Document:

Letter Agreement (Warrant), dated October 3, 2001

 Exhibit 10.20 
 Eyeblaster Ltd. 
 7 Zarchin Street 
 Ra’anana
Israel 43100 
  

	Re:	Grant of Options/Waiver of Claims 

 Gentlemen: 
 I, Gal Trifon, hereby acknowledge and confirm as follows: 
  

	 	1.	In my capacity as an employee of Eyeblaster Ltd. (the “Company”), the Company has paid to me (or, with respect to managerial insurance and continuing education payments,
to a fund established in my benefit) the amounts set forth in Exhibit A (the “Consideration”) as payment of my salary, social and other benefits in consideration of the performance of my duties for the company during the period,
since I start working for the Company, commencing 15 August, 1999 and ending 31 July, 2001 (the “Relevant Period”). 

  

	 	2.	I agree that, notwithstanding anything to the contrary contained in the Employment Agreement between the Company and the undersigned, dated 15 August, 1999 (the
“Employment Agreement”), the payment of the Consideration represents payment in full of the salary and social benefits for the Relevant Period. 

  

	 	3.	In consideration of my agreement to waive any demands or claims of additional compensation to which I was entitled under the Employment Agreement, eyeblaster, Inc. shall grant to
me, or to any person or entity designated by me, options to purchase 41,389 shares of Common Stock of the eyeblaster, Inc., par value $0.001 (the “Options”). The Options shall be exercisable at any time following 10 years from the grant
thereof, at an exercise price equal to the par value of the shares underlying the Options ($0.001). 

	 	4.	In light of Eyeblaster, Inc.’s undertaking to grant the Options herein, I hereby irrevocably waive any and all present and future claims and demands with respect to the level
of my compensation from the Company, including claims of withheld wages, for the Relevant Period, and release the Company, its directors, officers and employees from any claims or demands in connection therewith. 

  

							
	Signed:	  		  	
			
	 /s/ Gal Trifon
	  		  	
	Name:	 	Gal Trifon	  		  	
	Date:	 	Oct. 3, 2001	  		  	

 Accepted and agreed: 
  

							
	Eyeblaster, Ltd.	  		  	
				
	By:	 	 /s/ Gal Trifon
	  		  	
	Title:	 	CEO	  		  	
	Date:	 	Oct. 3, 2001	  		  	

 In light of the waiver of claims contained herein, Eyeblaster, Inc, hereby undertakes to issue to
Gal Trifon, or to any person or entity designated by him, options to purchase 41,389 shares of Common Stock of the Company, par value $0.001, exercisable on the terms described in Section 3 above, in accordance with the terms and conditions of
a Stock Option Plan to be approved by the Board of Directors of the Company. 
  

							
	Eyeblaster, Inc.	  		  	
				
	By:	 	 /s/ Gal Trifon
	  		  	
	Title:	 	CEO	  		  	
	Date:	 	Oct. 3, 2001	  		  	

  

 2China Marketing Media Holdings, Inc.: Exhibit 10.20 - Prepared by TNT
Filings Inc.

  

Exhibit 10.20

Operation and Management Agreement 

(English Translation)

Party A:Shanghai Longcom Telecom Co., Ltd., a domestic capital investment company incorporated under the laws of China, located at 11/A-B, Huijia Plaza, No. 41, North Caoxi Road, Xuhui District, Shanghai, China.
 

Party B:Shenzhen New Media Consulting Co., Ltd., a wholly-owned foreign enterprise incorporated under the laws of China, located at 108-109 Jinglian Garden East Jingtian Road, Futian District, Shenzhen, China.
 

In consideration of the mutual promises of the parties and the terms and conditions hereof, the parties agree as follows:

1.

From March 2008 through March 2009, Party A contracts its the business, operation and management rights to Party B.  During this period of time, Party B shall complete the restructure of the management and internal control system of Party A in accordance of related US laws.  The parties also intend to complete the acquisition of Party A by Party B by the end of 2009.
 

2.

Both parties agree, if Party A’s business develops smoothly, the acquisition may be completed earlier than the end of 2009.  The calculation of price of acquisition shall be based on the follows:  If the net income of Party A achieves at least US$1 million, the price is 6 times of PE;  if the net income of Party A achieves between US$1.01 million to US$1.50 million, the price is 7 times of PE; if the net income of Party A achieves between US$1.51 million to US$2 million, the price is 8 times of PE; if the net income of Party A achieves between US$2.01 million to US$2.50 million, the price is 9 times of PE; if the net income of Party A achieves more than US$2.51 million, the price is 10 times of PE. Value of Party B is 90% of the average stock price of Party B within 60 days from the closing date.
 

3.

Party B shall pay to Party A RMB 40 million as a deposit for the operation and management right under this Agreement.  This deposit will become a part of the purchase price in 2009 when the acquisition is closed and to be used by Party A as working capital.
 

4.

On the closing date, the net income earned during the term of this Agreement shall be converted into stocks and issued to Party A as additional compensation.  The number of additional shares issued to Party A is calculated based on the following formula:  Net income of 2008 /90% of the average stock price of Party B within 60 days from the evaluation date.
 

5.

During the term of this Agreement, Party B has the operating rights except for the righs to make decisions on personnel affairs or investment of 1 million RMB or above.

6.

Management and personnel affairs:

(1)

All current employees of Party A will also become the employees of Party B. The salary level, welfare and other compensation remain unchanged.

(2)

Party B will follow the modern enterprise management and operational system to appoint general manager and chief financial officer, responsible for operating the business of Party A according to this Agreement.

(3)

Party A will have the right to appoint Chairman of the Board and the supervision staff.  Party A shall not interfere with the operations unless they are clearly and materially against the interests of Party A.
 

7.

Rights and benefits: Party A continues to own all the assets (including intangible assets) that Party A owned before the effective date of this Agreement.  During the term of this Agreement, Party B may, at its own expense, use the office facilities, vehicle equipment owned by Party A.
 

8.

Insurance: During the term of this Agreement, Party A shall be responsible for the social insurance and welfare of its employees that it was required to contribute before the effective date of this Agreement in accordance with related laws and regulations.
 

9.

Liability for breaching this Agreement:

a)

After this Agreement is signed, Party B obtains an exclusive, indivisible operating rights with respect to Party A’s business.  Party A shall be liable for breaching this Agreement if Party B’s normal operation is impaired by Party A.  Party B shall not be liable for breaching this Agreement if such interruption is caused by the change of related State policies.
 

b)

Party B shall exercise reasonable efforts to maintain the value of intangible assets of Party A during its operation of Party A’s business.  Party B shall be liable for breaching this Agreement if Party B unilaterally terminates this Agreement or transfers the operating rights under this Agreement to a third party without prior written consent of Party A.
 

10.

Settlement of disputes: All disputes between the Parties arising out of or in connection with this Agreement shall be settled between the parties by discussion and consultation. If a mutual accord cannot be reached between the parties, both parties agree that the dispute shall be submitted to Shehzhen Arbitration Committee for arbitration.
 

11.

This Agreement may be executed in four copies and each party holds two copies, each of which when so executed and stamped by both parties’ official seals shall be deemed effective.

IN WITNESS WHEREOF, this Agreement is signed by both parties’ legal representative or by authorized agents on the date stated at the end of this Agreement.

Party A: Shanghai Longcom Telecom Co. Ltd

(Business Seal of Party A) 

Party B: Shenzhen New Media Consulting Co., Ltd.  

(Business Seal of Party B)

December 13, 2007fs80408ex4_celsius.htm

    

     

     

     

    Exhibit
4.3

     

    

    ELITE
FX, INC.

    INCENTIVE
STOCK PLAN

     

    1. Purpose. The Elite FX, Inc.
Incentive Stock Plan (the "Plan"), being assumed and adopted by Elite FX, Inc.,
a Florida corporation, is intended to provide incentives which will attract and
retain highly competent persons at all levels as employees of Elite FX, Inc. and
its subsidiaries (the "Company"), as well as independent contractors providing
consulting or advisory services to the Company, by providing them opportunities
to acquire the Company's common stock ("Common Shares") or to receive monetary
payments based on the value of such shares pursuant to the Awards described in
Paragraph 4 below.

     

    2.
Administration.

     

    (a) The
Plan will be administered by a Compensation Committee (the "Committee")
appointed by the Board of Directors (the "Board") of the Company from among its
members; provided, however, that, as long as Common Shares are registered under
the Securities Exchange Act of 1933 (the "Act"), members of the Committee must
qualify as "non-employee directors" within the meaning of Securities and
Exchange Commission Regulation ss. 240.16b-3. Once appointed, the Committee
shall continue to serve until otherwise directed by the Board. From time to time
the Board may increase the size of the Committee and appoint additional members
thereof, remove members (with or without cause), and appoint new members in
substitution therefor, and fill vacancies however caused; provided, however,
that at no time shall a Committee of less than two members of the Board
administer the Plan. The Committee is authorized, subject to the provisions of
the Plan, to establish such rules and regulations as it deems necessary for the
proper administration of the Plan and to make such determinations and
interpretations and to take such action in connection with the Plan and any
Awards (as hereinafter defined) granted hereunder as it deems necessary or
advisable. All determinations and interpretations made by the Board and
Committee shall be binding and conclusive on all participants and their legal
representatives. No member of the Board, no member of the Committee and no
employee of the Company shall be liable 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 this Plan have been delegated or, except in
circumstances involving such person's bad faith, gross negligence or fraud, for
any act or failure to act by the member or employee.

     

    (b)
Pursuant to its administrative duties described in Section 2(a) above and
notwithstanding anything to the contrary contained herein, the Compensation
Committee may, by a resolution adopted at a meeting of the Compensation
Committee duly convened and called or by a unanimous written consent in lieu of
a meeting, delegate to the persons or persons who serve as Chief Executive
Officer of the Company the authority to determine the identities of employees
who are not officers or directors of the Company who shall receive Stock Options
under the Plan and the terms, conditions, limitations and restrictions upon
which such Stock Options shall be granted; provided, however, that the per share
exercise price of any Stock Option awarded by the Chief Executive Officer of the
Company pursuant to any delegation of authority permitted hereunder shall not be
less than the Fair Market Value (as hereinafter defined) of the Common Shares on
the date the Stock Option is granted. The terms and conditions of, and any
limitation or restriction on, any such delegation shall be at the sole
discretion of the Compensation Committee and shall be set forth in the
resolution of the Compensation Committee establishing such delegation. Any
delegation pursuant to this Section 2(b) may be revoked by the Compensation
Committee at any time.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3. Participants. Participants
will consist of such employees or prospective employees (conditioned upon, and
effective not earlier than his becoming an employee) of the Company, and
independent contractors (including persons other than individuals) providing
consulting or advisory services to the Company, as the Committee in its sole
discretion determines to be responsible for the success and future growth and
profitability of the Company and whom the Committee may designate from time to
time to receive Awards under the Plan. 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 Awards
as granted to the participant in any 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.

     

    4. Types of Awards. Awards
under the Plan may be granted in any one or a combination of (a) Stock Options,
(b) Stock Appreciation Rights, (c) Stock Awards, (d) Performance Shares, and (e)
Performance Units, all as described below (collectively "Awards").

     

    5. Shares Reserved under the
Plan. Subject to the following provisions of this Section 5, there is
hereby reserved for issuance under the Plan an aggregate of 600,000 Common
Shares, which may be authorized but unissued shares. Any shares subject to Stock
Options or Stock Appreciation Rights or issued under such options or rights or
as Stock Awards may thereafter be subject to new options, rights or awards under
this Plan if there is a lapse, expiration or termination of any such options or
rights prior to issuance of the shares or the payment of the equivalent or if
shares are issued under such options or rights or as such awards and thereafter
are reacquired by the Company pursuant to rights reserved by the Company upon
issuance thereof.

     

    6. Stock Options. Stock
Options will consist of awards from the Company, in the form of agreements,
which will enable the holder to purchase a specific number of Common Shares, at
set terms and at a fixed purchase price. Stock Options may be "incentive stock
options" ("Incentive Stock Options") within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code") or Stock Options which do
not constitute Incentive Stock Options ("Nonqualified Stock Options"). The
Committee will have the authority to grant to any participant one or more
Incentive Stock Options, Nonqualified Stock Options, or both types of Stock
Options (in each case with or without Stock Appreciation Rights). Each Stock
Option shall be subject to such terms and conditions consistent with the Plan as
the Committee may impose from time to time, subject to the following
limitations:

     

    (a) Exercise Price. Each Stock
Option granted hereunder shall have such per-share exercise price as the
Committee may determine at the date of grant provided, however, that the
per-share exercise price for Incentive Stock Options shall not be less than 100%
of the Fair Market Value (as hereinafter defined) of the Common Shares on the
date the option is granted.

     

    (b) Payment of Exercise Price.
The option exercise price may be paid by cash, or upon approval from the
Committee in its sole discretion, broker-assisted cashless exercise, net-share
exercise, delivery of Common Shares of the Company then owned by the
participant, or by promissory note, with additional approval from the Board or
the CEO.  Notwithstanding any contrary provision, the Committee may
require that payment by any method other than cash may be made only if such
payment does not result in a charge to earnings for financial accounting
purposes as determined by the Committee. Net-cash exercises are not permitted
under the Plan.

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    A
broker-assisted cashless exercise involves the simultaneous exercise by an
employee of a share option and sale of sufficient Common Shares through a broker
to cover the payment and any necessary withholding.  Broker-assisted
cashless exercise is typically only available if the Common Shares are readily
tradeable on a national securities exchange or other market system at the time
of option exercise.  Payment in a broker-assisted exercise is 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 or loan 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. In a net-share exercise, the Company holds back
from the Common Shares to be issued upon exercise of an option that number of
Commons Shares having a value (based on the previous business day’s closing
price) equal to the minimum amount required to satisfy the exercise price and
any necessary withholding, unless the Company determines that such taxes must be
in cash by the holder.

     

    (c) Exercise Period. Stock
Options granted under the Plan will be exercisable at such times and subject to
such terms and conditions as shall be determined by the Committee. In addition,
Nonqualified Stock Options shall not be exercisable later than fifteen (15)
years after the date they are granted and Incentive Stock Options shall not be
exercisable later than ten (10) years after the date they are granted. All Stock
Options shall terminate at such earlier times and upon such conditions or
circumstances as the Committee shall in its discretion set forth in such option
at the date of grant.

     

    (d) Limitations on Incentive Stock
Options. Incentive Stock Options may be granted only to participants who
are employees of the Company or one of its subsidiaries (within the meaning of
Section 424(f) of the Code) at the date of grant. The aggregate Fair Market
Value (determined as of the time the option is granted) of the Common Shares
with respect to which Incentive Stock Options are exercisable for the first time
by a participant during any calendar year (under all option plans of the
Company) shall not exceed $100,000. Incentive Stock Options may not be granted
to any participant who, at the time of grant, owns stock possessing (after the
application of the attribution rules of Section 424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company,
unless the option price is fixed at not less than 110% of the Fair Market Value
of the Common Shares on the date of grant and the exercise of such option is
prohibited by its terms after the expiration of five years from the date of
grant of such option.

     

    (e) Re-designation as Nonqualified Stock
Options. Options designated as Incentive Stock Options that fail to
continue to meet the requirements of Section 422 of the Code shall be
re-designated as Nonqualified Stock Options for Federal income tax purposes
automatically without further action by the Committee on the date of such
failure to continue to meet the requirements of Section 422 of the
Code.

     

    (f) Limitation of Rights in
Shares. The recipient of a Stock Option shall not be deemed for any
purpose to be a shareholder of the Company with respect to any of the shares
subject thereto except to the extent that the Stock Option shall have been
exercised and, in addition, a certificate shall have been issued and delivered
to the participant.

     

    7. Stock Appreciation Rights.
The Committee may, in its discretion, grant Stock Appreciation Rights to the
holders of any Stock Options granted hereunder. In addition, Stock Appreciation
Rights may be granted independently of and without relation to Stock Options.
Each Stock Appreciation Right shall be subject to such terms and conditions
consistent with the Plan as the Committee shall impose from time to time,
including the following:

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (a) A
Stock Appreciation Right relating to a Nonqualified Stock Option may be made
part of such option at the time of its grant or at any time thereafter up to six
months prior to its expiration, and a Stock Appreciation Right relating to an
Incentive Stock Option may be made part of such option only at the time of its
grant.

     

    (b) Each
Stock Appreciation Right will entitle the holder to elect in lieu of exercising
the Stock Option to receive the appreciation in the Fair Market Value of the
shares subject thereto up to the date the right is exercised. In the case of a
right issued in relation to a Stock Option, such appreciation shall be measured
from not less than the option price and in the case of a right issued
independently of any Stock Option, such appreciation shall be measured from not
less than 85% of the Fair Market Value of the Common Shares on the date the
right is granted. Payment of such appreciation shall be made in cash or in
Common Shares, or a combination thereof, as set forth in the Award, but no Stock
Appreciation Right shall entitle the holder to receive, upon exercise thereof,
more than the number of Common Shares (or cash of equal value) with respect to
which the right is granted.

     

    (c) Each
Stock Appreciation Right will be exercisable at the times and to the extent set
forth therein, but no Stock Appreciation Right may be exercisable earlier than
six months after the date it was granted or later than the earlier of (i) the
term of the related Stock Option, if any, and (ii) fifteen years after it was
granted. Exercise of a Stock Appreciation Right shall reduce the number of
shares issuable under the Plan (and the related Stock Option, if any) by the
number of shares with respect to which the right is exercised.

     

    8. Stock Awards. Stock Awards
will consist of Common Shares transferred to participants without other payment
therefor or payment at less than Fair Market Value as additional compensation
for services to the Company. Stock Awards shall be subject to such terms and
conditions as the Committee determines appropriate, including, without
limitation, restrictions on the sale or other disposition of such shares and
rights of the Company to reacquire such shares for no consideration upon
termination of the participant's employment or other contractual arrangement
within specified periods. The Committee may require the participant to deliver a
duly signed stock power, endorsed in blank, relating to the Common Shares
covered by such an Award. The Committee may also require that the stock
certificates evidencing such shares be held in custody until the restrictions
thereon shall have lapsed. The participant shall have, with respect to the
Common Shares subject to a Stock Award, all of the rights of a holder of Common
Shares of the Company, including the right to receive dividends and to vote the
shares.

     

    9.
Performance Shares.

     

    (a)
Performance Shares may be awarded either alone or in addition to other Awards
granted under this Plan and shall consist of the right to receive Common Shares
or cash of an equivalent value at the end of a specified Performance Period
(defined below). The Committee shall determine the participants to whom and the
time or times at which Performance Shares shall be awarded, the number of
Performance Shares to be awarded to any person, the duration of the period (the
"Performance Period") during which, and the conditions under which, receipt of
the Common Shares will be deferred, and the other terms and conditions of the
Award in addition to those set forth in this Section 9. The Committee may
condition the grant of Performance Shares upon the attainment of specified
performance goals or such other factors or criteria as the Committee shall
determine.

     

     

    (b)
Performance Shares awarded pursuant to this Section 9 shall be subject to the
following terms and conditions:

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (i)
Unless otherwise determined by the Committee at the time of the grant of the
Award, amounts equal to any dividends declared during the Performance Period
with respect to the number of Common Shares covered by a Performance Share Award
will not be paid to the participant.

     

    (ii)
Subject to the provisions of the Performance Share Award and this Plan, at the
expiration of the Performance Period, share certificates and/or cash of an
equivalent value (as the Committee may determine) shall be delivered to the
participant, or his, her or its legal representative, in a number equal to the
vested shares covered by the Performance Share Award.

     

    (iii)
Subject to the applicable provisions of the Performance Share Award and this
Plan, upon termination of a participant's employment or contractual relationship
with the Company for any reason during the Performance Period for a given
Performance Share Award, the Performance Shares in question will vest or be
forfeited in accordance with the terms and conditions established by the
Committee.

     

    10.
Performance Units.

     

    (a)
Performance Units may be awarded either alone or in addition to other Awards
granted under this Plan and shall consist of the right to receive a fixed dollar
amount, payable in cash or Common Shares or a combination of both. The Committee
shall determine the participants to whom and the time or times at which
Performance Units shall be awarded, the duration of Performance Units to be
awarded to any person, the duration of the period (the "Performance Cycle")
during which, and the conditions under which, a participant's right to
Performance Units will be vested, the ability of participants to defer the
receipt of payment of such Performance Units, and the other terms and conditions
of the Award in addition to those set forth in this Section 10. The Committee
may condition the vesting of Performance Units upon the attainment of specified
performance goals or such other factors or criteria as the Committee shall
determine.

     

    (b) The
Performance Units awarded pursuant to this Section 10 shall be subject to the
following terms and conditions:

     

    (i) At
the expiration of the Performance Cycle, the Committee shall determine the
extent to which the performance goals have been achieved, and the percentage of
the Performance Units of each participant that have vested.

     

    (ii)
Subject to the applicable provisions of the Performance Unit Award and this
Plan, at the expiration of the Performance Cycle, cash and/or share certificates
of an equivalent value (as the Committee may determine) shall be delivered to
the participant, or his, her or its legal representative, in payment of the
vested Performance Units covered by the Performance Unit Award.

     

    (iii)
Subject to the applicable provisions of the Performance Unit Award and this
Plan, upon termination of a participant's employment or contractual relationship
with the Company for any reason during the Performance Cycle for a given
Performance Unit Award, the Performance Units in question will vest or be
forfeited in accordance with the terms and conditions established by the
Committee.

     

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.
Adjustment Provisions.

     

    (a) If
the Company shall at any time change the number of issued Common Shares without
new consideration to the Company (such as by stock dividend, stock split,
recapitalization, reorganization, exchange of shares, liquidation, combination
or other change in corporate structure affecting the Common Shares other than as
contemplated under Section 5 hereof) or make a distribution of cash or property
which has a substantial impact on the value of issued Common Shares, the total
number of shares available for Awards under this Plan shall be appropriately
adjusted and the number of shares covered by each outstanding Award and the
reference price or Fair Market Value for each outstanding Award shall be
adjusted so that the net value of such Award shall not be changed.

     

    (b) In
the case of any sale of assets, merger, consolidation, combination or other
corporate reorganization or restructuring of the Company with or into another
corporation which results in the outstanding Common Shares being converted into
or exchanged for different securities, cash or other property, or any
combination thereof (an "Acquisition"), subject to the provisions of this Plan
and any limitation applicable to the Award:

     

    (i) any
participant to whom a Stock Option has been granted shall have the right
thereafter and during the term of the Stock Option to receive upon exercise
thereof the Acquisition Consideration (as defined below) receivable upon the
Acquisition by a holder of the number of Common Shares which might have been
obtained upon exercise of the Stock Option or portion thereof, as the case may
be, immediately prior to the Acquisition;

     

    (ii) any
participant to whom a Stock Appreciation Right has been granted shall have the
right thereafter and during the term of such right to receive upon exercise
thereof the difference on the exercise date between the aggregate Fair Market
Value of the Acquisition Consideration receivable upon such acquisition by a
holder of the number of Common Shares which are covered by such right and the
aggregate reference price of such right; and

     

    (iii) any
participant to whom Performance Shares or Performance Units have been awarded
shall have the right thereafter and during the term of the Award, upon
fulfillment of the terms of the Award, to receive on the date or dates set forth
in the Award, the Acquisition Consideration receivable upon the Acquisition by a
holder of the number of Common Shares which are covered by the
Award.

     

    The term
"Acquisition Consideration" shall mean the kind and amount of securities, cash
or other property or any combination thereof receivable in respect of one Common
Share upon consummation of an Acquisition.

     

    (c)
Notwithstanding any other provision of this Plan, the Committee may authorize
the issuance, continuation or assumption of Awards or provide for other
equitable adjustments after changes in the Common Shares resulting from any
other merger, consolidation, sale of assets, acquisition of property or stock,
recapitalization, reorganization or similar occurrence upon such terms and
conditions as it may deem equitable and appropriate.

     

    (d) In
the event that another corporation or business entity is being acquired by the
Company, and the Company assumes outstanding stock options and/or stock
appreciation rights and/or the obligation to make future grants of options or
rights to employees or other persons affiliated with the acquired entity, the
aggregate number of Common Shares available for Awards under this Plan shall be
increased accordingly.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    12.
Non-transferability.

     

    (a) Each
Award granted under the Plan to a participant shall not be transferable by such
participant otherwise than as required by law or by will or the laws of descent
and distribution, and shall be exercisable, in the case of an individual, only
by him during his lifetime. In the event of the death of a participant while the
participant is rendering services to the Company, each Stock Option or Stock
Appreciation Right theretofore granted to him shall be exercisable during such
period after his death as the Committee shall in its discretion set forth in
such option or right at the date of grant (but not beyond the stated duration of
the option or right) and then only:

     

    (i) 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 Stock Appreciation Right shall pass by will or the laws of descent and
distribution; and

     

    (ii) To
the extent that the deceased participant was entitled to do so at the date of
his death.

     

    (b)
Notwithstanding Section 12(a), in the discretion of the Committee, Awards
granted hereunder may be transferred to members of the participant's immediate
family (which for purposes of this Plan shall be limited to the participant's
children, grandchildren and spouse), or to one or more trusts for the benefit of
such immediate family members or partnerships in which such immediate family
members and/or trusts are the only partners, but only if the Award expressly so
provides. In the case of a participant who is not an individual, transferability
shall be determined by the Committee in its sole and absolute
discretion.

     

    13. Other Provisions. Awards
under the Plan may also be subject to such other provisions (whether or not
applicable to any other Awards under the Plan) as the Committee determines
appropriate, including without limitation, provisions for the installment
purchase of Common Shares under Stock Options, provisions for the installment
exercise of Stock Appreciation Rights, provisions to assist the participant in
financing the acquisition of Common Shares, provisions for the forfeiture of, or
restrictions on resale or other disposition of, Shares acquired under any form
of Award, provisions for the acceleration of the right to exercise or vesting of
Awards in the event of a change of control of the Company or other reasons,
provisions for the payment of the value of Awards to participants in the event
of a change of control of the Company or other reasons, or provisions to comply
with Federal and state securities laws, or setting forth understandings or
conditions as to the participant's employment or contractual relationship in
addition to those specifically provided for under the Plan.

     

    14. Fair Market Value. For
purposes of this Plan and any Awards hereunder, Fair Market Value of Common
Shares shall be the mean between the highest and lowest sale prices for the
Company's Common Shares as reported on the Nasdaq National Market (or such other
consolidated transaction reporting system on which such Common Shares are
primarily traded) on the date immediately preceding the date of grant (or on the
next preceding trading date if Common Shares were not traded on the date
immediately preceding the date of grant); provided, however, that until the
Company's Common Shares are readily tradeable on a national securities exchange
or market system, or if the Company's Common Shares are not at the applicable
time readily tradeable on a national securities exchange or other market system,
Fair Market Value shall mean the amount determined in good faith by the
Committee as the fair market value of the Common Shares of the
Company.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    15. Withholding. All payments
or distributions made pursuant to the Plan shall be net of any amounts required
to be withheld pursuant to applicable federal, state and local tax withholding
requirements. If the Company proposes or is required to distribute Common Shares
pursuant to the Plan, it may require the recipient to remit to it an amount
sufficient to satisfy such tax withholding requirements prior to the delivery of
any certificates for such Common Shares. The Committee may, in its discretion
and subject to such rules as it may adopt, permit an optionee or Award or right
holder to pay all or a portion of the federal, state and local withholding taxes
arising in connection with (a) the exercise of a Nonqualified Stock Option or a
Stock Appreciation Right, (b) the receipt or vesting of Stock Awards, or (c) the
receipt of Common Shares upon the expiration of the Performance Period or the
Performance Cycle, respectively, with respect to any Performance Shares or
Performance Units, by electing to have the Company withhold Common Shares having
a Fair Market Value equal to the amount to be withheld.

     

    16. Tenure. A participant's
right, if any, to continue to serve the Company as an officer, employee,
independent contractor, or otherwise, shall not be enlarged or otherwise
affected by such person's designation as a participant under the Plan, nor shall
this Plan in any way interfere with the right of the Company, subject to the
terms of any separate employment agreement to the contrary, at any time to
terminate such employment or to increase or decrease the compensation of the
participant from the rate in existence at the time of the grant of an
Award.

     

    17. Effective Date, Amendment and
Termination. The Plan shall become effective on the date it is approved
by the holders of a majority of the shares of Common Shares then
outstanding.  The Plan shall terminate (10) ten years later, subject
to earlier termination by the Board; provided, however, that the terms and
conditions applicable to any Award granted prior to such date may thereafter be
amended or modified by mutual agreement between the Company and the participant
or such other persons as may then have an interest therein. Also, by mutual
agreement between the Company and a participant hereunder, under this Plan or
under any other present or future plan of the Company, Awards may be granted to
such participant in substitution and exchange for, and in cancellation of, any
Awards previously granted such participant under this Plan, or any other present
or future plan of the Company. The Board may amend the Plan from time to time or
terminate the Plan at any time. However, no action authorized by this Section 17
shall reduce the amount of any existing Award or change the terms and conditions
thereof without the participant's consent. The approval of the Company's
shareholders will be required for any amendment to the Plan which (i) would
change the class of persons eligible for the grant of Stock Options as specified
in Section 3 or otherwise materially modify the requirements as to eligibility
for participation in the Plan, or (ii) would increase the maximum number of
shares subject to Stock Options, as specified in Section 5 (unless made pursuant
to the provisions of Section 11) or (iii) is required to be approved by the
shareholders pursuant to the Code, Section 16 of the Act or by any stock market
or exchange on which the Common Shares are listed. With respect to persons
subject to Section 16 of the Act, transactions under the Plan are intended to
comply with all applicable conditions of Rule 16b-3 or its successors under the
Act. To the extent any provision of the Plan or action by the Committee fails to
so comply, it shall be deemed null and void, to the extent permitted by law and
deemed advisable by the Committee. Moreover, in the event the Plan does not
include a provision required by Rule 16b-3 to be stated therein, such provision
(other than one relating to eligibility requirements, or the price and amount of
Awards) shall be deemed automatically to be incorporated by reference into the
Plan insofar as participants subject to Section 16 of the Act are
concerned.

     

     

    18. Governing Law. This Plan
and actions taken in connection herewith shall be governed and construed in
accordance with the laws of the State of Florida (regardless of the law that
might otherwise govern under applicable Florida principles of conflict of
laws).

     

    The
foregoing Plan (consisting of 10 pages, including this page) was duly adopted
and approved by the Board of Directors on January 19, 2007 and approved by the
shareholders of the Corporation on January 19, 2007.

    

    8

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