Document:

STOCK ESCROW AGREEMENT

            STOCK ESCROW AGREEMENT, dated as of ___________ ___, 2005
("Agreement") by and among Star Maritime Acquisition Corp., a Delaware
corporation ("Company"), the undersigned parties listed as Initial Stockholders
on the signature page hereto (collectively, the "Initial Stockholders") and
American Stock Transfer & Trust Company, a New York corporation ("Escrow
Agent").

            WHEREAS, the Company has entered into an Underwriting Agreement,
dated _______ __, 2005 ("Underwriting Agreement") with Maxim Group LLC ("Maxim")
acting as representative of the several underwriters (collectively, the
"Underwriters"), pursuant to which, among other matters, the Underwriters have
agreed to purchase 25,000,000 units ("Units") of the Company. Each Unit consists
of one share of the Company's Common Stock, par value $.0001 per share, and one
Warrant, each Warrant to purchase one share of Common Stock, all as more fully
described in the Company's definitive Prospectus, dated ________ __, 2005
("Prospectus") comprising part of the Company's Registration Statement on Form
S-1 (File No. 333-125662) under the Securities Act of 1933, as amended
("Registration Statement"), declared effective on ________ __, 2005 ("Effective
Date").

            WHEREAS, the Initial Stockholders have agreed as a condition of the
Underwriters' obligation to purchase the Units pursuant to the Underwriting
Agreement and to offer them to the public to deposit all of their shares of
Common Stock of the Company, as set forth opposite their respective names in
Exhibit A attached hereto (collectively "Escrow Shares"), in escrow as
hereinafter provided.

            WHEREAS, the Company and the Initial Stockholders desire that the
Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

            IT IS AGREED:

      1. Appointment of Escrow Agent. The Company and the Initial Stockholders
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

      2. Deposit of Escrow Shares. On or before the Effective Date, each of the
Initial Stockholders shall deliver to the Escrow Agent certificates representing
his or her respective Escrow Shares, to be held and disbursed subject to the
terms and conditions of this Agreement. Each Initial Stockholder acknowledges
that the certificate representing his or her Escrow Shares is legended to
reflect the deposit of such Escrow Shares under this Agreement.

      3. Disbursement of the Escrow Shares.

            3.1 General. Except as set forth herein and in Section 3.2 below,
the Escrow Agent shall hold the Escrow Shares until the first anniversary of the
completion by the Company of a Business Combination (as such term is defined in
the Registration Statement)("Escrow Period"), on which date it shall, upon
written instructions from each Initial Stockholder, disburse each of the Initial
Stockholder's Escrow Shares to such Initial Stockholder; provided, however, that
if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof
that the Company is being liquidated at any time during the Escrow Period, then
the Escrow Agent shall promptly destroy the certificates representing the Escrow
Shares; provided further, that if, after the Company consummates a Business
Combination, it (or the surviving entity) subsequently consummates a
liquidation, merger, stock exchange or other similar transaction which results
in all of its stockholders of such entity having the right to exchange their
shares of Common Stock for cash, securities or other property, then the Escrow
Agent will, upon consummation of such transaction, release the Escrow Shares to
the Initial Stockholders so that they can similarly participate. The Escrow
Agent shall have no further duties hereunder after the disbursement or
destruction of the Escrow Shares in accordance with this Section 3.
<PAGE>

            3.2 Upon written instructions from the Company advising that a
business combination has been consummated and that one or more of the public
stockholders has determined to exercise the right to redeem their shares for
cash described in the Registration Statement, the Escrow Agent will release and
deliver to the Company for cancellation on a pro rata basis certificates
representing that number of Escrow Shares (not to exceed 200,000 in the
aggregate) which equals the dollar amount of the trust account described in the
Registration Statement (exclusive of interest) payable to redeeming stockholders
above $9.43 per share and dividing it by $10.00 (the value attributed to the
Escrow Shares for purposes of this calculation). By way of illustration, for
each 1,000 shares redeemed, up to 3,508,772 shares, 57 Escrow Shares will be
surrendered for cancellation. Such instructions will set forth both the number
of shares the Company is redeeming and the number of Escrow Shares to be
delivered to the Company for cancellation.

      4. Rights of Initial Stockholders in Escrow Shares.

            4.1. Voting Rights as a Stockholder. Subject to the terms of the
Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Stockholders shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to
vote such shares.

            4.2. Dividends and Other Distributions in Respect of the Escrow
Shares. During the Escrow Period, all dividends payable in cash with respect to
the Escrow Shares shall be paid to the Initial Stockholders, but all dividends
payable in stock or other non-cash property ("Non-Cash Dividends") shall be
delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term "Escrow Shares" shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

            4.3. Restrictions on Transfer. During the Escrow Period, no sale,
transfer or other disposition may be made of any or all of the Escrow Shares
except (i) by gift to a member of Initial Stockholder's immediate family or to a
trust or other entity, the beneficiary of which is an Initial Stockholder or a
member of an Initial Stockholder's immediate family, (ii) by virtue of the laws
of descent and distribution upon death of any Initial Stockholder, or (iii)
pursuant to a qualified domestic relations order; provided, however, that such
permissive transfers may be implemented only upon the respective transferee's
written agreement to be bound by the terms and conditions of this Agreement and
of the Insider Letter signed by the Initial Stockholder transferring the Escrow
Shares. During the Escrow Period, the Initial Stockholders shall not pledge or
grant a security interest in the Escrow Shares or grant a security interest in
their rights under this Agreement.

            4.4. Insider Letters. Each of the Initial Stockholders has executed
a letter agreement with Maxim and the Company, dated as indicated on Exhibit A
hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including but not limited to the liquidation of the Company.

      5. Concerning the Escrow Agent.

            5.1. Good Faith Reliance. The Escrow Agent shall not be liable for
any action taken or omitted by it in good faith and in the exercise of its own
best judgment, and may rely conclusively and shall be protected in acting upon
any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

                                       2
<PAGE>

            5.2. Indemnification. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any
action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the
Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than
expenses or losses arising from the gross negligence or willful misconduct of
the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of
the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The
provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

            5.3. Compensation. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder, as set
forth on Exhibit B hereto. The Escrow Agent shall also be entitled to
reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all
counsel, advisors' and agents' fees and disbursements and all taxes or other
governmental charges.

            5.4. Further Assurances. From time to time on and after the date
hereof, the Company and the Initial Stockholders shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall
do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is
protected in acting hereunder.

            5.5. Resignation. The Escrow Agent may resign at any time and be
discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as
hereinafter provided. Such resignation shall become effective at such time that
the Escrow Agent shall turn over to a successor escrow agent appointed by the
Company and approved by Maxim, the Escrow Shares held hereunder. If no new
escrow agent is so appointed within the 60 day period following the giving of
such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it deems appropriate.

                                       3
<PAGE>

            5.6. Discharge of Escrow Agent. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing
at any time by the other parties hereto, jointly, provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

            5.7. Liability. Notwithstanding anything herein to the contrary, the
Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

      6. Miscellaneous.

            6.1. Governing Law. This Agreement shall for all purposes be deemed
to be made under and shall be construed in accordance with the laws of the State
of New York. Each of the parties hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall
be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the
parties hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum.

            6.2. Third Party Beneficiaries. Each of the Initial Stockholders
hereby acknowledges that the Underwriters are third party beneficiaries of this
Agreement and this Agreement may not be modified or changed without the prior
written consent of Maxim.

            6.3. Entire Agreement. This Agreement contains the entire agreement
of the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.

            6.4. Headings. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

            6.5. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

            6.6. Notices. Any notice or other communication required or which
may be given hereunder shall be in writing and either be delivered personally or
by private national courier service, or be mailed, certified or registered mail,
return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if sent by private national courier service, on the
next business day after delivery to the courier, or, if mailed, two business
days after the date of mailing, as follows:

                                       4
<PAGE>

                  If to the Company, to:

                                 Star Maritime Acquisition Corp.
                                 c/o Schwartz & Weiss, P.C.
                                 457 Madison Avenue
                                 New York, New York 10022
                                 Attn:   Akis Tsirigakis

                  If to a Stockholder, to his address set forth in Exhibit A.

                  and if to the Escrow Agent, to:

                                 American Stock Transfer & Trust Company
                                 59 Maiden Lane
                                 New York, New York  10038
                                 Attn:   ___________

                  A copy of any notice sent hereunder shall be sent to:

                                 Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
                                 666 Third Avenue, 25th Floor
                                 New York, New York 10017
                                 Attn: Stephen J. Gullotta, Jr., Esq.

                  and:

                                 Maxim Group LLC
                                 405 Lexington Avenue
                                 New York, New York 10174
                                 Attn:   Clifford A. Teller

                  and:

                                 Loeb & Loeb LLP
                                 345 Park Avenue
                                 New York, New York 10154
                                 Attn:   Fran Stoller, Esq.

            The parties may change the persons and addresses to which the
notices or other communications are to be sent by giving written notice to any
such change in the manner provided herein for giving notice.

            6.7. Liquidation of Company. The Company shall give the Escrow Agent
written notification of the liquidation and dissolution of the Company in the
event that the Company fails to consummate a Business Combination within the
time period(s) specified in the Prospectus.

                                       5
<PAGE>

            WITNESS the  execution of this  Agreement as of the date first above
written.

                         STAR MARITIME ACQUISITION CORP.

                         By:
                             ---------------------------------------------------
                             Prokopios (Akris) Tsirigakis,
                              Chief Executive Officer

                         INITIAL STOCKHOLDERS:

                         ---------------------------
                         Prokopios (Akis) Tsirigakis

                         ---------------------------
                         Christo Anagnostou

                         --------------------------
                         Niko Nikoforos

                         ---------------------------
                         George Syllantavos

                         ---------------------------
                         Koert Erhardt

                         ---------------------------
                         Tom Soefteland

                         ---------------------------
                         Petros Pappas

                         AMERICAN STOCK TRANSFER
                         & TRUST COMPANY

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

                                       6
<PAGE>

                                    EXHIBIT A

                                                   Stock
Name and Address of                Number       Certificate           Date of
Initial Stockholder              of Shares         Number         Insider Letter
-------------------              ---------      -----------       --------------
Prokopios (Akis) Tsirigakis     3,937,500
Christo Anagnostou                125,000
Niko Nikiforos                    125,000
George Syllantavos                937,500
Koert Erhardt                     312,000
Tom Softeland                     312,500
Petros Pappas                     500,000

                                       7
<PAGE>

                                    EXHIBIT B

                                Escrow Agent Fees

                                       8Exhibit 10.14

      FORM OF CHALLENGE AWARD OPTION AGREEMENT GRANTED TO SENIOR MANAGEMENT
                                 IN FISCAL 2005

                              IEC ELECTRONICS CORP.

                       OPTION AWARD AGREEMENT PURSUANT TO
                      2001 STOCK OPTION AND INCENTIVE PLAN

                            (Incentive Stock Option)

      OPTION AWARD AGREEMENT, executed in duplicate as of the ___ day of ____,
2005, between IEC Electronics Corp., a Delaware corporation (the "Company"), and
____________________, _________________________of the Company (the "Optionee").
RECITALS:

      A. On May 11, 2005, the Board of Directors of the Company adopted a Long
Term Incentive Plan (the "LTIP") pursuant to which senior management employees
of the Company will be granted Challenge Awards in the form of stock options
that vest on the attainment of certain performance goals.

      B. In accordance with the provisions of the LTIP and the 2001 Stock Option
and Incentive Plan of the Company (the "Plan") and pursuant to a resolution duly
adopted by the Board of Directors of the Company on ______________, 2005, the
Company is authorized to execute and deliver this Agreement on the terms and
conditions herein set forth.

      C. All capitalized terms in this Agreement shall have the meaning assigned
to them in the Plan.

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

      1. Grant of Option. Subject to all the terms and conditions of the LTIP,
the Plan and this Agreement, the Company hereby grants to the Optionee as of
______, 2005 (the "Date of Grant") an Incentive Stock Option (the "Option") to
purchase up to ______ shares of common stock of the Company (such number being
subject to adjustment as provided in Section 10), $.01 par value, on the terms
and conditions herein set forth. The Option shall be exercisable from time to
time during the option term specified in Section 3 at the Option Exercise Price
specified in Section 2.

      2. Option Exercise Price. The option exercise price per share of common
stock covered by this Option shall be $______.

      3. Option Term. This Option shall have a term of six (6) years measured
from the Date of Grant and shall accordingly expire at 5:00 p.m. (Eastern Time)
on ______, 2011 (the "Expiration Date"), unless all or a portion of this Option
is sooner terminated or forfeited in accordance with Sections 4 and 9.

      4. Vesting and Exercise.

(a)      This Option shall vest and be exercisable as follows:

______shares, if, and only if, the Company's Net Sales for the fiscal year
ending September 30, 2006 equal or exceed $______;

______shares, if, and only if, the Company's Net Sales for the fiscal year
ending September 30, 2007 equal or exceed $______;

______shares, if the Company's Net Income for any fiscal year ending on or prior
to September 30, 2010 equals or exceeds $______;

______shares, if the Company's Net Income for any fiscal year ending on or prior
to September 30, 2010 equals or exceeds $______.

(b) If the performance goals set forth in Sections 4(a)(i) and (ii) above are
not achieved in the respective fiscal years, the shares provided for in Sections
4(a)(i) or (ii) or both, as the case may be, will be automatically forfeited at
the end of such fiscal years. If the performance goals set forth in Sections 4
(a)(iii) and (iv) above are not achieved by September 30, 2010, the shares
provided for in Sections 4(a)(iii) or (iv), or both, as the case may be, will
automatically be forfeited as of September 30, 2010.

(c) For purposes of this Section 4, Net Sales and Net Income shall be as stated
in the Company's audited financial statements for each of the fiscal years ended
September 30, 2006, September 30, 2007, September 30, 2008, September 30, 2009,
and September 30, 2010, without any adjustments.

(d) No portion of this Option shall be deemed vested and exercisable unless and
until the Compensation Committee (the "Committee") of the Board of Directors
certifies in writing that the applicable performance goal has been satisfied.

      5. Limitations on Sale. Shares received upon each exercise of all or any
portion of this Option (the "Option Shares") may not be sold, transferred,
assigned, pledged or otherwise disposed of (collectively "sold") except as
follows:

(a) No Option Shares acquired upon a given exercise may be sold until one year
after the date of the respective exercise of the Option.

                                  Page 36 of 46
<PAGE>

(b) Thereafter, (i) all or any part of 50% of the respective Option Shares may
be sold at any time on or after one year after the date of the respective
exercise of the Option; (ii) all or any part of 75% of the respective Option
Shares may be sold at any time on or after two years after the date of the
respective exercise of the Option; and (iii) all or any part of 100% of the
respective Option Shares may be sold at any time on or after three years after
the date of the respective exercise of the Option.

Notwithstanding the foregoing limitations on sale, at any time after all or any
portion of this Option is vested and exercisable, Optionee may elect to exercise
that portion of this Option that is vested and exercisable by selling that
number of Option Shares necessary to utilize the "cashless exercise" procedure
provided for in Section 8(a)(ii)(C) below, in which case the number of Option
Shares that may be sold under Section 5(b) above will be reduced by the number
of Option Shares used to facilitate the "cashless exercise".

      6. Legend on Certificates. The Certificates for the Option Shares shall
bear the following legend:

      "The Shares of Stock represented by this Certificate are subject to and
transferable, only in accordance with the terms and conditions of an Option
Award Agreement entered into as of May 11, 2005 by and between
____________________and IEC Electronics Corp., a copy of which is on file in the
office of the Secretary of the Corporation."

      7. Non-Transferability of Option. This Option shall be exercisable during
Optionee's lifetime only by Optionee and may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by Optionee's will
or by the laws of descent and distribution. Any attempted assignment, transfer,
pledge, hypothecation, or other disposition of the Option contrary to the
provisions hereof, and the levy of any execution, attachment, or similar process
upon the Option, shall be null and void and without effect.

      8. Manner of Exercising Option.

      (a) In order to exercise this Option with respect to all or any part of
the shares of Stock for which this Option is at the time exercisable, Optionee
(or any other person or persons exercising the Option) must take the following
actions:

            (i) Execute and deliver to the Company a Notice of Exercise
("Notice") (in the form attached to this Agreement) for the shares of Stock for
which the Option is exercised, which Notice may require the Optionee to certify
in a manner acceptable to the Company that Optionee is in compliance with the
terms and conditions of the Plan and this Agreement; and

            (ii) Pay the aggregate Option Exercise Price for the purchased
shares in one or more of the following forms:

                  (A) by cash, wire transfer or check made payable to the
Company;

                  (B) in shares of Stock held by Optionee (or any other person
or persons exercising the Option) for at least six (6) months and valued at Fair
Market Value on the date of exercise; or

                  (C) through a special sale and remittance procedure pursuant
to which Optionee shall concurrently provide irrevocable instructions (I) to the
approved brokerage firms to effect the immediate sale of the purchased shares
and remit to the Company, out of the sale proceeds available on the settlement
date, sufficient funds to cover the aggregate Option Exercise Price payable for
the purchased shares plus all applicable federal, state and local income and
employment taxes required to be withheld by the Company by reason of such
exercise and (II) to the Company to deliver the certificates for the purchased
shares directly to such brokerage firm in order to complete the sales
transaction.

                  Except to the extent the sale and remittance procedure is
utilized in connection with the Option exercise, payment of the Option Exercise
Price must accompany the Notice delivered to the Company in connection with the
Option exercise.

                  In the event this Option is exercised by any person or persons
other than the Optionee, the Notice shall be accompanied by appropriate proof of
the right of such person or persons to exercise the Option.

                  (iii) Make appropriate arrangements with the Company for the
satisfaction of all federal, state and local income and employment tax
withholding requirements applicable to the Option exercise.

            (b) As soon as practical after the date of exercise, the Company
shall issue to or on behalf of Optionee (or any other person or persons
exercising this Option) a certificate for the purchased shares of Stock, with
the appropriate legends, if any, affixed thereto.

            (c) In no event may this Option be exercised for any fractional
shares.

      9. Termination of Employment.

      If the Optionee has a Termination of Employment (as defined in the Plan),
the following provisions shall apply:

(a) Death. If the Optionee's Termination of Employment is on account of death,
then unvested Options shall be forfeited, and Options, to the extent they are
vested on the date of Termination of Employment, may be exercised, in whole or
in part, by the Optionee's Designated Beneficiary (as defined in the Plan) at
any time on or before the earlier to occur of (x) the Expiration Date of the
Option and (y) the first anniversary of the date of such Termination of
Employment.

(b) Disability. If the Optionee's Termination of Employment is on account of
Disability, unvested Options shall be forfeited, and Options, to the extent they
are vested on the date of Termination of Employment, may be exercised, in whole
or in part, by the Optionee at any time on or before the earlier to occur of (x)
the Expiration Date of the Option and (y) the first anniversary of the date of
such Termination of Employment.

      (b) Cause. If the Optionee's Termination of Employment is on account of
cause, all outstanding Options, vested and unvested, shall terminate and be
forfeited on the date of such Termination of Employment.

                                  Page 37 of 46
<PAGE>

(d) Other Reasons. If the Optionee's Termination of Employment is for any reason
other than those enumerated in Sections (a) through (c), unvested Options shall
be forfeited, and Options, to the extent they are vested on the date of
Termination of Employment, may be exercised, in whole or in part, by the
Optionee at any time on or before the earlier to occur of (x) the Expiration
Date of the Option and (y) three (3) months after the date of such Termination
of Employment.

(e) Death After Termination of Employment. If (i) the Optionee's Termination of
Employment is for any reason other than death and (ii) the Optionee dies after
such Termination of Employment but before the date the Options must be exercised
as set forth in the preceding subsections, unvested Options shall be forfeited,
and any Options, to the extent they are vested on the date of the Optionee's
death, may be exercised, in whole or in part, by the Optionee's Designated
Beneficiary at any time on or before the earlier to occur of (x) the Expiration
Date of the Option and (y) the first anniversary of the date of death.

      10. Detrimental Activities.

      (a) The Committee may cancel, rescind, suspend, withhold or otherwise
limit or restrict this Option at any time if Optionee is not in compliance with
all applicable provisions of this Agreement and the Plan, or if Optionee engages
in any "Detrimental Activity". For purposes of this Agreement, "Detrimental
Activity" includes: (i) the rendering of services for any organization or
engaging directly or indirectly in any business which is or becomes competitive
with the Company, or which organization of business, or the rendering of
services to such organization or business, is or becomes otherwise prejudicial
to in conflict with the interests of the Company; (ii) the disclosure to anyone
outside the Company, or the use in other than the Company's business, without
prior written authorization from the Company, of any confidential information or
material relating to the business of the Company, acquired by the Optionee
either during or after employment with the Company; (iii) activity that results
in termination of Optionee's employment for cause; (iv) a violation of any
rules, policies, procedures or guidelines of the Company, including, but not
limited to, the Company's Code of Conduct; (v) any attempt, directly or
indirectly, to induce any employee of the Company to be employed or perform
services elsewhere or any attempt, directly or indirectly, to solicit the trade
or business of any current or prospective customer, supplier or partner of the
Company or (vi) any other conduct or act determined by the Board to be
injurious, detrimental or prejudicial to any interest of the Company.

      (b) Upon exercise of this Option, Optionee, if requested by the Company,
shall certify in a manner acceptable to the Company that Optionee is in
compliance with the terms and conditions of the Plan.

      (c) In the event Optionee fails to comply with the provisions of (i)-(vi)
of Section 10(a) prior to, or during the six months after, any exercise of this
Option, such exercise may be rescinded within two years thereafter. In the event
of any such rescission, Optionee shall pay to the Company the amount of any gain
realized or payment received as a result of the rescinded exercise, in such
manner and on such terms and conditions as may be required, and the Company
shall be entitled to set-off against the amount of any such gain any amount
owned to Optionee by the Company.

      11. General Restriction. This Option shall be subject to the requirement
that if at any time the Board of Directors in its discretion shall determine
that the listing, registration or qualification of the shares subject to such
Option on any securities exchange or under any state or federal law, or the
consent or approval of any government regulatory body, is necessary or desirable
as a condition of, or in connection with, the granting of such Option or the
issuance or purchase of shares thereunder, such Option may not be exercised in
whole or in part unless such listing, registration, qualification, consent or
approval shall have been effected or obtained free of any conditions not
acceptable to the Board of Directors.

      12. Option Adjustments. In the event of a stock dividend, stock split or
other change in corporate structure or capitalization affecting the common stock
or any other transaction (including, without limitation, an extraordinary cash
dividend) which, in the determination of the Committee affects the common stock
such that an adjustment is required in order to preserve the benefits or
potential benefits intended to be made available under the Plan, then the
Committee, in its sole discretion, shall equitably adjust any or all of (i) the
number and kind of shares of stock subject to this Option, and (ii) the exercise
price with respect to the foregoing, provided that the number of shares subject
to this Option shall always be a whole number.

      13. Change in Control. In the event of a Change in Control (as defined in
the Plan) the performance goal relating to an incomplete fiscal year shall be
deemed to have been fully achieved, this Option shall immediately become vested
and exercisable, and, notwithstanding Section 5, the Option Shares may be sold
without any limitation.

      14 Amendment to this Option Award Agreement. The Committee may modify or
amend this Option if it determines, in its sole discretion, that amendment is
necessary or advisable in the light of any addition to or change in the Internal
Revenue Code or in the regulations issued thereunder, or any federal or state
securities laws or other law or regulation, which change occurs after the date
of grant of this Option and by its terms applies to this Option. No amendment of
this Option, however, may, without the consent of the Optionee, make any changes
which would adversely affect the rights of such Optionee.

      15. Notices. Notices hereunder shall be in writing and if to the Company
shall be delivered personally to the Secretary of the Company or mailed to its
principal office, 105 Norton Street, P.O. Box 271, Newark, New York 14513,
addressed to the attention of the Secretary and, if to the Optionee, shall be
delivered personally or mailed to the Optionee at Optionee's address as the same
appears on the records of the Company.

      16. Stockholder Rights. This Option does not confer upon the holder
thereof any rights as a stockholder of the Company until such person shall have
exercised the Option, paid the Option Exercise Price and become a holder of
record of the purchased shares of Stock

                                  Page 38 of 46
<PAGE>

      17. Interpretations of this Agreement. All decisions and interpretations
made by the Committee with regard to any question arising hereunder or under the
Plan shall be binding and conclusive on all persons having an interest in this
Option. The Option granted hereunder, and the common stock which may be issued
upon exercise thereof, are subject to the provisions of the Plan. In the event
there is any inconsistency between the provisions of this Agreement and those of
the Plan, the provisions of the Plan shall govern.

      18. Successors and Assigns. This Agreement shall bind and inure to the
benefit of the parties hereto and the successors and assigns of the Company and,
to the extent provided in Section 9, to the personal representatives, legatees
and heirs of the Optionee.

      IN WITNESS WHEREOF, the Company has caused this Option Award Agreement to
be executed on the day and year first above written.

                                    IEC ELECTRONICS CORP.

                                    By:
                                        ----------------------------------------
                                         W. Barry Gilbert
                                    Its: Chief Executive Officer, President and
                                         Chairman of the Board

ACCEPTANCE

      I, ___________________, hereby certify that I have read and fully
understand the foregoing Option Award Agreement. I acknowledge that I have been
apprised that it is the intent of the Company that Optionees obtain and retain
an equity interest in the Company. I hereby execute this Option Award Agreement
to indicate my acceptance of this Option and my intent to comply with the terms
thereof.

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

                                        ----------------------------------------
                                        Street Address

                                        ----------------------------------------
                                        City                State       Zip Code

                                  Page 39 of 46
<PAGE>

EXHIBIT A

                                                         _________________, 20__

IEC Electronics Corp.
105 Norton Street
P. O. Box 271
Newark, NY  14513

Attention:  Secretary

Dear Sir:

      This is to notify you that I hereby elect to exercise my option rights to
_______________ shares of common stock of IEC Electronics Corp. (the "Company")
granted under the Option Award Agreement (the "Agreement"), dated
______________________________ , 20__, issued to me pursuant to the 2001 Stock
Option and Incentive Plan (the "Plan"). The option exercise price pursuant to
such Agreement, as adjusted, is $____________ per share or $__________ in the
aggregate.

      In payment of the full option exercise price, I enclose (please complete
as appropriate):

(a) my check payable to IEC Electronics Corp. in the amount of $__________.

(b) __________ shares of common stock of the Company owned by me for at least
six months, free of any liens or encumbrances and having a fair market value of
$_________.

(c) an authorization letter which gives irrevocable instructions to the Company
to deliver the stock certificates representing the shares for which the option
is being exercised directly to ______________ (name and address of broker)
together with a copy of the instructions to _______________ (name of broker) to
sell such shares and promptly deliver to the Company the portion of the proceeds
equal to the total purchase price and withholding taxes due, if any.

      I hereby certify that I am in compliance with the terms and conditions of
the Plan and the Agreement and, in particular, that I have not engaged in any
Detrimental Activity as defined in Section 10(a) of the Agreement. I understand,
acknowledge and agree that in the event I fail to comply with the provisions of
(i) - (vi) of Section 10(a) of the Agreement during the period specified in
Section 10(c) of the Agreement, the exercise of this Option may be rescinded by
the Company and I may become obligated to pay the Company the amount of any gain
realized or payment received as a result of the rescinded exercise, all as set
forth in Section 10(c) of the Agreement.

                                        Very truly yours,

                                        ----------------------------------------
                                        Optionee's Signature

                                  Page 40 of 46

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