Document:

astrata_8k-ex1005.htm

    Exhibi 10.5

     

     

     

    
 

    ASTRATA
(SINGAPORE) PTE LTD

     

    as
Chargor

     

    And

     

    FAME
TRADING LTD.

     

    as
Lender

     

    DEBENTURE

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    

    CONTENTS

    Execution
Copy

    

    
      
        
          	
                  Clause

                	 	
                  Heading

                	 	
                  Page

                	 
	 	
                  1.

                	 	
                  Definitions

                	 	 	1-2	 
	 	
                  2.

                	
                   

                	
                  Facility

                	 	 	3	 
	 	
                  3.

                	 	
                  Charge

                	 	 	3	 
	 	
                  4.

                	 	
                  Position
      of Other Security

                	 	 	4	 
	 	
                  5.

                	 	
                  Continuing
      Security

                	 	 	4-5	 
	 	
                  6.

                	 	
                  Covenants
      and Undertakings

                	 	 	5-7	 
	 	
                  7.

                	 	
                  Events
      of Default

                	 	 	7-8	 
	 	
                  8.

                	 	
                  Powers
      of The Lender on Default By The Chargor

                	 	 	8-9	 
	 	
                  9.

                	 	
                  Representations
      and Warranties

                	 	 	9-10	 
	 	
                  10.

                	 	
                  Appointment
      of Receiver

                	 	 	11	 
	 	
                  11.

                	 	
                  Receiver

                	 	 	11-13	 
	 	
                  12.

                	 	
                  Power
      of Attorney

                	 	 	13	 
	 	
                  13.

                	 	
                  Application
      of Monies By Receiver

                	 	 	13-14	 
	 	
                  14.

                	 	
                  Appointment
      of Receiver Not Affecting Other Powers

                	 	 	14	 
	 	
                  15.

                	 	
                  Appointment
      of Lender As Attorney In Fact

                	 	 	14	 
	 	
                  16.

                	 	
                  No
      Enquiry By Third Pasty

                	 	 	14	 
	 	
                  17.

                	 	
                  Waiver
      Not To Prejudice Rights of The Lender

                	 	 	14-15	 
	 	
                  18.

                	 	
                  Indulgence

                	 	 	15	 
	 	
                  19.

                	 	
                  Rights
      of The Lender

                	 	 	15	 
	 	
                  20.

                	 	
                  Payment

                	 	 	16	 
	 	
                  21.

                	 	
                  Remedies
      and Waivers

                	 	 	16	 
	 	
                  22.

                	 	
                  Indemnity

                	 	 	16-17	 

        

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    CONTENTS

    Execution
Copy

    

    
      
        
          	
                  Clause

                	 	
                  Heading

                	 	
                  Page

                	 
	 	
                  23.

                	 	
                  Calculations

                	 	 	17	 
	 	
                  24.

                	
                   

                	
                  Assignment

                	 	 	17	 
	 	
                  25.

                	 	
                  Notices
      and Disclosures

                	 	 	18	 
	 	
                  26.

                	 	
                  Partial
      Invalidity

                	 	 	19	 
	 	
                  27.

                	 	
                  Counterparts

                	 	 	19	 
	 	
                  28.

                	 	
                  Governing
      Law and Jurisdiction

                	 	 	19	 

        

      

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    THIS
DEBENTURE is made the 18th day of May 2009

    

    BETWEEN

    

    
      	
              A. 

            	
              ASTRATA (SINGAPORE) PTE
      LTD (the "Chargor", which
      expression shall unless the context otherwise requires, include its
      successors and permitted assigns), a company incorporated in the Republic
      of Singapore and having its registered office at 135 Joo Seng Road #02-01,
      Singapore 368363.

            

    

    

    AND

    

    
      	
              B. 

            	
              FAME TRADING LTD (the
      "Lender”, which
      expression shall unless the context otherwise requires, include its
      successors and permitted assigns, a company incorporated in British Virgin
      Islands and having its registered office at Akara Building, 24 De Castro
      Street, Wickhams Cay 1, Road Town, Tortola, British Virgin
      Islands.

            

    

    

    WHEREAS

    

    
      	
              (1) 

            	
              The
      Lender has, at the request of the Chargor, agreed to make available to the
      Chargor, inter alia, theFacility
      (as hereinafter defined) on the terms and conditions contained in the
      Transaction Documents (as hereinafter
defined).

            

    

    

    
      	
              (2) 

            	
              As
      a condition precedent to and security for the grant of the Facility. the
      Charger has agreed, inter alia, to execute a floating charge over the
      Charged Property (as hereinafter defined) in favour of the Lender, as
      security for the payment and repayment by the Charger of the Total
      Indebtedness (as hereinafter
defined).

            

    

    

    NOW THIS
DEBENTURE WITNESSETH as follows:

    

    
      	
              1. 

            	
              DEFINITIONS

            

    

    

    
      	
              (A) 

            	
              Interpretation
      : In this Debenture, except to the extern that the context otherwise
      requires all words and expressions as defined in the Facility Agreement
      shall have the same meanings when used or referred to herein and in
      addition. the following words or expressions shall have the following
      meanings respectively.

            

    

    

    "Business Day" means a
thy on which the banks are open for business in United States of America and
Singapore except Saturday-s, Sundays and public holidays in the said
countries;

    

    “Charged Property"
means the property and assets of the Chargor charged pursuant to Clause 3
hereof:

    

    “Event of Default"
means any one of the events mentioned in Clause 7 or any event or circumstance
which, with the giving of any notice, and/or the lapse of any period of time,
and/or the fulfilment of any other requirement could become in the view of the
lender one of the events mentioned in that Clause;

    

    "Facility Agreement"
means the facility agreement to be executed by the Lender and the Borrower
contemporaneously with the execution of this Debenture;

    

    "Lien" means any
mortgage, deed of trust, charge, pledge, lien, attachment, encumbrance or other
security interest or any segregation of assets or revenues or other preferential
arrangement (whether or not constituting a security interest and whether or not
enforceable in law) with respect to any present or future assets. revenues or
rights to the receipt of income of the party referred to in the context in which
the term is used;

    

     

    
      
         

      

      
        Page 1 of
23

        
          

        

      

      
         

      

    

    

    

    "Receivables" means
all rights now owned or hereafter acquired or created, to payment under any
contract not yet earned by performance, all book debts, invoice debts, contract
rights, accounts, notes, bills, acceptances and other forms of obligation raised
by or owing to the Chargor (including all rights to receive pay-merits under
presently existing or hereafter acquired or created letters of credit) or by
virtue of goods sold or leased, services rendered whether or not evidenced by
any writing. and all extensions and renewals of any of the above;

    

    "Total Indebtedness"
has the meaning ascribed to it in the Facility Agreement;

    

    “Facility" has the
meaning ascribed to it in the Facility Agreement; and

    

    “Transaction
Documents” has the meaning ascribed to it in the Facility
Agreement.

    

    
      
        	
                (B) 

              	
                Miscellaneous
      :

              

      

    

    

    
      	
            	
              (i) 

            	
              References
      to the "Debenture” include references to any deed or other document
      executed in order to perfect the security hereby constituted or in
      pursuance of any of the provisions contained or incorporated
      herein;

            

    

    

    
      	
            	
              (ii) 

            	
              Any
      reference to a "Receiver" includes a reference to a “Receiver and Manager"
      or "Manager";

            

    

    

    
      	
            	
              (iii) 

            	
              Words
      importing the singular number include the plural number and vice versa.
      and words importing a particular gender include any other
      gender;

            

    

    

    
      	
            	
              (iv) 

            	
              The
      words "hereof”, “hereon" and "hereunder" and words of similar import refer
      to this Debenture as a whole and not to any particular provision of this
      Debenture;

            

    

    

    
      	
            	
              (v) 

            	
              The
      headings to the Clauses hereof shall not be deemed to be a part thereof or
      be taken in consideration in the interpretation or construction thereof or
      of this Debenture;

            

    

    

    
      	
            	
              (vi) 

            	
              References
      herein to Clauses, Schedules and Appendices are references to Clauses,
      Schedules and Appendices of this
Debenture;

            

    

    

    
      	
            	
              (vii) 

            	
              References
      to documents include amendments, modification, variations, replacements
      and supplements thereto;

            

    

    

    
      	
            	
              (viii) 

            	
              References
      to statutes and other legislation include re-enactments and amendments
      thereof and include any subordinate legislation made under any such
      statute;

            

    

    

    
      	
            	
              (ix) 

            	
              References
      to a party include its permitted assigns and transferees and its
      successors in title; and

            

    

    

    
      	
            	
              (x) 

            	
              References
      to a “person" includes any individual, company, corporation, firm
      partnership, joint venture, association, organisation, trust, state or
      agency of a state (in each case, whether or not having separate legal
      personality).

            

    

    

    
      
         

      

      
        Page 2 of
23

        
          

        

      

      
         

      

    

    

    -3-

    

    
      	
              2. 

            	
              FACILITY

            

    

    

    
      
        
          	
                  (A) 

                	
                  Subject
      to the provisions of the Transaction Documents. the Lender hereby agrees
      to make available to the Chargor the Facility in accordance with the terms
      of the Facility
Agreement.

                

        

      

    

    

    
      	
              (B) 

            	
              The
      Charger hereby covenants and undertakes that it will duly pay to the
      Lender the Total Indebtedness.

            

    

    

    
      	
              3. 

            	
              CHARGE

            

    

    

    
      	
              (A)

            	
              Floating Charge
      : The Chargor as beneficial owner. and as a continuing security far the
      payment and discharge of the Total Indebtedness and for the observance and
      performance by the Chargor of all its obligations to the Lender under or
      in connection with the Facility. hereby charges and agrees to charge in
      favour of the Lender by way of FIRST FLOATING CHARGE the whole of the
      Chargor's undertaking and all its property and assets whatsoever and
      wheresoever present and future including all its present and future state,
      right, title and interest in and to all benefits accrued and to accrue to
      the Chargor in relation to its Receivables and cash at bank and all other
      book and other debts and monetary claims now or at any time hereafter due
      or owing (including without limitation, things in action which may give
      rise to any debt, revenue or claim) to the Charger in connection with or
      in relation to its Receivables together with the full benefit of all
      guarantees and securities therefor and indemnities in respect thereof and
      all Liens, reservations Untie, rights of tracing and other rights and
      remedies enabling the Charger to enforce or obtain the Receivables or such
      cash at bank or any such debts or claims, or any crystallization of the
      floating charge hereby created. whatsoever and wheresoever present the
      undertaking, property, assets and rights comprised within the floating
      charge created by this clause hereinafter called the "Charged
      Property").

            

    

    

    PROVIDED
ALWAYS THAT from the date hereof the Charger is not to be at liberty to and
shall not create any assignment, mortgage or charge upon and so that no Lien
shall in any case or in any manner arise on or affect any part of the Charged
Property either in priority to or pari passu with or ranking
after the charges hereby created and further that the Chargor shall have no
power without the prior consent of the Lender such consent not to be
unreasonably withheld) in writing to:-

    

    
      	
            	
              (a) 

            	
              (save
      in favour of the Lender) create, extend or permit to subsist any mortgage
      or other fixed security, floating charge, pledge, hypothecation or Lien
      (other than a Lien. arising in the ordinary course of business by
      operation of law) or other security interest of any kind, whether in any
      such case ranking in priority to orpari passu with or
      after the floating charge created by the Charger under the preceding
      provisions of this Clause 3(A);
and/or

            

    

    

    
      	
            	
              (b) 

            	
               (save
      in the ordinary course of business) sell, transfer, assign or part with in
      any way or otherwise dispose of, whether by means of one or a number of
      transactions related or not and whether at one time or over a period of
      time, the whole or any part of the Charged Property, or enter into an
      agreement (other than an agreement conditional upon such consent or
      agreement of the Lender being obtained) for any such sale, transfer,
      assignment or other disposal.

            

    

    

    
      	
              (B) 

            	
              Continuing
      Obligations: Notwithstanding anything in this Debenture to the
      contrary, all obligations of the Chargor in respect of the Charged
      Property shall continue to be the obligations of and shall be promptly and
      duly performed and complied with by the
Chargor.

            

    

    
      
         

      

      
        Page 3 of
23

        
          

        

      

      
         

      

    

    

    -4-

    

    
      	
              (C) 

            	
              Rights and
      Privileges : The Charged Property shall be charged in favour of the
      Lender together with all rights and privileges connected
      therewith.

            

    

    

    
      	
              4. 

            	
              POSITION
      OF OTHER SECURITY

            

    

    

    
      	
              (A) 

            	
              Debenture Not to
      Prejudice other Securities : This Debenture is in addition and
      without prejudice to nor shall it affect any other charge, mortgage, Lien,
      collateral, security or other instruments or letters of set-off which the
      Lender may now or hereafter hold from time to time from or on account of
      the Chargor nor shall such collateral or other security or any Lien to
      which the Lender may otherwise be entitled (including any security, charge
      or Lien prior to the date of this Debenture) or the liability of any
      person or persons not parties hereto for all or any part of the Total
      Indebtedness be in any way prejudiced or affected by this Debenture. The
      Lender shall have full powers and absolute discretion to deal with,
      exchange, release, vary, modify, omit, neglect or abstain from perfecting
      or enforcing any such collateral or other securities or other guarantees
      or rights which the Lender may now or hereafter have from or against such
      person or persons or to give time for payment or any indulgence to any
      such other person or persons without discharging or in any way affecting
      the Charger's liabilities or the Total Indebtedness or the security
      created hereunder. All moneys received by the Lender from the Chargor or
      any person or persons liable to pay the same may be applied by the Lender
      to any account or item of account or any transactions to which the same
      may be applicable.

            

    

    

    
      	
              (B) 

            	
              Other Securities not
      to Prejudice Debenture : Nothing contained in any other charge,
      mortgage, Lien or security which the Lender holds or may at any time hold
      from the Chargor alone or jointly with any other person on any account
      whatsoever anywhere whether in or outside Singapore shall prejudice or
      affect this Debenture.

            

    

    

    
      	
              5. 

            	
              CONTINUING
      SECURITY

            

    

    

    
      	
              (A) 

            	
               No Discharge by Part
      Payment : This security shall not be considered as satisfied by any
      intermediate payment or satisfaction of the whole or any part of the Total
      Indebtedness but shall constitute and be a continuing security to the
      Lender and extend to cover all or any of the Total
      Indebtedness.

            

    

    

    
      	
              (B) 

            	
              Avoidance of
      Security. : No assurance. security or payment which may be avoided
      under the Companies Act, Chapter 50 Singapore or under any other provision
      or enactment of any jurisdiction relating to bankruptcy, winding up.
      insolvency or any analogous proceedings and no release, settlement,
      discharge or arrangement which may have been given or made on the faith of
      any such assurance, security or payment shall prejudice or affect the
      right of the Lender to enforce the security provided hereunder to the full
      extent or to recover from the Charger to the full extent as provided for
      hereunder as if such payment, release, settlement, discharge or
      arrangement (as the case may be) had never been granted, given or made;
      and any such release, settlement, discharge or arrangement shall (as
      between the Lender and the Chargor be deemed to have been granted, given
      or made upon the express condition that it shall be wholly void and of no
      effect if the payment on the faith of which it was granted, given or made
      shall at any time thereafter be void under any such provision as referred
      to above so that thereafter the Lender shall be entitled to exercise all
      their rights hereunder against the Charger as if such release, settlement.
      discharge or arrangement had never been granted, given or made, if in the
      Lender's reasonable opinion there is a possibility that any such payment,
      release, settlement, discharge or arrangement may be void or avoided, the
      Lender shall be at liberty at its absolute discretion to retain the
      security so created as security for the Total Indebtedness for a period of
      six months after the Total indebtedness have been paid in
      full.

            

    

    

    
      	
              (C) 

            	
              Security to Continue
      to be Valid and Binding : This security shall continue to be valid
      and binding for all purposes
notwithstanding:-

            

    

    

    

    
      
         

      

      
        Page 4 of
23

        
          

        

      

      
         

      

    

    

     

    
      
        
          	
                	
                  (i) 

                	
                  any
      change by amalgamation, consolidation, reconstruction, merger,
      reorganisation orotherwise
      which may be made in the constitution of the company by which the business
      of the Lender may for the time being be carried on and shall he available
      to the company carrying on the business of the Lender for the time being;
      or

                

        

      

    

    

    
      	
            	
              (ii) 

            	
              the
      insolvency. liquidation or winding-up of the Charger (as the case may be)
      or any commencement of any of the foregoing;
or

            

    

    

    
      	
            	
              (iii) 

            	
              any
      change in constitution, amalgamation, consolidation, reconstruction,
      merger or reorganisation of or affecting the Chargor (as the case may be);
      or

            

    

    

    
      	
            	
              (iv) 

            	
              the
      illegality, invalidity or unenforceability of or any defect in any
      provision of any of the Transaction Documents, the Facility or any other
      security, guarantee or indemnity or any of the obligations of any of the
      parties thereunder; or

            

    

    

    
      	
            	
              (v) 

            	
              any
      other matter or thing whatsoever.

            

    

    

    
      	
              6. 

            	
              COVENANTS
      AND UNDERTAKINGS

            

    

    

    
      	
              (A) 

            	
              Affirmative
      Undertakings: The Chargor hereby covenants and undertakes with the
      Lender that at all times during the continuance of the Transaction
      Documents and until the full and final discharge of all the Total
      Indebtedness, the Charger shall:-

            

    

    

    
      	
            	
              (i) 

            	
              Punctual
      Payment: punctually pay all amounts due owing or remaining unpaid
      under the Transaction Documents on the due dates thereof and in accordance
      with the provisions of the Transaction Documents, and the Charger shall
      also duly observe, perform and comply with all the terms, conditions,
      obligations, undertakings, stipulations and covenants to be observed and
      performed and complied with by it in accordance with the Transaction
      Documents or any other documents called for by the terms of' the
      Transaction Documents;

            

    

    

    
      	
            	
              (ii) 

            	
              Payments: duly
      and punctually pay and discharge all rents rates assessments taxes and
      governmental charges and all outgoings and all charges payable in respect
      of its assets as soon as the same become due and in any event prior to the
      date on which penalties become attached thereto, unless and to the extent
      only that the same shall be contested in good faith and by appropriate
      proceedings and will produce to the Lender on demand all receipts for such
      payments and in default of payment or production as aforesaid it shall be
      lawful (but not obligatory) for the Lender to pay all or any of such rents
      rates assessments taxes and other outgoings and charges on behalf of the
      Chargor and thereupon the sums so paid by the Lender shall on demand be
      repaid to the Lender, and the Chargor will also make timely filings of all
      tax returns and governmental reports required to be filed or submitted
      under any applicable laws or
regulations;

            

    

    

    
      	
            	
              (iii) 

            	
              Authorisations:
      maintain in full force and effect all governmental consents, licences,
      authorisations, approvals, declarations, filings and registrations
      obtained or made in connection with the Transaction Documents and every
      document the execution and delivery of which is contemplated hereby
      (including without limitation foreign exchange and transfer permits
      regarding amounts due hereunder and thereunder) and take all such
      additional action as may be proper or advisable in connection therewith,
      and obtain or effect any new or additional governmental consents,
      licences, authorisations, approvals, declarations, filings or
      registrations as may become necessary for the performance of any of the
      terms and conditions of the Transaction
  Documents;

            

    

    

     

    

    
      
         

      

      
        Page 5 of
23

        
          

        

      

      
         

      

    

    

    
      	
            	
              
                (iv) 

              

            	
              
                Adverse
      Change: promptly notify the Lender of any material adverse event or
      material change in  its
      condition (financial or otherwise) and of any litigation, arbitration or
      administrative proceedings being threatened or initiated against it which
      is likely to affect materially and adversely its operations or financial
      condition, all such notification to be given to the Lender promptly upon
      the Chargor becoming aware of the said change or of the said litigation.
      arbitration or proceedings or threat thereof and the amount of contingent
      liability, if such amount is
  ascertainable;

              

            

    

    

    
      	
            	
              (v) 

            	
              Notification:
      promptly inform the Lender of any Event of Default or any event or the
      receipt of any notice which may affect the fulfilment by the Chargor of
      any of its covenants or obligations hereunder, or may affect its ability
      to carry on its businesses or any application made or an order for the
      Chargor to be placed under judicial management or for the appointment of a
      judicial manager upon occurrence
thereof;

            

    

    

    
      	
            	
              (vi) 

            	
              Subordination:
      ensure that all shareholders' and/or directors' loans or advances save and
      except for bonds issued by the Chargor to their shareholders (including
      interest payment relating thereto), whether now or hereafter owing from
      time to time by the Chargor to any shareholder or director including all
      such shareholders' and/or directors' loans or advances owing prior to the
      date of this Debenture shall henceforth at all times be subordinated to
      the Facility hereof and will procure all of its shareholders enclitic
      directors which have granted such loans or advances to the Chargor to
      agree to subordinate their loans to the Facility hereof and to execute
      such deed of subordination in form and substance satisfactory to the
      Lender in favour of the Lender if the Lender so
  requires;

            

    

    

    
      	
            	
              (vii) 

            	
              Insurance: at
      its own expense, effect and maintain or cause to be effected and
      maintained insurance over all its assets and property charged or to be
      charged to the Lender in connection with the Facility with reputable
      insurer(s), All policies and all endorsements, supplements or amendments
      thereto shall at the Lender's request be delivered to the Lender with the
      receipt for every premium payable in respect thereof seven (7) days prior
      to the expiry of such policies and in default of such delivery or
      production it shall be lawful (but not obligatory) for the Lender to renew
      and/or effect the insurance aforesaid in such sum as the Lender shall
      think fit at the Chargor's expense;

            

    

    

    
      	
            	
              (viii) 

            	
              Further Acts:
      from time to time on reasonable request by the Lender do or procure the
      doing of all such acts and will execute or procure the execution of all
      such documents as the Lender may consider necessary or desirable for
      giving full effect to this Debenture and/or secure to the Lender the full
      benefits of all rights, powers and remedies conferred upon the Lender by
      this Debenture.

            

    

    

    
      	
              (B) 

            	
              Negative
      Undertakings: The Chargor undertakes that at all times during the
      continuance of the Transaction Documents and until the full and final
      discharge of all the Total Indebtedness it shall not, save and except with
      the prior written consent of the Lender. such consent not to be
      unreasonably withheld:-

            

    

    

    
      	
            	
              (i) 

            	
              undertake
      or permit or effect any re-organisation, amalgamation. reconstruction, or
      any other schemes of compromise or arrangement or otherwise affecting its
      present constitution;

            

    

    

    
      	
            	
              (ii) 

            	
              create
      or permit to arise or subsist or have outstanding any mortgage. charge
      (whether fixed or floating), pledge, hypothecation, lien (other than a
      lien arising by operation of law) or any other encumbrance or security
      whatsoever on or over the whole or any part of its properties or assets,
      both present and future whatsoever and wheresoever situate (including
      without limitation any factoring of the Chargor's
      Receivables);

            

    

    

    
      	
            	
              (iii) 

            	
              permit
      or suffer any substantial change in the shareholding of the
      Chargor;

            

    

    

    
      
         

      

      
        Page 6 of
23

        
          

        

      

      
         

      

    

    

    -7-

    

    
      	
            	
              (iv) 

            	
              lease,
      let out, sublet or otherwise part with possession of any of the properties
      charged to the Lender under the Transaction
  Documents;

            

    

    

    
      	
            	
              (v) 

            	
              make
      substantial alteration to the nature of its business or effect any
      alteration of the Chargor's Memorandum and Articles of Association
      relating to its borrowing powers or principal
  business;

            

    

    

    
      	
            	
              (vi) 

            	
              declare
      make or pay any dividend or other distribution (in cash or in kind, in
      respect of any of its share capital in, or in respect of, any financial
      year or period; and

            

    

     

    
      	
            	
              (viii) 

            	
              place
      the Lender in a less favourable position in relation to other lenders,
      whether banks or other financial institutions, in terms of security or
      support.

            

    

    

    
      	
              7. 

            	
              EVENTS
      OF DEFAULT

            

    

    

    The Thud
Indebtedness (whether subject to any specific agreement or otherwise) shall at
the option of the Lender (without airing prior notice become immediately due and
payable upon the occurrence or declaration by the Lender of any of the following
events:-

    

    
      	
            	
              (i) 

            	
              Non-payment:
      the Chargor fails to punctually pay the Total Indebtedness at such time
      and date as provided in the Transaction Documents;
  or

            

    

    

    
      	
            	
              (ii) 

            	
              Breach of
      warranty: any representation, warranty, covenant or statement made
      by the Chargor in any Transaction Document or in any document delivered
      under it now or at any later date is not complied with or is incorrect,
      misleading or untrue or ceases to be correct. accurate or true in any
      material respect; or

            

    

    

    
      	
            	
              (iii) 

            	
              Breach of obligation
      or undertaking: the Chargor commits or threatens to commit any
      breach of or fails to observe any of the obligations accepted or
      undertakings given by its execution and delivery of the Transaction
      Documents to which it is a party or any other document called for by the
      terms of the Transaction Documents or commits any breach of or fails to
      observe any of its obligations or undertakings under the Transaction
      Documents to which it is a part) or in the reasonable judgement of the
      Lender threatens or is likely to commit any breach of or threatens or is
      likely not to observe any of the obligations or undertakings of the
      Chargor under the Transaction Documents and in the case of such breach or
      failure which in the reasonable opinion of the Lender is cable of being
      remedied, the Chargor fails to remedy such breach or failure to the
      satisfaction of the Lender within 30 days of its occurrence;
      or

            

    

    

    
      	
            	
              (iv) 

            	
              Insolvency: the
      Chargor becomes insolvent is unable to pay its debts as they fall due,
      stops, suspends or in the reasonable judgment of the Lender, threatens to
      stop or suspend its business or payment of its debts. begins negotiations
      or takes any proceedings or other step with a view, to re-adjustment,
      rescheduling or deferral of its indebtedness or proposes or makes a
      general assignment or any statutory or other arrangement or composition
      with or for the benefit of its creditors or a moratorium is agreed or
      declared in respect of or affecting the indebtedness of the Chargor;
      or

            

    

    

    
      	
            	
              (v) 

            	
              Enforcement
      proceedings: a distress, writ of seizure and sale. attachment,
      encumbrance, execution or other legal process is levied, enforced or sued
      over on or against the assets of the Chargor;
or

            

    

    

    
      	
            	
              (vi) 

            	
              Security
      enforceable: any present or future security on or over the assets
      of the Chargor becomes enforceable and any step (including the taking of
      possession or the appointment of a Receiver or similar officer) is taken
      to enforce that security; or

            

    

    

    
      	
            	
              (vii) 

            	
              Dissolution:
      any step is taken by any person for the dissolution (including judicial
      management) of the Chargor (including if a petition is
      presented, an order is made or a notice is given for the passing of a
      resolution for such dissolution (including judicial management)) (except
      for the purpose of and followed by a reconstruction. amalgamation or
      reorganisation on terms approved by the Lender before that step is taken):
      or for the appointment of a liquidator (including a provisional liquidator
      t. Receiver. judicial manager, trustee. assignee. administrator. agent or
      similar officer of the Chargor over any part of the assets of the Chargor;
      or

            

    

    

    
      
         

      

      
        Page 7 of
23

        
          

        

      

      
         

      

    

    

     

    

     

    

    
      	
            	
              (viii) 

            	
              Change in
      ownership: any change occurs in the management, ownership or
      control of the Chargor or a significant portion of its assets, which in
      the reasonable opinion of the Lender constitutes a material adverse change
      affecting the financial condition or operations of the Chargor;
      or

            

    

    

    
      	
            	
              (ix) 

            	
              Authorisation and
      consents: any governmental registration, consent, licence,
      authorisation, approval, act, condition or thing required in connection
      with the Transaction Documents (including without limitation required to
      ensure that the Transaction Documents are legal, valid and binding on the
      Chargor and any other party thereto, and admissible in evidence in the
      courts of Singapore). or any other document, the execution and delivery of
      which is contemplated therein, expires, is not done, complied with or
      obtained or is terminated, revoked modified or restricted in any way
      unacceptable to the Lender. or any certificate or opinion furnished under
      any Transaction Document is shown to have been false or misleading as of
      its date in any material impact; or

            

    

    

    
      	
            	
              (x) 

            	
              Illegality: it
      is or will become unlawful for the Chargor or any party to the Transaction
      Documents to perform or comply with any one or more of its respective
      obligations under the Transaction Documents;
or

            

    

    

    
      	
            	
              (xi) 

            	
              Accounts: the
      audited accounts of the Chargor delivered to the Lender under paragraph
      1.7 of Schedule 2 to the Facility Agreement are qualified in a manner or
      to an extent unacceptable to the Lender,
or

            

    

    

    
      	
            	
              (xii) 

            	
              Transaction
      Documents: any Transaction Document is not in full force and
      effect; or

            

    

    

    
      	
            	
              (xiii) 

            	
              Legal
      proceedings: any suit or action of any kind whatsoever (whether
      criminal or civil) shall be instituted or threatened against the Chargor
      which may have a material adverse effect on the financial condition or
      business of the Chargor; or

            

    

    

    
      	
            	
              (xiv) 

            	
              Analogous
      events: an event occurs which under the law of any relevant
      jurisdiction, has an analogous or equivalent effect to any of the events
      mentioned in this Clause 7; or

            

    

    

    
      	
            	
              (xv) 

            	
              Compulsory
      Acquisition: any notice or proposal for compulsory acquisition of
      any property or assets issued or made which in the reasonable opinion of
      the Lender has or may have a material adverse effect on the Charger;
      or

            

    

    

    
      	
            	
              (xvi) 

            	
               Material adverse
      change: any event occurs or circumstance arises which, in the
      reasonable opinion of the Lender, gives grounds for believing that the
      Charger or any party to the Transaction Documents will or may not (or may
      be unable to) perform Or comply with any one or more of their respective
      obligations under the Transaction Documents or any other documents called
      for by the Transaction Documents or is otherwise in jeopardy and notice
      thereof is given to the Chargor.

            

    

    

    
      
        	
                8. 

              	
                POWERS
      OF THE LENDER ON DEFAULT BY THE
CHARGOR

              

      

    

    

    
      
        	
                (A) 

              	
                Powers :
      Subject to the proviso in 8(B) below, if any Event of Default shall have
      occurred or is declared, the Lender shall be entitled to, inter alia,
      exercise all or any of the following powers. that is to
    say:-

              

      

    

    

    

    
      
         

      

      
        Page 8 of
23

        
          

        

      

      
         

      

    

    

     

    

    
      	
            	
              (i) 

            	
              Payment of Total
      Indebtedness : the Lender may by prior written notice of 5 Business
      Days to the Charger declare the Total Indebtedness hereunder to be
      immediately due and payable. whereupon the same shall, notwithstanding any
      other provision of this Debenture, become so payable together with accrued
      interest thereon (including without limitation any default interest) and
      any other sums then owed by the Chargor or hereunder without further
      demand, presentment, protest or other notice whatsoever. and without the
      consent, decree or authorisation of any court, all of which are hereby
      expressly waived by the Chargor.

            

    

    

    
      	
            	
              (ii) 

            	
              Cancellation of
      undisbursed Facility : the Lender may by written notice to the
      Charger, declare that any undisbursed portion of the Facility shall be
      cancelled whereupon the same shall be cancelled notwithstanding any
      subsequent action by the Chargor to remedy any of the Events of Default;
      and/or

            

    

    

    
      	
            	
              (iii) 

            	
              Give notice and sue
      for recovery: the Lender may from time to time at its discretion be
      at liberty to give any notice which may be deemed necessary by the Lender
      to any person or persons owing moneys to the Chargor that all such moneys
      be paid to the Lender and the Chargor hereby irrevocably appoints the
      Lender to be its attorney in fact to demand sue for recover and take all
      appropriate legal proceedings to recover such moneys and to give a good
      receipt for the same and to give such notices to the debtors of the
      Chargor and to take all necessary steps to complete the assignment of such
      moneys to the Lender.

            

    

    

    
      
        	
                (B) 

              	
                Provided
      that no Event of Default under Clause 7 will occur if the failure to
      comply or breach is capable of remedy and is remedied within five (5)
      Business Days of the Lender giving notice to the Charger of the failure to
      comply or breach. Such notice shall include reasonable details of the non
      compliance or breach.

              

      

    

    

    
      	
              (C) 

            	
              Exercisable at
      Lender's Discretion : All or any of the rights. powers or remedies
      conferred by this Debenture shall be exercisable by the Lender at its
      discretion, or at any time and from time to time and in any order as may
      be determined by the Lender.

            

    

    

    
      	
              9. 

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

    

    The
Chargor hereby represents and warrants to the Lender as follows:-

    

    
      	
            	
              (i) 

            	
              Status: the
      Chargor is a company with limited liability and was duly incorporated in
      the Republic of Singapore and is validly existing under the laws of the
      Republic of Singapore with the power and authority to own assets and to
      conduct the business which it conducts and/or purports to
      conduct;

            

    

    

    
      	
            	
              (ii) 

            	
               Powers and
      authorisation: the Chargor has full power and authority to carry on
      the business currently carried on by it, to borrow monies and to enter
      into. exercise its rights and perform its obligations under the
      Transaction Documents;

            

    

    

    
      	
            	
              (iii) 

            	
              Valid and binding
      obligations: the Transaction Documents have been validly authorised
      by the appropriate corporate actions of the Chargor and when executed and
      delivered will constitute legal valid and binding obligations of the
      Charger and are enforceable against the Chargor in accordance with their
      respective terms;

            

    

    

    
      	
            	
              (iv) 

            	
              Requirements
      fulfilled: all actions. conditions and things required to be taken,
      fulfilled and done (including without limitation the obtaining of any
      necessary consents and the like except for stamp duty on the Transaction
      Documents (where applicable) and any filings in relation thereto
      which will be done within the time agreed between the
      Lender and the Charger and in accordance with the requirements of the law)
      in order (i) to enable the Charger lawfully to enter into, exercise its
      rights and perform and comply with its obligations under the Transaction
      Documents, (ii) to ensure that the said obligations are legally binding
      and enforceable, and (iii) to make the Transaction Documents admissible as
      evidence in the courts of Singapore have been taken, fulfilled and
      done:

            

    

    

    
      
         

      

      
        Page 9 of
23

        
          

        

      

      
         

      

    

    

    -10-

    

     

    

    
      	
            	
              (v) 

            	
              No material adverse
      effect: the Chargor has not committed, under any agreement to which
      it is a party or by which it is bound a default which might have a
      material adverse effect on the business, assets or financial condition of
      the Chargor;

            

    

    

    
      	
            	
              (vi) 

            	
               No litigation:
      save as disclosed by the Chargor to the Lender prior to the execution of
      this Debenture, there are no litigation, arbitration or administrative
      proceedings current or pending before any court or to the knowledge of the
      Chargor threatened against or affecting the Chargor and no proceedings are
      before any court, tribunal, government agency or administrative body
      pending or to the knowledge of the Chargor threatened against it which if
      adversely determined would materially and adversely affect the financial
      condition or operations of the Chargor or impair the rights of the Charger
      to carry on its business substantially as now conducted or the ability of
      the Chargor to observe and perform its obligations under the Transaction
      Documents, and to the best of the knowledge and belief of the Chargor, the
      Chargor has complied with all applicable laws statutes and regulations and
      with the requirements of all government authorities having jurisdiction
      over the Chargor;

            

    

    

    
      	
            	
              (viii) 

            	
              No dissolution:
      no legal procedure has been started nor have any legal proceedings been
      initiated or, to the best of the Chargor's knowledge and belief,
      threatened, for the dissolution, winding-up or reorganisation of, or for
      the appointment of a receiver, manager (including a judicial manager
      appointed under Part VIIIA of the Companies Act), trustee or similar
      officer of the Chargor or of any or all of its
  assets;

            

    

    

    
      	
            	
              (viii) 

            	
              Taxes: the
      Charger has filed all tax returns which it is required by law to file and
      has paid and discharged all taxes. assessments, fees and other
      governmental charges (other than payroll taxes in the aggregate sum of
      $113,353.00) assessed against it or upon any of its assets or adequate
      reserves have been established for the payment thereof Provided that this
      sub-Clause shall apply only to tax returns or payments (described as
      aforesaid) where the failure to file such tax returns and/or make such
      payments might, in the reasonable opinion of the Lender, have a material
      and adverse effect on the business or financial condition of the
      Chargor;

            

    

    

    
      	
            	
              (ix) 

            	
              No Default: the
      Chargor is not in default in the payment or performance of any of its
      obligations for borrowed money and no Event of Default has occurred or is
      continuing or is anticipated;

            

    

    

    
      	
            	
              (x) 

            	
              Compliance:
      neither the execution and delivery of the Transaction Documents nor the
      performance of any of the terms thereof
will:-

            

    

    

    
      	
            	
              (a) 

            	
              contravene
      or constitute a default under any provision contained in any agreement,
      instrument law, judgment, order, licence, permit or consent by which the
      Charger is bound or affected; or

            

    

    

    
      	
            	
              (b) 

            	
              cause
      any limitation on the Chargor or the powers of its directors, whether
      imposed by or contained in its Memorandum and Articles of Association or
      by-laws or in any law, judgment, agreement, instrument or otherwise, to be
      exceeded;

            

    

    

    
      	
            	
              (xi) 

            	
              No security :
      save as otherwise disclosed in the Accounting and Corporate Regulatory
      Authority and except for any security granted in favour of the Lender in
      relation to this Debenture, no security exists on or over the assets of
      the Chargor other than any lien arising by operation of
    law;

            

    

    

    
      
         

      

      
        Page 10
of 23

        
          

        

      

      
         

      

    

    

     

    

    
      	
            	
              (xii) 

            	
              Repetition:
      each of the above representations and warranties will be correct and
      complied with in all respects so long as any sum remains to be lent or
      remains payable under this Debenture as if repealed then by reference to
      the then existing circumstances.

            

    

    

    
      
        	
                10. 

              	
                APPOINTMENT
      OF RECEIVER

              

      

    

    

    
      	
              (A) 

            	
              Appointment :
      At any time after (i) any of the Total Indebtedness shall have become
      payable under Clause 7 hereof or (ii) the Chargor shall have requested the
      Lender to appoint a Receiver hereunder. the Lender may appoint one or more
      persons to be a Receiver of the Charged
  Property.

            

    

    

    
      	
              (B) 

            	
              Removal : The
      Lender may (i) remove any Receiver previously appointed hereunder and (ii)
      appoint another person or other persons as Receiver or Receivers, either
      in the place of a Receiver so removed or who has otherwise ceased to act
      or to act jointly with a Receiver or Receivers previously appointed
      hereunder. If at any time and by virtue of any such appointment(s) any two
      or more persons shall hold office as Receivers of the same assets, each
      one of such Receivers shall be entitled (unless the contrary shall be
      stated in any of the deed(s) or other instrument(s) appointing them) to
      exercise all the powers and disc hereby conferred on Receivers
      individually and to the exclusion of the other or others of
      them.

            

    

    

    
      	
              (C) 

            	
              By Deed or in
      Writing : Every such appointment or removal, and every delegation,
      appointment or removal by the Lender in the exercise of any right to
      delegate powers or to remove delegates herein contained. may be made
      either by deed or by instrument in writing under the hand of any officer
      of the Lender or by any person authorised in writing in that behalf by any
      such officer.

            

    

    

    
      	
              11. 

            	
              RECEIVER

            

    

    

    
      	
              (A) 

            	
              Powers of
      Receiver : A Receiver so appointed shall be the agent of the
      Chargor and the Chargor shall be solely responsible for his acts and
      defaults and remuneration. Such Receiver shall have
  power:-

            

    

    

    
      	
            	
              (i) 

            	
              Entry onto
      land: to enter into and take possession of or control any land or
      premises of the Chargor or any part thereof or collect and get in any
      Charged Property and for that purpose to take any proceedings in the name
      of the Chargor or otherwise as may seem
  expedient;

            

    

    

    
      	
            	
              (ii) 

            	
              Carry on
      business:  to carry on, manage or concur in carrying on
      and managing the business of the Chargor or any part thereof including the
      power where the Chargor has one or more subsidiaries of supervising
      controlling and financing such subsidiary or subsidiaries and its or their
      business or businesses and the conduct thereof and for any of those
      purposes to raise or borrow any money from the Lender or any other person
      to rank for payment in priority to the security constituted by or pursuant
      to this Debenture and with or without a mortgage or charge that may he
      required upon the security of the whole or any part of the Charged
      Property;

            

    

    

    
      	
            	
              (iii) 

            	
              Call on shares
      : where any capital in respect of any such capital or shares of the
      Chargor is outstanding and uncalled to require the directors of the
      Chargor forthwith to call up all or so much of such uncalled capital of
      the Clangor and to enforce payment of calls so made and any previous
      unpaid calls by taking proceedings in the name of the Chargor or his own
      name or otherwise as may seem expedient and as may be sufficient to pay to
      the Lender all moneys then due and owing
  hereunder.

            

    

    

    
      	
            	
              (iv) 

            	
              Sell or lease
      property : forthwith and without restriction to sell. lease,
      surrender or otherwise dispose of or agree in selling, leasing, accepting
      surrenders or otherwise disposing (obtaining only when and where necessary
      the leave of the Court) of the whole or any
part

            

    

    

    

    
      
         

      

      
        Page 11
of 23

        
          

        

      

      
         

      

    

    

     

    

    of the
Charged Properly (and for this purpose. to sever. if necessary, plant, machinery
and other fixtures from the land) by public auction or by private contract on
such terms and conditions as he may think fit, with power to vary any contract
for sale and to resell without being answerable for any loss occasioned thereby;
any such sale may be for cash, shares or stocks. debenture stock or other
valuable consideration to be paid or satisfied at such time or times as the
Receiver shall think fit;

    

    
      	
            	
              (v) 

            	
              License
      property : to lease, let, hire and license or agree in leasing,
      letting, hiring and licensing or accept surrenders of leases, tenancies or
      licences of all or any part of the land and premises of the Charged
      Property and assets on such terms and for such consideration as he may
      deem fit;

            

    

    

    
      	
            	
              (vi) 

            	
              Arrangement or
      compromise:  to make any arrangement or enter into any
      compromise which he shall think
expedient;

            

    

    

    
      	
            	
              (vii) 

            	
              Repair
      property: to repair and keep in repair and make and effect all or
      any improvements of the Charged Property and assets and fur this purpose
      to apply in the name of the Chargor for such licences or approvals as may
      be required by any law or regulation and to take out maintain and renew
      all insurances in respect of the Charged Property and assets against loss
      or damage by fire or any other risk as he shall think
  fit;

            

    

    

    
      	
            	
              (viii) 

            	
              Employ professional
      advisers: to employ, engage, appoint and terminate the services of
      such managers and other employees and professional advisers or otherwise
      on such terms and conditions as to remuneration or otherwise as he shall
      think fit including without limitation the power to engage his own firm in
      the conduct of the receivership;

            

    

    

    
      	
            	
              (ix) 

            	
              Acquire share
      capital : to promote or otherwise acquire the share capital of any
      body corporate with a view to such body corporate becoming a subsidiary of
      the Chargor and purchasing, leasing or otherwise acquiring an interest in
      the whole or any part of the Charged Property or carrying on any business
      in succession to the Chargor or any subsidiary of the
    Chargor;

            

    

    

    
      	
            	
              (x) 

            	
              Take
      proceedings: to take or defend proceedings in the name of the
      Chargor including proceedings for the conpulsory winding-up of the Chargor
      and to submit to arbitration, negotiate, compromise, abandon and settle
      any claims and proceedings concerning the Charged Property and to demand,
      receive, give valid receipt for or discharge the
  same;

            

    

    

    
      	
            	
              (xi) 

            	
              Incidental
      acts: to execute and do all such acts, deeds and things as to him
      or the Lender may appear incidental or conducive to any of the powers
      vested in him or to be conducive to the realisation of the security
      constituted by or pursuant to this Debenture and which he lawfully may or
      can do as agent for the Chargor;
and

            

    

    

    
      	
            	
              (xii) 

            	
              General:
      generally to do or cause to be done such acts or things which the Chargor
      may have done in the ordinary conduct of its business for the protection
      as well as for the improvement of the Charged
  Property.

            

    

    

    
      	
              (B) 

            	
              Consideration for Sale
      or Disposal: In making any sale or other disposal of any of the
      Charged Property in the exercise of their respective powers (including a
      disposal by the Receiver to any such subsidiary as is referred to in
      sub-Clause (A) above) the Receiver or the Lender may accept, as and by way
      of consideration for such sale or other disposal, cash, shares, loan
      capital or other obligations, including without limitation consideration
      fluctuating according to or dependent upon profit or turnover and
      consideration the amount whereof is to be determined by a third pan). Any
      such consideration may be receivable in a lump sum or by instalments and
      upon receipt by the Receiver shall ipso facto be
  and

            

    

    

    
      
         

      

      
        Page 12
of 23

        
          

        

      

      
         

      

    

    

     

    

    become
charged with the payment of the Total Indebtedness. Any contract for any such
sale or other disposal may contain conditions excluding or restricting the
personal liability of the Receiver or the Lender. Plant, machinery and other
fixtures may be severed and sold in the exercise of their respective powers by
the Receiver or the Lender separately from the premises to which they are
attached without any consent being obtained from the Charger.

    

    
      	
              12. 

            	
              POWER
      OF ATTORNEY

            

    

    

    
      	
              (A) 

            	
              Appointment :
      The Chargor hereby irrevocably appoints any and eyery Receiver appointed
      as aforesaid and his substitute or substitutes the attorney' or attorneys
      in fact of the Chargor when more than one jointly and severally and on its
      behalf and as its acts and deeds to execute, sign, seal and deliver and
      otherwise perfect any deed, assurance, agreement, instrument or act which
      may be required or may be deemed proper for any of the purposes set out in
      the preceding Clause 11 hereof and with power for such attorney or
      attorneys to appoint or remove any substitute or
    substitutes.

            

    

    

    
      	
              (B) 

            	
              Ratification:
      The Chargor hereby declares that such power of attorney has been given for
      valuable consideration and shall be and remain irrevocable for as long as
      any part of the Total Indebtedness remains unpaid or outstanding. The
      Charger hereby ratifies and confirms and agrees to ratify and confirm
      whatever any such attorney appointed pursuant to paragraph (A) above shall
      do or purport to do in the exercise or purported exercise of all or any of
      the powers, authorities and discretions referred to in paragraph (A)
      above.

            

    

    

    
      	
              13. 

            	
              APPLICATION
      OF MONIES BY RECEIVER

            

    

    

    
      	
              (A) 

            	
              Order of
      Application : All monies received by any Receiver appointed under
      this Debenture shall (subject to the rights and claims of any person
      haying a security ranking in priority to the security constituted by or
      pursuant to this Debenture) be applied in the following
      order:-

            

    

    

    
      	
            	
              (i) 

            	
              in
      the payment of the costs. charges and expenses of and incidental to the
      Receiver's appointment and the payment of his
  remuneration;

            

    

    

    
      	
            	
              (ii) 

            	
              in
      the payment and discharge of any liabilities incurred by the Receiver on
      the Chargors behalf in the exercise of any of the powers of the
      Receiver;

            

    

    

    
      	
            	
              (iii) 

            	
              in
      or towards payment of any debt or claim which are by statute payable in
      preference to the Total Indebtedness but only to the extent to which such
      debt or claim have such preference;

            

    

    

    
      	
            	
              (iv) 

            	
              in
      or towards the satisfaction of all interest remaining unpaid on the Total
      Indebtedness owing to the Lender;

            

    

    

    
      	
            	
              (v) 

            	
              in
      or towards the satisfaction of all Total Indebtedness owing to the Lender;
      and

            

    

    

    
      	
            	
              (vi) 

            	
              any
      other fees or expenses accruing
hereunder,

            

    

    

    and any
surplus shall be paid to the Chargor or other person entitled
thereto.

    

    
      	
              (B) 

            	
              Remuneration:
      Every Receiver so appointed shall be entitled to reasonable remuneration
      for his services at a rate to be fixed by agreement between him and the
      Lender (or, failing such agreement, to be fixed by the Lender) appropriate
      to the work and responsibilities involved upon the basis of charging from
      time to time adopted in accordance with his current practice or the
      current practice of his firm.

            

    

    

    
      	
              (C) 

            	
              Application :
      Only monies actually paid by the Receiver to the Lender in satisfaction or
      discharge of the

            

    

    

    
      
         

      

      
        Page 13
of 23

        
          

        

      

      
         

      

    

     

    

    Total
Indebtedness shall be capable of being applied in satisfaction
thereof.

    

    
      	
              (D) 

            	
              No Liability:
      Save as aforesaid the Lender shall be under no liability whatsoever to the
      Receiver for his remuneration, costs. charges, expenses or
      otherwise.

            

    

    

    
      	
              (E) 

            	
               Exclusions :
      The provisions of Sections 29(6) and (8) of the Conveyancing Law of
      Property Act, Chapter 61, 1994 Revised Edition Singapore shall not apply
      to this Debenture.

            

    

    

    
      	
              14. 

            	
              APPOINTMENT
      OF RECEIVER NOT AFFECTING OTHER
POWERS

            

    

    

    The
powers of appointment of a Receiver hereunder shall be in addition to and not to
the prejudice of any statutory and other powers (whether of sale, receiving
rents, distraining for rents or otherwise) of the Lender or otherwise and so
that such powers shall be and remain exercisable by the Lender in respect of any
of the Charged Property and of which no appointment of a Receiver by the Lender
shall from time to time be subsisting and that notwithstanding that an
appointment under the provisions hereof shall have subsisted and been withdrawn
in respect of that property or assets or shall be subsisting m respect of any
other Charged Property.

    

    
      	
              15. 

            	
              APPOINTMENT
      OF LENDER AS ATTORNEY IN
FACT

            

    

    

    
      	
              (A) 

            	
              Appointment :
      The Chargor hereby irrevocably appoints the Lender and any attorney in
      fact for the time being of the Lender its attorney in fact and in its name
      and on its behalf and as its acts and deeds or otherwise to sign, seal.
      deliver and otherwise perfect any such legal or other mortgages, charges,
      assignments, transfers or agreements as aforesaid or (without executing
      any such mortgage) any deed, assurance, instrument or act which may be
      required or may be deemed proper or expedient for the full exercise of all
      or any of the powers hereby conferred on the Lender or the Receiver for
      the purposes of enforcing or realising this
  security.

            

    

    

    
      	
              (B) 

            	
              Ratification :
      The Chargor hereby declares that such power of attorney has been given for
      valuable consideration and shall be and remain irrevocable for as long as
      any part of the Total Indebtedness remains unpaid or outstanding. The
      Charger hereby ratifies and confirms and agrees to ratify and confirm
      whatever any such attorney appointed pursuant to paragraph (A) above shall
      do or purport to do in the exercise or purported exercise of all or any of
      the powers. authorities and discretions referred to in paragraph (A)
      above.

            

    

    

    
      	
              16. 

            	
              NO
      ENQUIRY BY THIRD PARTY

            

    

    

    Any
person dealing with the Lender or any of its delegates or the Receiver appointed
hereunder shall not be bound to see or enquire whether any event has happened
upon which any of the powers contained in this Debenture are or may be
exercisable by the Lender or the Receiver or otherwise as to the propriety or
regularity of any exercise thereof or any act purporting or intended to be an
exercise thereof or whether any money remains owing upon this security or be
concerned to see whether any such delegation shall have lapsed for any reason or
been revoked.

    

    
      	
              17. 

            	
              WAIVER
      NOT TO PREJUDICE RIGHTS OF THE
LENDER

            

    

    

    The
Lender may from time to time and at any time waive either unconditionally or on
such terms and conditions as it may deem fit any breach by the Chargor of the
covenants, undertaking, stipulations, terms and conditions contained in the
Transaction Documents and any modification thereof but without prejudice to any
power, right and remedy for enforcement thereof. provided that:-

    

    

    
      
         

      

      
        Page 14
of 23

        
          

        

      

      
         

      

    

    

     

    

    

    
      
        
          	
                	
                  (i) 

                	
                  no
      neglect or forbearance of the Lender to require and enforce payment of any
      money under any Transaction Document or the performance and observance of
      an covenant, undertaking, stipulation, term and condition contained in any
      Transaction Document. nor any time which may be given to the Chargor or
      any person shall in any way prejudice or affect any of the rights, powers
      or remedies of the Lender at any time afterwards to act strictly in
      accordance with the provisions hereof;
and

                

        

      

    

    

    
      	
            	
              (ii) 

            	
              no
      such waiver of any breach as aforesaid shall prejudice the rights of the
      Lender in respect of any other or subsequent breach of any of the
      covenants, undertakings, stipulations, terms or conditions
      aforesaid.

            

    

    

    
      	
              18. 

            	
              INDULGENCE

            

    

    

    
      	
              (A) 

            	
              Time : The
      liability of the Chargor hereunder shall not be impaired or discharged by
      reason of any time or other indulgence being granted by or with the
      consent of the Lender to any person who or which may be in any way liable
      to pay any of the Total Indebtedness or by reason of any arrangement being
      entered into or composition accepted by the Lender modifying the operation
      of law or otherwise its rights and remedies under the provisions of any
      Transaction Document.

            

    

    

    
      	
              (B) 

            	
              Abstention :
      The Lender may at any time or times without discharging or in any way,
      affecting the security created by or pursuant to this Debenture or any
      remedy in respect of such security grant to the Chargor time or indulgence
      or abstain from asserting, culling. exercising or enforcing any remedy,
      security, guarantee or other rights which it may now or hereafter have
      from or against the Chargor.

            

    

    

    
      	
              19. 

            	
              RIGHTS
      OF THE LENDER

            

    

    

    
      	
              (A) 

            	
              Set-Off : The
      Chargor authorises the Lender (who shall not be obliged) to apply at any
      time and without prior notice to the Charger, any credit balance (whether
      or not then due) to which the Charger is at any time beneficially entitled
      to any account of the Charger at any. office of the Lender (whether in
      Singapore or elsewhere) in or towards the immediate satisfaction of any
      part of the Total Indebtedness whether matured or otherwise, whether
      contingent, unliquidated or joint and whether expressed in a currency
      different from the currency of the account of the Charger. and unpaid_ For
      that purpose, the Lender is authorised to (i) withhold payment of all or
      an) part of such credit balance and/or (ii) use all or any pan of any such
      credit balance to buy such other currencies as may be necessary to effect
      such application. The Lender's rights under this Clause, which shall be
      without prejudice and in addition to any right of set-off, combination of
      accounts, Lien or other right to which it is at any time otherwise
      entitled (whether by operation of law, contract or
    otherwise).

            

    

    

    
      	
              (B) 

            	
              Right to Debit
      : If any of the Total Indebtedness shall not be paid on the due date
      thereof the Lender shall be at liberty forthwith or any time thereafter to
      debit the same to any account of the Chargor then current without
      prejudice to the rights and remedies of the Lender against the Chargor and
      any other party liable to the Lender for the same and also without
      prejudice to any right of the Lender under this
  Debenture.

            

    

    

    
      	
              (C) 

            	
              Right of
      Consolidation :

            

    

    

    
      	
            	
              (i) 

            	
              The
      provisions of Section 21(1) of the Conveyancing and Law or Property Act.
      Chapter 61, 1994 Revised edition. (restricting the right of consolidation)
      shall not apply to this Debenture.

            

    

    

    
      	
            	
              (ii) 

            	
              Without
      prejudice to any equitable right of consolidation it is hereby declared
      that no property of the Charge which at the date hereof is or which at any
      time hereafter shall become
      subject to a mortgage or charge in favour of or vested in the Lender shall
      be redeemed except on payment not only of all moneys secured thereby but
      also of all the Total Indebtedness.

            

    

    

    

    
      
         

      

      
        Page 15
of 23

        
          

        

      

      
         

      

    

     

    
      
        	
                20. 

              	
                PAYMENT

              

      

    

    

    
      	
              (A) 

            	
               Manner of
      Payment: Unites otherwise provided in this Debenture or otherwise
      specified by the Lender, payments to be made by the Charger to the Lender
      under this Debenture, including all repayments of principal and payments
      of interest and any other sums due from the Charger, shall be made by wire
      transfer in USD to the Lender at [please provide account details for wire
      transfer] or to such account or at such other address as the Lender may
      designate from time to time.

            

    

    

    
      	
              (B) 

            	
              Non-Business
      Day: Any payment to be made by the Chargor on a day which would
      otherwise be due on a non-Business Day shall instead be made on the next
      Business Day in the same calendar month (if there is one) or the preceding
      Business Day (if-there is none), and all calculations of interest shall be
      adjusted accordingly.

            

    

    

    
      	
              (C) 

            	
              Free and Clear
      Payments: Clause 10 of the Facility Agreement shall
      apply.

            

    

    

    
      	
              (D) 

            	
              Payments to be in
      Gross : All moneys received by the Lender from the Chargor or from
      any other person or estate or parry capable of being applied in reduction
      of the Total Indebtedness shall be regarded for all purposes as payments
      in gross and if the Chargor or any person or party shall become bankrupt
      or insolvent or be wound up (either by order of court or by an effective
      resolution for winding up) the Lender may prove against the Chargor or any
      such other person or party for the whole of the moneys then owing and no
      money received under such proof shall be considered as received in respect
      of this Debenture but the full amount of the Total Indebtedness shall be
      payable until the Lender have received from all sources one hundred cents
      in the dollar and if the amount ultimately. received by the Lender shall
      exceed the amount of the ultimate balance owing to the Lender the excess
      only over such ultimate balance shall be repaid to the person or party on
      whose account the same shall have been received by the
    Lender.

            

    

    

    
      	
              21. 

            	
              REMEDIES
      AND WAIVERS

            

    

    

    
      Neitherthe
failure to exercise nor any delay in exercising on the part of the Lender any
right or remedy her shall operate as a waiver thereof, nor shall any single or
partial exercise of any right or remedy prevent any further or other exercise
thereof or the exercise of any other right or remedy.

    

    

    
      	
              22. 

            	
              INDEMNITY

            

    

    

    
      	
              (A) 

            	
              Indemnity : The
      Chargor acknowledges that the Facility is granted and extended by the
      Lender on the terms and conditions of the Transaction Documents and the
      security created therein. In connection therewith and without prejudice to
      any of the provisions herein, the Chargor shall keep the Lender fully and
      effectively indemnified from and against. all actions, losses, claims,
      proceedings, costs. demands or liabilities which may be suffered or
      incurred by the Lender under or by virtue of the Charged Property. this
      Debenture and/or by virtue of the Lender granting to the Chargor any part
      of the Facility.

            

    

    

    
      	
              (B) 

            	
              Tax Indemnity :
      Without prejudice to the provisions of any Transaction Document, if the
      Lender is required by law to make any payment, whether on account of tax
      (not being a payment of tax on its overall net income) or otherwise, on or
      calculated by reference to any sum received or receivable by it under any
      Transaction Document or any liability in respect of any such payment is
      asserted imposed, levied or assessed against the Lender as a consequence
      of any credit, deduction or refund obtained by
  the

            

    

    

    

    
      
         

      

      
        Page 16
of 23

        
          

        

      

      
         

      

    

    

     

    

    Lender in
respect of interest paid under any Transaction Document being disallowed, the
Chargor will on demand pay to that Lender free and clear of all withholdings and
deductions an amount sufficient to indemnify it against such payment or
liability, together with any interest, penalty and expense payable or incurred
in connection therewith.

    

    
      	
              (C) 

            	
              Currency
      Indemnity :

            

    

    

    
      	
            	
              (i) 

            	
              In
      respect of any sum payable by the Chargor under or in connection with any
      Transaction Document (and any damages in relation thereto). USD (the
      "Currency of Account") shall be the sole currency of account and
      payment.

            

    

    

    
      	
            	
              (ii) 

            	
              Any
      amount received or recovered in a currency other than the Currency of
      Account (whether as a result of. or of the enforcement of, a judgment or
      order of court of any jurisdiction, in the dissolution of the Chargor or
      otherwise) by the Lender in respect of any sum expressed to be due to it
      from the Chargor under any Transaction Document shall only constitute a
      discharge to the Chargor to the extent of the amount of the Currency of
      Account which the recipient is able, in accordance with its usual
      practice, to purchase with the amount so received or recovered in that
      currency on the date of that receipt or recovery (or, if it is not
      practicable to make that purchase on that date, on the first date on which
      it is practicable to do so).

            

    

    

    
      	
            	
              (iii) 

            	
              If
      that amount in the Currency of Account is less than the amount of the
      Currency of Account expressed to be due to the recipient under any
      Transaction Document. the Chargor shall indemnify it against any loss
      sustained by it as a result. In any event. the Chargor shall indemnify the
      recipient against the cost of making any such
  purchase.

            

    

    

    
      	
              (D) 

            	
              Indemnities Separate
      and Independent: Each of the indemnities in this Debenture
      constitutes a separate and independent obligation from the other
      obligations in this Debenture, shall give rise to a separate and
      independent cause of action, shall apply irrespective of any indulgence
      granted by any Lender and shall continue in full force and effect despite
      any judgment. order, claim or proof for a liquidated amount in respect of
      any sum due under this Debenture or any judgment or order. No proof or
      evidence of any actual kiss may be
required.

            

    

    

    
      	
              23. 

            	
              CALCULATIONS

            

    

    

    
      	
              (A) 

            	
              Basis of
      Calculation : All interest and fees shall accrue from day to day
      and shall be calculated on the basis of a year of 365 days and the actual
      number of days elapsed.

            

    

    

    
      	
              24. 

            	
              ASSIGNMENT

            

    

    

    
      	
              (A) 

            	
              Benefit and Burden of
      this Debenture : This Debenture shall benefit and be binding on the
      parties, their respective successors and any permitted assignee or
      transferee of some or all of a party's rights or obligations under this
      Debenture. Any reference in this Debenture to any party shall be construed
      accordingly.

            

    

    

    
      	
              (B) 

            	
              Chargor: The
      Chargor may not assign or transfer all or any part of its rights or
      obligations under this Debenture.

            

    

    

    
      	
              (C) 

            	
              Lender
      :

            

    

    

    
      	
            	
              (i) 

            	
              The
      Lender may assign or transfer all or any part of its rights and/or
      obligations under this Debenture
      without the consent of the Chargor. Any such assignment or transfer shall
      after such assignment or transfer be notified in writing by the Lender to
      the Chargor.

            

    

    

    

    
      
         

      

      
        Page 17
of 23

        
          

        

      

      
         

      

    

     

    

    
      	
            	
              (ii) 

            	
              Any
      such assignee or transferee shall be and be treated as a Lender for all
      purposes of each Transaction Document and shall he entitled to the full
      benefit of each Transaction Document to the same extent as if it were an
      original party in respect of the rights and obligations assigned or
      transferred to it.

            

    

    

    
      	
              25. 

            	
              NOTICES
      AND DISCLOSURE

            

    

    

    
      	
              (A) 

            	
              Any
      notice or other communication given under this Debenture shall be in
      writing and shall be served by delivering it personally or sending it by
      registered post or by registered airmail (if posted to a country other
      than where the serving Party is located) or courier or facsimile
      transmission to the address or electronic transmission to the answerback
      address and for the attention of the relevant party. Any such notice shall
      be deemed to have been received:

            

    

    

    
      	
            	
              a) 

            	
              if
      delivered personally. at the time of
delivery;

            

    

    

    
      	
            	
              b) 

            	
              in
      the case of registered post or by courier, 48 hours from the date of
      posting or dispatch :

            

    

    

    
      	
            	
              c) 

            	
              in
      the case of registered airmail. 5 days from the date of posting:
      and

            

    

    

    
      	
            	
              d) 

            	
              in
      the case of facsimile or electronic transmission, at the time of
      transmission

            

    

    

    Provided
that if deemed receipt occurs before 9 am on a Business Day the notice shall be
deemed to have been received at 9 am on that day. and if receipt occurs after 5
pm on a Business Day. or on a day which is not a Business Day, the notice shall
be deemed to have been received at 9 am on the next Business Day.

    

    
      	
              (B) 

            	
              Addresses
      and fax numbers of the parties are:

            

    

    

    
      	
              a)

            	
              In
      the ease of the Lender:

            	 
      	 
      
	 
      	
              i)

            	
              Attn:
      Mohan Raj Abraham

            	 
      
	 
      	
              Address:

            	
              19.
      Koppel Road #09-05, Jit Poh Building

            	 
      
	 
      	 
      	
              Singapore
      089058

            	 
      
	 
      	
              Fax:

            	
              +65
      6323 0291

            	 
      
	 
      	
              Email:

            	
              mohan@Abrahamlawoffice.com

            	 
      
	
              and

            	 
      	 
      	 
      
	
              ii)

            	
              Attn:

            	
              Janet
      Cowgill

            	 
      
	 
      	
              Address:

            	
              Wind
      Fields

            	 
      
	 
      	 
      	
              39850
      Snickersville Turnpike

            	 
      
	 
      	 
      	
              Middleburg
      VA 20117

            	 
      
	 
      	
              Fax:

            	
              703
      940 4282

            	 
      
	 
      	
              Email:

            	
              jancowgilll@aol.com

            	 
      
	 
      	 
      	 
      	 
      
	
              b)

            	
              In
      the case of the Chargor:

            	 
      	 
      
	 
      	
              Attn:

            	
              Anthony
      Harisson

            	 
      
	 
      	
              Address:

            	
              135
      Joo Seng Road #02-01, Singapore 368363

            	 
      
	 
      	
              Fax:

            	
              +65
      6338 5373

            	 
      
	 
      	
              Email:

            	
              aharrison@astratagroup.com

            	 
      

    

    

    or such
other address or facsimile number as may be notified in writing from time to
time by the relevant party to the other party.

    

    
      
         

      

      
        Page 18
of 23

        
          

        

      

      
         

      

    

    

     

    

    
      	
              (C) 

            	
              Each
      party may change its address from time to time, provided notice of such
      change of address is provided to the other party in accordance with this
      Clause.

            

    

    

    
      	
              (D) 

            	
              Certification:
      Any document to be delivered to the Lender under the Transaction Documents
      shall be signed or certified by a director or authorised signatory of the
      Chargor.

            

    

    

    
      	
              26. 

            	
              PARTIAL
      INVALIDITY

            

    

    

    The
illegality, invalidity or unenforceability of any provision of this Debenture
under the law of any jurisdiction shall not affect its legality, validity or
enforceability under the law of any other jurisdiction nor the legality,
validity or enforceability of any other provision.

    

    
      	
              27. 

            	
              COUNTERPARTS

            

    

    

    This
Debenture may be signed in any number of counterparts, all of which taken
together when delivered to the Lender shall constitute one and the same
instrument. Any party may enter into this Debenture by signing any such
counterpart

    

    
      	
              28. 

            	
              GOVERNING
      LAW AND JURISDICTION

            

    

    

    
      	
              (A) 

            	
              Governing Law:
      This Debenture shall be governed by and construed in accordance with the
      laws of Singapore.

            

    

    

    
      	
              (B) 

            	
              Jurisdiction
      :

            

    

    

    
      	
            	
              (i) 

            	
              The
      courts in Singapore have non-exclusive jurisdiction to settle any dispute
      arising out of or in connection with this Debenture including disputes
      regarding the existence, validity or termination of this Debenture
      ("Dispute:);

            

    

    

    
      	
            	
              (ii) 

            	
              The
      parties agree that the courts of Singapore are the most appropriate and
      convenient courts to settle any Disputes and accordingly no party will
      argue to the contrary.

            

    

    

    (This
space is intentionally left blank)

    

    
      
         

      

      
        Page 19
of 23

        
          

        

      

      
         

      

    

     

    

    IN
WITNESS WHEREOF the Chargor has caused its Common Seal to be hereunto affixed.
and the authorised  representative of the Lender has set his hand, the
day and year first above written.

    

    

    THE
CHARGOR

    

    
      	
              The
      Common Seal of

            	
              )

            
	
              ASTRATA
      (SINGAPORE) PTE LTD

            	
              )

            
	
              was
      hereunto affixed in

            	
              )

            
	
              the
      rpesence of:

            	
              )

            

    

    

    

    /s/ signature
DIRECTOR

    

    

    

    /s/ Choo Bee Eng
SECRETARY

    Choo Bee
Eng

    

    

    THE
LENDER

    

    Signed by
MOHAN R. ABRAHAM, Director

    for and
on behalf of FAME TRADING LTD.

    the
presence of:

    /s/ Mohan
R. Abraham

    

    /s/ Tmyl
Selvi Krishnaray

    

    Tamil
Selvi Krishnaray

    Abraham
Advocdoesh

    Solicitors

     

     

    Page
20 of 23QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.1    
    

 
 

  CRA INTERNATIONAL, INC.    
    
    2009 NONQUALIFIED INDUCEMENT STOCK OPTION PLAN    
    

 SECTION 1. PURPOSE  

        The purpose of this 2009 Nonqualified Inducement Stock Option Plan (the "Plan") is to promote the interests of CRA
International, Inc. (the "Company"), by affording certain persons the opportunity to acquire a proprietary interest in the Company. The Company intends that the Plan be reserved for persons to
whom the Company may issue securities without stockholder approval as an inducement pursuant to Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market, Inc. It is
anticipated that providing such persons with a direct stake in the Company's welfare will assure a closer identification of their interests with those of the Company and its shareholders, thereby
stimulating their efforts on the Company's behalf and strengthening their desire to remain with the Company. The Company intends that this purpose will be effected by the granting of
non-statutory stock options ("Inducement Options") under the Plan. In addition, this Plan provides the Plan Administrator the sole authority to establish the terms and conditions for the
exercise of any Inducement Option, including, but not limited to, non-competition, non-solicitation and non-hire provisions.
As used in the Plan the terms "parent" and "subsidiary" shall have the respective meanings set forth in Section 424 of the Internal Revenue Code of 1986, as amended (the "Code"). 

 SECTION 2. ADMINISTRATION  

        2.1    The Plan Administrator.    The
Plan shall be administered by the Plan Administrator (the "Plan Administrator"), which shall be the Compensation Committee of the Board of Directors of the Company (the "Board") unless otherwise
determined by the Board, in which case the Plan Administrator shall be the entire Board unless the Board shall appoint another committee to be the Plan Administrator. It is the intention of the
Company that the Plan, if not administered by the Board, shall be administered by a committee of the Board composed solely of two or more "Non-Employee Directors" within the meaning of
Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "1934 Act"), but the authority and validity of any act taken or not taken by the Plan Administrator shall not
be affected if any person administering the Plan is not a Non-Employee Director. Except as specifically reserved to the Board under the terms of the Plan, the Plan Administrator shall have
full and final authority to operate, manage and administer the Plan on behalf of the Company. Action by the Plan Administrator shall require the affirmative vote of a majority of all members thereof. 

        2.2    Powers of the Plan
Administrator.    Subject to the terms and conditions of the Plan, the Plan Administrator shall have the power: 

        (a)   To
determine from time to time the persons eligible to receive options and the options to be granted to such persons under the Plan and to prescribe the terms,
conditions, restrictions, if any, and provisions (which need not be identical) of each option granted under the Plan to such persons; 

        (b)   To
construe and interpret the Plan and options granted thereunder and to establish, amend, and revoke rules and regulations for administration of the Plan. In this
connection, the Plan Administrator may correct any defect or supply any omission, or reconcile any inconsistency in the Plan, or in any option agreement, in the manner and to the extent it shall deem
necessary or expedient to make the Plan fully effective. All decisions and determinations by the Plan Administrator in the exercise of this power shall be final and binding upon the Company and
optionees; 

        (c)   To
make, in its sole discretion, changes to any outstanding option granted under the Plan, including: (i) to reduce the exercise price, (ii) to accelerate
the vesting schedule or (iii) to extend the expiration date; and 

        (d)   Generally,
to exercise such powers and to perform such acts as are deemed necessary or expedient to promote the best interests of the Company with respect to the Plan. 

 SECTION 3. STOCK  

        3.1    Stock to be Issued.    The stock
subject to the options granted under the Plan shall be shares of the Company's authorized but unissued common stock, without par value (the "Common Stock"), or shares of the Company's Common Stock
held in treasury. The total number of shares that may be issued pursuant to options granted under the Plan shall not exceed an aggregate of 250,000 shares of Common Stock;  provided, however, that the
class and aggregate number of shares which may be subject to options granted under the Plan shall be subject to adjustment
as provided in Section 8 hereof. 

        3.2    Expiration, Cancellation or Termination of
Option.    Whenever any outstanding option under the Plan expires, is cancelled or is otherwise terminated (other than by exercise), the shares of
Common Stock allocable to the unexercised portion of such option shall not again be the subject of options under the Plan. 

 SECTION 4. ELIGIBILITY  

        Inducement Options under the Plan may be granted only to persons to whom the Company may issue securities without stockholder approval
in accordance with Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market, Inc. 

 SECTION 5. TERMINATION OF EMPLOYMENT OR DEATH OF OPTIONEE  

        5.1    Termination of
Employment.    Except as may be otherwise expressly provided herein, options shall terminate on the earliest of: 

        (a)   the
date of expiration thereof; 

        (b)   immediately
upon the termination of the optionee's employment with or performance of services for the Company (or any parent or subsidiary of the Company) by the Company
(or any such parent or subsidiary) for cause (as defined below and as determined by the Company or such parent or subsidiary); or 

        (c)   in
the case of termination without cause or voluntary termination by the optionee, thirty (30) days after the termination of the optionee's employment with or
performance of services for the Company (or any parent or subsidiary of the Company) for any reason other than death or retirement; 

provided, however, that options granted to persons who are not employees of the Company (or any parent or subsidiary of the Company) need not, unless
the Plan Administrator determines otherwise, be subject to the provisions set forth in clauses (b) and/or (c). 

        An
employment relationship between the Company (or any parent or subsidiary of the Company) and the optionee shall be deemed to exist during any period in which the optionee is employed
by the Company (or any such parent or subsidiary). Whether authorized leave of absence, or absence on military or government service, shall constitute termination of the employment relationship
between the Company (or any parent or subsidiary of the Company) and the optionee shall be determined by the Plan Administrator at the time thereof. 

        As
used herein, "cause" shall be determined by the Company in its sole discretion subject to applicable law. 

        5.2    Death or Retirement of
Optionee.    In the event of the death of the holder of an option that is subject to clause (c) of Section 5.1 above prior to termination
of the optionee's employment with or
performance of services for the Company (or any parent or subsidiary of the Company) and before the date of expiration of such option, such option shall terminate on the earlier of such date of
expiration or one year following the date of such death. After the death of the optionee, his executors, administrators or any person or persons to whom his option may be transferred by will or by the
laws of descent and distribution shall have the right, at any time prior to such termination, to exercise the option to the extent the optionee was entitled to exercise such option at the time of his
death. 

        If,
before the date of the expiration of an option that is subject to clause (c) of Section 5.1 above, the optionee shall be retired in good standing from the Company for
reasons of age or disability under the then established rules of the Company, the option shall terminate on the earlier of such date of expiration or ninety (90) days after the date of such
retirement. In the event of such retirement, the optionee shall have the right prior to the termination of such option to exercise the option to the extent to which he was entitled to exercise such
option immediately prior to such retirement. 

 SECTION 6. TERMS OF THE OPTION AGREEMENTS  

        Each option agreement shall be in writing and shall contain such terms, conditions, restrictions, if any, and provisions as the Plan
Administrator shall from time to time deem appropriate. Such provisions or conditions may include, without limitation, restrictions on transfer, repurchase rights, or such other provisions as shall be
determined by the Plan Administrator; provided, however, that such additional provisions shall not be inconsistent with any other terms or conditions of
the Plan. 

        Option
agreements need not be identical, but each option agreement by appropriate language shall include the substance of all of the following provisions: 

        6.1    Expiration of
Option.    Notwithstanding any other provision of the Plan or of any option agreement, each option shall expire on the date specified in the option
agreement, which date shall not be later than as specified in Section 5 of this Plan. 

        6.2    Exercise.    Each option may be
exercised, so long as it is valid and outstanding, from time to time in part or as a whole, subject to any limitations with respect to the number of shares for which the option may be exercised at a
particular time and to such other terms and conditions as the Plan Administrator
in its sole discretion may specify upon granting the option, including non-competition, non-solicitation and non-hire provisions. 

        6.3    Purchase Price.    The purchase
price per share under each option shall be determined by the Plan Administrator at the time the option is granted, provided however that such purchase price shall not be less than fair market value as
of the date of option grant. For the purpose of the Plan the "fair market value" of the Common Stock shall be the closing price per share on the applicable date as reported by a nationally recognized
stock exchange, or, if the Common Stock is not listed on such an exchange, the mean of the bid and asked prices per share on the applicable date or, if the Common Stock is not traded
over-the-counter, the fair market value as determined by the Plan Administrator. 

        6.4    Transferability of
Options.    Inducement Options shall not be transferable by the optionee otherwise than by will or under the laws of descent and distribution, and
shall be exercisable, during his lifetime, only by the optionee. Notwithstanding the foregoing, the Plan Administrator may, in its sole discretion, permit the transfer or assignment of an Inducement
Option by the original optionee for no consideration to: (i) any member of the optionee's Immediate Family; (ii) any trust solely for the benefit of members of the optionee's Immediate
Family; (iii) any partnership whose only partners are members of the optionee's Immediate Family; or (iv) any limited liability company or corporate entity whose only members or other
equity owners are members of the optionee's Immediate Family. For purposes of this Section 6.4, "Immediate Family" means an optionee's parents, spouse, children and grandchildren. Nothing
contained in this Section 6.4 shall be construed to require the Plan Administrator to give its approval to any transfer or assignment of any Inducement Option or portion thereof, and approval
to transfer or assign any Inducement Option or portion thereof does not mean that such approval will be given with respect to any other Inducement Option or portion thereof. The transferee or assignee
of any Inducement Option shall be subject to all of the terms and conditions applicable to such Inducement Option immediately prior to the transfer or assignment and shall be subject to any conditions
prescribed by the Plan Administrator with respect to such Inducement Option. In particular, and without limiting the generality of the foregoing, the termination of employment, retirement or death of
the original optionee shall continue to determine the term and time for exercise of such Inducement Option for purposes of Sections 5.1 and 5.2 above. 

        6.5    Rights of Optionees.    No
optionee shall be deemed for any purpose to be the owner of any shares of Common Stock subject to any option unless and until the option shall have been exercised pursuant to the terms thereof, and
the Company shall have issued and delivered certificates representing such shares to the optionee. 

        6.6    Certain Rights of the
Company.    The Plan Administrator may in its discretion provide upon the grant of any option hereunder that the Company shall have an option to
repurchase upon such terms and
conditions as determined by the Plan Administrator all or any number of shares purchased upon exercise of such option or a right of first refusal in connection with subsequent transfer of any or all
of such shares. The repurchase price per share payable by the Company shall be such amount or be determined by such formula as is fixed by the Plan Administrator at the time the option for the shares
subject to repurchase is granted. In the event the Plan Administrator shall grant options subject to the Company's repurchase option or right of first refusal, the certificates representing the shares
purchased pursuant to such option shall carry a legend satisfactory to counsel for the Company referring to the Company's repurchase option or right of first refusal. 

        6.7    "Lockup" Agreement.    The Plan
Administrator may in its discretion specify upon granting an option that upon request of the Company or the underwriters managing any underwritten offering of the Company's securities, the optionee
shall agree in writing that for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may be reasonably requested to enable the underwriter(s) of
such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of any registration of securities of the
Company, the optionee will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares issued pursuant to the exercise of such option, without the
prior written consent of the Company or such underwriters, as the case may be. 

 SECTION 7. METHOD OF EXERCISE; PAYMENT OF PURCHASE PRICE  

        7.1    Method of Exercise.    Subject to
the Company's then-applicable "quiet period policy" and any other policy the Company may have in effect from time to time regarding the exercise and/or sale of securities, any option
granted under the Plan may be exercised by the optionee by delivering to the Company on any business day a written notice specifying the number of shares of Common Stock the optionee then desires to
purchase and specifying the address to which the certificates for such shares are to be mailed (the "Notice"), accompanied by payment for such shares. Such exercise shall comply with all other terms
and provisions of such option. 

        7.2    Payment of Purchase
Price.    Payment for the shares of Common Stock purchased pursuant to the exercise of an option shall be made either by cash or check equal to the
option price for the number of shares specified in the Notice or, with the consent of the Plan Administrator, by one or more of the following methods: (i) by delivery to the Company of shares
of Common Stock that are not then subject to restriction under any Company plan; such surrendered shares shall have a fair market value equal in amount to the exercise price of the Inducement Options
being exercised; (ii) a personal recourse note issued by the optionee to the Company in a principal amount equal to such aggregate exercise price and with such other terms, including interest
rate and maturity, as the Plan Administrator may determine in its discretion; provided, however, that the interest rate borne by such note shall not be less than the lowest applicable federal rate, as
defined in Section 1274(d) of the Code; (iii) by delivery of such documentation as the Plan Administrator and the broker, if applicable, shall require to effect an exercise of the option
and delivery to the Company of the sale or loan proceeds required to pay the option price, (iv) by delivery of such other consideration which is acceptable to the Plan Administrator and which
has a fair market value equal to the option price of such shares (as defined at Section 6.3 above), or (v) by any combination of such methods. As promptly as practicable after receipt of
the Notice and accompanying payment, the Company shall deliver to the optionee certificates for the number of shares with respect to which such option has been so exercised, issued in the optionee's
name; provided, however, that such delivery shall be deemed effected for all 

purposes
when the Company or a stock transfer agent of the Company shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in the Notice. 

 SECTION 8. CHANGES IN COMPANY'S CAPITAL STRUCTURE  

        8.1    Rights of Company.    The
existence of outstanding options shall not affect in any way the right or power of the Company or its stockholders to make or authorize, without limitation, any or all adjustments, recapitalizations,
reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of Common Stock, or any issue of bonds, debentures,
preferred or prior preference stock or other capital stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of
all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

        8.2    Recapitalizations, Stock Splits and
Dividends.    If the Company shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or
other increase or reduction of the number of shares of the Common Stock outstanding, in any such case without receiving compensation therefor in money, services or property, then (i) the
number, class, and price per share of shares of stock subject to outstanding options hereunder shall be appropriately adjusted in such a manner as to entitle an optionee to receive upon exercise of an
option, for the same
aggregate cash consideration, the same total number and class of shares as he would have received as a result of the event requiring the adjustment had he exercised his option in full immediately
prior to such event; and (ii) the number and class of shares set forth in Section 3.1 shall be adjusted by substituting therefor that number and class of shares of stock that the owner
of an equal number of outstanding shares of Common Stock immediately prior to the event requiring adjustment would own as the result of such event. 

        8.3    Merger without Change of
Control.    After a merger of one or more corporations or other entities with or into the Company or after a consolidation of the Company and one or
more corporations or other entities in which the stockholders of the Company immediately prior to such merger or consolidation own after such merger or consolidation securities representing at least
fifty percent (50%) of the voting power of the Company or the surviving or resulting corporation or entity, as the case may be, each holder of an outstanding option shall, at no additional cost, be
entitled upon exercise of such option to receive in lieu of the shares of Common Stock as to which such option was exercisable immediately prior to such event, the number and class of shares of stock
or other securities, cash or property (including, without limitation, shares of stock or other securities of another corporation or entity or Common Stock) to which such holder would have been
entitled pursuant to the terms of the agreement of merger or consolidation if, immediately prior to such merger or consolidation, such holder had been the holder of record of a number of shares of
Common Stock equal to the number of shares for which such option shall be so exercised. 

        8.4    Change of Control.    If the
Company is merged with or into or consolidated with another corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined
voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or if the Company is liquidated, or sells or otherwise
disposes of substantially all of its assets to another entity while unexercised options remain outstanding under the Plan (each a "Change in Control Transaction"), then in such event: 

        (a)   subject
to the provisions of clause (d) below, after the effective date of such Change in Control Transaction, each holder of an outstanding option shall be
entitled, upon exercise of such option, to receive, in lieu of the shares of Common Stock as to which such option was exercisable immediately prior to such event, the number and class of shares of
stock or other securities, cash or property (including, without limitation, shares of stock or other securities of another corporation 

or
entity or Common Stock) to which such holder would have been entitled pursuant to the terms of the Change in Control Transaction if, immediately prior to such event, such holder had been the holder
of a number of shares of Common Stock equal to the number of shares as to which such option shall be so exercised; 

        (b)   the
Plan Administrator may accelerate the time for exercise of some or all unexercised and unexpired options so that from and after a date prior to the effective date of
such Change in Control, specified by the Plan Administrator such accelerated options shall be exercisable in full; 

        (c)   the
Company may make or provide for a cash payment to the holders of options equal to the difference between (i) the fair market value of the per share
consideration (whether cash, securities or other property or any combination of the above) the holder of a share of Common Stock will receive upon consummation of the Change in Control Transaction
(the "Per Share Transaction Price") times the number of shares of Common Stock subject to outstanding vested Options (to the extent then exercisable at prices not equal to or in excess of the Per
Share Transaction Price) and (ii) the aggregate exercise price of such outstanding vested Options, in exchange for the termination of such options; and/or 

        (d)   all
outstanding options may be canceled by the Plan Administrator as of the effective date of any such merger, consolidation, liquidation, sale or disposition provided
that (x) notice of such cancellation shall be given to each holder of an option and (y) each holder of an option shall have the right to exercise such option to the extent that the same
is then exercisable or, if the Plan Administrator shall have accelerated the time for exercise of all unexercised and unexpired options, in full during the period specified in such notice. 

        8.5    Adjustments to Common Stock Subject to
Options.    Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of
Common Stock then subject to outstanding options. 

        8.6    Miscellaneous.    Adjustments
under this Section 8 shall be determined by the Plan Administrator, and such determinations shall be conclusive. No fractional shares of Common Stock shall be issued under the Plan on account
of any adjustment specified above. 

 SECTION 9. GENERAL RESTRICTIONS  

        9.1    Investment Representations.    The
Company may require any person to whom an option is granted, as a condition of exercising such option, to give written assurances in substance and form satisfactory to the Company to the effect that
such person is acquiring the Common Stock subject to the option for
his own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to
comply with federal and applicable state securities laws. 

        9.2    Compliance with Securities
Laws.    The Company shall not be required to sell or issue any shares under any option if the issuance of such shares shall constitute a violation by
the optionee or by the Company of any provision of any law or regulation of any governmental authority. In addition, in connection with the Securities Act of 1933, as now in effect or hereafter
amended (the "Act"), upon exercise of any option, the Company shall not be required to issue such shares unless the Plan Administrator has received evidence satisfactory to it to the effect that the
holder of such option will not transfer such shares except pursuant to a registration statement in effect under such Act or unless an opinion of counsel satisfactory to the Company has been received
by the Company to the effect that such registration is not required. Any determination in this connection by the Plan Administrator shall be final, binding and conclusive. In the event the shares
issuable on exercise of an option are not registered under the Act, the Company may imprint upon any certificate representing shares so issued 

the
following legend or any other legend which counsel for the Company considers necessary or advisable to comply with the Act and with applicable state securities laws: 

The
shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any State and may not be pledged, hypothecated, sold or
otherwise transferred except upon such registration or upon receipt by the Corporation of an opinion of counsel satisfactory to the Corporation, in form and substance satisfactory to the Corporation,
that registration is not required for such sale or transfer. 

        The
Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Act; and in the event any shares are so registered the Company may remove
any legend on certificates representing such shares. The Company shall not be obligated to take any other affirmative action in order to cause the exercise of an option or the issuance of shares
pursuant thereto to comply with any law or regulation of any governmental authority. 

        9.3    Employment Obligation.    The
granting of any option shall not impose upon the Company (or any parent or subsidiary of the Company) any obligation to employ or continue to employ any optionee; and the right of the Company (or any
such parent or subsidiary) to terminate the employment of any officer or other employee shall not be diminished or affected by reason of the fact that an option has been granted to him or her. 

        9.4    Withholding Tax.    Whenever under
the Plan securities or other property are to be delivered upon exercise of an option, the Company shall be entitled to require as a condition of delivery that the
optionee remit an amount sufficient to satisfy all federal, state and other governmental withholding tax requirements related thereto, or make arrangements satisfactory to the Plan Administrator
regarding payment of such withholding taxes. The Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the optionee. An
optionee may elect, with the consent of the Plan Administrator, to have such tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of
Common Stock to be issued pursuant to the exercise of such option a number of shares with an aggregate fair market value (as of the date the withholding is effected) that would satisfy the minimum
withholding amount due, or (ii) delivering to the Company a number of mature shares of Common Stock with an aggregate fair market value (as of the date the withholding is effected) that would
satisfy the minimum withholding amount due. 

 SECTION 10. AMENDMENT OR TERMINATION OF THE PLAN  

        The Board of Directors may modify, revise or terminate this Plan at any time and from time to time. 

 SECTION 11. NONEXCLUSIVITY OF THE PLAN  

        The adoption of the Plan by the Board of Directors shall not be construed as creating any limitations on the power of the Board of
Directors to adopt such other inducement or other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under the Plan, and such
arrangements may be either applicable generally or only in specific cases. 

 SECTION 12. EFFECTIVE DATE AND DURATION OF PLAN  

        The Plan shall become effective upon both of the following events occurring: (a) adoption of the Plan by the Board of Directors
and (b) the Company acquiring all or a portion of the consulting business and assets of Marakon Associates on or before August 31, 2009. No option may be granted under the Plan after the
tenth anniversary of the effective date. The Plan shall terminate (i) when the total amount of Common Stock with respect to which options may be granted shall have been issued upon the exercise
of options or (ii) by action of the Board of Directors pursuant to Section 10 hereof, whichever shall first occur. 

QuickLinks

Exhibit 10.1

CRA INTERNATIONAL, INC. 2009 NONQUALIFIED INDUCEMENT STOCK OPTION PLAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]