Document:

Exhibit 10.4

                                    FORM OF

                          REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") dated as of __, 2007
is entered into by and between BioFuel Energy Corp., a Delaware corporation (the
"COMPANY") and the holders of shares of Common Stock (as defined below) and
Units (as defined below) party to this Agreement (collectively, the
"INVESTORS").

     A. Certain of the Investors are holders of shares of common stock of the
Company, par value $0.01 per share (the "COMMON STOCK");

     B. The Company and certain of the Investors are beneficial owners of units
(the "UNITS") of BioFuel Energy, LLC, a Delaware limited liability company ("BFE
LLC"). Each holder of a Unit (other than the Company) may exchange any or all of
such holder's Units on a one-for-one basis for the same number of shares of
Common Stock, subject to the provisions of the LLC Agreement (defined below);
and

     C. The Company desires to provide the Investors with registration rights
with respect to shares of Common Stock held by Investors and shares of Common
Stock underlying the Units held by Investors.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE I
                              CERTAIN DEFINED TERMS

     SECTION 1.1 DEFINITIONS. For purposes of this Agreement:

     (a) "AFFILIATE" means, with respect to any Person, (i) any other Person of
which securities or other ownership interests representing more than fifty
percent (50%) of the voting interests are, at the time such determination is
being made, owned, Controlled or held, directly or indirectly, by such Person or
(ii) any other Person which, at the time such determination is being made, is
Controlling, Controlled by or under common Control with, such Person. As used
herein, "CONTROL", whether used as a noun or verb, refers to the possession,
directly or indirectly, of the power to direct, or cause the direction of, the
management or policies of a Person, whether through the ownership of voting
securities or otherwise.

     (b) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder.

     (c) "HOLDER" means a Person that (i) is a party to this Agreement (or a
permitted transferee under Section 2.11 hereof) and (ii) owns Registrable
Securities.

     (d) "LLC AGREEMENT" means the BFE LLC Second Amended and Restated LLC
Agreement, dated [____], among the Company and the members of BFE LLC.

     (e) "NASD" means the National Association of Securities Dealers, Inc.

     (f) "PARTICIPATING HOLDERS" means Holders participating, or electing to
participate, in an offering of Registrable Securities.

     (g) "PERSON" means any individual, firm, corporation, company, partnership,
trust, incorporated or unincorporated association, limited liability company,
joint venture, joint stock company, government (or an agency or political
subdivision thereof) or other entity of any kind, and shall include any
successor (by merger or otherwise) of any such entity.

     (h) "REGISTRABLE SECURITIES" means shares of Common Stock held by Holders,
including shares of Common Stock deliverable or delivered in exchange for Units
pursuant to the LLC Agreement and the organizational documents of the Company;
provided, however, that equity interests that are considered to be Registrable
Securities shall cease to be Registrable Securities (A) upon the sale thereof
pursuant to an effective registration statement, (B) upon the sale thereof
pursuant to Rule 144 (or successor rule) under the Securities Act, (C) when such
securities cease to be outstanding or (D) when such securities become eligible
for sale under Rule 144(k) (or successor rule) under the Securities Act.

     (i) "REGISTRATION EXPENSES" mean all expenses (other than underwriting
discounts and commissions) arising from or incident to the performance of, or
compliance with, this Agreement, including, without limitation, (i) SEC, stock
exchange, NASD and other registration and filing fees, (ii) all fees and
expenses incurred in connection with complying with any securities or blue sky
laws (including fees, charges and disbursements of counsel in connection with
blue sky qualifications of the Registrable Securities), (iii) all printing,
messenger and delivery expenses, (iv) the fees, charges and disbursements of
counsel to the Company and of its independent public accountants and any other
accounting and legal fees, charges and expenses incurred by the Company
(including any expenses arising from any special audits or "comfort letters"
required in connection with or incident to any registration), (v) the fees,
charges and disbursements of any special experts retained by the Company in
connection with any registration pursuant to the terms of this Agreement, (vi)
all internal expenses of the Company (including all salaries and expenses of its
officers and employees performing legal or accounting duties), (vii) the fees
and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange and (viii) Securities Act liability
insurance (if the Company elects to obtain such insurance), regardless of
whether any Registration Statement filed in connection with such registration is
declared effective. "REGISTRATION EXPENSES" shall also include fees, charges and
disbursements of one (1) firm of counsel to all of the Participating Holders
participating in any underwritten public offering pursuant to Article II hereof
(which shall be selected by a majority, based on the number of Registrable
Securities to be sold, of the Participating Holders).

     (j) "REGISTRATION STATEMENT" means any Registration Statement of the
Company filed with the SEC on the appropriate form pursuant to the Securities
Act which covers any of the Registrable Securities pursuant to the provisions of
this Agreement and all amendments and supplements to any such Registration
Statement, including post-effective amendments, in each case including the
prospectus contained therein, all exhibits thereto and all materials
incorporated by reference therein.

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     (k) "SEC" means the United States Securities and Exchange Commission.

     (l) "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder.

     (m) "SELLING EXPENSES" means the underwriting fees, discounts, selling
commissions and stock transfer taxes applicable to all Registrable Securities
registered by the Participating Holders.

                                   ARTICLE II
                               REGISTRATION RIGHTS

     SECTION 2.1 DEMAND REGISTRATION

     (a) Request by Holders. If the Company receives at any time after the
earlier of (i) the first anniversary of the date hereof or (ii) the completion
by the Company of a merger, consolidation, sale, transfer, lease or other
conveyance of all or substantially all of the assets or any other similar
business combination or transaction with another company listed on the New York
Stock Exchange, the American Stock Exchange or the Nasdaq Global Market, a
written request from Holders that hold at least thirty-five percent (35%) of the
Registrable Securities then outstanding (the "REQUESTING HOLDERS") that the
Company register Registrable Securities held by Requesting Holders (a "DEMAND
REQUEST"), then the Company shall, within ten (10) days after receipt of such
Demand Request, give written notice of such request ("REQUEST NOTICE") to all
Holders. Each Demand Request shall (x) specify the number of Registrable
Securities that the Requesting Holders intend to sell or dispose of, (y) state
the intended method or methods of sale or disposition of the Registrable
Securities and (z) specify the expected price range (net of underwriting
discounts and commissions) acceptable to the Requesting Holders to be received
for such Registrable Securities. Following receipt of a Demand Request, the
Company shall:

          (i)     cause to be filed, as soon as practicable, but within ninety
                  (90) days of the date of delivery to the Company of the Demand
                  Request, a Registration Statement covering such Registrable
                  Securities which the Company has been so requested to register
                  by the Requesting Holders and other Holders who request to the
                  Company that their Registrable Securities be registered within
                  twenty (20) days of the mailing of the Request Notice,
                  providing for the registration under the Securities Act of
                  such Registrable Securities to the extent necessary to permit
                  the disposition of such Registrable Securities in accordance
                  with the intended method of distribution specified in such
                  Demand Request;

          (ii)    use its reasonable best efforts to have such Registration
                  Statement declared effective by the SEC as soon as practicable
                  thereafter; and

          (iii)   refrain from filing any other Registration Statements, other
                  than pursuant to a Registration Statement on Form S-4 or S-8
                  (or similar or successor forms), with respect to any other
                  securities of the Company until such date

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                  which is ninety (90) days following effectiveness of the
                  Registration Statement filed in response to the Demand
                  Request.

     (b) Effective Registration Statement. A registration requested pursuant to
this Section 2.1 shall not be deemed to have been effected (i) unless a
Registration Statement with respect thereto has become effective and remained
effective in compliance with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities covered by such Registration
Statement until such time as all of such Registrable Securities have been
disposed of in accordance with the intended methods of disposition by the
Holders thereof set forth in such Registration Statement; (ii) if, after it has
become effective, such registration is interfered with by any stop order,
injunction or other order or requirement of the SEC or other governmental agency
or court and has not thereafter become effective, or if the offering of
Registrable Securities is not consummated for any reason, including, without
limitation, if the underwriters of an underwritten public offering advise the
Participating Holders that the Registrable Securities cannot be sold at a net
price per share equal to or above the net price disclosed in the preliminary
prospectus; (iii) if the conditions to closing specified in the underwriting
agreement, if any, entered into in connection with such registration are not
satisfied or waived; or (iv) if the Requesting Holders are cut back to fewer
than fifty percent (50%) of the Registrable Securities requested to be
registered.

     (c) Selection of Underwriters. In the event that the Company is required to
file a Registration Statement covering any Registrable Securities of any
Requesting Holders pursuant to Section 2.1(a) hereof and the proposed public
offering is to be an underwritten public offering, the managing underwriter
shall be one or more reputable nationally recognized investment banks selected
by a majority in interest of the Requesting Holders and reasonably acceptable to
the Company, which consent shall not be unreasonably withheld, delayed or
conditioned.

     (d) Priority for Demand Registration. Notwithstanding any other provision
of this Agreement, if the managing underwriter of an underwritten public
offering determines and advises the Participating Holders and the Company in
writing that the inclusion of all securities proposed to be included by the
Company and any other Holders in the underwritten public offering would
materially and adversely interfere with the successful marketing of the
Requesting Holders' Registrable Securities, then the Company and other Holders
shall not be permitted to include any securities in excess of the amount, if
any, of securities which the managing underwriter of such underwritten public
offering shall reasonably and in good faith agree in writing to include in such
public offering in addition to the amount of Registrable Securities to be
registered for the Requesting Holders. The Company will be obligated to include
in such Registration Statement, as to each Holder, only a portion of the
Registrable Securities such Holder has requested be registered equal to the
ratio which such Holder's requested Registrable Securities bears to the total
number of Registrable Securities requested to be included in such Registration
Statement by all Holders who have requested that their Registrable Securities be
included in such Registration Statement. It is acknowledged by the parties
hereto that pursuant to the foregoing provision, the securities to be included
in a registration requested by the Requesting Holders pursuant to this Section
2.1 shall be allocated: (i) first, to the Participating Holders, and (ii)
second, to the Company and any other holders of equity interests of the Company
requesting registration of securities of the Company.

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     (e) Limitation on Demand Registrations. The Company shall only be obligated
to effect three (3) Demand Requests pursuant to this Section 2.1.

     (f) Cancellation of Registration. A majority in interest of the
Participating Holders shall have the right to cancel a proposed registration of
Registrable Securities pursuant to this Section 2.1 when, (i) in their
discretion, market conditions are so unfavorable as to be seriously detrimental
to an offering pursuant to such registration or (ii) the request for
cancellation is based upon material adverse information relating to the Company
that is different from the information known to the Participating Holders at the
time of the Demand Request. Such cancellation of a registration shall not be
counted as one of the three (3) Demand Requests and notwithstanding anything to
the contrary in the Agreement, the Company shall be responsible for the expenses
of the Participating Holders incurred in connection with the registration prior
to the time of cancellation.

     SECTION 2.2. PIGGYBACK REGISTRATIONS.

     (a) Right to Include Registrable Securities. Subject to the limitations
contained in the last sentence of this Section 2.2, each time that the Company
proposes for any reason to register any of its equity interests under the
Securities Act, either for its own account or for the account of equity interest
holders exercising demand registration rights, other than a Demand Request
pursuant to Section 2.1 hereof or pursuant to a Registration Statement on Forms
S-4 or S-8 (or similar or successor forms) (a "PROPOSED REGISTRATION"), the
Company shall promptly give written notice of such Proposed Registration to all
of the Holders of Registrable Securities (which notice shall be given not less
than thirty (30) days prior to the expected effective date of the Company's
Registration Statement) and shall offer such Holders the right to request
inclusion of any of such Holder's Registrable Securities in the Proposed
Registration. No registration pursuant to this Section 2.2 shall relieve the
Company of its obligation to register Registrable Securities pursuant to a
Demand Request, as contemplated by Section 2.1 hereof. The rights to piggyback
registration may be exercised on an unlimited number of occasions.

     (b) Piggyback Procedure. Each Holder of Registrable Securities shall have
twenty (20) days from the date of receipt of the Company's notice referred to in
Section 2.2(a) above to deliver to the Company a written request specifying the
number of Registrable Securities such Holder intends to sell and such Holder's
intended method of disposition. Any Holder shall have the right to withdraw such
Holder's request for inclusion of such Holder's Registrable Securities in any
Registration Statement pursuant to this Section 2.2 by giving written notice to
the Company of such withdrawal; provided, however, that the Company may ignore a
notice of withdrawal made within twenty-four (24) hours of the time the
Registration Statement is to become effective. Subject to Section 2.2(d) below,
the Company shall use its commercially reasonable efforts to include in such
Registration Statement all such Registrable Securities so requested to be
included therein; provided, however, that the Company may at any time withdraw
or cease proceeding with any such Proposed Registration if it shall at the same
time withdraw or cease proceeding with the registration of all other Registrable
Securities originally proposed to be registered. In the event that the Proposed
Registration by the Company is, in whole or in part, an underwritten public
offering of securities of the Company, any request under this Section 2.2(b)
shall specify that the Registrable Securities be included in the underwriting on

                                       5

the same terms and conditions as the securities, if any, otherwise being sold
through underwriters under such registration.

     (c) Selection of Underwriters. The managing underwriter for any Proposed
Registration that involves an underwritten public offering shall be one or more
reputable nationally recognized investment banks selected by the Company and
reasonably acceptable to a majority in interest of the Holders, which consent
shall not be unreasonably withheld, delayed or conditioned.

     (d) Priority for Piggyback Registration. Notwithstanding any other
provision of this Agreement, if the managing underwriter of an underwritten
public offering determines and advises the Company and the Holders in writing
that the inclusion of all Registrable Securities proposed to be included by the
Holders of Registrable Securities in the underwritten public offering would
materially and adversely interfere with the successful marketing of the
Company's securities, then the Holders of Registrable Securities shall not be
permitted to include, in the aggregate, any Registrable Securities in excess of
the amount, if any, of Registrable Securities which the managing underwriter of
such underwritten public offering shall reasonably and in good faith agree in
writing to include in such public offering in addition to the amount of
securities to be registered for the Company (the "MAXIMUM OFFERING AMOUNT"). The
Company will be obligated to include in such Registration Statement only a
portion of the Registrable Securities such Holder has requested be registered
equal to the ratio which such Holder's requested Registrable Securities bears to
the total number of Registrable Securities requested to be included in such
Registration Statement by all Holders who have requested that their Registrable
Securities be included in such Registration Statement. It is acknowledged by the
parties hereto that pursuant to the foregoing provision, the securities to be
included in a registration initiated by the Company shall be allocated:

          (i)     first, to the Company;

          (ii)    second, pari passu to the Holders; and

          (iii)   third, to any others requesting registration of securities of
                  the Company.

If as a result of the provisions of this Section 2.2(d), any Holder shall not be
entitled to include more than fifty percent (50%) of its Registrable Securities
in a registration that such Holder has requested to be so included, such Holder
may withdraw such Holder's request to include Registrable Securities in such
Registration Statement.

     (e) Underwritten Offering. In the event that the Proposed Registration by
the Company is, in whole or in part, an underwritten public offering of
securities of the Company, any request under this Section 2.2 shall specify that
the Registrable Securities be included in the underwriting on the same terms and
conditions as the securities, if any, otherwise being sold through underwriters
under such registration.

     SECTION 2.3 FORM S-3 REGISTRATION. Any Holder or group of Holders holding
at least ten percent (10%) of the Registrable Securities (an "INITIATING FORM
S-3 HOLDER") may request at any time following the date hereof that the Company
file a Registration Statement under the Securities Act on Form S-3 (or similar
or successor form) covering the sale or other distribution

                                       6

of all or any portion of the Registrable Securities held by such Initiating Form
S-3 Holder pursuant to Rule 415 under the Securities Act ("FORM S-3 DEMAND") if
the Company is a registrant qualified to use Form S-3 (or any similar or
successor form) to register such Registrable Securities. If such condition is
met, the Company shall use its reasonable best efforts to register under the
Securities Act on Form S-3 (or any similar or successor form) at the earliest
practicable date, for sale in accordance with the method of disposition
specified in the Form S-3 Demand, the number of Registrable Securities specified
in such Form S-3 Demand. In connection with a Form S-3 Demand, the Company
agrees to include in the prospectus included in any Registration Statement on
Form S-3, such material describing the Company and intended to facilitate the
sale of securities being so registered as is reasonably requested for inclusion
therein by the Initiating Form S-3 Holders, whether or not the rules applicable
to preparation of Form S-3 require the inclusion of such information. Form S-3
Demands will not be deemed to be Demand Requests as described in Section 2.1
hereof and Holders shall have the right to request an unlimited number of Form
S-3 Demands. Notwithstanding the foregoing, the Company shall not be obligated
to file more than four (4) Registration Statements on Form S-3 pursuant to this
Section 2.3 in any given twelve (12) month period.

     SECTION 2.4 LOCK-UP AGREEMENTS. If any registration of Registrable
Securities shall be effected in connection with an underwritten public offering,
no Holder shall effect any public sale or distribution, including any sale
pursuant to Rule 144, of any shares of Common Stock or other security of the
Company (except as part of such underwritten public offering) during the period
beginning fourteen (14) days prior to the effective date of the applicable
Registration Statement until the earlier of: (i) such time as the Company and
the managing underwriter shall agree and (ii) one hundred and eighty (180) days.

     SECTION 2.5 REGISTRATION PROCEDURES.

     (a) Obligations of the Company. Whenever registration of Registrable
Securities is required pursuant to this Agreement, the Company shall use its
reasonable best efforts to effect the registration and sale of such Registrable
Securities in accordance with the intended method of distribution thereof as
promptly as possible, and in connection with any such request, the Company
shall, as expeditiously as possible:

          (i)     Preparation of Registration Statement; Effectiveness. Prepare
                  and file with the SEC (in any event not later than ninety (90)
                  days after receipt of a Demand Request to file a Registration
                  Statement with respect to Registrable Securities), a
                  Registration Statement on any form on which the Company then
                  qualifies, which counsel for the Company shall deem
                  appropriate and pursuant to which such offering may be made in
                  accordance with the intended method of distribution thereof
                  (except that the Registration Statement shall contain such
                  information as may reasonably be requested for marketing or
                  other purposes by the managing underwriter), and use its
                  reasonable best efforts to cause any registration required
                  hereunder to become effective as soon as practicable after the
                  initial filing thereof and remain effective for a period of
                  not less than one hundred and eighty (180) days (or such
                  shorter period in which all Registrable Securities have been
                  sold in accordance with the methods of

                                       7

                  distribution set forth in the Registration Statement);
                  provided, however, that, in the case of any registration of
                  Registrable Securities on Form S-3 which are intended to be
                  offered on a continuous or delayed basis, such one hundred and
                  eighty (180) day period shall be extended, if necessary, to
                  keep the Registration Statement effective until all such
                  Registrable Securities are sold, provided that Rule 415, or
                  any successor rule under the Securities Act, permits an
                  offering on a continuous or delayed basis. Notwithstanding the
                  foregoing, the Company may (A) defer the filing of a
                  Registration Statement for a period of not more than 90 days
                  (but not more than once in any twelve-month period) or (B)
                  suspend the use of a prospectus under a Registration Statement
                  on Form S-3 for a period not to exceed 30 days in any
                  three-month period or an aggregate of 90 days in any 12-month
                  period, in each case if the Board of Directors of the Company
                  determines in good faith that because of bona fide business
                  reasons (not including the avoidance of the Company's
                  obligations hereunder), including the acquisition or
                  divestiture of assets, pending corporate developments and
                  similar events, it is in the best interests of the Company to
                  delay the filing of such Registration Statement or to suspend
                  the use of such prospectus, and prior to delaying such filing
                  or suspending such use, the Company provides the Participating
                  Holders with written notice of such delay or suspension, which
                  notice need not specify the nature of the event giving rise to
                  such delay or suspension;

          (ii)    Participation in Preparation. Provide any Participating
                  Holder, any underwriter participating in any disposition
                  pursuant to a Registration Statement, and any attorney,
                  accountant or other agent retained by any Participating Holder
                  or underwriter (each, an "INSPECTOR" and, collectively, the
                  "INSPECTORS"), the opportunity to participate (including, but
                  not limited to, reviewing, commenting on and attending all
                  meetings) in the preparation of such Registration Statement,
                  each prospectus included therein or filed with the SEC and
                  each amendment or supplement thereto;

          (iii)   Due Diligence. For a reasonable period prior to the filing of
                  any Registration Statement pursuant to this Agreement, make
                  available for inspection and copying by the Inspectors such
                  financial and other information and books and records,
                  pertinent corporate documents and properties of the Company
                  and its subsidiaries and cause the officers, directors,
                  employees, counsel and independent certified public
                  accountants of the Company and its subsidiaries to respond to
                  such inquiries and to supply all information reasonably
                  requested by any such Inspector in connection with such
                  Registration Statement, as shall be reasonably necessary, in
                  the judgment of the respective counsel referred to in Section
                  2.5(a)(ii), to conduct a reasonable investigation within the
                  meaning of the Securities Act;

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          (iv)    General Notifications. Promptly notify in writing the
                  Participating Holders, the sales or placement agent, if any,
                  therefor and the managing underwriter of the securities being
                  sold, (A) when such Registration Statement or the prospectus
                  included therein or any prospectus amendment or supplement or
                  post-effective amendment has been filed, and, with respect to
                  any such Registration Statement or any post-effective
                  amendment, when the same has become effective, (B) when the
                  SEC notifies the Company whether there will be a "review" of
                  such Registration Statement, (C) of any comments (oral or
                  written) by the SEC and by the blue sky or securities
                  commissioner or regulator of any state with respect thereto
                  and (D) of any request by the SEC for any amendments or
                  supplements to such Registration Statement or the prospectus
                  or for additional information;

          (v)     10b-5 Notification. Promptly notify in writing the
                  Participating Holders, the sales or placement agent, if any,
                  therefor and the managing underwriter of the securities being
                  sold pursuant to any Registration Statement at any time when a
                  prospectus relating thereto is required to be delivered under
                  the Securities Act upon discovery that, or upon the happening
                  of any event as a result of which, any prospectus included in
                  such Registration Statement (or amendment or supplement
                  thereto) contains an untrue statement of a material fact or
                  omits to state any material fact required to be stated therein
                  or necessary to make the statements therein not misleading in
                  light of the circumstances under which they were made, and the
                  Company shall promptly prepare a supplement or amendment to
                  such prospectus and file it with the SEC (in any event no
                  later than ten (10) days following notice of the occurrence of
                  such event to each Participating Holder, the sales or
                  placement agent and the managing underwriter) so that after
                  delivery of such prospectus, as so amended or supplemented, to
                  the purchasers of such Registrable Securities, such
                  prospectus, as so amended or supplemented, shall not contain
                  an untrue statement of a material fact or omit to state any
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading in light of the
                  circumstances under which they were made;

          (vi)    Notification of Stop Orders; Suspensions of Qualifications and
                  Exemptions. Promptly notify in writing the Participating
                  Holders, the sales or placement agent, if any, therefor and
                  the managing underwriter of the securities being sold of the
                  issuance by the SEC of (A) any stop order issued or threatened
                  to be issued by the SEC or (B) any notification with respect
                  to the suspension of the qualification or exemption from
                  qualification of any of the Registrable Securities for sale in
                  any jurisdiction or the initiation or threatening of any
                  proceeding for such purpose, and the Company agrees to use its
                  reasonable best efforts to (x) prevent the issuance of any
                  such stop order, and in the event of such issuance, to obtain
                  the withdrawal of any such stop order and (y) obtain

                                       9

                  the withdrawal of any order suspending or preventing the use
                  of any related prospectus or suspending the qualification of
                  any Registrable Securities included in such Registration
                  Statement for sale in any jurisdiction at the earliest
                  practicable date;

          (vii)   Amendments and Supplements; Acceleration. Prepare and file
                  with the SEC such amendments, including post-effective
                  amendments to each Registration Statement as may be necessary
                  to keep such Registration Statement continuously effective for
                  the applicable time period required hereunder and if
                  applicable, file any Registration Statements pursuant to Rule
                  462(b) under the Securities Act; cause the related prospectus
                  to be supplemented by any required prospectus supplement, and
                  as so supplemented to be filed pursuant to Rule 424 (or any
                  similar provisions then in force) promulgated under the
                  Securities Act; and comply with the provisions of the
                  Securities Act and the Exchange Act with respect to the
                  disposition of all securities covered by such Registration
                  Statement during such period in accordance with the intended
                  methods of disposition by the sellers thereof set forth in
                  such Registration Statement as so amended or in such
                  prospectus as so supplemented. If a majority in interest of
                  the Participating Holders so request, request acceleration of
                  effectiveness of the Registration Statement from the SEC and
                  any post-effective amendments thereto, if any are filed;
                  provided that at the time of such request, the Company does
                  not in good faith believe that it is necessary to amend
                  further the Registration Statement in order to comply with the
                  provisions of this subparagraph. If the Company wishes to
                  further amend the Registration Statement prior to requesting
                  acceleration, it shall have five (5) days to so amend prior to
                  requesting acceleration;

          (viii)  Copies. Furnish as promptly as practicable to each
                  Participating Holder and Inspector prior to filing a
                  Registration Statement or any supplement or amendment thereto,
                  copies of such Registration Statement, supplement or amendment
                  as it is proposed to be filed, and after such filing such
                  number of copies of such Registration Statement, each
                  amendment and supplement thereto (in each case including all
                  exhibits thereto), the prospectus included in such
                  Registration Statement (including each preliminary prospectus)
                  and such other documents as each such Participating Holder or
                  underwriter may reasonably request in order to facilitate the
                  disposition of the Registrable Securities owned by such
                  Participating Holder;

          (ix)    Blue Sky. Use its reasonable best efforts to, prior to any
                  public offering of the Registrable Securities, register or
                  qualify (or seek an exemption from registration or
                  qualifications) such Registrable Securities under such other
                  securities or blue sky laws of such jurisdictions as any
                  Participating Holder or underwriter may request, and to
                  continue such qualification in effect in each such
                  jurisdiction for as long as is permissible pursuant to the
                  laws of such jurisdiction, or for as long as a Participating
                  Holder or underwriter requests or until all of such
                  Registrable Securities are sold,

                                       10

                  whichever is shortest, and do any and all other acts and
                  things which may be reasonably necessary or advisable to
                  enable any Participating Holder to consummate the disposition
                  in such jurisdictions of the Registrable Securities;

          (x)     Other Approvals. Use its reasonable best efforts to obtain all
                  other approvals, consents, exemptions or authorizations from
                  such governmental agencies or authorities as may be necessary
                  to enable the Participating Holders and underwriters to
                  consummate the disposition of Registrable Securities;

          (xi)    Agreements. Enter into customary agreements (including any
                  underwriting agreements in customary form), and take such
                  other actions as may be reasonably required in order to
                  expedite or facilitate the disposition of Registrable
                  Securities;

          (xii)   "Cold Comfort" Letter. Obtain a "cold comfort" letter from the
                  Company's independent public accountants in customary form and
                  covering such matters of the type customarily covered by "cold
                  comfort" letters as the managing underwriter may reasonably
                  request, and reasonably satisfactory to a majority in interest
                  of the Participating Holders;

          (xiii)  Legal Opinion. Furnish, at the request of any underwriter of
                  Registrable Securities on the date such securities are
                  delivered to the underwriters for sale pursuant to such
                  registration, an opinion, dated such date, of counsel
                  representing the Company for the purposes of such
                  registration, addressed to the Holders, and the placement
                  agent or sales agent, if any, thereof and the underwriters, if
                  any, thereof, covering such legal matters with respect to the
                  registration in respect of which such opinion is being given
                  as such underwriter may reasonably request and as are
                  customarily included in such opinions, and reasonably
                  satisfactory to a majority in interest of the Participating
                  Holders;

          (xiv)   SEC Compliance; Earnings Statement. Use its reasonable best
                  efforts to comply with all applicable rules and regulations of
                  the SEC and make available to its shareholders, as soon as
                  reasonably practicable, but no later than fifteen (15) months
                  after the effective date of any Registration Statement, an
                  earnings statement covering a period of twelve (12) months
                  beginning after the effective date of such Registration
                  Statement, in a manner which satisfies the provisions of
                  Section 11(a) of the Securities Act and Rule 158 thereunder;

          (xv)    Certificates; Closing. Provide officers' certificates and
                  other customary closing documents;

                                       11

          (xvi)   NASD. Cooperate with each Participating Holder and each
                  underwriter participating in the disposition of such
                  Registrable Securities and underwriters' counsel in connection
                  with any filings required to be made with the NASD;

          (xvii)  Road Show. Cause appropriate officers as are requested by a
                  managing underwriter to participate in a "road show" or
                  similar marketing effort being conducted by such underwriter
                  with respect to an underwritten public offering;

          (xviii) Listing. Use its reasonable best efforts to cause all such
                  Registrable Securities to be listed on each securities
                  exchange on which similar securities issued by the Company are
                  then listed and if not so listed, to be listed on the NASD
                  automated quotation system;

          (xix)   Transfer Agent, Registrar and CUSIP. Provide a transfer agent
                  and registrar for all Registrable Securities registered
                  pursuant hereto and a CUSIP number for all such Registrable
                  Securities, in each case, no later than the effective date of
                  such registration;

          (xx)    Private Sales. Use its reasonable best efforts to assist a
                  Holder in facilitating private sales of Registrable Securities
                  by, among other things, providing officers' certificates and
                  other customary closing documents reasonably requested by a
                  Holder; and

          (xxi)   Reasonable Best Efforts. Use its reasonable best efforts to
                  take all other actions necessary to effect the registration of
                  the Registrable Securities contemplated hereby.

     (b) Seller Information. The Company may require each Participating Holder
as to which any registration of such Holder's Registrable Securities is being
effected to furnish to the Company such information regarding such Holder and
such Holder's method of distribution of such Registrable Securities as the
Company may from time to time reasonably request in writing. If a Holder refuses
to provide the Company with any of such information on the grounds that it is
not necessary to include such information in the Registration Statement, the
Company may exclude such Participating Holder's Registrable Securities from the
Registration Statement if the Company provides such Participating Holder with an
opinion of counsel to the effect that such information must be included in the
Registration Statement and such Participating Holder continues thereafter to
withhold such information. The exclusion of a Participating Holder's Registrable
Securities shall not affect the registration of the other Registrable Securities
to be included in the Registration Statement.

     (c) Notice to Discontinue. Each Participating Holder whose Registrable
Securities are covered by a Registration Statement filed pursuant to this
Agreement agrees that, upon receipt of written notice from the Company of the
happening of any event of the kind described in Section 2.5(a)(v), such
Participating Holder shall forthwith discontinue the disposition of Registrable
Securities until such Participating Holder's receipt of the copies of the
supplemented

                                       12

or amended prospectus contemplated by Section 2.5(a)(v) or until it is advised
in writing by the Company that the use of the prospectus may be resumed and has
received copies of any additional or supplemental filings which are incorporated
by reference into the prospectus, and, if so directed by the Company in the case
of an event described in Section 2.5(a)(v), such Participating Holder shall
deliver to the Company (at the Company's expense) all copies, other than
permanent file copies then in such Participating Holder's possession, of the
prospectus covering such Registrable Securities which is current at the time of
receipt of such notice. If the Company shall give any such notice, the Company
shall extend the period during which such Registration Statement is to be
maintained effective by the number of days during the period from and including
the date of the giving of such notice pursuant to Section 2.5(a)(v) to and
including the date when the Participating Holder shall have received the copies
of the supplemented or amended prospectus contemplated by, and meeting the
requirements of, Section 2.5(a)(v).

     SECTION 2.6 REGISTRATION EXPENSES. Except as otherwise provided herein, all
Registration Expenses shall be borne by the Company. All Selling Expenses
relating to Registrable Securities registered shall be borne by the
Participating Holders of such Registrable Securities pro rata on the basis of
the number of Registrable Securities so registered.

     SECTION 2.7 INDEMNIFICATION

     (a) Indemnification by the Company. The Company agrees, notwithstanding
termination of this Agreement, to indemnify and hold harmless to the fullest
extent permitted by law, each Holder, each of their directors, officers,
employees, advisors, agents and general or limited partners (and the directors,
officers, employees, advisors and agents thereof), their respective Affiliates
and each Person who controls (within the meaning of the Securities Act or the
Exchange Act) any of such Persons, and each underwriter and each Person who
controls (within the meaning of the Securities Act or the Exchange Act) any
underwriter (collectively, "HOLDER INDEMNIFIED PARTIES") from and against any
and all losses, claims, damages, expenses (including, without limitation,
reasonable costs of investigation and fees, disbursements and other charges of
counsel, any amounts paid in settlement effected with the Company's consent,
which consent shall not be unreasonably withheld or delayed and any costs
incurred in enforcing the Company's indemnification obligations hereunder) or
other liabilities (collectively, "LOSSES") to which any such Holder Indemnified
Party may become subject under the Securities Act, Exchange Act, any other
federal law, any state or common law or any rule or regulation promulgated
thereunder or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) are resulting from or
arising out of or based upon (i) any untrue, or alleged untrue, statement of a
material fact contained in any Registration Statement, prospectus or preliminary
prospectus (as amended or supplemented) or any document incorporated by
reference in any of the foregoing or resulting from or arising out of or based
upon any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein (in the case of
a prospectus, in light of the circumstances under which they were made), not
misleading or (ii) any violation by the Company of the Securities Act, Exchange
Act, any other federal law, any state or common law or any rule or regulation
promulgated thereunder or otherwise incident to any registration, qualification
or compliance and in any such case, the Company will promptly reimburse each
such Holder Indemnified Party for any legal and any other Losses reasonably
incurred in

                                       13

connection with investigating, preparing or defending any such claim, loss,
damage, liability, action or investigation or proceeding (collectively, a
"CLAIM"). Such indemnity obligation shall remain in full force and effect
regardless of any investigation made by or on behalf of the Holder Indemnified
Parties and shall survive the transfer of Registrable Securities by such Holder
Indemnified Parties.

     (b) Indemnification by Holders. In connection with any proposed
registration in which a Holder is participating pursuant to this Agreement, each
such Holder shall furnish to the Company in writing such information with
respect to such Holder as the Company may reasonably request or as may be
required by law for use in connection with any Registration Statement or
prospectus or preliminary prospectus to be used in connection with such
registration and each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Company, any underwriter retained by the Company and their
respective directors, officers, partners, employees, advisors and agents, their
respective Affiliates and each Person who controls (within the meaning of the
Securities Act or the Exchange Act) any of such Persons to the same extent as
the foregoing indemnity from the Company to the Holder Indemnified Parties as
set forth in Section 2.7(a) (subject to the exceptions set forth in the
foregoing indemnity, the proviso to this sentence and applicable law), but only
with respect to any such information furnished in writing by such Holder
expressly for use therein; provided, however, that the liability of any Holder
under this Section 2.7(b) shall be limited to the amount of the net proceeds
received by such Holder in the offering giving rise to such liability. Such
indemnity obligation shall remain in full force and effect regardless of any
investigation made by or on behalf of the Holder Indemnified Parties (except as
provided above) and shall survive the transfer of Registrable Securities by such
Holder.

     (c) Conduct of Indemnification Proceedings. Any Person entitled to
indemnification hereunder (the "INDEMNIFIED PARTY") agrees to give prompt
written notice to the indemnifying party (the "INDEMNIFYING PARTY") after the
receipt by the Indemnified Party of any written notice of the commencement of
any action, suit, proceeding or investigation or threat thereof made in writing
for which the Indemnified Party intends to claim indemnification or contribution
pursuant to this Agreement; provided, however, that, the failure so to notify
the Indemnifying Party shall not relieve the Indemnifying Party of any liability
that it may have to the Indemnified Party hereunder unless and to the extent
such Indemnifying Party is materially prejudiced by such failure. If notice of
commencement of any such action is given to the Indemnifying Party as above
provided, the Indemnifying Party shall be entitled to participate in and, to the
extent it may wish, jointly with any other Indemnifying Party similarly
notified, to assume the defense of such action at its own expense, with counsel
chosen by it and reasonably satisfactory to such Indemnified Party. The
Indemnified Party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such
counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party
agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense
of such action with counsel satisfactory to the Indemnified Party in its
reasonable judgment or (iii) the named parties to any such action (including,
but not limited to, any impleaded parties) reasonably believe that the
representation of such Indemnified Party and the Indemnifying Party by the same
counsel would be inappropriate under applicable standards of professional
conduct. In the case of clause (ii) above and (iii) above, the Indemnifying
Party shall not have the right to assume the defense of such action on behalf of
such Indemnified Party. No Indemnifying Party shall be liable for any

                                       14

settlement entered into without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the written consent
of the Indemnified Party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the Indemnified Party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (A)
includes an unconditional release of the Indemnified Party from all liability
arising out of such action or claim and (B) does not include a statement as to,
or an admission of, fault, culpability or a failure to act by or on behalf of
any Indemnified Party. The rights afforded to any Indemnified Party hereunder
shall be in addition to any rights that such Indemnified Party may have at
common law, by separate agreement or otherwise.

     (d) Contribution. If the indemnification provided for in this Section 2.7
from the Indemnifying Party is unavailable or insufficient to hold harmless an
Indemnified Party in respect of any Losses referred to herein, then the
Indemnifying Party, in lieu of indemnifying the Indemnified Party, shall
contribute to the amount paid or payable by the Indemnified Party as a result of
such Losses in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party and the Indemnified Party, as well as any other
relevant equitable considerations. The relative faults of the Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, was
made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the Indemnifying Party's and Indemnified Party's relative
intent, knowledge, access to information and opportunity to correct or prevent
such action; provided, however, that the liability of any Holder under this
Section 2.7(d) shall be limited to the amount of the net proceeds received by
such Holder in the offering giving rise to such liability. The amount paid or
payable by a party as a result of the Losses or other liabilities referred to
above shall be deemed to include, subject to the limitations set forth in
Sections 2.7(a), 2.7(b) and 2.7(c), any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or
proceeding.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 2.7(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution pursuant to this
Section 2.7(d).

     SECTION 2.8 RULE 144 AND RULE 144A; OTHER EXEMPTIONS. With a view to making
available to the Holders the benefits of Rule 144 and Rule 144A promulgated
under the Securities Act and other rules and regulations of the SEC that may at
any time permit a Holder to sell securities of the Company to the public without
registration, the Company covenants that it shall (i) file in a timely manner
all reports and other documents required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC
thereunder and (ii) take such further action as each Holder may reasonably
request (including, but not limited to, providing any information necessary to
comply with Rule 144 and Rule 144A, if available with respect to resales of the
Registrable Securities under the Securities Act), at all

                                       15

times from and after the date which is ninety (90) days following the date
hereof, all to the extent required from time to time to enable such Holder to
sell Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by (x) Rule 144 and Rule 144A (if
available with respect to resales of the Registrable Securities) under the
Securities Act, as such rules may be amended from time to time or (y) any other
rules or regulations now existing or hereafter adopted by the SEC. Upon the
written request of a Holder, the Company shall deliver to the Holder a written
statement as to whether it has complied with such requirements.

     SECTION 2.9 CERTAIN LIMITATIONS ON REGISTRATION RIGHTS. No Holder may
participate in any Registration Statement hereunder unless such Holder completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements, and other documents reasonably required under the terms of such
underwriting arrangements, and agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting agreement approved by the
Holder or Holders entitled hereunder to approve such arrangements; provided,
however, that no such Holder shall be required to make any representations or
warranties to the Company or the underwriters in connection with any such
registration other than representations and warranties as to (i) such Holder's
ownership of its Registrable Securities to be sold or transferred, (ii) such
Holder's power and authority to effect such transfer and (iii) such matters
pertaining to compliance with applicable securities laws as may be reasonably
requested. Such Holders of Registrable Securities to be sold by such
underwriters may, at their option, require that any or all of the
representations and warranties by, and the other agreements on the part of the
Company to and for the benefit of such underwriters, shall also be made to and
for the benefit of such Holders and that any or all of the conditions precedent
to the obligations of the underwriters under the underwriting agreement be
conditions precedent to the obligations of the Holders.

     SECTION 2.10 LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. The Company
represents and warrants that it has not granted registration rights prior to the
date hereof and agrees that from and after the date hereof, it shall not,
without the prior written consent of the Holders of at least fifty percent (50%)
of the Registrable Securities then outstanding, enter into any agreement (or
amendment or waiver of the provisions of any agreement) with any holder or
prospective holder of any securities of the Company that would grant such holder
registration rights that are more favorable, pari passu or senior to those
granted to the Investors hereunder.

     SECTION 2.11 TRANSFER OF REGISTRATION RIGHTS. The rights of a Holder
hereunder may be transferred or assigned in connection with a transfer of
Registrable Securities to (i) any Affiliate of a Holder, (ii) any subsidiary,
parent, partner, retired partner, limited partner, shareholder or member of a
Holder or (iii) any family member or trust for the benefit of any Holder, or
(iv) any transferee who, after such transfer, holds at least one thousand
(1,000) Registrable Securities (as adjusted for any stock dividends, stock
splits, combinations and reorganizations and similar events). Notwithstanding
the foregoing, such rights may only be transferred or assigned provided that all
of the following additional conditions are satisfied: (a) such transfer or
assignment is effected in accordance with applicable securities laws; (b) such
transferee or assignee agrees in writing to become subject to the terms of this
Agreement; and (c) the Company is given written notice by such Holder of such
transfer or assignment, stating

                                       16

the name and address of the transferee or assignee and identifying the
Registrable Securities with respect to which such rights are being transferred
or assigned.

                                   ARTICLE III
                               GENERAL PROVISIONS

     SECTION 3.1 SURVIVAL OF AGREEMENTS. All covenants, agreements,
representations and warranties made in the LLC Agreement or any certificate or
instrument delivered to the Investors pursuant to or in connection with the LLC
Agreement shall survive the execution and delivery of the LLC Agreement and all
statements contained in any certificate or other instrument delivered by the
Company hereunder or thereunder or in connection herewith or therewith shall be
deemed to constitute representations and warranties made by the Company.

     SECTION 3.2 ENTIRE AGREEMENT. This Agreement and any certificates,
documents, instruments and writings that are delivered pursuant hereto,
constitutes the entire agreement and understanding of the parties in respect of
the subject matter hereof and supersedes all prior understandings, agreements or
representations by or among the parties, written or oral, to the extent they
relate in any way to the subject matter hereof. Some of the parties hereto have
entered into a Registration Rights Agreement, dated as of May 1, 2006 (the
"Existing LLC Registration Rights Agreement"), and such parties agree that all
obligations and rights under the Existing LLC Registration Rights Agreement are
hereby terminated and have lapsed.

     SECTION 3.3 ASSIGNMENT; BINDING EFFECT. Except as otherwise provided in
Section 2.11, no party may assign either this Agreement or any of its rights,
interests or obligations hereunder without the prior written approval of the
other parties; provided that without the consent of any other party hereto the
rights of the Investors hereunder are assignable to an assignee or transferee
who acquires all of the Units held by an Investor, as the case may be. All of
the terms, agreements, covenants, representations, warranties and conditions of
this Agreement are binding upon, and inure to the benefit of and are enforceable
by, the parties and their respective successors and permitted assigns.

     SECTION 3.4 NOTICES. All notices, requests and other communications
provided for or permitted to be given under this Agreement must be in writing
and shall be given by personal delivery, by certified or registered United
States mail (postage prepaid, return receipt requested), by a nationally
recognized overnight delivery service for next day delivery, or by facsimile
transmission, to the address listed for each party in the LLC Agreement (or to
such other address as any party may give in a notice given in accordance with
the provisions hereof). All notices, requests or other communications will be
effective and deemed given only as follows: (i) if given by personal delivery,
upon such personal delivery, (ii) if sent by certified or registered mail, on
the fifth business day after being deposited in the United States mail, (iii) if
sent for next day delivery by overnight delivery service, on the date of
delivery as confirmed by written confirmation of delivery, (iv) if sent by
facsimile, upon the transmitter's confirmation of receipt of such facsimile
transmission, except that if such confirmation is received after 5:00 p.m. (in
the recipient's time zone) on a business day, or is received on a day that is
not a business day, then

                                       17

such notice, request or communication will not be deemed effective or given
until the next succeeding business day. Notices, requests and other
communications sent in any other manner, including by electronic mail, will not
be effective.

     SECTION 3.5 SPECIFIC PERFORMANCE; REMEDIES. Each party acknowledges and
agrees that the other parties would be damaged irreparably if any provision of
this Agreement were not performed in accordance with its specific terms or were
otherwise breached. Accordingly, the parties will be entitled to an injunction
or injunctions to prevent breaches of the provisions of this Agreement and to
enforce specifically this Agreement and its provisions in any action or
proceeding instituted in any state or federal court sitting in New York City,
New York having jurisdiction over the parties and the matter, in addition to any
other remedy to which they may be entitled, at law or in equity. Except as
expressly provided herein, the rights, obligations and remedies created by this
Agreement are cumulative and in addition to any other rights, obligations or
remedies otherwise available at law or in equity. Except as expressly provided
herein, nothing herein will be considered an election of remedies.

     SECTION 3.6 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.

     (a) Submission to Jurisdiction. Any action, suit or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby shall only be
brought in any state or federal court sitting in New York City, New York, and
each party consents to the exclusive jurisdiction and venue of such courts (and
of the appropriate appellate courts therefrom) in any such action, suit or
proceeding and irrevocably waives, to the fullest extent permitted by law, any
objection that it may now or hereafter have to the laying of the venue of any
such, action, suit or proceeding in any such court or that any such action, suit
or proceeding brought in any such court has been brought in an inconvenient
forum. Process in any such action, suit or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such
court. Without limiting the foregoing, service of process on such party as
provided in Section 3.4 shall be deemed effective service of process on such
party.

     (b) Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES THAT ANY DISPUTE THAT MAY
ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE SUCH PARTY HEREBY EXPRESSLY WAIVES ITS RIGHT TO
JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE
TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO
ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT
MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY REPRESENTS THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT
IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING
WAIVER, (ii) SUCH PARTY UNDERSTANDS AND WITH THE ADVICE OF COUNSEL HAS

                                       18

CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION
3.6(b).

     SECTION 3.7 GOVERNING LAW. This Agreement will be governed by and construed
in accordance with the laws of the State of Delaware, without giving effect to
any choice of law principles.

     SECTION 3.8 HEADINGS. The article and section headings contained in this
Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement.

     SECTION 3.9 AMENDMENTS. This Agreement may not be amended or modified
without the written consent of the Company and the Holders of at least fifty
percent (50%) of the Registrable Securities then outstanding; provided, however,
that any amendment or modification that adversely affects the rights of one or
more Holders of Registrable Securities under this Agreement, in their capacity
as such, in a manner that is materially different from the manner in which such
amendment or modification affects the rights of other Holders of Registrable
Securities under this Agreement, in their capacity as such, shall require the
consent of each such adversely affected Holder.

     SECTION 3.10 EXTENSIONS; WAIVERS. Any party may, for itself only, (a)
extend the time for the performance of any of the obligations of any other party
under this Agreement, (b) waive any inaccuracies in the representations and
warranties of any other party contained herein or in any document delivered
pursuant hereto and (c) waive compliance with any of the agreements or
conditions for the benefit of such party contained herein. Any such extension or
waiver will be valid only if set forth in a writing signed by the party to be
bound thereby. No waiver by any party of any default, misrepresentation or
breach of warranty or covenant hereunder, whether intentional or not, may be
deemed to extend to any prior or subsequent default, misrepresentation or breach
of warranty or covenant hereunder or affect in any way any rights arising
because of any prior or subsequent such occurrence. Neither the failure nor any
delay on the part of any party to exercise any right or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy preclude any other or further exercise of the
same or of any other right or remedy.

     SECTION 3.11 SEVERABILITY. The provisions of this Agreement will be deemed
severable and the invalidity or unenforceability of any provision will not
affect the validity or enforceability of the other provisions hereof; provided
that if any provision of this Agreement, as applied to any party or to any
circumstance, is judicially determined not to be enforceable in accordance with
its terms, the parties agree that the court judicially making such determination
may modify the provision in a manner consistent with its objectives such that it
is enforceable, and/or to delete specific words or phrases, and in its modified
form, such provision will then be enforceable and will be enforced.

     SECTION 3.12 COUNTERPARTS; EFFECTIVENESS. This Agreement may be executed in
two or more counterparts, each of which will be deemed an original but all of
which together will

                                       19

constitute one and the same instrument. This Agreement will become effective
when one or more counterparts have been signed by each of the parties and
delivered to the other parties. For purposes of determining whether a party has
signed this Agreement or any document contemplated hereby or any amendment or
waiver hereof, only a handwritten original signature on a paper document or a
facsimile copy of such a handwritten original signature shall constitute a
signature, notwithstanding any law relating to or enabling the creation,
execution or delivery of any contract or signature by electronic means.

     SECTION 3.13 CONSTRUCTION. This Agreement has been freely and fairly
negotiated among the parties. If an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by
the parties and no presumption or burden of proof will arise favoring or
disfavoring any party because of the authorship of any provision of this
Agreement. Any reference to any law will be deemed to refer to such law as in
effect on the date hereof and all rules and regulations promulgated thereunder,
unless the context requires otherwise. The words "include," "includes," and
"including" will be deemed to be followed by "without limitation." Pronouns in
masculine, feminine, and neuter genders will be construed to include any other
gender, and words in the singular form will be construed to include the plural
and vice versa, unless the context otherwise requires. The words "this
Agreement," "herein," "hereof," "hereby," "hereunder," and words of similar
import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties intend that each representation,
warranty, and covenant contained herein will have independent significance. If
any party has breached any covenant contained herein in any respect, the fact
that there exists another covenant relating to the same subject matter
(regardless of the relative levels of specificity) which the party has not
breached will not detract from or mitigate the fact that the party is in breach
of the first covenant. Time is of the essence in the performance of this
Agreement.

     SECTION 3.14 ATTORNEYS' FEES. If any dispute among any parties arises in
connection with this Agreement, the prevailing party in the resolution of such
dispute in any action or proceeding will be entitled to an order awarding full
recovery of reasonable attorneys' fees and expenses, costs and expenses
(including experts' fees and expenses and the costs of enforcing this Section
3.14) incurred in connection therewith, including court costs, from the
non-prevailing party.

     SECTION 3.15 ADJUSTMENTS FOR STOCK SPLITS, ETC. Wherever in this Agreement
there is a reference to a specific number of shares of the Company's capital
stock of any class or series, then, upon the occurrence of any subdivision,
combination or stock dividend of such class or series of stock, the specific
number of shares so referenced in this Agreement will automatically be
proportionally adjusted to reflect the effect of such subdivision, combination
or stock dividend on the outstanding shares of such class or series of stock.

                            [SIGNATURE PAGES FOLLOW]

                                       20

          IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement as of the date first above written.

COMPANY:                                BIOFUEL ENERGY CORP.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                Signature page 1 to Registration Rights Agreement

BFE LLC:                                BIOFUEL ENERGY, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                Signature page 2 to Registration Rights Agreement

INVESTORS:                              GREENLIGHT CAPITAL, L.P.
                                        By: Greenlight Capital, LLC,
                                        its general partner

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        GREENLIGHT CAPITAL QUALIFIED, L.P.
                                        By: Greenlight Capital, LLC,
                                        its general partner

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        GREENLIGHT CAPITAL OFFSHORE, LTD.
                                        By: Greenlight Capital, Inc.,
                                        its [____]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        GREENLIGHT REINSURANCE, LTD.
                                        By: DME Advisors, LP,
                                        its [____]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                Signature page 3 to Registration Rights Agreement

                                        THIRD POINT PARTNERS LP
                                        By: Third Point Advisors L.L.C.,
                                        its general partner

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        THIRD POINT PARTNERS QUALIFIED, L.P.
                                        By: Third Point Advisors L.L.C.,
                                        its general partner

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        ----------------------------------------
                                        Daniel S. Loeb

                                        ----------------------------------------
                                        Lawrence J. Bernstein

                                        ----------------------------------------
                                        Todd Q. Swanson

                Signature page 4 to Registration Rights Agreement

                                        BIOFUEL PARTNERS, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        CARGILL BIOFUELS INVESTMENTS, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        ----------------------------------------
                                        Thomas J. Edelman

                                        ----------------------------------------
                                        Barrie M. Damson

                                        ETHANOL BUSINESS GROUP, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        ----------------------------------------
                                        Elliot Jaffe

                                        ----------------------------------------
                                        David J. Kornder

                                        ----------------------------------------
                                        William W. Huffman, Jr.

                Signature page 5 to Registration Rights Agreement

                                        ----------------------------------------
                                        Timothy S. Morris

                                        ----------------------------------------
                                        JonAlan C. Page

                                        ----------------------------------------
                                        Scott H. Pearce

                                        ----------------------------------------
                                        Irik P. Sevin

                                        SFI L.P.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        General Partner

                                        ----------------------------------------
                                        Lance T. Shaner

                                        ----------------------------------------
                                        Daniel J. Simon

                                        Nancy and John Snyder Foundation

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                Signature page 6 to Registration Rights Agreement

                                        ----------------------------------------
                                        Michael N. Stefanoudakis

                                        ----------------------------------------
                                        Eric D. Streisand

                                        WCIOSAQ CORP.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                Signature page 6 to Registration Rights AgreementExhibit 10.24

                              BIOFUEL ENERGY CORP.
                     2007 EQUITY INCENTIVE COMPENSATION PLAN

            SECTION 1. Purpose. The purpose of this BioFuel Energy Corp. 2007
Equity Incentive Compensation Plan is to promote the interests of BioFuel Energy
Corp., a Delaware corporation (the "Company"), and its stockholders by (a)
attracting and retaining exceptional directors, officers, employees and
consultants (including prospective directors, officers, employees and
consultants) of the Company and its Affiliates (as defined below) and (b)
enabling such individuals to participate in the long-term growth and financial
success of the Company.

            SECTION 2. Definitions. As used herein, the following terms shall
have the meanings set forth below:

            "Affiliate" means (a) any entity that, directly or indirectly, is
controlled by, controls or is under common control with, the Company and (b) any
entity in which the Company has a significant equity interest, in either case as
determined by the Committee.

            "Award" means any award that is permitted under Section 6 and
granted under the Plan.

            "Award Agreement" means any written agreement, contract or other
instrument or document evidencing any Award, which may, but need not, require
execution or acknowledgment by a Participant.

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

            "Change of Control" shall (a) have the meaning set forth in an Award
Agreement or (b) if there is no definition set forth in an Award Agreement, mean
the occurrence of any of the following events, not including any events
occurring prior to or in connection with the initial public offering of Shares
(including the occurrence of such initial public offering):

                  (i) a merger or consolidation of the Company with any other
entity, unless the proposed merger or consolidation would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 60% of the total voting power
represented by the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation;

                  (ii) a plan of complete liquidation of the Company shall have
been adopted or the holders of voting securities of the Company shall have
approved an

                                                                               2

agreement for the sale or disposition by the Company (in one transaction or a
series of transactions) of all or substantially all of the Company's assets;

                  (iii) any "person" (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 ("1934 Act")) shall become the
"beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly or
indirectly, of 25% or more of the combined voting power of the Company's then
outstanding securities, other than any holders of the Company which held in
excess of 25% of the combined voting power at the time this Plan was adopted;

                  (iv) during any period of two consecutive years, members who
at the beginning of such period constituted the Board shall have ceased for any
reason to constitute a majority thereof, unless the election, or nomination for
election by the Company's equity holders, of each director shall have been
approved by the vote of at least two-thirds of the directors then still in
office and who were directors at the beginning of such period (so long as such
director was not nominated by a person who has expressed an intent to effect a
Change in Control or engage in a proxy or other control contest); or

                  (v) the occurrence of any other change in control of a nature
that would be required to be reported in accordance with Form 8-K pursuant to
Sections 13 or 15(d) of the Exchange Act or in the Company's proxy statement in
accordance with Schedule 14A of Regulation 14A promulgated under the Exchange
Act, or in any successor forms or regulations to the same effect.

            Notwithstanding the foregoing, in no event shall a Change in Control
be deemed to occur upon the occurrence of any of the following: (i) any
acquisition of the Company's equity interests or shares by the Company, (ii) any
acquisition of the Company's equity interests or shares by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any entity
controlled by the Company or (iii) any recapitalization or corporate conversion
of the Company in advance of an initial public offering.

            "Code" means the Internal Revenue Code of 1986, as amended from time
to time, and the regulations promulgated thereunder.

            "Committee" means the compensation committee of the Board, or such
other committee of the Board as may be designated by the Board to administer the
Plan.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute thereto.

            "Exercise Price" means (a) in the case of Options, the price
specified in the applicable Award Agreement as the price-per-Share at which
Shares may be purchased pursuant to such Option or (b) in the case of SARs, the
price specified in the applicable Award Agreement as the reference
price-per-Share used to calculate the amount payable to the Participant.

                                                                               3

            "Fair Market Value" means (a) with respect to any property other
than Shares, the fair market value of such property determined by such methods
or procedures as shall be established from time to time by the Committee and (b)
with respect to the Shares, as of any date, (i) the closing per share sales
price of the Shares (A) as reported by Nasdaq for such date or (B) if the Shares
are listed on any other national stock exchange, as reported on the stock
exchange composite tape for securities traded on such stock exchange for such
date or, with respect to each of clauses (A) and (B), if there were no sales on
such date, on the closest preceding date on which there were sales of Shares or
(ii) in the event there shall be no public market for the Shares on such date,
the fair market value of the Shares as determined in good faith by the
Committee.

            "Incentive Stock Option" means an option to purchase Shares from the
Company that (a) is granted under Section 6 and (b) is intended to qualify for
special Federal income tax treatment pursuant to Sections 421 and 422 of the
Code, as now constituted or subsequently amended, or pursuant to a successor
provision of the Code, and which is so designated in the applicable Award
Agreement.

            "Independent Director" means a member of the Board who is neither
(a) an employee of the Company nor (b) an employee of any Affiliate, and who, at
the time of acting, is a "Non-Employee Director" under Rule 16b-3.

            "IRS" means the Internal Revenue Service or any successor thereto
and includes the staff thereof.

            "Nasdaq" means the Nasdaq Global Market.

            "Nonqualified Stock Option" means an option to purchase Shares from
the Company that (a) is granted under Section 6 and (b) is not an Incentive
Stock Option.

            "Option" means an Incentive Stock Option or a Nonqualified Stock
Option or both, as the context requires.

            "Participant" means any director, officer, employee or consultant
(including any prospective director, officer, employee or consultant) of the
Company or its Affiliates who is eligible for an Award under Section 5 and who
is selected by the Committee to receive an Award under the Plan or who receives
a Substitute Award pursuant to Section 4(c).

            "Performance Compensation Award" means any Award designated by the
Committee as a Performance Compensation Award pursuant to Section 6(e).

            "Performance Criteria" means the criterion or criteria that the
Committee shall select for purposes of establishing a Performance Goal for a
Performance Period with respect to any Performance Compensation Award or
Performance Unit under the Plan.

            "Performance Formula" means, for a Performance Period, the one or
more objective formulas applied against the relevant Performance Goal to
determine, with

                                                                               4

regard to the Performance Compensation Award, or Performance Unit of a
particular Participant, whether all, a portion or none of the Award has been
earned for the Performance Period.

            "Performance Goal" means, for a Performance Period, the one or more
goals established by the Committee for the Performance Period based upon the
Performance Criteria.

            "Performance Period" means the one or more periods of time as the
Committee may select over which the attainment of one or more Performance Goals
will be measured for the purpose of determining a Participant's right to and the
payment of a Performance Compensation Award or Performance Unit.

            "Performance Unit" means an Award under Section 6(f) that has a
value set by the Committee (or that is determined by reference to a valuation
formula specified by the Committee or the Fair Market Value of Shares), which
value may be paid to the Participant by delivery of such property as the
Committee shall determine, including without limitation, cash or Shares, or any
combination thereof, upon achievement of such Performance Goals during the
relevant Performance Period as the Committee shall establish at the time of such
Award or thereafter.

            "Plan" means this BioFuel Energy Corp. 2007 Equity Incentive
Compensation Plan, as in effect from time to time.

            "Restricted Share" means a Share delivered under the Plan that is
subject to certain transfer restrictions, forfeiture provisions and/or other
terms and conditions specified herein and in the applicable Award Agreement.

            "RSU" means a restricted stock unit Award that is designated as such
in the applicable Award Agreement and that represents an unfunded and unsecured
promise to deliver Shares, cash, other securities, other Awards or other
property in accordance with the terms of the applicable Award Agreement.

            "Rule 16b-3" means Rule 16b-3 as promulgated and interpreted by the
SEC under the Exchange Act or any successor rule or regulation thereto as in
effect from time to time.

            "SAR" means a stock appreciation right Award that represents an
unfunded and unsecured promise to deliver Shares, cash, other securities, other
Awards or other property equal in value to the excess, if any, of the Fair
Market Value per Share over the Exercise Price per Share of the SAR, subject to
the terms of the applicable Award Agreement.

            "SEC" means the Securities and Exchange Commission or any successor
thereto and shall include the staff thereof.

            "Shares" means shares of common stock of the Company, $0.01 par
value, or such other securities of the Company (a) into which such shares shall
be changed by

                                                                               5

reason of a recapitalization, merger, consolidation, split-up, combination,
exchange of shares or other similar transaction or (b) as may be determined by
the Committee pursuant to Section 4(b).

            "Subsidiary" means any entity in which the Company, directly or
indirectly, possesses 50% or more of the total combined voting power of all
classes of its stock.

            "Substitute Awards" shall have the meaning specified in Section
4(c).

            SECTION 3. Administration. (a) Composition of Committee. The Plan
shall be administered by the Committee, which shall be composed of one or more
directors, as determined by the Board; provided that after the date of the
consummation of the initial public offering of Shares (subject to phase-in
periods permitted under Nasdaq rules), to the extent necessary to comply with
the rules of Nasdaq and Rule 16b-3 and to satisfy any applicable requirements of
Section 162(m) of the Code and any other applicable laws or rules, the Committee
shall be composed of two or more directors, all of whom shall be Independent
Directors and all of whom shall (i) qualify as "outside directors" under Section
162(m) of the Code and (ii) meet the independence requirements of Nasdaq.

            (b) Authority of Committee. Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations
conferred on the Committee by the Plan, the Committee shall have sole and
plenary authority to administer the Plan, including, but not limited to, the
authority to (i) designate Participants, (ii) determine the type or types of
Awards to be granted to a Participant, (iii) determine the number of Shares to
be covered by, or with respect to which payments, rights or other matters are to
be calculated in connection with, Awards, (iv) determine the terms and
conditions of any Awards, (v) determine the vesting schedules of Awards and, if
certain performance criteria must be attained in order for an Award to vest or
be settled or paid, establish such performance criteria and certify whether, and
to what extent, such performance criteria have been attained, (vi) determine
whether, to what extent and under what circumstances Awards may be settled or
exercised in cash, Shares, other securities, other Awards or other property, or
canceled, forfeited or suspended and the method or methods by which Awards may
be settled, exercised, canceled, forfeited or suspended, (vii) determine
whether, to what extent and under what circumstances cash, Shares, other
securities, other Awards, other property and other amounts payable with respect
to an Award shall be deferred either automatically or at the election of the
holder thereof or of the Committee, (viii) interpret, administer, reconcile any
inconsistency in, correct any default in and supply any omission in, the Plan
and any instrument or agreement relating to, or Award made under, the Plan, (ix)
establish, amend, suspend or waive such rules and regulations and appoint such
agents as it shall deem appropriate for the proper administration of the Plan,
(x) accelerate the vesting or exercisability of, payment for or lapse of
restrictions on, Awards, (xi) amend an outstanding Award or grant a replacement
Award for an Award previously granted under the Plan if, in its sole discretion,
the Committee determines that (A) the tax consequences of such Award to the
Company or

                                                                               6

the Participant differ from those consequences that were expected to occur on
the date the Award was granted or (B) clarifications or interpretations of, or
changes to, tax law or regulations permit Awards to be granted that have more
favorable tax consequences than initially anticipated and (xii) make any other
determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan.

            (c) Committee Decisions. Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations and other decisions
under or with respect to the Plan or any Award shall be within the sole and
plenary discretion of the Committee, may be made at any time and shall be final,
conclusive and binding upon all persons, including the Company, any Affiliate,
any Participant, any holder or beneficiary of any Award and any stockholder.

            (d) Indemnification. No member of the Board, the Committee or any
employee of the Company (each such person, a "Covered Person") shall be liable
for any action taken or omitted to be taken or any determination made in good
faith with respect to the Plan or any Award hereunder. Each Covered Person shall
be indemnified and held harmless by the Company against and from (i) any loss,
cost, liability or expense (including attorneys' fees) that may be imposed upon
or incurred by such Covered Person in connection with or resulting from any
action, suit or proceeding to which such Covered Person may be a party or in
which such Covered Person may be involved by reason of any action taken or
omitted to be taken under the Plan or any Award Agreement and (ii) any and all
amounts paid by such Covered Person, with the Company's approval, in settlement
thereof, or paid by such Covered Person in satisfaction of any judgment in any
such action, suit or proceeding against such Covered Person; provided that the
Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding, and, once the Company gives notice of its intent to
assume the defense, the Company shall have sole control over such defense with
counsel of the Company's choice. The foregoing right of indemnification shall
not be available to a Covered Person to the extent that a court of competent
jurisdiction in a final judgment or other final adjudication, in either case not
subject to further appeal, determines that the acts or omissions of such Covered
Person giving rise to the indemnification claim resulted from such Covered
Person's bad faith, fraud or willful criminal act or omission or that such right
of indemnification is otherwise prohibited by law or by the Company's
Certificate of Incorporation or Bylaws. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which Covered
Persons may be entitled under the Company's Certificate of Incorporation or
Bylaws, as a matter of law, or otherwise, or any other power that the Company
may have to indemnify such persons or hold them harmless.

            (e) Delegation of Authority to Senior Officers. The Committee may
delegate, on such terms and conditions as it determines in its sole and plenary
discretion, to one or more senior officers of the Company the authority to make
grants of Awards to officers (other than executive officers), employees and
consultants of the Company and its Affiliates (including any prospective
officer, employee or consultant) and all necessary and appropriate decisions and
determinations with respect thereto.

                                                                               7

            (f) Awards to Non-Employee Directors. Notwithstanding anything to
the contrary contained herein, the Board may, in its sole and plenary
discretion, at any time and from time to time, grant Awards to non-employee
Directors (including Independent Directors) or administer the Plan with respect
to such Awards. In any such case, the Board shall have all the authority and
responsibility granted to the Committee herein.

            SECTION 4. Shares Available for Awards. (a) Shares Available.
Subject to adjustment as provided in Section 4(b), the aggregate number of
Shares that may be delivered pursuant to Awards granted under the Plan shall be
3,000,000, of which the maximum number of Shares that may be delivered pursuant
to Incentive Stock Options granted under the Plan shall be 3,000,000 and the
maximum number of Shares that may be delivered pursuant to Awards of Restricted
Shares under the Plan shall be 3,000,000, provided that each such number of
Shares does not reflect, and shall automatically be adjusted to take into
account any stock distribution or stock split that occurs in connection with the
initial public offering of Shares. If, after the effective date of the Plan, any
Award granted under the Plan is forfeited, or otherwise expires, terminates or
is canceled without the delivery of Shares, then the Shares covered by such
forfeited, expired, terminated or canceled Award shall again become available to
be delivered pursuant to Awards under the Plan. If Shares issued upon exercise,
vesting or settlement of an Award, or Shares owned by a Participant (which are
not subject to any pledge or other security interest), are surrendered or
tendered to the Company in payment of the Exercise Price of an Award or any
taxes required to be withheld in respect of an Award, in each case, in
accordance with the terms and conditions of the Plan and any applicable Award
Agreement, such surrendered or tendered Shares shall again become available to
be delivered pursuant to Awards under the Plan; provided, however, that in no
event shall such Shares increase the number of Shares that may be delivered
pursuant to Incentive Stock Options granted under the Plan. Subject to
adjustment as provided in Section 4(b), the maximum aggregate number of
Shares with respect to which Awards may be granted to any Participant in any
fiscal year of the Company shall be 1,000,000.

            (b) Adjustments for Changes in Capitalization and Similar Events.
(i) In the event of any extraordinary dividend or other extraordinary
distribution (whether in the form of cash, Shares, other securities or other
property), recapitalization, stock split, reverse stock split, split-up or
spin-off, the Committee shall, in order to preserve the value of the Award and
in the manner determined by the Committee, adjust any or all of (A) the number
of Shares or other securities of the Company (or number and kind of other
securities or property) with respect to which Awards may be granted, including
(1) the aggregate number of Shares that may be delivered pursuant to Awards
granted under the Plan, as provided in Section 4(a) and (2) the maximum number
of Shares or other securities of the Company (or number and kind of other
securities or property) with respect to which Awards may be granted to any
Participant in any fiscal year of the Company and (B) the terms of any
outstanding Award, including (1) the number of Shares or other securities of the
Company (or number and kind of other securities or property) subject to
outstanding Awards or to which outstanding Awards relate and (2) the Exercise
Price with respect to any Award.

                  (ii) In the event that the Committee determines that any
reorganization, merger, consolidation, combination, repurchase or exchange of
Shares or other securities of the Company, issuance of warrants or other rights
to purchase Shares or other securities of the Company, or other similar
corporate transaction or event affects the Shares such that an adjustment is
determined by the Committee in its discretion to be appropriate or desirable,
then the Committee may (A) in such manner as it may deem

                                                                               8

equitable or desirable, adjust any or all of (1) the number of Shares or other
securities of the Company (or number and kind of other securities or property)
with respect to which Awards may be granted, including (X) the aggregate number
of Shares that may be delivered pursuant to Awards granted under the Plan, as
provided in Section 4(a) and (Y) the maximum number of Shares or other
securities of the Company (or number and kind of other securities or property)
with respect to which Awards may be granted to any Participant in any fiscal
year of the Company and (2) the terms of any outstanding Award, including (X)
the number of Shares or other securities of the Company (or number and kind of
other securities or property) subject to outstanding Awards or to which
outstanding Awards relate and (Y) the Exercise Price with respect to any Award,
(B) if deemed appropriate or desirable by the Committee, make provision for a
cash payment to the holder of an outstanding Award in consideration for the
cancelation of such Award, including, in the case of an outstanding Option or
SAR, a cash payment to the holder of such Option or SAR in consideration for the
cancelation of such Option or SAR in an amount equal to the excess, if any, of
the Fair Market Value (as of a date specified by the Committee) of the Shares
subject to such Option or SAR over the aggregate Exercise Price of such Option
or SAR and (C) if deemed appropriate or desirable by the Committee, cancel and
terminate any Option or SAR having a per Share Exercise Price equal to, or in
excess of, the Fair Market Value of a Share subject to such Option or SAR
without any payment or consideration therefor.

            (c) Substitute Awards. Awards may, in the discretion of the
Committee, be granted under the Plan in assumption of, or in substitution for,
outstanding awards previously granted by the Company or any of its Affiliates or
a company acquired by the Company or any of its Affiliates or with which the
Company or any of its Affiliates combines ("Substitute Awards"). The number of
Shares underlying any Substitute Awards shall be counted against the aggregate
number of Shares available for Awards under the Plan; provided, however, that
Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding awards previously granted by an entity that is
acquired by the Company or any of its Affiliates or with which the Company or
any of its Affiliates combines shall not be counted against the aggregate number
of Shares available for Awards under the Plan; provided, further, however, that
Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding stock options intended to qualify for special tax
treatment under Sections 421 and 422 of the Code that were previously granted by
an entity that is acquired by the Company or any of its Affiliates or with which
the Company or any of its Affiliates combines shall be counted against the
aggregate number of Shares available for Incentive Stock Options under the Plan.

            (d) Sources of Shares Deliverable Under Awards. Any Shares delivered
pursuant to an Award may consist, in whole or in part, of authorized and
unissued Shares or of treasury Shares.

            SECTION 5. Eligibility. Any director, officer, employee or
consultant (including any prospective director, officer, employee or consultant)
of the Company or any of its Affiliates shall be eligible to be designated a
Participant.

                                                                               9

            SECTION 6. Awards. (a) Types of Awards. Awards may be made under the
Plan in the form of (i) Options, (ii) SARs, (iii) Restricted Shares, (iv) RSUs,
(v) Performance Units, (vi) other equity-based or equity-related Awards that the
Committee determines are consistent with the purpose of the Plan and the
interests of the Company. Awards may be granted in tandem with other Awards. No
Incentive Stock Option (other than an Incentive Stock Option that may be assumed
or issued by the Company in connection with a transaction to which Section
424(a) of the Code applies) may be granted to a person who is ineligible to
receive an Incentive Stock Option under the Code.

            (b) Options. (i) Grant. Subject to the provisions of the Plan, the
Committee shall have sole and plenary authority to determine the Participants to
whom Options shall be granted, the number of Shares to be covered by each
Option, whether the Option will be an Incentive Stock Option or a Nonqualified
Stock Option and the conditions and limitations applicable to the vesting and
exercise of the Option. In the case of Incentive Stock Options, the terms and
conditions of such grants shall be subject to and comply with such rules as may
be prescribed by Section 422 of the Code and any regulations related thereto, as
may be amended from time to time. All Options granted under the Plan shall be
Nonqualified Stock Options unless the applicable Award Agreement expressly
states that the Option is intended to be an Incentive Stock Option. If an Option
is intended to be an Incentive Stock Option, and if for any reason such Option
(or any portion thereof) shall not qualify as an Incentive Stock Option, then,
to the extent of such nonqualification, such Option (or portion thereof) shall
be regarded as a Nonqualified Stock Option appropriately granted under the Plan;
provided that such Option (or portion thereof) otherwise complies with the
Plan's requirements relating to Nonqualified Stock Options.

                  (ii) Exercise Price. Except as otherwise established by the
Committee at the time an Option is granted and set forth in the applicable Award
Agreement, the Exercise Price of each Share covered by an Option shall be not
less than 100% of the Fair Market Value of such Share (determined as of the date
the Option is granted); provided, however, that (A) except as otherwise
established by the Committee at the time an Option is granted and set forth in
the applicable Award Agreement, the Exercise Price of each Share covered by an
Option that is granted effective as of the Company's initial public offering of
Shares shall be the initial public offering price per Share and (B) in the case
of an Incentive Stock Option granted to an employee who, at the time of the
grant of such Option, owns stock representing more than 10% of the voting power
of all classes of stock of the Company or any Affiliate, the per Share Exercise
Price shall be no less than 110% of the Fair Market Value per Share on the date
of the grant. Options are intended to qualify as "qualified performance-based
compensation" under Section 162(m) of the Code.

                  (iii) Vesting and Exercise. Each Option shall be vested and
exercisable at such times, in such manner and subject to such terms and
conditions as the Committee may, in its sole and plenary discretion, specify in
the applicable Award Agreement or thereafter. Except as otherwise specified by
the Committee in the applicable Award Agreement, an Option may only be exercised
to the extent that it has already vested at the

                                                                              10

time of exercise. Except as otherwise specified by the Committee in the Award
Agreement, Options shall become vested and exercisable with respect to 30%, 30%
and 40% of the Shares subject to such Options on each of the first three
anniversaries of the date of grant. An Option shall be deemed to be exercised
when written or electronic notice of such exercise has been given to the Company
in accordance with the terms of the Award by the person entitled to exercise the
Award and full payment pursuant to Section 6(b)(iv) for the Shares with respect
to which the Award is exercised has been received by the Company. Exercise of an
Option in any manner shall result in a decrease in the number of Shares that
thereafter may be available for sale under the Option and, except as expressly
set forth in Section 4(c), in the number of Shares that may be available for
purposes of the Plan, by the number of Shares as to which the Option is
exercised. The Committee may impose such conditions with respect to the exercise
of Options, including, without limitation, any relating to the application of
Federal or state securities laws, as it may deem necessary or advisable.

                  (iv) Payment. (A) No Shares shall be delivered pursuant to any
exercise of an Option until payment in full of the aggregate Exercise Price
therefor is received by the Company, and the Participant has paid to the Company
an amount equal to any Federal, state, local and foreign income and employment
taxes required to be withheld. Such payments may be made in cash (or its
equivalent) or, in the Committee's sole and plenary discretion, (1) by
exchanging Shares owned by the Participant (which are not the subject of any
pledge or other security interest) or (2) if there shall be a public market for
the Shares at such time, subject to such rules as may be established by the
Committee, through delivery of irrevocable instructions to a broker to sell the
Shares otherwise deliverable upon the exercise of the Option and to deliver
promptly to the Company an amount equal to the aggregate Exercise Price, or by a
combination of the foregoing; provided that the combined value of all cash and
cash equivalents and the Fair Market Value of any such Shares so tendered to the
Company as of the date of such tender is at least equal to such aggregate
Exercise Price and the amount of any Federal, state, local or foreign income or
employment taxes required to be withheld.

                  (B) Wherever in the Plan or any Award Agreement a Participant
is permitted to pay the Exercise Price of an Option or taxes relating to the
exercise of an Option by delivering Shares, the Participant may, subject to
procedures satisfactory to the Committee, satisfy such delivery requirement by
presenting proof of beneficial ownership of such Shares, in which case the
Company shall treat the Option as exercised without further payment and shall
withhold such number of Shares from the Shares acquired by the exercise of the
Option.

                  (v) Expiration. Except as otherwise set forth in the
applicable Award Agreement, each Option shall expire immediately, without any
payment, upon the earlier of (A) the fifth anniversary of the date the Option is
granted and (B) either (x) 90 days after the date the Participant who is holding
the Option ceases to be a director, officer, employee or consultant of the
Company or one of its Affiliates for any reason other than the Participant's
death or (y) six months after the date the Participant who is holding the Option
ceases to be a director, officer, employee or consultant of the Company or one
of

                                                                              11

its Affiliates by reason of the Participant's death. In no event may an Option
be exercisable after the tenth anniversary of the date the Option is granted.

            (c) SARs. (i) Grant. Subject to the provisions of the Plan, the
Committee shall have sole and plenary authority to determine the Participants to
whom SARs shall be granted, the number of Shares to be covered by each SAR, the
Exercise Price thereof and the conditions and limitations applicable to the
exercise thereof. SARs may be granted in tandem with another Award, in addition
to another Award or freestanding and unrelated to another Award. SARs granted in
tandem with, or in addition to, an Award may be granted either at the same time
as the Award or at a later time.

                  (ii) Exercise Price. Except as otherwise established by the
Committee at the time a SAR is granted and set forth in the applicable Award
Agreement, the Exercise Price of each Share covered by a SAR shall be not less
than 100% of the Fair Market Value of such Share (determined as of the date the
SAR is granted). SARs are intended to qualify as "qualified performance-based
compensation" under Section 162(m) of the Code.

                  (iii) Exercise. A SAR shall entitle the Participant to receive
an amount equal to the excess, if any, of the Fair Market Value of a Share on
the date of exercise of the SAR over the Exercise Price thereof. The Committee
shall determine, in its sole and plenary discretion, whether a SAR shall be
settled in cash, Shares, other securities, other Awards, other property or a
combination of any of the foregoing.

                  (iv) Other Terms and Conditions. Subject to the terms of the
Plan and any applicable Award Agreement, the Committee shall determine, at or
after the grant of a SAR, the vesting criteria, term, methods of exercise,
methods and form of settlement and any other terms and conditions of any SAR.
Any such determination by the Committee may be changed by the Committee from
time to time and may govern the exercise of SARs granted or exercised
thereafter. The Committee may impose such conditions or restrictions on the
exercise of any SAR as it shall deem appropriate or desirable.

            (d) Restricted Shares and RSUs. (i) Grant. Subject to the provisions
of the Plan, the Committee shall have sole and plenary authority to determine
the Participants to whom Restricted Shares and RSUs shall be granted, the number
of Restricted Shares and RSUs to be granted to each Participant, the duration of
the period during which, and the conditions, if any, under which, the Restricted
Shares and RSUs may vest or may be forfeited to the Company and the other terms
and conditions of such Awards.

                  (ii) Transfer Restrictions. Restricted Shares and RSUs may not
be sold, assigned, transferred, pledged or otherwise encumbered except as
provided in the Plan or as may be provided in the applicable Award Agreement;
provided, however, that the Committee may in its discretion determine that
Restricted Shares and RSUs may be transferred by the Participant. Certificates
issued in respect of Restricted Shares shall be

                                                                              12

registered in the name of the Participant and deposited by such Participant,
together with a stock power endorsed in blank, with the Company or such other
custodian as may be designated by the Committee or the Company, and shall be
held by the Company or other custodian, as applicable, until such time as the
restrictions applicable to such Restricted Shares lapse. Upon the lapse of the
restrictions applicable to such Restricted Shares, the Company or other
custodian, as applicable, shall deliver such certificates to the Participant or
the Participant's legal representative.

                  (iii) Payment/Lapse of Restrictions. Each RSU shall be granted
with respect to one Share or shall have a value equal to the Fair Market Value
of one Share. RSUs shall be paid in cash, Shares, other securities, other Awards
or other property, as determined in the sole and plenary discretion of the
Committee, upon the lapse of restrictions applicable thereto, or otherwise in
accordance with the applicable Award Agreement. If a Restricted Share or an RSU
is intended to qualify as "qualified performance-based compensation" under
Section 162(m) of the Code, all requirements set forth in Section 6(i) must be
satisfied in order for the restrictions applicable thereto to lapse.

            (e) Performance Units. (i) Grant. Subject to the provisions of the
Plan, the Committee shall have sole and plenary authority to determine the
Participants to whom Performance Units shall be granted and the terms and
conditions thereof.

                  (ii) Value of Performance Units. Each Performance Unit shall
have an initial value that is established by the Committee at the time of grant.
The Committee shall set Performance Goals in its discretion which, depending on
the extent to which they are met during a Performance Period, will determine the
number and value of Performance Units that will be paid out to the Participant.

                  (iii) Earning of Performance Units. Subject to the provisions
of the Plan, after the applicable Performance Period has ended, the holder of
Performance Units shall be entitled to receive a payout of the number and value
of Performance Units earned by the Participant over the Performance Period, to
be determined by the Committee, in its sole and plenary discretion, as a
function of the extent to which the corresponding Performance Goals have been
achieved.

                  (iv) Form and Timing of Payment of Performance Units. Subject
to the provisions of the Plan, the Committee, in its sole and plenary
discretion, may pay earned Performance Units in the form of cash or in Shares
(or in a combination thereof) that has an aggregate Fair Market Value equal to
the value of the earned Performance Units at the close of the applicable
Performance Period. Such Shares may be granted subject to any restrictions in
the applicable Award Agreement deemed appropriate by the Committee. The
determination of the Committee with respect to the form and timing of payout of
such Awards shall be set forth in the applicable Award Agreement. If a
Performance Unit is intended to qualify as "qualified performance-based
compensation" under Section 162(m) of the Code, all requirements set forth in
Section 6(i) must be satisfied in order for a Participant to be entitled to
payment.

                                                                              13

            (f) Other Stock-Based Awards. Subject to the provisions of the Plan,
the Committee shall have the sole and plenary authority to grant to Participants
other equity-based or equity-related Awards (including, but not limited to,
fully-vested Shares) in such amounts and subject to such terms and conditions as
the Committee shall determine. If such an Award is intended to qualify as
"qualified performance-based compensation" under Section 162(m) of the Code, all
requirements set forth in Section 6(h) must be satisfied in order for a
Participant to be entitled to payment.

            (g) Dividend Equivalents. In the sole and plenary discretion of the
Committee, an Award, other than an Option or SAR, may provide the Participant
with dividends or dividend equivalents, payable in cash, Shares, other
securities, other Awards or other property, on a current or deferred basis, on
such terms and conditions as may be determined by the Committee in its sole and
plenary discretion, including, without limitation, payment directly to the
Participant, withholding of such amounts by the Company subject to vesting of
the Award or reinvestment in additional Shares, Restricted Shares or other
Awards.

            (h) Performance Compensation Awards. (i) General. The Committee
shall have the authority, at the time of grant of any Award, to designate such
Award (other than Options and SARs) as a Performance Compensation Award in order
to qualify such Award as "qualified performance-based compensation" under
Section 162(m) of the Code. Options and SARs granted under the Plan shall not be
included among Awards that are designated as Performance Compensation Awards
under this Section 6(h).

                  (ii) Eligibility. The Committee shall, in its sole discretion,
designate within the first 90 days of a Performance Period (or, if shorter,
within the maximum period allowed under Section 162(m) of the Code) which
Participants will be eligible to receive Performance Compensation Awards in
respect of such Performance Period. However, designation of a Participant
eligible to receive an Award hereunder for a Performance Period shall not in any
manner entitle the Participant to receive payment in respect of any Performance
Compensation Award for such Performance Period. The determination as to whether
or not such Participant becomes entitled to payment in respect of any
Performance Compensation Award shall be decided solely in accordance with the
provisions of this Section 6(h). Moreover, designation of a Participant eligible
to receive an Award hereunder for a particular Performance Period shall not
require designation of such Participant eligible to receive an Award hereunder
in any subsequent Performance Period and designation of one person as a
Participant eligible to receive an Award hereunder shall not require designation
of any other person as a Participant eligible to receive an Award hereunder in
such period or in any other period.

                  (iii) Discretion of Committee with Respect to Performance
Compensation Awards. With regard to a particular Performance Period, the
Committee shall have full discretion to select the length of such Performance
Period, the types of Performance Compensation Awards to be issued, the
Performance Criteria that will be used to establish the Performance Goals, the
kinds and levels of the Performance Goals

                                                                              14

that are to apply to the Company or any of its Subsidiaries, Affiliates,
divisions or operational units, or any combination of the foregoing, and the
Performance Formula.

            SECTION 7. Amendment and Termination. (a) Amendments to the Plan.
Subject to any applicable law or government regulation, to any requirement that
must be satisfied if the Plan is intended to be a shareholder approved plan for
purposes of Section 162(m) of the Code and to the rules of Nasdaq or any
successor exchange or quotation system on which the Shares may be listed or
quoted, the Plan may be amended, modified or terminated by the Board without the
approval of the stockholders of the Company except that stockholder approval
shall be required for any amendment that would (i) increase the maximum number
of Shares for which Awards may be granted under the Plan or increase the maximum
number of Shares that may be delivered pursuant to Incentive Stock Options
granted under the Plan; provided, however, that any adjustment under Section
4(b) shall not constitute an increase for purposes of this Section 7(a) or (ii)
change the class of employees or other individuals eligible to participate in
the Plan. No modification, amendment or termination of the Plan may, without the
consent of the Participant to whom any Award shall theretofor have been granted,
materially and adversely affect the rights of such Participant (or his or her
transferee) under such Award, unless otherwise provided by the Committee in the
applicable Award Agreement.

            (b) Amendments to Awards. The Committee may waive any conditions or
rights under, amend any terms of, or alter, suspend, discontinue, cancel or
terminate any Award theretofor granted, prospectively or retroactively;
provided, however, that, except as set forth in the Plan, unless otherwise
provided by the Committee in the applicable Award Agreement, any such waiver,
amendment, alteration, suspension, discontinuance, cancelation or termination
that would materially and adversely impair the rights of any Participant or any
holder or beneficiary of any Award theretofor granted shall not to that extent
be effective without the consent of the impaired Participant, holder or
beneficiary.

            (c) Adjustment of Awards Upon the Occurrence of Certain Unusual or
Nonrecurring Events. The Committee is hereby authorized to make adjustments in
the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including, without limitation, the events
described in Section 4(b) or the occurrence of a Change of Control) affecting
the Company, any Affiliate, or the financial statements of the Company or any
Affiliate, or of changes in applicable rules, rulings, regulations or other
requirements of any governmental body or securities exchange, accounting
principles or law (i) whenever the Committee, in its sole and plenary
discretion, determines that such adjustments are appropriate or desirable,
including, without limitation, providing for a substitution or assumption of
Awards, accelerating the exercisability of, lapse of restrictions on, or
termination of, Awards or providing for a period of time for exercise prior to
the occurrence of such event, (ii) if deemed appropriate or desirable by the
Committee, in its sole and plenary discretion, by providing for a cash payment
to the holder of an Award in consideration for the cancelation of such Award,
including, in the case of an outstanding Option or SAR, a cash payment to the
holder of such Option or SAR in consideration for the cancelation of

                                                                              15

such Option or SAR in an amount equal to the excess, if any, of the Fair Market
Value (as of a date specified by the Committee) of the Shares subject to such
Option or SAR over the aggregate Exercise Price of such Option or SAR and (iii)
if deemed appropriate or desirable by the Committee, in its sole and plenary
discretion, by canceling and terminating any Option or SAR having a per Share
Exercise Price equal to, or in excess of, the Fair Market Value of a Share
subject to such Option or SAR without any payment or consideration therefor.

            SECTION 8. Change of Control. Unless otherwise provided in the
applicable Award Agreement, in the event of a Change of Control after the date
of the adoption of the Plan, (i) any outstanding Options or SARs then held by
Participants that are unexercisable or otherwise unvested shall automatically be
deemed exercisable or otherwise vested, as the case may be, as of immediately
prior to such Change of Control, (ii) all Performance Units shall be paid out as
if the date of the Change of Control were the last day of the applicable
Performance Period and "target" performance levels had been attained and (iii)
all other outstanding Awards (i.e., other than Options, SARs, and Performance
Units) then held by Participants that are unexercisable, unvested or still
subject to restrictions or forfeiture, shall automatically be deemed exercisable
and vested and all restrictions and forfeiture provisions related thereto shall
lapse as of immediately prior to such Change of Control.

            SECTION 9. General Provisions. (a) Nontransferability. Except as
otherwise specified in the applicable Award Agreement, during the Participant's
lifetime each Award (and any rights and obligations thereunder) shall be
exercisable only by the Participant, or, if permissible under applicable law, by
the Participant's legal guardian or representative, and no Award (or any rights
and obligations thereunder) may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant otherwise than by will
or by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided that (i) the
designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance and (ii) the Board or the
Committee may permit further transferability, on a general or specific basis,
and may impose conditions and limitations on any permitted transferability;
provided, however, that Incentive Stock Options granted under the Plan shall not
be transferable in any way that would violate Section 1.422-2(a)(2) of the
Treasury Regulations. All terms and conditions of the Plan and all Award
Agreements shall be binding upon any permitted successors and assigns.

            (b) No Rights to Awards. No Participant or other Person shall have
any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants or holders or beneficiaries of Awards. The terms and
conditions of Awards and the Committee's determinations and interpretations with
respect thereto need not be the same with respect to each Participant and may be
made selectively among Participants, whether or not such Participants are
similarly situated.

            (c) Share Certificates. All certificates for Shares or other
securities of the Company or any Affiliate delivered under the Plan pursuant to
any Award or the exercise

                                                                              16

thereof shall be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the Plan, the applicable Award Agreement
or the rules, regulations and other requirements of the SEC, Nasdaq or any other
stock exchange or quotation system upon which such Shares or other securities
are then listed or reported and any applicable Federal or state laws, and the
Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.

            (d) Withholding. A Participant may be required to pay to the Company
or any Affiliate, and the Company or any Affiliate shall have the right and is
hereby authorized to withhold from any Award, from any payment due or transfer
made under any Award or under the Plan or from any compensation or other amount
owing to a Participant, the amount (in cash, Shares, other securities, other
Awards or other property) of any applicable withholding taxes in respect of an
Award, its exercise or any payment or transfer under an Award or under the Plan
and to take such other action as may be necessary in the opinion of the
Committee or the Company to satisfy all obligations for the payment of such
taxes.

            (e) Award Agreements. Each Award hereunder shall be evidenced by an
Award Agreement, which shall be delivered to the Participant and shall specify
the terms and conditions of the Award and any rules applicable thereto,
including, but not limited to, the effect on such Award of the death, disability
or termination of employment or service of a Participant and the effect, if any,
of such other events as may be determined by the Committee.

            (f) No Limit on Other Compensation Arrangements. Nothing contained
in the Plan shall prevent the Company or any Affiliate from adopting or
continuing in effect other compensation arrangements, which may, but need not,
provide for the grant of options, restricted stock, shares and other types of
equity-based awards (subject to stockholder approval if such approval is
required), and such arrangements may be either generally applicable or
applicable only in specific cases.

            (g) No Right to Employment. The grant of an Award shall not be
construed as giving a Participant the right to be retained as a director,
officer, employee or consultant of or to the Company or any Affiliate, nor shall
it be construed as giving a Participant any rights to continued service on the
Board. Further, the Company or an Affiliate may at any time dismiss a
Participant from employment or discontinue any consulting relationship, free
from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement.

            (h) No Rights as Stockholder. No Participant or holder or
beneficiary of any Award shall have any rights as a stockholder with respect to
any Shares to be distributed under the Plan until he or she has become the
holder of such Shares. In connection with each grant of Restricted Shares,
except as provided in the applicable Award Agreement, the Participant shall not
be entitled to the rights of a stockholder in respect of such Restricted Shares.
Except as otherwise provided in Section 4(b), Section 7(c) or the applicable
Award Agreement, no adjustments shall be made for dividends or

                                                                              17

distributions on (whether ordinary or extraordinary, and whether in cash,
Shares, other securities or other property), or other events relating to, Shares
subject to an Award for which the record date is prior to the date such Shares
are delivered.

            (i) Governing Law. The validity, construction and effect of the Plan
and any rules and regulations relating to the Plan and any Award Agreement shall
be determined in accordance with the laws of the State of Delaware, without
giving effect to the conflict of laws provisions thereof.

            (j) Severability. If any provision of the Plan or any Award is or
becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or as to any Person or Award, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or
deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be construed
or deemed stricken as to such jurisdiction, Person or Award and the remainder of
the Plan and any such Award shall remain in full force and effect.

            (k) Other Laws. The Committee may refuse to issue or transfer any
Shares or other consideration under an Award if, acting in its sole and plenary
discretion, it determines that the issuance or transfer of such Shares or such
other consideration might violate any applicable law or regulation or entitle
the Company to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Company by a Participant, other holder or beneficiary in
connection with the exercise of such Award shall be promptly refunded to the
relevant Participant, holder or beneficiary. Without limiting the generality of
the foregoing, no Award granted hereunder shall be construed as an offer to sell
securities of the Company, and no such offer shall be outstanding, unless and
until the Committee in its sole and plenary discretion has determined that any
such offer, if made, would be in compliance with all applicable requirements of
the U.S. Federal and any other applicable securities laws.

            (l) No Trust or Fund Created. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Affiliate, on one hand, and a
Participant or any other Person, on the other hand. To the extent that any
Person acquires a right to receive payments from the Company or any Affiliate
pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company or such Affiliate.

            (m) No Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash, other securities or other property shall be paid or transferred in
lieu of any fractional Shares or whether such fractional Shares or any rights
thereto shall be canceled, terminated or otherwise eliminated.

            (n) Requirement of Consent and Notification of Election Under
Section 83(b) of the Code or Similar Provision. No election under Section 83(b)
of the

                                                                              18

Code (to include in gross income in the year of transfer the amounts specified
in Section 83(b) of the Code) or under a similar provision of law may be made
unless expressly permitted by the terms of the applicable Award Agreement or by
action of the Committee in writing prior to the making of such election. If an
Award recipient, in connection with the acquisition of Shares under the Plan or
otherwise, is expressly permitted under the terms of the applicable Award
Agreement or by such Committee action to make such an election and the
Participant makes the election, the Participant shall notify the Committee of
such election within ten days of filing notice of the election with the IRS or
other governmental authority, in addition to any filing and notification
required pursuant to regulations issued under Section 83(b) of the Code or other
applicable provision.

            (o) Requirement of Notification Upon Disqualifying Disposition Under
Section 421(b) of the Code. If any Participant shall make any disposition of
Shares delivered pursuant to the exercise of an Incentive Stock Option under the
circumstances described in Section 421(b) of the Code (relating to certain
disqualifying dispositions) or any successor provision of the Code, such
Participant shall notify the Company of such disposition within ten days of such
disposition.

            (p) Headings. Headings are given to the Sections and subsections of
the Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or
interpretation of the Plan or any provision thereof.

            SECTION 10. Term of the Plan. (a) Effective Date. The Plan shall be
effective as of the time set forth in the adoption of the Plan by the Board
(which effective time is immediately prior to the closing of the Company's
initial public offering and contingent upon the closing thereof) and upon
approval by the Company's stockholders; provided, however, that no Incentive
Stock Options may be granted under the Plan unless it is approved by the
Company's stockholders within twelve (12) months before or after the date the
Plan is adopted by the Board.

            (b) Expiration Date. No Award shall be granted under the Plan after
the tenth anniversary of the date the Plan is approved under Section 10(a).
Unless otherwise expressly provided in the Plan or in an applicable Award
Agreement, any Award granted hereunder may, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue or terminate any
such Award or to waive any conditions or rights under any such Award shall,
nevertheless continue thereafter.

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