Document:

Exhibit 10.29(b)

                              CONSULTING AGREEMENT

This Consulting Agreement ("Agreement") is made and effective as of the 11th day
of  September,  2002,  by and  between  David  C.  Storbeck,  10  Arthur  Place,
Montville,  NJ 07045,  ("Consultant") and Philipp Brothers Chemicals,  Inc., One
Parker Plaza, Fort Lee, NJ 07024 ("Company").

NOW, THEREFORE, Consultant and Company agree as follows:

1.    Engagement.

Company hereby engages Consultant, and Consultant accepts engagement, to provide
to Company the following services:

      Consultant shall provide  financial and accounting  services and report to
      Gerald K. Carlson,  Chief Executive Officer and Arthur  Henningsen,  Chief
      Financial   Officer  shall  provide  such  services  as  may  be  mutually
      determined.

2.    Term.

Consultant  shall provide  services to Company  pursuant to this Agreement for a
term commencing as of September 11, 2002 and terminating on December 6, 2002.

3.    Place of Work.

Consultant shall render services  primarily from Company's  location,  but will,
upon request  provide the services at such other places as reasonably  requested
by Company as appropriate for the performance of particular services.

4.    Time.

Consultant's daily schedule and hours worked under this Agreement on a given day
shall be by mutual  agreement  but shall  generally  be subject to  Consultant's
discretion.  Company  relies upon  Consultant  to devote  sufficient  time as is
reasonably  necessary  to  fulfill  the spirit  and  purpose of this  Agreement.
Consultant further agrees to be available for meetings at such times and at such
locations as the Company may reasonably require.

5.    Payment.

Company  shall pay  Consultant  at the rate of  $1,000.00  per day for  services
performed  pursuant  to  this  Agreement.   Consultant  shall  be  paid  weekly.
Consultant  shall be reimbursed for all other reasonable out of pocket expenses,
evidenced by a written  receipt,  incurred in connection with the performance of
services under this Agreement,  provided,  however, that no expense in excess of
Five  Hundred  ($500.00)  dollars  may be  incurred  without  the prior  written
approval of the Company and, further provided,  that all travel,  hotel,  rental
car and other  transportation  related arrangements should be in compliance with
the Company's Travel and Business and Entertainment  policies.  Consultant shall
have the use of a Company car during the term of this Agreement.
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6.    Covenant Not to Compete.

During the term of this Agreement,  Consultant shall not directly or indirectly,
either for his own account,  or as a partner,  shareholder,  officer,  director,
employee,  agent or otherwise;  own, manage,  operate,  control, be employed by,
participate  in, consult with,  perform  services for, or otherwise be connected
with any business  the same as or similar to the business  conducted by Company.
In the event  any of the  provisions  of this  Section  6 are  determined  to be
invalid by reason of their  scope or  duration,  this  Section 6 shall be deemed
modified  to the  extent  required  to cure the  invalidity.  In the  event of a
breach, or a threatened  breach, of this Section 6, Company shall be entitled to
obtain an injunction  restraining  the commitments or continuance of the breach,
as well as any other legal or equitable remedies permitted by law.

7.    Intellectual Property.

Consultant hereby assigns any and all rights, title and interest, including, but
not limited to, patents,  copyrights,  tradesecrets  and any and all proprietary
rights to any inventions,  processes,  creations,  plans, programs, or any other
material  developed in the course of  performance  of services  pursuant to this
Agreement.  All work performed  hereunder and any and all  materials,  products,
inventions,   processes,  creations,  plans,  programs  or  any  other  material
developed or produced in the course of performance  of service  pursuant to this
Agreement  shall be the  property  of the  Company  and all title  and  interest
therein shall vest in the Company.  All such  materials  which would qualify for
copyright  protection  under US copyright laws shall be deemed to be "works made
for hire"  under  such  copyright  laws.  Both  parties  acknowledge  and agree,
however,   that  Consultant  shall  retain  the  right  to  use  its  knowledge,
experience,  expertise  and  know-how  for  other  projects  for  other  clients
notwithstanding the provisions of this Agreement.  Consultant agrees to give the
Company such assistance, at the Company's expense, as may be required to perfect
any assignment of rights described in this Section 7.

8.    Publications.

Consultant  agrees  that  any  proposed   publication  written  or  prepared  by
Consultant as part of Consultant's  services under the Agreement or that relates
to the work performed  hereunder must be reviewed and approved in writing by the
Company prior to submission for publication.

9.    Confidentiality.

As part of the  performance of services  hereunder,  the Company may disclose to
Consultant certain Confidential Information.  "Confidential Information" for the
purposes of this Agreement shall include Company's  proprietary and confidential
information  such as,  but not  limited  to,  customer  lists,  business  plans,
marketing  plans,  financial  information,   designs,  drawing,  specifications,
models, software, source codes and object codes.

During  the term of this  Agreement,  and  thereafter  for a period  of five (5)
years,  Consultant  shall not,  except as  provided  herein,  without  the prior
written consent of Company, disclose to anyone any Confidential Information.

The Confidential  Information  will be kept  confidential by Consultant and will
not be used in any way detrimental to Company. The Confidential Information will
not be used other than in connection  with the  Evaluation,  and Consultant will
safeguard the Confidential Information from unauthorized disclosure.  Consultant
may, however, disclose the Confidential Information to its Representatives,  but
only  if such  Representatives  need to know  the  Confidential  Information  in
connection with the Evaluation.

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Consultant will (i) inform its Representatives of the confidential nature of the
Confidential Information and of this Agreement,  (ii) cause such Representatives
to treat the  Confidential  Information  confidentially  and not to use it other
than in connection with services to be provided under this Agreement,  and (iii)
be  responsible  for any improper  use of the  Confidential  Information  by its
Representatives.

This  Agreement  will be  inoperative  as to such  portions of the  Confidential
Information which (i) are or become generally available to the public through no
fault or  action  by  Consultant  or its  Representatives,  (ii)  are or  become
available to Consultant or its Representatives on a nonconfidential basis from a
source, other than Company or its Representatives,  provided that such source is
not   prohibited   from   disclosing   such   portions  to   Consultant  or  its
Representatives  by a  contractual,  legal or fiduciary  obligation  to Company,
(iii)  was in  possession  of  Consultant  or its  Representatives  prior to its
disclosure except that Confidential Information disclosed prior to the execution
of this Agreement  shall be deemed to have been disclosed  under this Agreement,
or (iv) has been or is independently  acquired or developed by Consultant or its
Representatives without violating any of the Consultant's obligations under this
Agreement and without the use of any Confidential Information.

10.   Termination.

Consultant  may  terminate  this  Agreement for any reason upon ten (10) working
days written notice to the Company.  The Company may terminate this Agreement at
any time for cause.

11.   Assignment.

Neither party shall assign or delegate this  Agreement or any rights,  duties or
obligations  hereunder to any other person and/or  entity  without prior express
written  approval to the other.  Subject to the foregoing,  this Agreement shall
inure  to  the   benefit  of  and  be  binding   upon  the   successors,   legal
representatives and assignees of the parties hereto.

12.   Independent Contractor.

Consultant is and throughout this Agreement  shall be an independent  contractor
and not an  employee,  partner  or agent of  Company.  Consultant  shall  not be
entitled to nor receive any benefit  normally  provided to  Company's  employees
such as, but not limited to, vacation payment,  retirement,  health care or sick
pay. Company shall not be responsible for withholding income or other taxes from
the payments made to  Consultant.  Consultant  shall be solely  responsible  for
filing all returns and paying any  income,  social  security or other tax levied
upon or determined  with respect to the payments made to Consultant  pursuant to
this Agreement.

13.   Tools and Supplies.

The Company will provide  Consultant  with  workspace,  telephone,  computer and
general  office  supplies as it customarily  provides its  employees.  Except as
otherwise  provided herein and unless otherwise agreed to by Company in advance,
Consultant shall be solely responsible for procuring, paying for and maintaining
any  other  tools  or  supplies  which  Consultant  believes  are  necessary  or
appropriate for the performance of Consultant's services hereunder.

14.   Changes.

Consultant  agrees to  promptly  inform  the  Company  of any event or change in
circumstances,  which could reasonable  affect  Consultant's  ability to perform
hereunder in the manner contemplated by the parties.

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15.   Representations.

Consultant  warrants  and  represents  that  Consultant  has the full  right and
authority to enter into this Agreement and that Consultant has no obligations or
commitments  inconsistent with this Agreement and/or its performance  hereunder.
Consultant acknowledges that no institution or employer with which Consultant is
or  was  associated   places  any  restriction  upon   Consultant's   consulting
activities, which would affect Consultant's performance under this Agreement.

16.   Non-Disparagement.

Consultant  agrees that he will not  disparage  or assist,  encourage  or induce
others to disparage  Company or any of its subsidiaries or affiliated  entities.
For the  purposes of this  Agreement,  the term  "disparage"  includes,  without
limitation,  comments  or  statements,  whether  written  or oral or  whether in
connection  with any judicial or  administrative  proceeding or not, which would
adversely affect in any manner (i) the conduct of the business of Company or its
affiliated  entities  (including,  without  limitation,  any  business  plans or
prospects)  or  (ii)  the  business  reputation  of  Company  or its  affiliated
entities.  Consultant agrees to use his best efforts to prevent others with whom
Consultant has a personal or professional  relationship from disparaging Company
as well. This obligation shall also survive the termination of this Agreement.

17.   Controlling Law.

This Agreement shall be governed by and construed in accordance with the laws of
the State of New Jersey.

18.   Headings.

The headings in this Agreement are inserted for  convenience  only and shall not
be used to define,  limit or describe the scope of this  Agreement or any of the
obligations herein.

19.   Final Agreement.

This Agreement  constitutes the final  understanding  and agreement  between the
parties  with  respect to the subject  matter  hereof and  supersedes  all prior
negotiations, understandings and agreements between the parties, whether written
or oral.  This  Agreement  may be amended,  supplemented  or changed  only by an
agreement in writing signed by both of the parties.

20.   Notices.

Any notice  required to be given or otherwise  given  pursuant to this Agreement
shall be in  writing  and shall be hand  delivered,  mailed by  certified  mail,
return  receipt  requested or sent by recognized  overnight  courier  service as
follows:

      If to Consultant:  Mr. David C. Storbeck
                         10 Arthur Place
                         Montville, NJ  07045

      If to Company:     Adrienne A. Messina
                         Philipp Brothers Chemicals, Inc.
                         One Parker Plaza, Suite 1400
                         Fort Lee, NJ  07024

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21.   Conflict.

In the event of any conflict,  ambiguity or inconsistency between this Agreement
and any other document which may be annexed hereto,  the terms of this Agreement
shall govern.

22.   Severability.

If any term of this Agreement is held by a court of competent jurisdiction to be
invalid or  unenforceable,  then this Agreement,  including all of the remaining
terms,  will remain in full force and effect as if such invalid or unenforceable
term had never been included.

23.   Survival of Provisions.

Section 7, Intellectual  Property,  Section 9, Confidentiality,  and Section 16,
Non-Disparagement  will survive termination of this Agreement and remain in full
force and affect.

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

Philipp Brothers Chemicals, Inc.                  David C. Storbeck

By: /s/ Adrienne Messina                          By: /s/ David C. Storbeck
    --------------------------------              ------------------------------
    Name: Adrienne Messina                        Name: David C. Storbeck
    Title: Vice President Human Resources

                                        5<PAGE>

                                                                     EXHIBIT 4.7

                              AMENDED AND RESTATED
                  RAIT INVESTMENT TRUST 1997 STOCK OPTION PLAN
     (formerly the Resource Asset Investment Trust 1997 Stock Option Plan)
                    AMENDED AND RESTATED AS OF JULY 16, 2002

ARTICLE I - GENERAL

1.01 Purpose.

The purposes of this Stock Option Plan (the "Plan") are to: (1) closely
associate the interests of the management and trustees of RAIT Investment Trust
and its subsidiaries and affiliates (collectively referred to as the "Company")
with the shareholders by reinforcing the relationship between compensation and
shareholder gains; (2) provide senior management and trustees with an equity
ownership in the Company commensurate with Company's performance, as reflected
in increased shareholder value; (3) maintain competitive compensation levels;
and (4) provide an incentive to senior management and trustees for continuous
employment or service with the Company.

1.02 Definitions.

In this Plan the following definitions shall apply:

(a) "Affiliate" means any person or entity which directly, or indirectly through
one or more intermediaries, controls, is controlled by, or is under common
control with RAIT Investment Trust

(b) "Code" means Internal Revenue Code of 1986, as amended.

(c) "Committee" means the committee of disinterested trustees appointed by the
Trustees of RAIT Investment Trust to administer the Plan.

(d) "Common Shares" means authorized and unissued or treasury common shares of
beneficial interest, par value $.01, of RAIT Investment Trust.

(e) "Fair Market Value" as of the date of the initial public offering of the
Common Shares shall be the offering price to the public in such offering;
thereafter it means the closing price on such date or on the next business day,
if such date is not a business day, of a Common Share reported by The Nasdaq
Stock Market (or any stock exchange on which the Common Shares are listed),
provided that, if Common Shares shall have been traded for more than 10 days
immediately preceding such date or if deemed appropriate by the Committee for
any other reason, the fair market value of Common Shares shall be as determined
by the Committee in such other manner as it may deem appropriate. In no event
shall the fair market value of any Common Share be less than its par value.

(f) "Incentive Stock Option "means shares options described in Section 422 of
the Code.

(g) "Option" means Stock Option, Incentive Stock Option or Reload Option.

(h) "Option Price" means the purchase price per Common Share deliverable upon
the exercise of a Stock Option, Incentive Stock Option or Reload Option.

(i) "Reload Option" means the nonqualified options awarded pursuant to Article
IV.

(j) "Stock Option" means the nonqualified options awarded pursuant to Article
II.

(k) "Subsidiary" means any corporation of which more than 50% of the shares
entitled to vote generally in an election of trustees are owned directly or
indirectly by RAIT Investment Trust or any subsidiary thereof.
<PAGE>
(l) "Ten Percent Shareholder" means a person who on the date the Option is
granted owns ten percent (10%) or more of the total combined voting power of the
Company and its subsidiaries, taking into account the attribution rules
contained in Section 424(d) of the Code.

1.03 Administration.

(a) The Plan shall be administered by the Committee. The Committee shall consist
of at least two members of the Board of Trustees (the "Board") selected by the
Board. No Committee member shall participate in any discussion or decision
concerning any award to said member under the Plan or any other discretionary
plan of the Company under which participants are entitled to acquire Common
Shares or options or other rights with respect to Common Shares or other equity
interests in the Company.

(b) The Committee shall have the authority, in its sole discretion and from time
to time to:

(i) designate the persons or classes of persons eligible to participate in the
Plan;

(ii) grant awards provided in the Plan in such form and amount as the Committee
shall determine;

(iii) impose such limitations, restrictions and conditions upon any such award
as the Committee shall deem appropriate; and

(iv) interpret the Plan, adopt, amend and rescind rules and regulations relating
to the Plan, and make all other determinations and take all other action
necessary or advisable for the implementation and administration of the Plan.

(c) Decisions and determinations of the Committee on all matters relating to the
Plan shall be in its sole discretion and shall be conclusive. No member of the
Committee shall be liable for any action taken or decision made in good faith
relating to the Plan or any award thereunder.

1.04 Eligibility for Participation.

Participants in the Plan shall be selected by the Committee from the executive
officers and other key employees of the Company who occupy responsible
managerial or professional positions and who have the capability of making a
substantial contribution to the success of the Company. In addition, trustees of
the Company or other independent contractors performing services for the Company
who have contributed to the success of the Company shall be eligible to
participate in the Plan, but shall not be eligible for an award of Incentive
Stock Options. In making this selection and in determining the form and amount
of awards, the Committee shall consider any factors deemed relevant, including
the individual's functions, responsibilities, value of services to the Company
and past and potential contributions to the Company's profitability and sound
growth.

1.05 Types of Awards under Plan.

Awards under the Plan may be in the form of any one or more of the following:

(i) Stock Options, as described in Article II;

(ii) Incentive Stock Options, as described in Article III; and

(iii) Reload Options, as described in Article IV.

1.06 Aggregate Limitation on Awards.

(a) Shares which may be issued under the Plan shall be Common Shares. The
maximum number of Common Shares which may be issued under the Plan shall be
1,600,000.

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(b) For purposes of calculating the maximum number of Common Shares which may be
issued under the Plan:

(i) all the shares issued (including the shares, if any, withheld for tax
withholding requirements) shall be counted when cash is used as full payment for
shares issued upon exercise of a Stock Option, Incentive Stock Option or Reload
Option; and

(ii) only the net shares issued (including the shares, if any, withheld for tax
withholding requirements) shall be counted when Common Shares are used as full
or partial payment for shares issued upon exercise of a Stock Option, Incentive
Stock Option or Reload Option.

(c) Shares tendered by a participant as payment for shares issued upon exercise
of a Stock Option, Incentive Stock Option or Reload Option shall be available
for issuance under the Plan. Any Common Shares subject to a Stock Option,
Incentive Stock Option or Reload Option which for any reason is terminated
unexercised or expires shall again be available for issuance under the Plan.

1.07 Effective Date and Term of Plan.

(a) The Plan shall become effective on the date approved by the holders of a
majority of the Common Shares present in person or by proxy and entitled to vote
at a meeting of shareholders of RAIT Investment Trust

(b) No awards shall be made under the Plan after the tenth anniversary of the
effective date of the Plan, provided, however, that the Plan and all awards made
under the Plan prior to such date shall remain in effect until such awards have
been satisfied or terminated in accordance with the Plan and the terms of such
awards.

ARTICLE II - NON-QUALIFIED STOCK OPTIONS

2.01 Award of Stock Options.

The Committee may from time to time, and subject to the provisions of the Plan
and such other terms and conditions as the Committee may prescribe, grant to any
participant in the Plan one or more Stock Options to purchase for cash or shares
the number of Common Shares allotted by the Committee. The date a Stock Option
is granted shall mean the date selected by the Committee as of which the
Committee allots a specific number of shares to a participant pursuant to the
Plan.

2.02 Stock Option Agreements.

The grant of a Stock Option shall be evidenced by a written stock option
agreement (a "Stock Option Agreement"), executed by the Company and the holder
of a Stock Option (the "optionee"), stating the number of Common Shares subject
to the Stock Option evidenced thereby, and in such form as the Committee may
from time to time determine.

2.03 Stock Option Price.

The option price per Common Share deliverable upon the exercise of a Stock
Option shall be not less than 100% of the Fair Market Value of a Common Share on
the date the Stock Option is granted.

2.04 Term and Exercise.

Each Share shall be fully exercisable from and after the date(s) prescribed by
the Committee in each Stock Option Agreement, and may be exercised during a
period of ten years from the date of grant thereof (the "option term"). No Stock
Option shall be exercisable after the expiration of its option term.

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2.05 Manner of Payment.

Each Stock Option Agreement shall set forth the procedure governing the exercise
of the Stock Option granted thereunder, and shall provide that, upon such
exercise in respect of any Common Shares subject thereto, the optionee shall pay
to the Company, in full, the option price for such shares with cash or with
previously owned Common Shares.

2.06 Issuance of Shares.

As soon as practicable after receipt of payment, the Company shall deliver to
the optionee a certificate or certificates for such Common Shares. The optionee
shall become a shareholder of the Company with respect to Common Shares
represented by share certificates so issued and as such shall be fully entitled
to receive dividends, to vote and to exercise all other rights of a shareholder.

2.07 Death of Optionee.

(a) Upon the death of the optionee, any Stock Option exercisable on the date of
death may be exercised by the optionee's estate, or by a person who acquires the
right to exercise such Stock Option by bequest or inheritance or by reason of
the death of the optionee, provided that such exercise occurs within both the
remaining effective term of the Stock Option and one year after the optionee's
death.

(b) The provisions of this Section shall apply notwithstanding the fact that the
optionee's employment may have terminated prior to death, but only to the extent
of any rights exercisable on the date of death.

2.08 Retirement or Disability.

Upon termination of the optionee's employment by reason of retirement or
permanent disability (as each is determined by the Committee), the optionee may,
within six months from the date of termination, exercise any Stock Options to
the extent such options are exercisable during such six month period.

2.09 Termination for Other Reasons.

Except as provided in Sections 2.07 and 2.08, or except as otherwise determined
by the Committee, all Stock Options shall terminate upon the termination of the
optionee's employment.

ARTICLE III - INCENTIVE STOCK OPTIONS

3.01 Award of Incentive Stock Options.

The Committee may, from time to time and subject to the provisions of the Plan
and such other terms and conditions as the Committee may prescribe, grant to any
participant in the Plan one or more Incentive Stock Options to purchase for cash
or shares the number of Common Shares allotted by the Committee. The date an
Incentive Stock Option is granted shall mean the date selected by the Committee
as of which the Committee allots a specific number of shares to a participant
pursuant to the Plan.

3.02 Incentive Stock Option Agreements.

The grant of an Incentive Stock Option shall be evidenced by a written Incentive
Stock Option Agreement (an "Incentive Stock Option Agreement"), executed by the
Company and the holder of an Incentive Stock Option (the

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"optionee"), stating the number of Common Shares subject to the Incentive Stock
Option evidenced thereby, and in such form as the Committee may from time to
time determine.

3.03 Incentive Stock Option Price.

The option price per share of Common Shares deliverable upon the exercise of an
Incentive Stock Option shall be not less than 100% of the Fair Market Value of a
Common Share on the date the Incentive Stock Option is granted; provided that
110% shall be substituted for 100% in the preceding clause if the option is
granted to a Ten Percent Shareholder.

3.04 Term and Exercise.

Each Incentive Stock Option shall be fully exercisable from and after the
date(s) prescribed by the Committee, and may be exercised during a period of ten
years (five years in the case of a Ten Percent Shareholder) from the date of
grant thereof (the "option term"). No Incentive Stock Option shall be
exercisable after the expiration of its option term.

3.05 Maximum Amount of Incentive Stock Option Grant.

The aggregate fair market value (determined on the date the option is granted)
of Common Shares subject to an Incentive Stock Option which is first exercisable
by an optionee in any calendar year shall not exceed $100,000.

3.06 Death of Optionee.

(a) Upon the death of the optionee, any Incentive Stock Option exercisable on
the date of death may be exercised by the optionee's estate or by a person who
acquires the right to exercise such Incentive Stock Option by bequest or
inheritance or by reason of the death of the optionee, provided that such
exercise occurs within both the remaining option term of the Incentive Stock
Option and one year after the optionee's death.

(b) The provisions of this Section shall apply notwithstanding the fact that the
optionee's employment may have terminated prior to death, but only to the extent
of any Incentive Stock Options exercisable on the date of death.

3.07 Retirement or Disability.

Upon the termination of the optionee's employment by reason of permanent
disability or retirement (as each is determined by the Committee), the optionee
may, within six months from the date of such termination of employment, exercise
any Incentive Stock Options to the extent such Incentive Stock Options were
exercisable at the date of such termination of employment. Notwithstanding the
foregoing, the tax treatment available pursuant to Section 422 of the Code upon
the exercise of an Incentive Stock Option will not be available to an optionee
who exercises any Incentive Stock Options more than three months after the date
of termination of employment.

3.08 Termination for Other Reasons.

Except as provided in Sections 3.06 and 3.07 or except as otherwise determined
by the Committee, all Incentive Stock Options shall terminate upon the
termination of the optionee's employment.

3.09 Applicability of Stock Options Sections.

Sections 2.05, Manner of Payment; 2.06, Issuance of Shares; and 2.10, Effect of
Exercise, applicable to Stock Options, shall apply equally to Incentive Stock
Options. Said Sections are incorporated by reference in this Article III as
though fully set forth herein.

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<PAGE>
ARTICLE IV - RELOAD OPTIONS

4.01 Authorization of Reload Options.

Concurrently with the award of Stock Options and/or the award of Incentive Stock
Options to any participant in the Plan, the Committee may authorize Reload
Options to purchase for cash or shares a number of Common Shares. The number of
Reload Options shall equal

(i) the number of Common Shares used to exercise the underlying Stock Options or
Incentive Stock Options, and

(ii) to the extent authorized by the Committee, the number of Common Shares used
to satisfy any tax withholding requirement incident to the exercise of the
underlying Stock Options or Incentive Stock Options. The grant of a Reload
Option will become effective upon the exercise of underlying Stock Options or
Incentive Stock Options through the use of Common Shares held by the optionee
for at least 12 months. Notwithstanding the fact that the underlying option may
be an Incentive Stock Option, a Reload Option is not intended to qualify as an
Incentive Stock Option.

4.02 Reload Option Amendment.

Reload Options shall be available only where the Stock Option Agreement or
Incentive Stock Option Agreement specifically states that the Committee has
authorized Reload Options with respect to the underlying Stock Options and/or
Incentive Stock Options. Upon the exercise of an underlying Stock Option,
Incentive Stock Option or other Reload Option, the Reload Option will be
evidenced by an amendment to the underlying Stock Option Agreement or Incentive
Stock Agreement.

4.03 Reload Option Price.

The option price per Common Share deliverable upon the exercise of a Reload
Option shall be the Fair Market Value of a Common Share on the date the grant of
the Reload Option becomes effective.

4.04 Term and Exercise.

Each Reload Option is fully exercisable six months from the effective date of
grant. The term of each Reload Option shall be equal to the remaining option
term of the underlying Stock Option and/or Incentive Stock Option.

4.05 Termination of Employment.

No additional Reload Options shall be granted to optionees when Stock Options,
Incentive Stock Options and/or Reload Options are exercised pursuant to the
terms of this Plan following termination of the optionee's employment.

4.06 Applicability of Stock Options Sections.

Sections 2.05, Manner of Payment; 2.06, Issuance of Shares; 2.07, Death of
Optionee; 2.08, Retirement or Disability; 2.09, Termination for Other Reasons;
and 2.10, Effect of Exercise, applicable to Stock Options, shall apply equally
to Reload Options. Said Sections are incorporated by reference in this Article
IV as though fully set forth herein.

ARTICLE V - ALTERNATE APPRECIATION RIGHTS

5.01 Award of Alternate Rights.

Concurrently with or subsequent to the award of any Stock Options, Incentive
Stock Option or Reload Option to purchase one or more Common Shares, the
Committee may, subject to the provisions of the Plan and such other terms and
conditions as the Committee may prescribe, award to the optionee with respect to
each Common Share, a

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<PAGE>
related alternate appreciation right ("Alternate Right"), permitting the
optionee to be paid the appreciation on the option, in cash or in Common Shares,
in lieu of exercising the option.

5.02 Alternate Rights Agreement.

Alternate Rights shall be evidenced by written agreements in such form as the
Committee may from time to time determine.

ARTICLE VI - MISCELLANEOUS

6.01 General Restriction.

Each award under the Plan shall be subject to the requirement that, if at any
time the Committee shall determine that (i) the listing, registration or
qualification of the Common Shares subject or related thereto upon any
securities exchange or under any state or Federal law, or (ii) the consent or
approval of any government regulatory body, or (iii) an agreement by the grantee
of an award with respect to the disposition of Common Shares, is necessary or
desirable as a condition of, or in connection with, the granting of such award
or the issue of purchase of Common Shares thereunder, such award may not be
consummated in whole or in part unless such listing, registration,
qualification, consent, approval or agreement shall have been effected or
obtained free of any conditions not acceptable to the Committee.

6.02 Non-Assignability.

No award under the Plan shall be assignable or transferable by the recipient
thereof, except by will or by the laws of descent and distribution. During the
life of the recipient, such award shall be exercisable only by such person or by
such person's guardian or legal representative.

6.03 Withholding Taxes.

Whenever the Company proposes or is required to issue or transfer Common Shares
under the Plan, the Company shall have the right to require the grantee to remit
to the Company an amount sufficient to satisfy any Federal, state and/or local
withholding tax requirements prior to the delivery of any certificate or
certificates for such shares. Alternatively, the Company may issue or transfer
such Common Shares net of the number of shares sufficient to satisfy the
withholding tax requirements. For withholding tax purposes, the Common Shares
shall be valued on the date the withholding obligation is incurred.

6.04 Employment.

(a) Nothing in the Plan or in any agreement entered into pursuant to the Plan
shall confer upon any participant the right to continue in the employment of the
Company or effect any right which the Company may have to terminate the
employment of such participant.

(b) The terms "employ" or "employment" shall, where the context requires, be
deemed to include the hiring, continuation or termination of the services of any
independent contractor participating in the Plan.

6.05 Non-Uniform Determinations.

The Committee's determinations under the Plan (including without limitation
determinations of the persons to receive awards, the form, amount and timing of
such awards, the terms and provisions of such awards and the agreements
evidencing same) need not be uniform and may be made by it selectively among
persons who receive, or are eligible to receive, awards under the Plan, whether
or not such persons are similarly situated.

                                       7
<PAGE>
6.06 Rights as a Shareholder.

The recipient of any award under the Plan shall have no rights as a shareholder
with respect thereto unless and until certificates for Common Shares are issued
to him.

6.07 Leaves of Absence.

The Committee shall be entitled to make such rules, regulations and
determinations as it deems appropriate under the Plan in respect of any leave of
absence taken by the recipient of any award. Without limiting the generality of
the foregoing, the Committee shall be entitled to determine (i) whether or not
any such leave of absence shall constitute a termination of employment within
the meaning of the Plan and (ii) the impact, if any, of any such leave of
absence on awards under the Plan theretofore made to any recipient who takes
such leave of absence.

6.08 Newly Eligible Persons.

The Committee shall be entitled to make such rules, regulations, determinations
and awards as it deems appropriate in respect of any person who becomes eligible
to participate in the Plan or any portion thereof after the commencement of an
award or incentive period.

6.09 Adjustments.

In the event of any change in the outstanding Common Shares by reason of a share
dividend or distribution, recapitalization, merger, consolidation, split-up,
combination, exchange of shares or the like, the Committee may appropriately
adjust the number of Common Shares which may be issued under the Plan, the
number of Common Shares subject to Options theretofore granted under the Plan,
the option price of Options theretofore granted under the Plan, and any and all
other matters deemed appropriate by the Committee.

6.10 Amendment of the Plan.

(a) The Committee may, without further action by the shareholders and without
receiving further consideration from the participants, amend this Plan or
condition or modify awards under this Plan in response to changes in securities
or other laws or rules, regulations or regulatory interpretations thereof
applicable to this Plan or to comply with the rules or requirements of any stock
exchange or automated quotation system (including the Nasdaq Stock Market) on
which the Common Shares are listed or quoted.

(b) The Committee may at any time and from time to time terminate or modify or
amend the Plan in any respect, except that without shareholder approval the
Committee may not (i) increase the maximum number of Common Shares which may be
issued under the Plan (other than increases pursuant to Section 6.10), (ii)
extend the maximum period during which any award may be granted or exercised, or
(iii) extend the term of the Plan. The termination or any modification or
amendment of the Plan, except as provided in subsection (a), shall not without
the consent of a participant, affect his or her rights under an award previously
granted to him or her.

6.11 Deferrals

The Committee may permit or require that an individual granted a Stock Option
described in Article II of the Plan to defer delivery of Common Shares that
would otherwise be due to such individual in connection with such Stock Option.
If any such deferral election is permitted or required, the Committee shall, in
its sole discretion, establish rules and procedures for such deferrals.

                                       8

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