Document:

Exhibit 10.15

                      FINANCIAL PUBLIC RELATIONS AGREEMENT

     THIS AGREEMENT made and entered into this 7th day of February 2005, by and
between Cochran Edwards and Partners, hereinafter referred to as "CEandP" and
Millenium Holding Group, Inc. (MNHG) hereinafter referred to as "Company".

     WITNESSETH:

     For and in consideration of the mutual promises and covenants contained
herein the parties hereto agree as follows:

     1. ENGAGEMENT. Company hereby hires and engages CEandP as an independent
contractor on a non-exclusive basis; and, CEandP does hereby accept engagement
as an independent contractor by the Company upon the terms and conditions
hereinafter set forth.

     2. TERM. The term of this Agreement shall be from the 7th day of February
2005, to the 7th day of February 2006.

     3. DUTIES AND OBLIGATIONS OF CEANDP. CEandP shall have the following duties
and obligations under this Agreement:

         3.1. Establish a financial public relations methodology designed to
increase financial awareness of the Company within the financial news, trade,
and business communities.

         3.2. Assist the Company in the implementation of its business plan and
in accurately disseminating information to the market place, which information
has been provided by the Company.

         3.3. To expose the Company to financial analysts, and local/regional
business media and relevant trade and industry publications.

         3.4. Prepare Company corporate profile and fact sheets.

         3.5. Conduct a tele-marketing campaign to the financial news community.

         3.6. Email, Fax, and Direct mail the Company profile and news items to
financial analysts, and local/regional business media and relevant trade and
industry publications.

         3.7. Assist the Company in the preparation of all news releases and
coordinate the release of such releases with the Company.

         3.8. Serve as Company news media and shareholder contact.
<PAGE>
ALL OF THE FOREGOING CEandP PREPARED DOCUMENTATION CONCERNING THE COMPANY,
INCLUDING, BUT NOT LIMITED TO, NEWS RELEASES, DUE DILIGENCE REPORTS, CORPORATE
PROFILE, FACT SHEETS, ETC., SHALL BE PREPARED BY CEandP FROM MATERIALS SUPPLIED
TO IT BY THE COMPANY AND SHALL BE APPROVED BY THE COMPANY PRIOR TO DISSEMINATION
BY CEandP.

     4. CEANDP'S COMPENSATION. Company hereby covenants and agrees to pay, a
total compensation to CEandP of the following:

     1.   UPON EXECUTION OF THIS AGREEMENT, MNHG SHALL ISSUE A PAYMENT IN THE
          AMOUNT OF $7,500 TO CEANDP.
     *    All "accumulated time" invested in strategic advisory, capital
          preparation and documentation, business planning, investor relations,
          public relations, strategic messaging, etc., will be tracked in
          quarter-hour increments, applied to the retainer, then billed at the
          corporate hourly rates (see attachment), and invoiced on a monthly
          basis around the 15th of each subsequent month, once the initial
          retainer is depleted.

     5. CEANDP'S EXPENSES AND COSTS. Company shall pay all costs and expenses
incurred by CEandP, its directors, officers, employees, and agents, in carrying
out its duties and obligations pursuant to the provisions of this Agreement,
excluding CEandP's general and administrative expenses and costs, but including
and not limited to the following costs and expenses; provided, all cost and
expense items in excess of $250.00 are approved by the Company prior to CEandP's
incurrence of the same:

         5.1. Travel expenses, including, but limited to transportation, lodging
and food expenses, when such travel is conducted on behalf of the Company. (If
requested)

         5.2. Seminars, expositions, money, and investment shows.

         5.3. Radio and television time and print media advertising costs.

         5.4. Subcontract fees and costs incurred in preparation of research
reports.

         5.5. Cost of on site due diligence meetings.

         5.6. Printing and publication costs of brochures and marketing
materials.

         5.7. Printing and publication costs of Company annual reports.

         5.8. Postage on all packages mailed.

         5.9. Conference Calls set up by company and Agreed to by Client.

         5.10. Newswire subscriptions or fees.
<PAGE>
Company shall pay to CEandP all costs and expenses incurred with fifteen (15)
days of CEandP's written and dated invoice for the same.

     6. COMPANY'S DUTIES AND OBLIGATIONS. Company shall have the following
duties and obligations under this Agreement.

         6.1. Cooperate fully and timely with CEandP so as to enable CEandP to
perform its obligations under this Agreement.

         6.2. Within a reasonable timeframe of the date of execution of this
Agreement to deliver to CEandP a complete due diligence package on the Company
including all the Company's filings with Securities and Exchange Commission
within the last twelve months, the last twelve months of press releases on the
Company and all other relevant materials, including but not limited to corporate
reports, brochures, and the like; ; and, a list of the brokers and market makers
in the Company's securities and which have been following the Company.

         6.3 The Company will provide CEandP with weekly DTC reports by 5:00 PM
every Tuesday starting on the first Tuesday after the execution of the Agreement
ending the first Tuesday after the termination of the Agreement. THIS APPLIES
ONLY IF THE COMPANY IS CURRENTLY RECEIVING REGULAR DTC REPORTS.

         6.4. The Company will act diligently and promptly in reviewing
materials submitted to it from time to time by CEandP and to inform CEandP of
any inaccuracies contained therein prior to the dissemination of such materials.

         6.5. Immediately give written notice to CEandP of any change in its
financial condition or in the nature of its business or operations which had or
might have an adverse effect on its operations, assets, properties or prospects
of its business.

         6.6. Immediately pay all costs and expenses incurred by CEandP under
the provisions of this Agreement when presented with invoices for the same by
CEandP.

         6.7. Give full disclosure of all material facts concerning the Company
to CEandP and to update such information on a timely basis.

         6.8. Promptly pay the compensation due CEandP under the provisions of
this Agreement.

     7. NONCIRCUMVENTION. Company, its officers, directors, employees, agents,
and affiliates agree, upon CEandP's disclosure and/or introduction to brokers,
investment bankers, institutional fund managers, financial analysts, accredited
investors, financial publicist, financial public relations firms and the like,
not to circumvent, avoid, bypass, or obviate, directly or indirectly, CEandP's
rights under this Agreement.
<PAGE>
     8. NONDISCLOSURE. Except as may be required by law, Company, its officers,
directors, employees, agents and affiliates shall not disclose the contents and
provisions of this Agreement to any individual or entity without CEandP's
expressed written consent or as may be required by law or regulatory authority
or whose consent cannot be unreasonably withheld..

     9. COMPANY'S DEFAULT. In the event of any default in the payment of
CEandP's compensation to be paid to it pursuant to this Agreement, or any other
charges or expenses on the Company's part to be paid or met, or any part or
installment thereof, at the time and in the manner herein prescribed for the
payment thereof and as when the same becomes due and payable, and such default
shall continue for ten (10) days; and such default shall continue for ten (10)
days after CEandP has given Company written notice thereof, or if a petition in
bankruptcy is filed by the Company, or if the Company is adjudicated of
bankrupt, or if the Company shall compound its debts or assign over its assets
or its effects for the payments thereof, or if a receiver shall be appointed of
the Company's property, then upon the happening of any of such events, CEandP
shall have the right, at its option, forthwith or there after to accelerate all
compensation, costs and expenses due or coming due hereunder and to recover the
same from the Company by suit or otherwise; and further, to terminate this
Agreement. Further, until CEandP has received the initial monthly amount(s)
CEandP shall not be required to commence performing hereunder.

     10. COMPANY'S REPRESENTATIONS AND WARRANTIES. Company represents and
warrants to CEandP for the purpose of inducing CEandP to enter into and
consummate this Agreement as follows:

         10.1. Company has the power and authority to execute, deliver, and
perform this Agreement.

         10.2. The execution and delivery by the Company of this Agreement has
been duly and validly authorized by all requisite action by the Company. No
license, consent or approval of any person is required for the Company's
execution and delivery of this Agreement.

         10.3. This Agreement has been duly executed and delivered by the
Company. This Agreement is the legal, valid and binding obligation of the
Company enforceable against the Company in accordance with its respective terms,
subject to the effect to any applicable bankruptcy, insolvency, reorganization,
moratorium or similar law effecting creditors' rights generally and to general
principals of equity.

         10.4. The execution and delivery by the Company of this Agreement does
not conflict with, constitute a breach of or a default thereunder (i) any
applicable law, or any applicable rule, judgment, order, writ, injunction, or
decree of any court; (ii) any applicable rule or regulation of any
administrative agency or other governmental authority; (iii) the certificate of
incorporation and By-Laws of the Company; (iv) any agreement, indenture,
instrument or contract to which the Company is now a party or by which it is
bound.

         10.5. No representation or warranty by the Company in this Agreement
and no information in any statement, certificate, exhibit, schedule or other
document furnished, or to be furnished by the Company to CEandP pursuant hereto,
<PAGE>
or in connection with the transactions contemplated hereby, contains or will
contain any untrue statement of a material fact, or omits or will omit to state
a material fact necessary to make the statements contained herein or therein not
misleading. There is no fact which the Company has not disclosed to CEandP, in
writing, which materially adversely affects, nor, so far as the Company can now
foresee, may adversely effect the business, operations, prospects, properties,
assets, profits or condition (financial or otherwise) of the Company.

     11. DISCLAIMER BY CEANDP. CEandP WILL BE THE PREPARER AND PUBLISHER OF
CERTAIN MATERIALS CONCERNING THE COMPANY. CEandP MAKES NO REPRESENTATIONS AND
WARRANTIES THAT ITS SERVICES (i) WILL RESULT IN ANY ENHANCEMENT TO THE COMPANY;
(ii) CAUSE THE BID AND/OR ASK PRICE OF THE COMPANY'S PUBLICLY TRADED SECURITIES
TO INCREASE; (iii) WILL CAUSE ANY PERSON TO PURCHASE THE COMPANY'S SECURITIES;
OR, (iv) WILL CAUSE ANY PERSON TO LEND MONEY TO OR INVEST IN OR WITH THE
COMPANY.

     12. CEANDP CONFIDENTIALITY AGREEMENT. CEandP acknowledges that during the
performance of its duties and obligations pursuant to this Agreement it shall
receive information on the Company which is not known to the public, i.e.,
confidential information; CEandP will use the Company's confidential information
only for the purposes of fulfilling its duties and obligations under this
Agreement and for no other purpose; nor, shall CEandP disclose to others such
confidential information, except to those individuals or entities who are
directly involved in credit facility, debt, equity, and/or mezzanine financing.
Under this Agreement, CEandP shall receive information that is not known to the
public. The only two individuals from CEandP that will review this information
are the managing officers: David A. Cochran and Charles Edwards. All individuals
employed by CEandP will follow strict adherence to the SEC Fair Disclosure Act
of 2000. Each of such individuals or entities having first agreed, in writing,
are to be bound by the provisions of this paragraph. CEandP's obligations of
confidentiality shall not apply to information (i) known to or owned by CEandP
prior to the date of this Agreement, (ii) developed by CEandP independent of the
Company, (iii) was at the time of disclosure to CEandP, or thereafter, became
public knowledge through no fault or omission of CEandP; or, (iv) was lawfully
obtained by CEandP from a third party under no obligation of confidentiality to
the Company. Upon completion of its services and upon the Company's written
request, all materials, including original documentation, provided by the
Company to CEandP will be returned to the Company, at the Company's request.

     13. OWNERSHIP OF MATERIALS. All right, title and interest in and to
materials produced by CEandP under this Agreement shall be and remain the sole
and exclusive property of Company.

     14. LIMITATION OF CEANDP LIABILITY. If CEandP fails to perform its duties
and obligations hereunder, its maximum liability to the Company shall not exceed
of (i) the amount of cash compensation CEandP has received from the Company
under Paragraph 4 of this Agreement; or, (ii) the actual damage suffered by the
Company as a result of such non-performance. IN NO EVENT WILL CEandP BE LIABLE
<PAGE>
FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES NOR FOR ANY CLAIM AGAINST
THE COMPANY BY ANY PERSON OR ENTITY ARISING FROM OR IN ANY WAY RELATED TO THIS
AGREEMENT, UNLESS SUCH DAMAGES RESULT FROM THE USE, BY CEandP, OF INFORMATION
NOT AUTHORIZED BY THE COMPANY.

     15. MISCELLANEOUS.

         15.1. NOTICES. Any notice or other communication required or permitted
to be given hereunder shall be in writing, and shall be deemed to have been duly
given when delivered personally or sent by registered or certified mail, return
receipt requested, postage prepaid to the Parties hereto at their addresses
indicated hereinafter. Either party may change his or its address for the
purpose of this paragraph by written notice similarly given. Parties' addresses
are as follows:

         COMPANY:
                 Millenium Holding Group, Inc.     Cochran Edwards and Partners:
                 12 Winding Road                   PO Box 2682
                 Henderson, NV   89052             Silverdale, WA   98383
                 702-492-7721                      360-286-1414

         15.2. ENTIRE AGREEMENT. This Agreement represents the entire Agreement
between the parties in relation to the subject matter hereof and supersedes all
prior agreements between such parties relating to such subject matter.

         15.3. AMENDMENT OF AGREEMENT. This Agreement may be altered or amended,
in whole or in part, only in writing signed by the party against whom
enforcement is sought.

         15.4. WAIVER. No waiver of any breach or condition of this Agreement
shall be deemed to be a waiver of any other subsequent breach or condition,
whether of a like or different nature.

         15. 5 CAPTIONS. The captions appearing in this Agreement are inserted
as a matter of convenience and for reference and in no way affect this
Agreement, define, limit or describe its scope or any of its provisions.

         15.6. SITUS. This Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada.

         15.7. BENEFITS. This Agreement shall inure to the benefit of and be
binding upon the parties hereto, their heirs, personal representatives,
successors and assigns.

         15.8. SEVERABILITY. If any provision of this Agreement shall be held to
be invalid or unenforceable, such invalidity or unenforceability shall attach
only to such provision and shall not in any way affect or render invalid or
unenforceable any other provision of this Agreement, and this Agreement shall be
carried out as if such invalid or unenforceable provision were not contained
herein.
<PAGE>
         15.9. ARBITRATION. Except as to a monetary default by Company
hereunder, any controversy, dispute or claim arising out of or relating to this
Agreement or the breach thereof shall be settled by arbitration. Arbitration
proceedings shall be conducted in accordance with the rules then prevailing of
the American Arbitration Association or any successor. The award of the
Arbitration shall be binding on the Parties. Judgment shall be entered upon an
award of a majority of the arbitrators filed in a court of competent
jurisdiction and confirmed by such court. The Parties consent that the costs of
arbitration, attorneys' fees of the Parties, together with all other expenses
shall be paid as provided in the Arbitration award.

         15.10. NUMBER OF PARTIES. The singular shall include the plural and the
plural the singular and one gender shall include all genders. As used in this
Agreement the term Affiliate means a person, directly or indirectly through one
or more intermediaries, controls or is controlled by, or is under, control with,
the Company.

         15.11. CURRENCY. In all instances, references to monies used in this
Agreement shall be deemed to be United States dollars.

         15.12. MULTIPLE COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, and all of
such counterparts shall constitute one (1) instrument.

         15.13. REPORTS. For the term of this Agreement CEandP shall provide
MNHG with periodic oral and/or written reports starting from the execution of
this Agreement. This report shall outline the services provided.

         15.14. CANCELLATION. Client or CE and P may cancel the contract at any
time upon thirty (30) days prior written notice to CEandP.
<PAGE>
     IN WITNESS WHEREOF, the parties have executed this Agreement on the date
and year first above written.

                              COMPANY:  Millenium Holding Group, Inc.

                              By:
                                 ----------------------------------------
                                 Richard L. Ham
                                 Its:  President
                                 Date: February 7, 2005

                              Cochran Edwards and Partners

                              By:
                                 ----------------------------------------
                                 David A. Cochran
                                 Its:  President & CEO
                                 Date: February 7, 2005dmc10qsb033105ex101

    
      

      Exhibit 10.1

      DOCUMENT SECURITY SYSTEMS, INC.

       2004 NON-EXECUTIVE DIRECTOR PLAN OPTION

       NON-QUALIFIED STOCK OPTION AGREEMENT

      Name:          

       Date of Grant: January 2, 2005                  

       Option No.:                                        

       Number of Options:              

       Exercise Price Per Share:   $7.14

      _______________

      We are pleased to notify you that in accordance with the terms of the 2004 Non-Executive Director Stock Option Plan (the "Plan") of DOCUMENT SECURITY SYSTEMS, INC. (the "Company") a stock option to purchase 5,000 shares of the Common Stock $.02 par value per share of the Company has been granted to you under the Plan.  This option may be exercised only upon the terms and conditions set forth below.  The following is a brief summary of the Plan and this Option is subject to all of the terms and conditions of the Plan.

      1.         Purpose of Option

      The purpose of the Plan under which this stock option has been granted is to enable the Company to attract and retain the services of qualified independent persons to serve on the Company's Board of Directors by providing an opportunity to acquire a proprietary interest in the Company.

      2.         Acceptance of Option Agreement

      Your acceptance of this stock option agreement will indicate your acceptance of and your agreement to be bound by its terms and the terms of the Plan.  It imposes no obligation upon you to purchase any of the shares subject to the option.  Your obligation to purchase shares can arise only upon your exercise of the option in the manner set forth in paragraph 4 hereof.   This stock option agreement shall be subject in all respects to the terms and conditions of the Plan and in the event of any question or controversy relating to the terms of the Plan, the decision of the Board of Directors shall be final.  In addition, this Option is subject to the Internal Revenue Code rules and regulations of the Internal Revenue Service, as applicable (sometimes referred to as the "Code").  

      3.         When Option May Be Exercised; Vesting

      Except as otherwise provided herein, this option shall be exercisable at any time prior to the Expiration Date, as hereafter defined and except as provided in Sections 7 and 8  hereof.  This option may not be exercised for less than ten shares at any one time (or the remaining shares then purchasable if less than ten) and expires at 5:00 pm (eastern standard time) on the fifth anniversary of the date of grant provided above (the "Expiration Date") whether or not it has been duly exercised, unless sooner terminated as provided in paragraphs 7,  9 or 13 hereof.

      4.         Exercise Procedure

      This option is exercisable by a written notice signed by you and delivered to the Company at its executive offices, signifying your election to exercise the option.  The notice must state the number of shares of Common Stock you are exercising under this option and must contain a statement by you (in the form annexed to this option) that such shares are being acquired by you for investment and not with a view to their distribution or resale (unless a Registration Statement covering the shares purchasable has been declared effective by the Securities and Exchange Commission).

      Payment shall be either (i) in cash, or by certified or bank cashier's check payable to the order of the Company, free from all collection charges; (ii)  by delivery of shares of Common Stock of the Company already owned by the optionee for at least six months prior to the date of exercise, which Common Stock shall be valued at fair market value on the date of exercise; or (iii) by a combination of the methods of payment specified in (i) and (ii) above.

       For purposes of this Section 4, the fair market value per share of stock surrendered for exercise shall be: (i) if the Common Stock is traded on a national securities exchange or on the NASDAQ National Market System ("NMS"), the per share closing price of the Common Stock on the principal securities exchange on which they are listed or on NMS, as the case may be, on the date of exercise (or if there is no closing price for such date of exercise, then the last preceding business day on which there was a closing price); or (ii) if the Common Stock is traded in the over-the-counter market and quotations are published on the NASDAQ quotation system (but not on NMS), the closing bid price of the Common Stock on the date of exercise as reported by NASDAQ (or if there are no closing bid prices for such date of exercise, then the last preceding business day on which there was a closing bid price); or (iii) if the Common Stock is traded in the over-the-counter market but bid quotations are not published on NASDAQ, the closing bid price per share for the Common Stock as furnished by a broker-dealer which regularly furnishes price quotations for the Common Stock.

      If notice of the exercise of this option is given by a person or persons other than you, the Company may require, as a condition to the exercise of this option, the submission to the Company of appropriate proof of the right of such person or persons to exercise this option.

      5.         Issuance of Shares

      Certificate for shares of the Common Stock so purchased will be issued as soon as practicable.  The Company, however, shall not be required to issue or deliver a certificate for any shares until it has complied with all requirements of the Securities Act of 1933, the Securities Exchange Act of 1934, any stock exchange on which the Company's Common Stock may then be listed and all applicable state laws in connection with the issuance or sale of such shares or the listing of such shares on said exchange. 

      6.         No Rights as Shareholder.          

      Until the date that the conditions to exercise are, in the Company's sole determination, satisfied, you (or such other person as may be entitled to exercise this option) shall have none of the rights of a shareholder with respect to Common Stock upon exercise of this option.

      7.         Termination of Directorship and Options

      Nothing in this option agreement shall entitle you to continue to serve as a director. If your service as a member of the Board of Directors of the Company is terminated for any reason other than by death or retirement, this option shall lapse and expire the earlier of seven (7) months  from the date such termination or the Expiration Date; provided, however, in the event that the directorship is terminated prior to the date that the option may be first exercised as set forth in Section 3 hereof, the option shall be exercisable commencing on the date of termination until a date which is seven (7) months after termination.  

      8.         Acceleration of Options

      Notwithstanding any contrary installment period with respect to this option and unless the Board of Directors determine otherwise, this outstanding option shall become exercisable in full for the aggregate number of shares covered thereby in the event: (i) the Board of Directors (or, if approval of the stockholders is required as a matter of law, the stockholders of the Company) shall approve (a) any con­solidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of Common Stock would be converted into cash, securities or other property, other than a merger of the Company in which the holders of Common Stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger, or (b) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company, or (c) the adoption of any plan or proposal for the liquidation or dissolution of the Com­pany; or (ii) any person (as such term is defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), corporation or other entity (other than the Company or any employee benefit plan sponsored by the Company or any Subsidiary) (a) shall purchase any Common Stock (or securities convertible into the Company's Common Stock) for cash, securities or any other consideration pursuant to a tender offer or exchange offer, without the prior consent of the Board of Directors, or (b) shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of Directors (calculated as provided in paragraph (d) of such Rule 13(d)(3) in the case of rights to acquire the Company's Securities); or (iii) during any period of two consecutive years or less, individuals who at the beginning of such period constitute the entire Board of Directors shall cease for any reason to constitute a majority thereof unless the election, or the nomination for election by the Company's stockholders, of each new director was approved by a vote of at least a majority of the directors then still in office.  Notwithstanding the foregoing,  if the acceleration of this option, either alone or together with other payments which the holder has the right to receive from the Company, would constitute an "excess parachute payment" as defined in Section 280G of the Code , such acceleration shall be reduced to the largest amount as will result in no portion of the acceleration under this Section 8 being subject to the excise tax imposed by Section 4999 of the Code.

      9.         Death

      If you die while serving as a member of the Board of Directors of the Company, any option which was exercisable by you at the date of your death may be exercised by your legatee or legatees under your Will, or by your personal representatives or distributees, within one year from the date of your death, but in no event after the Expiration Date.

      10.        Non-Transferability of Option

      This option shall not be transferable except by will or the laws of descent and distribution, and may be exercised during your lifetime only by you.  Notwithstanding the foregoing, any proposed transfer shall be subject to the Internal Revenue Code, the rules and regulations promulgated thereunder and the federal securities laws and regulations.

      11.        Adjustments Upon Changes in Capitalization

      If at any time after the date of grant of this option, the Company shall, by stock dividend, split-up, combination, reclassification or exchange, or through merger or consolidation, or otherwise, change its shares of Common Stock into a different number or kind or class of shares or other securities or property, then the number of shares covered by this option and the price of each such share shall be proportionately adjusted for any such change by the Board of Directors whose determination shall be conclusive.  Any fraction of a share resulting from any adjustment shall be eliminated through the payment of cash based upon the fair market value (determined in accordance with the definition in Section 4) of the Common Stock.

      13.        Withholding.  The Company shall have the power and the right to deduct or withhold, or require an Optionee to remit to the Company as a condition precedent for the fulfillment of any Option Exercise, 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 exercise of Options. Whenever Shares are to be issued or cash paid to a Optionee upon exercise of an Option, the Company shall have the right to require the Optionee to remit to the Company, as a condition of exercise of the Option, an amount sufficient to satisfy federal, state and local withholding tax requirements at the time of exercise.  

      14.        Tax Treatment.

      This option is not intended to qualify for "non-qualified stock option" treatment under the provisions of Section 422A of the Internal Revenue Code of 1986, as amended from time to time.  You are urged to consult with your individual tax advisor prior to exercising this option.  As a condition to the exercise of this option, you agree to notify the Company promptly upon the sale or other disposition of the shares of Common Stock you received upon exercise of this option.

      Sincerely yours,

      DOCUMENT SECURITY SYSTEMS, INC.

      By:_________________________

      Name: Patrick White

       Title: Chief Executive Officer

      Corporate Seal

      _____________________________

      Secretary

      

      

      OPTION EXERCISE FORM

      TO:       Document Security Systems, Inc.

       First Federal Plaza

       Suite 1525

       28 East Main Street

       Rochester, NY 14614

      Attn: Chief Financial Officer

      Gentlemen:

      The undersigned holder hereby irrevocably elects to exercise the right to purchase _________ shares of Common Stock covered by this Option Agreement according to the conditions hereof and herewith makes full payment of the Exercise Price of such shares as follows (PLEASE CHOOSE FORM OF PAYMENT).

      ___.      Cash Purchase.  The undersigned hereby elects to pay the exercise price in cash, and encloses a CERTIFIED CHECK OR BANK CASHIER'S CHECK (or has wired payment) in the amount of $____________.

      ___.      Cashless Exercise.        The undersigned hereby delivers _________ shares of Common Stock of Document Security Sytems, Inc. in accordance with Section 4 of the Option Agreement.  The undersigned represents that he/she has owned the shares being delivered  for at least six months prior to the date of exercise.

      ___.  Combination of Cash and Cashless.  The undersigned hereby elects to pay the exercise price in cash and stock, and encloses a CERTIFIED CHECK BANK CASHIER'S CHECK  (or has wired payment) in the amount of $____________ and hereby delivers _________ shares of Common Stock of Document Security Sytems, Inc. in accordance with Section 4 of the Option Agreement.  The undersigned represents that he/she has  owned the shares being delivered  for at least six months prior to the date of exercise.

      The undersigned understands and agrees that the Company shall have the power and the right to deduct or withhold, or require a Optionee to remit to the Company as a condition precedent for the fulfillment of any Option exercise, 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 this Option. Whenever Shares are to be issued or cash paid to a Optionee upon exercise of an Option, the Company shall have the right to require the Optionee to remit to the Company, as a condition of exercise of the Option, an amount sufficient to satisfy federal, state and local withholding tax requirements at the time of exercise.

      Further, the undersigned hereby covenants and agrees to promptly notify the Company of the sale of any Shares during the one year period commencing on the date hereof.

      The Shares are being acquired by the undersigned for investment purposes, and not with a view to their distribution or resale unless otherwise permitted under law.

      Kindly deliver to the undersigned a certificate representing the Shares as follows.

      INSTRUCTIONS FOR DELIVERY

      Name:  ______________________________

                  (please type or print in block letters)

      Address:  ____________________________

      ____________________________________

      ____________________________________

      Social Security No.: ____________________

      Dated: ______________________________

      Signature ____________________________

      Print Name:___________________________

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