Document:

ex10-14.htm

    Exhibit
10.14

    

    

    

    VELOCITY
OIL & GAS INC.

    

    

    December
28, 2007

    

    CAPERSIA
PTE LTD

    96A Club
Street

    Singapore

    

    Attention:
Richard Wilson

    

    Dear
Richard,

    

    Re:
Promissory Note Dated June 1, 2007

    

    With
Reference to the Promissory Note (the Note) as executed by the Company on June
1, 2007.  The Parties to the Note, Velocity Oil & Gas, Inc. as the
Maker and Capersia Pte Ltd as the Payee hereby confirm their agreement to amend
the Note.

    

    The Note
is currently due and repayable on demand.  The Payee as agreed to
provide Velocity with at least twelve months and one day notice before repayment
is due.

    

    As
executed by the Parties on the day first mentioned above.

    

    /s/ Frank A.
Jacobs                                                                                    /s/ Richard Wilson

    Frank A.
Jacobs                                                                                         
Richard Wilson

    President
and &
CEO                                                                                 Directorex10-15.htm

    Exhibit
10.15

    

    VELOCITY
OIL & GAS INC.

    

    December
28, 2007

    

    JACOBS
OIL & GAS LTD

    #2404 –
1500 Howe Street

    Vancouver
BC

    V6Z
2N1

    

    Dear
Sirs.

    

    Re:
Working Capital Advances

    

    The
letter is to document the understanding reached with Jacobs Oil & Gas Ltd.
(JOG) in relation to advances received by Velocity Oil & Gas, Inc. from JOB,
from time to time, in the form of loans for working capital.

    

    Any
advances made by JOG are interest free.  Repayment can be demanded by
JOG only with twelve months and one day notice, OR, at the choosing of the
Company, the loan(s) can be converted into shares at the prevailing share price
of time of the repayment demand.

    

    Please
indicate your agreement by countersigning a copy of this letter.

    

    /s/
Frank A. Jacobs

    Frank
A. Jacobs

    President
& CEO

    Velocity
Oil & Gas, Inc.

    

    

    Jacobs
Oil & Gas, Inc.

    

    By:  /s/ Frank A. Jacobs

    Name:
Frank Jacobs

    Owner and
Sole Directorex10-16.htm

    Exhibit
10.16

    

    VELOCITY
OIL & GAS INC.

    

    December
28, 2007

    

    FRANK
JACOBS

    #2404 –
1500 Howe Street

    Vancouver
BC

    V6Z
2N1

    

    Dear
Sir.

    

    Re:
Working Capital Advances

    

    The
letter is to document the understanding reached with you, Frank Jacobs (the
Executive) in relation to advances received by Velocity Oil & Gas, Inc.,
from you, from time to time, in the form of loans for working
capital.

    

    Any
advances made by the Executive are interest free.  Repayment can be
demanded by the Executive only with twelve months and one day notice, OR, at the
choosing of the Company, the loan(s) can be converted into shares at the
prevailing share price of time of the repayment demand.

    

    Please
indicate your agreement by countersigning a copy of this letter.

    

    /s/
Frank A. Jacobs

    Frank
A. Jacobs

    President
& CEO

    Velocity
Oil & Gas, Inc.

    

    

    By:  /s/ Frank A. Jacobs

    Frank
JacobsExhibit 10.1

                                                               EXECUTION VERSION

                         EXECUTIVE EMPLOYMENT AGREEMENT

      This Executive  Employment  Agreement (the  "Agreement") is made as of the
19th day of March, 2008, by and between GoAmerica,  Inc., a Delaware corporation
(the "Company"), and Daniel R. Luis ("Executive").

      1. Duties and Scope of Employment.

            (a) Positions;  Duties.  During the  Employment  Term (as defined in
Section 2), the Company shall employ Executive as the Chief Executive Officer of
the  Company.  Executive  shall  report  solely  and  directly  to the  Board of
Directors of the Company (the "Board").

            (b) Obligations.  During the Employment Term, Executive shall devote
substantially  all of his business  efforts and time to the  Company.  Executive
agrees,  during  the  Employment  Term,  not to  actively  engage  in any  other
employment,  occupation  or  consulting  activity  for any  direct  or  indirect
remuneration without the prior approval of the Board;  provided,  however,  that
Executive  may (i)  serve  in any  capacity  with any  professional,  community,
industry, civic, educational or charitable organization,  (ii) serve as a member
of corporate  boards of directors on which Executive  currently serves and, with
the consent of the Board (which  consent shall not be  unreasonably  withheld or
delayed),  other  corporate  boards of  directors,  and (iii) manage his and his
family's personal investments and legal affairs; provided, however, that in each
instance,  such  activities do not  materially  interfere  with the discharge of
Executive's duties.

      2.  Employment  Term.  The  Company  hereby  agrees to  continue to employ
Executive and Executive hereby accepts such continuing employment (the period of
such continuing employment, the "Employment Term"), in accordance with the terms
and conditions set forth herein,  commencing on the date hereof (the "Employment
Commencement  Date").  Executive and the Company understand and acknowledge that
Executive's  employment  with  the  Company  constitutes  "at-will"  employment.
Subject to the Company's  obligation to provide severance  benefits as specified
herein,  Executive and the Company acknowledge that this employment relationship
may be terminated at any time,  upon written notice to the other party,  with or
without Cause or Good Reason (as defined in Section 4(b) and 4(c), respectively)
and for any or no cause or  reason,  at the  option of  either  the  Company  or
Executive.

      3.  Compensation/Benefits.  During the Employment  Term, the Company shall
pay and provide to Executive the following:

            (a) Cash  Compensation.  As  compensation  for his  services  to the
Company,  Executive shall receive a base salary and shall be eligible to receive
additional variable  compensation.  During the Employment Term, the Board or its
Compensation  Committee (the "Compensation  Committee") shall review Executive's
Base  Salary (as defined  below) and Bonus (as defined  below) then in effect at
least annually and may increase (but not decrease) such Base Salary and/or Bonus
as the Compensation  Committee may approve.  The Base Salary shall be payable in
accordance  with the Company's  normal payroll  practices in effect from time to
time, but in no event less frequently than monthly and, in the case of Bonus, as
soon as

<PAGE>

practical during the year following the year with respect to which such Bonus is
payable, but in no event later than March 15 of such following year. No increase
in Base Salary shall be used to offset or otherwise  reduce any  obligations  of
the Company to Executive hereunder or otherwise.

                  (i) Annual  Base  Salary.  As of the  Employment  Commencement
Date,  Executive's annual Base Salary shall be two hundred seventy five thousand
dollars ($275,000) ("Base Salary"); provided, however, that this amount shall be
applied  retroactively  to January 10, 2008 (the "Closing Date") and in order to
make  Executive  whole for any  difference  in salary  paid to him  between  the
Closing  Date  and  the   Employment   Commencement   Date  (such  period,   the
"Retroactivity  Period"),  Executive shall, on the Employment Commencement Date,
receive a lump-sum  payment in an amount  equal to the  difference  between  the
amount he was actually  paid during the  Retroactivity  Period and the amount he
would  have been  paid  during  such  period if he had been paid at the rate set
forth in this Section 3(a).

                  (ii) Discretionary Bonus.  Executive shall also be eligible to
earn  annual  variable  compensation,  the amount of which shall range from zero
percent (0%) to one hundred  percent  (100%) of the Base Salary  (such  variable
compensation,  the  "Bonus,"  which,  together  with the Base  Salary,  shall be
referred to herein as "Target  Pay").  The Bonus for any calendar  year shall be
awarded at the sole  discretion  of the  Compensation  Committee  based upon the
Company's achievement of stated financial and strategic goals, as established by
the Compensation Committee.

            (b) Equity Compensation.

                  (i) Stock Ownership.  On February 11, 2008, in anticipation of
the execution of this Agreement,  the Company  granted  Executive an option (the
"Option") to purchase four hundred thousand (400,000) shares of the common stock
of Company (the "Option  Shares") under the Company's  2005 Equity  Compensation
Plan, as amended and in effect on the date of such grant (the "Stock Plan"),  at
a per share exercise price equal to the fair market value of the common stock of
the  Company on that date,  as  determined  by the  Compensation  Committee,  in
accordance  with the Stock Plan.  Such Option is in the form attached  hereto as
Exhibit A (the "Stock Option Agreement").

                  (ii)   Ongoing   Awards.   Executive   shall  be  eligible  to
participate  fully in annual stock option grants and any other long-term  equity
incentive program at levels commensurate with his position.

            (c) Employee Benefits.  Executive shall, to the extent eligible,  be
entitled  to  participate  at a level  commensurate  with  his  position  in all
employee benefit,  welfare and retirement plans and programs,  as well as equity
plans,  provided by the Company to its senior  executives in accordance with the
terms thereof as in effect from time to time.  Notwithstanding the foregoing, at
all times,  the Company  reserves the right to amend,  modify,  or terminate any
such plan or program.

                  (i) The Company will provide to Executive,  at its expense,  a
parking place, executive office,  secretarial assistance,  facilities,  supplies
and  equipment  appropriate  to

                                       2
<PAGE>

his  position  as Chief  Executive  Officer  of the  Company.  In  addition,  if
Executive  relocates to California  for the purpose of continuing his employment
by the Company,  the Company will reimburse Executive for reasonable  relocation
expenses actually  incurred  (including real estate brokerage fees) in an amount
not to exceed one hundred thousand dollars ($100,000);  provided,  however, that
such reimbursement is made within ten (10) business days of Executive submitting
receipts for qualifying  relocation  expenses,  and provided further,  that such
reimbursement  shall be made no later  than March 15 of the year  following  the
year in which such expenses are incurred.

            (d)  Perquisites.  The Company shall  provide to  Executive,  at the
Company's cost, all perquisites to which other senior  executives of the Company
are  entitled to  receive.  Notwithstanding  the  foregoing,  at all times,  the
Company reserves the right to amend,  modify, or terminate any such perquisites;
provided, however, that in no event shall such perquisites, in the aggregate, be
reduced  below  the  level  being   provided  to  Executive  on  the  Employment
Commencement Date, except as otherwise required because of changes in the law.

            (e)  Expense  Allowance.  Subject  to and  in  accordance  with  the
Company's  policies and procedures and in accordance with the Company's  payroll
practices  but no less  frequently  than  monthly,  the Company shall provide to
Executive a  non-accountable,  discretionary  expense  allowance of one thousand
dollars ($1,000) per month to be used by Executive for all of his own automobile
expenses (including, without limitation, his automobile lease or similar finance
payments,  insurance, and all gas mileage (whether travel is personal or related
to his employment by the Company)),  club and organization  dues or memberships,
travel  upgrades,  technology  devices,  and similar  executive  perquisites and
related taxes.

            (f)  Business  and  Entertainment   Expenses.   Upon  submission  of
appropriate documentation by Executive in accordance with the Company's policies
in effect from time to time,  the Company  shall pay or reimburse  Executive for
all business  expenses that Executive incurs in performing his duties under this
Agreement,  including,  but not  limited to,  travel  (excluding  gas  mileage),
entertainment,  and professional dues and subscriptions,  in accordance with the
Company's  policies  in  effect  from  time to time.  The  Company  shall not be
obligated to reimburse  Executive for personal  legal fees or taxes incurred for
any reason.

            (g) Vacation,  Holidays and Sick Leave.  Executive shall be entitled
to  vacations  of no less  than  five (5) weeks  per  calendar  year;  provided,
however,  that Executive shall be limited to future accruals of no more than six
(6) weeks of paid vacation. Executive shall also be entitled to absences because
of illness or other  incapacity,  and such other absences,  whether for holiday,
personal  time,  or for  any  other  purpose,  as  set  forth  in the  Company's
employment manual or current procedures and policies, as the case may be, as the
same may be amended from time to time.

      4. Termination of Employment.

            (a) Death or  Disability.  The  Company  may  terminate  Executive's
employment for disability in the event  Executive has been unable to perform his
material duties hereunder for six (6) consecutive  months because of physical or
mental  incapacity by giving  Executive  notice of such  termination  while such
continuing  incapacity  continues  (a  "Disability

                                       3
<PAGE>

Termination").   Executive's   employment  shall   automatically   terminate  on
Executive's  death.  In  the  event  Executive's  employment  with  the  Company
terminates  during  the  Employment  Term by  reason of  Executive's  death or a
Disability Termination, then upon the date of such termination:

                  (i) any Option Shares that would have vested solely due to the
passage of time during the twelve  (12) month  period  beginning  on the date of
Executive's death or Disability Termination shall immediately vest;

                  (ii) the Company  shall,  within  thirty (30) days of the date
Executive's employment is terminated, pay and provide Executive (or in the event
of Executive's death, Executive's estate) (A) any unpaid Base Salary through the
date  of  termination  and  any  accrued  vacation,  (B)  reimbursement  for any
unreimbursed  expenses  incurred  through the date of  termination,  and (C) all
other  payments,  benefits or fringe benefits to which Executive may be entitled
subject to and in  accordance  with,  the terms of any  applicable  compensation
arrangement  or benefit,  equity or fringe  benefit plan or program or grant and
amounts that may become due under Sections 5 and 9 hereof  (collectively,  items
under this clause (i) are referred to as "Accrued Benefits"); and

                  (iii) the  Company  shall pay to  Executive  at the time other
senior executives are paid under any cash bonus or long-term incentive plan, but
in no  event  later  than  March  15 of the  year  following  the  year in which
Executive's  employment  is  terminated,  a pro-rata  bonus  equal to the amount
Executive would have received if Executive's  employment had continued  (without
any discretionary  cutback)  multiplied by a fraction where the numerator is the
number of days in each respective bonus period prior to Executive's  termination
and the  denominator  is the number of days in the bonus  period (the  "Prorated
Bonus"); provided, however, that at the time of death or Disability Termination,
Executive  is on pace to achieve  the  performance  milestones  necessary  to be
eligible for such bonus.

            (b)  Termination  for Cause.  The Company may terminate  Executive's
employment  for  Cause  (as  defined  below).  In  the  event  that  Executive's
employment  with the Company is  terminated  during the  Employment  Term by the
Company for Cause, Executive shall not be entitled to any additional payments or
benefits hereunder,  other than Accrued Benefits (including, but not limited to,
any then vested Option Shares and other equity  awards),  to be paid or provided
within thirty (30) days of the date Executive's employment is terminated.

                  (i) For the purposes of this Agreement, "Cause" shall mean:

                        (A)  material  breach of any provision of this Agreement
by Executive;

                        (B)  the  willful  failure by  Executive  to perform his
duties  with  the  Company  (other  than  any such  failure  resulting  from his
incapacity  due to physical or mental  impairment),  unless any such  failure is
corrected  within thirty (30) days  following  written  notice by the Board that
specifically identifies the manner in which the Board believes Executive has not
materially performed his duties;  provided,  however, that no act, or failure to
act, by

                                       4
<PAGE>

Executive shall be "willful" unless  committed  without good faith and without a
reasonable  belief  that the act or  omission  was in the best  interest  of the
Company; or

                        (C) an act of gross misconduct  by Executive with regard
to the Company that is materially injurious to the Company.

            (c) Termination by the Company Other Than for Cause;  Termination by
Executive  With Good Reason.  Any payments to be made or benefits to be provided
under this  Section  4(c) are  conditioned  on (x)  Executive's  execution  of a
general release and/or termination  agreement  satisfactory to the Company,  and
(y) such general release and/or termination agreement becoming effective.

                  (i)  If   Executive's   employment   with   the   Company   is
involuntarily  terminated  by the Company  other than for Cause or if  Executive
voluntarily  terminates  his  employment  with the  Company  for Good Reason (as
defined  below),  then the  Company  shall  pay or  provide  Executive  with the
following as of the date of termination:

                        (A) any Accrued Benefits, to be paid or provided  within
thirty (30) days of the date Executive's employment is terminated;

                        (B)  the  Prorated Bonus; provided, however, that at the
time of the  termination  of  Executive's  employment,  Executive  is on pace to
achieve the performance  milestones necessary to be eligible for such bonus, and
provided  further that such Prorated Bonus is paid no later than March 15 of the
year following the year in which Executive's employment is terminated;

                        (C)   a  severance  amount   equal  to  the  Executive's
then-current  annual Base Salary,  payable in a lump sum within thirty (30) days
of the date Executive's employment is terminated;

                        (D)  the  right  to  continue his  participation  in the
Company's  health  benefit  plans to the  extent  that he is then a  participant
therein, at no additional cost to Executive other than he would have incurred as
an employee, for a period of twelve (12) months starting with the first calendar
month after such date of termination;  provided, however, that Company shall pay
the full  premium for COBRA  continuation  coverage  under its health  plans for
Executive (and, if applicable,  his dependents  enrolled as participants in such
health plans as of the date of termination) for such twelve-month period. In the
event Executive obtains other employment during the twelve-month  period in this
clause (D),  pursuant to which he becomes covered for  substantially  similar or
improved  benefits,  the right to continue to  participate in any health benefit
plan,  at the  Company's  expense,  offered or  provided  by the  Company  shall
immediately cease; and

                        (E)   reasonable  outplacement  services  at   a   level
commensurate with Executive's position, including use of an executive office and
secretary,  for a period of ninety (90) days  commencing on Executive's  date of
termination  but in no  event  extending  beyond  the  date on  which  Executive
commences other full time employment.

                                       5
<PAGE>

                  (ii)  For  purposes  of  this  Agreement,  "Good  Reason"  for
termination by Executive  shall arise from the following  conduct of the Company
or  events  without  Executive's  consent  (other  than  in  connection  with or
subsequent to the termination or suspension of Executive's  employment or duties
for Cause or in connection with Executive's  death or disability,  and excluding
any isolated action not taken in bad faith and which is promptly remedied by the
Company after receipt of notice thereof from Executive); provided, however, that
in each instance,  Executive shall provide reasonably detailed written notice of
any  action or event that  would  constitute  Good  Reason  under  this  Section
4(c)(ii) to the Company within ninety (90) days of such action or event, and the
Company  shall have thirty (30) days to cure such action or event,  and provided
further  that if such  action or event is not cured by the  Company  within such
thirty  (30) day  period,  Executive's  employment  will  then be  deemed  to be
terminated with Good Reason:

                        (A) Material  breach of any provision of  this Agreement
by the Company; or

                        (B) After a Change of Control (as defined below), in the
event that (i) Executive's  aggregate  compensation is substantially  diminished
(regardless of Executive's title, duties, or responsibilities) or (ii) Executive
is required to relocate more than one hundred (100) miles from his  then-current
residence in order to continue to perform his duties under this Agreement.

            (d)  Termination  by Executive  Without Good Reason.  Executive  may
terminate his  employment  at any time without Good Reason by written  notice to
the Company.  In the event that Executive  terminates  his  employment  with the
Company during the Employment  Term without Good Reason,  Executive shall not be
entitled to any additional  payments or benefits  hereunder,  other than Accrued
Benefits (including, but not limited to, any then-vested Option Shares and other
equity  awards),  to be paid or  provided  within  thirty  (30) days of the date
Executive's employment is terminated.

            (e) No Mitigation/No Offset. Executive shall not be required to seek
other  employment  or  otherwise  mitigate the value of any  severance  benefits
contemplated  by this  Agreement,  nor shall any such benefits be reduced by any
earnings or benefits that Executive may receive from any other source, except as
provided in Sections  4(c)(i)(D) and 4(c)(i)(E).  The amounts payable  hereunder
shall not be subject to setoff, counterclaim, recoupment, defense or other right
that the Company may have against Executive or others.

      5. Change of Control Vesting Acceleration.

            (a)  In the  event  of a  Change  of  Control  (as  defined  below),
twenty-five  percent  (25%) of  Executive's  then-unvested  Option  Shares shall
immediately vest.

            (b) After a Change of Control (as defined below),  in the event that
(i) Executive's aggregate  compensation is substantially  diminished (regardless
of Executive's title, duties, or responsibilities) or (ii) Executive is required
to relocate more than one hundred (100) miles from his then-current residence in
order to continue to perform his duties under this Agreement, all of Executive's
then-unvested  Option Shares and other equity awards shall

                                       6
<PAGE>

immediately  vest  in  full,  and if,  after  a  Change  of  Control,  Executive
terminates his employment with the Company for Good Reason, he shall be entitled
to receive all severance benefits set forth in Section 4(c)(i).

            (c) For the  purposes  of this  Agreement,  "Change of  Control"  is
defined  as  the  occurrence  of  any  of the  following  after  the  Employment
Commencement Date:

                  (i) any "person" (as defined in Section 13(d) and 14(d) of the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) excluding for
this  purpose,  (i) the Company or any  subsidiary  of the Company,  or (ii) any
employee  benefit plan of the Company or any  subsidiary of the Company,  or any
person or entity  organized,  appointed  or  established  by the  Company for or
pursuant to the terms of any plan which acquires beneficial  ownership of voting
securities of the Company,  is or becomes the "beneficial  owner" (as defined in
Rule 13d-3 under the Exchange Act),  directly or indirectly of securities of the
Company  representing more than fifty percent (50%) of the combined voting power
of the Company's then outstanding securities;  provided, however, that no Change
of Control will be deemed to have  occurred as a result of a change in ownership
percentage  resulting  solely from an  acquisition of securities by the Company,
the grant or exercise of any stock option,  stock award, stock purchase right or
similar equity incentive,  or the continued beneficial ownership by any party of
voting securities of the Company which such party  beneficially  owned as of the
Employment Commencement Date; or

                  (ii)  persons,  who, as of the  Employment  Commencement  Date
constitute the Board (the "Incumbent Directors") cease for any reason, including
without  limitation,  as a result of a tender offer,  proxy  contest,  merger or
similar  transaction,  to  constitute  at least a  majority  thereof,  provided,
however,  that any person  becoming a director of the Company  subsequent to the
Employment  Commencement Date shall be considered an Incumbent  Director if such
person's  election or nomination for election was approved by a vote of at least
fifty percent (50%) of the Incumbent Directors;  and provided further,  that any
such person whose initial  assumption of office is in connection  with an actual
or  threatened  election  contest  relating to the members of the Board or other
actual or  threatened  solicitation  of proxies or consents by or on behalf of a
"person" (as defined in Section  13(d) and 14(d) of the Exchange Act) other than
the Board, including by reason of agreement intended to avoid or settle any such
actual  or  threatened  contest  or  solicitation,  shall not be  considered  an
Incumbent Director; or

                  (iii)   consummation   of   a   reorganization,    merger   or
consolidation or sale or other  disposition of at least 80% of the assets (other
than cash and cash  equivalents) of the Company (a "Business  Combination"),  in
each case, unless, following such Business Combination, all or substantially all
of the  individuals  and entities who were the beneficial  owners of outstanding
voting securities of the Company immediately prior to such Business  Combination
beneficially own,  directly or indirectly,  more than fifty percent (50%) of the
combined voting power of the then outstanding voting securities entitled to vote
generally  in the  election  of  directors,  as the case may be, of the  company
resulting  from such Business  Combination  (including,  without  limitation,  a
company  which,  as a result of such  transaction,  owns the  Company  or all or
substantially all of the Company's assets either directly or through one or more
subsidiaries)  in  substantially   the  same  proportions  as  their  ownership,
immediately  prior  to such  Business  Combination,  of the  outstanding  voting
securities of the Company; or

                                       7
<PAGE>

                  (iv) approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

      6. Golden Parachute Payments.

            (a) Executive  shall bear all expense of, and be solely  responsible
for, all federal,  state, local or foreign taxes due with respect to any benefit
received pursuant to this Agreement,  including,  without limitation, any excise
tax imposed by Section  4999 of the Internal  Revenue  Code of 1986,  as amended
(the "Code"); provided,  however, that any benefit received or to be received by
Executive in connection  with a Change of Control  ("Contract  Benefits") or any
other  plan,   arrangement  or  agreement  with  the  Company  or  an  affiliate
(collectively  with the  Contract  Benefits,  the "Total  Benefits")  that would
constitute a "parachute payment" within the meaning of Section 280G of the Code,
shall be reduced to the extent  necessary  so that no portion  thereof  shall be
subject to the excise tax imposed by Section  4999 of the Code,  but only if, by
reason of such reduction,  the net after-tax  benefit received by Executive as a
result of such  reduction  shall exceed the net  after-tax  benefit  received by
Executive if no such  reduction  was made.  For purposes of this Section 6, "net
after-tax  benefit" shall mean the Total Benefits that Executive  receives or is
then  entitled to receive  from the Company  that would  constitute a "parachute
payment"  within the meaning of Section 280G of the Code, less (i) the amount of
all federal,  state and local income and  employment  taxes payable by Executive
with respect to such  "parachute  payment,"  calculated at the highest  marginal
income tax rate for each year in which the foregoing  shall be paid to Executive
(based  on the rates set forth in the Code as in effect at the time of the first
receipt of the foregoing benefits),  and (ii) the amount of excise taxes imposed
with respect to such "parachute payment" by Section 4999 of the Code.

            (b) The  accounting  firm engaged by the Company (or its  successor)
for general tax purposes shall perform any adjustment pursuant to subsection (a)
of this  Section 6. The  Company  shall bear all  expenses  with  respect to the
determinations  by such  accounting  firm  required  to be made  hereunder.  The
accounting firm engaged to make the  determinations  hereunder shall provide its
calculations,  together with detailed supporting documentation, to Executive and
to the Company  within  fifteen (15)  calendar  days of being engaged to perform
such  determination  and  adjustment,  or at such other time as requested by the
Company.  Any good faith  determinations  of the accounting  firm made hereunder
shall be final, binding and conclusive upon you and the Company.

      7. Section 409A Compliance.

            (a) To the extent  that any  amount  payable  under  this  Agreement
constitutes an amount payable under a "nonqualified  deferred compensation plan"
(as  defined  in  Section  409A  of  the  Code  ("Section  409A"))  following  a
"separation  from  service" (as defined in Section  409A),  including any amount
payable  under  Section 4, then,  notwithstanding  any other  provision  in this
Agreement to the  contrary,  such payment will not be made to Executive  earlier
than  the day  after  the  date  that is six (6)  months  following  Executive's
"separation  from  service."  This  Section  7(a) will not be  applicable  after
Executive's death.

            (b) Executive and the Company  acknowledge  that the requirements of
Section 409A are still being developed and  interpreted by government  agencies,
that certain issues under

                                       8
<PAGE>

Section 409A remain  unclear at this time, and that the parties hereto have made
a good  faith  effort  to comply  with  current  guidance  under  Section  409A.
Notwithstanding  anything in this  Agreement to the contrary,  in the event that
amendments  to this  Agreement  are  necessary  in order to comply  with  future
guidance or interpretations  under Section 409A,  including amendments necessary
to ensure  that  compensation  will not be subject to  Section  409A,  Executive
agrees  that the  Company  shall be  permitted  to make  such  amendments,  on a
prospective and/or retroactive basis, in its sole discretion.

      8.  Restrictive  Covenants.  Executive  acknowledges  that  the  Company's
ability to keep its Confidential Information (as defined in Section 9(b)) secret
and away from its  competitors is important to the Company's and its affiliates'
viability and business.  Executive further  acknowledges that over the course of
his  employment  with  the  Company  he has and  will (i)  develop  special  and
substantial  relationships with the Company's and its affiliates'  customers and
suppliers, and/or (ii) be privy to Confidential Information.  Further, Executive
has and will help develop the goodwill of the Company and its affiliates  during
the course of his employment.  Finally, pursuant to Section 3(b), Executive will
have a substantial  ownership interest in the Company. As such, Executive agrees
to abide by the  following  covenants  in order to allow the  Company to protect
those interests:

            (a)  Non-Competition.  During the  "Restricted  Period"  (as defined
below),  Executive will not either  directly or  indirectly,  for himself or any
other person or entity,  anywhere  within the United  States,  carry on, own, be
engaged in,  assist,  be employed by,  consult for,  serve as a director for, or
have any  financial  interest in any business or  enterprise  that is materially
engaged in the  telecommunications  relay service ("TRS") or call center service
industries  or any other  industry in which the Company is engaged to a material
extent at the time Executive's  employment  terminates,  provided that an equity
investment  of not more than two percent  (2%) in any  company  that is publicly
traded  and  whose  shares  are  listed on a  national  stock  exchange  will be
permitted.

            For purposes of this Section 8, "Restricted Period" means the period
beginning on the Employment  Commencement  Date and  continuing  until the first
(1st) anniversary of Executive's  employment  termination date,  irrespective of
the reason that Executive's employment is terminated with the Company.

            (b) Non-Solicitation.  During the Restricted Period,  Executive will
not either  directly or  indirectly,  for himself or any other person or entity,
(i) hire,  solicit for services,  encourage the  resignation of, or in any other
manner seek to engage or employ,  any person who is an employee of the  Company,
or a consultant of the Company  devoting more than seventy  percent (70%) of his
or her  time  to  the  business  of the  Company  or any of its  affiliates,  on
Executive's  employment  termination  date or during  the six (6)  month  period
preceding  such  termination  date,  or (ii)  solicit,  provide  services to, or
otherwise interfere with the Company's business  relationship with, any customer
of the Company in connection with services and/or products that compete with the
Company's services or products, provided that such customer is a customer of the
Company on the  employment  termination  date or during the one (1) year  period
preceding such termination date.

                                       9
<PAGE>

            (c) Equitable Relief.  Executive acknowledges that the remedy at law
for his  breach of Section 8, 9(a)  and/or 10 will be  inadequate,  and that the
damages  flowing  from such  breach  will not be  readily  susceptible  to being
measured in monetary  terms.  Accordingly,  upon a violation of any part of such
Sections,  the Company will be entitled to immediate injunctive relief (or other
equitable  relief)  and may obtain a  temporary  order  restraining  any further
violation.  No  bond or  other  security  will be  required  in  obtaining  such
equitable  relief,  and  Executive  hereby  consents  to the  issuance  of  such
equitable  relief.  Such equitable  relief may be obtained from any court having
appropriate  jurisdiction over the matter. Nothing in this Section 8(c) shall be
deemed to limit the  Company's  remedies at law or in equity that may be pursued
or availed of by the Company for any breach by  Executive of any of the parts of
Sections 8, 9(a) and/or 10.

            (d) Judicial  Modification.  Executive  acknowledges  that it is the
intent of the parties  hereto that the  restrictions  contained or referenced in
Sections 8, 9 and 10 be enforced to the  fullest  extent  permissible  under the
laws  of  each  jurisdiction  in  which  enforcement  is  sought.  If any of the
restrictions  contained or referenced in such Sections is for any reason held by
a  court  or  arbitrator  to be  excessively  broad  as to  duration,  activity,
geographical  scope, or subject,  then, for purposes of that jurisdiction,  such
restriction shall be construed, judicially modified, or "blue penciled" so as to
thereafter  be limited or reduced to the extent  required to be  enforceable  in
accordance with applicable law. Executive acknowledges and understands that, due
to the nature and scope of the Company's  existing and proposed  business  plans
and projects, and the technological  advancements in electronic  communications,
any narrower  geographic  restriction of his obligations under Sections 8(a) and
8(b) would be inappropriate and counter to the protections sought by the Company
thereunder.

      9. Confidential Information.

            (a)  Non-Use  and   Non-Disclosure   of  Confidential   Information.
Executive  acknowledges  that,  during  the  course of his  employment  with the
Company,  he has had and will have access to  information  about the Company and
its affiliates,  and their customers and suppliers,  that is confidential and/or
proprietary in nature, and that belongs to the Company and/or its affiliates. As
such, at all times,  both during his employment and  thereafter,  Executive will
hold in the strictest  confidence,  and not use or attempt to use except for the
benefit of the Company and its affiliates,  and not disclose to any other person
or  entity  (without  the  prior  written   authorization   of  the  Board)  any
"Confidential  Information"  (as  defined  in  Section  9(b)).   Notwithstanding
anything  contained in this Section 9,  Executive  will be permitted to disclose
any  Confidential  Information to the extent  required by  validly-issued  legal
process or court order,  provided that Executive  notifies the Board immediately
of any such legal  process or court  order in an effort to allow the  Company to
challenge such legal process or court order, if the Company so elects,  prior to
Executive's disclosure of any Confidential Information.

            (b)  Definition of  Confidential  Information.  For purposes of this
Agreement,  "Confidential  Information"  means any  confidential  or proprietary
information  that  belongs  to the  Company or its  affiliates,  or any of their
customers or suppliers,  including,  without limitation,  technical data, market
data, trade secrets,  trademarks,  service marks, copyrights, other intellectual
property,  know-how,  research, business plans, product and service information,
projects,  services,  customer  lists  and  information,  customer  preferences,
customer

                                       10
<PAGE>

transactions,   supplier  lists  and  information,   supplier  rates,  software,
hardware, technology,  inventions,  developments,  processes, formulas, designs,
drawings,  marketing methods and strategies,  pricing strategies, sales methods,
financial   information,   project   information,   revenue   figures,   account
information,  credit information,  financing arrangements, and other information
disclosed to Executive by the Company or its affiliates in confidence,  directly
or  indirectly,  and  whether in  writing,  orally,  or by  electronic  records,
drawings, pictures, or inspection of tangible property.

      10.  Return of  Company  Property.  Upon the  termination  of  Executive's
employment with the Company,  or at any time during such employment upon request
by the Company,  Executive will promptly  deliver to the Company and not keep in
his possession,  recreate, or deliver to any other person or entity, any and all
property that belongs to the Company or any of its  affiliates,  or that belongs
to any other third  party and is in  Executive's  possession  as a result of his
employment with the Company,  including,  without limitation,  computer hardware
and software, Blackberries or other personal data assistants or similar devices,
pagers,  mobile or cellular phones, other electronic equipment,  records,  data,
customer lists and information,  supplier lists and information, notes, reports,
correspondence,  financial information, account information, product and service
information,  project  information,  files, and other documents and information,
including any and all copies of the foregoing.

      11. No Prior  Restrictions.  Executive  represents  and warrants  that his
employment  with the Company does not violate,  or cause him to be in breach of,
any obligation or covenant made to any former employer or other third party, and
that  during the course of his  employment  with the Company he has not and will
not take any action that would  violate or breach any legal  obligation  that he
may have to any former  employer or other third party.  In the event of a breach
of this Section 11, including in the event that Executive's  representation  and
warranty above is false, Executive shall hold the Company harmless and indemnify
it for  any  damages  resulting  to it or  its  affiliates,  including,  without
limitation, attorneys' fees, as a result of the breach of this Section 11.

      12. Assignment.

            (a) This Agreement shall be binding upon and inure to the benefit of
(i) the heirs,  beneficiaries,  executors and legal representatives of Executive
upon Executive's death and (ii) any successor of the Company, provided, however,
that any  successor  shall  within ten (10) days of such  assumption  deliver to
Executive a written assumption in a form reasonably acceptable to Executive. Any
such successor of the Company shall be deemed  substituted for the Company under
the terms of this Agreement for all purposes. As used herein,  "successor" shall
mean any person,  firm,  corporation or other business  entity that at any time,
whether by purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. Notwithstanding such
assignment, the Company shall remain, with such successor, jointly and severally
liable for all of its obligations hereunder. This Agreement may not otherwise be
assigned by the Company.

            (b)  None  of the  rights  of  Executive  to  receive  any  form  of
compensation   payable  pursuant  to  this  Agreement  shall  be  assignable  or
transferable except through a testamentary disposition or by the laws of descent
and  distribution  upon the death of  Executive

                                       11
<PAGE>

or as  provided  in Section  20  hereof.  Any  attempted  assignment,  transfer,
conveyance or other  disposition  (other than as provided in this Section 12) of
any  interest in the rights of  Executive  to receive  any form of  compensation
hereunder shall be null and void;  provided,  however,  that notwithstanding the
foregoing,  Executive shall be allowed to transfer vested Option Shares or other
stock  options  or equity  awards  consistent  with the rules for  transfers  to
"family members" as defined in U.S. Securities and Exchange Commission Form S-8.

      13. Liability Insurance.

            (a) The Company shall cover Executive under directors' and officers'
liability insurance both during and, while potential liability exists, after the
Employment  Term in the same  amount  and to the  same  extent,  if any,  as the
Company covers its other officers and directors.

            (b) The Company shall,  both during and after the  Employment  Term,
indemnify  and hold  harmless  Executive  to the  fullest  extent  permitted  by
applicable  law with regard to actions or  inactions  taken by  Executive in the
performance  of his duties as an officer,  director  and employee of the Company
and its  affiliates or as a fiduciary of any benefit plan of the Company and its
affiliates.

      14.  Notices.  All  notices,  requests,  demands and other  communications
called  for  hereunder  shall be in  writing  and shall be  deemed  given if (a)
delivered  personally  or by  facsimile,  (b) one (1) day  after  being  sent by
Federal Express or a similar commercial overnight service, or (c) three (3) days
after being mailed by registered or certified  mail,  return receipt  requested,
prepaid  and  addressed  to the parties or their  successors  in interest at the
following addresses,  or at such other addresses as the parties may designate by
written notice in the manner set forth in this Section 14:

                  If to the Company:

                           GoAmerica, Inc.
                           Attn:  Chairman of the Board
                           433 Hackensack Ave., 3rd Floor
                           Hackensack, NJ 07601

                  If to Executive:

                           Daniel R. Luis
                           433 Hackensack Ave., 3rd Floor
                           Hackensack, NJ 07601

      15.  Severability.  In the event that any provision  hereof  becomes or is
declared by a court of competent  jurisdiction to be illegal,  unenforceable  or
void,  this  Agreement  shall  continue  in full force and effect  without  said
provision.

      16. Entire Agreement.  This Agreement  represents the entire agreement and
understanding   between  the  Company  and  Executive   concerning   Executive's
employment  relationship  with the Company,  and supersedes and replaces any and
all  prior  agreements  and

                                       12
<PAGE>

understandings  concerning Executive's employment  relationship with the Company
entered into prior to the date hereof,  but it does not supersede or replace any
written agreements entered into simultaneous with this Agreement or thereafter.

      17. Arbitration.

            (a)  Agreement.  The Company  and  Executive  agree that,  except as
otherwise  provided in Section 8(c), any dispute or controversy  arising out of,
relating to, or in connection with the employment relationship between them, the
inception of that  relationship,  the  termination  of that  relationship,  this
Agreement, or the interpretation,  validity, construction,  performance, breach,
or termination thereof, including, without limitation, claims of discrimination,
harassment,  and/or retaliation,  and any violation of whistleblower laws, shall
be settled by final and binding  arbitration to be held in New York, New York or
such other location agreed by the parties  hereto,  under the auspices of and in
accordance  with the National  Rules for the  Resolution of Employment  Disputes
then in effect of the American  Arbitration  Association ("AAA"). The arbitrator
may grant  injunctions  or other  relief in such  dispute  or  controversy.  The
decision of the arbitrator shall be final, conclusive and binding on the parties
to the arbitration.  Judgment may be entered on the arbitrator's decision in any
court having jurisdiction.  The selection of the arbitrator will be conducted in
accordance  with the AAA's  practices and  procedures for disputes of the nature
here  contemplated.  The  arbitrator  will  have  authority  and  discretion  to
determine the arbitrability of any particular  claim,  should any disputes arise
with respect to such issue.

            (b) Costs and Fees of  Arbitration.  The moving  party shall pay the
costs of the initial arbitration filing (not to exceed two hundred fifty dollars
($250)),  and the Company  shall pay the  remaining  costs and  expenses of such
arbitration.  Unless  otherwise  required  by law or pursuant to an award by the
arbitrator,  the  Company and  Executive  shall each pay  separately  its or his
counsel fees and expenses.  Notwithstanding  the foregoing,  the arbitrator may,
but need not,  award the  prevailing  party in any dispute its or his legal fees
and expenses.

      18. No Oral  Modification,  Cancellation or Discharge.  This Agreement may
only be amended,  canceled or discharged  in writing  signed by Executive and an
appropriate officer or director of the Company.

      19.  Survivorship.  The respective  rights and  obligations of Company and
Executive  hereunder shall survive any termination of Executive's  employment by
the Company to the extent necessary to preserve such rights and obligations.

      20.  Beneficiaries.  Executive shall be entitled,  to the extent permitted
under any applicable law, to select and change the beneficiary or  beneficiaries
to receive  any  compensation  or benefit  payable  hereunder  upon his death by
giving the Company written notice thereof. If Executive dies, severance then due
or other amounts due hereunder  shall be paid to his  designated  beneficiary or
beneficiaries or, if none are designated or none survive Executive, his estate.

                                       13
<PAGE>

      21. Withholding. The Company shall be entitled to withhold, or cause to be
withheld, any amount of federal, state, city or other withholding taxes required
by law with  respect  to  payments  made to  Executive  in  connection  with his
employment hereunder.

      22.  Governing  Law.  This  Agreement  shall be governed  by Delaware  law
(without  reference to rules of conflicts of law), which shall be applied to the
merits of any dispute or claim  submitted to arbitration  pursuant to Section 13
of this  Agreement.  Executive and the Company hereby  expressly  consent to the
personal  jurisdiction  of the state and federal courts located in New York, New
York for any  action or  proceeding  relating  to any  arbitration  pursuant  to
Section 13 of this Agreement in which the parties are participants, or any claim
to which Section 8(c) applies.

 [Remainder of page intentionally left blank - signatures on the following page]

                                       14
<PAGE>

                                                               EXECUTION VERSION

IN WITNESS WHEREOF, the undersigned have executed this Agreement:

                                        GOAMERICA, INC.

                                        By: /s/ Edmond Routhier
                                            ------------------------------------
                                            Name:  Edmond Routhier
                                            Title: President

                                        DANIEL R. LUIS

                                        /s/ Daniel R. Luis
                                        ----------------------------------------

<PAGE>

                                                               EXECUTION VERSION

                                    Exhibit A

                                 GOAMERICA, INC.
                          2005 EQUITY COMPENSATION PLAN

                       NONSTATUTORY STOCK OPTION AGREEMENT

      GoAmerica, Inc., a Delaware corporation (the "Company"),  hereby grants an
option to purchase shares of the common stock,  par value $.01 per share, of the
Company (the "Stock") to the Optionee  named below.  The terms and conditions of
the  option  are set forth in this  cover  sheet,  in the  attached  term  sheet
(together  with this cover sheet,  the  "Agreement"),  and in the Company's 2005
Equity Compensation Plan, as amended (the "Plan"). Capitalized terms used herein
without definition shall have the meanings ascribed thereto in the Plan.

Grant Date: February 11, 2008

Name of Optionee: Daniel R. Luis

Number of shares of Stock covered by option: 400,000

Option Exercise Price per share of Stock: $6.57

Vesting Start Date: February 11, 2008

      By signing this cover sheet,  you agree to all of the terms and conditions
described  in this cover sheet,  in the  attached  term sheet and in the Plan, a
copy of which is also attached. You acknowledge that you have carefully reviewed
the Plan and agree that the Plan will control in the event any provision of this
Agreement  (as  defined  in  the  attached  term  sheet)  should  appear  to  be
inconsistent.

--------------------------------------          --------------------------------
(Optionee)                                      Edmond Routhier, President

Attachment

This is not a stock certificate or a negotiable instrument.

<PAGE>

                                                               EXECUTION VERSION

                                 GOAMERICA, INC.
                     2005 EQUITY COMPENSATION INCENTIVE PLAN

                       NONSTATUTORY SOCK OPTION TERM SHEET

Nonstatutory                       This   option  is  not   intended  to  be  an
Stock Option                       incentive  stock option under  Section 422 of
                                   the  Internal   Revenue  Code  of  1986,   as
                                   amended, and will be interpreted accordingly.

Vesting                            This  option  is only  exercisable  before it
                                   expires  and then  only with  respect  to the
                                   vested portion of the option.  Subject to the
                                   preceding  sentence,  you may  exercise  this
                                   option,  in whole or in part,  to  purchase a
                                   whole  number  of vested  shares  that is not
                                   less than 100  shares,  unless  the number of
                                   shares   purchased   is  the   total   number
                                   available for purchase  under the option,  by
                                   following  the  procedures  set  forth in the
                                   Plan and below in this Agreement.

                                   Your right to purchase  shares of Stock under
                                   this option will vest as to two forty-eighths
                                   (2/48ths)  of  the  total  number  of  shares
                                   covered by this option, as shown on the cover
                                   sheet,  on the Vesting Start Date. Your right
                                   to purchase shares of Stock under this option
                                   will   vest   as   to   an   additional   one
                                   forty-eighth  (1/48th) of the total number of
                                   shares  covered  by this  option on the first
                                   day of each month  thereafter,  provided  you
                                   then  continue  as an Service  Provider.  The
                                   resulting  aggregate  number of vested shares
                                   will be rounded to the nearest  whole number,
                                   and you  cannot  vest in more than the number
                                   of shares covered by this option.

                                   Except as provided in this  Agreement and any
                                   employment  agreement entered into by you and
                                   the Company,  no  additional  shares of Stock
                                   will vest  during  your  employment  with the
                                   Company  or after  you  cease to be a Service
                                   Provider.

                                   The  Company  will  determine,  in  its  sole
                                   discretion,  when your  status as an Employee
                                   and as a Service Provider  terminates for all
                                   purposes under the Plan.

Term                               This  option  will expire in any event at the
                                   earlier of (i) the close of  business  on the
                                   date six (6)  months  after  the date of your
                                   termination as an Employee (or if such day is
                                   not a business  day,  on the next  succeeding
                                   business  day), or (ii) the close of business
                                   at Company headquarters on the day before the
                                   tenth (10th)  anniversary  of the Grant Date,
                                   as shown on the cover sheet.

Notice of                          When you wish to exercise  this  option,  you
Exercise                           must  notify the Company by filing the proper
                                   "Notice  of  Exercise"  form  at the  address
                                   given on the form.  Your notice must  specify
                                   the  number  of  whole  shares  you  wish  to
                                   purchase (in a parcel of at least 100 shares,
                                   generally). Your notice must also specify how
                                   your shares of Stock should be registered (in
                                   your name  only or in your and your  spouse's
                                   names as  joint  tenants  with  the  right of
                                   survivorship).  The notice will be  effective
                                   when it is received by the Company.

                                   If someone else wants to exercise this option
                                   after your  death,  that person must prove to
                                   the Company's  satisfaction that he or she is
                                   entitled to do so..

<PAGE>

Form of Payment                    When you submit your notice of exercise,  you
                                   must include  payment of the Option  Exercise
                                   Price  for the  shares  you  are  purchasing.
                                   Payment may be made in one (or a combination)
                                   of the following forms:

                                   o  Cash,  your  personal  check,  a cashier's
                                      check,  a  money  order  or  another  cash
                                      equivalent acceptable to the Company.

                                   o  Shares  of Stock  that have  already  been
                                      owned by you and which are  surrendered to
                                      the  Company.  The  value  of the  shares,
                                      determined as of the effective date of the
                                      option  exercise,  will be  applied to the
                                      Option Exercise Price.

                                   o  By delivery (on a form  prescribed  by the
                                      Company) of an irrevocable  direction to a
                                      licensed  securities  broker acceptable to
                                      the  Company  to sell Stock and to deliver
                                      all or part of the  sale  proceeds  to the
                                      Company in payment of the aggregate Option
                                      Exercise Price and any withholding taxes.

Withholding Taxes                  You  will not be  allowed  to  exercise  this
                                   option    unless    you    make    acceptable
                                   arrangements  to pay any withholding or other
                                   taxes  that  may be due  as a  result  of the
                                   option  exercise  or sale of  Stock  acquired
                                   under  this  option.  In the  event  that the
                                   Company  determines that any federal,  state,
                                   local or foreign tax or  withholding  payment
                                   is required  relating to the exercise or sale
                                   of  shares  arising  from  this  grant,   the
                                   Company  will have the right to require  such
                                   payments  from you, or withhold  such amounts
                                   from  other  payments  due  to you  from  the
                                   Company  or  any  Affiliate.  Subject  to the
                                   prior  approval of the Company,  which may be
                                   withheld   by  the   Company   in  its   sole
                                   discretion,  you may  elect to  satisfy  this
                                   withholding obligation,  in whole or in part,
                                   by  causing  the  Company to  withhold  Stock
                                   otherwise issuable to you or by delivering to
                                   the Company  Stock  already owned by you. The
                                   Stock so delivered  or withheld  must have an
                                   aggregate  Fair  Market  Value  equal  to the
                                   withholding obligation and may not be subject
                                   to any  repurchase,  forfeiture,  unfulfilled
                                   vesting or other similar requirements.

Transfer of Option                 During  your  lifetime,  only you (or, in the
                                   event   of   your   legal    incapacity    or
                                   incompetence,    your   guardian   or   legal
                                   representative) may exercise this option. You
                                   may not transfer or assign this  option.  For
                                   instance, you may not sell this option or use
                                   it as security for a loan.  If you attempt to
                                   do any of  these  things,  this  option  will
                                   immediately become invalid. You may, however,
                                   dispose of this option in your will or it may
                                   be transferred upon your death by the laws of
                                   descent and distribution.

                                   Regardless of any marital property settlement
                                   agreement,  the Company is not  obligated  to
                                   honor a notice of exercise  from your spouse,
                                   nor is the  Company  obligated  to  recognize
                                   your spouse's  interest in this option in any
                                   other way.

Retention Rights                   Neither this option nor this  Agreement  give
                                   you the right to be  retained  by the Company
                                   (or any Parent,  Subsidiary  or Affiliate) in
                                   any capacity.  The Company  reserves (and any
                                   Parent, Subsidiary or Affiliate reserves) the
                                   right to terminate your status as an Employee
                                   at any time and for any reason.

                                       4
<PAGE>

Shareholder Rights                 You, or your estate or heirs,  have no rights
                                   as a  shareholder  of  the  Company  until  a
                                   certificate for this option's shares has been
                                   issued (or an appropriate book entry has been
                                   made).  No adjustments are made for dividends
                                   or other rights if the applicable record date
                                   occurs  before  your  stock   certificate  is
                                   issued (or an appropriate book entry has been
                                   made), except as described in the Plan.

Adjustments                        In  the  event  of a  stock  split,  a  stock
                                   dividend,  reverse  stock  split or a similar
                                   change in the Stock,  the number of shares of
                                   Stock  covered by this  option and the Option
                                   Exercise  Price  per share  will be  adjusted
                                   (and  rounded  down  to  the  nearest   whole
                                   number)  if  required  pursuant  to the Plan.
                                   This  option  will be subject to the terms of
                                   the  agreement  of  merger,   liquidation  or
                                   reorganization  in the event the  Company  is
                                   subject to such  corporate  activity,  to the
                                   extent specified in the Plan.

Applicable Law                     This  Agreement   will  be  interpreted   and
                                   enforced  under  the  laws  of the  State  of
                                   Delaware,  other than any conflicts or choice
                                   of law rule or principle that might otherwise
                                   refer  construction or interpretation of this
                                   Agreement to the  substantive  law of another
                                   jurisdiction.

Forum Selection                    At  all   times   each   party   hereto   (1)
                                   irrevocably    submits   to   the   exclusive
                                   jurisdiction of any New York court or Federal
                                   court  sitting in New York;  (2) agrees  that
                                   any action or  proceeding  arising  out of or
                                   relating   to   this    Agreement    or   the
                                   transactions   contemplated  hereby  will  be
                                   heard  and  determined  in such  New  York or
                                   Federal court; (3) to the extent permitted by
                                   law,  irrevocably  waives  (i) any  objection
                                   such party may have to the laying of venue of
                                   any such action or  proceeding in any of such
                                   courts, or (ii) any claim that such party may
                                   have that any such action or  proceeding  has
                                   been brought in an  inconvenient  forum;  and
                                   (4)  to  the   extent   permitted   by   law,
                                   irrevocably     agrees     that    a    final
                                   non-appealable judgment in any such action or
                                   proceeding  will  be  conclusive  and  may be
                                   enforced  in other  jurisdictions  by suit on
                                   the judgment or in any other manner  provided
                                   by  law.  Nothing  in this  section  entitled
                                   "Forum  Selection"  will  affect the right of
                                   any party  hereto to serve  legal  process in
                                   any  manner  permitted  by law.

The Plan                           The text of the Plan is  incorporated in this
                                   Agreement by reference.  Certain  capitalized
                                   terms used in this  Agreement  are defined in
                                   the Plan,  and have the meanings set forth in
                                   the Plan.

                                   This  Agreement and the Plan  constitute  the
                                   entire  understanding  between  you  and  the
                                   Company  regarding this option.  Any prior or
                                   contemporaneous  agreements,  commitments  or
                                   negotiations   concerning   this  option  are
                                   superseded.

                                        5
<PAGE>

Data Privacy                       In order to administer  the Plan, the Company
                                   may  process  personal  data about you.  Such
                                   data  include,  but are not  limited  to, the
                                   information  provided in this  Agreement  and
                                   any  changes   thereto,   other   appropriate
                                   personal and financial data about you such as
                                   home address and business addresses and other
                                   contact information,  payroll information and
                                   any other  information  that  might be deemed
                                   appropriate  by the Company to facilitate the
                                   administration of the Plan.

                                   By accepting  this option,  you give explicit
                                   consent to the  Company  to process  any such
                                   personal data. You also give explicit consent
                                   to the Company to transfer any such  personal
                                   data outside the country in which you work or
                                   are  employed  (including,  with  respect  to
                                   non-U.S.  resident  Optionees,  to the United
                                   States) to  transferees  who will include the
                                   Company and other persons who are  designated
                                   by the Company to administer the Plan.

Consent to                         The  Company  may choose to  deliver  certain
Electronic                         statutory  materials  relating to the Plan in
Delivery                           electronic  form.  By  accepting  this option
                                   grant you agree that the  Company may deliver
                                   the Plan  prospectus,  the  Company's  annual
                                   report  and  other  documents  to  you  in an
                                   electronic  format.  If at any time you would
                                   prefer  to  receive  paper  copies  of  these
                                   documents,   as  you  are  entitled  to,  the
                                   Company  would be pleased to provide  copies.
                                   To request  paper copies of these  documents,
                                   please  contact the  Secretary of the Company
                                   at  433  Hackensack  Avenue,  Hackensack,  NJ
                                   07607.

      By  signing  the cover  sheet of this  Agreement,  you agree to all of the
terms and conditions described above and in the Plan.

                                        6

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