Document:

Employment Agreement  TXU Gas Company and Mike McCall

 Exhibit 10.3 
  
 EMPLOYMENT AGREEMENT 
  

This Employment Agreement is entered into this 5th day of March, 2003, by and between TXU Gas Company, a Texas corporation (the “Company”)
and Mike McCall, an individual (the “Employee”). 
  
 1.
Employment. The Company hereby agrees to employ Employee, and Employee hereby agrees to serve the Company as its employee, subject to the terms and conditions set forth herein. 
  
 2. Term. This Employment Agreement shall commence as of the date first set forth above and, unless terminated earlier
pursuant to the provisions hereof, shall expire on the third anniversary of the date first set forth above (“Term”). 
  
 3. Title and Duties. Employee shall serve as President of the Company and will perform such duties and tasks as he may be called upon by the
Company to perform from time to time, such duties to be consistent with those described generally herein or other duties consistent with Employee’s title as set forth above. Employee will endeavor to promote the business affairs and interests
of the Company and will devote all of his working time and attention to the Company. 
  
 4. Compensation. 
  
 (a)
Base Salary. As compensation for his services hereunder, Employee shall receive the base salary currently in effect for Employee as of the date of this Agreement, payable in equal installments at such periods as shall from time to time be
established by the Company as regular payroll periods. Employee’s base salary shall be subject to review and modification from time to time at the discretion of the Company; provided that Employee’s base salary may be increased, but not
decreased, during the Term. 
  
 (b) Employee Benefits.
Employee shall be entitled to participate in all of the Company’s employee benefit plans, programs, arrangements and fringe benefit policies to the extent he is qualified to do so by virtue of his employment with the Company, subject to the
terms, conditions and limitations of such plans, arrangements and policies, as they may be amended, altered or terminated from time to time. 
  
 5. Severance Benefits. If Employee is terminated by the Company without Cause (as defined below) during the Term, Employee shall be entitled to
receive the compensation and benefits described in (a), (b), and (c) hereinbelow: 
  
 (a) A one-time cash severance payment, which shall be payable as soon as reasonably practical following such termination, but in any event within ten (10) business days thereafter, in an aggregate amount equal to the
sum of the following: 
  
 (i) The greater of: (a) the amount of
base salary (as in effect on the date of the termination) plus annual incentive awards (at the highest previous target level and assuming performance satisfying a target payout) that Employee would have received had he continued in the employment of
the Company hereunder through the expiration of the Term; or (b) twelve months’ base salary (as in effect on the date of the termination) plus Employee’s target annual incentive award for the year of the termination; 
  

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 (ii) An amount equal to the sum of: (a) the value (as of the date of termination) of all unvested and
otherwise unpayable restricted stock (or alternative) awards previously granted to Employee under the Long Term Incentive Compensation Plan (“LTICP”) (as if performance criteria had been met to permit payment of 100% of the award), and (b)
the forfeited portion of Employee’s accounts under the TXU Deferred and Incentive Compensation Plan (“DICP”) and the TXU Salary Deferral Program (“SDP”) (valued in accordance with the relevant provisions of the DICP and SDP,
respectively); and 
  
 (iii) An amount equal to the difference
between (a) the aggregate required monthly premium for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) under the TXU Medical (including prescription drugs), Dental and Group Life Insurance
Plans, and (b) the aggregate monthly employee contribution rate in effect for Employee under such plans immediately prior to such termination, multiplied by eighteen (18). 
  
 (b) In addition to such severance payment, Employee shall be entitled to outplacement services, at the Company’s
expense through a third-party outplacement consultant selected by the Company, for up to one hundred eighty (180) days after such termination. 
  
 (c) In the event that the foregoing payments, or any portion thereof, constitute an “excess parachute payment” under Section 4999 of the Code,
or any successor provision, the Company shall, in addition to providing the foregoing payments and benefits, pay Employee a tax gross-up cash payment(s) in an amount agreed upon by Employee to be sufficient to fully offset the excise tax which
Employee is, or may be, required to pay as a result thereof. Such tax gross-up payment shall be paid to Employee concurrently with the cash payments provided for hereinabove; provided that if the amount of such tax gross-up payment cannot be finally
determined by such date, the Company shall pay Employee concurrently with such other payments an estimate, determined in good faith by the Company, of the minimum amount of the required tax gross-up payment. Thereafter, the Company shall promptly
(but in any event within forty-five (45) days of Employee’s termination) determine in good faith the total amount of the tax gross-up payment and seek to obtain Employee’s approval thereof. The remaining portion of the tax gross-up payment
shall be paid to Employee promptly after Employee approves the total amount. 
  
 Notwithstanding any other provision of this Agreement seemingly to the contrary, Employee shall not be entitled to any of the payments or benefits provided for under this Section 5 if Employee’s termination is
for Cause, or if the circumstances of Employee’s termination entitle him to the payments and benefits provided for in Section 6 below. 
  
 6. Change In Control. If, during the Term: (i) Employee voluntarily terminates his employment with the Company (or its successor) within six (6)
months following a Change in Control (as defined below), or (ii) Employee’s employment is terminated by the Company (or its successor) without Cause, or Employee terminates his employment for Good Reason (as defined below), in either case
within twenty-four (24) months following a Change in Control, Employee 
  

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 shall be entitled to receive the compensation and benefits described in (a), (b), (c) and (d) hereinbelow: 
  
 (a) A one-time cash payment, which shall be payable as soon as reasonably
practical following such termination, but in any event within ten (10) business days thereafter, in an aggregate amount equal to the sum of the following: 
  
 (i) An amount equal to three (3) times the aggregate of Employee’s annualized base salary as in effect immediately prior to the Change in Control
plus Employee’s target annual incentive award for the year in which the Change in Control occurs; 
  
 (ii) An amount equal to the sum of: (a) the value (as of the date of termination) of all unvested and otherwise unpayable restricted stock (or
alternative) awards previously granted to Employee under the LTICP (as if performance criteria had been met to permit payment of 100% of the award), and (b) the forfeited portion of Employee’s accounts under the DICP and SDP (valued in
accordance with the relevant provisions of the DICP and SDP, respectively); 
  
 (iii) An amount equal to the sum of: (a) the matching contributions which would have been made under the DICP had Employee continued to defer salary thereunder at the rate in effect as of the effective date of the
Change in Control, for an additional three years following the termination of employment; and (b) the matching contributions which would have been made under the SDP had Employee continued to defer salary thereunder at the rate in effect as of the
effective date of the Change in Control, for an additional three years following the termination of employment; and 
  
 (iv) An amount equal to the difference between (a) the monthly COBRA premium for coverage under the Company’s medical (including prescription
drugs), dental and group life insurance plans, and (b) the monthly employee contribution under such plans in effect for Employee immediately prior to the termination, multiplied by eighteen (18). 
  
 (b) In addition to such payment, Employee shall be entitled to the following
benefits: 
  
 (i) The Company shall fully secure the benefit
provided for under the Split-Dollar Life Insurance Program by making irrevocable contributions to the trust established thereunder (“Trust”) as contemplated in Section 11 of the Split-Dollar Life Insurance Program. Additionally,
Employee’s participation in the Split-Dollar Life Insurance Program shall continue notwithstanding the termination of employment as if the Participation Agreement between the Company and Employee entered into under the Split-Dollar Life
Insurance Program continued in accordance with its terms as in effect prior to Employee’s termination and as if Employee’s termination had not occurred. In the event the Company terminates the Split-Dollar Life Insurance Program, the
Company shall nonetheless provide Employee with the benefits contemplated under the Split-Dollar Life Insurance Program, as in effect on the effective date of this Agreement, and shall fully secure such benefits through irrevocable contributions to
the Trust; 
  

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 (ii) Employee shall, at the Company’s cost, be entitled to financial planning services equivalent
to services available under the Company’s executive financial planning program for three years from the date of the termination; and 
  
 (iii) The Company shall pay on behalf of Employee, or shall reimburse Employee for, the physician fees for one physical examination of Employee per year
for three years from the date of the termination. 
  
 (c) In
addition to such severance payments and benefits, Employee shall be entitled to additional retirement compensation (“Additional Severance Retirement Compensation”) in an amount equal to the difference between: (i) the benefit Employee is
entitled to receive under the TXU Retirement Plan (“Retirement Plan”) and the TXU Second Supplemental Retirement Plan (“Supplemental Retirement Plan”), and (ii) the amount of the retirement benefit Employee would have been
entitled to receive under the Retirement Plan and the Supplemental Retirement Plan had Employee continued in the employment of the Company, and continued participating in the Retirement Plan, through the expiration of the Term. The calculation of
the Additional Severance Retirement Compensation shall assume: (x) an annual increase in base salary (effective as of the normal effective date for executive salary adjustments under the Company’s standard practice in effect as of the
termination) equal to Employee’s greatest base salary increase during the Term, and (y) an annual bonus payment (payable at the normal time under the AIP, or successor plan) equal to the highest annual bonus payment previously paid to Employee.
The Additional Severance Retirement Compensation shall be payable in the form elected by Employee with respect to benefits under the Retirement Plan. The amount of the Additional Severance Retirement Compensation shall be determined by the actuary
for the Retirement Plan using the assumptions set forth above and other reasonable and consistent actuarial assumptions substantially similar to those used in connection with the determination of benefits payable under the Retirement Plan. The
Additional Severance Retirement Compensation is not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code of 1986, as amended (“Code”); however the Additional Severance Retirement Compensation shall be
funded and payable under the rabbi trust established under the Supplemental Retirement Plan. 
  
 (d) In the event that the foregoing payments, or any portion thereof, constitute an “excess parachute payment” under Section 4999 of the Code, or any successor provision, the Company shall, in addition to
providing the foregoing payments and benefits, pay Employee a tax gross-up cash payment(s) in an amount agreed upon by Employee to be sufficient to fully offset the excise tax which Employee is, or may be, required to pay as a result thereof. Such
tax gross-up payment shall be paid to Employee concurrently with the cash payments provided for hereinabove; provided that if the amount of such tax gross-up payment cannot be finally determined by such date, the Company shall pay Employee
concurrently with such other payments an estimate, determined in good faith by the Company, of the minimum amount of the required tax gross-up payment. Thereafter, the Company shall promptly (but in any event within forty-five (45) days of
Employee’s termination) determine in good faith the total amount of the tax gross-up payment and seek to obtain Employee’s approval thereof. The remaining portion of the tax gross-up payment shall be paid to Employee promptly after
Employee approves the total amount. 
  

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 (e) For purposes of this Agreement, “Change in Control” shall mean a change in control of TXU
Corp. of a nature that would be required to be reported in response to Item 1(a) of the Securities and Exchange Commission Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act), or would have been required to be so reported but for the fact that such event had been “previously reported” as that term is defined in Rule 12b-2 of Regulation 12B under the Exchange Act; provided that, without in
any way limiting the foregoing, a Change in Control shall be deemed to have occurred if any one or more of the following events occurs: (i) any Person is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of TXU Corp. representing 20% or more of the combined voting power of TXU Corp.’s then outstanding securities having the right to vote at elections of directors of TXU Corp. (“Voting Securities”); (ii)
individuals who constitute the board of directors of TXU Corp. on the effective date of this Agreement (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director
subsequent to the effective date of this Agreement whose election, or nomination for election by TXU Corp.’s shareholders, was approved by at least three-quarters of TXU Corp.’s directors comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of TXU Corp. in which such person is named as a nominee for director, without objection to such nomination) shall, for purposes of this clause (ii), be considered as though such person were a
member of the Incumbent Board; (iii) a recapitalization or reclassification of the Voting Securities of TXU Corp., which results in either (a) a decrease by 33% or more in the aggregate percentage ownership of Voting Securities held by Independent
Shareholders (on a primary basis or on a fully diluted basis after giving effect to the exercise of stock options and warrants), or (b) an increase in the aggregate percentage ownership of Voting Securities held by non-Independent Shareholders (on a
primary basis or on a fully diluted basis after giving effect to the exercise of stock options and warrants) to greater than 50%; (iv) all or substantially all of the assets of TXU Corp. are liquidated or transferred to an unrelated party; or (v)
TXU Corp. is a party to a merger, consolidation, reorganization or similar transaction pursuant to which TXU Corp. is not the surviving ultimate parent entity. For purposes of this definition, the term “Person” shall mean and include any
individual, corporation, partnership, group, association or other “person”, as such term is used in Section 14(d) of the Exchange Act, other than TXU Corp., a subsidiary of TXU Corp. or any employee benefit plan(s) sponsored or maintained
by TXU Corp. or any subsidiary thereof, and the term “Independent Shareholder” shall mean any shareholder of TXU Corp. except any employee(s) or director(s) of TXU Corp. or any employee benefit plan(s) sponsored or maintained by TXU Corp.
or any subsidiary thereof. 
  
 (f) For purposes of this Agreement,
“Good Reason” shall mean any one or more of the following occurrences: (i) Employee’s base salary as in effect immediately prior to the Change in Control, or as it may be increased subsequent to the Change in Control, is reduced; (ii)
Employee’s status or responsibilities with the Company immediately prior to the Change in Control are materially reduced, or Employee is assigned duties which are inconsistent with such status or responsibilities, or Employee’s business
location is materially changed; (iii) the Company (or its successor) fails to continue in effect any pension, health care or executive compensation plan or arrangement in which Employee was participating immediately prior to the Change in Control,
or Employer or the Company (or their successors) takes some action which materially reduces Employee’s benefits under any such plan or program, without (in either such case) providing Employee with substantially similar benefits; or (iv) any
successor to the Company in connection with the Change in Control does not, prior to the Change in Control, expressly assume this Agreement. 
  

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 7. Definition of Cause. For purposes of this Agreement, the term Cause shall mean any one or more
of the following: (a) the material breach by the Employee of this Agreement; (b) Employee’s breach of his fiduciary duty to the Company and/or its shareholders in his capacity as an officer of the Company; (c) any action or failure to act on
the part of Employee which results in material injury to the assets, business prospects or reputation of the Company or any affiliate of the Company; (d) the appropriation of a material business opportunity of the Company or any affiliate of the
Company, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Company; or (e) Employee’s failure to substantially perform his duties and responsibilities hereunder,
including without limitation Employee’s breach of the Company’s Code of Conduct or an express employment policy of the Company. 
  
 8. Severance/Change in Control Benefits Contingent Upon Full Release. Employee acknowledges and agrees that the benefits and payments provided for
in Section 5 or 6, as applicable, constitute the exclusive remedy of Employee upon termination of employment under the circumstances described in Section 5 or 6, as the case may be. Notwithstanding any other provision of this Agreement, as a
condition to receiving such benefits and payments, Employee shall be required to execute a release of claims in favor of the Company in a form reasonably acceptable to the Company. 
  
 9. Confidentiality and Nondisclosure. 
  
 (a) Employee understands and agrees that he will be given Confidential Information (as defined below) and Training (as
defined below) during his employment with the Company relating to the business of the Company and/or its Affiliates (as defined below), in exchange for his agreement herein. Employee hereby expressly agrees to maintain in strictest confidence and
not to use in any way (including without limitation in any future business relationship of Employee), publish, disclose or authorize anyone else to use, publish or disclose in any way, any Confidential Information relating in any manner to the
business or affairs of the Company and/or its Affiliates. Employee agrees further not to remove or retain any figures, calculations, letters, documents, lists, papers, or copies thereof, which embody Confidential Information of the Company and/or
its Affiliates, and to return, prior to Employee’s termination of employment, any such information in Employee’s possession. If Employee discovers, or comes into possession of, any such information after his termination he shall promptly
return it to the Company. Employee acknowledges that the provisions of this paragraph are consistent with the Company’s Code of Conduct with which Employee, as an employee of the Company, is bound. 
  
 (b) For purposes of this Agreement, “Confidential Information”
includes, but is not limited to, information in the possession of, prepared by, obtained by, compiled by, or that is used by the Company or any of its Affiliates or customers and (1) is proprietary to, about, or created by the Company or its
Affiliates or customers; (2) gives the Company or its Affiliates or customers some competitive business advantage, the opportunity of obtaining such advantage, or disclosure of which might be detrimental to the interest of the Company or its
Affiliates or customers; and (3) is not typically disclosed by the Company or its Affiliates or customers, or 
  

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 known by persons who are not employed by the Company or its Affiliates or customers. Without in any way limiting the
foregoing and by way of example, Confidential Information shall include: information not generally available to the general public pertaining to the Company’s business operations such as financial and operational information and data,
operational plans and strategies, business and marketing strategies and plans for various products and services, global operational planning, and acquisition and divestiture planning. 
  
 (c) For purposes of this Agreement, “Training” includes, but is not limited to, specialized and valuable training
regarding Confidential Information. 
  
 (d) For purposes of this
Agreement, “Affiliate” shall mean any person, or entity (or sub-unit of an entity) that, directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with the Company. 
  
 10. Non-Compete and Non-Solicitation. Employee acknowledges and agrees
that: (1) in order to perform his obligations and job duties for the Company, Employee will gain Training and access to Confidential Information regarding the Company and/or its Affiliates or customers; (2) use of such Confidential Information in
competition with the Company and/or its Affiliates or customers would be detrimental to the business interests of the Company and/or its Affiliates or customers; and (3) Employee would not have been allowed to gain access to Confidential
Information, or to provide the obligations and job duties contemplated under this Agreement without his promises and agreements contained in the following paragraph. Employee acknowledges and agrees further that the Company is a diverse energy
company and that, based on the nature and size of the Company and the scope of its operations, the areas in which the Company competes are not limited. Employee also acknowledges and agrees that the services he will be performing for the Company,
and the Confidential Information and Training he will be provided, relate to the world-wide operations of the Company and its Affiliates, and will not be limited to any specific geographic location within which the Company, or any of its Affiliates,
conducts business. 
  
 Employee agrees that, during his employment
with the Company, and for a period of one (1) year thereafter, Employee shall not, directly or indirectly, either as an employee, employer, independent contractor, consultant, agent, principal, partner, stockholder, officer, director, or in any
other individual or representative capacity, either for his own benefit or the benefit of any other person or entity: (i) engage or participate in a business which competes in a material manner with the Company or any of its Affiliates in any
geographic location in which the Company conducts business; (ii) contact, solicit or attempt to solicit the business or patronage of any of the Company’s (or Affiliate’s) customers, or prospective customers, or any person, firm,
corporation, company, partnership, association or entity which was contacted or whose business was solicited, serviced or maintained by the Company (or its Affiliates) during the term of Employee’s employment with the Company; or (iii) solicit,
recruit, induce, encourage or in any way cause any employee of the Company (or an Affiliate) to terminate his/her employment with the Company (or such Affiliate). Notwithstanding the foregoing, the restriction provided in (i) above shall apply
following the termination of this Agreement only if Employee receives the payments and benefits provided for in Section 5 or 6 above. 
  
 11. Injunctive Relief. Because of the unique nature of the business to be conducted by the Company and its Affiliates and the Confidential
Information relating thereto, Employee 
  

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 acknowledges, understands and agrees that the Company and/or its Affiliates will suffer immediate and irreparable harm if
Employee fails to comply with any of his obligations under Sections 9 and 10 of this Agreement, and that monetary damages alone will be inadequate to compensate the Company or its Affiliates for such breach. Accordingly, Employee agrees that the
Company and/or its Affiliates shall, in addition to any other remedies available to it at law or in equity, be entitled to temporary, preliminary, and permanent injunctive relief and specific performance to enforce the terms of Sections 9 and 10
without the necessity of proving inadequacy of legal remedies or irreparable harm or posting bond. 
  
 12. Deductions and Nonalienation of Benefits. Employee shall be required to pay promptly on demand, by payroll deduction or otherwise, the amount
required to be withheld by the Company for income and employment taxes in respect of amounts paid under this Agreement. No right, benefit or payment hereunder shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be null and void. No right, benefit or payment hereunder shall in any manner be subject to, voluntarily or involuntarily, the debts, contracts,
liabilities or torts of Employee or be otherwise subject to any execution, garnishment, attachment, insolvency, bankruptcy or legal proceedings of any character or legal sequestration, levy or sale. If Employee or any other beneficiary hereunder
shall become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right, benefit or payment hereunder, such right, benefit or payment may be terminated at any time by the Company without liability or further
obligation. 
  
 13. The Company’s Right to Modify Employee
Benefit Plans. Nothing in this Agreement shall be construed as a limitation on the absolute right of the Company, at any time and from time to time at its sole discretion, to amend or modify, in whole or in part, or to terminate, any employee
benefit plan, program or policy sponsored or maintained by the Company; provided, however, that no such amendment or termination shall eliminate or reduce the payments and benefits provided for in Sections 5 and 6 hereof, it being understood that,
if from and after the date hereof, any plan or program referenced in Section 5 or 6 hereof is terminated or amended and such termination or amendment would reduce the payments or benefits provided for under Section 5 or 6, such terminated or amended
plan or program shall, for purposes of calculating the payments and benefits under Section 5 or 6 hereof be deemed to be in effect as of the effective date of this Agreement. Any plan or program which is specifically referenced herein shall be
deemed to include any successor plan or program or any similar plan or program adopted and maintained by the Company to provide Employee with the same or similar benefits provided for under such specifically referenced plan or program. 

 
 14. Entire Agreement. This Agreement contains the complete
understanding and agreement between the parties and supersedes any and all other agreements, understandings, or communications of any kind, either oral or in writing, between the parties hereto with respect to the subject matter hereof. Each party
to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement,
statement, or promise with respect to the subject matter of this Agreement shall be valid or binding. Subject to the provisions of Section 5 and 6 hereof regarding certain payments and benefits upon a termination satisfying the criteria set forth in
such sections, nothing in this Agreement shall be construed as conferring any right upon Employee to continued employment by the Company. Any modification of this Agreement will be effective only if it is in writing signed by both of the parties
hereto. 
  

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 15. Severability. If any provision in this Agreement is held by a court of competent jurisdiction
to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. 
  
 16. Survival. The parties hereby acknowledge and agree that certain provisions of this Agreement are, by their nature, intended to survive this
Agreement and the parties agree that all of such provisions shall survive Employee’s termination of employment, regardless of the reason for such termination. Employee acknowledges and agrees that the covenants and restrictions in Sections 9
and 10 of this Agreement are reasonable and necessary due to the highly competitive, confidential and proprietary nature of the services to be performed by Employee hereunder. 
  
 17. Successors. This Agreement shall be binding upon and inure to the benefit of Employee, his heirs, beneficiaries
and personal representatives, and the Company and any successor or assignee of the Company, but neither this Agreement, nor any of the rights or obligations of either party hereunder may be assigned, in whole or in part, except the Company may
assign this Agreement to any affiliate of the Company. The Company will seek to obtain the written acknowledgment and assumption of this agreement by any successor of the Company prior to any transaction or event pursuant to which such successor
becomes the successor to the Company. Whether or not such written acknowledgment and assumption is given, this Agreement shall be binding on such successor and its assignees. 
  
 18. Notices. Any notices to be given hereunder by either party to the other may be effected by personal delivery in
writing, by facsimile or by mail, registered or certified, postage prepaid to the current address of the other party with return receipt requested. Notices delivered personally or by facsimile shall be deemed communicated as of actual receipt;
mailed notices shall be deemed communicated as of three (3) days after mailing. 
  
 19. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. 
  

EXECUTED on the date first set forth above. 
  

							
	 	 	 TXU GAS COMPANY
	 	EMPLOYEE:
				
	 	 	 By:
	 	 /s/ Erle Nye

	 	 /s/ Mike McCall

	 	 	 	 	Erle Nye, Chairman of the Board	 	Mike McCall
	 	 	 	 	and Chief Executive	 	 

  

 9Encore Credit Corp. 2001 Stock Option Plan

 Exhibit 4.1 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 ENCORE CREDIT CORP. 
 (a California corporation) 
  
 2001 STOCK OPTION PLAN 

  
 1. Purpose. The
purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to the Employees, Directors and Consultants of the Company and to promote the success of the
Company’s business. 
  
 Options granted hereunder may be
either Incentive Stock Options or Nonstatutory Stock Options, at the discretion of the Board and as reflected in the terms of the written option agreement. 
  
 2. Definitions. As used herein, the following definitions shall apply: 
  
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan, in
accordance with Section 3 of the Plan. 
  
 (b)
“Board” shall mean the Board of Directors of the Company. 
  
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (d) “Committee” shall mean the Committee appointed by the Board of Directors in accordance with Section 3 of the Plan, if one is
appointed. 
  
 (e) “Common Stock” shall mean the
Common Stock of the Company. 
  
 (f) “Company”
shall mean Encore Credit Corp., a California corporation. 
  
 (g)
“Consultant” shall mean any person who is engaged by the Company or any Parent or Subsidiary to render consulting services and is compensated for such consulting services, including compensation through Options granted under this
Plan; provided that the term Consultant shall not include Directors who are not compensated for their services or are paid only a director’s fee by the Company. 
  
 (h) “Continuous Status as an Employee, Director or Consultant” shall mean the absence of any interruption
or termination of service as an Employee, Director or Consultant (as the case may be). Continuous Status as an Employee, Director or Consultant shall not be considered interrupted in the case of sick leave, military leave, or any other leave of
absence approved by the Board; provided that such leave is for a period of not more than 90 days or reemployment upon the expiration of such leave is guaranteed by contract or statute. 
  
 (i) “Director” shall mean a member of the Board. 

 (j) “Disability” shall mean a total and permanent disability as that term is defined in
Section 22(e)(3) of the Code. 
  
 (k) “Employee”
shall mean any person, including officers and directors, employed by the Company or any Parent or Subsidiary of the Company. The payment of a director’s fee by the Company shall not be sufficient to constitute “employment” by the
Company. 
  
 (l) “Fair Market Value” shall mean:
(i) if Shares are exchange-traded or traded on the NASDAQ National Market System (“NMS”), the closing sale or last sale price per share of the Shares; (ii) if Shares are regularly traded in any over-the-counter market other than NMS, the
average of the bid and asked prices per share of the Shares; and (iii) if Shares are not traded as described in (i) and (ii) of this Section 2(l), the per share fair market value of the Shares as determined in good faith by the Administrator on such
basis as the Administrator in its sole discretion shall choose. Fair Market Value as of a given date with respect to subparagraphs (i) and (iii) shall be determined as of the close of business on the day prior to the date of determination, or if no
trading in the Shares takes place on such date, on the next preceding trading day on which there has been such trading. Fair Market Value as of a given date with respect to subparagraph (iii) shall be determined as of the date of determination.

  
 (m) “Incentive Stock Option” shall mean an
Option intended to qualify as an incentive stock option within the meaning of Section 422(b) of the Code. 
  
 (n) “Misconduct” shall mean the commission of any act of fraud, embezzlement or dishonesty by Optionee, any unauthorized use or
disclosure by an Optionee of confidential information or trade secrets of the Company (or any Parent or Subsidiary), or any other intentional misconduct by an Optionee adversely affecting the business or affairs of the Company (or any Parent or
Subsidiary) in a material manner. 
  
 (o) “Nonstatutory
Stock Option” shall mean an Option not intended to qualify as an Incentive Stock Option. 
  
 (p) “Notice of Grant” means a written or electronic notice evidencing certain terms and conditions of an individual Option. 

 
 (q) “Option” shall mean a stock option granted pursuant
to the Plan. 
  
 (r) “Option Agreement” means an
agreement between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. The Notice of Grant is part of the Option Agreement.

  
 (s) “Optionee” shall mean an Employee,
Director or Consultant who receives an Option. 
  
 (t)
“Option Termination Date” shall mean the date of expiration of the term of such Option as set forth in the written option agreement. 
  

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 (u) “Parent” shall mean a “parent corporation”, whether now or hereafter
existing, as defined in Section 424(e) of the Code. 
  
 (v)
“Plan” shall mean this Encore Credit Corp. 2001 Stock Option Plan. 
  
 (w) “Restricted Shareholder” shall mean an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any Parent or Subsidiary of the Company. 
  
 (x) “Share” shall mean a share of the Common Stock, as adjusted in accordance with Section 10 of the Plan. 
  
 (y) “Subsidiary” shall mean a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the
Code. 
  
 (z) “Terminating Transaction” shall
mean any of the following events: (a) the dissolution or liquidation of the Company; (b) a reorganization, merger or consolidation of the Company with one or more other corporations (except with respect to a transaction, the purpose of which is to
change the domicile or name of the Company), as a result of which the Company goes out of existence or becomes a subsidiary of another corporation (which shall be deemed to have occurred if another corporation shall own, directly or indirectly,
fifty percent (50%) or more of the aggregate voting power of all outstanding equity securities of the Company); or (c) a sale of all or substantially all of the Company’s assets. 
  
 3. Administration of the Plan. 
  
 (a) Administration. The Plan shall be administered by the Board. The Board may delegate administration of the Plan to
a Committee of Directors. The Board may from time to time remove members from, or add members to, the Committee, and vacancies on the Committee shall be filled by the Board. Furthermore, the Board at any time by resolution may abolish the Committee
and revest in the Board the administration of the Plan. 
  
 (b)
Powers of Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion, (i) to determine
which Employees, Directors and Consultants shall receive Options, (ii) subject to the express provisions of the Plan, to determine the time when Options shall be granted, the number of Shares subject to the Options, the exercise prices, and the
terms and conditions of Options other than those terms and conditions fixed under the Plan, and (iii) to interpret the provisions of the Plan and any Option granted under the Plan. The Administrator shall adopt by resolution such rules and
regulations as may be required to carry out the purposes of the Plan and shall have authority to do everything necessary or appropriate to administer the Plan. All decisions, determinations and interpretations of the Administrator shall be final and
binding on all Optionees. 
  

 3 

 4. Eligibility. 
  
 (a) Incentive Stock Options may be granted only to Employees. Nonstatutory Stock Options may be granted only to Employees,
Directors or Consultants. 
  
 (b) The Plan shall not confer upon
any Optionee any right to continue as an Employee, Director or Consultant of the Company, nor shall it interfere in any way with an Optionee’s right or the Company’s right to terminate Optionee’s employment or relationship as a
Director or Consultant at any time, with or without cause. 
  
 (c)
The determination as to whether an Employee, Director or Consultant is eligible to receive Options hereunder shall be made by the Administrator in its sole discretion, and the decision of the Administrator shall be binding and final. 
  
 5. Number of Shares. The maximum aggregate number of Shares that may
be optioned and sold under the Plan is Five Million Nine Hundred Thousand (5,900,000) shares of authorized but unissued Common Stock; provided, however, at no time shall the total number of shares issuable upon exercise of all then outstanding
options (granted hereunder or otherwise) and outstanding warrants exceed a number of shares which is equal to 40% of the Company’s then outstanding shares (assuming all shares of the Company’s Preferred Stock had been converted at the
applicable conversion rate). In the event that Options granted under the Plan shall terminate or expire without being exercised, in whole or in part, the Shares subject to such unexercised Options may again be optioned and sold under the Plan.

  
 6. Term of the Plan. The Plan shall be effective as of
November 1, 2001, and shall continue in effect until October 31, 2011, unless terminated earlier. 
  
 7. Exercise Price and Consideration. 
  
 (a) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined
by the Administrator in its sole discretion, but shall be subject to the following: 
  
 (i) for an Option granted to a Restricted Shareholder, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant; 
  
 (ii) for a Nonstatutory Stock Option granted to any Employee, Director or
Consultant (other than a Restricted Shareholder), the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on the date of grant; and 
  
 (iii) for an Incentive Stock Option granted to any Employee (other than a Restricted Shareholder), the per Share exercise
price shall be no less than 100% of the Fair Market Value per Share on the date of grant. 
  

 4 

 (b) Form of Consideration. The Administrator shall determine the acceptable form of consideration,
including the method of payment. Such consideration may consist entirely of: 
  
 (i) cash; 
  
 (ii) check;

  
 (iii) shares of Common Stock (duly endorsed for transfer to
the Company) held by the Optionee for the requisite period necessary to avoid a charge to the Company’s earnings for financial reporting purposes and valued at Fair Market Value on the date of delivery; 
  
 (iv) consideration received by the Company under a cashless exercise program
implemented by the Company in connection with the Plan; 
  
 (v)
any combination of the foregoing methods of payment; or 
  
 (vi)
any other legal consideration that may be acceptable to the Administrator. 
  
 8. Exercise of Options. 
  
 (a) Vesting of Options. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator, including performance criteria with respect to the Company and/or the Optionee, and
as shall be permissible under the terms of the Plan, except that any Option granted hereunder to an Employee who is not an officer of the Company shall be exercisable at a rate of at least 20% per year over five (5) years from the date of grant.

  
 (b) Procedure for Exercise. An Option may be exercised
at any time as to all or any portions of the Shares as to which it is then exercisable, except that an Option may not be exercised for a fraction of a Share and shall be subject to any provision in the written option agreement governing the minimum
number of Shares as to which the Option may be exercised. An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the
Option and full payment for the Shares with respect to which the Option is exercised has been received by the Company. Full payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable under Section
7(b) of the Plan. 
  
 (c) Termination of Options. All
installments of an Option shall expire and terminate on such date(s) as the Administrator shall determine, but in no event later than ten (10) years from the date such Option was granted (except that an Incentive Stock Option granted to a Restricted
Shareholder shall by its terms not be exercisable after the expiration of five (5) years from the date such Option was granted). 
  
 (d) Death or Termination of Service of Optionee. The following provisions shall govern the exercise period applicable to any Options held by an
Optionee at the time of his or her death or termination of service with the Company or any Parent or Subsidiary of the Company: 
  
 (i) Termination of Continuous Status as an Employee, Director or Consultant. In the event of termination of an Optionee’s Continuous Status
as an Employee, 

  

 5 

 
Director or Consultant (as the case may be) for any reason other than Optionee’s death, Disability or Misconduct, such Optionee may only exercise the
Option within three (3) months (or such shorter period as specified in the Option Agreement, but in no event less than thirty (30) days) after the date of such termination. 
  
 (ii) Disability of Optionee. In the event of termination of an Optionee’s Continuous Status as an Employee,
Director or Consultant as a result of the Optionee’s Disability, the Optionee may only exercise the Option within twelve (12) months (or such shorter period as is specified in the Option Agreement, but in no event less than six (6) months) from
the date of such termination. 
  
 (iii) Death of Optionee.
In the event of termination of an Optionee’s Continuous Status as an Employee, Director or Consultant as a result of the Optionee’s death, the Option may only be exercised within twelve (12) months (or such shorter period as is specified
in the Option Agreement, but in no event less than six (6) months) following the date of death by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance. 
  
 (iv) Misconduct. Should the Optionee’s Continuous Status as an
Employee, Director or Consultant be terminated for Misconduct, then in any such event all outstanding Options granted to the Optionee under this Plan shall terminate immediately and cease to be exercisable. 
  
 (v) Limitations. Each Option shall, during the limited exercise
period under this Section 8(d), be exercisable only as to the Shares for which the Option is exercisable on the date of the Optionee’s death or termination of service with the Company. Under no circumstances shall any Option become exercisable
under this Section 8(d) after the Option Termination Date. Upon the earlier of the expiration of such limited exercise period or the Option Termination Date, the Option shall terminate and cease to be exercisable. 
  
 (vi) Administrator Discretion to Accelerate. The Administrator shall
have complete discretion, exercisable either at the time the Option is granted or at any time the Option remains outstanding, to permit one or more Options granted under this Plan to be exercised during the limited exercise period applicable under
this Section 8(d), not only for the number of Shares for which each such Option is exercisable at the time of the Optionee’s death or termination of service but also for one or more subsequent installments of Shares for which the Option could
otherwise have become exercisable had such death or termination of service not occurred. 
  
 (e) Extensions. Notwithstanding the provisions covering the exercisability of Options following death or termination of service, as described in Section 8(d), the Administrator may, in its sole discretion, with
the consent of the Optionee or the Optionee’s estate (in the case of the death of Optionee), extend the period of time during which the Option shall remain exercisable, provided that in no event shall such extension go beyond the Option
Termination Date. In the case of Incentive Stock Options, extensions under this Section 8(e) may result in loss of the favorable treatment accorded to incentive stock options under the Code. 
  

 6 

 9. Restrictions on Grants of Options and Issuance of Shares. 
  
 (a) Regulatory Approvals. No Shares shall be issued or delivered upon
exercise of an Option unless and until there shall have been compliance with all applicable requirements of the Securities Act of 1933, as amended, (the “1933 Act”), and any other requirement of law or of any regulatory body having
jurisdiction over such issuance and delivery. The inability of the Company to obtain any required permits, authorizations or approvals necessary for the lawful issuance and sale of any Shares hereunder on terms deemed reasonable by the Administrator
shall relieve the Company, the Board, and any Committee of any liability in respect of the non-issuance or sale of such Shares as to which such requisite permits, authorizations, or approvals shall not have been obtained. 
  
 (b) Representations and Warranties. As a condition to the granting or
exercise of any Option, the Administrator may require the person receiving or exercising such Option to make any representation and/or warranty to the Company as may be required (or deemed appropriate by the Administrator, in its discretion) under
any applicable law or regulation, including but not limited to a representation that the Option and/or Shares are being acquired only for investment and without any present intention to sell or distribute such Option and/or Shares, if such a
representation is required under the 1933 Act or any other applicable law, rule, or regulation. 
  
 (c) Shareholder Approval. The exercise of Options under the Plan also is conditioned on approval of the Plan by the Company’s shareholders
within twelve (12) months of adoption of the Plan by the Board, and no Option shall be exercisable hereunder unless and until the Plan has been so approved. 
  
 10. Option Adjustments. 
  
 (a) Change in Capitalization. If the outstanding shares of Common Stock of the Company are increased, decreased, changed into or exchanged for a
different number or kind of shares of the Company through reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, upon authorization by the Administrator an appropriate and proportionate adjustment
shall be made in the number or kind of shares, and the per-share option price thereof, which may be issued in the aggregate and to any individual Optionees under the Plan upon exercise of Options granted under the Plan; provided, however, that no
such adjustment need be made if, upon the advice of counsel, the Administrator determines that such adjustment may result in the receipt of federal taxable income to holders of Options granted under the Plan or the holders of Common Stock or other
classes of the Company’s securities. 
  
 (b) Corporate
Reorganizations. Upon the occurrence of a Terminating Transaction, as of the effective date of such Terminating Transaction, the Plan and any then outstanding Options (whether or not vested) shall terminate unless (i) provision is made in
writing in connection with such transaction for the continuance of the Plan and for the assumption of such Options, or for the substitution for such Options of new options covering the securities of a successor corporation or an affiliate thereof,
with appropriate adjustments as to the number and kind of securities and exercise prices, in which event the Plan and such outstanding Options shall continue or be replaced, as the case may be, in the manner and under the terms so provided; or (ii)
the Administrator otherwise shall provide in writing for such adjustments as it deems appropriate in the 

  

 7 

 
terms and conditions of the then-outstanding Options (whether or not vested), including without limitation providing for the cancellation of Options and
their automatic conversion into the right to receive the securities or other properties which a holder of the Shares underlying such Options would have been entitled to receive upon such Terminating Transaction had such Shares been issued and
outstanding (net of the appropriate option exercise prices). If, pursuant to the foregoing provisions of this paragraph (b), the Plan and the Options shall terminate by reason of the occurrence of a Terminating Transaction without provision for any
of the action(s) described in clause (i) or (ii) hereof, then any Optionee holding outstanding Options shall have the right, at such time immediately prior to the consummation of the Terminating Transaction as the Administrator shall designate, to
exercise his or her Options to the full extent not theretofore exercised, including any portion which has not yet become exercisable. 
  
 11. Option Agreement. The terms and conditions of Options granted under the Plan shall be evidenced by a written Option Agreement executed by the
Company and the person to whom the Option is granted. Each Option Agreement shall incorporate the Plan by reference and shall include such provisions as are determined to be necessary or appropriate by the Administrator. The provisions of the
various Option Agreements entered into under the Plan need not be identical. 
  
 12. Repurchase Rights and Other Restrictions on Transfer of Shares. 
  
 (a) Repurchase Rights. The Administrator shall have the discretion to grant Options which are exercisable for unvested Shares. Should the
Optionee’s Continuous Status as an Employee, Director or Consultant terminate while Optionee holds such unvested Shares, the Company shall have the right to repurchase, at the exercise price paid per Share, any or all of those unvested Shares.
The terms upon which such repurchase right shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased Shares) shall be established by the Administrator and set forth in the document
evidencing such repurchase right. 
  
 (b) Other Restrictions on
Transfer. Any Shares issued upon exercise of an Option shall also be subject to such special forfeiture conditions, other rights of repurchase, rights of first refusal and other transfer restrictions as the Administrator may determine. Such
restrictions shall be set forth in the applicable Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 
  
 (c) Minimum Vesting for Certain Employees. In the case of an Optionee who is not an officer of the Company, a
Director or a Consultant, any right to repurchase the Optionee’s Shares at the original exercise price upon termination of the Optionee’s Continuous Status as an Employee shall lapse at least as rapidly as 20% per year over the five-year
period commencing on the date of the option grant. Any such repurchase right may be exercised only (i) within 90 days after the termination of the Optionee’s continuous status as an Employee and (ii) for cash or for cancellation of indebtedness
incurred in purchasing the Shares. 
  
 13. Limitations on
Incentive Stock Options. In the event that the aggregate Fair Market Value of Shares (determined as of the date of grant of the Option covering such Shares) with respect to which Incentive Stock Options are exercisable for the first time by an
Employee during any 

  

 8 

 
calendar year under this Plan and any other plan of the Company exceeds $100,000, Options with respect to and to the extent of such excess shall be treated
as Nonstatutory Stock Options. This Section 13 shall be applied by taking Options which are intended to be Incentive Stock Options into account in the order in which they were granted. 
  
 14. Amendment or Termination of the Plans. 
  
 (a) Board Authority. The Board may amend, suspend, alter, or terminate the Plan at any time. To the extent necessary
or desirable to comply with the Code or any other applicable law or regulation, the Company may obtain shareholder approval of any amendment to the Plan in such a manner and to such a degree as required. 
  
 (b) Limitation on Board Authority. Furthermore, the Plan may not,
without the approval of the shareholders, be amended in any manner that would cause Incentive Stock Options issued hereunder to fail to qualify as Incentive Stock Options as defined in Section 422(b) of the Code. Notwithstanding the foregoing, no
amendment, suspension or termination of the Plan shall adversely affect Options granted on or prior to the date thereof, as evidenced by the execution of an option agreement by both the Company and the Optionee, without the consent of such Optionee.

  
 (c) Contingent Grants Based on Amendments. Options may
be granted in reliance on and consistent with any amendment adopted by the Board and which is necessary to enable such Options to be granted under the Plan, even though such amendment requires future shareholder approval; provided, however, that any
such contingent Option by its terms may not be exercised prior to shareholder approval of such amendment, and provided further, that in the event shareholder approval is not obtained within twelve (12) months of the date of grant of such contingent
Option, then such contingent Option shall be deemed canceled and no longer outstanding. 
  
 15. Limited Transferability of Options. During the lifetime of the Optionee, Incentive Stock Options shall be exercisable only by the Optionee and shall not be assignable or transferable other than by will or
by the laws of inheritance following the Optionee’s death. However, a Nonstatutory Stock Option may, at the discretion of the Administrator, be assigned in whole or in part during the Optionee’s lifetime to one or more members of the
Optionee’s immediate family or to a trust established exclusively for one or more such family members or to one or more individuals, to the extent such assignment is in connection with the Optionee’s estate plan or pursuant to a domestic
relations order. The assigned portion may only be exercised by the person or persons who acquire a proprietary interest in the Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for
the Option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Administrator may deem appropriate. Notwithstanding the foregoing, the Optionee may also designate one or more persons as the
beneficiary or beneficiaries of his outstanding Options, and those Options shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee’s death while holding those Options. Such
beneficiary or beneficiaries shall take the transferred Options subject to all the terms and conditions of the applicable agreement evidencing each such transferred Option, including (without limitation) the limited time period during which the
Option may be exercised following the Optionee’s death. 
  

 9 

 16. No Rights in Shares Before Issuance and Delivery. Neither the Optionee, his or her estate nor
his or her transferees by will or the laws of descent and distribution shall be, or have any rights or privileges of, a shareholder of the Company with respect to any Shares issuable upon exercise of the Option unless and until certificates
representing such Shares shall have been issued and delivered notwithstanding exercise of the Option. No adjustment will be made for a dividend or other rights where the record date is prior to the date such stock certificates are issued, except as
provided in Section 10. 
  
 17. Taxes. The Administrator
shall make such provisions and take such steps as it deems necessary or appropriate for the withholding of any federal, state, local and other tax required by law to be withheld with respect to the grant or exercise of an Option under the Plan,
including, without limitation, the deduction of the amount of any such withholding tax from any compensation or other amounts payable to an Optionee by the Company, or requiring an Optionee (or the Optionee’s beneficiary or legal
representative) as a condition of granting or exercising an Option to pay to the Company any amount required to be withheld, or to execute such other documents as the Administrator deems necessary or desirable in connection with the satisfaction of
any applicable withholding obligation. In the discretion of the Administrator, upon exercise of a Nonstatutory Stock Option, the Optionee may request the Company to withhold from the Shares to be issued upon such exercise that number of Shares
(based on the Fair Market Value of the Shares as of the day notice of exercise is received by the Company) that would satisfy any tax withholding requirement. 
  

18. Legends on Options and Stock Certificates. Each option agreement and each certificate representing Shares acquired upon exercise of an
Option shall be endorsed with all legends, if any, required by applicable federal and state securities laws to be placed on the option agreement and/or the certificate. The determination of which legends, if any, shall be placed upon option
agreements and/or the certificates representing Shares shall be made by the Administrator in its sole discretion and such decision shall be final and binding. 
  

19. Availability of Plan and Financial Statements. A copy of this Plan shall be delivered to the Secretary of the Company and shall be shown by
the Secretary to any eligible person making reasonable inquiry concerning the Plan. The Company shall also provide Optionees with financial statements of the Company at least annually in accordance with Rule 260.140.46 promulgated under the
California Corporate Securities Law. 
  
 20. Applicable
Law. This Plan shall be governed by and construed in accordance with the laws of the State of California. 
  
 Date Plan approved by Board: October 19, 2001 
  
 Date Plan approved by Shareholders: October 19, 2001 
  

 10

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