Document:

Exhibit 10.1

                                GUAR GLOBAL LTD.
                           2013 EQUITY INCENTIVE PLAN

     1. PURPOSE. The purpose of this Guar Global Ltd. 2013 Equity Incentive Plan
(the  "Plan")  is  to  assist  Guar  Global  Ltd.,  a  Nevada  corporation  (the
"Company"),  and  its  subsidiaries  in  attracting,  retaining,  and  rewarding
high-quality  executives,  employees,  and other persons who provide services to
the Company and/or its Affiliates and Subsidiaries, by enabling these persons to
acquire or increase a proprietary interest in the Company.

     2.  DEFINITIONS.  For purposes of the Plan,  the  following  terms shall be
defined as set forth  below,  in  addition  to such  terms  defined in SECTION 1
hereof:

          (a)  "Affiliate"  means an entity  which is not a  Subsidiary,  but in
     which the Company has an equity interest, provided, however, that no entity
     will be considered  an Affiliate  for purposes of an Award of  Nonqualified
     Stock Options or SARs to an employee or director of, or consultant  to, the
     entity  unless the Stock  would be  considered  "service  recipient  stock"
     within the meaning of Code Section 409A, in the context of such an Award.

          (b) "Award" means an award under the Plan of Options, SARs, Restricted
     Stock,  Restricted Stock Units,  Performance  Shares,  Performance Units or
     Other Stock-Based Awards granted under the Plan.

          (c) "Beneficiary" means the person(s), trust(s) or estate who or which
     by  designation  of the  Participant  in his or  her  most  recent  written
     beneficiary  designation  filed  with the  Company or by  operation  of law
     succeeds to the rights and  obligations of the  Participant  under the Plan
     and Award agreement upon such Participant's death.

          (d) "Board" means the Board of Directors of the Company.

          (e) "Cause" means,  unless otherwise  defined in an Award agreement or
     in an Employment Agreement:

               (1) the commission by the  Participant of (A) a felony or (B) any
          serious crime involving fraud, dishonesty or breach of trust;

               (2) gross negligence or intentional misconduct by the Participant
          with  respect  to the  Company  or  any  affiliate  thereof  or in the
          performance of his duties to the Company or any affiliate thereof;

               (3) failure to follow a reasonable, lawful and specific direction
          of the President and CEO of the Company;

               (4) failure by the  Participant  to  cooperate  in any  corporate
          investigation, or

               (5) breach by the  Participant  of any  material  provision of an
          employment   agreement   entered  into  between  the  Company  or  its
          subsidiaries and the Participant, which breach is not corrected by the
          Participant  within  ten  (10)  calendar  days  after  receipt  by the
          Participant  of written  notice from the Company or  Affiliate of such
          breach.

     For  purposes  of  this  definition,  no  act  or  failure  to  act  by the
     Participant shall be considered  "intentional" unless done or omitted to be
     done by the Participant in bad faith and without reasonable belief that the
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     Participant's  action or omission was in the best  interests of the Company
     or Affiliate.

          (f) "Change of Control"  means the  happening of any of the  following
     events:

               (1) The  acquisition by any  individual,  entity or group (within
          the meaning of Section  13(d)(3) or  14(d)(2) of the  Exchange  Act (a
          "Person")) of beneficial  ownership  (within the meaning of Rule 13d-3
          promulgated  under the Exchange  Act) of 50% or more of either (A) the
          then  outstanding  shares of Stock (the  "Outstanding  Company  Common
          Stock")  or (B) the  combined  voting  power of the  then  outstanding
          voting  securities  of the Company  entitled to vote  generally in the
          election of directors (the "Outstanding  Company Voting  Securities"),
          provided,   however,   that  the  following   acquisitions  shall  not
          constitute a Change of Control:  (i) any acquisition directly from the
          Company; (ii) any acquisition by the Company; (iii) any acquisition by
          any employee  benefit plan (or related trust)  sponsored or maintained
          by the Company or any company  controlled by the Company;  or (iv) any
          acquisition by any corporation pursuant to a transaction  described in
          CLAUSES (A), (B) AND (C) OF PARAGRAPH (3) OF THIS SECTION 2(F); or

               (2)  Individuals  who,  as of the  effective  date  of the  Plan,
          constitute the Board (the  "Incumbent  Board") cease for any reason to
          constitute at least a majority of the Board,  provided,  however, that
          any individual  becoming a director  subsequent to such effective date
          whose election,  or nomination for election by the stockholders of the
          Company,  was  approved  by a  vote  of at  least  a  majority  of the
          directors then  comprising the Incumbent  Board shall be considered as
          though  such  individual  were a member of the  Incumbent  Board,  but
          excluding,  for  this  purpose,  any  such  individual  whose  initial
          assumption  of office  occurs  as a result of an actual or  threatened
          election  contest with respect to the election or removal of directors
          or other actual or threatened  solicitation  of proxies or consents by
          or on behalf of a Person other than the Board; or

               (3)   Approval   by  the   stockholders   of  the  Company  of  a
          reorganization,  merger,  share exchange or consolidation (a "Business
          Combination"),   unless,   in  each  case   following   such  Business
          Combination:  (A)  all or  substantially  all of the  individuals  and
          entities  who  were  the  beneficial  owners,  respectively,   of  the
          Outstanding  Company  Common  Stock  and  Outstanding  Company  Voting
          Securities immediately prior to such Business Combination beneficially
          own,  directly  or  indirectly,  more than 50% of,  respectively,  the
          then-outstanding  shares of common stock and the combined voting power
          of the  then-outstanding  voting securities entitled to vote generally
          in the election of directors,  as the case may be, of the  corporation
          resulting   from  such  Business   Combination   (including,   without
          limitation,  a corporation  that as a result of such  transaction owns
          the Company through one or more  subsidiaries)  in  substantially  the
          same  proportions  as  their  ownership,  immediately  prior  to  such
          Business  Combination  of the  Outstanding  Company  Common  Stock and
          Outstanding  Company  Voting  Securities,  as the case may be;  (B) no
          Person  (excluding any employee benefit plan (or related trust) of the
          Company or such corporation  resulting from such Business Combination)
          beneficially   owns,   directly  or   indirectly,   25%  or  more  of,
          respectively,  the then  outstanding  shares  of  common  stock of the
          corporation  resulting from such Business  Combination or the combined
          voting  power  of  the  then-outstanding  voting  securities  of  such
          corporation Company except to the extent that such Person owned 25% or
          more of the  Outstanding  Company Common Stock or Outstanding  Company
          Voting Securities prior to the Business Combination;  and (C) at least
          a majority of the members of the board of directors of the corporation
          resulting from such Business Combination were members of the Incumbent
          Board at the time of the execution of the initial agreement, or of the
          action of the Board, providing for such Business Combination; or

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               (4) Approval by the stockholders of the Company of (A) a complete
          liquidation  or  dissolution  of the  Company or (B) the sale or other
          disposition of all or substantially  all of the assets of the Company,
          other than to a corporation with respect to which, following such sale
          or  other  disposition:  (i)  more  than  50%  of,  respectively,  the
          then-outstanding  shares of common stock of such  corporation  and the
          combined  voting power of the  then-outstanding  voting  securities of
          such  corporation  entitled  to  vote  generally  in the  election  of
          directors is then beneficially owned,  directly or indirectly,  by all
          or  substantially  all of the  individuals  and  entities who were the
          beneficial  owners,  respectively,  of the Outstanding  Company Common
          Stock and Outstanding  Company Voting Securities  immediately prior to
          such sale or other disposition in substantially the same proportion as
          their ownership,  immediately prior to such sale or other disposition,
          of the Outstanding Company Common Stock and Outstanding Company Voting
          Securities,  as the case may be; (ii) less than 25% of,  respectively,
          the then  outstanding  shares of common  stock of such Company and the
          combined  voting power of the then  outstanding  voting  securities of
          such Company  entitled to vote  generally in the election of directors
          is then  beneficially  owned,  directly or  indirectly,  by any Person
          (excluding any employee benefit plan (or related trust) of the Company
          or such  Company),  except to the extent that such Person owned 25% or
          more of the  Outstanding  Company Common Stock or Outstanding  Company
          Voting Securities prior to the sale or disposition; and (iii) at least
          a  majority  of  the  members  of  the  board  of  directors  of  such
          corporation  were  members of the  Incumbent  Board at the time of the
          execution  of the  initial  agreement,  or of the action of the Board,
          providing for such sale or other  disposition of assets of the Company
          or were elected, appointed or nominated by the Board.

          (g)  "Change of Control  Price"  means the  greater of (A) the highest
     Fair Market  Value of a share of Stock during the 60-day  period  ending on
     the date of the Change of Control,  and (B) the highest  price per share of
     Stock  paid  to  holders  of  Stock  in  any   transaction  (or  series  of
     transactions)  constituting  or  resulting  from  the  Change  of  Control,
     provided,  however,  that,  in the  case  of  ISOs,  unless  the  Committee
     otherwise provides, such price will be based only on transactions occurring
     on the date on which the ISOs are cashed out.

          (h) "Code"  means the Internal  Revenue Code of 1986,  as amended from
     time to time, including regulations thereunder and successor provisions and
     regulations thereto.

          (i) "Commission"  means the Securities and Exchange  Commission or any
     successor agency.

          (j)  "Committee"  means the  Compensation  Committee of the Board,  if
     formed, and in the absence of one, shall mean the Board or its delegate.

          (k) "Common  Stock" or "Stock"  means the common stock of the Company,
     and such other  securities as may be  substituted  (or  resubstituted)  for
     Common Stock pursuant to SECTION 13(D) hereof.

          (l) "Company" means Guar Global Ltd. or any successor thereto.

          (m) "Consultant" means any person who is engaged by the Company or any
     Subsidiary to render  consulting or advisory  services to such entity,  and
     any natural person,  including an advisor, who is engaged by the Company or
     any Subsidiary, to render bona fide consulting or advisory services to such
     entity and who is  compensated  for the services.  (n)  "Director"  means a
     member of the Board.

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              (o)   "Disability"   or  "Disabled"   means  the  absence  of  the
       Participant from the Participant's duties with the Company on a full time
       basis for 180 consecutive days as a result of incapacity due to mental or
       physical  illness  which is  determined  to be total and  permanent  by a
       physician  selected  by  the  Company  or  its  insurers  and  reasonably
       acceptable to the Participant or the Participant's legal representative.

              (p) "Effective Date" means November 26, 2013.

              (q) "Eligible  Employee"  means such  employees of the Company and
       its  Subsidiaries  or Affiliates,  including  each Executive  Officer and
       employees who may also be directors of the Company,  that are selected by
       the Committee,  in its sole  discretion,  from time to time to receive an
       Award under the Plan.  An employee on leave of absence may be  considered
       as still in the  employ  of the  Company,  Subsidiary  or  Affiliate  for
       purposes of eligibility for participation in the Plan.

              (r) "Employment Agreement" means, with respect to any Participant,
       any  written  agreement  executed  by the  Participant  and the  Company,
       Subsidiary or Affiliate  setting forth the specific  terms and conditions
       of  the  Participant's   employment  with  the  Company,   Subsidiary  or
       Affiliate.

              (s) "Exchange Act" means the  Securities  Exchange Act of 1934, as
       amended  from time to time,  including  rules  thereunder  and  successor
       provisions and rules thereto.

              (t) "Executive  Officer" means an executive officer of the Company
       as defined under the Exchange Act.

              (u) "Fair Market  Value"  means,  on any date,  the average of the
       opening and closing  sales  prices of the Common Stock on the exchange on
       which  the  Common  Stock is  traded on that  date,  or if no prices  are
       reported on that date, on the last preceding date on which such prices of
       the Common  Stock are so  reported.  In the event the Common Stock is not
       publicly traded at the time a  determination  of its value is required to
       be made hereunder,  the  determination  of its fair market value shall be
       made by the Committee in such manner as it deems appropriate,  consistent
       with  Treasury  regulations  and other formal  Internal  Revenue  Service
       guidance  under Code  Section 409A so that Awards of  Nonqualified  Stock
       Options or SARs  granted  under this Plan shall not  constitute  deferred
       compensation subject to Code Section 409A.

               (v) "Good  Reason"  means the  Termination  of  Employment by the
       Participant for any of the following reasons, the occurrence of which has
       been  properly  noticed in writing and such "Good  Reason"  event has not
       been cured within ten (10) business days after  Participant's  receipt of
       such written notice:

               (1) involuntary reduction in the Participant's Base Salary unless
          such  reduction  occurs  simultaneously  with a reduction in officers'
          salaries generally applicable on a company-wide basis;

               (2)  involuntary  discontinuance  or  reduction  in  bonus  award
          opportunities  for the  Participant  under the Company's  incentive or
          bonus plan unless a generally  applicable  company-wide  reduction  or
          elimination of all officers' bonus awards occurs  simultaneously  with
          such discontinuance or reduction;

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               (3) involuntary discontinuance of the Participant's participation
          in any employee benefit plans maintained by the Company, Subsidiary or
          Affiliate  unless such plans are discontinued by reason of law or loss
          of tax  deductibility  to the Company,  Subsidiary  or Affiliate  with
          respect to  contributions  to such  plans,  or are  discontinued  as a
          matter of Company policy applied  equally to all  participants in such
          plans  that  are  in  the  same  classification  of  employees  as the
          Participant;

               (4)   failure  to  obtain  an   assumption   of  the   Company's,
          Subsidiary's  or  Affiliate's   obligations  under  the  Participant's
          Employment  Agreement by any  successor to the Company,  Subsidiary or
          Affiliate (as applicable), regardless of whether such entity becomes a
          successor as a result of a merger,  consolidation,  sale of assets, or
          other form of  reorganization,  except when the rights and obligations
          of  the  Company,   Subsidiary  or  Affiliate  under  such  Employment
          Agreement are vested in the successor by operation of law;

               (5) involuntary relocation of the Participant's primary office as
          specified in the  applicable  Award  agreement to a location more than
          fifty (50) miles from the location of that office; and

               (6) material  reduction of the Participant's  duties in effect on
          the  effective  date  of the  Participant's  most  current  Employment
          Agreement,  provided, however that a change in title or reporting line
          will not  constitute  Good Reason unless such change is coupled with a
          material reduction in the actual duties of the Participant.

          (w) "Incentive  Stock Option" or "ISO" means any Option intended to be
     and  designated  as an incentive  stock  option  within the meaning of Code
     Section 422 or any successor provision thereto.

          (x)   "Management   Objectives"   means  the  measurable   performance
     objective(s)  for the  Company or any  Subsidiary,  Affiliate  or any unit,
     division, geographic region, or function thereof or any individual that may
     be  established  by the Committee for a Performance  Period with respect to
     any performance-based  Awards made under the Plan, including Options, SARs,
     Restricted Stock, Restricted Stock Units,  Performance Shares,  Performance
     Units and Other Stock-Based Awards.  Management Objectives may be described
     in terms of  Company-wide  objectives or objectives that are related to the
     performance of the individual Participant or of the Affiliate,  Subsidiary,
     division,  department,  geographic region or function within the Company in
     which the  Participant is employed.  The  Management  Objectives for Awards
     that are intended to constitute "performance-based" compensation within the
     meaning of  Section  162(m) of the Code will be based on one or more of the
     following criteria: earnings per share; total shareholder return; operating
     income; net income; cash flow; free cash flow; return on equity;  return on
     capital; revenue growth; earnings before interest,  taxes, depreciation and
     amortization ("EBITDA");  stock price; debt-to-capital ratio; stockholders'
     equity per share; operating income as a percent of revenue; gross profit as
     a percent of revenue;  selling,  general and  administrative  expenses as a
     percent of revenue;  operating cash flow; pre-tax profit; orders;  revenue;
     customer  value;  or any of the  foregoing  criteria  adjusted  in a manner
     prescribed  within the time  permitted  under Section 162(m) of the Code by
     the  Committee  (i) to  exclude  one or more  specified  components  of the
     calculation  thereof or (ii) to include one or more other specified  items,
     including,   but  not  limited  to,  exclusions  under  subsection  (i)  or
     inclusions  under  subsection  (ii) designed to reflect  changes during the
     Performance  Period in generally accepted  accounting  principles or in tax
     rates, currency  fluctuations,  the effects of acquisitions or dispositions
     of a  business  or  investments  in  whole  or in  part,  extraordinary  or
     nonrecurring  items, the gain or loss from claims or litigation and related
     insurance  recoveries,  the effects of impairment of tangible or intangible
     assets,  or the effects of  restructuring  or  reductions in force or other

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     business  recharacterization  activities,  income  or  expense  related  to
     defined benefit or defined  contribution  pension plans,  uninsured  losses
     from natural catastrophes or political and legal developments affecting the
     Company's  business  (including  losses  as a  result  of  war,  terrorism,
     confiscation, expropriation, seizure, new regulatory requirements, business
     interruption or similar events).

          (y)  "Nonqualified  Stock  Option"  means  any  Option  that is not an
     Incentive Stock Option.

          (z) "Option" means a right,  granted to a Participant  under SECTION 7
     hereof, to purchase Common Stock at a specified price during specified time
     periods.

          (aa) "Other Stock-Based Award" means an Award made pursuant to SECTION
     12.

          (bb) "Participant" means an Eligible Employee,  Director or Consultant
     who has been  granted  an Award  under the Plan that  remains  outstanding,
     including  a person  who is no longer an  Eligible  Employee,  Director  or
     Consultant.

          (cc) "Performance  Period" means, in respect of a Performance Share or
     Performance Unit, a period of time established by the Committee pursuant to
     SECTION 11 of this Plan within which the Management  Objectives relating to
     such Performance Share or Performance Unit are to be achieved.

          (dd)  "Performance  Share" means a bookkeeping  entry that records the
     equivalent of one share of Common Stock  awarded  pursuant to SECTION 11 of
     this Plan.

          (ee) "Performance  Unit" means a bookkeeping entry that records a unit
     awarded  pursuant to SECTION 11 of this Plan that has a value  specified in
     the agreement evidencing the Award.

          (ff) "Plan" means Guar Global Ltd. 2013 Equity  Incentive Plan, as set
     forth herein and as may be amended from time to time.

          (gg) "Restricted Stock" means Common Stock awarded to a Participant in
     accordance with the provisions of SECTION 9 of the Plan.

          (hh)  "Restricted  Stock Units" or "RSUs" means an Award made pursuant
     to SECTION 10 of this Plan of the right to receive  shares of Common  Stock
     at the end of a specified Restriction Period.

          (ii) "Spread Value" means, with respect to a share of Stock subject to
     an Award,  an amount equal to the excess of the Fair Market  Value,  on the
     date such value is determined, over the Award's exercise or grant price, if
     any.

          (jj)  "Stock  Appreciation  Right"  or  "SAR"  means a  right  granted
     pursuant to SECTION 8.

          (kk)  "Subsidiary"  shall have the meaning  set forth in Code  Section
     424(f).

          (ll)  "Termination  of Employment"  means the voluntary or involuntary
     termination of a Participant's  employment with the Company or a Subsidiary
     or Affiliate or any reason,  including  death,  Disability,  or retirement.
     With  respect to an Eligible  Employee  who is such solely by virtue of his
     service  on the  Board,  "Termination  of  Employment"  means the  Eligible
     Employee's  cessation of service on the Board.  The  Committee,  in it sole
     discretion, shall determine whether a Termination of Employment is a result

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     of Disability,  and shall determine whether military or other government or
     eleemosynary service constitutes a Termination of Employment. To the extent
     necessary,   "Termination   of   Employment"   will  be  limited  to  those
     circumstances  that  constitute  a  "separation  from  service"  within the
     meaning of Section 409A of the Code.

          (mm)  "Valuation  Date" means each day on which the  exchange on which
     the Common stock is actively traded is open for business.

3. ADMINISTRATION.

     (a)  AUTHORITY  OF THE  COMMITTEE.  The Plan shall be  administered  by the
Committee.  The  Committee  shall  have full and final  authority,  in each case
subject to and consistent  with the  provisions of the Plan,  to:  interpret the
provisions of the Plan; select Eligible Employees,  Directors and Consultants to
become Participants; make Awards; determine the type, number and other terms and
conditions  of, and all other  matters  relating  to,  Awards;  prescribe  Award
agreements (which need not be identical for each Participant);  adopt, amend and
rescind rules and regulations for the  administration of the Plan;  construe and
interpret the Plan and Award agreements and correct defects, supply omissions or
reconcile   inconsistencies   therein;   and  make  all  other   decisions   and
determinations  as the  Committee  may  deem  necessary  or  advisable  for  the
administration of the Plan. Except as otherwise  determined by the Board, unless
the context otherwise  requires,  all actions and  determinations  that the Plan
contemplates that the Board may take may be taken by the Committee in its stead.

     (b) MANNER OF EXERCISE OF COMMITTEE AUTHORITY.  Any action of the Committee
shall be final,  conclusive  and binding on all persons,  including the Company,
Affiliates, Subsidiaries, Participants, Beneficiaries, transferees under SECTION
13(C) hereof or other persons claiming rights from or through a Participant, and
shareholders. The Committee shall exercise its authority only by a majority vote
of its  members  at a meeting  or  without a  meeting  by a writing  signed by a
majority  of its  members.  The  express  grant  of any  specific  power  to the
Committee, and the taking of any action by the Committee, shall not be construed
as limiting any power or authority of the Committee.  The Committee may delegate
to  officers  or  managers  of  the  Company,  Affiliates  or  Subsidiaries,  or
committees thereof, the authority,  subject to such terms as the Committee shall
determine,  to perform  administrative  functions to the extent  permitted under
applicable  law. The Committee may appoint agents to assist it in  administering
the Plan.

     (c) LIMITATION OF LIABILITY. The Committee and each member thereof shall be
entitled,  in good  faith,  to rely or act upon any report or other  information
furnished to it, him or her by any Executive Officer,  other officer or employee
of the Company or a subsidiary, the Company's independent auditors,  consultants
or any other agents assisting in the  administration of the Plan. Members of the
Committee  and any officer or employee of the Company or a subsidiary  acting at
the direction or on behalf of the Committee  shall not be personally  liable for
any action or  determination  taken or made in good  faith  with  respect to the
Plan,  and shall,  to the extent  permitted  by law,  be fully  indemnified  and
protected by the Company with respect to any such action or determination.

4. STOCK SUBJECT TO PLAN.

     (a) OVERALL NUMBER OF SHARES AVAILABLE FOR DELIVERY.  Subject to adjustment
as provided in SECTION 13(D) hereof,  the total number of shares of Common Stock
reserved and  available  for delivery in  connection  with Awards under the Plan
shall be  11,800,000,  provided,  however,  that the  total  number of shares of
Common  Stock  with  respect  to which  ISOs may be  granted  shall  not  exceed

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11,800,000. Any shares of Common Stock delivered under the Plan shall consist of
authorized and issued or unissued shares. Subject to the adjustments provided in
SECTION 13(D)  hereof,  no  contraction  of the number of shares of Common Stock
outstanding  will  affect the  validity  or  enforceability  of any Awards  then
outstanding.

     (b) APPLICATION OF LIMITATION TO GRANTS OF AWARDS.  No Award may be granted
if the number of shares of Common Stock to be delivered in connection  with such
Award exceeds the number of shares of Common Stock remaining available under the
Plan minus the number of shares of Common  Stock  issuable in  settlement  of or
relating  to  then-outstanding  Options.  The  Committee  may  adopt  reasonable
counting  procedures to ensure appropriate  counting,  avoid double counting and
make  adjustments  if the number of shares of Common  Stock  actually  delivered
differs  from the  number of shares  previously  counted in  connection  with an
Award.

     (c)  AVAILABILITY  OF SHARES NOT DELIVERED  UNDER AWARDS.  Shares of Common
Stock  subject to an Award  under the Plan  which  Award is  canceled,  expired,
forfeited  or  otherwise   terminated  without  a  delivery  of  shares  to  the
Participant  or with the return to the Company of shares  previously  delivered,
including the number of shares  surrendered  in payment of any taxes relating to
any Award, hereof will again be available for Awards under the Plan, except that
if any such  shares  could not again be  available  for  Awards to a  particular
Participant  under  any  applicable  law or  regulation,  such  shares  shall be
available  exclusively  for Awards to  Participants  who are not subject to such
limitation.  Notwithstanding  the  foregoing,  (i) shares of Stock  tendered  in
payment of the exercise price of an Option, (ii) shares of Stock withheld by the
Company to satisfy any tax withholding  obligation with respect to an Award, and
(iii)  shares of Stock that are  repurchased  by the  Company on the open market
with the proceeds of the exercise of an Option,  may not again be available  for
issuance in  connection  with Awards under the Plan.  Also  notwithstanding  the
foregoing,  if the Spread Value of a SAR is paid in shares of Stock,  the shares
representing the excess, if any, of (a) the number of shares of Stock subject to
the SAR over (b) the  number of  shares of Stock  delivered  in  payment  of the
Spread Value may not again be available for issuance in  connection  with Awards
under the Plan.

     5. ELIGIBILITY. Awards may be granted under the Plan to Eligible Employees,
Directors and Consultants.

     6. AWARDS - GENERAL TERMS AND LIMITATIONS.

     (a) AWARDS  GRANTED AT FAIR MARKET VALUE.  The exercise  price of an Option
and the grant price of a SAR may not be less than 100% of the Fair Market  Value
on the date of grant.  In  addition,  to the  extent  that the value of an Other
Stock-Based  Award is based on  Spread  Value,  the  grant  price  for the Other
Stock-Based Award may not be less than 100% of the Fair Market Value on the date
of grant.  Notwithstanding the foregoing, in connection with any reorganization,
merger,  consolidation  or  similar  transaction  in which  the  Company  or any
Subsidiary or Affiliate of the Company is a surviving corporation, the Committee
may grant Options,  SARs or Other Stock-Based Awards in substitution for similar
awards  granted  under a plan of another party to the  transaction,  and in such
case the exercise price or grant price of the substituted Options, SARs or Other
Stock-Based  Awards  granted by the Company may equal or exceed 100% of the Fair
Market Value on the date of grant reduced by any unrealized  gain existing as of
the date of the  transaction in the option,  stock  appreciation  right or other
award being replaced,  with the adjusted exercise price determined in accordance
with the requirements of Section 409A of the Code (in the case of a Nonqualified
Stock  Option) or  Section  425 of the Code (in the case of an  Incentive  Stock
Option).

     (b) ANNUAL AWARD LIMITATION. The total number of Restricted Stock, RSUs and
other  shares of Stock  subject  to or  underlying  Options,  SARs,  Performance

                                       8
<PAGE>
Shares,   Performance  Units  and  Other  Stock-Based   Awards  awarded  to  any
Participant during any year may not exceed 3,000,000 shares. A Performance Share
or Performance Unit paid to a Participant with respect to any Performance Period
may not exceed $500,000 times the number of years in the Performance Period.

     (c) PERFORMANCE-BASED AWARDS. In the discretion of the Committee, any Award
granted  pursuant to the Plan may be  designated  as a  performance-based  award
intended to qualify,  through the  application of Management  Objectives  over a
specified  Performance Period, as  "performance-based  compensation"  within the
meaning, and in accordance with the provisions, of Code Section 162(m).

7. TERMS OF OPTIONS.

     (a) GENERAL.  Options may be granted on the terms and  conditions set forth
in this SECTION 7. In addition,  the  Committee  may impose on any Option or the
exercise  thereof,  at the date of grant,  such additional terms and conditions,
not  inconsistent  with the  provisions  of the  Plan,  as the  Committee  shall
determine,  including terms requiring  forfeiture of Options in the event of the
Participant's  Termination of Employment  and terms  permitting a Participant to
make  elections  relating to his or her Option.  Options  granted under the Plan
will be in the form of Incentive  Stock Options or  Nonqualified  Stock Options.
The Committee  shall (subject to SECTION 13(I)) retain full power and discretion
to accelerate,  waive or modify, at any time, any term or condition of an Option
that is not mandatory under the Plan.

     (b) SPECIFIC TERMS OF OPTIONS. The Committee is authorized to grant Options
to Participants on the following terms and conditions:

          (1)  EXERCISE  PRICE.  The  exercise  price per share of Common  Stock
     purchasable under an Option shall be determined by the Committee,  provided
     that such exercise  price shall be not less than the Fair Market Value of a
     share of Common Stock on the date of grant of such Option.

          (2) VESTING.  Each Participant shall acquire a nonforfeitable right to
     Options  awarded to him in accordance  with the provisions of the agreement
     evidencing the Award of the Options.

          (3) TIME AND METHOD OF EXERCISE. The Committee shall determine, at the
     date of grant or  thereafter,  the  time(s)  at which or the  circumstances
     under which an Option may be exercised in whole or in part (including based
     on completion of future  service  requirements),  the methods by which such
     exercise  price may be paid or deemed to be paid, the form of such payment,
     including,  without limitation, cash or Common Stock held for more than six
     months, and the methods by or forms in which Common Stock will be delivered
     or deemed to be delivered to Participants. The specific circumstances under
     which a  Participant  may  exercise  an  Option  will be set  forth  in the
     agreement evidencing the Award of the Option to the Participant.

          (4) ISOS.  Except as  otherwise  expressly  provided in the Plan,  the
     Committee may  designate,  at the time of grant,  that the Option is an ISO
     under Section 422 of the Code.  ISOs may be granted only to those  Eligible
     Employees  who are  entitled to acquire  incentive  stock  options from the
     Company under Code Section 422. The terms of any ISO granted under the Plan
     shall  comply in all  respects  with the  provisions  of Code  Section 422.
     Anything in the Plan to the contrary  notwithstanding,  no term of the Plan

                                       9
<PAGE>
     relating to ISOs shall be  interpreted,  amended or altered,  nor shall any
     discretion  or  authority  granted  under the Plan be  exercised,  so as to
     disqualify  either the Plan or any ISO under Code Section  422,  unless the
     Participant  has  first  requested  the  change  that  will  result in such
     disqualification.  If any provision of the Plan or any Option designated by
     the  Committee  as an ISO  shall be held not to  comply  with  requirements
     necessary  to  entitle  such  Option to such tax  treatment,  then (1) such
     provision  shall be deemed to have  contained from the outset such language
     as shall be necessary to entitle the Option to the tax  treatment  afforded
     under Section 422 of the Code, and (2) all other provisions of the Plan and
     the Award  agreement  shall  remain in full  force  and  effect.  An Option
     granted under the Plan will be an ISO only if the agreement  evidencing the
     award of the Option specifically states that the Option is to be an ISO; if
     the Agreement does not so state,  the Option will be a  Nonqualified  Stock
     Option.  In addition,  an Option may be an ISO only if it is awarded within
     ten years after the Effective Date.

          (5) TERM OF OPTIONS.  Options will terminate  after the first to occur
     of the following:

               (i) Expiration of the Option as provided in the applicable  Award
          agreement as determined by the Committee;

               (ii)  Termination of the Option Award, as provided for in SECTION
          7(B)(7), following the Participant's Termination of Employment; or

               (iii) Ten years from the date of grant.

          (6)  ACCELERATION/EXTENSION  OF EXERCISE TIME.  The Committee,  in its
     sole  discretion,  shall  have  the  right  (but  shall  not in any case be
     obligated) to permit  purchase of shares under any Option prior to the time
     such Option would  otherwise vest under the terms of the  applicable  Award
     agreement. In addition, the Committee,  in its sole discretion,  shall have
     the right  (but  shall not in any case be  obligated)  to permit any Option
     granted under the Plan to be exercised after its termination date described
     in SECTION 7(B)(7),  but in no event later than the last day of the term of
     the Option as set forth in the applicable Award agreement.  Notwithstanding
     the  foregoing,  the Committee  will not extend the exercise  period of any
     Option to the  extent  that the  extension  would  cause  the  Option to be
     considered  nonqualified deferred compensation subject to the provisions of
     Section 409A.

          (7)  EXERCISE OF OPTIONS  UPON  TERMINATION  OF  EMPLOYMENT,  DEATH OR
     DISABILITY.  Except as  otherwise  provided in this  SECTION  7(B)(7) or in
     SECTION  7(B)(6),  or as otherwise  expressly  provided in a  Participant's
     Award  agreement  as  authorized  by  the  Committee,   the  right  of  the
     Participant  to exercise  Options shall  terminate  upon the  Participant's
     Termination  of  Employment,  regardless of whether or not the Options were
     vested in whole or in part on the date of Termination of Employment.

               (i) TERMINATION OF EMPLOYMENT. Any Option or portion thereof that
          is not  exercisable  on the  date of a  Participant's  Termination  of
          Employment shall immediately expire, and any Option or portion thereof
          which is exercisable on the date of such Termination of Employment may
          be exercised during a three-month  period after such date (after which
          period the  Option  shall  expire),  but in no event may the Option be
          exercised after its expiration under the terms of the Award agreement.
          Notwithstanding  the foregoing,  if the  Participant's  Termination of
          Employment  is by the  Company  or an  Affiliate  for  Cause or by the
          Participant other than for Good Reason, then any Option or unexercised
          portion thereof granted to said Participant shall  immediately  expire
          upon such Termination of Employment.

                                       10
<PAGE>
               (ii)  DISABILITY  OR DEATH OF  PARTICIPANT.  In the  event of the
          Disability  or  death  of a  Participant  under  the  Plan  while  the
          Participant is employed by the Company or an Affiliate,  any Option or
          portion  thereof  which  is  not  exercisable  on  the  date  of  such
          Disability  or death  shall  immediately  expire,  and any  Option  or
          portion thereof which is exercisable on the date of such Disability or
          death  may be  exercised  at any  time  from  time to  time,  within a
          one-year  period after the date of such  Disability  or death,  by the
          Participant, the guardian of his estate, the executor or administrator
          of his estate or by the person or persons to whom his rights under the
          Option  shall  pass by will or the laws of  descent  and  distribution
          (after which period the Option will  expire),  but in no event may the
          Option be exercised after its expiration  under the terms of the Award
          agreement,  and provided that an exercise of an Incentive Stock Option
          later  than three  months  after the date of the  Participant's  death
          shall be treated as the exercise of a Nonqualified Stock Option..

     8. TERMS OF STOCK APPRECIATION RIGHTS.

     (a)  GENERAL.  A SAR  represents  the right to receive a payment,  in cash,
shares of Stock or both (as  determined by the  Committee),  equal to the Spread
Value on the date the SAR is  exercised.  The grant price of a SAR and all other
applicable terms and conditions will be established by the Committee in its sole
discretion and will be set forth in the applicable Award  agreement.  Subject to
the terms of the applicable Award agreement, a SAR will be exercisable, in whole
or in part, by giving written notice of exercise to the Company, but in no event
will a SAR be exercisable  later than the tenth anniversary of the date on which
it was granted.

     (b) SPECIFIC  TERMS OF SARS.  The  Committee is authorized to grant SARs to
Participants on the following terms and conditions:

          (1) TERM OF SARS.  SARs will terminate after the first to occur of the
     following:

               (i)  Expiration  of the SAR as provided in the  applicable  Award
          agreement as determined by the Committee;

               (ii)  Termination  of the SAR Award,  as provided  for in SECTION
          8(B)(2), following the Participant's Termination of Employment; or

               (iii) Ten years from the date of grant.

          (2)  EXERCISE  OF  STOCK  APPRECIATION   RIGHTS  UPON  TERMINATION  OF
     EMPLOYMENT,  DEATH OR  DISABILITY.  Except as  otherwise  provided  in this
     SECTION  8(B)(2),  or as otherwise  expressly  provided in a  Participant's
     Award  agreement  as  authorized  by  the  Committee,   the  right  of  the
     Participant  to exercise  the SAR shall  terminate  upon the  Participant's
     Termination of Employment,  regardless of whether or not the SAR was vested
     in whole or in part on the date of Termination of Employment.

               (i) TERMINATION OF EMPLOYMENT. Any SAR or portion thereof that is
          not  exercisable  on  the  date  of  a  Participant's  Termination  of
          Employment shall  immediately  expire,  and any SAR or portion thereof
          which is exercisable on the date of such Termination of Employment may
          be exercised during a three-month  period after such date (after which
          period the SAR shall expire), but in no event may the SAR be exercised

                                       11
<PAGE>
          after  its  expiration   under  the  terms  of  the  Award  agreement.
          Notwithstanding  the foregoing,  if the  Participant's  Termination of
          Employment  is by the  Company  or an  Affiliate  for  Cause or by the
          Participant  other than for Good Reason,  then any SAR or  unexercised
          portion thereof granted to said Participant shall  immediately  expire
          upon such Termination of Employment.

               (ii)  DISABILITY  OR DEATH OF  PARTICIPANT.  In the  event of the
          Disability  or  death  of a  Participant  under  the  Plan  while  the
          Participant  is employed by the  Company or an  Affiliate,  any SAR or
          portion  thereof  which  is  not  exercisable  on  the  date  of  such
          Disability or death shall immediately  expire,  and any SAR or portion
          thereof that is  exercisable  on the date of such  Disability or death
          may be  exercised  at any time  from time to time,  within a  one-year
          period after the date of such Disability or death, by the Participant,
          the  guardian of his estate,  the  executor  or  administrator  of his
          estate or by the person or  persons  to whom his rights  under the SAR
          shall  pass by will or the laws of  descent  and  distribution  (after
          which  period  the SAR will  expire),  but in no event  may the SAR be
          exercised after is expiration under the terms of the Award agreement.

9. TERMS OF RESTRICTED STOCK AWARDS.

     (a)  GENERAL.  Shares of  Restricted  Stock may be granted on the terms and
conditions set forth in this SECTION 9. In addition, the Committee may impose on
any Award of Restricted  Stock, at the date of grant,  such additional terms and
conditions,  not inconsistent  with the provisions of the Plan, as the Committee
shall  determine,  including terms requiring  forfeiture of shares of Restricted
Stock in the event of the  Participant's  Termination  of  Employment  and terms
permitting  a  Participant  to make  elections  relating to his or her shares of
Restricted  Stock.  The Committee  shall  (subject to SECTION 13(I)) retain full
power and  discretion to accelerate,  waive or modify,  at any time, any term or
condition of an Award of shares of Restricted  Stock that is not mandatory under
the Plan.  Except in cases in which the Committee is authorized to require other
forms  of  consideration  under  the  Plan,  or to the  extent  other  forms  of
consideration  must be paid to  satisfy  the  requirements  of  Nevada  law,  no
consideration other than services may be required for the grant of any shares of
Restricted Stock.

     (b) VESTING.  Each  Participant  shall  acquire a  nonforfeitable  right to
shares of Restricted  Stock awarded to him in accordance  with the provisions of
the agreement evidencing the Award of the Restricted Stock.

     (c) OWNERSHIP RIGHTS. Subject to the terms of the Plan, to divestment based
on the forfeiture  restrictions  applying to an Award of Restricted Stock and to
the other terms of the Award agreement, (i) Restricted Stock granted pursuant to
an Award  shall for all  purposes  be issued  and  outstanding  shares of Common
Stock,  and (ii) the  Participant  shall be the record  owner of the  Restricted
Stock granted by the Award, shall have the right to vote the Restricted Stock as
Common  Stock on any matter upon which  holders of Common  Stock are entitled to
vote,  and shall be entitled to dividends and  distributions  on the  Restricted
Stock which are payable with respect to outstanding shares of Common Stock.

10. TERMS OF RESTRICTED STOCK UNITS.

     (a) AGREEMENT TO GRANT STOCK.  Each such grant or sale shall constitute the
agreement by the Company to deliver shares of Common Stock to the Participant in
the future in consideration  of the performance of services,  but subject to the
fulfillment of such conditions  during the  Restriction  Period as the Board may
specify.

                                       12
<PAGE>
     (b) EXERCISE PRICE. Each such grant or sale may be made without  additional
consideration  or in consideration of a payment by such Participant that is less
than the Fair Market Value at the date of grant.

     (c)  RESTRICTIONS.  Each  such  grant  or sale  shall  be  subject  to such
forfeiture and other  restrictions as may be determined by the Board at the date
of  grant,  and  may  provide  for  the  lapse  or  other  modification  of such
restrictions in the event of a Change of Control.

     (d) VOTING AND  DIVIDEND  RIGHTS.  While and to the extent that  forfeiture
restrictions  apply to an Award, the Participant shall have no right to transfer
any rights  under his or her Award and shall have no rights of  ownership in the
Restricted  Stock Units and shall have no right to vote them, but the Board may,
at or after the date of grant,  authorize the payment of dividend equivalents on
the shares  underlying  such units on either a current or deferred or contingent
basis,  either in cash, in additional shares of Common Stock, or in other rights
or property.

11. PERFORMANCE SHARES AND PERFORMANCE UNITS.

     (a)  AGREEMENT  TO GRANT  UNITS.  Each grant  shall  specify  the number of
Performance  Shares or Performance Units to which it pertains,  which number may
be subject to adjustment to reflect changes in compensation or other factors.

     (b)  PERFORMANCE  PERIODS.  The  Performance  Period  with  respect to each
Performance  Share or Performance  Unit shall be such period of time  commencing
with the date of grant as shall be determined by the Board on the date of grant.

     (c) SPECIFICATION OF PERFORMANCE  GOALS. Any grant of Performance Shares or
Performance Units shall specify Management  Objectives which, if achieved,  will
result in payment or early  payment of the Award,  and each grant may specify in
respect of such specified  Management  Objectives a minimum  acceptable level of
achievement  and  shall  set  forth a  formula  for  determining  the  number of
Performance Shares or Performance Units that will be earned if performance is at
or above the minimum level, but falls short of full achievement of the specified
Management  Objectives.  The grant of Performance  Shares or  Performance  Units
shall specify that, before the Performance  Shares or Performance Units shall be
earned and paid, the Board must certify that the Management Objectives have been
satisfied.

     (d) TIME AND FORM OF PAYMENT.  Each grant shall specify the time and manner
of payment of Performance Shares or Performance Units that have been earned. Any
grant may specify that the amount  payable  with respect  thereto may be paid by
the Company in cash, in shares of Common Stock or in any combination thereof and
may either  grant to the  Participant  or retain in the Board the right to elect
among those alternatives.

     (e) LIMITATIONS ON AWARDS. Any grant of Performance Shares may specify that
the amount  payable with respect  thereto may not exceed a maximum  specified by
the Board at the Date of Grant. Any grant of Performance  Units may specify that
the amount  payable or the number of shares of Common  Stock issued with respect
thereto may not exceed maximums specified by the Board at the date of grant.

     (f) DIVIDEND  EQUIVALENTS.  The Board may, at or after the date of grant of
Performance  Shares,  provide  for the payment of  dividend  equivalents  to the
holder  thereof on either a current or deferred or contingent  basis,  either in
cash, in additional shares of Common Stock or in other rights or property.

                                       13
<PAGE>
12. OTHER STOCK-BASED AWARDS.

     (a) OTHER STOCK-BASED  AWARDS.  The Committee may grant Awards,  other than
Options,  SARs, Restricted Stock, RSUs, Performance Shares or Performance Units,
that  are  denominated  in,  valued  in  whole or in part by  reference  to,  or
otherwise  based on or related to Stock.  The  purchase,  exercise,  exchange or
conversion  of Other  Stock-Based  Awards  granted under this SECTION 12 and all
other terms and  conditions  applicable  to the awards will be determined by the
Committee in its sole  discretion and will be set forth in the applicable  Award
agreement.

13. GENERAL PROVISIONS.

     (a) CHANGE OF CONTROL.  Notwithstanding  any  provision  of the Plan to the
contrary and unless otherwise provided in the applicable Award agreement, in the
event of any Change of Control:

          (1) Any Option  carrying a right to exercise  that was not  previously
     exercisable and vested shall become fully  exercisable and vested as of the
     time of the Change of Control and shall remain  exercisable  and vested for
     the  balance  of the  stated  term of such  Option  without  regard  to any
     Termination of Employment,  subject only to (A) applicable restrictions set
     forth in SECTION  13(B) AND (C) hereof and (B) the Board's  right to cancel
     all Options  and, if an Option in the Board's  judgment  has value based on
     its exercise  price,  provide for a payment of the aggregate  spread in the
     cancelled Options.  In addition,  a Participant who is an Executive Officer
     of the Company and whose  employment  is  involuntarily  terminated  by the
     Company  within 60 days  after a Change of  Control  will be  permitted  to
     surrender for  cancellation  within 60 days after the Change of Control any
     Option or portion of an Option to the extent not exercised and to receive a
     payment of shares of Stock  having an  aggregate  Fair Market  Value on the
     date the Participant  surrenders the Option equal to the excess, if any, of
     (A) the Change of Control Price, over (B) the exercise price of the Option.
     The  provisions  of this SECTION  13(A)(1)  will not be  applicable  to any
     Options  granted to a Participant if the Change of Control results from the
     Participant's beneficial ownership (within the meaning of Rule 13d(3) under
     the Exchange Act) of Stock or Voting Securities;

          (2) Any SARs  outstanding  as of the date the Change of Control occurs
     will  become  fully  vested  and will be  exercisable  in  accordance  with
     procedures  established  by the  Committee.  The provisions of this SECTION
     13(A)(2) will not be applicable to any SARs granted to a Participant if the
     Change of  Control  results  from the  Participant's  beneficial  ownership
     (within  the  meaning of Rule 13d(3)  under the  Exchange  Act) of Stock or
     Voting Securities;

          (3) Any restrictions and other conditions applicable to any Restricted
     Stock or Restricted Stock Units held by the Participant will lapse and such
     Restricted  Stock or Restricted  Stock Units will become fully vested as of
     the date of the Change of Control;

          (4)  Any  Performance   Shares  or  Performance   Units  held  by  the
     Participant  relating to Performance  Periods before the Performance Period
     in which the Change of Control  occurs  that have been  earned but not paid
     will become  immediately  payable in cash.  In  addition,  any  Performance
     Shares or  Performance  Units  awarded to a  Participant  for a Performance
     Period  that has not been  completed  at the time of the  Change of Control
     will be deemed  satisfied at the target level for the  Performance  Period,
     and payment with respect to the  Performance  Shares or  Performance  Units

                                       14
<PAGE>
     will be made in cash  upon  the  Change  of  Control.  Notwithstanding  the
     foregoing,  if the  Committee in its sole  discretion  determines  that any
     Performance  Shares  or  Performance  Units  awarded  would  be  considered
     nonqualified  deferred  compensation  within the meaning of Section 409A of
     the Code, and if the Change of Control would not be considered a "change in
     control"  for purposes of Section  409A of the Code,  then a  Participant's
     entitlement  to  payment  with  respect  to  the   Performance   Shares  or
     Performance  Units  will  be  determined  as  described  above  in  SECTION
     13(A)(4),   but  payment  with  respect  to  such  Performance   Shares  or
     Performance Units will be made on the date originally scheduled for payment
     or, if earlier, upon the Participant's Termination of Employment; and

          (5) Any Other Stock-Based  Awards that vest solely on the basis of the
     passage of time will be treated in  connection  with a Change of Control in
     the same manner as are Awards of  Restricted  Shares and RSUs, as described
     in SECTION 13(A)(3) above.  Other Stock-Based Awards that vest on the basis
     of satisfaction of performance  criteria will be treated in connection with
     a Change of  Control  in the same  manner  as are  Performance  Shares  and
     Performance  Units,  as described in SECTION  13(A)(4)  above,  except that
     payment  will  be  made  only  in  shares  of  Stock.  Notwithstanding  the
     foregoing,  if the  committee in its sole  discretion  determines  that any
     Other   Stock-Based  Award  would  be  considered   nonqualified   deferred
     compensation  within the  meaning of Section  409A of the Code,  and if the
     Change  of  Control  would not be  considered  a "change  in  control"  for
     purposes of Section 409A of the Code, then a  Participant's  entitlement to
     payment with respect to the Other  Stock-Based  Award will be determined as
     described above in this SECTION 13(A)(5),  but payment with respect to such
     Other Stock-Based  Award will be made on the date originally  scheduled for
     payment, or, if earlier, upon the Participant's Termination of Employment.

     (b) COMPLIANCE WITH LEGAL AND OTHER  REQUIREMENTS.  The Company may, to the
extent deemed necessary or advisable by the Committee,  postpone the issuance or
delivery  of Common  Stock or payment of other  benefits  under any Award  until
completion of such  registration or  qualification of such Common Stock or other
required  action under any federal or state law, rule or regulation,  listing or
other required action with respect to any stock exchange or automated  quotation
system upon which the Common Stock or other securities of the Company may in the
future be listed or  quoted,  or  compliance  with any other  obligation  of the
Company,  as the  Committee  may  consider  appropriate,  and  may  require  any
Participant to make such  representations,  furnish such  information and comply
with or be subject to such other  conditions as it may consider  appropriate  in
connection  with the  issuance or  delivery of Common  Stock or payment of other
benefits in compliance with applicable laws,  rules,  and  regulations,  listing
requirements, or other obligations.

     (c) LIMITS ON  TRANSFERABILITY;  BENEFICIARIES.  No Award or other right or
interest  of a  Participant  under the Plan shall be  pledged,  hypothecated  or
otherwise  encumbered  or subject to any lien,  obligation  or liability of such
Participant to any party (other than the Company or a  subsidiary),  or assigned
or transferred by such Participant otherwise than by will or the laws of descent
and  distribution  or to a  Beneficiary  upon the  death of a  Participant,  and
Options,  SARs or Other  Stock-Based  Awards  that may be  exercisable  shall be
exercised  during the lifetime of the Participant only by the Participant or his
or her guardian or legal representative,  except that Options (other than ISOs),
SARs  and  Other   Stock-Based   Awards  may  be  transferred  to  one  or  more
Beneficiaries or other transferees  during the lifetime of the Participant,  and
may be  exercised  by such  transferees  in  accordance  with the  terms of such
Option,  SAR,  or Other  Stock  Based  Award but only if and to the extent  such
transfers  are  permitted by the  Committee  pursuant to the express terms of an
Option,  SAR or Other  Stock-Based  Award  agreement  (subject  to any terms and

                                       15
<PAGE>
conditions which the Committee may impose thereon).  A Beneficiary,  transferee,
or other  person  claiming  any  rights  under  the  Plan  from or  through  any
Participant  shall be  subject to all terms and  conditions  of the Plan and any
Award agreement  applicable to such Participant,  except as otherwise determined
by the Committee, and to any additional terms and conditions deemed necessary or
appropriate by the Committee.

     (d)  ADJUSTMENTS.  In the event  that any  dividend  or other  distribution
(whether  in the  form of  cash,  Common  Stock,  or  other  property),  capital
contribution,   recapitalization,  forward  or  reverse  split,  reorganization,
merger, acquisition,  consolidation,  spin-off,  combination,  repurchase, share
exchange,  liquidation,  dissolution  or other  corporate  transaction  or event
affects the Common Stock such that an  adjustment is determined by the Committee
to be appropriate under the Plan, then the Committee shall, in such manner as it
may deem  equitable,  adjust  any or all of (1) the number and kind of shares of
Common  Stock  which  may  be  delivered  in  connection   with  Awards  granted
thereafter,  (2) the  number  and kind of shares of Common  Stock  subject to or
deliverable  in respect of Awards and (3) the  exercise  price,  grant  price or
purchase  price  relating to any Award and/or make provision for payment of cash
or other  property  in  respect  of any  outstanding  Award.  In  addition,  the
Committee is authorized to make such adjustments in the terms and conditions of,
and the  criteria  included  in,  Awards as the  Committee  deems  equitable  in
recognition of unusual or nonrecurring  events (including,  without  limitation,
events  described  in the  preceding  sentence,  as  well  as  acquisitions  and
dispositions of businesses and assets) affecting the Company,  Subsidiary or any
business unit, or the financial  statements of the Company or Subsidiary,  or in
response to changes in applicable laws, regulations,  accounting principles, tax
rates and  regulations  or  business  conditions  or in view of the  Committee's
assessment of the business strategy of the Company,  Subsidiary or business unit
thereof,   performance  of  comparable  organizations,   economic  and  business
conditions,  personal performance of a Participant,  and any other circumstances
deemed relevant.

     (e) PAYMENTS AND PAYMENT DEFERRALS. Payment of Awards may be in the form of
cash,  Stock,  other  Awards  or  combinations  thereof  as  the  Committee  may
determine, and with such restrictions as it may impose. The Committee, either at
the time of grant or by subsequent amendment,  may require or permit deferral of
the payment of Awards under such rules and  procedures as it may  establish.  It
also may provide that deferred  settlements  include the payment or crediting of
interest or other earnings on the deferred amounts,  or the payment or crediting
of dividend  equivalents  where the deferred  amounts are  denominated  in Stock
equivalents.   Notwithstanding  the  foregoing,  no  action  will  be  taken  or
authorized  pursuant to this SECTION  13(E) to the extent that it would  violate
the  requirements  of Section  409A of the Code or cause any Award of Options or
SARs to be  considered  to provide for the deferral of  compensation  within the
meaning of Section 409A of the Code.

     The  Committee  may  require  that each  person  acquiring  shares of Stock
pursuant to an Award to  represent to and agree with the Company in writing that
such person is acquiring the shares without a view to the distribution  thereof.
The certificates for such shares may include any legend that the committee deems
appropriate to reflect any restrictions on transfer. All certificates for shares
of Stock or other  securities  delivered  under the Plan will be subject to such
stock transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations and other requirements of the Commission, any stock
exchange upon which the Stock is then listed and any applicable  Federal,  state
or foreign securities law, and the Committee may cause a legend or legends to be
put on any such certificates to make appropriate reference to such restrictions.

     (f) AWARD  AGREEMENTS.  Each Award  under the Plan will be  evidenced  by a
written  agreement  (which need not be signed by the recipient  unless otherwise
specified by the Committee or otherwise provided under the Plan) that sets forth

                                       16
<PAGE>
the terms,  conditions and limitations  for each Award.  Such terms may include,
but  are  not  limited  to,  the  term  of the  Award,  vesting  and  forfeiture
provisions,  and the  provisions  applicable  in the  event  of the  recipient's
Termination of Employment. The Committee may amend an Award agreement,  provided
that no such amendment may materially and adversely affect an outstanding  Award
without the Award recipient's consent.

     (g) FOREIGN  EMPLOYEES.  In order to facilitate  the making of any grant or
combination  of grants  under this Plan,  the Board may provide for such special
terms for Awards to Participants  who are foreign  nationals or who are employed
by the Company or any Subsidiary  outside of the United States of America as the
Board may consider necessary or appropriate to accommodate  differences in local
law, tax policy or custom.  Moreover,  the Board may approve such supplements to
or  amendments,  restatements  or  alternative  versions  of this Plan as it may
consider  necessary or appropriate for such purposes,  without thereby affecting
the terms of this Plan as in effect for any other purpose,  and the secretary or
other appropriate officer of the Company may certify any such document as having
been  approved  and  adopted in the same  manner as this Plan.  No such  special
terms,  supplements,  amendments  or  restatements,  however,  shall include any
provisions that are  inconsistent  with the terms of this Plan as then in effect
unless this Plan could have been amended to eliminate such inconsistency without
further approval by the stockholders of the Company.

     (h) TAXES.  The Company and any  Affiliate or  Subsidiary  is authorized to
withhold  from any payment to a  Participant  amounts of  withholding  and other
taxes due or potentially payable in connection with any transaction involving an
Award,  and to take such other  action as the  Committee  may deem  advisable to
enable the Company and  Participants  to satisfy  obligations for the payment of
withholding  taxes  and  other  tax  obligations  relating  to any  Award.  This
authority  shall include  authority to withhold or receive Common Stock or other
property  and to make cash  payments  in respect  thereof in  satisfaction  of a
Participant's  tax obligations (not to exceed the minimum  statutorily  required
tax  withholding),  either on a mandatory or elective basis in the discretion of
the Committee.

     (i)  CHANGES TO THE PLAN AND AWARDS.  The Board,  or the  Committee  acting
pursuant to such  authority as may be  delegated to it by the Board,  may amend,
alter,  suspend,  discontinue or terminate the Plan or the Committee's authority
to grant  Awards  under the Plan,  provided  that,  without  the  consent  of an
affected Participant,  except as otherwise contemplated by the Plan or the terms
of an Award agreement,  no such Board action may materially and adversely affect
the rights of a Participant under any previously  granted and outstanding Award.
Except as otherwise provided in the Plan, the Committee may waive any conditions
or rights under, or amend,  alter,  suspend,  discontinue or terminate any Award
theretofore  granted and any Award agreement  relating  thereto,  provided that,
without the consent of an affected Participant, except as otherwise contemplated
by the  Plan or the  terms  of an  Award  agreement,  no  Committee  action  may
materially and adversely affect the rights of such Participant under such Award.

     (j)  LIMITATION ON RIGHTS  CONFERRED  UNDER PLAN.  Neither the Plan nor any
action taken hereunder shall be construed as (i) giving any Eligible Employee or
Participant  the right to continue as an Eligible  Employee or Participant or in
the employ or service of the Company or a subsidiary,  (ii)  interfering  in any
way with the right of the Company or a  Subsidiary  to  terminate  any  Eligible
Employee's or  Participant's  employment or service at any time, (iii) giving an
Eligible  Employee  or  Participant  any claim to be granted any Award under the
Plan or to be treated uniformly with other  Participants and employees,  or (iv)
conferring  on a Participant  any of the rights of a shareholder  of the Company
unless and until the Participant is duly issued or transferred  shares of Common
Stock in accordance with the terms of an Option or an Award of Restricted Stock.
To the extent that an employee of a Subsidiary  or  Affiliate  receives an Award
under the Plan,  that Award can in no event be understood or interpreted to mean

                                       17
<PAGE>
that  the  Company  is the  employee's  employer  or that  the  employee  has an
employment relationship with the Company.

     (k) PROVISIONS HELD INVALID OR UNENFORCEABLE.  If any provision of the Plan
is held invalid or unenforceable,  the invalidity or  unenforceability  will not
affect  the  remaining  parts of the  Plan,  and the Plan will be  enforced  and
construed as if such provision had not been included.

     (l) NONEXCLUSIVITY OF THE PLAN. The adoption of the Plan by the Board shall
not be  construed  as creating  any  limitations  on the power of the Board or a
committee  thereof to adopt such other  compensation and incentive  arrangements
for employees,  agents and brokers of the Company and its subsidiaries as it may
deem desirable.

     (m)  PAYMENTS  IN THE  EVENT  OF  FORFEITURES;  FRACTIONAL  SHARES.  Unless
otherwise  determined by the Committee,  in the event of a forfeiture of a share
of Common Stock,  Option or SAR with respect to which a Participant paid cash or
other consideration,  the Participant shall be repaid the amount of such cash or
other consideration.

     (n) GOVERNING LAW. The validity,  construction  and effect of the Plan, any
rules  and  regulations  under  the  Plan,  and any  Award  agreement  shall  be
determined in accordance with Nevada law, without giving effect to principles of
conflicts of laws, and applicable federal law.

     (o) PLAN  EFFECTIVE  DATE.  The Plan has been  adopted by the Board and the
shareholders of the Company as of the Effective Date.

     (p) LAST GRANT DATE. No Award may be granted under the Plan after  November
26, 2023.

     (q)  UNFUNDED  STATUS  OF  PLAN.  It is  presently  intended  that the Plan
constitute an  "unfunded"  plan for  incentive  and deferred  compensation.  The
Committee may authorize the creation of trusts or other arrangements to meet the
obligations  created under the Plan to deliver Stock or make payments;  however,
unless the Committee otherwise determines, the structure of such trusts or other
arrangements must be consistent with the "unfunded" status of the Plan.

                                       18exh_101.htm

EXHIBIT 10.1

 

FOURTH AMENDMENT TO SECURED LOAN AGREEMENT

 

THIS FOURTH AMENDMENT TO SECURED LOAN AGREEMENT (“Fourth Amendment”) dated October 16, 2013, is made by and among Elecsys Corporation, a Kansas corporation (“Elecsys”), Elecsys International Corporation, a Kansas corporation (“International,” and together with Elecsys, “Borrower”) and UMB Bank, N.A. (“Lender”) to modify and amend that certain Secured Loan Agreement dated as of October 30, 2009, between Elecsys and Lender. as amended by First Amendment to Secured Loan Agreement dated October 21, 2010 and by Second Amendment to Secured Loan Agreement dated October 28, 2011,  and by Third Amendment to Secured Loan Agreement dated October 26, 2012, each among Borrower and Lender (as so amended, the “Loan Agreement”).  Terms used but not herein defined shall have the meanings ascribed thereto in the Loan Agreement.

 

WHEREAS, Borrower has requested an extension of the Revolving Credit Maturity Date; and

 

WHEREAS, UMB is willing to provide such extension on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises and the mutual promises herein contained, the parties mutually agree as follows:

 

1. Amendment of Section 1.01.  Section 1.01 of the Loan Agreement is amended by deleting the definition of “Revolving Credit Maturity Date” in its entirety and replacing it with the following:

 

“Revolving Credit Maturity Date” means October 30, 2015.

 

2. Conditions Precedent.  Lender’s obligations hereunder and under the Loan Agreement as amended hereby are subject to, and this Fourth Amendment shall become effective upon, the date of Borrower’s compliance on the date hereof with the following specific conditions:

 

(a) The execution and delivery of this Third Amendment by all parties hereto.

 

(b) Each of Elecsys and International shall deliver to Lender a certified copy of resolutions executed by its Board of Directors authorizing the execution and delivery of this Fourth Amendment and such Borrower’s performance hereunder.

 

3. Miscellaneous.

 

(a) Borrower hereby confirms that all of the covenants, representations and warranties made in Sections 5, 6, and 7 of the Agreement are true and correct as of the date hereof and that no Default or Event of Default as defined in the Agreement has occurred and is continuing.

 

  

  

  

(b) This Fourth Amendment may be executed in two or more counterparts, each of which shall constitute an original but when taken together shall constitute but one agreement.  The exchange of copies of this Fourth Amendment and of the signature pages hereof by facsimile transmission shall constitute effective execution and delivery of this Fourth Amendment as to the parties and may be used in lieu of the originals thereof for all purposes.  Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

 

(c) All terms and conditions of the Loan Agreement not expressly amended hereby shall remain in full force and effect as if this Fourth Amendment had not been executed and delivered.

 

4. Oral or unexecuted agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the Loan Agreement.  To protect Borrower and UMB from misunderstanding or disappointment, any agreements Borrower and UMB reach covering such matters are contained in the Loan Agreement as amended hereby, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it.

 

IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment to Secured Loan Agreement as of the day and year first written above.

 

	UMB BANK, N.A.	 	ELECSYS CORPORATION
	 	 	 
	

By:

	 	 	By:	 
	Name: 	

S. Scott Heady

	 	Name: 	

Karl B. Gemperli

	Title: 	

Senior Vice President

	 	Title: 	

President & CEO

	 	 	 	 	 
	 	  	 	ELECSYS INTERNATIONAL CORPORATION
	 	 	 	 	 
	 	 	 	

By:

	

 

	 	 	 	Name:	

Karl B. Gemperli

	 	 	 	Title:	

President & CEO

 

 

 

 

2

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