Document:

Revolving Credit Line

 

FIRST AMENDMENT TO

CREDIT AGREEMENT AND ASSIGNMENT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND ASSIGNMENT AGREEMENT (this "Amendment"), dated as of June 18, 2004, is entered into by and among OHI ASSET, LLC, a Delaware limited liability company, OHI ASSET (ID), LLC, a Delaware limited liability company, OHI ASSET (LA), LLC, a Delaware limited liability company, OHI ASSET (TX), LLC, a Delaware limited liability company, OHI ASSET (CA), LLC, a Delaware limited liability company, DELTA INVESTORS I, LLC, a Maryland limited liability company, DELTA INVESTORS II, LLC, a Maryland limited liability company (each of the foregoing entities shall be hereinafter referred to individually as a “Borrower” and collectively as the “Borrowers”), the Lenders identified on the signature pages hereto as the existing Lenders (the "Existing Lenders"), the Lenders identified on the signature pages hereto as the new Lenders (the "New Lenders"), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the "Administrative Agent), Swing Line Lender and L/C Issuer.

RECITALS

A.   The Borrowers, the Existing Lenders and the Administrative Agent, are party to that certain Credit Agreement dated as of March 22, 2004 (the "Existing Credit Agreement").

B.   The Borrowers have requested to increase the Aggregate Revolving Committed Amount and to amend certain other provisions of the Existing Credit Agreement and the Existing Lenders have agreed to increase the Aggregate Revolving Committed Amount, the New Lenders have agreed to provide such increase of the Aggregate Revolving Committed Amount and the Existing Lenders have agreed to amend the Existing Credit Agreement in accordance with such request and as provided herein; and

C.   The Borrowers, the Existing Lenders and the New Lenders have agreed that the New Lenders shall become parties to the Existing Credit Agreement (as amended hereby).

NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereto hereby agree as follows:

PART I

DEFINITIONS

SUBPART 1.1 Certain Definitions. Unless otherwise defined herein or the context otherwise requires, the following terms used in this Amendment, including its preamble and recitals, have the following meanings:

   "Amended Credit Agreement" means the Existing Credit Agreement as amended hereby.

   "Amendment No. 1 Effective Date" is defined in Part III.

SUBPART 1.2 Other Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement.

PART II

AMENDMENTS TO EXISTING CREDIT AGREEMENT 

Effective on (and subject to the occurrence of) the Amendment No. 1 Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Part II.

SUBPART 2.1   Designation of Co-Documentation Agent. Merrill Lynch Capital is hereby designated as a Co-Documentation Agent for the Lenders under the Existing Credit Agreement.

SUBPART 2.2   Amendments to Section 1.1. Section 1.1 of the Existing Credit Agreement is hereby amended in the following respects:

(a)   The definition of "Eligible Assignee” shall be amended in its entirety to read as follows:

“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent (such approval not to be unreasonably withheld), and (ii) unless an Event of Default has occurred and is continuing, the Borrower Representative (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Parent or any of the Parent’s Affiliates or Subsidiaries.

   (b)   Clause (b) of the definition of "Eligible Ground Lease” shall be amended in its entirety to read as follows:

“(b) that has a remaining term of not less than thirty (30) years; provided, however, with respect to that certain ground lease covering properties located at 200 Alabama Avenue, Muscle Shoals, Alabama, 500 John Aldridge Drive, Tuscumbia, Alabama and 813 Keeler Lane, Tuscumbia, Alabama, such remaining term may be less than thirty (30) years provided that such Borrower at all times possesses a valid and enforceable irrevocable option to purchase the fee interest in such properties with no conditions or contingencies other than the payment of a sum of less than $1000.00,” 

SUBPART 2.3   Amendments to Section 2.01. Subsection 2.01 of the Existing Credit Agreement is hereby amended in the following respects: (i) clause (a)(i)(x) is amended in its entirety to read “(x) ONE HUNDRED SEVENTY FIVE MILLION DOLLARS ($175,000,000), the “Aggregate Revolving Committed Amount”) and”, (ii) the last sentence of subsection (c) is amended in its entirety to read “No Swing Line Loan shall remain outstanding for longer than five (5) Business Days and (iii) subsection (d) is deleted in its entirety.

SUBPART 2.4   New Section 10.23. The following new Section 10.23 is hereby added to the Existing Credit Agreement:

10.23   California Real Property Assets.

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, AT ANY TIME THAT ANY OF THE OBLIGATIONS SHALL BE SECURED BY REAL PROPERTY ASSETS LOCATED IN CALIFORNIA, NO LENDER SHALL EXERCISE A RIGHT OF SETOFF, LENDER'S LIEN OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY CREDIT DOCUMENT UNLESS IT IS TAKEN WITH THE CONSENT OF THE REQUIRED LENDERS OR, TO THE EXTENT REQUIRED BY SECTION 8.3 OF THIS AGREEMENT, ALL OF THE LENDERS, IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD OR MIGHT (PURSUANT TO SECTIONS 580a, 580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE VALIDITY, PRIORITY, OR ENFORCEABILITY OF THE LIENS GRANTED TO THE AGENT PURSUANT TO THE COLLATERAL DOCUMENTS OR THE ENFORCEABILITY OF THE OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OR ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE PARTIES AS REQUIRED ABOVE, SHALL BE NULL AND VOID. THIS PARAGRAPH SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS.

SUBPART 2.5   Replacement of Schedule 2.01. Schedule 2.01 of the Existing Credit Agreement is hereby deleted in its entirety and a new schedule in the form of Schedule 2.01 attached hereto is substituted therefor.

PART III

CONDITIONS TO EFFECTIVENESS

This Amendment shall be and become effective as of the date (the "Amendment No. 1 Effective Date") when all of the conditions set forth in this Part III shall have been satisfied.

SUBPART 3.1 Amendment Effective Date. This Amendment shall be and become effective as of the date on which all of the conditions set forth in this Part III shall have been satisfied or waived by the Required Lenders and thereafter this Amendment shall be known, and may be referred to, as "Amendment No. 1."

(a)   Execution of Counterparts of Amendment. The Administrative Agent shall have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of (i) the Borrower, (ii) the Required Lenders (as determined prior to giving effect to this Amendment), (iii) each of the New Lenders and (iv) the Administrative Agent.

(b)   Execution of Guarantor Consent. The Administrative Agent shall have received an acknowledgement and consent from each of the Guarantors.

(c)   New Promissory Note. Receipt by the Administrative Agent of any new or amended and restated Notes (to the extent requested by the Lenders) to reflect the revised commitment amounts.

(d)   Fees and Expenses. The Borrowers have paid (i) to the Administrative Agent and the Arranger all fees required under the Administrative Agent’s Fee Letter due in connection with the syndication of the increase in the Revolving Committed Amount, (ii) all fees and expenses incurred in connection with the negotiation, preparation, execution and delivery of this Amendment and the other transactions contemplated herein including, without limitation, the legal fees and expenses of Moore & Van Allen, counsel to the Administrative Agent, (iii) if any Revolving Loans are outstanding as of the Amendment No. 1 Effective Date, the Borrowers shall make such payments and adjustments, if any, on the Revolving Loans (including payment of any break-funding amounts owing under Section 3.05 of the Existing Credit Agreement) as may be necessary to give effect to the revised commitment percentages and commitment amounts pursuant to Part IV below and (iv) to each of the New Lenders all upfront fees as necessary to secure the commitments of each such New Lender.

(e)   Other Items. The Administrative Agent shall have received such other documents, agreements or information which may be reasonably requested by the Administrative Agent.

PART IV

ASSIGNMENTS AND ASSUMPTIONS

Each Existing Lender hereby sells and assigns, without recourse, to the New Lenders, and the New Lenders hereby purchase and assume, without recourse, from such Existing Lender, effective as of the Amendment No. 1 Effective Date, such interests in such Existing Lender's rights and obligations under the Existing Credit Agreement (including, without limitation, the Revolving Commitment of such Existing Lender on the Amendment No. 1 Effective Date and the Revolving Obligations) owing to such Existing Lender which are outstanding on the Amendment No. 1 Effective Date as shall be necessary in order to give effect to the reallocations of the Revolving Committed Amounts and Revolving Commitment Percentages effected by the amendment to Schedule 2.01 to the Existing Credit Agreement pursuant to Subpart 2.3 hereof. From and after the Amendment No. 1 Effective Date (1) each of the New Lenders shall be a party to and be bound by the provisions of the Existing Credit Agreement (as amended by this Amendment) and, to the extent of the interests assigned hereby, have the rights and obligations of a Lender thereunder and under the other Credit Documents and (2) each Existing Lender shall, to the extent of the interests assigned hereby, relinquish its rights and be released from its obligations under the Existing Credit Agreement. Each Existing Lender (a) represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned hereunder and such interest is free and clear of any lien, encumbrance or other adverse claim and (ii) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Existing Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrowers, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document. Each New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Existing Credit Agreement, as amended by this Amendment, (ii) it meets all requirements of an Eligible Assignee under the Existing Credit Agreement (subject to receipt of such consents as may be required under the Existing Credit Agreement), (iii) from and after the date hereof, it shall be bound by the provisions of the Existing Credit Agreement, as amended by this Amendment, as a Lender thereunder and, to the extent of the interest being assigned hereunder, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Existing Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and to purchase the interest being assigned hereunder on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Existing Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender.

PART V

MISCELLANEOUS

SUBPART 5.1 Construction. This Amendment is a Credit Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Amended Credit Agreement.

SUBPART 5.2 Representations and Warranties. Each Borrower hereby represents and warrants that it: (a) has the requisite corporate power and authority to execute, deliver and perform this Amendment, as applicable and (b) is duly authorized to, and has been authorized by all necessary corporate action, to execute, deliver and perform this Amendment, (c) the representations and warranties contained in Section 6 of the Amended Credit Agreement are true and correct in all material respects on and as of the date hereof upon giving effect to this Amendment as though made on and as of such date (except for those which expressly relate to an earlier date) and (d) no Default or Event of Default exists under the Existing Credit Agreement on and as of the date hereof upon giving effect to this Amendment.

SUBPART 5.3 Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.

SUBPART 5.4 Binding Effect. This Amendment, the Amended Credit Agreement and the other Credit Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. These Credit Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. Except as expressly modified and amended in this Amendment, all the terms, provisions and conditions of the Credit Documents shall remain unchanged and shall continue in full force and effect.

SUBPART 5.5 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SUBPART 5.6 Severability. If any provision of this Amendment is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 

[SIGNATURE PAGES FOLLOW]

	
CHAR1\760383_ 3

	 	 	 
	

	

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to Credit Agreement and Assignment Agreement be duly executed and delivered as of the date first above written.

BORROWERS:                 OHI ASSET, LLC

OHI ASSET (ID), LLC

OHI ASSET (LA), LLC

OHI ASSET (TX), LLC

OHI ASSET (CA), LLC

DELTA INVESTORS I, LLC

DELTA INVESTORS II, LLC

By:   Omega Healthcare Investors, Inc., 

  the Sole Member of each such company

By:   /S/ DANIEL J. BOOTH

Name:   Daniel J. Booth           

Title:     Chief Operating Officer       

	

OMEGA HEALTHCARE

	 	 	 
	

	 

EXISTING LENDERS:           BANK OF AMERICA, N.A.,

                                    as Administrative Agent

By:     /S/ KEVIN WAGLEY

Name:  Kevin Wagley

Title:   Principal

BANK OF AMERICA, N.A., as L/C Issuer, Swing Line Lender and as a Lender

By:     /S/ KEVIN WAGLEY

Name:  Kevin Wagley

Title:   Principal

	

OMEGA HEALTHCARE

	 	 	 
	

	 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender

By:     /S/ DIANE F. ROLFE

Name:  Diane F. Rolfe

Title:   Vice President

	

OMEGA HEALTHCARE

	 	 	 
	

	 

GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender

By:     /S/ JEFF ERHARDT

Name:  Jeff Erhardt

Title:   Authorized Signatory

	

OMEGA HEALTHCARE

	 	 	 
	

	 

NEW LENDERS:
 MERRILL LYNCH CAPITAL,
A DIVISION OF MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., 

as a Lender

By:     /S/ BRETT ROBINSON

Name:  Brett Robinson

Title:   Vice President

	

OMEGA HEALTHCARE

	 	 	 
	

	 

BANK ONE, N.A.,

as a Lender

By:     /S/ ELIZABETH D. LILLEY

Name:  Elizabeth D. Lilley

Title:   First Vice President

	

OMEGA HEALTHCARE

	 	 	 
	

	 

LASALLE BANK, N.A.

as a Lender

By:     /S/ GERALDINE M. RUDIG

Name:  Geraldine M. Rudig

Title:   First Vice President

	

OMEGA HEALTHCARE

	 	 	 
	

	 

THE PROVIDENT BANK,

as a Lender

By:     /S/ STEVEN J. BLOEMER

Name:  Steven J. Bloemer

Title:   Vice President

	

OMEGA HEALTHCARE

	 	 	 
	

	 

SCHEDULE 2.01

LENDERS AND COMMITMENTS

	
 

 

 

Lender
	
Revolving Commitment
	
 

Pro Rata Share of 

Revolving Commitment
	
Letter of Credit Commitment
	
 

Pro Rata Share of

Letter of Credit Commitment

	

	

	

	

	

	
 
	
 
	
 
	
 
	
 

	

	

	

	

	

	
Bank of America, N.A.
	
$20,000,000
	
11.42857142858%
	
$2,857,142.85
	
11.42857142858%

	

	

	

	

	

	
UBS Loan Finance LLC
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.42857142857%

	

	

	

	

	

	
Deutsche Bank, AG
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.42857142857%

	

	

	

	

	

	
General Electric Capital Corporation
	
$35,000,000
	
20.00000000000%
	
$5,000,000.00
	
20.00000000000%

	

	

	

	

	

	
Merrill Lynch Capital
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.428571428%

	

	

	

	

	

	
Bank One, N.A.
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.428571428%

	

	

	

	

	

	
LaSalle Bank, N.A.
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.428571428%

	

	

	

	

	

	
The Provident Bank
	
$20,000,000
	
11.42857142857%
	
$2,857,142.85
	
11.428571428%

	

	

	

	

	

	
 
	
 
	
 
	
 
	
 

	

	

	

	

	

	
Total:
	
$175,000,000
	
100.00000000000%
	
$25,000,000
	
100.00000000000%

	

	

	

	

	

	
CHAR1\760383_ 3

OMEGA HEALTHCARE

	 	 	 
	

	

CONSENT OF GUARANTORS

Each of the undersigned Guarantors, as a guarantor under the Guaranty, dated as of March 22, 2004, as amended (the “Guaranty”), hereby acknowledges and consents to the terms of the First Amendment to Credit Agreement and Assignment Agreement (the "Amendment") to which this Consent of Guarantors is attached, and agrees that the Amendment does not operate to reduce or discharge such Guarantor’s obligations under the Guaranty or the other Credit Documents. Each Guarantor further confirms that the Guaranty remains in full force and effect after giving effect thereto and represents and warrants that there is no defense, counterclaim or offset of any type or nature under the Guaranty.

Dated as of June 18, 2004 

	
 

PARENT:
	
OMEGA HEALTHCARE INVESTORS, INC.,
a Maryland corporation

	
 
	
By:   /S/ DANIEL J. BOOTH

	
 
	
Name:   Daniel J. Booth

		

	
 
	
Title:   Chief Operating Officer

		

	
SUBSIDIARY GUARANTORS:
	
ARIZONA LESSOR – INFINIA, INC.

	
 
	
BAYSIDE ALABAMA HEALTHCARE SECOND, INC.

	
 
	
BAYSIDE ARIZONA HEALTHCARE ASSOCIATES, INC.

	
 
	
BAYSIDE ARIZONA HEALTHCARE SECOND, INC.

	
 
	
BAYSIDE COLORADO HEALTHCARE ASSOCIATES, INC.

	
 
	
BAYSIDE COLORADO HEALTHCARE SECOND, INC.

	
 
	
BAYSIDE INDIANA HEALTHCARE ASSOCIATES, INC.

	
 
	
BAYSIDE STREET II, INC.

	
 
	
BAYSIDE STREET, INC.

	
 
	
CARE HOLDINGS, INC.

	
 
	
CENTER HEALTHCARE ASSOCIATES, INC.

	
 
	
CHERRY STREET – SKILLED NURSING, INC.

	
 
	
COLORADO LESSOR – CONIFER, INC.

	
 
	
DALLAS - SKILLED NURSING, INC.

	
 
	
FLORIDA LESSOR – CRYSTAL SPRINGS, INC.

	
 
	
FLORIDA LESSOR – EMERALD, INC.

	
 
	
FLORIDA LESSOR – FIVE FACILITIES, INC.

	
 
	
FLORIDA LESSOR – LAKELAND, INC.

	
 
	
FLORIDA LESSOR – MEADOWVIEW, INC.

	
 
	
FLORIDA LESSOR – WEST PALM BEACH AND SOUTHPOINT, INC.

	
 
	
GEORGIA LESSOR – BONTERRA/
PARKVIEW, INC.

	
 
	
HERITAGE TEXARKANA HEALTHCARE ASSOCIATES, INC.

	
 
	
INDIANA LESSOR – JEFFERSONVILLE, INC.

	
 
	
INDIANA LESSOR – WELLINGTON MANOR, INC.

	
 
	
JEFFERSON CLARK, INC. 

	
 
	
LAKE PARK SKILLED NURSING, INC.

	
 
	
LONG TERM CARE – MICHIGAN, INC. 

	
 
	
LONG TERM CARE – NORTH CAROLINA, INC.

	
 
	
LONG TERM CARE ASSOCIATES – ILLINOIS, INC.

	
 
	
LONG TERM CARE ASSOCIATES – INDIANA, INC.

	
 
	
LONG TERM CARE ASSOCIATES – TEXAS, INC.

	
 
	
OHI (CLEMMONS), INC.

	
 
	
OHI (CONNECTICUT), INC.

	
 
	
OHI (FLORIDA), INC.

	
 
	
OHI (GREENSBORO), INC.

	
 
	
OHI (ILLINOIS), INC.

	
 
	
OHI (INDIANA), INC.

	
 
	
OHI (IOWA), INC.

	
 
	
OHI (KANSAS), INC.

	
 
	
OHIO LESSOR – WATERFORD & CRESTWOOD, INC.

	
 
	
OHI OF KENTUCKY, INC.

	
 
	
OHI OF TEXAS, INC.

	
 
	
OHI SUNSHINE, INC.

	
 
	
OHIMA, INC.

	
 
	
OMEGA (KANSAS), INC.

	
 
	
OMEGA TRS I, INC.

	
 
	
OS LEASING COMPANY

	
 
	
PARKVIEW – SKILLED NURSING, INC.

	
 
	
PINE TEXARKANA HEALTHCARE ASSOCIATES, INC.

	
 
	
REUNION TEXARKANA HEALTHCARE ASSOCIATES, INC.

	
 
	
SAN AUGUSTINE HEALTHCARE ASSOCIATES, INC.

	
 
	
SKILLED NURSING – GASTON, INC.

	
 
	
SKILLED NURSING – HERRIN, INC.

	
 
	
SKILLED NURSING – HICKSVILLE, INC.

	
 
	
SKILLED NURSING – PARIS, INC.

	
 
	
SOUTH ATHENS HEALTHCARE ASSOCIATES, INC.

	
 
	
STERLING ACQUISITION CORP.

	
 
	
STERLING ACQUISITION CORP. II

	
 
	
TEXAS LESSOR – TREEMONT, INC.

	
 
	
WASHINGTON LESSOR - SILVERDALE, INC.

	
 
	
WAXAHACHIE HEALTHCARE ASSOCIATES, INC.

	
 
	
WEST ATHENS HEALTHCARE ASSOCIATES, INC.

	
 
	
 

	
 
	
By:   /S/ DANIEL J. BOOTH

	
 
	
Name:   Daniel J. Booth

		

	
 
	
Title:   Chief Operating Officer

		

	
 
	
OHI ASSET (FL), LLC

	
 
	
OHI ASSET (IN), LLC

	
 
	
OHI ASSET (MI/NC), LLC

	
 
	
OHI ASSET (MO), LLC

	
 
	
OHI ASSET (OH), LLC

	
 
	
OHI ASSET II (CA), LLC

OHI ASSET (FL) TARPON SPRINGS,

PINELLAS PARK & GAINESVILLE, LLC

NRS VENTURES, LLC

	
 
	
By:   Omega Healthcare Investors, Inc., as the Sole Member of each of the companies

	
 
	
By:   /S/ DANIEL J. BOOTH

	
 
	
Name:   Daniel J. Booth

		

	
 
	
Title:   Chief Operating Officer

		

	
 
	
TEXAS LESSOR - STONEGATE, LP

	
 
	
By:   TEXAS LESSOR - STONEGATE GP, Inc., its General Partner

	
 
	
By:   /S/ DANIEL J. BOOTH

	
 
	
Name:   Daniel J. Booth

		

	
 
	
Title:   Chief Operating Officer

		

	
CHAR1\760383_ 3

OMEGA HEALTHCARE<PAGE>
                                   EXHIBIT 4.1

                                    EBAY INC.

                  1999 GLOBAL EQUITY INCENTIVE PLAN, AS AMENDED

                  INITIAL STOCKHOLDER APPROVAL ON MAY 23, 2000

          AMENDMENT ADOPTED BY THE BOARD OF DIRECTORS ON MARCH 14, 2002
                STOCKHOLDER APPROVAL OF AMENDMENT ON JUNE 5, 2002

        AMENDMENT ADOPTED BY THE COMPENSATION COMMITTEE ON MARCH 18, 2004
               STOCKHOLDER APPROVAL OF AMENDMENT ON JUNE 24, 2004

                             TERMINATION DATE: NONE

1.    PURPOSES.

      (A) ELIGIBLE STOCK AWARD RECIPIENTS. The persons eligible to receive Stock
Awards are the Employees and Consultants of the Company and its Affiliates, in
particular (but not limited to) those Employees and Consultants who are neither
citizens nor residents of the United States of America.

      (B) AVAILABLE STOCK AWARDS. The purpose of the Plan is to provide a means
by which eligible recipients of Stock Awards may be given an opportunity to
benefit from increases in value of the Common Stock through the granting of the
following Stock Awards: (i) Stock Options, (ii) stock bonuses, and (iii) rights
to acquire restricted stock.

      (C) GENERAL PURPOSE. The Company, by means of the Plan, seeks to retain
the services of the group of persons eligible to receive Stock Awards, to secure
and retain the services of new members of this group, and to provide incentives
for such persons to exert maximum efforts for the success of the Company and its
Affiliates.

2.    DEFINITIONS.

      (A) "AFFILIATE" means any parent corporation or subsidiary corporation of
the Company, whether now or hereafter existing, as those terms are defined in
Sections 424(e) and (f), respectively, of the Code, and any other entity which
is controlled, directly or indirectly, by the Company.

      (B) "BOARD" means the Board of Directors of the Company.

      (C) "CODE" means the United States Internal Revenue Code of 1986, as
amended.

      (D) "COMMITTEE" means a committee of one or more members of the Board
appointed by the Board in accordance with subsection 3(c).

      (E) "COMMON STOCK" means the common stock of the Company.

      (F) "COMPANY" means eBay Inc., a Delaware corporation.

      (G) "CONSULTANT" means any natural person, including an advisor, (i)
engaged by the Company or an Affiliate to render consulting or advisory services
and who is compensated for such services, or (ii) who is a member of the Board
of Directors or comparable governing body of an Affiliate and who is compensated
for such services. However, the term "Consultant" shall not include Directors
who are not compensated by the Company for
<PAGE>
their services as Directors. In addition, the payment of a director's fee by the
Company for services as a Director shall not cause a Director to be considered a
"Consultant" for purposes of the Plan.

      (H) "CONTINUOUS SERVICE" means that the Participant's service with the
Company or an Affiliate, whether as an Employee, Director or Consultant, is not
interrupted or terminated. The Participant's Continuous Service shall not be
deemed to have terminated merely because of a change in the capacity in which
the Participant renders service to the Company or an Affiliate as an Employee,
Consultant or Director or a change in the entity for which the Participant
renders such service, provided that there is no interruption or termination of
the Participant's Continuous Service. For example, a change in status from an
Employee of the Company to a Consultant of an Affiliate or a Director will not
constitute an interruption of Continuous Service. The Board or the chief
executive officer of the Company, in that party's sole discretion, may determine
whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave or
any other personal leave.

      (I) "COVERED EMPLOYEE" means the chief executive officer and the four (4)
other highest compensated officers of the Company for whom total compensation is
required to be reported to stockholders under the Exchange Act, as determined
for purposes of Section 162(m) of the Code.

      (J) "DIRECTOR" means a member of the Board of Directors of the Company.

      (K) "DISABILITY" means the inability of a natural person to continue to
perform services for the Company or any Affiliate of the type previously
performed prior to the occurrence of such Disability, whether as a result of
physical and/or mental illness or injury, as determined by a physician
acceptable to the Company, for a period that is expected to be of a duration of
no less than six (6) months.

      (L) "EMPLOYEE" means any person employed by the Company or an Affiliate.
Mere service as a Director or payment of a director's fee by the Company or an
Affiliate shall not be sufficient to constitute "employment" by the Company or
an Affiliate.

      (M) "EXCHANGE ACT" means the United States Securities Exchange Act of
1934, as amended.

      (N) "FAIR MARKET VALUE" means, as of any date, the value of the Common
Stock determined as follows:

            (I) If the Common Stock is listed on any established stock exchange
or traded on the Nasdaq National Market or the Nasdaq SmallCap Market, the Fair
Market Value of a share of Common Stock shall be the closing sales price for
such stock (or the closing bid, if no sales were reported) as quoted on such
exchange or market (or the exchange or market with the greatest volume of
trading in the Common Stock) on the last market trading day prior to the day of
determination, as reported in The Wall Street Journal or such other source as
the Board deems reliable.

            (II) In the absence of such markets for the Common Stock, the Fair
Market Value shall be determined in good faith by the Board.

      (O) "NON-EMPLOYEE DIRECTOR" means a Director who either (i) is not a
current Employee or officer of the Company or an Affiliate, does not receive
compensation, either directly or indirectly, from the Company or an Affiliate
for services rendered as a Consultant or in any capacity other than as a
Director (except for an amount as to which disclosure would not be required
under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act
("Regulation S-K")), does not possess an interest in any other transaction for
which disclosure would be required under Item 404(a) of Regulation S-K, and is
not engaged in a business relationship for which disclosure would be required
pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a
"non-employee director" for purposes of Rule 16b-3.

      (P) "OPTION" means an option granted pursuant to Section 6 of the Plan.
<PAGE>
      (Q) "OPTION AGREEMENT" means a written agreement between the Company and
an Optionholder evidencing the terms and conditions of an individual Option
grant. Each Option Agreement shall be subject to the terms and conditions of the
Plan.

      (R) "OPTIONHOLDER" means a person to whom an Option is granted pursuant to
the Plan or, if applicable, such other person who holds an outstanding Option.

      (S) "OUTSIDE DIRECTOR" means a Director who either (i) is not a current
employee of the Company or an "affiliated corporation" (within the meaning of
Treasury Regulations promulgated under Section 162(m) of the Code), is not a
former employee of the Company or an "affiliated corporation" who receives
compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company
or an "affiliated corporation", and does not receive remuneration from the
Company or an "affiliated corporation," either directly or indirectly, in any
capacity other than as a Director or (ii) is otherwise considered an "outside
director" for purposes of Section 162(m) of the Code.

      (T) "PARTICIPANT" means a person to whom a Stock Award is granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding Stock
Award.

      (U) "PLAN" means this eBay Inc. 1999 Global Equity Incentive Plan, as it
may be duly amended from time to time.

      (V) "RULE 16B-3" means Rule 16b-3 promulgated under the Exchange Act of
any successor to Rule 16b-3, as in effect from time to time.

      (W) "SECURITIES ACT" means the United States Securities Act of 1933, as
amended.

      (X) "STOCK AWARD" means any right granted under the Plan, including an
option, a stock bonus and a right to acquire restricted stock.

      (Y) "STOCK AWARD AGREEMENT" means a written agreement between the Company
and a holder of a Stock Award evidencing the terms and conditions of an
individual Stock Award grant. Each Stock Award Agreement shall be subject to the
terms and conditions of the Plan.

3.    ADMINISTRATION.

      (A) ADMINISTRATION BY BOARD. The Board shall administer the Plan unless
and until the Board delegates administration to a Committee, as provided in
subsection 3(c).

      (B) POWERS OF BOARD. The Board shall have the power, subject to, and
within the limitations of, the express provisions of the Plan:

            (I) To determine from time to time which of the persons eligible
under the Plan shall be granted Stock Awards; when and how each Stock Award
shall be granted; what type or combination of types of Stock Award shall be
granted; the provisions of each Stock Award granted (which need not be
identical), including the time or times when a person shall be permitted to
receive Common Stock pursuant to a Stock Award; and the number of shares of
Common Stock with respect to which a Stock Award shall be granted to each such
person.

            (II) To construe and interpret the Plan and Stock Awards granted
under it, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any
defect, omission or inconsistency in the Plan or in any Stock Award Agreement,
in a manner and to the extent it shall deem necessary or expedient in its sole
discretion to make the Plan fully effective.

            (III) To amend the Plan or a Stock Award as provided in Section 12.
<PAGE>
            (IV) To terminate or suspend the Plan as provided in Section 13.

            (V) Generally, to exercise such powers and to perform such acts as
the Board deems necessary or expedient in its sole discretion to promote the
best interests of the Company, which are not in conflict with the provisions of
the Plan.

      (C)   DELEGATION TO COMMITTEE.

            (I) GENERAL. The Board may delegate administration of the Plan to a
Committee or Committees of one (1) or more members of the Board, and the term
"Committee" shall apply to any person or persons to whom such authority has been
delegated. If administration is delegated to a Committee, the Committee shall
have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board, including the power to delegate to a subcommittee of one
(1) or more members of the Board any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board shall
thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. The Board may abolish the Committee at any time
and revest in the Board the administration of the Plan.

            (II) SECTION 162(M) AND RULE 16B-3 COMPLIANCE. In the sole
discretion of the Board, a Committee may consist solely of two or more Outside
Directors, in accordance with Section 162(m) of the Code, and/or solely of two
or more Non-Employee Directors, in accordance with Rule 16b-3. Within the scope
of such authority, the Board or the Committee may (1) delegate to a committee of
one or more members of the Board who are not Outside Directors the authority to
grant Stock Awards to eligible persons who are either (a) not then Covered
Employees and are not expected to be Covered Employees at the time of
recognition of income resulting from such Stock Award or (b) not persons with
respect to whom the Company wishes to comply with Section 162(m) of the Code
and/or (2) delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Stock Awards to eligible
persons who are not then subject to Section 16 of the Exchange Act.

      (D) EFFECT OF BOARD'S DECISION. All determinations, interpretations and
constructions made by the Board in good faith shall not be subject to review by
anyone and shall be final, binding and conclusive on all Participants and any
other person having an interest in such determination, interpretation or
construction.

4.    SHARES SUBJECT TO THE PLAN.

      (A) SHARE RESERVE. Subject to the provisions of Section 11 relating to
adjustments upon changes in Common Stock, the Common Stock that may be issued
pursuant to Stock Awards shall not exceed in the aggregate twenty six million
(26,000,000)* shares of Common Stock. No more than one million (1,000,000) of
such shares of Common Stock (subject to adjustment as provided in Section 11)
may be awarded under the Plan in the aggregate in respect of the Stock Awards
pursuant to Section 7 for which a Participant pays less than Fair Market Value
per share on the date of grant.

      (B) REVERSION OF SHARES TO THE SHARE RESERVE. If any Stock Option shall
for any reason expire or otherwise terminate, in whole or in part, without
having been exercised in full, the shares of Common Stock not acquired under
such Stock Option shall revert to and again become available for issuance under
the Plan. If an Optionholder exercises an Option by attesting to the ownership
of shares of Common Stock in accordance with the provisions of Section 6(b)
below, the gross number of shares issued to the Optionholder shall nonetheless
be deducted from the share reserve.

      (C) SOURCE OF SHARES. The shares of Common Stock subject to the Plan may
be unissued shares or reacquired shares, bought on the market or otherwise.

--------
* Denotes that such share number reflects the stock splits of eBay's common
stock occurring in 5/00 and 8/03.
<PAGE>
5.    ELIGIBILITY.

      (A) ELIGIBILITY FOR SPECIFIC STOCK AWARDS. Stock Awards may be granted to
Employees and Consultants.

      (B) CONSULTANTS.

            (I) A Consultant shall not be eligible for the grant of a Stock
Award if, at the time of grant, a Form S-8 Registration Statement under the
Securities Act ("Form S-8") is not available to register either the offer or the
sale of the Company's securities to such Consultant because of the nature of the
services that the Consultant is providing to the Company, or because the
Consultant is not a natural person, or as otherwise provided by the rules
governing the use of Form S-8.

            (II) Form S-8 generally is available to consultants and advisors
only if (i) they are natural persons; (ii) they provide bona fide services to
the issuer, its parents, its majority-owned subsidiaries or majority-owned
subsidiaries of the issuer's parent; and (iii) the services are not in
connection with the offer or sale of securities in a capital-raising
transaction, and do not directly or indirectly promote or maintain a market for
the issuer's securities.

      (C) SECTION 162(M) LIMITATION. Notwithstanding the provisions of
subsection 5(a) hereof and subject to the provisions of Section 11 relating to
adjustments upon changes in the shares of Common Stock, no Employee shall be
eligible to be granted Options covering more than two million (2,000,000)**
shares of Common Stock during any calendar year.

6.    OPTION PROVISIONS.

      Each Option shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. The provisions of separate
Options need not be identical, but each Option shall include (through
incorporation of provisions hereof by reference in the Option or otherwise) the
substance of each of the following provisions:

      (A) EXERCISE PRICE. The exercise price of each Option shall not be less
than one hundred percent (100%) of the Fair Market Value of the Common Stock
subject to the Option on the date the Option is granted. Notwithstanding the
foregoing, an Option may be granted with an exercise price lower than that set
forth in the preceding sentence if such Option is granted pursuant to an
assumption or substitution for another option in a manner satisfying the
provisions of Section 424(a) of the Code.

      (B) CONSIDERATION. The purchase price of Common Stock acquired pursuant to
an Option shall be paid, to the extent permitted by applicable statutes and
regulations, either (i) in cash at the time the Option is exercised, or (ii) at
the discretion of the Board: (1) by delivery to the Company, or attestation to
the Company of ownership, of other Common Stock, (2) according to a deferred
payment or other similar arrangement with the Optionholder, whether through the
use of a promissory note or otherwise, or (3) in any other form of legal
consideration that may be acceptable to the Board; provided, however, that at
any time that the Company is incorporated in Delaware, payment of the Common
Stock's "par value," as defined in the Delaware General Corporation Law, shall
not be made by deferred payment.

      Unless otherwise specifically provided, the purchase price of Common Stock
acquired pursuant to an Option that is paid by delivery to the Company, or
attestation to the Company of ownership, of other Common Stock shall be paid
only by shares of the Common Stock of the Company that have been held for more
than six (6) months (or such longer or shorter period of time required to avoid
a charge to earnings for financial accounting purposes).

--------
** Denotes that such share number reflects the stock split of eBay's common
stock occurring in 8/03.
<PAGE>
      (C) TRANSFERABILITY. An Option shall be transferable to the extent
provided in the Option Agreement. If the Option does not provide for
transferability, then the Option shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the
lifetime of the Optionholder only by the Optionholder. Notwithstanding the
foregoing, the Optionholder may, by delivering written notice to the Company, in
a form satisfactory to the Company, designate a third party who, in the event of
the death of the Optionholder, shall thereafter be entitled to exercise the
Option.

      (D) VESTING GENERALLY. The total number of shares of Common Stock subject
to an Option may, but need not, vest and therefore become exercisable in
periodic installments that may, but need not, be equal. The Option may be
subject to such other terms and conditions on the time or times when it may be
exercised (which may be based on performance or other criteria) as the Board may
deem appropriate. The vesting provisions of individual Options may vary. The
provisions of this subsection 6(d) are subject to any Option provisions
governing the minimum number of shares of Common Stock as to which an Option may
be exercised.

      (E) TERMINATION OF CONTINUOUS SERVICE. In the event an Optionholder's
Continuous Service terminates (other than upon the Optionholder's death or
Disability), the Optionholder may exercise his or her Option (to the extent that
the Optionholder was entitled to exercise such Option as of the date of
termination) but only within such period of time ending on the earlier of (i)
the date three (3) months following the termination of the Optionholder's
Continuous Service (or such longer or shorter period specified in the Option
Agreement), or (ii) the expiration of the term of the Option as set forth in the
Option Agreement. If, after termination, the Optionholder does not exercise his
or her Option within the time specified in the Option Agreement, the Option
shall terminate.

      (F) EXTENSION OF TERMINATION DATE. An Optionholder's Option Agreement may
also provide that if the exercise of the Option following the termination of the
Optionholder's Continuous Service (other than upon the Optionholder's death or
Disability) would be prohibited at any time solely because the issuance of
shares of Common Stock would violate the registration requirements under the
Securities Act, then the Option shall terminate on the earlier of (i) the
expiration of the term of the Option, or (ii) the expiration of a period of
three (3) months after the termination of the Optionholder's Continuous Service
during which the exercise of the Option would not be in violation of such
registration requirements.

      (G) DISABILITY OF OPTIONHOLDER. In the event that an Optionholder's
Continuous Service terminates as a result of the Optionholder's Disability, the
Optionholder may exercise his or her Option (to the extent that the Optionholder
was entitled to exercise such Option as of the date of termination), but only
within such period of time ending on the earlier of (i) the date twelve (12)
months following such termination (or such longer or shorter period specified in
the Option Agreement), or (ii) the expiration of the term of the Option as set
forth in the Option Agreement. If, after termination, the Optionholder does not
exercise his or her Option within the time specified herein, the Option shall
terminate.

      (H) DEATH OF OPTIONHOLDER. In the event (i) an Optionholder's Continuous
Service terminates as a result of the Optionholder's death or (ii) the
Optionholder dies within the period (if any) specified in the Option Agreement
after the termination of the Optionholder's Continuous Service for a reason
other than death, then the Option may be exercised (to the extent the
Optionholder was entitled to exercise such Option as of the date of death) by
the Optionholder's estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the
option upon the Optionholder's death, but only within the period ending on the
earlier of (1) the date eighteen (18) months following the date of death (or
such longer or shorter period specified in the Option Agreement), or (2) the
expiration of the term of such Option as set forth in the Option Agreement. If,
after death, the Option is not exercised within the time specified herein, the
Option shall terminate.

      (I) EARLY EXERCISE. The Option may, but need not, include a provision
whereby the Optionholder may elect at any time before the Optionholder's
Continuous Service terminates to exercise the Option as to any part or all of
the shares of Common Stock subject to the Option prior to the full vesting of
the Option. Any unvested shares of Common Stock so purchased may be subject to a
repurchase option in favor of the Company or to any other restriction the Board
determines to be appropriate. The Company will not exercise its repurchase
option until at least six (6) months (or such longer or shorter period of time
required to avoid a charge to earnings for financial
<PAGE>
accounting purposes) have elapsed following exercise of the Option unless the
Board otherwise specifically provides in the Option.

7.    PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.

      (A) STOCK BONUS AWARDS. Each stock bonus agreement shall be in such form
and shall contain such terms and conditions as the Board shall deem appropriate.
The terms and conditions of stock bonus agreements may change from time to time,
and the terms and conditions of separate stock bonus agreements need not be
identical, but each stock bonus agreement shall include (through incorporation
of provisions hereof by reference in the agreement or otherwise) the substance
of each of the following provisions:

            (I) CONSIDERATION. A stock bonus may be awarded in consideration for
past services actually rendered to the Company or an Affiliate for its benefit.

            (II) VESTING. Shares of Common Stock awarded under the stock bonus
agreement may, but need not, be subject to a share reacquisition right or option
in favor of the Company in accordance with a vesting schedule to be determined
by the Board.

            (III) TERMINATION OF PARTICIPANT'S CONTINUOUS SERVICE. In the event
a Participant's Continuous Service terminates, the Company may reacquire any or
all of the shares of Common Stock held by the Participant which have not vested
as of the date of termination under the terms of the stock bonus agreement.

            (IV) TRANSFERABILITY. Rights to acquire shares under the stock bonus
agreement shall be transferable by the Participant only upon such terms and
conditions as are set forth in the stock bonus agreement, as the Board shall
determine in its discretion, so long as Common Stock awarded under the stock
bonus agreement remains subject to the terms of the stock bonus agreement.

      (B) RESTRICTED STOCK PURCHASE AWARDS. Each restricted stock purchase
agreement shall be in such form and shall contain such terms and conditions as
the Board shall deem appropriate. The terms and conditions of the restricted
stock purchase agreements may change from time to time, and the terms and
conditions of separate restricted stock purchase agreements need not be
identical, but each restricted stock purchase agreement shall include (through
incorporation of provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

            (I) PURCHASE PRICE. The purchase price under each restricted stock
purchase agreement shall be such amount as the Board shall determine and
designate in such restricted stock purchase agreement.

            (II) CONSIDERATION. The purchase price of Common Stock acquired
pursuant to the restricted stock purchase agreement shall be paid either: (i) in
cash at the time of purchase; (ii) at the discretion of the Board, according to
a deferred payment or other similar arrangement with the Participant, whether
through the use of a promissory note or otherwise; or (iii) in any other form of
legal consideration that may be acceptable to the Board in its discretion;
provided, however, that at any time that the Company is incorporated in
Delaware, then payment of the Common Stock's "par value," as defined in the
Delaware General Corporation Law, shall not be made by deferred payment.

            (III) VESTING. Shares of Common Stock acquired under the restricted
stock purchase agreement may, but need not, be subject to a share repurchase
option in favor of the Company in accordance with a vesting schedule to be
determined by the Board.

            (IV) TERMINATION OF PARTICIPANT'S CONTINUOUS SERVICE. In the event a
Participant's Continuous Service terminates, the Company may repurchase or
otherwise reacquire any or all of the shares of Common Stock held by the
Participant which have not vested as of the date of termination under the terms
of the restricted stock purchase agreement.
<PAGE>
            (V) TRANSFERABILITY. Rights to acquire shares under the restricted
stock purchase agreement shall be transferable by the Participant only upon such
terms and conditions as are set forth in the restricted stock purchase
agreement, as the Board shall determine in its discretion, so long as Common
Stock awarded under the restricted stock purchase agreement remains subject to
the terms of the restricted stock purchase agreement.

8.    COVENANTS OF THE COMPANY.

      (A) AVAILABILITY OF SHARES. During the terms of the Stock Awards, the
Company shall keep available at all times the number of shares of Common Stock
required to satisfy such Stock Awards.

      (B) SECURITIES LAW COMPLIANCE. The Company shall seek to obtain from each
regulatory commission or agency having jurisdiction over the Plan such authority
as may be required to grant Stock Awards and to issue and sell shares of Common
Stock upon exercise of the Stock Awards; provided, however, that this
undertaking shall not require the Company to register under the Securities Act
the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any
such Stock Award. If, after reasonable efforts, the Company is unable to obtain
from any such regulatory commission or agency the authority which counsel for
the Company deems necessary for the lawful issuance and sale of Common Stock
under the Plan, the Company shall be relieved from any liability for failure to
issue and sell Common Stock upon exercise of such Stock Awards unless and until
such authority is obtained.

9.    USE OF PROCEEDS FROM STOCK.

            Proceeds from the sale of Common Stock pursuant to Stock Awards
shall constitute general funds of the Company.

10.   MISCELLANEOUS.

      (A) ACCELERATION OF EXERCISABILITY AND VESTING. The Board shall have the
power to accelerate the time at which a Stock Option may first be exercised or
the time during which a Stock Award or any part thereof will vest in accordance
with the Plan, notwithstanding the provisions in the Stock Award stating the
time at which it may first be exercised or the time during which it will vest.

      (B) STOCKHOLDER RIGHTS. No Participant shall be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares of
Common Stock subject to such Stock Award unless and until such Participant has
satisfied all requirements for exercise of the Stock Option or receipt of other
type of Stock Award pursuant to its terms.

      (C) NO EMPLOYMENT OR OTHER SERVICE RIGHTS. Nothing in the Plan or any
instrument executed or Stock Award granted pursuant thereto shall confer upon
any Participant any right to continue to serve the Company or an Affiliate in
the capacity in effect at the time the Stock Award was granted or shall affect
the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without cause, for any reason or no
reason, (ii) the service of a Consultant pursuant to the terms of such
Consultant's agreement with the Company or an Affiliate, or (iii) the service of
a Director pursuant to the Bylaws of the Company or an Affiliate, and any
applicable provisions of the corporate law of the jurisdiction in which the
Company or the Affiliate is incorporated, as the case may be.

      (D) INVESTMENT ASSURANCES. The Company may require a Participant, as a
condition of exercising a Stock Option or acquiring Common Stock under any Stock
Award, (i) to give written assurances satisfactory to the Company as to the
Participant's knowledge and experience in financial and business matters and/or
to employ a purchaser representative reasonably satisfactory to the Company who
is knowledgeable and experienced in financial and business matters and that he
or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; (ii) to give
written assurances satisfactory to the Company stating that the Participant is
acquiring Common Stock subject to the Stock Award for the Participant's own
account and not with any present intention of selling or otherwise distributing
the Common Stock; and/or (iii) to give such
<PAGE>
other written assurances as the Company shall determine are necessary, desirable
or appropriate to comply with applicable securities regulation and other
governing law. The Company may, upon advice of counsel to the Company, place
legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the Common
Stock.

      (E) WITHHOLDING OBLIGATIONS. To the extent provided by the terms of a
Stock Award Agreement, the Participant may satisfy any tax withholding
obligation arising under the laws or regulations of any country, state or local
jurisdiction relating to the exercise of a Stock Option or acquisition of Common
Stock under a Stock Award by any of the following means (in addition to the
Company's right to withhold from any compensation paid to the Participant by the
Company) or by a combination of such means: (i) tendering a cash payment; (ii)
authorizing the Company to withhold shares of Common Stock from the shares of
Common Stock otherwise issuable to the Participant as a result of the exercise
or acquisition of Common Stock under the Stock Award; provided, however, that no
shares of Common Stock are withheld with a value exceeding the minimum amount of
tax required to be withheld by law (or such lesser amount as may be required to
avoid variable award accounting); or (iii) delivering to the Company owned and
unencumbered shares of the Common Stock.

11.   ADJUSTMENTS UPON CHANGES IN STOCK.

      (A) CAPITALIZATION ADJUSTMENTS. If any change is made in the Common Stock
subject to the Plan, or subject to any Stock Award, without the receipt of
consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Company), the Plan will be appropriately
adjusted in the class(es) and maximum number of securities subject to the Plan
pursuant to subsection 4(a), and the outstanding Stock Awards will be
appropriately adjusted in the class(es) and number of securities and price per
share of Common Stock subject to such outstanding Stock Awards. The Board shall
make such adjustments, and its determination shall be final, binding and
conclusive. (The conversion of any convertible securities of the Company shall
not be treated as a transaction "without receipt of consideration" by the
Company.)

      (B) DISSOLUTION OR LIQUIDATION. In the event of a dissolution or
liquidation of the Company, then all outstanding Stock Awards shall terminate
immediately prior to such event.

      (C) CORPORATE TRANSACTION. In the event of (i) a sale, lease or other
disposition of all or substantially all of the assets of the Company, (ii) a
merger or consolidation in which the Company is not the surviving corporation,
or (iii) a reverse merger in which the Company is the surviving corporation but
the shares of Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise, then any surviving corporation or acquiring
corporation shall assume or continue any Stock Awards outstanding under the Plan
or shall substitute similar stock awards (including an award to acquire the same
consideration paid to the stockholders in the transaction described in this
subsection 11(c)) for those outstanding under the Plan. In the event any
surviving corporation or acquiring corporation refuses to assume or continue
such Stock Awards or to substitute similar stock awards for those outstanding
under the Plan, then with respect to Stock Awards held by Participants whose
Continuous Service has not terminated, the vesting of such Stock Awards (and, if
applicable, the time during which such Stock Awards may be exercised) shall be
accelerated in full, and the Stock Awards shall terminate if not exercised (if
applicable) at or prior to such event. With respect to any other Stock Awards
outstanding under the Plan, such Stock Awards shall terminate if not exercised
(if applicable) at or prior to such event.

12.   AMENDMENT OF THE PLAN AND STOCK AWARDS.

      (A) AMENDMENT OF PLAN. The Board at any time, and from time to time, may
amend the Plan. However, except as provided in Section 11 relating to
adjustments upon changes in Common Stock, no amendment shall be effective unless
approved by the stockholders of the Company to the extent stockholder approval
is necessary under applicable laws or regulations.
<PAGE>
      (B) STOCKHOLDER APPROVAL. The Board may, in its sole discretion, submit
any amendment to the Plan for stockholder approval, including, but not limited
to, amendments to the Plan intended to satisfy the requirements of Section
162(m) of the Code and the regulations thereunder regarding the exclusion of
performance-based compensation from the limit on corporate deductibility of
compensation paid to Covered Employees. Notwithstanding any provision of the
Plan to the contrary, the Board shall not, without prior stockholder approval,
(A) reduce the exercise price of any outstanding Option under the Plan, (B)
cancel any outstanding Option under the Plan and grant in substitution therefor,
on either an immediate or delayed basis, a new Option under the Plan covering
the same or a different number of shares of Common Stock or cash, or (C) take
any other action with respect to any outstanding Option under the Plan that is
treated as a repricing of such Option pursuant to generally accepted accounting
principles.

      (C) NO IMPAIRMENT OF RIGHTS. Rights under any Stock Award granted before
amendment of the Plan shall not be impaired by any amendment of the Plan unless
(i) the Company requests the consent of the Participant and (ii) the Participant
consents in writing.

      (D) AMENDMENT OF STOCK AWARDS. The Board at any time, and from time to
time, may amend the terms of any one or more Stock Awards; provided, however,
that the rights under any Stock Award shall not be impaired by any such
amendment unless (i) the Company requests the consent of the Participant, and
(ii) the Participant consents in writing.

13.   TERMINATION OR SUSPENSION OF THE PLAN.

      (A) PLAN TERM. The Board may suspend or terminate the Plan at any time. No
Stock Awards may be granted under the Plan while the Plan is suspended or after
it is terminated.

      (B) NO IMPAIRMENT OF RIGHTS. Suspension or termination of the Plan shall
not impair rights and obligations under any Stock Award granted while the Plan
is in effect, except with the written consent of the Participant.

14.   EFFECTIVE DATE OF PLAN.

            The Plan shall become effective upon adoption by the Board.

15.   CHOICE OF LAW.

      The law of the State of Delaware shall govern all questions concerning the
 construction, validity and interpretation of this Plan, without regard to such
 state's conflict of laws rules.

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