Document:

EMPLOYMENT AGREEMENT
                              --------------------

     AGREEMENT made effectively as of this 5th day of December, 2006, by and
between AEROFLEX INCORPORATED, a Delaware corporation (hereinafter called the
"Company"), and JOHN E. BUYKO residing at 28 Beaumont Drive, Dix Hills, New York
11747 (hereinafter called the "Employee").

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, the Company desires to enter into an Employment Agreement with
Employee; and

     WHEREAS, Employee desires to enter into an Employment Agreement with the
Company;

     NOW, THEREFORE, it is agreed as follows:

     1. PRIOR AGREEMENTS SUPERSEDED. This Agreement supersedes any employment
        ---------------------------
agreements, oral or written, entered into between Employee and the Company or
any of its subsidiaries prior to the date of this Agreement.

     2. RETENTION OF SERVICES. The Company hereby retains the services of
        ---------------------
Employee, and Employee agrees to furnish such services, upon the terms and
conditions hereinafter set forth.

     3. TERM. Subject to earlier termination on the terms and conditions herein
        ----
provided,  the term of this Agreement shall be for a period commencing on
December 5, 2006,  or such other date  as  may  be mutually agreed to by the
parties, and ending on December 31, 2009.

     4. DUTIES AND EXTENT OF SERVICES DURING PERIOD OF EMPLOYMENT. During the
        ---------------------------------------------------------
period of employment, Employee shall be employed as an Executive Vice President
of the Company and as the President of the Aeroflex Microelectronics Solutions
business unit of the Company. In his capacity as Executive Vice President,
Employee agrees that he shall serve the Company under the direction of the
Chairman of the Board and the President of the Company to the best of his
ability, shall perform all duties incident to his office on behalf of the
Company, and shall perform such other duties as may from time to time be
assigned to him by the Chairman of the Board and the President of the Company
and as otherwise prescribed by the Board of Directors of the Company (sometimes
referred to herein as "the Board"), including, but not limited to, serving as
the President of the Aeroflex Microelectronics Solutions business unit of the
Company under the direction of the Chairman of the Board and the President of
the Company. It is understood and agreed that the duties of the Employee during
the period of employment shall not be inconsistent with his respective positions
as an Executive Vice President and the President of the Aeroflex
Microelectronics Solutions business unit and as otherwise set forth above.

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<PAGE>

         5. REMUNERATION. During the period of employment, Employee shall be
            ------------
entitled to receive the following compensation for his services:

         (a)(i) The Company shall pay to Employee a salary at the rate of
$350,000 per annum ("Base Salary"), payable in accordance with the customary
payroll practices of the Company;

         (ii) During the term of employment, Employee's Base Salary shall be
increased (but not decreased) annually by an amount equal to the increase in the
cost of living for the immediately preceding twelve calendar months as reported
in the "Consumer Price Index, New York and Northeastern New Jersey, All Items"
published by the U.S. Department of Labor, Bureau of Labor Statistics (or if
such index is no longer published, a successor or comparable index which is
published) ("COLA"). Such amount shall be calculated and paid to Employee in a
single sum on or before the third month following the applicable twelve month
period, and thereafter his Base Salary shall be deemed to include the amount of
any such increase. The first calculation shall be made on or before the third
month of the second year of the employment term. If the Employee's employment
shall terminate during any such twelve month period, the COLA increase provided
in this Section 5(a)(ii) shall be prorated accordingly.

         (b) For the Fiscal years 2006/2007/2008/2009, the Employee shall be
entitled to receive a bonus as and to the extent that the same may be authorized
and determined by, and in the sole discretion of, the Chairman of the Board, the
President of the Company and the Board of Directors.

         6. EMPLOYEE BENEFIT - EXPENSES.
            ---------------------------

         (a) During the period of employment, Employee shall be eligible to
participate in the Company's stock option plans to the extent determined in the
sole discretion of the Board of Directors of the Company or a committee thereof.

         (b) During the period of employment, Employee shall be furnished with
office space and facilities commensurate with his position and adequate for the
performance of his duties; he shall be provided with the perquisites customarily
associated with the position of an Executive Vice President of the Company and
President of Aeroflex Microelectronic Solutions, and he shall be entitled to
regular vacations during each calendar year of not less than three weeks in the
aggregate.

         (c) It is contemplated that, during the period of employment, Employee
may be required to incur out-of-pocket expenses in connection with the
performance of his services hereunder, including expenses incurred for travel
and business entertainment. Accordingly, the Company shall pay, or reimburse
Employee, for all reasonable out-of-pocket expenses in accordance with the usual
procedures of the Company. Notwithstanding the foregoing, in recognition that
Employee will be required during the term of this Agreement to do a considerable
amount of local driving in connection with his services hereunder, the Company
shall provide Employee with a car allowance of $750.00 per month.

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<PAGE>

         (d) All benefits to Employee specifically provided for herein shall be
in addition to, and shall not diminish, (i) such other benefits and/or
compensation as may hereinafter be granted to or afforded to Employee by the
Board of Directors of the Company and (ii) any rights which Employee shall have
or shall acquire under any hospitalization, life insurance, pension,
profit-sharing, incentive compensation or other present or future employee
benefit plan or plans of the Company.

         7. NON-COMPETITION AGREEMENT; CONFIDENTIALITY.
            ------------------------------------------

         (a) Employee agrees that during the term of this Agreement that he will
not, directly or indirectly:

         (i) become associated with, render services to, invest in, represent,
advise or otherwise participate in as an officer, employee, director,
stockholder, partner, promoter, agent of, consultant for or otherwise, or have a
financial interest in any business which is then directly competitive to the
business of the Company or is then manufacturing any article or product or
performing any services which is the same as any articles or products
manufactured, or service performed by the Company. It is expressly understood
that this provision shall not preclude Employee from owning less than five (5%)
percent of any publicly traded corporation (as such term is hereinafter defined)
even though such company is engaged in a similar business of, or competes with,
the Company, so long as such involvement with the issuer of any such securities
is solely that of a passive investor. A publicly traded corporation shall be any
corporation with at least 250 shareholders and with more than one million shares
of stock issued and outstanding.

         (ii) for his account or for the account of any other person or entity
interfere with the Company's relationship with any of its suppliers, customers,
representatives or agents; or

         (iii) employ or otherwise engage, or solicit, entice or induce on
behalf of himself or any other person or entity, the services, retention or
employment of any person who has been an employee, sales representative,
consultant to or agent of the Company within one year of the date of such offer
or solicitation.

         The parties hereto acknowledge that this covenant not to compete is
intended to conform with the laws of the State of New York. Any court of
competent jurisdiction is hereby authorized to expand or contract the
restrictions of this covenant not to compete in order to conform with the laws
of New York so that it shall bind the parties hereto.

         (b) In the course of Employee's employment by the Company, Employee
will have access to an possession of valuable and important confidential or
proprietary data or information of the Company and its operations. Employee will
not during Employee's employment by the Company or at any time thereafter
divulge or communicate to any person nor shall Employee direct any Company
employee, representative or agent to divulge or communicate to any person or
entity (other than to a person or entity bound by confidentiality obligations
similar to those contained herein and other than as necessary in performing
Employee's duties hereunder) or use to the detriment of the Company or for the
benefit of any other person or entity, any of such

                                       3

<PAGE>

confidential or proprietary data or information or make or remove any copies
thereof, whether or not market or otherwise identified as "confidential" or
"secret". Employee shall take all reasonable precautions in handling the
confidential or proprietary data or information within the Company to a strict
need-to-know basis and shall comply with any and all security systems and
measures adopted from time to time by the Company to protect the confidentiality
of confidential or proprietary data or information.

         (c) The term "confidential or proprietary data or information" as used
in this Agreement shall mean information not generally available to the public,
including, without limitation, all database information, personnel information,
financial information, customer lists, supplier lists, trade secrets, patented
or proprietary information, forms, information regarding operations, systems,
services, know how, computer and any other processed or collated data, computer
programs, pricing, marketing and advertising data.

         (d) All written materials, records and documents made by Employee or
coming into Employee's possession during Employee's employment by the Company
concerning any products, processes or equipment manufactured, used, developed,
investigated, purchased, sold or considered by the Company or otherwise
concerning the business or affairs of the Company shall be the sole property of
the Company, and upon termination of Employee's employment by the Company, or
upon request of the Company during Employee's employment by the Company,
Employee shall promptly deliver the same to the Company. In addition, upon
termination of Employee's employment by the Company, Employee will deliver to
the Company all other Company property in Employee's possession or under
Employee's control, including, but not limited to, financial statements,
marketing and sales data, customer and supplier lists, database information and
other documents, and any Company credit cards.

         (e) The provisions of this Section 8 shall survive the termination of
this Employment Agreement.

         (f) With respect to the covenants contained in Section 8 of this
Agreement, Employee agrees that any remedy at law for any breach or threatened
or attempted breach of such covenant may be inadequate and that the Company
shall be entitled to specific performance or any other mode of injunctive and/or
other equitable relief to enforce its rights hereunder or any other relief a
court might award without the necessity of showing any actual damage or
irreparable harm or the posting of any bond or furnishing of other security.

         8. TERMINATION.
            -----------

         (a) Death or Disability. The Employee's employment shall terminate
             -------------------
automatically upon the Employee's death during the Employment Period. If a
Disability (as defined below) of the Employee has occurred during the Employment
Period, the Company may give to the Employee written notice of its intention to
terminate the Employee's employment. In such event, the Employee's employment
with the Company shall terminate effective on the 30th day after receipt of such
notice by the Employee (the "Disability Effective Date"); provided, that within
                                                          --------
the 30 days after such receipt, the Employee shall not have returned to
full-time performance of the Employee's duties. For purposes of this Agreement,
"Disability" shall mean

                                       4

<PAGE>

the Employee's inability to perform his duties and obligations hereunder for a
period of 90 consecutive days due to mental or physical incapacity as determined
by a physician selected by the Company or its insurers.

         (b) Cause. The Company may terminate the Employee's employment during
             -----
the Employment Period with or without Cause. For purposes of this Agreement,
"Cause" shall mean:

         (i) Activities of Employee which result in injury to the Company and
         its business reputation;

         (ii) Infidelity or dishonesty of Employee in his dealings with or on
         behalf of the Company;

         (iii) The incurring of obligations by Employee on behalf of the Company
         not in the ordinary course of business which have not been authorized
         by the Company;

         (iv) The disclosure to any competitor or potential competitor of any
         trade secret or confidential business information of the Company;

         (v) The failure or refusal of Employee to perform the Employee
         functions required hereunder as may be required by the Chairman of the
         Board, the President or the Board of Directors of the Company;

         (vi) Conviction of a felony; and

         (vii) the knowing failure of the Executive to perform or otherwise
         comply with his obligations under the Company's Ethical Code of
         Conduct, dated December 12, 2001, or such Ethical Code of Conduct as
         may hereafter be in effect (provided that any changes thereto after the
         date hereof are not inconsistent with the terms of this Agreement).

         In the event that Employee is terminated other than for "Cause" as set
forth above, Employee's base salary shall be paid to him as provided hereunder
for the remainder of the term of this Agreement. If the Company terminates
Employee's employment hereunder for "Cause," Employee shall not be entitled to
receive any further compensation hereunder other than any salary which is
accrued and unpaid through the date of such termination plus all unreimbursed
expenses and any other accrued but unpaid compensation.

         (c) Termination for Good Reason by the Employee. The Employee may
             -------------------------------------------
terminate this Agreement for Good Reason and such termination shall constitute a
termination without Cause by the Company. "Good Reason" shall mean the
occurrence of a breach by the Company of any of its material obligations to the
Employee, which breach is not cured within ten (10) business days of the receipt
by the Company of written notice thereof from the Employee.

         (d) Notice of Termination. Any termination (i) by the Company, whether
             ---------------------
for Cause or without Cause, or (ii) the Employee, whether or not for Good
Reason, shall be communicated by Notice of Termination (as defined below) to the
other party hereto given in accordance with

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<PAGE>

Section 13. For purposes of this Agreement, a "Notice of Termination" means a
written notice which (i) indicates the specific termination provision in this
Agreement relied upon,(ii) to the extent applicable, sets forth in reasonable
detail the facts and circumstances, if any, claimed to provide a basis for
termination of the Employee's employment under the provision so indicated and
(iii) if the Date of Termination (as defined below) is other than the date of
receipt of such notice, specifies the termination date. The failure by the
Employee or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Cause shall not waive any right
of the Employee or the Company hereunder or preclude the Employee or the Company
for asserting such fact or circumstance in enforcing the Employee's or the
Company's rights hereunder.

         9. TRADE NAME. Employee acknowledges that the name "AEROFLEX" is the
            ----------
exclusive property for the Company, and Employee further agrees that he will
never use such names, or any variation thereof, and use his best efforts to
prevent any person or any family members to use such names, or authorize the use
of such names as or in the name of any corporation, partnership, firm or venture
which manufacturers any article, product, special process or service
manufactured or performed by the Company, or as in the name of any such articles
or product.

         10, PATENTS AND TRADEMARKS. Employee will at all times promptly
             ----------------------
disclose to the Company in such form and manner as the Company may reasonably
require, any inventions, improvements or procedural or methodological
innovations, programs, methods, forms, systems, services, designs, marketing
ideas, products or processes (whether or not capable of being trademarked,
copyrighted or patented) conceived or developed or created by Employee during or
in connection with Employee's employment hereunder and which relate to the
business of the Company ("Intellectual Property"). Employee agrees that all such
Intellectual Property shall be "work-for-hire" and shall be the sole property of
the Company. To the extent any such Intellectual Property does not constitute a
"work-for-hire" under U.S. law, Employee hereby assigns to Company all right,
title and interest in such Intellectual Property. Employee further agrees that
Employee will execute such instruments and perform such acts as may reasonably
be requested by the Company to effectuate such assignment and otherwise to
transfer to and perfect in the Company all rights in such Intellectual Property.

         11. CONTRACTS. Employee shall not, enter into any contract on behalf of
             ---------
the Company other than those in the ordinary course of business of the Company
unless approved in writing by the Board of Directors of the Company.

         12. CHANGE OF CONTROL. No benefits shall be payable hereunder unless
             -----------------
there shall have been a Change in Control, as set forth below, and the
Employee's employment by the Company shall thereafter have been terminated in
accordance with Section 8 hereof.

               (a) Definition. For purposes of this Agreement, a "Change in
                   ----------
          Control" shall mean the occurrence of any of the following events
          after the date of this Agreement:

                    (i) the acquisition, directly or indirectly, by a "person"
               (within the meaning of Section 13(d)(3) of the Securities
               Exchange Act of 1934, as amended from time to time,

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<PAGE>

               including rules thereunder and successor provisions and rules
               thereto (the "Exchange Act") (a "Person") of beneficial ownership
               (within the meaning of Rule 13d-3 promulgated under the Exchange
               Act) of more than 35% of the combined voting power of the voting
               securities of the Company entitled to vote generally in the
               election of directors (the "Voting Securities"); provided,
               however, that the following acquisitions shall not constitute a
               Change in Control: (A) any acquisition by or from the Company or
               any corporation or other entity in which the Company owns or
               controls directly or indirectly at least 50 percent of the total
               combined voting power represented by all classes of stock issued
               by such corporation, or in the case of a noncorporate entity, at
               least 50% of the profits or capital interest in such entity (a
               "Subsidiary,") or by any employee benefit plan (or related trust)
               sponsored or maintained by the Company or any Subsidiary, (B) any
               acquisition by an individual who as of the effective date of the
               Plan is a member of the Board, (C) any acquisition by any
               underwriter in any firm commitment underwriting of securities to
               be issued by the Company, or (D) any acquisition by any
               corporation (or other entity) if, immediately following such
               acquisition, 65% or more of the then outstanding shares of common
               stock (or other equity unit) of such corporation (or other
               entity) and the combined voting power of the then outstanding
               voting securities of such corporation (or other entity), are
               beneficially owned, directly or indirectly, by all or
               substantially all of the individuals or entities who, immediately
               prior to such acquisition, were the beneficial owners of the then
               outstanding Voting Securities in substantially the same
               proportions, respectively, as their ownership immediately prior
               to the acquisition of the stock and Voting Securities; or

                    (ii) the following individuals cease for any reason to
               constitute a majority of the Board: individuals who, as of the
               date of the this Agreement, constitute the Board and any new
               director (other than a director whose initial assumption of
               office is in connection with an actual or threatened election
               contest, including, but not limited to, a consent solicitation
               relating to the election of directors of the Company) whose
               appointment or election by the Board or nomination for election
               by the stockholders of the Company was approved and recommended
               by a vote of at least two-thirds of the directors then still in
               office who either were directors on the effective date of the
               Plan or whose appointment, election or nomination for election
               was previously so approved or recommended; or

                    (iii) the consummation of the sale or other disposition of
               all or substantially all of the assets of the Company, other than
               to an entity, at least 65% of the Voting Securities of which are
               owned by Persons in substantially the same proportions as their
               ownership of the Company immediately prior to such sale; or

                    (iv) the consummation of a merger, consolidation, statutory
               share exchange or similar form of corporate transaction involving
               the Company or any of its Subsidiaries that requires the approval
               of the Company's stockholders, whether for such transaction or
               the issuance of securities in the transaction (a "Business
               Combination"), unless immediately following such Business
               Combination: (A) more than 65% of the total voting power of (x)
               the corporation resulting from such Business Combination (the
               "Surviving Corporation"), or (y) if applicable, the ultimate
               parent corporation that directly or indirectly has beneficial
               ownership of 100% of the voting securities eligible to elect
               directors of the Surviving Corporation (the "Parent
               Corporation"), is represented by Voting Securities that were
               outstanding immediately prior to such Business Combination (or,
               if applicable, is represented by shares into which such

                                       7

<PAGE>

               Corporation Voting Securities were converted pursuant to such
               Business Combination), and (B) such voting power among the
               holders thereof is in substantially the same proportion as the
               voting power of such Voting Securities among the holders thereof
               immediately prior to the Business Combination; or

                    (v) the consummation of a plan of complete liquidation or
               substantial dissolution of the Company, other than a liquidation
               or substantial dissolution, which would result in the Voting
               Securities of the entity after such liquidation or dissolution,
               if any, continuing to represent (whether by remaining outstanding
               or by being converted to voting securities of the surviving
               entity) 65% or more of the Voting Securities or the voting power
               of the voting securities of such surviving entity outstanding
               immediately after such liquidation or dissolution, and such
               voting power among the holders thereof is in substantially the
               same proportion as the voting power of such Voting Securities
               among the holders thereof immediately prior to the such
               liquidation or dissolution; or

                    (vi) the sale, transfer, assignment, distribution or other
               disposition by the Company and/or one of its Subsidiaries, in one
               transaction, or in a series of related transactions within any
               period of 18 consecutive calendar months (including, without
               limitation, by means of the sale, transfer, assignment,
               distribution or other disposition of the capital stock of any
               Subsidiary or Subsidiaries), of assets which account for an
               aggregate of 50% or more of the consolidated revenues of the
               Company and the Subsidiaries of the Company, as applicable, as
               determined in accordance with U.S. generally accepted accounting
               principles, for the fiscal year most recently ended prior to the
               date of such transaction (or, in the case of a series of
               transactions as described above, the first such transaction);
               provided, however, that no such transaction shall be taken into
               account if substantially all the proceeds thereof (whether in
               cash or in kind) are used after such transaction in the ongoing
               conduct by the Company and/or its Subsidiaries) of the business
               conducted by the Company and/or its Subsidiaries prior to such
               transaction.

               (b) Termination. If any of the events described in Section 12(a)
                   -----------
          hereof constituting a Change in Control of the Company shall have
          occurred, the Employee, if terminated during the twenty four (24)
          months following such Change in Control, shall be entitled to the
          benefits provided in Section 12(c) hereof, unless such termination is
          due to the Employee's death or Disability, is by the Company for
          Cause, or is by the Employee for other than Good Reason. In the event
          that, upon the occurrence of a Change in Control, the Employee is
          eligible for retirement in accordance with the terms and conditions of
          any applicable corporate retirement plan or program in effect
          immediately preceding such Change in Control, the Employee's
          eligibility for immediate retirement benefits, and any request
          therefor, shall not preclude the Employee's receipt of severance
          benefits under Section 12(c) hereof as a result of a termination by
          the Company without Cause.

               (c) Severance Benefits on Termination. If, after any Change in
                   ---------------------------------
          Control (as defined herein) shall have occurred, the Employee's
          employment shall be terminated during the twenty-four (24) months
          following the date of such Change in Control by the Company other than
          for death, Disability or Cause, or by the Employee for Good Reason,
          the Employee shall be entitled to certain severance benefits
          (hereinafter "the Severance Benefits") as provided below:

                                       8

<PAGE>

                    (i) The Company shall pay the Employee's full base salary
               through the date of termination at the rate which is the higher
               of the (then) current annual rate or the annual rate in effect
               immediately prior to the date of any Change in Control. The
               Company shall also pay the Employee the amount, if any, of any
               unpaid earned annual bonus for the preceding fiscal year, as well
               as a pro rata portion of the higher of (i) the earned annual
               bonus for the preceding fiscal year or (ii) the target or
               projected annual bonus for the fiscal year in which the
               termination of employment occurs. In addition, the Company shall
               continue in full force and effect through the date of termination
               the Employee's participation in all stock ownership, stock
               purchase or stock option plans, all health and welfare benefit
               plans, and all insurance and disability plans as may be in effect
               at the date of the Change in Control.

                    (ii) Subject to Sections 12(c)(iv) and 12(c)(v) hereof, the
               Company shall pay as Severance Benefits to the Employee on or
               before the fifth (5th) day following the date of termination of
               employment, a lump sum payment ("the lump sum payment") equal to
               two and fifty one hundredths (2.50) times the sum of (A) the
               Employee's base salary at the rate which is the higher of the
               (then) current annual rate or the annual rate in effect
               immediately prior to the date of any Change in Control and (B)
               the average of the annual bonuses received by the Employee for
               each of the last three fiscal years of the Company. Such lump sum
               payment shall be subject to all applicable Federal, state and
               local income and FICA taxes including all required withholding
               amounts.

                    (iii) For the continued benefit of the Employee and the
               Employee's eligible dependents, the Company shall maintain in
               full force and effect until the earlier of (A) December 31 of the
               second calendar year following the calendar year of termination
               or (B) the Employee's commencement of full-time employment with a
               new employer, at the same cost as is paid by similarly-situated
               continuing employees all medical and health plans and programs
               for which the Employee was eligible immediately prior to the date
               of termination, provided that the Employee's continued
               participation is possible under the general terms and provisions
               of such plans and programs, and subject further to such periodic
               changes in such plans and programs as are generally applicable to
               all participants in such plans and programs. The Employee will be
               responsible for any income tax liability arising out of any
               continued participation in such health and medical plans and
               programs, and notwithstanding the provision of this Section
               12(c)(iii), no additional employment service credits shall be
               given for the period of such continued participation.

                    (iv) The Severance Benefits to be provided to the Employee
               hereunder and all other payments or benefits which are "parachute
               payments" (as defined in Section 280(G)(b)(2)(A) of the Internal
               Revenue Code of 1986, as amended (the "Code") payable to the
               Employee under other arrangements or agreements (the "Total
               Payments") shall be adjusted as set forth in this Section
               12(c)(iv). If the Total Payments as a result of any Change in
               Control would (in the aggregate) result in an amount not being
               deductible under Code Section 280G or an excise tax under Section
               4999, the Total Payments shall be reduced to the extent necessary
               so that the deductibility of the full amount of such reduced
               Total Payments is not limited by Code Section 280G or such Total
               Payment is not subject to an excise tax under Section 4999.

                    (v) Notwithstanding anything herein to the contrary, if any
               payments due under this Agreement would subject Employee to any
               tax imposed under Section 409A of

                                       9

<PAGE>

               the Code if such payments were made at the time otherwise
               provided herein, then the payments that cause such taxation shall
               be payable in a single lump sum on the first day which is at
               least six months after the date of the Employee's "separation of
               service" as set forth in Code Section 409A and the regulations
               issued thereunder."

         13. NOTICES. Any notice to be given to the Company hereunder shall be
             -------
deemed sufficient if addressed to the Company in writing and delivered or mailed
by certified or registered mail to its offices c/o: Kramer, Coleman, Wactlar &
Lieberman, P.C., or its successor at 100 Jericho Quadrangle, Suite 225, Jericho,
NY 11753, or such other address as to the Company may hereafter designate. Any
notice to be given to Employee hereunder shall be delivered or mailed by
certified mail or registered mail to him at the address set forth on Page 1
hereof, or such other address as he may hereafter designate.

         14. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
             ----------------------
inure to the benefit of the successors and assigns of the Company. Reference
herein to the Company shall be deemed to include any such successor. In
addition, this Agreement shall be binding and inure to the benefit of the
Employee and his heirs, executors, legal representatives and assigns; provided,
however, that the obligations of Employee hereunder may not be delegated without
the prior written approval of the Board of Directors of the Company.

         15. AMENDMENTS. This Agreement may not be altered, modified, amended or
             ----------
terminated except by a written instrument signed by each of the parties hereto.

         16. APPLICABLE LAW. This Agreement shall be governed by, construed, and
             --------------
enforced in accordance with the laws of the State of New York.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                       AEROFLEX INCORPORATED

                                       By: /s/Leonard Borow
                                          ---------------------------
                                          Leonard Borow, President

                                           /s/John Buyko
                                       -------------------------------
                                          Employee

                                       10EXHIBIT 4.1

Note: This English version is a fair and accurate translation of the French
language articles of association of the registrant and has been prepared to
comply with the requirements of the Securities and Exchange Commission. This
English version does not create or evidence any obligations of the registrant,
nor does it create rights in any person. In the event of any inconsistency
between this English language version and the French original, the latter will
control.

                                     TECHNIP

                          Societe Anonyme with a share
                            capital of 84,839,316.98

                               ------------------

                              6-8 Allee de l'Arche
                        Faubourg de l'Arche - ZAC Danton
                                92400 COURBEVOIE

                               ------------------

                               TRADE REGISTER Nr:
                           589 803 261 R.C.S. NANTERRE

                               ------------------

                             ARTICLES OF ASSOCIATION

                               ------------------

November 15, 2006

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<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

    PART I         CORPORATE FORM -- CORPORATE NAME -- CORPORATE PURPOSE -- REGISTERED OFFICE -- DURATION
Article :         Title :                                                                                   Page:
<S>               <C>                                                                                         <C>
ARTICLE 1         CORPORATE FORM                                                                                2
ARTICLE 2         CORPORATE NAME                                                                                2
ARTICLE 3         CORPORATE PURPOSE                                                                             2
ARTICLE 4         REGISTERED OFFICE                                                                             3
ARTICLE 5         DURATION                                                                                      3
   PART II                                       SHARE CAPITAL -- SHARES
ARTICLE 6         SHARE CAPITAL                                                                                 4
ARTICLE 7         PAYMENT FOR THE SHARES                                                                        4
ARTICLE 8         INTEREST ON LATE PAYMENTS                                                                     4
ARTICLE 9         FORM AND TRANSFER OF SHARES                                                                   4
ARTICLE 10        INDIVISIBILITY OF THE SHARES                                                                  4
ARTICLE 11        RIGHTS AND DUTIES ATTACHED TO THE SHARES                                                      4
ARTICLE 12        DOUBLE VOTING RIGHTS                                                                          5
ARTICLE 13        IDENTIFICATION OF SHAREHOLDERS CROSSING OF THRESHOLD                                          5
   PART III                                   ADMINISTRATION OF THE COMPANY
ARTICLE 14        COMPOSITION OF THE BOARD OF DIRECTORS                                                         6
ARTICLE 15        CHAIRMAN OF THE BOARD OF DIRECTORS                                                            7
ARTICLE 16        MEETINGS OF THE BOARD OF DIRECTORS                                                            7
ARTICLE 17        PREROGATIVES OF THE BOARD OF DIRECTORS                                                        8
ARTICLE 18        MANAGEMENT OF THE COMPANY                                                                     9
ARTICLE 19        CHIEF EXECUTIVE OFFICER (Directeur General) AND EXECUTIVE VICE PRESIDENTS
                  (Directeurs Generaux Delegues)                                                               10
ARTICLE 20        COMMITTEES -- INTERNAL RULE                                                                  10
ARTICLE 21        AGREEMENTS BETWEEN THE COMPANY AND ITS DIRECTORS AND OFFICERS                                10
ARTICLE 22        COMPENSATION OF THE DIRECTORS, THE CHAIRMAN OF THE BOARD, THE CHIEF EXECUTIVE
                  OFFICER AND EXECUTIVE PRESIDENTS                                                             10
   PART IV                                          GENERAL MEETINGS
ARTICLE 23        GENERAL RULES                                                                                12
    PART V                                         STATUTORY AUDITORS
ARTICLE 24        STATUTORY AUDITORS                                                                           13
   PART VI                   INVENTORIES -- PROFITS -- RESERVE FUNDS -- DISTRIBUTION OF PROFITS
ARTICLE 25        FISCAL YEAR                                                                                  14
ARTICLE 26        ANNUAL ACCOUNTS                                                                              14
ARTICLE 27        DISTRIBUTION OF PROFITS                                                                      14
ARTICLE 28        PAYMENT OF DIVIDENDS                                                                         14
   PART VII                                     DISSOLUTION -- LIQUIDATION
ARTICLE 29        DISSOLUTION -- LIQUIDATION                                                                   15
  PART VIII                                             DISPUTES
ARTICLE 30        DISPUTES                                                                                     16
</TABLE>

<PAGE>

                                     PART I

                               ------------------

CORPORATE FORM -- CORPORATE NAME -- CORPORATE PURPOSE- REGISTERED OFFICE -
DURATION

--------------------------------------------------------------------------------

ARTICLE 1 -- CORPORATE FORM
---------------------------

TECHNIP (the "Company") is formed as a public limited company ("societe
anonyme"), governed by the provisions of the Book II of the Commercial Code, the
Decree of March 23, 1967 n(degree) 67-236, the legislation in force governing
public limited companies and by these articles of association.

ARTICLE 2 -- CORPORATE NAME
---------------------------

The Company has the corporate name: TECHNIP.

On all agreements and documents prepared by the Company and intended for third
parties, the corporate name must always be preceded or followed by the words
"societe anonyme" or "S.A.", together with a statement as to the amount of the
share capital, the Company's registration number at the Register of Commerce as
well as the place of the said Register.

ARTICLE 3 -- CORPORATE PURPOSE
------------------------------

The Company has the following purpose in all countries:

All engineering studies and services, and construction of complex industrial
plants, in particular for hydrocarbons, as well as all fields of industry,
notably chemicals and life sciences.

The conception, manufacturing, purchase, sale, construction, assembly and
installation of materials, products, equipment and systems intended for said
installations, in particular fixed or floating platforms and pipelines for the
development of oil fields at sea.

The provision of all services related to these products, equipment and
installations.

The development and implementation of all processes and products for practical
use in industry of the results of research carried out by the Company or by any
other individual or entity.

The registration, acquisition, obtention, direct or indirect use, sale or
purchase of all brands, processes, patents, and licences for the use of patents.

The direct or indirect participation by the Company in all operations of the
said type, either by way of formation of companies, contributions to existing
companies, mergers with them, transfer to companies of all or part of its assets
or rights in real and personal property, subscriptions, purchases and sales of
securities and corporate interests, partnerships, advances, loans or otherwise.

<PAGE>

The investment by all means and in any form, in companies or industrial,
commercial, financial and real property enterprises, whether French or foreign,
regardless of legal form or organisation and, where necessary, the disposal of
these investments.

Generally all transactions of a commercial, financial, industrial or civil
nature or in real or personal property, related directly or indirectly to any of
the purposes listed above and to any similar or related purposes, both on its
own behalf or on behalf of third parties, and more generally all transactions
facilitating or related to the realization of these purposes.

ARTICLE 4 -- REGISTERED OFFICE
------------------------------

The Company's registered office is at: 6-8 Allee de l'Arche -- Faubourg de
l'Arche -- ZAC Danton -- 92400 COURBEVOIE.

It may be transferred to any other place within the Hauts-de-Seine departement
or to any place in any departement bordering the Hauts-de-Seine by decision of
the Board of Directors, provided the said decision is ratified by the following
Ordinary General Shareholders' Meeting.

It may be transferred to any place elsewhere by decision of a Extraordinary
General Shareholders' Meeting.

ARTICLE 5 -- DURATION
---------------------

The duration of the Company is fixed at ninety-nine years from April 21, 1958.
It shall hence expire on April 20, 2057, unless it is wound up prior thereto or
its duration is extended as provided for in these articles of association.

At least one year before the Company's expiry date, the Board of Directors shall
convene the Extraordinary General Shareholders' Meeting for the purpose of
deciding whether the Company's duration is to be extended.

<PAGE>

                                     PART II

                               ------------------

                             SHARE CAPITAL -- SHARES

                               ------------------

ARTICLE 6 -- SHARE CAPITAL
--------------------------

The share capital is fixed at the sum of 84,839,316.98 euros and divided into
111,264,678 fully paid in shares, all of the same class.

ARTICLE 7 -- PAYMENT FOR THE SHARES
-----------------------------------

The price of shares to be subscribed for in cash is payable either at the
registered office, or at any other place specified for the said purpose.

The Board of Directors may authorize pre-payments and may accept payments by way
of set-off against amounts due and payable by the Company.

ARTICLE 8 -- INTEREST ON LATE PAYMENTS
--------------------------------------

Any payment that is delayed shall automatically bear interest for the benefit of
the Company at the rate of 3% above the three-month EURIBOR rate (or any other
index replacing it), at a minimum of 7%, effective from the date the payment
became due, calculated on a daily basis, and without the need for any
formalities. The Company nonetheless reserves its right to initiate proceedings
against the defaulting shareholder and its right to injunctive relief as
provided for by law.

ARTICLE 9 -- FORM AND TRANSFER OF SHARES
----------------------------------------

The shares are in registered or bearer form, at the shareholder's choice. They
shall give rise to registration in the ledgers in accordance with the terms and
conditions provided by law.

They shall be freely negotiable subject to applicable laws and regulations. They
shall be transferable from one account to another.

ARTICLE 10 -- INDIVISIBILITY OF THE SHARES
------------------------------------------

The shares shall be indivisible with respect to the Company.

Joint owners of shares may be represented at the General Shareholders' Meetings
by either one of the owners or by a joint appointee. In the event of a dispute,
an appointee will be appointed by the court at the request of the most diligent
joint owner.

The voting rights attached to jointly owned share(s) belongs to the beneficial
owner (usufruitier) at Ordinary General Shareholders' Meetings, but to the bare
owner (nu-proprietaire) at Extraordinary General Shareholders' Meetings.

ARTICLE 11 -- RIGHTS AND DUTIES ATTACHED TO THE SHARES
------------------------------------------------------

<PAGE>

Each share shall give a right to the corporate assets, to the distribution of
the profits and to any liquidation surplus (boni de liquidation), in proportion
to the number of shares issued.

The shareholders shall be liable only up to the amount of their capital
contributions.

Share ownership automatically implies adherence to the Company's articles of
association and to the decisions of the General Shareholders' Meetings.

The rights and duties attached to each share shall pass with the title of the
share, to whomever becomes the owner thereof.

Whenever it is necessary to own a certain number of shares in order to exercise
a right of any kind, in particular in the event of an exchange, consolidation or
allotment of shares, or following an increase in or reduction of share capital
-- whatever the terms and conditions thereto may be -- a merger or any other
transaction, shareholders holding a number of shares fewer than that required
may exercise their rights only on condition that they make their own personal
arrangements with regard to consolidation and, where applicable, to the purchase
or sale of the number of shares or rights forming the necessary fractional
share.

ARTICLE 12 -- DOUBLE VOTING RIGHTS
----------------------------------

Since November 24, 1995, double voting rights, taking into account the fraction
of the share capital that they represent, have been attributed to all fully
paid-up shares which can be proved to have been registered in the name of the
same shareholder for at least two years.

In the event of an increase of share capital by capitalization of reserves,
profits or issue premiums, double voting rights shall also be granted as from
the time of their issue to registered shares granted free of charge to a
shareholder in respect of existing shares, entitling such shareholder to the
benefit of the said right.

Registered shares benefiting from double voting rights that are converted into
bearer form for any reason whatsoever shall lose such double voting rights.

ARTICLE 13 -- IDENTIFICATION OF SHAREHOLDERS -- CROSSING OF THRESHOLDS
----------------------------------------------------------------------

In accordance with applicable laws and regulations, the Company may at any time
ask the body responsible for clearing securities for information enabling it to
identify the holders of shares carrying immediate or future voting rights at
General Shareholders' Meetings, as well as the number of shares held by each of
them and, where applicable, any restrictions that may affect such shares.

Any shareholder acting alone or in a group (de concert), in addition to the
thresholds referred to in Article L. 233-7 of the Commercial Code, who comes to
hold or ceases to hold, directly or indirectly, 1% of the Company's share
capital or voting rights, or a multiple of said percentage less than or equal to
33%, shall notify the Company within five trading days of having crossed any one
of these thresholds, by registered letter with return receipt requested, of the
aggregate number of shares, voting rights or securities giving right to the
Company's share capital, which it holds, directly or indirectly, alone or in a
group (de concert).

Any failure to comply with the notification of the crossing of a statutory
threshold shall give rise to forfeiture of those voting rights exceeding the
fraction that was required to have been declared pursuant to the provisions
detailed above, for all General Shareholders' Meetings that may be held during a
period of two years following the curing of notice, at the request of one or
more shareholders, together holding at least 1% of the Company's share capital
or voting rights, such request being recorded in the minutes of the General
Shareholders' Meetings.

<PAGE>

                                    PART III

                               ------------------

                          ADMINISTRATION OF THE COMPANY

                               ------------------

ARTICLE 14 -- COMPOSITION OF THE BOARD OF DIRECTORS
---------------------------------------------------

1. Number of Directors
   -------------------
   The Company shall be administered by a Board of Directors consisting of three
   to eighteen members, subject to applicable laws.
2. Shareholding of Directors
   -------------------------
   Each Director must, for the duration of his term, hold at least four hundred
   shares of the Company, which should be held in the registered form.
   If, upon his appointment, a director does not hold or, during the term of
   his office ceases to hold, the requisite number of shares, he will be deemed
   to have resigned unless he cures the situation within three months.
3. Legal entities as Directors
   ---------------------------
   The Directors could be either individual or legal entities. In the latter
   case, the legal entity is bound to appoint a permanent representative at the
   time of its appointment, which said representative shall be subject to the
   same conditions and obligations and shall incur the same civil and criminal
   liabilities as if he were a director in his own name, without prejudice to
   the liability of the moral entity that he represents.
   The permanent representative is appointed for the duration of the term of
   office of the appointing legal entity. His appointment should be confirmed
   upon each renewal of the term of office as director of the legal entity.
   If the legal entity retracts its permanent representative's appointment, it
   must nofify it by registered mail, to the Company, together with the name of
   its new permanent representative. The same applies in the event of death or
   resignation of the permanent representative.
4. Term of office
   --------------
   The members of the Board of Directors are appointed for four (4) years,
   expiring after the Ordinary General Shareholders' Meeting having approved the
   accounts for the prior fiscal year and which is held in the year in which the
   term expires.
   Each member of the Board of Directors may always be reappointed.
5. Age limit
   ---------
   The number of individual Directors over 70 shall not exceed one-third of the
   number of Directors at the end of the fiscal year. If such number is
   exceeded, the oldest Director is automatically deemed to have resigned.
6. Vacancies -- Temporary appointments -- Ratifications
   ----------------------------------------------------
   In the event of a vacancy of one or several seats as a result of death or
   resignation, the Board of Directors may, between two General Shareholders'
   Meetings, make temporary appointments.
   If there are fewer than three members of the Board of Directors, the Board
   of Directors must immediately convene an Ordinary General Shareholders'
   Meeting to appoint new members to fill the Board of Directors.
   The temporary appointments made by the Board of Directors are subject to
   ratification by the following Ordinary General Shareholders' Meeting. If
   such ratification is not obtained, prior decisions taken by the Board of
   Directors remain valid.
   The member appointed to replace another member is appointed for the
   remainder of his predecessor's term.

ARTICLE 15 -- CHAIRMAN OF THE BOARD OF DIRECTORS
------------------------------------------------

1. Appointment
   -----------
   The Board of Directors shall elect a Chairman from among its members who are
   physical persons. He exercises his functions for the duration of his term of
   office as member of the Board of Directors.

<PAGE>

   The Board of Directors may elect one or several Vice Chairman of whom it
   will determine the term of office which may not exceed the term of office as
   Director.
2. Age limit
   ---------
   No one may be elected Chairman of the Board of Directors if he is over the
   age of sixty-five (65). The Chairman of the Board of Directors shall be
   deemed to have resigned at the end of the Ordinary General Shareholders'
   Meeting having approved the accounts for the fiscal year in which he reached
   this age.
3. Powers
   ------
   The Chairman of the Board of Directors shall represent the Board of
   Directors. He shall organize and direct the work of the Board and shall
   report on such work to the Annual Meeting. He shall see to it that the
   structures of the Company operate properly, and, in particular, he shall see
   to it that the Directors are able to perform their responsibilities.

   The Chairman of the Board of Directors discusses the conditions under which
   the Board of Directors prepares and organizes its work as well as on the
   internal audit procedures implemented by the Company in a report annexed to
   the annual report which is presented at the Ordinary General Shareholders'
   Meeting convened to approve the accounts of the previous fiscal year. The
   report shall describe any limitations to the powers of the Chief Executive
   Officer decided by the Board of Directors.

ARTICLE 16 -- MEETINGS OF THE BOARD OF DIRECTORS
------------------------------------------------

1. Notice of meetings
   ------------------
   The meeting of the Board of Directors are convened by any means including
   verbally.
2. Meetings
   --------
   At least half the members of the Board of Directors must be present in
   person for the meetings to be valid.

   The members of the Board of Directors participating by visio-conference in
   compliance with the conditions set by applicable law, will be counted as
   present for the purposes of computing the quorum and the majority.

<PAGE>

   Decisions are adopted by a majority of the members present in person or
   represented. The Chairman shall have the casting vote in the event of a tie.
   The Board of Directors' deliberations are recorded in minutes established in
   accordance with applicable laws and regulations. Copies and excerpts of the
   minutes of meeting of the Board of Directors are delivered and certified in
   accordance with law.
   The Board may appoint a Secretary who needs neither to be one of its members
   nor a shareholder.

ARTICLE 17 -- PREROGATIVES OF THE BOARD OF DIRECTORS
----------------------------------------------------

1. Powers
   ------
   The Board of Directors shall set the guidelines for the business of the
   Company and shall see to it that they are implemented.

   Subject to the powers expressly assigned to Shareholders' Meetings, and
   within the scope of the corporate purpose, it shall take up any and all
   issues affecting the proper operation of the Company and shall decide in its
   meetings any business concerning the Company.
2. Limits
   ------
   In relationships with third parties, the Company shall be bound even by
   actions of the Board of Directors which are not related to the corporate
   purpose, unless it can prove that the third party knew that the action
   exceeded such purpose or that it could not be unaware of it given the
   circumstances; publication of the articles of association shall not in and of
   itself constitute proof.
3. Control
   -------
   The Board of Directors shall undertake any and all audits and controls it may
   deem appropriate. Every Director shall receive all information necessary to
   perform his responsibilities and may request any and all documents he deems
   necessary.

ARTICLE 18 -- MANAGEMENT OF THE COMPANY
---------------------------------------

The Management of the Company shall be assumed under his responsibility either
by the Chairman of the Board of Directors or by other individual person
appointed by the Board of Directors with the title of Chief Executive Officer
(Directeur General).

Under the condition that the matter appears on the agenda of the meeting, the
Board of Directors makes a choice between the two options of management referred
to above. The type of management that has been selected shall remain in force
until further decision to the contrary.

Shareholders and third parties shall be informed of the choice made by the Board
of Directors in accordance with applicable laws.

ARTICLE 19 -- CHIEF EXECUTIVE OFFICER (Directeur General) AND EXECUTIVE VICE
----------------------------------------------------------------------------
PRESIDENTS (Directeurs Generaux Delegues)
-----------------------------------------

1. Chief Executive Officer
   -----------------------
   The Chief Executive Officer shall be vested with the broadest powers to act
   in all circumstances on behalf of the Company. He shall exercise such powers
   within the scope of the corporate purpose, subject to any powers granted
   expressly by law to the Shareholders' Meetings and the Board of Directors.
   He shall represent the Company in its relationships with third parties. The
   Company shall be bound even by the actions of the Chief Executive Officer
   which are not related to the corporate purpose, unless it can prove that the
   third party knew that the action exceeded such purpose or that it could not
   be unaware of it given the circumstances; publication of the articles of
   association shall not in and of itself constitute proof.
   The provisions of the articles of association or the decisions by the Board
   of Directors limiting the powers of the

<PAGE>

   Chief Executive Officer shall not be binding on third parties. The Chairman
   of the Board of Directors reports, in accordance with Article 15 of these
   articles of association, on the potential limitations placed upon the Chief
   Executive Officer's powers by the Board.
   If the Chairman of the Board of Directors takes over the Management of the
   Company, the provisions of this Article and the laws pertaining to the Chief
   Executive Officer shall apply to the Chairman and he takes the title of
   Chairman and Chief Executive Officer.
   No one may be appointed Chief Executive Officer if he is over the age of
   sixty-five (65). The Chief Executive Officer shall be deemed to have
   resigned at the end of the Ordinary General Shareholders' Meetings having
   approved the accounts for the fiscal year in which he reaches this age.
   The Chief Executive Officer may be removed at any time by the Board of
   Directors. If the decision to remove him is made without just grounds, it
   can result in payment of damages, unless the Chief Executive Officer assumes
   the position of Chairman of the Board of Directors.
2. Executive Vice Presidents
   -------------------------
   On the recommendation of the Chief Executive Officer, the Board of Directors
   may appoint one or more individuals to assist the Chief Executive Officer,
   with the title of Executive Vice President.
   The maximum number of Executive Vice Presidents that may be appointed shall
   be five.
   No one may be appointed Executive Vice President if he is over the age of
   sixty-five (65). The Executive Vice President shall be deemed to have
   resigned at the end of the Ordinary General Shareholders' Meeting having
   approved the accounts for the fiscal year in which he reaches this age.
   On the recommendation of the Chief Executive Officer, the Executive Vice
   Presidents may be removed at any time by the Board of Directors. If the
   decision to remove them is made without just grounds, it may result in
   payment of damages.

<PAGE>

   If the Chief Executive Officer ceases to perform, or is prevented from
   performing his duties, the Executive Vice Presidents shall retain their
   positions and authorities until the new Chief Executive Officer is appointed,
   unless the Board decides otherwise.
   In agreement with the Chief Executive Officer, the Board of Directors shall
   determine the extent and the duration of the powers granted to the Executive
   Vice Presidents. With respect to third parties, the Executive Vice Presidents
   shall have the same powers as the Chief Executive Officer.

ARTICLE 20 -- COMMITTEES -- INTERNAL RULE
-----------------------------------------

The Board of Directors may decide to establish committees in order to study
specific matters on the request of the Board itself or of its Chairman. It
decides of the composition and duties of the committees which operate under its
responsibility.

The Board of Directors will be entitled in particular to establish a strategic
committee, an appointment and compensation committee and an audit committee.

The Board of Directors may approve an internal rule.

ARTICLE 21 -- AGREEMENTS BETWEEN THE COMPANY AND ITS DIRECTORS AND OFFICERS
---------------------------------------------------------------------------

Any agreement, whether directly or indirectly through a third party, between the
Company and its Chief Executive Officer, one of his Executive Vice Presidents, a
member of the Board of Directors, one of its shareholders holding 10% or more of
the voting rights, or if such shareholder is a company, the company in control
of this shareholder within the meaning of the Article L.233-3 of the French
Commercial Code must receive prior authorization by the Board of Directors.

The same applies to agreements in which those persons mentioned in the preceding
paragraph have an indirect interest.

Agreements between the Company and another company, of which the Chief Executive
Officer, one of his Executive Vice Presidents, one of the members of the Board
of Directors of the Company is the owner, general partner, manager, director,
member of the Supervisory Board, or in a general sense is an officer, are also
subject to prior authorization of the Board of Directors.

The preceding provisions do not apply to agreements relating to ongoing
transactions and those entered into under normal conditions. These agreements,
however, must be brought by the interested party to the attention of the
Chairman of the Board of Directors unless their purpose or financial
implications is insignificant to both parties. The Chairman of the Board will
provide a list and purpose thereof to the members of the Board of Directors and
to the statutory auditors.

ARTICLE 22 -- COMPENSATION OF THE DIRECTORS, THE CHAIRMAN OF THE BOARD, THE
---------------------------------------------------------------------------
CHIEF EXECUTIVE OFFICER AND EXECUTIVE VICE PRESIDENTS
-----------------------------------------------------

1. Compensation
   ------------
   The Board of Directors shall determine the compensation of the Chairman, the
   Chief Executive Officer, and the Executive Vice Presidents.
   Without being bound by its previous decisions, the Ordinary General
   Shareholders' Meeting may allocate to the members of the Board of Directors,
   as compensation for their activities, attendance fees (jetons de presence),
   for a fixed annual amount. The Board of Directors shall distribute the
   overall amounts allocated to it freely between its

<PAGE>

   members.
   The Board of Directors may distribute exceptional compensation for special
   assignments or mandates entrusted to members of the Board of Directors. This
   exceptional compensation is subject to the provisions of Article 21 above.
2. Reimbursement
   -------------
   The Board of Directors may authorize the reimbursement of travel costs and
   expenses incurred by its members in the interests of the Company.

<PAGE>

                                     PART IV

                                ----------------

                                GENERAL MEETINGS

                                ----------------

ARTICLE 23 -- GENERAL RULES
---------------------------

1. Powers
   ------
   Whether Ordinary, Extraordinary or Mixed, the General Meetings of
   Shareholders shall deliberate pursuant to the terms and conditions of quorum
   and majority and shall exercise ther powers respectively assigned to them by
   the applicable provisions of law.
2. Notice and venue of meetings
   ----------------------------
   General Shareholders' Meetings shall be convened in accordance with the
   conditions set out by applicable laws and regulations. General Shareholders'
   Meetings shall meet at the registered office or at any other place specified
   in the notice convening the meeting.
   General Shareholders' Meetings shall be chaired by the Chairman of the Board
   of Directors or, in his absence, by a Director so appointed by the Board of
   Directors, or failing this, the General Meeting shall appoint a Chairman. The
   Chairman shall be assisted by two scrutineers being the two present and
   accepting shareholders representing, by themselves or by proxy, the highest
   number of votes.
   The Chairman and the two scrutineers may appoint a Secretary who could be
   selected out of the members of the General Meeting.

3. Attendance
   ----------
   All Shareholders have the right, upon evidence of identity, to participate in
   General Shareholders' Meetings by attending in person, by returning a mail
   voting form or by appointing a proxy, provided as of the day before the
   meeting, that:
   -- in the case of holders of registered shares (actions nominatives), the
      registration has been entered in the Company's registers,
   -- in the case of holders of bearer shares (actions au porteur), a
      certificate issued by an authorized intermediary recording the fact that
      their shares registered in the account are tied up until the date of the
      General Shareholders' Meeting, has been filed at the place indicated in
      the notice convening the meeting.
   Any legal entity shareholder may participate in the General Shareholders'
   Meetings through its legal representatives or by any other person appointed
   by it for this purpose.
   The shareholders may, subject to the conditions set forth under the
   applicable laws and regulations, send their proxy and mail voting forms for
   any General Shareholders' Meeting either on paper or by teletransmission.
   The Board of Directors may decide that the Shareholders may participate in
   and vote at any General Meeting by video-conferencing or telecommunication
   means in the conditions set forth by law. In such a case any shareholder
   participating by any the referred means shall be deemed to be present for
   the sake of quorum and majority.

<PAGE>

                                     PART V

                                ----------------

                               STATUTORY AUDITORS

                                ----------------

ARTICLE 24 -- STATUTORY AUDITORS
--------------------------------

At least two statutory auditors and at least two deputy statutory auditors shall
be recommended for appointment by the General Shareholders' Meeting by draft
resolution from the Board of Directors or the Shareholders, according to
applicable legal provisions. They are appointed for six fiscal years. Then term
of office shall expire upon the approval of the accounts for the sixth fiscal
year.

<PAGE>

                                     PART VI

                                ----------------

                     INVENTORIES -- PROFITS -- RESERVE FUNDS

                                ----------------

                             DISTRIBUTION OF PROFITS

                                ----------------

ARTICLE 25 -- FISCAL YEAR
-------------------------

The fiscal year shall start on January 1 and end on December 31 of each year.

ARTICLE 26 -- ANNUAL ACCOUNTS
-----------------------------

The Board of Directors shall keep regular accounts of the corporate operations
and shall prepare annual accounts in conformity with law and commercial
practice. A General Shareholders' Meeting convened to approve the accounts for
the prior fiscal year, must be held each year within six months of the close of
the fiscal year or, in the event of an extension, within a timeframe determined
by a court.

ARTICLE 27 -- DISTRIBUTION OF PROFITS
-------------------------------------

From the distributable profit, as defined by law, the Ordinary General
Shareholders' Meeting may withhold any sums it thinks fit to allocate to any
optional reserve fund, or to carry it forward.

The balance, if any, shall be divided between all the shareholders in proportion
to the number of shares that they own.

In addition, the General Shareholders' Meeting may decide to distribute sums
withheld from the reserve funds at its disposal, by indicating expressly the
particular reserve funds from which the deductions should be made. However, the
dividends must be withheld first from the distributable profit for the fiscal
year.

ARTICLE 28 -- PAYMENT OF DIVIDENDS
----------------------------------

The terms of payment of the dividends are set by the Ordinary General
Shareholders' Meeting or, failing which, by the Board of Directors. However,
payment of dividends in cash must take place within a maximum of nine months
after the close of the fiscal year, unless the period is extended by court
authorization.

The Ordinary General Shareholders' Meeting has the right to grant each
shareholder the option, with respect to all or part of the dividend or interim
dividends distributed, to choose between the payment of dividends or interim
dividends in cash or in shares.

Subject to the limits and conditions set forth by law, the Board of Directors
may decide to distribute interim dividends (acomptes sur dividendes). In such a
case the Board of Directors will be entitled to set the terms of payment of the
dividends as referred above.

<PAGE>

                                    PART VII

                                ----------------

                           DISSOLUTION -- LIQUIDATION

                                ----------------

ARTICLE 29 -- DISSOLUTION -- LIQUIDATION
----------------------------------------

Other than judicial dissolution as provided for by law, and without a valid
extension of its duration, the Company shall be wound up automatically at the
end of its duration as provided for in these articles of association or
following a resolution of the Extraordinary General Shareholders' Meeting.

One or several trustees (liquidateurs) shall then be appointed by the
Extraordinary General Shareholders' Meeting within the quorum and majority
requirements for an Ordinary General Shareholders' Meeting.

The trustee represents the Company. All the assets are liquidated and
liabilities paid by the trustee who has the broadest powers. Any remaining
balance is then distributed by the trustee.

The General Shareholders' Meeting may authorize the trustee to continue the
ongoing activities or to begin new ones as needed by the liquidation.

The net assets remaining after the reimbursement of the nominal value of the
shares are divided equally among the shares.

In the event all the shares are held by one shareholder, the decision to
dissolve, whether voluntarily or judicially, shall result in, under the
conditions provided for by law, the transfer of all the assets to the sole
shareholder without the need for liquidation.

<PAGE>

                                    PART VIII

                                ----------------

                                    DISPUTES

                                ----------------

ARTICLE 30 -- DISPUTES
----------------------

Any disputes between the shareholders and the management or controlling bodies
of the Company or between the shareholders themselves, relating to the
application of these articles of association arising during the duration of the
Company or in the course of its liquidation, shall be subject to the
jurisdiction of the competent courts.

Accordingly, in the event of any dispute, every shareholder must elect an
address for service at a place within the jurisdiction of the relevant court,
and any writs and notifications shall be duly served at the said address.

If no address for service is elected, writs and notifications shall be validly
served at the Office of the Public Prosecutor of the competent Tribunal de
Grande Instance.

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