Document:

EXHIBIT
        10.27

       

      EXECUTIVE
        EMPLOYMENT AGREEMENT

       

      This
        Executive Employment Agreement (this “Agreement”) is made as of the
        1st
        day of
        January, 2008, by and between Scivanta Medical Corporation, a Nevada corporation
        (the “Company”), and Thomas S. Gifford (the “Executive”).

       

      WHEREAS,
        the
        Company desires to continue to employ the Executive in the capacity and under
        the terms and conditions as are set forth herein; and

       

      WHEREAS,
        the
        Executive desires to continue to be employed by the Company in the capacity
        and
        under the terms and conditions as are set forth herein.

       

      NOW,
        THEREFORE,
        in
        consideration of the foregoing and the mutual covenants, undertakings and
        representations contained herein, and intending to be legally bound thereby,
        the
        Company and the Executive agree as follows:

       

      1.
        Employment.
        The
        Company hereby employs the Executive and the Executive hereby accepts employment
        upon the terms and conditions hereinafter set forth in this
        Agreement.

       

      2.
        The
        Term of Employment.
        Subject
        to the provisions for termination as hereinafter provided, the term of this
        Agreement shall commence as of January 1, 2008 and shall continue for a period
        of three (3) years thereafter through December 31, 2010 (the “Initial Term of
        Employment”). Upon expiration of the Initial Term of Employment, the term of
        this Agreement shall automatically renew for successive one (1) year periods
        (each additional year is a “Successive Term of Employment”), unless otherwise
        terminated as provided for herein. Unless otherwise indicated, the phrase
        “Employment Period” shall include the “Initial Term of Employment” and each
“Successive Term of Employment,” if any. 

       

      3.
        Position
        and Duties.
        The
        Executive will be the Executive Vice President, Chief Financial Officer and
        Secretary of the Company, with such powers, duties and responsibilities
        consistent with the office of president and chief executive officer and as
        otherwise may be described in the Company’s By-laws or determined by the Board
        of Directors of the Company (the “Board”) from time to time. The Executive will
        report directly to the Board.

       

      During
        the Employment Period, the Executive shall faithfully perform and discharge
        the
        above described duties and responsibilities and, except for reasonable
        vacations, holidays and absences due to illness taken in accordance with
        the
        Company’s policies, shall devote the necessary time, energy, skills and
        attention to the business of the Company in order to fully and adequately
        perform such duties and responsibilities.

       

      4.
        Services
        as a Director.
        The
        Executive agrees to serve as a director of the Company, if elected by the
        shareholders. If requested by the Board, the Executive agrees to serve as
        an
        officer and/or director of any subsidiary or other affiliated entity of the
        Company, if any. The Executive is not entitled to compensation for service
        as a
        director of the Company, or as an officer and/or director of any of the
        Company’s subsidiaries or other affiliated entities. The Executive is entitled
        to be reimbursed for reasonable expenses incurred in connection with the
        Executive’s service as a director of the Company, or as an officer and/or
        director of any subsidiary or affiliated entity of the Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      5.
        Principal
        Places of Business.
        While
        employed by the Company, the Executive’s principal place of business shall be
        215 Morris Avenue, Spring Lake, New Jersey and such other places of business
        as
        may be mutually agreed upon by the Executive and the Company.

       

      6.
        Base
        Salary and Benefits.
        In
        consideration of the services to be rendered by the Executive and the
        Executive’s acceptance of the terms and conditions of this Agreement, the
        Company shall pay the Executive an annual base salary of $275,000, subject
        to
        any withholding required by law. The Executive’s annual base salary during the
        Employment Period shall be paid bi-weekly in twenty-six (26) equal installments.
        The Executive’s annual base salary shall be reviewed annually by the
        Compensation Committee of the Board (the “Compensation Committee”) and may be
        increased, but not decreased, at the discretion of the Compensation
        Committee.

       

      In
        addition, the Company agrees to provide certain benefits to the Executive
        during
        the Employment Period, which includes a comprehensive medical package, dental
        insurance, long-term disability coverage, a 401(k) Savings Plan/Profit Sharing
        Plan and a Section 125 Cafeteria Plan. During the Employment Period, the
        Executive also shall be entitled to twenty-five (25) vacation days in accordance
        with the Company’s policies, and shall be eligible to participate in any other
        benefit, health and retirement plans or programs not already provided for
        herein, which may be established from time to time by the Company for the
        benefit of its employees. All benefits plans provided by the Company to its
        employees may be amended or discontinued in the sole discretion of the
        Company.

       

      7.
        Bonuses.
        The
        Executive will be eligible for an annual performance bonus based on the
        achievement of certain performance objectives (to be determined by the
        Compensation Committee and the Executive). The annual performance bonus will
        be
        based on the Company’s and Executive’s performance during each calendar year the
        Agreement is in effect and will be awarded in December of the applicable
        bonus
        year. At the sole discretion of the Compensation Committee, other bonuses
        may be
        awarded to the Executive during the Employment Period. 

       

      8.
        Expenses.
        The
        Executive is authorized to incur ordinary, necessary and reasonable expenses
        in
        the course of the Company’s business. Upon incurring the aforementioned
        expenses, the Company shall reimburse the Executive for such expenses in
        full
        every month, unless the expenses have been paid directly by the Company,
        upon
        presentation by the Executive of an itemized account of the expenses in a
        manner
        prescribed by the Company, together with all appropriate receipts required
        in
        order to permit such payments as proper deductions to the Company under the
        Internal Revenue Code of 1986, as amended (the “Code”), and the rules and
        regulations adopted pursuant thereto now or hereafter in effect.

       

      
        
           

        

        
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      9.
        Termination
        of Employment.

       

      (a)  Termination
        for “Good Cause”:

       

      The
        Board
        may terminate the Executive’s employment at any time for “Good Cause” and
        without liability except as specifically provided for herein. For purposes
        of
        this Agreement, the term “Good Cause” includes: (i) the conviction of the
        Executive of the commission of a felony; (ii) the Executive's willful gross
        misconduct; (iii) the Executive's willful gross neglect of duties; or (iv)
        the
        Executive's willful dishonesty towards, fraud upon, or deliberate injury
        or
        attempted deliberate injury to the Company. 

       

      In
        the
        event that the Company terminates the Executive for “Good Cause,” the Company
        shall pay the Executive: (i) all earned but unpaid annual base salary to
        the
        date of termination; (ii) any reasonable and necessary business expenses
        incurred by the Executive in connection with his duties hereunder; and (iii)
        any
        accrued vacation or sick time. Any monies owed Executive pursuant to this
        Section 9(a) shall be paid in full within thirty (30) days of the termination
        of
        Executive’s employment for “Good Cause.”

       

      (b)  Termination
        without “Good Cause”:

      

      In
        the
        event that the Company terminates the Executive for any reason other than
“Good
        Cause,” the Company shall pay to the Executive: (i) an amount equal to the
        Executive’s annual base salary in effect on the date of termination (subject to
        Section 11); (ii) all earned but yet unpaid annual base salary to the date
        of
        termination; (iii) any reasonable and necessary business expenses incurred
        by
        the Executive in connection with his duties hereunder; and (iv) any accrued
        vacation and sick time. In addition, if the Company terminates the Executive
        for
        any reason other than “Good Cause,” all stock options held by the Executive
        shall vest as of the date of termination. Any monies owed Executive pursuant
        to
        this Section 9(b) shall be paid in full within thirty (30) days of the
        termination of Executive’s employment without “Good Cause.”

       

      (c) Termination
        by Executive for “Good Reason”:

      

      In
        the
        event Executive terminates his employment with the Company for “Good Reason” (as
        defined below), the Company shall pay to the Executive: (i) an amount equal
        to
        the Executive’s annual base salary in effect as of the date of termination
        (subject to Section 11); (ii) all earned but yet unpaid annual base salary
        to
        the date of termination; (iii) any reasonable and necessary business expenses
        incurred by the Executive in connection with his duties hereunder; and (iv)
        any
        accrued vacation and sick time. In addition, if the Executive terminates
        his
        employment with the Company for “Good Reason,” all stock options held by the
        Executive shall vest as of the date of termination. Any monies owed Executive
        pursuant to this Section 9(c) shall be paid in full within thirty (30) days
        of
        Executive’s termination of his employment with the Company for “Good
        Reason.”

       

      For
        purposes of this Agreement, “Good Reason” shall mean: (i) a change materially
        adverse to the Executive in the nature or scope of his position, authorities,
        powers, functions, responsibilities (including reporting responsibilities)
        or
        duties; (ii) the Executive’s principal place of business shall be moved more
        than thirty (30) miles from 215 Morris Avenue, Spring Lake, New Jersey, without
        his consent; or (iii) the Company’s breach of any material provision of this
        Agreement continuing for more than thirty (30) days after written notice
        thereof
        from the Executive.

       

      
        
           

        

        
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      10.
        Change
        of Control.
        If a
        Change of Control (as defined below) shall occur, and (a) the Company or
        any
        successor thereto shall terminate the Executive’s employment within one hundred
        and eighty (180) days before or after the effective date of the Change of
        Control for any reason other than “Good Cause,” and at the time of such
        termination of Change of Control was being considered by the Company, or
        (b) the
        Executive elects to terminate his employment with the Company or any successor
        thereto within one hundred and eighty (180) days before or after the effective
        date of the Change of Control for “Good Reason,” and at the time of such
        termination a Change of Control was being considered by the Company, the
        Executive shall be entitled to: (i) all earned but yet unpaid annual base
        salary
        to the date of the Change of Control; (ii) any reasonable and necessary business
        expenses incurred by the Executive in connection with his duties hereunder;
        (iii) any accrued vacation and sick time; and (iv) an amount equal to two
        (2)
        times the sum of (x) the Executive’s annual base salary in effect immediately
        prior to the date the Executive’s employment with the Company terminates, and
        (y) and amount which is the lesser of (1) $150,000 and (2) the aggregate
        amount
        of any bonuses paid to the Executive during the twelve (12) months prior
        to the
        earlier of (A) the effective date of the Change of Control and (B) the date
        the
        Executive’s employment with the Company terminates; provided,
        however,
        that if
        the Executive’s employment was terminated within one hundred and eighty (180)
        days before the effective date of the Change of Control or the Executive
        elects
        to terminate his employment with the Company within one hundred and eighty
        (180)
        days before the effective date of the Change of Control for “Good Reason,” the
        Executive shall be entitled to the foregoing payment, less the amount paid
        to
        the Executive pursuant to Section 9(b) or 9(c) of this Agreement, as the
        case
        may be, and subject to the Executive entering into and not revoking the Release
        (as defined in Section 11 hereof). Any monies owed Executive pursuant to
        this
        Section 10 shall be paid in full within thirty (30) days of the termination
        of
        Executive’s employment in connection with a Change of Control or, if the
        Executive’s employment terminated prior to the Change of Control, shall be paid
        in full within thirty (30) days of the effective date of the Change of
        Control.

       

      “Change
        of Control” shall mean: (i) the acquisition by any person, entity or group of
        persons or entities acting in concert of securities representing fifty percent
        (50%) or more of the combined voting power of the Company’s then outstanding
        securities, whether acquired in one transaction or a series of transactions;
        (ii) a merger, consolidation or similar transaction which results in the
        Company’s stockholders immediately prior to such transaction not holding
        securities representing fifty percent (50%) or more of the total voting power
        of
        the outstanding securities of the Company or its successor; or (iii) a sale
        of
        all or substantially all of the Company’s assets (other than to an entity owned
        by the Company or under common ownership with the Company).

       

      
        
           

        

        
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      11.
        Release.
        Notwithstanding anything else herein to the contrary, the payment to be paid
        by
        the Company to the Executive pursuant to Section 9(b)(i), 9(c)(i) or 10(iv)
        of
        this Agreement, is subject to the Executive entering into and not revoking
        a
        commercially reasonable release of claims in favor of the Company (the
“Release”). The Release shall include an affirmation of the restrictive
        covenants set forth in Sections 13, 14 and 15 hereof and a non-disparagement
        provision. Pursuant to the Release, the Executive will release the Company
        from
        any claims, whether arising under federal, state or local statute, common
        law or
        otherwise, that the Executive may have against the Company and which have
        arisen
        on or before the date of the Release, other than any rights to indemnification
        pursuant to any provisions of the Company’s Articles of Incorporation and
        By-laws or any directors and officers liability insurance policies maintained
        by
        the Company. If the Executive fails or otherwise refuses to execute the Release
        within a reasonable time after the Company’s request to do so, the Executive
        shall not be entitled to any of the payments referenced in this Section
        11.

       

      12.
        Excise
        Tax.
        In the
        event that the payments and other benefits provided for in this Agreement
        constitute “parachute payments” within the meaning of Section 280G of the Code
        and will be subject to the excise tax imposed by Section 4999 of the Code
        (the
“Excise Tax”), then the Executive’s severance benefits payable under the terms
        of this Agreement will be either (a) delivered in full, or (b) delivered
        as to
        such lesser extent which would result in no portion of such severance benefits
        being subject to the Excise Tax, whichever of the foregoing amounts, taking
        into
        account the applicable federal, state and local income taxes and the Excise
        Tax,
        results in the receipt by the Executive, on an after-tax basis, of the greatest
        amount of severance benefits, notwithstanding that all or some portion of
        such
        severance benefits may be taxable under Section 4999 of the Code. Unless
        the
        Company and the Executive otherwise agree in writing, any determination required
        under this Section 12 will be made in writing by the Company’s independent
        public accountants (the “Accountants”), whose determination will be conclusive
        and binding upon the Executive and the Company for all purposes. For purposes
        of
        making the calculations required by this Section 12, the Accountants may
        make
        reasonable assumptions and approximations concerning applicable taxes and
        may
        rely on reasonable, good faith interpretations concerning the application
        of
        Section 280G and 4999 of the Code. The Company and the Executive will
        furnish to the Accountants such information and documents as the Accountants
        may
        reasonably request in order to make a determination under this Section 12.
        The
        Company will bear all costs the Accountants may reasonably incur in connection
        with any calculations contemplated by this Section 12.

       

      13.
        Covenant
        Not to Compete.
        The
        Executive hereby agrees that (a) during the Employment Period and (b) for
        one
        year after the termination of Executive’s employment with the Company, for
        whatever reason whatsoever, Executive shall not, directly or indirectly,
        be
        employed by, provide consulting services to or have any ownership interest
        (as a
        stockholder, partner or otherwise) in any Competing Business; provided,
        that
        nothing in this Section 13 shall prohibit the Executive from acquiring up
        to 5%
        of any class of outstanding equity securities of any Competing Business whose
        equity securities are regularly traded on a national securities exchange
        or in
        the “over-the-counter market,” so long as such investment does not interfere
        with the Executive’s duties and obligations to the Company as determined by the
        Company in its sole discretion. For purposes of this Section 13, a “Competing
        Business” is a business which the Company has engaged in or has actively
        investigated engaging in at any time during the twelve (12) months prior
        to the
        termination of the Executive’s employment.

       

      14.
        Covenant
        Not to Solicit.
        The
        Executive agrees that (a) during the Employment Period, and (b) for a period
        of
        three (3) years after the Employment Period, the Executive will not recruit
        any
        employee of the Company or solicit or induce, attempt to solicit or induce,
        or
        assist in the solicitation or inducement of any employee of the Company to
        terminate his or her employment, or otherwise cease his or her relationship,
        with the Company, or solicit, divert or take away, or attempt to solicit,
        divert
        or take away, the business or patronage of any of the clients, customers
        or
        accounts of the Company that were served by the Company while the Executive
        was
        employed by the Company.

       

      
        
           

        

        
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      15.
        Confidential
        Information and Materials.
        The
        Executive acknowledges that by reason of the Executive’s employment with the
        Company, the Executive has and will hereafter, from time to time during the
        Employment Period, become exposed to and/or become knowledgeable about
        proposals, plans, inventions, practices, systems, programs, subscriptions,
        strategies, formulas, processes, methods, techniques, research, records,
        suppliers, sources, customer lists, billing information, any other form of
        business information and any trade secrets of every kind and character, whether
        or not they constitute a trade secret under applicable law, which are not
        known
        to the Company’s competitors and which are kept secret and confidential by the
        Company (the “Confidential Information”). The Executive therefore agrees that at
        no time during or after the Employment Period will he disclose or use the
        Confidential Information or materials to or with any person, firm, business,
        corporation, association, or other entity for any reason or purpose except
        as
        may be required in the prudent course of business for the sole benefit of
        the
        Company, or as may be required by a court order or by law.

       

      16.
        Company
        Property.
        All
        correspondence, memoranda, notes, records, reports, plans, price lists, customer
        lists, financial statements, catalogs, computer programs, disks, tapes, other
        papers and other medium on or by which Confidential Information is stored,
        received or made by the Executive in connection with his employment by the
        Company shall be the property of the Company and shall be delivered to the
        Company upon the termination of his employment or at any other time upon
        request
        of the Company.

       

      17.
        Equitable
        Remedies.
        The
        Company and the Executive confirm that the restrictions contained in Sections
        13, 14, 15 & 16 hereof are, in view of the nature of the business of the
        Company, reasonable and necessary to protect the legitimate interests of
        the
        Company and that any violation of any provisions of Sections 13, 14, 15 & 16
        will result in irreparable injury to the Company. Therefore, the Executive
        hereby agrees that in the event of any breach or threatened breach of the
        terms
        or conditions of this Agreement by the Executive, the Company’s remedies at law
        will be inadequate and, in any such event, the Company shall be entitled
        to
        commence an action for preliminary and permanent injunctive relief and other
        equitable and monetary relief in any court of competent
        jurisdiction.

       

      18.
        Costs.
        If
        litigation is brought to enforce or interpret any provision contained herein,
        the court shall award reasonable attorneys’ fees and disbursements to the
        prevailing party as determined by the court.

       

      19.
        Severability.
        If any
        provision of the Agreement or application thereof to any person or circumstance
        is adjudicated to be invalid or unenforceable in a jurisdiction, such invalidity
        or unenforceability shall not affect any other provision or application of
        this
        Agreement, which can be given effect without the invalid or unenforceable
        provision or application and shall not invalidate or render unenforceable
        such
        provision or application in any other jurisdiction.

       

      
        
           

        

        
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      20.
        Entire
        Agreement; Amendments.
        This
        Agreement contains the entire agreement between the parties hereto with respect
        to the subject matter hereof and supersedes all prior and contemporaneous
        agreements and understandings, oral or written, with respect to the subject
        matter hereof. This Agreement may not be changed, amended or modified orally,
        but may be changed only by an agreement in writing signed by the party against
        whom any waiver, change, amendment, modification or discharge may be
        sought.

       

      21.
        Survival
        of the Company's Obligations.
        This
        Agreement shall be binding upon and inure to the benefit of the executors,
        administrators, heirs, successors and assigns of the parties; provided,
        however,
        that
        this Agreement shall not be assignable by the Executive.

       

      22.
        Governing
        Law; Consent to Jurisdiction.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New Jersey without application of its conflict of laws rules. The
        Executive hereby submits to the exclusive jurisdiction and venue of the courts
        of the State of New Jersey or the United States District Court for the District
        of New Jersey for purposes of any legal action.

       

      23.
        Counterparts.
        This
        Agreement may be executed in one or more counterparts, all of which taken
        together shall constitute one and the same agreement.

       

      24.
        Notices.
        All
        notices required or permitted hereunder shall be in writing and shall be
        sent by
        overnight courier or certified or registered mail, return receipt requested,
        postage prepaid, as follows:

       

      
        	
                If
                  to the Company:

              	
                Scivanta
                  Medical Corporation

              
	 	
                215
                  Morris Avenue

              
	 	
                Spring
                  Lake, NJ 07762

              
	 	
                Attention: 
                  David R. LaVance

              
	 	 
	 	
                with
                  a copy to:

              
	 	 
	 	
                Paul
                  T. Colella, Esq.

              
	 	
                Giordano,
                  Halleran & Ciesla, P.C. 

              
	 	 
	 	
                U.S.
                  Postal Service Address:

              
	 	
                P.O.
                  Box 190

              
	 	
                Middletown,
                  New Jersey 07748

              
	 	 
	 	
                or

              
	 	 
	 	
                Hand
                  Delivery and Overnight Service Address:

              
	 	
                125
                  Half Mile Road

              
	 	
                Red
                  Bank, New Jersey 07701

              
	 	 
	
                If
                  to the Executive:

              	
                Thomas
                  S. Gifford

              
	 	
                1612
                  Sheridan Drive

              
	 	
                Wall,
                  NJ 07753

              

      

       

      
        
           

        

        
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      Notices
        may be sent to such other address as either party may designate in a written
        notice served upon the other party in the manner provided herein. All notices
        required or permitted hereunder shall be deemed duly given and received on
        the
        next business day, if delivery is by overnight courier, or the second day
        next
        succeeding the date of mailing, if delivery is by registered mail.

       

      25.
        Headings.
        The
        Section headings herein are for convenience only and shall not affect the
        interpretation or construction of this Agreement.

       

      26.
        Further
        Assurances.
        Each
        party shall cooperate with and take such action as may be reasonably requested
        by the other party in order to carry out the provisions and purposes of this
        Agreement.

       

      [Signature
        Page Follows.]

       

      
        
           

        

        
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      IN
        WITNESS WHEREOF,
        the
        parties hereto have duly executed this Executive Employment Agreement as
        of the
        date first provided above.

       

      
        	 	 	
                The
                  Company

              
	 	 	
                (Scivanta
                  Medical Corporation)

              
	 	 	 
	
                By:

              	 	
                /s/
                  David R. LaVance

              
	
                Name:

              	 	
                David
                  R. LaVance

              
	
                Title:

              	 	
                President
                  and Chief Executive Officer

              
	 	 	 
	 	 	
                Executive

              
	 	 	
                (Thomas
                  S. Gifford)

              
	 	 	 
	 	 	
                /s/
                  Thomas S. Gifford

              
	 	 	
                Thomas
                  S. Gifford

              

      

       

      
        
           

        

        
          9NEURO-HITECH,
      INC.

    AMENDED
      AND RESTATED

    NON-MANAGEMENT
      DIRECTORS DEFERRAL PROGRAM

    

    1.
      Purpose
      of the Program.
      The
      Neuro-Hitech, Inc. Non-Management Directors Deferral Program (the “Program”) has
      been established by Neuro-Hitech, Inc. (the “Company”) to enable directors who
      are not employees of the Company or any of its subsidiaries to elect to receive
      the compensation for their service as members of the Board of Directors of
      the
      Company in part or in whole in the form of Options on Company Common Stock
      in
      lieu of cash. It is contemplated that all Options to be issued pursuant to
      the
      Program will be granted under the Company’s 2006 Amended and Restated Incentive
      Stock Plan (the “Plan”).

    

    2.
      Definitions.

    

    (a)
      “Board” means the Board of Directors of the Company.

    

    (b)
      “Closing Price” means the closing price on the principal securities exchange on
      which shares of Common Stock are listed (if the shares of Common Stock are
      so
      listed), or on the NASDAQ Stock Market (if the shares of Common Stock are
      regularly quoted on the NASDAQ Stock Market), or, if not so listed or regularly
      quoted, the mean between the closing bid and asked prices of publicly traded
      shares of Common Stock in the over the counter market, or, if such bid and
      asked
      prices shall not be available, as reported by any nationally recognized
      quotation service selected by the Company.

    

    (c)
      “Common Stock” means the common stock, par value $.001 per share, of the
      Company.

    

    (d)
      “Compensation Committee” means the Compensation Committee of the
      Board.

    

    (e)
      “Election” has the meaning set forth in Section 4(a) of this
      Program.

    

    (f)
      “First Vesting Date” has the meaning set forth in Section 4(c) of this
      Program.

    

    (g)
      “Issue Date” has the meaning set forth in Section 4(a) of this
      Program.

    

    (h)
      “Non-Management Director” means a member of the Board who is not an employee of
      the Company or any of its subsidiaries.

    

    (i)
      “Option” means an option to acquire Common Stock granted pursuant to the Plan
      and with the terms set forth in Section 4(c) of this Program.

    

    (j)
      “Shares” has the meaning set forth in Section 4(c) of this Program.

    

    (k)
      “Value” means the value of an Option for one share of Common Stock determined
      pursuant to the application of the valuation methodology and assumptions
      utilized by the Company in valuing Company stock options for the purposes of
      preparing the Company’s most recently publicly filed audited annual financial
      statements prior to the Issue Date.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.
      Administration
      of the Program.
      The
      Program shall be administered by the Compensation Committee, which, except
      as
      otherwise expressly provided herein, shall have the sole and complete authority
      to interpret the Program and to make all other determinations necessary for
      the
      Program’s administration. All action taken by the Compensation Committee in the
      interpretation and administration of the Program shall be final and binding
      on
      all concerned. The Compensation Committee may designate officers and employees
      of the Company to assist the Compensation Committee in the administration of
      the
      Program by executing documents on behalf of the Company relating to the
      administration of the Program and by performing such ministerial duties in
      connection with the administration of the Program as are assigned to them by
      the
      Compensation Committee.

    

    4.
      Election.
      

    

    (a)
      Each
      Non-Management Director who is entitled to receive a retainer or fee from the
      Company for serving on the Board or as member of a committee of the Board may
      elect, in respect of all or any portion of the payment of such retainer or
      fee,
      as specified by the Non-Management Director, to receive, in lieu of a payment
      in
      cash, Options for a number of whole shares of Common Stock determined as set
      forth in this Section 4(a) (an “Election”). Any retainer or fee subject to an
      Election shall not be paid to the Non-Management Director making the Election.
      The total amount of retainer or fee otherwise payable to the Non-Management
      Director during a calendar year but subject to an Election shall be multiplied
      by 1.5 (the “Deferral Amount”), and the Non-Management Director shall be issued
      on the first business day of the calendar year for which the retainer or fee
      otherwise would have been paid (the “Issue Date”) Options for a number of whole
      shares of Common Stock determined by dividing the Deferral Amount by the Value
      of an Option as of the Issue Date. Cash shall be paid to the Non-Management
      Director in lieu of an Option for a fraction of a share. 

    

    (b)
      In
      order to be effective, an Election must be made prior to the year in which
      the
      services are performed in respect of which a retainer or fee is to be paid,
      and
      after the beginning of the year in which such services are to be performed
      such
      election shall be irrevocable, except that (i) in 2007, an Election must be
      made
      within 30 days from the effective date of this Program, which Election shall
      apply only to payments in respect of service performed after the date of the
      Election and for the remainder of 2007, and (ii) thereafter, if a individual
      first becomes a Non-Management Director during a year, then with respect to
      retainers or fees otherwise payable in such year, that individual’s Election
      must be made within 30 calendar days after the date the individual first becomes
      a Non-Employee Director, which election shall apply only to payments made after
      the Election is made. 

    

    (c)
      Options issued pursuant to the Program shall have the following terms: (i)
      the
      exercise price per share of Common Stock shall be the Closing Price of the
      Common Stock on the last trading day prior to the Issue Date, (ii) the term
      shall be ten years from the Issue Date, (iii) the Option shall not be
      transferable except upon death of the Non-Management Director, (iv) the Option
      shall become exercisable six months after the Issue Date, (v) the Option shall
      be subject to a monthly vesting schedule as set forth below and (vi) the Option
      shall not be an “Incentive Option” (as defined in the Plan). On the Issue Date
      all of the shares issuable upon exercise of an Option (the “Shares”) shall be
      unvested. If the Non-Management Director has continuously served as a director
      of the Company during the month including the Issue Date, then on the last
      day
      of that month (the “First Vesting Date”), 1/12 of the Shares shall become
      vested, and for so long (and only for so long) as the Non-Management Director
      continues to serve as a director of the Company, an additional 1/12 of the
      Shares shall become vested upon the expiration of each full calendar month
      elapsed after the First Vesting Date until the Option is fully vested.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (d)
      The
      Board shall cause Options to be granted under the Plan in accordance with this
      Program and effective Elections.

    

    5.
      No
      Registration.
      The
      Company shall have no obligation to register any of the shares of Common Stock
      issuable under the Options under the Securities Act of 1933, as amended, or
      under any state securities laws, but may in its discretion elect to do so if
      it
      determines that such registration is necessary or appropriate.

    

    6.
      Taxes.
      Each
      Non-Management Director shall be responsible for all applicable taxes on
      payments made to the Non-Management Director under the Program regardless of
      the
      form of such payments. The Company may make appropriate arrangements to collect
      from any Non-Management Director the taxes, if any, that the Company may be
      required to be withheld by any government or government agency prior to payment
      under the Program.

    

    7.
      No
      Right to Continued Service.
      Neither
      the eligibility to participate in the Program nor the receipt of any Option
      under the Program shall confer upon any Non-Management Director the right to
      continue to serve as a director of the Company if validly removed or the right
      to be nominated for reelection as director.

    

    8.
      Amendment
      and Termination.
      The
      Board may amend, suspend, or terminate the Program at any time; provided that
      no
      amendment shall be made without shareholder approval if stockholder approval
      is
      required by law, regulation, or securities exchange listing
      requirement.

    

    9.
      Governing
      Law.
      The
      Program shall be construed, administered, and regulated in accordance with
      the
      laws of the State of Delaware (excluding the choice of law provisions thereof)
      and any applicable requirements of federal law.

    

    10.
      Effectiveness
      and Expiration of the Program.
      The
      Program shall become effective upon stockholder approval of the Plan, and,
      unless terminated earlier by the Board, shall expire on December 31, 2016,
      after
      which no further Options may be issued under the Program.

    

    
      
         

      

      
        3

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