Document:

OPKO
      HEALTH, INC.

    2007
      EQUITY INCENTIVE PLAN

    

     
      

    1.
      DEFINITIONS 

     
      

    The
      following terms shall have the following meanings unless the context indicates
      otherwise: 

     
      

    1.1.
“
      Affiliate
      ”
and
“
      Associate
      ”
shall
      have the respective meanings given to such terms under Rule 12b-2 under the
      Exchange Act. 

     
      

    1.2.
“
      Award
      ”
shall
      mean either a Stock Option, an SAR, a Stock Award, a Stock Unit, a Performance
      Share, a Performance Unit, or a Cash Award. 

     
      

    1.3.
“
      Award
      Agreement ”
shall
      mean a written agreement between the Company and the Participant that
      establishes the terms, conditions, restrictions and/or limitations applicable
      to
      an Award in addition to those established by the Plan and by the Committee’s
      exercise of its administrative powers. 

     
      

    1.4.
“
      Beneficial
      Owner ”
shall
      have the meaning given to such term under Rule 13d-3 under the Exchange
      Act. 

     
      

    1.5.
“
      Board
      ”
shall
      mean the Board of Directors of the Company. 

     
      

    1.6.
“
      Cash
      Award ”
shall
      mean the grant by the Committee to a Participant of an award of cash as
      described in Section 11 below. 

     
      

    1.7.
“
      Cause
      ”
shall
      mean (i) willful malfeasance or willful misconduct by the Employee in
      connection with his/her employment, (ii) continuing failure to perform such
      duties as are requested by the Company and/or its subsidiaries,
      (iii) failure by the Employee to observe material policies of the Company
      and/or its subsidiaries applicable to the Employee, (iv) material breach of
      any agreement with or duty owed to the Company and/or its subsidiaries
      applicable to the Employee, or (v) the commission by the Employee of
      (x) any felony or (y) any misdemeanor involving moral turpitude.

     
      

    1.8.
“
      Change
      in Control of the Company ”
or
“
      Change
      in Control ”
shall
      mean the occurrence of any of the following events: 

     
      

    (a) any
      Person, as such term is used for purposes of Section 13(d) or 14(d) of the
      Exchange Act, or any successor section thereto, (other than (i) the
      Company, (ii) any trustee or other fiduciary holding securities under an
      employee benefit plan of the Company, (iii) any Subsidiaries of the
      Company, (iv) any company owned, directly or indirectly, by the
      shareholders of the Company in substantially the same proportions as their
      ownership of stock of the Company), or (v) the Frost Group, LLC or any of
      its Affiliates becomes, either alone or together with such Person’s Affiliates
      and Associates, the Beneficial Owner, directly or indirectly, of securities
      of
      the Company representing 50% or more of the combined voting power of the
      Company’s then-outstanding securities. 

     
      

    (b) during
      any period of twenty-four months, individuals who at the beginning of such
      period constitute the Board, and any new directors whose election by the Board
      or nomination for election by the Company’s shareholders was approved by a vote
      of at least two-thirds of the directors then still in office who either were
      directors at the beginning of the period or whose election or nomination for
      election was previously so approved, cease for any reason to constitute at
      least
      a majority thereof; 

     
      

    (c) the
      effective date or date of consummation of any transaction or series of
      transactions (other than a transaction to which only the Company and one or
      more
      of its subsidiaries are parties) under which the Company is merged or
      consolidated with any other company, other than a merger or consolidation which
      would result in the voting securities of the Company outstanding immediately
      prior thereto continuing to represent (either by remaining outstanding or by
      being converted into voting securities of the surviving entity) 50% or more
      of
      the combined voting power of the voting securities of the Company or such
      surviving entity outstanding
      immediately after such merger or consolidation; or 

    (d) the
      shareholders of the Company approve a plan of complete liquidation of the
      Company or an agreement for the sale or disposition by the Company of all or
      substantially all of the Company’s assets. 

     
      

    1.9.
“
      Code
      ”
shall
      mean the Internal Revenue Code of 1986, as amended from time to time.

     
      

    1.10.
“
      Committee
      ”
shall
      mean the Board’s Compensation Committee or any other committee of the Board
      appointed to administer this Plan. 

     
      

    1.11.
“
      Common
      Stock ”
shall
      mean the common stock of the Company. 

     
      

    1.12.
“
      Company
      ”
shall
      mean OPKO Health, Inc., a Delaware Corporation. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     
      

    1.13.
“
      Disability
      ”
shall
      mean the inability to engage in any substantial gainful activity by reason
      of a
      medically determinable physical or mental impairment which constitutes a
      permanent and total disability, as defined in Section 22(e) (3) of the
      Code (or any successor section thereto) and has applied for and been granted
      Long Term Disability under the Company’s Long Term Disability Plan. The
      determination whether a Participant has suffered a Disability shall be made
      by
      the Committee, in its sole discretion, based upon such evidence as it deems
      necessary and appropriate, and shall be conclusive and binding on the
      Participant. A Participant shall not be considered disabled unless he or she
      furnishes such medical or other evidence of the existence of the Disability
      as
      the Committee, in its sole discretion, may require. 

     
      

    1.14.
“
      Dividend
      Equivalent Right ”
shall
      mean the right to receive an amount equal to the amount of any dividend paid
      with respect to a share of Common Stock multiplied by the number of shares
      of
      Common Stock underlying or with respect to a Stock Option, a SAR, a Stock Unit
      or a Performance Unit, and which shall be payable in cash, in Common Stock,
      in
      the form of Stock Units or Performance Units, or a combination of any or all
      of
      the foregoing. 

     
      

    1.15.
“
      Effective
      Date ”
shall
      mean the date on which the Board adopts the Plan. 

     
      

    1.16.
“
      Employee
      ”
shall
      mean an employee of the Company or any Subsidiary as described in Treasury
      Regulation Section 1.421-7(h). 

     
      

    1.17.
“
      Exchange
      Act ”
shall
      mean the Securities Exchange Act of 1934, as amended from time to time,
      including applicable regulations thereunder. 

     
      

    1.18.
“
      Fair
      Market Value ”
shall,
      unless otherwise required by any applicable provision of the Code or any
      Treasury Regulations, mean: 

     
      

    (a) if
      a security is listed or trading on a national securities exchange or other
      market system, the closing price of such security on the date of calculation
      (or
      on the last preceding trading date if such security was not traded on such
      date), or 

     
      

    (b) if
      such security is not listed or trading on a national securities exchange or
      other market system, as determined in good faith by the Board or the Committee.
      

     
      

    1.19.
“
      Family
      Members ”
shall
      mean a Participant’s spouse, parents, children, and siblings, whether by blood,
      marriage or adoption. 

     
      

    1.20.
“
      Independent
      Contractor ”
shall
      mean a Person (other than a Person who is an Employee or a Nonemployee Director)
      or an entity that renders services to the Company or any Subsidiary.

     
      

    1.21.
“
      ISO
      ”
shall
      mean an “incentive stock option” as such term is used in Code Section 422.

     
      

    1.22.
“
      Nonemployee
      Director ”
shall
      mean a member of the Board or the board of directors of a Subsidiary who is
      not
      an Employee. 

     
      

    1.23.
“
      Nonqualified
      Stock Option ”
shall
      mean a Stock Option that is not an ISO. 

     
      

    1.24.
“
      Participant
      ”
shall
      mean any Employee, Nonemployee Director or Independent Contractor to whom an
      Award has been granted by the Committee under the Plan. 

    1.25.
“
      Performance-Based
      Award ”
shall
      mean an Award subject to the achievement of certain performance goal or goals
      as
      described in Section 12 below. 

     
      

    1.26.
“
      Performance
      Share ”
shall
      mean the grant by the Committee to a Participant of an Award as described in
      Section 10.1 below. 

     
      

    1.27.
“
      Performance
      Unit ”
shall
      mean the grant by the Committee to a Participant of an Award as described in
      Section 10.2 below. 

     
      

    1.28.
“
      Person
      ”
shall
      mean any person, entity or “group” (within the meaning of Section 13(d)(3)
      or Section 14(d)(2) of the Exchange Act). 

     
      

    1.29.
“
      Plan
      ”
shall
      mean the OPKO Health, Inc. 2007 Equity Incentive Plan, as it may be amended
      from
      time to time. 

     
      

    1.30.
“
      Retirement
      ”
shall
      mean the termination of the employment, other than for Cause or due to death
      or
      Disability, of a Participant who; (i) has reached the age of 65;
      (ii) has reached the age of 62 and has completed 5 years of service
      with the Company; or (iii) has reached the age of 60 and has completed
      10 years of service with the Company. 

     
      

    1.31.
“
      SAR
      ”
shall
      mean the grant by the Committee to a Participant of a stock appreciation right
      as described in Section 8 below. 

     
      

    1.32.
“
      Stock
      Award ”
shall
      mean the grant by the Committee to a Participant of an Award of Common Stock
      as
      described in Section 9.1 below. 

     

    
      
        
        

      

      
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    1.33.
“
      Stock
      Option ”
shall
      mean the grant by the Committee to a Participant of an option to purchase Common
      Stock as described in Section 7 below. 

     
      

    1.34.
“
      Stock
      Unit ”
shall
      mean the grant by the Committee to a Participant of an Award as described in
      Section 9.2 below. 

     
      

    1.35.
“
      Subsidiary
      ”
shall
      mean a corporation of which the Company is the Beneficial Owner, directly or
      indirectly, of more than 50% of the Voting Stock or any other business entity
      in
      which the Company is the Beneficial Owner, directly or indirectly, of more
      than
      50% or any other business venture designated by the Committee in which the
      Company has a significant interest, as determined in the discretion of the
      Committee. 

     
      

    1.36.
“
      Treasury
      Regulations ”
shall
      mean the regulations promulgated under the Code by the United States Department
      of the Treasury, as amended from time to time. 

     
      

    1.37.
“
      Vest
      ”
shall
      mean: 

     
      

    (a) with
      respect to Stock Options and SARs, when the Stock Option or SAR (or a portion
      of
      such Stock Option or SAR) first becomes exercisable and remains exercisable
      subject to the terms and conditions of such Stock Option or SAR; or

     
      

    (b) with
      respect to Awards other than Stock Options and SARs, when the Participant has:
      

     
      

    (i) an
      unrestricted right to receive the compensation (whether payable in Common Stock,
      cash or a combination of both) attributable to such Award (or a portion of
      such
      Award) or to otherwise enjoy the benefits underlying such Award; and

     
      

    (ii) a
      right to transfer an Award subject to no Company-imposed restrictions or
      limitations other than restrictions and/or limitations imposed by
      Section 14 below 

     
      

    1.38.
“
      Vesting
      Date ”
shall
      mean the date or dates on which an Award Vests. 

     
      

    1.39.
“
      Voting
      Stock ”
shall
      mean the capital stock of any class or classes having general voting power
      under
      ordinary circumstances, in the absence of contingencies, to elect the directors
      of a corporation. 

    

    2.
      PURPOSE AND TERM OF PLAN 

     
      

    2.1.
      Purpose
      .
      The
      purpose of the Plan is to motivate certain Employees, Nonemployee Directors
      and
      Independent Contractors to put forth maximum efforts toward the growth,
      profitability, and success of the Company and Subsidiaries by providing
      incentives to such Employees, Nonemployee Directors and Independent Contractors
      either through cash payments and/or through the ownership and performance of
      the
      Common Stock. In addition, the Plan is intended to provide incentives which
      will
      help the Company attract and retain highly qualified individuals as Employees
      and Nonemployee Directors and to assist in aligning the interests of such
      Employees and Nonemployee Directors with those of its shareholders.

     
      

    2.2.
      Term
      .
      The
      Plan shall be effective as of the Effective Date; provided, however, that the
      Plan shall be approved by the shareholders of the Company at an annual meeting
      or any special meeting of shareholders of the Company within 12 months
      before or after the Effective Date, and such approval by the shareholders of
      the
      Company shall be a condition to the right of each Participant to receive Awards
      hereunder. Any Award granted under the Plan prior to the approval by the
      shareholders of the Company shall be effective as of the date of grant (unless
      the Committee specifies otherwise at the time of grant), but no such Award
      may
      Vest, be paid out, or otherwise be disposed of prior to such shareholder
      approval. If the shareholders of the Company fail to approve the Plan in
      accordance with this Section 2.2, any Award granted under the Plan shall be
      automatically cancelled without payment of any consideration to the recipient
      of
      such Award. The Plan shall remain in effect for ten years or until earlier
      terminated by the Board and no Award may be granted under the Plan on a date
      that is more than ten years from the Effective Date; provided, however, that
      in
      the event of Plan termination or expiration, the provisions of the Plan shall
      remain in effect as to any Awards which remain outstanding until all such Awards
      have been satisfied or are terminated under the terms of this Plan or under
      the
      applicable Award Agreement. 

    

     
      

    3.
      ELIGIBILITY AND PARTICIPATION 

     
      

    3.1.
      Eligibility
      .
      All
      Employees, all Nonemployee Directors and all Independent Contractors shall
      be
      eligible to participate in the Plan and to receive Awards. An individual’s
      status as a member of the Committee will not affect his eligibility to
      participate in the Plan. 

     
      

    3.2.
      Participation
      .
      Participants shall consist of such Employees, Nonemployee Directors and
      Independent Contractors as the Committee in its sole discretion designates
      to
      receive Awards under the Plan. Subject to Section 7.1, an Award may also be
      granted to an Employee, in connection with hiring, retention or otherwise prior
      to the date the Employee first performs services for the Company or any
      Subsidiary, provided that such Awards shall not become Vested prior to the
      date
      the Employee first performs such services. Designation of a Participant in
      any
      year shall not require the Committee to designate such Person to receive an
      Award in any other year or, once designated, to receive the same type or amount
      of Award as granted to the Participant in any other year. The Committee shall
      consider such factors as it deems pertinent in selecting Participants and in
      determining the type and amount of their respective Awards. 

     

    
      
        
        

      

      
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    4.
      ADMINISTRATION 

     
      

    4.1.
      Responsibility
      .
      The
      Committee shall have the responsibility, in its sole discretion, to control,
      operate, manage and administer the Plan in accordance with its terms; provided,
      however, that the Board may in any instance perform any of the functions of
      the
      Committee hereunder. 

     
      

    4.2.
      Award
      Agreement .
      Each
      Award granted under the Plan shall be evidenced by an Award Agreement which
      shall be signed by the Company and the Participant; provided, however, that
      in
      the event of any conflict between a provision of the Plan and any provision
      of
      an Award Agreement, the provision of the Plan shall prevail. 

     
      

    4.3.
      Authority
      of the Committee .
      The
      Committee shall have all the discretionary authority that may be necessary
      or
      helpful to enable it to discharge its responsibilities with respect to the
      Plan,
      including but not limited to the following: 

     
      

    (a) to
      determine eligibility for participation in the Plan and to select Participants;
      

     
      

    (b) to
      determine eligibility for and the type and size of an Award granted under the
      Plan; 

    (c) to
      make Awards in accordance with the terms of the Plan and to determine the terms
      and conditions of each Award; 

     
      

    (d) to
      supply any omission, correct any defect, or reconcile any inconsistency in
      the
      Plan in such manner and to such extent as it shall deem appropriate in its
      sole
      discretion to carry the same into effect; 

     
      

    (e) to
      issue administrative guidelines as an aid to administer the Plan and make
      changes in such guidelines as it from time to time deems proper; 

     
      

    (f) to
      make rules for carrying out and administering the Plan and make changes in
      such
      rules as it from time to time deems proper; 

     
      

    (g) to
      the extent permitted under the Plan, grant waivers of Plan terms, conditions,
      restrictions, and limitations and to vary the terms of Awards 

     
      

    (h) to
      take account of tax, securities law and other regulatory requirements of foreign
      jurisdictions; 

     
      

    (i) to
      accelerate the Vesting of any Award when such action or actions would be in
      the
      best interest of the Company; 

     
      

    (j) to
      grant Awards in replacement of Awards previously granted under this Plan or
      any
      other executive compensation plan of the Company; and 

     
      

    (k) to
      take any and all other actions it deems necessary or advisable for the proper
      operation or administration of the Plan. 

     
      

    4.4.
      Action
      by the Committee .
      The
      Committee may act only by a majority of its members. Any determination of the
      Committee may be made, without a meeting, by a writing or writings signed by
      all
      of the members of the Committee. In addition, the Committee may authorize any
      one or more of its members or, subject to Section 4.5 below, one or more
      agents to execute and deliver documents on behalf of the Committee.

     
      

    4.5.
      Delegation
      of Authority .
      To the
      extent permitted by applicable law, the Committee may delegate to one or more
      of
      its members, or to one or more officers of the Company, such administrative
      duties as it may deem advisable; provided, however, that any such delegation
      shall be in writing and, provided, further, that the Committee may not delegate
      its authority (a) to make Awards to Participants or (b) under
      Sections 4.3 (a), (b), (c), (d), (e), (f), (g), (h), (i) or
      (j) or Section 16 of the Plan. Any action undertaken by any such
      member or agent in accordance with the Committee’s delegation of authority shall
      have the same force and effect as if undertaken directly by the Committee,
      and
      any reference in the Plan to the Committee shall, to the extent consistent
      with
      the terms and limitations of such delegation, be deemed to include a reference
      to such members or agents. In addition, the Committee, or any Person to whom
      it
      has delegated duties under this Section 4.5, may employ one or more Persons
      to render advice with respect to any responsibility the Committee or such Person
      may have under the Plan. The Committee may employ such legal or other counsel,
      consultants and agents as it may deem desirable for the administration of the
      Plan. Expenses incurred by the Committee in the engagement of such counsel,
      consultant or agent shall be paid by the Company, or the Subsidiary whose
      employees have benefited from the Plan, as determined by the Committee. In
      the
      performance of its functions, the Committee shall be entitled to rely upon
      information, opinions, computations and advice furnished by the Company’s
      officers, any counsel, consultant or agent retained by the Committee, and any
      other party the Committee deems necessary, and no member of the Committee shall
      be liable for any action taken or not taken in reliance upon any such advice.
      

     

    
      
        
        

      

      
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    4.6.
      Determinations
      and Interpretations by the Committee .
      All
      determinations and interpretations made by the Committee shall be binding and
      conclusive on all Participants and their heirs, successors, and legal
      representatives. 

     
      

    4.7.
      Liability
      .
      No
      member of the Board, no member of the Committee and no Employee shall be liable
      for any act or failure to act hereunder, except in circumstances involving
      his
      or her willful misconduct, or for any act or failure to act hereunder by any
      other member or Employee or by any agent to whom duties in connection with
      the
      administration of the Plan have been delegated. 

    4.8.
      Indemnification
      .
      The
      Company shall indemnify members of the Board, members of the Committee and
      any
      agent of the Committee who is an Employee, against any and all liabilities
      or
      expenses to which they may be subjected (including, without limitation, the
      reasonable fees and expenses of counsel) by reason of any act or failure to
      act
      with respect to their duties on behalf of the Plan, except in circumstances
      involving such Person’s willful misconduct. 

    

     
      

    5.
      SHARES SUBJECT TO PLAN 

     
      

    5.1.
      Available
      Shares .
      Subject
      to the provisions of Section 5.2 below, the aggregate number of shares of
      Common Stock which shall be available for grants or payments of Awards under
      the
      Plan during its term shall be 35,000,000 shares (the “ Total
      Plan Shares ”).
      In
      the event that (i) an Award (or portion thereof) lapses, expires or is
      otherwise terminated without the issuance of the shares subject to such Award
      or
      is settled by the delivery of consideration other than shares, (ii) shares
      are tendered to pay the exercise price of a Stock Option or other Award or
      (iii) shares are withheld from any award to satisfy a Participant’s tax
      withholding obligations or, if applicable, to pay the exercise price of a Stock
      Option or other Award, such shares shall again become available for grants
      or
      Awards hereunder. Such shares of Common Stock available for issuance under
      the
      Plan may be either authorized but unissued shares, shares of issued stock held
      in the Company’s treasury, or both, at the discretion of the Company. Awards
      that are payable only in cash are not subject to this Section 5.1.

     
      

    5.2.
      Adjustment
      to Shares .
      The
      existence of the Plan, the Award Agreements and the Awards granted hereunder
      shall not affect or restrict in any way the right or power of the Company or
      the
      shareholders of the Company to make or authorize any adjustment,
      recapitalization, reorganization or other change in the Company’s capital
      structure or its business, any merger or consolidation of the Company, any
      issue
      of stock or of options, warrants or rights to purchase stock or of bonds,
      debentures, preferred or prior preference stocks whose rights are superior
      to or
      affect the Common Stock or the rights thereof or which are convertible into
      or
      exchangeable for Common Stock, or the dissolution or liquidation of the Company,
      or any sale or transfer of all or any part of its assets or business, or any
      other corporate act or proceeding, whether of a similar character or otherwise.
      If there is any change in the Common Stock of the Company, through merger,
      consolidation, reorganization, recapitalization, stock dividend, stock split,
      reverse stock split, split-up, split-off, spin-off, combination of shares,
      exchange of shares, dividend in kind or other like change in capital structure
      or distribution to shareholders of the Company in the nature of a liquidating
      distribution or a distribution pursuant to a plan of dissolution, the Committee
      may, in its discretion, make a proportionate adjustment to each outstanding
      Award that the Committee considers appropriate so that thereafter each such
      Award shall be with respect to or exercisable for such securities, cash and/or
      other property as would have been received in respect of the Common Stock
      subject to such Award had such Award been paid, distributed or exercised in
      full
      immediately prior to such change or distribution. In addition, in the event
      of
      any such change or distribution, in order to prevent dilution or enlargement
      of
      Participants’ rights under the Plan, the Committee shall have the authority to
      adjust, in an equitable manner as it deems appropriate, the number and kind
      of
      shares that may be received in respect of any Award, the number and kind of
      shares subject to outstanding Awards, the exercise price applicable to
      outstanding Stock Options, and the Fair Market Value of the Common Stock and
      other value determinations applicable to outstanding Awards. Appropriate
      adjustments may also be made by the Committee in the terms of any Awards granted
      under the Plan to reflect such changes or distributions and to modify any other
      terms of outstanding Awards on an equitable basis, including modifications
      of
      performance goals and changes in the length of performance periods; provided,
      however, that with respect to Performance-Based Awards, such modifications
      and/or changes do not disqualify compensation attributable to such Awards as
      “performance-based compensation” under Code Section 162(m). In addition,
      the Committee is authorized to make adjustments to the terms and conditions
      of,
      and the criteria included in, Awards in recognition of unusual or nonrecurring
      events affecting the Company or the financial statements of the Company, or
      in
      response to changes in applicable laws, regulations, or accounting principles.
      The Committee’s determination of what, if any, adjustments shall be made shall
      be final and binding on the Company and all Participants. 

     

    
      
        
        

      

      
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    5.3.
      No
      Repricing .
      Absent
      shareholder approval, neither the Committee nor the Board shall have the
      authority, with or without the consent of the affected holders of the Awards,
      to
“reprice” an Award after the date of its initial grant with a lower exercise
      price in substitution for the original exercise price. Adjustments in accordance
      with Section 5.2 above shall not be deemed “repricings” for purposes of
      this Section 5.3. This Section 5.3 may not be amended,
      altered or repealed by the Committee or the Board without the approval of the
      shareholders of the Company. 

    

     
      

    6.
      MAXIMUM INDIVIDUAL AWARDS 

     
      

    6.1.
      Maximum
      Aggregate Number of Shares Underlying Stock-Based Awards Granted Under the
      Plan to Any Single Participant .
      The
      maximum aggregate number of shares of Common Stock underlying all Awards
      measured in shares of Common Stock (whether payable in Common Stock, cash or
      a
      combination of both) that may be granted to any single Participant in respect
      of
      any fiscal year of the Company shall be 2,000,000 shares, subject to
      adjustment as provided in Section 5.2 above. 

     
      

    6.2.
      Maximum
      Dollar Amount Underlying Cash-Based Awards Granted Under the Plan to Any Single
      Participant .
      The
      maximum dollar amount that may be paid to any single Participant with respect
      to
      all Awards measured in cash (whether payable in Common Stock, cash or a
      combination of both) in respect of any fiscal year of the Company shall be
      $2,000,000. 

    

     
      

    7.
      STOCK OPTIONS 

     
      

    7.1.
      In
      General .
      The
      Committee may, in its sole discretion, grant Stock Options to Employees,
      Nonemployee Directors and Independent Contractors on or after the Effective
      Date, subject, in all cases to Section 2.2 of the Plan. The Committee
      shall, in its sole discretion, determine the Employees, the Nonemployee
      Directors and Independent Contractors who will receive Stock Options and the
      number of shares of Common Stock underlying each Stock Option. Each Stock Option
      shall be subject to such terms and conditions consistent with the Plan set
      forth
      in the applicable Award Agreement and such other terms and conditions consistent
      with the Plan and the applicable Award Agreement as the Committee may impose
      from time to time. In addition, each Stock Option shall be subject to the
      following terms and conditions set forth in Sections 7.2 through 7.8 below.

     
      

    7.2.
      Exercise
      Price .
      The
      Committee shall specify the exercise price of each Stock Option in the Award
      Agreement; provided, however, that the exercise price of any Nonqualified Stock
      Option shall not be less than 100% of the Fair Market Value of the Common Stock
      on the date of grant. 

     
      

    7.3.
      Term
      of Stock Option .
      The
      Committee shall specify the term of each Stock Option in the Award Agreement
      shall terminate as set forth in Section 14 below or at such earlier times
      and upon such conditions or circumstances as the Committee shall, in its sole
      discretion, set forth in the Award Agreement. 

     
      

    7.4.
      Vesting
      Date .
      The
      Committee shall specify the Vesting Date with respect to each Stock Option
      in
      the Award Agreement; provided, that the Committee may provide in the applicable
      Award Agreement that any Stock Option shall Vest in such portions or
      installments as the Committee may, in its sole discretion, determine. The
      Committee may grant Stock Options that are Vested, either in whole or in part,
      on the date of grant. If the Committee fails to specify a Vesting Date in the
      Award Agreement, 25% of such Stock Option shall become exercisable on each
      of
      the first four anniversaries of the date of grant and shall remain exercisable
      following such anniversary date until the Stock Option expires in accordance
      with its terms under the Award Agreement or under the terms of the Plan. The
      Vesting of a Stock Option may be subject to such other terms and conditions
      as
      shall be determined by the Committee, including, without limitation,
      accelerating the Vesting if certain performance goals are achieved.

     

    
      
        
        

      

      
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    7.5.
      Exercise
      of Stock Options .
      The
      Stock Option exercise price may be paid in cash or, in the sole discretion
      of
      the Committee, by the delivery of shares of Common Stock or other securities
      of
      the Company then owned by the Participant, by the withholding of shares of
      Common Stock for which a Stock Option is exercisable, or by a combination of
      these methods. In the sole discretion of the Committee, and subject to all
      applicable laws, rules and regulations, payment may also be made by delivering
      a
      properly executed exercise notice to the Company together with a copy of
      irrevocable instructions to a broker to deliver promptly to the Company the
      amount of sale proceeds to pay the exercise price. To facilitate the foregoing,
      the Company may enter into agreements for coordinated procedures with one or
      more brokerage firms. The Committee may prescribe any other method of paying
      the
      exercise price that it determines to be consistent with applicable law and
      the
      purpose of the Plan, including, without limitation, in lieu of the exercise
      of a
      Stock Option by delivery of shares of Common Stock then owned by a Participant,
      providing the Company with a notarized statement attesting to the number of
      shares owned by the Participant,
      where upon verification by the Company, the Company would issue to the
      Participant only the number of incremental shares to which the Participant
      is
      entitled upon exercise of the Stock Option. In determining which methods a
      Participant may utilize to pay the exercise price, the Committee may consider
      such factors as it determines are appropriate; provided, however, that any
      method approved by the Committee shall comply with applicable securities laws.
      When payment of the exercise price for a Stock Option consists of shares of
      the
      Company’s capital stock or other securities of the Company, such securities will
      not be accepted as payment unless the Participant has held such shares for
      the
      requisite period necessary to avoid a charge to the Company’s earnings for
      financial reporting purposes. 

     
      

    7.6.
      Additional
      Terms and Conditions .
      The
      Committee may, by way of the Award Agreements or otherwise, establish such
      other
      terms, conditions, restrictions and/or limitations, if any, of any Stock Option,
      as they may determine in their sole discretion; provided, they are not
      inconsistent with the Plan, including, without limitation, any requirement
      that
      the Participant not engage in competition with the Company or any Subsidiary.
      

     
      

    7.7.
      Conversion
      Stock Options .
      The
      Committee may, in its sole discretion and upon such terms and conditions as
      it
      deems appropriate, grant a Stock Option to any holder of an option (hereinafter
      referred to as an “Original Option”) to purchase shares of the stock of any
      corporation: 

     
      

    (a) the
      stock or all or substantially all of the assets of which were acquired, directly
      or indirectly, by the Company or any Subsidiary, or 

     
      

    (b) which
      was merged with and into the Company or a Subsidiary, so that the Original
      Option is converted into a Stock Option (hereinafter referred to as a
“Conversion Stock Option”); provided, however, that such Conversion Stock Option
      as of the date of its grant (the “ Conversion
      Stock Option Grant Date ”)
      shall
      have substantially the same economic value as the Original Option as of the
      Conversion Stock Option Grant Date. 

    

     
      

    8.
      STOCK APPRECIATION RIGHTS 

     
      

    8.1.
      In
      General .
      The
      Committee may, in its sole discretion, grant SARs to Employees, Nonemployee
      Directors, and/or Independent Contractors. An SAR is a right to receive a
      payment in cash, Common Stock or a combination of both, in an amount equal
      to
      the excess of (x) the Fair Market Value of the Common Stock, or other
      specified valuation, of a specified number of shares of Common Stock on the
      date
      the SAR is exercised over (y) the Fair Market Value of the Common Stock, or
      other specified valuation (which shall be no less than the Fair Market Value
      of
      the Common Stock), of such shares of Common Stock on the date the SAR is
      granted, all as determined by the Committee. If a SAR is granted retroactively
      in tandem with or in substitution for a Stock Option, the designated Fair Market
      Value of the Common Stock in the Award Agreement shall be the Fair Market Value
      of the Common Stock on the date such Stock Option was granted, the SAR shall
      cover the same number of shares of Common Stock as covered by the Stock Option
      (or such lesser number of shares as the Committee may determine) and the SAR
      shall be exercisable only at such time or times and to the extent the related
      Stock Option shall be exercisable, and shall have the same term and exercise
      price as the related Stock Option. Upon exercise of a Stock Appreciation Right
      granted in tandem with a Stock Option, the related Stock Option shall be
      cancelled automatically to the extent of the number of shares covered by such
      exercise; conversely, if the related Stock Option is exercised as to some or
      all
      of the shares covered by the tandem grant, the tandem Stock Appreciation Right
      shall be cancelled automatically to the extent of the number of shares covered
      by the Stock Option exercised. Each SAR shall be subject to such terms and
      conditions, including, but not limited to, a provision that automatically
      converts a SAR into a Stock Option on a conversion date specified at the time
      of
      grant, as the Committee shall impose from time to time in its sole discretion
      and subject to the terms of the Plan. 

     

    
      
        
        

      

      
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    9.
      STOCK AWARDS AND STOCK UNITS 

     
      

    9.1.
      Stock
      Awards .
      The
      Committee may, in its sole discretion, grant Stock Awards to Employees,
      Nonemployee Directors, and/or Independent Contractors as additional compensation
      or in lieu of other compensation for services to the Company. A Stock Award
      shall consist of shares of Common Stock which shall be subject to such terms
      and
      conditions as the Committee in its sole discretion determines appropriate,
      including, without limitation, restrictions on the sale or other
      disposition
      of such
      shares, the Vesting Date
      with
      respect to such shares, and the right of
      the
      Company to reacquire such shares for no consideration upon termination of the
      Participant’s employment within specified periods. With respect to the shares of
      Common Stock subject to a Stock Award, the Participant shall have all of the
      rights of a holder of shares of Common Stock, including the right to receive
      dividends and to vote the shares, unless the Committee determines otherwise
      on
      the date of grant. The Committee may require the Participant to deliver a duly
      signed stock power, endorsed in blank, relating to the Common Stock covered
      by
      such Stock Award. As a condition to any Stock Award, the Participant may be
      required to deliver to the Company a share power, endorsed in blank, relating
      to
      the Shares covered by such Award. Any share certificate issued in connection
      with a Stock Award may be held in the custody of the Company and will bear
      the
      following legend and/or any other legend required by this Plan, the applicable
      Award Agreement or applicable law: 

     
      

    THE
      TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE
      SUBJECT TO THE TERMS AND CONDITIONS OF THE OPKO HEALTH, INC. 2007 EQUITY
      INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE PARTICIPANT AND OPKO
      HEALTH, INC. (WHICH TERMS AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION,
      CERTAIN TRANSFER RESTRICTIONS AND FORFEITURE CONDITIONS). COPIES OF THAT PLAN
      AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF EXEGENICS INC. AND WILL
      BE
      MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST
      TO
      THE SECRETARY OF OPKO HEALTH, INC. 

     
      

    9.2.
      Stock
      Units .
      The
      Committee may, in its sole discretion, grant Stock Units to Employees,
      Nonemployee Directors, and/or Independent Contractors as additional compensation
      or in lieu of other compensation for services to the Company. A Stock Unit
      is a
      hypothetical share of Common Stock represented by a notional account established
      and maintained (or caused to be established or maintained) by the Company for
      such Participant who receives a grant of Stock Units. Stock Units shall be
      subject to such terms and conditions as the Committee, in its sole discretion,
      determines appropriate including, without limitation, determinations of the
      Vesting Date with respect to such Stock Units and the criteria for the Vesting
      of such Stock Units. A Stock Unit granted by the Committee shall provide for
      payment in shares of Common Stock at such time or times as the Award Agreement
      shall specify. The Committee shall determine whether a Participant who has
      been
      granted a Stock Unit shall also be entitled to a Dividend Equivalent Right.
      

     
      

    9.3.
      Payout
      of Stock Units .
      Subject
      to a Participant’s election to defer in accordance with Section 17.3 below,
      upon the Vesting of a Stock Unit, the shares of Common Stock representing the
      Stock Unit shall be distributed to the Participant, unless the Committee, in
      its
      sole discretion, provides for the payment of the Stock Unit in cash (or partly
      in cash and partly in shares of Common Stock) equal to the value of the shares
      of Common Stock which would otherwise be distributed to the Participant.

    

     
      

    10.
      PERFORMANCE SHARES AND PERFORMANCE UNITS 

     
      

    10.1.
      Performance
      Shares .
      The
      Committee may, in its sole discretion, grant Performance Shares to Employees,
      Nonemployee Directors, and/or Independent Contractors as additional compensation
      or in lieu of other compensation for services to the Company. A Performance
      Share shall consist of a share or shares of Common Stock which shall be subject
      to such terms and conditions as the Committee, in its sole discretion,
      determines appropriate, including, without limitation, determining the
      performance goal or goals which, depending on the extent to which such goals
      are
      met, will determine the number and/or value of the Performance Shares that
      will
      be paid out or distributed to the Participant who has been granted Performance
      Shares. Performance goals may be based on, without limitation, Company-wide,
      divisional and/or individual performance, as the Committee, in its sole
      discretion, may determine, and may be based on the performance measures listed
      in Section 12.3 below. With respect to the Performance Shares, the
      Participant shall have none of the rights of a holder of shares of Common Stock,
      including the right to receive dividends and to vote the shares, unless and
      until such Performance Shares shall have been Vested and distributed to the
      Participant. 

     

    
      
        
        

      

      
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    10.2.
      Performance
      Units .
      The
      Committee may, in its sole discretion, grant Performance Units to Employees,
      Nonemployee Directors, and/or Independent Contractors as additional compensation
      or in lieu of other compensation for services to the Company. A Performance
      Unit
      is a hypothetical share or shares of Common Stock represented by a notional
      account which shall be established and maintained (or caused to be established
      or maintained)
      by the Company for such Participant who receives a grant of Performance Units.
      Performance Units shall be subject to such terms and conditions as the
      Committee, in its sole discretion, determines appropriate, including, without
      limitation, determining the performance goal or goals which, depending on the
      extent to which such goals are met, will determine the number and/or value
      of
      the Performance Units that will be accrued with respect to the Participant
      who
      has been granted Performance Units. Performance goals may be based on, without
      limitation, Company-wide, divisional and/or individual performance, as the
      Committee, in its sole discretion, may determine, and may be based on the
      performance measures listed in Section 12.3 below. 

     
      

    10.3.
      Payout
      of Performance Shares or Performance Units .
      Subject
      to a Participant’s election to defer in accordance with Section 17.3 below,
      upon the Vesting of a Performance Share or a Performance Unit, the shares of
      Common Stock representing the Performance Share or the Performance Unit shall
      be
      distributed to the Participant, unless the Committee, in its sole discretion,
      provides for the payment of the Performance Share or a Performance Unit in
      cash
      (or partly in cash and partly in shares of Common Stock) equal to the value
      of
      the shares of Common Stock which would otherwise be distributed to the
      Participant. 

    

     
      

    11.
      CASH AWARDS 

     
      

    11.1.
      In
      General .
      The
      Committee may, in its sole discretion, grant Cash Awards to Employees,
      Nonemployee Directors, and/or Independent Contractors as additional compensation
      or in lieu of other compensation for services to the Company. A Cash Award
      shall
      be subject to such terms and conditions as the Committee, in its sole
      discretion, determines appropriate, including, without limitation, determining
      the Vesting Date with respect to such Cash Award, the criteria for the Vesting
      of such Cash Award, and the right of the Company to require the Participant
      to
      repay the Cash Award (with or without interest) upon termination of the
      Participant’s employment within specified periods.

     

     
      

    12.
      PERFORMANCE-BASED AWARDS 

     
      

    12.1.
      In
      General .
      The
      Committee, in its sole discretion, may designate Awards granted under the Plan
      as Performance-Based Awards (as defined below) if it determines that such
      compensation might not be tax deductible by the Company due to the deduction
      limitation imposed by Code Section 162(m). Accordingly, an Award granted
      under the Plan may be granted in such a manner that the compensation
      attributable to such Award is intended by the Committee to qualify as “qualified
      performance-based compensation” (as such term is used in Code
      Section 162(m) and the Treasury Regulations thereunder) and thus be exempt
      from the deduction limitation imposed by Code Section 162(m)
      (“Performance-Based Awards”). 

     
      

    12.2.
      Qualification
      of Performance-Based Awards .
      Awards
      shall only qualify as Performance-Based Awards under the Plan if: 

     
      

    (a) at
      the time of grant the Committee is comprised solely of two or more “outside
      directors” (as such term is used in Code Section 162(m) and the Treasury
      Regulations thereunder); 

     
      

    (b) with
      respect to either the granting or Vesting of an Award (other than (i) a
      Nonqualified Stock Option or (ii) a SAR, which are granted with an exercise
      price at or above the Fair Market Value of the Common Stock on the date of
      grant), such Award is subject to the achievement of a performance goal or goals
      based on one or more of the performance measures specified in Section 12.3
      below; 

     
      

    (c) the
      Committee establishes in writing (i) the objective performance-based goals
      applicable to a given performance period and (ii) the individual employees
      or class of employees to which such performance-based goals apply no later
      than
      90 days after the commencement of such performance period (but in no event
      after 25 percent of such performance period has elapsed); 

     

    
      
         

      

      
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    (d) no
      compensation attributable to a Performance-Based Award will be paid to or
      otherwise received by a Participant until the Committee certifies in writing
      that the performance goal or goals (and any other material terms) applicable
      to
      such performance period have been satisfied; and 

     
      

    (e) after
      the establishment of a performance goal, the Committee shall not revise such
      performance goal (unless such revision will not disqualify compensation
      attributable to the Award as “performance-based 

    compensation”
      under Code Section 162(m)) or increase the amount of compensation payable
      with respect to such Award upon the attainment of such performance goal.

     
      

    12.3.
      Performance
      Measures .
      The
      Committee shall use the following performance measures (either individually
      or
      in any combination) to set performance goals with respect to Awards intended
      to
      qualify as Performance-Based Awards: net sales; pretax income before allocation
      of corporate overhead and bonus; budget; cash flow; earnings per share; net
      income; financial goals; return on shareholders’ equity; return on assets;
      attainment of strategic and operational initiatives; appreciation in and/or
      maintenance of the price of the Common Stock or any other publicly-traded
      securities of the Company; market share; gross profits; earnings before interest
      and taxes; earnings before interest, taxes, depreciation and amortization;
      economic value-added models; comparisons with various stock market indices;
      and/or reductions in costs.

     

     
      

    13.
      CHANGE IN CONTROL 

     
      

    13.1.
      Accelerated
      Vesting .
      Notwithstanding any other provision of this Plan to the contrary, and without
      limiting the powers of the Committee under Section 4.3 of the Plan, if
      there is a Change in Control of the Company, the Vesting Date and/or payout
      of
      each outstanding Award shall be accelerated so that each such Award shall,
      immediately prior to the effective date of the Change in Control, become fully
      vested with respect to the total number of shares of Common stock subject to
      such Award. Upon the consummation of any Change of Control, all outstanding
      Awards under the Plan shall, to the extent not previously exercised, either
      be
      assumed by any successor corporation or parent thereof or be replaced with
      a
      comparable Award with respect to shares of common stock of such successor
      corporation or parent thereof. 

     
      

    13.2.
      Cashout
      .
      The
      Committee, in its sole discretion, may determine that, upon the occurrence
      of a
      Change in Control of the Company, all or a portion of certain outstanding Awards
      shall terminate within a specified number of days after notice to the holders,
      and each such holder shall receive an amount equal to the value of such Award
      on
      the date of the Change in Control, and with respect to each share of Common
      Stock subject to a Stock Option or SAR, an amount equal to the excess of the
      Fair Market Value of such shares of Common Stock immediately prior to the
      occurrence of such Change in Control (or such other greater amount as the
      Committee may determine in its sole and absolute discretion to be equitable
      to
      prevent dilution or enlargement of Participants’ rights under the Plan) over the
      exercise price per share of such Stock Option or SAR. Such amount shall be
      payable in cash, in one or more kinds of property (including the property,
      if
      any, payable in the transaction) or in a combination thereof, as the Committee,
      in its sole discretion, shall determine. 

     
      

    13.3.
      Assumption
      or Substitution of Awards .
      Notwithstanding anything contained in the Plan to the contrary, the Committee
      may, in its sole discretion, provide that an Award may be assumed by any entity
      which acquires control of the Company or may be substituted by a similar award
      under such entity’s compensation plans. 

    

     
      

    14.
      TERMINATION OF EMPLOYMENT IF PARTICIPANT IS AN EMPLOYEE 

     
      

    14.1.
      Termination
      of Employment Due to Death .
      Subject
      to the terms of the Plan, any written agreement between the Participant and
      the
      Company, and the applicable Award Agreement, if a Participant’s employment is
      terminated due to death: 

     
      

    (a) all
      non-Vested portions of Awards held by the Participant on the date of the
      Participant’s death shall immediately be forfeited by such Participant as of
      such date; and 

     
      

    (b) all
      Vested portions of Stock Options and SARs held by the Participant on the date
      of
      the Participant’s death shall remain exercisable until the earlier of:

     
      

    (i) the
      end of the 12-month period following the date of the Participant’s death, or

     
      

    (ii) the
      date the Stock Option or SAR would otherwise expire. 

     
      

    14.2.
      Termination
      of Employment for Cause .
      Subject
      to the terms of the Plan, any written agreement between the Participant and
      the
      Company, and the applicable Award Agreement, if a Participant’s employment is
      terminated by the Company for Cause, all Awards held by a Participant on the
      date of the termination of his or her employment for Cause, whether Vested
      or
      non-Vested, shall immediately be forfeited by such Participant as of such
date.
      If
      a Participant’s employment is terminated for Cause during the six months
      following any exercise, payment or delivery pursuant to an Award, such exercise,
      payment or delivery may be rescinded within two years thereafter. In the event
      of any such rescission, the Participant shall pay to the Company the amount
      of
      any gain realized or payment received as a result of the rescinded exercise,
      payment or delivery, in such manner and on such terms and conditions as may
      be
      required, and the Company shall be entitled to set-off against the amount of
      any
      such gain any amount owed to the Participant by the Company. 

     

    
      
         

      

      
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    14.3.
      Termination
      of Employment Due to Retirement or Disability .
      Subject
      to the terms of the Plan, any written agreement between the Participant and
      the
      Company, and the applicable Award Agreement, if a Participant’s employment is
      terminated due to Retirement or Disability of the Participant: 

     
      

    (a) all
      non-Vested portions of Awards held by the Participant on the date of the
      Participant’s Retirement or the date of the termination of his or her
      employment, as the case may be, shall immediately be forfeited by such
      Participant as of such date; and 

     
      

    (b) all
      Vested portions of Stock Options and SARs held by the Participant on the date
      of
      the Participant’s Retirement or the date of the termination of his or her
      employment, as the case may be, shall remain exercisable until the earlier
      of:

     
      

    (i) the
      end of the 36-month period following the date of the Participant’s Retirement or
      the date of the termination of his or her employment, as the case may be, or
      

     
      

    (ii) the
      date the Stock Option or SAR would otherwise expire. 

     
      

    14.4.
      Other
      Terminations of Employment .
      Subject
      to the terms of the Plan, any written agreement between the Participant and
      the
      Company, and the applicable Award Agreement, if a Participant’s employment is
      terminated for any reason other than for Cause, retirement or due to death
      or
      Disability: 

     
      

    (a) all
      non-Vested portions of Awards held by the Participant on the date of the
      termination of his or her employment shall immediately be forfeited by such
      Participant as of such date; and all Vested portions of Stock Options and/or
      SARs held by the Participant on the date of the termination of his or her
      employment shall remain exercisable until the earlier of; 

     
      

    (i) the
      end of the 12-month period following the date of the termination of the
      Participant’s employment, or 

     
      

    (ii) the
      date the Stock Option or SAR would otherwise expire. 

     
      

    14.5.
      Change
      in Status .
      Notwithstanding anything to the contrary set forth in the Plan, if any Employee
      ceases for any reason to be an Employee but continues to perform services for
      the Company (whether as a Nonemployee Director, consultant, agent, Independent
      Contractor or otherwise), such Participant shall retain his or her Awards upon
      the original terms and conditions thereof; provided, however, that if such
      Participant thereafter ceases to perform services for the Company then the
      provisions of this Section 14.4 shall no longer apply and such Award shall
      thereafter be subject to the provisions of Section 14.1, 14.2 or 14.3, as
      applicable. 

     
      

    14.6.
      Committee
      Discretion .
      Notwithstanding anything contained in the Plan to the contrary, and without
      limiting the powers of the Committee under Section 4.3 of the Plan, the
      Committee may, in its sole discretion, provide that: 

     
      

    (a) any
      or all non-Vested portions of Stock Options and/or SARs held by the Participant
      on the date of the Participant’s death and/or the date of the termination of his
      or her employment shall immediately become exercisable as of such date and
      shall
      remain exercisable until a date that occurs on or prior to the date the Stock
      Option or SAR is scheduled to expire; 

     
      

    (b) any
      or all Vested portions of Nonqualified Stock Options and/or SARs held by the
      Participant on the date of the Participant’s death and/or the date of the
      termination of his or her employment shall remain exercisable until a date
      that
      occurs on or prior to the date the Stock Option or SAR is scheduled to expire;
      and/or 

    (c) any
      or all non-Vested portions of Stock Awards, Stock Units, Performance Shares,
      Performance Units, and/or Cash Awards held by the Participant on the date of
      the
      Participant’s death and/or the date of the termination of his or her employment
      shall immediately Vest or shall become Vested on a date that occurs on or prior
      to the date the Award is scheduled to vest. 

     

    
      
         

      

      
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    (d) Cancellation
      and Rescission of Awards Due to Detrimental Activity. Unless the Award Agreement
      specifies otherwise, and regardless of whether the Participant’s employment or
      engagement with the Company is terminated (whether for Cause or otherwise),
      the
      Committee may cancel, rescind, or otherwise withhold any Awards held by a
      Participant, whether Vested or non-Vested, and any such Awards shall immediately
      be forfeited by such Participant at any time that the Participant is not in
      compliance with all applicable provisions of the Award Agreement and the Plan,
      or if the Participant engages in any “Detrimental Activity.” For purposes of
      this Section 14.6, “Detrimental Activity” shall include: (i) the
      rendering of services, directly or indirectly, to or for the benefit of any
      organization or engaging directly or indirectly in any business which is
      competitive with the Company, or which organization or business, or the
      rendering of services to or for the benefit of such organization, is prejudicial
      to or in conflict with the interests of the Company; (ii) the disclosure to
      anyone outside the Company, or the use in other than the Company’s business,
      without prior written authorization from the Company, of any “confidential
      information,” as defined in the Company’s Employee Handbook, acquired by the
      Participant either during or after employment with the Company; (iii) the
      failure or refusal to disclose promptly and to assign exclusively to the
      Company, all right title and interest in any invention or idea, patentable
      or
      not, made or conceived by the Participant during employment with the Company,
      relating in any manner to the actual or anticipated business, research or
      development work of the Company or the failure or refusal to do anything
      reasonably necessary to enable the Company to secure a patent where appropriate
      in the United States and in other countries; (iv) a violation of any rule,
      policy, procedure or guideline of the Company, including but not limited to
      the
      Company’s Code of Conduct; (v) any attempt, directly or indirectly, to
      induce any employee of the Company to be employed or render services other
      than
      for the Company, or any attempt directly or indirectly to solicit the trade
      or
      business of any current or prospective customer, supplier, or partner of the
      Company, other than in connection with the Company’s business; (vi) the
      Participant being convicted of, or entering a guilty plea with respect to a
      crime, whether or not connected with the Company; (vii) any other conduct
      or act determined to be injurious, detrimental or prejudicial to any interest
      of
      the Company or (viii) any agreement, whether or not in writing, to do any
      of the foregoing. Upon exercise, payment or delivery pursuant to an Award,
      the
      Participant may be required to certify, in a manner acceptable to the Committee,
      that he or she is in compliance with all of the terms and conditions of the
      Plan
      and is not and has not engaged in any Detrimental Activity. In the event a
      Participant fails to comply with the provisions of this Section 14.6 after
      the grant of the Award and prior to, or during the six months after any
      exercise, payment or delivery pursuant to an Award, such exercise, payment
      or
      delivery may be rescinded within two years thereafter. In the event of any
      such
      rescission, the Participant shall pay to the Company the amount of any gain
      realized or payment received as a result of the rescinded exercise, payment
      or
      delivery, in such manner and on such terms and conditions as may be required,
      and the Company shall be entitled to set-off against the amount of any such
      gain
      any amount owed to the Participant by the Company. 

    

     
      

    15.
      TAXES 

     
      

    15.1.
      Withholding
      Taxes .
      With
      respect to Employees, the Company, or the applicable Subsidiary, may require
      a
      Participant whose Stock Award, Stock Unit, Performance Share or Performance
      Unit
      granted hereunder has Vested, or who exercises a Stock Option or SAR granted
      hereunder to reimburse the Company or the Subsidiary which employs such
      Participant for any taxes required by any governmental regulatory authority
      to
      be withheld or otherwise deducted and paid by such corporation or entity in
      respect of the issuance or disposition of such shares or the payment of any
      amounts. In lieu thereof, the Company or the Subsidiary which employs such
      Participant, shall have the right to withhold the amount of such taxes from
      any
      other sums due or to become due from the Company or the Subsidiary, as
      applicable, to the Participant upon such terms and conditions as the Committee
      shall in its sole discretion prescribe. The Company or the Subsidiary that
      employs such Participant may, in its discretion, hold the stock certificate
      to
      which such Participant is entitled upon the Vesting of a Stock Award, Stock
      Unit, Performance Share or Performance Unit or the exercise of a Stock Option
      or
      SAR as security for the payment of such withholding 

    tax
      liability, until cash sufficient to pay that liability has been accumulated
      by
      or paid to the Company or such Subsidiary. 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

     
      

    15.2.
      Use
      of Common Stock to Satisfy Withholding Obligation .
      With
      respect to Employees, at any time that the Company, Subsidiary or other entity
      that employs such Participant becomes subject to a withholding obligation under
      applicable law with respect to the vesting of a Stock Award, Stock Unit,
      Performance Share or Performance Unit or the exercise of a Nonqualified Stock
      Option (the “Tax Date”), except as set forth below, a holder of such Award may,
      subject to the approval of the Committee, elect to satisfy, in whole or in
      part,
      the holder’s related personal tax liabilities (an “Election”) by
      (i) directing the Company, Subsidiary or other entity that employs such
      Participant to withhold from shares issuable in the related vesting or exercise
      either a specified number of shares or shares of Common Stock having a specified
      value (in each case equal to the related minimum statutory personal withholding
      tax liabilities with respect to the applicable taxing jurisdiction in order
      to
      comply with the requirements for a “fixed plan” under Accounting Principals
      Board Opinion No. 25), (ii) tendering shares of Common Stock or other
      securities of the Company previously issued pursuant to the exercise of a Stock
      Option or other shares of the Common Stock owned by the holder, or
      (iii) combining any or all of the foregoing Elections in any fashion. The
      foregoing notwithstanding, however, when previously issued shares of Common
      Stock or other securities of the Company are tendered pursuant to an Election,
      such tender of shares will not be accepted unless the Participant has held
      such
      shares for the requisite period necessary to avoid a charge to the Company’s
      earnings for financial reporting purposes. An Election shall be irrevocable.
      The
      withheld shares and other shares of Common Stock or other securities tendered
      in
      payment shall be valued at their Fair Market Value on the Tax Date. The
      Committee may in its sole discretion disapprove of any Election, suspend or
      terminate the right to make Elections or provide that the right to make
      Elections shall not apply to particular shares or exercises. The Committee
      may
      impose any additional conditions or restrictions on the right to make an
      Election as it shall deem appropriate, including conditions or restrictions
      with
      respect to Section 16 of the Exchange Act. 

     
      

    15.3.
      No
      Guarantee of Tax Consequences .
      No
      Person connected with the Plan in any capacity, including, but not limited
      to,
      the Company and any Subsidiary and their respective directors, officers, agents
      and employees makes any representation, commitment, or guarantee that any tax
      treatment, including, but not limited to, federal, state and local income,
      estate and gift tax treatment, will be applicable with respect to amounts
      deferred under the Plan, or paid to or for the benefit of a Participant under
      the Plan, or that such tax treatment will apply to or be available to a
      Participant on account of participation in the Plan. 

    

     
      

    16.
      AMENDMENT AND TERMINATION 

     
      

    16.1.
      Termination
      of Plan .
      The
      Board or the Committee may suspend or terminate the Plan at any time with or
      without prior notice; provided, however, that no action authorized by this
      Section 16.1 shall reduce the amount of any outstanding Award or adversely
      change the terms and conditions thereof without the Participant’s consent.

     
      

    16.2.
      Amendment
      of Plan .
      Provided that no amendment may adversely affect the rights of any Participant
      under any outstanding Award without the Participant’s consent; and, provided
      further, that no such amendment shall be effective without shareholder approval
      if such approval is required to comply with any applicable law or the rules
      of
      any national securities exchange or other market system on which the Company’s
      securities are then listed or traded; and, provided further, that the Board
      or
      the Committee may not, without shareholder approval, increase the maximum number
      of shares issuable under the Plan, the Board or the Committee may amend the
      Plan
      at any time with or without prior notice. Notwithstanding any provision herein
      to the contrary, the Board or the Committee shall have broad authority to amend
      the Plan or any Award to take into account changes in applicable tax laws,
      securities laws, accounting rules and other applicable state and federal laws.
      

     
      

    16.3.
      Amendment
      or Cancellation of Award Agreements .
      Without
      limitation to the rights of the Committee under Sections 4.3 and 14.6 of
      the Plan, the Committee may amend or modify any Award Agreement at any time
      by
      mutual agreement between the Committee and the Participant or such other Persons
      as may then have an interest therein. In addition, by mutual agreement between
      the Committee and a Participant or such other Persons as may then have an
      interest therein, Awards may be granted to an Employee, Nonemployee Director
      or
      Independent Contractor in substitution and exchange for, and in cancellation
      of,
      any Awards previously granted to such Employee, Nonemployee Director or
      Independent Contractor under the Plan, or any award previously
      granted
      to such
      Employee, Nonemployee Director or Independent Contractor under any other present
      or future plan of the Company or any present or future plan of an entity which
      (i) is purchased by the Company, (ii) purchases the Company, or
      (iii) merges into or with the Company. 

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

     
      

    17.
      MISCELLANEOUS 

     
      

    17.1.
      Other
      Provisions .
      Awards
      granted under the Plan may also be subject to such other provisions (whether
      or
      not applicable to the Award granted to any other Participant) as the Committee
      determines in its sole discretion on the date of grant to be appropriate,
      including, without limitation, for the installment purchase of Common Stock
      under Stock Options, to assist the Participant in financing the acquisition
      of
      Common Stock, for the forfeiture of, or restrictions on resale or other
      disposition of, Common Stock acquired under any Stock Option, for the
      acceleration of Vesting of Awards in the event of a Change in Control of the
      Company, for the payment of the value of Awards to Participants in the event
      of
      a Change in Control of the Company, or to comply with federal and state
      securities laws, or understandings or conditions as to the Participant’s
      employment in addition to those specifically provided for under the Plan.

     
      

    17.2.
      Transferability
      .
      Each
      Award granted under the Plan to a Participant shall not be transferable
      otherwise than by will or the laws of descent and distribution or pursuant
      to a
“qualified domestic relations order” as defined in the Code or Title I of
      the Employee Retirement Income Security Act of 1974, as amended, and the rules
      and regulations adopted thereunder and Stock Options and SARs shall be
      exercisable, during the Participant’s lifetime, only by the Participant;
      provided, however, that the Committee may in its sole discretion permit the
      transfer of an Award to a Participant’s Family Members or to one or more trusts
      established in whole or in part for the benefit of one or more such Family
      Members In the event of the death of a Participant, each Stock Option or SAR
      theretofore granted to him or her shall be exercisable during such period after
      his or her death as the Committee shall, in its sole discretion, set forth
      in
      the Award Agreement on the date of grant and then only by the executor or
      administrator of the estate of the deceased Participant or the Person or Persons
      to whom the deceased Participant’s rights under the Stock Option or SAR shall
      pass by will or the laws of descent and distribution. 

     
      

    17.3.
      Election
      to Defer Compensation Attributable to Award .
      The
      Committee may, in its sole discretion, allow a Participant to elect to defer
      the
      receipt of any compensation attributable to an Award under guidelines and
      procedures to be established by the Committee after taking into account the
      advice of the Company’s tax counsel. 

     
      

    17.4.
      Listing
      of Shares and Related Matters .
      If at
      any time the Committee shall determine that the listing, registration or
      qualification of the shares of Common Stock subject to any Award on any
      securities exchange or under any applicable law, or the consent or approval
      of
      any governmental regulatory authority, is necessary or desirable as a condition
      of, or in connection with, the granting of an Award or the issuance of shares
      of
      Common Stock thereunder, such Award may not be exercised, distributed or paid
      out, as the case may be, in whole or in part, unless such listing, registration,
      qualification, consent or approval shall have been effected or obtained free
      of
      any conditions not acceptable to the Committee. The Committee may require each
      Participant purchasing or acquiring shares of Common Stock pursuant to a Stock
      Option or other Award under the Plan to represent to and agree with the Company
      in writing that such Participant is acquiring the shares for investment and
      not
      with a view to the distribution thereof. All certificates for shares of Common
      Stock delivered under the Plan shall be subject to such stock-transfer orders
      and other restrictions as the Committee may deem advisable under the rules,
      regulations, and other requirements of the Securities and Exchange Commission
      or
      any national securities exchange or other market system on which the Company’s
      securities are listed or traded, and any applicable federal or state securities
      law, and the Committee may cause a legend or legends to be put on any such
      certificates to make appropriate reference to such restrictions. 

     
      

    17.5.
      No
      Right, Title, or Interest in Company Assets .
      Participants shall have no right, title, or interest whatsoever in or to any
      investments which the Company may make to aid it in meeting its obligations
      under the Plan. Nothing contained in the Plan, and no action taken pursuant
      to
      its provisions, shall create or be construed to create a trust of any kind,
      or a
      fiduciary relationship between the Company and any Participant, beneficiary,
      legal representative or any other Person. The Plan is intended to constitute
      an
      unfunded plan for incentive compensation. To the extent that any Person acquires
      a right to receive payments from the Company under the Plan, such right shall
      be
      no greater than the right of an unsecured general creditor of the Company.
      All
      payments to be made hereunder shall
      be
      paid from the general funds of the Company and no special or separate fund
      shall
      be established and no segregation of assets shall be made to assure payment
      of
      such amounts except as expressly set forth in the Plan. The Plan is not intended
      to be subject to the Employee Retirement Income Security Act of 1974, as
      amended. 

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

     
      

    17.6.
      No
      Right to Continued Employment or Service or to Grants .
      The
      Participant’s rights, if any, to continue to serve the Company as a director,
      officer, employee, independent contractor or otherwise, shall not be enlarged
      or
      otherwise affected by his or her designation as a Participant under the Plan,
      and the Company or the applicable Subsidiary reserves the right to terminate
      the
      employment of any Employee or the services of any Independent Contractor or
      director at any time. The adoption of the Plan shall not be deemed to give
      any
      Employee, Nonemployee Director, Independent Contractor or any other individual
      any right to be selected as a Participant or to be granted an Award.

     
      

    17.7.
      Awards
      Subject to Foreign Laws .
      The
      Committee may grant Awards to individual Participants who are subject to the
      tax
      laws of nations other than the United States, and such Awards may have terms
      and
      conditions as determined by the Committee as necessary to comply with applicable
      foreign laws. The Committee may take any action, which it deems advisable to
      obtain approval of such Awards by the appropriate foreign governmental entity;
      provided, however, that no such Awards may be granted pursuant to this
      Section 17.7 and no action may be taken which would result in a violation
      of the Exchange Act or any other applicable law. 

     
      

    17.8.
      Governing
      Law .
      The
      Plan, all Awards granted hereunder, and all actions taken in connection herewith
      shall be governed by and construed in accordance with the laws of the State
      of
      Florida without reference to principles of conflict of laws, except as
      superseded by applicable federal law or as otherwise provided in any Award
      Agreement. 

     
      

    17.9.
      Other
      Benefits .
      No
      Award granted under the Plan shall be considered compensation for purposes
      of
      computing benefits under any retirement plan of the Company or any Subsidiary
      nor affect any benefits or compensation under any other benefit or compensation
      plan of the Company or any Subsidiary now or subsequently in effect.

     
      

    17.10.
      No
      Fractional Shares .
      No
      fractional shares of Common Stock shall be issued or delivered pursuant to
      the
      Plan or any Award. The Committee shall determine in its sole discretion whether
      cash, Common Stock, Stock Options, or other property shall be issued or paid
      in
      lieu of fractional shares or whether such fractional shares or any rights
      thereto shall be forfeited or otherwise eliminated. 

     
      

    17.11.
      Authority
      of the Company and Shareholders .
      The
      existence of the Plan, the Award Agreements and the Awards granted hereunder
      shall not affect or restrict in any way the right or power of the Company or
      the
      shareholders of the Company to make or authorize any adjustment,
      recapitalization, reorganization or other change in the Company’s capital
      structure or its business, any merger or consolidation of the Company, any
      issue
      of stock or of options, warrants or rights to purchase stock or of bonds,
      debentures, preferred or prior preference stocks whose rights are superior
      to or
      affect the Common Stock or the rights thereof or which are convertible into
      or
      exchangeable for Common Stock, or the dissolution or liquidation of the Company,
      or any sale or transfer of all or any part of its assets or business, or any
      other corporate act or proceeding, whether of a similar character or otherwise.
      

     
      

    17.12.
      Other
      Compensation Plans .
      The
      adoption of the Plan shall not affect any other stock option, incentive or
      other
      compensation plans in effect for the Company or any Subsidiary, nor shall the
      plan preclude the Company from establishing any other forms of incentive or
      other compensation for Employees and Nonemployee Directors of the Company or
      any
      Subsidiary. 

     

    
      
         

      

      
        15Unassociated Document

    
      Exhibit
        10(t)(vi)

       

      AMENDMENT
        NO. 9 TO CREDIT AGREEMENT

       

      AMENDMENT
        NO. 9,
        dated
        as of April 30, 2007 (this “Amendment”), with respect to the Credit Agreement,
        dated as of May 20, 2002 (as same has been and may be further amended, restated,
        supplemented or modified, from time to time, the “Credit Agreement”), by and
        between AMERICAN
        MEDICAL ALERT CORP.,
        a New
        York corporation (the “Company”) and JPMORGAN
        CHASE BANK, N.A.,
        as
        successor-in interest to The Bank of New York, a national banking association
        (the “Lender”).

       

      RECITALS

       

      The
        Company has requested, and the Lender has agreed subject to the terms and
        conditions of this Amendment, to increase the Revolving Credit Commitment,
        all
        as herein set forth.

       

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

       

      1. Amendments.

       

      (a) The
        following definitions in Section 1.01 of the Credit Agreement are hereby
        amended
        and restated in their entirety to provide as follows:

       

      “Revolving
        Credit Commitment” shall mean the Lender’s obligation to make Revolving Credit
        Loans to the Company in an aggregate amount not to exceed $2,500,000, as
        such
        amount may be adjusted in accordance with the terms of this
        Agreement.

       

      “Revolving
        Credit Commitment Termination Date” shall mean June 30, 2010.

       

      “Total
        Commitment” shall mean, at any time, the aggregate of the Commitments in effect
        at such time.

       

      (b) Section
        7.06(c) of the Credit Agreement is hereby amended and restated in its entirety
        to provide as follows:

       

      “(c) (i)
        Permitted Acquisitions, not including those specified in (ii) below, with
        a
        purchase price, individually or in the aggregate, not to exceed $750,000
        during
        any twelve (12) month period and (ii) any other Permitted Acquisitions with
        the
        prior written consent of the Lender,”

       

      (c) Exhibit
        A
        to the Credit Agreement is hereby amended and replaced with Exhibit A attached
        to this Amendment.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2. Conditions
        of Effectiveness.
        This
        Amendment shall become effective upon receipt by (1) the Lender of (a) this
        Amendment, duly executed by the Company and each Guarantor, (b) the amended
        and
        restated Revolving Credit Note, in the form of Exhibit A hereto, (c) a
        certificate of the Secretary or Assistant Secretary of the Company, dated
        as of
        the date hereof, in the form of Exhibit I hereto, and (d) such other documents,
        instruments and agreements that the Lender shall reasonably require with
        respect
        thereto and (2) Farrell Fritz, P.C., of its reasonable attorneys’ fees and
        expenses incurred in connection with the preparation, execution and delivery
        of
        this Amendment, plus all outstanding amounts owed to Farrell Fritz, P.C.
        for
        unpaid attorney’s fees and expenses.

       

      3. Miscellaneous.

       

      (a) This
        Amendment shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      (b) All
        terms
        used herein shall have the same meaning as in the Credit Agreement, as amended
        hereby, unless specifically defined herein.

       

      (c) This
        Amendment shall constitute a Loan Document.

       

      (d) Except
        as
        expressly amended hereby, the Credit Agreement remains in full force and
        effect
        in accordance with the terms thereof. The Credit Agreement and the Loan
        Documents are each ratified and confirmed in all respects by the Company.
        The
        amendments herein are limited specifically to the matters set forth above
        and
        for the specific instance and purpose for which given and do not constitute
        directly or by implication an amendment or waiver of any other provisions
        of the
        Credit Agreement or a waiver of any Default or Event of Default which may
        occur
        or may have occurred under the Credit Agreement or any other Loan
        Document.

       

      (e) Upon
        the
        effectiveness of this Amendment, each reference in the Credit Agreement and
        the
        other Loan Documents to “this Agreement”, “hereunder”, “hereof”, “herein” or
        words of like import shall mean and be a reference to the Credit Agreement,
        as
        amended hereby.

       

      (f) The
        Company hereby represents and warrants that, (i) except with respect to the
        matters described in the Press Release (as defined in Amendment No. 2 to
        Credit
        Agreement, dated as of March 28, 2005 between the Company and the Lender),
        the
        representations and warranties by the Company pursuant to the Credit Agreement
        and each other Loan Document are true and correct, in all material respects,
        on
        the date hereof, and (ii) no Default or Event of Default exists under the
        Credit
        Agreement or any other Loan Document; provided that, the Lender hereby
        acknowledges and agrees that the representations and warranties of the Company
        contained in the Credit Agreement and those covenants set forth in Sections
        6.05, 6.06, 6.07, and 6.12 of the Credit Agreement shall not be deemed (prior
        to, at or after this date of this Amendment) to be breached as a result of
        the
        matters described in the Press Release, provided that such matter or matters
        do
        not now or shall not hereafter cause a Material Adverse Effect or cause the
        occurrence of any other Event of Default, it being agreed and understood
        that
        the $1,500,000 charge described in the Press Release, in itself, will not
        be
        deemed to constitute a Material Adverse Effect.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (g) The
        Company hereby: (a) acknowledges and confirms that, notwithstanding the
        consummation of the transactions contemplated by this Amendment, (i) all
        terms
        and provisions contained in the Security Documents are, and shall remain,
        in
        full force and effect in accordance with their respective terms and (ii)
        the
        liens heretofore granted, pledged and/or assigned to the Lender as security
        for
        the Company’s obligations under the Notes (including, without limitation, the
        amended and restated Revolving Credit Note), the Credit Agreement and the
        other
        Loan Documents shall not be impaired, limited or affected in any manner
        whatsoever by reason of this Amendment and that all such liens shall be deemed
        granted, pledged and/or assigned to the Lender as security for the Company’s
        obligations to the Lender, including, without limitation, those arising in
        connection with the increase in the Revolving Credit Commitment; and (b)
        represents, warrants and confirms the non-existence of any offsets, defenses,
        or
        counterclaims to its obligations under the Credit Agreement or any Loan
        Document.

       

      IN
        WITNESS WHEREOF,
        the
        Company and the Lender have caused this Amendment to be duly executed by
        their
        duly authorized officers as of the day and year first above
        written.

       

      
        	 	
                AMERICAN
                  MEDICAL ALERT CORP.

                 

                 

              
	 	
                By:

              	
                 /s/
                  Jack Rhian

              	 
	 	 	Name:	
                
                  Jack
                    Rhian

                

              	
                 

              
	 	 	Title:	
                President
                  and CEO

              	
                 

              
	 	 	 	 	 
	 	
                 

                JPMORGAN
                  CHASE BANK, N.A.

                 

                 

              
	 	
                By:

              	
                /s/
                  William Ewing

              	 
	 	 	
                Name:

              	
                William
                  Ewing

              	
              
	 	 	Title:	
                
                  Senior
                    Vice President 

                

              	
                 

              

      

       

      The
        undersigned, not parties to the Credit Agreement but as Guarantors under
        their
        respective Guaranties executed in favor of the Lender, dated as of May 20,
        2002,
        and as Grantors under the Security Agreement, dated as of May 20, 2002, each
        hereby (a) accept and agree to the terms of the foregoing Amendment, (b)
        acknowledge and confirm that all terms and provisions contained in their
        respective Guaranty are, and shall remain, in full force and effect in
        accordance with their respective terms and that its obligations thereunder
        include obligations of the Company owing to the Lender in connection with
        the
        increase in the Revolving Credit Commitment, and (c) (i) all terms and
        provisions contained in the Security Agreement are and shall remain, in full
        force and effect in accordance with their respective terms and (ii) the liens
        heretofore granted, pledged and/or assigned to the Lender as security for
        the
        Guaranteed Obligations (as defined in the Guaranty) shall not be impaired,
        limited or affected in any manner whatsoever by reason of this Amendment
        and
        that all such liens shall be deemed granted, pledged and/or assigned to the
        Lender as security for the Guarantee Obligations, including, without limitation,
        those Guaranteed Obligations related to Revolving Credit Loans.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	 	
                HCI
                  ACQUISITION CORP.

              
	 	
                SAFE
                  COM INC.

              
	 	
                LIVE
                  MESSAGE AMERICA ACQUISITION CORP. 

              
	 	
                NORTH
                  SHORE ANSWERING SERVICE, INC. 

              
	 	
                ANSWER
                  CONNECTICUT ACQUISITION CORP. 

              
	 	
                MD
                  ONCALL ACQUISITION CORP.

              
	 	
                AMERICAN
                  MEDICONNECT ACQUISITION CORP.

                 

              
	 	
                By:
                  

              	
                /s/
                  Jack Rhian

              	 
	 	 	
                Jack
                  Rhian, the President of each

              
	 	 	
                of
                  the foregoing corporations

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      AMENDED
        AND RESTATED REVOLVING CREDIT NOTE

       

      
        
          	
                  $2,500,000

                	
                  Melville,
                    New York

                
	 	
                  April
                    __, 2007

                

        

      

       

      FOR
        VALUE RECEIVED, AMERICAN MEDICAL ALERT CORP.,
        a New
        York corporation (the “Company”), promises to pay to the order of JPMORGAN
        CHASE BANK, N.A.
        (the
“Lender”), on or before the Revolving Credit Commitment Termination Date,
TWO
        MILLION FIVE HUNDRED THOUSAND DOLLARS
        ($2,500,000) or, if less, the unpaid principal amount of all Revolving Credit
        Loans made by the Lender to the Company under the Credit Agreement referred
        to
        below.

       

      The
        Company promises to pay interest on the unpaid principal amount hereof from
        the
        date hereof until paid in full at the rates and at the times which shall
        be
        determined, and to make principal repayments on this Note at the times which
        shall be determined, in accordance with the provisions of the Credit Agreement
        referred to below.

       

      This
        Note
        is the “Revolving Credit Note” referred to in the Credit Agreement dated as of
        May 20, 2002, by and between the Company and the Lender (as the same may
        be
        amended, restated, modified or supplemented from time to time, the “Credit
        Agreement”) and is issued pursuant to and entitled to the benefits of the Credit
        Agreement to which reference is hereby made for a more complete statement
        of the
        terms and conditions under which the Revolving Credit Loans evidenced hereby
        were made and are to be repaid. Capitalized terms used herein without definition
        shall have the meanings set forth in the Credit Agreement.

       

      Each
        of
        the Lender and any subsequent holder of this Note agrees, by its acceptance
        hereof, that before transferring this Note it shall record the date, Type
        and
        amount of each Revolving Credit Loan and the date and amount of each payment
        or
        prepayment of principal of each Revolving Credit Loan previously made hereunder
        on the grid schedule annexed to this Note; provided,
        however,
        that
        the failure of the Lender or holder to set forth such Revolving Credit Loans,
        payments and other information on the attached grid schedule shall not in
        any
        manner affect the obligation of the Company to repay the Revolving Credit
        Loans
        made by the Lender in accordance with the terms of this Note.

       

      This
        Note
        is subject to prepayment pursuant to Section 3.03 of the Credit
        Agreement.

       

      Upon
        the
        occurrence of an Event of Default, the unpaid balance of the principal amount
        of
        this Note together with all accrued but unpaid interest thereon, may become,
        or
        may be declared to be, due and payable in the manner, upon the conditions
        and
        with the effect provided in the Credit Agreement.

       

      All
        payments of principal and interest in respect of this Note shall be made
        in
        lawful money of the United States of America in immediately available funds
        at
        the office of JPMorgan Chase Bank, N.A., located at 395 North Service Road,
        Melville, New York 11747 or at such other place as shall be designated in
        writing for such purpose in accordance with the terms of the Credit
        Agreement.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      No
        reference herein to the Credit Agreement and no provision of this Note or
        the
        Credit Agreement shall alter or impair the obligation of the Company, which
        is
        absolute and unconditional, to pay the principal of and interest on this
        Note at
        the place, at the respective times, and in the currency herein
        prescribed.

       

      Except
        as
        may be expressly provided to the contrary in the Credit Agreement, the Company
        and endorsers of this Note waive presentment, diligence, demand, protest,
        and
        notice of any kind in connection with this Note.

       

      This
        Note
        is an amendment and restatement of, and is being issued in replacement of
        and
        substitution for, but not in satisfaction of, that certain Revolving Credit
        Note, dated May 20, 2002, in the original principal amount of $1,500,000,
        issued
        by the Company in favor of The Bank of New York, predecessor-in-interest
        to the
        Lender (the “Original Note”). In addition to evidencing the indebtedness
        formerly evidenced by the Original Note, this Note shall evidence any accrued
        and unpaid interest on the Original Note. The execution and delivery of this
        Note shall not be construed to (a) have constituted repayment of any principal
        or interest on the Original Note or (b) release, cancel, terminate or otherwise
        impair all or any part of the lien or security interest granted to the Lender
        as
        collateral security for the Original Note, all of which liens and security
        interests shall secure this Note.

       

      THIS
        NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED TN ACCORDANCE
        WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
        CONFLICTS OF LAW WHICH WOULD APPLY THE SUBSTANTIVE LAWS OF ANOTHER
        JURISDICTION.

       

      IN
        WITNESS WHEREOF,
        the
        Company has caused this Note to be executed and delivered by its duly authorized
        officer, as of the day and year and at the place first above
        written.

       

      
        	 	
                AMERICAN
                  MEDICAL ALERT CORP.

                 

              
	 	By:
                	
                
                   
                    

                

              	 
	 	 	 Name:	
                Jack
                  Rhian

              	
                 

              
	 	 	 Title:	
                President
                  and CEO

              	
                 

              

      

      
        
          
          

        

        
          6

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