Document:

EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into
as of October 5, 2007 (the "Effective Date") by and between Centrue Financial
Corporation, Inc., a Delaware corporation (the "Employer"), and Donald M. Davis
(the "Executive").

                                    RECITALS

         A.       The Executive serves as a St. Louis Market President of
Employer, and its wholly-owned subsidiary, Centrue Bank (the "Bank").

         B.       The Employer and the Executive have made commitments to each
other on a variety of important issues concerning the Executive's employment,
including the performance that will be expected of the Executive, the
compensation the Executive will be paid, how long and under what circumstances
the Executive will remain employed and the financial details relating to any
decision that either the Employer or the Executive might ever make to terminate
this Agreement.

         C.       The Employer and the Executive desire to enter into this
Agreement as of the Effective Date and as of such date this Agreement shall
supersede all terms of any other employment or severance agreement, with
Employer, providing for benefits similar in nature to those contained herein,
except that the provisions of the Restricted Stock Agreement between the
Employer and the Executive (the "Restricted Stock Agreement") shall not be
affected in any way by this Agreement, nor shall the terms of the Restricted
Stock Agreement be deemed to apply to the terms, conditions and interpretation
of this Agreement.

         D.       The Employer recognizes that circumstances may arise in which
a future change of control of the Employer through acquisition or otherwise may
occur thereby causing uncertainty of employment without regard to the competence
or past contributions of the Executive, which uncertainty may result in the loss
of valuable services of the Executive and the Employer wishes to provide
reasonable security to the Executive against changes in the employment
relationship in the event of any such change of control.

         NOW, THEREFORE, in consideration of the premises and of the covenants
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Employer and the Executive
agree as follows:

<PAGE>

                                    AGREEMENT

         Section 1.        Term With Automatic Renewal Provisions. The term of
this Agreement and the Executive's employment hereunder shall be for a term of
four (4) years commencing on the Effective Date, and shall automatically be
extended for one (1) additional year on the third anniversary of the Effective
Date and each anniversary thereafter, unless and until either party to this
Agreement provides written notice of non-renewal to the other party.

         Section 2.        Position and Duties. The Employer hereby employs the
Executive as set forth above or in such other senior executive capacity or
capacities as shall be mutually agreed between the Employer and the Executive.
During the period of the Executive's employment hereunder, the Executive shall
devote his best efforts and full business time, energy, skills and attention to
the business and affairs of the Employer, the Bank, and the other direct and
indirect subsidiaries of the Employer (together with the Bank, the
"Subsidiaries" or a "Subsidiary"). The Executive's duties and authority shall
consist of and include all duties and authority customarily performed and held
by persons holding equivalent positions with business organizations similar in
nature and size to the Employer, as such duties and authority are reasonably
defined, modified and delegated from time to time by the Board of Directors of
the Employer to which the Executive shall report during the term of this
Agreement (the "Board"). The Executive shall have the powers necessary to
perform the duties assigned to him and shall be provided such supporting
services, staff, secretarial and other assistance, office space and
accoutrements as shall be reasonably necessary and appropriate in the light of
such assigned duties. At least annually, Employer shall evaluate Executive's
performance in accordance with and as described in the Employer's standard
employment policies.

         Section 3.        Compensation. As compensation for the services to be
provided by the Executive hereunder, the Executive shall receive the following
compensation, expense reimbursement and other benefits:

                  (a)      Base Compensation. The Executive shall receive an
aggregate annual minimum Base Salary of $325,000 payable in installments in
accordance with the regular payroll schedule of the Bank ("Base Salary"). Such
Base Salary shall be subject to review annually commencing in 2009 and shall be
maintained or increased during the term of this Agreement in accordance with the
Employer's established management compensation policies and plans.

                  (b)      Performance Bonus. The Executive shall receive an
annual performance bonus, payable within sixty (60) days after the end of the
fiscal year of the Employer, in an amount equal to ten percent (10%) of the
pretax profit of the Bank's St. Louis, Missouri branch(es) (the "Annual
Performance Bonus") with up to half of the Annual Performance Bonus (i.e., five
percent (5%) of the Bank's St. Louis, Missouri branch(es)) available to be paid
to the Executive's direct reports for the applicable year. The amount, if any,
of the Annual Performance Bonus payable to the Executive's direct reports shall
be determined by the Executive and ratified by the Board.

                  (c)      Reimbursement of Expenses. The Executive shall be
reimbursed, upon submission of appropriate vouchers and supporting
documentation, for all travel, entertainment and other out-of-pocket expenses
reasonably and necessarily incurred by the Executive in the performance of his

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duties hereunder and shall be entitled to attend seminars, conferences and
meetings relating to the business of the Employer consistent with the Employer's
or the Bank's established policies in that regard.

                  (d)      Other Benefits. The Executive shall be entitled to
all benefits specifically established for him and, when and to the extent he is
eligible therefore, to participate in all plans and benefits generally accorded
to senior executives of the Employer and the Bank, including, but not limited
to, pension, profit-sharing, supplemental retirement, incentive compensation,
bonus, disability income, group life medical and hospitalization insurance,
director and officer liability insurance and similar or comparable plans, and
also to perquisites extended to similarly situated senior executives, provided,
however, that such plans, benefits and perquisites shall be no less than those
made available to all other employees of the Employer and the Bank.

                  (e)      Vacations. The Executive shall be entitled to paid
time off for all Bank holidays. In addition to Bank holidays, the Executive
shall be entitled to annual paid time off ("PTO") which shall accrue each
calendar year and which shall be taken at a time or times mutually agreeable to
the Employer and the Executive; provided, however, that the Executive shall be
entitled to at least twenty five (25) PTO days annually.

                  (f)      Withholding. The Employer shall be entitled to
withhold from amounts payable to the Executive hereunder, any federal, state or
local withholding or other taxes which it is from time to time required to
withhold. The Employer shall be entitled to rely upon the opinion of its legal
counsel with regard to any question concerning the amount or requirement of any
such withholding.

                  (g)      Stock Awards. On the Effective Date, the Employer
shall grant to the Executive an option to purchase fifty thousand (50,000)
shares of the Employer's common stock (the "Option"). One fifth (1/5) of the
Option shall vest on the Effective Date and one fifth (1/5) shall vest on each
anniversary thereafter, until fully vested on the fourth (4th) anniversary. The
Option award shall provide that it shall fully vest upon a subsequent Change in
Control (as defined in the Employer's stock plan ("Stock Plan"), termination of
the Executive without Cause or by the Executive due to a Constructive Discharge
(with the terms Cause and Constructive Discharge as defined herein). The Option
will expire, to the extent not exercised, as of the seventh (7th) anniversary of
the Effective Date. The exercise price of the Option shall be based on the fair
market value of the Employer's common stock on the date of grant.

         Section 4.        Confidentiality and Loyalty. The Executive
acknowledges that during the course of his employment he may produce and have
access to material, records, data, trade secrets and information not generally
available to the public regarding the Employer and its Subsidiaries
(collectively, "Confidential Information"). Accordingly, during the Term and
during the Restricted Period (defined below), the Executive shall hold in
confidence and not directly or indirectly disclose, use, copy or make lists of
any such Confidential Information, except to the extent that such information is
or thereafter becomes lawfully available from public sources, or such disclosure
is authorized in writing by the Employer, required by a law or any competent
administrative agency or judicial authority, or otherwise as reasonably
necessary or appropriate in connection with the performance by the Executive of
his duties hereunder. All records, files, documents and other materials or
copies thereof relating to the business of the Employer and its Subsidiaries

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which the Executive shall prepare or use, shall be and remain the sole property
of the Employer, shall not be removed from the premises of the Employer or its
Subsidiaries, as the case may be, without the written consent of the Employer's
Chairman of the Board, except as reasonably necessary or appropriate in
connection with the performance by the Executive of his duties hereunder, and
shall be promptly returned to the Employer upon termination of the Executive's
employment hereunder. The Executive agrees to abide by the reasonable policies
of the Employer, as in effect from time to time, respecting avoidance of
interests conflicting with those of the Employer and its Subsidiaries.

         Section 5.        Termination.
                           -----------

                  (a)      Termination Without Cause. Either the Employer or the
Executive may terminate this Agreement and the Executive's employment hereunder
for any reason by delivering written notice of termination to the other party no
less than thirty (30) days before the effective date of termination, which date
will be specified in the notice of termination.

                  (b)      Voluntary Termination by the Executive. If the
Executive voluntarily terminates his employment under this Agreement other than
pursuant to Section 5(d) (Constructive Discharge) or Section 5(h) (Termination
Upon Change of Control), then the Employer shall only be required to pay the
Executive such Base Salary as shall have accrued through the effective date of
such termination, the amount of any expense reimbursements for expenses incurred
prior to the effective date of such termination, provided that the Executive
shall have submitted all reimbursement requests within ten (10) business days of
the effective date of such termination, and any other amounts to which the
Executive is entitled under applicable law. None of the Employer or any of its
Subsidiaries shall have any further obligations to the Executive.

                  (c)      Termination by Employer Without Cause.
                           -------------------------------------

                           (i)      In the event of the termination of this
Agreement by the Employer prior to the last day of the Term for any reason other
than a termination in accordance with the provisions of Section 5(e)
(Termination for Cause), then notwithstanding any mitigation of damages by the
Executive, the Employer shall pay the Executive a sum equal to two times the
Executive's Base Salary and Annual Performance Bonus (which shall be based on
the performance of the Bank's St. Louis, Missouri branches for the twelve (12)
whole calendar months prior to the date of termination and capped at five
percent (5%) of the pretax profit of the Bank's St. Louis, Missouri branch(es)).
In addition, the Employer shall pay the cost on behalf of the Executive for
continued coverage (COBRA continuation coverage) for the Executive and the
Executive's dependents (if applicable) under the health insurance programs
maintained by the Employer during the period of the Executive's COBRA
eligibility; provided, however, that the continued payment of these amounts by
the Employer shall not offset or diminish any compensation or benefits accrued
as of the date of termination.

                           (ii)     Payment to the Executive will be made on a
monthly basis over the twelve (12) month period immediately following the
Executive's termination of employment. Payment of the amounts due under Section
5(c)(i) shall not be reduced in the event the Executive obtains other employment
following the termination of employment by the Employer.

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                           (iii)    If the Employer is not in compliance with
its minimum capital requirements or if the payments required under subsection
(i) above would cause the Employer's capital to be reduced below its minimum
capital requirements, such payments shall be deferred until such time as the
Employer is in capital compliance.

                           (iv)     In addition to the amounts payable to
Executive under this Section 3, Employer shall pay the Executive such Base
Salary as shall have accrued through the effective date of such termination, the
amount of any expense reimbursements for expenses incurred prior to the
effective date of such termination, provided that the Executive shall have
submitted all reimbursement requests within ten (10) business days of the
effective date of such termination, and any other amounts to which the Executive
is entitled under applicable law. Apart from the obligations of Section 3 and
Section 5, none of the Employer or any of its Subsidiaries shall have any
further obligations to the Executive under this Agreement.

                  (d)      Constructive Discharge. If at any time during the
Term of this Agreement, except in instances where Employer has valid grounds to
terminate the Executive's employment pursuant to Section 5(e) (Termination for
Cause), the Executive is Constructively Discharged (as hereinafter defined),
then the Executive shall have the right, by written notice given to the Employer
not later than ninety (90) days after such Constructive Discharge, to terminate
his services hereunder, effective as of thirty (30) days after the date of such
notice, and the Executive shall have no rights or obligations under this
Agreement other than as provided in this Section 5(d), Section 4
(Confidentiality and Loyalty) and Section 6 (Non-Competition Covenant). In such
event, notwithstanding any mitigation of damages by the Executive, the Employer
shall pay the Executive a sum equal to two times the Executive's Base Salary and
the percentage of Annual Performance Bonus earned from the end of the calendar
year preceding until the last date of Executive's employment (based on five
percent (5%) of the pretax profit of the Bank's St. Louis, Missouri branch(es)),
such percentage being determined by dividing the number of days that have
occurred in the calendar year through the date of Executives services terminate
by 365. In addition, the Employer shall pay the cost on behalf of the Executive
for continued coverage (COBRA continuation coverage) for the Executive and the
Executive's dependents (if applicable) under the health insurance programs
maintained by the Employer during the period of the Executive's COBRA
eligibility; provided, however, that the continued payment of these amounts by
the Employer shall not offset or diminish any compensation or benefits accrued
as of the date of termination.

         For purposes of this Agreement, the Executive shall be "Constructively
Discharged" upon the occurrence, without the Executive's express written
consent, of any of the following events, provided that the Executive gives at
least thirty (30) days prior written notice of Executive's termination:

                           (i)      a reduction in the Executive's then current
Base Salary;

                           (ii)     any change in the Executive's duties and
responsibilities that is inconsistent in any adverse respect with the
Executive's position(s), duties or responsibilities, or an adverse change in the
Executive's place in the organization chart or in the seniority of the
individual (or Board, where applicable) to whom the Executive shall report;

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                           (iii)    a material and adverse change in the
Executive's titles or offices (including, if applicable, membership on a board
of directors);

                           (iv)     a material reduction in the Executive's
annual target bonus opportunity (if any) (for this purpose, a reduction for any
year of over twenty percent (20%) of the Executive's annual target bonus
opportunity (if any) measured by the preceding year shall be considered
"material");

                           (v)      requiring the Executive to be based more
than fifty (50) miles from the location of the Executive's place of employment
as of the Effective Date, except for normal business travel in connection with
the Executive's duties; or

                           (vi)     a material breach of this Agreement by the
Employer.

         An isolated, insubstantial and inadvertent action taken in good faith
and that is remedied within ten (10) days after receipt of notice thereof given
by the Executive shall not constitute a Constructive Discharge. The Executive's
right to terminate employment due to a Constructive Discharge shall not be
affected by incapacities due to mental or physical illness and the Executive's
continued employment or lack of notice hereunder shall not constitute consent
to, or a waiver of rights with respect to, any event or condition constituting a
Constructive Discharge.

         The Executive shall be deemed to have been Constructively Discharged if
Executive resigns within thirty (30) days following either (i) a change in the
majority of the Employer's Board of Directors within a single twelve month
period; or (ii) a change in the Employer's CEO and two (2) of the CEO's direct
reports where they are no longer employed by the Employer or an affiliate of the
Employer in those, or more senior positions within a single twelve (12) month
period.

                  (e)      Termination for Cause. This Agreement may be
terminated for Cause as hereinafter defined. "Cause" shall mean:

                           (i)      the Executive's death;

                           (ii)     the Executive's Permanent Disability, which
shall mean the Executive's inability, as a result of physical or mental
incapacity, substantially to perform his duties hereunder for a period of six
(6) consecutive months, with the determination of the Executive's Permanent
Disability to be determined by a physician chosen by two other physicians, each
of which is selected by the Employer and the Executive, respectively;

                           (iii)    the willful and continued failure by the
Executive to perform substantially the Executive's duties (other than any such
failure resulting from the Executive's incapacity due to physical or mental
illness or any such failure subsequent to the delivery to the Executive of a
notice of intent to terminate the Executive's employment without Cause or
subsequent to the Executive's delivery of a notice of the Executive's intent to
terminate employment for Constructive Discharge), and such willful and continued
failure continues after a demand for substantial performance is delivered to the
Executive that specifically identifies the manner in which the Executive has not
substantially performed the Executive's duties;

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                           (iv)     the Executive is removed or suspended from
banking pursuant to Section 8(e) of the Federal Deposit Insurance Act, as
amended ("FDIA"), or any other applicable state or federal law; or

                           (v)      the willful engaging by the Executive in
illegal conduct or gross misconduct which is materially and demonstrably
injurious to the business or reputation of the Employer.

                           (vi)     For purposes of determining whether "Cause"
exists, no act or failure to act on the Executive's part shall be considered
"willful" unless done, or omitted to be done, by the Executive in bad faith and
without reasonable belief that the action or omission was in, or not opposed to,
the best interests of the Employer. Any act, or failure to act, based upon
authority given pursuant to a resolution duly adopted by the Board, based upon
the advice of counsel for the Employer or upon the instructions to the Executive
by a more senior officer shall be conclusively presumed to be done, or omitted
to be done, by the Executive in good faith and in the best interests of the
Employer. The Employer must notify the Executive of any event constituting Cause
within ninety (90) days following its knowledge of its existence or such event
shall not constitute Cause under this Agreement.

                           (vii)    Upon a termination of the Executive's
employment with the Employer for Cause, the Executive shall be entitled to
receive from the Employer only such Base Salary as shall have accrued through
the effective date of such termination, the amount of any expense reimbursements
for expenses incurred prior to the effective date of such termination, provided
that the Executive shall have submitted all reimbursement requests within ten
(10) business days of the effective date of such termination, and any other
amounts to which the Executive is entitled under applicable law. None of the
Employer or any of its Subsidiaries shall have any further obligations to the
Executive.

                  (f)      Payments Upon Death. In the event payments are due
and owing under this Agreement at the death of the Executive, payment shall be
made to such beneficiary as the Executive may designate in writing, or failing
such designation, to the executor of his estate, in full settlement and
satisfaction of all claims and demands on behalf of the Executive.

                  (g)      Payments Prior to Permanent Disability. The Executive
shall be entitled to the compensation and benefits provided for under this
Agreement for any period during the term of this Agreement and prior to the
establishment of the Executive's Disability during which the Executive is unable
to work due to a physical or mental infirmity. Notwithstanding anything
contained in this Agreement to the contrary, until the date specified in a
notice of termination relating to the Executive's Disability, the Executive
shall be entitled to return to his positions with the Employer as set forth in
this Agreement in which event no Disability of the Executive will be deemed to
have occurred.

                  (h)      Termination Upon Change of Control.
                           ----------------------------------

                           (i)      In the event of a Change of Control (as
defined below) of the Employer and the termination of the Executive's employment
under either A or B below, subject to Section 5(h)(iii) below, the Executive
shall be entitled to receive in lieu of any other payments provided for in this

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Agreement a lump sum payment equal to the amount determined pursuant to Section
5(c) (Termination by Employer without Cause), and the continuation of benefits
as provided in Section 5(c). Either of the following shall constitute
termination of the Executive's employment within the meaning of this Section
5(h):

                                    (A)      The Executive voluntarily
terminates his employment within the twelve (12) month period immediately
following the Change of Control due to Constructive Discharge.

                                    (B)      This Agreement and the Executive's
employment is terminated by the Employer or its successor within the twelve (12)
month period immediately following the Change of Control, for reasons other than
Cause.

                           (ii)     For purposes of this Section, the term
"Change of Control" shall mean the following:

                                    (A)      The consummation of the acquisition
by any person (as such term is defined in Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended (the "1934 Act")) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of
fifty percent (50%) or more of the combined voting power of the then outstanding
voting securities of the Employer; or

                                    (B)      Consummation of: (1) a merger or
consolidation to which the Employer is a party if the stockholders immediately
before such merger or consolidation do not, as a result of such merger or
consolidation, own, directly or indirectly, more than sixty-seven percent (67%)
of the combined voting power of the then outstanding voting securities of the
entity resulting from such merger or consolidation in substantially the same
proportion as their ownership of the combined voting power of the Employer's
voting securities outstanding immediately before such merger or consolidation;
or (2) a complete liquidation or dissolution or an agreement for the sale or
other disposition of all or substantially all of the assets of the Employer or
the Bank.

Notwithstanding the foregoing, a Change of Control shall not be deemed to occur
solely because fifty percent (50%) or more of the combined voting power of the
Employer's then outstanding securities is acquired by: (1) a trustee or other
fiduciary holding securities under one or more employee benefit plans maintained
for employees of the entity; or (2) any corporation which, immediately prior to
such acquisition, is owned directly or indirectly by the stockholders in the
same proportion as their ownership of stock immediately prior to such
acquisition.

                           (iii)    It is the intention of the Employer and the
Executive that no portion of any payment under this Agreement, or payments to or
for the benefit of the Executive under any other agreement or plan, be deemed to
be an "Excess Parachute Payment" as defined in Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), or its successors. It is agreed
that the present value of and payments to or for the benefit of the Executive in
the nature of compensation, receipt of which is contingent on the Change of
Control of the Employer, and to which Section 280G of the Code applies (in the
aggregate "Total Payments") shall not exceed an amount equal to one dollar
($1.00) less than the maximum amount which the Employer may pay without loss of

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deduction under Section 280G(a) of the Code. Present value for purposes of this
Agreement shall be calculated in accordance with Section 280G(d)(4) of the Code.
Within ninety (90) days following the earlier of (A) the giving of the notice of
termination or (B) the giving of notice by the Employer to the Executive of its
belief that there is a payment or benefit due the Executive which will result in
an excess parachute payment as defined in Section 280G of the Code, the
Executive and the Employer, at the Employer's expense, shall obtain the opinion
of such legal counsel and certified public accountants as the Executive may
choose (notwithstanding the fact that such persons have acted or may also be
acting as the legal counsel or certified public accountants for the Employer),
which opinions need not be unqualified, which sets forth (I) the amount of the
Base Period Income of the Executive, (II) the present value of Total Payments
and (III) the amount and present value of any excess parachute payments. In the
event that such opinions determine that there would be an excess parachute
payment, the payment hereunder or any other payment determined by such counsel
to be includable in Total Payments shall be modified, reduced or eliminated as
specified by the Executive in writing delivered to the Employer within sixty
(60) days of the Executive's receipt of such opinions or, if the Executive fails
to so notify the Employer, then as the Employer shall reasonably determine, so
that under the bases of calculation set forth in such opinions there will be no
excess parachute payment. The provisions of this subparagraph, including the
calculations, notices and opinions provided for herein shall be based upon the
conclusive presumption that (y) the compensation and benefits provided for in
Section 3 hereof and (z) any other compensation earned by the Executive pursuant
to the Employer's compensation programs which would have been paid in any event,
are reasonable compensation for services rendered, even though the timing of
such payment is triggered by the Change of Control; provided, however, that in
the event such legal counsel so requests in connection with the opinion required
by this subparagraph, the Executive and the Employer shall obtain, at the
Employer's expense, and the legal counsel may rely on in providing the opinion,
the advice of a firm of recognized executive compensation consultants as to the
reasonableness of any item of compensation to be received by the Executive. In
the event that the provisions of Sections 280G and 4999 of the Code are repealed
without succession, this subparagraph shall be of no further force or effect.

                  (i)      Regulatory Suspension and Termination.
                           -------------------------------------

                           (i)      If the Executive is suspended from office
and/or temporarily prohibited from participating in the conduct of the
Employer's affairs by a notice served under Section 8(e)(3) (12 U.S.C. ss.
1818(e)(3)) or 8(g) (12 U.S.C. ss. 1818(g)) of the FDIA, the Employer's
obligations under this contract shall be suspended as of the date of service,
unless stayed by appropriate proceedings. If the charges in the notice are
dismissed, and the Employer's Board has decided to make indemnification payments
pursuant to 12 CFR Section 359.5(a), the Employer shall (A) pay the Executive
all of the compensation withheld while their contract obligations were suspended
and (B) reinstate (in whole) any of the obligations which were suspended.

                           (ii)     If the Executive is removed and/or
permanently prohibited from participating in the conduct of the Employer's
affairs by an order issued under Section 8(e) (12 U.S.C. ss. 1818(e)) or 8(g)
(12 U.S.C. ss. 1818(g)) of the FDIA, all obligations of the Employer under this

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contract shall terminate as of the effective date of the order, but vested
rights of the contracting parties shall not be affected.

                           (iii)    If the Employer is in default as defined in
Section 3(x) (12 U.S.C. ss. 1813(x)(1)) of the FDIA, all obligations of the
Employer under this contract shall terminate as of the date of default, but this
paragraph shall not affect any vested rights of the contracting parties.

                           (iv)     All obligations of the Employer under this
contract shall be terminated, except to the extent determined that continuation
of the contract is necessary for the continued operation of the institution by
the Federal Deposit Insurance Corporation (the "FDIC"), at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Employer
under the authority contained in Section 13(c) (12 U.S.C. ss. 1823(c)) of the
FDIA, or when the Employer is determined by the FDIC to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         Section 6.        Non-Competition Covenant.
                           ------------------------

                  (a)      Restrictive Covenant. The Employer and the Executive
have jointly reviewed the customer lists and operations of the Employer and its
Subsidiaries and have agreed that the primary service area of the Employer's and
its Subsidiaries' loan and deposit origination functions in which the Employer
and its Subsidiaries have and will actively participate extends to an area
within twenty-five (25) miles of any Missouri office or branch of the Employer
and its Subsidiaries (the "Restrictive Area"). Therefore, as an essential
ingredient of and in consideration of this Agreement and the payment of the
amounts described in Section 3, the Executive hereby agrees that, except with
the express prior written consent of the Employer, for a period of twenty four
(24) months after the termination of the Executive's employment with the
Employer, whether such termination of employment occurs during the term of this
Agreement or following the term or termination of this Agreement, except this
period shall be reduced to twelve (12) months in the event Executive's
employment terminates following a Change of Control or if the Executive
voluntarily terminates employment within thirty (30) days following either (i) a
change in the majority of the Employer's Board of Directors within a single
twelve (12) month period; or (ii) a change in the Employer's CEO and two (2) of
the CEO's direct reports where they are no longer employed by the Employer or an
affiliate of the Employer in those, or more senior positions within a single
twelve (12) month period (the "Restrictive Period"):

                           (i)      The Executive will not, directly or
indirectly, engage or invest in, own, manage, operate, finance, control, or
participate in the ownership, management, operation or control of, be employed
by, associated with, or in any manner connected with, lend the Executive's name
or any similar name to, lend the Executive's credit to, or render services or
advice to, any person, firm, partnership, corporation or trust which owns or
operates, a bank, savings and loan association, credit union or similar
financial institution (a "Financial Institution") within the Restrictive Area;
provided however, that the ownership by the Executive of shares of the capital
stock which are listed on a securities exchange or quoted on the National
Association of Securities Dealers Automated Quotation System which do not

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represent more than five percent (5%) of the outstanding capital stock of any
Financial Institution, shall not violate any terms of this Agreement.

                           (ii)     The Executive will not, directly or
indirectly, either for himself, or any other Financial Institution: (A) induce
or attempt to induce any employee of the Employer or its Subsidiaries to leave
the employ of the Employer or its Subsidiaries; (B) in any way interfere with
the relationship between Employer or its Subsidiaries and any employee of
Employer or its Subsidiaries; (C) employ, or otherwise engage as an employee,
independent contractor or otherwise, any employee of Employer or its
Subsidiaries; or (D) induce or attempt to induce any customer, supplier,
licensee, or business relation of Employer or its Subsidiaries to cease doing
business with the Employer or its Subsidiaries or in any way interfere with the
relationship between any customer, supplier, licensee or business relation of
Employer or its Subsidiaries.

                           (iii)    The Executive will not, directly or
indirectly, either for himself, or any other Financial Institution, solicit the
business of any person or entity known to the Executive to be a customer of the
Employer or its Subsidiaries, whether or not such Executive had personal contact
with such person or entity, with respect to products or activities which compete
in whole or in part with the products or activities of the Employer or its
Subsidiaries.

                           (iv)     The Executive will not, directly or
indirectly, serve as the agent, broker or representative of, or otherwise
assist, any person or entity in obtaining services or products from any
Financial Institution within the Restrictive Area.

                           (v)      The Executive expressly agrees that the
covenants contained in this Section 6(a) are reasonable with respect to their
duration, geographical area, and scope.

                  (b)      Violation of Restrictive Covenant. If the Executive
violates the restrictions contained in Section 6(a) and the Employer brings
legal action for injunctive or other relief, the Employer shall not, as a result
of the time involved in obtaining such relief, be deprived of the benefit of the
full period of the Restrictive Period. Accordingly, the Restrictive Period shall
be deemed to have the duration specified in Section 6(a) computed from the date
the relief is granted but reduced by the time between the period when the
Restrictive Period began to run and the date of the first violation of the
restrictions contained in Section 6(a) by the Executive. In the event that a
successor assumes and agrees to perform this Agreement, the restrictions
contained in Section 6(a) shall continue to apply only to the primary service
area of the Employer as it existed immediately before such assumption and shall
not apply to any of the successor's other offices.

                  Remedies for Breach of Restrictive Covenant. The Executive
acknowledges that the restrictions contained in Section 4 and Section 6(a) of
this Agreement are reasonable and necessary for the protection of the legitimate
business interests of the Employer, that any violation of these restrictions
would cause substantial injury to the Employer and such interests, that the
Employer would not have entered into this Agreement with the Executive without
receiving the additional consideration offered by the Executive in binding
himself to these restrictions and that such restrictions were a material
inducement to the Employer to enter into this Agreement. In the event of any
violation or threatened violation of these restrictions, the Employer, in
addition to and not in limitation of, any other rights, remedies or damages
available to the Employer under this Agreement or otherwise at law or in equity,

                                       11
<PAGE>

shall be entitled to preliminary and permanent injunctive relief to prevent or
restrain any such violation by the Executive and any and all persons directly or
indirectly acting for or with him, as the case may be. In the event of a
violation of the restrictions in Section 4 and Section 6(a) of this Agreement,
the Employer shall have the right to cease making any payments, or providing
benefits, otherwise required hereunder.

         Section 7.        Intercorporate Transfers. If the Executive shall be
voluntarily transferred to a Subsidiary of the Employer, such transfer shall not
be deemed to terminate or modify this Agreement and the employing corporation to
which the Executive shall have been transferred shall, for all purposes of this
Agreement, be construed as standing in the same place and stead as the Employer
as of the date of such transfer, provided however, that this Section 7 shall not
modify Employer's obligations under Section 2, Section 3 and Section 5 hereof.

         Section 8.        Interest in Assets. Neither the Executive nor his
estate shall acquire hereunder any rights in funds or assets of the Employer,
otherwise than by and through the actual payment of amounts payable hereunder;
nor shall the Executive or his estate have any power to transfer, assign,
anticipate, hypothecate or otherwise encumber in advance any of said payments;
nor shall any of such payments be subject to seizure for the payment of any
debt, judgment, alimony, separate maintenance or be transferable by operation of
law in the event of bankruptcy, insolvency or otherwise of the Executive.

         Section 9.        Indemnification. The Employer shall provide the
Executive (including his heirs, personal representatives, executors and
administrators) for the term of this Agreement with coverage under a standard
directors' and officers' liability insurance policy at its expense.

         Section 10.       General Provisions.
                           ------------------

                  (a)      Successors; Assignment. This Agreement shall be
binding upon and inure to the benefit of the Executive, his heirs, legatees and
personal representatives, the Employer and its successors and assigns, and any
successor or assign of the Employer shall be deemed the "Employer" hereunder.
The Employer shall require any successor to all or substantially all of the
business and/or assets of the Employer, whether directly or indirectly, by
purchase, merger, consolidation, acquisition of stock, or otherwise, by an
agreement in form and substance satisfactory to the Executive, expressly to
assume and agree to perform this Agreement in the same manner and to the same
extent as the Employer would be required to perform if no such succession had
taken place.

                  (b)      Entire Agreement; Modifications. This Agreement
constitutes the entire agreement between the parties respecting the subject
matter hereof, and supersedes all prior negotiations, undertakings, agreements
and arrangements with respect thereto, whether written or oral, and without
limiting the foregoing, the Executive hereby agrees and acknowledges that this
Agreement supersedes, and he shall have no rights to payments or otherwise
under, any other agreement other than the Restricted Stock Agreement. Except as
otherwise explicitly provided herein, this Agreement may not be amended or
modified except by written agreement signed by the Executive and the Employer;
provided, however, that the Employer may unilaterally modify the Agreement to

                                       12
<PAGE>

comply with applicable law, including, but not limited to, Code Section 409A,
while maintaining the spirit and intent of the Agreement.

                  (c)      Survival. The provisions of Section 4 and Section 6
shall survive the expiration or termination of this Agreement, in each case for
the period and to the extent set forth in such section.

                  (d)      Enforcement and Governing Law. The provisions of this
Agreement shall be regarded as divisible and separate; if any of said provisions
should be declared invalid or unenforceable by a court of competent
jurisdiction, the validity and enforceability of the remaining provisions shall
not be affected thereby. This Agreement shall be construed and the legal
relations of the parties hereto shall be determined in accordance with the laws
of the State of Illinois without reference to the conflict of law provisions of
any jurisdiction.

                  (e)      Arbitration. Any dispute or controversy arising under
or in connection with this Agreement (with the exception of the remedies set
forth in Section 6(c)) shall be settled exclusively by arbitration, conducted
before a panel of three arbitrators sitting in a location selected by the
Executive within twenty-five (25) miles from the location of the main office of
the Employer, in accordance with the employment rules of the American
Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that the
Executive shall be entitled to seek specific performance of his right to be paid
through the date of termination during the pendency of any dispute or
controversy arising under or in connection with this Agreement.

                  (f)      Legal Fees. All reasonable legal fees paid or
incurred by either party pursuant to any dispute or question of interpretation
relating to this Agreement shall be paid or reimbursed by the opposing party if
the party is successful on the merits pursuant to a legal judgment, arbitration
or settlement.

                  (g)      Waiver. No waiver by either party at any time of any
breach by the other party of, or compliance with, any condition or provision of
this Agreement to be performed by the other party, shall be deemed a waiver of
any similar or dissimilar provisions or conditions at the same time or any prior
or subsequent time.

                  (h)      Notices. Notices pursuant to this Agreement shall be
in writing and shall be deemed given when received; and, if mailed, shall be
mailed by United States registered or certified mail, return receipt requested,
postage prepaid; and if to the Employer, addressed to the principal headquarters
of the Employer, attention: Chairman of the Board; or, if to the Executive, to
the address set forth below the Executive's signature on this Agreement, or to
such other address as the party to be notified shall have given to the other.

                  (i)      Internal Revenue Code Section 409A. Notwithstanding
anything contained herein to the contrary, if at the time of a termination of
employment, (i) Employee is a "specified employee" as defined in Code Section
409A, and the regulations and guidance thereunder in effect at the time of such
termination ("409A"), and, (ii) any of the payments or benefits provided
hereunder may constitute "deferred compensation" under 409A, then, and only to
the extent required by such provisions, the date of payment of such payments or

                                       13
<PAGE>

benefits otherwise provided shall be delayed for a period of up to six (6)
months following the date of termination.

                  [Remainder of Page Intentionally Left Blank]

                                       14
<PAGE>

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

CENTRUE FINANCIAL CORPORATION               DONALD M. DAVIS

By: /s/ Thomas A. Daiber                    /s/ Donald M. Davis
    ------------------------------          ------------------------------------
         Thomas A. Daiber
    Its: President & CEO

                                            ------------------------------------

                                            ------------------------------------
                                            Address:

                                       15etrials_10qsb-ex1047.htm

    
      

    

     

    Exhibit
      10.47

     

    
       

      
        

        Approved
          by Board of Directors on August 9, 2005

        Approved
          by Shareholders on February 9, 2006

        Name
          Change Amendment approved by Board of Directors on February 22,
          2006

        Section
          3.1 First Amendment approved by Board of Directors on April 6,
          2006

        Section
          3.1 First Amendment approved by Shareholders on June 13,
          2006.

        Section
          3.1 Second Amendment approved by Board of Directors on May 18, 2007

        Section
          3.1 Second Amendment approval by Shareholders is pending

        Code
          Section 409A Amendments approved by the Board of Directors on September
          7,
          2007.

        

        

        etrials
          Worldwide, Inc.

        (formerly
          CEA Acquisition Corporation)

        

        2005
          Performance Equity Plan

         

        1.    Purpose;
          Definitions.

         

        1.1  Purpose.
          The
          purpose of the etrials Worldwide, Inc. 2005 Performance Equity Plan is
          to enable
          the Company to offer to its employees, officers, directors and consultants
          whose
          past, present and/or potential contributions to the Company and its Subsidiaries
          have been, are or will be important to the success of the Company, an
          opportunity to acquire a proprietary interest in the Company. The various
          types
          of long-term incentive awards that may be provided under the Plan will
          enable
          the Company to respond to changes in compensation practices, tax laws,
          accounting regulations and the size and diversity of its
          businesses.

         

        1.2  Definitions.
          For
          purposes of the Plan, the following terms will have the meanings set forth
          below:

         

        (a)  “Agreement”
          means the agreement between the Company and the Holder, including any amendment
          thereto or such other document as may be determined by the Committee, setting
          forth the terms and conditions of an award under the Plan.

         

        (b)  “Board”
          means the Board of Directors of the Company.

         

        (c)  “Code”
          means the Internal Revenue Code of 1986, as amended from time to
          time.

         

        (d)  “Committee”
          means the Compensation Committee of the Board or any other committee of
          the
          Board that the Board may designate to administer the Plan or any portion
          thereof. If no Committee is so designated, then all references in this
          Plan to
“Committee” will mean the Board.

         

        (e)  “Common
          Stock” means the Common Stock of the Company, $0.0001 par value per
          share.

         

        (f)  “Company”
          means etrials Worldwide, Inc. (formerly CEA Acquisition Corporation), a
          corporation organized under the laws of the State of Delaware.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        (g)  “Disability”
          means physical or mental impairment as determined under procedures established
          by the Committee for purposes of the Plan.

         

        (h)  “Effective
          Date” means the date set forth in Section 12.1, below.

         

        (i)  “Fair
          Market Value”, unless otherwise required by any applicable provision of the Code
          or any regulations issued thereunder, means, as of any given date: (i)
          if the
          Common Stock is listed on a national securities exchange or quoted on the
          Nasdaq
          National Market or Nasdaq SmallCap Market, the last sale price of the Common
          Stock in the principal trading market for the Common Stock on such date,
          as
          reported by the exchange or Nasdaq, as the case may be; (ii) if the Common
          Stock
          is not listed on a national securities exchange or quoted on the Nasdaq
          National
          Market or Nasdaq SmallCap Market, but is traded in the over-the-counter
          market,
          the closing bid price for the Common Stock on such date, as reported by
          the OTC
          Bulletin Board or the National Quotation Bureau, Incorporated or similar
          publisher of such quotations; and (iii) if the fair market value of the
          Common
          Stock cannot be determined pursuant to clause (i) or (ii) above, such price
          as
          the Committee determines in good faith.

         

        (j)  “Holder”
          means a person who has received an award under the Plan.

         

        (k)  “Incentive
          Stock Option” means any Stock Option intended to be and designated as an
“incentive stock option” within the meaning of Section 422 of the Code.

         

        (l)  “Nonqualified
          Stock Option” means any Stock Option that is not an Incentive Stock
          Option.

         

        (m)  “Normal
          Retirement” means retirement from active employment with the Company or any
          Subsidiary on or after such age which may be designated by the Committee
          as
“retirement age” for any particular Holder. If no age is designated, it will be
          65.

         

        (n)  “Other
          Stock-Based Award” means an award under Section 9, below, that is valued in
          whole or in part by reference to, or is otherwise based upon, Common
          Stock.

         

        (o)  “Parent”
          means any present or future “parent corporation” of the Company, as such term is
          defined in Section 424(e) of the Code.

         

        (p)  “Plan”
          means the etrials Worldwide, Inc. 2005 Performance Equity Plan, as hereinafter
          amended from time to time.

         

        (q)  “Repurchase
          Value” means the Fair Market Value in the event the award to be settled under
          Section 2.2(h) or repurchased under Section 10.2 is comprised of shares
          of
          Common Stock and means the difference between Fair Market Value and the
          Exercise
          Price (if lower than Fair Market Value) in the event the award is a Stock
          Option
          or Stock Appreciation Right; in each case, multiplied by the number of
          shares
          subject to the award.

         

        (r)  “Restricted
          Stock” means Common Stock received under an award made pursuant to
          Section 7, below, that is subject to restrictions under said Section
          7.

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

           

        

        (s)  “SAR
          Value” means the excess of the Fair Market Value (on the exercise date) over the
          exercise price that the participant would have otherwise had to pay to
          exercise
          the related Stock Option, multiplied by the number of shares for which
          the Stock
          Appreciation Right is exercised.

         

        (t)  “Stock
          Appreciation Right” means the right to receive from the Company, on surrender of
          all or part of the related Stock Option, without a cash payment to the
          Company,
          a number of shares of Common Stock equal to the SAR Value divided by the
          Fair
          Market Value (on the exercise date).

         

        (u)  “Stock
          Option” or “Option” means any option to purchase shares of Common Stock which is
          granted pursuant to the Plan.

         

        (v)  “Stock
          Reload Option” means any option granted under Section 5.3 of the
          Plan.

         

        (w)  “Subsidiary”
          means any present or future “subsidiary corporation” of the Company, as such
          term is defined in Section 424(f) of the Code.

         

        (x)  “Vest”
          means to become exercisable or to otherwise obtain ownership rights in
          an
          award.

         

        2.    Administration.

         

        2.1  Committee
          Membership.
          The
          Plan will be administered by the Board or a Committee. Committee members
          will
          serve for such term as the Board may in each case determine, and are subject
          to
          removal at any time by the Board. The Committee members, to the extent
          possible
          and deemed to be appropriate by the Board, will be “non-employee directors” as
          defined in Rule 16b-3 promulgated under the Securities Exchange Act of
          1934, as
          amended (“Exchange Act”), and “outside directors” within the meaning of Section
          162(m) of the Code.

         

        2.2  Powers
          of Committee.
          The
          Committee has full authority to award, pursuant to the terms of the Plan:
          (i)
          Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock,
          (iv)
          Stock Reload Options and/or (v) Other Stock-Based Awards. For purposes
          of
          illustration and not of limitation, the Committee has the authority (subject
          to
          the express provisions of this Plan):

         

        (a)  to
          select
          the officers, employees, directors and consultants of the Company or any
          Subsidiary to whom Stock Options, Stock Appreciation Rights, Restricted
          Stock,
          Deferred Stock, Reload Stock Options and/or Other Stock-Based Awards may
          from
          time to time be awarded hereunder.

         

        (b)  to
          determine the terms and conditions, not inconsistent with the terms of
          the Plan,
          of any award granted hereunder (including, but not limited to, number of
          shares,
          share exercise price or types of consideration paid upon exercise of such
          options, such as other securities of the Company or other property, any
          restrictions or limitations, and any vesting, exchange, surrender, cancellation,
          acceleration, termination, exercise or forfeiture provisions, as the Committee
          may determine);

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

           

        

        (c)  to
          determine any specified performance goals or such other factors or criteria
          which need to be attained for the vesting of an award granted
          hereunder;

         

        (d)  to
          determine the terms and conditions under which awards granted hereunder
          are to
          operate on a tandem basis and/or in conjunction with or apart from other
          equity
          awarded under this Plan and cash and non-cash awards made by the Company
          or any
          Subsidiary outside of this Plan;

         

        (e)  to
          substitute (i) new Stock Options for previously granted Stock Options,
          which
          previously granted Stock Options have higher option exercise prices and/or
          contain other less favorable terms, and (ii) new awards of any other type
          for
          previously granted awards of the same type, which previously granted awards
          are
          upon less favorable terms; and

         

        (f)  to
          make
          payments and distributions with respect to awards (i.e.,
          to
“settle” awards) through cash payments in an amount equal to the Repurchase
          Value.

         

        Notwithstanding
          anything contained herein to the contrary, the Committee shall not grant
          to any
          one Holder in any one calendar year awards for more than 500,000 shares
          in the
          aggregate.

         

        2.3  Interpretation
          of Plan.

         

        (a)  Committee
          Authority.
          Subject
          to Section 11, below, the Committee has the authority to adopt, alter and
          repeal
          such administrative rules, guidelines and practices governing the Plan
          as it
          from time to time deems advisable to interpret the terms and provisions
          of the
          Plan and any award issued under the Plan (and to determine the form and
          substance of all Agreements relating thereto), and to otherwise supervise
          the
          administration of the Plan. Subject to Section 11, below, all decisions
          made by
          the Committee pursuant to the provisions of the Plan will be made in the
          Committee’s sole discretion and will be final and binding upon all persons,
          including the Company, its Subsidiaries and Holders.

         

        (b)  Incentive
          Stock Options.
          Anything in the Plan to the contrary notwithstanding, no term or provision
          of
          the Plan relating to Incentive Stock Options (including but not limited
          to Stock
          Reload Options or Stock Appreciation rights granted in conjunction with
          an
          Incentive Stock Option) or any Agreement providing for Incentive Stock
          Options
          will be interpreted, amended or altered, nor will any discretion or authority
          granted under the Plan be so exercised, so as to disqualify the Plan under
          Section 422 of the Code or, without the consent of the Holder(s) affected,
          to
          disqualify any Incentive Stock Option under such Section 422.

            

        3.    Stock
          Subject to Plan.

         

        3.1  Number
          of Shares.
          The
          total number of shares of Common Stock reserved and available for issuance
          under
          the Plan is 3,500,000 shares. Shares of Common Stock under the Plan may
          consist,
          in whole or in part, of authorized and unissued shares or treasury shares.
          If
          any shares of Common Stock that have been granted pursuant to a Stock Option
          cease to be subject to a Stock Option, or if any shares of Common Stock
          that are
          subject to any Stock Appreciation Right, Restricted Stock award, Reload
          Stock
          Option or Other Stock-Based Award granted hereunder are forfeited or any
          such
          award otherwise terminates without a payment being made to the Holder in
          the
          form of Common Stock, such shares will again be available for distribution
          in
          connection with future grants and awards under the Plan. If a Holder pays
          the
          exercise price of a Stock Option by surrendering any previously owned shares
          and/or arranges to have the appropriate number of shares otherwise issuable
          upon
          exercise withheld to cover the withholding tax liability associated with
          the
          Stock Option exercise, then the number of shares available under the Plan
          will
          be increased by the lesser of (i) the number of such surrendered shares
          and
          shares used to pay taxes; and (ii) the number of shares purchased under
          such
          Stock Option.

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        3.2  Adjustment
          Upon Changes in Capitalization, Etc.
          In the
          event of any merger, reorganization, consolidation, common stock dividend
          payable on shares of Common Stock, Common Stock split or reverse split,
          combination or exchange of shares of Common Stock, or other extraordinary
          or
          unusual event which results in a change in the shares of Common Stock of
          the
          Company as a whole, the Committee will determine, in its sole discretion,
          whether such change equitably requires an adjustment in the terms of any
          award
          (including number of shares subject to the award and the exercise price)
          or the
          aggregate number of shares reserved for issuance under the Plan. Any such
          adjustments will be made by the Committee, whose determination will be
          final,
          binding and conclusive.

         

        4.    Eligibility.

         

        Awards
          may be made or granted to employees, officers, directors and consultants
          who are
          deemed to have rendered or to be able to render significant services to
          the
          Company or its Subsidiaries and who are deemed to have contributed or to
          have
          the potential to contribute to the success of the Company. No Incentive
          Stock
          Option will be granted to any person who is not an employee of the Company
          or a
          Subsidiary at the time of grant. Notwithstanding the foregoing, an award
          may be
          made or granted to a person in connection with his hiring or retention,
          or at
          any time on or after the date he reaches an agreement (oral or written)
          with the
          Company with respect to such hiring or retention, even though it may be
          prior to
          the date the person first performs services for the Company or its Subsidiaries;
          provided,
          however, that
          no
          portion of any such award will vest prior to the date the person first
          performs
          such services.

         

        5.    Stock
          Options.

         

        5.1  Grant
          and Exercise.
          Stock
          Options granted under the Plan may be of two types: (i) Incentive Stock
          Options
          and (ii) Nonqualified Stock Options. Any Stock Option granted under the
          Plan
          will contain such terms, not inconsistent with this Plan, or with respect
          to
          Incentive Stock Options, not inconsistent with the Plan and the Code, as
          the
          Committee may from time to time approve. The Committee has the authority
          to
          grant Incentive Stock Options or Non-Qualified Stock Options, or both types
          of
          Stock Options which may be granted alone or in addition to other awards
          granted
          under the Plan. To the extent that any Stock Option intended to qualify
          as an
          Incentive Stock Option does not so qualify, it will constitute a separate
          Nonqualified Stock Option.

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

           

        

        5.2  Terms
          and Conditions.
          Stock
          Options granted under the Plan are subject to the following terms and
          conditions:

         

        (a)  Option
          Term.
          The
          term of each Stock Option will be fixed by the Committee; provided, however,
          that an Incentive Stock Option may be granted only within the ten-year
          period
          commencing from the Effective Date and may only be exercised within ten
          years of
          the date of grant (or five years in the case of an Incentive Stock Option
          granted to an optionee who, at the time of grant, owns Common Stock possessing
          more than 10% of the total combined voting power of all classes of voting
          stock
          of the Company (“10% Shareholder”).

         

        (b)  Exercise
          Price.
          The
          exercise price per share of Common Stock purchasable under a Stock Option
          will
          be determined by the Committee at the time of grant and may not be less
          than
          100% of the Fair Market Value on the date of grant (or, if greater, the
          par
          value of a share of Common Stock); provided,
          however, that
          (i)
          the exercise price of an Incentive Stock Option granted to a 10% Shareholder
          will not be less than 110% of the Fair Market Value on the date of grant;
          and
          (ii) if the Stock Option is granted in connection with the recipient’s hiring,
          retention, reaching an agreement (oral or written) with the Company with
          respect
          to such hiring or retention, promotion or similar event, the option exercise
          price may be not less than the Fair Market Value on the date on which the
          recipient is hired or retained, reached such agreement with respect to
          such
          hiring or retention, or is promoted (or similar event), if the grant of
          the
          Stock Option occurs not more than 120 days after the date of such hiring,
          retention, agreement, promotion or other event.

         

        (c)  Exercisability.
          Stock
          Options are exercisable at such time or times and subject to such terms
          and
          conditions as are determined by the Committee and as set forth in Section
          10,
          below. If the Committee provides, in its discretion, that any Stock Option
          is
          exercisable only in installments, i.e., that it vests over time, the Committee
          may waive such installment exercise provisions at any time at or after
          the time
          of grant in whole or in part, based upon such factors as the Committee
          determines.

         

        (d)  Method
          of Exercise.
          Subject
          to whatever installment, exercise and waiting period provisions are applicable
          in a particular case, Stock Options may be exercised in whole or in part
          at any
          time during the term of the Option by giving written notice of exercise
          to the
          Company specifying the number of shares of Common Stock to be purchased.
          Such
          notice will be accompanied by payment in full of the purchase price, which
          will
          be in cash or, if provided in the Agreement, either in shares of Common
          Stock
          (including Restricted Stock and other contingent awards under this Plan)
          or
          partly in cash and partly in such Common Stock, or such other means which
          the
          Committee determines are consistent with the Plan’s purpose and applicable law.
          Cash payments will be made by wire transfer, certified or bank check or
          personal
          check, in each case payable to the order of the Company; provided, however,
          that
          the Company will not be required to deliver certificates for shares of
          Common
          Stock with respect to which an Option is exercised until the Company has
          confirmed the receipt of good and available funds in payment of the purchase
          price thereof (except that, in the case of an exercise arrangement approved
          by
          the Committee and described in the last sentence of this paragraph, payment
          may
          be made as soon as practicable after the exercise). Payments in the form
          of
          Common Stock will be valued at the Fair Market Value on the date prior
          to the
          date of exercise. Such payments will be made by delivery of stock certificates
          in negotiable form that are effective to transfer good and valid title
          thereto
          to the Company, free of any liens or encumbrances. A Holder will have none
          of
          the rights of a shareholder with respect to the shares subject to the Option
          until such shares are transferred to the Holder upon the exercise of the
          Option.
          The Committee may permit a Holder to elect to pay the Exercise Price upon
          the
          exercise of a Stock Option by irrevocably authorizing a third party to
          sell
          shares of Common Stock (or a sufficient portion of the shares) acquired
          upon
          exercise of the Stock Option and remit to the Company a sufficient portion
          of
          the sale proceeds to pay the entire Exercise Price and any tax withholding
          resulting from such exercise.

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

           

        

        (e)  Transferability.
          Except
          as may be set forth in the next sentence of this Section or in the Agreement,
          no
          Stock Option is transferable by the Holder other than by will or by the
          laws of
          descent and distribution, and all Stock Options are exercisable, during
          the
          Holder’s lifetime, only by the Holder (or, to the extent of legal incapacity or
          incompetency, the Holder’s guardian or legal representative). Notwithstanding
          the foregoing, a Holder, with the approval of the Committee, may transfer
          a
          Nonqualified Stock Option (i) (A) by gift, for no consideration, or (B)
          pursuant
          to a domestic relations order, in either case, to or for the benefit of
          the
          Holder’s “Immediate Family” (as defined below), or (ii) to an entity in which
          the Holder and/or members of Holder’s Immediate Family own more than 50% of the
          voting interest, in exchange for an interest in that entity, subject to
          such
          limits as the Committee may establish, and the transferee will remain subject
          to
          all the terms and conditions applicable to the Stock Option prior to such
          transfer; provided, however, that a Nonqualified Stock Option issued with
          an
          exercise price that is below Fair Market Value on the date of grant may
          not be
          transferred other than pursuant to a domestic relations order (as defined
          in
          Section 414(p)(1)(B) of the Code). The term “Immediate Family” means any child,
          stepchild, grandchild, parent, stepparent, grandparent, spouse, former
          spouse,
          sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
          daughter-in-law, brother-in-law or sister-in-law, including adoptive
          relationships, any person sharing the Holder’s household (other than a tenant or
          employee), a trust in which these persons have more than 50% beneficial
          interest, and a foundation in which these persons (or the Holder) control
          the
          management of the assets.

         

        (f)  Termination
          by Reason of Death.
          If a
          Holder’s employment by the Company or a Subsidiary terminates by reason of
          death, any Stock Option held by such Holder, unless otherwise determined
          by the
          Committee and set forth in the Agreement, will thereupon automatically
          terminate, except that the portion of such Stock Option that has vested
          on the
          date of death may thereafter be exercised by the legal representative of
          the
          estate or by the legatee of the Holder under the will of the Holder, for
          a
          period of one year (or such other greater or lesser period as the Committee
          may
          specify in the Agreement) from the date of such death or until the expiration
          of
          the stated term of such Stock Option, whichever period is shorter.

         

        (g)  Termination
          by Reason of Disability.
          If a
          Holder’s employment by the Company or any Subsidiary terminates by reason of
          Disability, any Stock Option held by such Holder, unless otherwise determined
          by
          the Committee and set forth in the Agreement, will thereupon automatically
          terminate, except that the portion of such Stock Option that has vested
          on the
          date of termination may thereafter be exercised by the Holder for a period
          of
          one year (or such other greater or lesser period as the Committee may specify
          in
          the Agreement) from the date of such termination of employment or until
          the
          expiration of the stated term of such Stock Option, whichever period is
          shorter.

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

           

        

        (h)  Termination
          by Reason of Normal Retirement.
          Subject
          to the provisions of Section 13.3, if such Holder’s employment or retention by,
          or association with, the Company or any Subsidiary terminates due to Normal
          Retirement, then the portion of such Stock Option that has vested on the
          date of
          termination of employment may be exercised for the lesser of three years
          after
          termination of employment (or such other greater or lesser period as the
          Committee may specify in the Agreement) or the balance of such Stock Option’s
          term. 

         

        (i)  Other
          Termination.
          Subject
          to the provisions of Section 13.3, if such Holder’s employment or retention by,
          or association with, the Company or any Subsidiary terminates for any reason
          other than death, Disability or Normal Retirement, unless otherwise determined
          by the Committee and set forth in the Agreement, the Stock Option will
          thereupon
          automatically terminate, except that if the Holder’s employment is terminated by
          the Company or a Subsidiary without cause, then the portion of such Stock
          Option
          that has vested on the date of termination of employment may be exercised
          for
          the lesser of three months after termination of employment (or such other
          greater or lesser period as the Committee may specify in the Agreement)
          or the
          balance of such Stock Option’s term.

         

        (j)  Additional
          Incentive Stock Option Limitation.
          In the
          case of an Incentive Stock Option, the aggregate Fair Market Value (on
          the date
          of grant of the Option) with respect to which Incentive Stock Options become
          exercisable for the first time by a Holder during any calendar year (under
          all
          such plans of the Company and its Parent and Subsidiaries) may not exceed
          $100,000.

         

        (k)  Buyout
          and Settlement Provisions.
          The
          Committee may at any time, in its sole discretion, offer to repurchase
          a Stock
          Option previously granted, based upon such terms and conditions as the
          Committee
          establishes and communicates to the Holder at the time that such offer
          is
          made.

         

        5.3  Stock
          Reload Option.
          If a
          Holder tenders shares of Common Stock to pay the exercise price of a Stock
          Option (“Underlying Option”) and/or arranges to have a portion of the shares
          otherwise issuable upon exercise withheld to pay the applicable withholding
          taxes, then the Holder may receive, at the discretion of the Committee,
          a new
          Stock Reload Option to purchase that number of shares of Common Stock equal
          to
          the number of shares tendered to pay the exercise price and the withholding
          taxes (but only if such tendered shares were held by the Holder for at
          least six
          months). Stock Reload Options may be any type of option permitted under
          the Code
          and will be granted subject to such terms, conditions, restrictions and
          limitations as may be determined by the Committee from time to time. Such
          Stock
          Reload Option will have an exercise price equal to the Fair Market Value
          as of
          the date of grant of the Stock Reload Option. Unless the Committee determines
          otherwise, a Stock Reload Option may be exercised commencing one year after
          it
          is granted and will expire on the date of expiration of the Underlying
          Option to
          which the Reload Option is related.

         

        6.    Stock
          Appreciation Rights.

         

        6.1  Grant
          and Exercise.
          The
          Committee may grant Stock Appreciation Rights to participants who have
          been or
          are being granted Stock Options under the Plan as a means of allowing such
          participants to exercise their Stock Options without the need to pay the
          exercise price in cash. In the case of a Nonqualified Stock Option, a Stock
          Appreciation Right may be granted either at or after the time of the grant
          of
          such Nonqualified Stock Option. In the case of an Incentive Stock Option,
          a
          Stock Appreciation Right may be granted only at the time of the grant of
          such
          Incentive Stock Option.

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

           

        

        6.2  Terms
          and Conditions.
          Stock
          Appreciation Rights are subject to the following terms and
          conditions:

         

        (a)  Exercisability.
          Stock
          Appreciation Rights are exercisable as determined by the Committee and
          set forth
          in the Agreement, subject to the limitations, if any, imposed by the Code
          with
          respect to related Incentive Stock Options.

         

        (b)  Termination.
          A Stock
          Appreciation Right will terminate and will no longer be exercisable upon
          the
          termination or exercise of the related Stock Option.

         

        (c)  Method
          of Exercise.
          Stock
          Appreciation Rights are exercisable upon such terms and conditions as may
          be
          determined by the Committee and set forth in the Agreement and by surrendering
          the applicable portion of the related Stock Option. Upon such exercise
          and
          surrender, the Holder will be entitled to receive a number of shares of
          Common
          Stock equal to the SAR Value divided by the Fair Market Value on the date
          the
          Stock Appreciation Right is exercised.

         

        (d)  Shares
          Affected Upon Plan.
          The
          granting of a Stock Appreciation Right will not affect the number of shares
          of
          Common Stock available for awards under the Plan. The number of shares
          available
          for awards under the Plan will, however, be reduced by the number of shares
          of
          Common Stock acquirable upon exercise of the Stock Option to which such
          Stock
          Appreciation Right relates.

         

        7.    Restricted
          Stock.

         

        7.1  Grant.
          Shares
          of Restricted Stock may be awarded either alone or in addition to other
          awards
          granted under the Plan. The Committee determines the eligible persons to
          whom,
          and the time or times at which, grants of Restricted Stock will be awarded,
          the
          number of shares to be awarded, the price (if any) to be paid by the Holder,
          the
          time or times within which such awards are subject to forfeiture (“Restriction
          Period”), the vesting schedule and rights to acceleration thereof and all other
          terms and conditions of the awards.

         

        7.2  Terms
          and Conditions.
          Each
          Restricted Stock award is subject to the following terms and
          conditions:

         

        (a)  Certificates.
          Restricted Stock, when issued, will be represented by a stock certificate
          or
          certificates registered in the name of the Holder to whom such Restricted
          Stock
          has been awarded. During the Restriction Period, certificates representing
          the
          Restricted Stock and any securities constituting Retained Distributions
          (as
          defined below) will bear a legend to the effect that ownership of the Restricted
          Stock (and such Retained Distributions) and the enjoyment of all rights
          appurtenant thereto are subject to the restrictions, terms and conditions
          provided in the Plan and the Agreement. Such certificates will be deposited
          by
          the Holder with the Company, together with stock powers or other instruments
          of
          assignment, each endorsed in blank, which will permit transfer to the Company
          of
          all or any portion of the Restricted Stock and any securities constituting
          Retained Distributions that are forfeited or that do not become vested
          in
          accordance with the Plan and the Agreement.

         

        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

           

        

        (b)  Rights
          of Holder.
          Restricted Stock will constitute issued and outstanding shares of Common
          Stock
          for all corporate purposes. The Holder will have the right to vote such
          Restricted Stock, to receive and retain all regular cash dividends and
          other
          cash equivalent distributions as the Board may in its sole discretion designate,
          pay or distribute on such Restricted Stock and to exercise all other rights,
          powers and privileges of a holder of Common Stock with respect to such
          Restricted Stock, with the exceptions that (i) the Holder will not be entitled
          to delivery of the stock certificate or certificates representing such
          Restricted Stock until the Restriction Period has expired and unless all
          other
          vesting requirements with respect thereto has been fulfilled; (ii) the
          Company
          will retain custody of the stock certificate or certificates representing
          the
          Restricted Stock during the Restriction Period; (iii) other than regular
          cash
          dividends and other cash equivalent distributions as the Board may in its
          sole
          discretion designate, pay or distribute, the Company will retain custody
          of all
          distributions (“Retained Distributions”) made or declared with respect to the
          Restricted Stock (and such Retained Distributions are subject to the same
          restrictions, terms and conditions as are applicable to the Restricted
          Stock)
          until such time, if ever, as the Restricted Stock with respect to which
          such
          Retained Distributions has been made, paid or declared has vested and with
          respect to which the Restriction Period has expired; (iv) a breach of any
          of the
          restrictions, terms or conditions contained in this Plan or the Agreement
          or
          otherwise established by the Committee with respect to any Restricted Stock
          or
          Retained Distributions will cause a forfeiture of such Restricted Stock
          and any
          Retained Distributions with respect thereto.

         

        (c)  Vesting;
          Forfeiture.
          Upon
          the expiration of the Restriction Period with respect to each award of
          Restricted Stock and the satisfaction of any other applicable restrictions,
          terms and conditions (i) all or part of such Restricted Stock will become
          vested
          in accordance with the terms of the Agreement, subject to Section 10, below,
          and
          (ii) any Retained Distributions with respect to such Restricted Stock will
          become vested to the extent that the Restricted Stock related thereto has
          vested, subject to Section 10, below. Any such Restricted Stock and Retained
          Distributions that do not vest will be forfeited to the Company and the
          Holder
          will not thereafter have any rights with respect to such Restricted Stock
          and
          Retained Distributions that has been so forfeited.

         

        8.    [Intentionally
          omitted] 

         

        9.    Other
          Stock-Based Awards.

         

        Other
          Stock-Based Awards may be awarded, subject to limitations under applicable
          law,
          that are denominated or payable in, valued in whole or in part by reference
          to,
          or otherwise based on or related to, shares of Common Stock, as deemed
          by the
          Committee to be consistent with the purposes of the Plan, including, without
          limitation, purchase rights, shares of Common Stock awarded which are not
          subject to any restrictions or conditions, convertible or exchangeable
          debentures, or other rights convertible into shares of Common Stock and
          awards
          valued by reference to the value of securities of or the performance of
          specified Subsidiaries. Other Stock-Based Awards may be awarded either
          alone or
          in addition to or in tandem with any other awards under this Plan or any
          other
          plan of the Company. Each other Stock-Based Award is subject to such terms
          and
          conditions as may be determined by the Committee.

         

        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

           

        

        10.   Accelerated
          Vesting and Exercisability.

         

        10.1  Non-Approved
          Transactions.
          If any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act
          of 1934, as amended (“Exchange Act”)), is or becomes the “beneficial owner” (as
          referred in Rule 13d-3 under the Exchange Act), directly or indirectly,
          of
          securities of the Company representing 25% or more of the combined voting
          power
          of the Company’s then outstanding securities in one or more transactions, and
          the Board does not authorize or otherwise approve such acquisition, then
          the
          vesting periods of any and all Stock Options and other awards granted and
          outstanding under the Plan will be accelerated and all such Stock Options
          and
          awards will immediately and entirely vest, and the respective holders thereof
          will have the immediate right to purchase and/or receive any and all Common
          Stock subject to such Stock Options and awards on the terms set forth in
          this
          Plan and the respective agreements respecting such Stock Options and awards.
          

         

        10.2  Approved
          Transactions.
          The
          Committee may, in the event of an acquisition of substantially all of the
          Company’s assets or at least 50% of the combined voting power of the Company’s
          then outstanding securities in one or more transactions (including by way
          of
          merger or reorganization) which has been approved by the Company’s Board of
          Directors, (i) accelerate the vesting of any and all Stock Options and
          other
          awards granted and outstanding under the Plan, and (ii) require a Holder
          of any
          award granted under this Plan to relinquish such award to the Company upon
          the
          tender by the Company to Holder of cash in an amount equal to the Repurchase
          Value of such award.

         

        11.   Amendment
          and Termination.

         

        The
          Board
          may at any time, and from time to time, amend alter, suspend or discontinue
          any
          of the provisions of the Plan, but no amendment, alteration, suspension
          or
          discontinuance will be made that would impair the rights of a Holder under
          any
          Agreement theretofore entered into hereunder, without the Holder’s
          consent.

         

        12.   Term
          of Plan.

         

        12.1  Effective
          Date.
          The
          Plan is effective as of the date of the closing of the merger of etrials
          Acquisition, Inc., the Company’s wholly-owned subsidiary, with and into etrials
          Worldwide, Inc. (“etrials”), pursuant to the terms of the Merger Agreement and
          Plan of Merger among the Company, etrials and the other parties thereto
          dated as
          of August 22, 2005, as amended. In the event that the Plan is not approved
          by
          the Company’s stockholders within one (1) year of such date, then the Plan shall
          remain in effect, but any Incentive Stock Options previously granted under
          the
          Plan shall remain outstanding as Nonqualified Stock Options pursuant to
          the
          provisions of Section 5.1.

         

        12.2  Termination
          Date.
          Unless
          terminated by the Board, this Plan will continue to remain effective until
          such
          time as no further awards may be granted and all awards granted under the
          Plan
          are no longer outstanding. Notwithstanding the foregoing, grants of Incentive
          Stock Options may be made only during the ten year period following the
          Effective Date. 

         

        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

           

        

        13.   General
          Provisions.

         

        13.1  Written
          Agreements.
          Each
          award granted under the Plan will be confirmed by, and is subject to the
          terms
          of, the Agreement executed by the Company and the Holder, or such other
          document
          as may be determined by the Committee, including any amendments thereto.
          The
          Committee may terminate any award made under the Plan if the Agreement
          relating
          thereto is not executed and returned to the Company within ten days after
          the
          Agreement has been delivered to the Holder for his or her
          execution.

         

        13.2  Unfunded
          Status of Plan.
          The
          Plan is intended to constitute an “unfunded” plan for incentive and deferred
          compensation. With respect to any payments not yet made to a Holder by
          the
          Company, nothing contained herein will give any such Holder any rights
          that are
          greater than those of a general creditor of the Company.

         

        13.3  Employees.

         

        (a)  Engaging
          in Competition With the Company; Solicitation of Customers and Employees;
          Disclosure of Confidential Information.
          If a
          Holder’s employment with the Company or a Subsidiary is terminated for any
          reason whatsoever, and within one year after the date thereof such Holder
          either
          (i) accepts employment with any competitor of, or otherwise engages in
          competition with, the Company or any of its Subsidiaries, (ii) solicits
          any
          customers or employees of the Company or any of its Subsidiaries to do
          business
          with or render services to the Holder or any business with which the Holder
          becomes affiliated or to which the Holder renders services or (iii) uses
          or
          discloses to anyone outside the Company any confidential information or
          material
          of the Company or any of its Subsidiaries in violation of the Company’s policies
          or any agreement between the Holder and the Company or any of its Subsidiaries,
          the Committee, in its sole discretion, may require such Holder to return
          to the
          Company the economic value of any award (profit) that was realized or obtained
          by such Holder at any time during the period beginning on the date that
          is six
          months prior to the date such Holder’s employment with the Company is
          terminated.

         

        (b)  Termination
          for Cause.
          The
          Committee may, if a Holder’s employment with the Company or a Subsidiary is
          terminated for cause, annul any award granted under this Plan to such employee
          and, in such event, the Committee, in its sole discretion, may require
          such
          Holder to return to the Company the economic value of any award (profit)
          that
          was realized or obtained by such Holder at any time during the period beginning
          on that date that is six months prior to the date such Holder’s employment with
          the Company is terminated.

         

        (c)  No
          Right of Employment.
          Nothing
          contained in the Plan or in any award hereunder will be deemed to confer
          upon
          any Holder who is an employee of the Company or any Subsidiary any right
          to
          continued employment with the Company or any Subsidiary, nor will it interfere
          in any way with the right of the Company or any Subsidiary to terminate
          the
          employment of any Holder who is an employee at any time.

         

        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

           

        

        13.4  Investment
          Representations; Company Policy.
          The
          Committee may require each person acquiring shares of Common Stock pursuant
          to a
          Stock Option or other award under the Plan to represent to and agree with
          the
          Company in writing that the Holder is acquiring the shares for investment
          without a view to distribution thereof. Each person acquiring shares of
          Common
          Stock pursuant to a Stock Option or other award under the Plan will be
          required
          to abide by all policies of the Company in effect at the time of such
          acquisition and thereafter with respect to the ownership and trading of
          the
          Company’s securities.

         

        13.5  Additional
          Incentive Arrangements.
          Nothing
          contained in the Plan will prevent the Board from adopting such other or
          additional incentive arrangements as it may deem desirable, including,
          but not
          limited to, the granting of Stock Options and the awarding of Common Stock
          and
          cash otherwise than under the Plan; and such arrangements may be either
          generally applicable or applicable only in specific cases.

         

        13.6  Withholding
          Taxes.
          Not
          later than the date as of which an amount must first be included in the
          gross
          income of the Holder for Federal income tax purposes with respect to any
          Stock
          Option or other award under the Plan, the Holder will pay to the Company,
          or
          make arrangements satisfactory to the Committee regarding the payment of,
          any
          Federal, state and local taxes of any kind required by law to be withheld
          or
          paid with respect to such amount. If permitted by the Committee, tax withholding
          or payment obligations may be settled with Common Stock, including Common
          Stock
          that is part of the award that gives rise to the withholding requirement.
          The
          obligations of the Company under the Plan will be conditioned upon such
          payment
          or arrangements and the Company or the Holder’s employer (if not the Company)
          will, to the extent permitted by law, have the right to deduct any such
          taxes
          from any payment of any kind otherwise due to the Holder from the Company
          or any
          Subsidiary.

         

        13.7  Governing
          Law.
          The
          Plan and all awards made and actions taken thereunder will be governed
          by and
          construed in accordance with the laws of the State of Delaware (without
          regard
          to choice of law provisions).

         

        13.8  Other
          Benefit Plans.
          Any
          award granted under the Plan will not be deemed compensation for purposes
          of
          computing benefits under any retirement plan of the Company or any Subsidiary
          and will not affect any benefits under any other benefit plan now or
          subsequently in effect under which the availability or amount of benefits
          is
          related to the level of compensation (unless required by specific reference
          in
          any such other plan to awards under this Plan).

         

        13.9  Non-Transferability.
          Except
          as otherwise expressly provided in the Plan or the Agreement, no right
          or
          benefit under the Plan may be alienated, sold, assigned, hypothecated,
          pledged,
          exchanged, transferred, encumbranced or charged, and any attempt to alienate,
          sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge
          the
          same will be void.

         

        13.10  Applicable
          Laws.
          The
          obligations of the Company with respect to all Stock Options and awards
          under
          the Plan are subject to (i) all applicable laws, rules and regulations
          and such
          approvals by any governmental agencies as may be required, including, without
          limitation, the Securities Act of 1933, as amended, and (ii) the rules
          and
          regulations of any securities exchange on which the Common Stock may be
          listed.

         

        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

         

        13.11  Conflicts.
          If any
          of the terms or provisions of the Plan or an Agreement conflict with the
          requirements of Section 422 of the Code, then such terms or provisions
          will be
          deemed inoperative to the extent they so conflict with such requirements.
          Additionally, if this Plan or any Agreement does not contain any provision
          required to be included herein under Section 422 of the Code, such provision
          will be deemed to be incorporated herein and therein with the same force
          and
          effect as if such provision had been set out at length herein and therein.
          If
          any of the terms or provisions of any Agreement conflict with any terms
          or
          provisions of the Plan, then such terms or provisions will be deemed inoperative
          to the extent they so conflict with the requirements of the Plan. Additionally,
          if any Agreement does not contain any provision required to be included
          therein
          under the Plan, such provision will be deemed to be incorporated therein
          with
          the same force and effect as if such provision had been set out at length
          therein.

         

        13.12  Certain
          Awards Deferring or Accelerating the Receipt of Compensation.
          To the
          extent applicable, all awards granted under the Plan are intended to comply
          with
          Section 409A of the Code, which was added by the American Jobs Creation
          Act of
          2004 and relates to deferred compensation under nonqualified deferred
          compensation plans. The Committee, in administering the Plan, intends to
          restrict provisions of any Awards which may constitute deferred receipt
          of
          compensation subject to Section 409A requirements, to those consistent
          with this
          section. The Board may amend the Plan to comply with Section 409A of the
          Internal Revenue Code in the future.

         

        13.13  Non-Registered
          Stock.
          The
          shares of Common Stock to be distributed under this Plan have not been,
          as of
          the Effective Date, registered under the Securities Act of 1933, as amended,
          or
          any applicable state or foreign securities laws and the Company has no
          obligation to any Holder to register the Common Stock or to assist the
          Holder in
          obtaining an exemption from the various registration requirements, or to
          list
          the Common Stock on a national securities exchange or any other trading
          or
          quotation system, including the Nasdaq National Market and Nasdaq SmallCap
          Market.

         

         

        14

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