Document:

Unassociated Document

    Employment
      Agreement - Attarian

    

    This
      agreement made this 14th day of July, 2006, by and between David Attarian,
      (hereinafter referred to as the “employee”) and Diet Coffee, Inc., (hereinafter
      referred to as the “Company

    Whereas,
      the parties have agreed to enter into an employer-employee relationship, and
      wish to memorialize the terms and conditions of said relationship, it is hereby
      agreed as follows:

    

    1.
      The employee shall commence employment with the Company on December 19, 2005,
      as
      Secretary of the Company, Vice-President of Intl Sales.

    

    2.
      Employee shall perform all duties commonly associated with the position of
      Secretary, Vice-President of Intl Sales in a competent; honest and professional
      manner, and shall devote his full time and attention to the duties and
      responsibilities of said position. 

    3.
      The salary paid to employee shall be -
      $ 2180,
      payable weekly. 

    

    4.
      The following additional terms of employment shall apply:

    

    a.) Medical
      Insurance under the plan currently adopted (or as from time to time may be
      adopted) by the Company for the benefits of its employees and their families.
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b).
      Vacation: up to two weeks per year, calculated at the rate of one day of
      vacation earned for every eighteen days for which employee is paid pursuant
      to
      paragraph 3 above, fully paid, together with major holidays, as defined by
      the
      Company policy.

    

    c.)
      The terms and conditions of the Company policy for sick leave; personal days
      and
      the like.

    

    d).)
      In the event the company shall adopt a 401 (k); Section 125 Plan; or their
      equivalent, the Employee shall become immediately eligible for participation,
      to
      the extent consistent with law or governmental regulation.

    

    e).
      In the event the company shall become publicly traded, Employee shall receive
      stock options in accord with the terms adopted by the company for senior
      management employees. The parties acknowledge that employee is currently the
      owner of 2,500,000 shares of the Company.

    

    f).
      Termination: The Company may terminate this agreement at any time. However,
      upon
      such termination, employee shall retain all stock and vested options in shares
      of the company than owned by him, and shall receive one month severance pay
      for
      every year of employment, not to exceed six months, nor to be less than one
      month.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    g).
      Bonus: The parties shall target an annual bonus based upon specific performance
      criteria which the parties shall from time to time agree
      to.

    

    6.
      The parties agree and acknowledge that the nature of the employer's business
      is
      such that in the course of the work, labor and services provided to the Company
      by the employee, of necessity, certain customer lists; purchasing and trade
      practices, strategies; financial information and general business practices
      of
      the Company will become known to the Employee, therefore it is agreed as
      follows, to the extent Employee obtains such knowledge or information while
      employed by the Company:

    

    a)
      The Employee hereby agrees that the Employee will not reveal to anyone after
      the
      Employee resigns or departs from the Company, whether
      by resignation or discharge, any information whatsoever obtained in the course
      of his employment relating to any aspect whatsoever of the Employer's business,
      or strategies decision making process, finances, customers, sources or related
      information, to any other person, company, entity group or
      individual.

    

    b)
      The Employee shall keep confidential any and all information obtained in the
      course of employment about the Company, its affairs, relationships to actual
      or
      potential customers, and the needs and requirements of any such actual or
      potential customers, and shall not directly or indirectly reveal any fact about
      employers, its business practices, finances, pricing; customers or the
      like.

    

    c)
      The employee shall not, for a period of two years after his termination as
      an
      employee of the Company, for any reason whatsoever, compete, directly or
      indirectly with the Company, or be employed by any person or entity who so
      competes.

    

    7.
      This agreement shall be governed by the laws of the State of New York, without
      regard to conflict of laws, and any action for the enforcement or breach of
      this
      agreement may be brought solely in the Supreme Court of the State of New York,
      County of New York.

     

    
      	David Attarian 	 	 	Diet Coffee, Inc 
	 	 	 	By: 
	 	 	 	 
	/s/ David Attarian	 	 	/s/
              David StocknoffExhibit
      10.1

    

     DELTATHREE,
      INC.

    2006
      NON-EMPLOYEE DIRECTOR STOCK PLAN

    

    1.    Purposes

    

    The
      purpose of the deltathree, Inc. 2006 Non-Employee Director Stock Plan (the
      “Plan”) is to enable deltathree, Inc. (the “Company”) to attract, retain and
      motivate the best qualified directors and to enhance a long-term mutuality
      of
      interest between the directors and stockholders of the Company by granting
      them
      Restricted Stock. On the Effective Date, this Plan shall replace the deltathree,
      Inc. 2004 Non-Employee Director Stock Option Plan, as amended, which will be
      terminated except with respect to any outstanding Options previously granted
      thereunder.

    

    2.    Definitions

    

    Unless
      the context requires otherwise, the following words as used in the Plan shall
      have the meanings ascribed to each below, it being understood that masculine,
      feminine and neuter pronouns are used interchangeably, and that each encompasses
      the others.

    

    "Affiliate"
      shall mean a corporation which is a parent or subsidiary of the Company, direct
      or indirect.

    

    "Award"
      shall mean any shares of Restricted Stock awarded under the Plan.

    

    "Board"
      shall mean the Board of Directors of the Company.

    

    "Class
      A
      Common Stock" shall mean the Class A common shares of the Company, par value
      $.001 per share.

    

    "Code"
      shall mean the Internal Revenue Code of 1986, as amended.

    

    "Company"
      shall mean deltathree, Inc., a Delaware corporation, and any successor
      thereto.

    

    “Effective
      Date” shall have the meaning ascribed to it in Section 3 hereunder.  

     

    "Eligible
      Director" shall mean the Chairman of the Board (so long as such person receives
      no compensation for his services to the Company or any of its subsidiaries
      other
      than as a non-executive Chairman) and any director of the Company who is not
      an
      employee of the Company or any of its subsidiaries.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    "Guidelines
      for Board Service" shall mean the description of duties that each Eligible
      Director must perform during his or her term of service as a member of the
      Board. Such Guidelines will be proposed by the Nominating and Corporate
      Governance Committee of the Board, and ratified by the Board prior to the annual
      meeting of stockholders each year.

    

    “Option”
      shall mean the right to purchase Shares at a stated price for a specified period
      of time. 

    

    “Restricted
      Period” shall mean the period during which a grant of Restricted Stock is
      subject to forfeiture.

    

    “Restricted
      Stock” shall mean any
      Award
      of Class A Common Stock granted under the Plan which becomes vested and
      nonforfeitable, in whole or in part, upon the completion of such period of
      service as described in this Plan.

    

    “Share”
      shall mean a share of Class A Common Stock.

    

    3.    Effective
      Date

    

    The
      effective date of the Plan (the "Effective Date") shall be the date on which
      the
      Plan is approved by the stockholders of the Company.

    

    4.    Administration

    

    (a)
      Powers of the Board. This Plan shall be administered by the Board.

    The
      Board
      may delegate its powers and functions hereunder to a duly appointed committee
      of
      the Board. The Board shall have full authority to interpret this Plan; to
      establish, amend and rescind rules for carrying out this Plan; to administer
      this Plan; to incorporate in any Restricted Stock agreement such terms and
      conditions, not inconsistent with this Plan, as it deems appropriate; to
      construe the respective Restricted Stock agreements and this Plan; and to make
      all other determinations and to take such steps in connection with this Plan
      as
      the Board, in its discretion, deems necessary or desirable for administering
      this Plan. All expenses incurred in the administration of the Plan, including,
      but not limited to, for the engagement of any counsel, consultant or agent,
      shall be paid by the Company.

    

    (b)
      Disinterested Status. Notwithstanding the foregoing, neither the Board, any
      committee thereof nor any person designated pursuant to (c) below shall take
      any
      action that would cause any director who is a "Non-Employee Director" for
      purposes of Rule 16b-3 promulgated under the Securities Exchange Act of 1934,
      as
      amended, as then in effect or any successor provisions ("Rule 16b-3"), to cease
      to be a "Non-Employee Director," with regard to this Plan or any
      other
      stock option or other equity plan of the Company. In particular, neither the
      Board nor any committee thereof shall have any discretion as to

    

    
      
         

      

      
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    (i)
      the
      selection of Eligible Directors as eligible to receive awards pursuant to the
      Plan; or

    

    (ii)
      the
      number of shares of Restricted Stock to be awarded pursuant to Section
      6.

    

    (c)
      Delegation. The Board may designate the Secretary of the Company, other officers
      or employees of the Company or competent professional advisors to assist the
      Board in the administration of this Plan, and may grant authority to such
      persons to execute agreements or other documents on its behalf.

    

    (d)
      Agents and Indemnification. The Board may employ such legal counsel, consultants
      and agents as it may deem desirable for the administration of this Plan, and
      may
      rely upon any opinion received from any such counsel or consultant and any
      computation received from any such consultant or agent. No member or former
      member of the Board or any committee thereof or any person designated pursuant
      to paragraph (c) above shall be liable for any action or determination made
      in
      good faith with respect to this Plan. To the maximum extent permitted by
      applicable law and the Company's Certificate of Incorporation and Bylaws, each
      member or former member of the Board or any committee thereof or any person
      designated pursuant to (c) above shall be indemnified and held harmless by
      the
      Company against any cost or expense (including counsel fees, which shall be
      paid
      by the Company when incurred) or liability (including any sum paid in settlement
      of a claim with the approval of the Company) arising out of any act or omission
      to act in connection with this Plan, unless arising out of such person's own
      fraud or bad faith. Such indemnification shall be in addition to any rights
      of
      indemnification the person may have as a director, officer or employee or under
      the Certificate of Incorporation of the Company or the Bylaws of the
      Company.

    

    5.    Shares;
      Adjustment upon Certain Events 

    

    (a)
      Shares Available. Shares to be issued under this Plan shall be made available,
      at the discretion of the Board, either from authorized but unissued Shares
      or
      from issued Shares reacquired by the Company. The aggregate number of Shares
      that may be issued under this Plan, from time to time, shall be 500,000 Shares,
      subject to any adjustments provided hereunder. If the Company shall reacquire
      (at not more than its original issuance price) any Shares issued pursuant to
      an
      Award, or if any Shares of an Award are forfeited, or otherwise cancelled or
      terminated, such Shares which were subject to such Award shall again be
      available for issuance from time to time pursuant to this Plan. 

    

    (b)
      No
      Limit on Corporate Action. The existence of this Plan and shares of Restricted
      Stock granted hereunder shall not affect in any way the right or power of the
      Board or the stockholders of the Company to make or authorize any adjustment,
      recapitalization, reorganization or other change in the Company's
      capital
      structure or its business, any merger or consolidation of the Company, any
      issue
      of bonds, debentures, preferred or prior preference shares ahead of or affecting
      common shares, the dissolution or liquidation of the Company or any sale or
      transfer of all or part of its assets or business, or any other corporate act
      or
      proceeding.

    

    
      
         

      

      
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    (c)
      Adjustments upon Certain Events. In the event of any Share dividend or Share
      split, recapitalization (including, without limitation, the payment of an
      extraordinary dividend), merger, consolidation, combination, spin-off,
      distribution of assets to stockholders, exchange of shares, or other similar
      corporate change, the aggregate number of Shares available for Awards of
      Restricted Stock under Section 5(a), the number of shares of Restricted Stock
      underlying any outstanding Awards or future Awards pursuant to Section 6 shall
      be appropriately adjusted.

    

    (d)
      No
      Adjustment If Value Received. Except as hereinbefore expressly provided, the
      issuance by the Company of shares of stock of any class or securities
      convertible into shares of stock of any class, for cash, property, labor or
      services, upon direct sale, upon the exercise of rights or warrants to subscribe
      therefor, or upon conversion of shares or other securities, and in any case
      whether or not for fair value, shall not affect, and no adjustment by reason
      thereof shall be made with respect to the number of shares of Restricted Stock
      or future Awards of shares of Restricted Stock pursuant to Section
      6.

    

    6.    Awards

     

    (a)
      Initial Awards. Each individual who becomes an Eligible Director after the
      Effective Date shall be automatically granted four thousand (4,000) shares
      of
      Restricted Stock (“Initial Award”) on the date such Eligible Director joins the
      Board. 

    

    (b)
      Subsequent Awards. On the first business day after each annual meeting of
      stockholders of the Company occurring during the term of the Plan commencing
      with the annual meeting of stockholders in 2006, each Eligible Director who
      meets the Guidelines for Board Service and who continues to be an Eligible
      Director following such annual meeting shall automatically be granted
      four thousand (4,000) shares of Restricted Stock (a “Subsequent Award”);
      provided that no Subsequent Award shall be made to any Eligible Director who
      has
      not served as a director of the Company, as of the time of such annual meeting,
      for at least six (6) months.

    

    (c)
      Committee Chairman Awards.

    

    (i)
      Each
      Eligible Director who is appointed as chairman of a standing committee of the
      Board after the Effective Date (and has not served as the chairman of such
      committee immediately prior to the appointment) shall be automatically granted
      four thousand (4,000) shares of Restricted Stock ("Initial Committee Chairman
      Award") on the date of such appointment.

    

    (ii)
      Each
      Eligible Director who serves as a chairman of the full Board or of a standing
      committee of the Board other than the audit committee, and who meets the
      Guidelines for Board Service, immediately following each annual meeting of
      the
      Company's stockholders, commencing with the annual meeting of the Company's
      stockholders in 2006, shall be granted an additional four thousand (4,000)
      shares of Restricted Stock (a "Committee Chairman Award"); provided that: (1)
      no
      Committee Chairman Award shall be made to any Eligible Director who has not
      served as a director of the Company, as of the time of such annual meeting,
      for
      at least six (6) months, and (2) no Committee Chairman Award shall be made
      to
      any Eligible Director who has received a Committee Chairman award for such
      service on the same committee within the past six (6) months. Each such
      Committee Chairman Award shall be made on the first business day after each
      annual stockholders' meeting in question.

    

    
      
         

      

      
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    (d)
      Audit
      Committee Service Awards.

    

    (i)
      Each
      Eligible Director who is appointed as a member of the audit committee of the
      Board after the Effective Date (and has not served as a member of the audit
      committee immediately prior to the appointment) shall be automatically granted
      four thousand (4,000) shares of Restricted Stock ("Initial Audit Committee
      Award") on the date of such appointment.

    

    (ii)
      Each
      Eligible Director who serves as a member of the audit committee of the Board,
      and who meets the Guidelines for Board Service, immediately following each
      annual meeting of the Company's stockholders, commencing with the annual meeting
      of the Company’s stockholders in 2006, shall be granted four thousand (4,000)
      shares of Restricted Stock (an "Audit Committee Service Award"); provided that:
      (1) no Audit Committee Service Award shall be made to any Eligible Director
      who
      has not served as a director of the Company, as of the time of such annual
      meeting, for at least six (6) months, and (2) no Audit Committee Award shall
      be
      made to any Eligible Director who has received an Audit Committee award for
      such
      service within the past six (6) months. In addition, the chairman of the audit
      committee of the Board shall be granted an additional two thousand (2,000)
      shares of Restricted Stock (an "Audit Committee Chairman Award"). Each such
      Audit Committee Service Award and Audit Committee Chairman Award shall be made
      on the first business day after each annual stockholders' meeting in
      question.

    

    (e)
      Annual Limitation. Notwithstanding the foregoing, an Eligible

    Director
      shall receive a maximum of twelve thousand (12,000) shares of Restricted Stock
      during any single calendar year. 

    

    (f)
      Restricted Stock Agreement. The Award or Restricted Stock shall be evidenced
      by
      a written or electronic agreement containing the terms of this Section 6 and
      any
      other terms as required by law.

    

    (g)
      Restricted
      Period and Procedure. The Restricted Period applicable to any Award of
      Restricted Stock granted under this Plan shall lapse, and the shares related
      to
      such award shall become freely transferable and fully vested on the first
      anniversary of the date of grant. Any certificates issued in respect of
      Restricted Stock shall be registered in the name of the Eligible Director and
      deposited by such Eligible Director, together with a stock power endorsed in
      blank, with the Company. At the expiration of the Restricted Period with respect
      to any award of Restricted Stock, unless otherwise forfeited, the Company shall
      deliver such certificates to the Eligible Director or to the Eligible Director's
      legal representative. 

    

    
      
         

      

      
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    (h)
      Delivery
      of Shares. Upon the expiration or termination of the Restricted Period, the
      restrictions applicable to the Restricted Stock shall lapse and a stock
      certificate for the number of shares of Common Stock with respect to which
      the
      restrictions have lapsed shall be delivered, free of all such restrictions,
      except any that may be imposed by law, to the Eligible Director or the Eligible
      Director's beneficiary or estate, as the case may be. No payment will be
      required to be made by the Eligible Director upon the delivery of such shares
      of
      Common Stock, except as otherwise provided in Section 12(e) of the Plan. The
      stock certificates may bear such legend or legends as the Board, in its
      discretion, determines to be necessary or appropriate to prevent a violation
      of,
      or to perfect an exemption from, the registration requirements of the Securities
      Act of 1933, as amended, or to implement the provisions of any agreements
      between the Company and the Eligible Director with respect to such
      shares.

    

    (i)
      Termination of Director Status. If
      an
      Eligible Director ceases to serve as a member of the Board for any reason
      (including, resignation, failure to stand for re-election or failure to be
      re-elected), any award of Restricted Stock shall become vested and
      nonforfeitable as to that number of shares which is equal to the number of
      shares of Class A Common Stock subject to such Award times a fraction, the
      numerator of which is the number of days actually served as an Eligible Director
      during the Restricted Period and the denominator of which is the total number
      of
      days during the Restricted Period. Any portion of any Restricted Stock that
      has
      not become nonforfeitable at the date of an Eligible Director's termination
      of
      service shall be forfeited as of such date.

    

    (j)
      Change in Control. Notwithstanding anything to the contrary in the Plan, any
      Restricted Period applicable to shares of Restricted Stock shall lapse and
      any
      shares underlying the Restricted Stock shall become vested in full upon a
“change in control.” For purposes of this Section, a "change in control" shall
      arise if, at any time while the Eligible Director is a member of the Company's
      Board of Directors any one or more of the following events occurs:

    

    (i)
      The
      Company is merged, consolidated or reorganized into or with another corporation,
      or other entity and, as a result thereof, less than 50% of the outstanding
      stock
      or other capital interests of the surviving, resulting or acquiring corporation,
      person, or other entity is owned, in the aggregate, by the stockholder or
      stockholders of the Company immediately prior to such merger, consolidation
      or
      reorganization; or

    

    (ii)
      The
      Company sells all or substantially all of its business or assets (or both)
      to
      any other corporation, person, or other entity, less than 50% of the
      outstanding, voting stock or other capital
      interests of which are owned, in the aggregate, by the stockholders of the
      Company, directly or indirectly, immediately prior to or after such
      sale.

    

    (iii)
      Any
      "Person" (as such term is used in Sections 13(d) and 14(d) of the Securities
      Exchange Act of 1934, as amended) other than a Person who is an Affiliate as
      of
      the Effective Date becomes the "Beneficial Owner" (as defined in Rule 13d-3
      under said Act), directly or indirectly, of securities of the Company
      representing 50% or more of the total voting power represented by the Company's
      then outstanding voting securities (excluding for this purpose the Company
      or
      its Affiliates or any employee benefit plan of the Company) pursuant to a
      transaction or a series of related transactions which the Board of Directors
      does not approve.

    

    
      
         

      

      
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    7.    Transferability
      of
      Awards

    

    Unless
      the Restricted Period has expired, no Award shall be transferable by the
      Eligible Director otherwise than by will or under the applicable laws of descent
      and distribution, unless such transfer shall be (a) acceptable under Rule 16b-3
      and is approved by the Board or its authorized delegate or (b) if the agreement
      pursuant to which an Award is made so provides, by gift or domestic relations
      order, to (i) the spouse, children or grandchildren of such Eligible Director
      (collectively, "Family Members"), (ii) a trust or trusts for the exclusive
      benefit of such Family Members, or (iii) a partnership or limited liability
      company in which such Family Members and trusts for the exclusive benefit of
      such Family Members are the only partners or members, as the case may be. In
      addition, no Award shall be assigned, negotiated, pledged or hypothecated in
      any
      way (whether by operation of law or otherwise) and no Award shall be subject
      to
      execution, attachment or similar process. Upon any attempt to transfer, assign,
      negotiate, pledge or hypothecate any Award, or in the event of any levy upon
      any
      Award by reason of any attachment or similar process, in either case contrary
      to
      the provisions hereof, such Award shall immediately become null and
      void.

    

    8.    Rights
      as a
      Stockholder; Dividend Equivalents.

    

    Eligible
      Directors granted shares of Restricted Stock shall be entitled to receive,
      either currently or at a future date, as specified by the Board, all dividends
      and other distributions paid with respect to those shares, provided that if
      any
      such dividends or distributions are paid in shares of Common Stock or other
      property (other than cash), such shares and other property shall be subject
      to
      the same forfeiture restrictions and restrictions on transferability as apply
      to
      the shares of Restricted Stock with respect to which they were paid.

    

    9.    Determinations

    

    Each
      determination, interpretation or other action made or taken pursuant to the
      provisions of this Plan by the Board shall be final and binding for all purposes
      and upon all persons, including, without limitation, the Company, the directors,
      officers and other employees of the Company, the Eligible Director and the
      respective heirs, executors, administrators, personal representatives and other
      successors in interest of such persons.

    

    
      
         

      

      
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    10.    Termination,
      Amendment and Modification

    

    (a)
      Termination and Amendment. This Plan shall terminate at the close of business
      on
      September 23, 2014, unless sooner terminated by action of the Board or
      stockholders of the Company, and no Awards shall be granted under this Plan
      thereafter. The Board at any time or from time to time may amend this Plan
      to
      effect (i) amendments necessary or desirable in order that this Plan and the
      Awards shall conform to all applicable laws and regulations and (ii) any other
      amendments deemed appropriate. Notwithstanding the foregoing, (i) the provisions
      of the Plan relating to (A) the number of shares of Restricted Stock to be
      granted under the Plan to any Eligible Director, (B) the timing of any Award
      and
      (C) the material terms of any such Award (including, without limitation, the
      time of any such grant) may not be amended without the approval of the Company's
      stockholders and (ii) the Board may not effect any amendment that would require
      the approval of the stockholders of the Company under any applicable laws or
      the
      listing requirements of The Nasdaq Stock Market (if applicable to the Company
      at
      the time such amendment is adopted or will be effective) unless such approval
      is
      obtained.

    

    (b)
      No
      Effect on Existing Rights. Except as otherwise required by law, no termination,
      amendment or modification of this Plan may, without the consent of an Eligible
      Director or the permitted transferee of an Award, alter or impair the rights
      and
      obligations arising under any then outstanding Award held by such Eligible
      Director or the permitted transferee.

    

    11.    Non-Exclusivity

    

    Neither
      the adoption of this Plan by the Board nor the submission of this Plan to the
      stockholders of the Company for approval shall be construed as creating any
      limitations on the power of the Board to adopt such other compensatory
      arrangements as it may deem desirable, including, without limitation, payments
      of cash amounts related to the tax liabilities arising directly or indirectly
      from the issuance of shares in respect of an Award granted to an Eligible
      Director hereunder.

    

    12.    General
      Provisions

    

    (a)
      No
      Right to Serve as a Director. This Plan shall not impose any obligations on
      the
      Company to retain any Eligible Director as a director nor shall it impose any
      obligation on the part of any Eligible Director to remain as a director of
      the
      Company, provided that each Eligible Director by accepting each Award shall
      represent to the Company that it is his good faith intention to continue to
      serve as a director of the Company until the next annual meeting of stockholders
      and that he agrees to do so unless a change in circumstances
      arises.

    

    (b)
      No
      Right to Particular Assets. Nothing contained in this Plan and no action taken
      pursuant to this Plan shall create or be construed to create a trust of any
      kind
      or any fiduciary relationship between the Company and any Eligible Director,
      the
      executor, administrator or other personal representative or designated
      beneficiary of such Eligible Director, or any other persons. Any reserves that
      may be established by the Company in connection with this Plan shall continue
      to
      be part of the general funds of the Company, and no individual or entity other
      than the Company shall have any interest in such funds until paid to an Eligible
      Director. To the extent that any Eligible Director or his executor,
      administrator, or other personal representative, as the case may be,
      acquires
      a right to receive any payment from the Company pursuant to this Plan, such
      right shall be no greater than the right of an unsecured general creditor of
      the
      Company.

    

    
      
         

      

      
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    (c)
      Beneficiary Designation. Each Eligible Director under the Plan may from time
      to
      time name any beneficiary or beneficiaries (who may be named contingently or
      successively) to whom any benefit under the Plan is to be paid or by whom any
      right under the Plan is to be exercised in case of his death. Each designation
      will revoke all prior designations by the same Eligible Director, shall be
      in a
      form prescribed by the Company, and will be effective only when filed by the
      Eligible Director in writing with the Company during his lifetime. In the
      absence of any such designation, benefits remaining unpaid at the Eligible
      Director's death shall be paid to or exercised by the Eligible Director's
      surviving spouse, if any, or otherwise to or by his estate.

    

    (d)
      Listing of Shares and Related Matters. The Plan, the granting and exercising
      of
      Awards thereunder, and the other obligations of the Company under the Plan,
      shall be subject to all applicable federal and state laws, rules, and
      regulations, and to such approvals by any regulatory or governmental agency
      as
      may be required. If at any time the Board shall determine in its discretion
      that
      the listing, registration or qualification of the Shares covered by this Plan
      upon any national securities exchange or under any United States or non-United
      States federal, state or other law, or the consent or approval of any
      governmental regulatory body, is necessary or desirable as a condition of,
      or in
      connection with, the delivery of Shares under this Plan, no Shares will be
      delivered unless and until such listing, registration, qualification, consent
      or
      approval shall have been effected or obtained, or otherwise provided for, free
      of any conditions not acceptable to the Board. The Company, in its discretion,
      may require an Eligible Director to make such representations and furnish such
      information as it may consider appropriate in connection with the issuance
      or
      delivery of Shares in compliance with applicable laws, rules, and regulations.
      The Company shall not be obligated by virtue of any provision of the Plan to
      recognize the exercise of any Award or to otherwise sell or issue Shares
      in

    violation
      of any such laws, rules, or regulations; and any postponement of the exercise
      or
      settlement of any Award under this provision shall not extend the term of such
      Awards, and neither the Company nor its directors or officers shall have any
      obligation or liability to any person with respect to any Award (or Shares
      issuable thereunder) that shall lapse because of such postponement.

    

    (e)
      Withholding Taxes. The Company shall have the right to make such provisions
      as
      it deems necessary or appropriate to satisfy any obligations it may have to
      withhold federal, state or local income or other taxes incurred by reason of
      the
      issuance of Shares under the Plan, including requiring an Eligible
      Director
      to reimburse the Company for any taxes required to be withheld or otherwise
      deducted and paid by the Company in respect of the issuance of
      Shares.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    (f)
      Notices. Each Eligible Director shall be responsible for furnishing the Board
      with the current and proper address for the mailing of notices and delivery
      of
      agreements and Shares. Any notices required or permitted to be given shall
      be
      deemed given if directed to the person to whom addressed at such address and
      mailed by regular United States mail, first-class and prepaid. If any item
      mailed to such address is returned as undeliverable to the addressee, mailing
      will be suspended until the Eligible Director furnishes the proper
      address.

    

    (g)
      Severability of Provisions. If any provision of this Plan shall be held invalid
      or unenforceable, such invalidity or unenforceability shall not affect any
      other
      provisions hereof, and this Plan shall be construed and enforced as if such
      provision had not been included.

    

    (h)
      Incapacity. Any benefit payable to or for the benefit of a minor, an incompetent
      person or other person incapable of receipting therefor shall be deemed paid
      when paid to such person's guardian or to the party providing or reasonably
      appearing to provide for the care of such person, and such payment shall fully
      discharge the Board, the Company and other parties with respect
      thereto.

    

    (i)
      Headings and Captions. The headings and captions herein are provided for
      reference and convenience only, shall not be considered part of this Plan,
      and
      shall not be employed in the construction of this Plan.

    

    (j)
      Gender and Number. Except when otherwise indicated by the context, words in
      the
      masculine gender used in the Plan shall include the feminine gender, the
      singular shall include the plural, and the plural shall include the
      singular.

    

    (k)
      Governing Law. This Plan shall be construed and enforced according to the laws
      of the State of New York.

    

    
      
         

      

      
        10

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