Document:

ex1029form8k060111.htm

  

  

  

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (this “Agreement”), dated effective as of June 1, 2011, by and between INTELLIGENT COMMUNICATION ENTERPRISE CORPORATION, a corporation organized and existing under the laws of the State of Pennsylvania (the “Company” or “ICE Corp”), and VICTOR JEFFERY, an individual residing at Suite 1802, 88 Hing Fat Street, Causeway Bay, Hong Kong (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Company wishes to employ the Executive upon the terms and subject to the conditions set forth herein, and the Executive desires to enter into this Agreement and accept such employment, upon such terms and conditions.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally bound hereby, agree as follows:

1.           Employment.  Subject to the terms and conditions set forth herein, the Company shall employ the Executive as President and Chief Executive Officer of the Company and the Executive accepts such employment for the Employment Term (as defined in Section 3).  During the Employment Term, the Executive shall perform the duties consistent with such office and such other duties as may from time to time be assigned to him by the Board of Directors of the Company (the “Board”).

2.           Performance.

(a)           During the Employment Term, the Executive shall perform and discharge the duties that may be assigned to him by the Board from time to time in accordance with this Agreement, and the Executive shall devote his best talents, efforts and abilities to the performance of his duties hereunder.

(b)           During the Employment Term, the Executive shall dedicate as much time as is necessary to fulfill his obligations as provided in 2 (a) above.  The Executive shall be permitted to have other employment and other outside business activities (other than in connection with ICE Corp or any other affiliate of the Company); provided, however, that the Executive shall advise the Company of such activities which shall not conflict with ICE Corp.

3.           Employment Term.  Unless earlier terminated pursuant to Section 6, the employment term shall begin on June 1, 2011 (the “Effective Date”), and shall continue for a period of one (1) year from such date (the “Initial Term”); provided that such term shall be may be extended for additional periods of one (1) year commencing on June 1, 2012, subject to approval by the Board of Directors of the Company, and each June 1st thereafter (such period the “Additional Term”).  The Initial Term and the Additional Term or Terms, if applicable, shall be known collectively as the “Employment Term”).  Notwithstanding anything in this Agreement to the contrary, the Employment Term shall end upon the end of either the Initial Term or at the end of any of the Additional Terms or on the Termination Date as defined in Section 6(g).

  

  

  

4.           Compensation.

(a)           Base Salary.  As compensation for services hereunder and in consideration of the Executive’s other agreements hereunder, during the Employment Term, the Company shall pay the Executive a base salary, payable in accordance with the customary payroll practices of Company procedures, at a monthly rate of US$15,000.00 of which US$5,000 shall be paid in cash monthly in arrears and US$10,000 shall be paid in shares of the Company’s common stock accrued monthly and issued on a quarterly basis (calculated on a value weighted average price basis). The total compensation is subject to review by the Board no less frequently than annually for adjustments (such base salary, as adjusted from time to time being hereinafter referred to as “Base Salary”).

(b)           Any withholding and other applicable taxes shall he paid by the company.

5.           Benefits.  During the Employment Term, the Company shall provide the Executive with the following benefits:

(a)           Vacation, Sick Leave.  The Executive shall be entitled four weeks of paid vacation during each full calendar year of the Employment Term (and a pro rata portion thereof for any portion of the Employment Term that is less than a full calendar year); provided that no single vacation may exceed two consecutive weeks in duration, unless approved by the Company.  Unused vacation may not be carried over to successive years.

(b)           Expenses.  The Executive shall be reimbursed by the Company for all reasonable expenses actually incurred or paid by him in connection with the performance of his duties hereunder in accordance with policies established by the Company from time to time and upon presentation of expense statements and/or such other supporting information as the Company may reasonably require.

6.           Termination.  The employment hereunder of the Executive may be terminated prior to the expiration of the Employment Term in the manner described in this Section 6.

(a)           Termination by the Company for Good Cause.  The Company shall have the right to terminate the employment of the Executive for Good Cause (as such term is defined in Section 6(h)(ii)) by written notice to the Executive specifying the particulars of the circumstances forming the basis for such Good Cause.

(b)           Termination upon Death.  The employment of the Executive hereunder shall terminate immediately upon his death.

 

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(c)           The Company’s Options upon Disability.  If the Executive becomes physically or mentally disabled during the Term so that he is unable to perform the services required of him pursuant to this Agreement for a period of three (3) successive months, or an aggregate of three (3) months in any twelve-month period (the “Disability Period”), the Company shall have the option, in its discretion, by giving written notice thereof, either to (A) terminate the Executive’s employment hereunder pursuant to Section 6(a); or (B) continue the employment of the Executive hereunder upon all the terms and conditions set forth herein. During the Disability Period, the Executive shall continue to receive the compensation and other benefits provided herein net of any payments received under any disability policy or program of which the Executive is a beneficiary or recipient.

(d)           Voluntary Resignation by the Executive.  The Executive shall have the right to voluntarily resign his employment hereunder for other than Good Reason (as such term is defined in Section 6(h)(iii)) by written notice to the Company.

(e)           Termination by the Company without Good Cause.  The Company shall have the right to terminate the Executive’s employment hereunder without Good Cause by written notice to the Executive, but the obligations placed upon the Company in Section 7 will apply.

(f)           Resignation by the Executive for Good Reason.  The Executive shall have the right to terminate his employment for Good Reason by written notice to the Company specifying the particulars of the circumstances forming the basis for such Good Reason.

(g)           Termination Date.  The “Termination Date” is the date as of which the Executive’s employment with the Company terminates in accordance with this Agreement.  Any notice of termination given pursuant to the provisions of this Agreement shall specify the Termination Date.

(h)           Certain Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:

(i)           “person” means any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, joint venture, court or government (or political subdivision or agency thereof).

(ii)           “Good Cause” shall mean the occurrence of any of the following: (A) any act or omission which constitutes a material breach of this Agreement or the willful failure or the willful refusal of the Executive to substantially perform his duties, provided, however, that the Board has delivered to the Executive a written demand to cure the breach or for substantial performance, which demand specifically identifies the manner in which the Executive has breached the Agreement or failed to substantially perform his duties, and the Executive has been given ten (10) days after such notice (or such longer period as may reasonably be necessary) in which to cure the failure or to substantially perform his duties, (B) the Executive’s conviction of a crime which constitutes a felony under applicable law, or a plea of guilty or nolo contendere with respect

 

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thereto; (C) the commission by the Executive of any dishonest or wrongful act or the gross negligence of the Executive involving fraud, misrepresentation or moral turpitude causing material damage or potential damage to the Company or any client of the Company, or any act or omission by the Executive that is materially injurious to the business or reputation of the Company; (D) any violation of the provisions of Section 8 hereof that causes material harm to the Company; or (E) the reasonable determination by a licensed medical professional mutually agreed upon by the Company and the Executive that the Executive is dependent upon a controlled substance which either has: (1) not been prescribed by a licensed medical professional; or (2) been prescribed by a licensed medical professional but the dosages taken by the Executive exceed that prescribed by such licensed medical professional.

(iii)           “Good Reason” means the occurrence of any of the following events:

(A)           the assignment to the Executive of any duties inconsistent in any material respect with the Executive’s then position (including status, offices, titles and reporting relationships), authority, duties or responsibilities, or any other action or actions by the Company which when taken as a whole results in a significant diminution in the Executive’s position, authority, duties or responsibilities, excluding for this purpose any isolated, immaterial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;

(B)           a material breach by the Company of one or more provisions of this Agreement, provided that such Good Reason shall not exist unless the Executive shall first have provided the Company with written notice specifying in reasonable detail the factors constituting such material breach and such material breach shall not have been cured by the Company within thirty (30) days after such notice or such longer period as may reasonably be necessary to accomplish the cure;

(C)           a material reduction in the Executive’s Base Salary or a reduction in any other benefit or payment described in this Agreement provided that those changes (either individually or in the aggregate) will result in a material adverse change with respect to the benefits to which the Executive was entitled as of the Effective Date;

(D)           a failure by the Company to require any successor entity to the Company specifically to assume all of the Company’s obligations to the Executive under this Agreement; and

(F)           any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement.

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7.           Obligations of Company on Termination.  Notwithstanding anything in this Agreement to the contrary, the Company’s obligations on termination of the Executive’s employment shall be as described in this Section 7.  In the event that prior to the expiration of the Employment Term, the Company terminates the Executive’s employment, pursuant to Section 6(a), (b), (c) or (e), or the Executive resigns, pursuant to Section 6 (d) or 6(f), within thirty (30) days following the Termination Date, the Company shall pay the Executive a single lump sum cash payment (the “Severance Payment”) equal to the sum of the following:

(A)           the equivalent of one (1) month’s Base Salary; and

(B)           any Base Salary, cash bonuses, vacation and unreimbursed expenses accrued but unpaid as of the Termination Date.

8.           Covenants of the Executive.

(a)           During the Employment Term and for a period of two (2) years thereafter the Executive shall not, directly or indirectly, employ, solicit for employment or otherwise contract for the services of any employee of the Company or any of its affiliates at the time of this Agreement or who shall subsequently become an employee of the Company or any such affiliate; and

(b)           During the Employment Term and for a period of two (2) years thereafter the Executive will not solicit, in competition with the Company or its affiliates, any person who is, or was at any time within two years prior to the Termination Date, a customer of the business conducted by the Company or any of its affiliates.  For purposes of this Agreement, the reasonable decision of the Board as to what constitutes a competing business shall be final and binding upon the Executive; provided that the Executive’s ownership of securities of eight percent (8%) or less of any publicly traded class of securities of a public company shall not be considered to be competition with the Company or any of its affiliates.

(c)           During the Employment Term and following the termination of this Agreement, the Executive will not: (i) divulge, transmit or otherwise disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Company of any such order), directly or indirectly, other than in the regular and proper course of business of the Company, any confidential knowledge or information with respect to the operations, finances, organization or employees of the Company or with respect to confidential or secret processes, services, techniques, customers or plans with respect to the Company; and (ii) use, directly or indirectly, any confidential information for the benefit of anyone other than the Company; provided, however, that the Executive has no obligation, express or implied, to refrain from using or disclosing to others any such knowledge or information which is or hereafter shall become available to the public other than through disclosure by the Executive. All new processes, techniques, know-how, inventions, plans, products, patents and devices developed, made or invented by the Executive, alone or with others, while an employee of the Company which are related to the business of the Company shall be and become the sole property of the Company, unless released in writing by the Company, and the Executive hereby assigns any and all rights therein or thereto to the Company.

 

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(d)           All files, records, correspondence, memoranda, notes or other documents (including, without limitation, those in computer-readable form), real property or intellectual property relating or belonging to the Company or its affiliates, whether prepared by the Executive or otherwise coming into his possession in the course of the performance of his services under this Agreement, shall be the exclusive property of Company and shall be delivered to Company and not retained by the Executive (including, without limitations, any copies thereof) upon termination of this Agreement for any reason whatsoever.

(e)           The Executive acknowledges that a breach of his covenants contained in this Section 8 may cause irreparable damage to the Company and its affiliates, the exact amount of which will be difficult to ascertain, and that the remedies at law for any such breach will be inadequate.  Accordingly, the Executive agrees that if he breaches any of the covenants contained in this Section 8, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief.

(f)           The Company and the Executive further acknowledge that the time, scope, geographic area and other provisions of this Section 8 have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the activities contemplated by this Agreement.  In the event that the agreements in this Section 8 shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, they shall be interpreted to extend only over the maximum period of time for which they may be enforceable and/or over the maximum geographical area as to which they may be enforceable and/or to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court in such action.

(g)           The Executive agrees to cooperate with the Company, during the Employment Term and thereafter (including following the Executive’s termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company or any of its affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any affiliate, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any affiliate as reasonably requested; provided, however that the same does not materially interfere with his then current professional activities and is not contrary to the best interests of the Executive. The Company agrees to reimburse the Executive, on an after-tax basis, for all expenses actually incurred in connection with his provision of testimony or assistance.

(h)           The parties agrees that, during the Employment Term and thereafter (including following the Executive’s termination of employment for any reason) that they will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the other party or any of its affiliates or their respective officers, directors, employees, advisors, businesses or reputations.  Notwithstanding the foregoing, nothing in this Agreement shall preclude the either party from making truthful statements or disclosures that are required by applicable law, regulation or legal process.

 

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9.           Arbitration.  The parties agree that any dispute, claim, or controversy based on common law, equity, or any federal, state, or local statute, ordinance, or regulation (other than workers’ compensation claims) arising out of or relating in any way to the Executive’s employment, the terms, benefits, and conditions of employment, or concerning this Agreement or its termination and any resulting termination of employment, including whether such a dispute is arbitrable, shall be settled by arbitration.  This agreement to arbitrate includes but is not limited to all claims for any form of illegal discrimination, improper or unfair treatment or dismissal, and all tort claims.  The Executive will still have a right to file a discrimination charge with a federal or state agency, but the final resolution of any discrimination claim will be submitted to arbitration instead of a court or jury.  The arbitration proceeding will be conducted under the employment dispute resolution arbitration rules of the American Arbitration Association in effect at the time a demand for arbitration under the rules is made.  The decision of the arbitrator(s), including determination of the amount of any damages suffered, will be exclusive, final, and binding on all parties, their heirs, executors, administrators, successors and assigns.  Each party will bear its own expenses in the arbitration for arbitrators’ fees and attorneys’ fees, for its witnesses, and for other expenses of presenting its case.  Other arbitration costs, including administrative fees and fees for records or transcripts, will be borne equally by the parties.

10.           Notices.  Any notices required or permitted hereunder shall be in writing and shall be deemed to have been given when personally delivered or when mailed, certified or registered mail, postage prepaid, to the following addresses:

If to the Executive:

Victor Jeffery

Suite 1802,

88 Hing Fat Street, Causeway Bay,

Hong Kong

If to the Company:

INTELLIGENT COMMUNICATION ENTERPRISE CORPORATION

13 Spottiswoode Park Road

Singapore 088640

11.           General.

(a)           Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Pennsylvania applicable to contracts executed and to be performed entirely within the State of Pennsylvania.

(b)           Construction and Severability.  If any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the parties undertake to implement all efforts which are necessary, desirable and sufficient to amend, supplement or substitute all and any such invalid, illegal or unenforceable provisions with enforceable and valid provisions which would produce as nearly as may be possible the result previously intended by the parties without renegotiation of any material terms and conditions stipulated herein.

 

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(c)           Performance; Assignability.  The Executive represents and warrants to the Company that the Executive has no contracts or agreements of any nature that the Executive has entered into with any other person, firm or corporation that contain any restraints on the Executive’s ability to perform his obligations under this Agreement.  The Executive may not assign his interest in or delegate his duties under this Agreement.  This Agreement is for the employment of the Executive, personally, and the services to be rendered by him under this Agreement must be rendered by him and no other person.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.  Notwithstanding anything else in this Agreement to the contrary, the Company may assign this Agreement to and all rights hereunder shall inure to the benefit of any person, firm or corporation resulting from the reorganization of the Company or succeeding to the business or assets of the Company by purchase, merger or consolidation.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place.  The Company’s failure to obtain such an assumption and agreement prior to the effective date of a succession will be a breach of this Agreement and will entitle the Executive to compensation from the Company in the same amount and on the same terms as if the Executive were to terminate his employment for Good Reason, except that, for purposes of implementing the foregoing, the date on which any such succession becomes effective will be deemed the Termination Date.

(d)           Compliance with Rules and Policies.  The Executive shall perform all services in accordance with the policies, procedures and rules established by the Company, including, but not limited to, the By-Laws of the Company.  In addition, the Executive shall comply with all laws, rules and regulations that are generally applicable to the Company, its affiliates and their employees, directors and officers.

(e)           Withholding.  The Company shall withhold from all amounts due hereunder any withholding taxes payable to federal, state, local or foreign taxing authorities.

(f)           Entire Agreement, Modification.  This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, supersedes all prior agreements and undertakings, both written and oral, and may not be modified or amended in any way except in writing by the parties hereto.

(g)           Duration.  Notwithstanding the Employment Term hereunder, this Agreement shall continue for so long as any obligations remain under this Agreement.

(h)           Survival.  The covenants set forth in Section 8 of this Agreement shall survive and shall continue to be binding upon the Executive notwithstanding the termination of this Agreement for any reason whatsoever.  It is expressly agreed that the remedy at law for the breach or threatened breach of any such covenant is inadequate and that the Company, in addition to any other remedies that may be available to it, in law or in equity, shall be entitled to injunctive relief to prevent the breach or any threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy.

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(i)           Waiver.  No waiver by either party hereto of any of the requirements imposed by this Agreement on, or any breach of any condition or provision of this Agreement to be performed by, the other party shall be deemed a waiver of a similar or dissimilar requirement, provision or condition of this Agreement at the same or any prior or subsequent time.  Any such waiver shall be express and in writing, and there shall be no waiver by conduct.

(j)           Counterparts.  This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

	
Date: 1 June 2011

	
Intelligent Communication Enterprise Corp.

	  	  
	  	
By /s/ Bala Balamurali

	  	
Title: Director

	  	  
	
Date: 1 June 2011

	
/s/ Victor Jeffery

	  	
Victor Jeffery

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  Exhibit 10.1    
    

 
    AMENDED AND RESTATED
  TITAN MACHINERY INC.
  2005 EQUITY INCENTIVE PLAN
  
    SECTION 1.
  DEFINITIONS    
    

        As used herein, the following terms shall have the meanings indicated below: 

        (a)   "Affiliate" shall mean the Parent or a Subsidiary of the Company. 

        (b)   "Committee" shall mean a Committee of two or more directors who shall be appointed by and serve at the pleasure of the
Board. If the Company's securities are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, then, to the extent necessary for compliance with
Rule 16b-3, or any successor provision, each of the members of the Committee shall be a "non-employee director." Solely for purposes of this Section 1(a),
"non-employee director" shall have the same meaning as set form in Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended. 

        (c)   The
"Company" shall mean Titan Machinery Inc., a North Dakota corporation. 

        (d)   "Fair Market Value" as of any date shall mean (i) if such stock is listed on the Nasdaq National Market, Nasdaq
SmallCap Market, or an established stock exchange, the price of such stock at the close of the regular trading session of such market or exchange on such date, as reported by  The Wall Street Journal or
a comparable reporting service, or, if no sale of such stock shall have occurred on such date, on the next preceding day on
which there was a sale of stock; (ii) if such stock is not so listed on the Nasdaq National Market, Nasdaq SmallCap Market, or an established stock exchange, the average of the closing "bid"
and "asked" prices quoted by the OTC Bulletin Board, the National Quotation Bureau, or any comparable reporting service on such date or, if there are no quoted "bid" and "asked" prices on such date,
on the next preceding date for which there are such quotes; or (iii) if such stock is not publicly traded as of such date, the per share value as determined by the Board, or the Committee, in
its sole discretion by applying principles of valuation with respect to the Company's Common Stock. 

        (e)   The  "Internal Revenue Code" or "Code" shall mean the Internal Revenue
Code of 1986, as amended from time to time. 

        (f)    The
"Participant" means (i) an employee of the Company or any Affiliate to whom an incentive stock option has been
granted pursuant to Section 9, (ii) a consultant or advisor to or director, employee or officer of the Company or any Affiliate to whom a nonqualified stock option has been granted
pursuant to Section 10, or (iii) a consultant or advisor to, or director, employee or officer of the Company or any Affiliate to whom a restricted stock award has been granted pursuant
to Section 11. 

        (g)   "Parent" shall mean any corporation which owns, directly or indirectly in an unbroken chain, fifty percent (50%) or more
of the total voting power of the Company's outstanding stock. 

        (h)   The
"Plan" means the Titan Machinery Inc. 2005 Equity Incentive Plan, as amended hereafter from time to time,
including the form of Option and Award Agreements as they may be modified by the Board from time to time. 

        (i)    "Stock," "Option Stock" or "Common Stock" shall mean Common Stock of the
Company (subject to adjustment as described in Section 12) reserved for incentive and nonqualified stock options and restricted stock awards pursuant to this Plan. 

A-1

 

        (j)    A
"Subsidiary" shall mean any corporation of which fifty percent (50%) or more of the total voting power of outstanding
stock is owned, directly or indirectly in an unbroken chain, by the Company. 

 
 

  SECTION 2.
  PURPOSE    
    

        The Plan has been established to promote the interests of the Company, its Subsidiaries and its stockholders by (i) attracting
and retaining exceptional employees, consultants and directors; (ii) motivating such employees, consultants and directors by means of performance-related incentives to achieve
long-range performance goals; and (iii) enabling such employees, consultants and directors to participate in the long-term growth and financial success of the Company. 

        It
is the intention of the Company to carry out the Plan through the granting of stock options which will qualify as "incentive stock options" under the provisions of Section 422
of the Internal Revenue Code, or any successor provision, pursuant to Section 9 of this Plan, through the granting of nonqualified stock options pursuant to Section 10 of this Plan, and
through the granting of restricted stock awards pursuant to Section 11 of this Plan. With respect to incentive stock options, adoption of this Plan shall be and is expressly subject to the
condition of approval by the shareholders of the Company within 12 months before or after the adoption of the Plan by the Board of Directors. Any incentive stock options granted after adoption
of the Plan by the Board of Directors shall be treated as nonqualified stock options if shareholder approval is not obtained within such 12-month period. 

 
 

  SECTION 3.
  EFFECTIVE DATE OF PLAN    
    

        The Plan shall be effective as of the date of adoption by the Board of Directors, subject to approval by the shareholders of the
Company as required in Section 2. 

 
 

  SECTION 4.
  ADMINISTRATION    
    

        The Plan shall be administered by the Board of Directors of the Company (hereinafter referred to as the  "Board") or by a Committee which
may be appointed by the Board from time to time or by one or more officers designated by the Board or Committee
(collectively referred to as the "Administrator"). Except as otherwise provided herein, the Administrator shall have all of the powers vested in it
under the provisions of the Plan, including but not limited to exclusive authority (where applicable and within the limitations described in the Plan) to determine, in its sole discretion, whether an
incentive stock option, nonqualified stock option or restricted stock award shall be granted, the individuals to whom, and the time or times at which, options and awards shall be granted, the number
of shares subject to each option or award, the option price, and terms and conditions of each option or award. The Administrator shall have full power and authority to administer and interpret the
Plan, to make and amend rules, regulations and guidelines for administering the Plan, to prescribe the form and conditions of the respective stock option and restricted stock award agreements (which
may vary from Participant to Participant) evidencing each option or award and to make all other determinations necessary or advisable for the administration of the Plan. The Administrator's
interpretation of the Plan, and all actions taken and determinations made by the Administrator pursuant to the power vested in it hereunder, shall be conclusive and binding on all parties concerned. 

        No
member of the Board or the Committee shall be liable for any action taken or determination made in good faith in connection with the administration of the Plan. In the event the Board
appoints a Committee as provided hereunder, any action of the Committee with respect to the administration of 

A-2

 

the
Plan shall be taken pursuant to a majority vote of the Committee members or pursuant to the written resolution of all Committee members. 

 
 

  SECTION 5.
  PARTICIPANTS    
    

        The Administrator shall from time to time, at its discretion and without approval of the shareholders, designate those employees to
whom incentive stock options shall be granted pursuant to Section 9 of the Plan; those employees, officers, directors, consultants and advisors of the Company or of any Affiliate to whom
nonqualified stock options shall be granted pursuant to Section 10 of the Plan; and those employees, officers, directors, consultants and advisors of the Company or any Affiliate to whom
restricted stock awards shall be granted pursuant to Section 11 of the Plan; provided, however, that consultants or advisors shall not be eligible to receive stock options or restricted stock
awards hereunder unless such consultant or advisor renders bona fide services to the Company or Affiliate and such services are not in connection with the offer or sale of securities in a capital
raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities. The Administrator may grant additional incentive stock options, nonqualified stock
options and restricted stock awards under this Plan to some or all Participants then holding options or awards or may grant options and awards solely or partially to new Participants. In designating
Participants, the Administrator shall also determine the number of shares to be optioned or awarded to each such Participant. The Board may from time to time designate individuals as being ineligible
to participate in the Plan. 

 
 

  SECTION 6.
  STOCK    
    

        The Stock to he optioned or awarded under this Plan shall consist of authorized but unissued shares of Stock. One Million, Five Hundred
Thousand (1,500,000) shares of Stock shall be reserved and available for stock options and restricted stock awards under the Plan; provided, however, that the total number of shares of Stock reserved
for options and restricted stock awards under this Plan shall be subject to adjustment as provided in Section 12 of the Plan; and provided, further, that all shares of Stock reserved and
available under the Plan shall constitute the maximum aggregate number of shares of Stock that may be issued through incentive stock options. If (i) any portion of an outstanding stock option
or restricted stock award under the Plan for any reason expires, (ii) any portion of an outstanding stock option is terminated prior to the exercise of such option, or (iii) any portion
of a restricted stock award is terminated prior to the lapsing of any risks of forfeiture on such stock, the shares of Stock allocable to such portion of the option or award shall continue to be
reserved for stock options and restricted stock awards under the Plan and may be optioned or awarded hereunder. 

 
 

  SECTION 7.
  DURATION OF PLAN    
    

        Incentive stock options may be granted pursuant to the Plan from time to time during a period often (10) years from the
effective date as defined in Section 3. Nonqualified stock options and restricted stock awards may be granted pursuant to the Plan from time to time after the effective date of the Plan and
until the Plan is discontinued or terminated by the Board. Any incentive stock option granted during such ten-year period and any nonqualified stock option or restricted stock award
granted prior to the termination of the Plan by the Board shall remain in full force and effect until the expiration of the option or award as specified in the written stock option or restricted stock
award agreement and shall remain subject to the terms and conditions of this Plan. 

A-3

 
 
 

  SECTION 8.
  PAYMENT    
    

        Participants may pay for shares of Stock upon exercise of stock options granted pursuant to this Plan with cash, personal check,
certified check, previously-owned shares of the Company's Common Stock, or such other form of payment as may be authorized by the Administrator. Any Stock so tendered as part of such payment shall be
valued at such Stock's then Fair Market Value. The Administrator may, in its sole discretion, limit the forms of payment available to the Participant and may exercise such discretion any time prior to
the termination of the option granted to the Participant or upon any exercise of the option by the Participant. "Previously-owned shares" means shares of the Company's Common Stock which the
Participant has owned for at least six (6) months prior to the exercise of the stock option, or for such other period of time as may be required by generally accepted accounting principles. 

        With
respect to payment in the form of Common Stock of the Company, the Administrator may require advance approval or adopt such rules as it deems necessary to assure compliance with
Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under the Securities Exchange Act of 1934, if applicable. 

 
 

  SECTION 9.
  TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS    
    

        Each incentive stock option granted pursuant to this Section 9 shall be evidenced by a written incentive stock option agreement
(the "Option Agreement"). The Option Agreement shall be in such form as may be approved from time to time by the Administrator and may vary from
Participant to Participant; provided, however, that each Participant and each Option Agreement shall comply with and be subject to the following terms and conditions: 

        (a)    Number of Shares and Option Price.    The Option Agreement shall state the total number of shares covered by
the incentive stock option. To the extent required to qualify the Option as an incentive stock option under Section 422 of the Internal Revenue Code, or any successor provision, the option
price per share shall not be less than one hundred percent (100%) of the per share Fair Market Value of the Common Stock on the date the Administrator grants the option; provided, however, that if a
Participant owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Affiliate, the option price per share of an incentive
stock option granted to such Participant shall not be less than one hundred ten percent (110%) of the per share Fair Market Value of the Common Stock on the date of the grant of the option. The
Administrator shall have full authority and discretion in establishing the option price and shall be fully protected in so doing. 

        (b)    Term and Exercisability of Incentive Stock Option.    The term during which any incentive stock option granted
under the Plan may be exercised shall be established in each case by the Administrator. To the extent required to qualify the Option as an incentive stock option under Section 422 of the
Internal Revenue Code, or any successor provision, in no event shall any incentive stock option be exercisable during a term of more than 10 years after the date on which it is granted;
provided, however, that if a Participant owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Affiliate, the incentive
stock option granted to such Participant shall be exercisable during a term of not more than five years after the date on which it is granted. 

        The
Option Agreement shall state when the incentive stock option becomes exercisable and shall also state the maximum term during which the option may be exercised. In the event an
incentive stock option is exercisable immediately, the manner of exercise of the option in the event it is not exercised in full immediately shall be specified in the Option Agreement. The
Administrator may accelerate the 

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exercisability
of any incentive stock option granted hereunder which is not immediately exercisable as of the date of grant. 

        (c)    Nontransferability.    No incentive stock option shall be transferable, in whole or in part, by the Participant
other than by will or by the laws of descent and distribution. During the Participant's lifetime, the incentive stock option may be exercised only by the Participant. If the Participant shall attempt
any transfer of any incentive stock option granted under the Plan during the Participant's lifetime, such transfer shall be void and the incentive stock option, to the extent not fully exercised,
shall terminate. 

        (d)    No Rights as Shareholder.    A Participant (or the Participant's successor or successors) shall have no rights
as a shareholder with respect to any shares covered by an incentive stock option until the date of the issuance of a stock certificate evidencing such shares. No adjustment shall be made for dividends
(ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such stock certificate is actually issued
(except as otherwise provided in Section 12 of the Plan). 

        (e)    Withholding.    The Company or its Affiliate shall be entitled to withhold and deduct from future wages of the
Participant all legally required amounts necessary to satisfy any and all withholding and employment-related taxes attributable to the Participant's exercise of an incentive stock option or a
"disqualifying disposition" of shares acquired through the exercise of an incentive stock option as defined in Code Section 421(b). In the event the Participant is required under the Option
Agreement to pay the Company, or make arrangements satisfactory to the Company respecting payment of, such withholding and employment-related taxes, the Board may, in its discretion and pursuant to
such rules as it may adopt, permit the Participant to satisfy such obligation, in whole or in part, by electing to have the Company withhold shares of Common Stock otherwise issuable to the
Participant as a result of the exercise of the incentive stock option having a Fair Market Value equal to the minimum required tax withholding, based on the minimum statutory withholding rates for
federal and state tax purposes, including payroll taxes, that are applicable to the supplemental income resulting from the option. In no event may the Company or any Affiliate withhold shares having a
Fair Market Value in excess of such statutory minimum required tax withholding. The Participant's election to have shares withheld for this purpose shall be made on or before the date the incentive
stock option is exercised or, if later, the date that the amount of tax to be withheld is determined under applicable tax law. Such election shall be approved by the Board and otherwise comply with
such rules as the Board may adopt to assure compliance with Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under the Securities
Exchange Act of 1934, if applicable. 

        (f)    Other Provisions.    The Option Agreement authorized under this Section 9 shall contain such other
provisions as the Administrator shall deem advisable. Any such Option Agreement shall contain such limitations and restrictions upon the exercise of the option as shall be necessary to ensure that
such option will be considered an "incentive stock option" as defined in Section 422 of the Internal Revenue Code or to conform to any change therein. 

 
 

  SECTION 10.
  TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS    
    

        Each nonqualified stock option granted pursuant to this Section 10 shall be evidenced by a written nonqualified stock option
agreement (the "Option Agreement"). The Option Agreement shall be in such form as may be approved from time to time by the Administrator and may vary
from Participant to Participant; provided, however, that each Participant and each Option Agreement shall comply with and be subject to the following terms and conditions: 

        (a)    Number of Shares and Option Price.    The Option Agreement shall state the total number of shares covered by
the nonqualified stock option. Unless otherwise determined by the Administrator, the 

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option
price per share shall be one hundred percent (100%) of the per share Fair Market Value of the Common Stock on the date the Administrator grants the option. 

        (b)    Term and Exercisability of Nonqualified Stock Option.    The term during which any nonqualified stock option
granted under the Plan may be exercised shall be established in each case by the Administrator. The Option Agreement shall state when the nonqualified stock option becomes exercisable and shall also
state the maximum term during which the option may be exercised. In the event a nonqualified stock option is exercisable immediately, the manner of exercise of the option in the event it is not
exercised in full immediately shall be specified in the Option Agreement. The Administrator may accelerate the exercisability of any nonqualified stock option granted hereunder which is not
immediately exercisable as of the date of grant. 

        (c)    Withholding.    The Company or its Affiliate shall be entitled to withhold and deduct from future wages of the
Participant all legally required amounts necessary to satisfy any and all withholding and employment-related taxes attributable to the Participant's exercise of a nonqualified stock option. In the
event the Participant is required under the Option Agreement to pay the Company or Affiliate, or make arrangements satisfactory to the Company or Affiliate respecting payment of such withholding and
employment-related taxes, the Administrator may, in its discretion and pursuant to such rules as it may adopt, permit the Participant to satisfy such obligation, in whole or in part, by delivering
shares of the Company's Common Stock or by electing to have the Company or Affiliate withhold shares of Common Stock otherwise issuable to the Participant as a result of the exercise of the
nonqualified stock option having a Fair Market Value equal to the minimum required tax withholding, based on the minimum statutory withholding rates for federal and state tax purposes, including
payroll taxes, that are applicable to the supplemental income resulting from such exercise. In no event may the Company or Affiliate withhold shares having a Fair Market Value in excess of such
statutory minimum required tax withholding. The Participant's election to have shares withheld for this purpose shall be made on or before the date the nonqualified stock option is exercised or, if
later, the date that the amount of tax
to be withheld is determined under applicable tax law. Such election shall be approved by the Administrator and otherwise comply with such rules as the Administrator may adopt to assure compliance
with Rule 16b-3, or any successor provision, as then in effect, of the General Rules and Regulations under the Securities Exchange Act of 1934, if applicable. 

        (d)    Transferability.    The Administrator may, in its sole discretion, permit the Participant to transfer any or
all nonqualified stock options to any member of the Participant's "immediate family" as such term is defined in Rule 16a-l(e) promulgated under the Securities Exchange Act of 1934,
or any successor provision, or to one or more trusts whose beneficiaries are members of such Participant's "immediate family" or partnerships in which such family members are the only partners;
provided, however, that the Participant cannot receive any consideration for the transfer and such transferred nonqualified stock option shall continue to be subject to the same terms and conditions
as were applicable to such nonqualified stock option immediately prior to its transfer. 

        (e)    No Rights as Shareholder.    A Participant (or the Participant's successor or successors) shall have no rights
as a shareholder with respect to any shares covered by a nonqualified stock option until the date of the issuance of a stock certificate evidencing such shares. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such stock certificate is actually
issued (except as otherwise provided in Section 11 of the Plan). 

        (f)    Other Provisions.    The Option Agreement authorized under this Section 10 shall contain such other
provisions as the Administrator shall deem advisable. 

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  SECTION 11.
  RESTRICTED STOCK AWARDS    
    

        Each restricted stock award granted pursuant to the Plan shall be evidenced by a written restricted stock agreement (the  "Restricted Stock
Agreement"). The Restricted Stock Agreement shall be in such form as may be approved from time to time by the Administrator and may
vary from Participant to Participant; provided, however, that each Participant and each Restricted Stock Agreement shall comply with and be subject to the following terms and conditions: 

        (a)    Number of Shares.    The Restricted Stock Agreement shall state the total number of shares of Stock covered by
the restricted stock award. 

        (b)    Risks of Forfeiture.    The Restricted Stock Agreement shall set forth the risks of forfeiture, if any, which
shall apply to the shares of Stock covered by the restricted stock award, and shall specify the manner in which such risks of forfeiture shall lapse. The Administrator may, in its sole discretion,
modify the manner in which such risks of forfeiture shall lapse but only with respect to those shares of Stock which are restricted as of the effective date of the modification. 

        (c)    Issuance of Restricted Shares.    The Company shall cause to be issued a stock certificate representing such
shares of Stock in the Participant's name, and shall deliver such certificate to the Participant; provided, however, that the Company shall place a legend on such certificate describing the risks of
forfeiture and other transfer restrictions set forth in the Participant's Restricted Stock Agreement and providing for the cancellation and return of such certificate if the shares of Stock subject to
the restricted stock award are forfeited. 

        (d)    Rights as Shareholder.    Until the risks of forfeiture have lapsed or the shares subject to such restricted
stock award have been forfeited, the Participant shall be entitled to vote the shares of Stock represented by such stock certificates and shall receive all dividends attributable to such shares, but
the Participant shall not have any other rights as a shareholder with respect to such shares. 

        (e)    Withholding Taxes.    The Company or its Affiliate shall be entitled to withhold and deduct from future wages
of the Participant all legally required amounts necessary to satisfy any and all withholding and employment-related taxes attributable to the Participant's restricted stock award. In the event the
Participant is required under the Restricted Stock Agreement to pay the Company or Affiliate, or make arrangements satisfactory to the Company or Affiliate respecting payment of, such withholding and
employment-related taxes, the Administrator may, in its discretion and pursuant to such rules as it may adopt, permit the Participant to satisfy such obligations, in whole or in part, by delivering
shares of Common Stock, including shares of Stock received pursuant to a restricted stock award on which the risks of forfeiture have lapsed. Such shares shall have a Fair Market Value equal to the
minimum required tax withholding, based on the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to the supplemental income resulting
from the lapsing of the risks of forfeiture on such restricted stock. In no event may the Participant deliver shares having a Fair Market Value in excess of such statutory minimum required tax
withholding. The Participant's election to deliver shares of Common Stock for this purpose shall be made on or before the date that the amount of tax to be withheld is determined under applicable tax
law. Such election shall be approved by the Administrator and otherwise comply with such rules as the Administrator may adopt to assure compliance with Rule 16b-3, or any successor
provision, as then in effect, of the General Rules and Regulations under the Securities Exchange Act of 1934, if applicable. 

        (f)    Nontransferability.    No restricted stock award shall be transferable, in whole or in part, by the
Participant, other than by will or by the laws of descent and distribution, prior to the date the risks of forfeiture described in the restricted stock agreement have lapsed. If the Participant shall
attempt any
transfer of any restricted stock award granted under the Plan prior to such date, such transfer shall be void and the restricted stock award shall terminate. 

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        (g)    Other Provisions.    The Restricted Stock Agreement authorized under this Section 11 shall contain such
other provisions as the Administrator shall deem advisable. 

 
 

  SECTION 12.
  RECAPITALIZATION, SALE, MERGER, EXCHANGE OR LIQUIDATION    
    

        In the event of an increase or decrease in the number of shares of Common Stock resulting from a stock split, reverse stock split,
stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the
Company, the Board may, in its sole discretion, adjust the number of shares of Stock reserved under Section 6 hereof, the number of shares of Stock covered by each outstanding stock option and
restricted stock award, and, if applicable, the price per share thereof to reflect such change. Additional shares which may be credited pursuant to such adjustment shall be subject to the same
restrictions as are applicable to the shares with respect to which the adjustment relates. 

        Unless
otherwise provided in the Option or Restricted Stock Agreement, in the event of an acquisition of the Company through the sale of substantially all of the Company's assets and the
consequent discontinuance of its business or through a merger, consolidation, exchange, reorganization, reclassification, extraordinary dividend, divestiture or liquidation of the Company
(collectively referred to as a "transaction"), the Board may provide for one or more of the following: 

        (a)   the
equitable acceleration of the exercisability of any outstanding options and the lapsing of the risks of forfeiture on any restricted stock awards; 

        (b)   the
complete termination of this Plan, the cancellation of outstanding options not exercised prior to a date specified by the Board (which date shall give Participants a
reasonable period of time in which to exercise the options prior to the effectiveness of such transaction), and the cancellation of any restricted stock awards for which the risks of forfeiture have
not lapsed; 

        (c)   that
Participants holding outstanding stock options shall receive, with respect to each share of Stock subject to such options, as of the effective date of any such
transaction, cash in an amount equal to the excess of the Fair Market Value of such Stock on the date immediately preceding the effective date of such transaction over the option price per share of
such options; provided that the Board may, in lieu of such cash payment, distribute to such Participants shares of Common Stock of the Company or shares of stock of any corporation succeeding the
Company by reason of such transaction, such shares having a value equal to the cash payment herein; 

        (d)   that
Participants holding outstanding restricted stock awards shall receive, with respect to each share of Stock subject to such awards, as of the effective date of any
such transaction, cash in an amount equal to the Fair Market Value of such Stock on the date immediately preceding the effective date of such transaction; provided that the Board may, in lieu of such
cash payment, distribute to such Participants shares of Common Stock of the Company or shares of stock of any corporation succeeding the Company by reason of such transaction, such shares having a
value equal to the cash payment herein; 

        (e)   the
continuance of the Plan with respect to the exercise of options which were outstanding as of the date of adoption by the Board of such plan for such transaction and
provide to Participants holding such options the right to exercise their respective options as to an economically equivalent number of shares of stock of the corporation succeeding the Company by
reason of such transaction; and 

        (f)    the
continuance of the Plan with respect to restricted stock awards for which the risks of forfeiture have not lapsed as of the date of adoption by the Board of such
plan for such transaction 

A-8

 

and
provide to Participants holding such awards the right to receive an economically equivalent number of shares of stock of the corporation succeeding the Company by reason of such transaction. 

The
Board may restrict the rights of or the applicability of this Section 12 to the extent necessary to comply with Section 16(b) of the Securities Exchange Act of 1934, the Internal
Revenue Code or any other applicable law or regulation. The grant of an option, restricted stock or award pursuant to the Plan shall not limit in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, exchange or consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets. 

 
 

  SECTION 13.
  SECURITIES LAW COMPLIANCE AND
  RESTRICTIONS ON TRANSFER    
    

        No shares of Stock shall be issued pursuant to the Plan unless and until there has been compliance, in the opinion of Company's
counsel, with all applicable legal requirements, including without limitation, those relating to securities laws and stock exchange listing requirements. As a condition to the issuance of Stock to
Participant, the Administrator may require Participant to (i) represent that the shares of Stock are being acquired for investment and not resale and to make such other representations as the
Administrator shall deem necessary or appropriate to qualify the issuance of the shares of Stock as exempt from the Securities Act of 1933 and any other applicable securities laws, and
(ii) represent that Participant shall not dispose of the shares of Stock in violation of the Securities Act of 1933 or any other applicable securities laws or any company policies then in
effect. 

        As
a further condition to the grant of any stock option or the issuance of Stock to Participant, Participant agrees to the following: 

        (a)   In
the event the Company advises Participant that it plans an underwritten public offering of its Common Stock in compliance with the Securities Act of 1933, as amended,
and the underwriter(s) seek to impose restrictions under which certain shareholders may not sell or contract to sell or grant any option to buy or otherwise dispose of part or all of their stock
purchase rights of the underlying Common Stock, Participant will not, for a period not to exceed 180 days from the prospectus, sell or contract to sell or grant an option to buy or otherwise
dispose of any stock option granted to Participant pursuant to the Plan or any of the underlying shares of Common Stock without the prior written consent of the underwriter(s) or its
representative(s). 

        (b)   In
the event the Company makes any public offering of its securities and determines in its sole discretion that it is necessary to reduce the number of issued but
unexercised stock purchase rights so as to comply with any state's securities or Blue Sky law limitations with respect thereto, the Board of Directors of the Company shall have the right (i) to
accelerate the exercisability of any stock option and the date on which such option must be exercised, provided that the Company gives Participant prior written notice of such acceleration, and
(ii) to cancel any options or portions thereof which Participant does not exercise prior to or contemporaneously with such public offering. 

        (c)   In
the event of a transaction (as defined in Section 12 of the Plan), Participant will comply with Rule 145 of the Securities Act of 1933 and any other
restrictions imposed under other applicable legal or accounting principles if Participant is an "affiliate" (as defined in such applicable legal and accounting principles) at the time of the
transaction, and Participant will execute any documents necessary to ensure compliance with such rules. 

        The
Company reserves the right to place a legend on any stock certificate issued upon the exercise of an option or upon the grant of a restricted stock award pursuant to the Plan to
assure compliance with this Section 13. 

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  SECTION 14.
  AMENDMENT OF THE PLAN    
    

        The Board may from time to time, insofar as permitted by law, suspend or discontinue the Plan or revise or amend it in any respect;
provided, however, that no such revision or amendment, except as is authorized in Section 12, shall impair the terms and conditions of any stock option or restricted stock award which is
outstanding on the date of such revision or amendment to the material detriment of the Participant without the consent of the Participant. Notwithstanding the foregoing, no such revision or amendment
shall (i) materially increase the number of shares subject to the Plan except as provided in Section 12 hereof, (ii) change the designation of the class of employees eligible to
receive stock options or restricted stock awards, (iii) decrease the price at which options may be granted, or (iv) materially increase the benefits accruing to Participants under the
Plan, without the approval of the shareholders of the Company if such approval is required for compliance with the requirements of any applicable law or regulation. Furthermore, the Plan may not,
without the approval of the shareholders, be amended in any manner that will cause incentive stock options to fail to meet the requirements of Section 422 of the Internal Revenue Code. 

 
 

  SECTION 15.
  NO OBLIGATION TO EXERCISE OPTION    
    

        The granting of a stock option shall impose no obligation upon the Participant to exercise such option. Further, the granting of a
stock option or restricted stock award hereunder shall not impose upon the Company or any Affiliate any obligation to retain the Participant in its employ for any period. 

A-10

QuickLinks

Exhibit 10.1

AMENDED AND RESTATED TITAN MACHINERY INC. 2005 EQUITY INCENTIVE PLAN SECTION 1. DEFINITIONS

SECTION 2. PURPOSE

SECTION 3. EFFECTIVE DATE OF PLAN

SECTION 4. ADMINISTRATION

SECTION 5. PARTICIPANTS

SECTION 6. STOCK

SECTION 7. DURATION OF PLAN

SECTION 8. PAYMENT

SECTION 9. TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

SECTION 10. TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS

SECTION 11. RESTRICTED STOCK AWARDS

SECTION 12. RECAPITALIZATION, SALE, MERGER, EXCHANGE OR LIQUIDATION

SECTION 13. SECURITIES LAW COMPLIANCE AND RESTRICTIONS ON TRANSFER

SECTION 14. AMENDMENT OF THE PLAN

SECTION 15. NO OBLIGATION TO EXERCISE OPTION

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