Document:

Unassociated Document

    Date of
Grant: January 24, 2011

    

    IRONWOOD
GOLD CORP.

    

    RESTRICTED STOCK AWARD
AGREEMENT

    

    THIS  AGREEMENT  is  made  by
and  between  Ironwood Gold Corp. (“IROG” or the “Company”) and Anton
S. Borozdin (“Director”).

    

    1.  Award of Restricted
Stock.  In consideration for services rendered by the Director,
IROG hereby grants to Director, in the manner and subject to the conditions
hereinafter provided, one hundred thousand (100,000) shares of IROG’s Common
Stock (the “Restricted
Stock”). As used in this Agreement, the term “Restricted Stock” refers to
the stock granted under this Agreement and includes all securities received (a)
in replacement of the Restricted Stock, (b) as a result of stock dividends or
stock splits in respect of the Restricted Stock, and (c) in replacement of the
Restricted Stock in a recapitalization, merger, reorganization or the
like.

    

    This
Restricted Stock is specifically conditioned on compliance with the terms and
conditions set forth herein.

    

    2.  Vesting
of Restricted Stock; Deliveries of Certificates.

    

    2.1 Vesting.  The
right to unrestricted ownership in the Restricted Stock under this Agreement
shall vest with respect to all one hundred thousand (100,000) shares of
Restricted Stock immediately on the Date of Grant set forth above.

    

    2.2  Deliveries by
IROG.  A certificate evidencing the Restricted Stock shall be
issued by IROG in Director’s name, pursuant to which Director shall have voting
rights and shall be entitled to receive all dividends. Notwithstanding any other
provisions of this Agreement, the issuance or delivery of any shares under this
Agreement may be postponed for such period as may be required to comply with
applicable requirements of any national securities exchange or any requirements
under any federal or state securities law or regulation. IROG shall not be
obligated to (a) issue or deliver any Restricted Stock if the issuance or
delivery thereof shall constitute a violation of any provision of any law or
regulation of any governmental authority or any national securities exchange,
(b) qualify the issuance of the Restricted Stock in any jurisdiction, or (c)
register the shares of Restricted Stock with the SEC.

    

    3.  Adjustments.  Should
any change be made to the Common Stock of IROG by reason of any stock split,
reverse stock split, stock dividend, combination of shares, exchange of shares
or other change affecting the outstanding Common Stock as a class without IROG’s
receipt of consideration, IROG shall make appropriate adjustments to the number
and/or class of securities in effect under this Agreement in order to prevent
the dilution or enlargement of benefits thereunder; provided however, that the
number of shares subject to this Agreement shall always be a whole number and
IROG shall make such adjustments as are necessary to insure this Restricted
Stock Award is set as whole shares.

    

    4.  Suspension
and Cancellation of Stock

    

    4.1  Mandatory Suspension and
Cancellation of Stock.  In the event IROG reasonably believes
Director has committed an act of misconduct including, but limited to acts
specified below, IROG may suspend Director’s right in his Restricted Stock Award
granted hereunder pending final determination by the Board of Directors of the
Company (the “Board”). If Director
is determined by the Board to have:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (a)           committed
an act of embezzlement, fraud, dishonesty, breach of fiduciary duty to IROG or a
subsidiary;

    

    (b)           deliberately
disregarded the rules or policies of IROG or a subsidiary which resulted in
loss, damage or injury to IROG or a subsidiary;

    

    (c)            made
any unauthorized disclosure of any trade secret or confidential information of
IROG or a subsidiary;

    

    (d)           induced
any partner, collaborator, client or customer of IROG or a subsidiary to break
any contract with IROG or a subsidiary or induced any principal for whom IROG or
a subsidiary acts as agent to terminate such agency relations;

    

    (e)           engaged
in any substantial conduct which constitutes unfair competition with IROG or a
subsidiary; or

    

    (f)         
  violated any requirement of the Foreign Corrupt Practices Act or any
analogous foreign regulations,

    

    neither
Director nor Director’s estate shall be entitled to shares of the Restricted
Stock hereunder. The determination of the Board shall be final and conclusive.
In making its determination, the Board shall give the Director an opportunity to
appear and be heard at a hearing before the full Board and present evidence on
Director’s behalf.

    

    5.  Reservation of
Shares.  IROG agrees that prior to the issuance of the
Restricted Stock represented by this Agreement, there shall be reserved for
issuance such number of IROG’s authorized and unissued shares as shall be
necessary to satisfy the terms and conditions of this Agreement.

    

    6.   Rights
of Directors.

    

    6.1  No Obligation To
Employ.  Nothing in this Agreement will confer or be deemed to
confer on Director any right to continue in the employ of, or to continue any
other relationship with, IROG or a subsidiary or to limit in any way the right
of IROG or a subsidiary to terminate Director’s employment or other relationship
at any time, with or without cause.

    

    6.2  Compliance With Code Section
162(m).  At all times when IROG determines that compliance with
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) is required or
desired, the Restricted Stock if granted to a Named Executive Officer shall
comply with the requirements of Code Section 162(m). In addition, in the event
that changes are made to Code Section 162(m) to permit greater flexibility with
respect to this Agreement IROG may, subject to this Section 6, make any
adjustments it deems appropriate.

    

    7.  Director
Representations.

    

    7.1  Purchase for Own
Account.  Director represents that he is acquiring the
Restricted Stock solely for his own account and beneficial interest for
investment and not for sale or with a view to distribution of the Restricted
Stock or any part thereof, has no present intention of selling (in connection
with a distribution or otherwise), granting any participation in, or otherwise
distributing the same, and does not presently have reason to anticipate a change
in such intention.

     

    
      
        
        

      

      
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    7.2  Information and
Sophistication.  Director hereby: (i) acknowledges that he has
received all the information he has requested from the Company and that he
considers necessary or appropriate for deciding whether to acquire the
Restricted Stock, (ii) represents that he has had an opportunity to ask
questions and receive answers from the Company regarding the terms and
conditions of the offering of the Restricted Stock and to obtain any additional
information necessary to verify the accuracy of such information and (iii)
further represents that he has such knowledge and experience in financial and
business matters that he is capable of evaluating the merits and risk of this
investment.

    

    7.3  Ability to Bear Economic
Risk.  Director acknowledges that investment in the Restricted
Stock involves a high degree of risk, and represents that he is able, without
materially impairing his financial condition, to hold the Restricted Stock for
an indefinite period of time and to suffer a complete loss of his
investment.

    

    7.4  Foreign Persons.  If Director is not a
United States person (as defined by Section 7701(a)(30) of the Internal Revenue
Code of 1986, as amended), Director hereby represents that he has satisfied
himself as to the full observance of the laws of his jurisdiction in connection
with any invitation to purchase the Restricted Stock or any use of this
Agreement, including (i) the legal requirements within his jurisdiction for the
purchase of the Restricted Stock, (ii) any foreign exchange restrictions
applicable to such purchase, (iii) any government or other consents that may
need to be obtained, and (iv) the income tax and other tax consequences, if any,
that may be relevant to the purchase, holding, redemption, sale or transfer of
the Restricted Stock.  The Company’s offer and sale and Director’s
subscription and payment for and continued beneficial ownership of the
Restricted Stock will not violate any applicable securities or other laws of
Director’s jurisdiction.

    

    7.5  Further
Assurances.  Director agrees and covenants that at any time and
from time to time it will promptly execute and deliver to the Company such
further instruments and documents and take such further action as the Company
may reasonably require in order to carry out the full intent and purpose of this
Agreement and to comply with state or federal Restricted Stock laws or other
regulatory approvals.

    

    8.  Securities Law And
Other Regulatory Compliance. IROG shall not be obligated to issue any
Restricted Stock with respect to this Agreement unless such shares are at that
time effectively registered or exempt from registration under the federal
securities laws and the offer and sale of the shares are otherwise in compliance
with all applicable securities laws. Director may be required to furnish
representations or undertakings deemed appropriate by IROG to enable the offer
and sale of the shares or subsequent transfers of any interest in such shares to
comply with applicable securities laws. Evidences of ownership of shares
acquired with respect to this Agreement shall bear any legend required by, or
useful for purposes of compliance with, applicable securities laws or this
Agreement.

    

    9.  Restricted
Securities.  Director understands that the Restricted Stock are
characterized as “restricted securities” under the Securities Act inasmuch as
they are being acquired from the Company in a transaction not involving a public
offering and that under the Securities Act and applicable regulations thereunder
such securities may be resold without registration under the Securities Act only
in certain limited circumstances. Accordingly, the Restricted Stock, absent an
effective registration statement, can only be sold pursuant to an exemption from
registration, such as Rule 701 or Rule 144 of the Securities Act. Director
understands that the Company is under no obligation to register any of the
securities sold hereunder.

    

    10.
Restrictive Legends and Stop-Transfer Orders.

    

    10.1  Legends.  Director
understands and agrees that the Company will place the legends set forth below
or similar legends on any stock certificate(s) evidencing the Restricted Stock,
together with any other legends that may be required by state or federal
securities laws, the Company’s Articles of Incorporation or Bylaws, any other
agreement between Director and the Company or any agreement between Director and
any third party:

     

    
      
        
        

      

      
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    THE
SECURITIES  REPRESENTED BY THIS  CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”).  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
1933 ACT.

    

    10.2  Stop-Transfer
Instructions.  Director agrees that, to ensure compliance with
the restrictions imposed by this Agreement, the Company may issue appropriate
“stop-transfer” instructions to its transfer agent, if any, and if the Company
transfers its own securities, it may make appropriate notations to the same
effect in its own records.

    

    10.3  Refusal to
Transfer.  The Company will not be required (i) to transfer on
its books any Restricted Stock that have been sold or otherwise transferred in
violation of any of the provisions of this Agreement, or (ii) to treat as owner
of such Restricted Stock, or to accord the right to vote or pay dividends, to
any purchaser or other transferee to whom such Restricted Stock have been so
transferred.

    

    11.  Attorneys’
Fees.  In the event of any litigation, arbitration, or other
proceeding arising out of this Agreement, the prevailing party shall be entitled
to an award of costs, including an award of reasonable attorneys’ fees. Any
judgment, order, or award entered in any such proceeding shall designate a
specific sum as an award of attorneys’ fees and costs incurred. This attorneys’
fee provision is intended to be severable from the other provisions of this
Agreement, shall survive any judgment or order entered in any proceeding, and
shall not be deemed merged into any such judgment or order, so that such further
fees and costs as may be incurred in the enforcement of an award or judgment or
in defending it on appeal shall likewise be recoverable by further order of a
court or panel or in a separate action as may be appropriate.

    

    12.  Miscellaneous
Provisions.

    

    12.1  Notice.  All
notices to be given by either party to the other shall be in writing and may be
transmitted by personal delivery, facsimile transmission, overnight courier or
mail, registered or certified, postage prepaid with return receipt requested;
provided, however, that notices of change of address or telex or facsimile
number shall be effective only upon actual receipt by the other party. Notices
shall be delivered at the following addresses, unless changed as provided for
herein.

    

    
      
        	
                To
      the Director:       

              	
                Anton
      S. Borozdin

              
	 
      	
                c/o
      Ironwood Gold Corp.

              
	 
      	
                7047
      E. Greenway Parkway #250

              
	 
      	
                Scottsdale,
      AZ 85254

              
	 
      	 
      
	
                To
      IROG:               
        

              	
                Ironwood
      Gold Corp.

              
	 
      	
                7047
      E. Greenway Parkway #250

              
	 
      	
                Scottsdale,
      AZ 85254

              

      

    

     

    
      
        
        

      

      
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              12.2  Entire
Agreement.  This Agreement constitutes the entire contract
between the parties hereto with regard to the subject matter hereof. They
supersede any other agreements, representations or understandings (whether oral
or written and whether express or implied) that relate to the subject matter
hereof.

    

             12.3  Severability;
Conflicts.  Should any provision of this Agreement be held to
be invalid or illegal, such illegality shall not invalidate the whole of the
Agreement, but, rather, the Agreement shall be construed as if it did not
contain the illegal part or narrowed to permit its enforcement, and the rights
and obligations of the parties shall be construed and enforced
accordingly.

    

             12.4  Choice of Law;
Venue.  This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Nevada, as such laws are applied to
contracts entered into and performed in such state. Any action brought in
connection with this Agreement shall be subject the exclusive jurisdiction of
the state and federal courts sitting in Nevada in any action on a claim arising
out of, under or in connection with this Agreement or the transactions
contemplated by this Agreement.

    

             12.5  Binding
Effect.  This Agreement shall inure to the benefit of, and be
binding upon, the parties hereto and their respective heirs, executors, and
successors.

    

             12.6  Counterparts.  This
Agreement may be executed in one or more counterparts, each of which when taken
together shall constitute one and the same instrument.

    

    [Signature
Page Follows]

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, this Restricted Stock Award Agreement has been executed as of
the 24th day of January, 2011.

    

    

    IROG:

    

    Ironwood
Gold Corp.

    

    /s/
Behzad
Shayanfar                     

    Behzad
Shayanfar

    Chief
Executive Officer

    

    

    DIRECTOR:

    

    /s/
Anton S.
Borozdin                     

    Anton
S. BorozdinExhibit 10.1

                                  AMINCOR, INC.
                      NON-QUALIFIED STOCK OPTION AGREEMENT

OPTIONEE: [INSERT NAME]

GRANT DATE: DECEMBER 31, 2010

PER SHARE EXERCISE PRICE: $2.80/SHARE

NUMBER OF OPTION SHARES SUBJECT TO THIS OPTION: [INSERT NUMBER OF OPTIONS]

     THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement"), dated as of
the Grant Date specified above, is entered into by and between AMINCOR, INC., a
Nevada corporation (the "Company"), and the Optionee specified above; and

     WHEREAS, it has been determined that it would be in the best interests of
the Company to grant the non-qualified stock option provided for herein to the
Optionee;

     NOW, THEREFORE, in consideration of the mutual covenants and promises
hereinafter set forth and for other good and valuable consideration, the parties
hereto hereby mutually covenant and agree as follows:

     1. Grant of Option. The Company hereby grants to the Optionee, as of the
Grant Date specified above, a non-qualified stock option (this "Stock Option")
to acquire from the Company at the Per Share Exercise Price specified above, the
aggregate number of shares of the Company Common Stock (the "Common Stock")
specified above (the "Option Shares"). This Stock Option is not to be treated as
(and is not intended to qualify as) an incentive stock option within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

     2. No Dividend Equivalents. The Optionee shall not be entitled to receive a
cash payment in respect of the Option Shares underlying this Stock Option on any
dividend payment date for the Common Stock.

     3. Exercise of this Stock Option. This Stock Option shall vest and become
exercisable as follows:

     *    50% of the total Option Shares, on the first anniversary of the Grant
          Date, provided the Optionee is still employed by or performing
          services at such time for the Company and/or one of its subsidiaries;
<PAGE>
     *    100%of the total Option Shares, on the second anniversary of the Grant
          Date, provided the Optionee is still employed by or performing
          services at such time for the Company and/or one of its subsidiaries;

     Unless earlier terminated in accordance with the terms and provisions of
this Agreement, this Stock Option shall expire and shall no longer be
exercisable after the fifth anniversary of the Grant Date (the "Option Period").
In no event shall this Stock Option be exercisable for a fractional share of
Common Stock.

     4. Method of Exercise and Payment. This Stock Option shall be exercised by
the Optionee by delivering to the Secretary of the Company or his designated
agent on any business day (the "Exercise Date") a written notice, in such manner
and form as may be required by the Company, specifying the number of the Option
Shares the Optionee then desires to acquire (the "Exercise Notice"). The
Exercise Notice shall be accompanied by payment of (i) the aggregate Per Share
Exercise Price for such number of the Option Shares to be acquired upon such
exercise and (ii) the amount necessary to cover any applicable withholding or
other taxes due upon exercise of this Stock Option. Such payment shall be made
in cash, by certified check, bank draft or money order payable to the order of
the Company or by any other method acceptable to the Company, in its sole
discretion.. The exercise of any portion of this Stock Option shall be
contingent upon the Optionee (or his or her estate or designated
beneficiary(ies)) becoming a party to, or executing, any stockholders,
shareholders or subscription agreement that the Company, in its sole discretion,
determines to be appropriate. Any such agreement may, in the sole discretion of
the Company, include drag-along rights, call rights upon termination of
employment, transfer restrictions, rights of first refusal, and any other terms
and conditions that the Company determines to be appropriate.

     5. Changes in Capitalization and Other Matters.

     5.1 No Corporate Action Restriction. The existence of this Stock Option
shall not limit, affect or restrict in any way the right or power of the Board
of Directors of the Company (the "Board") or the stockholders of the Company to
make or authorize (a) any adjustment, recapitalization, reorganization or other
change in the Company's or any subsidiary's capital structure or its business,
(b) any merger, consolidation or change in the ownership of the Company or any
subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior
preference stocks ahead of or affecting the Company's or any subsidiary's
capital stock or the rights thereof, (d) any dissolution or liquidation of the
Company or any subsidiary, (e) any sale or transfer of all or any part of the
Company's or any subsidiary's assets or business, or (f) any other corporate act
or proceeding by the Company or any Subsidiary. The Optionee shall not have any
claim against any member of the Board, the Company or any subsidiary, or any
employees, officers, stockholders or agents of the Company or any subsidiary as
a result of any such action.

     5.2 Changes in Capital Structure. This Stock Option shall be subject to
adjustment or substitution, as determined by the Board in its sole discretion,
as to the number, price or kind of a share of stock or other consideration
subject to this Stock Option or as otherwise determined by the Board to be
equitable (i) in the event of changes in the outstanding stock or in the capital

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<PAGE>
structure of the Company by reason of stock or extraordinary cash dividends,
stock splits, reverse stock splits, recapitalization, reorganizations, mergers,
consolidations, combinations, exchanges, or other relevant changes in
capitalization occurring after the Grant Date or (ii) in the event of any change
in applicable laws or any change in circumstances which results in or would
result in any substantial dilution or enlargement of the rights granted to the
Optionee, or which otherwise warrants equitable adjustment because it interferes
with the intended operation of the this Stock Option. The Company shall give
each Participant notice of an adjustment hereunder and, upon notice, such
adjustment shall be conclusive and binding for all purposes.

     Notwithstanding the above, in the event of any of the following,

     A.   The Company is merged or consolidated with another corporation or
          entity;

     B.   All or substantially all of the assets of the Company are acquired by
          another person;

     C.   The reorganization or liquidation of the Company; or

     D.   The Company entering into a written agreement to undergo an event
          described in clauses A or B above;

then the Board may, in its discretion, cancel this Stock Option and cause the
Optionee to be paid, in cash or stock (including any stock of a successor or
acquirer), or any combination thereof, the value of this Stock Option, as
determined the Board, based upon the excess of the value of a share of Common
Stock over the exercise price per share (and if the exercise price equals or
exceeds the value of a share of Common Stock, then the Optionee shall not be
entitled to any payment as a result of the cancellation of this Stock Option).

     6. Administration. This Stock Option shall be administered by the Board.
The Board is authorized to construe and interpret this Agreement and to
promulgate, amend and rescind rules and regulations relating to the
implementation and administration of this Agreement. The Board shall make all
determinations necessary or advisable for the implementation and administration
of this Stock Option, including, but not limited to, interpreting this Stock
Option and correcting any technical defect(s) or technical omission(s), or
reconciling any technical inconsistency(ies) in this Agreement. Any
determination, decision or action of the Board in connection with the
construction, interpretation, administration, or implementation of this Stock
Option shall be final, conclusive and binding on the Optionee and any person(s)
claiming under or through the Optionee.

     7. Termination of Employment.

     7.1 If the Optionee's employment with the Company and/or one of its
subsidiaries terminates for any reason (other than Cause), then this Stock
Option shall terminate ninety (90) days after the date of such termination, but

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<PAGE>
not beyond the expiration of the Option Period, and thereafter this Stock Option
shall be forfeited by the Optionee and cancelled by the Company.

     7.2 If the Optionee's employment with the Company and/or one of its
subsidiaries is terminated by the Company for Cause (as defined below), then
this Stock Option shall immediately terminate on the date of such termination
and thereafter this Stock Option shall be forfeited by the Optionee and
cancelled by the Company. For purposes of this Agreement, "Cause" shall mean a
finding by the Company that Optionee has:

          (i) failed to perform his material duties as may be reasonably
assigned to him;

          (ii) engaged in negligence or misconduct in connection with or arising
out of the performance of his duties;

          (iii) been under the influence of drugs or alcohol during the
performance of his duties for the Company, or while under the influence of such
drugs or alcohol, engages in inappropriate conduct during the performance of his
duties under this Agreement;

          (iv) has been found by the Board or a committee thereof, or a body,
panel or tribunal, of competent jurisdiction to have engaged in behavior that
would constitute grounds for liability for sexual harassment (as proscribed by
the U.S. Equal Employment Opportunity Commission Guidelines, the New York State
Division of Human Rights or any other applicable state regulatory body) or other
conduct violative of laws governing the workplace; provided, that, such finding
is not subject to further appeal; or

          (v) been convicted on any felony or charge of fraud, larceny,
misappropriation of funds, embezzlement or a crime of moral depravity.

     7.3 The Board or the Committee, in its sole discretion, may determine that
all or any portion of this Stock Option may remain exercisable for an additional
specified time period after the period specified above in this Section 7 expires
(subject to any other applicable terms and provisions of this Agreement), but
not beyond the expiration of the Stock Option Period.

     7.4 If the Optionee's employer ceases to be a Subsidiary of the Company,
that event shall be deemed to constitute a termination of employment under
Section 7.1 above.

     8. Non-transferability. (i) this Stock Option, and any rights or interests
therein, shall not be sold, exchanged, transferred, assigned or otherwise
disposed of in any way at any time by the Optionee (or any beneficiary(ies) of
the Optionee), other than by testamentary disposition by the Optionee or by the
laws of descent and distribution, (ii) this Stock Option shall not be pledged,
encumbered or otherwise hypothecated in any way at any time by the Optionee (or
any beneficiary(ies) of the Optionee) and shall not be subject to execution,
attachment or similar

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<PAGE>
     legal process, and (iii) any attempt to sell, exchange, pledge, transfer,
assign, encumber or otherwise dispose of or hypothecate this Stock Option, or
the levy of any execution, attachment or similar legal process upon this Stock
Option, contrary to the terms of this Agreement shall be null and void and
without legal force or effect.

     9. Entire Agreement; Amendment. This Agreement contains the entire
agreement between the parties hereto with respect to the subject matter
contained herein, and supersedes all prior agreements or prior understandings,
whether written or oral, between the parties relating to stock options. The
Board or the Committee shall have the right, in its sole discretion, to modify
or amend this Agreement from time to time; provided, however, that no such
modification or amendment shall materially adversely affect the rights of the
Optionee under this Stock Option without the consent of the Optionee; provided,
further, that the Board may amend this Agreement without the consent of the
Optionee in any way it determines appropriate in order to satisfy the
requirements of Section 409A of the Code and the regulations promulgated
thereunder. This Agreement may also be modified or amended by a writing signed
by both the Company and the Optionee. The Company shall give written notice to
the Optionee of any such modification or amendment of this Agreement as soon as
practicable after the adoption thereof.

     10. Notices. Any Exercise Notice or other notice which may be required or
permitted under this Agreement shall be in writing, and shall be delivered in
person or via facsimile transmission, overnight courier service or certified
mail, return receipt requested, postage prepaid, properly addressed as follows:

     10.1 If such notice is to the Company, to the attention of the Secretary of
Amincor, Inc., 1350 Avenue of the Americas, 24th Floor, New York, NY 10019 or at
such other address as the Company, by notice to the Optionee, shall designate in
writing from time to time.

     10.2 If such notice is to the Optionee, at his or her address as shown on
the Company's records, or at such other address as the Optionee, by notice to
the Company, shall designate in writing from time to time.

     11. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to the
principles of conflict of laws thereof.

     12. Compliance with Laws. The issuance of this Stock Option (and the Option
Shares upon exercise of this Stock Option) pursuant to this Agreement shall be
subject to, and shall comply with, any applicable requirements of any federal
and state securities laws, rules and regulations (including, without limitation,
the provisions of the Securities Act of 1933, the Securities Exchange Act of
1934 and the respective rules and regulations promulgated thereunder), any other
law or regulation applicable thereto, and the rules of any exchange upon which
the Common Stock is traded. The Company shall not be obligated to issue this
Stock Option or any of the Option Shares pursuant to this Agreement if any such
issuance would violate any such requirements.

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<PAGE>
     13. No Right to Employment. Neither the granting of this Stock Option, nor
the execution of this Agreement, shall confer upon Optionee any right to
continued employment, with the Company or any subsidiary, as the case may be,
nor shall it interfere in any way with the right, if any, of the Company or any
subsidiary to terminate the employment of Optionee at any time for any reason,
even if such termination adversely affects such this Stock Option.

     14. Binding Agreement; Assignment. This Agreement shall inure to the
benefit of, be binding upon, and be enforceable by the Company and its
successors and assigns. The Optionee shall not assign any part of this Agreement
without the prior express written consent of the Company.

     15. Withholding. The Company may, in its sole discretion and in lieu of
requiring the Optionee to pay to the Company an amount necessary to cover any
applicable withholding or other taxes due upon the exercise of this Stock
Option, permit the Optionee to satisfy the applicable withholding requirements
by deducting from any payment or settlement under this Stock Option, any
federal, state, local, foreign, or other taxes of any kind which the Company is
required to withhold.

     16. Counterparts. This Agreement may be executed in one or more
counterparts, including by facsimile or PDF, each of which shall be deemed to be
an original, but all of which shall constitute one and the same instrument.

     17. Headings. The titles and headings of the various sections of this
Agreement have been inserted for convenience of reference only and shall not be
deemed to be a part of this Agreement.

     18. Further Assurances. Each party hereto shall do and perform (or shall
cause to be done and performed) all such further acts and shall execute and
deliver all such other agreements, certificates, instruments and documents as
any party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated thereunder.

     19. Severability. The invalidity or unenforceability of any provisions of
this Agreement in any jurisdiction shall not affect the validity, legality or
enforceability of the remainder of this Agreement in such jurisdiction or the
validity, legality or enforceability of any provision of this Agreement in any
other jurisdiction, it being intended that all rights and obligations of the
parties hereunder shall be enforceable to the fullest extent permitted by law.

                            [Signature Page Follows]

                                       6
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Non-Qualified Stock Option
Agreement to be executed by its duly authorized officer, and the Optionee has
hereunto set his hand, all as of the Grant Date specified above.

                                       AMINCOR, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                             -----------------------------------
                                       Title:
                                             -----------------------------------

                                       -----------------------------------------
                                       Optionee

                                       7

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