Document:

EXHIBIT
10.5

FORM OF INCENTIVE STOCK OPTION AWARD AGREEMENT
Issued
Pursuant to the
 Sona Mobile Holdings Corp. 2006 Incentive
Plan

THIS OPTION AWARD AGREEMENT
(‘‘Agreement’’), effective
[date], (the ‘‘Date of Grant’’)
represents the grant of an incentive stock option
(‘‘Option’’) by Sona Mobile Holdings Corp.
(the ‘‘Company’’), to [Name of
Participant] (the ‘‘Participant’’)
pursuant to the provisions of the Sona Mobile Holdings Corp. 2006
Incentive Plan adopted August  15,  2006 and approved by
shareholders September  29,  2006 (the
‘‘Plan’’), as may be amended from time to
time. The Option granted hereby is intended to be an
‘‘ISO’’, as such term is defined in the
Plan, within the meaning of Section 422 of the Code to the maximum
extent permissible under the Code. To the extent that the Option does
not qualify as an ISO, the Option or the portion thereof which does not
so qualify shall constitute a separate nonqualified option.

The
Plan provides a complete description of the terms and conditions
governing this Option. If there is any inconsistency between the terms
of this Agreement and the terms of the Plan, the Plan’s terms
shall completely supersede and replace the conflicting terms of this
Agreement. All capitalized terms shall have the meanings ascribed to
them in the Plan, unless specifically set forth otherwise herein, and
the receipt of a copy of which the Participant hereby acknowledges by
his or her signature below. The parties hereto agree as
follows:

1.    General Option Grant
Information.    The individual named above has been selected
to be a Participant in the Plan and receive an incentive option grant,
as of the Date of Grant, as specified
below:

(a)    Number of Shares Covered by this
Option:                              

(b)    Option
Price per
share:  $            

(c)    Date
of Expiration:              ,
2016

2.    Grant of Option.    The Company hereby
grants to the Participant an Option to purchase the number of Shares
set forth above, at the stated Option Price per share, which is
100% of the Fair Market Value of a Share on the Date of Grant,
in the manner and subject to the terms and conditions of the Plan and
this Agreement. The Committee has determined that the Fair Market Value
of a Share on the date of grant is equal
to  $            .

3.    Option
Term.    The term of this Option begins as of the Date of Grant
as detailed above and continues through the Date of Expiration as
detailed above, unless sooner terminated in accordance with the terms
of this Agreement.

4.    Vesting Period:    If the
Participant has been continuously employed by the Company or its
Subsidiaries or Affiliates, with respect to each incremental vesting
period, this Option shall vest and be
exercisable                                                                                      .

Notwithstanding anything to the contrary set forth herein, in the
event of the occurrence of a change in control of the Company (a
‘‘Change in Control’’), the Option shall
immediately vest. For purposes of this Agreement, a
‘‘Change in Control’’ shall be deemed to
occur if: (i) there shall have occurred a change in control of the
Company of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended, as in effect on the date
hereof, whether or not the Company is then subject to such reporting
requirement, provided, however, that the foregoing
event shall not be deemed to be a Change in Control if immediately
prior to such transaction the Participant or an entity of which the
Participant is an executive officer, director or more than five percent
equity holder is, directly or indirectly, one of the new controlling
parties; or (ii) the Company has merged or consolidated with, or sold
substantially all of its assets to, another company, provided,
however, that the foregoing event shall not be deemed to be a
Change in Control if immediately prior to such transaction the
Participant is an executive officer, director or more than five percent
equity holder of the other party to the 

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transaction or of any entity directly or
indirectly controlling that party to the transaction. Provided,
further, that if in the event of a Change in Control, the successor
company assumes or substitutes options for its shares for this Option
then the vesting of this Option shall not be accelerated.
Notwithstanding the foregoing, in the event of a termination of the
Participant’s employment or directorship in such successor
company within twenty-four (24) months following such Change in
Control, the Option granted hereunder or the substitute option held by
such Participant at the time of the Change in Control shall vest as of
the day preceding the date of termination.

Notwithstanding
anything to the contrary set forth herein, in the event of the
termination of the Participant’s employment for Cause, the
Option and all rights granted hereunder shall be forfeited and deemed
canceled and no longer exercisable on the day of such termination of
employment. For the purposes of their Agreement,
‘‘Cause’’ shall mean (i) any act of fraud
or embezzlement in respect of the Company or any of their respective
funds, properties or assets; (ii) conviction of the Participant of a
felony or of a plea of guilty or nolo contendre involving a felony,
whether or not involving the Company; (iii) willful misconduct or gross
negligence by the participant in connection with the performance of his
or her duties to the Company or willful violation of Company policies;
(iv) intentional dishonesty by the Participant in the performance of
his or her duties to the Company; (v) any fraud, theft,
misappropriation of or embezzlement by the Participant in connection
with the performance of his or her duties to the Company; (vi)
engagement by the Participant in the use of illegal substances or
alcohol, which use has impaired the Participant’s ability, as
determined by the Board of Directors of the Company, on an ongoing
basis, to perform his or her duties to the Company; or (vii) breach by
the Participant of any terms and conditions set forth in any
non-competition, non-solicitation and/or non-disclosure agreement
executed by the Participant. A determination of Cause shall be made by
the Board of Directors of the Company.

5.    Exercise:    This Option shall not be
transferable by the Participant other than by will or the laws of
descent and distribution. The Participant, or the Participant’s
representative upon the Participant’s death or disability, may
exercise this Option at any time prior to the termination of the
Option, subject to and as provided in Sections 3 and 8.

6.    How to Exercise:    Once vested, the Options
hereby granted shall be exercised by written notice to the Company,
specifying the number of Shares subject to this Option Participant
desires to exercise. The Option Price of the Options shall be payable
to the Company in full either: (a) in cash or its equivalent;
(b) by tendering (either by actual delivery or attestation) previously
acquired Shares having an aggregate Fair Market Value at the time of
exercise equal to the Option Price (provided that except as otherwise
determined by the Committee, the Shares that are tendered must have
been held by the Participant for at least six months prior to their
tender to satisfy the Option Price or have been purchased on the open
market); (c) by a combination of (a) and (b); or (d) any other
method approved or accepted by the Committee in its sole discretion,
including, without limitation, if the Committee so determines, a
cashless (broker-assisted) exercise. In no event may the Option be
exercised for a fraction of a share.

Unless otherwise determined
by the Committee, all cash payments under all of the methods indicated
above shall be paid in United States
dollars.

7.    Nontransferability.    This
Option may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent
and distribution, and may be exercised or surrendered during
Participant’s lifetime only by the Participant or his or her
guardian or legal representative. No assignment or transfer of the
Option in violation of this Section 7, whether voluntary or
involuntary, by operation of law or otherwise, except by will or the
laws of descent and distribution or as otherwise required by applicable
law, shall vest in the assignee or transferee any interest
whatsoever.

8.    Termination of Option:    
(a)    In General. The Option, which is exercisable as
provided in Section 6 above, shall terminate and be of no force or
effect if the Participant ceases to perform services of any kind for
the Company or any of its Subsidiaries for any reason other than death
or disability; provided, however, that under
conditions satisfactory to the Company, the Committee may, in its sole
discretion, allow all, or less than all, of the vested portion of the
Option not previously 

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exercised or expired to be exercisable for a
period of time to be specified by the Committee (although if exercised
more than three months after termination of employment other than by
reason of death or disability, the option will no longer be an ISO);
provided, further, that in no instance may the term
of the Option, as so extended, exceed the date of expiration set forth
in Section 1(d), above.

(b)    Death.    In the
event the Participant dies while employed by the Company or any of its
Subsidiaries or Affiliates, the Option to the extent not previously
expired or exercised shall, to the extent vested and exercisable on the
date of death, be exercisable by the estate of such Participant or by
any person who acquired such Option by bequest or inheritance at any
time within one year after the death of the Participant, unless earlier
terminated pursuant to its terms, provided, however,
that in no instance may the term of the Option, as so extended, exceed
the date of expiration set forth in Section 1(d)
above.

(c)    Disability.    In the event the
Participant ceases to perform services of any kind for the Company or
any of its Subsidiaries or Affiliates due to permanent and total
disability, the Participant, or his guardian or legal representative,
shall have the unqualified right to exercise the vested portion of the
Option, to the extent not previously exercised or expired, as of the
first date of permanent and total disability (as determined in the sole
discretion of the Committee), at any time within one year after the
first date of permanent and total disability, unless earlier terminated
pursuant to its terms, provided, however, that in no
instance may the term of the Option, as so extended, exceed the date of
expiration set forth in Section 1(d), above. For purposes of this
Agreement, the term ‘‘permanent and total
disability’’ means the Participant is unable to engage in
any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to
result in death or which has lasted or can be expected to last for a
continuous period of not less than 12 months, and the permanence and
degree of which shall be supported by medical evidence satisfactory to
the Committee. Notwithstanding anything to the contrary set forth
herein, the Committee shall determine, in its sole and absolute
discretion, (1) whether a Participant has ceased to perform services of
any kind due to a permanent and total disability and, if so, (2) the
first date of such permanent and total disability.

9.    Administration.    This Agreement and the
rights of the Participant hereunder are subject to all the terms and
conditions of the Plan, as the same may be amended from time to time,
as well as to such rules and regulations as the Committee may adopt for
administration of the Plan. It is expressly understood that the
Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the
Plan and this Agreement, all of which shall be binding upon the
Participant. Any inconsistency between the Agreement and the Plan shall
be resolved in favor of the Plan.

10.    Reservation of
Shares.    The Company hereby agrees that at all times there
shall be reserved for issuance and/or delivery upon exercise of the
Option such number of Shares as shall be required for issuance or
delivery upon exercise hereof.

11.    Adjustments.    The number of Shares subject
to this Option, and the exercise price, shall be subject to adjustment
in accordance with Section 4.4 of the Plan.

12.    Exclusion from Pension Computations.    By
acceptance of the grant of this Option, the Participant hereby agrees
that any income or gain realized upon the receipt or exercise hereof,
or upon the disposition of the Shares received upon its exercise, is
special incentive compensation and shall not be taken into account, to
the extent permissible under applicable law, as
‘‘wages’’,
‘‘salary’’ or
‘‘compensation’’ in determining the amount
of any payment under any pension, retirement, incentive, profit
sharing, bonus or deferred compensation plan of the Company or any of
its Subsidiaries or Affiliates.

13.    Amendment.    The Committee may, with the
consent of the Participant, at any time or from time to time amend the
terms and conditions of the Option, and may at any time or from time to
time amend the terms of this Option in accordance with the Plan.

14.    Notices.    Any notice which either party
hereto may be required or permitted to give to the other shall be in
writing, and may be delivered personally or by mail, postage prepaid,
or overnight 

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courier, addressed as follows: if to the
Company, at its office at 825 Third Avenue, New York, New York, 10022,
Attention: CEO or at such other address as the Company by notice to the
Participant may designate in writing from time to time; and if to the
Participant, at the address shown below his or her signature on this
Agreement, or at such other address as the Participant by notice to the
Company may designate in writing from time to time. Notices shall be
effective upon receipt.

15.    Withholding Taxes;
Disqualifying Dispositions.    (a) The Company shall have the
right to withhold from a Participant, or otherwise require such
Participant or assignee to pay, any Withholding Taxes arising as a
result of (i) exercise of the Option, or any other taxable event
occurring pursuant to the Plan or this Agreement, or (ii) a
Disqualifying Disposition (as defined below) of Shares. If the
Participant shall fail to make such tax payments as are required, the
Company (or its Affiliates or Subsidiaries) shall, to the extent
permitted by law, have the right to deduct any such Withholding Taxes
from any payment of any kind otherwise due to such Participant or to
take such other action as may be necessary to satisfy such Withholding
Taxes. In satisfaction of the requirement to pay Withholding Taxes, the
Participant may make a written election which may be accepted or
rejected in the discretion of the Committee (i) to have withheld a
portion of any Shares or other payments then issuable to the
Participant pursuant to any Award, or (ii) to tender other Shares to
the Company (either by actual delivery or attestation, in the sole
discretion of the Committee, provided that, except as
otherwise determined by the Committee, the Shares that are tendered
must have been held by the Participant for at least six (6) months
prior to their tender to satisfy the Option Price or have been
purchased on the open market), in either case having an aggregate Fair
Market Value equal to the Withholding Taxes.

(b)    Participant agrees to notify the Company in writing
immediately after such Participant makes a
‘‘Disqualifying Disposition’’ of any Shares
acquired pursuant to the exercise of the Option.
 A
‘‘Disqualifying Disposition’’ is any
disposition (including any sale) of such shares before the later of (i)
two years after the date the Participant was granted the Option or (ii)
one year after the date the Participant acquired Shares by exercising
the Option. If the Participant has died before such shares are disposed
of, these holding period requirements do not apply.

16.    Registration; Legend.    The Company may
postpone the issuance and delivery of Shares upon any exercise of this
Option until (a) the admission of such Shares to listing on any stock
exchange or exchanges on which Shares of the Company of the same class
are then listed and (b) the completion of such registration or other
qualification of such Shares under any state or federal law, rule or
regulation as the Company shall determine to be necessary or advisable.
The Participant shall make such representations and furnish such
information as may, in the opinion of counsel for the Company, be
appropriate to permit the Company, in light of the then existence or
non-existence with respect to such Shares of an effective Registration
Statement under the Securities Act of 1933, as amended, to issue the
Shares in compliance with the provisions of that or any comparable
act.

The Company may cause the following or a similar legend to
be set forth on each certificate representing Shares or any other
security issued or issuable upon exercise of this Option unless counsel
for the Company is of the opinion as to any such certificate that such
legend is unnecessary:

NEITHER THESE SECURITIES NOR THE
SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
‘‘SECURITIES ACT’’), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE ACCEPTABLE
TO THE COMPANY.

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17.    Miscellaneous.

(a)    This
Agreement shall not confer upon the Participant any right to
continuation of employment by the Company or any of its Subsidiaries or
Affiliates, nor shall this Agreement interfere in any way with the
Company’s or any of its Subsidiaries’ or
Affiliates’ right to terminate, retire or request the
termination of the Participant at any
time.

(b)    The Participant shall have no rights as
a stockholder of the Company with respect to the Shares subject to this
Option Agreement until such time as the purchase price has been paid,
and the Shares have been issued and delivered to the
Participant.

(c)    With the approval of the Board,
and if necessary, the shareholders, the Committee may terminate, amend,
or modify the Plan; provided, however, that no such termination,
amendment, or modification of the Plan may in any way adversely affect
the Participant’s rights under this Agreement.

(d)    This Agreement shall be subject to all applicable
laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required.

(e)    To the extent not preempted by federal law, this
Agreement shall be governed by, and construed in accordance with the
laws of the State of New York, without regard to the principles of
conflicts of law which might otherwise
apply.

(f)    All obligations of the Company under
the Plan and this Agreement, with respect to the Option, shall be
binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the
business and/or assets of the Company.

(g)    The
provisions of this Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in
whole or in part, the remaining provisions shall nevertheless be
binding and enforceable.

(h)    By accepting this
Award or other benefit under the Plan, the Participant and each person
claiming under or through the Participant shall be conclusively deemed
to have indicated their acceptance and ratification of, and consent to,
any action taken under the Plan by the Company, the Board or the
Committee.

(i)    The Participant, every person
claiming under or through the Participant, and the Company hereby
waives to the fullest extent permitted by applicable law any right to a
trial by jury with respect to any litigation directly or indirectly
arising out of, under, or in connection with the Plan or this Award
Agreement issued pursuant to the
Plan.

18.    Exculpation.    This Option and all
documents, agreements, understandings and arrangements relating hereto
have been executed by the undersigned in his/her capacity as an officer
of the Company, and not individually, and neither the Directors,
officers or shareholders of the Company nor of any Subsidiary or
Affiliate of the Company shall be bound or have any personal liability
hereunder. Each party hereto shall look solely to the assets of the
Company for satisfaction of any liability of the Company in respect of
the Option and all documents, agreements, understanding and
arrangements relating hereto and will not seek recourse or commence any
action against any of the Directors, officers or shareholders of the
Company or of any Subsidiary or Affiliate of the Company, or any of
their personal assets for the performance or payment of any obligation
hereunder or thereunder. The foregoing shall also apply to any future
documents, agreements, understandings, arrangements and transactions
between the parties hereto.

5

ACCEPTED:

______________________________

    Participant

______________________________

    Address

______________________________
        City        State        Zip
Code

6EXHIBIT
10.6

FORM OF NONQUALIFIED STOCK OPTION AWARD
AGREEMENT
Issued Pursuant to the
 Sona Mobile Holdings Corp.
2006 Incentive Plan

THIS OPTION AWARD AGREEMENT
(‘‘Agreement’’), effective
[date], (the ‘‘Date of Grant’’)
represents the grant of a stock option
(‘‘Option’’) by Sona Mobile Holdings Corp.
(the ‘‘Company’’), to [Name of
Participant] (the ‘‘Participant’’)
pursuant to the provisions of the Sona Mobile Holdings Corp. 2006
Incentive Plan adopted August  15,  2006 and approved by
shareholders September  29,  2006 (the
‘‘Plan’’), as may be amended from time to
time. The Option granted hereby is not intended to be an
‘‘ISO’’, as such term is defined in the
Plan, within the meaning of Section 422 of the Code.

The Plan
provides a complete description of the terms and conditions governing
this Option. If there is any inconsistency between the terms of this
Agreement and the terms of the Plan, the Plan’s terms shall
completely supersede and replace the conflicting terms of this
Agreement. All capitalized terms shall have the meanings ascribed to
them in the Plan, unless specifically set forth otherwise herein, and
the receipt of a copy of which the Participant hereby acknowledges by
his or her signature below. The parties hereto agree as
follows:

1.    General Option Grant
Information.    The individual named above has been selected to
be a Participant in the Plan and receive a nonqualified stock option
grant, as of the Date of Grant, as specified
below:

			
		(a) 	Number of Shares Covered by this
Option:                              

			
		(b) 	Option
Price per
share:  $            

			
		(c) 	Date
of Expiration:              ,
2016

2.    Grant of Option.    The Company
hereby grants to the Participant an Option to purchase the number of
Shares set forth above, at the stated Option Price per share, which is
100% of the Fair Market Value of a Share on the Date of Grant,
in the manner and subject to the terms and conditions of the Plan and
this Agreement. The Committee has determined that the Fair Market Value
of a Share on the date of grant is equal
to  $            .

3.    Option
Term.    The term of this Option begins as of the Date of Grant
as detailed above and continues through the Date of Expiration as
detailed above, unless sooner terminated in accordance with the terms
of this Agreement.

4.    Vesting Period:    If the
Participant has been continuously employed by the Company or its
Subsidiaries or Affiliates, with respect to each incremental vesting
period, this Option shall vest and be
exercisable                                                                                      .

Notwithstanding anything to the contrary set forth herein, in the
event of the occurrence of a change in control of the Company (a
‘‘Change in Control’’), the Option shall
immediately vest. For purposes of this Agreement, a
‘‘Change in Control’’ shall be deemed to
occur if: (i) there shall have occurred a change in control of the
Company of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended, as in effect on the date
hereof, whether or not the Company is then subject to such reporting
requirement, provided, however, that the foregoing
event shall not be deemed to be a Change in Control if immediately
prior to such transaction the Participant or an entity of which the
Participant is an executive officer, director or more than five percent
equity holder is, directly or indirectly, one of the new controlling
parties; or (ii) the Company has merged or consolidated with, or sold
substantially all of its assets to, another company, provided,
however, that the foregoing event shall not be deemed to be a
Change in Control if immediately prior to such transaction the
Participant is an executive officer, director or more than five percent
equity holder of the other party to the transaction or of any entity
directly or indirectly controlling that party to the transaction.
Provided, further, that if in the event of a Change in Control, the
successor company assumes or substitutes options for its shares for
this Option then the vesting of this Option shall not be accelerated.

1

Notwithstanding the foregoing, in the event of
a termination of the Participant’s employment or directorship in
such successor company within twenty-four (24) months following such
Change in Control, the Option granted hereunder or the substitute
option held by such Participant at the time of the Change in Control
shall vest as of the day preceding the date of
termination.

Notwithstanding anything to the contrary set forth
herein, in the event of the termination of the Participant’s
employment for Cause, the Option and all rights granted hereunder shall
be forfeited and deemed canceled and no longer exercisable on the day
of such termination of employment. For the purposes of their Agreement,
‘‘Cause’’ shall mean (i) any act of fraud
or embezzlement in respect of the Company or any of their respective
funds, properties or assets; (ii) conviction of the Participant of a
felony or of a plea of guilty or nolo contendre involving a felony,
whether or not involving the Company; (iii) willful misconduct or gross
negligence by the participant in connection with the performance of his
or her duties to the Company or willful violation of Company policies;
(iv) intentional dishonesty by the Participant in the
performance of his or her duties to the Company; (v) any
fraud, theft, misappropriation of or embezzlement by the Participant in
connection with the performance of his or her duties to the Company;
(vi) engagement by the Participant in the use of illegal substances or
alcohol, which use has impaired the Participant’s ability, as
determined by the Board of Directors of the Company, on an ongoing
basis, to perform his or her duties to the Company; or (vii) breach by
the Participant of any terms and conditions set forth in any
non-competition, non-solicitation and/or non-disclosure agreement
executed by the Participant. A determination of Cause shall be made by
the Board of Directors of the Company.

5.    Exercise:    The Participant, or the
Participant’s representative upon the Participant’s death
or disability, may exercise this Option at any time prior to the
termination of the Option, subject to and as provided in Sections 3 and
8.

6.    How to Exercise:    Once vested, the
Options hereby granted shall be exercised by written notice to the
Company, specifying the number of Shares subject to this Option
Participant desires to exercise. The Option Price of the Options shall
be payable to the Company in full either: (a) in cash or its
equivalent; (b) by tendering (either by actual delivery or attestation)
previously acquired Shares having an aggregate Fair Market Value at the
time of exercise equal to the Option Price (provided that except as
otherwise determined by the Committee, the Shares that are tendered
must have been held by the Participant for at least six months prior to
their tender to satisfy the Option Price or have been purchased on the
open market); (c) by a combination of (a) and (b); or (d) any
other method approved or accepted by the Committee in its sole
discretion, including, without limitation, if the Committee so
determines, a cashless (broker-assisted) exercise. In no event may the
Option be exercised for a fraction of a share.

Unless otherwise
determined by the Committee, all cash payments under all of the methods
indicated above shall be paid in United States
dollars.

7.    Nontransferability.    This Option
may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the laws of descent and
distribution, and may be exercised or surrendered during
Participant’s lifetime only by the Participant or his or her
guardian or legal representative. No assignment or transfer of the
Option in violation of this Section 7, whether voluntary or
involuntary, by operation of law or otherwise, except by will or the
laws of descent and distribution or as otherwise required by applicable
law, shall vest in the assignee or transferee any interest whatsoever.
Notwithstanding the foregoing, upon the request of the Participant, the
Committee may, in its sole discretion, permit the Participant to
transfer this Option under such terms and conditions as the Committee
may determine. In the event of any such transfer, the Option shall
still be subject to the provisions of Section 7 hereof and Section 6.8
of the Plan concerning the exercisability during the
Participant’s employment.

8.    Termination of
Option:    (a)    In General.    The Option, which
is exercisable as provided in Section 6 above, shall terminate and be
of no force or effect if the Participant ceases to perform services of
any kind for the Company or any of its Subsidiaries or Affiliates for
any reason other than death or disability; provided,
however, that under conditions satisfactory to the Company,
the Committee may, in its sole discretion, allow all, or less than all,
of the vested portion of the Option 

2

not previously exercised or expired to be
exercisable for a period of time to be specified by the Committee;
provided, further, that in no instance may the term
of the Option, as so extended, exceed the date of expiration set forth
in Section 1(d), above.

(b)    Death.    In the
event the Participant dies while employed by the Company or any of its
Subsidiaries or Affiliates, the Option to the extent not previously
expired or exercised shall, to the extent vested and exercisable on the
date of death, be exercisable by the estate of such Participant or by
any person who acquired such Option by bequest or inheritance at any
time within one year after the death of the Participant, unless earlier
terminated pursuant to its terms, provided, however,
that in no instance may the term of the Option, as so extended, exceed
the date of expiration set forth in Section 1(d)
above.

(c)    Disability.    In the event the
Participant ceases to perform services of any kind for the Company or
any of its Subsidiaries or Affiliates due to permanent and total
disability, the Participant, or his guardian or legal representative,
shall have the unqualified right to exercise the vested portion of the
Option, to the extent not previously exercised or expired, as of the
first date of permanent and total disability (as determined in the sole
discretion of the Committee), at any time within one year after the
first date of permanent and total disability, unless earlier terminated
pursuant to its terms, provided, however, that in no
instance may the term of the Option, as so extended, exceed the date of
expiration set forth in Section 1(d), above. For purposes of this
Agreement, the term ‘‘permanent and total
disability’’ means the Participant is unable to engage in
any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to
result in death or which has lasted or can be expected to last for a
continuous period of not less than 12 months, and the permanence and
degree of which shall be supported by medical evidence satisfactory to
the Committee. Notwithstanding anything to the contrary set forth
herein, the Committee shall determine, in its sole and absolute
discretion, (1) whether a Participant has ceased to perform services of
any kind due to a permanent and total disability and, if so, (2) the
first date of such permanent and total disability.

9.    Administration.    This Agreement and the rights
of the Participant hereunder are subject to all the terms and
conditions of the Plan, as the same may be amended from time to time,
as well as to such rules and regulations as the Committee may adopt for
administration of the Plan. It is expressly understood that the
Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the
Plan and this Agreement, all of which shall be binding upon the
Participant. Any inconsistency between the Agreement and the Plan shall
be resolved in favor of the Plan.

10.    Reservation of
Shares.    The Company hereby agrees that at all times there
shall be reserved for issuance and/or delivery upon exercise of the
Option such number of Shares as shall be required for issuance or
delivery upon exercise hereof.

11.    Adjustments.    The number of Shares subject
to this Option, and the exercise price, shall be subject to adjustment
in accordance with Section 4.4 of the Plan.

12.    Exclusion from Pension Computations.    By
acceptance of the grant of this Option, the Participant hereby agrees
that any income or gain realized upon the receipt or exercise hereof,
or upon the disposition of the Shares received upon its exercise, is
special incentive compensation and shall not be taken into account, to
the extent permissible under applicable law, as
‘‘wages’’,
‘‘salary’’ or
‘‘compensation’’ in determining the amount
of any payment under any pension, retirement, incentive, profit
sharing, bonus or deferred compensation plan of the Company or any of
its Subsidiaries or Affiliates.

13.    Amendment.    The Committee may, with the
consent of the Participant, at any time or from time to time amend the
terms and conditions of the Option, and may at any time or from time to
time amend the terms of this Option in accordance with the Plan.

14.    Notices.    Any notice which either party
hereto may be required or permitted to give to the other shall be in
writing, and may be delivered personally or by mail, postage prepaid,
or overnight courier, addressed as follows: if to the Company, at its
office at 825 Third Avenue, New York, New 

3

York 10022, Attention: CEO or at such other
address as the Company by notice to the Participant may designate in
writing from time to time; and if to the Participant, at the address
shown below his or her signature on this Agreement, or at such other
address as the Participant by notice to the Company may designate in
writing from time to time. Notices shall be effective upon receipt.

15.    Withholding Taxes.    The Company shall have
the right to withhold from a Participant, or otherwise require such
Participant or assignee to pay, any Withholding Taxes arising as a
result of exercise of the Option, or any other taxable event occurring
pursuant to the Plan or this Agreement. If the Participant shall fail
to make such tax payments as are required, the Company (or its
Affiliates or Subsidiaries) shall, to the extent permitted by law, have
the right to deduct any such Withholding Taxes from any payment of any
kind otherwise due to such Participant or to take such other action as
may be necessary to satisfy such Withholding Taxes. In satisfaction of
the requirement to pay Withholding Taxes, the Participant may make a
written election which may be accepted or rejected in the discretion of
the Committee (i) to have withheld a portion of any Shares or other
payments then issuable to the Participant pursuant to any Award, or
(ii) to tender other Shares to the Company (either by actual delivery
or attestation, in the sole discretion of the Committee, provided
that, except as otherwise determined by the Committee, the Shares
that are tendered must have been held by the Participant for at least
six (6) months prior to their tender to satisfy the Option Price or
have been purchased on the open market), in either case having an
aggregate Fair Market Value equal to the Withholding Taxes.

16.    Registration; Legend.    The Company may
postpone the issuance and delivery of Shares upon any exercise of this
Option until (a) the admission of such Shares to listing on any stock
exchange or exchanges on which Shares of the Company of the same class
are then listed and (b) the completion of such registration or other
qualification of such Shares under any state or federal law, rule or
regulation as the Company shall determine to be necessary or advisable.
The Participant shall make such representations and furnish such
information as may, in the opinion of counsel for the Company, be
appropriate to permit the Company, in light of the then existence or
non-existence with respect to such Shares of an effective Registration
Statement under the Securities Act of 1933, as amended, to issue the
Shares in compliance with the provisions of that or any comparable
act.

The Company may cause the following or a similar legend to
be set forth on each certificate representing Shares or any other
security issued or issuable upon exercise of this Option unless counsel
for the Company is of the opinion as to any such certificate that such
legend is unnecessary:

NEITHER THESE SECURITIES NOR THE
SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
‘‘SECURITIES ACT’’), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE ACCEPTABLE
TO THE COMPANY.

17.    Miscellaneous.

(a)    This Agreement shall
not confer upon the Participant any right to continuation of employment
by the Company or any of its Subsidiaries or Affiliates, nor shall this
Agreement interfere in any way with the Company’s or any of its
Subsidiaries’ or Affiliates’ right to terminate, retire
or request the termination of the Participant at any
time.

(b)    The Participant shall have no rights as a
stockholder of the Company with respect to the Shares subject to this
Option Agreement until such time as the purchase price has been paid,
and the Shares have been issued and delivered to the
Participant.

4

(c)    With the approval of the Board,
and if necessary, the shareholders, the Committee may terminate, amend,
or modify the Plan; provided, however, that no such termination,
amendment, or modification of the Plan may in any way adversely affect
the Participant’s rights under this Agreement.

(d)    This Agreement shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required.

(e)    To the extent not preempted by federal law, this
Agreement shall be governed by, and construed in accordance with the
laws of the State of New York, without regard to the principles of
conflicts of law which might otherwise apply.

(f)    All
obligations of the Company under the Plan and this Agreement, with
respect to the Option, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a
direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the
Company.

(g)    The provisions of this Agreement are
severable and if any one or more provisions are determined to be
illegal or otherwise unenforceable, in whole or in part, the remaining
provisions shall nevertheless be binding and
enforceable.

(h)    By accepting this Award or other benefit
under the Plan, the Participant and each person claiming under or
through the Participant shall be conclusively deemed to have indicated
their acceptance and ratification of, and consent to, any action taken
under the Plan by the Company, the Board or the
Committee.

(i)    The Participant, every person claiming
under or through the Participant, and the Company hereby waives to the
fullest extent permitted by applicable law any right to a trial by jury
with respect to any litigation directly or indirectly arising out of,
under, or in connection with the Plan or this Award Agreement issued
pursuant to the Plan.

18.    Exculpation.    This
Option and all documents, agreements, understandings and arrangements
relating hereto have been executed by the undersigned in his/her
capacity as an officer of the Company, and not individually, and
neither the Directors, officers or shareholders of the Company nor of
any Subsidiary or Affiliate of the Company shall be bound or have any
personal liability hereunder. Each party hereto shall look solely to
the assets of the Company for satisfaction of any liability of the
Company in respect of the Option and all documents, agreements,
understanding and arrangements relating hereto and will not seek
recourse or commence any action against any of the Directors, officers
or shareholders of the Company or of any Subsidiary or Affiliate of the
Company, or any of their personal assets for the performance or payment
of any obligation hereunder or thereunder. The foregoing shall also
apply to any future documents, agreements, understandings, arrangements
and transactions between the parties hereto.

5

ACCEPTED:

	
		
	

Participant

	
		
	

Address

	
		
	

City                State            Zip
Code

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