Document:

ex10_1.htm

    
      

    

    
      

      EXHIBIT
        10.1

      AGREEMENT

      

      This
        Agreement is made and is effective as of October 26, 2007 by and between
        Bank of
        Marin (“Company”) and _____________ (“Executive”).

      

      WHEREAS,
        Executive is currently employed by the Company and its parent company Bank
        of
        Marin Bancorp, a California corporation (“Bancorp”)  in the capacities
        of ______________ of each of Company and Bancorp, and Executive’s background,
        expertise and efforts have contributed to the success and financial strength
        of
        the Company; and

      

      WHEREAS,
        the Company wishes to assure itself of the continued opportunity to benefit
        from
        Executive’s services and Executive wishes to serve in the employ of the Company
        for such purposes;

      

      WHEREAS,
        the Board of Directors of the Company (“Board”) has determined that the best
        interests of the Company would be served by setting forth the benefits which
        the
        Company will provide to Executive if the Executive remains employed by the
        Company up to and including the consummation of a Change in Control of the
        Company; and

      

      WHEREAS,
        the Company wishes to provide a specific incentive to Executive to remain
        in the
        employ of the Company through and including the consummation of any Change
        in
        Control of the Company, as defined herein.

      

      NOW,
        THEREFORE, in order to effect the foregoing, the parties hereto wish to enter
        into an Agreement on the terms and conditions set forth below.  This
        Agreement (“Agreement”) therefore sets forth those benefits which the Company
        will provide to Executive in the event of a “Change in Control of the Company”
(as defined in paragraph 2) under the circumstances described below or in
        contemplation of a Change in Control as discussed in Paragraph 1
        below.  Accordingly, in consideration of the premises and the
        respective covenants and Agreements of or in contemplation of a Change in
        Control as discussed in Paragraph 1 below herein contained, and intending
        to be
        legally bound hereby, the parties hereto agree as follows:

      

      1.  
        TERM.  The term of this Agreement shall be one year from the
        date hereof, subject to annual automatic renewal, but the Agreement may be
        terminated by the Company following 90 days written notification without
        liability to the Executive prior to the occurrence of a Change of Control.
        If
        such termination occurs, Executive shall not be entitled to any of the benefits
        provided hereunder; provided, however, a termination of this Agreement, in
        contemplation of but prior to a Change in Control shall be presumed to be
        a
        termination following a Change in Control if such termination is reasonably
        proximate in time to the public announcement of said Change in Control. If
        a
        Change in Control of the Company should occur while Executive is still an
        employee of the Company, then this Agreement shall continue in effect from
        the
        date of such Change in Control of the Company for so long as Executive remains
        an employee of the Company, but in no event for more than one year following
        the
        consummation of a Change in Control of the Company; provided, however, that
        the
        expiration of the term of this Agreement shall not adversely affect Executive’s
        rights under this Agreement which have accrued prior to such expiration.
        If no
        Change in Control of the Company occurs before Executive’s status as an employee
        of the Company is terminated, this Agreement shall expire on such
        date.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      2.  
        CHANGE IN CONTROL. For purposes of this Agreement, a “Change in Control
        of the Company” shall be deemed to have occurred upon the consummation of (A)
        any change in the ownership of the Company (as defined in Treasury Regulation
        §1.409A-3(i)(5)(v)), (B) a change in effective control of the Company (as
        defined in Treasury Regulation §1.409A-3(i)(5)(vi)), or (C) a change in the
        ownership of a substantial portion of the assets of the Company (as defined
        in
        Treasury Regulation §1.409A-3(i)(5)(vii)).  Such treasury regulations
        presently provide as follows: (A) A change in the ownership of a corporation
        occurs on the date that any one person, or more than one person acting as
        a
        group (as defined in Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires
        ownership of stock of the corporation that, together with stock held by such
        person or group, constitutes more than 50 percent of the total fair market
        value
        or total voting power of the stock of such corporation.  (B) A change
        in effective control of the corporation occurs only on either of the following
        dates: (1) The date any one person, or more than one person acting as a group
        (as determined under Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires (or
        has acquired during the 12-month period ending on the date of the most recent
        acquisition by such person or persons) ownership of stock of the corporation
        possessing 30 percent or more of the total voting power of the stock of such
        corporation, or (2) The date a majority of members of the corporation’s board of
        directors is replaced during any 12-month period by directors whose appointment
        or election is not endorsed by a majority of the members of the corporation’s
        board of directors before the date of the appointment or election, provided
        that
        for purposes of this paragraph the term corporation refers solely to the
        relevant corporation identified in Treasury Regulation §1.409A-3(i)(5)(ii) for
        which no other corporation is a majority shareholder for purposes of that
        paragraph.  (C) A change in the ownership of a substantial portion of
        a corporation’s assets occurs on the date that any one person, or more than one
        person acting as a group (as determined in Treasury Regulation
§1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period
        ending on the date of the most recent acquisition by such person or persons)
        assets from the corporation that have a total gross fair market value equal
        to
        or more than 40 percent of the total gross fair market value of all the assets
        of the corporation immediately before such acquisition or acquisitions (or
        such
        higher amount specified by the plan no later than the date by which the time
        and
        form of payment must be established under §1.409A-2).  For this
        purpose, gross fair market value means the value of the assets of the
        corporation, or the value of the assets being disposed of, determined without
        regard to any liabilities associated with such assets.

      

      3.   TERMINATION
        FOLLOWING CHANGE IN CONTROL.  If a Change in Control of the
        Company shall have occurred while Executive is still an employee of the Company,
        Executive shall be entitled to the payments and benefits provided in paragraph
        4
        hereof upon the subsequent termination of Executive’s employment, within one
        year following the consummation of a Change in Control of the Company, by
        Executive or by the Company unless such termination is (a) because
        of  death, “Disability” or “Retirement” (as defined below), (b) by the
        Company for “Cause” (as defined below), or (c) by Executive other than for “Good
        Reason” (as defined below), in any of which events Executive shall not be
        entitled to receive benefits under this Agreement.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (i)
        Disability.  If, as a result of Executive’s incapacity due to
        physical or mental illness,  Executive shall have been absent from her
        duties with the Company on a full-time basis for 90 days, the Company may
        terminate this Agreement for “Disability.”

      

      (ii)
        Retirement.  Retirement shall mean the voluntary termination by
        Executive of her employment for other than “Good Reason” (as defined below)
        which termination qualifies as retirement in accordance with any pension
        plan
        adopted by the Company, pursuant to the Company’s normal retirement policies, or
        in accordance with any retirement arrangement established with Executive’s
        consent with respect to Executive; provided, however, that no mandatory
        retirement, whether under any pension plan or in accordance with any such
        other
        retirement arrangement, shall constitute Retirement for purposes of this
        Agreement, unless Executive has previously consented thereto in
        writing.

      

      (iii)  Cause.   Executive’s
        employment shall cease following a Change in Control upon a good faith finding
        of Cause by the Board.  “Cause” hereunder means the
        following:

      

      (A) 
        Executive’s personal dishonesty, incompetence or willful misconduct, including
        but not limited to a breach of the Company’s or Bancorp’s code of ethics or code
        of conduct;

      

      (B) 
        Executive’s breach of fiduciary duty involving personal profit;

      

      (C)
         Executive’s intentional failure to perform Executive’s duties for the
        Company after a written demand for performance is given to Executive by the
        Board which demand specifically identifies the manner in which the Board
        believes that Executive has not performed her duties;

      

      (D)  Executive’s
        willful violation of any law, rule, regulation or final cease and desist
        order
        (other than traffic violations or similar minor offenses) to the extent
        detrimental to the Company’s business or reputation; or

      

      (E) 
         the willful engaging by Executive in gross misconduct materially and
        demonstrably injurious to the Company.

      

      Notwithstanding
        any of the foregoing, Executive remains an “at will” employee of the Company and
        the Company can without cause terminate Executive’s employment prior to any
        Change in Control in the discretion of the Board of Directors of the
        Company.

      

      (iv)  Resignation
        for Good Reason.  Following a Change in Control during the Term
        hereof, Executive may, under the following circumstances, regard Executive's
        employment as being constructively terminated by the Company (and in such
        case
        Executive's employment shall terminate) and may, therefore, Resign for Good
        Reason within one year of Executive's discovery of the occurrence of one
        or more
        of the following events, any of which shall constitute "Good Reason" for
        such
        Resignation for Good Reason:

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        (A) 
          Without Executive's express written consent, an adverse change in Executive’s
          position or title, the assignment to the Executive of any duties or
          responsibilities inconsistent with the Executive’s position or removal of the
          Executive from or any failure to re-elect the Executive to any such
          positions;

        

        (B) 
          A reduction of the Executive’s base salary;

        

        (C) 
          A 20%, or greater, reduction in non-salary benefits;

        

        (D) 
          Failure of the Company to obtain the assumption of this Agreement by any
          successor; or;

        

        (E) 
          Requirement by the Company that the Executive be based anywhere other than
          within 40 miles of the Company’s current headquarters in Novato,
          California

      

      

      (v)  Notice
        of Termination.  Any termination by the Company pursuant to
        subparagraphs (i), (ii) or (iii) above or by Executive pursuant to subparagraph
        (iv) above shall be communicated by written Notice of Termination to the
        other
        party hereto. For purposes of this Agreement, a “Notice of Termination” shall
        mean a notice which shall indicate the specific termination provision in
        this
        Agreement relied upon and shall set forth in reasonable detail the facts
        and
        circumstances claimed to provide a basis for termination of Executive’s
        employment under the provision so indicated.

      

      (vi)  Date
        of Termination.  “Date of Termination” shall mean

      

      (A)  if
        this Agreement is terminated for Disability, thirty days after Notice of
        Termination is given,

      

      (B)  if
        Executive’s employment is terminated pursuant to subparagraph (iv) above, the
        date specified in the Notice of Termination,

      

      (C)  if
        Executive’s employment is terminated for any other reason, the date on which a
        Notice of Termination is given (or, if a Notice of Termination is not given,
        the
        date of such termination), and

      

      (D)  if
        Executive is entitled to compensation pursuant to paragraph 4, the date
        determined pursuant to such paragraph.

      

      4.   
        COMPENSATION DURING DISABILITY OR UPON TERMINATION.

      

      (i)
        If,
        after a Change in Control of the Company, Executive shall fail to perform
        her
        duties because of a Disability, Executive shall continue to receive her full
        base salary monthly at the rate then in effect until her employment is
        terminated pursuant to paragraph 3(i) hereof.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (ii)  If,
        after a Change in Control of the Company, Executive’s employment shall be
        terminated for Cause, the Company shall pay Executive her full base salary
        through the Date of Termination at the rate in effect at the time Notice
        of
        Termination is given and the Company shall have no further obligations to
        Executive under this Agreement.

      

      (iii)  If,
        after a Change in Control of the Company, the Company shall terminate
        Executive’s employment (other than pursuant to paragraph 3(i) or 3(iii) hereof
        or by reason of death or Retirement as provided in Paragraph 3(ii)) or Executive
        shall terminate her employment for Good Reason, Executive shall be entitled
        to
        payments pursuant to this paragraph 4:

      

      The
        Company shall pay to Executive as severance pay (and without regard to the
        provisions of any benefit plan) in a lump sum on the fifth day following
        the
        Date of Termination, the following amounts:

       

      
        
          	
                   

                	
                  (x)

                	
                  The
                    average salary of the Executive for the last three full years
                    of service
                    multiplied by Executive’s Seniority Factor;
                    and

                

        

        

        
          	
                   

                	
                  (y)

                	
                  The
                    Executive’s annual bonus for the previous year;
                    and

                

        

        

        
          	
                   

                	
                  (z)

                	
                  Executive’s
                    health premiums under COBRA for 18 months and Dental/Vision premiums
                    under
                    COBRA for 12 months.

                

        

      

       

      Based
        on
        Executive’s position as ___________, the Seniority Factor shall be
        X.X.

      

      (iv)  Executive
        shall not be required to mitigate the amount of any payment provided for
        in this
        Agreement by seeking other employment or otherwise, nor shall the amount
        of any
        payment provided for in this paragraph 4 be reduced by any compensation earned
        by Executive as the result of employment by another employer after the Date
        of
        Termination, or otherwise.

      

      (v)  The
        provisions of this Agreement, and any payment provided for hereunder, shall
        not
        reduce any amounts otherwise payable, or in any way diminish Executive’s
        existing rights, or rights which would accrue solely as a result of the passage
        of time, under any employee benefit plan of the Company, any employment
        Agreement or other contract, plan or arrangement of the Company, except to
        the
        extent necessary to prevent double payment under any severance plan or program
        of the Company in effect at the Date of Termination.

      

      5.   
        SUCCESSOR’S BINDING AGREEMENT

      

      (i)  The
        Company will require any successor (whether direct or indirect, by purchase,
        merger, consolidation or otherwise) to all or substantially all of the business
        and/or assets of the Company, by Agreement in form and substance satisfactory
        to
        Executive expressly to assume and agree to perform this Agreement in the
        same
        manner and to the same extent that the Company would be required to perform
        if
        no such succession had taken place.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (ii)  This
        Agreement shall inure to the benefit of, and be enforceable by, Executive’s
        personal or legal representatives, executors, administrators, successors,
        heirs,
        distributes, devises and legatees. If Executive should die while any amounts
        would still be payable to Executive hereunder if Executive had continued
        to
        live, all such amounts, unless otherwise provided herein, shall be paid in
        accordance with the terms of this Agreement to Executive’s devisee, legatee or
        other designee or, if there be no such designee, to Executive’s
        estate.

      

      6. 
         NO EMPLOYMENT AGREEMENT.  In consideration of the
        foregoing obligations of the Company, Executive agrees to be bound by the
        terms
        and conditions of this Agreement and to remain in the employ of the Company
        during any period following any public announcement by any person of any
        proposed transaction or transactions which, if effected, would result in
        a
        Change in Control of the Company until a Change in Control of the Company
        has
        taken place or, in the opinion of the Board, such person has abandoned or
        terminated its efforts to effect a Change in Control of the
        Company.  Subject to the foregoing including but not limited to the
        provisions contained in Paragraph 1 that a termination in contemplation of
        a
        Change in Control entitles Executive to the amounts provided in Section 4,
        nothing contained in this Agreement shall impair or interfere in any way
        with
        Executive’s right to terminate her employment or the right of the Company to
        terminate Executive’s employment with or without cause prior to a Change in
        Control of the Company.  Nothing contained in this Agreement shall be
        construed as a contract of employment between the Company and Executive or
        as a
        right for Executive to continue in the employ of the Company, or as a limitation
        of the right of the Company to discharge Executive with or without cause
        prior
        to a Change in Control of the Company.

      

      7. 
         NOTICE.  For the purpose of this Agreement, notices and
        all other communications provided for in this Agreement shall be in writing
        and
        shall be deemed to have been duly given when delivered or mailed by United
        States registered mail, return receipt requested, postage prepaid, addressed
        to
        the respective addresses set forth on the last page of this Agreement, provided
        that all notices to the Company should be directed to the attention of the
        Chairman of the Company’s Compensation Committee, or to such other address as
        either party may have furnished to the other in writing in accordance herewith,
        except that notices of change of address shall be effective only upon
        receipt.

      

      8.  
        FURTHER ASSURANCES.  Each party hereto agrees to furnish and
        execute such additional forms and documents, and to take such further action,
        as
        shall be reasonable and customarily required in connection with the performance
        of this Agreement or the payment of benefits hereunder.

      

      9.  
        MISCELLANEOUS.  No provision of this Agreement may be modified,
        waived or discharged unless such waiver, modification or discharge is agreed
        to
        in writing signed by Executive and such officer as may be specifically
        designated by the Board of Directors of the Company.  No waiver by
        either party hereto at any time of any breach by the other party hereto of,
        or
        compliance with, any condition or provision of this Agreement to be performed
        by
        such other party shall be deemed a waiver of similar or dissimilar provisions
        or
        conditions at the same or at any prior or subsequent time.  No
        Agreements or representations, oral or otherwise, express or implied, with
        respect to the subject matter hereof have been made by either party which
        are
        not set forth expressly in this Agreement.  This Agreement contains
        the entire Agreement among the parties and supersedes and replaces any prior
        Agreement between the parties concerning the subject matter
        hereof.  The validity, interpretation, construction and performance of
        this Agreement shall be governed by the laws of the State of
        California.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      10.  VALIDITY.  The
        invalidity or unenforceability of any provision of this Agreement shall not
        affect the validity or enforceability of any other provision of this Agreement,
        which shall remain in full force and effect.

      

      11.  COUNTERPARTS.  This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original but all of which together will constitute one and
        the
        same instrument.

      

      12.  ARBITRATION.  Any
        dispute or controversy arising or in connection with this Agreement shall,
        upon
        written request of one party to the other, be submitted to and settled
        exclusively by arbitration pursuant to the rules of the American Arbitration
        Association.  Judgment may be entered on the arbitrator's award in any
        court of competent jurisdiction.  The cost of such arbitration,
        including reasonable attorney’s fees, shall be borne by the losing party or in
        such proportions as the arbitrator(s) shall decide.  Arbitration shall
        be the exclusive remedy of Executive and the Company and the award of the
        arbitrator(s) shall be final and binding upon the parties.  All
        reasonable costs, including reasonable attorney’s fees, incurred in enforcing an
        arbitration award in court, or of seeking a court order to compel arbitration,
        shall be borne by the losing party in such proceedings.

      

      13.  ADVICE
        OF COUNSEL.  Executive acknowledges that he has been encouraged to
        consult with legal counsel of her choosing concerning the terms of this
        Agreement prior to executing this Agreement.  Any failure by Executive
        to consult with competent counsel prior to executing this Agreement shall
        not be
        a basis for rescinding or otherwise avoiding the binding effect of this
        Agreement.  The parties acknowledge that they are entering into this
        Agreement freely and voluntarily, with full understanding of the terms of
        this
        Agreement.  Interpretation of the terms and provisions of this
        Agreement shall not be construed for or against either party on the basis
        of the
        identity of the party who drafted the terms or provisions in
        question.

      

      14.  REDUCTION
        OF PAYMENT.  Notwithstanding anything in the foregoing to the
        contrary, if the severance payment or any of the other payments provided
        for in
        this Agreement, together with any other payments which Executive has the
        right
        to receive from the Company would constitute a "parachute payment" (as defined
        in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended, or
        such
        similar set of laws (the “Code”)), the payments pursuant to this Agreement shall
        be reduced to the largest amount as will result in no portion of such payments
        being subject to the excise tax imposed by Section 4999 of the Code, provided,
        however, that the determination as to whether any reduction in the payments
        under this Agreement pursuant to this proviso is necessary shall be made
        in good
        faith by Perry-Smith LLP or if such firm is no longer providing tax services
        to
        Company to such other advisor as shall be mutually acceptable to Company
        and
        Executive, and such determination shall be conclusive and binding on the
        Company
        and Executive with respect to the treatment of the payment for tax reporting
        purposes.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

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

      

      
        	
                ATTEST:

              	 	
                BANK
                  OF MARIN

              
	 	 	
                Pell
                  Plaza

              
	 	 	
                504
                  Redwood Boulevard, Suite 100

              
	 	 	
                Novato,
                  CA 94947

              
	 	 	 
	 	 	 
	 	 	 
	
                Witness

              	 	
                President  &
                  CEO

              
	 	 	
                Russell
                  A. Colombo

              
	 	 	 
	 	 	 
	 	 	
                THE
                  EXECUTIVE

              
	 	 	
                Pell
                  Plaza

              
	 	 	
                504
                  Redwood Boulevard, Suite 100

              
	 	 	
                Novato,
                  CA 94947

              
	 	 	 
	 	 	 
	 	 	 
	
                Witness

              	 	
                XXXXXXXXXX

              

      

       

         

      8amre_x10.htm

    Exhibit 10

     

    AMERIRESOURCE
      TECHNOLOGIES, INC.

     

     

    2007
      Stock Incentive Plan

     

     

    (Amendment
      No. 1)

     

     

    

     

     

    SECTION
      1. General Purpose of the Plan; Definitions.

     

     

    The
      name of the plan is the
      AmeriResource Technologies, Inc. 2007 STOCK INCENTIVE PLAN (the "Plan"). The
      purpose of the Plan is to encourage and enable officers, directors, and
      employees of AmeriResource Technologies, Inc. (the "Company") and its
      Subsidiaries and other persons to acquire a proprietary interest in the Company.
      It is anticipated that providing such persons with a direct stake in the
      Company's welfare will assure a closer identification of their interests with
      those of the Company and its shareholders, thereby stimulating their efforts
      on
      the Company's behalf and strengthening their desire to remain with the
      Company.

     

     

    The
      following terms shall be defined as
      set forth below:

     

     

    "Award"
      or "Awards", except where
      referring to a particular category of grant under the Plan, shall include
      Incentive Stock Options, Non-Statutory Stock Options, Restricted Stock Awards,
      Unrestricted Stock Awards, Performance Share Awards and Stock Appreciation
      Rights.

     

     

    "Board"
      means the Board of Directors of
      the Company.

     

     

    "Cause"
      means (i) any material breach
      by the participant of any agreement to which the participant and the Company
      are
      both parties, and (ii) any act or omission justifying termination of the
      participant's employment for cause, as determined by the Committee.

     

     

    "Change
      of Control" shall have the
      meaning set forth in Section 15.

     

     

    "Code"
      means the Internal Revenue Code
      of 1986, as amended, and any successor Code, and related rules, regulations
      and
      interpretations.

     

     

    "Conditioned
      Stock Award" means an
      Award granted pursuant to Section 6.

     

     

    "Committee"
      shall have the meaning set
      forth in Section 2.

     

     

    "Disability"
      means disability as set
      forth in Section 22(e)(3) of the Code.

     

     

    "Effective
      Date" means the date on
      which the Plan is approved by the Board of Directors, as set forth in Section
      17.

     

     

    "Eligible
      Person" shall have the
      meaning set forth in Section 4.

     

     

    "Fair
      Market Value" on any given date
      means the price per share of the Stock on such date as reported by a nationally
      recognized stock exchange, or, if the Stock is not listed on such an exchange,
      as reported by NASDAQ, or, if the Stock is not quoted on NASDAQ, the fair market
      value of the Stock as determined by the Committee.

     

     

    "Incentive
      Stock Option" means any
      Stock Option designated and qualified as an "incentive stock option" as defined
      in Section 422 of the Code.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Non-Statutory
      Stock Option" means any
      Stock Option that is not an Incentive Stock Option.

     

     

    "Normal
      Retirement" means retirement
      from active employment with the Company and its Subsidiaries in accordance
      with
      the retirement policies of the Company and its Subsidiaries then in
      effect.

     

     

    "Outside
      Director" means any director
      who (i) is not an employee of the Company or of any "affiliated group," as
      such
      term is defined in Section 1504(a) of the Code, which includes the Company
      (an
      "Affiliate"), (ii) is not a former employee of the Company or any Affiliate
      who
      is receiving compensation for prior services (other than benefits under a
      tax-qualified retirement plan) during the Company's or any Affiliate's taxable
      year, (iii) has not been an officer of the Company or any Affiliate and (iv)
      does not receive remuneration from the Company or any Affiliate, either directly
      or indirectly, in any capacity other than as a director. "Outside Director"
      shall be determined in accordance with Section 162(m) of the Code and the
      Treasury regulations issued thereunder.

     

     

    "Option"
      or "Stock Option" means any
      option to purchase shares of Stock granted pursuant to Section 5.

     

     

    "Performance
      Share Award" means an
      Award granted pursuant to Section 8.

     

     

    "Stock"
      means the Common Stock, par
      value $0.0001, of the Company, subject to adjustments pursuant to Section
      3.

     

     

    "Stock
      Appreciation Right" means an
      Award granted pursuant to Section 9.

     

     

    "Subsidiary"
      means a subsidiary as
      defined in Section 424 of the Code.

     

     

    "Unrestricted
      Stock Award" means Awards
      granted pursuant to Section 7.

     

     

    SECTION
      2. Administration of Plan; Committee Authority to Select Participants and
      Determine Awards.

     

     

    (a)
      Committee. The Plan shall be
      administered by either by (i) a committee of the Board consisting of not less
      than two Directors (the "Committee"), or (ii) in the absence of a committee,
      the
      Board of Directors may act as the Committee at any time. Except as specifically
      reserved to the Board under the terms of the Plan, the Committee shall have
      full
      and final authority to operate, manage and administer the Plan on behalf of
      the
      Company. Action by the Committee shall require the affirmative vote of a
      majority of all members thereof. The Board may establish an additional
      single-member committee (consisting of an executive officer) that shall have
      the
      power and authority to grant Awards to non-executive officers and to make all
      other determinations under the Plan with respect thereto.

     

     

    (b)
      Powers of Committee. The Committee
      shall have the power and authority to grant and modify Awards consistent with
      the terms of the Plan, including the power and authority:

     

     

    (i)
      to select the persons to whom
      Awards may from time to time be granted;

     

     

    (ii)
      to determine the time or times of
      grant, and the extent, if any, of Incentive Stock Options, Non-Statutory Stock
      Options, Restricted Stock, Unrestricted Stock, Performance Shares and Stock
      Appreciation Rights, or any combination of the foregoing, granted to any one
      or
      more participants;

     

     

    (iii)
      to determine the number of shares
      to be covered by any Award;

     

     

    (iv)
      to determine and modify the terms
      and conditions, including restrictions, not inconsistent with the terms of
      the
      Plan, of any Award, which terms and conditions may differ among individual
      Awards and participants, and to approve the form of written instruments
      evidencing the Awards; provided, however, that no such action shall adversely
      affect rights under any outstanding Award without the participant's
      consent;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (v)
      to accelerate the exercisability or
      vesting of all or any portion of any Award;

     

     

    (vi)
      subject to the provisions of
      Section 5(b), to extend the period in which any outstanding Stock Option or
      Stock Appreciation Right may be exercised;

     

     

    (vii)
      to
      determine whether, to what extent, and under what circumstances Stock and other
      amounts payable with respect to an Award shall be deferred either automatically
      or at the election of the participant and whether and to what extent the Company
      shall pay or credit amounts equal to interest (at rates determined by the
      Committee) or dividends or deemed dividends on such deferrals; and

     

     

    (viii)
      to
      adopt, alter and repeal such rules, guidelines and practices for administration
      of the Plan and for its own acts and proceedings as it shall deem advisable;
      to
      interpret the terms and provisions of the Plan and any Award (including related
      written instruments); to make all determinations it deems advisable for the
      administration of the Plan; to decide all disputes arising in connection with
      the Plan; and to otherwise supervise the administration of the
      Plan.

     

     

    All
      decisions and interpretations of
      the Committee shall be binding on all persons, including the Company and Plan
      participants.

     

     

    SECTION
      3. Shares Issuable under the Plan; Mergers; Substitution.

     

     

    (a)
      Shares Issuable. The maximum number
      of shares of Stock with respect to which Awards (including Stock Appreciation
      Rights) may be granted under the Plan shall be Two Billion (2,000,000,000);
      such
      number to supplement, and not to replace, any prior plans authorized by the
      Corporation's board of directors. For purposes of this limitation, the shares
      of
      Stock underlying any Awards which are forfeited, cancelled, reacquired by the
      Company or otherwise terminated (other than by exercise) shall be added back
      to
      the shares of Stock with respect to which Awards may be granted under the Plan
      so long as the participants to whom such Awards had been previously granted
      received no benefits of ownership of the underlying shares of Stock to which
      the
      Award related. Subject to such overall limitation, any type or types of Award
      may be granted with respect to shares, including Incentive Stock Options. Shares
      issued under the Plan may be authorized but unissued shares or shares reacquired
      by the Company.

     

     

    (b)
      Stock Dividends, Mergers, etc. In
      the event that after approval of the Plan by the directors of the Company in
      accordance with Section 17, the Company effects a stock dividend, stock split
      or
      similar change in capitalization affecting the Stock, the Committee shall make
      appropriate adjustments in (i) the number and kind of shares of stock or
      securities with respect to which Awards may thereafter be granted (including
      without limitation the limitations set forth in Section 3(a) and Section 3(b)
      above), (ii) the number and kind of shares remaining subject to outstanding
      Awards, and (iii) the option or purchase price in respect of such shares. In
      the
      event of any merger, consolidation, dissolution or liquidation of the Company,
      the Committee in its sole discretion may, as to any outstanding Awards, make
      such substitution or adjustment in the aggregate number of shares reserved
      for
      issuance under the Plan and in the number and purchase price (if any) of shares
      subject to such Awards as it may determine and as may be permitted by the terms
      of such transaction, or accelerate, amend or terminate such Awards upon such
      terms and conditions as it shall provide (which, in the case of the termination
      of the vested portion of any Award, shall require payment or other consideration
      which the Committee deems equitable in the circumstances), subject, however,
      to
      the provisions of Section 15.

     

     

    (c)
      Substitute Awards. The Committee
      may grant Awards under the Plan in substitution for stock and stock based awards
      held by employees of another Corporation who concurrently become employees
      of
      the Company or a Subsidiary as the result of a merger or consolidation of the
      employing Corporation with the Company or a Subsidiary or the acquisition by
      the
      Company or a Subsidiary of property or stock of the employing Corporation.
      The
      Committee may direct that the substitute awards be granted on such terms and
      conditions as the Committee considers appropriate in the circumstances. Shares
      which may be delivered under such substitute awards may be in addition to the
      maximum number of shares provided for in Section 3(a).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      4. Eligibility.

     

     

    Awards
      may be granted to officers,
      directors, and employees of and consultants and advisers to the Company or
      its
      Subsidiaries ("Eligible Persons").

     

     

    SECTION
      5. Stock Options.

     

     

    The
      Committee may grant to Eligible
      Persons options to purchase stock.

     

     

    Any
      Stock Option granted under the Plan
      shall be in such form as the Committee may from time to time
      approve.

     

     

    Stock
      Options granted under the Plan
      may be either Incentive Stock Options (subject to compliance with applicable
      law) or Non-Statutory Stock Options. Unless otherwise so designated, an Option
      shall be a Non-Statutory Stock Option. To the extent that any option does not
      qualify as an Incentive Stock Option, it shall constitute a Non-Statutory Stock
      Option.

     

     

    No
      Incentive Stock Option shall be
      granted under the Plan after the fifth anniversary of the earlier of the date
      of
      adoption of the Plan.

     

     

    The
      Committee in its discretion may
      determine the effective date of Stock Options, provided, however, that grants
      of
      Incentive Stock Options shall be made only to persons who are, on the effective
      date of the grant, employees of the Company or any Subsidiary. Stock Options
      granted pursuant to this Section 5(a) shall be subject to the following terms
      and conditions and the terms and conditions of Section 13 and shall contain
      such
      additional terms and conditions, not inconsistent with the terms of the Plan,
      as
      the Committee shall deem desirable.

     

     

    (a)
      Exercise Price. The exercise price
      per share for the Stock covered by a Stock Option granted pursuant to this
      Section 5(a) shall be determined by the Committee at the time of
      grant.

     

     

    (b)
      Option Term. The term of each Stock
      Option shall be fixed by the Committee, but no Incentive Stock Option shall
      be
      exercisable more than five (5) years after the date the option is granted.
      If an
      employee owns or is deemed to own (by reason of the attribution rules of Section
      424(d) of the Code) more than ten percent (10%) of the combined voting power
      of
      all classes of stock of the Company or any Subsidiary or parent Corporation
      and
      an Incentive Stock Option is granted to such employee, the term of such option
      shall be no more than five (5) years from the date of grant.

     

     

    (c)
      Exercisability; Rights of a
      Shareholder. Stock Options shall become vested and exercisable at such time
      or
      times, whether or not in installments, as shall be determined by the Committee
      at or after the grant date. The Committee may at any time accelerate the
      exercisability of all or any portion of any Stock Option. An Optionee shall
      have
      the rights of a shareholder only as to shares acquired upon the exercise of
      a
      Stock Option and not as to unexercised Stock Options.

     

     

    (d)
      Method of Exercise. Stock Options
      may be exercised in whole or in part, by delivering written notice of exercise
      to the Company, specifying the number of shares to be purchased. Payment of
      the
      purchase price may be made by one or more of the following methods:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i)
      In cash or by certified or bank
      check or other instrument acceptable to the Committee;

     

     

    (ii)
      If permitted by the Committee, in
      its discretion, in the form of shares of Stock that are not then subject to
      restrictions and that has been owned by the Optionee for a period of at least
      six months. Such surrendered shares shall be valued at Fair Market Value on
      the
      exercise date; or

     

     

    (iii)
      By the Optionee delivering to the
      Company a properly executed exercise notice together with irrevocable
      instructions to a broker to promptly deliver to the Company cash or a check
      payable and acceptable to the Company to pay the purchase price; provided that
      in the event the Optionee chooses to pay the purchase price as so provided,
      the
      Optionee and the broker shall comply with such procedures and enter into such
      agreements of indemnity and other agreements as the Committee shall prescribe
      as
      a condition of such payment procedure. The Company need not act upon such
      exercise notice until the Company receives full payment of the exercise price;
      or

     

     

    (iv)
      By any other means (including,
      without limitation, by delivery of a promissory note of the Optionee payable
      on
      such terms as are specified by the Committee) which the Committee determines
      are
      consistent with the purpose of the Plan and with applicable laws and
      regulations.

     

     

    The
      delivery of certificates
      representing shares of Stock to be purchased pursuant to the exercise of a
      Stock
      Option will be contingent upon receipt from the Optionee (or a purchaser acting
      in his stead in accordance with the provisions of the Stock Option) by the
      Company of the full purchase price for such shares and the fulfillment of any
      other requirements contained in the Stock Option or imposed by applicable
      law.

     

     

    (e)
      Non-transferability of Options.
      Except as the Committee may provide with respect to a Non-Statutory Stock
      Option, no Stock Option shall be transferable other than by will or by the
      laws
      of descent and distribution and all Stock Options shall be exercisable, during
      the Optionee’s lifetime, only by the Optionee.

     

     

    (f)
      Annual Limit on Incentive Stock
      Options. To the extent required for "incentive stock option" treatment under
      Section 422 of the Code, the aggregate Fair Market Value (determined as of
      the
      time of grant) of the Stock with respect to which incentive stock options
      granted under this Plan and any other Plan of the Company or its Subsidiaries
      become exercisable for the first time by an Optionee during any calendar year
      shall be determined by the Committee.

     

     

    (g)
      Form of Settlement. Shares of Stock
      issued upon exercise of a Stock Option shall be free of all restrictions under
      the Plan, except as otherwise provided in this Plan.

     

     

    SECTION
      6. Restricted Stock Awards.

     

     

    (a)
      Nature of Restricted Stock Award.
      The Committee in its discretion may grant Restricted Stock Awards to any
      Eligible Person, entitling the recipient to acquire, for a purchase price
      determined by the Committee, shares of Stock subject to such restrictions and
      conditions as the Committee may determine at the time of grant ("Restricted
      Stock"), including continued employment and/or achievement of pre-established
      performance goals and objectives.

     

     

    (b)
      Acceptance of Award. A participant
      who is granted a Restricted Stock Award shall have no rights with respect to
      such Award unless the participant shall have accepted the Award within sixty
      (60) days (or such shorter date as the Committee may specify) following the
      award date by making payment to the Company of the specified purchase price,
      of
      the shares covered by the Award and by executing and delivering to the Company
      a
      written instrument that sets forth the terms and conditions applicable to the
      Restricted Stock in such form as the Committee shall determine.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)
      Rights as a Shareholder. Upon
      complying with Section 6(b) above, a participant shall have all the rights
      of a
      shareholder with respect to the Restricted Stock, including voting and dividend
      rights, subject to non-transferability restrictions and Company repurchase
      or
      forfeiture rights described in this Section 6 and subject to such other
      conditions contained in the written instrument evidencing the Restricted Award.
      Unless the Committee shall otherwise determine, certificates evidencing shares
      of Restricted Stock shall remain in the possession of the Company until such
      shares are vested as provided in Section 6(e) below.

     

     

    (d)
      Restrictions. Shares of Restricted
      Stock may not be sold, assigned, transferred, pledged or otherwise encumbered
      or
      disposed of except as specifically provided herein. In the event of termination
      of employment by the Company and its Subsidiaries for any reason (including
      death, Disability, Normal Retirement and for Cause), the Company shall have
      the
      right, at the discretion of the Committee, to repurchase shares of Restricted
      Stock with respect to which conditions have not lapsed at their purchase price,
      or to require forfeiture of such shares to the Company if acquired at no cost,
      from the participant or the participant's legal representative. The Company
      must
      exercise such right of repurchase or forfeiture within ninety (90) days
      following such termination of employment (unless otherwise specified in the
      written instrument evidencing the Restricted Stock Award).

     

     

    (e)
      Vesting of Restricted Stock. The
      Committee at the time of grant shall specify the date or dates and/or the
      attainment of pre-established performance goals, objectives and other conditions
      on which the non-transferability of the Restricted Stock and the Company's
      right
      of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or
      the attainment of such pre-established performance goals, objectives and other
      conditions, the shares on which all restrictions have lapsed shall no longer
      be
      Restricted Stock and shall be deemed "vested." The Committee at any time may
      accelerate such date or dates and otherwise waive or, subject to Section 13,
      amend any conditions of the Award.

     

     

    (f)
      Waiver, Deferral and Reinvestment
      of Dividends. The written instrument evidencing the Restricted Stock Award
      may
      require or permit the immediate payment, waiver, deferral or investment of
      dividends paid on the Restricted Stock.

     

     

    SECTION
      7. Unrestricted Stock Awards.

     

     

    (a)
      Grant or Sale of Unrestricted
      Stock. The Committee in its discretion may grant or sell to any Eligible Person
      shares of Stock free of any restrictions under the Plan ("Unrestricted Stock")
      at a purchase price determined by the Committee. Shares of Unrestricted Stock
      may be granted or sold as described in the preceding sentence in respect of
      past
      services or other valid consideration.

     

     

    (b)
      Restrictions on Transfers. The
      right to receive unrestricted Stock may not be sold, assigned, transferred,
      pledged or otherwise encumbered, other than by will or the laws of descent
      and
      distribution.

     

     

    SECTION
      8. Performance Share Awards.

     

     

    (a)
      Nature of Performance Shares. A
      Performance Share Award is an award entitling the recipient to acquire shares
      of
      Stock upon the attainment of specified performance goals. The Committee may
      make
      Performance Share Awards independent of or in connection with the granting
      of
      any other Award under the Plan. Performance Share Awards may be granted under
      the Plan to any Eligible Person. The Committee in its discretion shall determine
      whether and to whom Performance Share Awards shall be made, the performance
      goals applicable under each such Award, the periods during which performance
      is
      to be measured, and all other limitations and conditions applicable to the
      awarded Performance Shares.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      9. Stock Appreciation Rights.

     

     

    The
      Committee in its discretion may
      grant Stock Appreciation Rights to any Eligible Person (i) alone, or (ii)
      simultaneously with the grant of a Stock Option and in conjunction therewith
      or
      in the alternative thereto. A Stock Appreciation Right shall entitle the
      participant upon exercise thereof to receive from the Company, upon written
      request to the Company at its principal offices (the "Request"), a number of
      shares of Stock (with or without restrictions as to substantial risk of
      forfeiture and transferability, as determined by the Committee in its sole
      discretion), an amount of cash, or any combination of Stock and cash, as
      specified in the Request (but subject to the approval of the Committee in its
      sole discretion, at any time up to and including the time of payment, as to
      the
      making of any cash payment), having an aggregate Fair Market Value equal to
      the
      product of (i) the excess of Fair Market Value, on the date of such Request,
      over the exercise price per share of Stock specified in such Stock Appreciation
      Right or its related Option, multiplied by (ii) the number of shares of Stock
      for which such Stock Appreciation Right shall be exercised. Notwithstanding
      the
      foregoing, the Committee may specify at the time of grant of any Stock
      Appreciation Right that such Stock Appreciation Right may be exercisable solely
      for cash and not for Stock.

     

     

    SECTION
      10. Termination of Stock Options and Stock Appreciation Rights.

     

     

    (a)
      Incentive Stock
      Options:

     

     

    (i)
      Termination by Death. If any
      participant's employment by the Company and its Subsidiaries terminates by
      reason of death, any Incentive Stock Option owned by such participant may
      thereafter be exercised to the extent exercisable at the date of death, by
      the
      legal representative or legatee of the participant, for a period of two (2)
      years (or such other period as the Committee shall specify at any time) from
      the
      date of death, or until the expiration of the stated term of the Incentive
      Stock
      Option, if earlier.

     

     

    (ii)
      Termination by Reason of
      Disability or Normal Retirement.

     

     

    (A)
      Any Incentive Stock Option held by
      a participant whose employment by the Company and its Subsidiaries has
      terminated by reason of Disability may thereafter be exercised, to the extent
      it
      was exercisable at the time of such termination, for a period of one (1) year
      (or such other period as the Committee shall specify at any time) from the
      date
      of such termination of employment, or until the expiration of the stated term
      of
      the Option, if earlier.

     

     

    (B)
      Any Incentive Stock Option held by
      a participant whose employment by the Company and its Subsidiaries has
      terminated by reason of Normal Retirement may thereafter be exercised, to the
      extent it was exercisable at the time of such termination, for a period of
      ninety (90) days (or such other period as the Committee shall specify at any
      time) from the date of such termination of employment, or until the expiration
      of the stated term of the Option, if earlier.

     

     

    (C)
      The Committee shall have sole
      authority and discretion to determine whether a participant's employment has
      been terminated by reason of Disability or Normal Retirement.

     

     

    (D)
      Except as otherwise provided by the
      Committee at the time of grant, the death of a participant during a period
      provided in this Section 10(a)(ii) for the exercise of an Incentive Stock Option
      shall extend such period for two (2) years from the date of death, subject
      to
      termination on the expiration of the stated term of the Option, if
      earlier.

     

     

    (iii)
      Termination for Cause. If any
      participant's employment by the Company and its Subsidiaries has been terminated
      for Cause, any Incentive Stock Option held by such participant shall immediately
      terminate and be of no further force and effect; provided, however, that the
      Committee may, in its sole discretion, provide that such Option can be exercised
      for a period of up to thirty (30) days from the date of termination of
      employment or until the expiration of the stated term of the Option, if
      earlier.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iv)
      Other Termination. Unless
      otherwise determined by the Committee, if a participant's employment by the
      Company and its Subsidiaries terminates for any reason other than death,
      Disability, Normal Retirement or for Cause, any Incentive Stock Option held
      by
      such participant may thereafter be exercised, to the extent it was exercisable
      on the date of termination of employment, for ninety (90) days (or such other
      period as the Committee shall specify at any time) from the date of termination
      of employment or until the expiration of the stated term of the Option, if
      earlier.

     

     

    (b)
      Non-Statutory Stock Options and
      Stock Appreciation Rights. Any Non-Statutory Stock Option or Stock Appreciation
      Right granted under the Plan shall contain such terms and conditions with
      respect to its termination as the Committee, in its discretion, may from time
      to
      time determine.

     

     

    SECTION
      11. Tax Withholding.

     

     

    (a)
      Payment by Participant. Each
      participant shall, no later than the date as of which the value of an Award
      or
      of any Stock or other amounts received thereunder first becomes includable
      in
      the gross income of the participant for Federal income tax purposes, pay to
      the
      Company, or make arrangements satisfactory to the Committee regarding payment
      of
      any Federal, state, local and/or payroll taxes of any kind required by law
      to be
      withheld with respect to such income. The Company and its Subsidiaries shall,
      to
      the extent permitted by law, have the right to deduct any such taxes from any
      payment of any kind otherwise due to the participant.

     

     

    (b)
      Payment in Shares. A Participant
      may elect, with the consent of the Committee, to have such tax withholding
      obligation satisfied, in whole or in part, by (i) authorizing the Company to
      withhold from shares of Stock to be issued pursuant to an Award a number of
      shares with an aggregate Fair Market Value (as of the date the withholding
      is
      effected) that would satisfy the minimum withholding amount due with respect
      to
      such Award, or (ii) transferring to the Company shares of Stock owned by the
      participant for a period of at least six months and with an aggregate Fair
      Market Value (as of the date the minimum withholding is effected) that would
      satisfy the withholding amount due.

     

     

    SECTION
      12. Transfer, Leave of Absence, Etc.

     

     

    For
      purposes of the Plan, the following
      events shall not be deemed a termination of employment:

     

     

    (i)
      a transfer to the employment of the
      Company from a Subsidiary or from the Company to a Subsidiary, or from one
      Subsidiary to another;

     

     

    (ii)
      an approved leave of absence for
      military service or sickness, or for any other purpose approved by the Company,
      if the employee's right to re-employment is guaranteed either by a statute
      or by
      contract or under the policy pursuant to which the leave of absence was granted
      or if the Committee otherwise so provides in writing.

     

     

    SECTION
      13. Amendments and Termination.

     

     

    The
      Board may at any time amend or
      discontinue the Plan and the Committee may at any time amend or cancel any
      outstanding Award (or provide substitute Awards at the same or reduced exercise
      or purchase price or with no exercise or purchase price, but such price, if
      any,
      must satisfy the requirements which would apply to the substitute or amended
      Award if it were then initially granted under this Plan) for the purpose of
      satisfying changes in law or for any other lawful purpose, but no such action
      shall adversely affect rights under any outstanding Award without the holder's
      consent. However, no such amendment, unless approved by the directors of the
      Company, shall be effective if it would cause the Plan to fail to satisfy the
      incentive stock option requirements of the Code.

     

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      14. Status of Plan.

     

     

    With
      respect to the portion of any
      Award which has not been exercised and any payments in cash, Stock or other
      consideration not received by a participant, a participant shall have no rights
      greater than those of a general creditor of the Company unless the Committee
      shall otherwise expressly determine in connection with any Award or Awards.
      In
      its sole discretion, the Committee may authorize the creation of trusts or
      other
      arrangements to meet the Company's obligations to deliver Stock or make payments
      with respect to Awards hereunder, provided that the existence of such trusts
      or
      other arrangements is consistent with the provision of the foregoing
      sentence.

     

     

    SECTION
      15. Change of Control Provisions.

     

     

    Upon
      the occurrence of a Change of
      Control as defined in this Section 15:

     

     

    (i)
      subject to the provisions of clause
      (iii) below, after the effective date of such Change of Control, each holder
      of
      an outstanding Stock Option, Restricted Stock Award, Performance Share Award
      or
      Stock Appreciation Right shall be entitled, upon exercise of such Award, to
      receive, in lieu of shares of Stock (or consideration based upon the Fair Market
      Value of Stock), shares of such stock or other securities, cash or property
      (or
      consideration based upon shares of such stock or other securities, cash or
      property) as the holders of shares of Stock received in connection with the
      Change of Control;

     

     

    (ii)
      the Committee may accelerate the
      time for exercise of, and waive all conditions and restrictions on, each
      unexercised and unexpired Stock Option, Restricted Stock Award, Performance
      Share Award and Stock Appreciation Right, effective upon a date prior or
      subsequent to the effective date of such Change of Control, specified by the
      Committee; or

     

     

    (iii)
      each outstanding Stock Option,
      Restricted Stock Award, Performance Share Award and Stock Appreciation Right
      may
      be cancelled by the Committee as of the effective date of any such Change of
      Control provided that (x) notice of such cancellation shall be given to each
      holder of such an Award and (y) each holder of such an Award shall have the
      right to exercise such Award to the extent that the same is then exercisable
      or,
      in full, if the Committee shall have accelerated the time for exercise of all
      such unexercised and unexpired Awards, during the thirty (30) day period
      preceding the effective date of such Change of Control.

     

     

    (b)
      "Change of Control" shall mean the
      occurrence of any one of the following events:

     

     

    (i)
      any "person" (as such term is used
      in Sections 13(d) and 14(d)(2) of the Act) becomes a "beneficial owner" (as
      such
      term is defined in Rule 13d-3 promulgated under the Act) (other than the
      Company, any trustee or other fiduciary holding securities under an employee
      benefit Plan of the Company, or any Corporation owned, directly or indirectly,
      by the stockholders of the Company in substantially the same proportions as
      their ownership of stock of the Company), directly or indirectly, of securities
      of the Company representing fifty percent (50%) or more of the combined voting
      power of the Company's then outstanding securities; or

     

     

    (ii)
      the stockholders of the Company
      approve a merger or consolidation of the Company with any other Corporation
      or
      other entity, other than a merger or consolidation which would result in the
      voting securities of the Company outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being converted
      into voting securities of the surviving entity) more than sixty-five percent
      (65%) of the combined voting power of the voting securities of the Company
      or
      such surviving entity outstanding immediately after such merger or
      consolidation; or

     

     

    (iii)
      the stockholders of the Company
      approve a Plan of complete liquidation of the Company or an agreement for the
      sale or disposition by the Company of all or substantially all of the Company's
      assets.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      16. General Provisions.

     

     

    (a)
      No Distribution; Compliance with
      Legal Requirements. The Committee may require each person acquiring shares
      pursuant to an Award to represent to and agree with the Company in writing
      that
      such person is acquiring the shares without a view to distribution
      thereof.

     

     

    No
      shares of Stock shall be issued
      pursuant to an Award until all applicable securities laws and other legal and
      stock exchange requirements have been satisfied. The Committee may require
      the
      placing of such stop orders and restrictive legends on certificates for Stock
      and Awards as it deems appropriate.

     

     

    (b)
      Delivery of Stock Certificates;
      Delivery of stock certificates to participants under this Plan shall be deemed
      effected for all purposes when the Company or a stock transfer agent of the
      Company shall have delivered such certificates in the United States mail,
      addressed to the participant, at the participant's last known address on file
      with the Company.

     

     

    (c)
      Other Compensation Arrangements; No
      Employment Rights. Nothing contained in this Plan shall prevent the Board from
      adopting other or additional compensation arrangements, including trusts,
      subject to stockholder approval if such approval is required; and such
      arrangements may be either generally applicable or applicable only in specific
      cases. The adoption of the Plan or any Award under the Plan does not confer
      upon
      any employee any right to continued employment with the Company or any
      Subsidiary.

     

     

    SECTION
      17. Effective Date of Plan.

     

     

    The
      Plan shall become effective upon
      approval by the board of directors of the Company.

     

     

    SECTION
      18. Governing Law.

     

     

    This
      Plan shall be governed by, and
      construed and enforced in accordance with, the substantive laws of the State
      of
      Delaware without regard to its principles of conflicts of laws.

     

     

    By:  /s/
      Delmar Janovec

     

    Delmar
      Janovec

    President  &
      Secretary of

    AmeriResource
      Technologies,
      Inc.

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