Document:

Exhibit
      10.14

     

    1997
      NON-EMPLOYEE STOCK OPTION PLAN

    as
      amended on September 14, 2000 and February 8, 2007

     

    1.  Purpose
      of the Plan.

     

    1.1  The
      purpose of the Plan is to assist non-employee directors and non-employee senior
      officers of the Corporation and its Affiliates, and Service Providers, in
      participating in the growth and development of the Corporation and its
      Affiliates by providing such persons with the opportunity, through share
      options, to acquire a proprietary interest in the Corporation. 

     

    2.  Defined
      Terms.

     

    Where
      used herein, the following terms shall have the following meanings,
      respectively:

     

    2.1  "Affiliate"
      means any corporation which is an affiliate, as such term is used in
      Subsection 2(2) of the Business Corporations Act (Ontario), of the
      Corporation;

     

    2.2  "Board"
      means the board of directors of the Corporation or, if established and duly
      authorized to act, the executive committee of the board of directors of the
      Corporation;

     

    2.3  “Change
      in Control”
means
      the occurrence of any of the following events:

     

    (a)  Any
      “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
      Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial
      owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly,
      of securities of the Company representing fifty percent (50%) or more of the
      total voting power represented by the Company’s then outstanding voting
      securities; 

     

    (b)  The
      consummation of the sale or disposition by the Company of all or substantially
      all of the Company’s assets; 

     

    (c)  A
      change
      in the composition of the Board occurring within a two (2)-year period, as
      a
      result of which fewer than a majority of the directors are Incumbent Directors.
      “Incumbent Directors” means directors who either (A) are Directors as of
      the effective date of the Plan, or (B) are elected, or nominated for
      election, to the Board with the affirmative votes of at least a majority of
      the
      Incumbent Directors at the time of such election or nomination (but will not
      include an individual whose election or nomination is in connection with an
      actual or threatened proxy contest relating to the election of directors to
      the
      Company); or

     

    (d)  The
      consummation of a merger or consolidation of the Company with any other
      corporation, other than a merger or consolidation which would result in the
      voting securities of the Company outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being converted
      into voting securities of the surviving entity or its parent) at least fifty
      percent (50%) of the total voting power represented by the voting securities
      of
      the Company or such surviving entity or its parent outstanding immediately
      after
      such merger or consolidation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.4  "Committee"
      shall have the meaning attributed thereto in Section 3.1
      hereof;

     

    2.5  "Corporation"
      means Genesis Microchip Inc. and includes any successor corporation
      thereof;

     

    2.6  "Eligible
      Person" means any non-employee director or non-employee senior officer of the
      Corporation or any Affiliate, or any Service Provider.

     

    2.7  "Insider"
      means any insider, as such term is defined in Subsection 1(1) of the
      Securities Act (Ontario), of the Corporation, other than a person who falls
      within that definition solely by virtue of being a director or senior officer
      of
      an Affiliate, and includes any associate, as such term is defined in
      Subsection 1(1) of the Securities Act (Ontario), of any such insider;

     

    2.8  "Market
      Price" at any date in respect of the Shares means the closing sale price of
      such
      Shares on the stock exchange or market on which such Shares are listed and
      posted for trading on the trading day immediately preceding such date. In the
      event that such Shares did not trade on such trading day, the Market Price
      shall
      be the average of the bid and ask prices in respect of such Shares at the close
      of trading on such trading day. In the event that such Shares are not listed
      and
      for posted trading on a stock exchange or market, the Market Price shall be
      the
      fair market value of such Shares as determined by the Board in its sole
      discretion;

     

    2.9  "Option"
      means an option to purchase Shares granted to an Eligible Person under the
      Plan;

     

    2.10  "Option
      Price" means the price per Share at which Shares may be purchased under an
      Option, as the same may be adjusted from time to time in accordance with
      Article 8 hereof;

     

    2.11  "Optioned
      Shares" means the Shares issuable pursuant to an exercise of
      Options;

     

    2.12  "Optionee"
      means an Eligible Person to whom an Option has been granted and who continues
      to
      hold such Option;

     

    2.13  "Plan"
      means the Genesis Microchip Inc, 1997 Non-Employee Stock Option Plan, as the
      same may be amended or varied from time to time; 

     

    2.14  "Service
      Provider" means any person engaged to provide ongoing management or consulting
      services for the Corporation or for any entity controlled by the
      Corporation;

     

    2.15  "Share
      Compensation Arrangement" means a stock option, stock option plan, employee
      stock purchase plan or any other compensation or incentive mechanism of the
      Corporation involving the issuance or potential issuance of shares to one or
      more employees or Insiders of the Corporation or any Affiliate or to one or
      more
      Service Providers, including a share purchase from treasury which is financially
      assisted by the Corporation by way of a loan, guaranty or otherwise;
      and

     

    
      
        
        

      

      
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    2.16  "Shares"
      means the common shares of the Corporation or, in the event of an adjustment
      contemplated by Article 8 hereof, such other shares or securities to which
      an Optionee may be entitled upon the exercise of an Option as a result of such
      adjustment.

     

    3.  Administration
      of the Plan.

     

    3.1  The
      Plan
      shall be administered by the Board or by any committee (the "Committee") of
      the
      Board established by the Board for that purpose.

     

    3.2  The
      Board
      or Committee shall have the power, where consistent with the general purpose
      and
      intent of the Plan and subject to the specific provisions of the
      Plan:

     

    (a)  to
      establish policies and to adopt rules and regulations for carrying out the
      purposes, provisions and administration of the Plan;

     

    (b)  to
      interpret and construe the Plan and to determine all questions arising out
      of
      the Plan or any Option, and any such interpretation, construction or
      determination made by the Committee shall be final, binding and conclusive
      for
      all purposes;

     

    (c)  to
      determine the number of Shares covered by and terms and conditions of each
      Option;

     

    (d)  to
      determine the Option Price of each Option;

     

    (e)  to
      determine the time or times when Options will be granted and
      exercisable;

     

    (f)  to
      determine if the Shares which are issuable on the exercise of an Option will
      be
      subject to any restrictions upon the exercise of such Option;

     

    (g)  to
      prescribe the form of the instruments relating to the grant, exercise and other
      terms of Options; and

     

    (h)  subject
      to receipt of any required approvals, to modify or amend each
      Option.

     

    3.3  The
      Board
      or the Committee may, in its discretion, require as conditions to the grant
      or
      exercise of any Option that the Optionee shall have:

     

    (a)  represented,
      warranted and agreed in form and substance satisfactory to the Corporation
      that
      he or she is acquiring and will acquire such Option and the Shares to be issued
      upon the exercise thereof or, as the case may be, is acquiring such Shares,
      for
      his or her own account, for investment and not with a view to or in connection
      with any distribution, that he or she has had access to such information as
      is
      necessary to enable him or her to evaluate the merits and risks of such
      investment and that he or she is able to bear the economic risk of holding
      such
      Shares for an indefinite period;

     

    
      
        
        

      

      
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    (b)  agreed
      to
      restrictions on transfer in form and substance satisfactory to the Corporation
      and to an endorsement on any option agreement or certificate representing the
      Shares making appropriate reference to such restrictions; and

     

    (c)  agreed
      to
      indemnify the Corporation in connection with the foregoing.

     

    3.4  Any
      Option granted under the Plan shall be subject to the requirement that, if
      at
      any time counsel to the Corporation shall determine that the listing,
      registration or qualification of the Shares subject to such Option upon any
      securities exchange or under any law or regulation of any jurisdiction, or
      the
      consent or approval of any securities exchange or any governmental or regulatory
      body, is necessary as a condition of, or in connection with, the grant or
      exercise of such Option or the issuance or purchase of Shares thereunder, such
      Option may not be accepted or exercised in whole or in part unless such listing,
      registration, qualification, consent or approval shall have been effected or
      obtained on conditions acceptable to the Board or the Committee. Nothing herein
      shall be deemed to require the Corporation to apply for or obtain such listing,
      registration, qualification, consent or approval.

     

    4.  Shares
      Subject to the Plan.

     

    4.1  Options
      may be granted in respect of authorized and unissued Shares, provided that
      the
      aggregate number of Shares which may be issued pursuant to the exercise of
      Options, subject to any adjustment of such number pursuant to the provisions
      of
      Article 8 hereof, is 500,000 or such greater number of Shares as may be
      determined by the Board and approved, if required, by the shareholders of the
      Corporation and by any relevant stock exchange or other regulatory authority.
      Optioned Shares in respect of which Options are not exercised shall be available
      for subsequent Options. No fractional Shares may be purchased or issued under
      the Plan.

     

    5.  Eligibility:
      Grant: Terms of Options.

     

    5.1          
      (a)       Options
      may be granted by the Board, in its discretion, to any Eligible Person;
      provided, however, that Options may only be granted to non-employee directors
      of
      the Corporation (each a "Director") pursuant to the provisions of
      Subsections 5.1(b), (c) and (d) hereof.

     

    (b)  Subject
      to the restrictions contained in Sections 4.1, 5.5 and 5.7 hereof, each
      Director shall automatically be granted and receive, without any action on
      the
      part of the Board, Options to purchase 15,000 Shares effective immediately
      upon
      such Director first being appointed or elected a Director. The Option Price
      of
      such Options shall be equal to the Market Price on the date of such appointment
      or election (the "Commencement Date") and the expiration date of such Options
      shall be 10 years from the Commencement Date. Subject to Section 8.4 hereof,
      such Options shall vest in amounts as follows: (i) at any time subsequent
      to the date which is 12 months after the Commencement Date, such Options may
      be
      exercised to the extent of 5,000 of the Shares covered by such Options;
      (ii) at any time subsequent to the date which is 24 months after the
      Commencement Date, such Options may be exercised to the extent of an additional
      5,000 of the Shares covered by such Options, and to the extent the right to
      exercise such Options theretofore shall not have been exercised, and
      (iii) at any time subsequent to the date which is 36 months after the
      Commencement Date until the expiry of such Options, such Options may be
      exercised in full, except to the extent such Options theretofore shall have
      been
      exercised. 

     

    
      
        
        

      

      
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    (c)  Subject
      to the restrictions contained in Sections 4.1, 5.5 and 5.7 hereof, on the
      first day of the calendar month following the annual general meeting of the
      Corporation in each year, each person who is then a Director and who has been
      a
      Director for at least 12 months shall automatically be granted and receive,
      without any action on the part of the Board, (a) Options to purchase 5,000
      Shares, and (b) for each committee of the Board such Director serves on,
      Options to purchase 2,500 Shares. The Option Price of such Options shall be
      equal to the Market Price on the first day of the calendar month following
      the
      annual general meeting of the Corporation in the applicable year (the "Date
      of
      Grant") and the expiration date of such Options shall be 10 years from the
      Date
      of Grant. Subject to Section 8.4 hereof, the Optionee may purchase not more
      than
      one-twelfth of the Shares covered by such Options during each of the first
      12
      months following the Date of Grant, provided, however, that if the number of
      Shares purchased under such Options during any such month is less than
      one-twelfth of the Shares covered by such Options, the Optionee shall have
      the
      right, at any time or from time to time during the remainder of the term of
      such
      Options, to purchase such number of Shares that were purchasable, but not
      purchased by the Optionee, during such month.

     

    (d)  Subject
      to the restrictions contained in Section 4.1, 5.5 and 5.7 hereof, the Board
      may, in its discretion, grant Options to any Director who has entered into
      an
      agreement to provide consulting services to the Corporation in addition to
      Options granted in accordance with Subsections 5.1(b) and (c). Such
      additional Options may be granted upon terms consistent with the provisions
      of
      the Plan and as determined by the Board in its discretion. 

     

    5.2  Subject
      as herein and otherwise specifically provided in this Article 5 and Section
      8.4 hereof, the number of Shares subject to each Option, the Option Price of
      each Option, the expiration date of each Option, the extent to which each Option
      is exercisable from time to time during the term of the Option and other terms
      and conditions relating to each such Option shall be determined by the Board.
      Subject to Section 8.4 hereof, the Board or the Committee may, in their entire
      discretion, subsequent to the time of granting Options hereunder, permit an
      Optionee who is not a Director to exercise any or all of the unvested options
      then outstanding and granted to the Optionee under this Plan, in which event
      all
      such unvested Options then outstanding and granted to the Optionee shall be
      deemed to be immediately exercisable during such period of time as may be
      specified by the Board or the Committee.

     

    5.3  Subject
      to Section 5.1 hereof and any adjustments pursuant to the provisions of
      Article 8 hereof, the Option Price of any Option shall in no circumstances
      be lower than the Market Price on the date on which the grant of the Option
      is
      approved by the Board. If, as and when any Shares have been duly purchased
      and
      paid for under the terms of an Option, such Shares shall be conclusively deemed
      allotted and issued as fully paid non-assessable Shares at the price paid
      therefor.

     

    
      
        
        

      

      
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    5.4  The
      term
      of an Option shall not exceed 10 years from the date of the grant of the
      Option.

     

    5.5  No
      Options shall be granted to any Optionee if the total number of Shares issuable
      to such Optionee under this Plan, together with any Shares reserved for issuance
      to such Optionee under options for services or any other stock option plans,
      would exceed 5% of the issued and outstanding Shares. 

     

    5.6  An
      Option
      is personal to the Optionee and non-assignable (whether by operation of law
      or
      otherwise), except as provided for herein. Upon any attempt to transfer, assign,
      pledge, hypothecate or otherwise dispose of an Option contrary to the provisions
      of the Plan, or upon the levy of any attachment or similar process upon an
      Option, the Option shall, at the election of the Corporation, cease and
      terminate and be of no further force or effect whatsoever.

     

    5.7  No
      Options shall be granted to any Optionee if such grant could result, at any
      time, in:

     

    (a)  the
      number of Shares reserved for issuance pursuant to Options or other stock
      options granted to Insiders exceeding 10% of the issued and outstanding
      Shares;

     

    (b)  the
      issuance to Insiders, within a one-year period, of a number of Shares exceeding
      10% of the issued and outstanding Shares; or 

     

    (c)  the
      issuance to any one Insider and such Insider's associates, within a one-year
      period, of a number of Shares exceeding 5% of the issued and outstanding
      Shares.

     

    For
      the
      purposes of Subsections 5.7(b) and (c), the phrase "issued and outstanding
      Shares" excludes any Shares issued pursuant to the Plan or other Share
      Compensation Arrangements over a preceding one-year period, and, for the purpose
      of Subsection 5.7(c), "associate" means any person associated with such
      Insider within the meaning of the Securities Act (Ontario).

     

    6.  Ceasing
      to be an Eligible Person; Bankruptcy; Death.

     

    6.1  Subject
      to Sections 6.2 and 6.3 hereof and to any express resolution passed by the
      Committee or the Board with respect to an Option, an Option and all rights
      to
      purchase Shares pursuant thereto shall expire and terminate immediately upon
      the
      Optionee who holds such Option ceasing to be an Eligible Person.

     

    6.2  The
      Committee or the Board may, in their entire discretion, at the time of the
      granting of Options hereunder, determine that provisions to the following effect
      shall be contained in the written option agreement between the Corporation
      and
      the Optionee;

     

    (a)  If
      an
      Optionee shall retire while holding an Option which has not been fully
      exercised, such Optionee may exercise the Option at any time within
      thirty (30) days of the date of such retirement, but only to the same
      extent to which the Optionee could have exercised the Option immediately before
      the date of such retirement.

     

    
      
        
        

      

      
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    (b)  If
      an
      Optionee ceases to serve the Corporation or any Affiliate, as the case may
      be,
      as an officer or director for cause, no Option held by such Optionee may be
      exercised following the date on which such Optionee ceases to serve the
      Corporation or any Affiliate, as the case may be, in such capacity. If an
      Optionee ceases to serve the Corporation or any Affiliate as an officer or
      director for any reason other than for cause, unless otherwise provided for
      in
      this Plan, no Option held by such Optionee at the effective date thereof may
      be
      exercised by the Optionee following the date which is ninety (90) days after
      the
      date on which the Optionee ceases to serve the Corporation or any Affiliate,
      as
      the case may be, in such capacity. 

     

    (c)  In
      the
      event that an Optionee commits an act of bankruptcy or any proceeding is
      commenced against the Optionee under the Bankruptcy and Insolvency Act (Canada)
      or other applicable bankruptcy or insolvency legislation in force at the time
      of
      such bankruptcy and such proceeding remains undismissed for a period of thirty
      (30) days, no Option held by such Optionee may be exercised following the date
      on which such Optionee commits such act of bankruptcy or such proceeding remains
      undismissed, as the case may be.

     

    6.3  If
      any
      Optionee shall die holding an Option which has not been fully exercised, his
      personal representatives, heirs or legatees may, at any time within three months
      from the date of grant of probate of the will or letters of administration
      of
      the estate of the decedent or within one year after the date of such death,
      whichever is the lesser time, exercise the Option with respect to the
      unexercised balance of the Shares subject to the Option but only to the same
      extent to which the decedent could have exercised the Option immediately before
      the date of such death. 

     

    6.4  For
      greater certainty, Options shall not be affected by any change of office of
      the
      Optionee or by the Optionee ceasing to be a Director provided that the Optionee
      continues to be an Eligible Person. 

     

    6.5  For
      the
      purposes of this Article 6, a determination by the Corporation that an Optionee
      was discharged for "cause" shall be binding on the Optionee.

     

    7.  Exercise
      of Options.

     

    7.1  Subject
      to the provisions of the Plan, an Option may be exercised from time to time
      by
      delivery to the Corporation at its registered office of a written notice of
      exercise addressed to the Secretary of the Corporation specifying the number
      of
      Shares with respect to which the Option is being exercised and accompanied
      by
      payment in full, by cash or certified cheque, of the Option Price of the Shares
      then being purchased. Subject to any provisions of the Plan to the contrary,
      certificates for such Shares shall be issued and delivered to the Optionee
      within a reasonable time following the receipt of such notice and
      payment.

     

    7.2  Notwithstanding
      any of the provisions contained in the Plan or in any Option, the Corporation's
      obligation to issue Shares to an Optionee pursuant to the exercise of any Option
      shall be subject to: 

     

    
      
        
        

      

      
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    (a)  completion
      of such registration or other qualification of such Shares or obtaining approval
      of such governmental or regulatory authority as the Corporation shall determine
      to be necessary or advisable in connection with the authorization, issuance
      or
      sale thereof; 

     

    (b)  the
      admission of such Shares to listing on any stock exchange on which the Shares
      may then be listed;

     

    (c)  the
      receipt from the Optionee of such representations, warranties, agreements and
      undertakings, as the Corporation determines to be necessary or advisable in
      order to safeguard against the violation of the securities laws of any
      jurisdiction; and 

     

    (d)  the
      satisfaction of any conditions on exercise prescribed pursuant to Article 3
      hereof. 

     

    7.3  Options
      shall be evidenced by a share option agreement, instrument or certificate in
      such form not inconsistent with this Plan as the Committee or the Board may
      from
      time to time determine provided that the substance of Article 5 be included
      therein. 

     

    8.  Certain
      Adjustments.

     

    8.1  Subject
      to any required action by the shareholders of the Corporation, the number of
      Shares covered by each outstanding Option, the number of Shares which have
      been
      authorized for issuance under the Plan but as to which no Options have yet
      been
      granted or which have been returned to the Plan upon cancellation or expiration
      of an Option, as well as the Option Price of each such outstanding Option,
      shall
      be proportionately adjusted for any increase or decrease in the number of issued
      Shares resulting from a stock split, reverse stock split, stock dividend,
      combination or reclassification of the Shares, or any other increase or decrease
      in the number of issued Shares effected without receipt of consideration by
      the
      Corporation; provided, however, that conversion of any convertible securities
      of
      the Corporation shall not be deemed to have been "effected without receipt
      of
      consideration." Such adjustment shall be made by the Board, whose determination
      in that respect shall be final, binding and conclusive. Except as expressly
      provided herein, no issuance by the Corporation of shares of any class, or
      securities convertible into shares of any class, shall affect, and no adjustment
      by reason thereof shall be made with respect to, the number of Shares subject
      to
      and Option Price of an Option. 

     

    8.2  In
      the
      event of the proposed dissolution or liquidation of the Corporation, the Board
      shall notify each Optionee as soon as practicable prior to the effective date
      of
      such proposed transaction. The Board in its discretion may provide for an
      Optionee to have the right to exercise his or her Option until twenty (20)
      days
      prior to such transaction as to all of the Optioned Shares covered thereby,
      including Shares as to which the Option would not otherwise be exercisable.
      To
      the extent it has not been previously exercised, an Option will terminate
      immediately prior to the consummation of such proposed action. 

     

    
      
        
        

      

      
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    8.3  In
      the
      event of a merger of the Corporation with or into another corporation, or the
      sale of substantially all of the assets of the Corporation, each outstanding
      Option shall be assumed or an equivalent option or right substituted by the
      successor corporation or an affiliate (within the meaning of the Ontario
      Business Corporations Act (the "OBCA") of the successor corporation. In the
      event that the successor corporation refuses to assume or substitute for the
      Option, the Optionee shall fully vest in and have the right to exercise the
      Option as to all of the Optioned Shares, including Shares as to which it would
      not otherwise be vested or exercisable. If an Option becomes fully vested and
      exercisable in lieu of assumption or substitution in the event of a merger
      or
      sale of assets, the Board shall notify the Optionee in writing or electronically
      that the Option shall be fully vested and exercisable for a period of twenty
      (20) days from the date of such notice, and the Option shall terminate upon
      the
      expiration of such period. For the purposes of this paragraph, the Option shall
      be considered assumed if, following the merger or sale of assets, the option
      or
      right confers the right to purchase or receive, for each Share of Optioned
      Shares subject to the Option immediately prior to the merger or sale of assets,
      the consideration (whether shares, cash, or other securities or property)
      received in the merger or sale of assets by holders of Shares for each Share
      held on the effective date of the transaction (and if holders were offered
      a
      choice of consideration, the type of consideration chosen by the holders of
      a
      majority of the outstanding Shares); provided, however, that if such
      consideration received in the merger or sale of assets is not solely common
      shares of the successor corporation or its affiliate (within the meaning of
      the
      OBCA), the Board may, with the consent of the successor corporation, provide
      for
      the consideration to be received upon the exercise of the Option, for each
      Share
      of Optioned Shares subject to the Option, to be solely common shares of the
      successor corporation or its affiliate (within the meaning of the OBCA) equal
      in
      fair market value to the per share consideration received by holders of Shares
      in the merger or sale of assets. 

     

    8.4  Notwithstanding
      Section 5.2 and the vesting requirements of Sections 5.1(b) and (c), in the
      event of a Change in Control, each non-employee Director who is an Optionee
      shall fully vest in and have the right to exercise the Option as to all of
      the
      Optioned Shares, including Shares that would not otherwise be vested or
      exercisable. 

     

    9.  Amendment
      or Discontinuance of the Plan.

     

    9.1  The
      Board
      may amend the Plan at any time, provided, however, that no such amendment may
      materially and adversely affect any Option previously granted to an Optionee
      without consent of the Optionee, except to the extent required by law. Any
      such
      amendment shall, if required, be subject to the prior approval of, or acceptance
      by, any stock exchange or market on which the Shares are listed and posted
      for
      trading.

     

    9.2  Notwithstanding
      anything contained to the contrary in this Plan or in any resolution of the
      Board in implementation thereof: 

     

    (a)  subject
      to the rules of any relevant stock exchange or other regulatory authority,
      the
      Board may, by resolution, advance the date on which any Option may be exercised
      or extend the expiration date of any Option. The Board shall not, in the event
      of any such advancement or extension, be under any obligation to advance or
      extend the date on or by which Options may be exercised by any other Optionee;
      and

     

    (b)  the
      Board
      may, by resolution, but subject to applicable regulatory requirements, decide
      that any of the provisions hereof concerning the effect of termination of the
      Optionee's office or directorship shall not apply to any Optionee for any reason
      acceptable to the Board. 

     

    
      
        
        

      

      
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    9.3  Notwithstanding
      the provisions of this Article 9, should changes be required to the Plan by
      any
      securities commission, stock exchange or other governmental or regulatory body
      of any jurisdiction to which the Plan or the Corporation now is or hereafter
      becomes subject, such changes shall be made to the Plan as are necessary to
      confirm with such requirements and, if such changes are approved by the Board,
      the Plan, as amended, shall be filed with the records of the Corporation and
      shall remain in full force and affect in its amended form as of the date of
      its
      adoption by the Board. 

     

    9.4  Notwithstanding
      any other provision of this Plan, the Board may at any time by resolution
      terminate this Plan. In such event, all Options then outstanding and granted
      to
      an Optionee may be exercised by the Optionee for a period of thirty (30) days
      after the date on which the Corporation shall have notified all Optionees of
      the
      termination of this Plan, but only to the same extent as the Optionee could
      have
      exercised such Options immediately prior to the date of such
      notification.

     

    10.  Miscellaneous
      Provisions.

     

    10.1  An
      Optionee shall not have any rights as a shareholder of the Corporation with
      respect to any of the Shares covered by such Option until the date of issuance
      of a certificate for Shares upon the exercise of such Option, in full or in
      part, and then only with respect to the Shares represented by such certificate
      or certificates. Without in any way limiting the generality of the foregoing,
      no
      adjustment shall be made for dividends or other rights for which the record
      date
      is prior to the date such share certificate is issued. 

     

    10.2  Nothing
      in the Plan or any Option shall confer upon an Optionee any right to continue
      or
      be re-elected as a director of the Corporation or any Affiliate or any right
      to
      continue as an officer of the Corporation or any Affiliate.

     

    10.3  The
      Plan
      and all matters to which reference is made herein shall be governed by and
      interpreted in accordance with the laws of the Province of [Ontario] and the
      laws of Canada applicable therein. 

     

    11.  Shareholder
      and Regulatory Approval.

     

    11.1  The
      Plan
      shall be subject to ratification by the shareholders of the Corporation to
      be
      effected by a resolution passed at a meeting of the shareholders of the
      Corporation, and to acceptance by any relevant regulatory authority. Any Options
      granted prior to such ratification and acceptance shall be conditional upon
      such
      ratification and acceptance being given and no such Options may be exercised
      unless and until such ratification and acceptance are given. 

     

    
      
        
        

      

      
        -10-Exhibit
      10.16

     

    GENESIS
      MICROCHIP INCORPORATED

     

    2001
      NONSTATUTORY STOCK OPTION PLAN

    as
      amended on February 8, 2007

     

    1. Purposes
      of the Plan.
      The
      purposes of this Nonstatutory Stock Option Plan are:

     

    
      	 	
              ·

            	
              to
                attract and retain the best available personnel for positions of
                substantial responsibility,

            

    

     

    
      	 	
              ·

            	
              to
                provide additional incentive to Employees, Directors and Consultants,
                and

            

    

     

    
      	 	
              ·

            	
              to
                promote the success of the Company's
                business.

            

    

     

    Options
      granted under the Plan will be Nonstatutory Stock Options.

     

    2. Definitions.
      As used
      herein, the following definitions shall apply:

     

    (a) "Administrator"
      means
      the Board or any of its Committees as shall be administering the Plan, in
      accordance with Section 4 of the Plan. 

     

    (b) "Applicable
      Laws"
      means
      the requirements relating to the administration of stock option plans under
      U.S.
      state corporate laws, U.S. federal and state securities laws, the Code, any
      stock exchange or quotation system on which the Common Stock is listed or quoted
      and the applicable laws of any foreign country or jurisdiction where Options
      are, or will be, granted under the Plan.

     

    (c) "Board"
      means
      the Board of Directors of the Company. 

     

    (d) “Change
      in Control”
means
      the occurrence of any of the following events:

     

    (i) Any
      “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
      becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),
      directly or indirectly, of securities of the Company representing fifty percent
      (50%) or more of the total voting power represented by the Company’s then
      outstanding voting securities; 

     

    (ii) The
      consummation of the sale or disposition by the Company of all or substantially
      all of the Company’s assets; 

     

    (iii) A
      change
      in the composition of the Board occurring within a two (2)-year period, as
      a
      result of which fewer than a majority of the directors are Incumbent Directors.
      “Incumbent Directors” means directors who either (A) are Directors as of
      the effective date of the Plan, or (B) are elected, or nominated for
      election, to the Board with the affirmative votes of at least a majority of
      the
      Incumbent Directors at the time of such election or nomination (but will not
      include an individual whose election or nomination is in connection with an
      actual or threatened proxy contest relating to the election of directors to
      the
      Company); or

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (iv) The
      consummation of a merger or consolidation of the Company with any other
      corporation, other than a merger or consolidation which would result in the
      voting securities of the Company outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being converted
      into voting securities of the surviving entity or its parent) at least fifty
      percent (50%) of the total voting power represented by the voting securities
      of
      the Company or such surviving entity or its parent outstanding immediately
      after
      such merger or consolidation.

     

    (e) "Code"
      means
      the Internal Revenue Code of 1986, as amended. 

     

    (f) "Committee"
      means a
      committee of Directors appointed by the Board in accordance with Section 4
      of the Plan.

     

    (g) "Common
      Stock"
      means
      the Common Stock of the Company. 

     

    (h) "Company"
      means
      Genesis Microchip Incorporated, a Nova Scotia corporation.

     

    (i) "Consultant"
      means
      any person, including an advisor, engaged by the Company or a Parent or
      Subsidiary to render services to such entity. 

     

    (j) "Director"
      means a
      member of the Board.

     

    (k) "Disability"
      means
      total and permanent disability as defined in Section 22(e)(3) of the
      Code.

     

    (l) "Employee"
      means
      any person, including Officers, employed by the Company or any Parent or
      Subsidiary of the Company. A Service Provider shall not cease to be an Employee
      in the case of (i) any leave of absence approved by the Company or
      (ii) transfers between locations of the Company or between the Company, its
      Parent, any Subsidiary, or any successor. Neither service as a Director nor
      payment of a director's fee by the Company shall be sufficient to constitute
      "employment" by the Company.

     

    (m) "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended.

     

    (n) "Fair
      Market Value"
      means,
      as of any date, the value of Common Stock determined as follows:

     

    (i) If
      the
      Common Stock is listed on any established stock exchange or a national market
      system, including without limitation the Nasdaq National Market or The Nasdaq
      SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be
      the
      closing sales price for such stock (or the closing bid, if no sales were
      reported) as quoted on such exchange or system for the last market trading
      day
      prior to the time of determination, as reported in The
      Wall Street Journal
      or such
      other source as the Administrator deems reliable; 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (ii) If
      the
      Common Stock is regularly quoted by a recognized securities dealer but selling
      prices are not reported, the Fair Market Value of a Share of Common Stock shall
      be the mean between the high bid and low asked prices for the Common Stock
      on
      the last market trading day prior to the day of determination, as reported
      in
The
      Wall Street Journal
      or such
      other source as the Administrator deems reliable;

     

    (iii) In
      the
      absence of an established market for the Common Stock, the Fair Market Value
      shall be determined in good faith by the Administrator.

     

    (o) "Notice
      of Grant"
      means a
      written or electronic notice evidencing certain terms and conditions of an
      individual Option grant. The Notice of Grant is part of the Option
      Agreement.

     

    (p) "Officer"
      means a
      person who is an officer of the Company within the meaning of Section 16 of
      the Exchange Act and the rules and regulations promulgated
      thereunder.

     

    (q) "Option"
      means a
      nonstatutory stock option granted pursuant to the Plan, that is not intended
      to
      qualify as an incentive stock option within the meaning of Section 422 of
      the Code and the regulations promulgated thereunder. 

     

    (r) "Option
      Agreement"
      means
      an agreement between the Company and an Optionee evidencing the terms and
      conditions of an individual Option grant. The Option Agreement is subject to
      the
      terms and conditions of the Plan. 

     

    (s) "Option
      Exchange Program"
      means a
      program whereby outstanding options are surrendered in exchange for options
      with
      a lower exercise price. 

     

    (t) "Optioned
      Stock"
      means
      the Common Stock subject to an Option. 

     

    (u) "Optionee"
      means
      the holder of an outstanding Option granted under the Plan.

     

    (v) "Parent"
      means a
      "parent corporation," whether now or hereafter existing, as defined in
      Section 424(e) of the Code. 

     

    (w) "Plan"
      means
      this 2001 Nonstatutory Stock Option Plan. 

     

    (x) "Service
      Provider"
      means
      an Employee including an Officer, Consultant or Director.

     

    (y) "Share"
      means a
      share of the Common Stock, as adjusted in accordance with Section 12 of the
      Plan.

     

    (z) "Subsidiary"
      means a
      "subsidiary corporation," whether now or hereafter existing, as defined in
      Section 424(f) of the Code. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3. Stock
      Subject to the Plan.
      Subject
      to the provisions of Section 12 of the Plan, the maximum aggregate number
      of Shares which may be optioned and sold under the Plan is 1,000,000 Shares.
      The
      Shares may be authorized, but unissued, or reacquired Common Stock.

     

    If
      an
      Option expires or becomes unexercisable without having been exercised in full,
      or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares
      which were subject thereto shall become available for future grant or sale
      under
      the Plan (unless the Plan has terminated).

     

    4. Administration
      of the Plan.

     

    (a) Administration.
      The
      Plan shall be administered by (i) the Board or (ii) a Committee, which
      committee shall be constituted to satisfy Applicable Laws.

     

    (b) Powers
      of the Administrator.
      Subject
      to the provisions of the Plan, and in the case of a Committee, subject to the
      specific duties delegated by the Board to such Committee, the Administrator
      shall have the authority, in its discretion:

     

    (i) to
      determine the Fair Market Value of the Common Stock;

     

    (ii) to
      select
      the Service Providers to whom Options may be granted hereunder;

     

    (iii) to
      determine whether and to what extent Options are granted hereunder;

     

    (iv) to
      determine the number of shares of Common Stock to be covered by each Option
      granted hereunder;

     

    (v) to
      approve forms of agreement for use under the Plan; 

     

    (vi) to
      determine the terms and conditions, not inconsistent with the terms of the
      Plan,
      of any award granted hereunder. Such terms and conditions include, but are
      not
      limited to, the exercise price, the time or times when Options may be exercised
      (which may be based on performance criteria), any vesting acceleration or waiver
      of forfeiture restrictions, and any restriction or limitation regarding any
      Option or the shares of Common Stock relating thereto, based in each case on
      such factors as the Administrator, in its sole discretion, shall determine.
      The
      Administrator may permit, but is not required to permit, any Optionee to
      exercise his or her option early subject to the Optionee's execution of a
      Restricted Stock Purchase Agreement and such other agreements and documents
      as
      may be required by the Administrator in its discretion, but in no event shall
      the Company be required to provide financing to the Optionee in connection
      with
      such early exercise unless otherwise agreed in writing between the Company
      and
      the Optionee; 

     

    (vii) to
      reduce
      the exercise price of any Option to the then current Fair Market Value if the
      Fair Market Value of the Common Stock covered by such Option shall have declined
      since the date the Option was granted; 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (viii) to
      institute an Option Exchange Program; 

     

    (ix) to
      construe and interpret the terms of the Plan and awards granted pursuant to
      the
      Plan;

     

    (x) to
      prescribe, amend and rescind rules and regulations relating to the Plan,
      including rules and regulations relating to sub-plans established for the
      purpose of qualifying for preferred tax treatment under foreign tax
      laws;

     

    (xi) to
      modify
      or amend each Option (subject to Section 14(b) of the Plan), including the
      discretionary authority to extend the post-termination exercisability period
      of
      Options longer than is otherwise provided for in the Plan;

     

    (xii) to
      authorize any person to execute on behalf of the Company any instrument required
      to effect the grant of an Option previously granted by the
      Administrator;

     

    (xiii) to
      determine the terms and restrictions applicable to Options; 

     

    (xiv) to
      allow
      Optionees to satisfy withholding tax obligations by electing to have the Company
      withhold from the Shares to be issued upon exercise of an Option that number
      of
      Shares having a Fair Market Value equal to the amount required to be withheld.
      The Fair Market Value of the Shares to be withheld shall be determined on the
      date that the amount of tax to be withheld is to be determined. All elections
      by
      an Optionee to have Shares withheld for this purpose shall be made in such
      form
      and under such conditions as the Administrator may deem necessary or advisable;
      and 

     

    (xv) to
      make
      all other determinations deemed necessary or advisable for administering the
      Plan.

     

    (c) Effect
      of Administrator's Decision.
      The
      Administrator's decisions, determinations and interpretations shall be final
      and
      binding on all Optionees and any other holders of Options.

     

    5. Eligibility.
      Options
      may be granted to Service Providers. 

     

    6. Limitation.
      Neither
      the Plan nor any Option shall confer upon an Optionee any right with respect
      to
      continuing the Optionee's relationship as a Service Provider with the Company,
      nor shall they interfere in any way with the Optionee's right or the Company's
      right to terminate such relationship at any time, with or without
      cause.

     

    7. Term
      of Plan.
      The
      Plan shall become effective upon its adoption by the Board. It shall continue
      in
      effect for ten (10) years, unless sooner terminated under Section 14 of the
      Plan.

     

    8. Term
      of Option.
      The
      term of each Option shall be stated in the Option Agreement.

     

    9. Option
      Exercise Price and Consideration.
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (a) Exercise
      Price.
      The per
      share exercise price for the Shares to be issued pursuant to exercise of an
      Option shall be determined by the Administrator.

     

    (b) Waiting
      Period and Exercise Dates.
      At the
      time an Option is granted, the Administrator shall fix the period within which
      the Option may be exercised and shall determine any conditions which must be
      satisfied before the Option may be exercised.

     

    (c) Form
      of Consideration.
      The
      Administrator shall determine the acceptable form of consideration for
      exercising an Option, including the method of payment. Such consideration may
      consist entirely of:

     

    (i) cash;

     

    (ii) check;

     

    (iii) promissory
      note;

     

    (iv) other
      Shares which (A) in the case of Shares acquired upon exercise of an option,
      have been owned by the Optionee for more than six months on the date of
      surrender, and (B) have a Fair Market Value on the date of surrender equal
      to the aggregate exercise price of the Shares as to which said Option shall
      be
      exercised;

     

    (v) consideration
      received by the Company under a cashless exercise program implemented by the
      Company in connection with the Plan;

     

    (vi) a
      reduction in the amount of any Company liability to the Optionee, including
      any
      liability attributable to the Optionee's participation in any Company-sponsored
      deferred compensation program or arrangement; 

     

    (vii) such
      other consideration and method of payment for the issuance of Shares to the
      extent permitted by Applicable Laws; or 

     

    (viii) any
      combination of the foregoing methods of payment. 

     

    10. Exercise
      of Option.

     

    (a) Procedure
      for Exercise; Rights as a Shareholder.
      Any
      Option granted hereunder shall be exercisable according to the terms of the
      Plan
      and at such times and under such conditions as determined by the Administrator
      and set forth in the Option Agreement. An Option may not be exercised for a
      fraction of a Share.

     

    An
      Option
      shall be deemed exercised when the Company receives: (i) written or
      electronic notice of exercise (in accordance with the Option Agreement) from
      the
      person entitled to exercise the Option, and (ii) full payment for the
      Shares with respect to which the Option is exercised. Full payment may consist
      of any consideration and method of payment authorized by the Administrator
      and
      permitted by the Option Agreement and the Plan. Shares issued upon exercise
      of
      an Option shall be issued in the name of the Optionee or, if requested by the
      Optionee, in the name of the Optionee and his or her spouse. Until the Shares
      are issued (as evidenced by the appropriate entry on the books of the Company
      or
      of a duly authorized transfer agent of the Company), no right to vote or receive
      dividends or any other rights as a shareholder shall exist with respect to
      the
      Optioned Stock, notwithstanding the exercise of the Option. The Company shall
      issue (or cause to be issued) such Shares promptly after the Option is
      exercised. No adjustment will be made for a dividend or other right for which
      the record date is prior to the date the Shares are issued, except as provided
      in Section 12 of the Plan.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Exercising
      an Option in any manner shall decrease the number of Shares thereafter
      available, both for purposes of the Plan and for sale under the Option, by
      the
      number of Shares as to which the Option is exercised. 

     

    (b) Termination
      of Relationship as a Service Provider.
      If an
      Optionee ceases to be a Service Provider, other than upon the Optionee's death
      or Disability, the Optionee may exercise his or her Option, but only within
      such
      period of time as is specified in the Option Agreement, and only to the extent
      that the Option is vested on the date of termination (but in no event later
      than
      the expiration of the term of such Option as set forth in the Option Agreement).
      In the absence of a specified time in the Option Agreement, the Option shall
      remain exercisable for three (3) months following the Optionee's termination.
      If, on the date of termination, the Optionee is not vested as to his or her
      entire Option, the Shares covered by the unvested portion of the Option shall
      revert to the Plan. If, after termination, the Optionee does not exercise his
      or
      her Option within the time specified by the Administrator, the Option shall
      terminate, and the Shares covered by such Option shall revert to the Plan.
      

     

    (c) Disability
      of Optionee.
      If an
      Optionee ceases to be a Service Provider as a result of the Optionee's
      Disability, the Optionee may exercise his or her Option within such period
      of
      time as is specified in the Option Agreement, to the extent the Option is vested
      on the date of termination (but in no event later than the expiration of the
      term of such Option as set forth in the Option Agreement). In the absence of
      a
      specified time in the Option Agreement, the Option shall remain exercisable
      for
      twelve (12) months following the Optionee's termination. If, on the date of
      termination, the Optionee is not vested as to his or her entire Option, the
      Shares covered by the unvested portion of the Option shall revert to the Plan.
      If, after termination, the Optionee does not exercise his or her Option within
      the time specified herein, the Option shall terminate, and the Shares covered
      by
      such Option shall revert to the Plan. 

     

    (d) Death
      of Optionee.
      If an
      Optionee dies while a Service Provider, the Option may be exercised within
      such
      period of time as is specified in the Option Agreement (but in no event later
      than the expiration of the term of such Option as set forth in the Notice of
      Grant), by the Optionee's estate or by a person who acquires the right to
      exercise the Option by bequest or inheritance, but only to the extent that
      the
      Option is vested on the date of death. In the absence of a specified time in
      the
      Option Agreement, the Option shall remain exercisable for twelve (12) months
      following the Optionee's termination. If, at the time of death, the Optionee
      is
      not vested as to his or her entire Option, the Shares covered by the unvested
      portion of the Option shall immediately revert to the Plan. The Option may
      be
      exercised by the executor or administrator of the Optionee's estate or, if
      none,
      by the person(s) entitled to exercise the Option under the Optionee's will
      or
      the laws of descent or distribution. If the Option is not so exercised within
      the time specified herein, the Option shall terminate, and the Shares covered
      by
      such Option shall revert to the Plan. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (e) Buyout
      Provisions.
      The
      Administrator may at any time offer to buy out for a payment in cash or Shares,
      an Option previously granted based on such terms and conditions as the
      Administrator shall establish and communicate to the Optionee at the time that
      such offer is made. 

     

    11. Non-Transferability
      of Options.
      Unless
      determined otherwise by the Administrator, an Option may not be sold, pledged,
      assigned, hypothecated, transferred, or disposed of in any manner other than
      by
      will or by the laws of descent or distribution and may be exercised, during
      the
      lifetime of the Optionee, only by the Optionee. If the Administrator makes
      an
      Option transferable, such Option shall contain such additional terms and
      conditions as the Administrator deems appropriate.

     

    12. Adjustments
      Upon Changes in Capitalization, Dissolution, Merger or Asset
      Sale.

     

    (a) Changes
      in Capitalization.
      Subject
      to any required action by the shareholders of the Company, the number of shares
      of Common Stock covered by each outstanding Option, and the number of shares
      of
      Common Stock which have been authorized for issuance under the Plan but as
      to
      which no Options have yet been granted or which have been returned to the Plan
      upon cancellation or expiration of an Option, as well as the price per share
      of
      Common Stock covered by each such outstanding Option, shall be proportionately
      adjusted for any increase or decrease in the number of issued 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; provided, however, that conversion of any
      convertible securities of the Company shall not be deemed to have been "effected
      without receipt of consideration." Such adjustment shall be made by the Board,
      whose determination in that respect shall be final, binding and conclusive.
      Except as expressly provided herein, no issuance by the Company of shares of
      stock of any class, or securities convertible into shares of stock of any class,
      shall affect, and no adjustment by reason thereof shall be made with respect to,
      the number or price of shares of Common Stock subject to an Option.

     

    (b) Dissolution
      or Liquidation.
      In the
      event of the proposed dissolution or liquidation of the Company, the
      Administrator shall notify each Optionee as soon as practicable prior to the
      effective date of such proposed transaction. The Administrator in its discretion
      may provide for an Optionee to have the right to exercise his or her Option
      until ten (10) days prior to such transaction as to all of the Optioned Stock
      covered thereby, including Shares as to which the Option would not otherwise
      be
      exercisable. In addition, the Administrator may provide that any Company
      repurchase option applicable to any Shares purchased upon exercise of an Option
      shall lapse as to all such Shares, provided the proposed dissolution or
      liquidation takes place at the time and in the manner contemplated. To the
      extent it has not been previously exercised, an Option will terminate
      immediately prior to the consummation of such proposed action.

     

    (c) Merger
      or Asset Sale.
      In the
      event of a merger of the Company with or into another corporation, or the sale
      of substantially all of the assets of the Company, each outstanding Option
      shall
      be assumed or an equivalent option or right substituted by the successor
      corporation or a Parent or Subsidiary of the successor corporation. In the
      event
      that the successor corporation refuses to assume or substitute for the Option,
      the Optionee shall fully vest in and have the right to exercise the Option
      as to
      all of the Optioned Stock, including Shares as to which it would not otherwise
      be vested or exercisable. If an Option becomes fully vested and exercisable
      in
      lieu of assumption or substitution in the event of a merger or sale of assets,
      the Administrator shall notify the Optionee in writing or electronically that
      the Option shall be fully vested and exercisable for a period of fifteen (15)
      days from the date of such notice, and the Option shall terminate upon the
      expiration of such period. For the purposes of this paragraph, the Option shall
      be considered assumed if, following the merger or sale of assets, the option
      or
      right confers the right to purchase or receive, for each Share of Optioned
      Stock, immediately prior to the merger or sale of assets, the consideration
      (whether stock, cash, or other securities or property) received in the merger
      or
      sale of assets by holders of Common Stock for each Share held on the effective
      date of the transaction (and if holders were offered a choice of consideration,
      the type of consideration chosen by the holders of a majority of the outstanding
      Shares); provided, however, that if such consideration received in the merger
      or
      sale of assets is not solely common stock of the successor corporation or its
      Parent, the Administrator may, with the consent of the successor corporation,
      provide for the consideration to be received upon the exercise of the Option,
      for each Share of Optioned Stock to be solely common stock of the successor
      corporation or its Parent equal in fair market value to the per share
      consideration received by holders of Common Stock in the merger or sale of
      assets.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d) Outside
      Director Options.
      In the
      event of a Change in Control, a non-Employee Director who is an Optionee shall
      fully vest in and have the right to exercise the Option as to all of the
      Optioned Stock, including Shares that would not otherwise be vested or
      exercisable, and any Shares purchased upon exercise of an Option granted to
      a
      non-Employee Director shall vest and any Company repurchase option or right
      with
      respect thereto shall lapse.

     

    13. Date
      of Grant.
      The
      date of grant of an Option shall be, for all purposes, the date on which the
      Administrator makes the determination granting such Option, or such other later
      date as is determined by the Administrator. Notice of the determination shall
      be
      provided to each Optionee within a reasonable time after the date of such
      grant.

     

    14. Amendment
      and Termination of the Plan.
      

     

    (a) Amendment
      and Termination.
      The
      Board may at any time amend, alter, suspend or terminate the Plan.

     

    (b) Effect
      of Amendment or Termination.
      No
      amendment, alteration, suspension or termination of the Plan shall impair the
      rights of any Optionee, unless mutually agreed otherwise between the Optionee
      and the Administrator, which agreement must be in writing and signed by the
      Optionee and the Company. Termination of the Plan shall not affect the
      Administrator's ability to exercise the powers granted to it hereunder with
      respect to options granted under the Plan prior to the date of such termination.
      

     

    15. Conditions
      Upon Issuance of Shares.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (a) Legal
      Compliance. Shares shall not be issued pursuant to the exercise of an Option
      unless the exercise of such Option and the issuance and delivery of such Shares
      shall comply with Applicable Laws and shall be further subject to the approval
      of counsel for the Company with respect to such compliance. 

     

    (b) Investment
      Representations.
      As a
      condition to the exercise of an Option the Company may require the person
      exercising such Option to represent and warrant at the time of any such exercise
      that the Shares are being purchased only for investment and without any present
      intention to sell or distribute such Shares if, in the opinion of counsel for
      the Company, such a representation is required.

     

    16. Inability
      to Obtain Authority.
      The
      inability of the Company to obtain authority from any regulatory body having
      jurisdiction, which authority is deemed by the Company's counsel to be necessary
      to the lawful issuance and sale of any Shares hereunder, shall relieve the
      Company of any liability in respect of the failure to issue or sell such Shares
      as to which such requisite authority shall not have been obtained.

     

    17. Reservation
      of Shares.
      The
      Company, during the term of this Plan, will at all times reserve and keep
      available such number of Shares as shall be sufficient to satisfy the
      requirements of the Plan. 

     

    
      
        
        

      

      
        10

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