Document:

Exhibit 10.1 - CarMax, Inc. 2002 Employee Stock Purchase Plan, as amended and
      restated July 1, 2006

    
      

    

    CARMAX,
      INC.

    AMENDED
      AND RESTATED 2002 EMPLOYEE STOCK PURCHASE PLAN

    (as
      amended and restated July 1, 2006)

    

    1. Purpose
      and Effective Date. The
      CarMax, Inc. Amended and Restated 2002 Employee Stock Purchase Plan (the “Plan”)
      provides eligible employees of CarMax, Inc., a Virginia corporation, an
      opportunity to purchase CarMax, Inc. Common Stock (“Common Stock”) through
      payroll deductions and to receive a Company match for a portion of their payroll
      deductions. The Plan was originally effective on October 1, 2002, and was
      amended and restated effective as of November 1, 2004. The effective date of
      this amendment and restatement is July 1, 2006. 

     

    2. Definitions.
      

     

    (a) Benefits
      Department:
      The
      employee benefits department of the Company.

     

    (b) Committee:
      The
      Compensation and Personnel Committee of the Company’s Board of
      Directors.

     

    (c) Company:
      CarMax,
      Inc., a Virginia corporation, and any subsidiary business entity (including,
      but
      not limited to, a corporation, a partnership, or limited liability company)
      that
is
      under
      common control with CarMax, Inc., as determined under Section 414(b) or (c)
      of
      the Internal Revenue Code of 1986, as amended.

    

    (d) Compensation:
      All
      cash compensation and commissions (estimated as deemed necessary by the Plan
      Administrator) before any deductions or withholding and including overtime
      and
      bonuses, but exclusive of all amounts paid as reimbursements of expenses
      including those paid as part of commissions and those paid in the form of
      relocation bonuses, housing allowances or other payments in connection with
      employee relocations.

     

    (e) Eligible
      Employees:
      Employees who meet the requirements set forth in Section 4.

     

    (f) Employee:
      Any
      person employed by the Company as a common law employee on the United States
      payroll. It is expressly intended that persons not employed as common law
      employees on the Company’s United States payroll are to be excluded from
      participation in the Plan, even if a court or administrative agency determines
      that such individuals are common law employees and not independent
      contractors.

     

    (g) Enrollment
      Date:
      The
      date on which an Eligible Employee begins participation in the Plan pursuant
      to
      Section 6. 

     

    (h) Participating
      Employees:
      Eligible Employees who participate in the Plan.

     

    (i) Plan
      Administrator:
      An
      Employee (or a group of Employees) appointed by the Committee as provided in
      Section 5 or, in the absence of any such specific appointment, the Chief
      Financial Officer of the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (j) Plan
      Service Provider:
      A plan
      service provider/dealer registered with the Securities and Exchange Commission
      and a member of the National Association of Securities Dealers or other provider
      of employee plan administrative services selected by the Plan Administrator
      as
      provided in Section 5.

     

    3. Amount
      of Stock Subject to the Plan.
      The
      total number of shares of Common Stock that may be purchased under the Plan
      shall be 2,000,000, subject to adjustment as provided in Section 16. Such shares
      may be newly issued shares that have been authorized but not yet issued or
      may
      be shares purchased for Participating Employees on the open market.

     

    
      4. Eligible
        Employees. 

       

    

    (a)  Any
      Employee classified as a “Full-Time Associate” or “Part-Time Associate” pursuant
      to the Company’s Policies and Procedures Manual shall become eligible to
      participate in the Plan after he or she has completed one year of service as
      an
      Employee of the Company; provided, however, that (i) Employees who are subject
      to Section 16 of the Securities Exchange Act of 1934, as amended, with respect
      to securities of the Company, and (ii) Employees who are officers of the Company
      (other than those serving as Assistant Vice Presidents, Assistant Treasurers
      or
      Assistant Secretaries), shall not be eligible to participate in the Plan.

     

    (b) If
      an
      Employee has one year of service but is excluded from participation in the
      Plan
      due to the requirements set forth in (i) or (ii) of the preceding paragraph,
      the
      Employee will be eligible to participate in the Plan as soon as administratively
      practicable, after
      he
      or she is no longer excluded because of such requirements. Continuity of service
      for purposes of determining if an Employee has completed one year of service
      is
      determined pursuant to the Company’s Rehire/Reinstatement and Change of Status
      Policy in effect at the time the eligibility determination is made.

     

    
      5. Administration
        of the Plan. 

       

    

    (a)  The
      Plan
      shall be administered by the Committee or its designee. The Committee shall
      have
      all powers necessary to administer the Plan, including but not limited to,
      the
      power: to construe and interpret the Plan’s documents; to decide all questions
      relating to an Employee’s employment status and eligibility to participate in
      the Plan; to make adjustments to the limitations on payroll deductions set
      forth
      in Section 7; to employ such other persons as are necessary for the proper
      administration of the Plan; and to make all other determinations necessary
      or
      advisable in administering the Plan. Any construction, interpretation, or
      application of the Plan by the Committee shall be final, conclusive and
      binding.

     

    (b) The
      Committee shall appoint an officer or other Employee of the Company to serve
      as
      the Plan Administrator. The Plan Administrator shall be authorized to designate
      other Employees of the Company to assist him or her in carrying out his or
      her
      responsibilities under the Plan. The Plan Administrator and his or her designees
      shall be responsible for the general administration of the Plan including
      establishment of operating procedures, enrollment deadlines and such other
      matters as the Committee deems necessary for the efficient and proper
      administration of the Plan.

     

    
      
        
        

      

      
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    (c) The
      Plan
      Administrator shall appoint a Plan Service Provider in order to fulfill the
      duties of the Plan Service Provider set forth herein. The Plan Administrator
      shall also have the authority to replace any Plan Service Provider he or she
      has
      appointed for the Plan with another Plan Service Provider.

     

    6. Participation
      in the Plan. 

     

    (a) An
      Eligible Employee may commence or recommence participation in the
      Plan
      as soon
      as administratively feasible after he or she has enrolled and that enrollment
      has been processed by the Plan Service Provider. 

     

    (b) An
      Eligible Employee shall authorize payroll deductions from the Employee’s
      Compensation and authorize the Plan Service Provider to establish an employee
      stock purchase plan account for the Employee (“ESPP Account”).

     

    (c) A
      Participating Employee’s contributions will begin in the first pay period that
      is administratively practicable after the enrollment has been processed by
      the
      Plan Service Provider.

     

    7. Payroll
      Deductions and Limitations. 

     

    (a) Payroll
      deductions shall be a percentage of the Participating Employee’s Compensation
      for each payroll period as specified by the Participating Employee according
      to
      procedures defined by the Benefits Department. Payroll deductions for each
      payroll period shall not be less than 2% nor more than 10% of Compensation
      for
      such payroll period. Payroll deduction specifications shall be made in 1%
      increments. The Plan Administrator shall have the power to change these
      percentage limitations.

     

    (b) The
      maximum amount that may be contributed by each Participating Employee to the
      Plan in any one calendar year is $7,500. When a Participating Employee’s
      aggregate payroll deductions for the calendar year total $7,500, the
      Participating Employee’s purchases of Common Stock and payroll deductions under
      the Plan shall be suspended for the remainder of the calendar year. However,
      the
      Participating Employee shall continue to be a participant under the Plan unless
      he or she elects to stop contributions in the manner described in Section 17
      or
      his or her participation terminates under Section 18 and the Employee’s
      purchases of Common Stock and payroll deductions will be resumed for the first
      full payroll period of the next calendar year. 

     

    8. Changes
      in Payroll Deductions.
      A
      Participating Employee may change the percentage of his or her payroll
      deductions, according to the procedures defined by the Benefits Department,
      subject to the minimum, maximum and allowed increments set forth in Section
      7.
      The change will be effective as soon as administratively practicable after
      the
      change request has been processed by the Plan Service Provider. A Participating
      Employee may also elect to stop making contributions in the manner described
      in
      Section 17.

     

    
      
        
        

      

      
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    9. Company
      Matching Contributions. The
      Company shall contribute an amount each month (the “Company Matching
      Contribution”) towards the purchase of shares for Participating Employees.
      Unless modified by the Committee, the amount of the Company Matching
      Contribution shall be 15% of each Participating Employee’s Contribution. From
      time to time the Committee may modify the amount of the Company Matching
      Contribution; provided, however, that the Company Matching Contribution may
      not
      exceed 15% of each Participating Employee’s Contribution. The Company Matching
      Contribution shall be used to purchase shares for Participating Employees in
      accordance with Section 11. Participating
      Employees shall be fully vested in shares purchased with Company Matching
      Contributions.

     

    10. Purchase
      Price. A
      purchase price for all shares of Common Stock to be purchased under the Plan
      shall be determined on a monthly basis. The purchase price shall apply to all
      purchases attributable to a Participating Employee’s payroll deductions for the
      payroll periods in the calendar month immediately preceding the date the
      purchase transactions take place (the “Payroll Deduction Month”). When shares
      are purchased on the open market, the purchase price shall be 100% of the
      average selling price of Common Stock on the open market during a two to three
      day period in which the purchases are made
      (the
“Open Market Purchase Price”). Such purchase period shall end no later than the
      last business day of the month immediately following the Payroll Deduction
      Month. When shares are purchased directly from the Company, the purchase price
      shall be 100% of the closing price of the Common Stock on the New York Stock
      Exchange on the last business day of the Payroll Deduction Month (the “New Issue
      Purchase Price”).

     

    11. Method
      of Purchase.
      The
      shares of Common Stock to be purchased under the Plan shall be purchased once
      each month either on the open market or directly from the Company, at the
      Company’s discretion:

     

    (a) Shares
      Purchased on the Open Market.
      The
      Company shall transmit the aggregate payroll deductions from the prior month
      together with the related Company Matching Contribution and information on
      each
      Participating Employee’s contribution to the Plan Service Provider promptly
      after the end of each month. On a date as soon as practicable following receipt
      of the funds, the Plan Service Provider shall arrange for the purchase of Common
      Stock on the open market. As soon as practicable after completing the purchase
      of the shares, the Plan Service Provider shall credit the ESPP Account for
      each
      Participating Employee with as many shares and fractional interests in shares
      as
      the Participating Employee’s contribution and the Company Matching Contribution
      will allow, based on the Open Market Purchase Price; or

     

    (b) Shares
      Purchased Directly from the Company.
      Promptly after the end of each month, the Company shall issue and forward to
      the
      Plan Service Provider the number of shares of Common Stock that the
      Participating Employees’ contributions and the related Company Matching
      Contribution have purchased at the New Issue Purchase Price. The Company shall
      also submit to the Plan Service Provider information on each Participating
      Employee’s contribution. As soon as practicable following receipt of the shares
      and related information, the Plan Service Provider shall credit the ESPP Account
      for each Participating Employee with his or her proportionate interest in the
      shares and fractional shares delivered,
      based on the New Issue Purchase Price.

     

    
      
        
        

      

      
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    (c) Deadline
      for Crediting Shares to ESPP Accounts. Shares
      purchased pursuant to both Participating Employee Contributions and Company
      Matching Contributions made with respect to a calendar year shall be credited
      to
      the ESPP Accounts of Participating Employees no later than March 15 following
      the end of such calendar year. 

    

      12. Dividend
        Reinvestment.

       

      (a)
        Each
        ESPP
        Account shall be established with the following default dividend policy.
        Cash
        dividends, if any, paid with respect to the Common Stock held in each ESPP
        Account under the Plan shall be automatically reinvested in Common Stock,
        unless
        the Participating Employee directs otherwise. The Plan Service Provider shall
        arrange for the reinvestment of dividends on the open market at the
        Participating Employee’s expense as soon as the Plan Service Provider receives
        the cash dividends. The Company will not pay any expenses associated with
        reinvesting dividends.

       

    

    (b) The
      Committee shall have the right at any time or from time to time upon written
      notice to the Plan Service Provider to change the default dividend reinvestment
      policy for ESPP Accounts established under the Plan.

     

    13. Rights
      as a Shareholder.
      A
      Participating Employee shall have the right to vote full shares of Common Stock
      held in the Participating Employee’s ESPP Account and the right to receive
      annual reports, proxy statements and other documents sent to shareholders of
      Common Stock generally; provided, however, that so long as such shares are
      held
      for a Participating Employee by the Plan Service Provider, if a Participating
      Employee fails to respond in a timely manner to a request for instructions
      with
      respect to voting, the Plan Service Provider shall take such action with respect
      to the shares held for the Participating Employee as permitted by the New York
      Stock Exchange rules. To the extent that such rules and applicable law permit,
      the Plan Service Provider shall vote shares with respect to which no specific
      voting instructions are given in accordance with the recommendations of the
      Board of Directors of the Company. By instructing the Plan Service Provider
      in
      accordance with the terms and conditions of the Plan Agreement (defined below),
      a Participating Employee shall have the right at any time:

     

    (a) to
      obtain
      a certificate for the whole shares of Common Stock credited to the Participating
      Employee’s ESPP Account; 

     

    (b) to
      direct
      that any whole shares of Common Stock credited to the Participating Employee's
      ESPP Account be sold, and that the proceeds, less selling expenses, be remitted
      to the Participating Employee; or

     

    (c) to
      direct
      that any whole shares of Common Stock credited to the Participating Employee’s
      ESPP Account be transferred to an individual brokerage account.

     

    14. Rights
      Not Transferable.
      Rights
      under the Plan are not assignable or transferable by a Participating Employee
      other than by will or by the laws of descent and distribution and, during the
      Participating Employee’s lifetime, are exercisable only by the Participating
      Employee.

     

    
      
        
        

      

      
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    15. Joint
      Accounts.
      Participating Employees may, to the extent permitted by the Plan Service
      Provider, establish ESPP Accounts as joint accounts with rights therein as
      prescribed under applicable state law.

     

    16. Certain
      Adjustments in the Case of Stock Dividends or Splits.
      The
      Committee shall make appropriate adjustments in the number of shares of Common
      Stock that may be purchased under the Plan if there are changes in the Common
      Stock by reason of stock dividends, stock splits, reverse stock splits,
      recapitalizations, mergers or consolidations.

     

    
      17. Stopping
        Contributions. 

       

      (a)
        A
        Participating Employee may stop his or her contributions in accordance with
        procedures defined by the Benefits Department. Payroll deductions will stop
        as
        soon as administratively practicable. In addition, contributions will be
        automatically stopped for any Participating Employee who goes on a leave
        of
        absence without pay, effective when the Employee ceases to be paid by the
        Company.

       

    

    (b) After
      contributions for an Employee have been stopped, the Plan Service Provider
      will
      leave the ESPP Account open and the Committee reserves the right to charge
      the
      Employee any account fees resulting from the ESPP Account left open. Shares
      may
      be left in the ESPP Account or the Employee may sell the shares or request
      a
      certificate. If dividends are being paid and reinvested at the time of
      withdrawal, they will continue to be reinvested (if paid) unless the Employee
      requests the Plan Service Provider to pay them in cash. The Employee may also
      ask the Plan Service Provider to close the ESPP Account.

     

    (c) An
      Employee for whom contributions have been stopped may start contributions again
      pursuant to Section 6 at any time when the Employee is an Eligible
      Employee.

     

    18. Termination
      of Participation in the Plan.
      An
      Employee’s participation in the Plan shall terminate when the Employee ceases to
      be employed by the Company, whether by reason of retirement, termination of
      employment, death, or otherwise (“Terminated Participant”). Payroll deductions
      shall cease immediately or as soon as administratively feasible after the Plan
      Service Provider processes the termination. Purchases shall be made for the
      calendar month in which the last payroll deduction is made in accordance with
      Section 11. The Terminated Participant may elect to: (i) obtain a certificate
      for the whole shares of Common Stock credited to his or her ESPP Account; (ii)
      direct the Plan Service Provider to sell all whole shares of Common Stock
      credited to his or her ESPP Account and remit the proceeds, less selling
      expenses, to the Terminated Participant, or (iii) direct the Plan Service
      Provider to transfer all whole shares of Common Stock credited to his or her
      ESPP Account to an individual brokerage account. If the Terminated Participant
      fails to make an election within ninety (90) days of termination, the Plan
      Service Provider will automatically issue a certificate for all of the whole
      shares of Common Stock credited to the Terminated Participant’s ESPP Account and
      mail the certificate to the Terminated Participant’s home address. In any event,
      the Plan Service Provider will sell any fractional interest held in the
      Terminated Participant’s ESPP Account to the Company and remit the proceeds of
      such sale, less selling expenses to the Terminated Participant. In the event
      of
      an Employee’s death, the distribution shall be made to the Employee’s designated
      beneficiary or, in the absence of a designated beneficiary, to the Employee’s
      estate, in accordance with procedures established by the Plan Service
      Provider.

     

    
      
        
        

      

      
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    19. Amendment
      of the Plan.
      The
      Committee may, at any time, or from time to time, amend the Plan in any respect;
      provided, however, that the Company shall obtain shareholder approval of an
      amendment to the extent necessary to comply with any applicable law, regulation
      or stock exchange rule.

     

    20. Termination
      of the Plan.
      The Plan
      and all rights of Employees hereunder shall terminate:

     

    (a) on
      the
      last business day of any month that Participating Employees become entitled
      to
      purchase a number of shares of Common Stock greater than the number of shares
      remaining unpurchased out of the total number of authorized shares under Section
      3; or

     

    (b) at
      any
      earlier date at the discretion of the Board of Directors of the
      Company.

     

    In
      the
      event that the Plan terminates under circumstances described in (a) above,
      the
      Common Stock remaining unpurchased as of the termination date shall be allocated
      to Participating Employees for purchase on a pro rata basis. Upon termination
      of
      the Plan, ESPP Accounts shall remain open subject to the same limitations and
      conditions set forth in the second paragraph of Section 17.

     

    21. ESPP
      Account.
      The
      relationship between the Plan Service Provider and each Participating Employee
      shall be governed by a separate agreement of terms and conditions between them
      (“Plan Agreement”). In electing to participate in the Plan, a Participating
      Employee shall be deemed to have accepted the terms of the Plan Agreement.
      

     

    22. Payment
      of Expenses.
      The
      Company shall pay all expenses associated with purchases under the Plan,
      including brokerage commissions, if any. 

     

    23. Notices.
      Any
      notice or instruction to be given the Company shall be in writing and delivered
      by hand, Company office mail or U.S. mail to the address below:

     

    CarMax,
      Inc.

    c/o
      Secretary, CarMax, Inc.

    12800
      Tuckahoe Creek Parkway

    Richmond,
      Virginia 23238

     

    Any
      signature submitted to the Company electronically or by facsimile will have
      the
      same force and effect as an original signature.

     

    24. Government
      and Other Regulations.
      The
      Plan, and the rights to purchase Common Stock hereunder, and the Company’s
      obligation to sell and deliver Common Stock hereunder shall be subject to all
      applicable federal, state and foreign laws, rules and regulations, and to such
      approvals by any regulatory or government agency as may, in the opinion of
      counsel for the Company, be required. Any provision of this Plan that violates
      or conflicts with Section 409A of the Internal Revenue Code of 1986, as amended,
      shall be null and void and of no effect.

     

    
      
        
        

      

      
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    25. Severability.
      If
      any
      provision of this Plan is not valid or enforceable, that validity or
      enforceability shall not affect the remaining provisions of the
      Plan.

     

    26. Indemnification
      of Committee.
      Service
      on the Committee shall constitute service as a member of the Board of Directors
      of the Company so that members of the Committee shall be entitled to
      indemnification and reimbursement as members of the Board of Directors of the
      Company pursuant to its Articles of Incorporation and Bylaws.

     

    27. Tax
      Matters.

     

    (a) Each
      Employee shall make provision satisfactory to the Plan Administrator for payment
      of any taxes required by law to be withheld in respect of the purchase or
      disposition of Common Stock. In the Plan Administrator’s discretion and subject
      to applicable law, such tax obligations may be paid in whole or in part by
      the
      withholding or delivery of shares of Common Stock, including shares purchased
      under this Plan, valued at fair market value on the date of withholding or
      delivery. The Company may, to the extent permitted by law, deduct any such
      tax
      obligations from any payment of any kind otherwise due to the
      Employee.

     

    (b) The
      Company does not represent or guarantee that any particular federal, state,
      or
      local income or payroll tax consequence will result to Participating Employees
      as a result of participation in the Plan. 

     

    28. Designation
      of Beneficiary. An
      Eligible or Participating Employee may file a written designation of a
      beneficiary in the manner prescribed by the Plan Administrator to receive shares
      of Common Stock or cash allocated to the Employee’s ESPP Account in the event of
      the Employee’s death. In the absence of a beneficiary designation, or if the
      designated beneficiary has predeceased the Employee, the Company shall deliver
      the shares of Common Stock and cash allocated to the Employee’s ESPP Account to
      the executor or administrator of the Participating Employee’s
      estate.

     

    29. Governing
      Law. The
      Plan
      shall be construed, enforced, and administered in accordance with the laws
      of
      the Commonwealth of Virginia to the extent such laws are not preempted by
      federal law.

     

    IN
      WITNESS HEREOF,
      this
      plan has been executed as of the 1st day of July, 2006.

     

     

    

      CARMAX,
        INC.

       

      By:
        /s/
        Keith D. Browning  

      Keith
        D.
        Browning

      Executive
        Vice President

      and
        Chief
        Financial Officer

       

      8GLOBAL GOLD CORPORATION 2006
                              STOCK INCENTIVE PLAN

                          Effective as of June 15, 2006

                  SECTION 1.                Purpose.

                  1.1 The purpose of the Stock Incentive Plan (the "Plan") is to
enable Global Gold Corporation, a Delaware corporation (the "Company"), and any
Parent or Related Company (as defined below) to attract and retain employees,
consultants and directors who contribute to the Company's success by their
ability, ingenuity and industry, and to enable such individuals to participate
in the long-term success and growth of the Company by giving them an equity
interest in the Company.

                  SECTION 2.                Types of Awards.

                  2.1 Awards under the Plan may be in the form of (i) Stock
Options (as hereinafter defined), (ii) rights to purchase Restricted Stock of
the Company (as hereinafter defined); (iii) Deferred Stock (as hereinafter
defined); and (iv) Stock Appreciation Rights (as hereinafter defined).

                  2.2 An eligible Participant may be granted one or more types
of Awards. Each Award shall be evidenced by a related Award letter or agreement.

                  SECTION 3.                Administration.

                  3.1 The Plan shall be administered by the Compensation
Committee of the Board of Directors of the Company (the "Board") or such other
committee appointed either by the Board or by the Compensation Committee of the
Board; provided, however, to the extent determined necessary to satisfy the
requirements for exemption from Section 16(b) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), with respect to the acquisition or
disposition of securities hereunder, action by the Committee may be by a
committee composed solely of two or more "non-employee directors," within the
meaning of Rule 16b-3 as promulgated under Section 16(b) of the Exchange Act,
appointed by the Board or by the Compensation Committee of the Board, and
provided further, to the extent determined necessary to satisfy the requirements
for the exception for "qualified performance- based compensation" under Section
162(m) of Code, with respect to awards hereunder, action by the Committee may be
by a committee comprised solely of two or more "outside directors," within the
meaning of Code Section 162(m), appointed by the Board or by the Compensation
Committee of the Board.

                  3.2 The Committee shall have the authority to grant Awards to
eligible Participants under the Plan; to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall
deem advisable; to interpret the terms and provisions of the Plan and any Award
granted under the Plan; to establish, amend and rescind any rules and
regulations relating to the Plan; and to make any other determinations that it
deems necessary or desirable for the administration of the Plan. In particular,
and without limiting its authority and powers, the Committee shall have the
authority:
<PAGE>

                  (a)      to determine whether and to what extent any Award or
                           combination of Awards will be granted hereunder;

                  (b)      to select the Participants to whom Awards will be
                           granted;

                  (c)      to determine the number of shares of Stock of the
                           Company to be covered by each Award granted
                           hereunder;

                  (d)      to determine the terms and conditions of any Award
                           granted hereunder, including, but not limited to, any
                           vesting or other restrictions based on performance
                           and such other factors as the Committee may
                           determine, and to determine whether the terms and
                           conditions of the Award are satisfied;

                  (e)      to determine the treatment of Awards upon an
                           Participant's retirement, disability, death,
                           termination for cause or other termination of
                           Employment;

                  (f)      to determine pursuant to a formula or otherwise the
                           Fair Market Value of the Stock on a given date;

                  (g)      to determine that amounts equal to the amount of any
                           dividends declared with respect to the number of
                           shares covered by an Award (including Stock Options)
                           (i) will be paid to the holder of the Award
                           currently, (ii) will be deferred and deemed to be
                           reinvested, (iii) will otherwise be credited to the
                           holder of the Award, or (iv) that the holder of the
                           Award has no rights with respect to such dividends;

                  (h)      to determine whether, to what extent, and under what
                           circumstances Stock and other amounts payable with
                           respect to an Award will be deferred either
                           automatically or at the election of a Participant,
                           including providing for and determining the amount
                           (if any) of deemed earnings on any deferred amount
                           during any deferral period;

                  (i)      to amend the terms of any Award, prospectively or
                           retroactively; provided, however, that no amendment
                           shall impair the rights of the Award holder without
                           his or her consent; and

                  (j)      to substitute new Stock Options for previously
                           granted Stock Options, or for options granted under
                           other plans, in each case including previously
                           granted options having higher option prices.

                  3.3 All determinations made by the Committee pursuant to the
provisions of the Plan shall be final and binding on all persons, including the
Company and Plan Participants and their beneficiaries or successors.

                                       2
<PAGE>

                  3.4 The Committee may from time to time delegate to one or
more officers of the Company, a Parent or any Related Company any or all of its
authorities granted hereunder except with respect to awards granted to persons
subject to Section 16 of the Exchange Act. The Committee shall specify the
maximum number of shares that the officer or officers to whom such authority is
delegated may issue pursuant to Awards made hereunder.

                  3.5 Notwithstanding anything in the Plan to the contrary, to
the extent determined to be necessary to satisfy an exemption under Rule 16b-3
with respect to the grant of an Award hereunder (and, as applicable, with
respect to the disposition to the Company of Stock hereunder), or if otherwise
determined advisable by the Committee, the terms of the grant of Awards (and, as
applicable, any related disposition to the Company) under the Plan shall be
subject to the prior approval of the Board. Any prior approval of the Board, as
provided in the preceding sentence, shall not otherwise limit or restrict the
authority of the Committee to grant Awards under the Plan, including, but not
limited to, the authority of the Committee to grant Awards qualifying for the
exception for qualified performance-based compensation under Section 162(m) of
the Code and the treasury regulations thereunder.

                  SECTION 4.                Stock Subject to Plan.

                  4.1 The total number of shares of Stock reserved and available
for distribution under the Plan shall be three million (3,000,000). The shares
of Stock hereunder may consist of authorized but unissued shares or treasury
shares. No more than 400,000 shares of Stock shall be available for distribution
under the Plan to any single individual with respect to any Stock Options
awarded hereunder, and no single individual shall be granted Stock Appreciation
Rights hereunder related to more than 150,000 shares of Stock. The exercise of a
Stock Appreciation Right for cash or the payment of any other Award in cash
shall not count against either of these limits, nor shall it count against the
aggregate share limit for the Plan described in this Section 4.1, except as may
otherwise be provided under Section 162(m) of the Code, and the treasury
regulations thereunder. Shares of Stock reserved and available for distribution
under the Plan shall be subject to further adjustment as provided below.

                  4.2 To the extent a Stock Option is surrendered, canceled or
terminated without having been exercised, or an Award is surrendered, canceled
or terminated without the Award holder having received payment of the Award, or
shares awarded are surrendered, canceled, repurchased at less than fair market
value or forfeited, the shares subject to such Award shall again be available
for distribution in connection with future Awards under the Plan.
Notwithstanding the foregoing, surrender, cancellation, termination or
forfeiture of a Stock Option, award or issuance of shares of Stock to the extent
provided under Code Section 162(m) and the treasury regulations thereunder,
shall not be disregarded for purposes of applying the individual limit on
available shares described in Section 4.1 above. At no time will the overall
number of shares issued under the Plan plus the number of shares covered by
outstanding Awards under the Plan exceed the aggregate number of shares
authorized under the Plan. At no time will the number of shares issued under the
Plan to any individual plus the number of shares covered by a previous award to
such individual under the Plan with respect to a Stock Option or Stock
Appreciation Right, whether or not outstanding, exceed the maximum number of
shares which may be distributed with respect to Stock Options or Stock
Appreciation Rights granted under the Plan to any individual.

                                       3
<PAGE>

                  4.3 In the event of any merger, reorganization, consolidation,
sale of all or substantially all of the Company's assets, recapitalization
(collectively, a "Reorganization"), Stock dividend, Stock split, spin-off,
split-up, split-off, distribution of assets (including cash) or other change in
corporate structure affecting the Stock, the Committee may in its sole
discretion, in such manner as it deems equitable, adjust any and all of (i) the
number of shares of Stock or other securities of the Company (or number and kind
of other securities or property) with respect to which Awards may be granted,
(ii) the aggregate number of shares of Stock available for distribution under
the Plan to any single individual with respect to a Stock Option awarded
hereunder (iii) the aggregate number of shares of Stock that relate to Stock
Appreciation Rights that may be granted to any single individual hereunder, (iv)
the number of shares of Stock or other securities of the Company (or number and
kind of other securities or property) subject to outstanding Awards, and (v) the
grant or exercise price with respect to any Award or, if deemed appropriate,
make provision for a cash payment to the holder of an outstanding Award in
consideration for the cancellation of such Award. In addition, in the event of a
Reorganization, the Committee shall have the right to cause the Company, and all
Awards shall be subject to such right, to repurchase or cash-out all Awards upon
such terms and conditions as the Committee shall deem appropriate in its sole
discretion.

                  SECTION 5.                Eligibility.

                  Any employee, director, consultant, officer, advisor of the
Company, its Parent, if any, or a Related Company or other individual is
eligible to be designated a Participant under the Plan by the Committee, in its
sole discretion, to the extent such eligibility does not prevent the Plan and
Awards under the Plan from being covered by Rule 701 promulgated under the
Securities Act of 1933, as amended.

                  SECTION 6.                Stock Options.

                  6.1 The Stock Options awarded under the Plan may be of two
types: (i) Incentive Stock Options within the meaning of Section 422 of the Code
or any successor provision thereto; and (ii) Non-Qualified Stock Options. To the
extent that any Stock Option does not qualify as an Incentive Stock Option, it
shall constitute a Non-Qualified Stock Option; provided that such Stock Option
(or portion thereof) otherwise complies with the Plan's requirements relating to
Non-Qualified Stock Options. In no event shall any member of the Committee, the
Company, its Parent, if any, or any Related Company or their respective
employees, officers or directors, have any liability to any Participant or any
other person due to the failure of a Stock Option to qualify for any reason as
an Incentive Stock Option.

                  6.2 Stock Options granted under the Plan shall be evidenced by
the related Award letter or agreement and shall be subject to the foregoing and
following terms and conditions and to such other terms and conditions, not
inconsistent therewith, as the Committee shall determine:

                  (a)      Option Price. The option price per share of Stock
                           purchasable under a Stock Option shall be the Fair
                           Market Value of the Stock as of the date of grant.

                                       4
<PAGE>

                  (b)      Option Term. The term of each Stock Option shall be
                           determined by the Committee, but in no case shall the
                           term of a Stock Option exceed ten years.

                  (c)      Exercisability. Stock Options shall be exercisable at
                           such time or times and subject to such terms and
                           conditions as shall be determined by the Committee;
                           but in no event shall an Option be exercisable more
                           than ten years after the date it is granted. If the
                           Committee provides that any Stock Option is
                           exercisable only in installments, the Committee may
                           waive such installment exercise provisions at any
                           time in whole or in part.

                  (d)      Method of Exercise.  Except as otherwise provided in
                           the Plan or in an Award letter or agreement, Stock
                           Options may be exercised in whole or in part at any
                           time during the option period, to the extent then
                           exercisable, by giving written notice of exercise to
                           the Company specifying the number of shares to be
                           purchased, accompanied by payment of the purchase
                           price. Payment of the purchase price shall be made in
                           such manner as the Committee may provide in the Award
                           letter or agreement, which may include cash
                           (including cash equivalents), delivery of
                           unrestricted shares of Stock owned by the Participant
                           for at least six months (or such other period as
                           established from time to time by the Committee) or
                           subject to Awards hereunder, any other manner
                           permitted by law as determined by the Committee, or
                           any combination of the foregoing.  The Committee may
                           provide that all or part of the shares received upon
                           the exercise of a Stock Option which are paid for
                           using Restricted Stock or Deferred Stock shall be
                           restricted or deferred in accordance with the
                           original terms of the Restricted Stock or Deferred
                           Stock so used.

                  (e)      No Stockholder Rights. A Participant shall have
                           neither rights to dividends (other than amounts
                           credited in accordance with Section 3.2(g) above) nor
                           other rights of a stockholder with respect to shares
                           subject to a Stock Option until the Participant has
                           given written notice of exercise, has paid for such
                           shares of Stock, and if applicable has satisfied any
                           other conditions imposed by the Committee pursuant to
                           the Plan.

                  (f)      Surrender Rights. The Committee may provide that
                           options may be surrendered for cash upon any terms
                           and conditions set by the Committee.

                  (g)      Non-transferability. No Stock Option shall be
                           transferable by the Participant other than by will or
                           by the laws of descent and distribution. During the
                           Participant's lifetime, all Stock Options shall be
                           exercisable only by the Participant.

                  (h)      Termination of Employment. If a Participant's
                           Employment with the Company, its Parent, or a Related
                           Company terminates by reason of death, disability,
                           retirement, voluntary or involuntary termination or
                           otherwise, the Stock Option shall be exercisable to
                           the extent permitted in the Award agreement. In no
                           event shall the Committee extend an exercise period
                           for any outstanding Award that would cause the Award
                           to fail to comply with Section 409A of the Code.

                                       5
<PAGE>

                  6.3 Notwithstanding the provisions of Section 6.2 above, no
Incentive Stock Option shall (i) have an option price which is less than 100% of
the Fair Market Value of the Stock on the date of the award of the Incentive
Stock Option (or, in the case of a Participant who owns Stock possessing more
than 10% of the total voting power of all classes of stock of the Company (or
its Parent or subsidiary corporation) (a "10% shareholder"), have an option
price which is less than 110% of the fair market value of the Stock on the date
of grant), (ii) be exercisable more than ten years (or, in the case of a 10%
shareholder, five years) after the date such Incentive Stock Option is awarded,
or (iii) be awarded more than ten years after the date of the adoption of the
Plan. Notwithstanding anything to the contrary in this Plan, only employees of
the Company or a Parent or subsidiary of the Company (as defined in Sections
424(e) and 424(f)), respectively, of the Code) shall be eligible to receive
Awards of Incentive Stock Options. By accepting an Incentive Stock Option
granted under the Plan, each such Participant agrees, and any agreement or
letter evidencing such option grant shall so provide, that he or she will notify
the Company in writing immediately after such Participant disposes of Stock
acquired upon the exercise of an Incentive Stock Option either (i) within two
years after the date of grant of such Incentive Stock Option or (ii) within one
year after the transfer of such Stock to the Participant.

                  SECTION 7.                Restricted Stock.

                  Subject to the following provisions, all Awards of rights to
purchase Restricted Stock shall be in such form and shall have such terms and
conditions as the Committee may determine:

                  (a)      The Restricted Stock Award shall specify the number
                           of rights to purchase and number of shares of
                           Restricted Stock that may be purchased, the price, if
                           any, to be paid by the recipient of the rights to
                           purchase Restricted Stock (which shall in no event be
                           less than par value), and the date or dates on which,
                           or the conditions upon the satisfaction of which, the
                           Restricted Stock will vest. The vesting of Restricted
                           Stock may be conditioned upon the completion of a
                           specified period of service with the Company or a
                           Related Company, upon the attainment of specified
                           performance goals or upon such other criteria as the
                           Committee may determine.

                  (b)      Stock certificates representing the Restricted Stock
                           awarded to a Participant shall be registered in the
                           Participant's name, but the Committee may direct that
                           such certificates be held by the Company on behalf of
                           the Participant. Except as may be permitted by the
                           Committee, no share of Restricted Stock may be sold,
                           transferred, assigned, pledged or otherwise
                           encumbered by the Participant until such share has
                           vested in accordance with the terms of the Restricted
                           Stock Award. At the time Restricted Stock vests, a
                           certificate for such vested shares shall be delivered
                           to the Participant (or his or her designated
                           beneficiary in the event of death) free of all
                           restrictions.

                                       6
<PAGE>

                  (c)      The Committee may provide that the Participant shall
                           have the right to vote or receive dividends on
                           Restricted Stock. The Committee may provide that
                           Stock received as a dividend on, or in connection
                           with a stock split of, Restricted Stock shall be
                           subject to the same restrictions as the Restricted
                           Stock.

                  (d)      Except as may be provided by the Committee, in the
                           event of an Participant's termination of Employment
                           before all of his or her Restricted Stock has vested,
                           or in the event any conditions to the vesting of
                           Restricted Stock have not been satisfied prior to any
                           deadline for the satisfaction of such conditions set
                           forth in the Award, the shares of Restricted Stock
                           which have not vested shall be forfeited, and the
                           Committee shall provide that (i) the purchase price
                           paid by the Participant with respect to such shares
                           shall be returned to the Participant or (ii) a cash
                           payment equal to such Restricted Stock's Fair Market
                           Value on the date of forfeiture, if lower, shall be
                           paid to the Participant.

                  (e)      The Committee may waive, in whole or in part, any or
                           all of the conditions to receipt of, or restrictions
                           with respect to, any or all of the Participant's
                           Restricted Stock.

                  SECTION 8.                Deferred Stock Awards.

                  Subject to the following provisions, all Awards of Deferred
Stock shall be in such form and shall have such terms and conditions as the
Committee may determine:

                  (a)      The Deferred Stock Award shall specify the number of
                           shares of Deferred Stock to be awarded to any
                           Participant and the duration or the period (the
                           "Deferral Period") during which, and the conditions
                           under which, receipt of the Stock will be deferred.
                           The Committee may condition the Award of Deferred
                           Stock, or receipt of Stock or cash at the end of the
                           Deferral Period, upon the attainment of specified
                           performance goals or such other criteria as the
                           Committee may determine.

                  (b)      Except as may be permitted by the Committee, Deferred
                           Stock Awards may not be sold, assigned, transferred,
                           pledged or otherwise encumbered during the Deferral
                           Period.

                  (c)      At the expiration of the Deferral Period, the
                           Participant (or his or her designated beneficiary in
                           the event of death) shall receive (i) certificates
                           for the number of shares of Stock equal to the number
                           of shares covered by the Deferred Stock Award, (ii)
                           cash equal to the fair market value of such Stock or
                           (iii) a combination of shares and cash, as the
                           Committee may determine.

                                       7
<PAGE>

                  (d)      Except as may be provided by the Committee, in the
                           event of a Participant's termination of Employment
                           before the end of the Deferral Period, his or her
                           Deferred Stock Award shall be forfeited.

                  (e)      The Committee may waive, in whole or in part, any or
                           all of the conditions to receipt of, or restrictions
                           with respect to, Stock or cash under a Deferred Stock
                           Award.

                  SECTION 9.                Stock Appreciation Rights

                  9.1 Grants. Subject to the provisions of the Plan, the
Committee shall have the sole and complete authority to determine which
Participants shall be granted Stock Appreciation Rights, the number of shares of
Stock to be covered by each Stock Appreciation Right Award, the reference price
thereof and the conditions and limitations applicable to the exercise thereof.
Stock Appreciation Rights may be granted in tandem with Stock Option Awards, in
addition to another Award or unrelated to another Award. Stock Appreciation
Rights granted in tandem with or in addition to an Award may be granted either
at the same time as the Award or at a later time.

                  9.2 Exercise and Payment. A Stock Appreciation Right shall
entitle the Participant to receive an amount equal to the excess of the Fair
Market Value of shares of Stock to which the Award relates on the date of
exercise of the Stock Appreciation Right over the amount specified by the
Committee. The Committee shall determine whether a Stock Appreciation Right
shall be settled in cash, shares of Stock or a combination of cash and Stock.

                  9.3 Other Terms and Conditions. Subject to the terms of the
Plan and any applicable Award letter or agreement, the Committee shall
determine, at or after the grant of a Stock Appreciation Right, the term,
methods of exercise, methods and form of settlement, and any other terms and
conditions of and Stock Appreciation Right. Any such determination by the
Committee may be changed by the Committee from time to time and may govern the
exercise of the Stock Appreciation Rights granted or exercised prior to such
determination as well as Stock Appreciation Rights granted or exercised
thereafter. The Committee may impose such conditions or restrictions on the
exercise of any Stock Appreciation Right as it shall deem appropriate.

                  SECTION 10.       Tax Withholding.

                  10.1 Each Participant shall, no later than the date as of
which the value of an Award (or portion thereof) first becomes includible in the
Participant's income for applicable tax purposes, pay to the Company, or make
arrangements satisfactory to the Committee regarding payment of, any federal,
state, local or other taxes of any kind required by law to be withheld with
respect to the Award (or portion thereof). The obligation of the Company under
the Plan shall be conditioned on such payment or arrangements, and the Company
(and, where applicable, any Parent or any Related 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 Participant including, but not limited to, the
right to withhold shares of stock otherwise deliverable to the Participant with
respect to any Awards hereunder.

                                       8
<PAGE>

                  10.2 To the extent permitted by the Committee, and subject to
such terms and conditions as the Committee may provide, a Participant may
irrevocably elect to have the withholding tax obligation or any additional tax
obligation with respect to any Awards hereunder satisfied by (i) having the
Company withhold shares of Stock otherwise deliverable to the Participant with
respect to the Award, (ii) delivering to the Company shares of unrestricted
Stock, or (iii) through any combination of withheld and delivered shares of
Stock, as described in (i) and (ii).

                  SECTION 11.               Amendments and Termination.

                  The Board or the Committee may amend, alter or discontinue the
Plan at any time. No such action of the Board or the Committee shall require the
approval of the stockholders of the Company, unless such stockholder approval is
required by applicable law or by the rules or regulations of any securities
exchange or regulatory agency, or is otherwise determined necessary or
desirable, in the sole discretion of the Committee, to enable transactions
associated with grants of Stock Options, Stock Appreciation Rights, rights to
purchase Restricted Stock, or Deferred Stock Awards and purchases of Restricted
Stock to qualify for an exemption from Section 16(b) of the Exchange Act or to
qualify for the exception for qualified performance-based compensation under
Section 162(m) of the Code. No amendment or discontinuation of the Plan shall
adversely affect any Award previously granted without the Award holder's written
consent. To the extent necessary to enable options granted hereunder to
constitute Incentive Stock Options, any amendments to the provisions of this
Plan relating to Incentive Stock Options shall require stockholder approval
before such amendments are effective.

                  SECTION 12.               Change in Control.

                  12.1 Unless otherwise determined by the Committee at the time
of grant or by amendment (with the holder's consent) of such grant, in the event
of the earliest to occur (after the Effective Date of the Plan) of (i) the
occurrence of a Change in Control, or (ii) the publication or dissemination of
an announcement of action intended to result in a Change in Control, and solely
with respect to Awards held by an individual in service with the Company or a
Related Company at the time of any such event described in (i) above:

                  (a)      all outstanding Stock Options and Stock Appreciation
                           Rights awarded under the Plan shall become fully
                           exercisable and vested; and

                  (b)      the restrictions and deferral limitations applicable
                           to any outstanding Restricted Stock and Deferred
                           Stock Awards under the Plan shall lapse and such
                           shares and Awards shall be deemed fully vested.

                  SECTION 13.               General Provisions.

                  13.1 Each Award under the Plan shall be subject to the
requirement that, if at any time the Committee shall determine that (i) the
listing, registration or qualification of the Stock subject or related thereto
upon any securities exchange or under any state or federal law, or (ii) the
consent or approval of any government regulatory body or (iii) an agreement by
the recipient of an Award with respect to the disposition of Stock is necessary
or desirable (in connection with any requirement or interpretation of any
federal or state securities law, rule or regulation) as a condition of, or in
connection with, the granting of such Award or the issuance, purchase or
delivery of Stock thereunder, such Award shall not be granted or exercised, in
whole or in part, unless such listing, registration, qualification, consent,
approval or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

                                       9
<PAGE>

                  13.2 Nothing set forth in this Plan shall prevent the Board
from adopting other or additional compensation arrangements. Neither the
adoption of the Plan nor the granting of any Award hereunder shall confer upon
any Participant any right to continued Employment and shall not lessen or affect
the Company or any other entity's right to terminate the Employment of such
Participant.

                  13.3 Determinations by the Committee under the Plan relating
to the form, amount, and terms and conditions of Awards need not be uniform, and
may be made selectively among persons who receive or are eligible to receive
Awards under the Plan, whether or not such persons are similarly situated.

                  13.4 No member of the Board or the Committee, nor any officer
or employee of the Company, its Parent or a Related Company acting on behalf of
the Board or the Committee, shall be personally liable for any action,
determination or interpretation taken or made with respect to the Plan, and all
members of the Board and the Committee, and all officers or employees of the
Company, its Parent and Related Companies acting on their behalf, shall, to the
extent permitted by law, be fully indemnified and protected by the Company in
respect of any such action, determination or interpretation.

                  13.5 Notwithstanding any other provision of this Plan, to the
extent necessary to permit Awards to be treated as not providing for the
deferral of compensation, within the meaning of Internal Revenue Code Section
409A and the rules, regulations and guidance thereunder, in no event (i) shall
an Award's exercise price or reference price be less than the fair market value
of the Stock underlying such Award on the date the Award is granted or (ii)
shall an Award provide for the further deferral of compensation other than the
deferral of recognition of income until the later of the date such Award is
exercised or disposed of.

                  SECTION 14.               Effective Date and Duration.

                  The Plan shall be effective on June 15, 2006, subject to
approval by the Company's stockholders (the "Effective Date"). No Awards of
Stock Options, Stock Appreciation Rights, rights to purchase Restricted Stock,
or Deferred Stock shall be made under the Plan after June 15, 2016.

                  SECTION 15.               Definitions.

                  As used in this Plan, the following terms shall have the
meanings set forth below:

                  "Award" shall mean and Stock Option Award, Restricted Stock
                  Award, Deferred Stock Award or Stock Appreciation Right Award
                  granted pursuant to this Plan.

                                       10
<PAGE>

                  "Board" shall mean the Board of Directors of the Company.

                  "Change in Control" shall mean any of the following events:

                  (a)      any person or group, is or becomes the beneficial
                           owner (as defined in Rules 13d-3 and 13d-5 under the
                           Exchange Act), except that a person shall be deemed
                           to have "beneficial ownership" of all shares that any
                           such person has the right to acquire whether such
                           person has the right to acquire, whether such right
                           is exercisable immediately or only after the passage
                           of time ), directly or indirectly of more than 50% of
                           the total voting power of the voting stock of the
                           Company, including by way of merger, consolidation or
                           otherwise; or

                  (b)      the sale, lease, transfer, conveyance or other
                           disposition, in one or a series of related
                           transactions, of all or substantially all of the
                           Company's assets to any "person" or "group" as
                           defined in Section 13(d) and 14(d) of the Exchange
                           Act; or

                  (c)      during any period of two consecutive years,
                           individuals who at the beginning of such period were
                           members of the Board cease for any reason to
                           constitute at least a majority thereof (unless the
                           election, or the nomination for election by the
                           Company's stockholders, of each new director was
                           approved by a vote of at least two-thirds of the
                           directors then still in office who were directors at
                           the beginning of such period).

                  "Code" shall mean the Internal Revenue Code of 1986, as
                  amended or any successor thereto.

                  "Committee" shall mean the Compensation Committee of the Board
                  or such other committee appointed either by the Board or by
                  the Compensation Committee of the Board.

                  "Deferred Stock" shall mean any Stock granted pursuant to
                  Section 8 of the Plan.

                  "Employment" shall be deemed to refer to (i) a Participant's
                  employment if the Participant is an employee of the Company,
                  its Parent or a Related Company; (ii) a Participant's services
                  as a consultant, if the Participant is a consultant to the
                  Company, its Parent or a Related Company; (iii) a
                  Participant's services as a non-employee director, if the
                  Participant is a non-employee member of the Board; and (iv) a
                  Participant's service as an advisor, if the Participant is an
                  advisor to the Company, its Parent or a Related Company.

                                       11
<PAGE>

                  "Fair Market Value" shall mean on a given date, (i) if there
                  should be a public market for the Stock on such date, the
                  arithmetic mean of the high and low prices of the Stock as
                  reported on such date on the composite tape of the principle
                  national securities exchange on which such shares of Stock are
                  listed or admitted to trading, or, if the Stock is not listed
                  or admitted on any national securities exchange, (x) the
                  arithmetic mean of the per share closing bid price and per
                  share closing asked price of the Stock on such date or (y) the
                  average of the high and low sale price, as quoted on the
                  National Association of Securities Dealers Automated Quotation
                  System (or such market in which such prices are regularly
                  quoted) (the "NASDAQ"), or, if no sale of Stock shall have
                  been reported on the composite tape of any national securities
                  exchange or quoted on the NASDAQ on such date, then the
                  immediately preceding date on which sales of the Shares have
                  been so reported or quoted shall be used and (ii) if there
                  should not be a public market for the Stock on such date, the
                  Fair Market Value of the of the Stock shall be the value
                  established by the Committee in good faith.

                  "Incentive Stock Option" shall mean any Stock Option granted
                  pursuant to Section 6 of the Plan that satisfies the
                  requirements for treatment as an Incentive Stock Option
                  pursuant to Section 422 of the Code.

                  "Non-Qualified Stock Option" shall mean a Stock Option granted
                  pursuant to Section 6 of the Plan that does not constitute an
                  Incentive Stock Option.

                  "Parent" shall have the meaning set forth in Section 424(e) of
                  the Code.

                  "Participant" shall mean an employee, director, consultant,
                  officer, advisor of the Company, its Parent, if any, or a
                  Related Company or other individual as designated by the
                  Committee, in its sole discretion, to the extent such
                  designation does not prevent the Plan and Awards under the
                  Plan from being covered by Rule 701 promulgated under the
                  Securities Act of 1933, as amended.

                  "Plan" shall mean the Global Gold Corporation 2006 Stock
                  Incentive Plan.

                  "Related Company" shall mean at the time of grant any
                  corporation, partnership, joint venture or other entity in
                  which the Company owns, directly or indirectly, more than a
                  50% beneficial ownership interest.

                  "Restricted Stock" shall mean any Stock granted under Section
                  7 of the Plan.

                  "Stock" shall mean shares of common stock of the Company.

                  "Stock Appreciation Right" shall mean a stock appreciation
                  right granted pursuant to Section 9 of the Plan.

                  "Stock Options" shall collectively refer to Incentive Stock
                  Options and Non-Qualified Stock Options.

                  SECTION 15.       Governing Law.

                  The validity, construction and effect of the Plan and any
rules and regulations relating to the Plan and any Award Agreement shall be
determined in accordance with the laws of the State of New York.

                                       12
<PAGE>

                            GLOBAL GOLD CORPORATION

                          STOCK OPTION GRANT AGREEMENT

Granted to:  ______________                  Grant Date:  _____________(the
                                             "Effective Date").

Social Security No.: ______________          Option price per share:   _________

Option No.:  ___                             Governing Document:  Global Gold
                                             Corporation 2006 Stock Incentive
                                             Plan (the "Plan")
Total Shares:   ___________

Vesting Period:  _______________

Your Option

This option is granted pursuant to, and is subject to the terms and conditions
of, the Plan. Except as otherwise specifically stated herein, any inconsistency
between the terms of this option agreement and the Plan shall be resolved by
reference to the terms and provisions of the Plan.

If you are an employee of Global Gold Corporation (the "Corporation"), or its
subsidiaries or affiliates, your option is intended to qualify as an Incentive
Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code"), except as follows:

(1)      To the extent that the aggregate fair market value of the common stock
         $.001 par value per share (the "Common Stock"), of the Corporation with
         respect to which stock options intended to constitute incentive options
         that are exercisable for the first time by you during any calendar year
         exceeds $100,000, such options shall be treated as options which are
         not incentive stock options. The fair market value of the Common Stock
         shall be determined as of the date of the option grant.

(2)      To the extent that you exercise your option after the three-month
         period following the termination of your employment with the
         Corporation (or its subsidiaries or affiliates), your option shall be
         treated as an option which is not an incentive stock option.

(3)      To the extent that you dispose of Common Stock purchased pursuant to an
         incentive stock option granted hereunder within two years from the date
         of grant or within one year after the transfer of Common Stock to you
         as a result of your exercise of the option granted hereunder, such
         disposition shall be treated as a "disqualifying disposition." If you
         make such a disposition, you agree to promptly (but no later than
         thirty days following such disposition) notify the Corporation in
         writing of the date and terms of the disposition and provide such other
         information regarding the disposition as the Corporation may require.

<PAGE>

If you are a non-employee director of, or a consultant to, the Corporation, or
one of its subsidiaries, your option shall not qualify as an incentive stock
option under Section 422 of the Code.

Vesting

Your option shall vest ________________________.

Payment Methods

Payment of the option price shall be made in U.S. dollars or, in the discretion
of the Compensation Committee of the Corporation (the "Compensation Committee"),
in Common Stock of the Corporation valued at its fair market value, a
combination of such Common Stock and cash or any other method as may be approved
by the Compensation Committee or otherwise permitted under the Plan. However,
payment may not be made with Common Stock unless stock has been held for at
least six months. Payment shall be made to the Corporation at its corporate
office, Global Gold Corporation, 45 Putnam Avenue, Greenwich, CT 06830,
Attention: President.

Conditions of Exercisability

The exercise of your option is subject to the following terms and conditions:

(1)      As a prerequisite to delivery of any stock certificates upon your
         exercise of an option granted hereunder, you shall give an undertaking
         and agree to the placing of such legends on your certificates as may be
         required by the Compensation Committee to assure compliance with any
         federal or state securities laws. The Common Stock purchased pursuant
         to the exercise of an option granted hereunder cannot be sold unless it
         has been registered under the Securities Act of 1933, as amended (the
         "Act"), or is subject to an exemption from registration under such Act.

(2)      Except as provided below, you must be an employee or director of, or a
         consultant to the Corporation or one of its subsidiaries at the date of
         exercise and that employment, directorship or consultancy must have
         been continuous from the date hereof. For the purposes of this Plan,
         persons on company-authorized leaves of absence are considered
         employees; however, long-term disability is not considered employment.

(3)      In the event of a change of control of the Corporation your rights to
         exercise this option shall be governed by your employment agreement, or
         if not specifically addressed in your employment agreement or if you do
         not have an employment agreement, shall be governed by the Plan. In the
         event of (i) your death or (ii) the termination of your employment,
         directorship or consultancy by the Corporation for cause or without
         cause, by you or due to long-term disability while an active employee,
         director or consultant, your rights to exercise this option shall be
         governed by your employment agreement, or if not specifically addressed
         in your employment agreement or if you do not have an employment
         agreement, shall be as follows:

                                       2
<PAGE>

         (a) In the event of your death while an active employee, director or
consultant, your rights to exercise this option which have vested to and
including the date of death may be exercised within one year after death by your
estate or by any person who acquires such option by inheritance or devise.
Thereafter, such rights shall lapse. You understand that to the extent that your
option is exercised after the period that is three months after your termination
or employment, it will be treated as an option which is not an incentive stock
option under Section 422 of the Code.

         (b) In the event of the termination of your employment, directorship or
consultancy due to long-term disability, your rights to exercise this option
which have vested to and including the date of long-term disability may be
exercised within one year after the start of long-term disability by you or,
should you die within said one year period, by your estate or any such person
who acquires this option by inheritance or devise. Thereafter, such rights shall
lapse.

         (c) In the event of your Retirement (as defined below) from the
Corporation, or one of its subsidiaries, your rights to exercise this option
which have vested to and including the date of your Retirement may be exercised
within three months after Retirement by you or, should you die within said three
months period, by your estate or any person who acquires this option by
inheritance or devise. Thereafter, such rights shall lapse. For purposes of this
Section 3(c), the term "Retirement" shall mean the termination of employment
after having reached age sixty-five (65).

         (d) In the event of the termination of your employment other than for
Cause (as defined herein), death or disability your rights to exercise this
option which have vested to date of termination may be exercised within three
months after such termination (the "Post Termination Exercise Period") or,
should you die within said three month period, by your estate or any person who
acquires this option by inheritance or devise. Thereafter, such rights shall
lapse.

         (e) If your employment is terminated for Cause, the option granted
hereunder shall immediately terminate upon the giving of notice of your
termination. The Compensation Committee shall determine in its sole discretion
when notice of termination was given and whether termination was for Cause. As
used in this Section 3(e), "Cause" means a person's personal dishonesty, willful
misconduct, breach of fiduciary duty, or failure to substantially perform
assigned duties relating to such person's performance hereunder (other than any
such failure owing to such person becoming disabled) as determined by the Board
of Directors of the Corporation in their sole discretion, or any willful
violation of any law, rule or regulation (other than traffic violations or
similar offenses) or material breach of any provision of this option as
determined by the Board of Directors of the Corporation in their sole
discretion.

(4)      If you are an employee, this option shall not be transferable by you to
         anyone, other than after your death, in order to qualify as an
         incentive stock option under Section 422 of the Code. However, if you
         are a director or consultant, or to the extent this option does not
         qualify as an incentive stock option under Code Section 422, this
         option shall be transferable by you to your spouse, children, brother,
         sister, parents or a trust in which these persons have more than fifty
         percent of the beneficial interest, or by will or by the laws of
         descent and distribution. During your lifetime, this option shall be
         exercisable only by you or any transferee described in the previous
         sentence.

                                       3
<PAGE>

(5)      This option is not, in any event, exercisable after the expiration of
         ten years from ______________.

(6)      The exercise of this option is subject to all the terms and conditions
         contained in the Plan, a copy of which is attached hereto.

(7)      In connection with the exercise of this option, the Corporation, or one
         of its subsidiaries, shall have the right to withhold from your salary
         or other amounts payable to you, or to require you to make arrangements
         to pay in a manner satisfactory to the Corporation, the appropriate
         amount of applicable withholding taxes, if any. Without limiting the
         scope of the preceding sentence, you shall have the right to elect to
         pay your withholding taxes to the Corporation in cash or in such form
         and manner as the Compensation Committee shall prescribe, to have such
         number of shares of Common Stock otherwise issuable with respect to the
         exercise of this option reduced by the amount necessary to satisfy all
         or part, as you may so elect, of your statutory minimum withholding
         obligation, and to transfer to the Corporation unrestricted shares of
         Common Stock already held by you to satisfy all or any part, as you may
         so elect, of your withholding obligation, provided that no more than
         the statutory minimum withholding amount shall be so withheld.

Please retain this copy for your files.

GLOBAL GOLD CORPORATION                     GRANTEE:

By:   __________________________            _____________________________
      Print Name:                           Print Name:
      Title:

                                       4

<PAGE>

                            GLOBAL GOLD CORPORATION

                          STOCK OPTION GRANT AGREEMENT

Granted to:  ______________               Grant Date:  _____________(the
                                          "Effective Date").

Social Security No.: ______________       Option price per share:   ___________

Option No.:  ___                          Governing Document:  Global Gold
                                          Corporation 2006 Stock Incentive Plan
                                          (the "Plan")

Total Shares:   ___________
Vesting Period:  _______________

Your Option

This option is granted pursuant to, and is subject to the terms and conditions
of, the Plan. Except as otherwise specifically stated herein, any inconsistency
between the terms of this option agreement and the Plan shall be resolved by
reference to the terms and provisions of the Plan.

If you are an employee of Global Gold Corporation (the "Corporation"), or its
subsidiaries or affiliates, your option is intended to qualify as an Incentive
Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code"), except as follows:

(1)      To the extent that the aggregate fair market value of the common stock
         $.001 par value per share (the "Common Stock"), of the Corporation with
         respect to which stock options intended to constitute incentive options
         that are exercisable for the first time by you during any calendar year
         exceeds $100,000, such options shall be treated as options which are
         not incentive stock options. The fair market value of the Common Stock
         shall be determined as of the date of the option grant.

(2)      To the extent that you exercise your option after the three-month
         period following the termination of your employment with the
         Corporation (or its subsidiaries or affiliates), your option shall be
         treated as an option which is not an incentive stock option.

(3)      To the extent that you dispose of Common Stock purchased pursuant to an
         incentive stock option granted hereunder within two years from the date
         of grant or within one year after the transfer of Common Stock to you
         as a result of your exercise of the option granted hereunder, such
         disposition shall be treated as a "disqualifying disposition." If you
         make such a disposition, you agree to promptly (but no later than
         thirty days following such disposition) notify the Corporation in
         writing of the date and terms of the disposition and provide such other
         information regarding the disposition as the Corporation may require.

If you are a non-employee director of, or a consultant to, the Corporation, or
one of its subsidiaries, your option shall not qualify as an incentive stock
option under Section 422 of the Code.

<PAGE>

Vesting

Your option shall vest ________________________.

Payment Methods

Payment of the option price shall be made in U.S. dollars or, in the discretion
of the Compensation Committee of the Corporation (the "Compensation Committee"),
in Common Stock of the Corporation valued at its fair market value, a
combination of such Common Stock and cash or any other method as may be approved
by the Compensation Committee or otherwise permitted under the Plan. However,
payment may not be made with Common Stock unless stock has been held for at
least six months. Payment shall be made to the Corporation at its corporate
office, Global Gold Corporation, 45 Putnam Avenue, Greenwich, CT 06830,
Attention: President.

Conditions of Exercisability

The exercise of your option is subject to the following terms and conditions:

(1)      As a prerequisite to delivery of any stock certificates upon your
         exercise of an option granted hereunder, you shall give an undertaking
         and agree to the placing of such legends on your certificates as may be
         required by the Compensation Committee to assure compliance with any
         federal or state securities laws. The Common Stock purchased pursuant
         to the exercise of an option granted hereunder cannot be sold unless it
         has been registered under the Securities Act of 1933, as amended (the
         "Act"), or is subject to an exemption from registration under such Act.

(2)      Except as provided below, you must be an employee or director of, or a
         consultant to the Corporation or one of its subsidiaries at the date of
         exercise and that employment, directorship or consultancy must have
         been continuous from the date hereof. For the purposes of this Plan,
         persons on company-authorized leaves of absence are considered
         employees; however, long-term disability is not considered employment.

(3)      In the event of a change of control of the Corporation your rights to
         exercise this option shall be governed by your employment agreement, or
         if not specifically addressed in your employment agreement or if you do
         not have an employment agreement, shall be governed by the Plan. In the
         event of (i) your death or (ii) the termination of your employment,
         directorship or consultancy by the Corporation for cause or without
         cause, by you or due to long-term disability while an active employee,
         director or consultant, your rights to exercise this option shall be
         governed by your employment agreement, or if not specifically addressed
         in your employment agreement or if you do not have an employment
         agreement, shall be as follows:

         (a) In the event of your death while an active employee, director or
consultant, your rights to exercise this option which have vested to and
including the date of death may be exercised within one year after death by your
estate or by any person who acquires such option by inheritance or devise.
Thereafter, such rights shall lapse. You understand that to the extent that your
option is exercised after the period that is three months after your termination
or employment, it will be treated as an option which is not an incentive stock
option under Section 422 of the Code.

                                       2

<PAGE>

         (b) In the event of the termination of your employment, directorship or
consultancy due to long-term disability, your rights to exercise this option
which have vested to and including the date of long-term disability may be
exercised within one year after the start of long-term disability by you or,
should you die within said one year period, by your estate or any such person
who acquires this option by inheritance or devise. Thereafter, such rights shall
lapse.

         (c) In the event of your Retirement (as defined below) from the
Corporation, or one of its subsidiaries, your rights to exercise this option
which have vested to and including the date of your Retirement may be exercised
within three months after Retirement by you or, should you die within said three
months period, by your estate or any person who acquires this option by
inheritance or devise. Thereafter, such rights shall lapse. For purposes of this
Section 3(c), the term "Retirement" shall mean the termination of employment
after having reached age sixty-five (65).

         (d) In the event of the termination of your employment other than for
Cause (as defined herein), death or disability your rights to exercise this
option which have vested to date of termination may be exercised within three
months after such termination (the "Post Termination Exercise Period") or,
should you die within said three month period, by your estate or any person who
acquires this option by inheritance or devise. Thereafter, such rights shall
lapse.

         (e) If your employment is terminated for Cause, the option granted
hereunder shall immediately terminate upon the giving of notice of your
termination. The Compensation Committee shall determine in its sole discretion
when notice of termination was given and whether termination was for Cause. As
used in this Section 3(e), "Cause" means a person's personal dishonesty, willful
misconduct, breach of fiduciary duty, or failure to substantially perform
assigned duties relating to such person's performance hereunder (other than any
such failure owing to such person becoming disabled) as determined by the Board
of Directors of the Corporation in their sole discretion, or any willful
violation of any law, rule or regulation (other than traffic violations or
similar offenses) or material breach of any provision of this option as
determined by the Board of Directors of the Corporation in their sole
discretion.

(4)      If you are an employee, this option shall not be transferable by you to
         anyone, other than after your death, in order to qualify as an
         incentive stock option under Section 422 of the Code. However, if you
         are a director or consultant, or to the extent this option does not
         qualify as an incentive stock option under Code Section 422, this
         option shall be transferable by you to your spouse, children, brother,
         sister, parents or a trust in which these persons have more than fifty
         percent of the beneficial interest, or by will or by the laws of
         descent and distribution. During your lifetime, this option shall be
         exercisable only by you or any transferee described in the previous
         sentence.

(5)      This option is not, in any event, exercisable after the expiration of
         ten years from ______________.

(6)      The exercise of this option is subject to all the terms and conditions
         contained in the Plan, a copy of which is attached hereto.

                                       3

<PAGE>

(7)      In connection with the exercise of this option, the Corporation, or one
         of its subsidiaries, shall have the right to withhold from your salary
         or other amounts payable to you, or to require you to make arrangements
         to pay in a manner satisfactory to the Corporation, the appropriate
         amount of applicable withholding taxes, if any. Without limiting the
         scope of the preceding sentence, you shall have the right to elect to
         pay your withholding taxes to the Corporation in cash or in such form
         and manner as the Compensation Committee shall prescribe, to have such
         number of shares of Common Stock otherwise issuable with respect to the
         exercise of this option reduced by the amount necessary to satisfy all
         or part, as you may so elect, of your statutory minimum withholding
         obligation, and to transfer to the Corporation unrestricted shares of
         Common Stock already held by you to satisfy all or any part, as you may
         so elect, of your withholding obligation, provided that no more than
         the statutory minimum withholding amount shall be so withheld.

Please retain this copy for your files.

GLOBAL GOLD CORPORATION                     GRANTEE:

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

                                       4

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