Document:

EXHIBIT 10.15 - $390,000 CONVERTIBLE DEBENTURE

THIS SECURED DEBENTURE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE
(COLLECTIVELY, THE "SECURITIES"), HAVE NOT BEEN REGISTERED WITH THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE. THE SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM
REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). THE SECURITIES ARE "RESTRICTED" AND MAY NOT BE OFFERED OR
SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, PURSUANT TO REGULATION
D OR PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE
ACT AND THE COMPANY WILL BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH
INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE
AVAILABLE. FURTHER HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE MADE
EXCEPT IN COMPLIANCE WITH THE ACT.

                              CONVERTIBLE DEBENTURE

                                   WWAP, INC.

                            5% CONVERTIBLE DEBENTURE

                               DUE AUGUST 26, 2006

No. CCP-1 $390,000

         This Debenture is issued by WWAP, INC., a Delaware corporation (the
"COMPANY"), to Cornell Capital Partners L.P. (together with its permitted
successors and assigns, the "HOLDER") pursuant to exemptions from registration
under the Securities Act of 1933, as amended.

ARTICLE I.

         SECTION 1.01 PRINCIPAL AND INTEREST. For value received, on August 26,
2006 the Company hereby promises to pay to the order of the Holder in lawful
money of the United States of America and in immediately available funds the
principal sum of Three Hundred Ninety Thousand Dollars ($390,000), together with
interest on the unpaid principal of this Debenture at the rate of five percent
(5%) per year (computed on the basis of a 365-day year and the actual days
elapsed) from the date of this Debenture until paid. At the Company's option,
the entire principal amount and all accrued interest shall be either (a) paid to
the Holder on August 26, 2006 or (b) converted in accordance with Section 1.02
herein provided, however, that in no event shall the Holder be entitled to
convert this Debenture for a number of shares of Common Stock in excess of that
number of shares of Common Stock which, upon giving effect to such conversion,
would cause the aggregate number of shares of Common Stock beneficially owned by
the Holder and its affiliates to exceed 4.99% of the outstanding shares of the
Common Stock following such conversion (which provision may be waived by the
Investor by written notice from the Investor to the Company, which notice shall
be effective 61 days after the date of such notice). This limitation shall not
apply to an automatic conversion pursuant to Section 4.03 hereof.

<PAGE>

         SECTION 1.02 OPTIONAL CONVERSION. The Holder is entitled, at its
option, to convert, and sell on the same day, at any time and from time to time
subject to restrictions set forth below, until payment in full of this
Debenture, all or any part of the principal amount of the Debenture, plus
accrued interest, into shares (the "CONVERSION SHARES") of the Company's common
stock, par value $0.01 per share ("COMMON STOCK"), at the price per share (the
"CONVERSION PRICE") equal to the lowest volume weighted average price ("VWAP")
of the Company's Common Stock (as reported Bloomberg, LP) for the five (5)
Trading Days immediately preceding the Conversion Date (as defined herein).
Subparagraphs (a) and (b) above are individually referred to as a "CONVERSION
PRICE". As used herein, "PRINCIPAL MARKET" shall mean The National Association
of Securities Dealers Inc.'s Over-The-Counter Bulletin Board, Nasdaq SmallCap
Market, or American Stock Exchange. If the Common Stock is not traded on a
Principal Market, the Closing Bid Price shall mean the reported Closing Bid
Price for the Common Stock, as furnished by the National Association of
Securities Dealers, Inc., for the applicable periods. No fraction of shares or
scrip representing fractions of shares will be issued on conversion, but the
number of shares issuable shall be rounded to the nearest whole share. To
convert this Debenture, the Holder hereof shall deliver written notice thereof,
substantially in the form of Exhibit "A" to this Debenture, with appropriate
insertions (the "CONVERSION NOTICE"), to the Company at its address as set forth
herein. The date upon which the conversion shall be effective (the "CONVERSION
DATE") shall be deemed to be the date set forth in the Conversion Notice.

         So long as there is no Event of Default (as defined herein), the Holder
may not convert this Debenture prior to 120 calendar days after the Company's
Common Stock is quoted on the Principal Market. After the end of such period,
the Holder may convert up to twenty five percent (25%) of the principal and
interest due hereunder. The Holder shall not have any restrictions on conversion
after the Company's Common Stock has been quoted on the Principal Market for 180
calendar days.

         SECTION 1.03 RESERVATION OF COMMON STOCK. The Company shall reserve and
keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the conversion of this Debenture, such number of
shares of Common Stock as shall from time to time be sufficient to effect such
conversion, based upon the Conversion Price. If at any time the Company does not
have a sufficient number of Conversion Shares authorized and available, then the
Company shall call and hold a special meeting of its stockholders within
forty-five (45) days of that time for the sole purpose of increasing the number
of authorized shares of Common Stock.

         SECTION 1.04 RIGHT OF REDEMPTION. The Company shall have the right to
redeem all or part of this Debenture by providing five (5) days prior written
notice (a "REDEMPTION NOTICE"). If the Company provides a Redemption Notice to
the Holder prior to the Company's Common Stock having been quoted on the
Principal Market for 90 days, then the redemption price shall be equal to the
principal amount, plus accrued interest. Thereafter, the redemption price shall

                                      -2-
<PAGE>

be equal to 120% of the principal amount, plus accrued interest. If the Company
delivers a Redemption Notice, then the Company shall consummate such redemption
and pay the redemption price to the Holder within five (5) days of the date
thereof. If the Company fails to consummate such redemption and to pay the
redemption price, then the Company shall pay the Holder liquidate damages (and
not as a penalty) equal to 2% of the principal amount to be redeemed as
specified in the applicable Redemption Notice.

         SECTION 1.05 REGISTRATION RIGHTS. The Company is obligated to register
the resale of the Conversion Shares under the Securities Act of 1933, as
amended, pursuant to the terms of a Registration Rights Agreement of even date
herewith between the Company and the Holder (the "INVESTOR REGISTRATION RIGHTS
AGREEMENT").

         SECTION 1.06 INTEREST PAYMENTS. Accrued interest shall be paid at the
time of maturity or conversion to the person in whose name this Debenture is
registered. At the time such interest is payable, the Holder, in its sole
discretion, may elect to receive the interest in cash (via wire transfer or
certified funds) or in the form of Common Stock. In the event of default, as
described in Article III Section 3.01 hereunder, the Holder may elect that the
interest be paid in cash (via wire transfer or certified funds) or in the form
of Common Stock. If paid in the form of Common Stock, the amount of stock to be
issued will be calculated as follows: the value of the stock shall be the
Conversion Price on: (i) the date the interest payment is due; or (ii) if the
interest payment is not made when due, the date the interest payment is made. A
number of shares of Common Stock with a value equal to the amount of interest
due shall be issued. No fractional shares will be issued; therefore, in the
event that the value of the Common Stock per share does not equal the total
interest due, the Company will pay the balance in cash.

         SECTION 1.07 PAYING AGENT AND REGISTRAR. Initially, the Company will
act as paying agent and registrar. The Company may change any paying agent,
registrar, or Company-registrar by giving the Holder not less than ten (10)
business days' written notice of its election to do so, specifying the name,
address, telephone number and facsimile number of the paying agent or registrar.
The Company may act in any such capacity.

                                  ARTICLE II.

         SECTION 2.01 AMENDMENTS AND WAIVER OF DEFAULT. The Debenture may not be
amended without the consent of the Holder. Notwithstanding the above, without
the consent of the Holder, the Debenture may be amended to cure any ambiguity,
defect or inconsistency, to provide for assumption of the Company obligations to
the Holder or to make any change that does not adversely affect the rights of
the Holder.

                                  ARTICLE III.

         SECTION 3.01 EVENTS OF DEFAULT. An Event of Default is defined as
follows: (a) failure by the Company to pay amounts hereunder when due,
including, without limitation, principal, interest and liquidated damages; (b)
failure by the Company to comply with the terms of the Irrevocable Transfer

                                      -3-
<PAGE>

Agent Instructions; (c) failure by the Company's transfer agent to issue freely
tradeable Common Stock to the Holder within five (5) days of the Company's
receipt of the attached Notice of Conversion from Holder; (d) failure by the
Company to comply with any of its other agreements in the Debenture; (e) events
of bankruptcy or insolvency; (f) a breach by the Company of its obligations
under the Securities Purchase Agreement, the Escrow Agreement, the Security
Agreement, the Investor Registration Rights Agreement or any other agreement
entered into on the date hereof between the Company and the Holder which is not
cured within any applicable cure period set forth in such agreements. Upon the
occurrence of an Event of Default, the Holder may, in its sole discretion,
accelerate all amounts due hereunder and may, notwithstanding any restrictions
or limitations contained herein, the Holder may convert all or any portion of
this Debenture into Common Stock at the price set forth in Section 1.02 hereof
and sell or transfer any shares of Common Stock received upon such conversion.

         SECTION 3.02 FAILURE TO ISSUE UNRESTRICTED COMMON STOCK. As indicated
in Article III Section 3.01, a breach by the Company of its obligations under
the Investor Registration Rights Agreement shall be deemed an Event of Default,
which if not cured within ten (10) days, shall entitle the Holder to accelerate
full repayment of all debentures outstanding and accrued interest thereon or,
notwithstanding any limitations contained in this Debenture and/or the
Securities Purchase Agreement, to convert all debentures outstanding and accrued
interest thereon into shares of Common Stock pursuant to Section 1.02 herein.
The Company acknowledges that failure to honor a Notice of Conversion shall
cause irreparable harm to the Holder.

                                  ARTICLE IV.

         SECTION 4.01 RIGHTS AND TERMS OF CONVERSION. This Debenture, in whole
or in part, may be converted at any time following the date of closing into
shares of Common Stock at a price equal to the Conversion Price as described in
Section 1.02 above.

         SECTION 4.02 RE-ISSUANCE OF DEBENTURE. When the Holder elects to
convert a part of the Debenture, then the Company shall reissue a new Debenture
in the same form as this Debenture to reflect the new principal amount.

         SECTION 4.03 TERMINATION OF CONVERSION RIGHTS. The Holder's right to
convert the Debenture into the Common Stock in accordance with paragraph 4.01
shall terminate on the date that is the second (2nd) year anniversary from the
date hereof and this Debenture shall be automatically converted on that date in
accordance with the formula set forth in Section 4.01 hereof, and the
appropriate shares of Common Stock and amount of interest shall be issued to the
Holder.

                                   ARTICLE V.

         SECTION 5.01 ANTI-DILUTION. In the event that the Company shall at any
time subdivide the outstanding shares of Common Stock, or shall issue a stock
dividend on the outstanding Common Stock, the Conversion Price in effect
immediately prior to such subdivision or the issuance of such dividend shall be
proportionately decreased, and in the event that the Company shall at any time
combine the outstanding shares of Common Stock, the Conversion Price in effect
immediately prior to such combination shall be proportionately increased,
effective at the close of business on the date of such subdivision, dividend or
combination as the case may be.

                                      -4-
<PAGE>

         SECTION 5.02 CONSENT OF HOLDER TO SELL CAPITAL STOCK OR GRANT SECURITY
INTERESTS. Except for the Standby Equity Distribution Agreement dated the date
hereof between the Company and Cornell Capital Partners, LP. so long as any of
the principal of or interest on this Note remains unpaid and unconverted, the
Company shall not, without the prior consent of the Holder, issue or sell (i)
any Common Stock or Preferred Stock without consideration or for a consideration
per share less than its fair market value determined immediately prior to its
issuance, (ii) issue or sell any Preferred Stock, warrant, option, right,
contract, call, or other security or instrument granting the holder thereof the
right to acquire Common Stock without consideration or for a consideration per
share less than such Common Stock's fair market value determined immediately
prior to its issuance, or (iii (iv) file any registration statement on Form S-8.

                                  ARTICLE VI.

         SECTION 6.01 NOTICE. Notices regarding this Debenture shall be sent to
the parties at the following addresses, unless a party notifies the other
parties, in writing, of a change of address:

If to the Company, to:            WWAP, Inc.
                                  C/o ActivePoint Ltd.
                                  20 Giborel Israel St. Poleg Industrial Zone
                                  Netanya Israel - 42504
                                  Attention:        Moshe Ofer
                                  Telephone:        972-9-8857484
                                  Facsimile:        972-9-8853233

With a copy to:                   McLaughlin & Stern, LLP
                                  260 Madison Avenue
                                  New York, NY 10016
                                  Attention:        Steven W. Schuster, Esq.
                                  Telephone:        (212) 448-1100
                                  Facsimile:        (212) 448-0066

If to the Holder:                 Cornell Capital Partners, LP
                                  101 Hudson Street, Suite 3700
                                  Jersey City, NJ 07303
                                  Attention:        Mark A. Angelo
                                                    Portfolio Manager
                                  Telephone:        (201) 985-8300
                                  Facsimile:        (201) 985-8266

                                      -5-
<PAGE>

With a copy to:                   Cornell Capital Partners, LP
                                  101 Hudson Street, Suite 3700
                                  Jersey City, NJ  07303
                                  Attention:        Troy J. Rillo, Esq.
                                  Telephone:        (201) 985-8300
                                  Facsimile:        (201) 985-8266

         SECTION 6.02 GOVERNING LAW. This Debenture shall be deemed to be made
under and shall be construed in accordance with the laws of the State of New
Jersey without giving effect to the principals of conflict of laws thereof. Each
of the parties consents to the exclusive jurisdiction of the U.S. District Court
sitting in the District of the State of New Jersey or the state courts of the
State of New Jersey sitting in Hudson County, New Jersey in connection with any
dispute arising under this Debenture and hereby waives, to the maximum extent
permitted by law, any objection, including any objection based on FORUM NON
CONVENIENS to the bringing of any such proceeding in such jurisdictions.

         SECTION 6.03 SEVERABILITY. The invalidity of any of the provisions of
this Debenture shall not invalidate or otherwise affect any of the other
provisions of this Debenture, which shall remain in full force and effect.

         SECTION 6.04 ENTIRE AGREEMENT AND AMENDMENTS. This Debenture represents
the entire agreement between the parties hereto with respect to the subject
matter hereof and there are no representations, warranties or commitments,
except as set forth herein. This Debenture may be amended only by an instrument
in writing executed by the parties hereto.

         SECTION 6.05 COUNTERPARTS. This Debenture may be executed in multiple
counterparts, each of which shall be an original, but all of which shall be
deemed to constitute on instrument.

         IN WITNESS WHEREOF, with the intent to be legally bound hereby, the
Company has executed this Debenture as of the 20th day of October 2004.

                                                            WWAP, INC.

                                                            By:/S/ MOSHE OFER
                                                            -----------------
                                                            Name:    Moshe Ofer
                                                            Title:   CEO

                                      -6-
<PAGE>

                                   EXHIBIT "A"

                              NOTICE OF CONVERSION

        (TO BE EXECUTED BY THE HOLDER IN ORDER TO CONVERT THE DEBENTURE)

TO:

         The undersigned hereby irrevocably elects to convert $ of the principal
amount of the above Debenture into Shares of Common Stock of WWAP, Inc.,
according to the conditions stated therein, as of the Conversion Date written
below.

CONVERSION DATE:
                                          --------------------------------------
APPLICABLE CONVERSION PRICE:
                                          --------------------------------------
SIGNATURE:
                                          --------------------------------------
NAME:
                                          --------------------------------------
ADDRESS:
                                          --------------------------------------
AMOUNT TO BE CONVERTED:                   $
                                          --------------------------------------
AMOUNT OF DEBENTURE UNCONVERTED:          $
                                          --------------------------------------
CONVERSION PRICE PER SHARE:               $
                                          --------------------------------------
NUMBER OF SHARES OF COMMON STOCK TO BE
ISSUED:
                                          --------------------------------------
PLEASE ISSUE THE SHARES OF COMMON STOCK
IN THE FOLLOWING NAME AND TO THE
FOLLOWING ADDRESS:
                                          --------------------------------------
ISSUE TO:
                                          --------------------------------------
AUTHORIZED SIGNATURE:
                                          --------------------------------------
NAME:
                                          --------------------------------------
TITLE:
                                          --------------------------------------
PHONE NUMBER:
                                          --------------------------------------
BROKER DTC PARTICIPANT CODE:
                                          --------------------------------------
ACCOUNT NUMBER:
                                          --------------------------------------

                                      A-1EXHIBIT 10.16 - WWAP, INC. 2004 LONG TERM EQUITY COMPENSATION PLAN

                                   WWAP, INC.
                     2004 LONG TERM EQUITY COMPENSATION PLAN

                                October 15, 2004

<PAGE>

Contents

                                                                            PAGE

Article 1.     Establishment, Objectives, and Duration........................1

Article 2.     Definitions....................................................1

Article 3.     Administration.................................................5

Article 4.     Shares Subject to the Plan; Individual Limits; and
               Anti-Dilution Adjustment ......................................5

Article 5.     Eligibility and Participation..................................6

Article 6.     Options........................................................6

Article 7.     Stock Appreciation Rights......................................8

Article 8.     Restricted Stock...............................................9

Article 9.     Restricted Stock Units and Performance Shares.................11

Article 10.    Other Awards..................................................12

Article 11.    Performance Measures..........................................12

Article 12.    Beneficiary Designation.......................................13

Article 13.    Deferrals.....................................................13

Article 14.    Rights of Participants........................................13

Article 15.    Change in Control.............................................13

Article 16.    Amendment, Modification, and Termination......................14

Article 17.    Withholding...................................................15

Article 18.    Indemnification...............................................15

Article 19.    Successors....................................................15

Article 20.    Legal Construction............................................15

<PAGE>

                                   WWAP, INC.
                     2004 LONG TERM EQUITY COMPENSATION PLAN

ARTICLE 1.        ESTABLISHMENT, OBJECTIVES, AND DURATION

         1.1. ESTABLISHMENT OF THE PLAN. WWAP, Inc., a Delaware corporation (the
"Company"), hereby establishes an incentive compensation plan to be known as the
"WWAP, Inc. 2004 Long Term Equity Compensation Plan" (the "Plan"), as set forth
in this document and individual Award Agreements setting forth certain terms and
conditions applicable to Awards. The Plan permits the granting of Nonqualified
Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Performance Shares and other awards.

         The Plan shall become effective October 15, 2004 (the "Effective
Date"), subject to shareholder approval, and shall remain in effect as provided
in Section 1.3 herein.

         1.2. OBJECTIVES OF THE PLAN. The objectives of the Plan are to optimize
the profitability and growth of the Company through incentives which are
consistent with the Company's goals and which link the personal interests of
Participants to those of the Company's shareholders.

         The Plan is further intended to provide flexibility to the Company in
its ability to motivate, attract, and retain the services of Participants who
make or are expected to make significant contributions to the Company's success
and to allow Participants to share in the success of the Company.

         1.3. DURATION OF THE PLAN. The Plan shall commence on the Effective
Date, as described in Section 1.1 herein, and shall remain in effect, subject to
the right of the Board to amend or terminate the Plan in accordance with the
provisions of Article 16 herein, until all Shares subject to it shall have been
purchased or acquired according to the Plan's provisions. However, in no event
may an Incentive Stock Option be granted under the Plan on or after the tenth
anniversary of the Effective Date.

ARTICLE 2.        DEFINITIONS

         The following terms, when capitalized, shall have the meanings set
forth below:

         2.1. "AWARD" means, individually or collectively, Nonqualified Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Performance Shares and other awards granted under the
Plan.

         2.2. "AWARD AGREEMENT" means an agreement entered into by the Company
and a Participant setting forth the terms and provisions applicable to an Award.

         2.3. "BOARD" means the Board of Directors of the Company.

<PAGE>

         2.4. "CHANGE IN CONTROL" means the occurrence of any of the following
events:

         (a)   any Person (other than the Company, any trustee or other
               fiduciary holding securities under an employee benefit plan of
               the Company, or any corporation owned directly or indirectly by
               the stockholders of the Company in substantially the same
               proportion as the ownership of stock of the Company) that is not
               on the Effective Date the "beneficial owner" (as defined in Rule
               13d-3 under the Exchange Act), directly or indirectly, of
               securities of the Company representing more than 40% of the
               combined voting power of the Company's then outstanding
               securities becomes after the Effective Date the beneficial owner,
               directly or indirectly, of securities of the Company representing
               more than 40% of the combined voting power of the Company's then
               outstanding securities;

         (b)   individuals who, as of the Effective Date, constitute the Board
               (the "Incumbent Board") cease for any reason to constitute at
               least a majority of the Board of the Company, provided that any
               person becoming a director subsequent to the date hereof whose
               election, or nomination for election by the Company's
               stockholders, was approved by a vote of at least a majority of
               the directors then comprising the Incumbent Board (other than an
               election or nomination of an individual whose initial assumption
               of office is in connection with an actual or threatened election
               contest relating to the election of the directors of the Company)
               shall be, for purposes of this definition, considered as though
               such person were a member of the Incumbent Board;

         (c)   consummation of a merger, consolidation, reorganization, share
               exchange or similar transaction (a "Transaction") of the Company
               with any other entity, other than (i) a Transaction that would
               result in the voting securities of the Company outstanding
               immediately prior thereto directly or indirectly continuing to
               represent (either by remaining outstanding or by being converted
               into voting securities of the surviving entity or a parent
               company) more than 60% of the combined voting power of the voting
               securities of the Company or such surviving entity or parent
               company outstanding immediately after such Transaction or (ii) a
               Transaction effected to implement a recapitalization of the
               Company (or similar transaction) in which no Person acquires more
               than 60% of the combined voting power of the Company's then
               outstanding securities;

         (d)   the sale, transfer or other disposition (in one transaction or a
               series of related transactions) of more than 50% of the operating
               assets of the Company; or

         (e)   the approval by the shareholders of a plan or proposal for the
               liquidation or dissolution of the Company.

                                      -2-
<PAGE>

         Notwithstanding anything to the contrary contained herein, an initial
public offering of the Company's Shares shall not constitute a Change in Control
for purposes of this Plan.

         2.5. "CODE" means the Internal Revenue Code of 1986, as amended from
time to time.

         2.6. "BOARD" means the Board, as specified in Section 3.1 herein,
appointed by the Board to administer the Plan.

         2.7. "COMPANY" means WWAP, Inc., a Delaware corporation, and any
successor thereto as provided in Article 19 herein.

         2.8. "CONSULTANT" means any consultant or advisor to the Company or a
Subsidiary.

         2.9. "DIRECTOR" means any individual who is a member of the Board of
Directors of the Company or a Subsidiary.

         2.10. "DIVIDEND EQUIVALENT" means, with respect to Shares subject to an
Award, a right to be paid an amount equal to the dividends declared on an equal
number of outstanding Shares.

         2.11. "EFFECTIVE DATE" shall have the meaning ascribed to such term in
Section 1.1 herein.

         2.12. "EMPLOYEE" means any employee of the Company or a Subsidiary.

         2.13. "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended from time to time.

         2.14. "EXERCISE PRICE" means the price at which a Share may be
purchased by a Participant pursuant to an Option.

         2.15. "FAIR MARKET VALUE" means the average of the high and low sale
prices of a Share as reported in the consolidated transaction reporting system,
or, if there was no such sale on the relevant date, then on the last previous
day on which a sale was reported.

         2.16. "FREESTANDING SAR" means an SAR that is granted independently of
any Options, as described in Article 7 herein.

         2.17. "INCENTIVE STOCK OPTION" or "ISO" means an Option that is
intended to meet the requirements of Code Section 422.

         2.18. "NAMED EXECUTIVE OFFICER" means a Participant who is one of the
group of "covered employees," as defined in the regulations promulgated under
Code Section 162(m).

         2.19. "NONQUALIFIED STOCK OPTION" or "NQSO" means an Option to purchase
Shares granted under Article 6 herein and that is not intended to meet the
requirements of Code Section 422.

                                      -3-
<PAGE>

         2.20. "OPTION" means an Incentive Stock Option or a Nonqualified Stock
Option, as described in Article 6 herein.

         2.21. "PARTICIPANT" means a current or former Employee, Director or
Consultant who has outstanding an Award granted under the Plan.

         2.22. "PERFORMANCE-BASED EXCEPTION" means the performance-based
exception from the tax deductibility limitations of Code Section 162(m).

         2.23. "PERFORMANCE PERIOD" means the period during which a performance
goal must be met.

         2.24. "PERFORMANCE SHARE" means an Award granted to a Participant, as
described in Article 9 herein.

         2.25. "PERIOD OF RESTRICTION" means the period during which Restricted
Stock or Restricted Share Units are subject to a substantial risk of forfeiture
(based on the passage of time, the achievement of performance measures, or upon
the occurrence of other events as determined by the Board, at its discretion),
as provided in Articles 8 and 9 herein.

         2.26. "PERSON" shall have the meaning ascribed to such term in Section
3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
including a "group" as defined in Section 13(d) thereof.

         2.27. "RESTRICTED STOCK" means an Award granted to a Participant, as
described in Article 8 herein.

         2.28. "RESTRICTED STOCK UNIT" means an Award granted to a Participant,
as described in Article 9 herein.

         2.29. "SHARE" means a share of common stock of the Company, par value
$0.01 per share, subject to adjustment pursuant to Section 4.3 herein.

         2.30. "STOCK APPRECIATION RIGHT" or "SAR" means an Award granted to a
Participant, either alone or in connection with a related Option, as described
in Article 7 herein.

         2.31. "SUBSIDIARY" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the chain owns stock possessing
fifty percent or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

         2.32. "TANDEM SAR" means an SAR that is granted in connection with a
related Option, as described in Article 7 herein.

         2.33. "TEN PERCENT SHAREHOLDER" means, with respect to an ISO, a
Participant who, at the time the ISO is granted, owns stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company or of any parent corporation (as that term is defined in Code
Section 424(e)) or Subsidiary.

                                      -4-
<PAGE>

ARTICLE 3.        ADMINISTRATION

         3.1. THE BOARD. The Plan shall be administerred by the Board of
Directors (the "Board"), or if the Board has appointed a Compensation Committee,
the Plan shall be administered by the Compensation Committee of the Board or
such other Committee, as the Board shall select consisting solely of two or more
members of the Board. The members of the Board shall be appointed from time to
time by, and shall serve at the discretion of, the Board of Directors.

         3.2. AUTHORITY OF THE BOARD. Except as limited by law or by the
Company's Certificate of Incorporation or Bylaws (as the same may be amended
and/or restated from time to time), and subject to the provisions herein, the
Board shall have full power to select the Employees, Directors and Consultants
who shall participate in the Plan; determine the sizes and types of Awards;
determine the terms and conditions of Awards in a manner consistent with the
Plan; construe and interpret the Plan and any Award Agreement or other agreement
or instrument entered into under the Plan; establish, amend, or waive rules and
regulations for the Plan's administration; and (subject to the provisions of
Sections 16.3 herein) amend the terms and conditions of any outstanding Award.
Further, the Board shall make all other determinations which may be necessary or
advisable for the administration of the Plan. As permitted by law, the Board may
delegate its authority as identified herein.

         3.3. DECISIONS BINDING. All determinations and decisions made by the
Board pursuant to the provisions of the Plan and all related orders and
resolutions of the Board shall be final, conclusive and binding on all persons,
including the Company, its Subsidiaries, its shareholders, Directors, Employees,
Consultants and their estates and beneficiaries.

ARTICLE 4.    SHARES SUBJECT TO THE PLAN; INDIVIDUAL LIMITS; AND ANTI-DILUTION
              ADJUSTMENT

         4.1. SHARES AVAILABLE FOR GRANTS.

         (a)   Subject to adjustment as provided in Section 4.3 herein, the
               maximum number of Shares that may be delivered pursuant to Awards
               under the Plan shall be 2,000,000.

         (b)   Subject to adjustment as provided in Section 4.2 herein, the
               aggregate number of Shares that may be delivered pursuant to
               Awards of Restricted Stock, Restricted Stock Units, Performance
               Shares and other awards may be granted under the Plan may not
               exceed 2,000,000 Shares.

         (c)   If an Award is not settled in Shares or is forfeited, expires or
               is canceled without delivery of Shares, the Shares subject to
               such Award shall again be available for delivery under the Plan.
               Shares granted pursuant to the Plan may be authorized but
               unissued Shares, treasury Shares or Shares purchased on the open
               market.

         4.2. ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any merger,
reorganization, consolidation, recapitalization, liquidation, stock dividend,
split-up, spin-off, stock split, reverse stock split, share combination, share

                                      -5-
<PAGE>

exchange or other change in the corporate structure of the Company affecting the
Shares, such adjustment shall be made in the number and kind of Shares that may
be delivered under the Plan, the individual limits set forth in Section 4.2
herein, and in the number and kind of and/or price of Shares subject to
outstanding Awards, as may be determined to be appropriate and equitable by the
Board, in its sole discretion, to prevent dilution or enlargement of rights;
provided, however, that the number of Shares subject to an Award shall always be
rounded down to a whole number.

ARTICLE 5.        ELIGIBILITY AND PARTICIPATION

         5.1. ELIGIBILITY. Persons eligible to participate in the Plan include
all Employees, Directors and Consultants.

         5.2. ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the
Board may, from time to time, select from all eligible Employees, Directors and
Consultants, those to whom Awards shall be granted and shall determine the
nature and amount of each Award.

ARTICLE 6.        OPTIONS

         6.1. GRANT OF OPTIONS. Subject to the terms and provisions of the Plan,
Options may be granted to Participants in such number, and upon such terms, and
at any time and from time to time, as shall be determined by the Board.

         6.2. AWARD AGREEMENT. Each Option grant shall be evidenced by an Award
Agreement that shall specify the Exercise Price, the duration of the Option, the
number of Shares to which the Option pertains, and such other provisions as the
Board shall determine. The Award Agreement also shall specify whether the Option
is intended to be an ISO or an NQSO.

         6.3. EXERCISE PRICE. The Exercise Price for each grant of an Option
under the Plan shall be at least equal to one hundred percent (100%) of the Fair
Market Value of a Share on the date the Option is granted. The Exercise Price of
an ISO granted to a Ten Percent Shareholder shall be at least equal to one
hundred and ten percent (110%) of the Fair Market Value of a Share on the date
the ISO is granted.

         6.4. DURATION OF OPTIONS. Each Option granted to a Participant shall
expire at such time as the Board shall determine at the time of grant; provided,
however, that no Option shall be exercisable later than the tenth (10th)
anniversary date of its grant and no ISO granted to a Ten Percent Shareholder
shall be exercisable later than the fifth (5th) anniversary date of its grant.

         6.5. EXERCISE OF OPTIONS. Options granted under this Article 6 shall be
exercisable at such times and be subject to such restrictions and conditions as
set forth in the Award Agreement and as the Board shall in each instance
approve, which need not be the same for each grant or for each Participant.
Options which are intended to be ISOs shall be subject to the $100,000 annual
vesting limitation set forth in Code Section 422(d).

         6.6. PAYMENT. Options granted under this Article 6 shall be exercised
by the delivery of a written notice of exercise to the Company, setting forth
the number of Shares with respect to which the Option is to be exercised,
accompanied by provisions for full payment for the Shares.

                                      -6-
<PAGE>

         The Exercise Price of an Option shall be payable as follows, in each
case subject to such restrictions as the Board may impose: (a) in cash or its
equivalent, (b) by tendering, or attesting to the ownership of, previously
acquired Shares having an aggregate Fair Market Value at the time of exercise
equal to the total Exercise Price (provided that the Shares, other than Shares
purchased by the Participant on the open market, which are tendered must have
been held by the Participant for at least six (6) months prior to their tender
to satisfy the Exercise Price), (c) by broker-assisted cashless exercise, (d) by
any other method approved by the Board or (e) by a combination of (a), (b), (c)
and/or (d). The Board may limit any method of payment, other than that specified
under (a), for administrative convenience, to comply with applicable law, or for
any other reason.

         Subject to any governing rules or regulations, as soon as practicable
after receipt of a written notification of exercise and full payment, the
Company shall deliver or cause to be delivered Shares in an appropriate amount
based upon the number of Shares purchased under the Option(s).

         6.7. RESTRICTIONS ON SHARE TRANSFERABILITY. The Board may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option
granted under this Article 6 as it may deem advisable, including, without
limitation, restrictions under applicable federal securities laws, under the
requirements of any stock exchange or market upon which such Shares are then
listed and/or traded, and under any blue sky or state securities laws applicable
to such Shares.

         6.8. DIVIDEND EQUIVALENTS. At the discretion of the Board, an Award of
Options may provide the Participant with the right to receive Dividend
Equivalents, which may be paid currently or credited to an account for the
Participant, and may be settled in cash and/or Shares, as determined by the
Board in its sole discretion, subject in each case to such terms and conditions
as the Board shall establish. Without limiting the generality of the preceding
sentence, if it is intended that an Award of Options and/or the Dividend
Equivalents comply with the requirements of the Performance-Based Exception, the
Board may apply any restrictions it deems appropriate to the payment of Dividend
Equivalents awarded with respect to such Options, such that the Options and/or
Dividend Equivalents maintain eligibility for the Performance-Based Exception.

         6.9. TERMINATION OF EMPLOYMENT OR SERVICE. Each Participant's Option
Award Agreement shall set forth the extent to which the Participant shall have
the right to exercise the Option following termination of the Participant's
employment or, if the Participant is a Director or Consultant, service with the
Company and its Subsidiaries. Such provisions shall be determined in the sole
discretion of the Board, need not be uniform among all Options, and may reflect
distinctions based on the reasons for termination of employment or service.

         6.10. NONTRANSFERABILITY OF OPTIONS.

         (a)   INCENTIVE STOCK OPTIONS. ISOs may not be sold, transferred,
               pledged, assigned, or otherwise alienated or hypothecated, other
               than by will or by the laws of descent and distribution, and
               shall be exercisable during a Participant's lifetime only by such
               Participant.

                                      -7-
<PAGE>

         (b)   NONQUALIFIED STOCK OPTIONS. Except as otherwise provided in a
               Participant's Award Agreement, NQSOs may not be sold,
               transferred, pledged, assigned, or otherwise alienated or
               hypothecated, other than by will or by the laws of descent and
               distribution, and shall be exercisable during a Participant's
               lifetime only by such Participant.

ARTICLE 7.        STOCK APPRECIATION RIGHTS

         7.1. GRANT OF SARS. Subject to the terms and provisions of the Plan,
SARs may be granted to Participants at any time and from time to time as shall
be determined by the Board. The Board may grant Freestanding SARs, Tandem SARs,
or any combination of these forms of SAR.

         The Board shall have complete discretion in determining the number of
SARs granted to each Participant (subject to Article 4 herein) and, consistent
with the provisions of the Plan, in determining the terms and conditions
pertaining to such SARs.

         The grant price of a Freestanding SAR shall equal the Fair Market Value
of a Share on the date of grant of the SAR. The grant price of a Tandem SAR
shall equal the Exercise Price of the related Option.

         7.2. EXERCISE OF TANDEM SARS. A Tandem SAR may be exercised only with
respect to the Shares for which its related Option is then exercisable. To the
extent exercisable, Tandem SARs may be exercised for all or part of the Shares
subject to the related Option. The exercise of all or part of a Tandem SAR shall
result in the forfeiture of the right to purchase a number of Shares under the
related Option equal to the number of Shares with respect to which the SAR is
exercised. Conversely, upon exercise of all or part of an Option with respect to
which a Tandem SAR has been granted, an equivalent portion of the Tandem SAR
shall similarly be forfeited.

         Notwithstanding any other provision of the Plan to the contrary, with
respect to a Tandem SAR granted in connection with an ISO: (i) the Tandem SAR
will expire no later than the expiration of the underlying ISO; (ii) the value
of the payout with respect to the Tandem SAR may be for no more than one hundred
percent (100%) of the difference between the Exercise Price of the underlying
ISO and the Fair Market Value of the Shares subject to the underlying ISO at the
time the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised only
when the Fair Market Value of the Shares subject to the ISO exceeds the Exercise
Price of the ISO.

         7.3. EXERCISE OF FREESTANDING SARS. Freestanding SARs may be exercised
upon whatever terms and conditions the Board, in its sole discretion, imposes
upon them and sets forth in the Award Agreement.

         7.4. AWARD AGREEMENT. Each SAR grant shall be evidenced by an Award
Agreement that shall specify the grant price, the term of the SAR, and such
other provisions as the Board shall determine.

                                      -8-
<PAGE>

         7.5. TERM OF SARS. The term of an SAR granted under the Plan shall be
determined by the Board, in its sole discretion; provided, however, that such
term shall not exceed ten (10) years.

         7.6. PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a Participant
shall be entitled to receive payment from the Company in an amount determined by
multiplying:

         (a)   the difference between the Fair Market Value of a Share on the
               date of exercise over the grant price; by

         (b)   the number of Shares with respect to which the SAR is exercised.

         At the discretion of the Board, the payment upon SAR exercise may be in
cash, in Shares of equivalent value, or in some combination thereof.

         7.7. DIVIDEND EQUIVALENTS. At the discretion of the Board, an Award of
SARs may provide the Participant with the right to receive Dividend Equivalents,
which may be paid currently or credited to an account for the Participant, and
may be settled in cash and/or Shares, as determined by the Board in its sole
discretion, subject in each case to such terms and conditions as the Board shall
establish. Without limiting the generality of the preceding sentence, if it is
intended that an Award of SARs and/or the Dividend Equivalents comply with the
requirements of the Performance-Based Exception, the Board may apply any
restrictions it deems appropriate to the payment of Dividend Equivalents awarded
with respect to such SARs, such that the SARs and/or Dividend Equivalents
maintain eligibility for the Performance-Based Exception.

         7.8. TERMINATION OF EMPLOYMENT OR SERVICE. Each SAR Award Agreement
shall set forth the extent to which the Participant shall have the right to
exercise the SAR following termination of the Participant's employment or, if
the Participant is a Director or Consultant, service with the Company and its
Subsidiaries. Such provisions shall be determined in the sole discretion of the
Board, need not be uniform among all SARs, and may reflect distinctions based on
the reasons for termination of employment or service.

         7.9. NONTRANSFERABILITY OF SARS. Except as otherwise provided in a
Participant's Award Agreement, SARs may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution, and shall be exercisable during a
Participant's lifetime only by such Participant.

ARTICLE 8.        RESTRICTED STOCK

         8.1. GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of
the Plan, Restricted Stock may be granted to Participants in such amounts as the
Board shall determine.

         8.2. AWARD AGREEMENT. Each Restricted Stock grant shall be evidenced by
an Award Agreement that shall specify the Period(s) of Restriction, the number
of Shares of Restricted Stock granted, and such other provisions as the Board
shall determine.

                                      -9-
<PAGE>

         8.3. OTHER RESTRICTIONS. The Board shall impose such other conditions
and/or restrictions on any Shares of Restricted Stock granted pursuant to the
Plan as it may deem advisable including, without limitation, a requirement that
Participants pay a stipulated purchase price for each Share of Restricted Stock,
restrictions based upon the achievement of specific performance goals,
time-based restrictions on vesting following the attainment of the performance
goals, time-based restrictions, and/or restrictions under applicable laws or
under the requirements of any stock exchange or market upon which such Shares
are listed or traded, or holding requirements or sale restrictions placed on the
Shares by the Company upon vesting of such Restricted Stock.

         8.4. REMOVAL OF RESTRICTIONS. Restricted Stock shall become freely
transferable by the Participant after the last day of the Period of Restriction
applicable thereto. Once Restricted Stock is released from the restrictions, the
Participant shall be entitled to receive a certificate.

         8.5. VOTING RIGHTS. Unless otherwise determined by the Board and set
forth in a Participant's Award Agreement, to the extent permitted or required by
law, as determined by the Board, Participants holding Shares of Restricted Stock
granted hereunder may be granted the right to exercise full voting rights with
respect to those Shares during the Period of Restriction.

         8.6. DIVIDENDS AND OTHER DISTRIBUTIONS. Except as otherwise provided in
a Participant's Award Agreement, during the Period of Restriction, Participants
holding Shares of Restricted Stock shall receive all regular cash dividends paid
with respect to all Shares while they are so held, and all other distributions
paid with respect to such Restricted Stock shall be credited to Participants
subject to the same restrictions on transferability and forfeitability as the
Restricted Stock with respect to which they were paid and shall be paid at such
time following full vesting as are paid the Shares of Restricted Stock with
respect to which such distributions were made. Without limiting the generality
of the preceding sentence, if it is intended that an Award of Restricted Stock
and/or dividends comply with the requirements of the Performance-Based
Exception, the Board may apply any restrictions it deems appropriate to the
payment of dividends declared with respect to such Restricted Stock, such that
the Restricted Stock and/or the dividends maintain eligibility for the
Performance-Based Exception.

         8.7. TERMINATION OF EMPLOYMENT OR SERVICE. Each Award Agreement shall
set forth the extent to which the Participant shall have the right to receive
unvested Restricted Stock following termination of the Participant's employment
or, if the Participant is a Director or Consultant, service with the Company and
its Subsidiaries. Such provisions shall be determined in the sole discretion of
the Board, need not be uniform among all Awards of Restricted Stock, and may
reflect distinctions based on the reasons for termination of employment or
service.

         8.8. NONTRANSFERABILITY OF RESTRICTED STOCK. Except as otherwise
determined by the Board, during the applicable Period of Restriction, a
Participant's rights with respect to the Restricted Stock granted under the Plan
shall be available during the Participant's lifetime only to such Participant,
and Restricted Stock may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated other than by will or by the laws of descent
and distribution.

                                      -10-
<PAGE>

ARTICLE 9.        RESTRICTED STOCK UNITS AND PERFORMANCE SHARES

         9.1. GRANT OF RESTRICTED STOCK UNITS/PERFORMANCE SHARES. Subject to the
terms and provisions of the Plan, Restricted Stock Units and Performance Shares
may be granted to Participants in such amounts and upon such terms, and at any
time and from time to time, as shall be determined by the Board and as shall be
set forth in the Award Agreement.

         9.2. AWARD AGREEMENT. Each grant of Restricted Stock Units or
Performance Shares shall be evidenced by an Award Agreement that shall specify
the applicable Period(s) of Restriction or Performance Period(s) (as the case
may be), the number of Restricted Stock Units or Performance Shares granted, and
such other provisions as the Board shall determine. The initial value of a
Restricted Stock Unit or Performance Share shall equal the Fair Market Value of
a Share on the date of grant.

         9.3. FORM AND TIMING OF PAYMENT.

         (a)   Except as otherwise provided in a Participant's Award Agreement,
               payment of Restricted Stock Units shall be made after the last
               day of the Period of Restriction applicable thereto. The Board,
               in its sole discretion, may pay Restricted Stock Units in cash or
               in Shares (or in a combination thereof) that have an aggregate
               Fair Market Value equal to the value of the earned Restricted
               Stock Units.

         (b)   Except as otherwise provided in a Participant's Award Agreement,
               after the applicable Performance Period has ended, the holder of
               Performance Shares shall be entitled to receive payout on the
               number of Performance Shares earned over the Performance Period,
               to be determined as a function of the extent to which the
               corresponding performance measures have been achieved. The Board,
               in its sole discretion, may pay Performance Shares in cash or in
               Shares (or in a combination thereof) that have an aggregate Fair
               Market Value equal to the value of the earned Performance Shares.

         9.4. VOTING RIGHTS. A Participant shall have no voting rights with
respect to any Restricted Stock Units or Performance Shares granted hereunder.

         9.5. DIVIDEND EQUIVALENTS. At the discretion of the Board, an Award of
Restricted Stock Units or Performance Shares may provide the Participant with
the right to receive Dividend Equivalents, which may be paid currently or
credited to an account for the Participant, and may be settled in cash and/or
Shares, as determined by the Board in its sole discretion, subject in each case
to such terms and conditions as the Board shall establish. Without limiting the
generality of the preceding sentence, if it is intended that an Award of
Restricted Stock Units/Performance Shares and/or the Dividend Equivalents comply
with the requirements of the Performance-Based Exception, the Board may apply
any restrictions it deems appropriate to the payment of Dividend Equivalents
awarded with respect to such Restricted Stock Units/Performance Shares, such
that the Restricted Stock Units/Performance Shares and/or Dividend Equivalents
maintain eligibility for the Performance-Based Exception.

                                      -11-
<PAGE>

         9.6. TERMINATION OF EMPLOYMENT OR SERVICE. Each Award Agreement shall
set forth the extent to which the Participant shall have the right to receive a
payout respecting an Award of Restricted Stock Units or Performance Shares
following termination of the Participant's employment or, if the Participant is
a Director or Consultant, service with the Company and its Subsidiaries. Such
provisions shall be determined in the sole discretion of the Board, need not be
uniform among all Restricted Stock Units or Performance Shares, and may reflect
distinctions based on the reasons for termination of employment or service.

         9.7. NONTRANSFERABILITY. Except as otherwise provided in a
Participant's Award Agreement, Restricted Stock Units and Performance Shares may
not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.

ARTICLE 10.       OTHER AWARDS

         10.1. GRANT. The Board shall have the right to grant other Awards which
may include, without limitation, the grant of deferred Shares, Shares or cash
based on attainment of performance or other goals established by the Board, or
Shares in lieu of cash under other Company incentive or bonus programs.

         10.2. PAYMENT OF OTHER AWARDS. Payment under or settlement of any such
Awards shall be made in such manner and at such times as the Board may
determine.

         10.3. TERMINATION OF EMPLOYMENT OR SERVICE. The Board shall determine
the extent to which the Participant shall have the right to receive amounts
under Awards granted under this Article 10 following termination of the
Participant's employment or, if the Participant is a Director or Consultant,
service with the Company and its Subsidiaries. Such provisions shall be
determined in the sole discretion of the Board, such provisions may be included
in an agreement entered into with each Participant, need not be uniform among
all other Awards, and may reflect distinctions based on the reasons for
termination of employment or service.

         10.4. NONTRANSFERABILITY. Except as otherwise provided in a
Participant's Award Agreement, Awards granted under this Article 10 may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution.

ARTICLE 11.       PERFORMANCE MEASURES

         Unless and until the Company proposes for shareholder vote and
shareholders approve a change in the general performance measures set forth in
this Article 11, the performance goals to be used for Awards and any related
dividends or Dividend Equivalents that are designed to qualify for the
Performance-Based Exception shall be chosen from among the following performance
measure(s): earnings per share, economic value added, market share (actual or
targeted growth), net income (before or after taxes), operating income, adjusted
net income after capital charge, return on assets (actual or targeted growth),
return on capital (actual or targeted growth), return on equity (actual or
targeted growth), return on investment (actual or targeted growth), premiums
written or earned (gross, net or direct), revenue (actual or targeted growth),
loss ratio (gross or net), expense ratio (gross or net), combined ratio (gross
or net), share price, stock price growth, or total shareholder return. Awards
and any related dividends or Dividend Equivalents that are not designed to
qualify for the Performance-Based Exception may be based on these or such other
performance measures as the Board may determine.

                                      -12-
<PAGE>

ARTICLE 12.       BENEFICIARY DESIGNATION

         Each Participant under the Plan may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to
whom any benefit under the Plan is to be paid in case of his or her death before
he or she receives any or all of such benefit. Each such designation shall
revoke all prior designations by the same Participant, shall be in a form
prescribed by the Board, and will be effective only when filed by the
Participant in writing during the Participant's lifetime with the Board. In the
absence of any such designation, benefits remaining unpaid at the Participant's
death shall be paid to the Participant's estate.

ARTICLE 13.       DEFERRALS

         If permitted by the Board, a Participant may defer receipt of amounts
that would otherwise be provided to such Participant with respect to an Award.
If permitted, such deferral (and the required deferral election) shall be made
in accordance with, and shall be subject to, the terms and conditions of the
applicable nonqualified deferred compensation plan under which such deferral is
made and such other terms and conditions as the Board may prescribe.

ARTICLE 14.       RIGHTS OF PARTICIPANTS

         14.1. CONTINUED SERVICE. Nothing in the Plan shall:

         (a)   interfere with or limit in any way the right of the Company or a
               Subsidiary to terminate any Participant's employment or service
               at any time,

         (b)   confer upon any Participant any right to continue in the employ
               or service of the Company or any of its Subsidiaries, nor

         (c)   confer on any Director any right to continue to serve on the
               Board of Directors of the Company or any of its Subsidiaries.

         14.2. PARTICIPATION. No Employee, Director or Consultant shall have the
right to be selected to receive an Award under the Plan, or, having been so
selected, to be selected to receive future Awards.

ARTICLE 15.       CHANGE IN CONTROL.

         Except as otherwise provided in a Participant's Award Agreement, upon
the occurrence of a Change in Control:

         (a)   any and all outstanding Options and SARs granted hereunder shall
               become immediately exercisable;

                                      -13-
<PAGE>

         (b)   any Period of Restriction or other restriction imposed on any
               Restricted Stock, Restricted Stock Unit or other Award shall
               lapse; and

         (c)   any and all Performance Shares and other Awards (if
               performance-based) shall be deemed earned at the target level (or
               if no target level is specified, the maximum level) with respect
               to all open Performance Periods.

         Unless a Participant's Award Agreement expressly provides otherwise, if
a Participant's employment or, if the Participant is a Director or Consultant,
service with the Company and its Subsidiaries is terminated following a Change
in Control, any of the Participant's Options or SARs that were outstanding on
the date of the Change in Control and that were vested as of the date of
termination of employment or service shall remain exercisable for a period
ending not before the earlier of the first anniversary of the termination of the
Participant's employment or service or the expiration of the stated term of the
Award.

ARTICLE 16.       AMENDMENT, MODIFICATION, AND TERMINATION

         16.1. AMENDMENT, MODIFICATION, AND TERMINATION. The Board may at any
time and from time to time, alter, amend, suspend or terminate the Plan in whole
or in part; provided, however, that no amendment which requires shareholder
approval in order for the Plan to comply with any applicable stock exchange
listing standards or any rule promulgated by the United States Securities and
Exchange Commission shall be effective unless such amendment shall be approved
by the requisite vote of shareholders of the Company entitled to vote thereon.

         16.2. ADJUSTMENT OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR
NONRECURRING EVENTS. The Board may make adjustments in the terms and conditions
of, and the criteria included in, Awards in recognition of unusual or
nonrecurring events (including, without limitation, the events described in
Section 4.3 herein) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations, or accounting principles,
whenever the Board determines that such adjustments are appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan. With respect to any Awards intended to
comply with the Performance-Based Exception, any such exception shall be
specified when the performance goals are established.

         16.3. AWARDS PREVIOUSLY GRANTED. No termination, amendment or
modification of the Plan or of any Award shall adversely affect in any material
way any Award previously granted under the Plan without the written consent of
the Participant holding such Award, unless such termination, modification or
amendment is required by applicable law and except as otherwise provided herein.

         16.4. COMPLIANCE WITH THE PERFORMANCE-BASED EXCEPTION. If changes are
made to Code Section 162(m) or regulations promulgated thereunder to permit
greater flexibility with respect to any Award or Awards available under the
Plan, the Board may, subject to this Article 16, make any adjustments to the
Plan and/or Award Agreements it deems appropriate.

                                      -14-
<PAGE>

ARTICLE 17.       WITHHOLDING

         17.1. TAX WITHHOLDING. The Company shall have the power and the right
to deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy federal, state, and local taxes, domestic or
foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of the Plan.

         17.2. USE OF SHARES TO SATISFY WITHHOLDING OBLIGATION. With respect to
withholding required upon the exercise of Options or SARs, upon the vesting of
Restricted Stock, Restricted Stock Units or Performance Shares, or upon any
other taxable event arising as a result of Awards granted hereunder,
Participants may elect that the withholding requirement be satisfied, in whole
or in part, by having the Company withhold, or by tendering to the Company,
Shares having a Fair Market Value equal to the minimum statutory withholding
(based on minimum applicable withholding rates for federal, state and local tax
purposes, including payroll taxes) that could be imposed on the transaction. Any
such elections by a Participant shall be irrevocable, made in writing and signed
by the Participant.

ARTICLE 18. INDEMNIFICATION

         Each person who is or shall have been a member of the Board, or of the
Board, shall be indemnified and held harmless by the Company to the fullest
extent permitted by Delaware law against and from any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to
which he or she may be a party or in which he or she may be involved by reason
of any action taken or failure to act under the Plan and against and from any
and all amounts paid by him or her in settlement thereof, with the Company's
approval, or paid by him or her in satisfaction of any judgment in any such
action, suit, or proceeding against him or her, provided he or she shall give
the Company an opportunity, at its own expense, to handle and defend the same
before he or she undertakes to handle and defend it on his or her own behalf.
The foregoing right of indemnification is subject to the person having been
successful in the legal proceedings or having acted in good faith and what is
reasonably believed to be a lawful manner in the Company's best interests. The
foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company's
Certificate of Incorporation or Bylaws (as the same may be amended and/or
restated from time to time), as a matter of law, or otherwise, or any power that
the Company may have to indemnify them or hold them harmless.

ARTICLE 19.       SUCCESSORS

         All obligations of the Company under the Plan and with respect to
Awards shall be binding on any successor to the Company, whether the existence
of such successor is the result of a direct or indirect purchase, merger,
consolidation, or other event, or a sale or disposition of all or substantially
all of the business and/or assets of the Company.

                                      -15-
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ARTICLE 20.       LEGAL CONSTRUCTION

         20.1. GENDER, NUMBER AND REFERENCES. Except where otherwise indicated
by the context, any masculine term used herein also shall include the feminine;
the plural shall include the singular and the singular shall include the plural.
Any reference in the Plan to an act or code or to any section thereof or rule or
regulation thereunder shall be deemed to refer to such act, code, section, rule
or regulation, as may be amended from time to time, or to any successor act,
code, section, rule or regulation.

         20.2. SEVERABILITY. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

         20.3. REQUIREMENTS OF LAW. The granting of Awards and the issuance of
Shares under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

         20.4. GOVERNING LAW. To the extent not preempted by federal law, the
Plan, and all agreements hereunder, shall be construed in accordance with and
governed by the laws of the state of New York, without giving effect to any
conflicts or choice of law rule or principle that might otherwise refer
construction of the Plan and/or any agreements under the Plan to the substantive
law of another jurisdiction.

                                      -16-

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