Document:

AMENDMENT NO. 1

TO

LOAN SALE AGREEMENT

The LOAN SALE AGREEMENT,
dated August 4, 2004 (the
"Agreement"), among MortgageIT,
Inc., a New York corporation, as a seller
("MortgageIT"), MortgageIT Holdings,
Inc., a Maryland corporation, as a seller ("MortgageIT
Holdings", and together with MortgageIT, the
"Sellers", and each, individually, a
"Seller") and MortgageIT SPV I, a
Delaware statutory trust (the
"Trust") acting with respect to the
REIT Sub-Trust as the purchaser and, separately, acting with respect to
the TRS Sub-Trust as the purchaser, is hereby being amended by this
Amendment No. 1 dated as of June 3, 2005 (this
"Amendment"), which amendment shall
be effective as of the date hereof as follows:

1.    Amended Terms.   The Agreement is hereby amended
as follows:

(a)    Section 4.01(p) of the Amendment is hereby
deleted in its entirety and replaced with the following:

"(p)    The consolidated Tangible Net
Worth of the Sellers shall not be less than the sum of (A) $175,000,000
plus (B) 90% of capital contributions made since August 4, 2004.
The Sellers shall not permit the ratio of their consolidated Total
Indebtedness to Tangible Net Worth to exceed 25:1 and the ratio of
Adjusted Indebtedness to Tangible Net Worth to exceed
15:1."

(b)    The following definition is added
to Schedule 1 to the Agreement:

"Adjusted Indebtedness'
shall mean, for any Person, Total Indebtedness less only those
obligations created, issued or incurred by such Person for borrowed
money by the issuance and sale of debt securities that are sponsored,
created, issued or incurred by such Person or its Affiliates in
connection with securitizations."

(c)    The
defined term "Indebtedness" in
Schedule 1 to the Agreement is hereby amended to read as follows:

"Indebtedness' shall
mean, for any Person: (a) obligations created, issued or incurred by
such Person for borrowed money (whether by loan, the issuance and sale
of debt securities or the sale of Property to another Person subject to
an understanding or agreement, contingent or otherwise, to repurchase
such Property from such Person); (b) obligations of such Person to pay
the deferred purchase or acquisition price of Property or services,
other than trade accounts payable (other than for borrowed money)
arising, and accrued expenses incurred, in the ordinary course of
business so long as such trade accounts payable are payable within 90
days of the date the respective goods are delivered or the respective
services are rendered; (c) indebtedness of others secured by a Lien on
the Property of such Person, whether or not the respective indebtedness
so secured has been assumed by such Person; (d) obligations (contingent
or otherwise) of such Person in respect of letters of credit or similar
instruments issued or accepted by banks and other financial
institutions for account of such Person; (e) Capital Lease obligations
of such Person; (f) obligations of such Person under repurchase
agreements or like arrangements; (g) indebtedness of others Guaranteed
by such Person; (h) all obligations of such Person incurred in
connection with the acquisition or carrying of fixed assets by such
Person; (i) indebtedness of general partnerships of which such Person
is a general partner; and (j) any other indebtedness of such Person by
a note, bond, debenture or similar instrument."

(d)    The following definition is added to Schedule 1 to the
Agreement:

"Default'
shall mean an Event of Default or an event that with notice or lapse of
time or both would become an Event of Default."

(e)    Paragraph (liii) of Schedule 2 to the Agreement is hereby
deleted in its entirety and replaced with the following:

"(liii)    LTV, PMI
Policy.    No Mortgage Loan has an LTV greater than 100%
or, with respect to an FHA Loan, the applicable Agency approved limits.
Unless the Mortgage Loan Schedule indicates 

1

that a Mortgage Loan is a sub-prime mortgage
loan, each Mortgage Loan with an LTV in excess of 80% is and
will be insured as to payment defaults by a PMI Policy, unless
otherwise provided for in MortgageIT's underwriting guidelines,
acceptable to Fannie Mae and in an amount of coverage meeting the
requirements set forth with respect to such insurance policies in the
Fannie Mae Guides until such Mortgage Loan is no longer required under
the terms of the Fannie Mae Guides to be so insured. All provisions of
such PMI Policy have been and are being complied with, such policy is
valid and remains in full force and effect, and all premiums due
thereunder have been paid. No action, inaction, or event has occurred
and no state of facts exists that has, or will result in the exclusion
from, denial of, or defense to coverage by the PMI Policy. Any Mortgage
Loan subject to a PMI Policy obligates the Mortgagor thereunder to
maintain the PMI Policy and to pay all premiums and charges in
connection therewith. The Mortgage Interest Rate for each Mortgage Loan
as set forth on the mortgage loan schedule is net of any such insurance
premium;"

2.    Representations and
Warranties.   Each of the Sellers hereby represents and
warrants to the Agent that, after giving effect to the amendments
provided for herein, the representations and warranties contained in
the Agreement and the other Transaction Documents will be true and
correct in all material respects as if made on and as of the date
hereof and that no Default or Event of Default will have occurred and
be continuing.

3.    No Other Amendments, Effective
Date.

(a)    Except and to the extent expressly amended
herein, the Agreement shall remain in full force and effect, without
any waiver, or additional amendment or modification of any other
provision thereof.

(b)    The amendments effected hereby shall
be deemed to apply prospectively from and after the date hereof.

4.    Expenses.   The Sellers agree to pay and
reimburse the Agent for all of the reasonable out-of-pocket costs and
expenses incurred by the Agent in connection with the preparation,
execution and delivery of this Amendment, including, without
limitation, the reasonable fees and disbursements of Dewey Ballantine
LLP, counsel to the Agent.

5.    Governing
Law.   This Amendment, in all respects, shall be governed by,
and construed in accordance with, the laws of the State of New York,
including all matters of construction, validity and performance,
without regard to principles of conflicts of law.

6.    Counterparts.   This Amendment may be executed
by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts
together shall constitute but one and the same instrument.

7.    Merger and Integration.   Upon execution of this
Amendment by the parties to the Agreement, this Amendment shall be
incorporated into and merged together with the Agreement. Except as
provided herein, all provisions, terms and conditions of the Agreement
shall remain in full force and effect and the Agreement as hereby
amended is further ratified and reconfirmed in all respects.

8.    Capitalized Terms.   Capitalized terms not
defined herein shall have the meanings assigned to such terms in the
Agreement.

9.    Voting Rights.   For the
convenience of cross-referencing, reference is hereby made to that
certain direction letter of even date herewith (the
"Direction Letter") wherein
MortgageIT, as the Administrator of MortgageIT SPV I under the
Administration Agreement and a Depositor under the Trust Agreement, (a)
directs Wilmington Trust Company to take all such action with respect
to the Trust as is consistent with the terms and conditions of each of
the Agreement and the Trust Agreement and (b) thereby represents and
warrants that (i) it is the holder of the majority of Voting Rights and
(ii) the actions to be taken by Wilmington Trust Company pursuant to
the Direction Letter and hereunder are authorized by, and do not
conflict with, the Transaction Documents.

10.    Liability.   It is expressly understood and
agreed by the parties that (a) this Amendment is executed and delivered
by Wilmington Trust Company, not individually or personally, but solely
as Owner Trustee, in the exercise of the powers and authority conferred
and vested in it, pursuant to the Trust 

2

Agreement, (b) each of the representations,
undertakings and agreements herein made on the part of the Trust is
made and intended not as a personal representation, undertaking and
agreement by Wilmington Trust Company but is made and intended for the
purpose of binding the Trust with respect thereto, (c) nothing herein
contained shall be construed as creating any liability on Wilmington
Trust Company, individually or personally, to perform any covenant
either expressly or impliedly contained herein, and the right to claim
any and all such liability, if any, being expressly waived by the
parties hereto and by any person claiming by, through or under the
parties hereto, and (d) under no circumstances shall Wilmington Trust
Company be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by
the Trust hereunder or under any other related documents. Nothing
expressed or implied in the preceding sentence, however, shall alter
the terms and conditions of Section 5.1 of the Trust Agreement.

[Remainder of page intentionally left
blank.]

3

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date
specified above.

		MORTGAGEIT SPV I, acting with respect to the
REIT Sub-Trust, as Purchaser

		
	By: 	WILMINGTON TRUST COMPANY, not in
its individual capacity, but solely as Owner Trustee under the Trust
Agreement

		
	By: 	/s/ Dorri E.
Wolhar

 Name: Dorri E. Wolhar
 Title: Financial Services
Officer

		MORTGAGEIT SPV I, acting with
respect to the TRS Sub-Trust, as Purchaser

		
	By: 	WILMINGTON TRUST COMPANY, not in
its individual capacity, but solely as Owner Trustee under the Trust
Agreement

		
	By: 	/s/ Dorri E.
Wolhar

 Name: Dorri E. Wolhar
 Title: Financial Services
Officer

MORTGAGEIT, INC.

		
	By: 	/s/ John R. Cuti

Name:
John R. Cuti
 Title: General Counsel and Secretary

MORTGAGEIT HOLDINGS, INC.

		
	By: 	/s/ John R. Cuti

Name: John R. Cuti
 Title: General Counsel and
Secretary

4Exhibit
10.1

THIRD AMENDED AND RESTATED
ALAMOSA HOLDINGS, INC.

EMPLOYEE STOCK PURCHASE PLAN

1.    Purpose.    The
Alamosa Holdings, Inc. Employee Stock Purchase Plan was established for
the benefit of employees of Alamosa Holdings, Inc., a Delaware
corporation (the "Company"), and its
Designated Subsidiaries. The Alamosa Holdings, Inc. Employee Stock
Purchase Plan was amended and restated effective June 2, 2004 and again
effective as of September 1, 2004 (the
"Plan"). The Plan is intended to provide the
employees of an Employer with an opportunity to purchase common shares,
par value $0.01, of the Company (the
"Shares"). It is the intention of the Company
that the Plan qualify as an "employee stock purchase
plan" within the meaning of Section 423 of the Internal
Revenue Code of 1986, as amended (the
"Code"), and the provisions of the Plan shall
be construed in a manner consistent with the requirements of such
Section of the Code.

2.    Definitions.

i.    "Affiliate"
shall have the meaning set forth in Rule 12b-2 promulgated under
Section 12 of the Securities Exchange Act of
1934.

ii.    "Beneficial Owner" shall
have the meaning set forth in Rule 13d-3 under the Securities Exchange
Act of 1934, as
amended.

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

iv.    "Change in Capitalization" shall
mean any increase, reduction, or change or exchange of Shares for a
different number or kind of shares or other securities of the Company
by reason of a reclassification, recapitalization, merger,
consolidation, reorganization, share dividend, share split or reverse
share split, combination or exchange of shares, repurchase of Shares,
change in corporate structure or
otherwise.

v.    "Change in Control"
shall be deemed to have occurred if the event set forth in any one of
the following paragraphs shall have
occurred:

		
	(i) 	any Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the
Company (not including in the securities beneficially owned by such
Person any securities acquired directly from the Company or its
Affiliates) representing 25% or more of the combined voting
power of the Company's then outstanding securities, excluding any
Person who becomes such a Beneficial Owner in connection with a
transaction described in clause (A) of paragraph (iii) below; or

		
	(ii) 	the following individuals cease for
any reason to constitute a majority of the number of directors then
serving: individuals who, on the date hereof, constitute the Board and
any new director (other than a director whose initial assumption of
office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the
election of directors of the Company) whose appointment or election by
the Board or nomination for election by the Company's
stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were
directors on the date hereof or whose appointment, election or
nomination for election was previously so approved or recommended;
or

		
	(iii) 	there is consummated a merger
or consolidation of the Company or any direct or indirect subsidiary of
the Company with any other corporation or other entity, other than (A)
a merger or consolidation (1) which results in the voting securities of
the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or
any parent thereof) at least 60% of the combined voting power of
the securities of the Company or such surviving entity or any parent
thereof outstanding immediately after such merger or consolidation and
(2) after which the individuals who 

		
	 	
comprise the Board immediately prior thereto
constitute at least a majority of the board of directors of the
Company, the entity surviving such merger or consolidation or, if the
Company or the entity surviving such merger is then a subsidiary, the
ultimate parent thereof, or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in
which no Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company (not including in the
securities Beneficially Owned by such Person any securities acquired
directly from the Company or its Affiliates) representing 25% or
more of the combined voting power of the Company's then
outstanding securities; or

		
	(iv) 	the
stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the
sale or disposition by the Company of all or substantially all of the
Company's assets, other than a sale or disposition by the Company
of all or substantially all of the Company 's assets immediately
following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors
of the entity to which such assets are sold or disposed or any parent
thereof.

Notwithstanding the foregoing, a "Change
in Control" shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated
transactions immediately following which the record holders of the
common stock of the Company immediately prior to such transaction or
series of transactions continue to have substantially the same
proportionate ownership in an entity which owns all or substantially
all of the assets of the Company immediately following such transaction
or series of
transactions.

vi.    "Code" shall
mean the Internal Revenue Code of 1986, as amended from time to
time.

vii.    "Committee" shall mean
the Compensation Committee or any other committee of members of the
Board appointed by the Board to administer the Plan and to perform the
functions set forth
herein.

viii.    "Company" shall mean
Alamosa Holdings, Inc., a corporation organized under the laws of the
State of Delaware, or any successor corporation.

ix.    "Compensation" shall mean any
earnings reportable as W-2 wages for Federal income tax withholding
purposes and any elective contributions made by the Participant's
Employer on the Participant's behalf to the Alamosa PCS
Contributions Savings Plan (or any successor plan thereto). Effective
for each Offering Period commencing on and after September 1, 2004
("Post September 04 Offering Periods"),
Compensation shall have the meaning ascribed to such term in the
Alamosa PCS Contributions Savings Plan (or any successor plan
thereto).

x.    "Continuous Status as an
Employee" shall mean the absence of any interruption or
termination of service as an Employee. Continuous Status as an Employee
shall not be considered interrupted in the case of a leave of absence
agreed to in writing by the Employee's Employer, if such leave is
for a continuous period of not more than one year or re-employment upon
the expiration of such leave is guaranteed by contract or
statute.

xi.    "Designated
Subsidiaries" shall mean the subsidiaries of the Company
which have been designated by the Board from time to time in its sole
discretion as eligible to participate in the Plan, which may include
corporations which become subsidiaries of the Company after the
adoption of the Plan.

xii.    "Employee" shall mean any
person, including an officer, who as of an Offering Date has been
regularly employed on a full-time basis by the Company, a wholly owned
Subsidiary of the Company or a Designated Subsidiary of the Company for
at least six months; provided, however, that an Employee shall not
include any individual whose customary period of employment is for five
months or less in any calendar
year.

xiii.    "Employer" shall mean,
as to any particular Employee, the corporation which employs such
Employee, whether it is the Company, a wholly owned Subsidiary of the
Company or a Designated Subsidiary of the Company.

xiv.    "Exchange Act" shall mean the
Securities Exchange Act of 1934, as amended.

xv.    "Exercise
Date" shall mean the last business day of each Purchase
Period, except as the Committee may otherwise
provide.

xvi.    "Fair Market Value"
per Share as of a particular date shall mean (i) the closing sales
price per Share on such date, as reported by the Composite Transactions
reporting system or if not so reported, as reported by the New York
Stock Exchange or (ii) in the event the Shares are not traded on such
date, the closing price per Share, as so reported in the immediately
preceding date on which trading occurred, or if not so reported, as
reported by any national securities exchange on which the Shares are
listed.

xvii.    "Offering Date"
shall mean the first Trading Day of each Offering Period of the Plan.
The Offering Date of an Offering Period is the grant date for the
options offered in such Offering
Period.

xviii.    "Offering Period"
shall mean a period as described in Section 4
hereof.

xix.    "Parent" shall mean
any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company if, at the time of granting an
option, each of the corporations other than the Company owns shares
possessing 50% or more of the total combined voting power of all
classes of shares in one of the other corporations in such
chain.

xx.    "Participant" shall
mean an Employee who participates in the Plan.

xxi.    "Person" shall have the meaning
given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, except that such term shall not
include (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of
the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv)
a corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of
stock of the Company.

xxii.    "Plan"
shall mean the Alamosa Holdings, Inc. Employee Stock Purchase Plan, as
amended from time to time.

xxiii.    "Plan
Year" shall mean the calendar
year.

xxiv.    "Post September 04 Offering
Periods" shall have the meaning set forth in Section 2 ix.
hereof.

xxv.    "Purchase Period"
shall mean each approximately six-month period, within an Offering
Period, commencing on the Trading Day next following the last previous
Exercise Date in such Offering Period and ending with the next Exercise
Date in such Offering Period, except that the first Purchase Period of
any Offering Period shall commence on the first Trading Day of such
Offering Period and end with the next Exercise Date. The first Purchase
Period of the first Offering Period under the Plan shall commence on
April 2, 2001 and shall end on August 31, 2001. Effective for Offering
Periods commencing on or after September 1, 2004, Purchase Periods
shall mean the approximately six-month period within the Offering
Period that commences on the Trading Day next following the last
previous Exercise
Date.

xxvi.    "Shares" shall mean
shares of the common stock, par value $.01 per share, of the
Company.

xxvii.    "Subsidiary" shall
mean any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the time of granting an
option, each of the corporations other than the last corporation in the
unbroken chain owns shares possessing fifty percent (50%) or
more of the total combined voting power of all classes of shares in one
of the other corporations in such
chain.

xxviii.    "Trading Day" shall
mean a day on which national stock exchanges and the NASDAQ system are
open for trading.

xxix.    "Year of
Service" shall mean each successive period of twelve
consecutive months (from an Employee's original employment date)
during which the Employee's hours of employment are 1,000 hours
or more.

3.    Eligibility.

a.    Subject to the
requirements of Section 3.b. hereof, any person who is an Employee as
of an Offering Date shall be eligible to participate in the Plan and be
granted an option for the Offering Period commencing on such Offering
Date.

b.    Notwithstanding any provisions of
the Plan to the contrary, no Employee shall be granted an option under
the Plan if, immediately after the grant, (i) such Employee (or any
other person whose shares would be attributed to such Employee pursuant
to Section 424(d) of the Code) would own shares and/or hold outstanding
options to purchase shares possessing five percent (5%) or more
of the total combined voting power or value of all classes of shares of
the Company or of any Subsidiary or Parent of the Company, or (ii) such
Employee's right to purchase shares under all employee stock
purchase plans (as described in Section 423 of the Code) of the Company
and any Subsidiary or Parent of the Company would accrue at a rate
which exceeds twenty-five thousand dollars ($25,000) of Fair Market
Value of such shares (determined at the time such option is granted)
for any calendar year in which such option would be outstanding at any
time. Any amounts received from an Employee which cannot be used to
purchase Shares as a result of this limitation will be returned as soon
as possible to the Employee without interest.

4.    Offering
Periods.    The Plan shall be implemented by a series of consecutive,
overlapping Offering Periods. The first such Offering Period shall
commence on the first Trading Day on or following April 1, 2001 and end
on the last Trading Day on or before February 28, 2003. Unless
otherwise determined by the Committee, each subsequent Offering Period
shall have a duration of two years, commencing on the first Trading Day
on or after March 1 and September 1 of each year. The Plan shall
continue until terminated in accordance with Section 19 hereof. Subject
to Section 19 hereof, the Committee shall have the power to change the
duration and/or the frequency of Offering Periods and/or Purchase
Periods with respect to future offerings and shall use its best efforts
to notify Employees of any such change at least 15 days prior to the
scheduled beginning of the first Offering Period to be affected. In no
event shall any option granted hereunder be exercisable more than 27
months from its date of grant. Effective for Post September 04 Offering
Periods, the Plan shall be implemented by consecutive six month
Offering Periods commencing on the first Trading Day on or after
September 1 and March 1 of each year.

With respect to Offering
Periods that are not Post September 04 Offering Periods, to the extent
permitted by any applicable laws, regulations, or stock exchange or
national or international quotation system rules, if the Fair Market
Value of the Shares on any Exercise Date in an Offering Period is lower
than the Fair Market Value of the Shares on the Offering Date of such
Offering Period, then all Participants in such Offering Period shall be
automatically withdrawn from such Offering Period immediately after the
exercise of their option on such Exercise Date and automatically
re-enrolled in the immediately following Offering Period as of the
first day thereof.

5.    Grant of Option; Participation;
Price.

a.    On each Offering Date the Company shall commence
an offering by granting each eligible Employee an option to purchase
Shares, subject to the limitations set forth in Sections 3.b., 7, and
11 hereof. Each option so granted shall be exercisable for the number
of Shares described in Section 8 hereof and shall be exercisable only
on the Exercise Date.

b.    Each eligible Employee may elect
to become a Participant in the Plan with respect to an Offering Period
by filing a subscription agreement with his or her Employer authorizing
payroll deductions in accordance with Section 6 hereof and filing it
with the Company or the Employer in accordance with the form's
instructions at least ten business days prior to the applicable
Offering Date, unless a later time for filing the subscription
agreement is set by the Committee for all Employees with respect to a
given offering. Such authorization will remain in effect for subsequent
Offering Periods, until modified or terminated by the Participant by
giving written notice to his or her Employer prior to the next
occurring Exercise Date. Additionally, a Participant may participate to
a greater extent by authorizing reinvestment of dividends on the Shares
held in his or her account (by giving written notice to the
Company).

c.    The option price per Share subject to an
offering shall be 85% of the Fair Market Value of a Share on (i)
the Offering Date or (ii) the Exercise Date, whichever is lower.

6.    Payroll Deductions.

a.    Subject to Section 5.b.
hereof, a Participant may, in accordance with rules and procedures
adopted by the Committee, authorize a payroll deduction of any whole
percentage from one percent to ten percent of such Participant's
Compensation each pay period (the permissible range within such
percentages to be determined by the Committee from time to time). A
Participant may increase or 

decrease such payroll deduction (including a
cessation of payroll deductions) at any time but not more frequently
than once each Purchase Period, by filing a new authorization form with
his or her Employer. All payroll deductions made by a Participant shall
be credited to such Participant's account under the Plan.

b.    Notwithstanding the foregoing, to the extent necessary to
comply with Section 423(b)(8) of the Code and Section 3.b. hereof, a
Participant's payroll deductions may be decreased to 0% at
any time during a Purchase Period. Payroll deductions shall
automatically recommence at the rate provided in such
Participant's subscription agreement (prior to the reduction) at
the start of the first Purchase Period commencing in the following
calendar year.

c.    A Participant may withdraw from the Plan
as provided in Section 9, which will terminate his or her payroll
deductions for the Purchase Period in which such withdrawal occurs. A
Participant may increase or decrease the rate (0-10%) of his or
her payroll deductions during an Offering Period by completing and
filing with the Employer a new subscription agreement authorizing a
change in the payroll deduction rate. The Committee may, in its
discretion, prevent or limit the number of rate changes by a
Participant during an Offering Period. A change in rate shall be
effective as of the next payroll period following the date of filing of
the new subscription agreement. If a Participant's payroll
deduction rate at the end of the Offering Period is 0%, such
Participant shall be required to increase the payroll deduction rate to
participate in any subsequent Offering Period.

7.    Exercise
of Option.

a.    Unless a Participant withdraws from the Plan
as provided in Section 9 hereof, or unless the Committee otherwise
provides, such Participant's election to purchase Shares shall be
exercised automatically on the Exercise Date, and the maximum number of
Shares (excluding any fractional Share) subject to such option will be
purchased for such Participant at the applicable option price with (i)
the accumulated payroll deductions and (ii) cash dividends paid on
Shares which have been credited to the Participant's account
under the Plan pursuant to Section 10 hereof. Notwithstanding the
foregoing, for Post September 04 Offering Periods, the maximum number
of shares that a Participant may exercise an option for shall be 1,500
Shares.

b.    Any cash balance remaining in a
Participant's account after an Exercise Date will be carried
forward to the Participant's account for the purchase of Shares
on the next Exercise Date if the Participant has elected to continue to
participate in the Plan. Otherwise the Participant will receive a cash
payment equal to the cash balance of his or her account.

c.    The Shares purchased upon exercise of an option hereunder
shall be credited to the Participant's account under the Plan as
of the Exercise Date and shall be deemed to be transferred to the
Participant on such date (except that no Shares purchased during the
first Offering Period hereunder shall be credited to the
Participant's account until payment of the aggregate option price
has been completed within the Offering Period). Except as otherwise
provided herein, the Participant shall have all rights of a shareholder
with respect to such Shares upon their being credited to the
Participant's account.

8.    Delivery of Shares.

a.    As promptly as practicable after receipt by the Company of a
written request for withdrawal of Shares from any Participant, the
Company shall arrange the delivery to such Participant of a share
certificate representing the Shares in the Participant's account
which the Participant requests to withdraw. Subject to Section 8.b.
hereof, withdrawals may be made no more frequently than once each
Offering Period. Shares received upon share dividends or share splits
shall be treated as having been purchased on the Exercise Date of the
Shares to which they relate.

b.    Notwithstanding anything in
Section 8.a. hereof to the contrary, Shares may be withdrawn by a
Participant more than once during an Offering Period under the
following circumstances: (i) within 60 days following a Change in
Control of the Company or (ii) upon the approval of the Committee, in
its sole discretion.

9.    Withdrawal; Termination of
Employment.

a.    A Participant may withdraw at any time all,
but not less than all, cash amounts in his or her account under the
Plan that have not been used to purchase Shares (including, without
limitation, the 

payroll deductions and cash dividends credited
to such Participant's account) by giving written notice to the
Company prior to the next occurring Exercise Date. All such payroll
deductions and cash dividends credited to such Participant's
account shall be paid to such Participant promptly after receipt of
such Participant's notice of withdrawal and such
Participant's option for the Offering Period in which the
withdrawal occurs shall be automatically terminated. No further payroll
deductions for the purchase of Shares will be made for such Participant
during such Offering Period, and any additional cash dividends during
the Offering Period shall be distributed to the Participant.

b.    Upon termination of a Participant's Continuous Status
as an Employee during the Offering Period for any reason, including
voluntary termination, retirement or death, the payroll deductions and
cash dividends credited to such Participant's account that have
not been used to purchase Shares (and, as to the first Offering Period,
any such amounts credited to the account for partial payment for Shares
as to which payment has not been completed) shall be returned (and any
future cash dividends shall be distributed) to such Participant or, in
the case of such Participant's death, to the person or persons
entitled thereto under Section 13 hereof, and such Participant's
option will be automatically terminated.

c.    A
Participant's withdrawal from an Offering Period will not have
any effect upon such Participant's eligibility to participate in
a succeeding Offering Period or in any similar plan which may hereafter
be adopted by the Company.

10.    Dividends and Interest.

a.    Cash dividends paid on Shares held in a Participant's
account shall be credited to such Participant's account and used
in addition to payroll deductions to purchase Shares on the Exercise
Date. Dividends paid in Shares or share splits of the Shares shall be
credited to the accounts of Participants. Dividends paid in property
other than cash or Shares shall be distributed to Participants as soon
as practicable.

b.    No interest shall accrue on or be
payable with respect to any cash amount credited to a Participant under
the Plan.

11.    Shares.

a.    Subject to adjustment
as provided in Section 17 hereof, the maximum number of Shares which
shall be reserved for sale under the Plan shall be 3,900,000 Shares,
plus an annual increase to be added on the first day of the
Company's fiscal year beginning in 2006 equal to the lesser of
(i) 400,000 Shares or (ii) such lesser amount determined by the
Committee (for years prior to 2006, the amount was 200,000 Shares).
Such Shares shall be either authorized and unissued Shares or Shares
which have been reacquired by the Company. If the total number of
Shares which would otherwise be subject to options granted pursuant to
Section 5.a. hereof on an Offering Date exceeds the number of Shares
then available under the Plan (after deduction of all Shares for which
options have been exercised or are then outstanding), the Committee
shall make a pro rata allocation of the Shares remaining available for
option grant in as uniform a manner as shall be practicable and as it
shall determine to be equitable. In such event, the Committee shall
give written notice to each Participant of such reduction of the number
of option Shares affected thereby and shall similarly reduce the rate
of payroll deductions, if necessary.

b.    Shares to be
delivered to a Participant under the Plan will be registered in the
name of the Participant or, at the election of the Participant, in the
name of the Participant and another person as joint tenants with rights
of survivorship.

12.    Administration.    The Plan shall be
administered by the Committee, and the Committee may select
administrator(s) to whom its duties and responsibilities hereunder may
be delegated. The Committee shall have full power and authority,
subject to the provisions of the Plan, to promulgate such rules and
regulations as it deems necessary for the proper administration of the
Plan, to interpret the provisions and supervise the administration of
the Plan, and to take all action in connection therewith or in relation
thereto as it deems necessary or advisable. Any decision reduced to
writing and signed by a majority of the members of the Committee shall
be fully effective as if it had been made at a meeting duly held.
Except as otherwise provided by the Committee, each Employer shall be
charged with all expenses incurred in the administration of the Plan
with respect to such Employer's Employees. No member of the

Committee shall be personally liable for any
action, determination, or interpretation made in good faith with
respect to the Plan, and all members of the Committee shall be fully
indemnified by the Company with respect to any such action,
determination or interpretation. All decisions, determinations and
interpretations of the Committee shall be final and binding on all
persons, including the Company, the Participant (or any person claiming
any rights under the Plan from or through any Participant) and any
shareholder.

13.    Designation of Beneficiary.

a.    A Participant may file with the Company, on forms supplied
by the Company, a written designation of a beneficiary who is to
receive any Shares and cash remaining in such Participant's
account under the Plan in the event of the Participant's
death.

b.    Such designation of beneficiary may be changed by
the Participant at any time by written notice to the Company, on forms
supplied by the Company. In the event of the death of a Participant and
in the absence of a beneficiary validly designated under the Plan who
is living at the time of such Participant's death, the Company
shall deliver such Shares and/or cash to the executor or administrator
of the estate of the Participant or, if no such executor or
administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such Shares and/or cash to the
spouse or to any one or more dependents or relatives of the Participant
in accordance with the applicable laws of descent and distribution, or
if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate.

14.    Transferability.    Neither payroll deductions, dividends
or dividend reinvestments credited to a Participant's account nor
any rights with regard to the exercise of an option or to receive
Shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way by the Participant (other than by
will, the laws of descent and distribution or as provided in Section 13
hereof). Any such attempt at assignment, transfer, pledge or other
disposition shall be without effect, except that the Company may treat
such act as an election to withdraw funds in accordance with Section 9
hereof.

15.    Use of Funds.    All payroll deductions,
dividends and reinvested dividends received or held by the Company
under the Plan may be used by the Company for any corporate purpose,
and the Company shall not be obligated to segregate such funds.

16.    Reports.    Individual accounts will be maintained for
each Participant in the Plan. Statements of account will be given to
Participants as soon as practicable following each Offering Period,
which statements will set forth the amounts of payroll deductions,
dividends and dividend reinvestments, the per Share purchase price, the
number of Shares purchased, the aggregate Shares in the
Participant's account and the remaining cash balance, if any.

17.    Effect of Certain Changes.    In the event of a Change in
Capitalization or the distribution of an extraordinary dividend, the
Committee shall conclusively determine the appropriate equitable
adjustments, if any, to be made under the Plan, including without
limitation adjustments to the number of Shares which have been
authorized for issuance under the Plan but have not yet been placed
under option, as well as the price per Share covered by each option
under the Plan which has not yet been exercised. In the event of a
Change in Control of the Company, Offering Periods shall terminate
unless otherwise provided by the Committee.

18.    Term of
Plan.    Subject to the Board's right to discontinue the Plan
(and thereby end its Term) pursuant to Section 19 hereof, the Term of
the Plan (and its last Offering Period) shall end on the tenth
anniversary of the commencement of the first Offering Period. Upon any
discontinuance of the Plan, unless the Committee shall determine
otherwise, any assets remaining in the Participants' accounts
under the Plan shall be delivered to the respective Participant (or the
Participant's legal representative) as soon as practicable.

19.    Amendment to and Discontinuance of Plan.    The Board may
at any time amend, suspend or discontinue the Plan. Except as provided
in Section 17 hereof, no such suspension or discontinuance may
adversely affect options previously granted and no amendment may make
any change in any option theretofore granted which adversely affects
the rights of any Participant which accrued prior to the date

of effectiveness of such amendment without the
consent of such Participant. No amendment shall be effective unless it
receives the requisite approval of the shareholders of the Company if
such shareholder approval of such amendment is required to comply with
Rule 16b-3 under the Exchange Act or Section 423 of the Code or to
comply with any other applicable law, regulation or stock exchange or
national or international quotation system rule.

20.    Notices.    All notices or other communications by a
Participant to the Company under or in connection with the Plan shall
be deemed to have been duly given when received in the form specified
by the Company at the location, or by the person, designated by the
Company for the receipt thereof.

21.    Regulations and Other
Approvals; Governing Law.

a.    This Plan and the rights of
all persons claiming hereunder shall be construed and determined in
accordance with the laws of the State of Delaware without giving effect
to the choice of law principles thereof, except to the extent that such
law is preempted by federal law.

b.    The obligation of the
Company to sell or deliver Shares with respect to options granted under
the Plan shall be subject to all applicable laws, rules and
regulations, including all applicable federal and state securities
laws, and the obtaining of all such approvals by governmental agencies
as may be deemed necessary or appropriate by the Committee.

c.    To the extent applicable hereto, the Plan is intended to
comply with Rule 16b-3 under the Exchange Act, and the Committee shall
interpret and administer the provisions of the Plan in a manner
consistent therewith. Any provisions inconsistent with such Rule shall
be inoperative and shall not affect the validity of the Plan.

22.    Withholding of Taxes.    If the Participant makes a
disposition, within the meaning of Section 424(c) of the Code and
regulations promulgated thereunder, of any Share or Shares issued to
such Participant pursuant to such Participant's exercise of an
option, and such disposition occurs within the two-year period
commencing on the day after the Offering Date or within the one-year
period commencing on the day after the Exercise Date, such Participant
shall, within ten (10) days of such disposition, notify the Company
thereof and thereafter immediately deliver to the Company any amount of
Federal, state or local income taxes and other amounts which the
Company informs the Participant the Company is required to
withhold.

23.    Effective Date.    The Plan shall be
effective as of April 1, 2001, subject to the approval of the Plan by
the shareholders of the Company within 12 months before or after the
date the Plan is adopted.

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