Document:

Nonqualified
      Stock Option Agreement

    

    _______,
      200_

    

    [Name]

    [Address]

    

    

    Dear
      _________: 

    

    I
      am
      pleased to inform you that MRU Holdings, Inc. (the "Company") has granted you
      nonqualified
      stock options
      to
      purchase shares of the Company's common stock, par value $0.001, (the "Common
      Stock") as set forth below. 

    

    The
      grant
      of this option is made pursuant to the MRU Holdings, Inc. 2004 Incentive Plan
      (the "Plan"). The terms of the Plan are incorporated into this letter and in
      the
      case of any conflict between the Plan and this letter, the terms of the Plan
      shall control. 

    

    Now,
      therefore, in consideration of the foregoing and the mutual covenants
      hereinafter set forth: 

    

    1.
       Nonqualified
      Stock Option.
      The
      Company hereby grants you a nonqualified stock option ("NQO") to purchase from
      the Company __________ shares of Common Stock at a price of $____ per share.
      The
      Date of Grant is _____, 200_. Unless earlier exercised or terminated in
      accordance with the terms hereunder and in the Plan, this NQO will expire on
      the
      date that is the tenth (10th)
      anniversary of the Date of Grant. 

    

    2.
       Entitlement
      to Exercise the NQO.
      The
      grant of the NQO is subject to the following terms and conditions: 

    

    (a)
       This
      NQO
      will vest 50% on the Grant Date and the remaining 50% will vest on the first
      anniversary of the Grant Date. The NQO shall cease to vest as of the date of
      termination for any reason of your employment or other relationship underlying
      the issuance of this NQO, not withstanding any employment agreement the Company
      may have previously executed with you. 

    

    (b) 
      If you
      die when any portion of the NQO is exercisable, then the person to whom your
      rights under the NQO shall have passed by will or by the laws of distribution
      may exercise any of the exercisable portion of the NQO within one (1) year
      after
      your death, provided that no NQO may be exercised in any event more than ten
      (10) years after the Date of Grant. 

    

    4.
       Method
      of Exercise & Payment Under the NQO.
      You may
      exercise the vested portion of the NQO in whole or in part, by giving written
      notice to the Company which shall state the election to exercise the NQO and
      the
      number of shares of Common Stock with respect to which the NQO is being
      exercised. The written notice shall be signed by the person exercising the
      NQO,
      shall be delivered to the Corporate Secretary of the Company at the Company's
      principal executive office, and shall be accompanied by payment in full of
      the
      exercise price for the shares of Common Stock being purchased, by delivery
      of
      cash or check. 

     

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    5.
       Tax
      Withholding.
      As a
      condition of exercise, you agree that at the time of exercise that you will
      pay
      to the Company the Applicable Withholding Taxes (as that term is defined in
      the
      Plan), if any, that the Company is required to withhold in connection with
      the
      exercise of the NQO. To satisfy the Applicable Withholding Taxes, you may elect
      to (i) make cash payment or authorize additional withholding from cash
      compensation, (ii) deliver Mature Shares (as that term is defined in the Plan)
      (valued at their Fair Market Value) or (iii) have the Company retain that number
      of shares of Common Stock that would satisfy all or a portion of the Applicable
      Withholding Taxes. 

    

    6.
       Transferability
      of NQO.
      The NQO
      is not transferable by you (other than by will or by the laws of descent and
      distribution) and may be exercised during your lifetime only by you.

    

    7.
       Termination
      of NQO.
      In the
      event that your employment or other relationship underlying the issuance of
      this
      NQO is terminated for Cause (as that term is defined in the Plan), your vested
      and non-vested NQO rights shall be forfeited and terminated immediately and
      may
      not thereafter be exercised to any extent.

    

    In
      the
      event that your employment or other relationship underlying the issuance of
      this
      NQO is terminated by you or the Company for any reason other than Cause or
      your
      death, you shall have the right to exercise the portion of the NQO that has
      vested as of the date of such termination at any time during the ninety (90)
      day
      period following the date of such termination, and not thereafter, provided
      that
      no NQO may be exercised in any event more than ten (10) years after the Date
      of
      Grant. 

    

    8.
       Adjustments.
      If the
      number of outstanding shares of Common Stock is increased or decreased as a
      result of one or more stock splits, reverse stock splits, stock dividends,
      recapitalizations, mergers, share exchange acquisitions, combinations or
      reclassifications, the number of shares with respect to which you have an
      unexercised NQO and the NQO price shall be appropriately adjusted as provided
      in
      the Plan. 

    

    9.
       Delivery
      of Certificate.
      The
      Company may delay delivery of the certificate for shares purchased pursuant
      to
      the exercise of an NQO until (i) receipt of any required representation by
      you
      or completion of any registration or other qualification of such shares under
      any state or federal law regulation that the Company's counsel shall determine
      as necessary or advisable, and (ii) receipt by the Company of advice by counsel
      that all applicable legal requirements have been complied with. As a condition
      of exercising the NQO, you may be required to execute a customary written
      indication of your investment intent and such other agreements the Company
      deems
      necessary or appropriate to comply with applicable securities laws.

    

    10.
       No
      Guaranteed Right of Employment.
      If you
      are employed by the Company, nothing contained herein shall confer upon you
      any
      right to be continued in the employment of the Company or interfere in any
      way
      with the right of the Company to terminate your employment at any time for
      any
      cause. 

     

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11.
       Notice
      of Disqualifying Dispositions.
      You
      agree to notify the Company in writing immediately after you make a disposition
      of any shares acquired upon exercise of this NQO if such disposition occurs
      before the later of (a) the date that is two years after the Date of Grant,
      or
      (b) the date that is one year after the date that you acquired such shares
      upon
      exercise of this NQO.

    

    12.
       Notices.
      Notices
      hereunder shall be mailed or delivered to the Company at its principal place
      of
      business, and shall be delivered to you in person or mailed or delivered to
      you
      at the address set forth below, or in either case at such other address as
      one
      party may subsequently furnish to the other party in writing. 

    

    13.
       Choice
      of Law.
      This
      Agreement shall be governed by Delaware law, without giving effect to the
      conflicts of laws provisions thereof. 

    

    

    [SIGNATURE
      PAGE FOLLOWS]

     

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    
      	 	MRU Holdings, Inc.
	 	 
	 	 
	 	By:_____________________________
	 	Name: 
	 	Title: 

    

     

    

    ACKNOWLEDGEMENT
      BY OPTIONEE 

    

    The
      foregoing NQO is hereby accepted and the terms and conditions thereof hereby
      agreed to by the undersigned as of the Date of Grant specified above.

     

    
      	 	
              _______________________________
                

              Optionee’s
                Signature 

              

              Optionee’s
                Address:

               

              _______________________________
                

              _______________________________
                

              _______________________________THIS
      Restricted Stock Agreement (the "Agreement") dated as of _____, by and between
      MRU Holdings, Inc., a Delaware corporation (the "Company") and _______ (the
      "Employee"), is entered into as follows:

     

    WITNESSETH:

     

    WHEREAS,
      the Company has established the MRU Holdings, Inc. 2004 Incentive Plan, a copy
      of which is attached hereto or which has been previously provided to the
      Employee;

     

    WHEREAS,
      the Compensation Committee of the Board of Directors of the Company has
      determined that the Employee
      be
      granted shares of Restricted Stock pursuant to the terms of the Plan and the
      terms of this Agreement;

     

    NOW
      THEREFORE,
      in
      consideration of the foregoing and the mutual covenants hereinafter set
      forth:

     

    
      	 	
              1.

            	
              Award
                of Restricted Stock.
                The Company hereby awards to Employee on this date, ____________
                shares of
                its common stock, par value $.001 ("Stock"), subject to the terms
                and
                conditions set forth in this Agreement (the
                "Award").

            

    

     

    
      	 	
              2.

            	
              Issuance
                of Share Certificates or Book Entry Record.
                The Company shall, as soon as administratively feasible after execution
                of
                this Agreement by the Employee, either (1) issue one or more certificates
                in the name of the Employee representing the shares of Restricted
                Stock
                covered by this Award, or (2) direct the Company's transfer agent
                for the
                Stock to make a book entry record showing ownership for the Restricted
                Stock in the name of the Employee, subject to the terms and conditions
                of
                the Plan and this Agreement.

            

    

     

    
      	 	
              3.

            	
              Custody
                of Share Certificates During the Restriction Period.
                In the event that the Company issues one or more certificates for
                the
                Restricted Stock covered by this Award in lieu of book entry, during
                the
                Restriction Period described below:

            

    

     

    
      	 	
              a.

            	
              The
                certificate or certificates shall bear the following
                legend:

            

    

     

    "The
      transferability of this certificate and the shares of stock represented hereby
      are subject to the terms and conditions (including forfeiture) of the 2004
      Incentive Plan and a Restricted Stock Agreement. Copies of such Plan and
      Restricted Stock Agreement are on file at the headquarters offices of MRU
      Holdings, Inc."

     

    
      	 	
              b.

            	
              The
                certificates shall be held in custody by the Company until the
                restrictions set forth herein shall have lapsed;
                and

            

    

     

    
      	 	
              c.

            	
              As
                a condition to receipt of this Award, the Employee hereby authorizes
                the
                Company to issue such instructions to the transfer agent as the Company
                may deem necessary or proper to comply with the intent and purposes
                of
                this Agreement and the Plan, including their provisions regarding
                forfeiture, and that this paragraph shall be deemed to constitute
                the
                stock power, endorsed in blank, allowing the Company to instruct
                its
                transfer agent to cancel any certificate representing shares that
                are
                forfeited by the Employee pursuant to the terms of the Plan or this
                Agreement.

            

    

     

    
      
         

      

      
        1.

        
          

        

      

      
         

      

    

     

    
      	 	
              4.

            	
              Terms
                of the Plan Shall Govern.
                The Award is made pursuant to, and is subject to the Plan, including,
                without limitation, its provisions governing Cancellation and Rescission
                of Awards. In the case of any conflict between the Plan and this
                Agreement, the terms of the Plan shall control. Unless otherwise
                indicated, all capitalized terms contained in this Agreement shall
                have
                the meaning assigned to them in the
                Plan.

            

    

     

    
      	 	
              5.

            	
              Restriction
                Period.
                The Restriction Period for the Restricted Stock awarded to the Employee
                under this Agreement shall commence with the date of this Agreement
                set
                forth above and shall end, for the percentage of the shares indicated
                below, on the date when the Restricted Stock shall have vested in
                accordance with the following
                schedule:

            

    

     

    

      
        	
                Date

              	
                Vested
                  Percentage

              
	 	 
	
                Grant
                  Date

              	
                25%
                  of the awarded shares

              
	
                First
                  anniversary of the date of this Agreement

              	 
	 	
                25%
                  of the awarded shares

              
	
                Second
                  anniversary of the date of this Agreement

              	 
	 	
                25%
                  of the awarded shares

              
	
                Third
                  anniversary of the date of this Agreement

              	 
	 	
                25%
                  of the awarded shares

              

      

    

     

    During
      the Restriction Period, the Employee shall not be permitted to sell, assign,
      transfer, pledge or otherwise encumber the Restricted Stock awarded
      herein.

     

    
      	 	
              6.

            	
              Shareholder
                Rights.
                Subject to the restrictions imposed by this Agreement and the Plan,
                the
                Employee shall have, with respect to the Restricted Stock covered
                by this
                Award, all of the rights of a stockholder of the Company holding
                Stock,
                including the right to vote the shares and the right to receive any
                cash
                dividends.

            

    

     

    
      	 	
              7.

            	
              Forfeiture
                of Shares.
                Upon the Employee's Termination of Employment during the Restriction
                Period, all shares of Stock covered by this Award that remain subject
                to
                restriction shall be forfeited by the Employee; provided however,
                that if
                the Employee's employment is involuntarily terminated during the
                Restriction Period by the Company (other than for Cause), or in the
                event
                of the Employee's Retirement during the Restriction Period, the
                Compensation Committee shall have the discretion to waive, in whole
                or in
                part, any or all remaining restrictions with respect to any or all
                of the
                Restricted Stock covered by this
                Award.

            

    

     

    
      	 	
              8.

            	
              Change
                in Control.
                In the event of a Change in Control, all shares of Stock covered
                by this
                Award shall become free of all restrictions and become fully vested
                and
                transferable.

            

    

     

    
      
         

      

      
        2.

        
          

        

      

      
         

      

    

     

    
      	 	
              9.

            	
              Delivery
                of Shares.
                If and when the Restriction Period expires for a share or shares
                of
                Restricted Stock without a prior forfeiture, the Company will deliver
                certificate(s) for such share(s) to the
                Employee.

            

    

     

    
      	 	
              10.

            	
              No
                Right to Continued Employment.
                Nothing contained in the Plan or this Agreement shall confer upon
                the
                Employee any right to continued employment nor shall it interfere
                in any
                way with the right of the Company or any subsidiary or Affiliate
                to
                terminate the employment of the Employee at any
                time.

            

    

     

    
      	 	
              11.

            	
              Withholding
                of Taxes.
                No later than the date as of which an amount first becomes includible
                in
                the Employee's gross income for Federal income tax purposes, the
                Employee
                shall pay to the Company or make arrangements satisfactory to the
                Company
                regarding the payment of, any Federal, state, local or foreign taxes
                of
                any kind required by law to be
                withheld.

            

    

     

    
      	 	
              12.

            	
              Governing
                Law.
                The Award made and actions taken under the Plan and this Agreement
                shall
                be governed by and construed in accordance with the laws of the State
                of
                Delaware without taking into account its conflict of laws
                provisions.

            

    

     

    
      	 	
              13.

            	
              Acceptance
                of Award.
                By the Employee's signature below, the Employee accepts the terms
                of the
                Award, as set forth in this Agreement and in the Plan. Unless the
                Company
                otherwise agrees in writing, this Agreement shall not be effective
                as a
                Restricted Stock Award if a copy of this Agreement is not signed
                and
                returned to the Company.

            

    

     

    
      	 	
              14.

            	
              Binding
                Effect.
                Subject to the limitations stated above, this Agreement shall be
                binding
                upon and inure to the benefit of the parties' respective heirs, legal
                representatives successors and
                assigns.

            

    

     

     

    *
      * * *
      *

     

    

     

    Signature
      Page to Follow

     

    
      
         

      

      
        3.

        
          

        

      

      
         

      

    

    

     

     IN
      WITNESS WHEREOF, MRU Holdings, Inc. and the Employee have executed this
      Agreement to be effective as of the date first written above.

    
 

    
      	 	MRU Holdings, Inc.
	 	 
	 	By:_________________________________
	 	 
	 	Title:________________________________

    

     

    I
      acknowledge receipt of a copy of the Plan (either as an attachment hereto or
      that has been previously received by me) and that I have carefully read this
      Agreement and the Plan. I agree to be bound by all of the provisions set forth
      in this Agreement and the Plan.

     

    
      
        	_______________________________ 	________________________________
	Date	Employee
	 	 

      

       

      
        
           

        

        
          4.

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