Document:

Exhibit 4.21

                       FIRST AMENDMENT TO FOURTH AMENDED
                         AND RESTATED CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT,
dated as of May 8, 2002 (this "Amendment"), is among SUN INTERNATIONAL HOTELS
LIMITED, a corporation organized under the laws of The Commonwealth of the
Bahamas ("SIHL"), SUN INTERNATIONAL NORTH AMERICA, INC., a corporation
organized under the laws of the State of Delaware ("SINA"), SUN INTERNATIONAL
BAHAMAS LIMITED, a corporation organized under the laws of The Commonwealth of
the Bahamas ("SIBL"; SIHL, SINA and SIBL are each individually referred to as
a "Borrower" and collectively referred to as the "Borrowers"), the financial
institutions as are or may become parties hereto (collectively referred to as
the "Lenders") and CANADIAN IMPERIAL BANK OF COMMERCE, acting through one or
more of its agencies, branches or affiliates ("CIBC"), as the administrative
agent (in such capacity, the "Administrative Agent").

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, the Borrowers, Lenders and the Administrative Agent are parties
to the Fourth Amended and Restated Credit Agreement, dated as of November 9,
2001, as amended by that certain letter amendment dated December 14, 2001 (as
amended, supplemented, amended and restated or otherwise modified through the
date hereof, the "Existing Credit Agreement");

     WHEREAS, the Borrowers have requested that the Required Lenders amend the
Existing Credit Agreement as set forth below; and

     WHEREAS, the Required Lenders have agreed, subject to the terms and
conditions hereinafter set forth, to amend the Existing Credit Agreement in
certain respects (the Existing Credit Agreement, as so amended or otherwise
modified by this Amendment, being referred to as the "Credit Agreement");

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereto agree as follows.

                                    PART I

                                  DEFINITIONS

     SUBPART 1.1. Certain Definitions. The following terms (whether or not
underscored) when used in this Amendment shall have the following meanings
(such meanings to be equally applicable to the singular and plural forms
thereof):

     "Amendment" is defined in the preamble.

<PAGE>

                                                                             2

     "Borrowers" is defined in the preamble.

     "Credit Agreement" is defined in the third recital.

     "Existing Credit Agreement" is defined in the first recital.

     "First Amendment Effective Date" is defined in Subpart 3.1.

     "Lenders" is defined in the first recital.

     SUBPART 1.2. Other Definitions. Terms for which meanings are provided in
the Existing Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used in this Amendment with such meanings.

                                   PART II

                                  AMENDMENTS

     Effective on (and subject to the occurrence of) the First Amendment
Effective Date, the Existing Credit Agreement is hereby amended in accordance
with this Part; except as so amended or otherwise modified by this Amendment,
the Existing Credit Agreement and the Loan Documents shall continue in full
force and effect in accordance with their terms.

     SUBPART 2.1. Amendment to Section 1.1. Section 1.1 of the Existing Credit
Agreement is hereby amended by adding thereto the following new terms in
proper alphabetical order:

          "9% Senior Subordinated Notes" means the 9% Senior Subordinated
     Notes due 2007 executed and delivered by SIHL and SINA evidencing the
     Subordinated Debt issued pursuant to the 9% Senior Subordinated Notes
     Indenture.

     SUBPART 2.1.1. Amendment to Section 7.2.6(b). Section 7.2.6(b) of the
Existing Credit Agreement is hereby amended and restated in its entirety as
follows:

          (b) (i) make any payment or prepayment of principal of, or interest
     on, any Subordinated Notes (A) on any day other than, in the case of
     interest only, the stated scheduled date for such payment of interest set
     forth in the applicable Subordinated Notes or in the applicable
     Subordinated Note Indenture, or (B) which would violate the terms of this
     Agreement or the Subordination Provisions of such Subordinated Note
     Indenture; or (ii) redeem, purchase or defease any Subordinated Notes;
     provided, that notwithstanding the foregoing, SIHL shall be permitted to
     prepay, purchase, redeem or defease Subordinated Notes if (x) as of the
     last day of the most recent Fiscal Quarter end, the Total Leverage Ratio
     was less than 4.5:1, (y) both before and after giving effect thereto, no
     Default has occurred and is continuing or would result therefrom and (z)
     the principal amount so paid, prepaid, purchased, redeemed or defeased,
     when aggregated with the amount of Restricted Payments paid under clause
     (a) does not exceed the Restricted Payment Amount; provided, further that
     notwithstanding the foregoing, SIHL shall be permitted to prepay,
     purchase, redeem or defease any or all of its 9% Senior Subordinated

<PAGE>

                                                                             3

     Notes so long as (aa) no Default has occurred and is continuing or would
     result therefrom and (bb) no less than 90% of the source of the funds
     used to complete such transaction is unsecured Subordinated Debt of SIHL
     or its wholly-owned Subsidiaries issued pursuant to Section 7.2.2(i); and

                                   PART III

                          CONDITIONS TO EFFECTIVENESS

     SUBPART 3.1. Effectiveness. This Amendment and the amendments contained
herein shall become effective on the date (the "First Amendment Effective
Date") when each of the conditions set forth in this Part shall have been
fulfilled to the satisfaction of the Administrative Agent.

     SUBPART 3.1.1. Execution of Counterparts. The Administrative Agent shall
have received counterparts of this Amendment, duly executed and delivered on
behalf of each Borrower and the Required Lenders.

     SUBPART 3.1.2. Affirmation and Consent. The Administrative Agent shall
have received, with counterparts for each Lender, an Affirmation and Consent
to this Amendment substantially in the form attached hereto as Exhibit A, duly
executed and delivered by each of the Obligors other than the Borrowers.

     SUBPART 3.1.3. Legal Details, etc. All documents executed or submitted
pursuant hereto shall be satisfactory in form and substance to the
Administrative Agent and its counsel. The Administrative Agent and its counsel
shall have received all information and such counterpart originals or such
certified or other copies or such materials as the Administrative Agent or its
counsel may reasonably request, and all legal matters incident to the
transactions contemplated by this Amendment shall be satisfactory to the
Administrative Agent and its counsel.

     SUBPART 3.1.4. Required Lenders. The Agent shall have received an
executed consent to this Amendment in the form of Exhibit B from the Required
Lenders.

                                   PART IV

                  MISCELLANEOUS; REPRESENTATIONS AND COVENANT

     SUBPART 4.1. Continuing Effectiveness, etc. As amended hereby, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the First Amendment Effective Date, all
references in the Credit Agreement and each other Loan Document to the "Credit
Agreement" shall refer to the Existing Credit Agreement, after giving effect
to this Amendment.

     SUBPART 4.2. Counterparts. This Amendment may be executed in any number
of counterparts and by the different parties on separate counterparts, and
each such counterpart shall be deemed to be an original but all such
counterparts shall together constitute one and the same Amendment.

<PAGE>

                                                                             4

     SUBPART 4.3. Governing Law. THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     SUBPART 4.4. Successors and Assigns. This Amendment shall be binding upon
the Borrowers, the Lenders and the Agents and their respective successors and
assigns, and shall inure to their successors and assigns.

     SUBPART 4.5. Representations and Warranties. In order to induce the
Required Lenders to execute and deliver this Amendment, the Borrowers
represent and warrant to the Agents, the Lenders and the Issuers that, after
giving effect to the terms of this Amendment, the following statements are
true and correct: (a) the representations and warranties set forth in Article
VI of the Existing Credit Agreement and in the other Loan Documents are true
and correct on the First Amendment Effective Date (unless stated to relate
solely to an earlier date, in which case such representations and warranties
were true and correct in all material respects as of such earlier date); and
(b) no Default has occurred and be continuing, and neither SIHL nor any
Subsidiary is in material violation of any law or governmental regulation or
court order or decree.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their respective authorized officers as of the
day and year first above written.

                                        SUN INTERNATIONAL BAHAMAS LIMITED

                                        By:/s/ Charles D. Adamo
                                           ------------------------------
                                        Title: Executive Vice President

                                        Address:       Executive Offices
                                                       Coral Towers
                                                       Paradise Island,
                                                       The Bahamas

                                        Facsimile No.: (242) 363-3703

                                        Attention:     John R. Allison and
                                                       Charles D. Adamo

                                        SUN INTERNATIONAL HOTELS LIMITED

                                        By:/s/ Charles D. Adamo
                                           ----------------------------
                                        Title: Executive Vice President

                                        Address:        Executive Offices
                                                        Coral Towers
                                                        Paradise Island,
                                                        The Bahamas

                                        Facsimile No.:  (242) 363-3703

                                        Attention:      John R. Allison and
                                                        Charles D. Adamo

<PAGE>

                                        SUN INTERNATIONAL NORTH AMERICA, INC.

                                        By: /s/ Charles D. Adamo
                                            ----------------------
                                        Title: Executive Vice President

                                        Address:        Executive Offices
                                                        Coral Towers
                                                        Paradise Island,
                                                        The Bahamas

                                        Facsimile No.:  (242) 363-3703

                                        Attention:      John R. Allison and
                                                        Charles D. Adamo

<PAGE>

                                     CANADIAN IMPERIAL BANK OF
                                     COMMERCE, as Administrative Agent

                                     By:/s/ Paul J. Chakmak
                                        --------------------
                                     Title:  Managing Director,
                                             CIBC World Markets Corp., AS AGENT

                                     Address:      10880 Wilshire Boulevard
                                                   Suite 1700
                                                   Los Angeles, California 90024

                                     Facsimile No.:(310) 446-3610

                                     Attention:    Leonardo R. Fernandez, Jr.

<PAGE>

                                 EXHIBIT A to First Amendment to
                                 Fourth Amended and Restated Credit Agreement

                                  May 8, 2002

To the Parties Listed on the
Signature Pages Hereof
c/o Sun International Bahamas Limited
Executive Offices
Coral Towers
Paradise Island,
The Bahamas

Attention:  Chief Financial Officer

         Re:      Sun International Bahamas Limited, Sun International North
                  America, Inc. and Sun International Bahamas Limited

Gentlemen:

     Please refer to (1) the Fourth Amended and Restated Credit Agreement,
dated as of November 9, 2001, as amended by that certain First Amendment to
Fourth Amended and Restated Credit Agreement dated as of May 8, 2002 (as so
amended, the "Credit Agreement"), by and among SUN INTERNATIONAL HOTELS
LIMITED, a corporation organized under the laws of The Commonwealth of the
Bahamas ("SIHL"), SUN INTERNATIONAL NORTH AMERICA, INC., a corporation
organized under the laws of the State of Delaware ("SINA"), SUN INTERNATIONAL
BAHAMAS LIMITED, a corporation organized under the laws of The Commonwealth of
the Bahamas ("SIBL"; SIHL, SINA and SIBL are each individually referred to as
a "Borrower" and collectively referred to as the "Borrowers"), the financial
institutions as are or may become parties hereto (collectively referred to as
the "Lenders"), CANADIAN IMPERIAL BANK OF COMMERCE, acting through one or more
of its agencies, branches or affiliates ("CIBC"), as the administrative agent
(in such capacity, the "Administrative Agent") and (2) the Amended and
Restated Subsidiary Guaranty, dated as of November 9, 2001 (the "Guaranty"),
made by each Guarantor (as such term is defined in the Credit Agreement) a
signatory hereto in favor of the Agent for the Beneficiaries. Pursuant to an
amendment dated of even date herewith, certain terms of the Credit Agreement
were amended. We hereby request that you (i) acknowledge and reaffirm all of
your obligations and undertakings under the Guaranty and (ii) acknowledge and
agree that the Guaranty is and shall remain in full force and effect in
accordance with the terms thereof.

<PAGE>

     Please indicate your agreement to the foregoing by signing in the space
provided below, and returning the executed copy to the undersigned.

                                   CANADIAN IMPERIAL BANK OF
                                   COMMERCE, as Administrative Agent

                                   By:/s/ Paul J. Chakmak
                                      ---------------------
                                   Title: Managing Director,
                                          CIBC World Markets Corp.,
                                          AS AGENT

                                   Address:       10880 Wilshire Boulevard
                                                  Suite 1700
                                                  Los Angeles, California 90024

                                   Facsimile No.: (310) 446-3610

                                   Attention:     Leonardo R. Fernandez, Jr.

<PAGE>

Acknowledged and Agreed:

BIRBO NV
SUN HOTELS INTERNATIONAL MANAGEMENT NV
SUN INTERNATIONAL FINANCE LIMITED
SUN HOTELS INTERNATIONAL (BERMUDA), LIMITED
ABERDEEN MANAGEMENT LIMITED
SUN INTERNATIONAL MANAGEMENT LIMITED
PARADISE ISLAND LIMITED
SUN INTERNATIONAL TIMESHARE LIMITED
PARADISE SECURITY SERVICES LIMITED
PURPOSEFUL BV
SUN INTERNATIONAL MARKETING (UK) LTD.
SUN COVE, LTD.
SUN INTERNATIONAL DEVELOPMENT (TIMESHARE) LIMITED
ISLAND HOTEL COMPANY LIMITED
BAHAMAS E-TRADING LIMITED
SUN INTERNATIONAL NETWORK DATA LIMITED
SUNONLINE (IOM) LIMITED
SUN INTERNATIONAL NETWORK SERVICES LIMITED
SUN COVE CALIFORNIA, INC.
SUN INTERNATIONAL NEVADA, INC.
PARADISE BEACH INN LIMITED
PARADISE ENTERPRISES LIMITED
PARADISE ACQUISITIONS LIMITED
SUN INTERNATIONAL DEVELOPMENT LIMITED
PARADISE ISLAND FUTURES LIMITED
SUN INTERNATIONAL RESORTS, INC.
PIV, INC.
ISS, INC.
SUN INTERNATIONAL MARKETING, INC.
SUN INTERNATIONAL NEW YORK, INC.
SUN INTERNATIONAL DEVELOPMENT GROUP, INC.
SUN VACANCES SA
SUN COVE NEW YORK, INC.

By:  /s/ Charles D. Adamo
     -------------------------
Name: Charles D. Adamo
Title: Authorized Signator

<PAGE>

                                      EXHIBIT B to First Amendment to Fourth
                                      Amended and Restated Credit Agreement

                               CONSENT OF LENDER
                               -----------------

     Reference is hereby made to the First Amendment to Fourth Amended and
Restated Credit Agreement dated as of May 8, 2002 among SUN INTERNATIONAL
HOTELS LIMITED, a corporation organized under the laws of The Commonwealth of
the Bahamas ("SIHL"), SUN INTERNATIONAL NORTH AMERICA, INC., a corporation
organized under the laws of the State of Delaware ("SINA"), SUN INTERNATIONAL
BAHAMAS LIMITED, a corporation organized under the laws of The Commonwealth of
the Bahamas ("SIBL"; SIHL, SINA and SIBL are each individually referred to as
a "Borrower" and collectively referred to as the "Borrowers"), the financial
institutions as are or may become parties hereto (collectively referred to as
the "Lenders"), CANADIAN IMPERIAL BANK OF COMMERCE, acting through one or more
of its agencies, branches or affiliates ("CIBC"), as the administrative agent
(in such capacity, the "Administrative Agent").

     The undersigned Lender hereby consents to the execution and delivery of
the First Amendment to the Fourth Amended and Restated Credit Agreement by the
Administrative Agent on its behalf, substantially in the form of the most
recent draft thereof presented to the undersigned Lender.

Dated:  May  8, 2002

                                     By: /s/ [OTHER LENDERS]
                                        -------------------------------
                                     [Name of Institution]

                                     By:
                                           -----------------------------
                                     Name:
                                           -----------------------------
                                     Title:
                                           -----------------------------Prepared by R.R. Donnelley Financial -- Registrant's 2000 Director Option Plan

 Exhibit 4.1 
  
 NEW FOCUS, INC. 
  
 2000 DIRECTOR OPTION PLAN 
  
 (Amended on May 29, 2002) 
  
 1.  Purposes of the Plan.    The purposes of this 2000 Director Option Plan are to attract and retain the best available personnel for service as Outside Directors (as defined herein) of
the Company, to provide additional incentive to the Outside Directors of the Company to serve as Directors, and to encourage their continued service on the Board. 
  
 All options granted hereunder shall be nonstatutory stock options. 
  
 2.  Definitions.    As used herein, the following definitions shall apply: 
  
 (a)  “Board” means the Board of Directors of the Company. 
  
 (b)  “Change of Control” means the occurrence of any of the following events: 
  
 (i)  Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the
“beneficial owner” (as defined in Rule 13d-3 of the Exchange 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)  The consummation of the sale or disposition by the Company
of all or substantially all of the Company’s assets; or 
  
 (iii)  The consummation of
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 or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company, or such surviving entity or its parent
outstanding immediately after such merger or consolidation. 
  
 (c)  “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (d)  “Common Stock” means the common stock of the Company. 
  
 (e)  “Company” means New Focus, Inc., a California corporation. 
  
 (f)  “Director” means a member of the Board. 
 

  
 (g)  “Disability” means total and
permanent disability as defined in section 22(e)(3) of the Code. 
  
 (h)  “Employee” means any person, including officers and Directors employed by the Company, or any Parent or Subsidiary of the Company. The payment of a Director’s fee by the Company shall not be
sufficient in and of itself to constitute “employment” by the Company. 
  
 (i)  “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (j)  “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
  
 (i)  If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National
Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading
day prior to the time of determination as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
  
 (ii)  If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between
the high bid and low asked prices for the Common Stock for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or 
  
 (iii)  In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be
determined in good faith by the Board. 
  
 (k)  “Inside Director” means a
Director who is an Employee. 
  
 (l)  “IPO Effective Date” means the date
upon which the Securities and Exchange Commission declares the initial public offering of the Company’s Common Stock as effective. 
  
 (m)  “Option” means a stock option granted pursuant to the Plan. 
  
 (n)  “Optioned Stock” means the Common Stock subject to an Option. 
  
 (o)  “Optionee” means a Director who holds an Option. 
  
 (p)  “Outside Director” means a Director who is not an Employee. 
  
 (q)  “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
  
 (r)  “Plan” means this 2000 Director Option Plan. 
 

 2 

  
 (s)  “Share” means a share of the
Common Stock, as adjusted in accordance with Section 10 of the Plan. 
  
 (t)  “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Internal Revenue Code of 1986. 
  
 3.  Stock Subject to the Plan.    Subject to the provisions of Section 10 of the Plan, the maximum
aggregate number of Shares which may be optioned and sold under the Plan is 500,000 Shares (the “Pool”). 
  
 If an Option expires or becomes unexercisable without having been exercised in full, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated).
Shares that have actually been issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the Plan. 
  
 4.  Administration and Grants of Options under the Plan. 
  
 (a)  Procedure for Grants.    All grants of Options to Outside Directors under this Plan shall be automatic and nondiscretionary and shall be made strictly in accordance with the
following provisions: 
  
 (i)  No person shall have any discretion to select which Outside
Directors shall be granted Options or to determine the number of Shares to be covered by Options. 
  
 (ii)  Each person who first becomes an Outside Director on or after the IPO Effective Date, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy shall be automatically
granted an Option to purchase up to 25,000 Shares (the “First Option”) on the date he or she first becomes an Outside Director; provided, however, that an Inside Director who ceases to be an Inside Director but who remains a Director shall
not receive a First Option. 
  
 (iii)  Each Outside Director shall be automatically granted
an Option to purchase 5,000 Shares (a “Subsequent Option”) on each annual meeting of the stockholders of the Company occurring after the end of the Company’s fiscal year 2000, if immediately after such meeting, he or she shall
continue to serve on the Board and shall have served on the Board for at least the preceding six (6) months. 
  
 (iv)  Notwithstanding the provisions of subsections (ii) and (iii) hereof, any exercise of an Option granted before the Company has obtained shareholder approval of the Plan in accordance with Section 16 hereof shall be
conditioned upon obtaining such shareholder approval of the Plan in accordance with Section 16 hereof. 
  
 (v)  The terms of a First Option granted hereunder shall be as follows: 
 

 3 

  
 (A)  the term of the First Option shall be ten (10)
years. 
  
 (B)  the First Option shall be exercisable only while the Outside Director
remains a Director of the Company, except as set forth in Sections 8 and 10 hereof. 
  
 (C)  the exercise price per Share shall be 100% of the Fair Market Value per Share on the date of grant of the First Option. 
  
 (D)  subject to Section 10 hereof, 20% of the Shares subject to the First Option become exercisable on each anniversary from the date of grant,
provided that the Optionee continues to serve as a Director on such dates. 
  
 (vi)  The
terms of a Subsequent Option granted hereunder shall be as follows: 
  
 (A)  the term of
the Subsequent Option shall be ten (10) years. 
  
 (B)  the Subsequent Option shall be
exercisable only while the Outside Director remains a Director of the Company, except as set forth in Sections 8 and 10 hereof. 
  
 (C)  the exercise price per Share shall be 100% of the Fair Market Value per Share on the date of grant of the Subsequent Option. 
  
 (D)  subject to Section 10 hereof, 100% percent of the Shares subject to the Subsequent Option become exercisable on the one year anniversary of
its date of grant, provided that the Optionee continues to serve as a Director on such dates. 
  
 (vii)  In the event that any Option granted under the Plan would cause the number of Shares subject to outstanding Options plus the number of Shares previously purchased under Options to exceed the Pool, then the remaining
Shares available for Option grant shall be granted under Options to the Outside Directors on a pro rata basis. No further grants shall be made until such time, if any, as additional Shares become available for grant under the Plan through action of
the Board or the shareholders to increase the number of Shares which may be issued under the Plan or through cancellation or expiration of Options previously granted hereunder. 
  
 5.  Eligibility.    Options may be granted only to Outside Directors. All Options shall be automatically granted in accordance with the
terms set forth in Section 4 hereof. 
  
 The Plan shall not confer upon any Optionee any right with respect to
continuation of service as a Director or nomination to serve as a Director, nor shall it interfere in any way with any rights which the Director or the Company may have to terminate the Director’s relationship with the Company at any time.

  
 6.  Term of Plan.    The Plan shall become effective upon the earlier to
occur of its adoption by the Board or its approval by the shareholders of the Company as described in Section 16 
 

 4 

  
 of the Plan. It shall continue in effect for a term of ten (10) years unless sooner terminated under
Section 11 of the Plan. 
  
 7.  Form of Consideration.    The consideration to
be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall consist of (i) cash, (ii) check, (iii) other shares which (x) in the case of Shares acquired upon exercise of an option have been owned by the
Optionee for more than six (6) months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, (iv) consideration received by
the Company under a cashless exercise program implemented by the Company in connection with the Plan, or (v) any combination of the foregoing methods of payment. 
  
 8.  Exercise of Option. 
  
 (a)  Procedure for Exercise; Rights as a Shareholder.    Any Option granted hereunder shall be exercisable at such times as are set forth in Section 4 hereof; provided, however, that no Options
shall be exercisable until shareholder approval of the Plan in accordance with Section 16 hereof has been obtained. 
  
 An Option may not be exercised for a fraction of a Share. 
  
 An Option shall be deemed to be
exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has
been received by the Company. Full payment may consist of any consideration and method of payment allowable under Section 7 of the Plan. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. A
share certificate for the number of Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the
stock certificate is issued, except as provided in Section 10 of the Plan. 
  
 Exercise of an Option in any manner
shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
  
 (b)  Termination of Continuous Status as a Director.    Subject to Section 10 hereof,
in the event an Optionee’s status as a Director terminates (other than upon the Optionee’s death or Disability), the Optionee may exercise his or her Option, but only within three (3) months following the date of such termination, and only
to the extent that the Optionee was entitled to exercise it on the date of such termination (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of
such termination, 
 

 5 

 and to the extent that the Optionee does not exercise such Option (to the extent otherwise so entitled) within the time
specified herein, the Option shall terminate. 
  
 (c)  Disability of
Optionee.    In the event Optionee’s status as a Director terminates as a result of Disability, the Optionee may exercise his or her Option, but only within twelve (12) months following the date of such termination, and
only to the extent that the Optionee was entitled to exercise it on the date of such termination (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the
date of termination, or if he or she does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 
  
 (d)  Death of Optionee.    In the event of an Optionee’s death, the Optionee’s estate or a person who
acquired the right to exercise the Option by bequest or inheritance may exercise the Option, but only within twelve (12) months following the date of death, and only to the extent that the Optionee was entitled to exercise it on the date of death
(but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of death, and to the extent that the Optionee’s estate or a person who acquired the right
to exercise such Option does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 
  
 9.  Non-Transferability of Options.    The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or
by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. 
  
 10.  Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale. 
  
 (a)  Changes in Capitalization.    Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Option, the number of Shares which
have been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, as well as the price per Share covered by each such outstanding
Option, and the number of Shares issuable pursuant to the automatic grant provisions of Section 4 hereof shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split,
stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
  
 (b)  Dissolution or Liquidation.    In the event of the proposed dissolution or liquidation of the Company, to the
extent that an Option has not been previously exercised, it shall terminate immediately prior to the consummation of such proposed action. 
 

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 (c)  Change of
Control.    In the event of a Change of Control, each outstanding Option held by an Outside Director shall vest and become exercisable in full as to all of the Optioned Stock, including Shares as to which the Outside Director
would not otherwise be vested or exercisable. If an Option becomes fully vested and exercisable as provided in this paragraph, the Administrator shall notify the Optionee in writing or electronically that the Option shall be fully vested and
exercisable for a period of fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration of such period. 
  
 11.  Amendment and Termination of the Plan. 
  
 (a)  Amendment and Termination.    The Board may at any time amend, alter, suspend, or discontinue the Plan, but no amendment, alteration, suspension, or discontinuation shall be made which would
impair the rights of any Optionee under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with any applicable law, regulation or stock exchange rule, the Company shall obtain
shareholder approval of any Plan amendment in such a manner and to such a degree as required. 
  
 (b)  Effect of Amendment or Termination.    Any such amendment or termination of the Plan shall not affect Options already granted and such Options shall remain in full force and effect as if this
Plan had not been amended or terminated. 
  
 12.  Time of Granting
Options.    The date of grant of an Option shall, for all purposes, be the date determined in accordance with Section 4 hereof. 
  
 13.  Conditions Upon Issuance of Shares.    Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and
delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, state securities
laws, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  

As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that
the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares, if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions
of law. 
  
 Inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained. 
 

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 14.  Reservation of Shares.    The Company,
during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
  
 15.  Option Agreement.    Options shall be evidenced by written option agreements in such form as the Board shall approve. 
  
 16.  Shareholder Approval.    The Plan shall be subject to approval by the shareholders of the
Company within twelve (12) months after the date the Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required under applicable state and federal law and any stock exchange rules. 
 

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