnity agreement contained herein shall remain operative
and in full force and effect, regardless of any investigation made by or on
behalf of any party and shall survive the consummation of the transactions
contemplated by this Agreement for a period of two years from the date of this
Agreement.

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
V

    Conditions
to Obligations to Close

    

    5.1           Conditions Precedent to Mr.
White’s Obligations.  The obligations of Mr. White under this
Agreement are subject to the satisfaction (or waiver by Mr. White) of the
following conditions precedent on or before the Closing Date:

    

    a.           Representations and
Warranties.  Without supplementation after the date of this
Agreement, the representations and warranties of Mr. Birmingham contained in
this Agreement shall be, with respect to those representations and warranties
qualified by any materiality standard, true and correct in all respects, as of
the Closing Date, and with respect to all other representations and warranties,
true and correct in all material respects, as of the Closing Date, with the same
force and effect as if made as of the Closing Date.

    

       
b.           Compliance with Agreements
and Covenants.  Mr. Birmingham shall have performed and
complied in all material respects with all of his covenants, obligations and
agreements contained in this Agreement to be performed and complied with by it
on or prior to the Closing Date.

    

    c.           Documents.  Mr.
White shall have received all of the agreements, documents and items specified
in Section 2.2(a) hereof.

    

       
d.           No Material Adverse
Change.  At the Closing Date, there shall have been no material
adverse change in the assets, liabilities, financial condition, capitalization,
or business of the Company since December 31, 2007.  Between the date
of this Agreement and the Closing Date, there shall not have occurred an event
that would reasonably be expected to constitute a material adverse
effect.

    

       
e.           Actions or
Proceedings.  No action or proceeding by any governmental
authority or other person shall have been instituted or threatened which: (a) is
likely to have a material adverse effect; or (b) could enjoin, restrain or
prohibit, or could result in substantial damages in respect of, any provision of
this Agreement or the consummation of the transactions contemplated
hereby.

     

     

     

    
      
        
        

      

      
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    f.           Company Indebtedness and
Outstanding Agreements.  On the Closing Date, all of the
Company’s debts, accounts payables and liabilities, wither contingent or
otherwise, shall be paid or satisfied in full, except as set forth in Schedule
1.5 hereof.  Except for this Agreement and as expressly disclosed
herein, on the Closing Date the Company will not be a party to any material
agreement.

    

       
g.           No Shareholder Vote of the
Company Required.  The transactions contemplated under this
Agreement will not require the approval of the Company’s
shareholders.

    

    5.2           Conditions Precedent to Mr.
Birmingham’s Obligations.  The obligations of Mr. Birmingham
under this Agreement are subject to the satisfaction (or waiver by Mr.
Birmingham) of the following conditions precedent on or before the Closing
Date:

    

    a.           Representations and
Warranties.  Without supplementation after the date of this
Agreement, the representations and warranties of Mr. White contained in this
Agreement shall be, with respect to those representations and warranties
qualified by any materiality standard, true and correct in all respects, as of
the Closing Date, and with respect to all other representations and warranties,
true and correct in all material respects, as of the Closing Date, with the same
force and effect as if made as of the Closing Date.

    

       
b.           Compliance with Agreements
and Covenants.  Mr. White shall have performed and complied in
all material respects with all of his covenants, obligations and agreements
contained in this Agreement to be performed and complied with by it on or prior
to the Closing Date.

    

    c.           Documents.  Mr.
Birmingham shall have received all of the agreements, documents and items
specified in Section 2.2(b) hereof.

    

       
d.           Actions or
Proceedings.  No action or proceeding by any governmental
authority or other person shall have been instituted or threatened which: (a) is
likely to have a material adverse effect; or (b) could enjoin, restrain or
prohibit, or could result in substantial damages in respect of, any provision of
this Agreement or the consummation of the transactions contemplated
hereby.

    

    ARTICLE
VI

    Termination

    

    6.1           Method of
Termination.  This Agreement may be terminated at any time
prior to Closing as follows:

    
       

      
         

      

                                        

        
          	
                   
      

                	
                  a.

                	
                  by
      mutual written consent of the parties
hereto;

                

        

      

    

     

    

        b.           by
Mr. Birmingham if (i) there has been a material misrepresentation, breach of
warranty, or breach of covenant by Mr. White under this Agreement, or (ii) any
of the conditions precedent of Closing set forth in Section 6(b) have not been
met on or before the Closing
Date, and, in each case, Mr. Birmingham is not then in material default of its
obligations hereunder; or

     

     

     

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

     

     

    
 

       
d.           by Mr. White
if (i) there has been a material misrepresentation, breach of warranty, or
breach of covenant by Mr. Birmingham under this Agreement, or (ii) any of the
conditions precedent of Closing set forth in Section 5(a) have not been met on
or before the Closing Date, and, in each case, the Mr. White Company is not then
in material default of its obligations hereunder

    

    6.2           Waiver.  Any
term or provision of this Agreement may be waived in writing at any time by the
party or parties entitled to the benefits thereof.  Any waiver
effected pursuant to this Section 6.2 shall be binding upon all parties
hereto.

    

    ARTICLE
VII

    Miscellaneous
Provisions

    

    7.1           Notices.  All
notices, requests, demands, and other communications required to or permitted to
be given under this Agreement shall be in writing addressed to the other party
at the address set forth below (or at such other address or facsimile number as
shall be designated by any party hereto in written notice to the other party
hereto delivered pursuant to this Section) and shall be conclusively deemed to
have been duly given when:

    

       
(a)           Hand-delivered
to the other party;

    

       
(b)           Received
when sent by facsimile at the number set forth below;

    

       
(c)           The next
business day after same have been deposited with a national overnight delivery
service, shipping prepaid, addressed to the party as set forth below with
next-business day delivery guaranteed, provided that the sending party receives
a confirmation of delivery from the delivery service provider; or

    

       
(d)           Three
business days after mailing if mailed from within the continental United States
by registered or certified mail, postage prepaid, return receipt requested,
addressed to the parties as set forth below.

    

    
      	 
      	
              Carey
      G. Birmingham

            
	 
      	
              20022
      Creek Farm

            
	 
      	
              San
      Antonio, TX  78259

            
	 
      	
              Fax:

            
	 
      	 
      
	 
      	
              Steven
      L. White

            
	 	
              899
      South Artistic Circle

            
	 	
              Springville,
      UT  84663

            
	 	
              Fax:  (801)
      489-6734

            

    

     

     

     

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

     

     

     

     

    7.2           Default.  If
any legal action or other proceeding is brought for the enforcement of this
Agreement, or because of an alleged dispute, breach, default, or
misrepresentation in connection with any of the provisions of this Agreement,
the successful or prevailing party or parties will be entitled to recover
reasonable attorneys’ fees and other costs incurred in that action or
proceeding, in addition to any other relief to which it or they may be
entitled.

    

    7.3           Governing Law and
Venue.  This Agreement and the rights and duties of the parties
hereto shall be construed and determined in accordance with the laws of the
State of Utah (without giving effect to any choice or conflict of law
provisions), and any and all actions to enforce the provisions of this Agreement
shall be brought in a court of competent jurisdiction in the County of Salt
Lake, State of Utah, and in no other place.

    

    7.4           Partial
Invalidity.  If any term of this Agreement shall be held to be
invalid or unenforceable, such term shall be deemed to be severable and the
validity of the other terms of this Agreement shall in no way be affected
thereby.

    

    7.5           Survival of Covenants,
Etc.  All covenants, representations and warranties made herein
shall survive the making of this Agreement and shall continue in full force and
effect for a period of one year from the date of this Agreement, at the end of
which period no claim may be made with respect to any such covenant,
representation, or warranty unless such claim shall have been asserted in
writing to the other party during such period.

    

    7.6           Entire
Agreement.  This Agreement constitutes the entire understanding
between the parties hereto with respect to the subject matter hereof and
supersedes all negotiations, representations, prior discussions, and preliminary
agreements between the parties hereto relating to the subject matter of this
Agreement.

    

    7.7           Binding on
Successors.  This Agreement will be binding on, and will inure
to the benefit of, the parties and to their respective heirs, legal
representatives, successors, and assigns.

    

    7.8           Headings.  The
descriptive headings of the various sections and or parts of this Agreement are
for convenience only and shall not affect the meaning or construction of any of
the provisions hereof.

    

    7.9           Interpretation of
Agreement.  This Agreement shall be interpreted and construed
as if equally drafted by both parties hereto.

    

    7.10         Exhibits and
Schedules. Each of the exhibits and schedules referenced in this
Agreement is annexed hereto and is incorporated herein by this reference and
expressly made a part hereof.

    

    7.11         Counterparts; Facsimile
Execution.  This Agreement may be executed in any number of
counterparts and all such counterparts taken together shall be deemed to
constitute one instrument.  Delivery of an executed counterpart of
this Agreement by facsimile or email shall be equally as effective as delivery
of a manually executed counterpart of this Agreement.

     

     

     

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

     

    7.12           Full
Knowledge.  By their signatures, the parties acknowledge that
they have carefully read and fully understand the terms and conditions of this
Agreement, that each party has had the benefit of counsel, or has been advised
to obtain counsel, and that each party has freely agreed to be bound by the
terms and conditions of this Agreement.

    

    IN WITNESS WHEREOF, each of the parties
has executed this Agreement on the day and year first written
above.

    

    

    

    
      	 
      	
              /s/ Carey G.
      Birmingham

            
	 
      	
              Carey
      G. Birmingham

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              /s/ Steven L.
      White

            
	 
      	
              Steven
      L. White

            
	 
      	 
      

    

     

     

     

     

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    Exhibit D

     

    
      
        General
Release and Debt Forgiveness

        

        

        For
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Carey G. Birmingham, an individual, for himself and for any entity
owned or controlled by him (“Releasor”), does hereby remise, release, and
forever discharge United Restaurant Management, Inc., a Delaware
corporation  (“Releasee”), of and from all, and all manner of,
actions, causes of action, suits, proceedings, debts, dues, contracts,
judgments, damages, claims, and demands whatsoever in law or equity, which
Releasor ever had, now has, or which Releasor’s heirs, executors, administrators
or personal representatives hereafter can, shall, or may have for or by reason
of any matter, cause, or thing whatsoever, from the beginning of time to the
date of the execution of this release.

        

        In addition, for valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Releasor hereby forgives and discharges any and all monies due and payable by
the Releasee to Releasor, including, but not limited to, funds provided to the
Releasee by the Releasor pursuant to the line of credit furnished by the
Releasor to the Releasee.

        

        Date:  April
11, 2008

        

        
          	 	/s/
      Carey G. Birmingham	
                   

                
	 	Carey
      G. Birmingham	 
	 	 	 
      	 
      

        

        Witnessed:

        

        

        

        

                               

          
            	
                    /s/
      Lisa Stewart

                  	 
	
                    Signature

                  	 
	 
      	 
	
                    Name:
      Lisa Stewart

                  	 

          
                                   

        

        
          
            
            

          

          
            -14-_

AMENDED AND RESTATED 

INLAND WESTERN RETAIL REAL ESTATE TRUST, INC.

INDEPENDENT DIRECTOR STOCK OPTION PLAN

(As of January 2008)

ARTICLE I

GENERAL

1.1

PURPOSE:

Inland Western Retail Real Estate Trust, Inc., a Maryland corporation (the “Company”), hereby adopts this Independent Director Stock Option Plan (the “Plan”).  The purpose of the Plan is to foster and promote the long-term financial success of the Company by attracting and retaining outstanding nonemployee directors by enabling them to participate in the Company’s growth through the granting of Options (as defined in Article II) which entitle them to purchase shares of the Company’s common stock, par value $0.001 per share (“Shares”).

1.2

PARTICIPATION:

Only directors of the Company who at the time an Option is granted are “Non-Employee Directors” as such term is defined in Rule 16b3 promulgated under the Securities Exchange Act of 1934, as amended (“Rule 16b3”), or any similar rule which may subsequently be in effect (the “Independent Directors”) shall receive an Option under the Plan.

1.3

SHARES SUBJECT TO THE PLAN:

Shares to be issued upon exercise of Options granted under the Plan may be in whole or in part from authorized but unissued Shares or treasury Shares of the Company.  A maximum of 75,000 Shares (the “Plan Maximum”) may be issued for all purposes under the Plan (subject to adjustment pursuant to Section 3.2), and the Company shall reserve 75,000 authorized but unissued Shares as of the date this Plan is established for issuance upon exercise of Options granted under the Plan.  Any Shares reserved for issuance under Options which for any reason are canceled or terminated without having been exercised shall not be counted in determining whether the Plan Maximum has been reached.  Options for fractional shares shall not be granted.

1.4

GENDER AND NUMBER:

Except when otherwise indicated by the context, words in the masculine gender when used in the Plan shall include the feminine gender, the singular shall include the plural, and the plural shall include the singular.

ARTICLE II

STOCK OPTION AWARDS

2.1

AWARD OF STOCK OPTIONS:

(a)

Effective on the date on which an Independent Director becomes a member of the Board of Directors of the Company, each Independent Director who satisfies the conditions set forth in Section 1.2 will automatically be awarded a stock option (an “Initial Option”) under the Plan to purchase 5,000 Shares (subject to adjustment pursuant to Section 3.2).  Effective on the date of each Annual Meeting of Stockholders of the Company (an “Annual Meeting”), commencing with the Company’s Annual Meeting in 2008, each Independent Director then in office who satisfies the conditions set forth in Section 1.2 will automatically be awarded a stock option (a “Subsequent Option” or the “Subsequent Options”, collectively with the “Initial Options” referred to herein as an “Option” or “Options”) to purchase 5,000 Shares (subject to adjustment pursuant to Section 3.2). The Options are not intended to qualify as “incentive stock options” as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

(b)

Notwithstanding any other provision of this Plan, no Options shall be issued pursuant to Section 2.1(a) to the extent that the issuance of such Options would (i) enable the Independent Directors as a group to hold more than 10% of the outstanding Shares if such Options were exercised; (ii) result in the Company being “closely held” within the meaning of Code Section 856(h); (iii) cause the Company to own, directly or constructively, 10% or more of the ownership interests in a tenant of the property of the Company (or of the property of one or more partnerships in which the Company is a partner), within the meaning of Code Section 856(d)(2)(B); or (iv) cause, in the opinion of counsel to the Company, the Company to fail to qualify (or create, in the opinion of counsel to the Company, a material risk that the Company would no longer qualify) as a real estate investment trust within the meaning of Code Section 856.  To the extent that the issuance of Options pursuant to Section 2.1(a) would violate any of these limitations, the number of Shares that may be purchased under the Options to be issued to each of the Independent Directors shall be reduced pro rata.  To the extent that the number of Shares which may be purchased under Options issued to an Independent Director is reduced in any year as a result of the application of these limitations, Options to purchase such Shares shall be issued to the Independent Director in any subsequent year in which issuance of such Options, after taking into account the Options to be issued to the Independent Directors in such subsequent year under Section 2.1(a), would not violate the limitations imposed by this Section 2.1(b).  To the extent that the issuance of an Option is delayed until a subsequent year under this Section 2.1, the Option shall be treated for all purposes under this Plan as having been issued in such subsequent year.

2.2

STOCK OPTION CERTIFICATES:

The award of an Option shall be evidenced by a certificate executed by an officer of the Company.

2

2.3

OPTION PRICE:

The purchase price of a Share (the “Option Price”) under each Initial Option granted shall be the Fair Market Value (as defined in Section 3.5) of a Share on the date of the grant.  The Option Price under each Subsequent Option granted on the date of any Annual Meeting shall be the Fair Market Value of a Share on the last business day preceding the date of the Annual Meeting.

2.4

EXERCISE AND TERM OF OPTIONS:

(a)

Options may be exercised by the delivery of written notice of exercise and payment of the aggregate Option Price for the Shares to be purchased to the Secretary of the Company.  The Option Price may be paid in cash (including check, bank draft or money order) or, unless in the opinion of counsel to the Company doing so may result in a possible violation of law, by delivery of Shares already owned by the Independent Director, valued at Fair  Market Value on the date of the exercise.  As soon as practicable after receipt of each notice and full payment, the Company shall deliver to the Independent Director a certificate or certificates representing the purchased Shares.  An Independent Director shall have none of the rights of a shareholder until a certificate or certificates for Shares underlying the Option(s) exercised are issued and no adjustment will be made for dividends or other rights for which the record date is prior to the date such certificate or certificates are issued.

(b)

Each certificate for Shares issued upon exercise of an Option, unless at the time of exercise such Shares are registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), shall bear the following legend:

NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL BE MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT REGISTRATION IS NOT REQUIRED.

Any certificate issued at any time in exchange or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution pursuant to a registration statement under the Act of the securities represented thereby) shall also bear the above legend unless, in the opinion of such counsel as shall be reasonably approved by the Company, the securities represented thereby no longer need be subject to such restrictions.

Each certificate for Shares issued upon exercise of an Option shall also bear any legends required by the Company’s Articles of Incorporation and the transferability of the certificate and the Shares represented thereby shall be subject to the restrictions contained in the Company’s Articles of Incorporation.

(c)

An Independent Director’s Initial Option shall (subject to Section 3.1) become exercisable as follows: (i) 1,666 shares on the date of grant, (ii) an additional 1,666 shares on the first anniversary of the date of grant, and (iii) an additional 1,668 shares on the second anniversary of the date of grant  and shall continue to be exercisable until the first to occur of 

3

(i) the tenth anniversary of the date of grant, (ii) the removal for cause of the Independent Director as an Independent Director, or (iii) three months following the date the Independent Director ceases to be an Independent Director for any other reason except death or disability.  Each of an Independent Director’s Subsequent Options shall (subject to Section 3.1) become fully exercisable on the second anniversary of the date on which the Subsequent Option(s) was granted  and shall continue to be exercisable until the first to occur of (i) the tenth anniversary of the date of grant, (ii) the removal for cause of the Independent Director as an Independent Director, or (iii) three months following the date the Independent Director ceases to be an Independent Director for any other reason except death or disability.  Notwithstanding the foregoing, Options granted under this Plan shall continue to be exercisable in the case of death or disability for a period of one year after death or the disabling event, provided that the death or disabling event occurs while the person is an Independent Director and prior to his or her removal for cause, resignation or ceasing to be an Independent Director for any other reason and the Option is otherwise exercisable on the date of the death or disabling event; provided, however, if the Option is exercised within the first six months after it becomes exercisable, any Shares issued pursuant to such exercise may not be sold until the six month anniversary of the date of the grant of the Option. An Independent Director is removed “for cause” for gross negligence or willful misconduct in the execution of his duties; or for conviction of, or entry of a plea of guilty or nolo contendere to, any felony or any act of fraud, embezzlement, misappropriation, or a crime involving moral turpitude.

(d)

Notwithstanding any other terms or provisions herein to the contrary, no Option may be exercised if, in the opinion of the Company’s counsel, such exercise would jeopardize the Company’s  status as a real estate investment trust under the Code.

ARTICLE III

MISCELLANEOUS PROVISIONS 

3.1

NONTRANSFERABILITY; BENEFICIARIES:

No Option awarded under the Plan shall be transferable by the Independent Director otherwise than by will or, if the Independent Director dies intestate, by the laws of descent and distribution.  All Options exercised during the Independent Director’s lifetime shall be exercised only by the Independent Director or his legal representative.  Any transfer contrary to this Section 3.1 will nullify the Option.  Notwithstanding any other provisions of this Plan, Options granted under this Plan shall continue to be exercisable in the case of death or disability for a period of one year after death or the disabling event, provided that the death or disabling event occurs while the person is an Independent Director and prior to his or her removal for cause, resignation or ceasing to be an Independent Director for any other reason and the Option is exercisable on the date of the Independent Director’s death or disabling event; provided, however, if the Option is exercised within the first six months after it becomes exercisable, any Shares issued on such exercise may not be sold until the six month anniversary of the date of the grant of the Option.  Each Independent Director may name, from time to time, any beneficiary or beneficiaries (who may be named contingently or successively) who may exercise such Options.  Each designation will revoke all prior designations by such Independent Director, must be in writing and will be effective only when filed with the Secretary of the Company during his lifetime.

4

3.2

ADJUSTMENT UPON CERTAIN CHANGES:

(a) 

If the outstanding Shares are (i) increased, decreased, or (ii) changed into, or exchanged for, a different number or kind of shares or securities of the Company, through a reorganization or merger in which the Company is the surviving entity, or through a combination, recapitalization, reclassification, stock split, stock dividend, stock consolidation or otherwise, an appropriate adjustment shall be made in the number and kind of Shares that may be issued pursuant to an Option and in the minimum number of Shares that must be issued and outstanding prior to the issuance of the Initial Options pursuant to Section 2.1(a)(iii).  A corresponding adjustment to the consideration payable with respect to all Options granted prior to any such change shall also be made.  Any such adjustment, however, shall be made without change in the total payment, if any, applicable to the portion of the Option not exercised but with a corresponding adjustment in the Option Price for each Share.

(b)

Upon the dissolution or liquidation of the Company, or upon a reorganization, merger or consolidation of the Company with one or more corporations as a result of which the Company is not the surviving corporation, or upon sale of all or substantially all of the Company’s property, the Plan shall terminate, and any outstanding Options shall terminate and be forfeited.  However, holders of Options may exercise any Options that are otherwise exercisable immediately prior to the dissolution, liquidation, consolidation or merger.  Notwithstanding the foregoing, the Board of Directors may provide in writing in connection with, or in contemplation of, any such transaction for any or all of the following alternatives (separately or in combinations): (i) for the assumption by the successor corporation of the Options theretofore granted or the substitution by such corporation for such Options of awards covering the stock of the successor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; (ii) for the continuance of the Plan by such successor corporation in which event the Plan and the Options shall continue in the manner and under the terms so provided; or (iii) for the payment in cash or Shares in lieu of and in complete satisfaction of such Options.

3.3

AMENDMENT, SUSPENSION AND TERMINATION OF PLAN:

The Board of Directors may suspend or terminate the Plan or any portion thereof at any time and may amend it from time to time in such respects as the Board of Directors may deem advisable in order that any Options thereunder shall conform to or otherwise reflect any change in applicable laws or regulations, or to permit the Company or the Independent Directors to enjoy the benefits of any change in applicable laws or regulations, or in any other respect the Board of Directors may deem to be in the best interests of the Company; provided, however, that no such amendment shall, without stockholder approval to the extent required by law, or any agreement or the rules of any stock exchange upon which the Shares may be listed or of any national market system on which Shares may be traded: (a) except as provided in Section 3.2, materially increase the number of Shares which may be issued under the Plan; (b) materially modify the requirements as to eligibility for participation in the Plan; (c) materially increase the benefits accruing to Independent Directors under the Plan; or (d) extend the termination date of the Plan.  No such amendment, suspension or termination shall: (x) impair the rights of Independent Directors under any outstanding Option without the consent of the Independent Directors affected thereby; or (y) make any change that would disqualify the Plan, or any other plan of the Company intended to be so qualified, from the exemption provided by Rule 16b3.

5

3.4

TAX WITHHOLDING:

(a)

The Company shall have the power to withhold, or require an Independent Director to remit to the Company, an amount sufficient to satisfy any withholding or other tax due from the Company with respect to any amount payable and/or Shares issuable under the Plan, and the Company may defer such payment or issuance unless indemnified to its satisfaction.

(b)

Subject to the consent of the Board of Directors of the Company, due to the exercise of an Option, an Independent Director may make an irrevocable election (an “Election”) to: (a) have Shares otherwise issuable hereunder withheld; or (b) tender back to the Company Shares received; or (c) deliver back to the Company previously acquired Shares having a Fair Market Value sufficient to satisfy all or part of the Independent Director’s estimated tax obligations associated with the transaction.  Such Election must be made by an Independent Director prior to the date on which the relevant tax obligation arises.  The Board of Directors of the Company may disapprove of any Election, may suspend or terminate the right to make Elections, or may provide with respect to any Option under this Plan that the right to make Elections shall not apply to such Option.

3.5

DEFINITION OF FAIR MARKET VALUE:

“Fair Market Value” on any date shall mean the average of the Closing Price (as defined below) per Share for the five consecutive Trading Days (as defined below) ending on such date.  The “Closing Price” on any date shall mean the last sale price, regular way (as defined below), or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the principal national securities exchange on which the Shares are listed or admitted to trading or, if the Shares are not listed or admitted to trading on any national securities exchange, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Shares selected by the Board or, if there is no professional market maker making a market in the Shares, the average of the last ten (10) purchases by the Company pursuant to its Share Repurchase Program (the “SRP”), and if there are fewer than ten (10) of such purchases under the SRP, then the average of such lesser number of purchases, or, if the SRP is not then in existence, the price at which the Company is then offering Shares to the public if the Company is then engaged in a public offering of Shares, or if the Company is not then offering Shares to the public, the price per share at which a Stockholder may purchase Shares pursuant to the Company’s Distribution Reinvestment Program (the “DRP”) if such DRP is then in existence, or if the DRP is not then in existence, the fair market value of a Share as determined by the Company, in its sole discretion.  “Trading Day” shall mean a day on which the principal national securities exchange or national automated quotation system on which the Shares are listed or admitted to trading is open for the transaction of business or, if the Shares are not listed, shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of Illinois are authorized or obligated by law or executive order to close.  The term “regular way” means a trade that is effected in a recognized securities market for clearance and settlement pursuant to the rules and procedures of the National Securities Clearing Corporation, as opposed to a trade effected “ex-clearing” for same-day or next-day settlement.

6

3.6

PLAN NOT EXCLUSIVE:

The adoption of the Plan shall not preclude the adoption by appropriate means of any other stock option or other incentive plan for Independent Directors or other Directors of the Company.

3.7

LISTING, REGISTRATION AND LEGAL COMPLIANCE:

Each Option shall be subject to the requirement that if at any time counsel to the Company shall determine that the listing, registration or qualification thereof or of any Shares or other property subject thereto upon any securities exchange or under any foreign, federal or state securities or other law or regulation, or the consent or approval of any governmental body or the taking of any other action to comply with or otherwise, with respect to any such law or regulation, is necessary or desirable as a condition to or in connection with the award of such Option or the issue, delivery or purchase of Shares or other property thereunder, no such Option may be exercised or paid in Shares or other property unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained free of any conditions not acceptable to the Company, and the holder of the award will supply the Company with such certificates, representations and information as the Company shall request and shall otherwise cooperate with the Company in effecting or obtaining such listing, registration, qualification, consent, approval or other action.  The Company may at any time impose any limitations upon the exercise, delivery or payment of any Option which, in the opinion of the Board of Directors of the Company, are necessary or desirable in order to cause the Plan or any other plan of the Company to comply with Rule 16b3.  If the Company, as part of an offering of securities or otherwise, finds it desirable because of foreign, federal or state legal or regulatory requirements to reduce the period during which Options may be exercised, the Board of Directors of the Company may, without the holders’ consent, so reduce such period on not less than 15 days written notice to the holders thereof.

3.8

RIGHTS OF INDEPENDENT DIRECTORS:

Nothing in the Plan shall confer upon any Independent Director any right to serve as an Independent Director for any period of time or to continue serving at his present or any other rate of compensation.

3.9

NO OBLIGATION TO EXERCISE OPTION:

The granting of an Option shall impose no obligation upon the Independent Director to exercise such Option.

3.10

REQUIREMENTS OF LAW; GOVERNING LAW:

The granting of Options under this Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.  The Plan and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Illinois.  The provisions of this Plan shall be interpreted so as to comply with the conditions or requirements of Rule 16b3, unless a contrary interpretation of any such provision is otherwise required by applicable law.

7

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