Document:

Form of Stock Purchase Warrant

THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO STOCKERYALE, INC. THAT SUCH REGISTRATION IS NOT
REQUIRED. 

	 	
Right
to Purchase 400,000 Shares of Common Stock of StockerYale, Inc. (subject to adjustment as
provided herein) 

COMMON STOCK PURCHASE
WARRANT 

     No.    
          2003-1 Issue Date: June 10, 2004

        STOCKERYALE,
INC., a corporation organized under the laws of the State of Massachusetts (the
"Company"), hereby certifies that, for value received, LAURUS MASTER FUND, LTD.,
or assigns (the "Holder"), is entitled, subject to the terms set forth below, to
purchase from the Company from and after the Issue Date of this Warrant and at any time or
from time to time before 5:00 p.m., New York time, through seven (7) years after such date
(the "Expiration Date"), up to 400,000 fully paid and nonassessable shares of
Common Stock (as hereinafter defined), $.001 par value, of the Company, at the Exercise
Price (as defined below). The number and character of such shares of Common Stock and the
Exercise Price are subject to adjustment as provided herein. 

        As
used herein the following terms, unless the context otherwise requires, have the following
respective meanings: (a) The term "Company" shall include StockerYale, Inc. and
any corporation which shall succeed or assume the obligations of StockerYale, Inc.
hereunder. 

     (b)    
          The term "Common Stock" includes (a) the Company's Common Stock,
          par value $.001 per share, and (b) any other securities into which or for which
          any of the securities described in (a) may be converted or exchanged pursuant to
          a plan of recapitalization, reorganization, merger, sale of assets or otherwise.
          (c) The term "Other Securities" refers to any stock (other than Common
          Stock) and other securities of the Company or any other person (corporate or
          otherwise) which the holder of the Warrant at any time shall be entitled to
          receive, or shall have received, on the exercise of the Warrant, in lieu of or
          in addition to Common Stock, or which at any time shall be issuable or shall
          have been issued in exchange for or in replacement of Common Stock or Other
          Securities pursuant to Section 4 or otherwise.

     (d)    
          The term "Exercise Price" shall be as follows:

        400,000
shares at $3.12 per share. 

     2.    
          Exercise of Warrant.

2.1 Number of Shares Issuable upon
Exercise. From and after the date hereof through and including the Expiration Date,
the Holder shall be entitled to receive, upon exercise of this Warrant in whole or in
part, by delivery of an original or fax copy of the exercise notice attached hereto as
Exhibit A (the "Exercise Notice"), shares of Common Stock of the Company,
subject to adjustment pursuant to Section 4. 

2.2 Fair Market Value. Fair Market
Value of a share of Common Stock as of a particular date (the "Determination
Date") shall mean: 

     (a)    
          If the Company's Common Stock is traded on an exchange or is quoted on the
          National or SmallCap Market of The Nasdaq Stock Market,
          Inc.("Nasdaq"), then the closing or last sale price, respectively,
          reported for the last business day immediately preceding the Determination Date.

     (b)    
          If the Company's Common Stock is not traded on an exchange or on the Nasdaq
          but is traded on the NASD OTC Bulletin Board or BBX Exchange, then the mean of
          the average of the closing bid and asked prices reported for the last business
          day immediately preceding the Determination Date.

     (c)    
          Except as provided in clause (d) below, if the Company's Common Stock is
          not publicly traded, then as the Holder and the Company agree or in the absence
          of agreement by arbitration in accordance with the rules then in effect of the
          American Arbitration Association, before a single arbitrator to be chosen from a
          panel of persons qualified by education and training to pass on the matter to be
          decided.

     (d)    
          If the Determination Date is the date of a liquidation, dissolution or winding
          up, or any event deemed to be a liquidation, dissolution or winding up pursuant
          to the Company's charter, then all amounts to be payable per share to
          holders of the Common Stock pursuant to the charter in the event of such
          liquidation, dissolution or winding up, plus all other amounts to be payable per
          share in respect of the Common Stock in liquidation under the charter, assuming
          for the purposes of this clause (d) that all of the shares of Common Stock then
          issuable upon exercise of the Warrant are outstanding at the Determination Date.

     3.    
          Procedure for Exercise.

3.1 Delivery of Stock Certificates,
etc. on Exercise. The Company agrees that the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of
such shares as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid. As soon as practicable after
the exercise of this Warrant in full or in part, and in any event within 3 business days
thereafter, the Company at its expense (including the payment by it of any applicable
issue taxes) will cause to be issued in the name of and delivered to the Holder, or as
such Holder (upon payment by such holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for the number
of duly and validly issued, fully paid and nonassessable shares of Common Stock (or Other
Securities) to which such Holder shall be entitled on such exercise, plus, in lieu of any
fractional share to which such holder would otherwise be entitled, cash equal to such
fraction multiplied by the then Fair Market Value of one full share, together with any
other stock or other securities and property (including cash, where applicable) to which
such Holder is entitled upon such exercise pursuant to Section 1 or otherwise. 

3.2      Exercise.

     
     (a)    
          Payment may be made either in (i) cash or by certified or official bank check
          payable to the order of the Company equal to the applicable aggregate Exercise
          Price, (ii) by delivery of the Warrant, Common Stock and/or Common Stock
          receivable upon exercise of the Warrant in accordance with Section (b) below, or
          (iii) by a combination of any of the foregoing methods, for the number of Common
          Shares specified in such form (as such exercise number shall be adjusted to
          reflect any adjustment in the total number of shares of Common Stock issuable to
          the holder per the terms of this Warrant) and the Holder shall thereupon be
          entitled to receive the number of duly authorized, validly issued, fully-paid
          and non-assessable shares of Common Stock (or Other Securities) determined as
          provided herein.

     (b)    
          Notwithstanding any provisions herein to the contrary, if the Fair Market Value
          of one share of Common Stock is greater than the Exercise Price (at the date of
          calculation as set forth below), in lieu of exercising this Warrant for cash,
          the Holder may elect to receive shares equal to the value (as determined below)
          of this Warrant (or the portion thereof being exercised) by surrender of this
          Warrant at the principal office of the Company together with the properly
          endorsed Exercise Notice in which event the Company shall issue to the Holder a
          number of shares of Common Stock computed using the following formula:

X=Y (A-B)  

 A 

  

	Where 	X=	
    
    the number of shares of Common Stock to be
    issued to the Holder 
    

	 	Y=	
    
the number of shares of Common Stock purchasable under the Warrant or, if only a portion
of the Warrant is being exercised, the portion of the Warrant being exercised (at the date
of such calculation)

	 	A=	
    
the Fair Market Value of one share of the Company's Common Stock (at the date of such
calculation)

	 	B=	

    Exercise Price (as adjusted to the date of such calculation)

    

4. Effect of Reorganization, etc.; Adjustment of Exercise Price.

4.1 Reorganization, Consolidation,
Merger, etc. In case at any time or from time to time, the Company shall (a) effect a
reorganization, (b) consolidate with or merge into any other person, or (c) transfer all
or substantially all of its properties or assets to any other person under any plan or
arrangement contemplating the dissolution of the Company, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate provision shall
be made by the Company whereby the Holder of this Warrant, on the exercise hereof as
provided in Section 1 at any time after the consummation of such reorganization,
consolidation or merger or the effective date of such dissolution, as the case may be,
shall receive, in lieu of the Common Stock (or Other Securities) issuable on such exercise
prior to such consummation or such effective date, the stock and other securities and
property (including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such Holder
had so exercised this Warrant, immediately prior thereto, all subject to further
adjustment thereafter as provided in Section 4. 4.2 Dissolution. In the event of
any dissolution of the Company following the transfer of all or substantially all of its
properties or assets, the Company, prior to such dissolution, shall at its expense deliver
or cause to be delivered the stock and other securities and property (including cash,
where applicable) receivable by the Holder of the Warrant after the effective date of such
dissolution pursuant to Section 3.1 to a bank or trust company having its principal office
in New York, NY, as trustee for the Holder of the Warrant. 4.3 Continuation of
Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution
following any transfer) referred to in this Section 3, this Warrant shall continue in full
force and effect and the terms hereof shall be applicable to the shares of stock and other
securities and property receivable on the exercise of this Warrant after the consummation
of such reorganization, consolidation or merger or the effective date of dissolution
following any such transfer, as the case may be, and shall be binding upon the issuer of
any such stock or other securities, including, in the case of any such transfer, the
person acquiring all or substantially all of the properties or assets of the Company,
whether or not such person shall have expressly assumed the terms of this Warrant as
provided in Section 4. In the event this Warrant does not continue in full force and
effect after the consummation of the transactions described in this Section 3, then only
in such event will the Company's securities and property (including cash, where
applicable) receivable by the holders of the Warrant be delivered to the Trustee as
contemplated by Section 3.2. 

     5.    
          Extraordinary Events Regarding Common Stock. In the event that the
          Company shall (a) issue additional shares of the Common Stock as a dividend or
          other distribution on outstanding Common Stock, (b) subdivide its outstanding
          shares of Common Stock, or (c) combine its outstanding shares of the Common
          Stock into a smaller number of shares of the Common Stock, then, in each such
          event, the Exercise Price shall, simultaneously with the happening of such
          event, be adjusted by multiplying the then Exercise Price by a fraction, the
          numerator of which shall be the number of shares of Common Stock outstanding
          immediately prior to such event and the denominator of which shall be the number
          of shares of Common Stock outstanding immediately after such event, and the
          product so obtained shall thereafter be the Exercise Price then in effect. The
          Exercise Price, as so adjusted, shall be readjusted in the same manner upon the
          happening of any successive event or events described herein in this Section 4.
          The number of shares of Common Stock that the holder of this Warrant shall
          thereafter, on the exercise hereof as provided in Section 1, be entitled to
          receive shall be increased to a number determined by multiplying the number of
          shares of Common Stock that would otherwise (but for the provisions of this
          Section 4) be issuable on such exercise by a fraction of which (a) the numerator
          is the Exercise Price that would otherwise (but for the provisions of this
          Section 4) be in effect, and (b) the denominator is the Exercise Price in effect
          on the date of such exercise.

     6.    
          Certificate as to Adjustments. In each case of any adjustment or
          readjustment in the shares of Common Stock (or Other Securities) issuable on the
          exercise of the Warrant, the Company at its expense will promptly cause its
          Chief Financial Officer or other appropriate designee to compute such adjustment
          or readjustment in accordance with the terms of the Warrant and prepare a
          certificate setting forth such adjustment or readjustment and showing in detail
          the facts upon which such adjustment or readjustment is based, including a
          statement of (a) the consideration received or receivable by the Company for any
          additional shares of Common Stock (or Other Securities) issued or sold or deemed
          to have been issued or sold, (b) the number of shares of Common Stock (or Other
          Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
          and the number of shares of Common Stock to be received upon exercise of this
          Warrant, in effect immediately prior to such adjustment or readjustment and as
          adjusted or readjusted as provided in this Warrant. The Company will forthwith
          mail a copy of each such certificate to the holder of the Warrant and any
          Warrant agent of the Company (appointed pursuant to Section 11 hereof).

     7.    
          Reservation of Stock, etc. Issuable on Exercise of Warrant. The Company
          will at all times reserve and keep available, solely for issuance and delivery
          on the exercise of the Warrant, shares of Common Stock (or Other Securities)
          from time to time issuable on the exercise of the Warrant.

     8.    
          Assignment; Exchange of Warrant. Subject to compliance with applicable
          securities laws, this Warrant, and the rights evidenced hereby, may be
          transferred by any registered holder hereof (a "Transferor") with
          respect to any or all of the Shares. On the surrender for exchange of this
          Warrant, with the Transferor's endorsement in the form of Exhibit B
          attached hereto (the "Transferor Endorsement Form") and together with
          evidence reasonably satisfactory to the Company demonstrating compliance with
          applicable securities laws, which shall include, without limitation, a legal
          opinion from the Transferor's counsel that such transfer is exempt from the
          registration requirements of applicable securities laws, the Company at its
          expense but with payment by the Transferor of any applicable transfer taxes)
          will issue and deliver to or on the order of the Transferor thereof a new
          Warrant of like tenor, in the name of the Transferor and/or the transferee(s)
          specified in such Transferor Endorsement Form (each a "Transferee"),
          calling in the aggregate on the face or faces thereof for the number of shares
          of Common Stock called for on the face or faces of the Warrant so surrendered by
          the Transferor. 9. Replacement of Warrant. On receipt of evidence
          reasonably satisfactory to the Company of the loss, theft, destruction or
          mutilation of this Warrant and, in the case of any such loss, theft or
          destruction of this Warrant, on delivery of an indemnity agreement or security
          reasonably satisfactory in form and amount to the Company or, in the case of any
          such mutilation, on surrender and cancellation of this Warrant, the Company at
          its expense will execute and deliver, in lieu thereof, a new Warrant of like
          tenor.

     10.    
          Registration Rights. The Holder of this Warrant has been granted certain
          registration rights by the Company. These registration rights are set forth in a
          Registration Rights Agreement entered into by the Company and Purchaser of the
          Company's Convertible Note (the "Note") at or prior to the issue
          date of this Warrant. 11. Maximum Exercise. The Holder shall not
          be entitled to exercise this Warrant on an exercise date, in connection with
          that number of shares of Common Stock which would be in excess of the sum of (i)
          the number of shares of Common Stock beneficially owned by the Holder and its
          affiliates on an exercise date, and (ii) the number of shares of Common Stock
          issuable upon the exercise of this Warrant with respect to which the
          determination of this proviso is being made on an exercise date, which would
          result in beneficial ownership by the Holder and its affiliates of more than
          4.99% of the outstanding shares of Common Stock of the Company on such date. For
          the purposes of the proviso to the immediately preceding sentence, beneficial
          ownership shall be determined in accordance with Section 13(d) of the Securities
          Exchange Act of 1934, as amended, and Rule 13d-3 thereunder. Subject to the
          foregoing, the Holder shall not be limited to aggregate exercises which would
          result in the issuance of more than 4.99%. The restriction described in this
          paragraph may be revoked upon 75 days prior notice from the Holder to the
          Company and is automatically null and void upon an Event of Default under the
          Note. Notwithstanding the foregoing, to the extent required by the Nasdaq
          Marketplace Rules, at no time may the Holder exercise all or part of this
          Warrant to acquire a number of shares of Common Stock that, together with any
          shares of Common Stock acquired upon conversion of all or any part of the Note
          or the interest payable thereon, would in the aggregate exceed 19.99% of the
          outstanding shares of the Company's Common Stock, determined as of the date
          hereof, without first obtaining stockholder approval of such issuance of Common
          Stock (the "Conversion Limitations"). In obtaining stockholder
          approval, stockholders shall not be entitled to vote shares of Common Stock
          acquired upon exercise of this Warrant and/or conversion of the Note on such
          matter. In the event such approval is so required, then the Company shall (i)
          within fifteen (15) days following notice by the Holder to convert an amount in
          excess of the Conversion Limitations file proxy materials relating to such
          stockholder approval with the Securities and Exchange Commission and (ii) use
          its best efforts to obtain as promptly as possible such stockholder approval.

     12.    
          Warrant Agent. The Company may, by written notice to the each holder of
          the Warrant, appoint an agent for the purpose of issuing Common Stock (or Other
          Securities) on the exercise of this Warrant pursuant to Section 1, exchanging
          this Warrant pursuant to Section 7, and replacing this Warrant pursuant to
          Section 8, or any of the foregoing, and thereafter any such issuance, exchange
          or replacement, as the case may be, shall be made at such office by such agent.

     13.    
          Transfer on the Company's Books. Until this Warrant is transferred
          on the books of the Company, the Company may treat the registered holder hereof
          as the absolute owner hereof for all purposes, notwithstanding any notice to the
          contrary.

     14.    
          Notices, etc. All notices and other communications from the Company to
          the Holder of this Warrant shall be mailed by first class registered or
          certified mail, postage prepaid, at such address as may have been furnished to
          the Company in writing by such holder or, until any such Holder furnishes to the
          Company an address, then to, and at the address of, the last Holder of this
          Warrant who has so furnished an address to the Company. 15. Voluntary
          Adjustment by the Company. The Company may at any time during the term of
          this Warrant reduce the then current Exercise Price to any amount and for any
          period of time deemed appropriate by the Board of Directors of the Company.

     16.    
          Miscellaneous. This Warrant and any term hereof may be changed, waived,
          discharged or terminated only by an instrument in writing signed by the party
          against which enforcement of such change, waiver, discharge or termination is
          sought. This Warrant shall be governed by and construed in accordance with the
          laws of State of New York without regard to principles of conflicts of laws. Any
          action brought concerning the transactions contemplated by this Warrant shall be
          brought only in the state courts of New York or in the federal courts located in
          the state of New York; provided, however, that the Holder may choose to waive
          this provision and bring an action outside the state of New York. The
          individuals executing this Warrant on behalf of the Company agree to submit to
          the jurisdiction of such courts and waive trial by jury. The prevailing party
          shall be entitled to recover from the other party its reasonable attorney's
          fees and costs. In the event that any provision of this Warrant is invalid or
          unenforceable under any applicable statute or rule of law, then such provision
          shall be deemed inoperative to the extent that it may conflict therewith and
          shall be deemed modified to conform with such statute or rule of law. Any such
          provision which may prove invalid or unenforceable under any law shall not
          affect the validity or enforceability of any other provision of this Warrant.
          The headings in this Warrant are for purposes of reference only, and shall not
          limit or otherwise affect any of the terms hereof. The invalidity or
          unenforceability of any provision hereof shall in no way affect the validity or
          enforceability of any other provision. The Company acknowledges that legal
          counsel participated in the preparation of this Warrant and, therefore,
          stipulates that the rule of construction that ambiguities are to be resolved
          against the drafting party shall not be applied in the interpretation of this
          Warrant to favor any party against the other party.

        IN
WITNESS WHEREOF, the Company has executed this Warrant under seal as of the date first
written above. 

         

            STOCKERYALE, INC. 

By: 
/s/                                                        

Witness: 

  ______________________________________

     

Exhibit A 

FORM OF SUBSCRIPTION 

(To be signed only on
exercise of Warrant) 

TO: StockerYale, Inc. 

The undersigned, pursuant to the
provisions set forth in the attached Warrant (No.____), hereby irrevocably elects to
purchase (check applicable box): 

___   
________ shares of the Common Stock covered by such Warrant; or

___    
________ the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2. 

The undersigned herewith makes payment
of the full Exercise Price for such shares at the price per share provided for in such
Warrant, which is $___________. Such payment takes the form of (check applicable box or
boxes): 

___     $__________ in lawful money of the United States; and/or

___     the cancellation of such portion
of the attached Warrant as is exercisable for a total of _______ shares of Common Stock
(using a Fair Market Value of $_______ per share for purposes of this calculation); and/or 

___     the cancellation of such number of
shares of Common Stock as is necessary, in accordance with the formula set forth in
Section 2, to exercise this Warrant with respect to the maximum number of shares of Common
Stock purchaseable pursuant to the cashless exercise procedure set forth in Section 2. 

The undersigned requests that the
certificates for such shares be issued in the name of, and delivered to
____________________ whose address is ______________________________ 

____________________________________________________________________________.

The undersigned represents and
warrants that all offers and sales by the undersigned of the securities issuable upon
exercise of the within Warrant shall be made pursuant to registration of the Common Stock
under the Securities Act of 1933, as amended (the "Securities Act") or pursuant
to an exemption from registration under the Securities Act. 

Dated:___________________      _______________________________________

	 	
    
(Signature
must conform to name of holder as specified on the face of the Warrant) 

 

Exhibit B 

FORM OF TRANSFEROR
ENDORSEMENT 

(To be signed only on
transfer of Warrant) 

For value received, the undersigned hereby sells, assigns, and transfers unto the person(s)
named below under the heading "Transferees" the right represented by the within Warrant to
purchase the percentage and number of shares of Common Stock of StockerYale, Inc. to which
the within Warrant relates specified under the headings "Percentage Transferred" and "Number Transferred,"
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its
respective right on the books of StockerYale, Inc. with full power of substitution in the premises. 

	
    Transferees
     
	
    Percentage Transferred
     
	
    Number Transferred
     

	
     
     
	
     
     
	
     
     

	
     
     
	
     
     
	
     
     

	
     
     
	
     
     
	
     
     

	
     
     
	
     
     
	
     
     

Dated:___________________                 ____________________________________________________________________ 

(Signature must conform to name of holder as specified on the face of the Warrant)
 

Signed in the presence of: ______________________________ 

(Name) ______________________________________________            

(Address) ____________________________________________ 

(City, State, Zip)_______________________________________

ACCEPTED AND AGREED:
 

[TRANSFEREE] _______________________________________ 

(Name) _______________________________________________ 

(Address) _____________________________________________ 

(City, State, Zip)_______________________________________<PAGE>

                                  EXHIBIT 10.18

                              EMPLOYMENT AGREEMENT

                                RICHARD E. WHITE

      THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of the
15th day of June, 2004 (the "Commencement Date"), by and between PHOENIX
FOOTWEAR GROUP, INC., a Delaware corporation ("Employer" or the "Company"), and
RICHARD E. WHITE ("Employee" or "White").

                                    RECITALS:

      WHEREAS, the Board of Directors ("Board") of the Company has approved the
engagement of White as its Chief Executive Officer, subject to the execution and
delivery of this Agreement by the parties hereto; and

      WHEREAS, White is willing to serve in that capacity on the terms and
conditions hereinafter set forth.

                                   PROVISIONS:

      NOW, THEREFORE, in consideration of the premises and the agreements
contained herein, the parties agree as follows:

      1.    EMPLOYMENT. The Company agrees to employ White and White hereby
accepts such employment by the Company upon the terms and conditions set forth
herein.

      2.    DUTIES OF EMPLOYEE. The Company hereby employs White as the Chief
Executive Officer of the Company and White agrees to exercise such powers and
authority as are inherent in the position and to perform such duties as the
Board of Directors of the Company (the "Board") may direct during the Term of
Employment as defined below. White shall devote substantially his whole working
time, efforts and attention to the business and affairs of the Company (except
for vacation time, absence for sickness or similar disability) and shall carry
out his duties honestly, diligently, in good faith and in the best interests of
the Company. White shall make such reports, written or verbal, to the Board as
he or it may request regarding the Company's business, operations and other
activities undertaken by White on behalf of the Company.

      3.    TERM OF EMPLOYMENT. As used in this Agreement, "Term of Employment"
means the three (3) year period commencing on the Commencement Date (the
"Initial Term") and each one (1) year renewal term (the "Renewal Term"), if any.
Upon the conclusion of the Initial Term and for any Renewal Term, this Agreement
shall automatically renew for one year (Renewal Term) unless either party gives
notice of intent not to renew this Agreement at least ninety (90) days prior to
the end of the Initial Term or the end of any Renewal Term.

<PAGE>

      4.    BASE SALARY, BONUS, OPTIONS, EXPENSES AND BENEFITS. The Company
shall pay White as compensation for his services an annual base salary of not
less than Five Hundred Thousand Dollars ($500,000) payable in accordance with
the Company's usual payment practices.

            (a)   White shall be eligible to receive an annual bouns upon the
terms and conditions as may be established from time to time by the Board of
Directors or its Compensation Committee, including but not limited those set
forth in an executive bonus or incentive plan. The annual bonus for the first 12
months' performance shall have a target amount of $250,000.

            (b)   The Company has awarded to White upon his signing this
Employment Agreement an option to purchase 200,000 shares of the Company's
Common Stock at the market price on the Commencement Date. The option is
evidenced by a separate Stock Option Agreement attached hereto as Exhibit "A".

            (c)   Provided he is employed by the Company on the date which is 12
months after the Commencement date, the Company shall award White an option to
purchase 185,000 shares of the Company's Common Stock at the market price on
that date, to be evidenced by a Stock Purchase Agreement similar (except for
number of shares and exercise price) to that referred to in (b) above. Provided
he is employed by the Company on the date which is 24 months after the
Commencement Date, the Company shall award White an option to purchase 100,000
shares of the Company's Common Stock at the market price on that date, to be
evidenced by a Stock Option Agreement similar (except for number of shares and
exercise price) to that referred to in (b) above. In each case the number of
shares optioned shall be subject to adjustment upon the occurrence of certain
events to the extent and in the manner provided in Section 4(c) of the Company's
2001 Long-Term Incentive Plan, as amended. The grant of options under this
Section 4(c) is expressly contingent upon there being sufficient shares of
Common Stock reserved for award under the Company's 2001 Long-Term Incentive
Plan (or any replacement plan) on the applicable date to cover the specified
number.

            (d)   In order to assist White in relocating his residence to an
area which will allow a reasonable commuting time to the Company's Carlsbad,
California headquarters, the Company shall: (i) reimburse White, upon
presentation of actual invoices or reasonable estimates, the costs of such
relocation which shall be strictly limited to the cost of moving his family and
belongings, including the movers' costs, and temporary storage through September
15; (ii) reimburse White for any and all real estate brokerage commissions and
mortgage prepayment penalty fees incurred related to the sale of his Connecticut
residence; (iii) reimburse all attorneys' fees incurred by White in selling his
Connecticut residence and purchasing his California residence, up to a maximum
of $10,000; (iv) reimburse all closing costs related to the purchase of White's
California residence up to a maximum of $2,500.00; (v) reimburse up to three
trips per month from June through August, 2004, made by White to and from
Connecticut, including airfare, transportation costs to and from airports,
parking fees and other related expenses; and (vi) reimburse White for temporary
living expenses in the Carlsbad, California area for the period from June
through August, 2004, including rent and real estate brokerage fees related to
obtaining housing, and car rental expenses. The total of all the foregoing shall
not exceed a maximum of $210,000.00.

            (e)   White shall be entitled to four (4) weeks paid vacation time
each year. White shall also be eligible to participate in any group life,
medical, health, dental, disability and/or other benefit plans which are
provided for other officers of the Company under the same terms and conditions
as other officers of the Company. White shall also be eligible to participate in
any other benefit plan adopted by the Company for similarly situated employees
as a group during the term of this Agreement.

<PAGE>

            (f)   Upon submission of supporting documentation, White shall be
reimbursed for all reasonable actual costs and expenses incurred by him in
connection with performance of his duties.

      5.    RESTRICTIVE COVENANTS.

            (a)   During the term of this Agreement and for one (1) year
thereafter, White agrees to keep confidential, not to use or to disclose to
others, except as expressly consented to in writing by the Company, or as
required by law to be disclosed, any trade secrets or confidential technology,
proprietary information, customer lists, or knowledge belonging to or relating
to the affairs of the Company, which term as used in this Section shall include
any and all subsidiaries of the Company, or any matter or thing ascertained by
White through White's association with the Company, the use or disclosure of
which matter or thing might reasonably be construed to be contrary to the best
interest of the Company. White further agrees that should he leave the active
service of the Company, White will neither take nor retain, without prior
written authorization from the Company, any papers, data, client lists, books,
records, files, or other documents (or copies thereof) or other confidential
information of any kind belonging to the Company pertaining to the business,
sales, financial condition, products or services of the Company.

            (b)   While employed by the Company and for a period of one (1) year
thereafter, White agrees that he shall not, directly or indirectly, for himself
or for any other person, firm, corporation, partnership, association or other
entity, attempt to employ or enter into any contractual arrangement with any
employee or former employee of the Company or any of its direct or indirect
subsidiaries, unless such employee or former employee has not been employed by
such entity for a period in excess of six months.

            (c)   Except with the prior written consent of the Company, White
will not during the term undertake or engage in any other employment, occupation
or business enterprise other than one in which he is an inactive investor as
described below (except that he may conclude obligations remaining subsequent to
the sale of White Corporation). White will also not acquire, assume or
participate in, directly or indirectly, any position, investment or interest
adverse or antagonistic to the Company, its business or prospects, financial or
otherwise, or take any action towards any of the foregoing. Further, during the
term, except on behalf of the Company or its subsidiaries or with the Company's
express prior written consent, White will not, directly or indirectly, whether
as an officer, director, employee, stockholder, partner, proprietor or
associate, representative or otherwise, become or be interested in any other
person, corporation, firm, partnership or other entity whatsoever which directly
competes with the Company at that time or any of its direct or indirect
subsidiaries, in any part of the world, in any line of business engaged in by
any such entities (or in which any such entities have made plans to be engaged
in); provided however, that anything above to the contrary notwithstanding,
White may own, as an inactive investor, securities of any competitor
corporation, so long as his holdings in any one such corporation shall not in
the aggregate constitute more than 1% of the voting stock of such corporation.
In the event that the Company has given White its prior written approval to his
serving on the Board of Directors of an entity which thereafter may reasonably
be expected to compete with the Company (either because of new development at
the Company or at the entity), then White shall promptly advise the Company of
the possible competition. In the event he is bound by a confidential information
obligation to the entity not to disclose its new development, White shall
promptly resign from and discontinue all relationships with the entity. Subject
to the foregoing limitation, White may serve on the Board of Directors of a golf
apparel or golf retail company.

<PAGE>

            (d)   For one (1) year after termination of this Agreement, White
agrees that he shall not in any way, directly or indirectly, solicit or sell to
any persons or entities which were customers of the Company during any portion
of the 12 months preceding termination products which are similar to products
which the Company has sold at any time during the term of this Agreement.

            (e)   White agrees that he shall not, either during the term of this
Agreement or thereafter, disparage or denigrate, or otherwise do or say anything
which would tend negatively to affect, the reputation or public perception of
the Company or any of its affiliates, directors, officers, employees, agents or
fiduciaries, or the Company's stock or products.

      6.    TERMINATION OF EMPLOYMENT.

            (a)   DEATH. White's employment hereunder shall terminate
immediately upon his death, at which time the Company will make a single, lump
sum payment to White's estate equal to his base salary for the last six (6)
months of his employment.

            (b)   FOR CAUSE. The Company may terminate White's employment at any
time, effective immediately upon written notice, for cause. For the purpose of
this Agreement, "for cause" means:

                  (i)   repeated and persistent neglect or refusal by White to
substantially perform his duties under this Agreement other than any such
failure resulting from White's incapacity due to physical or mental illness.
Prior to termination for cause under this section (7.b.i.), the Company shall
give written notice to White identifying the manner in which it believes he is
not substantially performing his duties under this Agreement and failure by
White within thirty (30) days to cure the identified problem or problems shall
be cause;

                  (ii)  the engaging by White in criminal conduct (including
embezzlement and criminal fraud);

                  (iii) the commission by White of a felony, or a misdemeanor
which impairs his ability substantially to perform his duties with the Company;

                  (iv)  any material misappropriation of funds or intentional
material damage to the property or business of the Company; or

                  (v)   the material breach of this Agreement by White other
than as specified above. Prior to termination for cause under this section
(7.b.v.), the Company shall give written notice to White identifying the manner
in which it believes he is not substantially performing his duties under this
Agreement and failure by White within thirty (30) days to cure the identified
problem or problems shall be cause.

            In the event White is terminated for cause, the Company shall pay
White his base salary through the date of termination and the Company shall have
no further obligation to provide compensation under this Agreement.

<PAGE>

            (c)   LONG-TERM DISABILITY. Should White commence a long-term
disability, as defined below, White's base compensation shall be continued
during the first six (6) months of such disability. Should such long-term
disability continue beyond six (6) months, White's employment hereunder shall
automatically terminate and the Company shall have no further obligations to
White under this Agreement. White shall have commenced a "long-term disability"
if:

                  (i)   White cannot perform the essential functions of his
position, without reasonable accommodation for his disability; or

                  (ii)  White can perform the essential functions of his
position with an accommodation that would be an undue hardship for the Company
to provide; and

                  (iii) because of his disability, White is qualified to receive
benefits under the Company's long-term disability plan.

            (d)   WITHOUT CAUSE. White's employment may be terminated by the
Company at any time without cause, effective upon one (1) month written notice
of termination and the Company shall be obligated to continue to pay White as
severance an amount equal to White's salary and benefits (other than incentive
compensation amounts or options) for 18 months, payable under the same terms as
provided while White was an employee. Should White's employment be terminated by
the Company without cause or should White suffer a substantial diminution in his
job duties and responsibilities in connection with a "change of control," the
Company shall be obligated to pay to White within 30 days after the occurrence
thereof, as severance and in lieu of any and all other payments due under the
Agreement (except such as have accrued to the date of termination) an amount
equal to his total compensation, other than the value of stock options granted
or exercised, for the two years prior to his termination date. In no event shall
the aggregate amount payable to White hereunder be such as to constitute an
Excess Parachute Payment as that term is used in Section 280G(b) of the Code. In
the event the aggregate payments due hereunder constitute an Excess Parachute
Payment, such payments as selected by White shall be reduced or negated in
sufficient amount as to render the aggregate of the remaining payments not an
Excess Parachute Payment. A "change of control" shall mean the occurrence of an
event which would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of
1934, as amended. The Company's obligation to pay White under this Section 6(d)
is expressly conditioned upon (i) White's executing and delivering to the
Company a general release, in form satisfactory to the Company, whereby White
releases the Company, its affiliates, directors, officers, employees, agents,
attorneys and fiduciaries of benefit plans of any and all claims and potential
claims, known or unknown, arising out of his employment or the termination
thereof, except a claim for severance payment under this Section 6(d), and (ii)
White's not having violated any of the restrictive covenants of Section 5 above.

      7.    NOTICES. Any notice, demand or communication required, permitted or
desired to be given under this Agreement shall be deemed effectively given when
personally delivered or mailed by prepaid, certified mail, return receipt
requested, addressed as follows until a different address is provided:

            Employee: Richard E. White
                      11 Charcoal Hill Road
                      Westport, Connecticut 06880

<PAGE>

            Company:        Phoenix Footwear Group, Inc.
                            5759 Fleet Street, Suite 220
                            Carlsbad, California 92008

            With a copy to: Woods Oviatt Gilman LLP
                            700 Crossroads Building
                            Rochester, New York  14614
                            Attn:  Harry P. Messina, Jr., Esq.

      8.    GOVERNING LAW. This Agreement shall be interpreted in accordance
with and governed by the laws of Delaware, without regard to conflict of laws.

            (a)   Any controversy or claim arising out of or relating to this
Agreement, shall be settled by arbitration in accordance with the National Rules
for the Resolution of Employment Disputes of the American Arbitration
Association (the "Rules") in effect at the time demand for arbitration is made
by any party. A single arbitrator acceptable to both parties shall determine the
matter. In the event that the single arbitrator is not agreed upon, he or she
shall be named by the American Arbitration Association. Arbitration shall occur
in San Diego, California. The award made by the arbitrator shall be final and
binding and judgment may be entered in any court of law having competent
jurisdiction. The prevailing party shall be entitled to an award of reasonable
attorney's fees, costs and expenses incurred in connection with the arbitration
and any judicial proceedings related thereto.

            (b)   In the event of any breach or threatened breach by White of
any of the provisions of Section 5 of the Agreement, the Company shall be
entitled to injunctive relief restraining White or any business, firm,
partnership, individual, corporation or entity participating in such breach or
threatened breach. Nothing herein shall be construed as prohibiting the Company
from pursuing any other remedies available at law or in equity for such breach
or threatened breach, including the recovery of damages and the immediate
termination of the employment of Employee hereunder. If any of the provisions of
or covenants contained in Section 5 are hereafter construed to be invalid or
unenforceable in a particular jurisdiction, the same shall not affect the
remainder of the provisions or the enforceability thereof in that jurisdiction,
which shall be given full effect, without regard to the invalidity or
unenforceability thereof in a particular jurisdiction because of the duration
and/or scope of such provision or covenant in that jurisdiction and, in its
reduced form, said provision or covenant shall be enforceable. In all other
jurisdictions Section 5 shall at all times remain in full force and effect. The
obligations under this Section 5 shall survive any termination of this
Agreement.

      9.    ASSIGNMENT. This Agreement shall be assignable by the Company and
shall inure to the benefit of and be binding upon, the Company, its successors
and assigns. Being a contract for personal services, this Agreement may not be
assigned by White during his life, and upon his death will be binding upon and
inure to the benefit of his heirs, legatees, and legal representatives of his
estate.

      10.   MODIFICATION AND WAIVER. No modification, amendment or waiver of any
of the provisions of this Agreement shall be effective unless in writing and
signed by the party against which the same is sought to be enforced. No waiver
by either party at any time of any breach by the party of, or compliance with,
any condition or provision of this Agreement to be performed by the other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same time or at any prior or subsequent time.

<PAGE>

      11.   SEVERABILITY. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

      12.   LEGAL EXPENSES AND LIMITED INDEMNITY. If either party brings an
action to enforce the terms of this Agreement or to prevent a violation of this
Agreement, the prevailing party shall be entitled to recover his or its
reasonable attorneys' fees and legal expenses and costs from the losing party as
determined by the court.

      13.   HEADINGS. The headings contained herein are for reference purposes
only and shall not in any way affect the meaning or interpretation of any
provision of this Agreement.

      14.   ENTIRE AGREEMENT. This Agreement supersedes any and all prior
discussions, negotiations, employment and similar agreements, written and/or
oral, between the Company and White. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute the Agreement. This Agreement shall not become
effective until completely conforming counterparts have been signed and
delivered by each of the parties hereto.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.

                                               /s/ Richard E. White
                                               ---------------------------------
                                               RICHARD E. WHITE

                                               PHOENIX FOOTWEAR GROUP, INC.

                                               By: /s/ James R. Riedman
                                                  ------------------------------
                                               Name:  James R. Riedman
                                               Title: Chairman

<PAGE>

               EXHIBIT A TO RICHARD E. WHITE EMPLOYMENT AGREEMENT

                             STOCK OPTION AGREEMENT

                             STOCK OPTION AGREEMENT
                       (Employee - Incentive Stock Option)
                          2001 Long-Term Incentive Plan

      This STOCK OPTION AGREEMENT (the "Option Agreement"), is entered into
between PHOENIX FOOTWEAR GROUP, INC., a Delaware corporation (the "Company") and
the natural person signatory hereto (the "Optionee").

                              W I T N E S S E T H:

      I.    This Agreement is being entered into by the Company and the Optionee
to evidence and set forth the terms and conditions of options to purchase shares
of the Company's common stock, par value $.01 per share (the "Common Stock")
which have been awarded to the Optionee under the Company's 2001 Long Term
Incentive Plan (the "Plan"), the identifying provisions of which are as follows:

            A.    Optionee: RICHARD E. WHITE

            B.    Grant Date: _______________________________________

            C.    Number of Option Shares: 200,000

            D.    Vesting Percentage: one-third (1/3) after one year

                                      two-thirds (2/3) after two years

                                      all after three years

            E.    Exercise Price (Per Share):  ______________________

            F.    Expiration Date:  _________________________________

      II.   All capitalized terms used herein and not otherwise defined shall
have the meanings given thereto in the Plan;

                              P R O V I S I O N S:

      NOW, THEREFORE, in consideration of the premises, the terms and conditions
set forth herein, the mutual benefits to be gained by the performance thereof
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

<PAGE>

      1.    Grant of Option/Consideration. Subject to the terms and conditions
herein, the Company hereby grants to the Optionee the right and option to
purchase (the "Option") from the Company the Number of Shares Optioned (the
"Option Shares") at the Exercise Price per share (the "Exercise Price"). The
number of shares of Common Stock purchasable hereunder and the Exercise Price
are subject to adjustment upon the occurrence of certain events to the extent
and in the manner provided in Section 4(c) of the Plan. In consideration of, and
in acceptance of, this Stock Option, the Optionee agrees to continue his
employment with or service to the Company for not less than six (6) months from
Grant Date, and agrees not to compete with the Company, directly or indirectly,
or in any way assist competitors of the Company for a period of twelve (12)
months after termination of the employment of the Optionee, regardless of cause.
In the event of the breach of the covenant set forth in this Section, this
Option shall terminate and no longer be exercisable. In the event that Optionee
has exercised this Option as to any extent, the shares purchased shall be
subject to the Company's option, exercisable by written notice to the Optionee
given within 120 days after the Company becomes aware of the breach, to
repurchase the shares at a price equal to the Exercise Price on the Grant Date.
The closing of the transfer shall take place at the Company offices within sixty
(60) days after such notice at a date and time specified by the Company. At that
time, the Optionee shall transfer the shares to the Company free and clear of
all encumbrances in exchange for the Exercise Price.

      2.    Vesting. The Option shall vest and become exercisable as to the
number of Option Shares and on the dates specified in I.D. above, provided the
Optionee is an employee on date of exercise. It is understood that the right to
purchase Option Shares shall be cumulative so that the Optionee may purchase on
or after any such anniversary and during the remainder of the Option Period
(defined below) those quantities of Option Shares which the Optionee was
entitled to purchase but did not purchase during any preceding period or
periods.

      3.    Time of Exercise. Except as limited in Section 4, the Optionee may
exercise the vested portion of the Option at any time during the ten (10) year
period beginning on the Grant Date ("Option Period"). Notwithstanding anything
to the contrary contained herein, the Option shall terminate and be of no
further force or effect upon the expiration of the Option Period ("Expiration
Date"). To the extent that the Shares with respect to which the Option first
becomes exercisable during any calendar year, together with any Shares subject
to any other incentive stock options that first become exercisable in such
calendar year, would have an aggregate value (determined as of the date of grant
of such options) in excess of $100,000, the portion of the Option and options
represented by such excess will not be treated as incentive stock options, but
rather non-qualified options.

      4.    Termination and Acceleration of Option.

            (a)   In the event that the Optionee ceases to be an employee of the
Company, then the portion of the Option which is unvested as of the date of such
termination shall terminate and be of no further force or effect and, except as
specified in Section 4(c), the portion of the Option which is vested as of the
date of such termination shall terminate 90 days thereafter and be of no further
force or effect. For purposes of this Agreement, Optionee shall not be deemed to
have ceased to be an employee of the Company so long as he continues to be an
employee, or serve as an officer, of the Company or one or more of its
subsidiaries.

            (b)   Notwithstanding anything else herein to the contrary, the
Option shall automatically vest and become immediately exercisable upon the
occurrence of a Change of Control as provided in Section 7(h) of the Plan. Such
acceleration shall be effective as of the date of that the Change of Control
occurs and each Option

<PAGE>

so accelerated may be exercised by the Optionee during the twelve (12) month
period beginning on such date, provided, however, that the Option may not be
exercised after the end of the Option Period.

            (c)   In the event that the Optionee ceases to be an employee of the
Company during the Option Period by reason of death or total and permanent
disability, then the unvested portion of the Option shall terminate and be of no
further force or effect and the vested portion of the Option may be exercised by
the person or persons entitled thereto under the Optionee's will or the laws for
descent and distribution during the twelve (12) month period beginning on such
date, provided, however, that the Option may not be exercised after the end of
the Option Period.

      5.    Method of Exercise. The Option may be exercised only by the Optionee
by giving written notice to the Secretary of the Company setting forth the
number of Option Shares with respect to which the Option is to be exercised,
which notice shall be accompanied by payment of the full amount of the aggregate
Exercise Price due for the Options Shares being purchased and appropriate
withholding taxes. Such notice shall specify the address to which the
certificate or certificates for such shares are to be mailed. If permitted by
the Committee, payment may also be made by means of tendering Common Stock,
another Award, including Restricted Stock valued at Fair Market Value on the
date of exercise, securing a loan from the Company or any combination thereof.
As promptly as practicable following the receipt of such written notification
and payment, the Company shall deliver to the Optionee certificates for the
number of Option Shares with respect to which such Option has been exercised.

      6.    Transfer and Assignment. Except as provided in Section 12 of the
Plan, no right or benefit under the Plan shall be subject to anticipation,
alienation, transfer, sale, assignment, pledge, encumbrance or charge, whether
voluntary, involuntary, direct or indirect, by operation of law or otherwise,
including, without limitation, a change in beneficial interest of any trust and
a change in ownership of a corporation or partnership, but not including a
change of legal and beneficial title of a right or benefit resulting from the
death of any Optionee or the spouse of any Optionee (any such proscribed
transaction hereinafter a "Disposition") and any attempted Disposition will be
null and void. No right or benefit hereunder shall in any manner be liable for
or subject to any debts, contracts, liabilities or torts of any Optionee or
other person entitled to such benefits.

      7.    No Stockholder Rights. The Optionee shall have no rights as a
stockholder of the Company with respect to the Option Shares unless and until
certificates evidencing such Option Shares shall have been issued by the Company
to the Optionee. Until such time, the Optionee shall not be entitled to
dividends or distributions in respect of any Option Shares or to vote such
shares on any matter submitted to the shareholders of the Company. In addition,
except as to such adjustments that from time to time be made by the Company or
the Committee in accordance with Section 4(c) of the Plan, no adjustment shall
be made or required to be made in respect of dividends (ordinary or
extraordinary, whether in cash, securities or any other property) or
distributions paid or made by the Company or any other rights granted in respect
of any Option Shares for which the record date for such payment, distribution or
grant is prior to the date upon which certificates evidencing such Option Shares
shall have been issued by the Company.

      8.    Withholding Taxes. The Company may make such provisions as it may
deem appropriate for the withholding of any taxes that it determines is required
in connection with the Option granted pursuant hereto.

      9.    Securities Laws. The Option is granted on the condition that the
purchase of shares of Common Stock hereunder shall be for the account of the
Optionee (or other individual or individuals exercising the

<PAGE>

Option) for investment purposes and not with a view to the resale or
distribution thereof, except that such condition shall be inoperative if the
offering and sale of shares subject to the Option is registered under the
Securities Act of 1933, as amended, or if in the opinion of counsel for the
Company such shares may be resold without registration. At the time of any
exercise of the Option, the Optionee will execute such further agreements as the
Company may require to implement the foregoing condition and to acknowledge the
Optionee's familiarity with restrictions on the resale of the shares under
applicable securities laws.

      10.   Notice. Unless otherwise provided herein, any notice or other
communication hereunder shall be in writing and shall be given by registered or
certified mail. All notices of the exercise by the Optionee of the Option
granted pursuant hereto shall be directed to the Company, Attention: Secretary,
at the Company's current address. Any notice given by the Company to the
Optionee directed to him at his address on file with the Company shall be
effective to bind any other person who shall acquire rights hereunder. The
Company shall be under no obligation whatsoever to advise or notify the Optionee
of the existence, maturity or termination of any rights hereunder and the
Optionee shall be deemed to have familiarized himself with all matters contained
herein and in the Plan which may affect any of the Optionee's rights or
privileges hereunder.

      11.   Meaning of Optionee. Whenever the term "Optionee" is used hereunder
under circumstances applicable to any other person or persons to whom this Award
may be assigned in accordance with the provisions of Paragraph 6, the term
"Optionee" shall be deemed to include such person or persons. References to the
masculine gender herein also include the feminine gender for all purposes.

      12.   Incentive Stock Option. The Option is intended to be an "incentive
stock option" as defined in Section 422 of the Internal Revenue Code of 1986, as
amended. The Company makes no representation as to the tax treatment to the
Optionee upon receipt or exercise of the Option or the sale or other disposition
of the Shares covered by the Option.

      13.   Plan Controls. This Agreement is subject to the Plan, a copy of
which has been furnished to the Optionee and for which the Optionee acknowledges
receipt. The terms and provisions of the Plan (including any subsequent
amendments thereto) are incorporated by referenced herein. In the event of a
conflict between any term or provision contained herein and a term or provision
of the Plan, the applicable terms and provisions of the Plan shall govern and
prevail.

<PAGE>

      IN WITNESS WHEREOF, this Agreement has been executed as of the Grant Date.

                                      PHOENIX FOOTWEAR GROUP, INC.

                                      By: ______________________________________
                                      Name:
                                      Title:

                                      OPTIONEE:

                                      __________________________________________
                           Signature

                                      __________________________________________
                                      Street Address

                                      __________________________________________
                                      City, State, Zip Code

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