Document:

exhibit10511_amenghspurchagt.htm

    Exhibit
      10.51.1

     

    AMENDMENT
      NO. 1

    

    TO

    

    COMMON
      STOCK PURCHASE AGREEMENT

    

    This
      Amendment No. 1 to Common Stock Purchase Agreement (the “Amendment”) is made as
      of February 29, 2008, by and between Cytori Therapeutics, Inc., a Delaware
      corporation (the “Company”), and Green Hospital Supply, Inc., located at 3-20-8
      Kasuga Suita-City, Osaka 565-0853, Japan (“Purchaser”).

    

    WHEREAS,
      Company and Purchaser entered into that certain Common Stock Purchase Agreement
      dated as of February 8, 2008 (the “Agreement”) (capitalized terms used in this
      Amendment but not defined herein shall have the meaning assigned to them in
      the
      Agreement); and

    

    WHEREAS,
      Company and Purchaser desire to amend the Agreement as provided
      below.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and the
      mutual covenants and conditions set forth below, and for other good and valuable
      consideration, the receipt of which is hereby acknowledged, the parties to
      this
      Amendment hereby agree as follows:

    

    

    1.  Amendment.  Section
      2 (Purchase) of the Agreement shall be deleted in its entirety and the following
      inserted in its place:

    

    “2.           Purchase.  The
      purchase and sale of the Shares under Section 1 of this Agreement shall occur
      at
      the principal office of the Company in a series of two closings, as
      follows:

    

    Closing
      I shall occur on
      February 29, 2008; and

    

    Closing
      II shall occur on April
      30, 2008.

    

    At
      each
      closing, the Company shall deliver one million (1,000,000) Shares into the
      account specified by Purchaser, and Purchaser shall immediately deliver the
      Purchase Price ($6,000,000) therefor to Company by wire transfer, or by
      alternate means agreed between the Parties.”

    

    2.  Effect
      of Amendment.  Except as and to the extent expressly
      modified by this Amendment, the Agreement shall remain in full force and effect
      in all respects.  In the event of a conflict or inconsistency between
      this Amendment and the Agreement, the provisions of this Amendment shall
      govern.

    

    3.  Counterparts.  This
      Amendment may be executed in several counterparts, each of which shall
      constitute an original and all of which, when taken together, shall constitute
      one instrument. Delivery of an executed counterpart of a signature page of
      this
      Amendment by facsimile or other electronic means shall constitute effective
      delivery.

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    The
      parties have executed this Amendment No. 1 to Common Stock Purchase Agreement
      as
      of the date first set forth above.

     

                COMPANY:

     

                CYTORI
      THERAPEUTICS,
      INC.

     

                By:
/s/
      Seijiro
      Shirahama

     

                Title:
President,
      Asia-Pacific

     

                Address:

                3020
      Callan
      Road

                San
      Diego, CA
      92121

    

                               Fax:  US
      858-458-0994

     

    

     

                PURCHASER:

     

                GREEN
      HOSPITAL
      SUPPLY, INC.

     

                By:
/s/
      Kunishisa
      Furukawa

    

     

                Title:
      President

     

                Address:

                3-20-8
      Kasuga
      Suita-City

                Osaka
      565-0853,
      Japan

    

    

    
       

      
        2centales8022908ex4-1.htm

    
      

      

    

    EXHIBIT
4.1

    

    CENTALE,
INC.

    

    2008
Stock and Stock Option Plan

    

    Article
1. Establishment and Purpose

    

    1.1  
Establishment of the
Plan.  Centale, Inc., a New York corporation (the “Company” or
“Centale”), hereby establishes an incentive compensation plan (the “Plan”), as
set forth in this document.

    

    1.2   Purpose of the
Plan.  The purpose of the Plan is to promote the success and
enhance the value of the Company by linking the personal interests of
Participants to those of the

    Company's
shareholders, and by providing Participants with an incentive for outstanding
performance. The Plan is further intended to attract and retain the services of
Participants upon whose judgment, interest, and special efforts the successful
operation of Centale and its subsidiaries is dependent.

    

    1.3  
Effective Date of the
Plan.  The Plan shall become effective on February 1,
2008.

    

    Article
2. Definitions

    

    Whenever
used in the Plan, the following terms shall have the meanings set forth below
and, when the meaning is intended, the initial letter of the word is
capitalized:

    

    (a)  “Award”
means, individually or collectively, a grant under this Plan of Stock, Stock
Options, or Restricted Stock.

    

    (b)  “Award
Agreement” means an agreement which may be entered into by each Participant and
the Company, setting forth the terms and provisions applicable to Awards granted
to Participants under this Plan.

    

    (c)  “Board”
or “Board of Directors” means the Company’s Board of Directors.

    

    (d)  “Cause”
shall mean willful and gross misconduct on the part of an Eligible Person that
is materially and demonstrably detrimental to the Company or any Subsidiary as
determined by the Committee in its sole discretion.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (e)  “Change
in Control” shall be deemed to have occurred if (i) any “person” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act), other than (A) a
person who on February 1, 2008 was the beneficial owner of more than 25% of the
outstanding Shares, (B) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or (C) a corporation owned directly or
indirectly by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is  or becomes
the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of the Company representing fifty percent (50%) or
more of the total voting power represented by the Company's
then  outstanding voting securities, or (ii) during any period of two
(2) consecutive years, individuals who at the beginning of such period
constitute the Board of Directors of the  Company and any new Director
whose election by the Board of  Directors or nomination for election
by the Company's  shareholders was approved by a vote of at least
two-thirds (2/3) of the Directors then still in office who either
were  Directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iii) the shareholders of the Company approve
a merger or  consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in  the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of  the surviving entity) at least fifty-five percent (55%)
of the  total voting power represented by the voting securities of the
Company or such surviving entity outstanding immediately  after such
merger or consolidation, or the shareholders 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 the
Company’s assets.

    

    (f)  
“Code” means the Internal Revenue Code of 1986, as amended from time to
time.

    

    (g)  “Committee”
means the committee or committees, as specified in Article 3, appointed by the
Board to administer the Plan with respect to grants of Awards.

    

    (h)  “Consultant”
means a natural person under contract with the Company to provide bona fide services to the
Company which are not in connection with the offer or sale of securities in a
capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company’s securities.

    

    (i)  
“Director” means any individual who is a member of the Centale Board of
Directors.

    

    (j)  
“Disability” shall mean the Participant’s inability to perform the Participant’s
normal Employment functions due to any medically determinable physical or mental
disability, which can last or has lasted 12 months or is expected to result in
death.

    

    (k) 
“Eligible Person” means an Employee, Director or Consultant.

    

    (l)  
“Employee” means any officer or employee of the Company or of one of the
Company's Subsidiaries.  Directors who are not otherwise employed by
the Company shall not be considered Employees under this Plan.

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (m) “Employment,”
with reference to an Employee, means the condition of being an officer or
employee of the Company or one of its Subsidiaries.  “Employment,”
with reference to a Consultant, means the condition of being a
Consultant.  “Employment,” with reference to a Director, means the
condition of being a Director.  The change in status of an Eligible
Person among the categories of Employee, Director and Consultant shall not be
deemed a termination of Employment.

    

    (n)  “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or
any successor Act thereto.

    

    (o)  “Exercise
Price” means the price at which a Share may be purchased by a Participant
pursuant to an Option, as determined by the Committee.

    

    (p)  “Insider”
shall mean an Eligible Person who is, on the relevant date, an officer,
director, or ten percent (10%) beneficial owner of the Company, as those terms
are defined under Section 16 of the Exchange Act.

    

    (q)  “Option”
or “Stock Option” shall mean an option to purchase Shares granted
hereunder.

    

    (r)  
“Participant” means a person who holds an outstanding Award granted under the
Plan.

    

    (s)  
“Plan” means this 2008 Stock and Stock Option Plan.

    

    (t)  
“Restricted Stock” means an Award of Stock granted to an Eligible Person
pursuant to Article 7 herein.

    

    (u)
 “Restriction Period” means the period during which Shares of Restricted
Stock are subject to restrictions or conditions under Article 7.

    

    (v)  “Shares”
or “Stock” means the shares of common stock of the Company.

    

    (w)
“Subsidiary” shall mean any corporation in which the  Company owns
directly, or indirectly through  subsidiaries, more than fifty percent
(50%) of the total combined voting power of all classes of Stock, or any
other  entity (including, but not limited to, partnerships
and  joint ventures) in which the Company owns more than
fifty  percent  (50%) of the combined equity
thereof.

    

    Article
3. Administration

    

    3.1  
The
Committee.   The Plan and all Awards hereunder shall be
administered by one or more Committees of the Board as may be appointed by the
Board for this purpose.  The Board may appoint a Committee
specifically responsible for Awards to Insiders (the “Disinterested Committee”)
where each Director on such Disinterested Committee is a “Non-Employee Director”
(or any successor designation for determining who may administer plans,
transactions or awards exempt under Section 16(b) of the Exchange Act), as that
term is used in Rule 16b-3 under the Exchange Act, as that rule may be modified
from time to time.  If no specific Committee is appointed by the
Board, then the Board in its entirety shall be the Committee.  Any
Committee may be replaced by the Board at any time.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    3.2  
Authority of the
Committee.  The Committee shall have full power, except as
limited by law and subject to the provisions herein, to select the recipients of
Awards; to determine the size and types of Awards; to determine the terms and
conditions of such Awards in a manner consistent with the Plan; to construe and
interpret the Plan and any agreement or instrument entered into under the Plan;
to establish, amend, or waive rules and regulations for the Plan's
administration; and to amend the terms and conditions of any outstanding Award
to the extent such terms and conditions are within the discretion of the
Committee as provided in the Plan.  Further, the Committee shall make
all other determinations which may be necessary or advisable for the
administration of the Plan.

    

    No Award
may be made under the Plan after December 31, 2015.

    

    All
determinations and decisions made by the Committee pursuant to the provisions of
the Plan and all related orders or resolutions of the Board shall be final,
conclusive, and binding on all persons, including the Company, its stockholders,
Eligible Persons, Participants, and their estates and
beneficiaries.

    

    Subject
to the terms of this Plan, the Committee is authorized, and shall not be limited
in its discretion, to use any of the Performance Criteria specified herein in
its determination of Awards under this Plan.

    

    Article
4. Shares Subject to the Plan

    

    4.1  
Number of
Shares.  Subject to adjustment as provided in Section 4.3
herein, the number of Shares available for grant under the Plan shall not exceed
twenty-five million (25,000,000) Shares.  The Shares granted under
this Plan may be either authorized but unissued or reacquired
Shares.

    

    4.2  
Lapsed
Awards.  If any Award granted under this Plan is canceled,
terminates, expires, or lapses for any reason, Shares subject to such Award
shall be again available for the grant of an Award under the Plan.

    

    4.3  
Adjustments in
Authorized Plan Shares.  In the event of any merger,
reorganization, consolidation, recapitalization, separation, liquidation, Stock
dividend, split-up, Share combination, or other change in the corporate
structure of the Company affecting the Shares, an adjustment shall be made in
the number and class of Shares which may be delivered under the Plan, and in the
number and class of and/or price of Shares subject to outstanding Awards granted
under the Plan, and/or the number of outstanding Options and Shares of
Restricted Stock constituting outstanding Awards, as may be determined to be
appropriate and equitable by the Committee, in its sole discretion, to prevent
dilution or enlargement of rights.

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Article
5. Stock Grant

    

    5.1  
Grant of
Stock.  Subject to the terms and provisions of the Plan, the
Board of Directors, at any time and from time to time, may grant Shares of Stock
to Eligible Persons in such amounts and upon such terms and conditions as the
Board of Directors shall determine.

    

    Article
6. Stock Options

    

    6.1  
Grant of
Options.  Subject to the terms and provisions of the Plan,
Options may be granted to Eligible Persons at any time and from time to time,
and under such terms and conditions, as shall be determined by the
Committee.  The Committee shall have discretion in determining the
number of Shares subject to Options granted to each Eligible
Person.

    

    6.2  
Form of
Issuance.  Each Option grant may be issued in the form of an
Award Agreement and/or may be recorded on the books and records of the Company
for the account of the Participant. If an Option is not issued in the form of an
Award Agreement, then the Option shall be deemed granted as determined by the
Committee.  The terms and conditions of an Option shall be set forth
in the Award Agreement, in the notice of the issuance of the grant, or in such
other documents as the Committee shall determine.  Such terms and
conditions shall include the Exercise Price, the duration of the Option, the
number of Shares to which an Option pertains (unless otherwise provided by the
Committee, each Option may be exercised to purchase one Share), and such other
provisions as the Committee shall determine.

    

    6.3  
Exercise
Price.  The Exercise Price of an Option shall be determined by
the Committee in its sole discretion.

    

    6.4  
Duration of
Options.  Each Option shall expire at such time as the
Committee shall determine at the time of grant (which duration may be extended
by the Committee); provided, however, that no Option shall be exercisable later
than the tenth (10th)
anniversary date of its grant.  If, however, the Eligible Person owns
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or of its parent or subsidiary
corporations, then no Option shall be exercisable later than the fifth (5th)
anniversary date of its grant.

    

    6.5  
Vesting of
Options.  Options shall vest at such times and under such terms
and conditions as determined by the Committee; provided, however, unless a
different vesting period is provided by the Committee at or before the grant of
an Option, the Options will vest on the first anniversary of the
grant.

    

    6.6  
Exercise of
Options.  Options granted under the Plan shall be exercisable
at such times and be subject to such restrictions and conditions as the
Committee shall in each instance approve, which need not be the same for each
grant or for each Participant.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Options
shall be exercised by delivery of a written notice (including e-mail and
telecopies) to the Secretary of the Company (or, if so provided by the Company,
to its designated agent), which notice shall be irrevocable, setting forth the
exact number of Shares with respect to which the Option is being exercised and
including with such notice payment of the Exercise Price.  When
Options have been transferred, the Company or its designated agent may require
appropriate documentation that the person or persons exercising the Option, if
other than the Participant, has the right to exercise the
Option.   No Option may be exercised with respect to a fraction
of a Share.

    

    6.7  
Termination of
Employment.  Unless otherwise provided by the Committee, the
following limitations on exercise of Options shall apply upon termination of
Employment:

    

    (a)   
Termination by Death
or Disability.  In the event the Employment of a Participant
shall terminate by reason of death or Disability, all outstanding Options
granted to that Participant shall immediately vest as of the date of termination
of Employment and may be exercised, if at all, no more than three (3) years from
the date of the termination of Employment, unless the Options, by their terms,
expire earlier.

    

    (b)   
Termination for
Cause.  If the Employment of a Participant shall be terminated
by the Company for Cause, all outstanding Options held by the Participant shall
immediately be forfeited to the Company and no additional exercise period shall
be allowed, regardless of the vested status of the Options.

    

    (c)   
Retirement or Other
Termination of Employment.  If the Employment of a Participant
shall terminate for any reason other than the reasons set forth in (a) or (b)
above, all outstanding Options which are vested as of the effective date of
termination of Employment may be exercised, if at all, no more than thirty (30)
days from the date of termination of Employment, unless the Options, by their
terms, expire earlier.  In the event of the death of the Participant
after termination of Employment, this paragraph (c) shall still apply and not
paragraph (a), above.

    

    (d)   
Options not Vested at
Termination.  Except as provided  in paragraph (a)
above, all Options held by the Participant  which are not vested on or
before the effective date of termination of Employment shall immediately be
forfeited to the Company (and shall once again become available for
grant  under the Plan).

    

    (e)   
Notwithstanding the foregoing, the Committee may, in its sole discretion,
establish different terms and conditions pertaining to the effect of termination
of Employment, but no such modification shall shorten the terms of Options
issued prior to such modification.

    

    6.9  
Restrictions on
Exercise and Transfer of Options.  Unless otherwise provided by
the Committee:

    

    (a)   
During the Participant's lifetime, the Participant’s Options shall be
exercisable only by the Participant or by the Participant’s guardian or legal
representative.  After the death of the Participant, an Option shall
only be exercised by the holder thereof (including, but not limited to, an
executor or administrator of a decedent's estate) or his guardian or legal
representative.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b)   
No Option shall be transferable except: (i) in the case of the Participant, only
upon the Participant’s death; and (ii) in the case of any holder after the
Participant’s death, only by will or by the laws of descent and
distribution.

    

    6.10
 Competition.  Notwithstanding
anything in this Article 6 to the contrary, in the event the Committee
determines, in its sole discretion, that a Participant is engaging in activity
competitive with the Company, any Subsidiary, or any business in which any of
the foregoing have a substantial interest (the “Centale Businesses”), the
Committee may cancel any Option granted to such Participant, whether or not
vested, in whole or in part.  Such cancellation shall be effective as
of the date specified by the Committee.  Competitive activity shall
mean any business or activity if a substantially similar business activity is
being carried on by a Centale Business, including, but not limited to,
representing or providing consulting services to any person or entity that is
engaged in competition with a Centale Business or that takes a position adverse
to a Centale Business.  However, competitive activity shall not
include, among other things, owning a nonsubstantial interest as a shareholder
in a competing business.

    

    Article
7. Restricted Stock

    

    7.1  
Grant of Restricted
Stock.  Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Shares of Restricted
Stock to Eligible Persons in such amounts and upon such terms and conditions as
the Committee shall determine.

    

    7.2  
Restricted Stock
Agreement.  The Committee may require, as a condition to an
Award, that a recipient of a Restricted Stock Award enter into a Restricted
Stock Award Agreement, setting forth the terms and conditions of the
Award.  In lieu of a Restricted Stock Award Agreement, the Committee
may provide the terms and conditions of an Award in a notice to the Participant
of the Award, on the Stock certificate representing the Restricted Stock, in the
resolution approving the Award, or in such other manner as it deems
appropriate.

    

    7.3  
Transferability.  Except
as otherwise provided in this Article 7, the Shares of Restricted Stock granted
herein may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated until the end of the applicable Restriction Period established
by the Committee, if any.

    

    7.4  
Other
Restrictions.  The Committee may impose such other conditions
and/or restrictions on any Shares of Restricted Stock granted pursuant to the
Plan as it may deem advisable including, without limitation, a requirement that
Participants pay a stipulated purchase price for each Share of Restricted Stock
and/or restrictions under applicable Federal or state securities laws; and may
legend the certificates representing Restricted Stock to give appropriate notice
of such restrictions.

    

    The
Company shall also have the right to retain the certificates representing Shares
of Restricted Stock in the Company's possession until such time as all
conditions and/or restrictions applicable to such Shares have been
satisfied.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    7.5  
Removal of
Restrictions.  Except as otherwise provided in this Article 7,
Shares of Restricted Stock covered by each Restricted Stock grant made under the
Plan shall become freely transferable by the Participant after the last day of
the Restriction Period and completion of all conditions to vesting, if
any.  However, unless otherwise provided by the Committee, the
Committee, in its sole discretion, shall have the right to immediately waive all
or part of the restrictions and conditions with regard to all or part of the
Shares held by any Participant at any time.

    

    7.6  
Voting Rights,
Dividends and Other Distributions. During the Restriction Period,
Participants holding Shares of Restricted Stock granted hereunder may exercise
full voting rights and shall receive all regular cash dividends paid with
respect to such Shares.  Except as provided in the following sentence,
in the sole discretion of the Committee, other cash dividends and other
distributions paid to Participants with respect to Shares of Restricted Stock
may be subject to the same restrictions and conditions as the Shares of
Restricted Stock with respect to which they were paid.  If any such
dividends or distributions are paid in Shares, the Shares shall be subject to
the same restrictions and conditions as the Shares of Restricted Stock with
respect to which they were paid.

    

    7.7  
Termination of
Employment Due to Death or Disability.  In the event the
Employment of a Participant shall terminate by reason of death or Disability,
unless otherwise provided by the Committee prior to or at the time of the Award,
all Restriction Periods and all restrictions imposed on outstanding Shares of
Restricted Stock held by the Participant shall immediately lapse and the
Restricted Stock shall immediately become fully vested as of the date of
termination of Employment.

    

    7.8  
Termination of
Employment for Other Reasons.  If the Employment of a
Participant shall terminate for any reason other than those specifically set
forth in Section 7.7 herein, all Shares of Restricted Stock held by the
Participant which are not vested as of the effective date of termination of
Employment immediately shall be forfeited and returned to the
Company.

    

    Article
8.   Employee Matters

    

    8.1  
Employment Not
Guaranteed.  Nothing in the Plan shall interfere with or limit
in any way the right of the Company or any Subsidiary to terminate any
Participant's Employment at any time, nor confer upon any Participant any right
to continue in the employ of the Company or one of its
Subsidiaries.

    

    8.2  
Participation.  No
Eligible Person shall have the right to be selected to receive an Award under
this Plan, or, having been so selected, to be selected to receive a future
Award.

    

    8.3  
Claims and
Appeals.  Any claim under the Plan by a Participant or anyone
claiming through a Participant shall be presented to the Committee. Any person
whose claim under the Plan has been denied may, within sixty (60) days after
receipt of notice of denial, submit to the Committee a written request for
review of the decision denying the claim. The Committee shall determine
conclusively for all parties all questions arising in the administration of the
Plan.

    

    
      
         

      

      
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    Article
9. Amendment, Modification, and Termination

    

    9.1  
Amendment,
Modification, and Termination.  The Board of Directors alone
shall have the right to alter, amend or revoke the Plan or any part thereof at
any time and from time to time, provided, however, that the Board of Directors
may not, without the approval of the holders of a majority of the voting Shares,
make any alteration or amendment to the Plan which changes the aggregate number
of shares of Common Stock which may be issued under the Plan, extend the term of
the Plan, or change the employees or class of employees eligible to receive
Awards thereunder. The Board may at any time suspend or terminate the Plan in
whole or in part.

    

    9.2  
Awards Previously
Granted.  No termination, amendment, or modification of the
Plan shall adversely affect in any material way any Award previously granted
under the Plan, without the written consent of the Participant holding such
Award.

    

    Article
10. Change in Control

    

    Upon the
occurrence of a Change in Control:

    

    (a)   
Any and all Options granted hereunder immediately shall become vested and
exercisable;

    

    (b)   
Any Restriction Periods and all restrictions imposed on Restricted Shares shall
lapse and they shall immediately become fully vested.

    

    Article
11 Withholding

    

    11
1 Tax
Withholding.  The Company shall deduct or withhold an amount
sufficient to satisfy Federal, state, and local taxes (including the
Participant's employment tax obligations) required by law to be withheld with
respect to any taxable event arising or as a result of this Plan (“Withholding
Taxes”).

    

    11.2 Share
Withholding.  With respect to withholding required upon the
exercise of Options, upon the lapse of restrictions on Restricted Stock, or upon
any other taxable event hereunder involving the transfer of Stock to a
Participant, the Company shall withhold Stock having a Fair Market Value on the
date the tax is to be determined in an amount equal to the Withholding Taxes on
such Stock.  Any fractional Share remaining after the withholding
shall be withheld as additional Federal withholding.

    

    11.3
Payment In Lieu of
Share Withholding.  In any situation in which the Company would
be required to withhold Stock pursuant to §11.2 above, the Participant may, in
lieu of all or part of such withholding, remit to the Company an amount in cash
sufficient to satisfy the federal, state and local withholding tax requirements
or may direct the Company to withhold from other amounts payable to the
Participant, including salary.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Article
12. Successors

    

    All
obligations of the Company under the Plan, with respect to Awards granted
hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company.

    

    Article
13. Legal Construction

    

    13.1 Severability.  In
the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.

    

    13.2 Requirements of
Law.  The granting of Awards and the issuance of Shares under
the Plan shall be subject to all applicable laws, rules, and regulations, and to
such approvals by any governmental agencies or national securities exchanges as
may be required.

    

    13.3 Securities Law
Compliance.  With respect to Insiders, transactions under this
Plan are intended to comply with all applicable conditions of Rule 16b-3 or its
successors under the Exchange Act.  To the extent any provision of the
plan or action by the Committee fails to comply with a condition of Rule 16b-3
or its successors, it shall not apply to the Insiders or transactions
thereby.

    

    13.4 Governing
Law.  To the extent not preempted by Federal law, the Plan, and
all agreements hereunder, shall be construed in accordance with and governed by
the laws of the State of New York.

    

    

    *       *       *       *       *

     

    
 

    10

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