Document:

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                                                                    Exhibit 10.4

                    MARINEMAX, INC. 1998 INCENTIVE STOCK PLAN
                     (AS AMENDED THROUGH NOVEMBER 15, 2000)

         1. PURPOSE. The purpose of this 1998 Incentive Stock Plan (the "Plan")
is to attract, retain and motivate employees, directors and independent
contractors by providing them with the opportunity to acquire a proprietary
interest in MARINEMAX, INC. (the "Company") and to link their interests and
efforts to the long-term interests of the Company's stockholders.

         2. PLAN ADMINISTRATION

            2.1 IN GENERAL. The Plan shall be administered by the Company's
Board of Directors (the "Board"). Except for the power to amend the Plan as
provided in Section 12, the Board, in its sole discretion, may delegate its
authority and duties under the Plan to a committee appointed by the Board, under
such conditions and limitations as the Board may from time to time establish.
The Board and/or any committee that has been delegated the authority to
administer the Plan shall be referred to as the "Plan Administrator". Except as
otherwise explicitly set forth in the Plan, the Plan Administrator shall have
the authority, in its discretion, to determine all matters relating to awards
under the Plan, including the selection of the individuals to be granted awards,
the type of awards, the number of shares of the Company's common stock ("Common
Stock") subject to an award, vesting conditions, and any and all other terms,
conditions, restrictions and limitations, if any, of an award. All decisions
made by the Plan Administrator pursuant to the Plan and related orders and
resolutions shall be final and conclusive.

            2.2 RULE 16b-3 AND CODE SECTION 162(m). Notwithstanding any
provision of this Plan to the contrary, only the Board or a committee composed
of two or more "Non-Employee Directors" may make determinations regarding grants
of awards to officers, directors and 10% stockholders of the Company. (The term
"Non-Employee Directors" shall have the meaning set forth in Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as amended (the "1934
Act")). The Plan Administrator shall have the authority and discretion to
determine the extent to which awards will conform to the requirements of Section
162(m) Internal Revenue Code of 1986, as amended (the "Code"), and to take such
action, establish such procedures, and impose such restrictions as the Plan
Administrator determines to be necessary or appropriate to conform to such
requirements.

            2.3 OTHER PLANS. The Plan Administrator shall also have authority to
grant awards as an alternative to or as the form of payment for grants or rights
earned or due under other compensation plans or arrangements of the Company,
including the plan of any entity acquired by the Company.

         3. ELIGIBILITY. Any employee of the Company shall be eligible to
receive any award under the Plan. Directors who are not employees, proposed
directors, proposed employees and independent contractors shall be eligible to
receive awards other than Incentive Stock Options (as defined in Section 5.2).
For purposes of this Section 3, the "Company," with respect to all awards under
the Plan other than Incentive Stock Options, includes any entity that is
directly or indirectly controlled by the Company or any entity in which the
Company has a significant equity interest, as determined by the Plan
Administrator. With respect to Incentive Stock Options, the "Company" includes
any parent or subsidiary of the Company as defined in Section 424 of the Code.

         4. SHARES SUBJECT TO THE PLAN

            4.1 NUMBER AND SOURCE. The shares offered under the Plan shall be
shares of Common Stock and may be unissued shares or shares now held or
subsequently acquired by the Company as treasury shares, as the Plan
Administrator may from time to time determine. Subject to adjustment as provided
in Section 4.3, the aggregate number of shares that may be issued under the Plan
shall not exceed the lesser of 4,000,000 shares or 20% of the then outstanding
shares; provided, however that awards shall not be granted under the Plan if, at
the time of such grant, the aggregate number of shares of Stock that have been
or may be issued under previously granted awards or options under the Plan equal
or exceed 20% of the total number of outstanding shares at such time. The
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aggregate number of shares that may be covered by awards granted to any one
individual in any year shall not exceed 50% of the total number of shares that
may be issued under the Plan.

            4.2 SHARES AVAILABLE. Any shares subject to an award granted under
the Plan that is forfeited, terminated or canceled, or any shares that do not
vest, shall again be available for the granting of awards under the Plan. If a
stock appreciation right is settled in cash, the shares covered by such award
shall remain available for the granting of other awards. The payment of cash
dividends and dividend equivalents paid in cash in conjunction with outstanding
awards shall not be counted against the shares available for issuance.

            4.3 ADJUSTMENT OF SHARES AVAILABLE. The aggregate number and type of
shares available for awards under the Plan, the maximum number and type of
shares that may be subject to awards to any individual under the Plan, the
number and type of shares covered by each outstanding award, and the exercise
price per share (but not the total price) for stock options, stock appreciation
rights or similar awards outstanding under the Plan shall all be proportionately
adjusted for any increase or decrease in the number of issued shares of Common
Stock resulting from any split-up, combination or exchange of shares,
consolidation, spin-off or recapitalization of shares or any like capital
adjustment or the payment of any stock dividend.

            4.4 TRANSFER OF CONTROL. In the event of a Transfer of Control, the
surviving, continuing, successor or purchasing corporation or parent corporation
thereof, as the case may be (the "Acquiring Corporation") shall either assume
the Company's rights and obligations under outstanding awards or substitute for
outstanding awards substantially equivalent awards for the Acquiring
Corporation's stock. In the event the Acquiring Corporation elects not to assume
or substitute for such outstanding awards in connection with the Transfer of
Control, the Board may, in its discretion, provide that any unexercisable and/or
unvested portion of the outstanding awards shall be immediately exercisable and
vested in full on or before the date of the Transfer of Control. The exercise
and/or vesting of any award that was permissible solely by reason of this
Section 4.4 shall be conditioned upon the consummation of the Transfer of
Control. Any awards that are neither assumed or substituted for by the Acquiring
Corporation in connection with the Transfer of Control nor exercised on or
before the date of the Transfer of Control shall terminate and cease to be
outstanding effective as of the date of the Transfer of Control. Unless
otherwise determined by the Board, a "Transfer of Control" shall be deemed to
have occurred in the event of any of the following: (a) the direct or indirect
sale or exchange by the stockholders of the Company of all or substantially all
of the stock of the Company if the stockholders of the Company before such sale
or exchange do not retain, directly or indirectly, at least a majority of the
beneficial interest in the voting stock of the Company after such sale or
exchange; (b) a merger or consolidation if the stockholders of the Company
before such merger or consolidation do not retain, directly or indirectly, at
least a majority of the beneficial interest in the voting stock of the Company
after such merger or consolidation (regardless of whether the Company is the
surviving corporation); (c) the sale, exchange or transfer of all or
substantially all of the assets of the Company; or (d) a liquidation or
dissolution of the Company.

         5. AWARDS

            5.1 TYPES OF AWARDS. Subject to the Plan, the Plan Administrator
shall have the authority, in its sole discretion, to determine the type or types
of awards to be granted to employees, directors and independent contractors
under the Plan. Such awards may include, but are not limited to, Incentive Stock
Options, Nonqualified Stock Options (as defined in Section 5.2), stock
appreciation rights or restricted stock awards. Such awards may be granted
either alone, in addition to or in tandem with any other type of award granted
under the Plan.

            5.2 STOCK OPTIONS. The Plan Administrator may grant stock options,
designated as "Incentive Stock Options," which comply with the provisions of
Section 422 of the Code or any successor statutory provision, or "Nonqualified
Stock Options." The price for which shares may be purchased upon exercise of a
particular option shall be determined by the Plan Administrator; however, the
exercise price of an Incentive Stock Option shall not be less than 100% of the
Fair Market Value of such shares on the date such option is granted (110% if
options are intended to be Incentive Stock Options and are granted to a
stockholder who at the time the option is granted owns or is deemed to own stock
possessing more than 10% of the total combined voting power of all classes of
stock of the Company or of any parent or subsidiary of the Company). For
purposes of the Plan, "Fair Market
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Value" as to a particular day equals the per share closing price for the Common
Stock as reported for the prior trading day in the Wall Street Journal or in
such other source as the Plan Administrator deems reliable. The Plan
Administrator shall set the term of each stock option, but no Incentive Stock
Option shall be exercisable more than 10 years after the date such option is
granted and, to the extent the aggregate Fair Market Value (determined as of the
date the option is granted) of Common Stock with respect to which Incentive
Stock Options granted to a particular individual become exercisable for the
first time during any calendar year (under the Plan and all other stock option
plans of the Company) exceeds $100,000 (or such corresponding amount as may be
set by the Code) such options shall be treated as Nonqualified Stock Options. An
optionholder and the Plan Administrator can agree at any time to convert an
Incentive Stock Option to a Nonqualified Stock Option.

            5.3 STOCK APPRECIATION RIGHTS. The Plan Administrator may grant
stock appreciation rights, either in tandem with a stock option granted under
the Plan or with respect to a number of shares for which an option is not
granted. A stock appreciation right shall entitle the holder to receive, with
respect to each share of stock as to which the right is exercised, payment in an
amount equal to the excess of the share's Fair Market Value on the date the
right is exercised over its Fair Market Value on the date the right was granted.
Such payment may be made in cash or in shares of Common Stock valued at Fair
Market Value as of the date of the surrender, or partly in cash and partly in
shares of Common Stock, as determined by the Plan Administrator in its sole
discretion. The Plan Administrator may establish a maximum appreciation value
payable for stock appreciation rights.

            5.4 RESTRICTED STOCK AWARDS. The Plan Administrator may grant
restricted stock awards under the Plan in Common Stock or denominated in units
of Common Stock. The Plan Administrator, in its discretion, may make such awards
subject to conditions and restrictions, as set forth in the instrument
evidencing the award, which may be based on continuous service with the Company
or the attainment of certain performance goals related to profits, profit
growth, profit-related return ratios, cash flow or shareholder returns, where
such goals may be stated in absolute terms or relative to comparison companies
or indices to be achieved during a period of time. The Plan Administrator may
choose, at the time of granting an award or at any time thereafter up to the
time of payment of the award, to include as part of such award an entitlement to
receive dividends or dividend equivalents, subject to such terms as the Plan
Administrator may establish. All dividends or dividend equivalents that are not
paid currently may, in the Plan Administrator's sole discretion, accrue interest
and be paid to the participant if, when and to the extent such award is paid.

            5.5 PAYMENT; DEFERRAL. Awards granted under the Plan may be settled
through cash payments, the delivery of Common Stock (valued at Fair Market
Value) or the granting of awards or combinations thereof as the Plan
Administrator shall determine. Any award settlement, including payment
deferrals, may be subject to such conditions, restrictions and contingencies as
the Plan Administrator shall determine. The Plan Administrator may permit or
require the deferral of any award payment, subject to such rules and procedures
as it may establish, which may include provisions for the payment or crediting
of interest, or dividend equivalents, including converting such credits to
deferred stock unit equivalents.

            5.6 INDIVIDUAL AWARD AGREEMENTS. Stock Options shall and other
awards may be evidenced by agreements between the Company and the recipient in
such form and content as the Plan Administrator from time to time approves,
which agreements shall substantially comply with and be subject to the terms of
the Plan. Such individual agreements may contain such provisions or conditions
as the Plan Administrator deems necessary or appropriate to effectuate the sense
and purpose of the Plan and may be amended from time to time in accordance with
the terms thereof.

         6. AWARD EXERCISE

            6.1 PRECONDITION TO STOCK ISSUANCE. No shares shall be delivered
pursuant to the exercise of any stock option or stock appreciation right, in
whole or in part, until qualified for delivery under such securities laws and
regulations as may be deemed by the Plan Administrator to be applicable thereto
and until, in the case of the exercise of an option, payment in full of the
option price thereof (in cash or stock as provided in Section 6.3) is received
by the Company. No holder of an option or stock appreciation right, or any legal
representative, legatee or
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distributee shall be or be deemed to be a holder of any shares subject to such
option or right unless and until such shares are issued.

            6.2 NO FRACTIONAL SHARES. No stock option may at any time be
exercised with respect to a fractional share. No fractional share shall be
issued with respect to a stock appreciation right; however, a fractional stock
appreciation right may be exercised for cash.

            6.3 FORM OF PAYMENT. An optionee may exercise a stock option using
as the form of payment (a) cash or cash equivalent, (b) stock-for-stock payment
(as described below), (c) any combination of the above, or (d) such other means
as the Plan Administrator may approve. Any optionee who owns Common Stock may
use such shares as a form of payment to exercise stock options granted under the
Plan. The Plan Administrator, in its discretion, may restrict or rescind this
right by notice to optionees. A stock option may be exercised in such manner
only by tendering (actually or by attestation) to the Company whole shares of
Common Stock having a Fair Market Value equal to or less than the exercise
price. If an option is exercised by surrender of shares having a Fair Market
Value less than the exercise price, the optionholder must pay the difference in
cash.

         7. AUTOMATIC GRANT PROGRAM

            7.1 AMOUNT AND DATE OF GRANT. During the term of the Plan, the
Company shall make automatic grants of options ("Automatic Options") in the form
of Nonqualified Stock Options to each Board member ("Eligible Director") (or
proposed Board member pursuant to Section 7.1.3) who is not employed by the
Company, whether or not such person is a Non-Employee Director as referred to in
Section 2.2 as follows:

                7.1.1 ANNUAL GRANTS. Each year on the Annual Grant Date, an
Automatic Option to acquire 2,500 shares of Common Stock shall be granted to
each Eligible Director for so long as shares of Common Stock are available under
Section 4.1 hereof. The "Annual Grant Date" shall be the date of the Company's
annual stockholders meeting commencing as of the first annual meeting occurring
after the date (the "Effective Date") the Plan is approved by the stockholders
of the Company. Any Eligible Director that was granted an Automatic Option under
Section 7.1.2 or Section 7.1.3 within 90 days of an Annual Grant Date shall be
ineligible to receive an Automatic Option pursuant to this Section 7.1.1 on such
Annual Grant Date.

                7.1.2 INITIAL NEW DIRECTOR GRANTS. On the Initial Grant Date,
every new member of the Board, who is an Eligible Director and has not
previously received an Automatic Option under this Section 7.1.2 shall be
granted an Automatic Option to acquire 5,000 shares of Common Stock for so long
as shares of Common Stock are available under Section 4.1 hereof. The "Initial
Grant Date" shall be the date that an Eligible Director is first appointed or
elected to the Board. Any Eligible Director who previously received an Automatic
Option pursuant to Section 7.1.3 shall be ineligible to receive an Automatic
Option pursuant to this Section 7.1.2.

                7.1.3 INITIAL PROPOSED DIRECTOR GRANTS. On the date that shares
of Common Stock first become registered under Section 12 of the 1934 Act, the
Company shall grant an Automatic Option to acquire 10,000 shares of Common Stock
to each non-employee whose election to the Board is proposed as of such date.

            7.2 EXERCISE PRICE. The exercise price per share of Common Stock
subject to each Automatic Option granted under Section 7.1.1 or Section 7.1.2
shall be equal to 100 percent of the Fair Market Value per share of the Common
Stock on the date such Automatic Option was granted as determined in accordance
with the valuation provisions of Section 5.2 hereof granted. The exercise price
per share of Common Stock subject to each Automatic Option granted under Section
7.1.3 shall be equal to the initial public offering price per share of Common
Stock.

            7.3 VESTING. Each Automatic Option granted pursuant to Section 7.1.1
shall vest and become exercisable 12 months after the date of grant. Each
Automatic Option granted pursuant to Section 7.1.2 shall vest and become
exercisable in a series of three equal and successive installments with the
first installment vested on the date of grant and the next two installments 12
months and 24 months after the date of grant. Each Automatic Option granted
pursuant to Section 7.1.3 shall vest and become exercisable in a series of three
equal and successive
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installments with the first installment vested on the date of the recipient's
election to the Board and the next two installments 12 months and 24 months
after the date of grant. Each Automatic Option shall vest and become exercisable
only if the optionholder has not ceased serving as a Board member as of such
vesting date.

            7.4 TERM OF AUTOMATIC OPTIONS. Each Automatic Option shall expire on
the tenth anniversary (the "Expiration Date") of the date on which such
Automatic Option was granted. Except as determined by the Plan Administrator,
should an Eligible Director's service as a Board member cease prior to the
Expiration Date for any reason while an Automatic Option remains outstanding and
unexercised, the Automatic Option term shall immediately be modified and the
Automatic Option shall terminate and cease to be outstanding in accordance with
the following provisions:

                7.4.1 The Automatic Option shall immediately terminate and cease
to be outstanding with respect to any shares that were not vested at the time of
the optionholder's cessation of Board service; provided, however, that a
proposed director who receives a grant pursuant to Section 7.1.3 shall not be
treated as ceasing to serve as a Board member for purposes of this Section 7
prior to such individual's election to the Board.

                7.4.2 Should an optionholder cease, for any reason other than
death, to serve as a member of the Board, then the optionholder shall have 90
days measured from the date of such cessation of Board service in which to
exercise his or her Automatic Options that vested prior to the time of such
cessation of Board service. In no event, however, may any Automatic Option be
exercised after the Expiration Date of such Automatic Option.

                7.4.3 Should an optionholder die while serving as a Board member
or within 90 days after cessation of Board service, then the personal
representative of the optionholder's estate (or the person or persons to whom
the Automatic Option is transferred pursuant to the optionholder's will or in
accordance with the laws of the descent and distribution) shall have a 90-day
period measured from the date of the optionholder's cessation of Board service
in which to exercise the Automatic Options that vested prior to the time of such
cessation of Board service. In no event, however, may any Automatic Option be
exercised after the Expiration Date of such Automatic Option.

            7.5 OTHER TERMS. Except as expressly provided otherwise in this
Section 7, an Automatic Option shall be subject to all of the terms and
conditions of the Plan. Eligible Directors shall be entitled to receive other
awards under the Plan or other plans of the Company in accordance with the terms
and conditions thereof.

         8. TRANSFERABILITY. Any Incentive Stock Option granted under the Plan
shall, during the recipient's lifetime, be exercisable only by such recipient,
and shall not be assignable or transferable by such recipient other than by will
or the laws of descent and distribution. Except as specifically allowed by the
Plan Administrator, any other award under the Plan and any of the rights and
privileges conferred thereby shall not be assignable or transferable by the
recipient other than by will or the laws of descent and distribution and such
award shall be exercisable during the recipient's lifetime only by the
recipient.

         9. WITHHOLDING TAXES; OTHER DEDUCTIONS. The Company shall have the
right to deduct from any settlement of an award granted under the Plan,
including the delivery or vesting of shares, (a) an amount sufficient to cover
withholding as required by law for any federal, state or local taxes, and (b)
any amounts due from the recipient of such award to the Company or to any parent
or subsidiary of the Company or to take such other action as may be necessary to
satisfy any such withholding or other obligations, including withholding from
any other cash amounts due or to become due from the Company to such recipient
an amount equal to such taxes or obligations.

         10. TERMINATION OF SERVICES. The terms and conditions under which an
award may be exercised following termination of a recipient's employment,
directorship or independent contractor relationship with the Company shall be
determined by the Plan Administrator; provided, however, that Incentive Stock
Options shall not be exercisable at any time after the earliest of the date that
is (a) three months after termination of employment, unless due to death or
Disability (as defined in Section 22(e)(3) of the Code); (b) one year after
termination of employment due to Disability; or (c) ten years after the date of
grant.
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         11. TERM OF THE PLAN. The Plan shall become effective as of the date of
adoption by the Board, and shall remain in full force and effect through the
date that is ten years thereafter, unless sooner terminated by the Board. After
the Plan is terminated, no future awards may be granted, but awards previously
granted shall remain outstanding in accordance with their applicable terms and
conditions and the Plan's terms and conditions.

         12. PLAN AMENDMENT. The Board may amend, suspend or terminate the Plan
at any time; provided that no such amendment shall be made without the approval
of the Company's stockholders (a) that would increase the number of shares
available for issuance under the Plan (other than in accordance with Section 4),
or (b) if such approval is required (i) to comply with Section 422 of the Code
with respect to Incentive Stock Options, or (ii) for purposes of Section 162(m)
of the Code.

         13. PLAN NOT EXCLUSIVE. This Plan is not intended to be the exclusive
means by which the Company may issue awards to acquire its Common Stock.

         14. BIFURCATION OF THE PLAN. Notwithstanding any provision of this Plan
to the contrary, the Board, in its sole discretion, may bifurcate the Plan so as
to restrict, limit or condition the use of any provision of the Plan to
participants who are officers or directors subject to Section 16 of the 1934 Act
without so restricting, limiting or conditioning the Plan with respect to other
participants.<PAGE>

                                                                    EXHIBIT 10.1

                                THINAIRAPPS, LLC

                           1999 INCENTIVE OPTION PLAN
                    (amended and restated as of June 8, 2000)

     1. Purpose. The purpose of this plan is to advance the interests of
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ThinAirApps, LLC (the "Company") and its Subsidiaries (as defined below) by
providing an opportunity to selected key employees and other persons providing
service, directly or indirectly, to the Company to purchase Class A Nonvoting
Units of the Company through the exercise of options granted pursuant to this
Plan. By encouraging such ownership, the Company seeks to align the long-term
interests of the Company with those of such key employees and Service Providers
and also seeks to attract, retain, motivate and reward individuals of superior
ability, training and experience.

     2. Definitions.
        -----------

        (A) Board means the Board of Managers of the Company.
            -----

        (B) Class A Nonvoting Units means the Class A Nonvoting Units authorized
            -----------------------
to be issued pursuant to the Company's Operating Agreement dated as of July 27,
1999, as amended from time to time. (C) Class A Voting Units means the Class A
Voting Units authorized to be issued pursuant to the Company's Operating
Agreement dated as of July 27, 1999, as amended from time to time.

        (D) Code means the Internal Revenue Code of 1986 and regulations
            ----
thereunder, as amended from time to time.

        (E) Committee means the committee which may be appointed by the Board to
            ---------
administer the Plan in accordance with Section 5 hereof.

        (F) Company means ThinAirApps, LLC, a New York Limited Liability
            -------
Company.

        (G) Employee means an employee of the Company or its Subsidiaries within
            --------
the meaning of Code Section 3401 (c); "Key Employee" means an Employee who is
determined by the Committee to be providing valuable services to the Company or
its Subsidiaries on a part-time or full-time basis.

        (H) Member means a person owning Units in accordance with the Company's
            ------
Operating Agreement dated as of July 27, 1999, as amended from time to time.

        (I) Option means an option to acquire Class A Nonvoting Units, the
            ------
federal income tax treatment of which is determined generally under Code
Section 83.

        (J) Optionee means a person to whom an Option has been granted which
            --------
Option has not lapsed, expired or otherwise terminated.

        (K) Plan means this ThinAirApps, LLC 1999 Incentive Option Plan as set
            ----
forth herein, and as amended from time to time.

<PAGE>

        (L) Service Provider mean a person who is determined by the Committee to
            ----------------
be providing or to have provided valuable services to the Company and its
Subsidiaries; for all purposes of this Plan, Service Providers shall include
select employees and consultants of CTNY, LLC and its subsidiaries as determined
by the Committee.

        (M) Subsidiaries means such entities as the Company may own or acquire
            ------------
as selected by the Board for participation in the Plan.

        (N) Unit means a membership interest in the Company pursuant to the
            ----
Company's Operating Agreement dated as of July 27, 1999, as amended from time to
time.

     3. Effective Date. This Plan was approved and adopted by the Board on
        --------------
August 3, 1999, effective as of August 3, 1999.

     4. Units Subject to Plan. The maximum aggregate number of Class A
        ---------------------
Nonvoting Units that may be made subject to Options granted hereunder is
2,000,000 Units, which number shall be adjusted in accordance with Section 8
hereof in the event of any change in the Company's capital structure. Any Units
subject to an Option that for any reason expire or terminate unexercised as to
such Units may again be the subject of an Option under the Plan.

     5. Administration. The Plan shall be administered by a Committee appointed
        --------------
by the Board of Managers. The Board shall have the discretion to remove and
appoint members of the Committee from time to time. The Committee, shall have
full power and discretion, subject to the express provisions of the Plan:

        (A) to determine the Key Employees and other Service Providers to whom
Options are to be granted, the date or dates on which Options are to be granted,
the number of Units to be made subject to each Option, the exercise price per
Unit under each Option, and the maximum term of each Option; for purposes of
this Plan, Service Providers shall include employees and consultants of CTNY,
LLC and its subsidiaries, who shall be deemed to be providing services
indirectly to the Company.

        (B) to interpret and construe the Plan and to prescribe, amend and
rescind rules and regulations for its administration;

        (C) to determine the terms and provisions of each Option agreement,
which need not be identical, evidencing an Option;

        (D) to establish the vesting schedule specifying the time or times at
which all or any part of an Option may be exercised and to accelerate such
vesting schedule at such time or upon such events as the Committee shall
determine; and

        (E) to make all other determinations the Committee deems necessary or
advisable for administering the Plan.

Any question of interpretation or application of the terms of an Option or the
Plan shall be determined by the Committee and the determination of the Committee
shall be final and binding for all purposes upon the Optionee and upon any
person claiming by, through or under the Optionee. All authority, power and
discretion which may be exercised by the Committee with respect to the Plan and
the Options may also be exercised at any time by the Board.

     6. Eligibility. Options may be granted to such Key Employees and other
        -----------
Service Providers as the Committee selects.

<PAGE>

     7. Terms and Conditions of Options. Options granted pursuant to the Plan
        -------------------------------
shall be evidenced by Option agreements, which need not be identical, in such
form and containing such terms and conditions as the Committee shall determine.
If an individual to whom an Option is granted does not execute an Option
agreement evidencing that Option in the form prescribed by the Committee within
a reasonable period of time after the receipt of the Option agreement as
specified by the Committee, the Option shall be void and of no further force or
effect. Each Option agreement evidencing an Option shall contain among its terms
and conditions the following:

        (A) Price. The purchase price per Unit payable upon the exercise of each
            -----
Option granted hereunder shall equal the "fair market value" of a Unit on the
date of grant or such other amount as shall be determined by the Committee in
its discretion. For all purposes of this Plan, the "fair market value" of a Unit
shall be as determined by the Committee in its discretion in accordance with any
applicable laws or rules. The Committee may determine to utilize an annual (or
other periodic) valuation methodology for determining "fair market value", which
determination of fair market value may apply until the date of the next annual
(or other periodic) valuation date, and to administer the Plan and the Options
granted thereunder in accordance with such determination, which shall be final
and binding on all parties for all purposes.

        (B) Number of Units. Each Option agreement shall specify the number of
            ---------------
Units to which it pertains.

        (C) Terms of Exercise. Each Option shall be exercisable for the full
            -----------------
amount or for any part thereof and at such intervals or in such installments as
the Committee may determine at the time it grants such Option; provided,
however, that no Option shall be exercisable with respect to any Units later
than ten years after the date the Option is granted. Unless otherwise provided
by the Committee in the Option agreement, no Option may be exercised prior to
the occurrence of a Liquidity Event as defined in Section 9 hereof.

        (D) Notice of Exercise and Payment. An Option shall be exercisable only
            ------------------------------
by delivery of a written notice to the Company's Chief Financial Officer, or any
other officer of the Company that the Committee designates to receive such
notices, specifying the number of Units for which the Option is being exercised.
Payment by cash or the equivalent thereof shall be made in full at the time the
Option is exercised, except that the Committee may, in its discretion, permit
payment to be made by (i) delivery of a note on such terms as the Committee
shall approve, or (ii) the tender of previously owned Units valued at fair
market value as the Committee shall determine, or (iii) means of a "cashless
exercise" in which Units which would otherwise be delivered upon exercise of the
Option may be used to satisfy the payment of the exercise price of the Option.

        (E) Withholding Taxes. Upon exercise of any Option, the Optionee shall
            -----------------
comply with the Company's request to satisfy the obligation, if any, to withhold
all applicable federal, state and local income tax in connection with the
exercise of the Option.

        (F) Nontransferability of Option. Unless the Option Agreement provides
            ----------------------------
otherwise, no Option shall be transferable by the Optionee otherwise than by
will or the laws of descent and distribution and shall be exercisable during the
Optionee's lifetime only by the Optionee (or the Optionee's guardian or legal
representative).

        (G) Termination of Options. Unless the Committee determines otherwise,
            ----------------------
each Option agreement evidencing an Option shall contain provisions setting
forth the date(s) on which the Option will terminate if the Optionee ceases to
be an Employee of or other Service Provider to the Company (including without
limitation the cessation of employment by CTNY, LLC or its subsidiaries) by
reason of death, Disability, retirement or otherwise, as follows:

<PAGE>

               (i)  Retirement, Death or Disability or with Consent. If the
                    -----------------------------------------------
                    employment of the Optionee terminates (a) by reason of
                    retirement at or after age 65, (b) on account of death or
                    Disability, or (c) with the written consent of the Committee
                    granted prior to termination of employment, the Optionee (or
                    the Optionee's legal representative, executor,
                    administrator, or person acquiring an Option by bequest or
                    inheritance) may exercise the Option upon the occurrence of
                    a Liquidity Event to the extent dig the Optionee was
                    exercisable at the date of termination (without regard to
                    the acceleration of vesting set forth in Section 9 hereof).

               (ii) Other Termination. If the employment of the Optionee
                    -----------------
                    terminates for any reason other than as set forth in
                    subsection (i) above, the Option shall terminate immediately
                    and may not be exercised thereafter, provided, however, that
                    no Option may be exercised to any extent by anyone after the
                    date of expiration of the Options term. "Disability" means
                    the physical or mental incapacity to perform the
                    individual's duties for the Company, directly or indirectly,
                    as determined by the Committee whose determination shall be
                    final; if requested, the individual shall submit himself or
                    herself for appropriate medical examination to a physician
                    of the Company's designation, who shall prepare a report for
                    the Committee containing his/her conclusions with respect to
                    the issue of disability.

        (H) Legends. Any restriction on transfer of Units provided in this Plan
            -------
or in the Option agreement evidencing any Option shall be noted or referred to
conspicuously on each certificate evidencing such Units if certificates
evidencing Units are issued by the Company; provided, however, that nothing
contained herein shall require the Company to issue certificates evidencing
Units.

        (I) Option Members' Agreement and Non-compete Agreement. An Option
            ---------------------------------------------------
agreement evidencing an Option may provide that, in consideration for the grant
of the Option, the Optionee shall agree that upon exercise of the Option, in
whole or in part, including an exercise to which the provisions of Section 7(J)
hereof apply, the Optionee shall become a party to and be bound by the terms of
an Option Members' agreement, a buy-sell agreement or a non-compete agreement as
the Committee in its discretion shall determine.

        (J) Appreciation Distribution in lieu of Exercise. Unless an Option
            ---------------------------------------------
agreement provides otherwise, the Committee may, in its discretion, direct that,
upon receipt of notice of exercise of all or a portion of an Option granted
pursuant to this Plan, the Optionee receive in lieu of Units a payment equal to
(i) the excess of the fair market value of one Unit minus the Option Price,
multiplied by (ii) the number of Units for which the Option is being exercised.
The Committee in its discretion may direct that such payment may be made in cash
or by means of a promissory note having a maturity of not more than 10 years
from date of issue, bearing interest~ if any, at such rate of interest and
containing such other terms as the Committee shall provide.

     8. Adjustment for Changes in Capitalization. Appropriate and equitable
        ----------------------------------------
adjustment shall be made by the Committee in the maximum number of Units subject
to the Plan under Section 4 hereof and in the number, kind and Option price of
Units subject to then outstanding Options to give effect to any changes in the
outstanding Units by reason of any recapitalization or other change in the
capital structure of the Company affecting the Units after the effective date of
the Plan.

     9. Liquidity Event. The Option agreement may provide that upon the
        ---------------
occurrence of any of the events listed below (A) all vested Options
held by Employees or Service Providers or persons who have

<PAGE>

terminated employment in accordance with Section 7(G)(i) hereof and to the
extent provided in such Section, shall become immediately exercisable, and (B)
all unvested Options held by persons who were Employees or Service Providers on
the date of such occurrence shall become 100% vested. The events are:

        (A) the sale by the Company of all or substantially all of its assets to
one or more persons who were previously not affiliated with the Company or its
Subsidiaries;

        (B) the sale or exchange of more than fifty percent (50%) of the
outstanding Class A Voting Units of the Company to one or more persons who were
previously not affiliated with the Company or its Subsidiaries, if, immediately
following such event, a majority of the Managers of the Company (or the
equivalent thereof) consists of persons who were not Managers immediately prior
to such event;

        (C) the first date on which more than twenty percent (20%) of the
Company's outstanding Units (or the common stock equivalent thereof) is held by
the public; or

        (D) any merger, recapitalization, reorganization, or other similar event
having substantially the same result as described in the (A), (B), or (C),
provided that, unless otherwise provided by the Board, a Liquidity Event shall
not result from an event in which all Units of the Company (or the common stock
equivalent thereof) are converted or exchanged for securities that are not
traded on an established trading market.

    10. Rights of Optionees. No person shall have a right to be granted an
        -------------------
Option or, having received an Option, a right again to be granted an Option. An
Optionee shall have no rights as a Member with respect to any Units covered by
his/her Option until the date the Option has been exercised and the full
purchase price for such Units has been received by the Company, and thereafter,
such rights shall be subject to the agreement described in Section 7(1) hereof.
Nothing in this Plan or in any Option granted pursuant to the Plan shall confer
on any individual any right to continue as an Employee or Service Provider of
the Company or its Subsidiaries or of CTNY, LLC or its subsidiaries or interfere
in any way with the right of the Company or its Subsidiaries or of CTNY, LLC or
its subsidiaries to terminate or modify the terms or conditions of the
employment of the Optionee. Nothing in this Plan or in any Option granted
pursuant to the Plan shall require the issuance of any Units pursuant to the
exercise of an Option if the issuance thereof would violate any state or federal
securities or other laws.

    11. Indemnification. The Company agrees to indemnify, to the fullest
        ---------------
extent permitted by law, each person who serves as a member of the Committee or
the Board against all losses, claims, damages, liabilities and expenses arising
out of or based upon any action taken or failure to act by such person under the
Plan, and shall reimburse such person for any legal or other expenses reasonably
incurred by such person in connection therewith. Any person entitled to
indemnification hereunder shall give prompt written notice to the Company of any
claim with respect to which he/she seeks indemnification and, prior to
undertaking any defense of such claim, shall permit the Company to assume the
defense thereof.

    12. Amendment and Termination of the Plan. Unless sooner terminated by the
        -------------------------------------
Board, the Plan shall terminate, so that no Options may be granted pursuant to
it thereafter, on August 2, 2009. The Board may at any time amend, suspend or
terminate the Plan in its discretion, except that no such amendment, suspension
or termination of the Plan shall adversely affect or impair any then outstanding
Option without the consent of the Optionee holding the Option.

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