Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Banyan Corporation - Exhibit 10.10

  

 

PURCHASE AGREEMENT 

 By: 

  DIAGNOSTIC USA, INC.

  (Purchaser) 

And 

 BANYAN CORPORATION

  (Parent) 

And 

 JEFF & CONNIE REBARCEK 

  (Hereinafter collectively referred to as the “Seller”) 

And 

 NATIONWIDE DIAGNOSTIC SOLUTIONS, INC. 

  (Company) 

March 18th, 2005 

TABLE OF CONTENTS 

	 	  	  	 Page
	 	  	 	 
	 ARTICLE 1	 BASIC TRANSACTION	 1
	 	 1.1	 Purchase and Sale	 1
	 	 1.2	 Purchase Price	 1
	 	 1.3	 Closing	 1
	 	 1.4	 Allocation of the Purchase Price	 2
	 	 1.5	 Terms	 2
	 ARTICLE 2	 REPRESENTATIONS AND WARRANTIES OF THE SELLER	 2
	 	 2.1	 Representations and Warranties of Seller	 2
	 ARTICLE 3	 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
      AND PARENT	4 
	 	3.1	 Representations and Warranties of Purchaser
      and Parent	 4
	 ARTICLE 4	 CLOSING CONDITIONS	 6
	 	 4.1	 Conditions Precedent of Purchaser’s
      Obligation to Close	 6
	 	 4.2	 Conditions Precedent of Seller’s Obligation
      to Close	 7
	 ARTICLE 5	 TERMINATION	 8
	 	 5.1	 Termination of Agreement	 8
	 ARTICLE 6	 INDEMNITY	 9
	 	 6.1	 Indemnity by Seller	 9
	 	 6.2	 Indemnity by Purchaser	 9
	 	 6.3	 Provisions Regarding Indemnities	 9
	 	 6.4	 Indemnification Procedure	 10
	 	 6.5	 Dispute Resolution Process	 12
	 ARTICLE 7	 POST-CLOSING COVENANTS AND MISCELLANEOUS	 13
	 	 7.1	 Distribution	 13
	 	 7.2	 Further Assurances	 13
	 	 7.3	 Entire Agreement	 13
	 	 7.4	 Amendments	 13
	 	 7.5	 No Waiver	 13
	 	 7.6	 Notices	 13
	 	 7.7	 Time of Essence	 14

 i 

 TABLE OF CONTENTS

  (continued) 

	 	  	  	 Page
	 	  	 	 
	 	 7.8	 Headings	 14
	 	 7.9	 Singular, Plural and Gender	 14
	 	 7.10	 Assignment	 14
	 	 7.11	 Counterpart Execution	 15
	 	 7.12	 Governing Law	 15

	 Exhibit A	 Form of Note
	 Exhibit B	 Form of Security Agreement
	 Exhibit C	 Form of Parent Guaranty
	 Exhibit D	 Form of Opinion of Purchaser’s/Parent’s Counsel
	 Exhibit E	 Terms of the Jeff Rebarcak Employment Agreement

 ii 

                      THIS
  PURCHASE AGREEMENT (“Agreement”) is made the 18th day
  of March 2005, by and among Diagnostic USA, Inc., a Colorado corporation (the
  “Purchaser”), Banyan Corporation, an Oregon corporation (the “Parent”),
  Jeff & Constance Rebarcek (the “Seller”) and Nationwide Diagnostic
  Solutions, Inc., an Arizona corporation (the “Company”).

 PREAMBLE 

                      WHEREAS
  the Company is in the diagnostic imaging business and acquired this business
  from Arizona Diagnostic Group, Inc. (the “Predecessor Company”)
  on or about the 1st day of September, 2004; 

                      WHEREAS,
  the Seller is the sole shareholders of the Company; and 

                      WHEREAS,
  the Seller desires to sell to the Purchaser and the Purchaser desires to purchase
  from the Seller all of the membership interest (“the Membership Interest”)
  in the Company on the terms and conditions contained herein. 

                 NOW
  THEREFORE for good and valuable consideration, the receipt and sufficiency
  of which are hereby acknowledged, and in consideration of the mutual covenants
  and agreements herein contained, the parties do hereby mutually covenant and
  agree as follows: 

 ARTICLE 1 

  BASIC TRANSACTION 

 1.1           Purchase
  and Sale. Subject to and in accordance with the terms and conditions hereof,
  the Seller covenants and agrees to sell to the Purchaser and the Purchaser covenants
  and agrees to purchase from the Seller all of their membership interest in the
  Company outstanding as of the date of this Agreement (the “Membership
  Interest”) for the Purchase Price payable on the Closing Date. 

 1.2           Purchase
  Price. The Purchase Price is $10 Million ($10,000,000) Dollars,
  payable by delivery of the following: 

                 (a)      Seven
  Hundred Thousand ($700,000) Dollars payable on the Closing Date;

                 (b)      Nine
  Million Three Hundred Thousand ($9,300,000) Dollars by way of a promissory
  note issued by Purchaser of which $1,500,000 is to be guaranteed by the
  Parent. The amount guaranteed by the Parent will reduce by the amount paid pursuant
  to the promissory note. Such note to be in form attached hereto as Exhibit A
  (the “Note”). At any time, the Seller can convert up to a maximum
  of One Million ($1,000,000) Dollars payable under the Note to S.144 restricted
  common stock in the parent at a price equivalent to the previous 10 days rolling
  average of the share price, but in any case no lower than $0.22 per share.

 1.3           Closing.
  The closing of the transactions contemplated by this Agreement (the “Closing”)
  will take place at the offices of Quarles & Brady Streich Lang LLP, Two
  North Central, Phoenix, AZ 85004, or such other premises as is mutually agreeable
  to the parties hereto, on the second business day following the satisfaction
  or waiver of all conditions to the obligations of the parties to consummate
  the transactions hereby (the “Closing Date”). In addition to any
  other Closing 

Conditions set forth in Article 4 of this Agreement, the following agreements shall be executed and delivered at Closing: 

                 (a)
        An agreement providing Seller with
  a security interest in the Membership Interest as collateral for the Note in
  the form attached hereto as Exhibit B (the “Security Agreement”);

                 (b)
        A guaranty by Parent of the Note
  in the form attached hereto as Exhibit C (the “Guaranty”); 

 1.4           Allocation
  of the Purchase Price. Seller has the right to allocate the Purchase Price
  among the assets of the Company in a manner as mutually agreeable to the Purchaser
  and the Parent.

 1.5           Terms.
  The terms upon which the Membership Interest is offered is not related to the
  expected volume or value of referrals of diagnostic services that could be generated
  pursuant to this Agreement. The foregoing notwithstanding, this Agreement in
  no way is intended to require or encourage the referral of diagnostic services
  among or between the Seller or the Purchaser.

 ARTICLE 2 

  REPRESENTATIONS AND WARRANTIES OF THE SELLER 

 2.1           Representations
  and Warranties of Seller. The Seller acknowledges and confirms that the
  Purchaser is relying upon the representations and warranties of the Seller in
  connection with the purchase by the Purchaser of the Membership Interest and
  Option. The Seller represents and warrants to the Purchaser as of the date of
  this Agreement as follows: 

                 (a)
        The Company is a limited liability
  company validly existing and qualified to carry on its business as previously
  conducted under the laws of the State of Arizona.

                 (b)
        Company for the past three years
  have been made available for inspection by the Purchaser and all such documents
  made available for inspection by the Purchaser were complete, accurate, and
  up-to-date in all material respects. 

                 (c)
        The Seller is the sole owner of all
  of the outstanding membership interests of the Company. 

                 (d)      
  The Membership Interest is now and will be as at the Closing Date free and clear
  of all liens, charges, encumbrances and security interests whatsoever. 

                 (e)
        No person, firm or corporation now
  has or at the Closing Date will have any agreement or option for the purchase
  from the Seller of the Interest. 

                 (f)      
  There are no debts owing to the Company by the Seller or by persons or companies
  not dealing at arm’s length with the Company. 

 - 2 - 

                 (g)      
  Except as listed on Disclosure Schedule 2.1(g), the Company is not as of the
  date of this Agreement, nor will it be at the Closing Date, a party to any guarantee
  or other like commitment. 

                 (h)
        The Company has not authorized nor
  will it authorize prior to the Closing Date any payment to managers, officers
  or employees of the Company except in the ordinary course of business and at
  regular rates of salary or other remuneration for same. 

                 (i)
        To the knowledge of the officers
  and managers of the Company and except as set forth on Disclosure Schedule 2.1(i),
  there are not now and at the Closing Date there will be no actions, suits or
  proceedings pending, threatened against or materially affecting the Company
  before or by any federal, state, municipal or other governmental department,
  commission, board, bureau, agency or instrumentality, domestic or foreign which
  would materially adversely affect the financial position of the Company. 

                 (j)      
  The Company does not control, directly or indirectly any other limited liability
  company, corporation, association or other business organization. 

                 (k)      
  The Company is not now nor will it be at the Closing Date in default or breach
  of any material contracts, agreements, trust deeds, indentures or other instruments
  to which the Company is a party, and all such material contracts, agreements,
  trust deeds, indentures or other instruments are now and will be at the Closing
  Date in full force and effect. 

                 (l)
        The Company has not now nor will
  it have at the Closing Date made, authorized or entered into any commitment
  for any capital or other expenditure in excess of $10,000 in value, other
  than in the ordinary course of business. 

                 (m)
        Except for the Employment Agreements
  to be entered into by and between Jeff Rebarcak and the Company prior to the
  Closing Date in accordance with terms set forth on Exhibit G hereto, or as otherwise
  disclosed on Disclosure Schedule 2.1(m), the Company is not now nor will it
  be at the Closing Date a party to any written employment or service agreement
  or any pension agreement or union agreement. 

                 (n)
        The Company has not now nor will
  it at the Closing Date have any outstanding liability for payment of wages,
  vacation pay, salaries, bonuses, pensions, or for contribution under any employee
  benefit plans, or other compensation, current or deferred under any labour or
  employment contract, whether oral or written, save and except for normal accruals
  for wages, vacation pay, salary or other similar expenses and normal day to
  day operating expenses. 

                 (o)
        During the last three years, there
  has been no material adverse change in the financial condition of the Company
  or its Predecessor Company, except for changes in the ordinary course of business,
  which are not expected to materially adversely affect the organization, assets
  or properties of the Company on an ongoing basis. 

                 (p)
        The Agreement herein constitutes
  a valid and binding obligation of the Seller and all transactions contemplated
  herein will not result in any violation of any of the terms and conditions of
  the Articles of Organization of the Company or of any indenture or other material

 - 3 - 

agreement to which the Company or the Seller is a party or by which the Company is bound and does not constitute a default thereunder. 

                 (q)
        The Company is in compliance in all
  material respects with all applicable laws and regulations relating to the conduct
  of its business and has all permits, licenses, certificates and authorizations
  necessary to carry on its business as presently conducted, except those permits,
  licenses, certificates and authorizations the absence of which would not have
  a material adverse effect on the Company. 

                 (r)
        The financial statements for the
  Company and its Predecessor Company as of and for the 3 years ending December
  31st, 2004 have been prepared in accordance with generally accepted
  accounting principles and fairly present the financial position of the Company
  and its member as of and for the periods presented. 

                 (s)
        No distributions to members of the
  Company have been paid or authorized or will be declared, paid or authorized
  after the date hereof and up to the Closing Date. 

                 (t)
        Except as noted on Disclosure Schedule
  2.1(t), the Company is not now a party to nor will it be at the Closing Date
  a party to any material contracts which cannot be cancelled in fewer than 90
  days other than contracts in the ordinary course of business. To the knowledge
  of the Seller, the other parties to such material contracts are not in default
  under said contracts. 

                 (u)      
  In making the representations in this Section 2.1, the Seller has not knowingly
  made untrue statements or knowingly omitted any material fact. 

The representations and warranties contained in this Section 2.1 shall survive the Closing.

 ARTICLE 3 

  REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND PARENT 

 3.1           Representations
  and Warranties of Purchaser and Parent. Each of the Purchaser and Parent
  acknowledges and confirms that the Seller is relying upon its representations
  and warranties in connection with the sale by the Seller of the Membership Interest.
  The Purchaser and Parent each represents and warrants to the Seller as of the
  date of this Agreement as follows: 

                 (a)      
  Organization of Purchaser. Purchaser and Parent are corporations, validly
  existing and in good standing under the laws of the jurisdiction of their respective
  organizations. 

                 (b)      
  Authorization of Transaction. Each of Purchaser and Parent has full power
  and authority to execute and deliver this Agreement and to perform its obligations
  hereunder. Without limiting the generality of the foregoing, to the extent required
  by law or under the governing documents of Parent and Purchaser, the boards
  of directors of Parent and Purchaser have duly authorized the execution, delivery
  and performance of this Agreement by Purchaser and Parent and no further action
  is required to be taken by the shareholders of Parent or Purchaser to authorize
  the execution, delivery or performance of this Agreement. This Agreement constitutes
  the valid and legally binding obligation of Parent and Purchaser, enforceable
  in accordance with its terms. 

 - 4 - 

                 (c)      
  Capitalization. 

                                 (i)      
  The authorized capital stock of Parent, together with Options, consists of those
  amounts as noted in all of the Parent’s filings with the SEC and with
  its Transfer Agent, Transfer On Line. At the request of the Seller, the Parent
  will provide a summary of outstanding shares and options of the Parent.

                 (d)      
  Noncontravention. Neither the execution and the delivery of this Agreement,
  nor the consummation of the transactions contemplated hereby will (i) violate
  any constitution, statute, regulation, rule, injunction, judgment, order, decree,
  ruling, charge or other restriction of any government, governmental agency or
  court to which Purchaser or Parent is subject or any provision of their respective
  charter or bylaws or (ii) conflict with, result in a breach of, constitute a
  default under, result in the acceleration of, create in any party the right
  to accelerate, terminate, modify, or cancel, or require any consent or notice
  under any agreement, contract, lease, license, instrument or other arrangement
  to which Purchaser or Parent is a party or by which either of them is bound
  or to which the assets of either of them are subject. Neither Purchaser nor
  Parent needs to give any notice to, make any filing with, or obtain any authorization,
  consent, or approval of, any government or governmental agency in order for
  the parties to consummate the transactions contemplated by this Agreement. 

                 (e)      
  Securities Filings. 

                                 (i)      
  Parent has filed all reports and schedules required to be filed with the Securities
  and Exchange Commission during the 12 months immediately preceding the date
  of this Agreement pursuant to the Securities Exchange Act of 1934, as amended
  (the “Exchange Act”), and the regulations thereunder (collectively
  the “SEC Reports”). As of their respective dates, none of the SEC
  Reports (including all schedules thereto and documents incorporated by reference
  therein), contained any untrue statement of a material fact or omitted a material
  fact required to be stated therein or necessary to make the statements therein,
  in light of the circumstances under which they were made, not misleading. Each
  of the SEC Reports and each registration statement filed under the Securities
  Act (“Registration Statements”) at the time of filing or as of the
  date of the last amendment thereof, if amended after filing, complied in all
  material respects with the Exchange Act or the Securities Act, as applicable.

                                 (ii)     
  The consolidated financial statements (including, in each case, any related
  notes thereto) contained in the SEC Reports (i) complied with applicable accounting
  requirements and the published regulations with respect thereto, (ii) were prepared
  in accordance with GAAP (except in the case of interim balance sheets, as permitted
  by Regulation S-X promulgated by the SEC) applied on a consistent basis throughout
  the periods involved (except as may be expressly described in the notes thereto)
  and (iii) fairly present the consolidated financial position of the Parent at
  the respective dates thereof and the consolidated results of its operations
  and cash flows for the periods indicated. 

                 (f)      
  Absence of Certain Changes or Events.

                                 (i)      
  Except to the extent disclosed in the SEC Reports, since December 31, 2003,
  there has not occurred a material adverse change in respect of Parent. 

 - 5 - 

                                 (ii)     
  Neither Parent nor Purchaser is in default under any material agreement to which
  it is a party or to which its assets are subject, and no event has occurred
  or circumstances exists which, with the giving of notice or the passage of time
  or both, would constitute such a default. 

                 (g)      
  Absence of Litigation. Except as set forth in the SEC Reports, there
  is no litigation pending, or to the knowledge of Parent’s Chief Executive
  Officer, after reasonable investigation, threatened against Parent that could
  result in a material adverse change with respect to Parent. Parent is not subject
  to any outstanding claim or order other than as set forth in the SEC Reports,
  which, individually or in the aggregate could result in a material adverse change
  in respect of Parent. Parent has made available to Seller all written correspondence
  from the Securities and Exchange Commission received during the twelve months
  immediately preceding the date of this Agreement and all written correspondence
  from Nasdaq or any exchange or trading system on which Parent common stock is
  listed, traded or quoted closing conditions. 

                 (h)      
  Investment Representation; Accredited Investor. Purchaser is acquiring
  the Membership Interest for its own account for purposes of investment and not
  with a view to the distribution thereof or dividing all or any part of its interest
  therein with any other person or entity. Purchaser acknowledges that the sale
  of the Membership Interest has not been registered under applicable laws (including
  the Securities Act, any state, local or foreign securities laws) and that such
  shares may not be transferred without registration under, pursuant to an exemption
  from or in a transaction not subject to, all applicable law. Purchaser acknowledges
  that the Membership Interest, if certificated, will bear a restrictive legend
  and that such certificated interest may only be transferred following the removal
  of such legend by Purchaser. Purchaser is an “accredited investor”
  as that term is defined in Rule 501(a) of Regulation D promulgated under the
  Securities Act. Purchaser had the opportunity to discuss Seller’s business,
  management and financial affairs with Seller and its management team. Purchaser
  has such knowledge and experience in financial and business matters, or has
  been adequately advised by financial representatives, that Purchaser is capable
  of evaluating the merits and risks of the Membership Interest.

 ARTICLE 4 

  CLOSING CONDITIONS 

 4.1           Conditions
  Precedent of Purchaser’s and Parent’s Obligation to Close. The
  obligation of the Purchaser to consummate the transaction contemplated by this
  Agreement is subject to the following conditions precedent: 

                 (a)      
  the representations and warranties of the Seller, set forth in Section 2.1 shall
  be true, complete and correct as at the Closing Date; 

 - 6 - 

                 (b)
        the Seller shall have made available
  to the Purchaser all books, accounts, records and other financial and accounting
  information relating to the Company and the Predecessor Company in order to
  enable the Purchaser to audit the same. These Statements shall be acceptable
  to the Purchaser in its sole discretion, failing which this agreement is void,
  ab initio; 

                 (c)      
  the Seller shall have made available to counsel for the Purchaser all charter
  documents, other organizational records and all documents of title and related
  records of the Company in order to enable such counsel to make an examination
  of same; 

                 (d)
        all necessary legal and contractual
  steps and proceedings to be taken by the Seller shall have been taken to permit
  the sale of the Membership Interest; 

                 (e)
        the Seller shall have furnished the
  Purchaser with evidence that the Company holds all valid licenses and permits
  as may be requisite for the carrying on of the business of the Company in the
  manner in which it is now carried on and that the Company owns or uses by valid
  license such trademarks, trade names, formulae, processes, patents or other
  intellectual property rights as are now used by the Company in the carrying
  on of its business; 

                 (f)
        Seller shall have delivered to Purchaser
  a certificate to the effect that each of the conditions specified in this Section
  4.1 has been satisfied in all respects; 

                 (g)
        each of the following documents shall
  be duly executed and delivered by Seller to Purchaser: 

                                 (i)
        the Company’s membership certificate
  for the Membership Interest. 

 4.2           Conditions
  Precedent of Seller’s Obligation to Close. The obligation of the Seller
  to consummate the transaction contemplated by this Agreement is subject to the
  following conditions precedent: 

                 (a)      
  the representations and warranties set forth in Section 3.1 shall be true and
  correct in all respects as of the Closing as if given on that date; 

                 (b)
        there shall not have occurred a material
  adverse change with respect to the Parent since September 30, 2004; 

                 (c)
        Purchaser and Parent shall have performed
  and complied with all covenants through the Closing Date; 

                 (d)
        no action, suit or proceeding shall
  be pending or threatened before any court or administrative agency that (i)
  would prevent the consummation of any of the transactions contemplated by this
  Agreement, (ii) questions the issuance by Parent of the Delivered Parent Shares,
  or (iii) cause any of such transactions to be reversed or disregarded following
  consummation; 

 - 7 - 

                 (e)
        Purchaser shall have delivered to
  Seller a certificate to the effect that each of the conditions specified in
  this Section 4.2 have been satisfied in all respects; 

                 (f)
        each of the following agreements
  shall have been executed and delivered by Purchaser or Parent, as the case may
  be, to Seller: 

                              (i)
        the Note; 

                              (ii)
       the Security Agreement; 

                              (iii)
       the Guaranty; 

                 (g)      
  Seller shall have received an opinion of counsel from Parent and Purchaser in
  the Form attached hereto as Exhibit D.

 ARTICLE 5 

  TERMINATION

 5.1           Termination
  of Agreement. The parties may terminate this Agreement as provided below
  any time prior to Closing: 

                 (a)
        Purchaser and Seller may terminate
  this Agreement by mutual written agreement; 

                 (b)
        Purchaser may terminate this Agreement
  if Seller has materially breached any of its covenants contained in this Agreement
  and has not cured the breach within thirty (30) days following notice thereof
  by Purchaser; 

                 (c)
        Seller may terminate this Agreement
  if Purchaser has materially breached any of its covenants contained in this
  Agreement and has not cured the breach within thirty (30) days following notice
  thereof given by Purchaser; and 

                 (d)
        by Purchaser or Seller if the Closing
  has not occurred on or before April 30th, 2005; provided, however,
  that a party shall have no right to terminate if the terminating party’s
  failure to perform an obligation under this Agreement is the reason for the
  non-closing. 

                 (e)
        by Purchaser, in the event it has
  not waived the Purchaser’s Conditions Precedent as contained in Article
  4.1 above. 

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 ARTICLE 6

  INDEMNITY 

 6.1           Indemnity
  by Seller. To induce Purchaser and Seller to enter into this Agreement and
  to consummate the transactions contemplated thereby, Seller agrees that, subject
  to the limitations set forth in Section 6.3, from and after the Closing Date,
  Seller shall indemnify and hold Purchaser harmless from and against, and agree
  to promptly defend Purchaser from and reimburse Purchaser for, any and all losses,
  damages, costs, expenses, liabilities, obligations and claims of any kind (including,
  without limitation, reasonable attorneys’ fees and other reasonable legal
  costs and expenses, including without limitation, those incurred in connection
  with any suit, action or other proceeding) (“Losses”) which
  Purchaser may at any time, subject to the terms of Section 6.3 hereof, suffer
  or incur, or become subject to, as a result of or in connection with: 

                 (a)
        Any inaccuracy in or breach of any
  representation and warranty made by Seller in this Agreement or in any closing
  document delivered to Purchaser in connection with this Agreement; and 

                 (b)
        Any breach by Seller of, or failure
  by Seller to comply with, any of its covenants or obligations under this Agreement
  (including, without limitation, its obligations under this Article 6). 

 6.2           Indemnity
  by Purchaser. From and after the Closing Date, Purchaser shall indemnify
  and hold Seller harmless from and against, and agrees to promptly defend Seller
  from and reimburse it for, any and all Losses Seller may at any time suffer
  or incur, or become subject to, as a result of or in connection with: 

                 (a)
        Any inaccuracy in or breach of any
  representation and warranty made by Purchaser in this Agreement or in any closing
  document delivered to Seller in connection with this Agreement; and 

                 (b)
        Any breach by Purchaser of, or failure
  by Purchaser to comply with, any of its covenants or obligations under this
  Agreement (including, without limitation, its obligations under this Article
  6). 

 6.3           Provisions
  Regarding Indemnities. 

                 (a)      
  Insurance Recoveries. The amounts for which an indemnifying party shall
  be liable under Sections 6.1 and 6.2 of this Agreement shall be net of any insurance
  proceeds actually received by the indemnified party in connection with the facts
  giving rise to the right of indemnification. 

                 (b)      
  Termination of Rights to Indemnity. The right of the Purchasers to receive
  indemnity as provided in Section 6.1 shall expire on the date that is 12 months
  after the Closing Date, except as to any claim for indemnity that has been described
  in a notice delivered to the other party pursuant to Section 6.4 of this Agreement
  prior to such time. The right of the Seller to receive Indemnity as provided
  in Section 6.2 shall expire on the date of the last payment made in full satisfaction
  of the Note.

 - 9 - 

                 (c)      
  Rights on Termination. The termination under Section 6.3(b) of the rights
  of an indemnified party to receive indemnity shall not affect that person’s
  right to prosecute to conclusion any claim made by that person in accordance
  with this Agreement prior to the time that the relevant right of indemnity terminates.

                 (d)      
  Limitations on Liability of Seller. The liability of Seller under Section
  6.1 of this Agreement shall be without deduction or limitation, except that
  such liability shall be only to a maximum amount of $1.5 million and may
  be payable in the form of the Promissory Note. Seller may, at Seller’s
  discretion, offset any amount that Seller may owe to Purchaser, if any, as indemnity
  pursuant to this Article 6, against amounts owed by Purchaser to Seller under
  the Note. 

 6.4           Indemnification
  Procedure. 

                 (a)      
  Notice. If an indemnified party shall claim to have suffered a Loss for
  which indemnification is available under Section 6.1 or 6.2, as the case may
  be, the indemnified party shall notify the indemnifying party in writing of
  such claim, which notice shall describe the nature of such claim, the facts
  and circumstances that give rise to such claim and the amount of such claim
  if reasonably ascertainable at the time such claim is made. In the event that
  within 45 days after the receipt by the indemnifying party of such a written
  notice from the indemnified party, the indemnified party shall not have received
  from the indemnifying party a written objection to such claim, such claim shall
  be conclusively presumed and considered to have been assented to and approved
  by the indemnifying party following receipt by the indemnifying party (and,
  in the case of a claim by Purchaser, the escrow agent) of a written notice from
  the indemnified party to such effect. 

                 (b)      
  Resolution. If within the 45 day period described in paragraph (a) above
  the indemnified party shall have received from the indemnifying party a notice
  setting forth the indemnifying party’s objections to such claim and the
  indemnifying party’s reasons for such objection, then the parties shall
  follow the procedures set forth in Section 6.5 below with respect to the resolution
  of such matter. 

                 (c)      
  Third-Party Claims.

                                 (i)      
  Any indemnified party seeking indemnification pursuant to this Article 6 in
  respect of any third-party claim shall give the indemnifying party from whom
  indemnification with respect to such claim is sought (A) prompt (but in any
  event no later than 45 days after such indemnified party has received notice
  of such third party claim) written notice of such third-party claim and (B)
  copies of all documents and information provided by the third party to the indemnified
  party in connection with such claim. The failure of the indemnified party to
  so notify or provide copies to the indemnifying party shall not relieve the
  indemnifying party from any liability to the indemnified party for any liability
  hereunder except to the extent that such failure shall have prejudiced the defense
  of such third-party claim. 

                                 (ii)     
  The indemnifying party shall have the right to participate in the defense of
  such claim and at its option to assume the defense thereof using counsel reasonably
  acceptable to the indemnified party. After notice from the indemnifying party
  to the 

 - 10 - 

indemnified party of its election to assume the defense of such claim, the indemnified party may continue to participate in the defense of such claim, but, except as set forth in subsection (iii) below, the indemnifying party shall not be liable to
the indemnified party under this Article 6 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such claim, other than reasonable costs of investigation. If, following its assumption of the
defense of a claim pursuant to this Section 6.4(c), the indemnifying party believes that the claim is not indemnifiable pursuant to Section 6.1 or Section 6.2, the indemnifying party shall promptly tender back to the indemnified party the defense of
such claim. If the indemnifying party fails to assume or, if assumed, tenders back the defense of a claim pursuant to this Section 6.4(c) and thereafter concludes that it wishes to defend the claim, it shall be entitled to do so upon notice to the
indemnified party of its decision; provided, however, that any such subsequent assumption of defense pursuant to this sentence shall constitute an admission by the indemnifying party that the claim is indemnifiable pursuant to Section 6.1 or Section
6.2. 

                                 (iii)    
  Notwithstanding the foregoing, if: (A) the employment thereof is authorized
  by the indemnifying party in writing; (B) the indemnified party shall have been
  advised by such counsel that there may be one or more legal defenses available
  to it which are different from or in addition to those available to the indemnifying
  party and in the reasonable judgment of such counsel it is advisable for the
  indemnified party to employ such counsel; or (C) the indemnifying party has
  failed to assume defense of such claim within 45 days after it receives written
  notice of such claim or to employ counsel reasonably satisfactory to the indemnified
  party; the indemnified party may notify the indemnifying party in writing that
  it elects to employ separate counsel (which counsel shall be reasonably acceptable
  to the indemnifying party) at the expense of the indemnifying party and the
  indemnifying party shall not have the right to assume the defense of such claim,
  except as provided for by the last sentence of Section 6.4(c)(ii) . The indemnifying
  party shall not, in connection with one claim or substantially similar claims
  in the same jurisdiction arising out of the same or substantially similar facts,
  be liable for the reasonable fees and expenses of more than one firm of attorneys,
  which firm shall be designated in writing by the indemnified party. Nothing
  contained in this Section 6.4(c) shall in any way restrict the indemnified party’s
  ability to defend a claim and, if such claim is otherwise indemnifiable pursuant
  to the provisions of this Article 6, to recover all costs associated with such
  defense while the indemnifying party is considering whether to assume the defense
  of a claim tendered to it. 

                                 (iv)     
  Each indemnifying party and indemnified party shall use commercially reasonable
  efforts to cooperate with the other in the defense of such claim. The indemnifying
  party shall not be liable for the settlement of any claim affected without its
  written consent, which consent shall not be unreasonably withheld. No such claim
  shall be settled by the indemnifying party without the prior written consent
  of the indemnified party. If a firm, written, bona fide offer is made by the
  third party to settle or resolve any third party claim and the indemnifying
  party proposes to accept such settlement and the indemnified party refuses to
  consent to such settlement, then: (A) the indemnifying party shall be excused
  from, and the indemnified party shall be solely responsible for all further
  defense of, such claim; (B) the maximum liability of the indemnifying party
  relating to such claim shall be the amount of the proposed settlement if the
  amount thereafter recovered from the indemnified party is greater than the amount
  of the proposed settlement; and (C) the indemnified party shall pay all 

 - 11 - 

attorneys’ fees and legal costs and expenses incurred after the rejection of such settlement, but if the amount thereafter recovered by the third party from the indemnified party is less than the amount of the proposed settlement, the
indemnified party shall also be entitled to reimbursement for such fees and costs up to a maximum equal to the difference between the amount recovered by such third party and the amount of the proposed settlement. 

 6.5           Dispute
  Resolution Process. If a dispute concerning the interpretation of this Agreement
  or an alleged breach of this Agreement arises, the parties shall follow the
  procedures specified below to resolve the dispute. 

                 (a)      
  Negotiations. The parties shall promptly attempt to resolve any dispute
  by negotiations between Purchaser and Seller, as appropriate. 

                 (b)      
  Submission to Adjudication. If a dispute is not resolved by negotiation
  pursuant to Section 6.5(a) of this Agreement within 30 calendar days after initiation
  of the negotiation process pursuant to Section 6.5(a) of this Agreement, such
  dispute and any other claims arising out of or relating to this Agreement may
  be heard, adjudicated and determined in an action or proceeding filed in any
  state court in Maricopa County, Arizona or any federal court in the District
  of Arizona. 

                 (c)      
  General Provisions Regarding Dispute Resolution.

                                 (i)      
  Provisional Remedies. At any time during the procedures specified in
  Sections 6.5(a) of this Agreement, a party may seek a preliminary injunction
  or other provisional judicial relief if in its judgment such action is necessary
  to avoid irreparable damage or to preserve the status quo. Despite such action,
  the parties will continue to participate in good faith in the procedures specified
  in this Section 6.5. 

                                 (ii)     Tolling
  Statutes of Limitations. All applicable statutes of limitation and defenses
  based upon the passage of time shall be tolled while the procedures specified
  in this Section 6.5 are pending. The parties will take such action, if any,
  as is required to effectuate such tolling. 

                                 (iii)    Performance
  to Continue. Each party is required to continue to perform its obligations
  under this Agreement pending final resolution of any dispute. 

                                 (iv)     
  Except in the case of fraud, or where a party may be entitled to injunctive
  relief or other equitable remedies, after the Closing, the indemnification provided
  in this Article 6 will constitute the exclusive remedy of the parties and each
  of their respective directors, officers, employees, agents and assigns from
  and against any and all Losses asserted against, resulting to, imposed upon
  or incurred or suffered by, any of them, directly or indirectly, as a result
  of, or based upon or arising from the breach of any representation or warranty
  or the nonfulfillment of any agreement or covenant in or pursuant to this Agreement
  or any other agreement, document, or instrument required hereunder. 

 - 12 - 

 ARTICLE 7 

  POST-CLOSING COVENANTS AND MISCELLANEOUS 

 7.1           Distributions.
  Purchaser agrees that so long as any amount is due and payable under the Promissory
  Note, 50% of any distributions or dividends of the Company to Purchaser will
  be paid to Seller in satisfaction of Purchaser’s obligations under the
  Promissory Note, however, in the first year of the Promissory Note 70% of any
  distributions of the Company distributable to Purchaser will be paid to Seller
  in satisfaction of Purchaser’s obligations under the Promissory Note.
  Notwithstanding the foregoing, the Purchaser agrees that it shall pay to the
  Seller a minimum amount of Ten Thousand ($10,000) Dollars per month toward
  the Note, regardless of the amount of distribution or dividending (or lack thereof)
  to the Purchaser in any given month. The parties hereto agree to distribute,
  as dividends, a minimum of 75% of the net profits of the Company, on a monthly
  basis, unless otherwise mutually agreed. 

 7.2           Further
  Assurances. The parties hereto and each of them do hereby covenant and agree
  to do such things and execute such further documents, agreements and assurances
  as may be necessary or advisable from time to time in order to carry out the
  terms and conditions of this Agreement in accordance with their true intent.

 7.3           Entire
  Agreement. This Agreement constitutes the entire agreements between the
  parties hereto relating to the subject matter hereof and supersedes all prior
  and contemporaneous agreements, understandings, negotiations and discussions,
  whether oral or written, of the parties and there are no warranties, representations
  or other agreements among the parties in connection with the subject matter
  hereof except as specifically set forth herein. 

 7.4           Amendments.
  This Agreement may be altered or amended in any of its provisions when any such
  changes are reduced to writing and signed by the parties hereto. 

 7.5           No
  Waiver. No consent or waiver, express or implied, by either party to or
  of any breach or default by the other party in the performance by the other
  party of its obligations hereunder shall be deemed or construed to be a consent
  or waiver to or of any other breach or default in the performance of obligations
  hereunder by such party hereunder. Failure on the part of either party to complain
  of any act or failure to act of the other part or to declare the other party
  in default, irrespective of how long such failure continues, shall not constitute
  a waiver by such party of its rights hereunder. 

 7.6           Notices.
  All notices, requests, demands, claims and other communications hereunder will
  be in writing. Any notice, request, demand, claim or other communication hereunder
  shall be deemed duly given if (and then two business days after) it is sent
  by registered or certified mail, return receipt requested, postage prepaid,
  and addressed to the intended recipient as set forth below: 

 - 13 - 

 

	 	 If to Seller:  	 Jeff & Constance Rebarcek.  
	 	  	 
	 	  	 
	 	  	 Attn: Jeffrey and Constance Rebarcak  
	 	  	 Telephone: (___) ____- _____  
	 	  	 Fax: (___) ____- _____  
	 	 Copy to:  	  
	 	  	 Quarles & Brady Streich Lang LLP  
	 	  	 One Renaissance Square  
	 	  	 Two North Central Avenue  
	 	  	 Phoenix, AZ 85004  
	 	  	 Attn: Roger Morris  
	 	  	 Telephone: 602-229-5269  
	 	  	 Fax: 602-420-5001  
	 	  	 
	 	 If to Purchaser:  	 Diagnostic USA, Inc.  
	 	  	 #207, 5005 Elbow Drive S.W.  
	 	  	 Attn: Michael Gelmon  
	 	  	 Telephone: (403) 287- 8803  
	 	  	 Fax: (403) 287-8804  

Any party may send any notice, request, demand, claim or other communication hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy,
telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change the address
to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other party notice in the manner herein set forth. 

 7.7           Time
  of Essence. Time shall be of the essence of this Agreement and of every
  part hereof. 

 7.8           Headings.
  The headings in this Agreement have been inserted for reference and as a matter
  of convenience only and in no way define, limit or enlarge the scope or meaning
  of this Agreement or any provisions hereof. 

 7.9           Singular,
  Plural and Gender. Wherever the singular, plural, masculine, feminine or
  neuter is used throughout this Agreement the same shall be construed as meaning
  the singular, plural, masculine, feminine, neuter, body politic or body corporate
  where the fact or context so requires and the provisions hereof and all covenants
  herein shall be construed to be joint and several when applicable to more than
  one party. 

 7.10         Assignment.
  This Agreement shall inure to the benefit of and be binding upon the parties
  hereto and their respective heirs, executors, administrators, successors and
  assigns. However, this Agreement is not assignable without the written consent
  of all parties. 

 - 14 - 

 7.11         Counterpart
  Execution. This Agreement may be executed in several counterparts each of
  which when so executed shall be deemed to be an original, and such counterparts
  shall constitute one and the same instrument and notwithstanding the date of
  execution shall be deemed to bear date as of the date of this Agreement. This
  Agreement shall be considered properly executed by any party if executed and
  transmitted by facsimile to the other parties. 

 7.12         Governing
  Law. This Agreement shall be governed by and construed in accordance with
  the domestic laws of the State of Arizona without giving effect to any choice
  or conflict of law provision or rule (whether of the State of Arizona or any
  other jurisdiction) that would cause the application of the laws of any jurisdiction
  other than the State of Arizona. 

 [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 

 - 15 - 

                    IN
  WITNESS WHEREOF the corporate parties have hereunto affixed their corporate
  seals duly attested to by the hands of their properly authorized officers in
  that behalf and the individual parties have executed this Agreement all on the
  day and year first above written. 

	  	 	  	 DIAGNOSTIC USA, INC.  
	 	 	 	 
	 	 	 	 
	  	 	 By:  	  
	  	 	 Its:  	  
	  	 	 	 
	  	 	  	 BANYAN CORPORATION  
	 	 	 	 
	 	 	 	 
	  	 	 By:  	  
	  	 	 Its:  	  
	  	 	 	 
	  	 	 	 
	  	 	  	 JEFF REBARCEK  
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 Witness  	 	  	  
	 	 	 	 
	  	 	  	 CONSTANCE REBARCEK  
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 Witness  	 	  	  

 - 16 -Exhibit 10.14

                     INDEPENDENCE COMMUNITY BANK CORP.
                        DEFERRED COMPENSATION PLAN
             (AMENDED AND RESTATED EFFECTIVE APRIL 22, 2005)

                     INDEPENDENCE COMMUNITY BANK CORP.
                        DEFERRED COMPENSATION PLAN
              (AMENDED AND RESTATED EFFECTIVE APRIL 22, 2005)

                                                                   Page
                                                                   ----

1.  Purpose..........................................................1

2.  Definitions......................................................1

3.  Administration...................................................4

4.  Participation....................................................5

5.  Deferrals........................................................5

6.  Deferral Accounts For Non-Stock-Denominated Awards...............7

7.  Deferral Accounts For Stock-Denominated Awards...................8

8.  Settlement of Deferral Accounts..................................9

9.  Provisions Relating to Section 16 of the Exchange Act and
    Section 162(m) of the Code.......................................10

10. Statements.......................................................11

11. Sources of Stock: Limitation on Account of Stock-Denominated
    Deferrals........................................................11

12. Amendment/Termination............................................11

13. General Provisions...............................................11

14. Effective Date...................................................13

                                    i

                 INDEPENDENCE COMMUNITY BANK CORP.
                    DEFERRED COMPENSATION PLAN
            (AMENDED AND RESTATED EFFECTIVE APRIL 22, 2005)

                               PREAMBLE

     Effective as of April 22, 2005, the Independence Community
Bank Corp. Deferred Compensation Plan (the "Prior Plan") was
amended and restated in its entirety.  The effective date of the
Prior Plan is August 26, 1999.  The amended and restated plan
shall be known as the Independence Community Bank Corp. Deferred
Compensation Plan (the "Plan") and shall in all respects be
subject to the provisions set forth herein.

     Independence Community Bank Corp. (the "Company") has herein
restated the Plan with the intention that (a) the Plan shall at
all times be characterized as a "top hat" plan of deferred
compensation maintained for a select group of management or
highly compensated employees, as described under Sections 201(2),
301(a)(3) and 401(a)(1) of the Employee Retirement Income
Security Act of 1974, as amended, (the "ERISA"); (b) the Plan
shall at all times satisfy Section 409A of the Internal Revenue
Code of 1986, as amended, for deferrals made on or after January
1, 2005; and (c) deferrals made on or before December 31, 2004
shall be deemed to be "grandfathered" and not subject to Section
409A of the Code.  The provisions of the Plan shall be construed
to effectuate such intentions.

     1.   Purpose.  The purpose of the Plan is to provide certain
highly compensated members of the senior management team and Non-
Employee Directors of Independence Community Bank Corp. (the
"Company") and its Subsidiaries with the opportunity to elect to
defer receipt of specified portions of their compensation and to
have such deferred amounts treated as if invested in specified
investment vehicles.  This Plan shall be unfunded for tax
purposes and for purposes of Title I of ERISA.

     2.   Definitions.   In addition to the terms defined in
Section 1 above, the following terms used in the Plan shall have
the meanings set forth below:

     (a)  "Administrator" shall mean such person or persons
designated pursuant to Section 3(b) hereof to whom the Committee
has delegated authority to take action under the Plan, except as
may be otherwise required under Section 9 hereof.

     (b)  "Beneficiary" shall mean any person (which may include
trusts and is not limited to one person) who has been designated
by the Participant in his or her most recent written beneficiary
designation form filed with the Company to receive the benefits
specified under the Plan in the event of the Participant's death.
If no Beneficiary has been designated or if no designated
Beneficiary survives the Participant's death, then the
Beneficiary shall mean the Participant's estate.

                             1

     (c)  "Change in Control"

          (i)  For purposes of deferrals made prior to January 1,
2005, a "Change in Control" shall be deemed to have occurred if
any of the following events occur: (i) the acquisition of control
of the Company as defined in 12 C.F.R. 574.4, unless a
presumption of control is successfully rebutted or unless the
transaction is exempted by 12 C.F.R. 574.3(c)(vii), or any
successor to such sections; (ii) an event that would be required
to be reported in response to Item 5.01 of Form 8-K or Item 6(e)
of Schedule 14A of Regulation 14A pursuant to the Exchange Act
(as defined below), whether or not any class of securities of the
Company is registered under the Exchange Act; (iii) any "person"
(as such term is used in Sections 13(d) and 14(d) of the Exchange
Act), is or becomes the "beneficial owner" (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding
securities; or (iv) during any period of three (3) consecutive
years, individuals who at the beginning of such period constitute
the Board of Directors of the Company cease for any reason to
constitute at least a majority thereof unless the election, or
the nomination for election by stockholders, of each new director
was approved by a vote of at least two-thirds of the directors
then still in office who were directors at the beginning of the
period.

          (ii)      For purposes of deferrals made after December
31, 2004, a "Change in Control" shall mean a change in the
ownership of the Company, a change in the effective control of
the Company or a change in the ownership of a substantial portion
of the assets of the Company as provided under Section 409A of
the Code, as amended from time to time, and any Internal Revenue
Service guidance, including Notice 2005-1, and regulations issued
in connection with Section 409A of the Code.

     (d)  "Code" shall mean the Internal Revenue Code of 1986, as
amended. References to any provision of the Code or regulation
(including any proposed regulation) thereunder shall include any
successor provisions or regulations.

     (e)  "Committee" shall mean two or more Non-Employee
Directors designated by the Board of Directors of the Company as
the Committee.

     (f)  "Deferral Account" shall mean the account maintained on
the books of the Company for each Participant with respect to the
Plan.  Each Participant's Deferral Account shall consist of the
following sub-accounts: (i) Non-Stock-Denominated Deferral
Accounts, (ii) Stock-Denominated Deferral Accounts; and (iii)
such other sub-accounts as may be necessary.  The Stock-
Denominated Deferral Account (i) may not be diversified; (ii)
must remain at all times credited with units that represent
Company Stock; and (iii) must be distributed solely in the form
of Company Stock.  A Participant's Deferral Account and all sub-
accounts shall be bifurcated to allow the Committee and the
Trustee to track a Participant's deferrals made before and after
January 1, 2005 in order to comply with Section 409A of the Code.
A Participant shall have no interest in his Deferral Account, nor
shall it constitute or be treated as a trust fund of any kind.

                             2

     (g)  "Disability"

          (i)  For purposes of deferrals made prior to January 1,
2005, a "Disability" shall mean any physical or mental impairment
which qualifies the Participant for disability benefits under the
applicable long-term disability plan maintained by the Company
(or any Subsidiary) or, if no such plan applies, which would
qualify the Participant for disability benefits under the long-
term disability plan maintained by the Company, if such
individual were covered by that plan.

          (ii)      For purposes of deferrals made after December
31, 2004, a "Disability" shall mean a Participant is either (1)
unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, or (2)
is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period
of not less than three (3) months under an accident and health
plan covering employees of the Company (or any Subsidiary).

     (h)  "Employee" means any person who is employed by the
Company or any of its Subsidiaries, including employees who may
also be directors of the Company or its Subsidiaries.

     (i)  "Exchange Act" shall mean the Securities Exchange Act
of 1934, as amended.  References to any provision of the Exchange
Act or rule thereunder shall include any successor provisions or
rules.

     (j)  "Non-Employee Director" means a member of the Board
(including advisory boards, if any) of the Company or any
Subsidiary (including Independence Community Bank) that agree to
participate in this Plan or any successor thereto, including an
Advisory Director or a Director Emeritus of the Board of the
Company and or any Subsidiary or a former Employee of the Company
and/or any Subsidiary serving as a Director, Advisory Director or
Director Emeritus, who is not an Employee of the Company or any
Subsidiary.

     (k)  "Non-Stock-Denominated  Deferral Account" shall mean
the accounts or sub-accounts established and maintained by the
Company for specified deferrals made by a Participant pursuant to
Section 6 hereof.

     (l)  "Non-Qualified Option" means an option or right to
purchase Stock granted to the Participant by the Company pursuant
to the 1998 Stock Option Plan, the 2002 Stock Incentive Plan (or
any similar and/or successor plan), a compensatory plan, program
or other such arrangement (including any and all plans, programs
and arrangements assumed by the Company and or its Subsidiaries)
and any such option or right which does not constitute an "Incentive
Stock Option" within the meaning of Section 422 of the Code.

                             3

     (m)    "Participant" shall mean any Non-Employee Director of
the Company or any Subsidiary and any Employee of the Company or
any Subsidiary who is designated by the Committee as eligible to
participate in this Plan and who makes an election to participate
in the Plan.

     (n)  "Restricted Stock Award" shall mean awards granted
pursuant to the Company's 1998 Recognition and Retention Plan and
Trust Agreement, the 2002 Stock Incentive Plan or any similar
and/or successor plan.

     (o)  "Stock" shall mean the Common Stock, with a par value
of $0.01 per share, of the Company or any other equity securities
of the Company designated by the Committee.

     (p)  "Stock-Denominated Awards" shall mean a Non-Qualified
Option, a Restricted Stock Award or similar type of award which
is determined by the Committee to be appropriate for deferral
under the terms of this Plan.

     (q)  "Stock-Denominated Deferral Account" shall mean the
accounts or sub-accounts established and maintained by the
Company for specified deferrals made by a Participant pursuant to
Section 7 hereof.

     (r)  "Subsidiary" means Independence Community Bank and any
of the subsidiaries of the Company or Independence Community Bank
which, with the consent of the Board, agree to participate in
this Plan.

     (s)  "Trust" shall mean the trust or trusts established by
the Company pursuant to Sections 6 and 7 hereof.

     (t)  "Trustee(s)" shall mean the trustee(s) of the Trust(s).

     (u)  "Trust Agreement" shall mean the agreement(s) entered
into between the Company and the Trustee(s), as amended or
restated from time to time.

     (v)  "Valuation Date" shall mean the close of business on
the last business day of each calendar quarter; provided however,
that in the case of termination of service for any reason, the
Valuation Date shall mean the close of business on the date of
termination.

     3.   Administration.

     (a)  Committee Authority.  The Committee shall administer
the Plan in accordance with its terms and shall have all powers
necessary to accomplish such purpose, including the power and
authority to construe and interpret the Plan, to define the terms
used herein, to prescribe, amend and rescind rules and
regulations, agreements, forms and notices relating to the
administration of the Plan, and to make all other determinations
necessary or advisable for the administration of the Plan.

                             4

     (b)  Delegation of Duties; Powers.  The Committee may
delegate its duties and responsibilities hereunder, as it deems
reasonable and appropriate, to the Administrator.  If an
Administrator is appointed by the Committee, such Administrator
shall serve at the will of, and may be removed (with or without
cause) by the Committee.  Any actions of the Committee or the
Administrator with respect to the Plan shall be conclusive and
binding upon all persons interested in the Plan, except that any
action of the Administrator will not be binding on the Committee.
The Committee and Administrator may each appoint agents and
delegate thereto powers and duties under the Plan, except as
otherwise limited by the Plan.

     (c)  Limitation of Liability.  Each member of the Committee
and the Administrator shall be entitled to, in good faith, rely
or act upon any report or other information furnished to him or
her by any officer or other employee of the Company or any
Subsidiary, the Company's independent public accountants or any
compensation consultant, legal counsel, or other professional
retained by the Company to assist in the administration of the
Plan.  To the maximum extent permitted by law, no member of the
Committee or the Administrator, nor any person to whom
ministerial duties have been delegated, shall be liable to any
person for any action taken or omitted in connection with the
interpretation and administration of the Plan.  To the maximum
extent permitted by law, the Company shall indemnify the members
of the Committee and the Administrator against any and all
claims, losses, damages, expenses, including any counsel fees and
costs incurred by them, and any liability, including any amounts
paid in settlement with their approval, arising from their action
or failure to act.

     4.   Participation.  The Administrator will notify each
person of his or her eligibility to participate and the extent to
which such person can participate in the Plan within 30 days of
the Committee's designation that such person is so eligible to
participate in the Plan.

     5.   Deferrals.

     (a)  Deferrals.  With the consent of the Committee, a
Participant may elect to defer otherwise taxable compensation,
fees or awards which may be in the form of cash or Stock to be
received from the Company or a Subsidiary, including salary,
director's fees, annual incentive awards, Stock-Denominated
Awards and taxable compensation payable under other plans and
programs, employment agreements or other arrangements or as
designated by the Committee; provided; however, that a
Participant who is an Employee may only defer, with respect to a
given year, receipt of only that portion of the Participant's
salary, fees, annual incentive awards, Stock-Denominated Awards
and compensation payable under all plans and programs, employment
agreements or other arrangements that exceeds the FICA maximum
taxable wage base plus the amount necessary to satisfy Medicare
and all other payroll taxes (other than federal, state or local
income tax withholding) imposed on the wages of such Participant
from the Company and its Subsidiaries.  In addition to such
limitation, and any terms and conditions of deferral set forth
under plans and programs, employment agreements or other such
arrangements from which receipt of compensation or awards is
deferred, the Committee may impose limitations on the amounts
permitted to be deferred and other terms and conditions of
deferral under this Plan.  Any such limitations, and other terms
and conditions of deferral, shall be set forth in the rules
relating to this Plan, or election forms, other forms, or
instructions published by the Committee and/or the Administrator.

                             5

     In addition, in the event that a Participant is a "covered
employee" for purposes of Section 162(m) of the Code and such
Participant's applicable employee remuneration in a particular
tax year exceeds the limitation as specified in Section 162(m) of
the Code, the Committee may request that such Participant timely
defer the payment, in accordance with this Plan, of all or a
portion of the Participant's compensation and awards to be
received under such plans and programs, employment agreements and
arrangements of the Company to the extent necessary to avoid the
payment of employee remuneration for such tax year in excess of
the Section 162(m) limit.

     (b)  Initial Deferral Election.  Once an election form,
properly completed, is received by the Company, such election of
the Participant shall be irrevocable; provided however, that the
Committee and/or Administrator may, in its discretion, permit a
Participant to elect to increase the amount to be deferred and
credited to a Deferral Account by filing a later election form;
provided, that such later election form is received by the
Committee prior to the applicable election deadline pursuant to
Section 5(d) hereof.  Furthermore, upon a Participant's initial
deferral election, such Participant shall also elect the number
of annual installments (a minimum of two (2) but not to exceed
ten (10) installment payments) in which the settlement of his or
her Deferral Account shall be completed and the times at which
such installment payments shall be made (a "settlement
election").

     (c)  Subsequent Deferral Election.

          (1)  For purposes of deferrals made prior to January 1,
2005, an election to change a Participant's settlement election
must be made, in writing, while the Participant is an active
employee or in the active service of the Company or one or more
of its Subsidiaries and prior to the commencement of
distribution.  However, such change shall not become effective
until the one (1) year anniversary of such election, provided the
Participant remains in the active employ or service, as the case
may be, of the Company or its Subsidiary for the entire one (1)
year period.

          (2)     For purposes of deferrals made after
December 31, 2004, an election to change a Participant's
settlement election must be made, in writing, while the
Participant is an active employee or in the active service of the
Company or one or more of its Subsidiaries and in accordance with
Section 409A of the Code, which requires that a subsequent
election must (1) not take effect until at least 12 months after
the date of the election, (2) provide an additional deferral
period of at least five (5) years from the date such payment
would otherwise have been made, and (3) if related to a payment
at a specified time or pursuant to a fixed schedule, be made at
least twelve (12) months prior to the date of the first scheduled
payment, provided the Participant remains in the active employ or
service, as the case maybe, of the Company or its Subsidiary for
the entire one (1) year period.

     (d)  Date of Election.  An election to defer compensation or
awards hereunder must be received by the Administrator prior to
the date specified by the Administrator; provided however, that
unless otherwise approved by the Committee, any elections to
defer (i) salary, fees, cash compensation and annual incentive
awards shall be made on or prior to the December 31st

                             6

preceding the calendar year in which such income shall be earned,
(ii) Restricted Stock Awards shall be made on or prior to the
December 31st preceding the calendar year in which the Restricted
Stock Awards vest; and (iii) Non-Qualified Options shall be made
no later than (1) the December 31st preceding the calendar year in
which the options are exercised and (2) six (6) months prior to
the date the options are exercised, in each case subject to the
Committee's discretion to require earlier deferrals if deemed
necessary to comply with Section 409A of the Code.
Notwithstanding the foregoing, in the case of the first year in
which a participant becomes eligible to participate in the Plan,
elections to defer compensation or awards hereunder may be made
for services to be performed subsequent to the election within 30
days of the date a Participant first becomes eligible to
participate in this Plan, with such elections in each case to be
effective as of the immediately following payroll period of the
Company (or Subsidiary).  Under no circumstances may a
Participant defer compensation or awards to which the Participant
has already attained, at the time of deferral, a legally
enforceable right to receive such compensation or awards.

     6.   Deferral Accounts For Non-Stock-Denominated Awards. The
following provisions will apply to Deferral Accounts other than
those established under Section 7:

     (a)  Establishment; Crediting of Amounts Deferred.  A  Non-
Stock-Denominated  Deferral Account will be established for each
Participant for any deferrals made by a Participant under this
Section 6.  The amount of compensation or awards deferred with
respect to each Non-Stock-Denominated Deferral Account will be
credited to such account as of the date on which such amounts
would have been paid to the Participant but for deferral
hereunder.  Amounts credited to a Non-Stock-Denominated Deferral
Account shall be deemed to be invested in such hypothetical
investment vehicles as selected by the Participant from the list
authorized by the Committee pursuant to Section 6(b) hereof.  The
amounts of hypothetical income and appreciation and depreciation
in value of such accounts will be credited and debited to such
accounts from time to time.  Unless otherwise determined by the
Committee, amounts credited to a Non-Stock-Denominated Deferral
Account shall be deemed invested in such hypothetical investment
vehicles within five (5) business days following the effective
date of the deferral.

     (b)  Hypothetical Investment Vehicles.  The Committee shall
establish one or more hypothetical investment vehicles under this
Plan and may add to or change or discontinue any hypothetical
investment vehicle included in the list of available hypothetical
investment vehicles in its absolute discretion.

     (c)  Allocation and Reallocation of Hypothetical
Investments.  A Participant may allocate amounts credited to his
or her Non-Stock-Denominated Deferral Account to one or more of
the hypothetical investment vehicles authorized under the Plan.
Subject to the rules established by the Administrator, a
Participant may reallocate amounts credited to his or her Non-
Stock-Denominated Deferral Account (to be effective as of the
Valuation Date immediately following the Participant's election)
to one or more of such hypothetical investment vehicles, by
filing with the Administrator a notice, in such form as may be
specified by the Administrator, not later than the 15th day of
the month preceding such Valuation Date.  The Committee or
Administrator may restrict allocations  or reallocations by
specified Participants into or out of specified investment
vehicles or specify minimum amounts that may be allocated or
reallocated

                             7

by Participants; however, any such allocation or reallocation shall
be made in accordance with all applicable provisions of the Exchange
Act and the regulations promulgated thereunder, including but not
limited to, Section 16(b) and the regulations thereunder.

     (d)  Investment Return.  In order to simulate an investment
return for the amounts held in each Participant's Non-Stock-
Denominated Deferral Account, the account balance shall be
reduced for the reasonable transaction costs associated with the
Participant's investment directions and be adjusted to recognize
the hypothetical income, appreciation and depreciation generated
by the hypothetical investments that the Non-Stock-Denominated
Deferral Account is deemed to be invested in.

     (e)  Trusts.  The Committee may, in its discretion,
establish one or more Trusts and deposit therein amounts of cash,
Stock, or other property not exceeding the amount of the
Company's obligations with respect to the Participants' Non-Stock-
Denominated Deferral Accounts established under Section 6 hereof.

     7.   Deferral Accounts For Stock-Denominated Awards.

     (a)  Establishment.  Subject to any terms and conditions
imposed by the Committee, Participants may elect to defer, under
the Plan, amounts which would otherwise be taxable income of a
Participant as a result of the exercise, earning, vesting, or
such similar event with respect to Stock-Denominated Awards.  In
connection with such deferral of a Stock-Denominated Award, a
Stock-Denominated Deferral Account shall be established for such
Participant.  On terms determined by the Committee, the Stock-
Denominated Deferral Account will, as of the date that taxable
income from a Stock-Denominated Award would otherwise be
recognized by a Participant,  be credited with a number of share
units corresponding to the number of shares of Stock represented
by the Stock-Denominated Award being deferred hereunder.  With
respect to any fractional shares, the Committee or the
Administrator may pay such fractional shares to the Participant
in cash or credit the Participant's Non-Stock-Denominated
Deferral Account with such amount in lieu of depositing such
fractional shares into the Stock-Denominated Deferral Account.

     (b)  Investment Return.  Hypothetical appreciation and
depreciation in the value of the Stock-Denominated Deferral
Account shall be equal to the actual appreciation and
depreciation of the Stock.  Cash dividends and distributions with
respect to share units in the Stock-Denominated Deferral Account
shall be credited to a Participant's Stock-Denominated Deferral
Account in the form of additional share units.

     (c)  Allocation of Hypothetical Investment.  Stock-
Denominated Awards deferred pursuant to this Section 7 shall
continuously be deemed invested in Stock share units until
settlement of the Stock-Denominated Deferral Account pursuant to
Section 8 hereof, and the Participant shall not be entitled to
reallocate Stock-denominated deferrals into any other
hypothetical investments.

                             8

     (d)  Trusts.  The Committee may, in its discretion,
establish one or more Trusts and deposit therein amounts of
Stock, not exceeding the amount of the Company's obligations with
respect to Participants' Stock-Denominated Deferral Accounts
established under Section 7.

     8.   Settlement of Deferral Accounts.

     (a)  Form of Payment.  The Company shall settle a
Participant's Deferral Account, and discharge all of its
obligations to pay deferred compensation under the Plan with
respect to such Deferral Account, by payment of cash, or in the
discretion of the Committee, by delivery of Stock; provided,
however that the settlement of a Stock-Denominated Award may be
made only in the form of Stock.

     (b)  Forfeited Awards.   To the extent that a Stock-
Denominated Award is forfeited pursuant to the terms and
conditions of another plan, program, employment agreement or
other such arrangement, the Participant shall not be entitled to
the value of such Stock and other property related thereto
(including without limitation, dividends, income and
distributions thereon).  Any Stock-Denominated Award deferred
hereunder and forfeited by a Participant shall be returned to the
Company.

     (c)  Timing of Payments.  Payments in settlement of a
Deferral Account shall be made as soon as practicable after the
earlier of (i) the date or dates selected for an in-service
distribution payment as indicated pursuant to the Participant's
election form; (ii) separation of service; (iv) Disability; or
(v) death and in such number of annual installments (with a
minimum of two (2) installments and a maximum of ten (10)
installments), as may be directed by the Participant in his or
her Election Form.

          (i)  Notwithstanding anything in the Plan to the
               contrary, in the case of a "key employee" of a
               publicly traded company and the distribution of
               amounts deferred on or after January 1, 2005, any
               such distributions made on account of separation
               from service may not be made earlier than six
               months after the date of the separation (or, if
               earlier, upon the death of a Participant).  For
               this purpose, a "key employee" is a key employee
               as defined in Section 416(i) of the Code.

          (ii) Notwithstanding anything in the Plan to the
               contrary, an election form must specify the number
               of installments in which payments of amounts
               deferred under the Plan are to be made.  The Plan
               shall not permit any distributions to be made by
               lump sum.

     (d)  Unforeseeable Emergency.

          (i)  For purposes of deferrals made prior to January 1,
2005, an "Unforeseeable Emergency" occurs when a Participant has
a financial emergency of such substantial nature and beyond the
individual's control that payment of amounts previously deferred
under the Plan is warranted, as determined by the committee upon
review of a written application from the Participant.  In the
event of an Unforeseeable Emergency, the Committee

                             9

may direct the payment to the Participant of all or a portion of
the balance of a Deferral Account and the time and manner of such
payment, and the Committee may direct such payments in other
circumstances if, in the exercise of its independent judgment, it
determines that circumstances beyond the individual's control warrant
such action.

          (ii) For purposes of deferrals made after December 31,
2004, an "Unforeseeable Emergency" occurs when the Participant
has a severe financial hardship resulting from an illness or
accident of the Participant, the Participant's spouse, or a
dependent (as defined in Section 152(a) of the Code) of the
Participant, loss of the Participant's property due to casualty,
or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the
Participant and that payment of amounts previously deferred under
the Plan is warranted, as determined by the committee upon review
of a written application from the Participant.  In the event of
an Unforeseeable Emergency, the Committee may direct the payment
to the Participant of all or a portion of the balance of a
Deferral Account only to the extent such distribution does not
exceed the amounts necessary to satisfy such emergency plus
amounts necessary to pay taxes reasonably anticipated as a result
of the distribution, after taking into account the extent to
which such hardship is or may be relieved through reimbursement
or compensation by insurance or otherwise or by liquidation of
the Participant's assets (to the extent the liquidation of such
assets would not itself cause severe financial hardship).

          (iii)     Under no other circumstances may the Plan
permit the acceleration of the time or schedule of any payment
under the Plan.

     9.   Provisions Relating to Section 16 of the Exchange Act
          and Section 162(m) of the Code.

     (a)  Compliance with Section 16.  With respect to a
Participant who is then subject to the reporting requirements of
Section 16(a) of the Exchange Act:

         (i)   Any function of the Committee under the Plan relating to
               such Participant shall be performed solely by the Committee if
               and to the extent required to ensure the availability of an
               exemption under Rule 16b-3 or exclusion under Rule 16a-1(c) for
               such Participant with respect to the Plan.

         (ii)  Participants may not reallocate amounts credited to any
               Stock-Denominated Deferral Account established pursuant to
               Section 7 hereof.

         (iii) To the extent necessary so that transactions by and the rights
               of such a Participant under the Plan are excluded from
               reporting under Rule 16a-1(c) (unless acknowledged by the
               Participant in writing with respect to a specified transaction
               not to be excluded), if any provision of this Plan or any rule,
               election form or other form, or instruction does not comply with
               the requirements of such rule as then applicable to such
               transaction or right under the Plan, such provision shall be
               construed or deemed amended to the extent necessary to conform to
               such requirements.

                             10

     (b)  Compliance with Code Section 162(m).  It is the intent
of the Company that any compensation (including any award)
deferred under the Plan by a person who is, with respect to any
year of settlement, deemed by the Committee to be a "covered
employee" within the meaning of Code Section 162(m) and the
regulations thereunder, which compensation constitutes either
"qualified performance-based compensation" within the meaning of
Code Section 162(m) and the regulations thereunder or
compensation not otherwise subject to the limitation on
deductibility under Section 162(m) and the regulations
thereunder, shall not, as a result of deferral hereunder, become
compensation with respect to which the Company in fact would not
be entitled to a tax deduction under Code Section 162(m) and the
regulations thereunder.  Accordingly, unless otherwise determined
by the Committee, if any compensation would become so
disqualified under Section 162(m) and the regulations thereunder
as a result of deferral hereunder, the terms of such deferral
shall be automatically modified to the extent necessary to ensure
that the compensation would not, at the time of settlement, be so
disqualified.

     10.  Statements.    The Administrator will furnish
statements to each Participant reflecting the amount credited to
a Participant's Deferral Account and the transactions therein not
less frequently than once each calendar year.

     11.  Sources of Stock:  Limitation on Amount of Stock-
Denominated Deferrals.  If Stock is deposited under the Plan in a
Trust pursuant to Section 7 hereof, in connection with a deferral
of a Stock-Denominated Award under another plan, program, or
other such arrangement that provides for the issuance of Stock,
the Stock so deposited shall be deemed to have originated from
and shall be counted against the number of shares reserved under
such other plan, program or other arrangement.  Stock placed in
such a Trust and subsequently forfeited by a Participant shall be
released by the Trust and be treated as a failed award for
purposes of the other plan, program or arrangement which the
Stock-Denominated Award originated.

     12.  Amendment/Termination.   The Board of Directors of the
Company may at any time, and from time to time, amend the Plan,
in whole or in part, without the consent of Participants,
stockholders or any other person; provided, however, that without
the consent of a Participant, no amendment shall operate to
eliminate or reduce the rights of a Participant or Beneficiary to
his Deferral Account or change a Participant's previously made
settlement election except as set forth in the following
sentence.  Notwithstanding anything in the Plan to the contrary,
the Board of Directors of the Company may amend in good faith any
terms of the Plan, including retroactively, in order to comply
with Section 409A of the Code.  Notwithstanding the foregoing,
the Board of Directors of the Company, may, at any time and in
its sole discretion, terminate the Plan, and such termination
shall not be a distributable event. Upon the effective date of a
Change in Control, the Plan shall not automatically terminate.
The terms, provisions and all obligations of the Plan shall be
binding upon any and all successor(s) to the Company.

     13.  General Provisions.

     (a)  Limits on Transfer of Awards.  Other than by will or
the laws of descent and distribution, no right, title or interest
of any kind in the Plan shall be transferable or assignable by

                             11

a Participant or his or her Beneficiary or be subject to
alienation, anticipation, encumbrance, garnishment, attachment,
levy, execution or other legal or equitable process, nor subject
to the debts, contracts, liabilities or engagements, or torts of
any Participant or his or her Beneficiary.  Any attempt to
alienate, sell, transfer, assign, pledge, garnish, attach or take
any other action subject to legal or equitable process or
encumber or dispose of any interest in the Plan shall be void.

     (b)  Receipt and Release.  Payments (in any form) to any
Participant or Beneficiary in accordance with the provisions of
the Plan shall, to the extent thereof, be in full satisfaction of
all claims for the compensation or awards deferred and relating
to the Deferral Account(s) to which the payments relate against
the Company or any Subsidiary thereof, the Committee, or the
Administrator. The Committee or the Administrator may require a
Participant or Beneficiary, as a condition to a payment, to
execute a receipt and release to such effect.

     (c)  Unfunded Status of Awards; Creation of Trusts.  The
Plan is intended to constitute an "unfunded" plan for deferred
compensation and Participants shall rely solely on the unsecured
promise of the Company for payment hereunder.  With respect to
any payment not yet made to a Participant under the Plan, nothing
contained in the Plan shall give a Participant any rights greater
than those of a general unsecured creditor of the Company;
provided however, that nothing herein shall restrict or prohibit
the Committee from authorizing the creation of Trusts, including
but not limited to the Trusts referred to in Sections 6 and 7
hereof, or make other arrangements to meet the Company's
obligations under the Plan, which Trusts and/or other
arrangements shall be consistent with the "unfunded" status of
the Plan, unless the Committee otherwise determines with the
consent of each affected Participant.

     (d)  Compliance.    The Company shall impose such
restrictions on Stock delivered to a Participant hereunder and
any other interest constituting a security as it may deem
advisable in order to comply with the Securities Act of 1933, as
amended, the requirements of the Exchange Act, the requirements
of the Nasdaq National Market System or any other stock exchange
or automated quotation system upon which the Stock is then listed
or quoted, any state securities laws applicable to such a
transfer, any provisions of the Company's Certificate of
Incorporation or Bylaws, or any other law, regulation, or binding
contract to which the Company is a party.

     (e)  Other Participant Rights.  No Participant shall have
any of the rights or privileges of a stockholder of the Company
(including voting rights) under the Plan, including as a result
of crediting of Stock equivalents or other amounts to a Deferral
Account, or the creation of any Trust and the deposit of such
Stock thereof, except at such time as Stock may be actually
delivered in settlement of a Deferral Account.  No provision of
the Plan or transaction hereunder shall confer upon any
Participant any right to be employed by the Company or a
Subsidiary thereof, or to interfere in any way with the right of
the Company or a Subsidiary to increase or decrease the amount of
any compensation payable to such Participant.  Subject to the
limitations set forth in Section 13(a) hereof, the Plan shall
inure to the benefit of, and be binding upon, the parties hereto
and their successors and assigns.

     (f)  Tax Withholding.  The Company and any Subsidiary shall
have the right to deduct from amounts otherwise payable in
settlement of a Deferral Account any sums that

                             12

federal, state, local or foreign tax law requires to be
withheld with respect to such payment.  Stock or other property
may be withheld to satisfy such obligations in any case where
taxation would be imposed upon delivery of such Stock and other
property.

     (g)  Payment of Legal Fees.  All reasonable legal fees and
costs paid or incurred by a Participant pursuant to any dispute
or question or interpretation relating to this Agreement shall be
paid or reimbursed by the Company if the Participant is
successful on the merits pursuant to a legal judgment,
arbitration or settlement.

     (h)  Governing Law.  The validity, construction, and effect
of the Plan and any rules and regulations relating to the Plan
shall be determined in accordance with the laws of the State of
New York, without giving effect to principles of conflicts of
laws, and applicable provisions of federal law.

     (i)  Limitation.  A Participant and his or her Beneficiary
shall assume all risk in connection with any decrease in value of
his or her Deferral Account and neither the Company, the
Committee nor the Administrator shall be liable or responsible
therefor.

     (j)  Construction.  The captions and numbers preceding the
sections of the Plan are included solely as a matter of
convenience of reference and are not to be taken as limiting or
extending the meaning of any of the terms and provisions of the
Plan.  Whenever appropriate, words used in the singular shall
include the plural or the plural may be read as the singular.

     (k)  Severability.  In the event that any provision of the
Plan shall be declared illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining
provisions of the Plan but shall be fully severable, and the Plan
shall be construed and enforced as if said illegal or invalid
provision had never been inserted herein.

     (l)  Status.  The establishment and maintenance of, or
allocations and credits to, the Deferral Account(s) of any
Participant shall not vest in any Participant any right, title or
interest in and to any Plan assets or benefits except at the time
or times and upon the terms and conditions and to the extent
expressly set forth in the Plan and in accordance with the terms
of the Trust.

      14.   Effective Date.    This amendment and restatement  of
the Plan shall be effective as of April 22, 2005.

                             13

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