Document:

SEVERANCE,
      SEPARATION AND RELEASE AGREEMENT

    

    This
      Severance, Separation and Release Agreement (“Agreement”) is entered into as of
      this 4th
      day of
      November, 2005, between Matrix Bancorp, Inc. (the ‘Company”), and David Frank
      (the “Director”).

    

    RECITALS

    

    WHEREAS,
      as of
      the date hereof, the Company has commenced a private placement offering of
      its
      common stock (the “Offering”), the proceeds of which are to be used to fund an
      issuer tender offer, in which certain members of the Company’s current senior
      management have agreed to tender all of their shares of common stock and resign
      from both their management positions and their positions as members of the
      board
      of directors of the Company and its subsidiaries upon completion of the
      Offering;

    

    WHEREAS,
      the
      Company’s Board of Directors and Director have agreed and desire to memorialize
      that, in consideration for Director agreeing to resign from the Board of
      Directors of the Company as of the closing of the Offering, Director shall
      receive a payment from the Company shortly after the closing of the
      Offering;

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises and the terms and conditions set forth
      below and other obligations under this Agreement, the Company and the Director
      (collectively referred to as the “‘Parties”) hereby agree as
      follows:

    

    AGREEMENT

    

    1. Effectiveness
      of Agreement.
      This
      Agreement is effective as of the date first set forth above; provided, however,
      to the extent the Offering is not consummated, this Agreement shall be null
      and
      void and of no further effect.

    

    2. Payment
      to Director.
      In
      consideration for Director’s resignation from the Board of Directors of the
      Company as of the closing of the Offering (the “Resignation Date”), the Company
      agrees to provide Director with a payment of seventy five thousand dollars
      ($75,000) one month after the closing of the Offering by wire transfer based
      upon instructions given by Director to the Company. 

    

    3. Benefits.
      (a) For
      a period of eighteen (18) months from the Resignation Date, the Director shall
      have the right to continue coverage under the Company’s medical and dental
      insurance programs as provided by the Consolidated Omnibus Budget Reconciliation
      Act of 1985, as amended (“COBRA”), and the Company shall reimburse such amount
      of the expense as it pays generally for its employees. 

    

    (b) Except
      as
      set forth in this Section 3 and as required by applicable law, the Director
      shall not be entitled to participate in any benefit plans or programs provided
      by the Company or its subsidiaries following the Resignation Date.

    

    4. No
      Other Payments Due.
      Except
      as provided in Section 2 and Section 3 hereof, the Director shall not be
      entitled to any payments or other benefits following the Resignation Date.
      The
      Director further acknowledges that, subject to the above-referenced exceptions,
      there is no other compensation arising out of or as a result of his service
      as a
      director of the Company. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. Release
      and Indemnification.
      (a) In
      consideration of the above, the sufficiency of which the Director hereby
      acknowledges, the Director, as of the Resignation Date, on behalf of the
      Director and the Director’s heirs, executors and assigns, agrees to release and
      forever discharge the Company and each of the Company’s shareholders, parents,
      affiliates, subsidiaries, divisions, any and all current and former directors,
      officers, employees, agents, and contractors and their heirs and assigns, and
      any and all employee pension benefit or welfare benefit plans of the Company,
      including current and former trustees and administrators of such employee
      pension benefit and welfare benefit plans (the “Released Parties”), from all
      claims, charges, or demands, in law or in equity, whether known or unknown,
      which may have existed or which may now exist from the beginning of time to
      the
      date of this Agreement, including, without limitation, any claims the Director
      may have arising from or relating to the Director’s service as a director of the
      Company. The release provided for herein includes a release by the Director
      of
      any claims in any way related to the Director’s service as a director with, or
      resignation from, the Company. The
      Director understands that this is a general waiver and release of all claims,
      known or unknown, that the Director may
      have against the Released Parties based on any act, omission, matter, cause
      or
      thing that occurred through the date the Director signs
      this Agreement.
      This
      release does not release the Company from any obligations due to the Director
      under this Agreement, or from any rights, claims or coverages to which Director
      may be entitled in respect of or under any former, current or future insurance
      policies of the Company and its affiliates.

    

    (b)
       In
      consideration of the above, the sufficiency of which the Company hereby
      acknowledges, as of the Resignation Date, the Company and its successors and
      assigns agrees to release and forever discharge the Director and the Director’s
      heirs, executors and assigns, from all claims, charges, or demands, in law
      or in
      equity, whether known or unknown, which may have existed or which may now exist
      from the beginning of their period of service as a director of the Company
      to
      the Resignation Date, except for breaches regarding disclosure of confidential
      information or for conduct involving theft, fraud or embezzlement.

    

    (c) It
      is a
      condition hereof, and it is the Parties’ intention in the execution of the
      general release in this Section 5, that the same shall be effective as a bar
      to
      each and every claim hereinabove specified. 

    

    (d) From
      and
      after the Resignation Date, the Company shall indemnify and hold harmless the
      Director against any costs or expenses (including reasonable attorney’s fees),
      judgments, fines, losses, claims, damages or liabilities incurred in connection
      with any claim, action, suit, proceeding or investigation, arising out of
      matters existing or occurring at or prior to the Resignation Date, whether
      asserted or claimed prior to, at or after the Resignation Date, arising in
      whole
      or in part out of or pertaining to the fact that he was a director of the
      Company to the fullest extent which such Director would be entitled under the
      Amended and Restated Articles of Incorporation and
      Bylaws of the Company and Colorado law as in effect on the date
      hereof.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6. No
      Admission.
      This
      Agreement is not an admission by either the Company or the Director of any
      wrongdoing or liability.

    

    7. No
      Authority to Bind the Company.
      As of
      the Resignation Date, neither the Director, nor any partner, agent or employee
      of the Director, has authority to enter into any contracts that bind the Company
      or creates obligations on the part of the Company.

    

    8. Non-Disparagement.
      As of
      the Resignation Date, the Director agrees not to make any oral or written
      statements or otherwise engage in any act that is intended or may reasonably
      be
      expected to harm the reputation, business, prospects or operations of the
      Company or any of its respective directors or executive officers or any persons
      related to the foregoing. As of the Resignation Date, the Company further agrees
      not to, and to use its reasonable best efforts to ensure that its directors
      and
      executive officers will not, make any oral or written statements to employees
      or
      members of the Board of Directors of the Company or other outside individuals
      or
      otherwise engage in any act which is intended or may reasonably be expected
      to
      harm the reputation, business or prospects of the Director.

    

    9. Confidentiality.
      (a) The
      Director recognizes and acknowledges that the Company’ and its affiliates’ trade
      secrets and confidential or proprietary information, are valuable, special
      and
      unique assets of their respective
      businesses. For purposes of this Agreement, a trade secret or confidential
      or
      proprietary information shall mean and include information treated as
      confidential or as a trade secret by the Company or its affiliates, including
      but not limited to information regarding contemplated products, business and
      financial methods or practices, marketing techniques, customers, vendors,
      suppliers, trade secrets, training programs, manuals or materials, technical
      information, contracts, systems, procedures, mailing lists, know-how, trade
      names, improvements, pricing, price lists, or other data, business plans,
      litigation, regulatory investigations, strategy, code books, invoices and other
      financial statements, computer programs, software systems, databases, discs
      and
      printouts, other plans (technical or otherwise), customer and industry lists,
      supplier lists, correspondence, internal reports, personnel files, Director
      compensation, sales and advertising material which is or was used in the
      business of the Company or its affiliates.

    

    (b)
       As
      of the
      Resignation Date, the Director will not, in whole or in part, disclose such
      trade secrets or confidential or proprietary information to any person, firm,
      corporation, association or other entity for any reason or purpose whatsoever,
      or make use of any such property for his own purposes or for the benefit of
      any
      person, firm, corporation or other entity (except the Company) under any
      circumstances unless compelled to do so by applicable law. The Director’s
      obligation under this Section shall not apply to any information that is
      generally available to the public, hereafter becomes available to the public
      without the fault of the Director or is considered to be generic industry
      practice. The Director agrees and acknowledges that all of such information,
      in
      any form, and copies and extracts thereof, are and shall remain the sole and
      exclusive property of the Company and the Director shall return to the Company
      the originals and all copies of any such information provided to or acquired
      by
      the Director in connection with the performance of his duties for the Company,
      and shall return to the Company all files, correspondence and/or other
      communications received, maintained and/or originated by the Director during
      the
      course of his relationship with the Company, and no copy of any such information
      shall be retained by him.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (c) It
      is the
      desire and intent of the Parties that the provisions of this Section shall
      be
      enforced to the fullest extent permissible under the laws and public policies
      applied in each jurisdiction in which enforcement is sought. Accordingly, if
      any
      particular portion of this Section shall be adjudicated to be invalid or
      unenforceable, this Section shall be deemed amended to delete therefrom the
      portion thus adjudicated to be invalid or unenforceable, such deletion to apply
      only with respect to the operation of this Section in the particular
      jurisdiction in which such adjudication is made.

    

    (d)
       If
      there
      is a breach or threatened breach of the provisions of this Section, the Company
      or its affiliates shall be entitled to an injunction restraining the Director
      from such breach. Nothing herein shall be construed as prohibiting the Company
      from pursuing any other remedies for such breach.

    

    10. Return
      of Property.
      Not
      later than the Resignation Date, the Director shall return all the Company’
property in the Director’s possession, including, but not limited to, the
      Company’ keys, credit cards, computer software and peripherals and originals or
      copies of books, records, or other information pertaining to the Company’s
      businesses, including any Employer information regarding the Company on
      Director’s personal computers.

    

    11. Cooperation
      in Legal and Other Matters.
      After
      the Resignation Date, the Director shall, at the request of the Company, assist
      and cooperate with the Company in the defense and/or investigation of any third
      party claim or any investigation or proceeding, whether actual or threatened,
      including, without limitation, participating as a witness in any litigation,
      arbitration, hearing or other proceeding between the Company and a third party
      or any government body. The Company shall reimburse the Director for all
      reasonable expenses incurred by him in connection with such assistance
      including, without limitation, travel expenses.

    

    12. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Colorado, without reference to the principles of conflict of
      laws.

    

    13. Taxes.
      All
      payments to be made hereunder shall be net of all applicable income and
      employment taxes required to be withheld therefrom.

    

    14. Complete
      Agreement; Amendments.
      This
      Agreement represents the complete agreement between the Director and the Company
      concerning the subject matter in this Agreement and supersedes all prior
      agreements or understandings, written or oral, including without limitation
      the
      terms of any and all prior employment agreements. In executing this Agreement,
      none of the Parties has relied or is relying on any representation with respect
      to the subject matter of this Agreement or any representation inducing the
      execution of this Agreement except those representations as are expressly set
      forth in this Agreement, and the Parties acknowledge that each has relied on
      their own judgment in entering into this Agreement. This Agreement may not
      be
      amended or modified otherwise than by a written agreement executed by the
      parties hereto or their respective successors and legal
      representatives.

    

    15. Severability.
      Each of
      the sections contained in this Agreement shall be enforceable independently
      of
      every other section in this Agreement, and the invalidity or nonenforceability
      of any section shall not invalidate or render unenforceable any other section
      contained in this Agreement.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    16. Counterparts.
      This
      Agreement may be executed in counterparts, and each counterpart shall have
      the
      same force and effect as an original and shall constitute an effective, binding
      agreement on the part of each of the undersigned.

    

    17. Arbitration.
      Before
      beginning the binding arbitration mechanism set forth in this Section 17, the
      Parties shall first participate in mediation of any dispute arising under this
      Agreement. The mediator shall be chosen by the Parties, or, if the parties
      cannot agree, by the American Arbitration Association. At least ten (10) days
      before the mediation, each side shall provide the mediator with a statement
      of
      its position and copies of all supporting documents. Each party shall send
      to
      the mediation, a person who has authority to bind the party. Once the Parties
      have participated in the mediation, and in the event the dispute between the
      Parties has not been settled, either Party may invoke the binding arbitration
      provisions in this Section 17.

    

    Each
      of
      the Parties to this Agreement hereby voluntarily and knowingly waives any and
      all rights to civil trial by jury as to any dispute or claim arising out of
      or
      relating to this Agreement, except when temporary or preliminary injunctive
      relief is necessary as a result of a breach or threatened breach of Section
      9
      above or other situation where injunctive relief is necessary in order to
      prevent irreparable harm, either party may seek injunctive relief from a court
      of competent jurisdiction in the county of Denver, in the State of Colorado
      and
      the parties consent to personal jurisdiction in such court. Each of the Parties
      further agrees that any such dispute or claim will be exclusively and finally
      settled by binding arbitration in accordance with the rules of the American
      Arbitration Association by one arbitrator appointed in accordance with said
      rules. The exclusive venue for any such arbitration shall be the county of
      Denver, in the State of Colorado. The arbitrator shall apply Colorado law,
      without reference to rules of conflicts of law or rules of statutory
      arbitration, to the resolution of any dispute. Judgment on any award rendered
      by
      the arbitrator may be entered in any court having jurisdiction
      thereof.

    

    The
      decision of the arbitrator shall be binding upon the Parties. The Company shall
      bear the fees of the arbitrator and the fee of the American Arbitration
      Association. Other costs and attorneys’ fees will be borne by the party that
      incurs them. The arbitrator shall award the prevailing party reasonable attorney
      fees and costs in such proportion as the arbitrator decides. Notwithstanding
      anything to the contrary, either party may no more than 90 nor less than 30
      days
      before the arbitration, serve a discovery request seeking any document that
      would be discoverable in civil litigation. Responses to such requests shall
      be
      due 20 days after service. Thereafter, each party shall be allowed to take
      three
      (3) depositions of no more than four (4) hours each. The arbitrator may resolve
      any discovery disputes as they would be resolved in civil
      litigation.

    

    18. Notices.
      All
      notices, requests, claims, demands or other communications hereunder shall
      be in
      writing and shall be deemed given when delivered personally, upon receipt of
      a
      transmission confirmation if sent by telecopy or like transmission and on the
      next business day when sent by a reputable overnight carrier service to the
      Parties at the following addresses (or at such other address for a party as
      shall be specified by like notice):

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    If
      to the
      Company:

    

    Matrix
      Bancorp, Inc.

    700
      17th
      Street,
      Suite 2100

    Denver,
      Colorado 80202

    Attention:
      Corporate Secretary

    

    Fax:
      (303) 390-0952

    

    With
      a
      copy to:

    

    Patton
      Boggs LLP

    2550
      M
      Street, NW

    Washington,
      DC 20037

    Attention: Norman
      B.
      Antin, Esq. 

    Jeffrey
      D. Haas, Esq.

    Fax:
      (202) 457-6315

    

    If
      to the
      Director:

    

    David
      Frank

    107
      Sunesta Cove

    Palm
      Beach Gardens, Florida 33418

    

    19. Press
      Releases.
      The
      Parties shall consult with each other before issuing any press release with
      respect to the subject matter of this Agreement and shall not issue any such
      press release or make any such public statements without the prior consent
      of
      the other Parties, which shall not be unreasonably withheld; provided, however,
      that the Company may, without the prior consent of the Director (but after
      consultation, to the extent practicable under the circumstances), issue such
      press release or make such public statements as may be required by law or the
      rules and regulations of the Nasdaq Stock Market.

    

    20. Voluntary
      Execution of Agreement.
      This
      Agreement is executed voluntarily and without any duress or undue influence
      on
      the part or on behalf of the parties hereto, with the full intent of releasing
      all claims. Each party acknowledges that (i) they have been advised by the
      other
      to consult an attorney regarding any potential claims as well as the terms
      and
      conditions of this Agreement before executing it, (ii) they have read the
      Agreement and they fully understand the terms of this Agreement including,
      without limitation, the significance and consequences of the general release
      in
      Section 5 hereof, (iii) they are executing this Agreement in exchange for
      consideration in addition to anything of value to which they are entitled,
      and
      (iv) they are fully satisfied with the terms of this Agreement and are executing
      this Agreement voluntarily, knowingly and willingly and without
      duress.

    

    

    [Signature
      Page Follows]

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
      parties to this Agreement have executed this Agreement as of the day and first
      written above.

     

    
      	 	
              MATRIX
                BANCORP, INC.

              

              By: /s/
                T. ALLEN
                MCCONNELL                      
                

              Name:
                T. Allen McConnell

              Title:
                Senior Vice President

              

              DAVID
                FRANK

              

              /s/
                DAVID
                FRANK                                            
                

            

    

     

    
      
        
        

      

      
        7Exhibit
      10.29

    

    DOV
      PHARMACEUTICAL, INC. 

    AUDIT
      COMMITTEE CHARTER

    

    I.
      General Statement of Purpose

    

    The
      audit
      committee is created and its members appointed by the board of directors to
      assist in the oversight of the integrity of the company’s systems of internal
      control, financial statements and the qualifications, independence and
      performance of the company’s independent auditors. To this end, the audit
      committee’s primary functions are to oversee the company’s accounting and
      financial reporting processes and the audits of the company’s financial
      statements and to appoint, retain, terminate and evaluate the performance of
      the
      company’s independent auditors. In carrying out its primary function the audit
      committee shall provide an open avenue of communication among the independent
      auditors, financial and senior management and the board of directors. The audit
      committee shall fulfill these responsibilities by carrying out the activities
      enumerated in section V of this charter. 

    

    II.
      Composition

    

    The
      audit
      committee shall consist of at least three members of the board, each of whom
      must be independent according to both NASD rules for listed companies and the
      Sarbanes-Oxley Act of 2002, or SOX, and moreover not own or control 20% or
      more
      of the company's voting securities, or such lesser amount as may be established
      by the SEC. 

    

    As
      an
      exception to the above independence criteria, a director who is not an employee
      of the company or family member of an employee and meets all the above
      qualifications except those of the NASD can be an audit committee member. For
      this to occur, the board, under exceptional and limited circumstances, must
      determine that the director's membership is required in the best interests
      of
      the company and its stockholders. The company must then disclose, in the next
      following annual proxy statement, the nature of the relationship and the reasons
      for that determination. A member appointed and whose appointment continues
      under
      this exception may not serve on the audit committee for more than two years
      and
      may not chair the committee. 

    

    Each
      member of the audit committee must be able to understand financial statements
      and at least one member must be financially sophisticated as contemplated by
      NASD rules. Moreover, it is contemplated but not required that at least one
      member of the audit committee be an “audit committee financial expert” under SEC
      rules. Those rules require among other things that, in addition to understanding
      financial statements, the financial expert have an understanding of generally
      accepted accounting principles and their application as well as experience
      with
      internal controls for financial reporting. 

    

    Members
      of the audit committee shall be appointed annually by the board and may be
      replaced or removed by the board with or without cause. Resignation or removal
      of a director, for whatever reason, shall if a member of the audit committee
      mean automatic resignation or removal from the committee. Any vacancy on the
      audit committee may be filled only by the board. The board shall designate
      one
      member of the audit committee to be the chair. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    III.
      Compensation

    

    A
      member
      may not, other than in his or her capacity as a member of the audit committee,
      the board or any other board committee, receive any compensation from the
      company. A member may receive additional director fees to compensate for the
      significant time and effort required to serve on the audit committee.

    

    IV.
      Meetings

    

    The
      audit
      committee shall meet not less frequently than quarterly to review each quarterly
      earnings release and quarterly report, and on further occasions as required
      to
      review internal controls, audit progress and the annual report. Apart from
      these
      required meetings, the committee may have additional meetings as often as it
      determines. A majority of the members of the audit committee shall constitute
      a
      quorum for purposes of holding a meeting and the committee may act by a vote
      of
      a majority of the members present at the meeting. In lieu of a meeting, where
      warranted in special circumstances the audit committee may act by unanimous
      written consent. 

    

    V.
      Responsibilities and Authority

    

    Matters
      Relating to Selection, Performance and Independence of
      Auditors

    

    
      	 	
              ·

            	
              Sole
                authority to appoint, terminate and determine compensation for its
                independent auditors; although the committee may seek stockholder
                ratification of its appointment for informational
                purposes

            

    

    

    
      	 	
              ·

            	
              Instruct
                the company’s independent auditors to report directly to audit committee
                

            

    

    

    
      	 	
              ·

            	
              Exercise
                oversight of the company’s independent auditors’ work including resolution
                of disagreements between management and the independent
                auditors

            

    

    

    
      	 	
              ·

            	
              Pre-approval
                of all audit, audit-related, tax and other services to be provided
                by the
                company’s independent auditors that are not prohibited by SOX, SEC or
                Public Company Accounting Oversight Board

            

    

    

    
      	 	
              ·

            	
              Pre-approval
                of audit-related and non-audit services may be delegated to one or
                more
                members of audit committee, who shall promptly report such approved
                services at the first full committee meeting following such approval
                

            

    

    

    
      	 	
              ·

            	
              Review
                and approve scope and staffing of the company’s independent auditors’
                overall audit plan 

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              Require
                independent auditors to provide audit committee with written disclosures
                and letter required by Independence Standards Board Standard No. 1,
                and to submit to audit committee on a periodic basis a formal written
                statement delineating all relationships between independent auditors
                and
                company 

            

    

    

    
      	 	
              ·

            	
              Discuss
                with independent auditors any disclosed relationships or services
                that may
                impact objectivity and independence, and take appropriate action
                to
                satisfy audit committee of auditors' independence
                

            

    

    

    
      	 	
              ·

            	
              Discuss
                with company and independent auditors whether services of independent
                auditors required to be reported in annual report or proxy statement
                are
                compatible with maintaining auditors' independence
                

            

    

    

    Audited
      Financial Statements

    

    
      	 	
              ·

            	
              Review
                overall audit plan with independent auditors and management responsible
                for preparing company's financial statements

            

    

    

    
      	 	
              ·

            	
              Review
                and discuss with management and independent auditors as appropriate:
                

            

    

     

    
      	
            	·	
              Company's
                annual audited financial statements including all critical accounting
                policies and practices used or to be used by company and any significant
                financial reporting issues that have arisen in connection with preparation
                of audited financial statements, prior to filing company's annual
                report
                

            

    

    

    
      	
            	·	
              Any
                analysis prepared by management or independent auditors setting forth
                significant financial reporting issues and judgments made in connection
                with preparation of financial statements including analyses of effect
                of
                alternative GAAP methods on financial statements
                

            

    

    

    
      	
            	·	
              Ramifications
                of use of such alternative disclosures and treatments on financial
                statements and treatment preferred by independent auditors, and consider
                other material written communications between independent auditors
                and
                management including any management letter or schedule of unadjusted
                differences 

            

    

    

    
      	
            	·	
              Major
                issues relating to adequacy of company's internal controls and procedures
                for financial reporting and risk management policies
                

            

    

    

    
      	
            	·	
              Major
                changes in and other issues regarding accounting principles and procedures
                including any significant changes in company's selection or application
                of
                accounting principles and

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
            	·	
              Effect
                on financial statements of regulatory and accounting initiatives
                as well
                as off-balance sheet transactions and structures
                

            

    

    

    
      	 	
              ·

            	
              Review
                and discuss outside presence of management any audit problems or
                difficulties and management's response thereto including any difficulties
                encountered by independent auditors in the course of their work,
                including
                any restrictions on scope of their activities or access to information,
                responsibilities, budget and staffing of company's internal audit
                function
                if any or financial reporting function and any significant accounting
                issues raised with management 

            

    

    

    
      	 	
              ·

            	
              Review
                and discuss matters brought to attention of audit committee by independent
                auditors pursuant to Statement on Auditing Standards No. 61 and No.
                90 (SAS
                61
                and SAS 90) including any 

            

    

    

    
      	
            	·	
              Restriction
                on scope of independent auditors' activities or access to requested
                information 

            

    

    

    
      	
            	·	
              Accounting
                adjustments proposed by independent auditors but not made by management
                

            

    

    

    
      	
            	·	
              Communication
                between independent auditors and its national office regarding significant
                auditing or accounting issues presented by management
                

            

    

    

    
      	
            	·	
              Management
                or internal control letter issued, or proposed to be issued, by
                independent auditors and 

            

    

    

    
      	
            	·	
              Significant
                disagreement between company and independent auditors
                

            

    

    

    
      	 	
              ·

            	
              Review
                and discuss with independent auditors their report pursuant to Securities
                Exchange Act on their non-audit services if any

            

    

    

    
      	 	
              ·

            	
              If
                brought to audit committee's attention, discuss with CEO, CFO and
                general
                counsel (a) significant deficiencies and material weaknesses in design
                or
                operation of internal controls and procedures for financial reporting
                that
                could adversely affect company's ability to record, process, summarize
                and
                report financial information or (b) any fraud involving management
                or
                other employees who have a significant role in company's internal
                controls
                and procedures for financial reporting

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              Based
                on its review of (a) reports from independent auditors on company’s system
                of internal controls and its review of auditing, accounting and financial
                reporting process and (b) discussions with management including review
                of
                matters required to be discussed by SAS 61 and SAS 90, recommend
                to board
                whether company's audited financial statements should be included
                in 10-K
                

            

    

    

    
      	 	
              ·

            	
              Prepare
                audit committee report required by Item 306 of Regulation S-K to be
                included in company's annual proxy statement

            

    

    

    Unaudited
      Quarterly Financial Statements

    

    
      	 	
              ·

            	
              Discuss
                with management and independent auditors and review any financial
                information including press releases and Form 10-Q submitted to a
                governmental body or the public including any certification, report,
                opinion or review by the independent auditors.

            

    

    

    Procedures
      for Addressing Complaints and Concerns

    

    
      	 	
              ·

            	
              Establish
                and require company to publish or file procedures for receipt, retention
                and treatment of complaints received by company regarding accounting,
                internal accounting controls or auditing matters and confidential,
                anonymous submission to audit committee by employees of concerns
                regarding
                questionable accounting or auditing matters or disclosure controls
                

            

    

    

    Regular
      Reports to Board

    

    
      	 	
              ·

            	
              Regularly
                report to board on and review with board any issues that arise with
                respect to quality or integrity of company's financial statements,
                compliance with legal or regulatory requirements, performance and
                independence of auditors, performance of internal audit function
                if any
                and any other matters that audit committee considers appropriate
                or is
                requested by board to review 

            

    

    

    Review
      of Charter

    

    
      	 	
              ·

            	
              Review
                at least annually and more often as appropriate adequacy of charter
                and
                recommend amendments if any to board

            

    

    

    Engagement
      of Advisors

    

    
      	 	
              ·

            	
              Engage
                and determine compensation for independent counsel to audit committee
                and
                such other advisors necessary or appropriate to carry out its
                responsibilities and powers 

            

    

     

    Legal
      and Regulatory Compliance

    

    
      	 	
              ·

            	
              Discuss
                with management legal and regulatory requirements applicable to company
                and its subsidiaries and company's compliance, and make recommendations
                to
                board regarding compliance 

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              Discuss
                with CEO, CFO and general counsel legal matters (including pending
                or
                threatened litigation) that may have a material effect on company's
                financial statements or its legal and regulatory compliance policies
                and
                procedures 

            

    

     

    General

    

    
      	 	
              ·

            	
              Form
                and delegate authority to subcommittees consisting of one or more
                of its
                members to carry out its responsibilities and exercise its powers
                

            

    

    

    
      	 	
              ·

            	
              Require
                that any officer or employee of company, company's outside legal
                counsel,
                independent auditors or any other professional retained by company
                attend
                a meeting of audit committee or meet with any member of or advisor
                to
                committee 

            

    

    

    *
      *
      *

    Notwithstanding
      the responsibilities and powers of the audit committee set forth in this
      charter, it is not intended to carry responsibility for planning or conducting
      audits of the company's financial statements or determining whether the
      company's financial statements are complete, accurate and prepared in accordance
      with GAAP. Such responsibilities are the duty of management and, to the extent
      of their audit responsibilities, the independent auditors. In addition, it
      is
      not the duty of the audit committee to conduct investigations or to assure
      compliance with laws and regulations. The audit committee shall be entitled
      to
      rely upon advice and information it receives if it believes to be reliable
      or
      has reason to draft in its discussions and communications with management,
      independent auditors and such experts, advisors and professionals it may
      consult. 

    

    (Adopted
      by board of directors on March 6, 2006, further amending charter adopted March
      21, 2003 and amended March 14, 2005) 

     

    
      
         

      

      
        6

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