Document:

viaspace_ex1010.htm

    
      Exhibit
10.10

      

      AMENDMENT
NO. 3 TO THE SECURITIES PURCHASE AGREEMENT

      

      This
AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT (this “Amendment”) is made as of
October 14, 2009 (the “Effective Date”), by and among VIASPACE Inc., a Nevada
corporation (“Parent”), VIASPACE Green Energy Inc., a British Virgin Islands
international business company and a wholly-owned subsidiary of Parent
(“Acquirer”), Sung Hsien Chang, an individual (“Shareholder”), and China Gate
Technology Co., Ltd., a Brunei Darussalam company  (“Licensor”), with
respect to the following facts:

       

      A.          
 The parties entered into that certain Securities Purchase Agreement, dated
as of October 21, 2008 (as amended by that Amendment No. 1 to Securities
Purchase Agreement dated on or about June 17, 2009 and that Amendment No. 2 to
Securities Purchase Agreement dated on or about August 21, 2009, the
“Agreement”), pursuant to which, among other things, Acquirer acquired from
Shareholder a controlling interest in Inter-Pacific Arts Corp., a British Virgin
Islands international business company (“IPA BVI”) in exchange for its shares
and shares of the Parent.  Capitalized terms not defined herein shall
have the meanings given such terms in the Agreement.

       

      B.         
  The parties desire to amend the Agreement in certain respects, all
as hereinafter provided.

       

      NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree to amend the Agreement as follows:

       

      1.           Non-competition
Clause.

       

      
        	
                 
      

              	
                (a)

              	
                Section
      10.2 of the Agreement is hereby amended and restated to read in full as
      follows:

              

      

       

      10.3                 Non-Competition.  In
the event that the Second Closing fails to occur, none of the VIASPACE Entities
or their affiliates (except Acquirer, including their officers Messrs. Kukkonen
and Muzi to the extent each work for Acquirer), or any of their directors or
officers, shall engage in the Grass Business for a period of three years after
the First Closing Date.

       

      2.           Acquirer
Shares.

       

      
        	
                 
      

              	
                (a)

              	
                Section
      10.2 of the Agreement is hereby amended and restated to read in full as
      follows:

              

      

       

      10.2                 Shareholder Rights Upon
Failure to Close.  In the event that the Second Closing fails
to occur and Parent’s closing conditions to the Second Closing as set forth in
Sections 7.1 through 7.7, and 7.9 have been satisfied, then (1) Shareholder
and/or his designees shall retain the Acquirer Shares, (2) Parent shall transfer
all shares of Acquirer common stock it holds to Shareholder, (3) Shareholder
will deliver the remaining 30% equity interest of IPA BVI to Acquirer, such that
Acquirer shall receive all equity securities of IPA BVI, and (4) if Acquirer’s
common stock is not listed on a Trading Market as of the Second Closing
Deadline, Shareholder shall also receive such number of shares of Viaspace
common stock so that Shareholder shall own a majority of the outstanding shares
of Viaspace common stock as of the date of issuance.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      Notwithstanding
any other provisions of this Agreement, Shareholder and/or his designees shall
retain the Acquirer Shares, irrespective of whether the Second Closing occurs or
does not occur or whether Parent’s closing conditions are satisfied or
not.

       

      3.           Grass
License.  The parties hereby
acknowledge and agree that Licensor has executed the Grass License and has
delivered the executed Grass License to IPA China.  Any provisions in the
Agreement relating to Grass License or Grass Assignment are hereby amended in
order to reflect such execution and delivery of the Grass License, including
provisions requiring the Grass License or Grass Assignment to be executed or
delivered at or by the Second Closing, which are hereby
deleted.

       

      4.           Miscellaneous.

       

      4.1           Effect of
Amendment.  Except to the extent the Agreement is modified by
this Amendment, the remaining terms and conditions of the Agreement shall remain
unmodified and be in full force and effect.  In the event of conflict
between the terms and conditions of the Agreement and the terms and conditions
of this Amendment, the terms and conditions of this Amendment shall
prevail.

       

      4.2           Counterparts.  This
Amendment may be executed in one or more counterparts, including facsimile
counterparts, each of which shall be deemed an original but all of which, taken
together, shall constitute the same Amendment.

       

      4.3           Applicable
Law.  This Amendment shall be governed by and construed and
enforced in accordance with the laws of the State of California without regard
to conflicts of law principles.

       

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
above written.

     

    
    

     

    
      	 	VIASPACE,
  INC.
	 	 
	 	By:   /s/
      Carl Kukkonen  

              
    
	 	Carl
      Kukkonen 
	 	Chief Executive
      Officer 
	 	 
	 	 
	 	VIASPACE GREEN ENERGY,
      INC.
	 	 
	 	By:   /s/
      Carl Kukkonen 

              
    
	 	Carl
      Kukkonen  
	 	Chief Executive
      Officer 
	 	 
	 	SUNG HSIEN
    CHANG
	 	 
	 	By:   /s/
      Sung Hsien Chang 

              
    
	 	 
	 	 
	 	CHINA GATE TECHNOLOGY CO.,
      LTD.
	 	 
	 	By:   /s/
      Maclean Wang 

              
    
	 	Maclean
      Wang 
	 	Chief Executive
      Officer 

    

     

     

     

     

    
      
        
        

      

      
        3cryoport_8k-ex1021.htm

    Exhibit
10.21

    

     

    CryoPort,
Inc.

    2009
Stock Incentive Plan

     

    EFFECTIVE
DATE:  October 9, 2009

    APPROVED
BY SHAREHOLDERS:  October 9, 2009

    TERMINATION
DATE:  October 9, 2019

     

    ARTICLE
1

    ESTABLISHMENT, PURPOSE,
EFFECTIVE DATE, AND EXPIRATION DATE

     

    1.1 Establishment.  CryoPort,
Inc., a Nevada corporation (the “Company”), in connection with a share exchange
agreement assumed the CryoPort Systems Inc. 2002 Stock Incentive Plan, which
became effective following the approval by the CryoPort Systems Inc.’s
shareholders in October 2002 (the “2002 Plan”).  The Company now
wishes to adopt the CryoPort, Inc. 2009 Stock Incentive Plan (the
“Plan”).  The Plan is designed to replace the 2002 Plan; provided,
however that the 2002 Plan shall remain in effect until all awards granted under
the 2002 Plan have been exercised, forfeited, canceled, expired or otherwise
terminated in accordance with the terms of such grants.

     

    1.2 Purpose.  The
purpose of the Plan is to promote the interests and long-term success of the
Company and its shareholders by providing an incentive to attract, retain and
reward persons performing services for the Company and by motivating such
persons to contribute to the continued growth and profitability of the
Company.  The Plan seeks to achieve this purpose by providing Awards
in the form of Options, Restricted Stock Rights, Restricted Stock, Performance
Shares, Performance Share Units, Performance Cash Awards, Stock Appreciation
Rights and Stock Grant Awards.  The Plan also permits the grant of
awards that qualify for the “performance-based compensation” exception to the
limitations on the deduction of compensation imposed by Section 162(m) of the
Code.

     

    1.3 Effective
Date.  The Plan is effective as of the date it is approved by
the Company’s shareholders at the Company’s 2009 Annual Meeting (the “Effective
Date”).

     

    1.4 Expiration
Date.  The Plan will expire on, and no Award may be granted
under the Plan after, the tenth (10) anniversary of the Effective Date unless
the shareholders of the Company vote to approve an extension of the Plan prior
to such expiration date.  Any Awards that are outstanding on the tenth
anniversary of the Effective Date (or such later expiration date as approved by
the Company’s shareholders) shall remain in force according to the terms of the
Plan and the Award Agreement.

     

    ARTICLE
2

    DEFINITIONS

     

    2.1 Definitions.  When
a word or phrase appears in this Plan document with the initial letter
capitalized, and the word or phrase does not commence a sentence, the word or
phrase will generally be given the meaning ascribed to it in this Section 2.1
unless a clearly different meaning is required by the context.  The
following words and phrases will have the following meanings:

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (a) “Affiliate”
means:  (i) any member of a “controlled group of corporations” (within
the meaning of Section 414(b) of the Code as modified by Section 415(h) of the
Code) that includes the Company as a member of the group; and (ii) any member of
a group of trades or businesses under common control (within the meaning of
Section 414(c) of the Code as modified by Section 415(h) of the Code) that
includes the Company as a member of the group.  In applying Section
1563(a)(1), (2) and (3) of the Code for purposes of determining the members of a
controlled group of corporations under Section 414(b) of the Code, the language
“at least 50 percent” shall be used instead of “at least 80 percent” each place
it appears in Section 1563(a)(1), (2) and (3) and in applying Treasury
Regulation Section 1.414(c)-2 for purposes of determining the members of a group
of trades or businesses (whether or not incorporated) that are under common
control for purposes of Section 414(c) of the Code, the language “at least 50
percent” shall be used instead of “at least 80 percent” each place it appears in
Treasury Regulation Section 1.414(c)-2.

     

    (b) “Annual Meeting” or “Annual Meeting Date” means
the dates established for the annual meetings of the Company’s shareholders
pursuant to the Company’s Bylaws.

     

    (c) “Award” means any Option,
Restricted Stock Right, Restricted Stock, Performance Share, Performance Share
Unit, Performance Cash, Stock Appreciation Right or Stock Grant Award granted
pursuant to the Plan.

     

    (d) “Award Agreement” means any
written agreement or other document evidencing an Award.

     

    (e) “Board” means the Board of
Directors of the Company, as constituted from time to time.

     

    (f) “Cause” means any of the
following:

     

    (i) Gross and
willful misconduct which results in material injury to the Company;
or

     

    (ii) Engaging
in fraudulent conduct with respect to the Company’s or any of its Affiliates’
business or conduct of a criminal nature that may have an adverse impact on the
Company’s or any of its Affiliates’ standing and reputation; or

     

    (iii) The
material failure or refusal of a Participant to perform the duties required of
the Participant by the Board, which inappropriate failure or refusal is not
cured within 30 days following receipt, by Participant, of written notice from
the Board specifying the factors or events constituting such failure or refusal;
or

     

    (iv) The use
of drugs and/or alcohol in violation of the Company’s then current Company
policies.

     

    (g) “Chief Executive Officer” or
“CEO” means the Chief
Executive Officer of the Company.

     

    (h) “Change in Control” means any
one or more of the following events:

     

    (i) The date
that any one person, or more than one person acting as a group (as determined in
accordance with Treasury Regulation Section 1.409A-3(i)(5)),  acquires
ownership of stock of the Company that, together with stock held by such person
or group, constitutes more than 50% of the total fair market
value or total voting power of the stock of the Company.  If any one
person or more than one person acting as a group is considered to own more than
50% of the total fair market value or total voting power of the stock of the
Company, the acquisition of additional stock by the same person or persons will
not be considered to be a “Change of Control.”  This
paragraph (i) only applies when there is a transfer of stock of the Company
(or issuance of stock of the Company) and stock in the Company remains
outstanding after the transaction;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (ii) The date
that any one person, or more than one person acting as a group (as determined in
accordance with Treasury Regulation Section 1.409A-3(i)(5)), acquires (or has
acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to or more than 40% of the total gross fair
market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions.  For this purpose, “gross fair market
value” means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with
such assets;  or

     

    (iii) The date
that any person, or more than one person acting as a group (as determined in
accordance with Treasury Regulation 1.409A-3(i)(5)), acquires (or has acquired
during the 12-month period ending on the most recent acquisition by such person
or persons) ownership of stock of Company possessing 30% or more of the total
voting power of the stock of Company.

     

    The
transfer of stock or assets of the Company in connection with a bankruptcy
filing by or against the Company under Title 11 of the United States Code
will not be considered to be a Change of Control for purposes of this
Plan.  Additionally, a transaction shall not constitute a Change in
Control if its sole purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities
immediately before such transaction.

     

    (i)  “Code” means the
Internal Revenue Code of 1986, as amended.  All references to the Code
shall be interpreted to include a reference to any applicable regulations,
rulings or other official guidance promulgated pursuant to such section of the
Code.

     

    (j) “Committee” means the
Compensation Committee or any such committee as may be designated by the Board
to administer the Plan, provided that at all times the membership of such
committee shall not be less than two  (2) members of the
Board.  Each Committee member must be:  (i) a “non-employee
director” (as defined in Rule 16b-3 under the Exchange Act) if required to meet
the conditions of exemption for the Awards under the Plan from Section 16(b) of
the Exchange Act; and (ii) an “outside director” as defined in Section 162(m) of
the Code and the regulations issued thereunder.

     

    (k) “Company” means CryoPort,
Inc., or any successor as provided in Section 20.4.

     

    (l) “Consultant” means a
consultant or adviser who provides services to the Company or an Affiliate as an
independent contractor and not as an Employee; provided however that a
Consultant may become Participant this Plan only if he or she (i) is a natural
person, (ii) provides bona fide services to the Company, and (iii) provides
services that are not in connection with the offer or sale of the Company's
securities in a capital-raising transaction and do not promote or maintain a
market for the Company's securities.

     

    (m) “Covered Employee” means an
Employee who is, or could be, a “covered employee” as defined by Section 162(m)
of the Code.

     

    (n) “Disability” means the
inability of a Participant to engage in any substantially gainful activity by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or which has lasted or can be expected to last for a
continuous period of not less than twelve (12) months.  The permanence
and degree of impairment shall be supported by medical evidence.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (o) “Effective Date” means the
date on which the shareholders of the Company approve the Plan as described in
Section 1.3.

     

    (p) “Employee” means a common-law
employee of the Company or an Affiliate.

     

    (q)  “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.  All
references to a section of ERISA shall be interpreted to include a reference to
any applicable regulations, rulings or other official guidance promulgated
pursuant to such section of ERISA.

     

    (r) “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

     

    (s) “Fair Market Value” means the
closing price of one share of Stock as reported on the OTC Bulletin Board or
such other exchange on which the Stock is traded on the date such value is
determined.  If the Stock is not traded on such date, the fair market
value is the price on the first immediately preceding business day on which
Stock was so traded.

     

    (t) “Good Reason” means any of the
following:

     

    (i) A
material diminution by the Company of a Participant’s then existing base salary
or incentive compensation opportunity; or

     

    (ii) A
material diminution in a Participant’s authorities, duties and/or
responsibilities so as to cause a Participant’s position with the Company to
become of materially less dignity, responsibility and/or importance than those
associated with the Participant’s functions, duties and/or responsibilities
immediately prior to such reduction; or

     

    (iii) The
Company’s decision to permanently relocate a Participant’s residence or the
Company’s principal business office by more than 60 miles from its then current
location.

     

    (u) “Grant Date” means the date
the Committee approves the Award or a date in the future on which the Committee
determines the Award will become effective.

     

    (v) “Incentive Stock Option” means
an Option that is intended to meet the requirements of Section 422 of the Code
or any successor provision thereto.

     

    (w) “Non-Qualified Stock Option”
means an Option that is not intended to be an Incentive Stock
Option.

     

    (x) “Option” means the right to
purchase Stock at a stated price for a specified period of time.  An
Option may either be an Incentive Stock Option or a Non-Qualified Stock
Option.

     

    (y) “Participant” means an
individual who, as an Employee, officer or Non-Employee Director of, or
Consultant to, the Company, or any Affiliate, has been granted an Award under
the Plan.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (z) “Performance-Based Award”
means an Award granted to select Covered Employees pursuant to Articles 7, 8 and
10 that is subject to the terms and conditions set forth in Article 11. All
Performance-Based Awards are intended to qualify as “performance-based
compensation” exempt from the deduction limitations imposed by Section 162(m) of
the Code.

     

    (aa) “Performance Cash Award” means
an Award evidencing the right to receive a payment in cash as determined by the
Committee. 

     

    (bb) “Performance Criteria” means
the criteria or any combination of criteria, that the Committee selects for
purposes of establishing the Performance Goal or Performance Goals for a
Participant during a Performance Period.  The Performance Criteria
that will be used to establish Performance Goals are limited to the
following:  revenue; revenue growth; earnings (including earnings
before interest, taxes, depreciation and amortization); operating income;
operating margin; pre- and after-tax income; cash flow (before and after
dividends); cash flow per share (before and after dividends); net earnings;
earnings per share; return on equity; return on capital (including return on
total capital or return on invested capital); cash flow return on investment;
return on assets or net assets; economic value added; share price performance;
total shareholder return; improvement in or attainment of expense levels;
improvement in or attainment of working capital levels; improvement in or
attainment of working capital levels; market penetration, geographic goals,
business expansion goals, development of strategic relationships with customers
and/or vendors; and development and execution on strategic acquisitions. The
Committee shall, within the time prescribed by Section 162(m) of the Code,
define in an objective fashion the manner of calculating the Performance
Criteria it selects to use for a particular Performance Period for a particular
Participant.

     

    (cc) “Performance Goals” means the
goal or goals established in writing by the Committee for a Performance Period
based on the Performance Criteria.  Depending on the Performance
Criteria used to establish Performance Goals, the Performance Goals may be
expressed in terms of overall Company performance, or the performance of a
division, Affiliate, or an individual.  The Performance Goals may be
stated in terms of absolute levels or relative to another company or companies
or to an index or indices.

     

    (dd) “Performance Period” means one
or more periods of time, which may be of varying and overlapping durations, as
the Committee may select, over which the attainment of one or more Performance
Goals will be measured for the purpose of determining a Participant’s right to,
and the payment of, a Performance-Based Award.

     

    (ee) “Performance Share” means a
right granted to a Participant to receive a payment in the form of Stock, the
payment of which is contingent upon achieving certain performance goals
established by the Committee.

     

    (ff) “Performance Share Unit” means
a right granted to a Participant to receive a payment in the form of Stock,
cash, or a combination thereof, the payment of which is contingent upon
achieving certain performance goals established by the Committee.

     

    (gg) “Plan” means the CryoPort,
Inc.  2009 Stock Incentive Plan.

     

    (hh) “Restricted Period” means the
period during which Restricted Stock, Restricted Stock Rights, Performance
Shares, or Performance Share Units are subject to restrictions pursuant to the
relevant provisions of the Plan.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (ii) “Restricted Stock” means Stock
granted to a Participant pursuant to Article 7 that is subject to certain
restrictions and to the risk of forfeiture.

     

    (jj) “Restricted Stock Right” means
the right granted to a Participant pursuant to Article 7 to receive cash or
Stock in the future, the payment of which is subject to certain restrictions and
to the risk of forfeiture.

     

    (kk) “Separation from Service”
means either:  (i) the termination of a Participant’s employment with
the Company and all Affiliates due to death, retirement or other reasons; or
(ii) a permanent reduction in the level of bona fide services the Participant
provides to the Company and all Affiliates to an amount that is 20% or less of
the average level of bona fide services the Participant provided to the Company
and all Affiliates in the immediately preceding 36 months, with the level of
bona fide service calculated in accordance with Treasury Regulation Section
1.409A-1(h)(1)(ii).

     

    Solely
for purposes of determining whether a Participant has a “Separation from
Service,” a Participant’s employment relationship is treated as continuing while
the Participant is on military leave, sick leave, or other bona fide leave of
absence (if the period of such leave does not exceed six months, or if longer,
so long as the Participant’s right to reemployment with the Company or an
Affiliate is provided either by statute or contract).  If the
Participant’s period of leave exceeds six months and the Participant’s right to
reemployment is not provided either by statute or by contract, the employment
relationship is deemed to terminate on the first day immediately following the
expiration of such six-month period.  Whether a Termination of
Employment has occurred will be determined based on all of the facts and
circumstances and in accordance with regulations issued by the United States
Treasury Department pursuant to Section 409A of the Code.

     

    In the case of a Non-Employee Director,
Separation from Service means that such Director has ceased to be a member of
the Board.

     

    (ll) “Specified Employee” means
certain officers and highly compensated Employees of the Company as defined in
Treasury Regulation Section 1.409A-1(i).  The identification date for
determining whether any Employee is a Specified Employee during any calendar
year shall be the September 1 preceding the commencement of such calendar
year.

     

    (mm) “Stock” means the Common Stock
of the Company, no par value per share.

     

    (nn) “Stock Appreciation Right”
or “SAR” means the right
to receive a payment equal to the excess of the Fair Market Value of one share
of Stock on the date of exercise of the SAR over the grant price of the SAR as
determined pursuant to Article 9 and the applicable Award
Agreement.

     

    (oo) “Stock Grant Award” means the
grant of Stock to a Participant.

     

    (pp) “Termination of Employment”
means, in the context of an Award that is subject to the requirements of Section
409A of the Code, a “Separation from Service”.  In the case of any
other Award, “Termination of Employment” will be given its natural
meaning.

     

    2.2 Gender and
Number.  Except when otherwise indicated by the context, words
in the masculine gender when used in this Plan document will include the
feminine gender, the singular includes the plural, and the plural includes the
singular.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    ARTICLE
3

    ELIGIBILITY AND
PARTICIPATION

     

    3.1 General
Eligibility. Awards
may be made only to those Participants who are Employees, officers, Consultants
to and Non-Employee Directors of the Company on the Grant Date of the
Award.

     

    3.2 Actual
Participation. Subject
to the provisions of the Plan, the Committee may, from time to time, select from
among all eligible individuals, those to whom Awards will be granted and will
determine the nature and amount of each Award.

     

    ARTICLE
4

    ADMINISTRATION

     

    4.1 Administration by
the Committee.  The Committee shall be responsible for the
administration of the Plan.  The Committee, by majority action
thereof, is authorized to interpret the Plan, to prescribe, amend, and rescind
rules and regulations relating to the Plan, to provide for conditions and
assurances deemed necessary or advisable to protect the interests of the
Company, and to make all other determinations necessary for the administration
of the Plan, but only to the extent not contrary to the express provisions of
the Plan.  Determinations, interpretations, or other actions made or
taken by the Committee in good faith pursuant to the provisions of the Plan
shall be final, binding and conclusive for all purposes of the
Plan.

     

    4.2 Authority of the
Committee.  The Committee shall have the authority, in its sole
discretion, to determine the Participants who: (i) are entitled to receive
Awards under the Plan; (ii) the types of Awards; (iii) the times when Awards
shall be granted; (iv) the number of Awards; (v) the purchase price or exercise
price, if any; (vi) the period(s) during which such Awards shall be exercisable
(whether in whole or in part); (vii) the restrictions applicable to Awards;
(viii) the form of each Award Agreement, which need not be the same for each
Participant; (ix) the other terms and provisions of any Award (which need not be
identical); and (x) the schedule for lapse of forfeiture restrictions or
restrictions on exercisability of an Award and accelerations or waivers thereof,
based in each case on such considerations as the Committee in its sole
discretion determines. The Committee shall have the authority to modify existing
Awards, subject to Article 16 of this Plan.  Notwithstanding the
foregoing, the Committee will not have the authority to accelerate the vesting
or waive the forfeiture of any Performance-Based Awards other than as provided
in an Award Agreement.

     

    4.3 Award
Agreement.  Each Award shall be evidenced by an Award Agreement
that shall specify the type of Award granted and such other provisions and
restrictions applicable to such Award as the Committee, in its discretion, shall
determine.

     

    4.4 Decisions
Binding.  The Committee
shall have the authority to interpret the Plan and subject to the provisions of
the Plan, any Award Agreement, and all decisions and determinations by the
Committee with respect to the Plan are final, binding and conclusive on all
parties.  No member of the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Award granted
under the Plan.

     

    ARTICLE
5

    STOCK SUBJECT TO THE
PLAN

     

    5.1 Number of
Shares.  Subject to adjustment provided in Section 5.3, the
total number of shares of Stock subject to all Awards under the Plan shall be
Twelve Million (12,000,000) plus (i) the number of shares of Stock remaining
available for grant pursuant to the 2002 Plan as of the Effective Date, and (ii)
the number of shares of Stock that were previously granted pursuant to the 2002
Plan and that either terminate, expire, or lapse for any reason after the
Effective Date. Notwithstanding the above, the maximum number of shares of Stock
that may be issued as Incentive Stock Options under the Plan shall be Twelve
Million (12,000,000). The shares to be delivered under the Plan may consist, in
whole or in part, of authorized but unissued Stock or shares purchased on the
open market or treasury Stock not reserved for any other purpose.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    5.2 Availability of
Stock for Grant.  Subject to the express provisions of the
Plan, if any Award granted under the Plan terminates, expires, lapses for any
reason, or is paid in cash, any Stock subject to or surrendered for such Award
will again be Stock available for the grant of an Award.  The exercise
of a stock-settled SAR or broker-assisted “cashless” exercise of an Option (or a
portion thereof) will reduce the number of shares of Stock available for
issuance pursuant to Section 5.1 by the entire number of shares of Stock
subject to that SAR or Option (or applicable portion thereof), even though a
smaller number of shares of Stock will be issued upon such an
exercise.  Also, shares of Stock tendered to pay the exercise price of
an Option or tendered or withheld to satisfy a tax withholding obligation
arising in connection with an Award will not become available for grant
or sale under the Plan.

     

    5.3 Adjustment in
Capitalization.  In the event of any change in the outstanding
shares of Stock by reason of a Stock dividend or split, recapitalization,
merger, consolidation, combination, exchange of shares, or other similar
corporate change, the aggregate number of shares of Stock available under the
Plan and subject to each outstanding Award, and its stated exercise price or the
basis upon which the Award is measured, shall be adjusted appropriately by the
Committee, whose determination shall be conclusive; provided, however, that
fractional shares shall be rounded to the nearest whole
share.  Moreover, in the event of such transaction or event, the
Committee, in its discretion, may provide in substitution for any or all
outstanding awards under the Plan such alternative consideration (including
cash) as it, in good faith, may determine to be equitable under the
circumstances and may require in connection therewith the surrender of all
Awards so replaced. Any adjustment to an Incentive Stock Option shall be made
consistent with the requirements of Section 424 of the Code.  Further,
with respect to any Option or Stock Appreciation Right that otherwise satisfies
the requirements of the stock rights exception to Section 409A of the Code, any
adjustment pursuant to this Section 5.3 shall be made consistent with the
requirements of the final regulations promulgated pursuant to Section 409A of
the Code.

     

    5.4 Annual Limitation
on Number of Shares Subject to Awards.  Notwithstanding any
provision in this Plan document to the contrary, and subject to adjustment upon
the occurrence of any of the events indicated in Section 5.3, the maximum number
of shares of Stock that may be granted to any one Participant, who is a Covered
Employee, during any of the Company’s fiscal years with respect to one or more
Awards shall be Seven Hundred Fifty Thousand (750,000)

     

    
      
         

      

      
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    ARTICLE
6

    STOCK
OPTIONS

     

    6.1 Grant of
Options. Subject to the provisions of Article 5 and this Article 6, the
Committee, at any time and from time to time, may grant Options to such
Participants and in such amounts as it shall determine.

     

    (a) Exercise
Price.  No Option shall be granted at an exercise price that is
less than the Fair Market Value of one share of Stock on the Grant
Date.

     

    (b) Time and
Conditions of Exercise.  The Committee shall determine the time
or times at which an Option may be exercised in whole or in part provided that
the term of any Option granted under the Plan shall not exceed ten
years.  The Committee shall also determine the performance or other
conditions, if any, that must be satisfied before all or part of an Option may
be exercised.

     

    (c) Payment.  The
Committee shall determine the methods by which the exercise price of an Option
may be paid, the form of payment, including, without limitation, cash,
promissory note, shares of Stock held for longer than six months (through actual
tender or by attestation), any net-issuance arrangement or other property
acceptable to the Committee (including broker-assisted “cashless exercise”
arrangements), and the methods by which shares of Stock shall be delivered or
deemed to be delivered to Participants.

     

    (d) Evidence of
Grant.  All Options shall be evidenced by a written Award
Agreement.  The Award Agreement shall reflect the Committee’s
determinations regarding the exercise price, time and conditions of exercise,
and forms of payment for the Option and such additional provisions as may be
specified by the Committee.

     

    (e) No Repricing of
Options.  The Committee shall not reprice any Options
previously granted under the Plan without first obtaining shareholder
approval.

     

    6.2 Incentive Stock
Options.  Incentive Stock Options shall be granted only to
Participants who are Employees and the terms of any Incentive Stock Options
granted pursuant to the Plan must comply with the following additional
provisions of this Section 6.2:

     

    (a) Exercise
Price.  Subject to Section 6.2(e), the exercise price per share
of Stock shall be set by the Committee, provided that the exercise price for any
Incentive Stock Option may not be less than the Fair Market Value as of the date
of the grant.

     

    (b) Exercise.  In
no event may any Incentive Stock Option be exercisable for more than ten years
from the date of its grant.

     

    (c) Lapse of
Option.  An Incentive Stock Option shall lapse in the following
circumstances:

     

    (i) The
Incentive Stock Option shall lapse ten years from the date it is granted, unless
an earlier time is set in the Award Agreement.

     

    (ii) The
Incentive Stock Option shall lapse 90 days following the effective date of the
Participant’s Termination of Employment for any reason other than the
Participant’s death or Disability, unless otherwise provided in the Award
Agreement.

     

    
      
         

      

      
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    (iii) If the
Participant has a Termination of Employment on account of Disability or death
before the Option lapses pursuant to paragraph (i) or (ii) above, the Incentive
Stock Option shall lapse, unless it is previously exercised, on the earlier of
(a) the scheduled expiration date of the Option; or (b) 12 months after the date
of the Participant’s Termination of Employment on account of Disability or
death.  Upon the Participant’s Disability or death, any Incentive
Stock Options exercisable at the Participant’s Disability or death may be
exercised by the Participant’s legal representative or representatives, by the
person or persons entitled to do so pursuant to the Participant’s last will and
testament, or, if the Participant fails to make testamentary disposition of such
Incentive Stock Option or dies intestate, by the person or persons entitled to
receive the Incentive Stock Option pursuant to the applicable laws of descent
and distribution.

     

    (d) Individual Dollar
Limitation.  The aggregate Fair Market Value (determined as of
the time an Award is made) of all shares of Stock with respect to which
Incentive Stock Options are first exercisable by a Participant in any calendar
year may not exceed $100,000.00 or such other limitation as imposed by Section
422(d) of the Code, or any successor provision.  To the extent that
Incentive Stock Options are first exercisable by a Participant in excess of such
limitation, the excess shall be considered Non-Qualified Stock
Options.

     

    (e) Ten Percent
Owners.  An Incentive Stock Option shall be granted to any
individual who, at the Grant Date, owns stock possessing more than ten percent
of the total combined voting power of all classes of Stock of the Company only
if such Option is granted at a price that is not less than 110% of Fair Market
Value on the Grant Date and the Option is exercisable for no more than five
years from the Grant Date.

     

    (f) Expiration of
Incentive Stock Options.  No Award of an Incentive Stock Option
may be made pursuant to this Plan after the tenth (10) anniversary of the
Effective Date, unless the shareholders of the Company vote to approve an
extension of the Plan prior to such expiration date.

     

    (g) Right to
Exercise.  Except as provided in Section 6.2(c)(iii), during a
Participant’s lifetime, an Incentive Stock Option may be exercised only by the
Participant.

     

    ARTICLE
7

    RESTRICTED STOCK RIGHTS AND
RESTRICTED STOCK

     

    7.1 Grant of
Restricted Stock Rights and Restricted Stock.  Subject to the
provisions of Article 5 and this Article 7, the Committee, at any time and from
time to time, may grant Restricted Stock Rights or Restricted Stock to such
Participants and in such amounts as it shall determine.

     

    
      
         

      

      
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    7.2 Restricted Stock
Rights.

     

    (a) Voting
Rights.  During the Restricted Period, Participants holding the
Restricted Stock Rights granted hereunder shall have no voting rights with
respect to the shares subject to such Restricted Stock Rights prior to the
issuance of such shares pursuant to the Plan.

     

    (b) Form and Timing
of Payment. Payment
for any vested Restricted Stock Rights Award issued pursuant to this Article 7
shall be made in one lump sum payment of shares of Stock, cash or a combination
thereof, equal to the Fair Market Value (determined as of a specified date) of a
specified number of shares of Stock.  As a general rule, the shares
payable under any Restrict Stock Rights Award shall be made on or before March
15 of the calendar year following the calendar year in which the Restricted
Stock Rights vest in  accordance with the “short-term deferral”
exception to Section 409A as set forth in Treasury Regulation Section
1.409A-1(b)(4).

     

    7.3 Grant of
Restricted Stock.

     

    (a) Issuance and
Restrictions.  Restricted Stock shall be subject to such
restrictions on transferability and other restrictions as the Committee may
impose (including, without limitation, limitations on the right to vote
Restricted Stock).  These restrictions may lapse separately or in
combination at such times and pursuant to such circumstances, as the Committee
determines at the time of the grant of the Award or thereafter.

     

    (b) Forfeiture.  Except
as otherwise determined by the Committee at the time of the grant of the
Restricted Stock Award or thereafter, upon Termination of Employment or the
failure to satisfy  one or more performance criteria during the
applicable Restriction Period, Restricted Stock that is at that time subject to
restrictions shall be forfeited; provided however, that the Committee may
provide in any Restricted Stock Award Agreement that restrictions or forfeiture
conditions relating to Restricted Stock will be waived in whole or in part in
the event of terminations resulting from specified causes, and the Committee may
in other cases waive in whole or in part restrictions or forfeiture conditions
relating to Restricted Stock.

     

    (c) Certificates for
Restricted Stock.  Restricted Stock granted pursuant to the
Plan may be evidenced in such manner as the Committee shall
determine.  If certificates representing shares of Restricted Stock
are registered in the name of the Participant, the certificates must bear an
appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Stock, and the Company may, in its discretion,
retain physical possession of the certificate until such time as all applicable
restrictions lapse.

     

    ARTICLE
8

    PERFORMANCE SHARES,
PERFORMANCE SHARE UNITS AND PERFORMANCE CASH AWARDS

    

    8.1 Grant of
Performance Shares or Performance Share Units.  Subject to the
provisions of Article 5 and this Article 8, Performance Shares or Performance
Share Units may be granted to Participants at any time and from time to time as
shall be determined by the Committee.  The Committee shall have
complete discretion in determining the number of Performance Shares or
Performance Share Units granted to each Participant.

     

    
      
         

      

      
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    8.2 Value of
Performance Shares or Performance Share Units.  Each
Performance Share and each Performance Share Unit shall have a value determined
by the Committee at the time of grant.  The Committee shall set goals
(including Performance Goals) for a particular period (including a Performance
Period) in its discretion which, depending on the extent to which the goals are
met, will determine the ultimate value of the Performance Share or Performance
Share Units to the Participant.

     

    8.3 Form and Timing
of Payment.  Payment for vested Performance Shares shall be
made in Stock.  Payments for vested Performance Share Units shall be
made in cash, Stock or a combination thereof as determined by the
Committee.  All payments for Performance Shares and Performance Share
Units shall be made in a lump sum.  As a general rule, payment for
Performance Shares or Performance Share Units shall be made on or before March
15 of the calendar year following the calendar year in which the right to the
payment of the Performance Shares or Performance Share Units arises in
accordance with the “short-term deferral” exception to Section 409A as set forth
in Treasury Regulation Section 1.409A-1(b)(4).

     

    8.4 Performance Cash
Awards.  Subject to the Provisions of this Article 8,
Performance Cash Awards may be granted to Participants at any time and from time
to time as determined by the Committee.  A Performance Cash Award
grants a Participant the right to receive an amount of cash depending on the
satisfaction of one or more goals (including Performance Goals) for a particular
period (including a Performance Period), as determined by the
Committee.  The Committee shall have complete discretion to determine
the amount of any Performance Cash Award granted to a Participant. Payment for
Performance Cash Awards  shall
be made on or before March 15 of the calendar year following the calendar year
in which the right to the payment of the Performance Cash Award arises in
accordance with the “short-term deferral” exception to Section 409A as set forth
in Treasury Regulation Section 1.409A-1(b)(4).

     

    ARTICLE
9

    STOCK APPRECIATION
RIGHTS

     

    9.1 Grant of Stock
Appreciation Rights.  Subject to the provisions of Article 5
and this Article 9, Stock Appreciation Rights (“SARs”) may be granted to
Participants at any time and from time to time as shall be determined by the
Committee. SARs may be granted in connection with the grant of an Option, in
which case the exercise of SARs will result in the surrender of the right to
purchase the shares under the Option as to which the SARs were
exercised.  When SARs are granted in connection with the grant of an
Incentive Stock Option, the SARs shall have such terms and conditions as shall
be required by Section 422 of the Code.  Alternatively, SARs may be
granted independently of Options.

     

    9.2 Exercisability of
SARs.  SARs granted under the Plan shall be exercisable at such
times and be subject to such restrictions and conditions as the Committee shall
in each instance approve, which need not be the same for all Participants;
provided, however, that no SAR shall be exercisable later than ten (10) years
from the Grant Date.

     

    9.3 Exercise of
SARs.  Upon exercise of the SAR or at a fixed date after all or
part of the SAR becomes exercisable, the Participant shall be entitled to
receive payment of an amount determined by multiplying (a) the difference, if
any, of the Fair Market Value of a share of Stock on the date of exercise over
the price of the SAR fixed by the Committee at the Grant Date, which shall not
be less than the Fair Market Value of a share of Stock at the Grant Date, by (b)
the number of shares with respect to which the SAR is exercised.

     

    9.4 Form and Timing
of Payment.  Payment for SARs shall be made in Stock and shall
be payable at the time specified in the Award Agreement for such
SARs.

     

    
      
         

      

      
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    ARTICLE
10

    STOCK GRANT
AWARDS

    

    Subject
to the provisions of Article 5 and this Article 10, Stock Grant Awards may be
granted to Participants at any time and from time to time as shall be determined
by the Committee.  A Stock Grant Award grants a Participant the right
to receive (or purchase at such price as determined by the Committee) shares of
Stock free of any vesting restrictions.  Any purchase price for a
Stock Grant Award shall be payable in cash or other form of consideration
acceptable to the Committee.  A Stock Grant Award may be granted or
sold as described in the preceding sentence in respect of past services or other
valid consideration, or in lieu of any cash compensation due to such
Participant. All Stock Grant Awards will be evidenced by a written Award
Agreement.

     

    ARTICLE
11

    PERFORMANCE-BASED
AWARDS

     

    11.1 Grant of
Performance-Based Awards.  Options granted to Covered Employees
pursuant to Article 6 and SARs granted to Covered Employees pursuant to Article
9 should, by their terms, qualify for the “performance-based compensation”
exception to the deduction limitations of Section 162(m) of the
Code.  The Committee, in the exercise of its complete discretion, also
may choose to qualify some or all of the Restricted Stock Rights or Restricted
Stock Awards granted to Covered Employees pursuant to Article 7 and/or some or
all of the Performance Shares, Performance Share Units or Performance Cash
Awards granted to Covered Employees pursuant to Article 8 and/or some or all of
the Stock Grant Awards granted to Covered Employees pursuant to Article 10 for
the “performance-based compensation” exception to the deduction limitations of
Section 162(m) of the Code.  If the Committee, in its discretion,
decides that a particular Award to a Covered Employee should qualify as
“performance-based compensation,” the Committee will grant a Performance-Based
Award to the Covered Employee and the provisions of this Article 11 shall
control over any contrary provision contained in Articles 7, 8 or
10.  If the Committee concludes that a particular Award to a Covered
Employee should not be qualified as “performance-based compensation,” the
Committee may grant the Award without satisfying the requirements of Section
162(m) of the Code and the provisions of this Article 11 shall not
apply.

     

    11.2 Applicability.  This
Article 11 shall apply only to Awards to those Covered Employees selected by the
Committee to receive Performance-Based Awards.  The designation of a
Covered Employee as a Participant for any Performance Period shall not in any
manner entitle the Participant to receive a Performance-Based Award for such
Performance Period.  Moreover, designation of a Covered Employee as a
Participant for a particular Performance Period shall not require designation of
such Covered Employee as a Participant for any subsequent Performance
Period.

     

    11.3 Committee
Discretion with Respect to Performance-Based Awards.  With
regard to a particular Performance Period, the Committee shall have full
discretion to select the length of the Performance Period, the type of
Performance-Based Awards to be issued, the kind and/or level of the Performance
Goal or Goals and whether the Performance Goal or Goals apply to the Company, an
Affiliate, or any division or business unit thereof or the Participant or any
group of Participants.

     

    11.4 Establishment of
Performance Goals.  The Performance Goals for any
Performance-Based Award granted pursuant to this Article 11 shall be established
by the Committee in writing not later than ninety (90) days after the
commencement of the Performance Period for such Award; provided that (a) the
outcome must be substantially uncertain at the time the Committee establishes
the Performance Goals; and (b) in no event will the Committee establish the
Performance Goals for any Performance-Based Award after twenty-five percent
(25%) of the Performance Period for such Award has elapsed.

     

    
      
         

      

      
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    11.5 Performance
Evaluation; Adjustment of Goals.  At the time that a
Performance-Based Award is first issued, the Committee, in the Award Agreement
or in another written document, shall specify whether performance will be
evaluated including or excluding the effect of any of the following events that
occur during the Performance Period:

     

    (a) Judgments
entered or settlements reached in litigation;

     

    (b) The write
down of assets;

     

    (c) The
impact of any reorganization or restructuring;

     

    (d) The
impact of changes in tax laws, accounting principles, regulatory actions or
other laws affecting reported results;

     

    (e) Extraordinary
non-recurring items as described in Accounting Principles Board Opinion No. 30
and/or in management’s discussion and analysis of financial condition and
results of operations appearing in the Company’s annual report to shareholders
or Annual Report on Form 10-K, as the case may be, for the applicable
year;

     

    (f) The
impact of any mergers, acquisitions, spin-offs or other divestitures;
and

     

    (g) Foreign
exchange gains and losses.

     

    The
inclusion or exclusion of these items shall be expressed in a form that
satisfies the requirements of Section 162(m) of the Code.  The
Committee, in its discretion, also may, within the time prescribed by Section
162(m) of the Code, adjust or modify the calculation of Performance Goals for
such Performance Period in order to prevent the dilution or enlargement of the
rights of Participants:  (i) in the event of, or in anticipation of,
any unusual or extraordinary corporate item, transaction, event, or development;
or (ii) in recognition of, or in anticipation of, any other unusual or
nonrecurring events affecting the Company, or the financial statements of the
Company, or in response to, or in anticipation of, changes in applicable laws,
regulations, accounting principles, or business conditions.

     

    11.6 Adjustment of
Performance-Based Awards. The
Committee shall have the sole discretion to adjust the determinations of the
degree of attainment of the preestablished Performance
Goals.  Notwithstanding any provision herein to the contrary, the
Committee may not make
any adjustment or take any other action with respect to any Performance-Based
Award that will increase the amount payable under any such Award.  The
Committee shall retain the sole discretion to adjust Performance-Based Awards
downward or to otherwise reduce the amount payable with respect to any
Performance-Based Award.

     

    11.7 Payment of
Performance-Based Awards.  Unless otherwise provided in the
relevant Award Agreement, a Participant must be an Employee of the Company or an
Affiliate on the day a Performance-Based Award for such Performance Period is
paid to the Participant.  Furthermore, a Participant shall be eligible
to receive payment pursuant to a Performance-Based Award for a Performance
Period only if the Performance Goals for such Performance Period are
achieved.

     

    11.8 Certification by
Committee. Notwithstanding
any provisions to the contrary, the payment of a Performance-Based Award shall
not occur until the Committee certifies, in writing, that the pre-established
Performance Goals and any other material terms and conditions precedent to such
payment have been satisfied.

     

    11.9 Maximum Award
Payable.  In accordance with Section 5.4, the maximum
Performance-Based Award payable to any one participant for a Performance Period
is Seven Hundred Fifty Thousand (750,000) shares of Stock, or if the
Performance-Based Award is paid in cash, the maximum Performance-Based Award
will be determined by multiplying Seven Hundred Fifty Thousand (750,000) by the
Fair Market Value of one share of Stock as of the first day of the Performance
Period.

     

    
      
         

      

      
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    ARTICLE
12

    CHANGE IN
CONTROL

     

    Notwithstanding
any other provision in the Plan to the contrary, the Committee, in its sole
discretion, may determine that upon a Change in Control, all or any portion of
an Award shall automatically become immediately vested and/or exercisable and
that the restrictions relating to such Award shall lapse.  If such
determination is made by the Committee with respect to a Performance-Based
Award, the award shall vest on a pro-rata basis at the end of the Performance
Period based on the level of achievement of the Performance Goals applicable to
such Award, as described in the Award Agreement.  All determinations
made pursuant to this Article 12 shall be made in the applicable Award
Agreement.

     

    ARTICLE
13

    NON-TRANSFERABILITY

     

    13.1 General.  The
Committee may, in its sole discretion, determine the right of a Participant to
transfer any Award granted under the Plan.  Unless otherwise
determined by the Committee, no Award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution or pursuant to a
domestic relations order (that would otherwise qualify as a qualified domestic
relations order as defined in the Code or Title I of ERISA but for the fact that
the order pertains to an Award) in favor of a spouse or, if applicable, until
the termination of any Restricted Period or Performance Period as determined by
the Committee.

     

    13.2 Beneficiary
Designation.  Notwithstanding Section 13.1, a Participant may,
in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to
any Award upon the Participant’s death.  A beneficiary, legal
guardian, legal representative, or other person claiming any rights pursuant to
the Plan is subject to all terms and conditions of the Plan and any Award
Agreement applicable to the Participant, except to the extent the Plan and Award
Agreement otherwise provide, and to any additional restrictions deemed necessary
or appropriate by the Committee.  If no beneficiary has been
designated or survives the Participant, payment shall be made to the person
entitled thereto pursuant to the Participant’s will or the laws of descent and
distribution.  Subject to the foregoing, a beneficiary designation may
be changed or revoked by a Participant at any time provided the change or
revocation is provided to the Committee.

     

    13.3 Stock
Certificates.  Notwithstanding anything herein to the contrary,
the Company shall not be required to issue or deliver any certificates
evidencing shares of Stock pursuant to the exercise of any Award, unless and
until the Committee has determined, with advice of counsel, that the issuance
and delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of
any exchange or quotation system on which the shares of Stock are listed, quoted
or traded.  All Stock certificates delivered pursuant to the Plan are
subject to any stop-transfer orders and other restrictions as the Committee
deems necessary or advisable to comply with Federal, state, or foreign
jurisdiction, securities or other laws, rules and regulations and the rules of
any national securities exchange or automated quotation system on which the
Stock is listed, quoted, or traded.  The Committee may place legends
on any Stock certificate to reference restrictions applicable to the
Stock.  In addition to the terms and conditions provided herein, the
Board may require that a Participant make such reasonable covenants, agreements,
and representations as the Board, in its discretion, deems advisable in order to
comply with any such laws, regulations, or requirements.

     

    
      
         

      

      
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    ARTICLE
14

    COMPANY
DISCRETION

     

    14.1 Employment.  Nothing
in the Plan shall interfere with or limit in any way the right of the Company to
terminate any Participant’s employment or service at any time, nor confer upon
any Participant any right to continue in the employ or service of the
Company.

     

    14.2 Participant.  No
Employee shall have a right to be selected as a Participant, or, having been so
selected, to be selected again as a Participant.

     

    14.3 No Rights to
Awards.  No Participant, Employee, or other person shall have
any claim to be granted any Award pursuant to the Plan, and neither the Company
nor the Committee is obligated to treat Participants, Employees, and other
persons uniformly.

     

    ARTICLE
15

    SUBSTITUTION OF
AWARDS

     

    Any Award
may be granted under this Plan in substitution for Awards held by any individual
who is an employee of another corporation who is about to become an Employee of
the Company as the result of a merger, consolidation or reorganization of the
corporation with the Company, or the acquisition by the Company of the assets of
the corporation, or the acquisition by the Company of stock of the corporation
as the result of which such corporation becomes an Affiliate or a subsidiary of
the Company.  The terms and conditions of the Awards so granted may
vary from the terms and conditions set forth in this Plan to such extent as the
Committee at the time of granting the Award may deem appropriate to conform, in
whole or in part, to the provisions of the Award in substitution for which they
are granted.  However, in the event that the Award for which a
substitute Award is being granted is an Incentive Stock Option, no variation
shall adversely affect the status of any substitute Award as an Incentive Stock
Option under the Code.  In addition, in the event that the award for
which a substitute Award is being granted is a Non-Qualified Stock Option or a
Stock Appreciation Right that otherwise satisfies the requirements of the “stock
rights exception” to Section 409A of the Code, no variation shall adversely
affect the status of any substitute Award under the stock rights exception to
Section 409A of the Code.

     

    ARTICLE
16

    AMENDMENT, MODIFICATION, AND
TERMINATION

     

    The Board
may at any time, and from time to time, terminate, amend or modify the Plan;
provided however, that any such action of the Board shall be subject to approval
of the shareholders to the extent required by law, regulation or any stock
exchange rule for any exchange on which shares of Stock are
listed.  Notwithstanding the above, to the extent permitted by law,
the Board may delegate to the Committee or the CEO the authority to approve
non-substantive amendments to the Plan.  No amendment, modification,
or termination of the Plan or any Award under the Plan shall in any manner
adversely affect any Award theretofore granted under the Plan without the
consent of the holder thereof (unless such change is required in order to cause
the benefits under the Plan to qualify as performance-based compensation within
the meaning of Section 162(m) of the Code and applicable interpretive authority
thereunder).  Except as provided in Section 5.3, neither the Board,
the CEO nor the Committee may, without the approval of the
shareholders:  (a) reduce the purchase price or exercise price of any
outstanding Award, including any Option or SAR; (b) increase the number of
shares available under the Plan (other than any adjustment as provided in
Section 5.3); (c) grant Options with an exercise price that is below Fair Market
Value on the Grant Date; (d) reprice previously granted Options or SARs; or (e)
cancel any Option or SAR in exchange for cash or any other Award or in exchange
for any Option or SAR with an exercise price that is less than the exercise
price of the original Option or SAR.  Additional rules relating to
amendments to the Plan or any Award Agreement to assure compliance with Section
409A of the Code as set forth in Section 19.3.

     

    
      
         

      

      
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    ARTICLE
17

    TAX
WITHHOLDING

     

    17.1 Tax
Withholding.  The Company shall have the power to withhold, or
require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, and local withholding tax requirements on any Award under the
Plan.  To the extent that alternative methods of withholding are
available under applicable tax laws, the Company shall have the power to choose
among such methods.

     

    17.2 Form of
Payment.  To the extent permissible under applicable tax,
securities, and other laws, the Company may, in its sole discretion, permit the
Participant to satisfy a tax withholding requirement by (a) using already owned
shares that have been held by the Participant for at least six (6) months; (b) a
broker-assisted “cashless” transaction; (c) directing the Company to apply
shares of Stock to which the Participant is entitled pursuant to the Award
(including, for this purpose, the filing of an election under Section 83(b) of
the Code), to satisfy the required minimum statutory withholding amount; or (d)
personal check or other cash equivalent acceptable to the Company.

     

    17.3 Tax upon
Disposition of Shares Subject to Section 422 Restrictions.  In
the event that a Participant shall dispose (whether by sale, exchange, gift, the
use of a qualified domestic relations order (that would otherwise qualify as a
qualified domestic relations order as defined in the Code or Title I of ERISA
but for the fact that the order pertains to an Award) in favor of a spouse, of
any shares of Stock of the Company that are deemed to have been purchased by the
Participant pursuant to an Incentive Stock Option and that the Participant
acquired within two (2) years of the Grant Date of the related Option or within
one (1) year after the acquisition of such shares of Stock, the Participant will
notify the secretary of the Company of such disposition no later than fifteen
(15) days following the date of the disposition.  Such notification
shall include the date or dates of the disposition, the number of shares of
Stock of which the Participant disposed, and the consideration received, if any,
for such shares of Stock.  If the Company so requests, the Participant
shall forward to the secretary of the Company any amount requested by the
Company for the purpose of satisfying its liability, if any, to withhold
federal, state or local income or earnings tax or any other applicable tax or
assessment (plus interest or penalties thereon, if any, caused by delay in
making such payment) incurred by reason of such disposition.

     

    ARTICLE
18

    INDEMNIFICATION

     

    Each
person who is or shall have been a member of the Committee or of the Board shall
be indemnified and held harmless by the Company against and from any loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by him in
connection with or resulting from any claim, action, suit, or proceeding to
which he may be a party or in which he may be involved by reason of any action
taken or failure to act under the Plan and against and from any and all amounts
paid by him in settlement thereof, with the Company’s approval, or paid by him
in satisfaction of any judgment in any such action, suit, or proceeding against
him, provided he shall give the Company an opportunity, at its own expense, to
handle and defend the same before he undertakes to handle and defend it on his
own behalf.  The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such person may be
entitled under the Company’s articles of incorporation, bylaws, resolution or
agreement, as a matter of law, or otherwise, or any power that the Company may
have to indemnify him or hold him harmless.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    ARTICLE
19

    REQUIREMENTS OF
LAW

     

    19.1 Requirements of
Law.  The granting of Awards and the issuance of shares and/or
cash under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.  The Company shall be under
no obligation to register pursuant to the Securities Act of 1933, as amended,
any of the shares of Stock paid pursuant to the Plan.  If the shares
of Stock paid pursuant to the Plan may in certain circumstances be exempt from
registration pursuant to the Securities Act of 1933, as amended, the Company may
restrict the transfer of such shares in such manner as it deems advisable to
ensure the availability of any such exemption.

     

    19.2 Governing
Law.  The Plan and all agreements into which the Company and
any Participant enter pursuant to the Plan shall be construed in accordance with
and governed by the laws of the State of California. The Plan is an unfunded
performance-based bonus plan for a select group of management or highly
compensated employees and is not intended to be subject to ERISA.

     

    19.3 Section 409A of
the Code.

     

    (a) General
Compliance.  Some of the Awards that may be granted pursuant to
the Plan (including, but not necessarily limited to, Restricted Stock Rights
Awards, Performance Share Awards, Performance Share Unit Awards, Performance
Cash Awards and Stock Grant Awards) may be considered to be “non-qualified
deferred compensation” subject to Section 409A of the Code.  If an
Award is subject to Section 409A of the Code, the Company intends (but cannot
and does not guarantee) that the Award Agreement and this Plan comply fully with
and meet all of the requirements of Section 409A of the Code or an exception
thereto and the Award Agreement shall include such provisions, in addition to
the provisions of this Plan, as may be necessary to assure compliance with
Section 409A of the Code or an exception thereto.  An Award subject to
Section 409A of the Code also shall be administered in good faith compliance
with the provisions of Section 409A of the Code as well as applicable guidance
issued by the Internal Revenue Service and the Department of
Treasury.  To the extent necessary to comply with Section 409A of the
Code, any Award that is subject to Section 409A of the Code may be modified,
replaced or terminated in the discretion of the
Committee.  Notwithstanding any provision of this Plan or any Award
Agreement to the contrary, in the event that the Committee determines that any
Award is or may become subject to Section 409A of the Code, the Company may
adopt such amendments to the Plan and the related Award Agreements, without the
consent of the Participant, or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effective dates), or take
any other action that the Committee determines to be necessary or appropriate to
either comply with Section 409A of the Code or to exclude or exempt the Plan or
any Award from the requirements of Section 409A of the Code.

     

    (b) Delay for
Specified Employees.  If, at the time of a Participant’s
Separation from Service, the Company has any Stock which is publicly traded on
an established securities market or otherwise, and if the Participant is
considered to be a Specified Employee, to the extent any payment for any Award
is subject to the requirements of Section 409A of the Code and is payable upon
the Participant’s Separation from Service, such payment shall not commence prior
to the first business day following the date which is six (6) months after the
Participant’s Separation from Service (or if earlier than the end of the six (6)
month period, the date of the Participant’s death).  Any amounts that
would have been distributed during such six (6) month period will be distributed
on the day following the expiration of the six (6) month period.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    (c) Prohibition on
Acceleration or Deferral.  Under no circumstances may the time
or schedule of any payment for any Award that is subject to the requirements of
Section 409A of the Code be accelerated or subject to further deferral except as
otherwise permitted or required pursuant to regulations and other guidance
issued pursuant to Section 409A of the Code.  If the Company fails to
make any payment pursuant to the payment provisions applicable to an Award that
is subject to Section 409A of the Code, either intentionally or unintentionally,
within the time period specified in such provisions, but the payment is made
within the same calendar year, such payment will be treated as made within the
time period specified in the provisions.  In addition, in the event of
a dispute with respect to any payment, such payment may be delayed in accordance
with the regulations and other guidance issued pursuant to Section 409A of the
Code.

     

    19.4 Securities Law
Compliance.  With respect to any Participant who is, on the
relevant date, obligated to file reports pursuant to Section 16 of the Exchange
Act, transactions pursuant to this Plan are intended to comply with all
applicable conditions of Rule 16b-3 or its successors pursuant to the Exchange
Act.  Notwithstanding any other provision of the Plan, the Committee
may impose such conditions on the exercise of any Award as may be required to
satisfy the requirements of Rule 16b-3 or its successors pursuant to the
Exchange Act.  To the extent any provision of the Plan or action by
the Committee fails to so comply, it shall be void to the extent permitted by
law and voidable as deemed advisable by the Committee.

     

    19.5 Restrictions.  The
Committee shall impose such restrictions on any Awards under the Plan as it may
deem advisable, including without limitation, restrictions under applicable
federal securities law, under the requirements of any stock exchange upon which
the Stock is then listed and under any blue sky or state securities laws
applicable to such Awards.

     

    ARTICLE
20

    GENERAL
PROVISIONS

     

    20.1 Funding.  The
Company shall not be required to segregate any of its assets to ensure the
payment of any Award under the Plan.  Neither the Participant nor any
other persons shall have any interest in any fund or in any specific asset or
assets of the Company or any other entity by reason of any Award, except to the
extent expressly provided hereunder.  The interests of each
Participant and former Participant hereunder are unsecured and shall be subject
to the general creditors of the Company.

     

    20.2 No Shareholders
Rights.  No Award gives the Participant any of the rights of a
shareholder of the Company unless and until shares of Stock are in fact issued
to such person in connection with such Award.

     

    20.3 Titles and
Headings.  The titles and headings of the Articles in the Plan
are for convenience of reference only and, in the event of any conflict, the
text of the Plan, rather than such titles or headings, shall
control.

     

    20.4 Successors and
Assigns.  The Plan shall be binding upon and inure to the
benefit of the successors and permitted assigns of the Company, including
without limitation, whether by way of merger, consolidation, operation of law,
assignment, purchase, or other acquisition of substantially all of the assets or
business of the Company, and any and all such successors and assigns shall
absolutely and unconditionally assume all of the Company’s obligations under the
Plan.

     

    20.5 Survival of
Provisions. The
rights, remedies, agreements, obligations and covenants contained in or made
pursuant to this Plan, any agreement and any notices or agreements made in
connection with this Plan shall survive the execution and delivery of such
notices and agreements and the delivery and receipt of such shares of Stock if
required by Section 13.3, shall remain in full force and effect.

     

     

     

    
      	
               

               

               

                    Date: 
      October 9,
      2009

               

            	
              CryoPort,
      Inc.

               

               

              By:  /s/ Larry G.
      Stambaugh      

              Name:  Larry
      G. Stambaugh

              Its: Chief
      Executive Officer

               

            

    

    

     

     

    
      
         

      

      
        19

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