Document:

TEKOIL
      & GAS CORPORATION

    

    STOCK
      OPTION AGREEMENT

    

    

    Unless
      otherwise defined herein, the terms defined in the Tekoil & Gas Corporation
      2007 Omnibus Equity Plan (the “Plan”) shall have the same defined meanings in
      this Option Agreement.

    

    
      	
              I. 

            	
              NOTICE
                OF STOCK OPTION GRANT

            
	 	 
	 	
              Gerald
                Goodman

            
	 	
              7
                Briarwood Road

            
	 	
              Rumson,
                NJ 07760

            

    

    

    The
      undersigned Optionee has been granted an Option to purchase Common Shares of
      the
      Company, subject to the terms and conditions of the Plan and this Option
      Agreement, as follows:

    

    
      	
              Grant
                Number:

            	
              
                         
                  4         
                   

              

            
	 	 
	
              Date
                of Grant:

            	
              August
                15, 2007

            
	 	 
	
              Vesting
                Commencement Date: 

            	
              August
                15, 2007

            
	 	 
	
              Exercise
                Price per Share: 

            	
              $1.00

            
	 	 
	
              Total
                Number of Shares Granted:

            	
              1,500,000

            
	 	 
	
              Total
                Exercise Price: 

            	
              $1,500,000.00

            
	 	 
	
              Type
                of Option:

            	
              o 
Incentive
                Stock Option

            
	 	 
	
               

            	
              x  Nonstatutory
                Stock Option

            
	 	 
	
              Term/Expiration
                Date:

            	
              August
                14, 2012

            
	 	 
	
              Vesting
                Schedule:

            	
              Immediate

            

    

     

    This
      Option shall be exercisable, in whole or in part, according to the following
      vesting schedule:

    

    Termination
      Period:

    

    This
      Option shall be exercisable from the date hereof through the Term/Expiration
      Date as provided above.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    II.
       AGREEMENT

    

    1.
       Grant
      of Option.
      The
      Company hereby grants to the Optionee named in the Notice of Grant (the
      "Optionee"), an option (the "Option") to purchase the number of Shares set
      forth
      in the Notice of Grant, at the exercise price per Share set forth in the Notice
      of Grant (the "Exercise Price"), and subject to the terms and conditions of
      the
      Plan, which is incorporated herein by reference. The Exercise Price is equal
      to
      or greater than the Fair Market Value of the Shares on the Date of Grant. In
      the
      event of a conflict between the terms and conditions of the Plan and this Option
      Agreement, the terms and conditions of the Plan shall prevail.

     

    If
      designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this
      Option is intended to qualify as an Incentive Stock Option as defined in
      Section 422 of the Code. Nevertheless, to the extent that it exceeds the
      $100,000 rule of Code Section 422(d), this Option shall be treated as a
      Nonstatutory Stock Option ("NSO").

    

    2. Exercise
      of Option.
      

    

      (a) Right
      to Exercise.
      This
      Option shall be exercisable during its term in accordance with the Vesting
      Schedule set out in the Notice of Grant and with the applicable provisions
      of
      the Plan and this Option Agreement.

    

    (b) Method
      of Exercise.
      This
      Option shall be exercisable by delivery of an exercise notice in the form
      attached as Exhibit A (the “Exercise Notice”) which shall state the election to
      exercise the Option, the number of Shares (the “Exercised Shares”) with respect
      to which the Option is being exercised, and such other representations and
      agreements as may be required by the Company. The Exercise Notice shall be
      accompanied by payment of the aggregate Exercise Price as to all Exercised
      Shares. This Option shall be deemed to be exercised upon receipt by the Company
      of such fully executed Exercise Notice accompanied by the aggregate Exercise
      Price.

    

    No
      Shares
      shall be issued pursuant to the exercise of an Option unless such issuance
      and
      such exercise complies with Applicable Laws. Assuming such compliance, for
      income tax purposes the Shares shall be considered transferred to the Optionee
      on the date on which the Option is exercised with respect to such
      Shares.

     

    3. Optionee's
      Representations.
      In the
      event the Shares have not been registered under the Securities Act of 1933,
      as
      amended, at the time this Option is exercised, the Optionee shall, if required
      by the Company, concurrently with the exercise of all or any portion of this
      Option, deliver to the Company his or her Investment Representation Statement
      in
      the form attached hereto as Exhibit B.

    

    4. Lock-Up
      Period.
      Optionee hereby agrees that, if so requested by the Company or any
      representative of the underwriters (the "Managing Underwriter") in connection
      with any registration of the offering of any securities of the Company under
      the
      Securities Act, Optionee shall not sell or otherwise transfer any Shares or
      other securities of the Company during the 180-day period (or such other period
      as may be requested in writing by the Managing Underwriter and agreed to in
      writing by the Company) (the "Market Standoff Period") following the effective
      date of a registration statement of the Company filed under the
      Securities Act. The Company may impose stop-transfer instructions with
      respect to securities subject to the foregoing restrictions until the end of
      such Market Standoff Period. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    5. Method
      of Payment.
      Payment
      of the aggregate Exercise Price shall be by any of the following, or a
      combination thereof, at the election of the Optionee:

    

    (a) cash
      or
      check (denominated in U.S. Dollars); 

    

      (b)
       consideration
      received by the Company under a formal cashless exercise program adopted by
      the
      Company in connection with the Plan; or 

    

      (c) surrender
      of other Shares which, (i) in the case of Shares acquired from the Company
      (whether upon the exercise of an option or otherwise), have been owned by the
      Optionee for more than six (6) months on the date of surrender (unless this
      condition is waived by the Administrator), and (ii) have a Fair Market Value
      on
      the date of surrender equal to the aggregate Exercise Price of the Exercised
      Shares.

    

    6. Restrictions
      on Exercise.
      This
      Option may not be exercised until such time as the Plan has been approved by
      the
      shareholders of the Company, or if the issuance of such Shares upon such
      exercise or the method of payment of consideration for such Shares would
      constitute a violation of any Applicable Law. 

    

    7. Non-Transferability
      of Option.
      This
      Option may not be transferred in any manner otherwise than by will or by the
      laws of descent or distribution and may be exercised during the lifetime of
      Optionee only by Optionee. The terms of the Plan and this Option Agreement
      shall
      be binding upon the executors, administrators, heirs, successors and assigns
      of
      the Optionee.

    

    8. Term
      of Option.
      This
      Option may be exercised only within the term set out in the Notice of Grant,
      and
      may be exercised during such term only in accordance with the Plan and the
      terms
      of this Option.

     

    9. Entire
      Agreement; Governing Law.
      The
      Plan is incorporated herein by reference. The Plan and this Option Agreement
      constitute the entire agreement of the parties with respect to the subject
      matter hereof and supersede in their entirety all prior undertakings and
      agreements of the Company and Optionee with respect to the subject matter
      hereof, and may not be modified adversely to the Optionee's interest except
      by
      means of a writing signed by the Company and Optionee. This Agreement is
      governed by the internal substantive laws, but not the choice of law rules,
      of
      Florida.

    

    10. No
      Guarantee of Continued Service.
      OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE
      VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER
      AT
      THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED
      THIS
      OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES
      THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING
      SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF
      CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY
      PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT
      OR
      THE COMPANY'S RIGHT TO TERMINATE OPTIONEE'S RELATIONSHIP AS A SERVICE PROVIDER
      AT ANY TIME, WITH OR WITHOUT CAUSE.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    Optionee
      acknowledges receipt of a copy of the Plan and represents that he or she is
      familiar with the terms and provisions thereof, and hereby accepts this Option
      subject to all of the terms and provisions thereof. Optionee has reviewed the
      Plan and this Option in their entirety, has had an opportunity to obtain the
      advice of counsel prior to executing this Option and fully understands all
      provisions of the Option. Optionee hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Administrator
      upon
      any questions arising under the Plan or this Option. Optionee further agrees
      to
      notify the Company upon any change in the residence address indicated
      below.

    

    
      	
              OPTIONEE:

            	 	
              TEKOIL
                & GAS CORPORATION

            
	 	 	 
	 	 	 
	
              /s/
                Gerald Goodman   

            	 	
              /s/
                Mark S. Western   

            
	
              GERALD
                GOODMAN

            	 	
              By

            
	 	 	 
	
              7
                Briarwood Road

            	 	
              President
                & CEO   

            
	
              Rumson,
                NJ 07760

            	 	
              Title

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      A

    

    TEKOIL
      & GAS CORPORATION

    

    OMNIBUS
      EQUITY PLAN

    

    

    EXERCISE
      NOTICE

    

    Tekoil
      & Gas Corporation

    5036
      Dr.
      Phillips Blvd.

    Suite
      232

    Orlando,
      FL 32819

    

    1. Exercise
      of Option.
      Effective as of today, _____________, 200__, the undersigned ("Optionee") hereby
      elects to exercise Optionee's option to purchase _________ shares of the Common
      Stock (the "Shares") of Tekoil & Gas Corporation (the "Company") under and
      pursuant to the Tekoil & Gas Corporation Omnibus Equity Plan (the "Plan")
      and the Stock Option Agreement dated August 15, 2007 (the "Option
      Agreement").

    

    2. Delivery
      of Payment.
      Purchaser herewith delivers to the Company the full purchase price of the
      Shares, as set forth in the Option Agreement.

    

    3. Representations
      of Optionee.
      Optionee acknowledges that Optionee has received, read and understood the Plan
      and the Option Agreement and agrees to abide by and be bound by their terms
      and
      conditions. 

    

    4. Rights
      as Shareholder.
      Until
      the issuance of the Shares (as evidenced by the appropriate entry on the books
      of the Company or of a duly authorized transfer agent of the Company), no right
      to vote or receive dividends or any other rights as a shareholder shall exist
      with respect to the Optioned Stock, notwithstanding the exercise of the Option.
      The Shares shall be issued to the Optionee as soon as practicable after the
      Option is exercised. No adjustment shall be made for a dividend or other right
      for which the record date is prior to the date of issuance.

    

    5. Company's
      Right of First Refusal.
      Before
      any Shares held by Optionee or any transferee (either being sometimes referred
      to herein as the "Holder") may be sold or otherwise transferred (including
      transfer by gift or operation of law), the Company or its assignee(s) shall
      have
      a right of first refusal to purchase the Shares on the terms and conditions
      set
      forth in this Section (the "Right of First Refusal").

    

    (a) Notice
      of Proposed Transfer.
      The
      Holder of the Shares shall deliver to the Company a written notice (the
      "Notice") stating: (i) the Holder's bona fide intention to sell or
      otherwise transfer such Shares; (ii) the name of each proposed purchaser or
      other transferee ("Proposed Transferee"); (iii) the number of Shares to be
      transferred to each Proposed Transferee; and (iv) the bona fide cash price
      or other consideration for which the Holder proposes to transfer the Shares
      (the
      "Offered Price"), and the Holder shall offer the Shares at the Offered Price
      to
      the Company or its assignee(s).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    (b) Exercise
      of Right of First Refusal.
      At any
      time within thirty (30) days after receipt of the Notice, the Company and/or
      its
      assignee(s) may, by giving written notice to the Holder, elect to purchase
      all,
      but not less than all, of the Shares proposed to be transferred to any one
      or
      more of the Proposed Transferees, at the purchase price determined in accordance
      with subsection (c) below.

    

    (c) Purchase
      Price.
      The
      purchase price ("Purchase Price") for the Shares purchased by the Company or
      its
      assignee(s) under this Section shall be the Offered Price. If the Offered Price
      includes consideration other than cash, the cash equivalent value of the
      non-cash consideration shall be determined by the Board of Directors of the
      Company in good faith.

    

    (d) Payment.
      Payment
      of the Purchase Price shall be made, at the option of the Company or its
      assignee(s), in cash (or by check), by cancellation of all or a portion of
      any
      outstanding indebtedness of the Holder to the Company (or, in the case of
      repurchase by an assignee, to the assignee), or by any combination thereof
      within 30 days after receipt of the Notice or in the manner and at the times
      set
      forth in the Notice.

    

    (e) Holder's
      Right to Transfer.
      If all
      of the Shares proposed in the Notice to be transferred to a given Proposed
      Transferee are not purchased by the Company and/or its assignee(s) as provided
      in this Section, then the Holder may sell or otherwise transfer such Shares
      to
      that Proposed Transferee at the Offered Price or at a higher price, provided
      that such sale or other transfer is consummated within 120 days after the date
      of the Notice, that any such sale or other transfer is effected in accordance
      with any applicable securities laws and that the Proposed Transferee agrees
      in
      writing that the provisions of this Section shall continue to apply to the
      Shares in the hands of such Proposed Transferee. If the Shares described in
      the
      Notice are not transferred to the Proposed Transferee within such period, a
      new
      Notice shall be given to the Company, and the Company and/or its assignees
      shall
      again be offered the Right of First Refusal before any Shares held by the Holder
      may be sold or otherwise transferred.

    

    (f) Exception
      for Certain Family Transfers.
      Anything to the contrary contained in this Section notwithstanding, the transfer
      of any or all of the Shares during the Optionee's lifetime or on the Optionee's
      death by will or intestacy to the Optionee's immediate family or a trust for
      the
      benefit of the Optionee's immediate family shall be exempt from the provisions
      of this Section. "Immediate Family" as used herein shall mean spouse, lineal
      descendant or antecedent, father, mother, brother or sister. In such case,
      the
      transferee or other recipient shall receive and hold the Shares so transferred
      subject to the provisions of this Section, and there shall be no further
      transfer of such Shares except in accordance with the terms of this
      Section.

    

    (g) Termination
      of Right of First Refusal.
      The
      Right of First Refusal shall terminate as to any Shares upon the first sale
      of
      Common Stock of the Company to the general public pursuant to a registration
      statement filed with and declared effective by the Securities and Exchange
      Commission under the Securities Act of 1933, as amended.

     

    6. Tax
      Consultation.
      Optionee understands that Optionee may suffer adverse tax consequences as a
      result of Optionee's purchase or disposition of the Shares. Optionee represents
      that Optionee has consulted with any tax consultants Optionee deems advisable
      in
      connection with the purchase or disposition of the Shares and that Optionee
      is
      not relying on the Company for any tax advice.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    7. Restrictive
      Legends and Stop-Transfer Orders.

    

    (a) Legends.
      Optionee understands and agrees that the Company shall cause the legends set
      forth below or legends substantially equivalent thereto, to be placed upon
      any
      certificate(s) evidencing ownership of the Shares together with any other
      legends that may be required by the Company or by state or federal securities
      laws:

    

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
      PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE
      OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
      SUCH
      OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
      THEREWITH.

    

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      ON
      TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S)
      AS
      SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER
      OF
      THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE
      ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON
      TRANSFEREES OF THESE SHARES.

    

    (b) Stop-Transfer
      Notices.
      Optionee agrees that, in order to ensure compliance with the restrictions
      referred to herein, the Company may issue appropriate "stop transfer"
      instructions to its transfer agent, if any, and that, if the Company transfers
      its own securities, it may make appropriate notations to the same effect in
      its own records.

    

    (c) Refusal
      to Transfer.
      The
      Company shall not be required (i) to transfer on its books any Shares that
      have been sold or otherwise transferred in violation of any of the provisions
      of
      this Agreement or (ii) to treat as owner of such Shares or to accord the
      right to vote or pay dividends to any purchaser or other transferee to whom
      such
      Shares shall have been so transferred.

    

    8. Successors
      and Assigns.
      The
      Company may assign any of its rights under this Agreement to single or multiple
      assignees, and this Agreement shall inure to the benefit of the successors
      and
      assigns of the Company. Subject to the restrictions on transfer herein set
      forth, this Agreement shall be binding upon Optionee and his or her heirs,
      executors, administrators, successors and assigns.

     

    9. Interpretation.
      Any
      dispute regarding the interpretation of this Agreement shall be submitted by
      Optionee or by the Company forthwith to the Administrator which shall review
      such dispute at its next regular meeting. The resolution of such a dispute
      by
      the Administrator shall be final and binding on all parties.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    10. Governing
      Law; Severability.
      This
      Agreement is governed by the internal substantive laws, but not the choice
      of
      law rules, of Florida.

    

    11. Entire
      Agreement.
      The
      Plan and Option Agreement are incorporated herein by reference. This Agreement,
      the Plan, the Option Agreement and the Investment Representation Statement
      con-sti-tute the entire agreement of the parties with respect to the subject
      matter hereof and supersede in their entirety all prior undertakings and
      agreements of the Company and Optionee with respect to the subject matter
      hereof, and may not be modified adversely to the Optionee's interest except
      by
      means of a writing signed by the Company and Optionee.

    

    

    
      	
              Submitted
                by:

            	
              Accepted
                by:

            
	 	 
	
              OPTIONEE:

            	
              TEKOIL
                & GAS CORPORATION

            
	 	 
	__________________________________________	 
	
              GERALD
                GOODMAN

            	
              By:_____________________________________________________

            
	 	 
	
              7
                Briarwood Road

            	
            
	
              Rumson,
                NJ 07760

            	
              Print
                Name

            
	 	 
	 	
              Title:____________________________________________________

            
	 	 
	 	
              Address:

            
	 	 
	 	
              5036
                Dr. Phillips Blvd.

            
	 	
              Suite
                232

            
	 	
              Orlando,
                FL 32819

            
	 	 
	 	
              Date
                Received:
                ____________________________________________

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    

      EXHIBIT
      B

    

    INVESTMENT
      REPRESENTATION STATEMENT

    

    
      	
              OPTIONEE:

            	
              GERALD
                GOODMAN

            
	 	 
	
              COMPANY:

            	
              TEKOIL
                & GAS CORPORATION

            
	 	 
	
              SECURITY:

            	
              COMMON
                STOCK

            
	 	 
	
              AMOUNT:

            	 
	 	 
	
              DATE:

            	 

    

    

    In
      connection with the purchase of the above-listed Securities, the undersigned
      Optionee represents to the Company the following:

    

    (a) Optionee
      is aware of the Company's business affairs and financial condition and has
      acquired sufficient information about the Company to reach an informed and
      knowledgeable decision to acquire the Securities. Optionee is acquiring these
      Securities for investment for Optionee's own account only and not with a view
      to, or for resale in connection with, any "distribution" thereof within the
      meaning of the Securities Act of 1933, as amended (the "Securities
      Act").

    

    (b) Optionee
      acknowledges and understands that the Securities constitute "restricted
      securities" under the Securities Act and have not been registered under the
      Securities Act in reliance upon a specific exemption therefrom, which exemption
      depends upon, among other things, the bona fide nature of Optionee's investment
      intent as expressed herein. In this connection, Optionee understands that,
      in
      the view of the Securities and Exchange Commission, the statutory basis for
      such
      exemption may be unavailable if Optionee's representation was predicated solely
      upon a present intention to hold these Securities for the minimum capital gains
      period specified under tax statutes, for a deferred sale, for or until an
      increase or decrease in the market price of the Securities, or for a period
      of
      one year or any other fixed period in the future. Optionee further understands
      that the Securities must be held indefinitely unless they are subsequently
      registered under the Securities Act or an exemption from such registration
      is
      available. Optionee further acknowledges and understands that the Company is
      under no obligation to register the Securities. Optionee understands that the
      certificate evidencing the Securities will be imprinted with a legend which
      prohibits the transfer of the Securities unless they are registered or such
      registration is not required in the opinion of counsel satisfactory to the
      Company and any other legend required under applicable state securities
      laws.

    

    (c) Optionee
      is familiar with the provisions of Rule 701 and Rule 144, each
      promulgated under the Securities Act, which, in substance, permit limited public
      resale of "restricted securities" acquired, directly or indirectly from the
      issuer thereof, in a non-public offering subject to the satisfaction of certain
      conditions. Rule 701 provides that if the issuer qualifies under
      Rule 701 at the time of the grant of the Option to the Optionee, the
      exercise will be exempt from registration under the Securities Act. In the
      event
      the Company becomes subject to the reporting requirements of Section 13 or
      15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or
      such longer period as any market stand-off agreement may require) the Securities
      exempt under Rule 701 may be resold, subject to the satisfaction of certain
      of the conditions specified by Rule 144, including: (1) the resale
      being made through a broker in an unsolicited "broker's transaction" or in
      transactions directly with a market maker (as said term is defined under
      the Securities Exchange Act of 1934); and, in the case of an affiliate,
      (2) the availability of certain public information about the Company, (3)
      the amount of Securities being sold during any three-month period not exceeding
      the limitations specified in Rule 144(e), and (4) the timely filing of a
      Form 144, if applicable.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the Company does not qualify under Rule 701 at the time of grant
      of the Option, then the Securities may be resold in certain limited
      circumstances subject to the provisions of Rule 144, which
      requires the resale to occur not less than two years after the later of the
      date the Securities were sold by the Company or the date the Securities were
      sold by an affiliate of the Company, within the meaning of Rule 144; and,
      in the case of acquisition of the Securities by an affiliate, or by a
      non-affiliate who subsequently holds the Securities less than three years,
      the
      satisfaction of the conditions set forth in sections (1), (2), (3) and (4)
      of
      the paragraph immediately above.

    

    (d) Optionee
      further understands that in the event all of the applicable requirements of
      Rule 701 or 144 are not satisfied, registration under the Securities Act,
      compliance with Regulation A, or some other registration exemption will be
      required; and that, notwithstanding the fact that Rules 144 and 701 are not
      exclusive, the Staff of the Securities and Exchange Commission has expressed
      its
      opinion that persons proposing to sell private placement securities other than
      in a registered offering and otherwise than pursuant to Rules 144 or 701 will
      have a substantial burden of proof in establishing that an exemption from
      registration is available for such offers or sales, and that such persons and
      their respective brokers who participate in such transactions do so at their
      own
      risk. Optionee understands that no assurances can be given that any such other
      registration exemption will be available in such event.

    

    
      	
               

            	
              Signature
                of Optionee:

            	
            
	
               

            	
            	 
	 	 	 
	
               

            	
            	 
	
               

            	
              GERALD
                GOODMAN

            	 
	 	 	 
	
               

            	
              Date:
                ____________, 200_

            	 

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
         

      

      
        3EXHIBIT
      10.1 

    2007
      Non-Qualified e Incentive Stock Compensation Plan

    

    2007
      NON-QUALIFIED INCENTIVE STOCK COMPENSATION PLAN

    

    1. Purpose
      of Plan

    

    1.1 This
      2007
      Non-Qualified and Incentive Stock Compensation Plan (the
      “Plan”) of Asia Global Holdings Corp., a Nevada corporation (the “Company”) is
      adopted to advance the interests of the Company by providing employees,
      officers, advisors, directors and other persons who provide services or who
      are
      otherwise associated with the Company, and those persons who have a
      responsibility for its management and growth (each an “Employee”), with
      additional incentive by increasing their proprietary interest in the success
      of
      the Company and to encourage them to maintain their relationships with the
      Company. Further, the availability and the ability to issue shares of the
      Company’s Common Stock Plan (shares as defined below) and grant Stock Options
      (as such terms are defined below) and offering of stock options and issuance
      of
      common stock under the Plan supports and increases the Company's ability to
      attract and retain individuals of exceptional talent upon whom, in large
      measure, the sustained progress, growth and profitability of the Company
      depends.

    

    2. Definitions

    

    2.1 For
      Plan
      purposes, except where the context might clearly indicate otherwise, the
      following terms shall have the meanings set forth below:

     

    “Plan
      Shares” shall mean shares outlined in the Company’s plan allocated to
      Employee.

    

    “Board”
      shall mean the Board of Directors of the Company.

    

    “Committee”
      shall mean the Compensation Committee, or such other committee appointed by
      the
      Board, which shall be designated by the Board to administer the Plan, or the
      Board if no committees has been established. The Committee shall be composed
      of
two
      or
      more persons
      as from
      time to time are appointed to serve by the Board. Each member of the Committee,
      while serving as such, shall be a disinterested person with the meaning of
      Rule
      16b-3 promulgated under the Securities Exchange Act of 1934 (the “Exchange
      Act”).

    

    “Common
      Stock” shall mean the Company's $0.001 par value common stock, or such other
      shares or securities in the event that the Company’s common stock is hereafter
      changed into or exchanged for different securities of the Company.

    

    “Company”
      shall mean Asia Global Holdings Corp., a Nevada Corporation, and any subsidiary
      corporation of the Company, as such terms are defined in Sections 425(e) and
      425(f), respectively, of the Internal Service Code (the “Code”).

    

    “Compensation
      Stock” shall mean the Company's $.001 par value common stock, or such other
      shares or securities in the event that the Company’s common stock is hereafter
      changed into or exchanged for different securities of the Company, issued to
      individuals for bone fide services rendered to the Company pursuant to written
      agreements which may include but are not limited to Employment agreements,
      Consulting Agreements or other forms of written fee or compensation
      agreements.

    

    
      
        
        

      

      
        Page
          14 of
          31

        
          

        

      

      
        
        

      

    

     

    "Disability"
      shall mean total and permanent incapacity of an Employee, due to physical
      impairment or legally established mental incompetence, to perform the usual
      duties of the Employee's employment with the Company, which disability shall
      be
      determined (i) on medical evidence by a licensed physician designated by the
      Committee, or (ii) on evidence that the Employee has become entitled to receive
      primary benefits as a disabled Employee under the Social Security Act in effect
      on the date of such disability.

     

    “Employee
      Agreement” means an agreement executed by an Employee and the Company (as
      contemplated by Section 5 below), pursuant to which shares of Common Stock
      are
      or may be issuable to or purchasable by Employee, as the Board or Committee
      and
      the Employee may mutually agree in writing.

     

    “Fair
      Market Value” shall mean, with respect to the date shares of Common Stock are
      assigned by the Company, or a Stock Option (as defined below) is granted or
      exercised, the average of the highest and lowest reported sales prices of the
      Common Stock, as reported by such responsible reporting service as the Committee
      may select, or if there were no transactions in the Common Stock on such day,
      then the last preceding day on which transactions took place. The above
      withstanding, the Committee may determine the Fair Market Value in such other
      manner as it may deem more equitable for Plan purposes or as is required by
      applicable laws or regulations. If
      the
      Common Stock is not then publicly traded, then the Fair Market Value of the
      Common Stock shall be the book value of the Company per share as determined
      on
      the last day of March, June, September or December in any year closest to the
      date when the determination is to be made. For the purpose of determining book
      value hereunder, book value shall be determined by adding as of the applicable
      date called for herein the capital, surplus and undivided profits of the
      Company, and after having deducted any reserves theretofore established; the
      sum
      of these items shall be divided by the number of shares of the Common Stock
      outstanding as of said date, and the quotient thus obtained shall represent
      the
      book value of each share of the Common Stock of the Company.

    

    “Optionee”
      shall mean an Employee of the Company who has been granted one or more Stock
      Options under the Plan.

    

    “Option
      Shares” shall mean shares of Common Stock which are issued by the Company or
      Stock Option pursuant to Section 5 below.

    

    "Retirement"
      shall mean an Employee's retirement from the employment of the Company on or
      after the date on which the Employee attains the age of not less than
      ninety-five (95) years.

    

    “Stock
      Option” or “Stock Options” shall mean an option to purchase shares of the
      Company’s Common Stock pursuant to the terms of the Plan.

    

    “Stock
      Option Agreement” shall mean the agreement between the Company and the Optionee
      under which the Optionee may purchase Common Stock.

    

    3. Administration
      of the Plan

    

    3.1 The
      Committee shall administer the Plan and, accordingly, it shall have full power
      to grant Stock Options and to Compensation Stock for services rendered, construe
      and interpret the Plan,
      establish rules and regulations and perform all other acts, including the
      delegation of administrative responsibilities, as it believes reasonable and
      proper.

    

    
      
        
        

      

      
        Page
          15 of
          31

        
          

        

      

      
        
        

      

    

     

    3.2 The
      determination of those eligible to receive Stock Options and Compensation Stock,
      and the amount, type and timing of each grant of a Stock Option, including
      the
      terms and conditions of such Stock Option Agreement(s) and other stock
      compensation agreements, shall rest in the sole discretion of the Committee,
      subject to the provisions of the Plan.

    

    3.3 The
      Board
      or the Committee may correct any defect, supply any omission or reconcile any
      inconsistency in the Plan or in any Stock Option, in the manner and to the
      extent it shall deem necessary to carry it into effect. Any decision made or
      action taken by the Committee or the Board arising out of or in connection
      with
      the interpretation and administration of the Plan shall be final and
      conclusive.

    

    3.4 Meetings
      of the Committee shall be held at such times and places as shall be determined
      by the Committee. A majority of the members of the Committee shall constitute
      a
      quorum for the transaction of business, and the vote of a majority of those
      members present at any meeting shall decide any question brought before that
      meeting. In addition, the Committee may take any action otherwise proper under
      the Plan by the affirmative vote, taken without a meeting, of a majority of
      its
      members.

    

    3.5 No
      member
      of the Committee shall be liable for any act or omission of any other member
      of
      the Committee or for any act or omission on his own part, including, but not
      limited to, the exercise of any power or discretion given to him under the
      Plan,
      except those resulting from his/her own gross negligence or willful
      misconduct.

    

    3.6 The
      Company, through its management, shall supply full and timely information to
      the
      Committee on all matters relating to the eligibility of each proposed recipient
      of Compensation Stock or Stock Options, such recipient /Optionee’s duties
      performance, and current information on any recipient/Optionee's death,
      retirement, disability or other termination of association with the Company,
      and
      such other pertinent information as the Committee may require. The Company
      shall
      furnish the Committee with such clerical and other assistance as is necessary
      in
      the performance of its duties hereunder.

    

    4. Shares
      Subject to the Plan

    

    4.1 The
      total
      number of shares of Common Stock of the Company available pursuant to the Plan
      for grants of Stock Options and Compensation Stock shall be Twenty-Five Million
      (25,000,000), subject to adjustment for the anti-dilutive provisions in
      accordance with Paragraph 7 of the Plan, which shares may be either authorized
      but unissued or shares of Common Stock of the Company reacquired and returned
      to
      the Plan.

     

    4.2 If
      a
      Stock Option or portion thereof shall expire or terminate for any reason without
      having been exercised in full, the un-purchased shares covered by such failure
      to exercise shall be returned to the Plan and available for future grants of
      Stock Options.

    

    5. Issuance
      of Common Stock for Services

    

    The
      Board
      or Committee from time to time, in its absolute discretion, may (a) issue
      Compensation Stock for services rendered to the Company by an Employee of the
      Company, and such other persons as the Board or Committee may select and in
      connection with the issuance of such Compensation Stock, grant Stock Options
      to
      such Employees and others who provide services to the Company. Compensation
      Shares and Stock Options shall be governed by written agreements between the
      Company and each recipient of Compensation shares or Stock Options. Whether
      acquired as Compensation Stock or through the exercise of a Stock Option, the
      owner of Common Stock issued under this Plan shall not be required to hold
      such
      stock, subject to the rights and conditions, or such vesting schedule to which
      the Stock Option was subject.

    

    
      
        
        

      

      
        Page
          16 of
          31

        
          

        

      

      
        
        

      

    

     

    6. Granting
      of Stock Options

     

    6.1
      The
      Committee may grant Stock Options in such amounts, at such times, and to grant
      Employees and others who provide services to the Company nominated by the
      management of the Company as the Committee, in its discretion, may determine.
      Stock Options granted under this Plan shall constitute "incentive stock options"
      within the meaning of Section 422 of the Code, if so designated by the Committee
      on the date of grant. The committee shall also have the discretion to grant
      Stock Options which do not constitute incentive stock options, and any such
      Stock Options shall be designated non-statutory stock options by the Committee
      on the date of grant. The aggregate Fair Market Value of the Common Stock
      (determined as of the time an incentive stock option is granted) with respect
      to
      which incentive stock options are exercisable for the first time by any Employee
      during any one calendar year (under all plans of the Company and any parent
      or
      subsidiary of the Company) may not exceed the maximum amount permitted under
      Section 422 of the Code, currently One Hundred Thousand Dollars ($100,000.00).
      Non-Statutory Stock Options shall not be subject to the limitations relating
      to
      Stock Options contained in the preceding sentence. Each Stock Option shall
      be
      evidenced by a written Stock Option Agreement, in a form approved by the
      Committee, which shall be executed on behalf of the Company and by the Employee
      to whom the Stock Option is granted, and which shall be subject to the terms
      and
      conditions of this Plan. In the discretion of the Committee, Stock Options
      may
      include provisions (which need not be uniform), authorized by the Committee
      in
      its discretion, that accelerate an Employee's rights to exercise Stock Options
      following a "Change in Control," upon termination of the Employee's employment
      by the Company without "Cause" or by the Employee for "Good Reason", as such
      terms are defined in Paragraph 3.1 hereof. The holder of a Stock Option shall
      not be entitled to the privileges of stock ownership as to any shares of the
      Common Stock not actually exercised and paid for by such
      Optionee(s).

    

    6.2
      The
      purchase price (the "Exercise Price") of Option Shares subject to each Stock
      Option may be (a) a stated value, or (b) a percentage of the Fair Market Value
      of the Common Stock provided that such percentage cannot be less than fifty
      percent (50%) of the Fair Market Value of the Common Stock on the date of the
      grant of such option. With the exception of Stock Options granted prior to
      the
      date hereof and who is an officer, director or affiliate (as such term is
      defined in the federal securities rules and regulations), or who is holding
      greater than ten percent (10%) of the total voting power of all stock of the
      Company, either Common or Preferred, cannot be granted Stock Options with an
      Exercise Price of less than one hundred ten percent (110%) of the Fair Market
      Value of the Common Stock on the date of the grants of the option. 

    

    6.3
      The
      Stock Option period (the "Term") shall commence on the date of grant of the
      Stock Option and shall be ten (10) years or such shorter period as determined
      by
      the subject Employee Agreement, the Stock Option Agreement, or by the Committee.
      Each Stock Option shall provide that it is exercisable over its term in such
      periodic installments as the Committee may determine, subject to the provisions
      of Paragraph 4 of Article 6 Section 16(b) of the Exchange Act exempts persons
      normally subject to the reporting requirements of Section 16(a) of the Exchange
      Act (the "Section 16 Reporting Persons") pursuant to a qualified Employee Stock
      Option Plan from the normal requirement of not selling until at least six months
      and one day from the date the Stock Option is granted.

    

    
      
        
        

      

      
        Page
          17 of
          31

        
          

        

      

      
        
        

      

    

     

    6.4
      Any
      Stock Option may be exercised in whole or in part (but not as to fractional
      shares) by delivering it for surrender or endorsement to the Company, attention
      of the Corporate Secretary, at the principal office of the Company, together
      with payment of the Exercise Price and an executed Notice and Agreement of
      Exercise in the form prescribed by Paragraph 5 of this Paragraph. Payment may
      be
      made (a) in cash, (b) by cashier's or certified check, (c) by surrender of
      previously owned shares of the Common Stock valued pursuant to Paragraph 2
      of
      this Paragraph (if the Committee authorizes payment in stock in its discretion),
      (d) by withholding from the Option Shares which would otherwise be issuable
      upon
      the exercise of the Stock Option that number of Option Shares equal to the
      Exercise Price of the Stock Option, if such withholding is authorized by the
      Committee in its discretion, or (e) in the discretion of the Committee, by
      the
      delivery to the Company of the Optionee's promissory note secured by personal
      assets or securities other than the Option Shares, bearing interest at a rate
      sufficient to prevent the imputation of interest under Sections 483 or 1274
      of
      the Code, and having such other terms and conditions as may be satisfactory
      to
      the Committee. Subject to the provisions of this paragraph and Paragraph 5
      of
      this Paragraph, unless other wise provided for in the subject Stock Option
      Agreement, the Employee shall have the right to exercise his or her Stock Option
      at the rate of not less than twenty percent (20%) per year over the first five
      years from the date the Stock Option is granted.

    

    6.5 Exercise
      of any Stock Option is conditioned upon the agreement of the Employee to the
      terms and conditions of this Plan and of such Stock Option as evidenced by
      the
      Employee's execution and delivery of a Notice and Agreement of Exercise in
      a
      form to be determined by the Committee in its discretion. Such Notice and
      Agreement of Exercise shall set forth the agreement of the Employee that (a)
      no
      Option Shares will be sold or otherwise distributed in violation of the
      Securities Act of 1933, as amended (the "Securities Act") or any other
      applicable federal or state securities laws, (b) each Option Share certificate
      may be imprinted with legends reflecting any applicable federal and state
      securities law restrictions and conditions, (c) the Company may comply with
      said
      securities law restrictions and issue "stop transfer" instructions to its
      Transfer Agent and Registrar without liability, if applicable, (d) if the
      Employee is a Section 16 Reporting Person, the Employee will furnish to the
      Company a copy of each Form 4 or Form 5 filed by said Employee and will timely
      file all reports required under federal securities laws.

    

    6.6
       No
      Stock
      Option shall be exercisable unless and until any applicable registration or
      qualification requirements of federal and state securities laws, and all other
      legal requirements, have been fully complied with. At no time shall the total
      number of securities issuable upon exercise of all outstanding options under
      this Plan, and the total number of securities provided for under any bonus
      or
      similar plan or agreement of the Company exceed a number of securities which
      is
      equal to fifty percent (50%) of the then outstanding securities of the Company,
      unless a percentage higher than fifty percent (50%) is approved by at least
      two-thirds of the outstanding securities entitled to vote. The Company will
      use
      reasonable efforts to maintain the effectiveness of a Registration Statement
      under the Securities Act for the issuance of Stock Options and Compensation
      Shares issued or acquired hereunder, but there may be times when no such
      Registration Statement will be currently effective. Issuance of Compensation
      Stock and/or the exercise of Stock Options may be temporarily suspended without
      liability to the Company during times when no such Registration Statement is
      currently effective, or during times when, in the reasonable opinion of the
      Committee, such suspension is necessary to preclude violation of any
      requirements of applicable law or regulatory bodies having jurisdiction over
      the
      Company. If any Stock Option would expire for any reason except the end of
      its
      term during such a suspension, then if exercise of such Stock Option is duly
      tendered before its expiration, such Stock Option shall be exercisable and
      exercised (unless the attempted exercise is withdrawn) as of the first day
      after
      the end of such suspension. The Company shall have no obligation to file any
      Registration Statement covering resale of Option Shares.

    

    
      
        
        

      

      
        Page
          18 of
          31

        
          

        

      

      
        
        

      

    

     

    6.7
       Any
      Stock
      Option granted under this Plan shall be transferable only by will or the laws
      of
      descent and distribution. No interest of any Employee under this Plan shall
      be
      subject to attachment, execution, garnishment, sequestration, the laws of
      bankruptcy or any other legal or equitable process. Any Stock Option granted
      under this Plan shall be exercisable only by the Employee.

     

    6.8
      Upon
      an Employee's disability or death, (a) all Stock Options to the extent then
      presently exercisable shall remain in full force and effect and may be exercised
      pursuant to the provisions thereof, and (b) unless otherwise provided by the
      Committee, all Stock Options to the extent not then presently exercisable by
      the
      Employee shall terminate as of the date of such termination of his/her agreement
      and shall not be exercisable thereafter. Unless the agreement is terminated
      for
      cause, as defined by applicable law, the right to exercise in the event of
      termination of agreement, to the extent that the Optionee is entitled to
      exercise on the date the agreement terminates as follows:

    

               (i)
      At least six
      months from the date of termination if termination was caused by death or
      disability.

    

              (ii)
      At least thirty (30) days
      from the date of termination if termination was caused by other than death
      or
      disability.

    

    6.9
       Upon
      the
      termination of Optionee’s compensation agreement, for any reason other than
      those specifically set forth in Paragraph 9 of this Paragraph, (a) all Stock
      Options to the extent then presently exercisable by the Employee shall remain
      exercisable only for a period of ninety (90) days after the date of such
      termination of the Agreement (except that the ninety (90) day period shall
      be
      extended to twelve (12) months if the Employee shall die during such ninety
      (90)
      day period), and may be exercised pursuant to the provisions thereof, including
      expiration at the end of the fixed term thereof, and (b) unless otherwise
      provided by the Committee, all Stock Options to the extent not then presently
      exercisable by the Employee shall terminate as of the date of such termination
      of the Agreement and shall not be exercisable thereafter.

    

    6.10 Options
      and Compensation Stock shall be issued only pursuant to a written agreement,
      which shall be executed by the Employee and the Company, and which shall contain
      such terms and conditions as the Board or Committee shall determine consistent
      with this Plan, including restrictions on transfer that the Committee chooses
      to
      impose.

    

    6.11 Upon
      delivery of the shares of Common Stock to the Employee, the Employee shall
      have,
      unless otherwise provided by the Board or Committee, all the rights of any
      other
      stockholder with respect to said shares, subject to any restrictions, including
      but not limited to the right to receive all dividends and other distributions
      paid or made with respect to the Common Stock.

    

    6.12 Notwithstanding
      anything in this Plan or any agreement to the contrary with an Employee, no
      Employee may sell or otherwise transfer, whether or not for value, any of the
      rights to acquire Common Stock pursuant to a Stock Option Agreement prior to
      the
      date on which the Employee has exercised such Stock Option(s).

    

    
      
        
        

      

      
        Page
          19 of
          31

        
          

        

      

      
        
        

      

    

     

    6.13 All
      shares of Common Stock issued under this Plan, including any shares of Common
      Stock and other securities issued with respect to shares of Common Stock as
      a
      stock dividends, or as the result of stock splits or similar changes in the
      capital structure of the Company, shall be subject to such restrictions as
      the
      Board or Committee shall provide and as approved and accepted by Employee,
      which
      restrictions may include, without limitation, restrictions concerning voting
      rights, transferability of the Common Stock and restrictions based on duration
      of his/her Agreement with the Company, Company performance and individual
      performance, provided that the Board or Committee may, on such terms and
      conditions as it may determine to be appropriate, remove any or all of such
      restric-tions. Common Stock pursuant to a Stock Option Agreement may not be
      sold
      or encumbered. Any restrictions imposed by the Board or Committee of the Board
      and as approved and accepted by Employee, under this Section need not be
      identical for all Stock Options, and the imposition of any restrictions with
      respect to the rights to acquire any Common Stock shall not require the
      imposition of the same or any other restrictions with respect to any other
      Common Stock pursuant to a Stock Option Agreement.

    

    6.14 Each
      agreement with an Employee shall provide that the Company shall have the right
      to repurchase from the Employee the Common Stock of Stock Options which are
      unvested upon a termination of such agreement, termination of directorship
      or
      termination of a consultancy arrangement, as applicable, at a cash price to
      be
      negotiated and mutually agreed between the Employee and the
      Company.

    

    6.15 In
      the
      discretion of the Board or Committee, the agreement may provide that the Company
      shall have the right of first refusal with respect to the Common Stock and
      a
      right to repurchase the vested Common Stock upon a termination of any Employee's
      Agreement with the Company, the termination of the Employee's service Agreement,
      or such other events as the Board or Committee may deem
      appropriate.

    

    6.16 The
      Board
      or Committee shall cause a legend or legends to be placed on certificates
      representing shares of Common Stock if such shares are subject to restrictions
      under federal securities rules and regulations, which legend or legends shall
      make appropriate reference to the applicable restrictions.

    

    7. Adjustments
      or Changes in Capitalization

    

    7.1 In
      the
      event that the outstanding shares of Common Stock of the Company are hereafter
      changed into or exchanged for a different number or kind of shares or other
      securities of the Company by reason of merger, consolidation, other
      reorganization, recapitalization, reclassification, combination of shares,
      stock
      split-up or stock dividend:

    

    A. Prompt,
      proportionate, equitable, lawful and adequate adjustment shall be made of the
      aggregate number and kind of shares subject to Stock Options which may be
      granted under the Plan, such that the Optionee(s) shall have the right to
      purchase such shares of Common Stock as may be issued in exchange for the shares
      of Common Stock purchasable on exercise of the respective Stock Option(s) had
      such merger, consolidation, other reorganization, recapitalization,
      reclassification, combination of shares, stock split-up or stock dividend not
      taken place, provided however that, notwithstanding anything in this Plan to
      the
      contrary the number of Plan Shares shall not be affected or altered in any
      way
      by reason of a reverse split of the Company’s Common Stock;

    

    B. Rights
      under unexercised Stock Options or portions thereof granted prior to any such
      change, both as to the number or kind of shares and the exercise price per
      share, shall be adjusted appropriately, provided that such adjustments shall
      be
      made without change in the total exercise price applicable to the unexercised
      portion of such Stock Options but by an adjustment in the price for each share
      covered by such Stock Options, provided however that, notwithstanding anything
      in this Plan to the contrary, the number of Plan Shares shall be affected or
      altered in any way by reason of a reverse split of the Company’s Common Stock;

    

    
      
        
        

      

      
        Page
          20 of
          31

        
          

        

      

      
        
        

      

    

     

    C. Upon
      any
      dissolution or liquidation of the Company or any merger or combination in which
      the Company is not a surviving corporation, each outstanding Stock Option
      granted hereunder shall terminate, but the Optionee shall have the right,
      immediately prior to such dissolution, liquidation, merger or combination,
      to
      exercise his/her Stock Options in whole or in part, to the extent that it shall
      not have been exercised, without regard to any installment exercise provisions
      in such Stock Options;

    

    D. Pursuant
      to Title 17, Chapter II, Part 230-416(a), notwithstanding anything contained
      in
      the Plan to the contrary, including any adjustments discussed in this Paragraph,
      the Plan Shares shall be anti-dilutive in the event of a reverse stock split
      by
      the Company, i.e. a reverse stock split by the Company shall not effect any
      reduction in the number of Plan Shares remaining in the Plan at the effective
      time of such reverse stock

    split(s).

    

    7.2 The
      foregoing adjustments and the manner of application of the foregoing provisions
      shall be determined solely by the Committee, whose determination as to what
      adjustments shall be made and the extent thereof, shall be final, binding and
      conclusive. No fractional shares of Common Stock shall be issued under the
      Plan
      on account of any such adjustments.

    

    8. Merger,
      Consolidation or Tender Offer

    

    8.1 If
      the
      Company shall be a party to a binding agreement to any merger, consolidation
      or
      reorganization or sale of substantially all the assets of the Company, each
      outstanding Stock Option shall pertain and apply to the securities and/or
      property which a shareholder of the number of Common Stock of the Company
      subject to the Stock Options would be entitled to receive pursuant to such
      merger, consolidation or reorganization or sale of assets.

    

    8.2 In
      the
      event that:

    

    A. Any
      person other than the Company shall acquire more than twenty percent (20%)
      of
      the Common Stock of the Company through a tender offer, exchange offer or
      otherwise; or, 

    

    B. A
      change
      in the “control” of the Company occurs, as such term is defined in Rule 405
      under the Securities Act; or, 

    

    C. There
      shall be a sale of all or substantially all of the assets of the Company; any
      then outstanding Stock Option held by an Optionee, who is deemed by the
      Committee to be a statutory officer (“Insider”) for purposes of Section 16 of
      the Exchange Act shall be entitled to receive, subject to any action by the
      Committee revoking such an entitlement as provided for below, in lieu of
      exercise of such Stock Option, to the extent that it is then exercisable, a
      cash
      payment in an amount equal to the difference between the aggregate exercise
      price of such Stock Options, or portion thereof, and, (i) in the event of an
      offer or similar event, the final offer price per share paid for Common Stock,
      or such lower price as the Committee may determine to conform an option to
      preserve its Stock Option status, times the number of shares of Common Stock
      covered by the Stock Option or any portion thereof, or (ii) in the case of
      an
      event covered by B or C above, the aggregate Fair Market Value of the Common
      Stock covered by the Stock Option, as determined by the Plan.

    

    
      
        
        

      

      
        Page
          21 of
          31

        
          

        

      

      
        
        

      

    

     

    8.3 Any
      payment which the Company is required to make pursuant to this Paragraph shall
      be made within 15 business days, following the event which results in the
      Optionee's right to such payment. In the event of a tender offer in which fewer
      than all the shares which are validly tendered in compliance with such offer
      are
      purchased or exchanged, then only that portion of the shares covered by an
      Stock
      Options as results from multiplying such shares by a fraction, the numerator
      of
      which is the number of Common Stock acquired pursuant to the offer and the
      denominator of which is the number of Common Stock tendered in compliance with
      such offer shall be used to determine the payment thereupon. To the extent
      that
      all or any portion of a Stock Option shall be affected by this provision, all
      or
      such portion of the Stock Options shall be terminated.

    

    8.4 Notwithstanding
      this Paragraph, the Committee may, by unanimous vote and resolution,
      unilaterally revoke the benefits of the above provisions; provided,
      however,
      that
      such vote is taken no later than ten (10) business days following public
      announcement of the intent of an offer or the change of control, whichever
      occurs earlier.

    

    9. Amendment
      and Termination of Plan

    

    9.1 The
      Board
      may at any time, and from time to time, suspend or terminate the Plan in whole
      or in part or amend it from time to time in such respects as the Board may
      deem
      appropriate and in the best interest of the Company.

    

    9.2 No
      amendment, suspension or termination of this Plan shall, without the Optionee's
      consent, alter or impair any of the rights or obligations under any Stock Option
      theretofore granted to him under the Plan.

    

    9.3 The
      Board
      may amend the Plan, subject to the limitations cited above, in such manner
      as it
      deems necessary to permit the granting of Stock Options meeting the requirements
      of future amendments or issued regulations, if any, to the Code.

    

    9.4 No
      Stock
      Options may be granted during any suspension of the Plan or after termination
      of
      the Plan.

    

    10. Government
      and Other Regulations

    

    The
      obligation of the Company to issue, transfer and deliver Common Stock for Stock
      Options exercised under the Plan shall be subject to all applicable laws,
      regulations, rules, orders and approval which shall then be in effect and
      required by the relevant stock exchanges on which the shares of Common Stock
      are
      traded and by government entities as set forth below or as the Committee in
      its
      sole discretion shall deem necessary or advisable. Specifically, in connection
      with the Securities Act, upon exercise of any Stock Option, the Company shall
      not be required to issue Common Stock unless the Committee has received evidence
      satisfactory to it to the effect that the Optionee will not transfer such shares
      except pursuant to a Registration Statement in effect under such Act or unless
      an opinion of counsel satisfactory to the Company has been received by the
      Company to the effect that such registration is not required. The Company may,
      but shall in no event be obligated to, take any other affirmative action in
      order to cause the exercise of a Stock Option or the issuance of Common Stock
      pursuant thereto to comply with any law or regulation of any government
      authority.

    

    
      
        
        

      

      
        Page
          22 of
          31

        
          

        

      

      
        
        

      

    

     

    11. Withholding
      Taxes

    

    The
      Company shall have the right at the time of exercise of any Stock Option, the
      issue of Compensation Stock, or the lapse of restrictions on Compensation
      Shares, to make adequate provision for any federal, state, local or foreign
      taxes which it believes are or may be required by law to be withheld with
      respect to such exercise (the "Tax Liability"), to ensure the payment of any
      such Tax Liability. The Company may provide for the payment of any Tax Liability
      by any of the following means or a combination of such means, as determined
      by
      the Committee in its sole and absolute discretion in the particular case (a)
      by
      requiring the Employee to tender a cash payment to the Company, (b) by
      withholding from the Employee's salary or fee, (c) by withholding from the
      Option Shares which would otherwise be issuable upon exercise of the Stock
      Option, or from the Compensation Shares on their grant or date of lapse of
      restrictions, that number of Option Shares or Compensation Shares having an
      aggregate Fair Market Value (determined in the manner prescribed by Paragraph
      6.2) as of the date the withholding tax obligation arises in an amount which
      is
      equal to the Employee's Tax Liability, or (d) by any other method deemed
      appropriate by the Committee. Satisfaction of the Tax Liability of a Section
      16
      Reporting Person as defined under the Exchange Act may be made by the method
      of
      payment specified in clause (c) above only if the following two conditions
      are
      satisfied:

    

    A.
      The
      withholding of any tax liability related to or applicable to Option Shares
      or
      Compensation Shares and the exercise of the related Stock Options occur at
      least
      six (6) months and one day following the date of grant of such Stock Options
      or
      Award; and

    

    B.
      The
      withholding of any tax liability related to or applicable to Option Shares
      or
      Compensation Shares is made either (i) pursuant to an irrevocable election
      (the
      "Withholding Election") made by the Employee at least six months in advance
      of
      the withholding of Option Shares or Compensation Shares, or (ii) on a day within
      a ten(10) day "window period" beginning on the third business day following
      the
      date of release of the Company's quarterly or annual summary statement of sales
      and earnings. Anything herein to the contrary notwithstanding, a Withholding
      Election may be waived or disapproved by the Committee at any time.

    

    12. Miscellaneous
      Provisions

    

    12.1 No
      person
      shall have any claim or right to be granted a Stock Option or Common Stock
      under
      the Plan, and the grant of Stock Options or issuance of Compensation Stock
      under
      the Plan shall not be construed as giving an Optionee or Employee the right
      to
      be retained by the Company. Furthermore, the Company expressly reserves the
      right at any time to terminate its relationship with an Optionee with or without
      cause, free from any liability, or any claim under the Plan, except as provided
      herein, in an option agreement, or in any agreement between the Company and
      the
      Optionee.

    

    12.2 Any
      expenses of administering this Plan shall be borne by the Company.

    

    12.3 The
      payment received from Optionee from the exercise of Stock Options granted under
      the Plan shall be used for the general corporate purposes of the
      Company.

    

    12.4 The
      place
      of administration of the Plan shall be in the State of Nevada, and the validity,
      construction, interpretation, administration and effect of the Plan and of
      its
      rules and regulations, and rights relating to the Plan, shall be determined
      solely in accordance with the laws of the State of Nevada.

    

    
      
        
        

      

      
        Page
          23 of
          31

        
          

        

      

      
        
        

      

    

     

    12.5 Without
      amending the Plan, grants may be made to persons who are foreign nationals
      or
      employed outside the United States, or both, on such terms and conditions,
      consistent with the Plan's purpose, different from those specified in the Plan
      as may, in the judgment of the Committee, be necessary or desirable to create
      equitable opportunities given differences in tax laws in other
      countries.

    

    12.6 In
      addition to such other rights of indemnification as they may have as members
      of
      the Board or the Committee, the members of the Committee shall be indemnified
      by
      the Company against all costs and expenses reasonably incurred by them in
      connection with any action, suit or proceeding to which they or any of them
      may
      be party by reason of any action taken or failure to act under or in connection
      with the Plan or any Stock Option granted there under, and against all amounts
      paid by them in settlement thereof (provided such settlement is approved by
      independent legal counsel selected by the Company) or paid by them in
      satisfaction of a judgment in any such action, suit or proceeding, except a
      judgment based upon a finding of bad faith; provided that upon the institution
      of any such action, suit or proceeding a Committee member shall, in writing,
      give the Company notice thereof and an opportunity, at its own expense, to
      handle and defend the same, with counsel acceptable to the Optionee, before
      such
      Committee member undertakes to handle and defend it on his own
      behalf.

    

    12.7 Stock
      Options may be granted under this Plan from time to time, in substitution for
      stock options held by employees, advisors, or consultants of other corporations
      who are about to become an employee of the Company as the result of a merger
      or
      consolidation of the employing corporation with the Company or the acquisition
      by the Company of the assets of the employing corporation or the acquisition
      by
      the Company of stock of the employing corporation as a result of which it
      becomes a subsidiary of the Company. The terms and conditions of such substitute
      stock options so granted may vary from the terms and conditions set forth in
      this Plan to such extent as the Board of Directors of the Company at the time
      of
      grant may deem appropriate to conform, in whole or in part, to the provisions
      of
      the stock options in substitution for which they are granted, but no such
      variations shall be such as to affect the status of any such substitute stock
      options as a stock option under Section 422A of the Code.

    

    12.8 Notwithstanding
      anything to the contrary in the Plan, if the Committee finds by a majority
      vote,
      after full consideration of the facts presented on behalf of both the Company
      and the Optionee, that the Optionee has been engaged in fraud, embezzlement,
      theft, insider trading in the Company's stock, commission of a felony in the
      course of his association with the Company, or any subsidiary corporation,
      which
      has resulted in financial damages awarded against the Company or any subsidiary
      corporation, or for disclosing trade secrets of the Company or any subsidiary
      corporation, such Optionee shall forfeit all rights to exercise any Stock
      Options. The decision of the Committee as to the cause of an Optionee's
      discharge and the damage done to the Company shall be evidenced solely by a
      judgment issued by a court of competent jurisdiction. No decision of the
      Committee, however, shall affect the finality of the discharge of such Optionee
      by the Company or any subsidiary corporation in any manner.

    

    12.9 Each
      issuance of Compensation Stock and shares of Common Stock issued pursuant to
      any
      Stock Option granted hereunder shall be embodied in a written agreement signed
      by the recipient of the Compensation Stock or Optionee as the case may be,
      and
      by an authorized officer of 

    the
      Company, for and in the name and on behalf of the Company. Such issuance of
      Compensation Stock and Stock Option Agreement shall contain such other
      provisions as the Committee and the Optionee may mutually agree in writing.
      

    

    
      
        
        

      

      
        Page
          24 of
          31

        
          

        

      

      
        
        

      

    

    

    
      	 	
              By
                the Board of Directors of 

              Asia
                Global Holdings Corp.

            
	 	 
	 	 

              /s/
                Michael Mak 

              Michael
                Mak, Director

            
	 	 
	 	
               

              /s/ John Leper 

              John Leper,
                Director

            

    

     

    
      
         

        
        

      

      
        Page
          25 of
          31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]