Document:

Stock
      Option Agreement

    [Date]

    

    [Name]

    [Address]

    

    

    Dear
      [   ]:

     

    I
      am
      pleased to inform you that MRU Holdings, Inc. (the “Company”) has granted you
stock
      options
      to
      purchase shares of the Company’s common stock, par value $0.001, (the "Common
      Stock") as set forth below.

     

    The
      grant
      of this option is made pursuant to the MRU Holdings, Inc. 2004 Incentive Plan
      (the “Plan”). The terms of the Plan are incorporated into this letter and in the
      case of any conflict between the Plan and this letter, the terms of the Plan
      shall control. Terms that begin with initial capital letters shall have the
      defined meaning set forth herein or in the Plan, as the case may
      be.

     

    Now,
      therefore, in consideration of the foregoing and the mutual covenants
      hereinafter set forth:

     

    1. Non-incentive
      Stock Option.
      The
      Company hereby grants you a non-incentive stock option (“Option”) to purchase
      from the Company [   ] shares of Common Stock at a price of
      $[   ] per share. The Date of Grant is [   ]. Unless earlier
      exercised or terminated in accordance with the terms hereunder and in the Plan,
      this Option will expire on the date that is the tenth (10th)
      anniversary of the Date of Grant.

     

    2. Entitlement
      to Exercise the Option.
      The
      grant of the Option is subject to the following terms and
      conditions:

     

    (a) This
      Option will become vested and exercisable, with respect to the total shares
      granted, at the rate of [   ] shares on [   ], [  
] shares on [   ], and the remaining [   ] shares on
      [   ]; provided that you are employed by the Company on the particular
      vesting date.

     

    (b) Notwithstanding
      the foregoing vesting and exercisability conditions, this Option will become
      immediately vested and fully exercisable upon a Change in Control. 

     

    3. Method
      of Exercise & Payment Under Option.
      You may
      exercise the vested portion of the Option in whole or in part, by giving written
      notice to the Company which shall state the election to exercise the Option
      and
      the number of shares of Common Stock with respect to which the Option is being
      exercised. The written notice shall be signed by the person exercising the
      Option, shall be delivered to the Corporate Secretary of the Company at the
      Company’s principal executive office, and shall be accompanied either by (i)
      payment in full of the exercise price for the shares of Common Stock being
      purchased, by delivery of cash or check, or (ii) your written election to
      receive a net number of shares determined by reducing the shares with respect
      to
      which you are exercising this Option by a number of shares that have a Fair
      Market Value, determined on the date of exercise, equal to the sum of the
      aggregate exercise price payable hereunder for such shares, and the “Applicable
      Withholding Taxes” within the meaning of and pursuant to Section 4(iii) of this
      Option. 

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

      
        

      

       

    

    4. Tax
      Withholding.
      As a
      condition of exercise, you agree that at the time of exercise that you will
      pay
      to the Company the Applicable Withholding Taxes (as that term is defined in
      the
      Plan), if any, that the Company is required to withhold in connection with
      the
      exercise of the Option. To satisfy the Applicable Withholding Taxes, you may
      elect to (i) make cash payment or authorize additional withholding from cash
      compensation, (ii) deliver Mature Shares (as that term is defined in the Plan)
      (valued at their Fair Market Value) or (iii) have the Company retain that number
      of shares of Common Stock that would satisfy all or a portion of the Applicable
      Withholding Taxes. 

     

    5. Transferability
      of Option.
      The
      Option is not transferable by you (other than by will or by the laws of descent
      and distribution) and may be exercised during your lifetime only by
      you.

     

    6. Termination
      of Option.
      In the
      event that your employment or other relationship underlying the issuance of
      this
      Option is terminated, your rights under this Option shall be as
      follows:

     

    (a)
      in
      the event that the Company terminates your employment or other relationship
      underlying the issuance of this Option for Cause (as that term is defined in
      the
      Plan), any portion of the Option that has not vested shall be forfeited and
      terminated immediately and may not thereafter be exercised to any extent and
      any
      portion of the Option that has vested may be exercised until the last date
      of
      your employment, and not thereafter; 

     

    (b)
      in
      the event that your employment or other relationship underlying the issuance
      of
      this Option terminates due to death or disability, you may exercise the portion
      of the Option that has vested within eighteen (18) months after the date of
      termination, and not thereafter;

     

    (c)
      in
      the event that your employment or other relationship underlying the issuance
      of
      this Option is terminated by you for Good Reason, you may exercise the portion
      of the Option that has vested within two (2) years after the date of
      termination, and not thereafter; or 

     

    (d)
      in
      the event that your employment or other relationship underlying the issuance
      of
      this Option is terminated for any reason other than Cause, Good Reason or your
      death or disability, you shall have the right to exercise the portion of the
      Option that has vested as of the date of such termination at any time during
      the
      one-year period following the date of such termination, and not thereafter.
      

     

    Nothwithstanding
      the foregoing, no Option may be exercised in any event more than ten (10) years
      after the Date of Grant.

     

    The
      term
“Good Reason” means the occurrence (without your express written consent) of any
      of the following circumstances:

     

    
      	 	
              (i)

            	
              any
                material diminution in your authority, duties, or responsibilities;
                

            

    

     

    
      	 	
              (ii)

            	
              a
                material reduction of your annual base salary as in effect on the
                date
                hereof or as the same may be increased from time to time;
                

            

    

     

    
      	 	
              (iii)

            	
              relocation
                of the Company’s offices at which you are employed which increases your
                daily commute by more than 100 miles on a round trip basis;
                or

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      

    

     

    
      	 	
              (iv)

            	
              any
                other action or inaction that constitutes a material breach by the
                Company
                of any agreement under which you provide services;
                

            

    

     

    provided,
      however, that
      Good
      Reason shall not exist unless (I) you have given the Company written notice
      of
      the existence of one or more of the foregoing conditions within sixty (60)
      days of
      its
      initial existence, (II) the Company shall have failed within the following
      thirty (30) days to remedy each such condition, and (III) you have resigned
      within six (6) months following the initial existence of the condition or
      conditions that the Company has failed to cure.

     

    Your
      right to terminate your employment for Good Reason shall not be affected by
      your
      incapacity due to physical or mental illness. Your continued employment shall
      not constitute consent to, or a waiver of rights with respect to, any
      circumstance constituting Good Reason hereunder.

     

    7. Adjustments.
      If the
      number of outstanding shares of Common Stock is increased or decreased as a
      result of one or more stock splits, reverse stock splits, stock dividends,
      recapitalizations, mergers, share exchange acquisitions, combinations or
      reclassifications, the number of shares with respect to which you have an
      unexercised Option and the Option price shall be appropriately adjusted as
      provided in the Plan. 

     

    8. Delivery
      of Certificate.
      The
      Company may delay delivery of the certificate for shares purchased pursuant
      to
      the exercise of an Option until (i) receipt of any required representation
      by
      you or completion of any registration or other qualification of such shares
      under any state or federal law regulation that the Company’s counsel shall
      determine as necessary or advisable, and (ii) receipt by the Company of advice
      by counsel that all applicable legal requirements have been complied with.
      As a
      condition of exercising the Option, you may be required to execute a customary
      written indication of your investment intent and such other agreements the
      Company deems necessary or appropriate to comply with applicable securities
      laws.

     

    9. No
      Guaranteed Right of Employment.
      If you
      are employed by the Company, nothing contained herein shall confer upon you
      any
      right to be continued in the employment of the Company or interfere in any
      way
      with the right of the Company to terminate your employment at any time for
      any
      cause.

     

    10. Notices.
      Notices
      hereunder shall be mailed or delivered to the Company at its principal place
      of
      business, and shall be delivered to you in person or mailed or delivered to
      you
      at the address set forth below, or in either case at such other address as
      one
      party may subsequently furnish to the other party in writing. 

    

    11. Choice
      of Law.
      This
      Agreement shall be governed by Delaware law, without giving effect to the
      conflicts of laws provisions thereof.

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
         

      

      
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              MRU
                Holdings, Inc. 

            
	 	 
	 	 	 
	 	
              By:
                

            	   

	 	
              Name:

            	
              Edwin
                J. McGuinn, Jr.

            
	 	
              Title:

            	
              Chief
                Executive Officer

            

    

    

    

    ACKNOWLEDGEMENT
      BY OPTIONEE

    

    The
      foregoing Option is hereby accepted and the terms and conditions thereof hereby
      agreed to by the undersigned as of the Date of Grant specified
      above.

    

     

    

     

    
      	 	
                   
                

            
	 	
              Optionee's
                Signature

            

    

    

    

    

    

    
      
         

      

      
        4MRU
      HOLDINGS, INC.

     

    2004
      INCENTIVE PLAN

     

    ________________________________

     

    Restricted
      Stock Agreement

    ________________________________

     

    THIS
      Restricted Stock Agreement (the "Agreement") dated as of [
      ],
      by and
      between MRU Holdings, Inc., a Delaware corporation (the "Company") and
[
      ]
      (the
      "Employee"), is entered into as follows:

     

    WITNESSETH:

     

    WHEREAS,
      the Company has established the MRU Holdings, Inc. 2004 Incentive Plan, as
      amended (the “Plan”), a copy of which is attached hereto or which has been
      previously provided to the Employee;

     

    WHEREAS,
      the Compensation Committee of the Board of Directors of the Company has
      determined that the Employee be granted shares of Restricted Stock pursuant
      to
      the terms of the Plan and the terms of this Agreement;

     

    NOW
      THEREFORE, in consideration of the foregoing and the mutual covenants
      hereinafter set forth:

     

    
      	
              1.

            	
              Award
                of Restricted Stock.
                The Company hereby awards to Employee on this date, [   ]
                shares of its common stock, par value $.001 ("Stock"), subject to
                the
                terms and conditions set forth in this Agreement (the
                "Award").

            

    

     

    
      	
              2.

            	
              Issuance
                of Share Certificates or Book Entry Record.
                The Company shall, as soon as administratively feasible after execution
                of
                this Agreement by the Employee, either (1) issue one or more certificates
                in the name of the Employee representing the shares of Restricted
                Stock
                covered by this Award, or (2) direct the Company's transfer agent
                for the
                Stock to make a book entry record showing ownership for the Restricted
                Stock in the name of the Employee, subject to the terms and conditions
                of
                the Plan and this Agreement. If the Restricted Stock vests, upon
                satisfaction of any tax withholding requirements, the Employee’s
                Restricted Stock will be reflected on the Company’s books and records as
                vested Stock. The Employee may request a physical certificate for
                the
                Employee’s vested Stock, and the Committee, in its discretion, may honor
                such request.

            

    

     

    
      	
              3.

            	
              Custody
                of Share Certificates During the Restriction Period.
                In the event that the Company issues one or more certificates for
                the
                Restricted Stock covered by this Award in lieu of book entry, during
                the
                Restriction Period described below:

            

    

     

    
      	 	
              (a)

            	
              The
                certificate or certificates shall bear the following
                legend:

            

    

     

    "The
      transferability of this certificate and the shares of stock represented hereby
      are subject to the terms and conditions (including forfeiture) of the 2004
      Incentive Plan and a Restricted Stock Agreement. Copies of such Plan and
      Restricted Stock Agreement are on file at the headquarters offices of MRU
      Holdings, Inc."

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              The
                certificates shall be held in custody by the Company until the
                restrictions set forth herein shall have lapsed;
                and

            

    

     

    
      	 	
              (c)

            	
              As
                a condition to receipt of this Award, the Employee hereby authorizes
                the
                Company to issue such instructions to the transfer agent as the Company
                may deem necessary or proper to comply with the intent and purposes
                of
                this Agreement and the Plan, including their provisions regarding
                forfeiture, and that this paragraph shall be deemed to constitute
                the
                stock power, endorsed in blank, allowing the Company to instruct
                its
                transfer agent to cancel any certificate representing shares that
                are
                forfeited by the Employee pursuant to the terms of the Plan or this
                Agreement.

            

    

     

    
      	
              4.

            	
              Terms
                of the Plan Shall Govern.
                The Award is made pursuant to, and is subject to the Plan, including,
                without limitation, its provisions governing Cancellation and Rescission
                of Awards. In the case of any conflict between the Plan and this
                Agreement, the terms of the Plan shall control. Unless otherwise
                indicated, all capitalized terms contained in this Agreement shall
                have
                the meaning assigned to them in the
                Plan.

            

    

     

    
      	
              5.

            	
              Restriction
                Period.
                The Restriction Period for the Restricted Stock awarded to the Employee
                under this Agreement shall commence with the date of this Agreement
                set
                forth above and shall end, for the percentage of the shares indicated
                below, on the date when the Restricted Stock shall have vested in
                accordance with the following
                schedule:

            

    

     

    
      
        	
                Date

              	
                Vested
                  Percentage

              
	 	 
	
                First
                  anniversary of the date of this
                  Agreement

              	
                [
                  ]% of the awarded shares

              
	
              	 
	
                Second
                  anniversary of the date of this
                  Agreement

              	
                [
                  ]% of the awarded shares

              
	
              	 
	
                Third
                  anniversary of the date of this
                  Agreement

              	
                [
                  ]% of the awarded shares

              

      

    

     

    During
      the Restriction Period, the Employee shall not be permitted to sell, assign,
      transfer, pledge or otherwise encumber the Restricted Stock awarded
      herein.

     

    
      	
              6.

            	
              Section
                83(b) Election Notice.
                If the Employee makes an election under Section 83(b) of the Internal
                Revenue Code of 1986 (the “Code”), as amended, with respect to the Stock
                underlying the Employee’s Restricted Stock (a “Section
                83(b) election”),
                the Employee agrees to provide a copy of such election to the Company
                within 10 days after filing that election with the Internal Revenue
                Service. Exhibit
                B
                contains a suggested form of Section 83(b)
                election.

            

    

     

    
      	
              7.

            	
              Stockholder
                Rights.
                Subject to the restrictions imposed by this Agreement and the Plan,
                the
                Employee shall have, with respect to the Restricted Stock covered
                by this
                Award, all of the rights of a stockholder of the Company holding
                Stock,
                including the right to vote the shares and the right to receive any
                cash
                dividends.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Forfeiture
                of Stock.
                Upon the Employee's Termination of Employment during the Restriction
                Period, all shares of Stock covered by this Award that remain subject
                to
                restriction shall be forfeited by the Employee; provided however,
                that if
                the Employee's employment is involuntarily terminated during the
                Restriction Period by the Company (other than for Cause), or in the
                event
                of the Employee's Retirement during the Restriction Period, the
                Compensation Committee shall have the discretion to waive, in whole
                or in
                part, any or all remaining restrictions with respect to any or all
                of the
                Restricted Stock covered by this
                Award.

            

    

     

    
      	
              9.

            	
              Change
                in Control.
                In the event of a Change in Control, all shares of Stock covered
                by this
                Award shall become free of all restrictions and become fully vested
                and
                transferable.

            

    

     

    
      	
              10.

            	
              Delivery
                of Stock.
                If and when the Restriction Period expires for a share or shares
                of
                Restricted Stock without a prior forfeiture, the Company will deliver
                certificate(s) for such share(s) to the
                Employee.

            

    

     

    
      	
              11.

            	
              Designation
                of Beneficiary.
                Notwithstanding anything to the contrary contained herein or in the
                Plan,
                following the execution of this Agreement, the Employee may expressly
                designate a death beneficiary (the “Death
                Beneficiary”)
                to the Employee’s interest, if any, in this Award and any underling Stock.
                The Employee shall designate the Death Beneficiary by completing
                and
                executing a designation of beneficiary agreement substantially in
                the form
                attached hereto as Exhibit
                C
                (the “Designation
                of Death Beneficiary”)
                and delivering an executed copy of the Designation of Beneficiary
                to the
                Company. To the extent the Employee does not duly designate a beneficiary
                who survives the Employee, the Employee’s estate will automatically be the
                Employee’s beneficiary.

            

    

     

    
      	
              12.

            	
              No
                Right to Continued Employment.
                Nothing contained in the Plan or this Agreement shall confer upon
                the
                Employee any right to continued employment nor shall it interfere
                in any
                way with the right of the Company or any subsidiary or Affiliate
                to
                terminate the employment of the Employee at any
                time.

            

    

     

    
      	
              13.

            	
              Code
                Section 409A.
                Except to the extent otherwise specifically provided in an employment
                agreement between the Employee and the Company, by signing this Agreement,
                the Employee acknowledges that the Employee shall be solely responsible
                for the satisfaction of any taxes that may arise pursuant to this
                Award
                under Code Sections 409A (regarding deferred compensation) or 4999
                (regarding golden parachute excise taxes), and that the Company shall
                not
                have any obligation whatsoever to pay such taxes or otherwise indemnify
                or
                hold the Employee harmless from any or all of such taxes. The Company
                shall have the sole discretion to interpret the requirements of the
                Section 409A, for purposes of the Plan and this
                Agreement.

            

    

     

    
      	
              14.

            	
              Withholding
                of Taxes.
                No later than the date as of which an amount first becomes includible
                in
                the Employee's gross income for Federal income tax purposes, the
                Employee
                shall pay to the Company or make arrangements satisfactory to the
                Company
                regarding the payment of, any Federal, state, local or foreign taxes
                of
                any kind required by law to be
                withheld.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              15.

            	
              Governing
                Law.
                The Award made and actions taken under the Plan and this Agreement
                shall
                be governed by and construed in accordance with the laws of the State
                of
                Delaware without taking into account its conflict of laws
                provisions.

            

    

     

    
      	
              16.

            	
              Acceptance
                of Award.
                By the Employee's signature below, the Employee accepts the terms
                of the
                Award, as set forth in this Agreement and in the Plan. Unless the
                Company
                otherwise agrees in writing, this Agreement shall not be effective
                as a
                Restricted Stock Award if a copy of this Agreement is not signed
                and
                returned to the Company.

            

    

     

    
      	
              17.

            	
              Modifications.
                This Agreement may be modified or amended at any time, in accordance
                with
                Section 16 of the Plan and provided that the Employee must consent
                in
                writing to any modification that adversely and materially affects
                any
                rights or obligations under this Agreement (with such an affect being
                presumed to arise from a modification that would trigger a violation
                of
                Section 409A of the Code).

            

    

     

    
      	
              18.

            	
              Headings.
                Section and other headings contained in this Agreement are for reference
                purposes only and are not intended to describe, interpret, define
                or limit
                the scope or intent of this Agreement or any provision
                hereof.

            

    

     

    
      	
              19.

            	
              Severability.
                Every provision of this Agreement and of the Plan is intended to
                be
                severable. If any term hereof is illegal or invalid for any reason,
                such
                illegality or invalidity shall not affect the validity or legality
                of the
                remaining terms of this Agreement.

            

    

     

    
      	
              20.

            	
              Counterparts.
                This Agreement may be executed by the parties hereto in separate
                counterparts, each of which when so executed and delivered shall
                be an
                original, but all such counterparts shall together constitute one
                and the
                same instrument. 

            

    

     

    
      	
              21.

            	
              Notices.
                Any notice or communication required or permitted by any provision
                of this
                Agreement to be given to the Employee shall be in writing and shall
                be
                delivered electronically, personally, or sent by certified mail,
                return
                receipt requested, addressed to the Employee at the last address
                that the
                Company had for the Employee on its records. Each party may, from
                time to
                time, by notice to the other party hereto, specify a new address
                for
                delivery of notices relating to this Agreement. Any such notice shall
                be
                deemed to be given as of the date such notice is personally or
                electronically delivered or properly
                mailed.

            

    

     

    
      	
              22.

            	
              Binding
                Effect.
                Subject to the limitations stated above, this Agreement shall be
                binding
                upon and inure to the benefit of the parties' respective heirs, legal
                representatives successors and
                assigns.

            

    

     

    *  
       *    *    *    *

     

    Signature
      Page to Follow

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, MRU Holdings, Inc. and the Employee have executed this
      Agreement to be effective as of the date first written above.

     

     

    
      	 	
              MRU
                Holdings, Inc.

            
	 	 
	 	 
	 	
              By:

            	
                 
                

            
	 	
              Title:

            	
                 
                

            

    

    

     

    I
      acknowledge receipt of a copy of the Plan (either as an attachment hereto or
      that has been previously received by me) and that I have carefully read this
      Agreement and the Plan. I agree to be bound by all of the provisions set forth
      in this Agreement and the Plan.

     

    
      	
                 
                

            	 	
                 
                

            	 
	
              Date

            	 	
              Employee

            	 

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    MRU
      HOLDINGS, INC.

     

    2004
      INCENTIVE PLAN

     

    ______________________

     

    Plan
      Document

    ______________________

     

     

     

     

     

    
 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    MRU
      HOLDINGS, INC.

     

    2004
      INCENTIVE PLAN

     

    _______________________________

     

    Section
      83(b) Election Form

    ______________________________

     

    Attached
      is an Internal Revenue Code Section 83(b) Election Form. IF
      YOU WISH TO MAKE A SECTION 83(b) ELECTION, YOU MUST DO SO WITHIN 30 DAYS AFTER
      THE DATE THE RESTRICTED SHARES COVERED BY THE ELECTION WERE TRANSFERRED TO
      YOU.
      In
      order to make the election, you must completely fill out the attached form
      and
      file one copy with the Internal Revenue Service office where you file your
      tax
      return. In addition, one copy of the statement also must be submitted with
      your
      income tax return for the taxable year in which you make this election. Finally,
      you also must submit a copy of the election form to the Company within 10 days
      after filing that election with the Internal Revenue Service. A Section 83(b)
      election normally cannot be revoked.

     

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    MRU
      HOLDINGS, INC.

     

    2004
      INCENTIVE PLAN

     

    ________________________________________________________

     

    Election
      to Include Value of Restricted Stock in Gross Income

    in
      Year of Transfer Under Internal Revenue Code Section 83(b)

    _________________________________________________________

     

    Pursuant
      to Section 83(b) of the Internal Revenue Code, I hereby elect within 30 days
      after receiving the property described herein to be taxed immediately on its
      value specified in item 5 below.

     

    
      	1.	
              My
                General Information:

            

    

     

    
      	
              Name:

            	
                
                

            
	
              Address:

            	
                  
                

            
	 	  

	
              S.S.N.

            	 
	
              or
                T.I.N.:

            	
                 
                

            

    

    

    
      	2.	
              Description
                of the property with respect to which I am making this
                election:

            

    

    

    ____________________
      shares of ___________ stock of MRU Holdings, Inc. (the “Restricted
      Stock”).

    

    
      	
              3.

            	
              The
                Restricted Stock was transferred to me on ______________ ___, 20__.
                This
                election relates to the 20____ calendar taxable year.
                

            

    

    

    
      	4.	
              The
                Restricted Stock is subject to the following
                restrictions:

            

    

    

    The
      Restricted Stock is forfeitable until they are earned in accordance with the
      MRU
      Holdings, Inc. 2004 Incentive Plan, as amended (the “Plan”)
      and
      the Restricted Stock Agreement (“Agreement”)
      made
      pursuant to the Plan. The Restricted Stock generally is not transferable until
      my interest becomes vested and nonforfeitable, pursuant to the Agreement and
      the
      Plan.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	5.	
              Fair
                market value:

            

    

    

    The
      fair
      market value at the time of transfer (determined without regard to any
      restrictions other than restrictions which by their terms never will lapse)
      of
      the Restricted Stock with respect to which I am making this election is $_____
      per share.

    

    
      	6.	
              Amount
                paid for Restricted Stock:

            

    

    

    The
      amount I paid for the Restricted Stock is $____ per share.

    

    
      	7.	
              Furnishing
                statement to employer:

            

    

    

    A
      copy of
      this statement has been furnished to my employer, ______________. If the
      transferor of the Restricted Stock is not my employer, that entity also has
      been
      furnished with a copy of this statement.

    

    
      	8.	
              Agreement
                or Plan not affected:

            

    

    

    Nothing
      contained herein shall be held to change any of the terms or conditions of
      the
      Agreement or the Plan.

    

    Dated:
      ____________ __, 200_.

     

    
      	 	
                 
                

            	 
	 	
              Taxpayer

            	 

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    MRU
      HOLDINGS, INC.

     

    2004
      INCENTIVE PLAN

     

    _________________________________

    

    Designation
      of Death Beneficiary

    _________________________________

     

    In
      connection with the Award(s) designated below that I have received pursuant
      to
      the MRU Holding, Inc. 2004 Incentive Plan, as amended (the “Plan”), I hereby
      designate the person specified below as the beneficiary upon my death of my
      interest in such Award(s). This designation shall remain in effect until revoked
      in writing by me.

     

    
      	
              Name
                of Beneficiary:

            	  
	 
	
              Address:

            	  
	 
	 	  
	 
	 	 
	 
	
              Social
                Security No.:

            	  
	 

    

     

    This
      beneficiary designation relates to any and all of my rights under the following
      Award or Awards:

     

     ̈  any
      Award
      that I have received or ever receive under the Plan.

     

     ̈  the
      _________________ Award that I received pursuant to an award agreement dated
      _________ __, ____ between myself and the Company. 

     

    I
      understand that this designation operates to entitle the above named
      beneficiary, in the event of my death, to any and all of my rights under the
      Award(s) designated above from the date this form is delivered to the Company
      until such date as this designation is revoked in writing by me, including
      by
      delivery to the Company of a written designation of beneficiary executed by
      me
      on a later date.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Date:

            	
               
                

            
	 	
              By:

            	
                
                

            
	 	
               

            	
              Name
                of Participant

            

    

    

    Sworn
      to
      before me this

    ____day
      of ____________, 200_

    ___________________________

    Notary
      Public

     

    County
      of          __________________

    State
      of             
__________________

     

     

     

    
      
        
        

      

      
        11

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