Document:

Exhibit
10.1

 

 

 

FORM OF

 

REGISTRATION RIGHTS AGREEMENT

 

 

by and among

 

 

AEGEAN
MARINE PETROLEUM NETWORK INC.,

 

 

LEVERET
INTERNATIONAL INC.

 

 

and

 

 

AMPNINVEST
LLC

 

 

 

 

Dated as of                       
    , 2006

 

 

REGISTRATION RIGHTS
AGREEMENT, dated as of                       
    , 2006, by and among AEGEAN MARINE PETROLEUM NETWORK
INC., a Marshall Islands corporation (the “Company”), LEVERET
INTERNATIONAL INC., a Liberian corporation (“Leveret”), and AMPNINVEST
LLC, a Marshall Islands limited liability company (“AMPNInvest” and
together with Leveret, the “Shareholders”).

 

In consideration of the
mutual covenants and agreements herein contained and other good and valid
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

1.             Certain Definitions.

 

In addition to the terms
defined elsewhere in this Agreement, the following terms shall have the
following meanings:

 

“Affiliate” of any Person means any other
Person which directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such
Person.  The term “control”
(including the terms “controlling,” “controlled by” and “under
common control with”) as used with respect to any Person means the
possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise.

 

“Agreement” means this Registration Rights
Agreement, including all amendments, modifications and supplements and any
exhibits or schedules to any of the foregoing, and shall refer to this
Registration Rights Agreement as the same may be in effect at the time such
reference becomes operative.

 

“Common Stock” means common shares, par value
$0.01 per share, of the Company and any other shares into which such shares are
converted pursuant to a recapitalization or reorganization.

 

“Company” has the meaning set forth in the
introductory paragraph.

 

“Demand Registration” has the meaning set forth
in Section 2(a) hereof.

 

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

 

“Governmental Entity” means any national,
federal, state, municipal, local, territorial, foreign or other government or
any department, commission, board, bureau, agency, regulatory authority or
instrumentality thereof, or any court, judicial, administrative or arbitral
body or public or private tribunal.

 

“Holder” means any holder of record of
Registrable Common Shares and any transferees of such Registrable Common Shares
from such Holders.  For purposes of this
Agreement, the Company may deem and treat the registered holder of Registrable
Common Shares as the Holder and absolute owner thereof, and the Company shall
not be affected by any notice to the contrary.

 

“Initiating Holders” has the meaning set forth
in Section 2(a) hereof.

 

1

 

“Person” means any individual, sole
proprietorship, partnership, limited liability company, joint venture, trust,
incorporated organization, association, corporation, institution, public
benefit corporation, Governmental Entity or any other entity.

 

“Piggyback Registration” has the meaning set
forth in Section 4(a) hereof.

 

“Prospectus” means the prospectus or
prospectuses included in any Registration Statement, as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Common Shares covered by such Registration Statement
and by all other amendments and supplements to the prospectus, including issuer
free writing prospectuses, post-effective amendments and all material
incorporated by reference in such prospectus or prospectuses.

 

“Qualifying IPO” means the sale in an
underwritten initial public offering registered under the Securities Act of
shares of common equity securities of the Company.

 

“Registrable Common Shares” means the Common
Shares held by the Shareholders or affiliates of the Shareholders as of the
date of the Qualifying IPO; provided, however, that Registrable Common Shares
shall not include any securities that are or become tradeable without
restriction as to volume pursuant to Rule 144 or that are sold by a Person to
the public either pursuant to a Registration Statement or Rule 144.

 

“Registration Expenses” has the meaning set
forth in Section 7(a) hereof.

 

“Registration Statement” means any registration
statement of the Company which covers any of the Registrable Common Shares
pursuant to the provisions of this Agreement, including the Prospectus,
amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by
reference in such Registration Statement.

 

“SEC” means the Securities and Exchange
Commission.

 

“Securities Act” means the Securities Act of
1933, as amended.

 

“Shelf Registration” has the meaning set forth
in Section 3(a) hereof.

 

“Shareholders” has the meaning set forth in the
introductory paragraph.

 

“Suspension Notice” has the meaning set forth
in Section 6(f) hereof.

 

“Underwritten registration” or “underwritten
offering” means a registration in which securities of the Company are sold
to underwriters for reoffering to the public.

 

“Withdrawn Demand Registration” has the meaning
set forth in Section 2(f) hereof.

 

2.             Demand
Registrations.

 

(a)           Right to Request
Registration.  At any time commencing
180 days following the closing of a Qualifying IPO, any Holder or Holders may
request registration under the Securities Act (“Initiating Holders”) of
all or part of the Registrable Common Shares (“Demand Registration”);
provided, that each Demand Registration be at least equal to 10% of the Company’s
outstanding common shares immediately

 

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following the closing of
such Qualifying IPO.  The Company shall
use its commercially reasonable efforts to effect, as expeditiously as
possible, the Demand Registration of any number of Registrable Common Shares
for which it receives requests in accordance with this Section 2.

 

Within 10 days after
receipt of any such request for Demand Registration, the Company shall give
written notice of such request to all other Holders of Registrable Common
Shares and shall, subject to Sections 2(c) and 2(d) hereof, include in such
registration all such Registrable Common Shares with respect to which the
Company has received written requests for inclusion therein within 15 days
after the receipt of the Company’s notice.

 

(b)           Number of Demand
Registrations.  Subject to the
provisions of Section 2(a), the Initiating Holders of Registrable Common Shares
shall collectively be entitled to request an aggregate of three Demand
Registrations.  A registration shall not
count as one of the permitted Demand Registrations (i) until it has become
effective, (ii) if the Initiating Holders requesting such registration are not
able to have registered and sold at least 50% of the Registrable Common Shares
requested by such Initiating Holders to be included in such registration or
(iii) in the case of a Demand Registration that would be the last permitted
Demand Registration requested hereunder, if the Initiating Holders requesting
such registration are not able to have registered and sold all of the
Registrable Common Shares requested to be included by such Initiating Holders
in such registration.

 

(c)           Priority on Demand
Registrations.  The Company shall not
include in any Demand Registration any securities which are not Registrable
Common Shares without the written consent of the Holders of a majority of the
Registrable Common Shares to be included in such registration, or, if such
Demand Registration is an underwritten offering, without the written consent of
the managing underwriters.  If the
managing underwriters of the requested Demand Registration advise the Company
in writing that in their opinion the number of shares of Registrable Common
Shares proposed to be included in any such registration exceeds the number of
securities which can be sold in such offering without having an adverse affect
on such offering, including the price at which such Registrable Common Shares
can be sold, the Company shall include in such registration only the number of
shares of Registrable Common Shares which in the opinion of such managing
underwriters can be sold without having the adverse effect referred to
above.  If the number of shares which can
be sold without having the adverse effect referred to above is less than the
number of shares of Registrable Common Shares proposed to be registered, the
amount of Registrable Common Shares to be so sold shall be allocated (i) first,
the Registrable Common Shares requested to be included therein by the
Shareholders, pro rata between the Shareholders on the basis of the number of
shares requested to be registered by the Shareholders, and (ii) second, the
Registrable Common Shares requested to be included therein by the other
Holders, if any, pro rata among such Holders on the basis of the number of
shares requested to be registered by such Holders. If the number of shares
which can be sold exceeds the number of shares of Registrable Common Shares
proposed to be sold, such excess shall be allocated pro rata among the other
holders of securities, if any, desiring to participate in such registration
based on the amount of such securities initially requested to be registered by
such holders or as such holders may otherwise agree.

 

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(d)           Restrictions on
Demand Registrations.  The Company
shall not be obligated to effect any Demand Registration within three months
after the termination of an offering under a previous Demand Registration or a
previous registration under which the Initiating Holder had piggyback rights
pursuant to Section 4 hereof where the Initiating Holder was permitted to
register and sell all of the Registrable Common Shares requested to be included
therein.  The Company may postpone for up
to 90 days the filing or the effectiveness of a Registration Statement for a
Demand Registration if, based on the good faith judgment of the Company’s board
of directors, such postponement or withdrawal is necessary in order to avoid
premature disclosure of a matter the board has determined would not be in the
best interest of the Company to be disclosed at such time; provided, that in no
event shall the Company withdraw a Registration Statement after such
Registration Statement has been declared effective; and provided, further, that
in the event described above, the Initiating Holders requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is
withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations.  The Company shall
provide written notice to the Initiating Holders requesting such Demand
Registration of (i) any postponement or withdrawal of the filing or
effectiveness of a Registration Statement pursuant to this Section 2(d), (ii)
the Company’s decision to file or seek effectiveness of such Registration
Statement following such withdrawal or postponement and (iii) the effectiveness
of such Registration Statement.  The
Company may defer the filing of a particular Registration Statement pursuant to
this Section 2(d) only once during any 12-month period.

 

(e)           Selection of
Underwriters.  If any of the
Registrable Common Shares covered by a Demand Registration are to be sold in an
underwritten offering, the Initiating Holders shall have the right to select
the managing underwriter or underwriters to administer the offering subject to
the approval of the Company, which will not be unreasonably withheld.

 

(f)            Effective Period of
Demand Registrations.  After any
Demand Registration filed pursuant to this Agreement has become effective, the
Company shall use its commercially reasonable efforts to keep such Demand
Registration effective for a period equal to one year from the date on which
the SEC declares such Demand Registration effective (or if such Demand
Registration is not effective during any period within such period, such period
shall be extended by the number of days during such period when such Demand
Registration is not effective), or such shorter period which shall terminate
when all of the Registrable Common Shares covered by such Demand Registration
have been sold pursuant to such Demand Registration or are otherwise permitted
to be resold freely by all selling shareholders in such Demand Registration
under Rule 144 without regard to volume. 
If the Company shall withdraw any Demand Registration pursuant to
Section 2(d) (a “Withdrawn Demand Registration”), the Initiating Holders
of the Registrable Common Shares remaining unsold and originally covered by
such Withdrawn Demand Registration shall be entitled to a replacement Demand
Registration which (subject to the provisions of this Section 2) the Company
shall use its best efforts to keep effective for a period commencing on the
effective date of such Demand Registration and ending on the earlier to occur
of the date (i) which is one year from the effective date of such Demand
Registration and (ii) on which all of the Registrable Common Shares covered by
such Demand Registration have been sold or are

 

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otherwise permitted to be
resold freely by all selling shareholders in such Demand Registration under
Rule 144 without regard to volume.  Such
additional Demand Registration otherwise shall be subject to all of the
provisions of this Agreement.

 

3.             Shelf
Registration.

 

(a)           At such time as the
Company is able to use Form F-3 under the Securities Act (or any successor
form) for sales of Registrable Common Shares by a Holder, at the request of
Holders of the lesser of (x) 5% of the Registrable Common Shares (without
reduction for Common Shares that cease to be Registrable Common Shares) and (y)
Registrable Common Shares having an aggregate market value of at least $10
million, the Company shall use its commercially reasonable efforts to effect,
as expeditiously as possible, the registration under the Securities Act of any
number of Registrable Common Shares for which it receives requests in
accordance with this Section 3 (the “Shelf Registration”).  The Company shall use its commercially
reasonable best efforts to cause such Registration Statement to become
effective as promptly as practicable and maintain the effectiveness of such
Registration Statement (subject to the terms and conditions herein) for a
period ending on the earlier of (i) three years following the date on which
such Registration Statement first becomes effective (but one year if the
Company is not able to use Form F-3 under the Securities Act (or any successor
form)) and (ii) the date on which all Registrable Common Shares covered by such
Registration Statement have been sold and the distribution contemplated thereby
has been completed or have become freely tradeable pursuant to Rule 144 without
regard to volume.

 

(b)           The Shelf Registration
Statement pursuant to this Section 3 shall to the extent possible under
applicable law, be effected to permit sales on a continuous basis pursuant to
Rule 415 under the Securities Act. Any takedown under the Shelf Registration
pursuant to this Section 3 may or may not be underwritten; provided, however,
that (i) Holders may request any underwritten takedown only to be effected as a
Demand Registration (in which event, unless such Demand Registration would not
require representatives of the Company to meet with prospective purchasers of
the Company’s securities, a Demand Registration must be available thereunder
and the number of Demand Registrations available shall be reduced by one under
Section 2(b)) or (ii) Holders may request an unlimited number of underwritten
takedowns to be effected in accordance with the terms of Section 4. The Company
shall be entitled to effect the Shelf Registration on any available form under
the Securities Act.

 

(c)           Within 10 days after
receipt of any such request for the Shelf Registration, the Company shall give
written notice of such request to all other Holders of Registrable Common
Shares and shall include in such registration all such Registrable Common
Shares with respect to which the Company has received written requests for
inclusion therein within 15 days after the receipt of the Company’s notice.

 

(d)           The number, percentage,
fraction or kind of shares referred to in this Section 4 shall be appropriately
adjusted for any stock dividend, stock split, reverse stock split, combination,
recapitalization, reclassification, merger or consolidation, exchange or
distribution in respect of the shares of Common Stock.

 

5

 

(e)           The Company, and any
other holder of the Company’s securities who has registration rights, may
include its securities in any Shelf Registration effected pursuant to this
Section 3.

 

4.             Piggyback
Registrations.

 

(a)           Right to Piggyback.  If at any time commencing 180 days following
the closing of a Qualifying IPO the Company proposes to register any of its
common equity securities under the Securities Act (other than a registration
statement on Form S-8 or on Form F-4 (or any similar successor forms thereto or
in connection with (A) an employee stock option, stock purchase or compensation
plan or securities issued or issuable pursuant to any such plan, or (B) a
dividend reinvestment plan), whether for its own account or for the account of
one or more shareholders of the Company, and the registration form to be used
may be used for any registration of Registrable Common Shares (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event
within 10 days after its receipt of notice of any exercise of other demand
registration rights) to all Holders of its intention to effect such a
registration and shall, subject to Sections 4(b) and 4(c), include in such
registration all such Registrable Common Shares with respect to which the
Company has received written requests for inclusion therein within 15 days
after the receipt of the Company’s notice. 
The Company may postpone or withdraw the filing or the effectiveness of
a Piggyback Registration at any time in its sole discretion.

 

(b)           Priority on Primary
Registrations.  If a Piggyback
Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriters advise the Company in writing that in their
opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without having an adverse
effect on such offering, the Company shall include in such registration (i)
first, the securities the Company proposes to sell, (ii) second, the
Registrable Common Shares requested to be included therein by the Shareholders,
pro rata between the Shareholders on the basis of the number of shares
requested to be registered by the Shareholders, (iii) third, the Registrable
Common Shares requested to be included therein by the other Holders, if any, pro
rata among such Holders on the basis of the number of shares requested to be
registered by such Holders, and (iv) fourth, other securities requested to be
included in such registration pro rata among the holders of such securities on
the basis of the number of shares requested to be registered by such holders or
as such holders may otherwise agree.

 

(c)           Priority on
Secondary Registrations.  If a Piggyback
Registration is an underwritten secondary registration on behalf of a holder of
the Company’s securities other than Registrable Common Shares, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in such offering without having an adverse effect on such
offering, the Company shall include in such registration (i) first, the
securities requested to be included therein by the holders requesting such
registration, (ii) second, the Registrable Common Shares requested to be
included therein by the Shareholders, pro rata between the Shareholders on the
basis of the number of shares requested to be registered by the Shareholders,
(iii) third, the

 

6

 

Registrable Common Shares
requested to be included therein by the other Holders, if any, pro rata among
such Holders on the basis of the number of shares requested to be registered by
such Holders, and (iv) fourth, other securities requested to be included in
such registration pro rata among the holders of such securities on the basis of
the number of shares requested to be registered by such holders or as such
holders may otherwise agree.

 

(d)           Selection of
Underwriters.  If any Piggyback
Registration is an underwritten primary offering, the Company shall have the
right to select the managing underwriter or underwriters to administer any such
offering.

 

(e)           Other Registrations.  If the Company has previously filed a
Registration Statement with respect to Registrable Common Shares, and if such
previous registration has not been withdrawn or abandoned, the Company shall
not be obligated to cause to become effective any other registration of any of
its securities under the Securities Act, whether on its own behalf or at the
request of any holder or holders of such securities, until a period of at least
90 days has elapsed from the termination of the offering under the previous
registration.

 

5.             Holdback Agreements.

 

The Company and each
Holder agrees to enter into a reasonable and customary lock-up agreement with
the underwriters for any underwritten Demand Registration upon request of such
underwriters.

 

6.             Registration
Procedures.

 

(a)           Whenever the Holders
request that any Registrable Common Shares be registered pursuant to this
Agreement, the Company shall use its commercially reasonable efforts to effect
the registration and the sale of such Registrable Common Shares in accordance
with the intended methods of disposition thereof, and pursuant thereto the
Company shall as expeditiously as possible:

 

(i)            prepare
and file with the SEC a Registration Statement with respect to such Registrable
Common Shares and use its best efforts to cause such Registration Statement to
become effective as soon as practicable thereafter; and before filing a
Registration Statement or Prospectus or any amendments or supplements thereto,
furnish to the Holders of Registrable Common Shares covered by such Registration
Statement and the underwriter or underwriters, if any, copies of all such
documents proposed to be filed, including documents incorporated by reference
in the Prospectus and, if requested by such Holders, the exhibits incorporated
by reference, and such Holders shall have the opportunity to object to any
information pertaining to such Holders that is contained therein and the
Company will make the corrections reasonably requested by such Holders with
respect to such information prior to filing any Registration Statement or
amendment thereto or any Prospectus or any supplement thereto;

 

(ii)           prepare
and file with the SEC such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as

 

7

 

may be necessary
to keep such Registration Statement effective for a period of not less than one
year, in the case of a Demand Registration or such shorter period as is
necessary to complete the distribution of the securities covered by such
Registration Statement and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement;

 

(iii)          furnish to each seller of Registrable Common
Shares such number of copies of such Registration Statement, each amendment and
supplement thereto, the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and such other documents as such seller
may reasonably request in order to facilitate the disposition of the
Registrable Common Shares owned by such seller;

 

(iv)          use
its best efforts to register or qualify such Registrable Common Shares under
such other securities or blue sky laws of such jurisdictions as any seller
reasonably requests and do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Common Shares owned by
such seller (provided, that the Company will not be required to (x) qualify
generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subparagraph 6(a)(iv), (y) subject itself to
taxation in any such jurisdiction, or (z) consent to general service of process
in any such jurisdiction);

 

(v)           notify
each seller of such Registrable Common Shares, at any time when a Prospectus
relating thereto is required to be delivered under the Securities Act, of the
occurrence of any event as a result of which the Prospectus included in such
Registration Statement contains an untrue statement of a material fact or omits
any fact necessary to make the statements therein not misleading, and, at the
request of any such seller, the Company shall prepare a supplement or amendment
to such Prospectus so that, as thereafter delivered to the purchasers of such
Registrable Common Shares, such Prospectus shall not contain an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein not misleading;

 

(vi)          in
the case of an underwritten offering, enter into such customary agreements
(including underwriting agreements in customary form with customary
indemnification provisions) and take all such other actions as the Holders of a
majority of the Registrable Common Shares being sold or the underwriters
reasonably request in order to expedite or facilitate the disposition of such
Registrable Common Shares (including, without limitation, making members of
senior management of the Company available to participate in, and cause them to
cooperate with the underwriters in connection with, “road-show” and other customary

 

8

 

marketing
activities (including one-on-one meetings with prospective purchasers of the
Registrable Common Shares)) and cause to be delivered to the underwriters and
the sellers, if any, opinions of counsel to the Company in customary form,
covering such matters as are customarily covered by opinions for an
underwritten public offering as the underwriters may request and addressed to
the underwriters and the sellers;

 

(vii)         make available, for inspection by any seller
of Registrable Common Shares, any underwriter participating in any disposition
pursuant to such Registration Statement, and any attorney, accountant or other
agent retained by any such seller or underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such Registration Statement;

 

(viii)        use its best efforts to cause all such
Registrable Common Shares to be listed on each securities exchange on which
securities of the same class issued by the Company are then listed;

 

(ix)           if
requested, use its commercially reasonable efforts to cause to be delivered,
immediately prior to the effectiveness of the Registration Statement (and, in
the case of an underwritten offering, at the time of delivery of any
Registrable Common Shares sold pursuant thereto), letters from the Company’s
independent certified public accountants addressed to each selling Holder
(unless such selling Holder does not provide to such accountants the
appropriate representation letter required by rules governing the accounting
profession) and each underwriter, if any, stating that such accountants are
independent public accountants within the meaning of the Securities Act and the
applicable rules and regulations adopted by the SEC thereunder, and otherwise
in customary form and covering such financial and accounting matters as are
customarily covered by letters of the independent certified public accountants
delivered in connection with primary or secondary underwritten public
offerings, as the case may be;

 

(x)            make
generally available to its shareholders a consolidated earnings statement
(which need not be audited) for the 12 months beginning after the effective
date of a Registration Statement as soon as reasonably practicable after the
end of such period, which earnings statement shall satisfy the requirements of
an earning statement under Section 11(a) of the Securities Act;

 

(xi)           if
reasonably requested by the managing underwriter or underwriters or a Holder of
Registrable Common Shares being sold in connection with an underwritten
offering, promptly incorporate in a Prospectus supplement, post-effective
amendment or issuer free writing prospectus such

 

9

 

information as the
managing underwriters or the Holders of a majority of the Registrable Common
Shares being sold in such underwritten offering determine, upon advice of counsel,
is legally required to be included therein relating to the sale of the
Registrable Common Shares, including, without limitation, information with respect
to the aggregate number of shares of Registrable Common Shares being sold to
such underwriters, the purchase price being paid therefor by such underwriters
and with respect to any other terms of the underwritten offering of the
Registrable Common Shares to be sold in such offering; and promptly make all
required filings of such Prospectus supplement post-effective amendment or
issuer free writing prospectus;

 

(xii)          provide a CUSIP number for the Registrable
Common Shares no later than the effective date of such Registration Statement;

 

(xiii)         use commercially reasonable efforts to prevent
the happening of any event of the kinds described in clauses (C) and (D) of
Section 6(a)(xv);

 

(xiv)        cooperate and assist in any filings required to
be made with the National Association of Securities Dealers, Inc.; and

 

(xv)         promptly
notify each seller of Registrable Common Shares and the underwriter or
underwriters, if any:

 

(A)          when the Registration
Statement, any pre-effective amendment, the Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement has been
filed and, with respect to the Registration Statement or any post-effective
amendment, when the same has become effective;

 

(B)           of any comments of the
SEC or of any written request by the SEC for amendments or supplements to the
Registration Statement or Prospectus that relate to information provided, or to
be provided, by such seller or underwriter;

 

(C)           of the notification to
the Company by the SEC of its initiation of any proceeding with respect to the
issuance by the SEC of any stop order suspending the effectiveness of the
Registration Statement;

 

(D)          of the receipt by the
Company of any notification with respect to the suspension of the qualification
of any Registrable Common Shares for sale under the applicable securities or blue
sky laws of any jurisdiction; and

 

(E)           of the happening of any
event which makes any statement of a material fact made in any Registration
Statement, Prospectus or any document incorporated therein by reference untrue
or which requires the making of any changes in any Registration Statement,
Prospectus or any document incorporated therein by reference in order to

 

10

 

make the statements
therein (in the case of any Prospectus, in the light of the circumstances under
which they were made) not misleading.

 

(b)           The Company shall
ensure that no Registration Statement (including any amendments or supplements
thereto and Prospectuses contained therein) shall contain any untrue statement
of a material fact or omit to state a material fact required to be stated
therein, or necessary to make the statements therein (in the case of any
Prospectus, in the light of the circumstances under which they were made) not
misleading (except, with respect to any Holder, for an untrue statement or
alleged untrue statement of a material fact or omission or alleged omission of
a material fact made in reliance on and in conformity with written information
furnished to the Company by or on behalf of such Holder specifically for use
therein).

 

(c)           The Company shall make
available upon request to each Holder whose Registrable Common Shares are
included in a Registration Statement (i) promptly after the same is prepared
and publicly distributed or filed with the SEC, one copy of each Registration
Statement and any amendment thereto and each preliminary Prospectus and
Prospectus and each amendment or supplement thereto, and (ii) such number of
copies of a Prospectus, including a preliminary Prospectus, and all amendments
and supplements thereto and such other documents as such Holder may reasonably
request in order to facilitate the disposition of the Registrable Common Shares
owned by such Holder.  The Company will
promptly notify each Holder by facsimile or electronic mail of the
effectiveness of each Registration Statement or any post-effective
amendment.  The Company will promptly
respond to any and all comments received from the SEC, with a view towards
causing each Registration Statement or any amendment thereto to be declared
effective by the SEC as soon as practicable and shall file an acceleration
request as soon as practicable following the resolution or clearance of all SEC
comments or, if applicable, following notification by the SEC that any such
Registration Statement or any amendment thereto will not be subject to review.

 

(d)           The Company may require
each seller of Registrable Common Shares as to which any registration is being
effected to furnish to the Company any other information regarding such seller
and the distribution of such securities as the Company may from time to time
reasonably request in writing.

 

(e)           Each seller of
Registrable Common Shares agrees by having its shares treated as Registrable
Common Shares hereunder that, upon notice of the happening of any event as a
result of which the Prospectus included in such Registration Statement contains
an untrue statement of a material fact or omits any material fact necessary to
make the statements therein not misleading (a “Suspension Notice”), such
seller will forthwith discontinue disposition of Registrable Common Shares for
a reasonable length of time not to exceed 90 days until such seller is advised
in writing by the Company that the use of the Prospectus may be resumed and is
furnished with a supplemented or amended Prospectus as contemplated by Section
6(c) hereof, and, if so directed by the Company, such seller will deliver to
the Company (at the Company’s expense) all copies, other than permanent file
copies then in such seller’s possession, of the Prospectus covering such
Registrable Common Shares current at the time of receipt of such notice;
provided, however, that such postponement of sales of Registrable Common Shares
by

 

11

 

the Holders shall not
exceed 120 days in the aggregate in any one year.  If the Company shall give any notice to
suspend the disposition of Registrable Common Shares pursuant to a Prospectus,
the Company shall extend the period of time during which the Company is
required to maintain the Registration Statement effective pursuant to this
Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date such seller either is
advised by the Company that the use of the Prospectus may be resumed or
receives the copies of the supplemented or amended Prospectus contemplated by
Section 6(e).  In any event, the Company
shall not be entitled to deliver more than three Suspension Notices in any one
year.

 

7.             Registration Expenses.

 

(a)           All expenses incident
to the Company’s performance of or compliance with this Agreement, including,
without limitation, all registration and filing fees, fees and expenses of
compliance with securities or blue sky laws, listing application fees, printing
expenses, transfer agent’s and registrar’s fees, cost of distributing
Prospectuses in preliminary and final form as well as any supplements thereto,
and fees and disbursements of counsel for the Company and all independent
certified public accountants and other Persons retained by the Company (all
such expenses being herein called “Registration Expenses”) (but not
including any underwriting discounts or commissions attributable to the sale of
Registrable Common Shares or fees and expenses of more than one counsel
representing the Holders of Registrable Common Shares), shall be borne by the
Company.  In addition, the Company shall
pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the
expense of any annual audit or quarterly review, the expense of any liability
insurance and the expenses and fees for listing the securities to be registered
on each securities exchange on which they are to be listed.

 

(b)           In connection with each
registration initiated hereunder (whether a Demand Registration or a Piggyback
Registration), the Company shall reimburse the Holders covered by such
registration or sale for the reasonable fees and disbursements of one law firm
chosen by the Holders of a majority of the Registrable Common Shares included
in such registration or sale.

 

(c)           The obligation of the
Company to bear the expenses described in Section 7(a) and to reimburse the
Holders for the expenses described in Section 7(b) shall apply irrespective of
whether a registration, once properly demanded, if applicable, becomes
effective, is withdrawn or suspended, is converted to another form of
registration and irrespective of when any of the foregoing shall occur;
provided, however, that Registration Expenses for any Registration Statement
withdrawn solely at the request of a Holder of Registrable Common Shares
(unless withdrawn following postponement of filing by the Company in accordance
with Section 2(d)(i) or (ii)) or any supplements or amendments to a
Registration Statement or Prospectus resulting from a misstatement furnished to
the Company by a Holder shall be borne by such Holder.

 

8.             Indemnification.

 

(a)           The Company shall
indemnify, to the fullest extent permitted by law, each Holder, its officers,
directors and Affiliates and each Person who controls such Holder

 

12

 

(within the meaning of
the Securities Act) against all losses, claims, damages, liabilities and
expenses arising out of or based upon any untrue or alleged untrue statement of
material fact contained in any Registration Statement, Prospectus or
preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading or any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or
applicable blue sky laws, except insofar as the same are made in reliance and
in conformity with information relating to such Holder furnished in writing to
the Company by such Holder expressly for use therein or caused by such Holder’s
failure to deliver to such Holder’s immediate purchaser a copy of the
Registration Statement or Prospectus or any amendments or supplements thereto
(if the same was required by applicable law to be so delivered).  In connection with an underwritten offering,
the Company shall indemnify such underwriters, their officers and directors and
each Person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the
indemnification of the Holders.

 

(b)           In connection with any
Registration Statement in which a Holder of Registrable Common Shares is
participating, each such Holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in
connection with any such Registration Statement or Prospectus and, shall
indemnify, to the fullest extent permitted by law, the Company, its officers,
directors Affiliates, and each Person who controls the Company (within the
meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses arising out of or based upon any untrue or alleged untrue
statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the
extent that the same are made in reliance and in conformity with information
relating to such Holder furnished in writing to the Company by such Holder
expressly for use therein or caused by such Holder’s failure to deliver to such
Holder’s immediate purchaser a copy of the Registration Statement or Prospectus
or any amendments or supplements thereto (if the same was required by
applicable law to be so delivered) after the Company has furnished such Holder
with a sufficient number of copies of the same; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such
Holders and the liability of each such Holder shall be in proportion to and
limited to the net amount received by such Holder from the sale of Registrable
Common Shares pursuant to such Registration Statement.

 

(c)           Any Person entitled to
indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification,
provided that the failure to notify the indemnifying party shall not relieve
the indemnifying party from any liability that it may have under this Section 8
except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the indemnifying party shall not relieve
the indemnifying party from any liability that it may have to an indemnified
party otherwise than under this Section 8 and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between

 

13

 

such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. 
If such defense is assumed, the indemnifying party shall not be subject
to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld).  An indemnifying party who is not entitled to,
or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party there may be one or more legal or equitable
defenses available to such indemnified party which are in addition to or may
conflict with those available to another indemnified party with respect to such
claim.  Failure to give prompt written
notice shall not release the indemnifying party from its obligations hereunder.

 

(d)           The indemnification
provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling Person of such indemnified party and
shall survive the transfer of securities.

 

(e)           If the indemnification
provided for in or pursuant to this Section 8 is due in accordance with the
terms hereof, but is held by a court to be unavailable or unenforceable in respect
of any losses, claims, damages, liabilities or expenses referred to herein,
then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified Person as a result of such losses, claims, damages, liabilities or
expenses (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnified party
on the one hand and the indemnifying party on the other hand from the offering
to which such Registration Statement or prospectus relates or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the indemnified
party on the one hand and the indemnifying party on the other hand in
connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by a party shall be deemed to be
in the same respective proportions as the net proceeds from such offering
(before deducting expenses) received by such party and the total underwriting
discounts and the commissions received by the underwriters therefor, if any
bear to the aggregate proceeds received from the sale of Company securities
thereunder.  The relative fault of
the indemnifying party on the one hand and of the indemnified Person on the
other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party, and by such party’s
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.  In
no event shall the liability of any selling Holder be greater in amount than
the amount of net proceeds received by such Holder upon such sale or the amount
for which such indemnifying party would have been obligated to pay by way of
indemnification if the indemnification provided for under Section 8(a) or 8(b)
hereof had been available under the circumstances.

 

14

 

9.             Participation in
Underwritten Registrations.

 

No Person may participate
in any registration hereunder which is underwritten unless such Person (a)
agrees to sell such Person’s securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 

10.          Rule 144.

 

                The Company
covenants that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by
the SEC thereunder, and it will take such further action as any Holder may
reasonably request to make available adequate current public information with
respect to the Company meeting the current public information requirements of
Rule 144(c) under the Securities Act, to the extent required to enable such
Holder to sell Registrable Common Shares without registration under the
Securities Act within the limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such rule may be amended from time to time, or
(ii) any similar rule or regulation hereafter adopted by the SEC.  Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has complied
with such information and requirements.

 

11.          Miscellaneous.

 

(a)           Notices.  All notices, requests, consents and other
communications required or permitted hereunder shall be in writing and shall be
hand delivered or mailed postage prepaid by registered or certified mail or by
facsimile or electronic mail transmission (with immediate telephone
confirmation thereafter),

 

if to the Company:

 

Aegean Marine Petroleum
Network Inc.

42 Hatzikyriakou Avenue

Piraeus 185 38 Athens

Greece

Attention:

Facsimile No.:

 

with a copy to:

 

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

Attention:  Gary J. Wolfe, Esq.

Facsimile No.:  (212) 480-8421

 

15

 

if to the Shareholders:

 

Leveret International
Inc.

 

 

Attention:

Facsimile No.:

 

AMPNInvest LLC

 

 

Attention:

Facsimile No.:

 

or if to another Holder,
to the addresses set forth on the counterpart signature pages of this Agreement
signed by such Holders. 

 

                If to a transferee Holder, to the address of such
Holder set forth in the transfer documentation provided to the Company or at
such other address as such party each may specify by written notice to the
others, and each such notice, request, consent and other communication shall
for all purposes of this Agreement be treated as being effective or having been
given when delivered personally or upon receipt of facsimile or electronic mail
confirmation if transmitted by facsimile or electronic mail, or, if sent by
mail, at the time of its receipt.

 

(b)           No Waivers.  No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege.  The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

(c)           Successors and
Assigns.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, it being understood that
subsequent Holders of the Registrable Common Shares are intended third party
beneficiaries of this Agreement provided, that the transferee or assignee of
such rights assumes in writing the obligations of such transferor under this
Agreement.

 

(d)           Governing Law.  The laws of the State of New York shall
govern the enforceability and validity of this Agreement, the construction of
its terms and the interpretation of the rights and duties of the parties,
without regard to the principles of conflicts of laws thereof.

 

(e)           Jurisdiction.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby may be
brought in any federal or state court located in the County and State of New
York, and each of the parties hereby consents to the jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevocably waives, to the fullest extent permitted by

 

16

 

law, any objection which
it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum.  Process in any such
suit, action or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 10(a) shall
be deemed effective service of process on such party.

 

(f)            Waiver of Jury
Trial.  EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

(g)           Counterparts;
Effectiveness.  This Agreement may be
executed in any number of counterparts (including by facsimile) and by
different parties hereto in separate counterparts, with the same effect as if
all parties had signed the same document. 
All such counterparts shall be deemed an original, shall be construed
together and shall constitute one and the same instrument.  This Agreement shall become effective when
each party hereto shall have received counterparts hereof signed by all of the
other parties hereto.

 

(h)           Entire Agreement.  This Agreement contains the entire agreement
among the parties hereto with respect to the subject matter hereof and
supersedes and replaces all other prior agreements, written or oral, among the
parties hereto with respect to the subject matter hereof.

 

(i)            Captions.  The headings and other captions in this
Agreement are for convenience and reference only and shall not be used in
interpreting, construing or enforcing any provision of this Agreement.

 

(j)            Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party.  Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

(k)           Amendments.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given without the prior written consent of the Holders of a majority of the
Registrable Common Shares (as constituted on the date hereof); provided,
however, that without a Holder’s written consent no such amendment,
modification, supplement or waiver shall affect adversely such Holder’s rights
hereunder in a discriminatory manner inconsistent with its adverse effects on
rights of other Holders hereunder (other than as reflected by the different
number of shares held by such Holder); provided, further, that the consent or
agreement

 

17

 

of the Company shall be
required with regard to any termination, amendment, modification or supplement
of, or waivers or consents to departures from, the terms hereof, which affect
the Company’s obligations hereunder. 
This Agreement cannot be changed, modified, discharged or terminated by
oral agreement.

 

(l)            Aggregation of
Shares.  All Registrable Common
Shares held by or acquired by any Affiliated Persons will be aggregated
together for the purpose of determining the availability of any rights under
this Agreement.

 

(m)          Equitable Relief.  Without limiting the remedies available, the
parties hereto acknowledge that any failure by the Company to comply with its
obligations under this Agreement will result in material irreparable injury to
the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, any Holder shall have the right to obtain such relief as
may be required to specifically enforce the Company’s obligations under this
Agreement.

 

[Signature Page
Follows]

 

18

 

IN
WITNESS WHEREOF, this Registration Rights Agreement has been
duly executed by each of the parties hereto as of the date first written above.

 

 

	
   

  	
  AEGEAN MARINE PETROLEUM

  NETWORK INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LEVERET INTERNATIONAL
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMPNINVEST LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

19Exhibit 10.2

AEGEAN
MARINE PETROLEUM NETWORK INC.

2006 EQUITY INCENTIVE PLAN

ARTICLE
I.

General

1.1.         Purpose

The Aegean Marine Petroleum Network Inc. 2006 Equity
Incentive Plan (the “Plan”) is designed to provide certain key persons,
whose initiative and efforts are deemed to be important to the successful
conduct of the business of Aegean Marine Petroleum Network Inc. (the “Company”),
with incentives to (a) enter into and remain in the service of the Company,
(b) acquire a proprietary interest in the success of the Company, (c) maximize
their performance and (d) enhance the long-term performance of the
Company.

1.2.         Administration

(a)           Administration. 
The Plan shall be administered by the Compensation Committee of the Company’s
Board of Directors (the “Board”), or such other committee of the Board as
may be designated by the Board to administer the Plan (the “Administrator”);
provided that, in the event the Company is subject to Section 16 of
the Securities Exchange Act of 1934, as amended (the “1934 Act”), the
Administrator shall be composed of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee
Director”) under Rule 16b-3 (as promulgated and interpreted by the
Securities and Exchange Commission (the “SEC”) under the 1934, or any successor rule or regulation thereto as in
effect from time to time); provided further, however,
that, prior to the date of the consummation of the initial public offering of the
Company’s Common Stock (as defined below), the Administrator may be composed of
one or more members of the Board, as determined by the Board.  Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations
conferred on the Administrator by the Plan, the
Administrator shall have the full power and authority to: (1) designate the persons to receive Awards
(as defined below) under the Plan; (2) determine the types of Awards granted
to a participant under the Plan; (3) determine the number of shares to be
covered by, or with respect to which payments, rights or other matters are to
be calculated with respect to, Awards; (4) determine the terms and
conditions of any Awards; (5) determine whether, and to what extent, and
under what circumstances, Awards may be settled or exercised in cash, shares,
other securities, other Awards or other property, or cancelled, forfeited or
suspended, and the methods by which Awards may be settled, exercised, cancelled,
forfeited or suspended; (6) determine whether, to what extent, and under
what circumstances cash, shares, other securities, other Awards, other property
and other amounts payable with respect to an Award shall be deferred, either
automatically or at the election of the holder thereof or the Administrator;
(7) construe, interpret and implement the Plan and any Award Agreement (as
defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules
governing its operation; (9) make
all determinations necessary or advisable in administering the Plan; (10) correct
any defect, supply any omission and reconcile any inconsistency in the Plan or
any Award Agreement; and (11) make any other determination and take any
other action that the Administrator deems necessary or desirable for the
administration of the Plan.  Unless
otherwise expressly provided in the Plan, all designations, determinations,
interpretations and 

 

other decisions under or with respect to the Plan or
any Award shall be within the sole discretion of the Administrator, may be made
at any time and shall be final, conclusive and binding upon all persons.

(b)           General
Right of Delegation.  Except to the
extent prohibited by applicable law, the applicable rules of a stock exchange
or any charter, by-laws or other agreement governing the Administrator, the
Administrator may delegate all or any part of
its responsibilities to any person or persons selected by it and may
revoke any such allocation or delegation at any time.

(c)           Indemnification.  No member of the Board, the Administrator or
any employee of the Company (each such person, a “Covered Person”) shall
be liable for any action taken or omitted to be taken or any determination made
in good faith with respect to the Plan or any Award hereunder.  Each Covered Person shall be indemnified and
held harmless by the Company against and from (i) any loss, cost,
liability or expense (including attorneys’ fees) that may be imposed upon or
incurred by such Covered Person in connection with or resulting from any
action, suit or proceeding to which such Covered Person may be a party or in
which such Covered Person may be involved by reason of any action taken or
omitted to be taken under the Plan or any Award Agreement and (ii) any and all
amounts paid by such Covered Person, with the Company’s approval, in settlement
thereof, or paid by such Covered Person in satisfaction of any judgment in any
such action, suit or proceeding against such Covered Person; provided
that the Company shall have the right, at its own expense, to assume and defend
any such action, suit or proceeding and, once the Company gives notice of its
intent to assume the defense, the Company shall have sole control over such
defense with counsel of the Company’s choice. 
The foregoing right of indemnification shall not be available to a
Covered Person to the extent that a court of competent jurisdiction in a final
judgment or other final adjudication, in either case not subject to further
appeal, determines that the acts or omissions of such Covered Person giving
rise to the indemnification claim resulted from such Covered Person’s bad
faith, fraud or willful criminal act or omission or that such right of
indemnification is otherwise prohibited by law or by the Company’s Articles of
Incorporation or Bylaws.  The foregoing
right of indemnification shall not be exclusive of any other rights of
indemnification to which Covered Persons may be entitled under the Company’s Articles
of Incorporation or Bylaws, as a matter of law, or otherwise, or any other
power that the Company may have to indemnify such persons or hold them
harmless.

(d)           Delegation
of Authority to Senior Officers.  The
Administrator may delegate, on such terms and conditions as it determines, to
one or more senior officers of the Company the authority to make grants of Awards
to key employees (other than officers) of the Company and its Subsidiaries
(including any such prospective key employee) and consultants of the Company
and its Subsidiaries.

(e)           Awards
to Non-Employee Directors.  Notwithstanding
anything to the contrary contained herein, the Board may, in its sole discretion,
at any time and from time to time, grant Awards to Non-Employee Directors or
administer the Plan with respect to such Awards.  In any such case, the Board shall have all the
authority and responsibility granted to the Administrator herein.

 

2

 

1.3.         Persons
Eligible for Awards

The persons eligible to receive Awards under the Plan
are those officers, directors, and key
employees (including any prospective officer or key employee) and consultants of
the Company and its Subsidiaries (collectively,
“Key Persons”) as the Administrator shall select.

1.4.         Types
of Awards

Awards may be made under the Plan in the form of (a) stock
options, (b) stock appreciation rights, (c) restricted stock, (d) restricted
stock units and (e) unrestricted stock, all as more fully set forth in the
Plan.  The term “Award” means any of the foregoing that are granted under the Plan.

1.5.         Shares
Available for Awards; Adjustments for Changes in Capitalization

(a)           Maximum
Number.  Subject to adjustment as
provided in Section 1.5(c), the aggregate number of shares of common stock
of the Company, par value $.01 (“Common Stock”), with respect to which Awards
may at any time be granted under the Plan shall be [1,200,000].  The
following shares of Common Stock shall again become available for Awards
under the Plan: (i) any shares that are subject to an Award under the Plan
and that remain unissued upon the cancellation or termination of such Award for
any reason whatsoever; (ii) any shares of restricted stock forfeited
pursuant to the Plan or the applicable Award Agreement; provided that
any dividend equivalent rights with respect to such shares that have not
theretofore been directly remitted to the grantee are also forfeited; and (iii) any
shares in respect of which a stock appreciation right or restricted stock unit
is settled for cash.

(b)           Source
of Shares.  Shares issued pursuant to
the Plan may be authorized but unissued Common Stock or treasury shares.  The Administrator may direct that any stock
certificate evidencing shares issued pursuant to the Plan shall bear a legend
setting forth such restrictions on transferability as may apply to such shares.

(c)           Adjustments. 
(i)  In the event that the Administrator determines that
any dividend or other distribution (whether in the form of cash, Company
shares, other securities or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Company shares or other securities of
the Company, issuance of warrants or other rights to purchase Company shares or
other securities of the Company, or other similar corporate transaction or
event affects the Company shares such that an adjustment is determined by the
Administrator to be appropriate or desirable, then the Administrator shall, in
such manner as it may deem equitable or desirable, adjust the number of shares
or other securities of the Company (or number and kind of other securities or
property) with respect to which Awards may be granted under the Plan.

(ii)   The Administrator is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events (including the events
described in Section 1.5(c)(i) or the occurrence of a Change in Control
(as defined below)) affecting the Company, any Affiliate, or the financial
statements of the Company or any Affiliate, or of changes in applicable rules,
rulings, regulations or other requirements of any governmental body or
securities exchange, accounting principles or law, whenever the Administrator
determines that such adjustments are appropriate or desirable, 

 

3

 

including providing for (A) adjustment
to (1) the
number of shares or other securities of the Company (or number and kind of
other securities or property) subject to outstanding Awards or to which
outstanding Awards relate and (2) the Exercise Price (as defined below) with
respect to any Award and (B) a
substitution or assumption of Awards, accelerating the exercisability or
vesting of, or lapse of restrictions on, Awards, or accelerating the
termination of Awards by providing for a period of time for exercise prior to
the occurrence of such event, or, if deemed appropriate or desirable, providing
for a cash payment to the holder of an outstanding Award in consideration for
the cancellation of such Award (it being understood that, in such event, any
option or stock appreciation right having a per share Exercise Price equal to,
or in excess of, the Fair Market Value of a share subject to such option or
stock appreciation right may be cancelled and terminated without any payment or
consideration therefor).

(iii)  In the event of (A) a dissolution or
liquidation of the Company, (B) a sale of all or substantially all the
Company’s assets or (C) a merger, reorganization or consolidation
involving the Company or one of its Subsidiaries (as defined below), the Administrator shall have the power to:

(1)  provide
that outstanding options, stock appreciation rights and restricted stock units
(including any related dividend equivalent right) shall either continue in
effect, be assumed or an equivalent award shall be substituted therefor by the
successor corporation or a “parent corporation” (as defined in Section 424(e)
of the Internal Revenue Code of 1986, as amended (the “Code”)) or “subsidiary
corporation” (as defined in Section 424(f) of the Code);

(2)  cancel,
effective immediately prior to the occurrence of such event, options, stock
appreciation rights and restricted stock units (including each dividend
equivalent right related thereto) outstanding immediately prior to such event (whether
or not then exercisable) and, in full consideration of such cancellation, pay
to the holder of such Award a cash payment in an amount equal to the excess, if
any, of the Fair Market Value (as of a date specified by the Administrator) of
the shares subject to such Award over the aggregate Exercise Price of such Award
(it being understood that, in such event, any option or stock appreciation
right having a per share Exercise Price equal to, or in excess of, the Fair
Market Value of a share subject to such option or stock appreciation right may
be cancelled and terminated without any payment or consideration therefor); or

(3)  notify the
holder of an option or stock appreciation right in writing or electronically
that each option and stock appreciation right shall be fully vested and
exercisable for a period of 30 days from the date of such notice, or such
shorter period as the Administrator may determine to be reasonable, and the
option or stock appreciation right shall terminate upon the expiration of such
period (which period shall expire no later than immediately prior to the
consummation of the corporate transaction).

1.6.         Definitions
of Certain Terms

(a)           The
“Fair Market Value” of a share of Common Stock on any day shall be the closing
price on the New York Stock Exchange or, if the Common Stock is not listed on
the New York Stock Exchange, the Nasdaq Stock Market, as reported for such day
in The Wall Street Journal, or, if no such price is reported for such day, the
average of the high bid and low asked price of Common Stock as reported for
such day.  If no quotation is made for
the applicable day, 

 

4

 

the Fair Market Value of a share of Common Stock on
such day shall be determined in the manner set forth in the preceding sentence
for the next preceding trading day.  Notwithstanding the foregoing, if there is no reported closing price or high bid/low
asked price that satisfies the preceding sentences, or if otherwise deemed
necessary or appropriate by the Administrator, the Fair Market Value of a share
of Common Stock on any day shall be determined by the Administrator. 
The “Fair Market Value” of any
property other than Common Stock shall be the fair market value of such
property determined by such methods or procedures as shall be established from
time to time by the Administrator.

(b)           Unless
otherwise set forth in an Award Agreement, in connection with a termination of
employment or a dismissal from Board membership, for purposes of the Plan, the
term “for Cause” shall be defined as follows:

(i)    if there is an employment, severance, change
in control or other agreement governing the relationship between the grantee,
on the one hand, and the Company or a Subsidiary, on the other hand, that contains
a definition of “cause” (or similar phrase), for purposes of the Plan, the term
“for Cause” shall mean those acts or omissions that would constitute “cause”
under such agreement; or

(ii)   if the preceding clause (i) is not
applicable to the grantee, for purposes of the Plan, the term “for Cause” shall
mean any of the following:

(A)      any failure by the grantee substantially
to perform the grantee’s employment or Board membership duties;

(B)       any excessive unauthorized absenteeism by
the grantee;

(C)       any refusal by the grantee to obey the
lawful orders of the Board or any other person to whom the grantee reports;

(D)      any act or omission by the grantee that is
or may be injurious to the Company or any Affiliate, whether monetarily,
reputationally or otherwise;

(E)       any act by the grantee that is
inconsistent with the best interests of the Company or any Affiliate;

(F)       the grantee’s gross negligence that is
injurious to the Company or any Affiliate, whether monetarily, reputationally
or otherwise;

(G)       the grantee’s material violation of any
of the Company’s policies, including, without limitation, those policies
relating to discrimination or sexual harassment;

(H)      the grantee’s material breach of his or
her employment or service contract with the Company or any Affiliate;

(I)        the grantee’s unauthorized (1) removal
from the premises of the Company or an Affiliate of any document (in any medium
or form) relating to the Company or an Affiliate or the customers or clients of
the Company or an 

 

5

Affiliate
or (2) disclosure to any person or entity of any of the Company’s, or any Affiliate’s,
confidential or proprietary information;

(J)        the grantee’s being convicted of, or
entering a plea of guilty or nolo contendere to, any crime that constitutes a felony
or involves moral turpitude; and

(K)      the grantee’s commission of any act
involving dishonesty or fraud.

Any rights the Company may have under the Plan in
respect of the events giving rise to a termination or dismissal “for Cause”
shall be in addition to any other rights the Company may have under any other
agreement with a grantee or at law or in equity.  Any determination of whether a grantee’s
employment or Board membership is (or is deemed to have been) terminated “for Cause”
shall be made by the Administrator.  If,
subsequent to a grantee’s voluntary termination of employment or voluntarily
resignation from the Board or involuntary termination of employment without Cause
or removal from the Board other than “for Cause”, it is discovered that the
grantee’s employment or Board membership could have been terminated “for Cause”,
the Administrator may deem such grantee’s employment or Board membership to
have been terminated “for Cause” upon such discovery and determination by the
Administrator.

(c)           “Affiliate”
shall mean (i) any entity that, directly or indirectly, is controlled by,
controls or is under common control with, the Company and (ii) any entity
in which the Company has a significant equity interest, in either case as determined
by the Administrator.

(d)           “Subsidiary”
shall mean any entity in which the Company, directly or indirectly, has a 50%
or more equity interest.

(e)           “Exercise
Price” shall mean (i) in the case of options, the price specified in the
applicable Award Agreement as the price-per-share at which such share can be
purchased pursuant to the option or (ii) in the case of stock appreciation
rights, the price specified in the applicable Award Agreement as the reference
price-per-share used to calculate the amount payable to the grantee.

ARTICLE
II.

Awards Under The Plan

2.1.         Agreements
Evidencing Awards

Each Award granted under the Plan shall be evidenced by a written
certificate (“Award Agreement”), which shall
contain such provisions as the Administrator may deem necessary or desirable and which may, but need not, require execution or
acknowledgment by a grantee.  The Award
shall be subject to all of the terms and provisions of the Plan and the
applicable Award Agreement.

2.2.         Grant of Stock Options and Stock
Appreciation Rights

(a)           Stock
Option Grants.  The Administrator may
grant stock options (“options”) to purchase shares of Common Stock from the
Company to such Key Persons, and in such amounts 

 

6

 

and subject to such vesting and forfeiture provisions
and other terms and conditions, as the
Administrator shall determine, subject to the provisions of the Plan.  No option will be treated as an “incentive
stock option” for purposes of the Code.

(b)           Stock Appreciation Right Grants; Types of Stock
Appreciation Rights. 
The Administrator may grant stock appreciation rights to such Key Persons,
and in such amounts and subject to such vesting and forfeiture provisions and
other terms and conditions, as the Administrator shall determine, subject to
the provisions of the Plan.  The terms of
a stock appreciation right may provide that it shall be automatically exercised
for a payment upon the happening of a specified event that is outside the
control of the grantee and that it shall not be otherwise exercisable.  Stock appreciation rights may be granted in connection with all or any part of, or
independently of, any option granted under the Plan.

(c)           Nature
of Stock Appreciation Rights.  The
grantee of a stock appreciation right shall have the right, subject to the
terms of the Plan and the applicable Award
Agreement, to receive from the Company an amount equal to (i) the
excess of the Fair Market Value of a share of Common Stock on the date of
exercise of the stock appreciation right over the Exercise Price of the stock
appreciation right, multiplied by (ii) the number of shares with respect
to which the stock appreciation right is exercised.  Each Award Agreement with respect to a stock
appreciation right shall set forth the Exercise Price of such Award and, unless
otherwise specifically provided in the Award Agreement, the Exercise Price of a
stock appreciation right shall equal the Fair Market Value of a share of Common
Stock on the date of grant; provided that in no event may such Exercise
Price be less than the greater of (A) the Fair Market Value of a share of
Common Stock on the date of grant and (B) the par value of a share of
Common Stock.  Payment upon exercise of a
stock appreciation right shall be in cash or
in shares of Common Stock (valued at their Fair Market Value on the date
of exercise of the stock appreciation right) or both, all as the Administrator
shall determine.  Upon the exercise of a
stock appreciation right granted in connection with an option, the number of
shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is
exercised.  Upon the exercise of
an option in connection with which a stock appreciation right has been granted,
the number of shares subject to the stock
appreciation right shall be reduced by the number of shares with respect
to which the option is exercised.

(d)           Option
Exercise Price.  Each Award Agreement
with respect to an option shall set forth the Exercise Price of such Award and,
unless otherwise specifically provided in the Award Agreement, the Exercise
Price of an option shall equal the Fair Market Value of a share of Common Stock
on the date of grant; provided that in no event may such Exercise Price
be less than the greater of (i) the Fair Market Value of a share of Common
Stock on the date of grant and (ii) the par value of a share of Common
Stock.

2.3.          Exercise of Options and Stock Appreciation Rights

Subject to the other provisions of this Article II
and the Plan, each option and stock appreciation right granted under the Plan
shall be exercisable as follows:

(a)           Timing
and Extent of Exercise.  Options and
stock appreciation rights shall be exercisable at such times and under such
conditions as determined by the Administrator and set forth in the
corresponding Award Agreement, but in no event shall any portion of such Award
be exercisable subsequent to the tenth anniversary of the date on which such Award
was granted.

 

7

 

Unless the applicable Award Agreement otherwise
provides, an option or stock appreciation right may be exercised from time to
time as to all or part of the shares as to which such Award is then exercisable.

(b)           Notice
of Exercise.  An option or stock appreciation
right shall be exercised by the filing of a written notice with the Company or
the Company’s designated exchange agent (the “Exchange
Agent”), on such form and in such manner as the Administrator shall
prescribe.

(c)           Payment
of Exercise Price.  Any written notice of exercise of an option
shall be accompanied by payment for the shares being purchased.  Such payment shall be made: (i) by
certified or official bank check (or the equivalent
thereof acceptable to the Company or its Exchange Agent) for the full  option Exercise Price; (ii) with the consent
of the Administrator, which consent shall be given or withheld in the sole
discretion of the Administrator, by delivery of  shares of Common Stock having a Fair Market Value (determined as of the
exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the
equivalent thereof acceptable to the
Company or its Exchange Agent) for any remaining portion of the full option Exercise
Price; or (iii) at the sole discretion of the Administrator and to the extent
permitted by law, by such other provision, consistent with the terms of the
Plan, as the Administrator may from time to time prescribe (whether directly or
indirectly through the Exchange Agent).

(d)           Delivery
of Certificates Upon Exercise. 
Subject to the provision of Sections 3.2, 3.4 and 3.13,
promptly after receiving payment of the full option Exercise Price, or after
receiving notice of the exercise of a stock appreciation right for which the
Administrator determines payment will be made partly or entirely in shares, the
Company or its Exchange Agent shall (i)
deliver to the grantee, or to such other person  as may then have the right to exercise the Award, a certificate or
certificates for the shares of Common Stock for which the Award has been
exercised or, in the case of stock appreciation rights, for which the Administrator
determines will be made in shares or (ii) establish an account evidencing
ownership of the stock in uncertificated form. 
If the method of payment employed upon an option exercise so requires,
and if applicable law permits, an optionee may direct the Company or its Exchange
Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s
stockbroker.

(e)           No
Stockholder Rights.  No grantee of an
option or stock appreciation right (or other person having the right to
exercise such Award) shall have any of the rights of a stockholder of the
Company with respect to shares subject to such Award until the issuance of a
stock certificate to such person for such shares.  Except as otherwise provided in Section 1.5(c),
no adjustment shall be made for dividends, distributions or other rights
(whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior
to the date such stock certificate is issued.

2.4.         Termination of Employment; Death
Subsequent to a Termination of Employment

(a)           General
Rule.  Except to the extent otherwise
provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4
or Section 3.5(b)(iii), a grantee who incurs a termination of employment or
dismissal from the Board may exercise any outstanding option or stock
appreciation right on the following terms and conditions: (i) exercise may
be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of 

 

8

 

employment or dismissal from the
Board, as applicable; and (ii) exercise must occur within three months after termination of
employment or dismissal from the Board but in no event after the original
expiration date of the Award.

(b)           Dismissal
“for Cause”.  If a grantee incurs a termination of employment or dismissal from the
Board, in either case “for Cause”, all options and stock appreciation
rights not theretofore exercised shall terminate upon the grantee’s termination
of employment or dismissal from the Board.

(c)           Retirement.  If a grantee incurs a termination of employment as
the result of his or her retirement (as defined below), then any outstanding
option or stock appreciation right shall, to the extent exercisable at the time
of such retirement, remain exercisable for a period of three years after such
termination of employment; provided that in no event may such option or
stock appreciation right be exercised following the original expiration date of
the Award.  For this purpose, “retirement”
shall mean a grantee’s resignation of
employment, with the Company’s prior consent, on or after (i) his
or her 65th birthday, (ii) the date on which he or she has attained age 60
and completed at least five years of service with the Company (using any method of calculation the Administrator deems
appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20 years
of service with the Company (using any method of calculation the Administrator
deems appropriate).

(d)           Disability.  If a
grantee incurs a termination of employment or a dismissal from the Board by
reason of a disability (as defined below), then any outstanding option or stock
appreciation right shall, to the extent exercisable at the time of such
termination, remain exercisable for a period of one year after such termination
of employment; provided that in no event may such option or stock
appreciation right be exercised following the original expiration date of the Award.  For this purpose, “disability” shall mean any
physical or mental condition that would qualify the grantee for a disability
benefit under the long-term disability plan maintained by the Company or, if
there is no such plan, a physical or mental condition that prevents the grantee
from performing the essential functions of the grantee’s position (with or
without reasonable accommodation) for a period of six consecutive months.  The existence of a disability shall be
determined by the Administrator.

(e)           Death.

(i)    Termination of Employment as a Result of Grantee’s Death.  If a grantee incurs a termination of
employment or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation
right shall, to the extent exercisable at the time of such termination, remain
exercisable for a period of one year after such termination of
employment; provided that in no event may such option or stock
appreciation right be exercised following the original expiration date of the Award.

(ii)       Restrictions on Exercise
Following Death.  Any such exercise of an Award following a
grantee’s death shall be made only by the grantee’s executor or administrator
or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee’s will specifically
disposes of such Award, in which case such exercise shall be made only
by the recipient of such specific disposition. 
If a grantee’s personal representative or the recipient of a specific
disposition under the grantee’s will shall be entitled to exercise any Award
pursuant to the preceding sentence, 

 

9

 

such representative or
recipient shall be bound by all the terms and conditions of the Plan and the
applicable Award Agreement which would have applied to the grantee.

(f)            Administrator Discretion.  The Administrator, in the applicable Award
Agreement, may waive or modify the application of the foregoing provisions of
this Section 2.4.

2.5.         Transferability
of Options and Stock Appreciation Rights

Except as otherwise provided in an applicable Award
Agreement evidencing an option or stock appreciation right, during the lifetime
of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award
shall be assignable or transferable other than by will or by the laws of
descent and distribution.  The Administrator may, in any applicable Award
Agreement evidencing an option or stock appreciation right, permit a grantee to
transfer all or some of the options or stock appreciation rights to (a) the
grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a
trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other
parties approved by the Administrator. 
Following any such transfer, any transferred options and stock
appreciation rights shall continue to be subject to the same terms and conditions
as were applicable immediately prior to the transfer.

2.6.         Grant
of Restricted Stock

(a)           Restricted
Stock Grants.  The Administrator may
grant restricted shares of Common Stock to such Key Persons, in such amounts
and subject to such vesting and forfeiture provisions and other terms and
conditions as the Administrator shall determine, subject to the provisions of
the Plan.  A grantee of a restricted stock Award shall have no rights with
respect to such Award unless such grantee accepts the Award within such period
as the Administrator shall specify by accepting delivery of a restricted stock agreement in such form as the
Administrator shall determine and, in the event the restricted shares
are newly issued by the Company, makes payment to the Company or its Exchange Agent by certified or official bank check
(or the  equivalent thereof acceptable
to the Company and the Administrator) in an amount at least equal to the
par value of the shares covered by the Award.

(b)           Issuance
of Stock Certificate.  Promptly after
a grantee accepts a restricted stock Award in
accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the
Company or its Exchange Agent shall issue to the grantee a stock
certificate or stock certificates for the shares of Common Stock covered by the
Award or shall establish an account evidencing ownership of the stock in
uncertificated form.  Upon the issuance
of such stock certificates, or establishment of such account, the grantee shall
have the rights of a stockholder with respect to the restricted stock, subject
to: (i) the nontransferability restrictions and forfeiture provision
described in the Plan (including paragraphs (d)
and (e) of this Section 2.6); (ii) in the Administrator’s sole discretion,
a requirement that any dividends paid on such shares shall be held in escrow
and shall remain forfeitable until all restrictions on such shares have lapsed;
and (iii) any other restrictions and conditions contained in the
applicable Award Agreement.

(c)           Custody
of Stock Certificate.  Unless the
Administrator shall otherwise determine, any stock certificates issued
evidencing shares of restricted stock shall
remain in the possession of the Company until such shares are free of
any restrictions specified in the applicable Award 

 

10

 

Agreement.  The Administrator may direct that such stock
certificates bear a legend setting forth the applicable restrictions on transferability.

(d)           Nontransferability.  Shares of restricted stock may not be sold,
assigned, transferred, pledged or otherwise encumbered or disposed of prior to
the lapsing of all restrictions thereon, except as otherwise specifically
provided in this Plan or the applicable Award Agreement.  The Administrator at the time of grant shall
specify the date or dates (which may depend upon or be related to the
attainment of performance goals and other conditions) on which the
nontransferability of the restricted stock shall lapse.

(e)           Consequence
of Termination of Employment.  A
grantee’s termination of employment for any reason (including death) shall
cause the immediate forfeiture of all shares of restricted stock that have not
yet vested as of the date of such termination of employment.  All dividends paid on such shares that have not theretofore been directly
remitted to the grantee shall also be forfeited, whether by termination of any
escrow arrangement under which such dividends are held or otherwise.

2.7.         Grant of Restricted Stock Units

(a)           Restricted
Stock Unit Grants. 
The Administrator
may grant restricted stock units to such Key Persons, and in such amounts and
subject to such vesting and forfeiture provisions and other terms and
conditions, as the Administrator shall determine, subject to the provisions of
the Plan.  A restricted stock unit
granted under the Plan shall confer upon the grantee a right to receive from
the Company, upon the occurrence of such vesting event as shall be determined
by the Administrator and specified in the Award Agreement, the number of such
grantee’s restricted stock units that vest upon the occurrence of such vesting
event multiplied by the Fair Market Value of a share of Common Stock on the
date of vesting.  Payment upon vesting of
a restricted stock unit shall be in cash or
in shares of Common Stock (valued at their Fair Market Value on the date
of exercise of the stock appreciation right) or both, all as the Administrator
shall determine.

(b)           Dividend
Equivalents.  The Administrator may
include in any Award Agreement with respect to a restricted stock unit a
dividend equivalent right entitling the grantee to receive amounts equal to the
ordinary dividends that would be paid, during the time such Award is
outstanding and unvested, on the shares of Common Stock underlying such Award
if such shares were then outstanding.  In
the event such a provision is included in a Award Agreement, the Administrator
shall determine whether such payments shall be (i) paid to the holder of
the Award either (A) at the same time as the underlying dividends are
paid, regardless of the fact that the restricted stock unit has not theretofore
vested, or (B) at the time at which the Award’s vesting event occurs,
conditioned upon the occurrence of the vesting event, (ii) made in cash, shares
of Common Stock or other property and (iii) subject to such other vesting
and forfeiture provisions and other terms and conditions as the Administrator
shall deem appropriate and as shall set forth in the Award Agreement.

(c)           Consequence
of Termination of Employment.  A
grantee’s termination of employment for any reason (including death) shall
cause the immediate forfeiture of all restricted stock units that have not yet
vested as of the date of such termination of employment.  Any dividend equivalent rights that have not theretofore been directly remitted to
the grantee shall 

 

11

 

also be forfeited, whether by
termination of any escrow arrangement under which such dividends are held or otherwise.

(d)           No
Stockholder Rights.  No grantee of a
restricted stock unit shall have any of the rights of a stockholder of the
Company with respect to such Award unless and until a stock certificate is
issued with respect to such Award upon the vesting of such Award (it being
understood that the Administrator shall determine whether to pay any vested
restricted stock unit in the form of cash or Company shares or both).  Except as otherwise provided in Section 1.5(c),
no adjustment to any restricted stock unit shall be made for dividends,
distributions or other rights (whether ordinary or extraordinary, and whether
in cash, securities or other property) for
which the record date is prior to the date such stock certificate, if any, is
issued.

(e)           Transferability
of Restricted Stock Units.  Except as
otherwise provided in an applicable Award Agreement evidencing a restricted
stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable.  The Administrator
may, in any applicable Award Agreement evidencing a restricted stock unit, permit
a grantee to transfer all or some of the restricted stock units to (i) the
grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive
benefit of such Immediate Family Members or (iii) other parties approved by the
Administrator.  Following any such
transfer, any transferred restricted stock units shall continue to be subject
to the same terms and conditions as were applicable immediately prior to the
transfer.

2.8.         Grant
of Unrestricted Stock

The Administrator may grant (or sell at a purchase
price at least equal to par value) shares of Common Stock free of restrictions
under the Plan to such Key Persons and in
such amounts and subject to such forfeiture provisions as the
Administrator shall determine.  Shares
may be thus granted or sold in respect of past services or other valid
consideration.

ARTICLE
III.

Miscellaneous

3.1.         Amendment
of the Plan; Modification of Awards

(a)           Amendment of the Plan.  The Board may from time to time suspend, discontinue, revise or amend the
Plan in any respect whatsoever, except that
no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made
under the Plan without the consent of the grantee (or, upon the grantee’s
death, the person having the right to exercise the Award).  For purposes of this Section 3.1, any
action of the Board or the Administrator that in any way alters or affects the
tax treatment of any Award shall not be considered to materially impair any
rights of any grantee.

(b)           Stockholder Approval Requirement.  Unless the Company is a “foreign private
issuer” as defined in the rules of the SEC, stockholder approval shall be
required with respect to any amendment to the Plan that (i) materially
increases the benefits under the Plan to persons whose transactions in Common
Stock are subject to Section 16(b) of the 1934 Act, (ii) increases
the number of shares which may be issued under the Plan (except as permitted
pursuant to

 

12

 

 Section 1.5(c)), (iii) has the
effect of a “re-pricing” of any outstanding Award or (iv) modifies the
eligibility requirements of persons eligible to receive Awards under the Plan.

(c)           Modification of Awards.  The Administrator may cancel any Award under
the Plan.  The Administrator also may
amend any outstanding Award Agreement, including, without limitation, by
amendment which would: (i) accelerate the time or times at which the Award
becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals,
restrictions or conditions set forth in the Award Agreement; or (iii) waive
or amend the operation of Section 2.4 with respect to the termination of
the Award upon termination of employment. 
However, any such cancellation or amendment that materially impairs the
rights or materially increases the obligations of a grantee under an
outstanding Award shall be made only with the consent of the grantee (or, upon
the grantee’s death, the person having the right to exercise the Award).  In making any modification to an Award, the
Administrator may consider the implications under Section 409A of the Code from
such modification.

3.2.         Consent
Requirement

(a)           No
Plan Action Without Required Consent. 
If the Administrator shall at any time determine that any Consent (as
defined below) is necessary or desirable as a
condition of, or in connection with, the granting of any Award under the
Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action
thereunder (each such action being hereinafter referred to as a “Plan
Action”), then such Plan Action shall not be taken, in whole or in part, unless
and until such Consent shall have been effected or obtained to the full
satisfaction of the Administrator.

(b)           Consent
Defined.  The term “Consent” as used
herein with respect to any Plan Action means (i) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange
or under any federal, state or local law, rule or regulation, (ii) any and
all written agreements and representations by
the grantee with respect to the disposition of shares, or with respect
to any other matter, which the Administrator shall deem necessary or desirable
to comply with the terms of any such listing, registration or qualification or
to obtain an exemption from the requirement that any such listing,
qualification or registration be made and (iii) any and all consents,
clearances and approvals in respect of a Plan Action by any governmental or
other regulatory bodies.

3.3.         Nonassignability

Except as provided in Sections 2.4(e), 2.5, 2.6(d)
or 2.7(e), (a) no Award or right
granted to any person under the Plan or under any Award Agreement shall be
assignable or transferable other than by will or by the laws of descent and
distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the
life of the grantee only by the grantee or the grantee’s legal
representative or the grantee’s permissible successors or assigns (as
authorized and determined by the Administrator).  All terms and conditions of the Plan and the
applicable Award Agreements will be binding upon any permitted successors or
assigns.

3.4.         Taxes

(a)           Withholding.  A grantee or other Award holder under the
Plan shall be required to pay, in cash, to the Company, and the Company and Affiliates
shall have the right and are hereby authorized to withhold from any Award, from
any payment due or transfer made under any 

 

13

 

Award or under the Plan or from any compensation or
other amount owing to such grantee or other Award holder, the amount of any
applicable withholding taxes in respect of an Award, its grant, its exercise,
its vesting, or any payment or transfer under an Award or under the Plan, and
to take such other action as may be necessary in the opinion of the Company to
satisfy all obligations for payment of such taxes.  Whenever shares of Common Stock are to be
delivered pursuant to an Award under the Plan, with the approval of the
Administrator, which the Administrator shall have sole discretion whether or
not to give, the grantee may satisfy the foregoing condition by electing to
have the Company withhold from delivery shares having a value equal to the
amount of minimum tax required to be withheld.  Such shares shall
be valued at their Fair Market Value as of the date on which the amount of
tax to be withheld is determined.  Fractional
share amounts shall be settled in cash.  Such a withholding election may be made with respect
to all or any portion of the shares to be delivered pursuant to an Award.

(b)           Liability
for Taxes.  Grantees and holders of Awards
are solely responsible and liable for the satisfaction of all taxes and
penalties that may arise in connection with Awards (including, without
limitation, any taxes arising under Section 409A of the Code), and the
Company shall not have any obligation to indemnify or otherwise hold any such
person harmless from any or all of such taxes. 
The Administrator shall have the discretion to organize any deferral
program, to require deferral election forms, and to grant or to unilaterally
modify any Award in a manner that (i) conforms with the requirements of
Section 409A of the Code, (ii) voids any participant election to the
extent it would violate Section 409A of the Code and (iii) for any
distribution event or election that could be expected to violate Section 409A
of the Code, make the distribution only upon the earliest of the first to occur
of a “permissible distribution event” within the meaning of Section 409A
of the Code or a distribution event that the participant elects in accordance
with Section 409A of the Code.  The
Administrator shall have the sole discretion to interpret the requirements of
the Code, including, without limitation, Section 409A, for purposes of the
Plan and all Awards.

3.5.         Change
in Control

(a)           Change
in Control Defined.  For purposes of
the Plan, “Change in Control” shall mean the occurrence of any of the
following:

(i)    any “person” (as defined in
Section 13(d)(3) of the 1934 Act), corporation or other entity (other
than (A) the Company, (B) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or an Affiliate, (C) any
company or other entity owned, directly or indirectly, by the holders of the voting
stock of the Company in substantially the same proportions as their ownership
of the aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Company or (D) any entity which Mr. Dimitris
Melisanidis directly or indirectly “controls” (as defined in Rule 12b-2
under the 1934 Act)) acquires “beneficial ownership” (as defined in Rule 13d-3
under the 1934 Act), directly or indirectly, of more than 50% of the
aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Company;

(ii)   the sale of all or substantially all the
Company’s assets in one or more related transactions to a person or group of
persons, other than such a sale (A) to a Subsidiary which does not involve
a change in the equity holdings of the Company, (B) to an entity which Mr. Dimitris
Melisanidis directly or indirectly controls or (C) to an 

 

14

 

entity which has acquired
all or substantially all the Company’s assets (any such entity described in
clause (A), (B) or (C), the “Acquiring Entity”) if, immediately following
such sale, 50% or more of the aggregate voting power of the capital stock
ordinarily entitled to elect directors of the Acquiring Entity (or, if
applicable, the ultimate parent entity that directly or indirectly has
beneficial ownership of more than 50% of the aggregate voting power of the
capital stock ordinarily entitled to elect directors of the Acquiring Entity)
is beneficially owned by the holders of the voting stock of the Company, and
such voting power among the persons who were holders of the voting stock of the
Company immediately prior to such sale is, immediately following such sale,
held in substantially the same proportions as the aggregate voting power of the
capital stock ordinarily entitled to elect directors of the Company immediately
prior to such sale;

(iii)  any merger, consolidation, reorganization or
similar event of the Company or any Subsidiary as a result of which the holders
of the voting stock of the Company immediately prior to such merger,
consolidation, reorganization or similar event do not directly or indirectly
hold 50% or more of the aggregate voting power of the capital stock of the
surviving entity (or, if applicable, the ultimate parent entity that directly
or indirectly has beneficial ownership of more than 50% of the aggregate voting
power of the capital stock ordinarily entitled to elect directors of the
surviving entity) and such voting power among the persons who were holders of
the voting stock of the Company immediately prior to such sale is, immediately
following such sale, held in substantially the same proportions as the
aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Company immediately prior to such sale;

(iv)  the approval by the Company’s stockholders of
a plan of complete liquidation or dissolution of the Company; or

(v)   during any period of 24 consecutive calendar
months, individuals:

(A)                              who were directors of the Company on the
first day of such period, or

(B)                                whose election or nomination for election
to the Board was recommended or approved by at least a majority of the
directors then still in office who were directors of the Company on the first
day of such period, or whose election or nomination for election were so
approved,

shall cease to constitute
a majority of the Board;

provided, however, that in no event shall
a Change in Control be deemed to have occurred in connection with the initial
public offering of Common Stock.

(b)           Effect
of a Change in Control.  Unless the
Administrator provides otherwise in a Award Agreement, upon the occurrence of a
Change in Control:

(i)    notwithstanding any other provision of this
Plan, any Award then outstanding shall become
fully vested and any Award in the form of an option or stock
appreciation right shall be immediately exercisable;

 

15

 

(ii)   to the extent permitted by law and not
otherwise limited by the terms of the Plan, the Administrator may amend any
Award Agreement in such manner as it deems appropriate;

(iii)  a grantee who incurs a termination
of employment or dismissal from the Board for any reason, other than a termination or dismissal “for Cause”,
concurrent with or within one year following
the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that
the grantee was entitled to exercise the Award on the date of his or her
termination of employment or dismissal from the Board, until the earlier of (A) the
original expiration date of the Award and (B) the later of (x) the
date provided for under the terms of Section 2.4 without reference to this
Section 3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or dismissal from the
Board.

(c)           Miscellaneous.  Whenever deemed appropriate by
the Administrator, any action referred to in paragraph (b)(ii) of
this Section 3.5 may be made conditional upon the consummation of the
applicable Change in Control transaction.

3.6.         Operation
and Conduct of Business

Nothing in the Plan or any Award Agreement shall be
construed as limiting or preventing the Company or any Affiliate from taking
any action with respect to the operation and conduct of their business that
they deem appropriate or in their best interests, including any or all
adjustments, recapitalizations, reorganizations, exchanges or other changes in
the capital structure of the Company or any Affiliate, any merger or consolidation
of the Company or any Affiliate, any issuance of Company shares or other
securities or subscription rights, any issuance of bonds, debentures, preferred
or prior preference stock ahead of or affecting the Common Stock or other
securities or rights thereof, any dissolution or liquidation of the Company or
any Affiliate, any sale or transfer of all or any part of the assets or
business of the Company or any Affiliate, or any other corporate act or
proceeding, whether of a similar character or otherwise.

3.7.         No
Rights to Awards

No Key Person or other person shall have any claim to
be granted any Award under the Plan.

3.8.         Right
of Discharge Reserved

Nothing in the Plan or in any Award Agreement shall
confer upon any grantee the right to continue
his or her employment with the Company or affect any right that the
Company may have to terminate such employment.

3.9.         Non-Uniform
Determinations

The Administrator’s
determinations and the treatment of Key Persons and grantees and their
beneficiaries under the Plan need not be uniform and may be made and determined
by the Administrator selectively among persons who receive, or who are eligible
to receive, Awards under the Plan (whether or not such persons are similarly situated). 
Without limiting the generality of the foregoing, the Administrator
shall be entitled, among other things, to make non-uniform and selective
determinations, and to enter into non-uniform and selective Award Agreements,
as to (a) the persons to receive Awards under the Plan, (b) the types
of Awards 

 

 

16

 

granted under the Plan,
(c) the number of shares to be covered by, or with respect to which
payments, rights or other matters are to be calculated with respect to, Awards
and (d) the terms and conditions of Awards.

3.10.       Other
Payments or Awards

Nothing contained in the Plan shall be deemed in any
way to limit or restrict the Company from making any award or payment to any
person under any other plan, arrangement or
understanding, whether now existing or hereafter in effect.

3.11.       Headings

Any section, subsection, paragraph or other
subdivision headings contained herein are for
the purpose of convenience only and are not intended to expand, limit or
otherwise define the contents of such subdivisions.

3.12.       Effective
Date and Term of Plan

(a)           Adoption;
Stockholder Approval.  The Plan was
adopted by the Board on November 2, 2006 , 2006.  The Board may, but need not, make the
granting of any Awards under the Plan subject to the approval of the Company’s
stockholders.

(b)           Termination
of Plan.  The Board may terminate the
Plan at any time.  All Awards made under
the Plan prior to its termination shall
remain in effect until such Awards have been satisfied or terminated in
accordance with the terms and provisions of the Plan and the applicable Award
Agreements.  No Awards may be granted
under the Plan following the tenth anniversary of the date on which the Plan
was adopted by the Board.

3.13.       Restriction
on Issuance of Stock Pursuant to Awards

The Company shall not permit any shares of Common
Stock to be issued pursuant to Awards granted
under the Plan unless such shares of Common Stock are fully paid and
non-assessable under applicable law. 
Notwithstanding anything to the contrary in the Plan or any Award
Agreement, at the time of the exercise of any Award, at the time of vesting of
any Award or at the time of grant of any unrestricted shares under the Plan,
the Company and the Administrator may, if either shall deem it necessary or advisable
for any reason, require the holder of an Award (a) to represent in writing
to the Company that it is the Award holder’s then-intention to acquire the
shares with respect to which the Award is granted for investment and not with a
view to the distribution thereof or (b) to postpone the date of exercise
until such time as the Company has available for delivery to the Award holder a
prospectus meeting the requirements of all applicable securities laws; and no
shares shall be issued or
transferred in connection with any Award unless and until all legal
requirements applicable to the issuance or transfer of such shares have been
complied with to the satisfaction of the Company and the Administrator.  The Company and the Administrator shall have
the right to condition any issuance of shares to any Award holder hereunder on
such person’s undertaking in writing to comply with such restrictions on the
subsequent transfer of such shares as the Company or the Administrator shall
deem necessary or advisable as a result of any applicable law, regulation or
official interpretation thereof, and all share certificates delivered under the
Plan shall be subject to such stop transfer orders and other restrictions as
the Company or the Administrator may deem advisable under the Plan, the
applicable Award Agreement or the rules, regulations and other requirements of
the SEC, any stock exchange upon which such shares are listed, and any 

 

17

 

applicable securities or other laws, and certificates
representing such shares may contain a legend to reflect any such restrictions.  The Administrator may refuse to issue or
transfer any shares or other consideration under an Award if it determines that
the issuance or transfer of such shares or other consideration might violate
any applicable law or regulation or entitle the Company to recover the same
under Section 16(b) of the 1934 Act, and any payment tendered to the
Company by a grantee or other Award holder in connection with the exercise of
such Award shall be promptly refunded to the relevant grantee or other Award
holder.  Without limiting the generality
of the foregoing, no Award granted under the Plan shall be construed as an
offer to sell securities of the Company, and no such offer shall be
outstanding, unless and until the Administrator has determined that any such
offer, if made, would be in compliance with all applicable requirements of any
applicable securities laws.

3.14.       Requirement
of Notification of Election Under Section 83(b) of the Code

If an Award recipient, in connection with the
acquisition of Company shares under the Plan, makes an election under
Section 83(b) of the Code (to include in gross income in the year of
transfer the amounts specified in Section 83(b) of the Code), the grantee
shall notify the Administrator of such election within ten days of filing
notice of the election with the U.S. Internal Revenue Service, in addition
to any filing and notification required pursuant to regulations issued under
Section 83(b) of the Code.

3.15.        Severability

If any provision of the Plan or any Award is or
becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any person or Award, or would disqualify the Plan or any Award
under any law deemed applicable by the Administrator, such provision shall be
construed or deemed amended to conform to the applicable laws or, if it cannot
be construed or deemed amended without, in the determination of the
Administrator, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award and the
remainder of the Plan and any such Award shall remain in full force and effect.

3.16.       Governing
Law

The Plan will
be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of
conflict of laws.

 

 

18

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