Document:

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                                  Exhibit 10.1

                                 NARROWSTEP INC.

                                 2004 STOCK PLAN

        1. PURPOSES OF THE PLAN. The purposes of this Plan are:

        o       to attract and retain the best available personnel for positions
                of substantial responsibility,
        o       to provide additional incentive to Employees, Directors and
                Consultants, and
        o       to promote the success of the Company's business.

        The Plan permits the grant of Incentive Stock Options, Nonstatutory
Stock Options, Restricted Stock, Stock Appreciation Rights, Restricted Stock
Units, Performance Units, Performance Shares and Other Stock Based Awards.

        2. DEFINITIONS. As used herein, the following definitions will apply:

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

                (b) "APPLICABLE LAWS" means the requirements relating to the
        administration of equity-based awards or equity compensation plans under
        U.S. state corporate laws, U.S. federal and state securities laws, the
        Code, any stock exchange or quotation system on which the Common Stock
        is listed or quoted and the applicable laws of any foreign country or
        jurisdiction where Awards are, or will be, granted under the Plan.

                (c) "AWARD" means, individually or collectively, a grant under
        the Plan of Options, SARs, Restricted Stock, Restricted Stock Units,
        Performance Units, Performance Shares or Other Stock Based Awards.

                (d) "AWARD AGREEMENT" means the written or electronic agreement
        setting forth the terms and provisions applicable to each Award granted
        under the Plan. The Award Agreement is subject to the terms and
        conditions of the Plan.

                (e) "AWARD TRANSFER PROGRAM" means any program instituted by the
        Administrator which would permit Participants the opportunity to
        transfer any outstanding Awards to a financial institution or other
        person or entity selected by the Administrator.

                (f) "AWARDED STOCK" means the Common Stock subject to an Award.

                (g) "BOARD" means the Board of Directors of the Company.

                (h) "CHANGE IN CONTROL" means the occurrence of any of the
        following events:

                        (i) Any "person" (as such term is used in Sections 13(d)
                and 14(d) of the Exchange Act) becomes the "beneficial owner"
                (as defined in Rule 13d-3 of the Exchange Act), directly or
                indirectly, of securities of the Company representing fifty
                percent (50%) or more of the total voting power represented by
                the Company's then outstanding voting securities and within
                three (3) years from the date of such acquisition, a merger or
                consolidation of the Company with or into the person (or
                affiliate thereof) holding such beneficial ownership of
                securities of the Company is consummated; or

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

                        (iii) A change in the composition of the Board occurring
                within a two-year period, as a result of which fewer than a
                majority of the directors are Incumbent

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                Directors. "Incumbent Directors" means directors who either (A)
                are Directors as of the effective date of the Plan, or (B) are
                elected, or nominated for election, to the Board with the
                affirmative votes of at least a majority of the Incumbent
                Directors at the time of such election or nomination (but will
                not include an individual whose election or nomination is in
                connection with an actual or threatened proxy contest relating
                to the election of directors to the Company); or

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

        For purposes of this Section, "affiliate" will mean, with respect to any
specified person, any other person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control
with, such specified person ("control," "controlled by" and "under common
control with" will mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a person,
whether through ownership of voting securities, by contact or credit
arrangement, as trustee or executor, or otherwise).

                (i) "CODE" means the Internal Revenue Code of 1986, as amended.
        Any reference to a section of the Code herein will be a reference to any
        successor or amended section of the Code.

                (j) "COMMITTEE" means a committee of Directors or other
        individuals satisfying Applicable Laws appointed by the Board in
        accordance with Section 4 of the Plan.

                (k) "COMMON STOCK" means the Class A Common Stock of the
        Company, or in the case of Performance Units and certain Other Stock
        Based Awards, the cash equivalent thereof.

                (l) "COMPANY" means Narrowstep Inc., a Delaware corporation, or
        any successor thereto.

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

                (n) "RESTRICTED STOCK UNIT" means an Award that the
        Administrator permits to be paid in instalments or on a deferred basis
        pursuant to Sections 4 and 11 of the Plan.

                (o) "DIRECTOR" means a member of the Board.

                (p) "DISABILITY" means total and permanent disability as defined
        in Section 22(e)(3) of the Code, provided that in the case of Awards
        other than Incentive Stock Options, the Administrator in its discretion
        may determine whether a permanent and total disability exists in
        accordance with uniform and non-discriminatory standards adopted by the
        Administrator from time to time.

                (q) "DIVIDEND EQUIVALENT" means a credit, made at the discretion
        of the Administrator, to the account of a Participant in an amount equal
        to the cash dividends paid on one Share for each Share represented by an
        Award held by such Participant.

                (r) "EMPLOYEE" means any person, including Officers and
        Directors, employed by the Company or any Parent or Subsidiary of the
        Company. Neither service as a Director nor payment of a director's fee
        by the Company will be sufficient to constitute "employment" by the
        Company.

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                (s) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
        amended.

                (t) "EXCHANGE PROGRAM" means a program under which (i)
        outstanding Awards are surrendered or cancelled in exchange for Awards
        of the same type (which may have lower exercise prices and different
        terms), Awards of a different type, and/or cash, and/or (ii) the
        exercise price of an outstanding Award is reduced. The terms and
        conditions of any Exchange Program will be determined by the
        Administrator in its sole discretion.

                (u) "FAIR MARKET VALUE" means, as of any date and unless the
        Administrator determines otherwise, the value of Common Stock determined
        as follows:

                        (i) If the Common Stock is listed on any established
                stock exchange or a national market system, including without
                limitation the Nasdaq National Market or The Nasdaq SmallCap
                Market of The Nasdaq Stock Market, its Fair Market Value will be
                the closing sales price for such stock (or the closing bid, if
                no sales were reported) as quoted on such exchange or system for
                the day of determination, as reported in THE WALL STREET JOURNAL
                or such other source as the Administrator deems reliable;

                        (ii) If the Common Stock is regularly quoted by a
                recognized securities dealer but selling prices are not
                reported, the Fair Market Value of a Share of Common Stock will
                be the mean between the high bid and low asked prices for the
                Common Stock for the day of determination, as reported in THE
                WALL STREET JOURNAL or such other source as the Administrator
                deems reliable; or

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

                        (iv) Notwithstanding the preceding, for federal, state,
                and local income tax reporting purposes and for such other
                purposes as the Administrator deems appropriate, the Fair Market
                Value shall be determined by the Administrator in accordance
                with uniform and non-discriminatory standards adopted by it from
                time to time.

                (v) "FISCAL YEAR" means the fiscal year of the Company.

                (w) "INCENTIVE STOCK OPTION" means an Option intended to qualify
        as an incentive stock option within the meaning of Section 422 of the
        Code and the regulations promulgated thereunder.

                (x) "NONSTATUTORY STOCK OPTION" means an Option that by its
        terms does not qualify or is not intended to qualify as an Incentive
        Stock Option.

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

                (z) "OPTION" means a stock option granted pursuant to the Plan.

                (aa) "OTHER STOCK BASED AWARDS" means any other awards not
        specifically described in the Plan that are valued in whole or in part
        by reference to, or are otherwise based on, Shares and are created by
        the Administrator pursuant to Section 12.

                (bb) "OUTSIDE DIRECTOR" means a Director who is not an Employee.

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

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                (dd) "PARTICIPANT" means the holder of an outstanding Award
        granted under the Plan.

                (ee) "PERFORMANCE SHARE" means an Award granted to a Service
        Provider pursuant to Section 10 of the Plan.

                (ff) "PERFORMANCE UNIT" means an Award granted to a Service
        Provider pursuant to Section 10 of the Plan.

                (gg) "PERIOD OF RESTRICTION" means the period during which the
        transfer of Shares of Restricted Stock are subject to restrictions and
        therefore, the Shares are subject to a substantial risk of forfeiture.
        Such restrictions may be based on the passage of time, the achievement
        of target levels of performance, or the occurrence of other events as
        determined by the Administrator.

                (hh) "PLAN" means this 2004 Stock Plan.

                (ii) "RESTRICTED STOCK" means shares of Common Stock issued
        pursuant to a Restricted Stock award under Section 8, Section 11 or
        Section 12 of the Plan or issued pursuant to the early exercise of an
        Option.

                (jj) "RULE 16B-3" means Rule 16b-3 of the Exchange Act or any
        successor to Rule 16b-3, as in effect when discretion is being exercised
        with respect to the Plan.

                (kk) "SECTION 16(B)" means Section 16(b) of the Exchange Act.

                (ll) "SERVICE PROVIDER" means an Employee, Director or
        Consultant.

                (mm) "SHARE" means a share of the Common Stock, as adjusted in
        accordance with Section 15 of the Plan.

                (nn) "STOCK APPRECIATION RIGHT" or "SAR" means an Award, granted
        alone or in connection with an Option, that pursuant to Section 9 of the
        Plan is designated as a SAR.

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

                (pp) "UNVESTED AWARDS" shall mean Options or Restricted Stock
        that (i) were granted to an individual in connection with such
        individual's position as a Service Provider and (ii) are still subject
        to vesting or lapsing of Company repurchase rights or similar
        restrictions.

        3. STOCK SUBJECT TO THE PLAN.

                (a) STOCK SUBJECT TO THE PLAN. Subject to the provisions of
        Section 15 of the Plan, the maximum aggregate number of Shares that may
        be issued under the Plan is 27,000,000. No more than 5,000,000 Shares
        may be the subject of Awards to any Participant during any calendar
        year. The Shares may be authorized, but unissued, or reacquired Common
        Stock. Shares shall not be deemed to have been issued pursuant to the
        Plan with respect to any portion of an Award that is settled in cash.
        Upon payment in Shares pursuant to the exercise of an Award, the number
        of Shares available for issuance under the Plan shall be reduced only by
        the number of Shares actually issued in such payment. If a Participant
        pays the exercise price (or purchase price, if applicable) of an Award
        through the tender of Shares, or if Shares are tendered or withheld to
        satisfy any Company withholding obligations, the number of Shares so
        tendered or withheld shall again be available for issuance pursuant to
        future Awards under the Plan. Notwithstanding anything in the Plan, or
        any Award Agreement to the contrary, Shares attributable to Awards
        transferred under any Award Transfer Program shall not be again
        available for grant under the Plan.

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                (b) LAPSED AWARDS. If any outstanding Award expires or is
        terminated or cancelled without having been exercised or settled in
        full, or if Shares acquired pursuant to an Award subject to forfeiture
        or repurchase are forfeited or repurchased by the Company, the Shares
        allocable to the terminated portion of such Award or such forfeited or
        repurchased Shares shall again be available for grant under the Plan.

        4. ADMINISTRATION OF THE PLAN.

                (a) PROCEDURE.

                        (i) MULTIPLE ADMINISTRATIVE BODIES. Different Committees
                with respect to different groups of Service Providers may
                administer the Plan.

                        (ii) SECTION 162(M). To the extent that the
                Administrator determines it to be desirable and necessary to
                qualify Awards granted hereunder as "performance-based
                compensation" within the meaning of Section 162(m) of the Code,
                the Plan will be administered by a Committee of two or more
                "outside directors" within the meaning of Section 162(m) of the
                Code.

                        (iii) RULE 16B-3. To the extent desirable to qualify
                transactions hereunder as exempt under Rule 16b-3, the
                transactions contemplated hereunder will be structured to
                satisfy the requirements for exemption under Rule 16b-3.

                        (iv) OTHER ADMINISTRATION. Other than as provided above,
                the Plan will be administered by (A) the Board or (B) a
                Committee, which committee will be constituted to satisfy
                Applicable Laws.

                        (v) DELEGATION OF AUTHORITY FOR DAY-TO-DAY
                ADMINISTRATION. Except to the extent prohibited by Applicable
                Law, the Administrator may delegate to one or more individuals
                the day-to-day administration of the Plan and any of the
                functions assigned to it in this Plan. Such delegation may be
                revoked at any time.

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

                        (i) to determine the Fair Market Value;

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

                        (iii) to determine the number of Shares to be covered by
                each Award granted hereunder;

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

                        (v) to determine the terms and conditions, not
                inconsistent with the terms of the Plan, of any Award granted
                hereunder. Such terms and conditions include, but are not
                limited to, the exercise price, the time or times when Awards
                may be exercised (which may be based on performance criteria),
                any vesting acceleration or waiver of forfeiture or repurchase
                restrictions, and any restriction or limitation regarding any
                Award or the Shares relating thereto, based in each case on such
                factors as the Administrator, in its sole discretion, will
                determine;

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

                        (vii) to institute an Exchange Program;

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                        (viii) to construe and interpret the terms of the Plan
                and Awards granted pursuant to the Plan;

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

                        (x) to modify or amend each Award (subject to Section
                18(c) of the Plan), including the discretionary authority to
                extend the post-termination exercisability period of Awards
                longer than is otherwise provided for in the Plan;

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

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

                        (xiii) to allow a Participant to defer the receipt of
                the payment of cash or the delivery of Shares that would
                otherwise be due to such Participant under an Award;

                        (xiv) to implement an Award Transfer Program;

                        (xv) to determine whether Awards will be settled in
                Shares, cash or in any combination thereof;

                        (xvi) to determine whether Awards will be adjusted for
                Dividend Equivalents;

                        (xvii) to create Other Stock Based Awards for issuance
                under the Plan;

                        (xviii) to establish a program whereby Service Providers
                designated by the Administrator can reduce compensation
                otherwise payable in cash in exchange for Awards under the Plan;

                        (xix) to impose such restrictions, conditions or
                limitations as it determines appropriate as to the timing and
                manner of any resale by a Participant or other subsequent
                transfers

                by the Participant of any Shares issued as a result of or under
                an Award, including without limitation, (A) restrictions under
                an insider trading policy, and (B) restrictions as to the use of
                a specified brokerage firm for such resale or other transfers;
                and

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

                (c) EFFECT OF ADMINISTRATOR'S DECISION. The Administrator's
        decisions, determinations and interpretations will be final and binding
        on all Participants and any other holders of Awards.

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        5. ELIGIBILITY. Nonstatutory Stock Options, Restricted Stock, Stock
Appreciation Rights, Performance Units, Performance Shares, Restricted Stock
Units and Other Stock Based Awards may be granted to Service Providers.
Incentive Stock Options may be granted only to Employees.

        6. LIMITATIONS.

                (a) ISO $100,000 RULE. Each Option will be designated in the
        Award Agreement as either an Incentive Stock Option or a Nonstatutory
        Stock Option. However, notwithstanding such designation, to the extent
        that the aggregate Fair Market Value of the Shares with respect to which
        Incentive Stock Options are exercisable for the first time by the
        Participant during any calendar year (under all plans of the Company and
        any Parent or Subsidiary) exceeds $100,000, such Options will be treated
        as Nonstatutory Stock Options. For purposes of this Section 6(a),
        Incentive Stock Options will be taken into account in the order in which
        they were granted. The Fair Market Value of the Shares will be
        determined as of the time the Option with respect to such Shares is
        granted.

                (b) NO RIGHTS AS A SERVICE PROVIDER. Neither the Plan nor any
        Award shall confer upon a Participant any right with respect to
        continuing his or her relationship as a Service Provider, nor shall they
        interfere in any way with the right of the Participant or the right of
        the Company or its Parent or Subsidiaries to terminate such relationship
        at any time, with or without cause.

        7. STOCK OPTIONS.

                (a) TERM OF OPTION. The term of each Option will be stated in
        the Award Agreement. In the case of an Incentive Stock Option, the term
        will be ten (10) years from the date of grant or such shorter term as
        may be provided in the Award Agreement. Moreover, in the case of an
        Incentive Stock Option granted to a Participant who, at the time the
        Incentive Stock Option is granted, owns stock representing more than ten
        percent (10%) of the total combined voting power of all classes of stock
        of the Company or any Parent or Subsidiary, the term of the Incentive
        Stock Option will be five (5) years from the date of grant or such
        shorter term as may be provided in the Award Agreement.

                (b) OPTION EXERCISE PRICE AND CONSIDERATION.

                        (i) EXERCISE PRICE. The per Share exercise price for the
                Shares to be issued pursuant to exercise of an Option will be
                determined by the Administrator, subject to the following:

                                (1) In the case of an Incentive Stock Option

                                        (A) granted to an Employee who, at the
                                time the Incentive Stock Option is granted, owns
                                stock representing more than ten percent (10%)
                                of the voting power of all classes of stock of
                                the Company or any Parent or Subsidiary, the per
                                Share exercise price will be no less than 110%
                                of the Fair Market Value per Share on the date
                                of grant.

                                        (B) granted to any Employee other than
                                an Employee described in paragraph (A)
                                immediately above, the per Share exercise price
                                will be no less than 100% of the Fair Market
                                Value per Share on the date of grant.

                                (2) In the case of a Nonstatutory Stock Option,
                        the per Share exercise price will be determined by the
                        Administrator. In the case of a Nonstatutory Stock
                        Option intended to qualify as "performance-based
                        compensation" within the meaning of Section 162(m) of
                        the Code, the per Share exercise price will be no less
                        than 100% of the Fair Market Value per Share on the date
                        of grant.

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                                (3) Notwithstanding the foregoing, Incentive
                        Stock Options may be granted with a per Share exercise
                        price of less than 100% of the Fair Market Value per
                        Share on the date of grant pursuant to a merger or other
                        corporate transaction.

                        (ii) WAITING PERIOD AND EXERCISE DATES. At the time an
                Option is granted, the Administrator will fix the period within
                which the Option may be exercised and will determine any
                conditions that must be satisfied before the Option may be
                exercised.

        (c) FORM OF CONSIDERATION. The Administrator will determine the
acceptable form of consideration for exercising an Option, including the method
of payment. In the case of an Incentive Stock Option, the Administrator will
determine the acceptable form of consideration at the time of grant. Such
consideration to the extent permitted by Applicable Laws may consist entirely
of:

                        (i) cash;

                        (ii) check;

                        (iii) promissory note;

                        (iv) other Shares which meet the conditions established
                by the Administrator to avoid adverse accounting consequences
                (as determined by the Administrator);

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

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

                        (vii) any combination of the foregoing methods of
                payment; or

                        (viii) such other consideration and method of payment
                for the issuance of Shares to the extent permitted by Applicable
                Laws.

        (d) EXERCISE OF OPTION.

                        (i) PROCEDURE FOR EXERCISE; RIGHTS AS A STOCKHOLDER. Any
                Option granted hereunder will be exercisable according to the
                terms of the Plan and at such times and under such conditions as
                determined by the Administrator and set forth in the Award
                Agreement. An Option may not be exercised for a fraction of a
                Share.

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

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                is prior to the date the Shares are issued, except as provided
                in Section 15 of the Plan or the applicable Award Agreement.

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

                        (ii) TERMINATION OF RELATIONSHIP AS A SERVICE PROVIDER.
                If a Participant ceases to be a Service Provider, other than
                upon the Participant's death or Disability, the Participant may
                exercise his or her Option within such period of time as is
                specified in the Award Agreement to the extent that the Option
                is vested on the date of termination (but in no event later than
                the expiration of the term of such Option as set forth in the
                Award Agreement). In the absence of a specified time in the
                Award Agreement, the Option will remain exercisable for three
                (3) months following the Participant's termination. Unless
                otherwise provided by the Administrator, if on the date of
                termination the Participant is not vested as to his or her
                entire Option, the Shares covered by the unvested portion of the
                Option will revert to the Plan on the date one (1) month
                following the Participant's termination. If after termination
                the Participant does not exercise his or her Option within the
                time specified by the Administrator, the Option will terminate,
                and the Shares covered by such Option will revert to the Plan.

                        (iii) DISABILITY OF PARTICIPANT. If a Participant ceases
                to be a Service Provider as a result of the Participant's
                Disability, the Participant may exercise his or her Option
                within such period of time as is specified in the Award
                Agreement to the extent the Option is vested on the date of
                termination (but in no event later than the expiration of the
                term of such Option as set forth in the Award Agreement). In the
                absence of a specified time in the Award Agreement, the Option
                will remain exercisable for twelve (12) months following the
                Participant's termination.

                Unless otherwise provided by the Administrator, if on the date
                of termination the Participant is not vested as to his or her
                entire Option, the Shares covered by the unvested portion of the
                Option will revert to the Plan on the date one (1) month
                following the Participant's termination. If after termination
                the Participant does not exercise his or her Option within the
                time specified herein, the Option will terminate, and the Shares
                covered by such Option will revert to the Plan.

                        (iv) DEATH OF PARTICIPANT. If a Participant dies while a
                Service Provider, the Option may be exercised following the
                Participant's death within such period of time as is specified
                in the Award Agreement to the extent that the Option is vested
                on the date of death (but in no event may the option be
                exercised later than the expiration of the term of such Option
                as set forth in the Award Agreement), by the Participant's
                designated beneficiary, provided such beneficiary has been
                designated prior to Participant's death in a form acceptable to
                the Administrator. If no such beneficiary has been designated by
                the Participant, then such Option may be exercised by the
                personal representative of the Participant's estate or by the
                person(s) to whom the Option is transferred pursuant to the
                Participant's will or in accordance with the laws of descent and
                distribution. In the absence of a specified time in the Award
                Agreement, the Option will remain exercisable for twelve (12)
                months following Participant's death. Unless otherwise provided
                by the Administrator, if at the time of death Participant is not
                vested as to his or her entire Option, the Shares covered by the
                unvested portion of the Option will immediately revert to the
                Plan on the date one (1) month following the Participant's
                death. If the Option is not so exercised within the time
                specified herein, the Option will terminate, and the Shares
                covered by such Option will revert to the Plan.

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

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        8. RESTRICTED STOCK.

                (a) GRANT OF RESTRICTED STOCK. Subject to the terms and
        provisions of the Plan, the Administrator, at any time and from time to
        time, may grant Shares of Restricted Stock to Service Providers in such
        amounts as the Administrator, in its sole discretion, will determine.

                (b) RESTRICTED STOCK AGREEMENT. Each Award of Restricted Stock
        will be evidenced by an Award Agreement that will specify the Period of
        Restriction, the number of Shares granted, and such other terms and
        conditions as the Administrator, in its sole discretion, will determine.
        Unless the Administrator determines otherwise, Shares of Restricted
        Stock will be held by the Company as escrow agent until the restrictions
        on such Shares have lapsed.

                (c) TRANSFERABILITY. Except as provided in this Section 8,
        Shares of Restricted Stock may not be sold, transferred, pledged,
        assigned, or otherwise alienated or hypothecated until the end of the
        applicable Period of Restriction.

                (d) OTHER RESTRICTIONS. The Administrator, in its sole
        discretion, may impose such other restrictions on Shares of Restricted
        Stock as it may deem advisable or appropriate.

                (e) REMOVAL OF RESTRICTIONS. Except as otherwise provided in
        this Section 8, Shares of Restricted Stock covered by each Restricted
        Stock grant made under the Plan will be

        released from escrow as soon as practicable after the last day of the
        Period of Restriction. The Administrator, in its discretion, may
        accelerate the time at which any restrictions will lapse or be removed.

                (f) VOTING RIGHTS. During the Period of Restriction, Service
        Providers holding Shares of Restricted Stock granted hereunder may
        exercise full voting rights with respect to those Shares, unless the
        Administrator determines otherwise.

                (g) DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of
        Restriction, Service Providers holding Shares of Restricted Stock will
        be entitled to receive all dividends and other distributions paid with
        respect to such Shares unless otherwise provided in the Award Agreement.
        If any such dividends or distributions are paid in Shares, the Shares
        will be subject to the same restrictions on transferability and
        forfeitability as the Shares of Restricted Stock with respect to which
        they were paid.

                (h) RETURN OF RESTRICTED STOCK TO COMPANY. On the date set forth
        in the Award Agreement, the Restricted Stock for which restrictions have
        not lapsed will revert to the Company and again will become available
        for grant under the Plan.

        9. STOCK APPRECIATION RIGHTS.

                (a) GRANT OF SARS. Subject to the terms and conditions of the
        Plan, a SAR may be granted to Service Providers at any time and from
        time to time as will be determined by the Administrator, in its sole
        discretion.

                (b) NUMBER OF SHARES. The Administrator will have complete
        discretion to determine the number of SARs granted to any Service
        Provider.

                (c) EXERCISE PRICE AND OTHER TERMS. The Administrator, subject
        to the provisions of the Plan, will have complete discretion to
        determine the terms and conditions of SARs granted under the Plan.

                                  Page 10 of 15
<PAGE>

                (d) EXERCISE OF SARS. SARs will be exercisable on such terms and
        conditions as the Administrator, in its sole discretion, will determine.

                (e) SAR AGREEMENT. Each SAR grant will be evidenced by an Award
        Agreement that will specify the exercise price, the term of the SAR, the
        conditions of exercise, and such other terms and conditions as the
        Administrator, in its sole discretion, will determine.

                (f) EXPIRATION OF SARS. An SAR granted under the Plan will
        expire upon the date determined by the Administrator, in its sole
        discretion, and set forth in the Award Agreement. Notwithstanding the
        foregoing, the rules of Sections 7(d)(ii), 7(d)(iii) and 7(d)(iv) also
        will apply to SARs.

                (g) PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a
        Participant will be entitled to receive payment from the Company in an
        amount determined by multiplying:

                        (i) The difference between the Fair Market Value of a
                Share on the date of exercise over the exercise price; times

                        (ii) The number of Shares with respect to which the SAR
                is exercised.

                At the discretion of the Administrator, the payment upon SAR
        exercise may be in cash, in Shares of equivalent value, or in some
        combination thereof.

                (h) BUYOUT PROVISIONS. The Administrator may at any time offer
        to buy out for a payment in cash or Shares a Stock Appreciation Right
        previously granted based on such terms and conditions as the
        Administrator shall establish and communicate to the Participant at the
        time that such offer is made.

        10. PERFORMANCE UNITS AND PERFORMANCE SHARES.

                (a) GRANT OF PERFORMANCE UNITS/SHARES. Subject to the terms and
        conditions of the Plan, Performance Units and Performance Shares may be
        granted to Service Providers at any time and from time to time, as will
        be determined by the Administrator, in its sole discretion. The
        Administrator will have complete discretion in determining the number of
        Performance Units and Performance Shares granted to each Participant.

                (b) VALUE OF PERFORMANCE UNITS/SHARES. Each Performance Unit
        will have an initial value that is established by the Administrator on
        or before the date of grant. Each Performance Share will have an initial
        value equal to the Fair Market Value of a Share on the date of grant.

                (c) PERFORMANCE OBJECTIVES AND OTHER TERMS. The Administrator
        will set performance objectives in its discretion which, depending on
        the extent to which they are met, will determine the number or value of
        Performance Units/Shares that will be paid out to the Service Providers.
        The time period during which the performance objectives must be met will
        be called the "Performance Period." Each Award of Performance
        Units/Shares will be evidenced by an Award Agreement that will specify
        the Performance Period, and such other terms and conditions as the
        Administrator, in its sole discretion, will determine. The Administrator
        may set performance objectives based upon the achievement of
        Company-wide, divisional, or individual goals, applicable federal or
        state securities laws, or any other basis determined by the
        Administrator in its discretion.

                (d) EARNING OF PERFORMANCE UNITS/SHARES. After the applicable
        Performance Period has ended, the holder of Performance Units/Shares
        will be entitled to receive a payout of the number of Performance
        Units/Shares earned by the Participant over the Performance Period, to
        be determined as a function of the extent to which the corresponding
        performance objectives have been achieved. After the grant of a

                                  Page 11 of 15
<PAGE>

        Performance Unit/Share, the Administrator, in its sole discretion, may
        reduce or waive any performance objectives for such Performance
        Unit/Share.

                (e) FORM AND TIMING OF PAYMENT OF PERFORMANCE UNITS/SHARES.
        Payment of earned Performance Units/Shares will be made as soon after
        the expiration of the applicable Performance Period at the time
        determined by the Administrator. The Administrator, in its sole
        discretion, may pay earned Performance Units/Shares in the form of cash,
        in Shares (which have an aggregate Fair Market Value equal to the value
        of the earned Performance Units/Shares at the close of the applicable
        Performance Period) or in a combination thereof.

                (f) CANCELLATION OF PERFORMANCE UNITS/SHARES. On the date set
        forth in the Award Agreement, all unearned or unvested Performance
        Units/Shares will be forfeited to the Company, and again will be
        available for grant under the Plan.

        11. RESTRICTED STOCK UNITS. Restricted Stock Units shall consist of a
Restricted Stock, Performance Share or Performance Unit Award that the
Administrator, in its sole discretion permits to be paid out in installments or
on a deferred basis, in accordance with rules and procedures established by the
Administrator.

        12. OTHER STOCK BASED AWARDS. Other Stock Based Awards may be granted
either alone, in addition to, or in tandem with, other Awards granted under the
Plan and/or cash awards made outside of the Plan. The Administrator shall have
authority to determine the Service Providers to whom and the time or times at
which Other Stock Based Awards shall be made, the amount of such Other Stock
Based Awards, and all other conditions of the Other Stock Based Awards including
any dividend and/or voting rights.

        13. LEAVES OF ABSENCE. Unless the Administrator provides otherwise,
vesting of Awards granted hereunder will be suspended during any unpaid leave of
absence and will resume on the date the Participant returns to work on a regular
schedule as determined by the Company; provided, however, that no vesting credit
will be awarded for the time vesting has been suspended during such leave of
absence. A Service Provider will not cease to be an Employee in the case of (i)
any leave of absence approved by the Company or (ii) transfers between locations
of the Company or between the Company, its Parent, or any Subsidiary. For
purposes of Incentive Stock Options, no such leave may exceed ninety (90) days,
unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the
Company is not so guaranteed, then three months following the 91st day of such
leave any Incentive Stock Option held by the Participant will cease to be
treated as an Incentive Stock Option and will be treated for tax purposes as a
Nonstatutory Stock Option.

        14. NON-TRANSFERABILITY OF AWARDS. Unless determined otherwise by the
Administrator, an Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award will contain such additional terms and conditions as
the Administrator deems appropriate.

        15. ADJUSTMENTS; DISSOLUTION OR LIQUIDATION; MERGER OR CHANGE IN
CONTROL.

                (a) ADJUSTMENTS. In the event that any dividend or other
        distribution (whether in the form of cash, Shares, other securities, or
        other property), recapitalization, stock split, reverse stock split,
        reorganization, merger, consolidation, split-up, spin-off, combination,
        repurchase, or exchange of Shares or other securities of the Company, or
        other change in the corporate structure of the Company affecting the
        Shares occurs such that an adjustment is determined by the Administrator
        (in its sole discretion) to be appropriate in order to prevent dilution
        or enlargement of the benefits or potential benefits intended to be made
        available under the Plan, then the Administrator shall, in such manner
        as it may deem equitable, adjust the number and class of Shares which
        may be delivered under the Plan, and the number, class, and price of
        Shares subject to outstanding

                                  Page 12 of 15
<PAGE>

        Awards. Notwithstanding the preceding, the number of Shares subject to
        any Award always shall be a whole number.

                (b) DISSOLUTION OR LIQUIDATION. In the event of the proposed
        dissolution or liquidation of the Company, the Administrator will notify
        each Participant as soon as practicable prior to the effective date of
        such proposed transaction. The Administrator in its discretion may
        provide for a Participant to have the right to exercise his or her
        Award, to the extent applicable, until ten (10) days prior to such
        transaction as to all of the Awarded Stock covered thereby, including
        Shares as to which the Award would not otherwise be exercisable. In
        addition, the Administrator may provide that any Company repurchase
        option or forfeiture rights applicable to any Award shall lapse 100%,
        and that any Award vesting shall accelerate 100%, provided the proposed
        dissolution or liquidation takes place at the time and in the manner
        contemplated. To the extent it has not been previously exercised or
        vested, an Award will terminate immediately prior to the consummation of
        such proposed action.

                (c) MERGER OR CHANGE IN CONTROL.

                        (i) STOCK OPTIONS AND SARS. In the event of a merger or
                Change in Control, each outstanding Option and SAR shall be
                assumed or an equivalent option or SAR substituted by the
                successor corporation or a Parent or Subsidiary of the successor
                corporation. With respect to Options and SARs granted to an
                Outside Director that are assumed or substituted for, if
                immediately prior to or after the merger or Change in Control
                the Participant's status as a Director or a director of the
                successor corporation, as applicable, is terminated other than
                upon a voluntary resignation by the Participant, then the
                Participant shall fully vest in and have the right to exercise
                such Options and SARs as to all of the Awarded Stock, including
                Shares as to which it would not otherwise be vested or
                exercisable. Unless determined otherwise by the Administrator,
                in the event that the successor corporation refuses to assume or
                substitute for the Option or SAR, the Participant shall fully
                vest in and have the right to exercise the Option or SAR as to
                all of the Awarded Stock, including Shares as to which it would
                not otherwise be vested or exercisable. If an Option or SAR is
                not assumed or substituted in the event of a merger or Change in
                Control, the Administrator shall notify the Participant in
                writing or electronically that the Option or SAR shall be
                exercisable, to the extent vested, for a period of up to fifteen
                (15) days from the date of such notice, and the Option or SAR
                shall terminate upon the expiration of such period. For the
                purposes of this paragraph, the Option or SAR shall be
                considered assumed if, following the merger or Change in
                Control, the option or stock appreciation right confers the
                right to purchase or receive, for each Share of Awarded Stock
                subject to the Option or SAR immediately prior to the merger or
                Change in Control, the consideration (whether stock, cash, or
                other securities or property) received in the merger or Change
                in Control by holders of Common Stock for each Share held on the
                effective date of the transaction (and if holders were offered a
                choice of consideration, the type of consideration chosen by the
                holders of a majority of the outstanding Shares); provided,
                however, that if such consideration received in the merger or
                Change in Control is not solely common stock of the successor
                corporation or its Parent, the Administrator may, with the
                consent of the successor corporation, provide for the
                consideration to be received upon the exercise of the Option or
                SAR, for each Share of Awarded Stock subject to the Option or
                SAR, to be solely common stock of the successor corporation or
                its

                Parent equal in fair market value to the per share consideration
                received by holders of Common Stock in the merger or Change in
                Control. Notwithstanding anything herein to the contrary, an
                Award that vests, is earned or paid-out upon the satisfaction of
                one or more performance goals will not be considered assumed if
                the Company or its successor modifies any of such performance
                goals without the Participant's consent; provided, however, a
                modification to such performance goals only to reflect the
                successor corporation's post-merger or post-Change in

                                  Page 13 of 15
<PAGE>

                Control corporate structure will not be deemed to invalidate an
                otherwise valid Award assumption.

                        (ii) RESTRICTED STOCK, PERFORMANCE SHARES, PERFORMANCE
                UNITS, RESTRICTED STOCK UNITS AND OTHER STOCK BASED AWARDS. In
                the event of a merger or Change in Control, each outstanding
                Restricted Stock, Performance Share, Performance Unit, Other
                Stock Based Award and Restricted Stock Unit awards shall be
                assumed or an equivalent Restricted Stock, Performance Share,
                Performance Unit, Other Stock Based Award and Restricted Stock
                Unit award substituted by the successor corporation or a Parent
                or Subsidiary of the successor corporation. With respect to
                Awards granted to an Outside Director that are assumed or
                substituted for, if immediately prior to or after the merger or
                Change in Control the Participant's status as a Director or a
                director of the successor corporation, as applicable, is
                terminated other than upon a voluntary resignation by the
                Participant, then the Participant shall fully vest in such
                Awards, including Shares as to which it would not otherwise be
                vested. Unless determined otherwise by the Administrator, in the
                event that the successor corporation refuses to assume or
                substitute for the Restricted Stock, Performance Share,
                Performance Unit, Other Stock Based Award or Restricted Stock
                Unit award, the Participant shall fully vest in the Restricted
                Stock, Performance Share, Performance Unit, Other Stock Based
                Award or Restricted Stock Unit including as to Shares which
                would not otherwise be vested. For the purposes of this
                paragraph, a Restricted Stock, Performance Share, Performance
                Unit, Other Stock Based Award and Restricted Stock Unit award
                shall be considered assumed if, following the merger or Change
                in Control, the award confers the right to purchase or receive,
                for each Share subject to the Award immediately prior to the
                merger or Change in Control, the consideration (whether stock,
                cash, or other securities or property) received in the merger or
                Change in Control by holders of Common Stock for each Share held
                on the effective date of the transaction (and if holders were
                offered a choice of consideration, the type of consideration
                chosen by the holders of a majority of the outstanding Shares);
                provided, however, that if such consideration received in the
                merger or Change in Control is not solely common stock of the
                successor corporation or its Parent, the Administrator may, with
                the consent of the successor corporation, provide for the
                consideration to be received, for each Share and each unit/right
                to acquire a Share subject to the Award, to be solely common
                stock of the successor corporation or its Parent equal in fair
                market value to the per share consideration received by holders
                of Common Stock in the merger or Change in Control.
                Notwithstanding anything herein to the contrary, an Award that
                vests, is earned or paid-out upon the satisfaction of one or
                more performance goals will not be considered assumed if the
                Company or its successor modifies any of such performance goals
                without the Participant's consent; provided, however, a
                modification to such performance goals only to reflect the
                successor corporation's post-merger or post-Change in Control
                corporate structure will not be deemed to invalidate an
                otherwise valid Award assumption.

        16. DATE OF GRANT. The date of grant of an Award will be, for all
purposes, the date on which the Administrator makes the determination granting
such Award, or such other later date as is determined by the Administrator.
Notice of the determination will be provided to each Participant within a
reasonable time after the date of such grant.

        17. TERM OF PLAN. Subject to Section 22 of the Plan, the Plan will
become effective upon its adoption by the Board. It will continue in effect for
a term of ten (10) years unless terminated earlier under Section 18 of the Plan.

        18. AMENDMENT AND TERMINATION OF THE PLAN.

                (a) AMENDMENT AND TERMINATION. The Board may at any time amend,
        alter, suspend or terminate the Plan.

                                  Page 14 of 15
<PAGE>

                (b) STOCKHOLDER APPROVAL. The Company will obtain stockholder
        approval of any Plan amendment to the extent necessary and desirable to
        comply with Applicable Laws.

                (c) EFFECT OF AMENDMENT OR TERMINATION. Subject to Section 20 of
        the Plan, no amendment, alteration, suspension or termination of the
        Plan will impair the rights of any Participant, unless mutually agreed
        otherwise between the Participant and the Administrator, which agreement
        must be in writing and signed by the Participant and the Company.
        Termination of the Plan will not affect the Administrator's ability to
        exercise the powers granted to it hereunder with respect to Awards
        granted under the Plan prior to the date of such termination.

        19. CONDITIONS UPON ISSUANCE OF SHARES.

                (a) LEGAL COMPLIANCE. Shares will not be issued pursuant to the
        exercise of an Award unless the exercise of such Award and the issuance
        and delivery of such Shares will comply with Applicable Laws and will be
        further subject to the approval of counsel for the Company with respect
        to such compliance.

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

                20. SEVERABILITY. Notwithstanding any contrary provision of the
        Plan or an Award to the contrary, if any one or more of the provisions
        (or any part thereof) of this Plan or the Awards shall be held invalid,
        illegal or unenforceable in any respect, such provision shall be
        modified so as to make it valid, legal and enforceable, and the
        validity, legality and enforceability of the remaining provisions (or
        any part thereof) of the Plan or Award, as applicable, shall not in any
        way be affected or impaired thereby.

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

                22. STOCKHOLDER APPROVAL. The Plan will be subject to approval
        by the stockholders of the Company within twelve (12) months after the
        date the Plan is adopted. Such stockholder approval will be obtained in
        the manner and to the degree required under Applicable Laws.

                                  Page 15 of 15Employment Agreement Between Global Energy, Inc. and Harry H. Graves

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Agreement, including Exhibit A attached hereto, is entered into
between Global Energy, Inc., an Ohio corporation (“Company”), on its behalf and on behalf of its subsidiaries, affiliates, successors and assigns, and Harry H. Graves (“Employee”), to be effective as of January 1, 2006 (the
“Effective Date”). Company and Employee agree as follows: 
 Article 1. Employment, Compensation and Benefits 
 1.1 Term and Position. Company agrees to employ Employee, and Employee agrees to be employed by Company, in the position, at the location, and for
the term described on Exhibit A, as that term may be extended under Section 1.5 hereof (hereinafter “Term”). Employee agrees to discharge to the best of his ability the duties of this position, and to serve in such other capacity and
perform such other duties consistent with the identified position as Company may direct. Employee agrees to devote Employee’s entire working time (except for permitted vacation periods, reasonable periods of illness or other incapacity, and,
provided such activities do not have more than a de minimis effect on Employee’s performance of his duties under this Agreement, participation in charitable and civic endeavors and management of Employee’s personal investments and
business interests) to the business and affairs of Company. Employee will report to the person specified on Exhibit A, or such other persons as the Company may designate from time to time in its sole discretion. 
 1.2 Annual Salary. Employee will be paid an initial annual salary (“Annual Salary”) as set forth on Exhibit A. Employee’s Annual
Salary will be paid in accordance with Company’s normal payroll procedures. 
 1.3 Annual Bonus. On January 30, 2007, and on
each January 30 thereafter during the Term, Employee shall receive a Minimum Annual Bonus for the previous calendar year as set forth on Exhibit A, so long as Employee’s performance meets the reasonable expectations of the Board of
Directors for the period calendar year and Employee is employed by the Company and its affiliates on December 31 of the year in which the bonus was earned. Any bonuses in excess of the Minimum Annual Bonus will be paid solely at the discretion
of the Board of Directors of the Company. 
 1.4 Benefits. Employee will be allowed to participate in all employee benefit plans and
programs of Company on the same basis generally as other employees employed in the same or similar positions. Nothing in this Agreement is to be construed to provide greater rights, participation, coverage, or benefits than provided to
similarly-situated employees pursuant to the terms of such benefit plans and programs. Company is not obligated to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan or program, so long as such actions
are similarly applicable to similarly-situated employees generally. Copies of any applicable employee benefit plans and programs will be made available to Employee upon request. 
 1.5 Extension of Term. The Term shall be automatically renewed (subject to Sections 2.1 and 2.2 hereof) for successive one-year periods upon the
terms and conditions set forth 

  

 1 

 
herein, commencing on the seventh anniversary of the Effective Date, and on each anniversary date thereafter, unless either party to this Agreement gives the
other party written notice (in accordance with Section 4.3 hereof) of such party’s intention to terminate this Agreement and the employment of Employee at least 90 days prior to the end of such initial or extended Term. For purposes of
this Agreement, any reference to the “Term” of this Agreement shall include the original term and any extension thereof. 
 Article 2.
Termination of Employment 
 2.1 Termination by Company. Company may terminate Employee’s employment before the Term expires
for the following reasons: 
 a. Cause. Company may discharge Employee for Cause and terminate this Agreement without
any further liability hereunder to Employee or his estate. Upon Employee’s discharge for Cause, Company will not be obligated to make any payments to Employee, other than payments for earned salary and benefits to which he is entitled under the
terms of any applicable employee benefit plan or program through the date of such termination. A discharge for “Cause” means a discharge following a determination by Company that Employee: 
 1. has materially failed to perform the duties assigned to Employee under this Agreement or has abandoned those assigned duties (other
than by reason of Employee’s incapacity due to physical or mental illness), and has not remedied the situation within 15 days after receipt of written notice from Company specifying the failure or abandonment; 
 2. has failed to abide by Company’s policies, rules, procedures or directives; 
 3. has acted with gross negligence or with willful misconduct in his conduct which resulted or could have resulted in harm to
Company’s standing and/or reputation among stockholders, customers, suppliers, employees, government regulators, public officials or other business relationships; 
 4. has been found guilty by, or has entered a plea of nolo contendere with a court of law with respect to fraud, dishonesty and/or
a felony crime; or 
 5. has engaged in other misconduct, including but not limited to, breach of fiduciary duty, theft,
fraud, dishonesty, embezzlement, violation of securities laws, violation of employment-related laws (including but not limited to laws prohibiting discrimination of employment), or falsification of employment applications or other business records.

 b. Involuntary Termination. Company may involuntarily terminate Employee’s employment without Cause. Upon the
Company’s involuntary termination 

  

 2 

 
of Employee without Cause before the Term expires, Employee shall be entitled to receive the Separation Benefits described on Exhibit A, plus a lump sum
payment of ten million dollars ($10,000,000). It is expressly understood that Company’s payment obligations under the preceding sentence will cease in the event Employee breaches any of his obligations under Sections 3.3 or 3.4 hereof. Company
will not be obligated to make any other payments to Employee, other than payments for earned salary and benefits to which he is entitled under the terms of any applicable employee benefit plan or program through the date of such termination.

 c. Death/Disability. Termination of employment will occur upon Employee’s (i) death, or (ii) becoming
incapacitated or disabled so as to prevent the Employee from performing the essential functions of his position. Upon termination of employment under this subsection, Company will pay to Employee or his designated beneficiary, a pro rated bonus for
the amount of time the employee worked during the year prior to his termination for death or disability. Other than the payments provided for in the preceding sentence, in the event of Employee’s termination for death or disability, Company
will not be obligated to make any payments to Employee or Employee’s heirs or beneficiaries, other than payments for earned salary and benefits to which he is entitled under the terms of any applicable employee benefit plan or program through
the date of such termination. 
 2.2 Termination by Employee. 
 a. Good Reason. Employee may terminate the employment relationship for Good Reason, as defined herein, by means of advance written
notice to Company at least 30 days prior to the effective date of such termination identifying such termination as a resignation by Employee for Good Reason and identifying the Good Reason. Upon the effective date of a resignation for Good Reason,
Employee shall be entitled to receive the Separation Benefits described on Exhibit A. It is expressly understood that Company’s obligations under the preceding sentence will cease in the event Employee breaches any of his obligations under
Sections 3.3 or 3.4 hereof. If Employee breached Section 3.3 or 3.4, Company will not be obligated to make any other payments to Employee, other than payments for earned salary and benefits to which he is entitled under the terms of any
applicable employee benefit plan or program through the date of such termination. For purposes of this Agreement, “Good Reason” means (i) a reduction by Company in Employee’s rate Annual Salary; (ii) Company requires
Employee to have his principal location of work changed to any location that is in excess of fifty miles from the location specified on Exhibit A without his prior written approval; (iii) any change in title or material dimunition of duties or
authority; (iv) any person becomes the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended directly or indirectly, of securities of the Company (not including securities beneficially owned by such
person and acquired directly from the Company or its affiliates) representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities, excluding any person who is as of the Effective Date of
this Agreement already an owner of more than fifty percent (50%) of the combined voting power of the outstanding shares; or (v) there is consummated a merger or consolidation of the Company with any other corporation, partnership or other
entity other than (1) a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to that merger or consolidation continuing to 

  

 3 

 
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least sixty percent
(60%) of the combined voting power of the securities of the Company or the surviving entity or its parent outstanding immediately after the merger or consolidation, or (2) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction). 
 b. Voluntary Termination. Employee’s resignation, for any other reason
whatsoever other than Good Reason, in Employee’s sole discretion is a “Voluntary Termination”. Upon a Voluntary Termination before the Term expires, Company will not be obligated to make any payments to Employee, other than payments
for earned salary and benefits to which he is entitled under the terms of any applicable employee benefit plan or program through the date of such termination. If Employee voluntarily terminates his employment under this Section 2.2(b),
Employee will not be eligible for Separation Benefits as described on Exhibit A. 
 2.3 Payments; Offset. Any amount owed to Employee
will be offset by any amounts (including the value of Company property that Employee may retain) that Employee owes to Company. Any payments to Employee under this Agreement will be paid from Company’s general assets, and Employee will have the
status of a general unsecured creditor with respect to Company’s obligations to make payments under this Agreement. 
 2.4
Mitigation. Employee will not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise. 
 Article 3. Confidential Information; Post-Employment Obligations 
 3.1 This Agreement. The
terms of this Agreement constitute Confidential Information, and Employee must not disclose these terms to anyone other than Employee’s spouse, attorneys, tax advisors, or as required by law. Disclosure of these terms by Employee is a material
breach of this Agreement and could subject Employee to disciplinary action, including termination for Cause. 
 3.2 Property of
Company. Employee must deliver to Company at the end of the conclusion of his employment, or at any other time Company may reasonable request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and
data (and copies thereof) relating to the Confidential Information (as hereinafter defined), or to the work product or the business of Company or any of its subsidiaries or affiliates which he may then possess or have under his control, and shall
not retain any copies thereof. Employee’s obligations under this Section 3.2 are in addition to, and not in limitation of or preemption of, all other obligations of confidentiality which he may have to Company under general legal or
equitable principles, and federal, state or local law. 
 3.3 Confidential Information. Employee acknowledges that the information,
observations and data obtained by him while employed by Company pursuant to this Agreement, as well as those obtained by him while employed by Company or any of its 

  

 4 

 
subsidiaries or affiliates or any predecessor thereof prior to the date of this Agreement, concerning the business or affairs of Company or any of its
subsidiaries or affiliates or any predecessor or successor thereof (unless and except to the extent the foregoing become generally known to and available for use by the public other than as a result of Employee’s acts or omissions to act)
(hereinafter defined as “Confidential Information”) are the property of Company or such subsidiary, affiliate or successor. Therefore, Employee agrees that he will not disclose any Confidential Information without the prior written consent
of the Chief Executive Officer of Company (which may be withheld for any reason or no reason) unless and except to the extent that such disclosure is (i) made in the ordinary course of Employee’s performance of his duties under this
Agreement or (ii) required by any subpoena or other legal process (in which event Employee will give Company prompt notice of such subpoena or other legal process in order to permit Company to seek appropriate protective orders), and that he
will not use any Confidential Information for his own account without the prior written consent of the Chief Executive Officer of Company (which may be withheld for any reason or no reason). Employee’s obligations under this Section 3.3
are in addition to, and not in limitation of or preemption of, all other obligations of confidentiality which Employee may have to Company under general legal or equitable principles, and federal, state or local law. 
 3.4 Non-Solicitation and Non-Disparagement. 
 a. In General. Employee acknowledges that in the course of his employment with Company pursuant to this Agreement he will become familiar, and during the course of his employment with Company or any of its
subsidiaries or affiliates or any predecessor thereof prior to the date of this Agreement he has become familiar, with trade secrets and customer lists of and other confidential information concerning Company and its subsidiaries and affiliates and
predecessors thereof and that his services have been and will be of special, unique and extraordinary value to Company. 
 b.
Non-Solicitation. Employee agrees that during the Term of this Agreement, the Continuation Period specified on Exhibit A, and for a period of three years thereafter, he will not in any manner, directly or indirectly, induce or attempt to
induce any employee of Company or of any of its subsidiaries or affiliates to quit or abandon his employ, or call on, service, or solicit competing business from customers of Company or any of its subsidiaries or affiliates. 
 c. Non-Compete. Employee agrees that at no time during the Term of this Agreement, the Continuation Period specified in Exhibit A,
and for a period of one year thereafter will he become employed by or otherwise become affiliated with any company, corporation, partnership, sole proprietorship or business which directly competes with Company. Employee acknowledges that Company
operates on a global basis, and that this restriction applies on a global basis. 
 d. Non-Disparagement. Employee
agrees to refrain, both during and after the Term, from publishing or providing any oral or written statements about Company, its subsidiaries, affiliates or successors, or any of such entities’ officers, directors, employees, agents or
representatives that are disparaging, slanderous, libelous or defamatory, or that disclose private or confidential information about their business 

  

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affairs, or that constitute an intrusion into their private lives, or that give rise to unreasonable publicity about their private lives, or that place them
in a false light before the public, or that constitute a misappropriate of their name or likeness. 
 e. Revision. If,
at the time of enforcement of this Section, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period or scope reasonable under such circumstances will be
substituted for the stated period or scope and that the court will be allowed to revise the restrictions contained herein to cover the maximum period or scope permitted by law. 
 3.5 Warranty and Indemnification. Employee warrants that Employee is not a party to any restrictive agreement limiting Employee’s activities
in his employment by Company. Employee further warrants that at the time of the signing of this Agreement, Employee knows of no written or oral contract or of any other impediment that would inhibit or prohibit employment with Company, and that
Employee will not knowingly use any trade secret, confidential information, or other intellectual property right of any other party in the performance of Employee’s duties hereunder. Employee will hold Company harmless from any and all suits
and claims arising out of any breach of such restrictive agreement or contracts. 
 3.6 Enforcement. Because Employee’s services
are unique and because Employee has access to Confidential Information and work product, the parties hereto agree that Company would be damaged irreparably in the event any of the provisions of Sections 3.3 and 3.4 hereof were not performed in
accordance with their specific terms or were otherwise breached and that money damages would be an inadequate remedy for any such non-performance or breach. Therefore, Company or its successors or assigns will be entitled, in addition to other
rights and remedies existing in their favor, to an injunction or injunctions to prevent any breach or threatened breach of any of such provisions and to enforce such provisions specifically (without posting a bond or other security). 
 3.7 Idemnity. Employee will be covered under all Directors and Officers Insurance Policies applicable to similarly situated employees. Said policy
will provide for coverage to the Employee beyond the Employee’s termination of employment for actions taken during the Employee’s employment with Company. 
 Article 4. Miscellaneous 
  

	 	4.1	Arbitration. 

 a. Any dispute
between the parties under this Agreement, or any dispute between the parties relating to the breach of this Agreement, Employee’s employment with Company, or the termination thereof, will be resolved (except as provided below) through informal
arbitration by an arbitrator, who is licensed to practice law in some jurisdiction in the United States of America, and who is selected under the rules of the American Arbitration Association (located in Cincinnati, Ohio). The arbitration will be
conducted in the greater Cincinnati area under the rules of said Association which are applicable to employment disputes, to the extent they do not conflict with this Agreement. 
  

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 b. Within 30 days of the notice of a demand for arbitration, both parties will exchange
with one another documents in their respective possession that are relevant to the dispute. There will be no interrogatories or depositions taken in preparation for the arbitration; provided, however, that the arbitrator may permit
limited deposition discovery in extraordinary circumstances and if necessary to avoid manifest injustice. The grieving party will file a written statement explaining his, her or its claim, including relevant documentation, within 45 days of the
notice for arbitration; the opposing party will respond within 30 days thereafter; and the grieving party may reply within 15 days of the response. After this period of limited discovery, a live hearing before the arbitrator will occur. The
arbitrator will have the right only to interpret and apply the provisions of this Agreement and may not change any of its provisions. The determination of the arbitrator will be conclusive and binding upon the parties and judgment upon the same may
be entered in any court having jurisdiction thereof. The arbitrator will give written notice to the parties stating his, her or its determination, and will furnish to each party a signed copy of such determination. 
 c. The expenses of arbitration will be borne equally by Employee and Company, and each party will bear its own costs, including
attorneys’ fees; provided, however, that the arbitrator shall have the power to award such expenses and costs, including attorneys’ fees, to the prevailing party in accordance with applicable law and to require Company at the beginning of
the proceedings to fully or partially reimburse (or provide an advance to) Employee for expenses (but not for costs, including attorneys’ fees) in the event Employee can demonstrate that the amount of the expenses is an unreasonable impediment
to adjudication of his claims in arbitration. If the arbitrator awards a monetary amount to either party in excess of $1,000,000, the party against whom the award was made may seek judicial resolution of the dispute under a de novo standard before
any court with appropriate over the matter. 
 d. Notwithstanding the foregoing, Company will not be required to seek or
participate in arbitration regarding any breach by Employee of his obligations under Sections 3.3 or 3.4 hereof, but may pursue its remedies for such breach in a court of competent jurisdiction in Cincinnati, Ohio. Any arbitration or action pursuant
to this Section 4.1 will be governed by and construed in accordance with the substantive laws of the State of Ohio, without giving effect to the principles of conflict of laws of such State. 
 4.2 Release. Notwithstanding anything contained herein to the contrary, Company will not be obligated to make any payment or provide any benefit
(including the Separation Benefits) under Sections 2.1(b) or 2.2(a) hereof (i) unless Employee or Employer first execute a mutually agreeable release of claims in a form provided by Company (this release will not waive claims for illegal
behavior by the Employee nor will it waive any claims arising under 3.3 or 3.4 of this Agreement) and (ii) to the extent such release is subject to the seven-day revocation period prescribed by the Age Discrimination in Employment Act of 1967,
as amended, or to any similar revocation period in effect on the date of termination of Employee’s employment, such revocation period has expired. 
  

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 4.3 Notices. Any notice provided for in this Agreement must be in writing and must be either
personally delivered, sent by reputable overnight carrier or mailed by first class mail, return receipt requested, to the recipient. Notices to Employee must be sent to the address of Employee most recently provided to Company. Notices to Company
should be sent to the address most recently provided; currently: 
 Global Energy Inc. 
 Attn: Board of Directors 
 312 Walnut Street,
Suite 2650 
 Cincinnati, OH 45202 
 Any notice
under this Agreement will be deemed to have been given when so delivered, sent or mailed. 
 4.4 Survival. Subject to any limits on
applicability contained therein, Sections 3.3, 3.4, 3.6, and 4.1 hereof will survive and continue in full force in accordance with their terms notwithstanding any expiration or termination of this Agreement. 
 4.5 Choice of Law. This Agreement will be governed by the law of the State of Ohio, without giving effect to principles of conflicts of laws.

 4.6 Successors and Assigns. This Agreement, when duly executed by Employee and one officer of Company, will bind and inure to the
benefit of and be enforceable by Employee, Company and their respective heirs, executors, personal representatives, successors and assigns, except that Employee may not assign any of his obligations hereunder without the prior written consent of the
Company. Employee hereby consents to the assignment by Company of all of its rights and obligations hereunder to any affiliate or any successor to Company by merger or consolidation or repurchase of all or substantially all of Company’s assets,
provided such transferee or successor assumes the liabilities of Company hereunder. 
 4.7 Complete Agreement. This Agreement embodies
the complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or
oral, which may have related to the subject matter hereof in any way. 
 4.8 Withholding of Taxes. Company may withhold from any
amounts payable under this Agreement all federal, state, city or other taxes as Company is required to withhold pursuant to any law or government regulation or ruling. 
 4.9 Invalidity. Should any provision(s) in this Agreement be held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions will be unaffected and will continue in
full force and effect, and the invalid, void or unenforceable provision(s) will be deemed not to be part of this Agreement. 
  

 8 

 4.10 Counterparts. This Agreement may be executed in separate counterparts, each of which will be
deemed to be an original and both of which taken together will constitute one and the same agreement. 
 4.11 Amendment and Waiver.
The provisions of this Agreement may be amended or waived only with the prior written consent of Company and Employee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement will affect the validity, binding the
effect or enforceability of this Agreement. 
 4.12 Compliance with Section 409A of the Code. To the extent applicable, the
parties intend that this Agreement comply with the provisions of Section 409A of the Code. This Agreement shall be construed, administered, and governed in a manner consistent with this intent. Any provision that would cause any amount payable
or benefit provided under this Agreement to be includable in the gross income of the Employee under Section 409A(a)(1) of the Code shall have no force and effect unless and until amended to cause such amount or benefit to not be so includable.
Such amendment (a) may be retroactive to the extent permitted by Section 409A of the Code and (b) may be made by the Company without the consent of the Employee, provided that any such amendment shall preserve to the maximum extent
possible the economic benefits for the Employee contemplated in this Agreement (taking into account the time value of money). In particular, to the extent that Executive is a “specified employee” at the time of his “separation from
service” (in each case within the meaning of Section 409A of the Code), then any amounts subject to Section 409A of the Code that would otherwise be paid earlier than the date that is six months after the date of the Employee’s
separation from service (the “Six Month Date”) shall be accumulated through and paid, with interest based on a reasonable rate determined by the Company, on the first business day following the Six Month Date (or earlier, the date of
Employee’s death). References in this Agreement to Section 409A of the Code include both that section of the Code itself and any guidance promulgated thereunder. 
 IN WITNESS WHEREOF, Company and Employee have executed this Agreement to be effective on the first date of the Term. 
  

							
	GLOBAL ENERGY	 		 	Harry H. Graves
				
	By:	 	 /s/ M.Walker / PP
	 		 	 /s/ H.H. Graves

				
	Name:	 	M. Walker	 		 	This 1st day of January, 2006
				
	Title:	 	Director	 		 	
			
	This 1st day of January, 2006	 		 	

  

 9 

 EXHIBIT A 
  

			
	 Employee:
	    	Harry H. Graves
		
	 Term:
	    	7 years
		
	 Position:
	    	Chief Executive Officer
		
	 Location:
	    	Greater Cincinnati Metropolitan Area
		
	 Reporting Relationship:
	    	Reports to the Board of Directors of Global Energy, Inc.
		
	 Annual Salary:
	    	$740,000
		
	 Minimum Annual Bonus:
	    	$730,000
		
	 Continuation Period:
	    	1 year
		
	 Separation Benefits:
	    	Employee will be entitled to receive an amount equal to the sum of his then-current rate of Annual Salary (assuming satisfaction of all applicable performance goals) that would have been payable
had he remained employed by the Company during the remainder of the Term in effect immediately prior to his date of termination. Such amount shall be payable in accordance with the Company’s normal payroll procedures.

  

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