Document:

exv4w4

 

EXHIBIT 4.4

TRANSLATION

TENANCY AGREEMENT

According to the laws and regulations of the Country, province and the district, and through
negotiation of both parties, Party A agree to let the property to Party B, detail of the tenancy
agreement are as follow:

	1.	 	Contract related parties

	 	 	 
	Landlord: (Party A) Shenzhen Shekou Real Property Company

	 	Representative:Wong Bin Chim
	Address: 15th Floor Shekou Building

	 	Telephone: 26861460,26861829
	 
	 	 
	Lessee: (Party B) Jetcrown Indstrial (Shenzhen) Ltd

	 	Representative:
	Address:

	 	Telephone:

	2.	 	Rental and lease period

	 	a.	 	Party A owns and leases the property situate at 1/F-7/F, Block 13, NanShui
Siu Village and 201, 202, 204, 206, 409 Block B9 NanShui Siu Village
Shekou, Shenzhen. The construction area of the leased property is 1,974.95
square meters in total. The rental for the leased property is calculated based
on DOLLARS NINTEEN RENMINBI (RMB 19) per square meter per
month. The purpose of the leased property is for dormitory and the total
monthly rental is DOLLARS THIRTY-SEVEN THOUSAND FIVE
HUNDRED AND TWENTY-FOUR RENMINBI (RMB 37,524). (Remark:
Total rental for the year 2006 was at 8% discount as the payment was made
at one time, i.e. DOLLARS THIRTY-FOUR THOUSAND FIVE HUNDRED
TWENTY-TWO AND CENTS EIGHT RENMINBI per month (RMB
34,522.08))

	 
	 	b.	 	The rental period for the leased property is one year commencing from 1
January 2006 to 31 December 2006. Rental will be adjusted yearly to market
rate.

	3.	 	Method of payment of rental

	 	a.	 	On signing this contract, if the parties are using the name of individual,
identity card or temporary ID should be provided. If the parties are using the
name of company, business registration, representative letter and identity
card should be provided to Assets Management Department of Party A. If
Party B intends to choose trust receipt by Bank, Party B should provide the
bank book of China Merchant Bank to the Assets Management Department
of Party A for relevant procedures of trust receipt. On signing this contract,
Party B shall pay to Party A a guarantee sum of DOLLARS
SEVENTY-FIVE THOUSAND AND FORTY-EIGHT RENMINBI (RMB
75,048).

	 
	 	b.	 	Bank account of Party B should have sufficient amount for payment of rental.
If the bank account of Party B do not have sufficient amount for payment, a
late charge of 3% of monthly rental will be charged. If the rental overdue
more than one month, Party A has the right to possession of the property and

 

 

	 	 	 	reserve the right to request Party B to pay the rental. Party A can perform the
aforementioned through Property Lease Management Department, or through Legal Department
if it is necessary. At the same time, the guarantee sum will not be refunded to Party B.
Upon the expiry of the contract, without the agreement between Party A and Party B for
renewal of the contract, Party B should moved out within 3 days from the contract expiry
date and the leased property should be returned to Party A. If Party B do not moved out
within 3 days after the contract expiry date double rental should be paid to Party A.

	4.	 	The Rights and Obligation of the parties

	 	a.	 	Property tax, land use right charge and lease property management fee should be
borne by Party A; water and electricity charges, cleaning fee, and property management
fee should be borne by Party B.

	 
	 	b.	 	Party B is not allowed to perform any decoration without the permission of Party A.
Otherwise, any loss or expense incurred will be borne by Party B.

	 
	 	c.	 	Party B is not allowed to change the structure and usage of the property at his
own discretion. No matter the leased property is destroyed by Part B in accident or any
other case, Party B should responsible to compensate the economic loss and return the
property to its original status.

	 
	 	d.	 	During the tenancy period, Party B should obey to the relevant laws and regulations
of Province Urban Management and Property Management. Party B should corporate with Party
A and maintains the property in good conditions. Party B should guarantee the property
and public facilities are in good conditions and safety, and maintain civilization.

	 
	 	e.	 	During the tenancy period, if there is any loss arise from the occurrence of
natural disasters, the tenancy agreement will be terminated automatically. Both parties
should handle the case according to the relevant regulations.

	5.	 	Surrender or renewal

	 	a.	 	During the tenancy period, Party B is not allowed to sublet the property to third
parties. Otherwise, a penalty, which equals to five times of the monthly rental, will be
imposed and Party A will take procession of the property. On the time of expiry of the
contract or termination of the contract, Party B should return the property to Party A.
If Party B intends to extend the rental period, they should inform Party A one month
before the expiry in written. If Party B does not moved out and return the property and
he does not intend to renew the contract, Party A has the right to take relevant actions
to take possession of the property. Party A can deduct or confiscate the contract
guarantee sum and request Party B to pay the overdue rental.

	 
	 	b.	 	During the tenancy period, if party A have to possess the property due to the
operation of business, Party A has to inform Party B one month before in writing. Party A
has to compensate one month rental to Party B. If Party B want to terminate he contract,
he also has to inform Party A one month before in writing, and Party B has to compensate Party A equals to 50% of

 

 

	 	 	 	the guarantee sum. On the time of termination of the contract, the property has to be
checked by relevant department of Party A, rental will be counted up to the date shown
on the move out notice issued by Property Management. Party B should present the
relevant documents to Asset Management Department of Party A within 2 working days.
Otherwise, double rental will be charged on the exceeding period. After the termination
of tenancy agreement, the party who raise out the decision cannot change, otherwise,
any economic loss caused will be borne by the this party.

	 
	 	c.	 	Upon expiry or termination of the contact, Party B has to settle all the water
and electricity charge, management fee to the management company which the Party A
trusted. Party A or the management company will then check the
property, any damage in the leased property should be borne by Party B. The easy damage
parts including electrical pipe, sockets, switchers, door-lock, door-handle, lower
water pipe, water box component etc. Penalty for damage other than the aforementioned
will depends on different tenancy period. Termination within 6 month from the date of
commencing the contract, Party B has to pay repair cost for any damage. Termination
after 6 months from the date of commencing the contract, the repair cost for the
following items can be waived (exclude damage other than natural deterioration), for
example, the wall printing, door, window, security system, water pipe, electricity
power, toilet, renew facility printing etc..

	6.	 	If there shall be anything that is not provided for by this agreement, the parties can issue
supplementary agreement through negotiation. Supplementary agreement and the original
agreement all have equal legal validity.

	7.	 	If there shall be any dispute arising through fulfillment, it should be solved by the
discussions and negotiation of the parties. If there shall be no agreement made in
negotiation, mediation can be made through the Management Department of the property or
prosecution can be made in the People’s Court.

	8.	 	The contract is valid since the date of signature and Company chop. The contract has two
copies, Party A and Party B will keep one with each other, they are all have equal legal
validity.

	9.	 	There are additional terms “one and two” in the supplementary which are of equal validity
with the main contract.

	 	 	 
	Party A: Shenzhen Shekou Real Property Company

	 	Party B: Jetcrown Industrial (Shenzhen) Ltd
	 
	 	 
	Signature of

Representative: Signed &
Chopped

	 	Signature of

Representative: Signed and
Chopped
	 
	 	 
	Date: 30 March 2006

	 	       Date: 30 March 2006exv4wxiy

 

Exhibit 4(i)

GSL ENERGY CORPORATION

2005 STOCK OPTION PLAN

As Adopted On August 10, 2005

     This 2005 Stock Option Plan (the “Plan”) is adopted by GSL Energy Corporation (the “Company”)
effective as of August 10, 2005.

     1. Definitions.

          Unless otherwise indicated or required by the particular context, the terms used in this Plan
shall have the following meanings:

          Board: The Board Of Directors of the Company.

          Code: The Internal Revenue Code of 1986, as amended.

          Common Stock: The $.001 par value common stock of the Company.

          Company: GSL Energy Corporation, a corporation incorporated under the laws of
Maryland, any current or future wholly owned subsidiaries of the Company, and any successors in
interest by merger, operation of law, assignment or purchase of all or substantially all of the
property, assets or business of the Company.

          Date Of Grant: The date on which an Option, as defined below, is granted under the
Plan.

          Fair Market Value: The Fair Market Value of the Option Shares (defined below). The
Fair Market Value as of any date shall be as reasonably determined by the Option Committee (defined
below); provided, however, that if there is a public market for the Common Stock, the Fair Market
Value of the Option Shares as of any date shall not be less than the last reported sale price for
the Common Stock on that date (or on the preceding stock market business day if such date is a
Saturday, Sunday, or a holiday), on the New York Stock Exchange (“NYSE”), as reported in The Wall
Street Journal, or if not reported in The Wall Street Journal, as reported in The Denver Post, or
if no last sale price for the NYSE is available, then the last reported sale price on either
another stock exchange or on a national or local over-the-counter market, as reported by The Wall
Street Journal, or if not available there, in The Denver Post; provided further, that if no such
published last sale price is available and a published bid price is available from one of those
sources, then the Fair Market Value of the shares shall not be less than such last reported bid
price for the Common Stock by the National Quotation Bureau, and if no such published bid price is
available, the Fair Market Value of such shares shall not be less than the average of the bid
prices quoted as of the close of business on that date by any two independent persons or entities
making a market for the Common Stock, such persons or entities to be selected by the Option
Committee.

          Incentive Options: “Incentive stock options” as that term is defined in Code Section
422 or the successor to that Section.

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          Key Employee: A person designated by the Option Committee who is employed by the
Company and whose continued employment is considered to be in the best interests of the Company
provided; however, that Key Employees shall not include those members of the Board who are not
employees of the Company.

          Key Individual: A person or entity, other than an employee of the Company, who is
committed to the interests of the Company; provided, however, that Key Individuals shall not
include those members of the Board who are not employees of the Company.

          Non-Employee Director: A director of the Company who (a) is not currently an officer
of the Company or a parent or subsidiary of the Company, or otherwise currently employed by the
Company or a parent or subsidiary of the Company, (b) does not receive compensation, either
directly or indirectly, from the Company or a parent or subsidiary of the Company, for services
rendered as a consultant or in any capacity other than as a director, except for an amount that
does not exceed the dollar amount for which disclosure would be required pursuant to Regulation
S-K, Item 404(a), under the Securities Act of 1933, as amended, (c) does not possess an interest in
any other transaction for which disclosure by the Company would be required pursuant to Regulation
S-K, Item 404(a), and (d) is not engaged in a business relationship for which disclosure by the
Company would be required pursuant to Regulation S-K, Item 404(a).

          Non-Qualified Options: Options that are not intended to qualify, or otherwise do not
qualify, as “incentive stock options” under Code Section 422 or the successor to that Section. To
the extent that Options that are designated by the Option Committee as Incentive Options do not
qualify as “incentive stock options” under Code Section 422 or the successor to that Section, those
Options shall be treated as Non-Qualified Options.

          Option: The rights to purchase Common Stock granted pursuant to the terms and
conditions of an Option Agreement (defined below).

          Option Agreement: The written agreement (including any amendments or supplements
thereto) between the Company and either a Key Employee or a Key Individual or a Non-Employee
Director designating the terms and conditions of an Option.

          Option Committee: The Plan shall be administered by an Option Committee (“Option
Committee”) composed of the Board or by a committee, selected by the Board, consisting of two or
more Directors, each of whom is a Non-Employee Director.

          Option Shares: The shares of Common Stock underlying an Option granted pursuant to
this Plan.

          Optionee: A Key Employee, Key Individual or Non-Employee Director who has been
granted an Option.

     2. Purpose And Scope.

          (a) The purpose of the Plan is to advance the interests of the Company and its stockholders by
affording Key Employees, Key Individuals, and Non-Employee Directors upon whose initiative and
efforts, in the aggregate, the Company is largely dependent for the successful

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conduct of its business, an opportunity for investment in the Company and the incentive
advantages inherent in stock ownership in the Company.

          (b) This Plan authorizes the Option Committee to grant Incentive Options to Key Employees and
to grant Non-Qualified Options to Key Employees and Key Individuals, selected by the Option
Committee while considering criteria such as employment position or other relationship with the
Company, duties and responsibilities, ability, productivity, length of service or association,
morale, interest in the Company, recommendations by supervisors, the interests of the Company, and
other matters.

     3. Administration Of The Plan.

          (a) The Plan shall be administered by the Option Committee. The Option Committee shall have
the authority granted to it under this Section and under each other section of the Plan.

          (b) In accordance with and subject to the provisions of the Plan, the Option Committee shall
select the Optionees and shall determine (i) the number of shares of Common Stock to be subject to
each Incentive Option and Non-Qualified Option, (ii) the time at which each Incentive Option and
Non-Qualified Option is to be granted, (iii) whether an Incentive Option and Non-Qualified Option
shall be granted in exchange for the cancellation and termination of a previously granted option or
options under the Plan or otherwise, (iv) the purchase price for the Incentive Option and
Non-Qualified Option Shares, provided that the purchase price shall be a fixed, and cannot be a
fluctuating, price, (v) the option period, including provisions for the termination of the Option
prior to the expiration of the exercise period upon the occurrence of certain events, (vi) the
manner in which an Incentive Option and Non-Qualified Option becomes exercisable, including whether
portions of the Incentive Option and Non-Qualified Option become exercisable at different times,
and (vii) such other terms and conditions as the Option Committee may deem necessary or desirable.
The Option Committee shall determine the form of Option Agreement to evidence each Option.

          (c) The Option Committee from time to time may adopt such rules and regulations for carrying
out the purposes of the Plan as it may deem proper and in the best interests of the Company. The
Option Committee shall keep minutes of its meetings and those minutes shall be distributed to every
member of the Board.

          (d) The Board from time to time may make such changes in and additions to the Plan as it may
deem proper and in the best interests of the Company provided, however, that no such change or
addition shall impair any Option previously granted under the Plan, and that the approval by
written consent of a majority of the holders of the Company’s securities entitled to vote, or by
the affirmative votes of the holders of a majority of the Company’s securities entitled to vote at
a meeting duly held in accordance with the applicable laws of the State of Maryland, shall be
required for any amendment which would do any of the following:

	 	(i)	 	materially modify the eligibility requirements
for receiving Options under the Plan;

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	 	(ii)	 	materially increase the benefits accruing to
Key Employees, Key Individuals, or Non-Employee Directors under the
Plan; or
	 
	 	(iii)	 	materially increase the number of shares of
Common Stock that may be issued under the Plan.

          (e) Each determination, interpretation or other action made or taken by the Option Committee,
unless otherwise determined by the Board, shall be final, conclusive and binding on all persons,
including without limitation, the Company, the stockholders, directors, officers and employees of
the Company, and the Optionees and their respective successors in interest. No member of the
Option Committee shall be personally liable for any action, determination, or interpretation made
in good faith with respect to the Plan, and all members of the Option Committee shall be, in
addition to rights they may have as directors of the Company, fully protected by the Company with
respect to any such action, determination or interpretation. If the Board makes a determination
contrary to the Option Committee’s determination, interpretation or other action, then the Board’s
determination shall be final and conclusive in the same manner.

     4. The Common Stock.

          The Board is authorized to appropriate, issue and sell for the purposes of the Plan, and the
Option Committee is authorized to grant Options with respect to a total number not in excess of
20,000,000 shares of Common Stock, either treasury or authorized and unissued, or the number and
kind of shares of stock or other securities which in accordance with Section 10 shall be
substituted for the 20,000,000 shares or into which such 20,000,000 shares shall be adjusted. All
or any unsold shares subject to an Option that for any reason expires or otherwise terminates
before it has been exercised, again may be made subject to Options under the Plan.

     5. Eligibility.

          Incentive Options may be granted only to Key Employees. Non-Qualified Options may be granted
both to Key Employees and to Key Individuals. Key Employees and Key Individuals may hold more than
one Option under the Plan and may hold Options under the Plan as well as options granted pursuant
to other plans or otherwise.

     6. Option Price.

          The Option Committee shall determine the purchase price for the Option Shares; provided,
however, that with respect to Option Shares underlying Incentive Options (a) the purchase price
shall not be less than 100 percent of the Fair Market Value of the Option Shares on the Date Of
Grant and (b) the purchase price shall be a fixed, and cannot be a fluctuating, price. The Option
Price for Option Shares underlying Non-Qualified Options shall be the Fair Market Value of the
Common Stock on the Date Of Grant.

     7. Duration And Exercise Of Options.

          (a) Except as otherwise provided herein, the option period shall commence on the Date Of Grant
and shall continue for the period designated by the Option Committee up to a maximum of ten years
from the Date Of Grant.

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          (b) During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee;
provided that, subject to the following sentence and paragraph (d) of this Section 7, in the event
of the legal disability of an Optionee, the guardian or personal representative of the Optionee may
exercise the Option. If the Option is an Incentive Option it may be exercised by the guardian or
personal representative of the Optionee only if the guardian or personal representative obtains a
ruling from the Internal Revenue Service or an opinion of counsel to the effect that neither the
grant nor the exercise of such power is violative of Code Section 422(b)(5) or the successor to
that provision. Any opinion of counsel must be both from counsel acceptable to the Option
Committee and in a form acceptable to the Option Committee.

          (c) If the Optionee’s employment or affiliation with the Company is terminated for any reason
including the Optionee’s death, any Option then held, to the extent that the Option was exercisable
according to its terms on the date of termination, may be exercised only to the extent determined
by the Option Committee at the time of grant of the Option, but in no case more than three months
after termination. Any options remaining unexercised shall expire at the later of termination or
the end of the extended exercise period, if any.

          (d) Each Option shall be exercised in whole or in part by delivering to the office of the
Treasurer of the Company written notice of the number of shares with respect to which the Option is
to be exercised and by paying in full the purchase price for the Option Shares purchased as set
forth in Section 9 herein; provided, that an Option may not be exercised in part unless the
purchase price for the Option Shares purchased is at least $1,000.

          (e) No Option Shares may be sold, transferred or otherwise disposed of within six months of
the Date Of Grant by any person who is subject to the reporting requirements of Section 16(a) of
the Exchange Act on the Date Of Grant.

     8. Non-Qualified Options.

          (a) Option Exercise Price. The exercise price for the Non-Qualified Options shall be
the Fair Market Value of the Common Stock on the Date Of Grant.

          (b) Exercise. The Non-Qualified Options granted pursuant to this Plan shall vest and
become exercisable at the times determined by the Option Committee.

          (c) Term. The Non-Qualified Options shall expire ten years after the Date Of Grant or
as otherwise determined by the Option Committee. Notwithstanding the foregoing, Non-Qualified
Options shall expire, if not exercised, 90 days after the Optionee ceases to be a director,
consultant, or employee of the Company.

     9. Payment For Option Shares.

          (a) If the purchase price of the Option Shares purchased by any Optionee at one time is at
least $1,000, the Option Committee, in its sole discretion, upon request by the Optionee, may
permit all or part of the purchase price for the Option Shares to be paid by delivery to the
Company for cancellation shares of the Common Stock previously owned by the Optionee (“Previously
Owned Shares”) with a Fair Market Value as of the date of the payment equal to the portion of the
purchase price for the Option Shares that the Optionee does not pay in cash.

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Notwithstanding the above, an Optionee shall be permitted to exercise his Option by delivering
Previously Owned Shares only if he has held, and provides appropriate evidence of such, the
Previously Owned Shares for more than six months prior to the date of exercise. This period (the
“Holding Period”) may be extended by the Option Committee acting in its sole discretion as is
necessary, in the opinion of the Option Committee, so that, under generally accepted accounting
principles, no compensation shall be considered to have been or to be paid to the Optionee as a
result of the exercise of the Option in this manner. At the time the Option is exercised, the
Optionee shall provide an affidavit, and such other evidence and documents as the Option Committee
shall request, to establish the Optionee’s Holding Period. As indicated above, an Optionee may
deliver shares of Common Stock as part of the purchase price only if the Option Committee, in its
sole discretion agrees, on a case-by-case basis, to permit this form of payment.

          (b) If payment for the exercise of an Option is made other than by the delivery to the Company
for cancellation of shares of the Common Stock, the purchase price shall be paid in cash, certified
funds, or Optionee’s check. Payment shall be considered made when the Treasurer of the Company
receives delivery of the payment at the Company’s address, provided that a payment made by check is
honored when first presented to the Optionee’s bank.

     10. Change In Stock, Adjustments, Etc.

          In the event that each of the outstanding shares of Common Stock (other than shares held by
dissenting stockholders which are not changed or exchanged) should be changed into, or exchanged
for, a different number or kind of shares of stock or other securities of the Company, or if
further changes or exchanges of any stock or other securities into which the Common Stock shall
have been changed, or for which it shall have been exchanged, shall be made (whether by reason of
merger, consolidation, reorganization, recapitalization, stock dividends, reclassification,
split-up, combination of shares or otherwise), then there shall be substituted for each share of
Common Stock that is subject to the Plan but not subject to an outstanding Option hereunder, the
number and kind of shares of stock or other securities into which each outstanding share of Common
Stock (other than shares held by dissenting stockholders which are not changed or exchanged) shall
be so changed or for which each outstanding share of Common Stock (other than shares held by
dissenting stockholders) shall be so changed or for which each such share shall be exchanged. Any
securities so substituted shall be subject to similar successive adjustments.

          In the event of any such changes or exchanges, (i) the Option Committee shall determine
whether, in order to prevent dilution or enlargement of rights, an adjustment should be made in the
number, or kind, or option price of the shares or other securities that are then subject to an
Option or Options granted pursuant to the Plan, (ii) the Option Committee shall make any such
adjustment, and (iii) such adjustments shall be made and shall be effective and binding for all
purposes of the Plan.

     11. Relationship To Employment Or Position.

          Nothing contained in the Plan, or in any Option or Option Share granted pursuant to the Plan,
(i) shall confer upon any Optionee any right with respect to continuance of his employment by, or
position or affiliation with, or relationship to, the Company, or (ii) shall

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interfere in any way with the right of the Company at any time to terminate the Optionee’s
employment by, position or affiliation with, or relationship to, the Company.

     12. Non-transferability Of Option.

          No Option granted under the Plan shall be transferable by the Optionee, either voluntarily or
involuntarily, except (i) with respect to all Options, by will or the laws of descent and
distribution, or (ii) with respect to Non-Qualified Options, pursuant to a qualified domestic
relations order as defined in the Code, the Employee Retirement Income Security Act, or rules
promulgated thereunder. Except as provided in the preceding sentence, any attempt to transfer the
Option shall void the Option.

     13. Rights As A Stockholder.

          No person shall have any rights as a stockholder with respect to any share covered by an
Option until that person shall become the holder of record of such share and, except as provided in
Section 10, no adjustments shall be made for dividends or other distributions or other rights as to
which there is an earlier record date.

     14. Securities Laws Requirements.

          No Option Shares shall be issued unless and until, in the opinion of the Company, any
applicable registration requirements of the Securities Act of 1933, as amended, any applicable
listing requirements of any securities exchange on which stock of the same class is then listed,
and any other requirement of law or of any regulatory bodies having jurisdiction over such issuance
and delivery, have been fully complied with. Each Option Agreement and each Option Share
certificate and each Grant Share certificate may be imprinted with legends reflecting federal and
state securities laws restrictions and conditions, and the Company may comply therewith and issue
“stop transfer” instructions to its transfer agent and registrar in good faith without liability.

     15. Disposition Of Shares.

          To the extent reasonably requested by the Company, each Optionee, as a condition of exercise,
shall represent, warrant and agree, in a form of written certificate approved by the Company, as
follows: (a) that all Option Shares are being acquired solely for his own account and not on
behalf of any other person or entity; (b) that no Option Shares will be sold or otherwise
distributed in violation of the Securities Act of 1933, as amended, or any other applicable federal
or state securities laws; (c) that he or she will report all sales of Option Shares to the Company
in writing on a form prescribed by the Company; and (d) that if he or she is subject to reporting
requirements under Section 16(a) of the Exchange Act, (i) he or she will not violate Section 16(b)
of the Exchange Act, (ii) he or she will furnish the Company with a copy of each Form 4 and Form 5
filed by him or her, and (iii) he or she will timely file all reports required under the federal
securities laws.

     16. Effective Date Of Plan; Termination Date Of Plan.

          Subject to the approval of the Plan on or before August 10, 2006 by the affirmative vote of
the holders of a majority of the shares of Common Stock entitled to vote and represented at

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a meeting duly held in accordance with the applicable laws of the State of Maryland, the Plan
shall be deemed effective as of August 10, 2005. The Plan shall terminate at midnight on the date
that is ten years from that date, except as to Options previously granted and outstanding under the
Plan at that time. No Options shall be granted after the date on which the Plan terminates. The
Plan may be abandoned or terminated at any earlier time by the Board, except with respect to any
Options then outstanding under the Plan.

     17. Limitation On Amount Of Option.

          The aggregate Fair Market Value of the Option Shares underlying all Incentive Options that
have been granted to a particular Optionee and that become exercisable for the first time during
the same calendar year shall not exceed $100,000, provided that this amount shall be increased or
decreased, from time to time, as Code Section 422 or the successor to that Section, is amended so
that this amount at all times shall equal the amount of the limitation set forth in the Code. For
purposes of the preceding sentence, Fair Market Value of the Shares underlying any particular
Option shall be determined as of the date that Option is granted.

     18. Ten Percent Stockholder Rule.

          No Incentive Option may be granted to a Key Employee who, at the time the Incentive Option is
granted, owns stock possessing more than 10 percent of the total combined voting power of all
classes of stock of the Company or of any “parent corporation” or “subsidiary corporation”, as
those terms are defined in Section 424, or its successor provision, of the Code, unless at the time
the Incentive Option is granted the purchase price for the Option Shares is at least 110 percent of
the Fair Market Value of the Option Shares on the Date Of Grant and the Incentive Option by its
terms is not exercisable after the expiration of five years from the Date Of Grant. For purposes
of the preceding sentence, stock ownership shall be determined as provided in Section 424, or its
successor provision, of the Code.

     19. Withholding Taxes.

          The Option Agreement shall provide that the Company may take such steps as it may deem
necessary or appropriate for the withholding of any taxes which the Company is required by any law
or regulation or any governmental authority, whether federal, state or local, domestic or foreign,
to withhold in connection with any Option including, but not limited to, the withholding of all or
any portion of any payment or the withholding of issuance of Option Shares to be issued upon the
exercise of any Option.

     20. Effect Of Changes In Control And Certain Reorganizations.

          (a) In event of a Change In Control of the Company (as defined below), then all Options
granted pursuant to the Plan shall become exercisable immediately at the time of such Change In
Control, except that this acceleration would not occur with respect to any Incentive Options for
which the acceleration would result in a violation of Section 17 of this Plan, and, in addition,
the Option Committee, in its sole discretion, shall have the right, but not the obligation, to do
any or all of the following:

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	 	(i)	 	provide for an Optionee to surrender an Option
(or portion thereof) and to receive in exchange a cash payment, for
each Option share underlying the surrendered Option, equal to the
excess of the aggregate Fair Market Value of the Option Share on the
date of surrender over the exercise price for the Option Share. To the
extent any Option is surrendered pursuant to this Subparagraph 20(a)
(ii), it shall be deemed to have been exercised for purposes of Section
4 hereof; and
	 
	 	(ii)	 	make any other adjustments, or take any other
action, as the Option Committee, in its discretion, shall deem
appropriate provided that any such adjustments or actions would not
result in an Optionee receiving less value than pursuant to any or all
of Subparagraphs 20(a)(i) or 20(a) (ii) above.

               For purposes of this Section 20, a “Change In Control” of the Company shall mean a
change in
control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A promulgated under the Exchange Act regardless of whether the Company is then
subject to such reporting requirement.

          (b) In the event that the Company enters into, or the Board shall propose that the Company
enter into, a Reorganization Event (as defined below), then all Options granted pursuant to the
Plan shall become exercisable immediately at the time of such Reorganization Event, except that
this acceleration would not occur with respect to any Incentive Options for which the advance would
result in a violation of Section 17 of this Plan, and, in addition, the Option Committee, in its
sole discretion, may make any or all of the following adjustments:

	 	(i)	 	by written notice to each Optionee provide that
such Optionee’s Options shall be terminated or cancelled, unless
exercised within 30 days (or such longer period as the Option Committee
shall determine) after the date of such notice;
	 
	 	(ii)	 	provide for termination or cancellation of an
Option in exchange for payment to the Optionee of an amount in cash or
securities equal to the excess, if any, over the exercise price of that
Option of the Fair Market Value of the Option Shares subject to the
Option at the time of such termination or cancellation; and
	 
	 	(iii)	 	make any other adjustments, or take any other
action, as the Option Committee, in its discretion, shall deem
appropriate, provided that any such adjustments or actions shall not
result in the Optionee receiving less value than is possible pursuant
to any or all of Subparagraphs 20(b)(i) and 20(b)(ii) above. Any
action taken by the Option Committee may be made conditional upon the
consummation of the applicable Reorganization Event.

9

 

               For purposes of this Section 20, a “Reorganization Event” shall be deemed to occur if
(A) the
Company is merged or consolidated with another corporation, (B) one person becomes the beneficial
owner of all of the issued and outstanding equity securities of the Company (for purposes of this
Section 20(b), the terms “person” and “beneficial owner” shall have the meanings assigned to them
in Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder), (C) a
division or subsidiary of the Company is acquired by another corporation, person or entity, (D) all
or substantially all the assets of the Company are acquired by another corporation, or (E) the
Company is reorganized, dissolved or liquidated.

     21. Other Provisions.

          The following provisions are also in effect under the Plan:

          (a) The use of a masculine gender in the Plan shall also include within its meaning the
feminine, and the singular may include the plural, and the plural may include the singular, unless
the context clearly indicates to the contrary.

          (b) Any expenses of administering the Plan shall be borne by the Company.

          (c) This Plan shall be construed to be in addition to any and all other compensation plans or
programs. Neither the adoption of the Plan by the Board nor the submission of the Plan to the
stockholders of the Company for approval shall be construed as creating any limitations on the
power or authority of the Board to adopt such other additional incentive or other compensation
arrangements as the Board may deem necessary or desirable.

          (d) The validity, construction, interpretation, administration and effect of the Plan and of
its rules and regulations, and the rights of any and all persons having or claiming to have an
interest therein or thereunder shall be governed by and determined exclusively and solely in
accordance with the laws of the State of Maryland.

* * * * *

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