Document:

Exhibit
      4.10

     

    NEITHER
      THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
      SECURITIES OR BLUE SKY LAWS. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
      EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
      MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

     

    SULPHCO,
      INC.

     

    WARRANT

     

    
      	
              Warrant
                No. [    ]

            	
              Dated:
                November 9, 2007

            

    

     

    SulphCo,
      Inc., a Nevada corporation (the “Company”),
      hereby certifies that, for value received, Industrial Sonomechanics, LLC or
      its
      registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of FORTY FIVE THOUSAND
      (45,000) shares of common stock, $0.001 par value per share (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price equal to $6.025 per share (as adjusted from time to time as
      provided in Section
      8,
      the
“Exercise
      Price”),
      at
      any time and from time to time from and after the date hereof and through and
      including the third anniversary of the date hereof (the “Expiration
      Date”),
      and
      subject to the following terms and conditions. 

     

    1.
       Registration
      of Warrant.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder hereof from time to time. The Company may deem
      and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    2.
       Registration
      of Transfers.
      Subject
      to the Company’s consent, the Company shall register the transfer of any portion
      of this Warrant in the Warrant Register, upon surrender of this Warrant, with
      the Form of Assignment attached hereto duly completed and signed, to the
      Transfer Agent or to the Company at its address specified herein. Upon any
      such
      registration or transfer, a new warrant to purchase Common Stock, in
      substantially the form of this Warrant (any such new warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.
       Exercise
      and Duration of Warrants.

     

    (a)
       This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the date hereof to and including the Expiration Date. At
      6:30 P.M., New York City time on the Expiration Date, the portion of this
      Warrant not exercised prior thereto shall be and become void and of no
      value.

     

    (b)
       A
      Holder
      may exercise this Warrant solely by delivering to the Company (i) an exercise
      notice, in the form attached hereto (the “Exercise
      Notice”),
      appropriately completed and duly signed, and (ii) payment of the Exercise
      Price for the number of Warrant Shares as to which this Warrant is being
      exercised, and the date such items are delivered to the Company (as determined
      in accordance with the notice provisions hereof) is an “Exercise
      Date.”
The
      Holder shall not be required to deliver the original Warrant in order to effect
      an exercise hereunder. Upon the execution and delivery of the Exercise Notice,
      the Company shall issue a New Warrant to the Holder evidencing the right to
      purchase the remaining number of Warrant Shares, if any.

     

    4.
       Delivery
      of Warrant Shares.
      

     

    (a)
       Upon
      exercise of this Warrant, the Company shall issue or cause to be issued and
      cause to be delivered to or upon the written order of the Holder, a certificate
      for the Warrant Shares issuable upon such exercise. The Holder shall be deemed
      to have become holder of record of such Warrant Shares as of the Exercise Date.
      

     

    (b)
       This
      Warrant is exercisable, either in its entirety or, from time to time, for a
      portion of the number of Warrant Shares. Upon surrender of this Warrant
      following one or more partial exercises, the Company shall issue or cause to
      be
      issued, at its expense, a New Warrant evidencing the right to purchase the
      remaining number of Warrant Shares.

     

    5.
       Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder or an Affiliate thereof. The Holder
      shall be responsible for all other tax liability that may arise as a result
      of
      holding or transferring this Warrant or receiving Warrant Shares upon exercise
      hereof.

     

    6.
       Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable bond or indemnity, if
      requested. Applicants for a New Warrant under such circumstances shall also
      comply with such other reasonable regulations and procedures and pay such other
      reasonable third-party costs as the Company may prescribe.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    7.
       Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      8).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable. The Company will take all such actions as may be necessary to
      assure that such shares of Common Stock may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of any
      securities exchange or automated quotation system upon which the Common Stock
      may be listed.

     

    8.
       Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      8.

     

    (a)
       Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then the number of Warrant Shares that may be purchased upon exercise of this
      Warrant shall be increased or decreased proportionately, so that after such
      adjustment the aggregate Exercise Price payable hereunder for the increased
      or
      decreased number of Warrant Shares shall be the same as the aggregate Exercise
      Price in effect immediately prior to such adjustment. Any adjustment made
      pursuant to clause (i) of this paragraph shall become effective immediately
      after the record date for the determination of stockholders entitled to receive
      such dividend or distribution, and any adjustment pursuant to clause (ii) or
      (iii) of this paragraph shall become effective immediately after the effective
      date of such subdivision or combination.

     

    (b)
       Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (i) the Company effects any merger
      or consolidation of the Company with or into another Person, (ii) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (iii) any tender offer or exchange offer (whether by
      the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (iv) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (other than as a result of a subdivision or combination of shares of Common
      Stock covered by Section 8(a) above) (in any such case, a “Fundamental
      Transaction”),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      The
      aggregate Exercise Price for this Warrant will not be affected by any such
      Fundamental Transaction, but the Company shall apportion such aggregate Exercise
      Price among the Alternate Consideration in a reasonable manner reflecting the
      relative value of any different components of the Alternate Consideration.
      If
      holders of Common Stock are given any choice as to the securities, cash or
      property to be received in a Fundamental Transaction, then the Holder shall
      be
      given the same choice as to the Alternate Consideration it receives upon any
      exercise of this Warrant following such Fundamental Transaction. In the event
      of
      a Fundamental Transaction, the Company or the successor or purchasing Person,
      as
      the case may be, shall execute with the Holder a written agreement providing
      that:

     

    (x)
       this
      Warrant shall thereafter entitle the Holder to purchase the Alternate
      Consideration in accordance with this section 8(c), 

     

    
      
        
        

      

      
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    (y) in
      the
      case of any such successor or purchasing Person, upon such consolidation,
      merger, statutory exchange, combination, sale or conveyance such successor
      or
      purchasing Person shall be jointly and severally liable with the Company for
      the
      performance of all of the Company's obligations under this Warrant and the
      Purchase Agreement, and 

    

    (z) if
      registration or qualification is required under the Exchange Act or applicable
      state law for the public resale by the Holder of shares of stock and other
      securities so issuable upon exercise of this Warrant, all rights applicable
      to
      registration of the Common Stock issuable upon exercise of this Warrant shall
      apply to the Alternate Consideration. 

    

    If,
      in
      the case of any Fundamental Transaction, the Alternate Consideration includes
      shares of stock, other securities, other property or assets of a Person other
      than the Company or any such successor or purchasing Person, as the case may
      be,
      in such Fundamental Transaction, then such written agreement shall also be
      executed by such other Person and shall contain such additional provisions
      to
      protect the interests of the Holder as the Board of Directors of the Company
      shall reasonably consider necessary by reason of the foregoing. At the Holder’s
      request, any successor to the Company or surviving entity in such Fundamental
      Transaction shall issue to the Holder a new warrant consistent with the
      foregoing provisions and evidencing the Holder’s right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. The terms
      of any agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply with
      the provisions of this paragraph (c) and insuring that the Warrant (or any
      such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction. If any Fundamental Transaction
      constitutes or results in a Change of Control, then at the request of the Holder
      delivered before the 90th
      day
      after such Fundamental Transaction, the Company (or any such successor or
      surviving entity) will purchase the Warrant from the Holder for a purchase
      price, payable in cash within five Trading Days after such request (or, if
      later, on the effective date of the Fundamental Transaction), equal to the
      Black-Scholes value of the remaining unexercised portion of this Warrant on
      the
      date of such request.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)
       Calculations.
      All
      calculations under this Section
      8
      shall be
      made to the nearest cent or the nearest 1/100th of a share, as applicable.
      The
      number of shares of Common Stock outstanding at any given time shall not include
      shares owned or held by or for the account of the Company, and the disposition
      of any such shares shall be considered an issue or sale of Common
      Stock.

     

    (d)
       Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      8,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in detail the facts upon which such adjustment is based.
      Upon written request, the Company will promptly deliver a copy of each such
      certificate to the Holder and to the Company’s Transfer Agent.

     

    (e)
       Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of securities in
      respect of its Common Stock, including without limitation any granting of rights
      or warrants to subscribe for or purchase any capital stock of the Company or
      any
      Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
      or solicits stockholder approval for any Fundamental Transaction or (iii)
      authorizes the voluntary dissolution, liquidation or winding up of the affairs
      of the Company, then the Company shall deliver to the Holder a notice describing
      the material terms and conditions of such transaction, at least 10 calendar
      days
      prior to the applicable record or effective date on which a Person would need
      to
      hold Common Stock in order to participate in or vote with respect to such
      transaction, and the Company will take all steps reasonably necessary in order
      to insure that the Holder is given the practical opportunity to exercise this
      Warrant prior to such time so as to participate in or vote with respect to
      such
      transaction; provided, however, that the failure to deliver such notice or
      any
      defect therein shall not affect the validity of the corporate action required
      to
      be described in such notice. 

     

    9.
       Payment
      of Exercise Price.
      The
      Holder shall pay the Exercise Price in immediately available funds.

    

    10.
       Limitation
      on Exercise.
      Notwithstanding anything to the contrary contained herein the maximum number
      of
      shares of Common Stock that the Company may issue pursuant to the Transaction
      Documents at an effective purchase price less than the Closing Price on the
      Trading Day immediately preceding the Closing Date equals 19.99% of the
      outstanding shares of Common Stock immediately preceding the Closing Date (the
      “Issuable
      Maximum”),
      unless the Company obtains shareholder approval in accordance with the rules
      and
      regulations of such Trading Market, if applicable. If, at the time any Holder
      requests an exercise of any of the Warrants, the Actual Minimum (excluding
      any
      shares issued or issuable at an effective purchase price in excess of the
      Closing Price on the Trading Day immediately preceding the Closing Date) exceeds
      the Issuable Maximum (and if the Company has not previously obtained the
      required shareholder approval), then the Company shall issue to the Holder
      requesting such exercise a number of shares of Common Stock not exceeding such
      Holder’s pro-rata portion of the Issuable Maximum (based on such Holder’s share
      (vis-à-vis other Holders) of the aggregate purchase price paid under the
      Purchase Agreement and taking into account any Warrant Shares previously issued
      to such Holder). For the purposes hereof, “Actual
      Minimum”
shall
      mean, as of any date, the maximum aggregate number of shares of Common Stock
      then issued or potentially issuable in the future pursuant to the Transaction
      Documents, including any Underlying Shares issuable upon exercise in full of
      all
      Warrants, without giving effect to any limits on the number of shares of Common
      Stock that may be owned by a Holder at any one time.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.
       Fractional
      Shares.
      The
      Company shall not be required to issue or cause to be issued fractional Warrant
      Shares on the exercise of this Warrant. If any fraction of a Warrant Share
      would, except for the provisions of this Section, be issuable upon exercise
      of
      this Warrant, the number of Warrant Shares to be issued will be rounded up
      to
      the nearest whole share.

     

    12.
       Notices.
      Any and
      all notices or other communications or deliveries hereunder (including without
      limitation any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (iii) the Trading Day following the date of mailing, if sent
      by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The address for such
      notices or communications shall be as set forth in the Amendment.

     

    13.
       Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
      to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or shareholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder's last address as shown on the Warrant
      Register.

     

    14.
       Miscellaneous.

     

    (a)
       Subject
      to the restrictions on transfer set forth on the first page hereof, this Warrant
      may be assigned by the Holder. This Warrant may not be assigned by the Company
      except to a successor in the event of a Fundamental Transaction. This Warrant
      shall be binding on and inure to the benefit of the parties hereto and their
      respective successors and assigns. Subject to the preceding sentence, nothing
      in
      this Warrant shall be construed to give to any Person other than the Company
      and
      the Holder any legal or equitable right, remedy or cause of action under this
      Warrant. This Warrant may be amended only in writing signed by the Company
      and
      the Holder and their successors and assigns.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)
       The
      Company will not, by amendment of its governing documents or through any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, but will at
      all
      times in good faith assist in the carrying out of all such terms and in the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder against impairment. Without limiting the generality
      of
      the foregoing, the Company (i) will not increase the par value of any Warrant
      Shares above the amount payable therefor on such exercise, (ii) will take all
      such action as may be reasonably necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares on the exercise of this Warrant, and (iii) will not close its shareholder
      books or records in any manner which interferes with the timely exercise of
      this
      Warrant.

     

    

      (c)
         GOVERNING
        LAW; VENUE; WAIVER OF JURY TRIAL.
        ALL
        QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION
        OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
        WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
        PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH PARTY AGREES THAT ALL LEGAL
        PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT AND DEFENSE OF THE
        TRANSACTIONS CONTEMPLATED BY ANY OF THE TRANSACTION DOCUMENTS (WHETHER BROUGHT
        AGAINST A PARTY HERETO OR ITS RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS,
        SHAREHOLDERS, EMPLOYEES OR AGENTS) SHALL BE COMMENCED EXCLUSIVELY IN THE
        STATE
        AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN.
        EACH
        PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
        THE
        STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN
        FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR
        WITH
        ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT
        TO THE ENFORCEMENT OF ANY OF THIS WARRANT), AND HEREBY IRREVOCABLY WAIVES,
        AND
        AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT
        IS NOT
        PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT,
        ACTION
        OR PROCEEDING IS IMPROPER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL
        SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT,
        ACTION
        OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL
        OR
        OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS
        IN
        EFFECT FOR NOTICES TO IT UNDER THIS WARRANT AND AGREES THAT SUCH SERVICE
        SHALL
        CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING
        CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS
        IN ANY MANNER PERMITTED BY LAW. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
        TO
        THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
        BY
        JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT OR
        ANY
        OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
        IF EITHER PARTY SHALL COMMENCE AN ACTION OR PROCEEDING TO ENFORCE ANY PROVISIONS
        OF THIS WARRANT OR ANY TRANSACTION DOCUMENT, THEN THE PREVAILING PARTY IN
        SUCH
        ACTION OR PROCEEDING SHALL BE REIMBURSED BY THE OTHER PARTY FOR ITS REASONABLE
        ATTORNEYS FEES AND OTHER REASONABLE COSTS AND EXPENSES INCURRED WITH THE
        INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH ACTION OR
        PROCEEDING.

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (d)
       The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (e)
       In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above.

     

    
      	 	 	 
	 	
              SULPHCO,
                INC.

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                ____________________________________

            
	 	
              Title:
                _____________________________________

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    FORM
      OF
      EXERCISE NOTICE

     

    (To
      be
      executed by the Holder to exercise the right to purchase shares of Common Stock
      under the foregoing Warrant)

     

    To:
      SulphCo, Inc.

     

    The
      undersigned is the Holder of Warrant No. _______ (the “Warrant”)
      issued
      by SulphCo, Inc., a Nevada corporation (the “Company”).
      Capitalized terms used herein and not otherwise defined have the respective
      meanings set forth in the Warrant.

     

    
      	
              1.
                

            	
              The
                Warrant is currently exercisable to purchase a total of ______________
                Warrant Shares.

            

    

     

    
      	
              2.
                

            	
              The
                undersigned Holder hereby exercises its right to purchase
                _________________ Warrant Shares pursuant to the
                Warrant.

            

    

     

    
      	
              3.
                

            	
              The
                holder shall pay the sum of $____________ to the Company in accordance
                with the terms of the Warrant.

            

    

     

    
      	
              4.
                

            	
              Pursuant
                to this exercise, the Company shall deliver to the holder _______________
                Warrant Shares in accordance with the terms of the
                Warrant.

            

    

     

    
      	
              5.
                

            	
              Following
                this exercise, the Warrant shall be exercisable to purchase a total
                of
                ______________ Warrant Shares.

            

    

     

    
      	 	 	 
	
              Dated:
                _______________,
                ____

            	
              
                Name
                  of Holder:

              

            
	 	 
	 	
              (Print)
                ____________________________________________

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                _________________________________________

            
	 	
              Title:
                __________________________________________

            
	 	 
	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the within Warrant
      to
      purchase ____________ shares of Common Stock of SulphCo, Inc. to which the
      within Warrant relates and appoints ________________ attorney to transfer said
      right on the books of SulphCo, Inc. with full power of substitution in the
      premises.

     

    
      	 	 	 
	
              Dated:
                _______________,
                ____

            	
               

            
	 	______________________________________________
	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            
	 	 
	 	______________________________________________
	 	
              Address
                of Transferee

            
	 	 
	 	______________________________________________
	 	 
	 	______________________________________________
	 	 
	
              In
                the presence of:

            	 
	 	 
	___________________________________Exhibit
      10.1 

     

    
      PERFECTENERGY
        INTERNATIONAL LIMITED

       

      2007
        STOCK INCENTIVE PLAN

       

      1.  Purpose

       

      The
        purpose of this 2007 Stock Incentive Plan (the “Plan”) of Perfectenergy
        International Limited, a Nevada corporation
        (the “Company”), is to advance the interests of the Company’s shareholders by
        enhancing the Company’s ability to attract, retain and motivate persons who make
        (or are expected to make) important contributions to the Company by providing
        such persons with equity ownership opportunities and performance-based
        incentives and thereby better aligning the interests of such persons with
        those
        of the Company’s shareholders. Except where the context otherwise requires, the
        term “Company” shall include any of the Company’s present or future parent or
        subsidiary corporations as defined in Sections 424(e) or (f) of the
        Internal Revenue Code of 1986, as amended, and any regulations promulgated
        thereunder (the “Code”) and any other business venture (including, without
        limitation, joint venture or limited liability company) in which the Company
        has
        a controlling interest, as determined by the Board of Directors of the Company
        (the “Board”).

       

      2.  Eligibility

       

      All
        of
        the Company’s employees, officers, and directors, and those Company’s
        consultants and advisors (i) that are natural persons and (ii) who provides
        bona
        fide services to the Company not connected to a capital raising transaction
        or
        the promotion or creation of a market for the Company’s securities, are
        eligible to be granted options or restricted stock awards (each, an “Award”)
        under the Plan. Each person who has been granted an Award under the Plan
        shall
        be deemed a “Participant”.

       

      3.  Administration
        and Delegation

       

      (a)  Administration
        by Board of Directors.
        The
        Plan will be administered by the Board. The Board shall have authority to
        grant
        Awards and to adopt, amend and repeal such administrative rules, guidelines
        and
        practices relating to the Plan as it shall deem advisable. The Board may
        correct
        any defect, supply any omission or reconcile any inconsistency in the Plan
        or
        any Award in the manner and to the extent it shall deem expedient to carry
        the
        Plan into effect and it shall be the sole and final judge of such expediency.
        All decisions by the Board shall be made in the Board’s sole discretion and
        shall be final and binding on all persons having or claiming any interest
        in the
        Plan or in any Award. No director or person acting pursuant to the authority
        delegated by the Board shall be liable for any action or determination relating
        to or under the Plan made in good faith.

       

      (b)  Appointment
        of Committees. To
        the
        extent permitted by applicable law, the Board may delegate any or all of
        its
        powers under the Plan to one or more committees or subcommittees of the Board
        (a
“Committee”) Board so long as such Committee consists of not less than two
        members, each member of which shall be an “outside director” within the meaning
        of Section 162(m) of the Code and a “non-employee director” as defined in Rule
        16b-3 promulgated under the Exchange Act.”. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.  Stock
        Available for Awards

       

      (a)  Number
        of Shares.
        Subject
        to adjustment under Section 7, Awards may be made under the Plan for up to
        Six
        Million (6,000,000)
        shares
        of common stock, $0.001 par value per share, of the Company (the “Common
        Stock”). If any Award expires or is terminated, surrendered or canceled without
        having been fully exercised or is forfeited in whole or in part (including
        as
        the result of shares of Common Stock subject to such Award being repurchased
        by
        the Company at the original issuance price pursuant to a contractual repurchase
        right) or results in any Common Stock not being issued, the unused Common
        Stock
        covered by such Award shall again be available for the grant of Awards under
        the
        Plan, subject, however, in the case of ISOs (as hereinafter defined), to
        any
        limitations under the Code. Shares issued under the Plan may consist in whole
        or
        in part of authorized but unissued shares or treasury shares.

       

      (b)  Per-Participant
        Limit.
        Subject
        to adjustment under Section 7, the maximum number of shares of Common Stock
        with respect to which Awards may be granted to any Participant under the
        Plan
        shall be an
        amount
        no greater than 2,000,000 or an amount permitted under Section 162(m) of
        the
        Code (“Section 162(m)”).

       

      5.  Stock
        Options

       

      (a)  General.
        The
        Board may grant options to purchase Common Stock (each, an “Option”) and
        determine the number of shares of Common Stock to be covered by each Option,
        the
        exercise price of each Option and the conditions and limitations applicable
        to
        the exercise of each Option, including conditions relating to applicable
        federal
        or state securities laws, as it considers necessary or advisable. An Option
        which is not intended to be an ISO (as hereinafter defined) shall be designated
        a “Nonstatutory Stock Option”.

       

      (b)  Incentive
        Stock Options.
        An
        Option that the Board intends to be an “incentive stock option” as defined in
        Section 422 of the Code (an “ISO”) shall only be granted to employees of the
        Company and shall be subject to and shall be construed consistently with
        the
        requirements of Section 422 of the Code. Without limiting the generality
        of the
        foregoing, this means that the exercise price of an ISO must be at least
        100% of
        the fair market value of the Common Stock on the date of grant (or 110% in
        the
        case of a Participant that owns more than 10% of the total combined voting
        power
        of all classes of stock of the Company or its parent or subsidiary (a “10%
        Shareholder”)) for the option to qualify as an ISO. The Final Exercise Date must
        be no more than 10 years (or 5 years in the case of a 10% Shareholder) from
        the
        date of grant for the option to qualify as an ISO. 

       

      (c)  Exercise
        Price.
        The
        Board shall establish the exercise price at the time each Option is granted
        and
        specify it in the applicable option agreement.

       

      (d)  Duration
        of Options.
        Each
        Option shall be exercisable at such times and subject to such terms and
        conditions as the Board may specify in the applicable option
        agreement.

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      (e)  Exercise
        of Option.
        Options
        may be exercised by delivery to the Company of a written notice of exercise
        signed by the proper person or by any other form of notice (including electronic
        notice) approved by the Board together with payment in full as specified
        in
        Section 5(f) for the number of shares for which the Option is
        exercised.

       

      (f)  Payment
        Upon Exercise.
        Common
        Stock purchased upon the exercise of an Option granted under the Plan shall
        be
        paid for as follows:

       

      (1)  in
        cash
        or by check, payable to the order of the Company;

       

      (2)  except
        as
        the Board may, in its sole discretion, otherwise provide in an option agreement,
        by (i) delivery of an irrevocable and unconditional undertaking by a
        creditworthy broker to deliver promptly to the Company sufficient funds to
        pay
        the exercise price and any required tax withholding or (ii) delivery by the
        Participant to the Company of a copy of irrevocable and unconditional
        instructions to a creditworthy broker to deliver promptly to the Company
        cash or
        a check sufficient to pay the exercise price and any required tax
        withholding;

       

      (3)  when
        the
        Common Stock is registered under the Securities Exchange Act of 1934 (the
        “Exchange Act”), by delivery of shares of Common Stock owned by the Participant
        valued at their fair market value as determined by (or in a manner approved
        by)
        the Board in good faith (“Fair Market Value”), provided (i) such method of
        payment is then permitted under applicable law and (ii) such Common Stock,
        if
        acquired directly from the Company was owned by the Participant at least
        six
        months prior to such delivery;

       

      (4)  to
        the
        extent permitted by the Board, in its sole discretion in the applicable option
        agreement by (i) delivery of a promissory note of the Participant to the
        Company
        on terms determined by the Board, or (ii) payment of such other lawful
        consideration as the Board may determine; or

       

      (5)  by
        any
        combination of the above permitted forms of payment.

       

      (g)  Substitute
        Options.
        In
        connection with a merger or consolidation of an entity with the Company or
        the
        acquisition by the Company of property or stock of an entity, the Board may
        grant Options in substitution for any options or other stock or stock-based
        awards granted by such entity or an affiliate thereof. Substitute Options
        may be
        granted on such terms as the Board deems appropriate in the circumstances,
        notwithstanding any limitations on Options contained in the other sections
        of
        this Section 5 or in Section 2.

       

      6.  Restricted
        Stock.

       

      (a)  Grants.
        The
        Board may grant Awards entitling recipients to acquire shares of Common Stock,
        subject to the right of the Company to repurchase all or part of such shares
        at
        their issue price or other stated or formula price (or to require forfeiture
        of
        such shares if issued at no cost) from the recipient in the event that
        conditions specified by the Board in the applicable Award are not satisfied
        prior to the end of the applicable restriction period or periods established
        by
        the Board for such Award (each, a “Restricted Stock Award”).

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      (b)  Terms
        and Conditions.
        The
        Board shall determine the terms and conditions of any such Restricted Stock
        Award, including the conditions for repurchase (or forfeiture) and the issue
        price, if any. 

       

      (c)  Stock
        Certificates.
        Any
        stock certificates issued in respect of a Restricted Stock Award shall be
        registered in the name of the Participant and, unless otherwise determined
        by
        the Board, deposited by the Participant, together with a stock power endorsed
        in
        blank, with the Company (or its designee). At the expiration of the applicable
        restriction periods, the Company (or such designee) shall deliver the
        certificates no longer subject to such restrictions to the Participant or
        if the
        Participant has died, to the beneficiary designated, in a manner determined
        by
        the Board, by a Participant to receive amounts due or exercise rights of
        the
        Participant in the event of the Participant’s death (the “Designated
        Beneficiary”). In the absence of an effective designation by a Participant,
        Designated Beneficiary shall mean the Participant’s estate.

       

      7.  Adjustments
        for Changes in Common Stock and Certain Other Events

       

      (a)  Changes
        in Capitalization.
        In the
        event of any stock split, reverse stock split, stock dividend, recapitalization,
        combination of shares, reclassification of shares, spin-off or other similar
        change in capitalization or event, or any distribution to holders of Common
        Stock other than a normal cash dividend, (i) the number and class of securities
        available under this Plan, (ii) the per-Participant limit set forth in Section
        4(b), (iii) the number and class of securities and exercise price per share
        subject to each outstanding Option, and (iv) the repurchase price per share
        subject to each outstanding Restricted Stock Award shall be appropriately
        adjusted by the Company (or substituted Awards may be made, if applicable)
        to
        the extent the Board shall determine, in good faith, that such an adjustment
        (or
        substitution) is necessary and appropriate. If this Section 7(a) applies
        and
        Section 7(c) also applies to any event, Section 7(c) shall be applicable
        to such
        event, and this Section 7(a) shall not be applicable.

       

      (b)  Liquidation
        or Dissolution.
        In the
        event of a proposed liquidation or dissolution of the Company, the Board
        shall
        upon written notice to the Participants provide that all then unexercised
        Options will (i) become exercisable in full as of a specified time at least
        10
        business days prior to the effective date of such liquidation or dissolution
        and
        (ii) terminate effective upon such liquidation or dissolution, except to
        the
        extent exercised before such effective date. The Board may specify the effect
        of
        a liquidation or dissolution on any Restricted Stock Award granted under
        the
        Plan at the time of the grant.

       

      (c)  Reorganization
        Events

       

      (1)  Definition.
        A
“Reorganization Event” shall mean: (a) any merger or consolidation of the
        Company with or into another entity as a result of which all of the Common
        Stock
        of the Company is converted into or exchanged for the right to receive cash,
        securities or other property or (b) any exchange of all of the Common Stock
        of
        the Company for cash, securities or other property pursuant to a share exchange
        transaction.

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      (2)  Consequences
        of a Reorganization Event on Options.
        Upon
        the occurrence of a Reorganization Event, or the execution by the Company
        of any
        agreement with respect to a Reorganization Event, the Board shall provide
        that
        all outstanding Options shall be assumed, or equivalent options shall be
        substituted, by the acquiring or succeeding corporation (or an affiliate
        thereof). For purposes hereof, an Option shall be considered to be assumed
        if,
        following consummation of the Reorganization Event, the Option confers the
        right
        to purchase, for each share of Common Stock subject to the Option immediately
        prior to the consummation of the Reorganization Event, the consideration
        (whether cash, securities or other property) received as a result of the
        Reorganization Event by holders of Common Stock for each share of Common
        Stock
        held immediately prior to the consummation of the Reorganization Event (and
        if
        holders were offered a choice of consideration, the type of consideration
        chosen
        by the holders of a majority of the outstanding shares of Common Stock);
        provided, however, that if the consideration received as a result of the
        Reorganization Event is not solely common stock of the acquiring or succeeding
        corporation (or an affiliate thereof), the Company may, with the consent
        of the
        acquiring or succeeding corporation, provide for the consideration to be
        received upon the exercise of Options to consist solely of common stock of
        the
        acquiring or succeeding corporation (or an affiliate thereof) equivalent
        in fair
        market value to the per share consideration received by holders of outstanding
        shares of Common Stock as a result of the Reorganization Event.

       

      Notwithstanding
        the foregoing, if the acquiring or succeeding corporation (or an affiliate
        thereof) does not agree to assume, or substitute for, such Options, then
        the
        Board shall, upon written notice to the Participants, provide that all then
        unexercised Options will become exercisable in full as of a specified time
        prior
        to the Reorganization Event and will terminate immediately prior to the
        consummation of such Reorganization Event, except to the extent exercised
        by the
        Participants before the consummation of such Reorganization Event; provided,
        however, that in the event of a Reorganization Event under the terms of which
        holders of Common Stock will receive upon consummation thereof a cash payment
        for each share of Common Stock surrendered pursuant to such Reorganization
        Event
        (the “Acquisition Price”), then the Board may instead provide that all
        outstanding Options shall terminate upon consummation of such Reorganization
        Event and that each Participant shall receive, in exchange therefor, a cash
        payment equal to the amount (if any) by which (A) the Acquisition Price
        multiplied by the number of shares of Common Stock subject to such outstanding
        Options (whether or not then exercisable), exceeds (B) the aggregate exercise
        price of such Options. To the extent all or any portion of an Option becomes
        exercisable solely as a result of the first sentence of this paragraph, upon
        exercise of such Option the Participant shall receive shares subject to a
        right
        of repurchase by the Company or its successor at the Option exercise price.
        Such
        repurchase right (1) shall lapse at the same rate as the Option would have
        become exercisable under its terms and (2) shall not apply to any shares
        subject
        to the Option that were exercisable under its terms without regard to the
        first
        sentence of this paragraph.

       

      (3)  Consequences
        of a Reorganization Event on Restricted Stock Awards.
        Upon
        the occurrence of a Reorganization Event, the repurchase and other rights
        of the
        Company under each outstanding Restricted Stock Award shall inure to the
        benefit
        of the Company’s successor and shall apply to the cash, securities or other
        property which the Common Stock was converted into or exchanged for pursuant
        to
        such Reorganization Event in the same manner and to the same extent as they
        applied to the Common Stock subject to such Restricted Stock Award.

       

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      8.  General
        Provisions Applicable to Awards

       

      (a)  Transferability
        of Awards.
        Except
        as the Board may otherwise determine or provide in an Award, Awards shall
        not be
        sold, assigned, transferred, pledged or otherwise encumbered by the person
        to
        whom they are granted, either voluntarily or by operation of law, except
        by will
        or the laws of descent and distribution, and, during the life of the
        Participant, shall be exercisable only by the Participant. References to
        a
        Participant, to the extent relevant in the context, shall include references
        to
        authorized transferees.

       

      (b)  Documentation.
        Each
        Award shall be evidenced in such form (written, electronic or otherwise)
        as the
        Board shall determine. Such written instrument may be in the form of an
        agreement signed by the Company and the Participant or a written confirming
        memorandum to the Participant from the Company. Each Award may contain terms
        and
        conditions in addition to those set forth in the Plan. 

       

      (c)  Board
        Discretion.
        Except
        as otherwise provided by the Plan, each Award may be made alone or in addition
        or in relation to any other Award. The terms of each Award need not be
        identical, and the Board need not treat Participants uniformly.

       

      (d)  Termination
        of Status.
        The
        Board shall determine the effect on an Award of the disability, death,
        retirement, authorized leave of absence or other change in the employment
        or
        other status of a Participant and the extent to which, and the period during
        which, the Participant, the Participant’s legal representative, conservator,
        guardian or Designated Beneficiary may exercise rights under the
        Award.

       

      (e)  Withholding.
        Each
        Participant shall pay to the Company, or make provision satisfactory to the
        Board for payment of, any taxes required by law to be withheld in connection
        with Awards to such Participant no later than the date of the event creating
        the
        tax liability. Except as the Board may otherwise provide in an Award, when
        the
        Common Stock is registered under the Exchange Act, Participants may satisfy
        such
        tax obligations in whole or in part by delivery of shares of Common Stock,
        including shares retained from the Award creating the tax obligation, valued
        at
        their Fair Market Value; provided, however, that the total tax withholding
        where
        stock is being used to satisfy such tax obligations cannot exceed the Company’s
        minimum statutory withholding obligations (based on minimum statutory
        withholding rates for federal and state tax purposes, including payroll taxes,
        that are applicable to such supplemental taxable income). The Company may,
        to
        the extent permitted by law, deduct any such tax obligations from any payment
        of
        any kind otherwise due to a Participant.

       

      (f)  Amendment
        of Award.
        The
        Board may amend, modify or terminate any outstanding Award, including but
        not
        limited to, substituting therefor another Award of the same or a different
        type,
        changing the date of exercise or realization, and converting an ISO to a
        Nonstatutory Stock Option, provided that the Participant’s consent to such
        action shall be required unless the Board determines that the action, taking
        into account any related action, would not materially and adversely affect
        the
        Participant.

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

      (g)  Conditions
        on Delivery of Stock.
        The
        Company will not be obligated to deliver any shares of Common Stock pursuant
        to
        the Plan or to remove restrictions from shares previously delivered under
        the
        Plan until (i) all conditions of the Award have been met or removed to the
        satisfaction of the Company, (ii) in the opinion of the Company’s counsel,
        all other legal matters in connection with the issuance and delivery of such
        shares have been satisfied, including any applicable securities laws and
        any
        applicable stock exchange or stock market rules and regulations, and (iii)
        the
        Participant has executed and delivered to the Company such representations
        or
        agreements as the Company may consider appropriate to satisfy the requirements
        of any applicable laws, rules or regulations.

       

      (h)  Acceleration.
        The
        Board may at any time provide that any Award shall become immediately
        exercisable in full or in part, free of some or all restrictions or conditions,
        or otherwise realizable in full or in part, as the case may be.

       

      9.  Miscellaneous

       

      (a)  No
        Right To Employment or Other Status.
        No
        person shall have any claim or right to be granted an Award, and the grant
        of an
        Award shall not be construed as giving a Participant the right to continued
        employment or any other relationship with the Company. The Company expressly
        reserves the right at any time to dismiss or otherwise terminate its
        relationship with a Participant free from any liability or claim under the
        Plan,
        except as expressly provided in the applicable Award.

       

      (b)  No
        Rights As Shareholder.
        Subject
        to the provisions of the applicable Award, no Participant or Designated
        Beneficiary shall have any rights as a shareholder with respect to any shares
        of
        Common Stock to be distributed with respect to an Award until becoming the
        record holder of such shares. Notwithstanding the foregoing, in the event
        the
        Company effects a split of the Common Stock by means of a stock dividend
        and the
        exercise price of and the number of shares subject to such Option are adjusted
        as of the date of the distribution of the dividend (rather than as of the
        record
        date for such dividend), then an optionee who exercises an Option between
        the
        record date and the distribution date for such stock dividend shall be entitled
        to receive, on the distribution date, the stock dividend with respect to
        the
        shares of Common Stock acquired upon such Option exercise, notwithstanding
        the
        fact that such shares were not outstanding as of the close of business on
        the
        record date for such stock dividend.

       

      (c)  Effective
        Date and Term of Plan.
        The
        Plan shall become effective on the date on which it is adopted by the Board,
        but
        no Award granted to a Participant that is intended to comply with Section
        162(m)
        shall become exercisable, vested or realizable, as applicable to such Award,
        unless and until the Plan has been approved by the Company's shareholders
        to the
        extent shareholder approval is required by Section 162(m) in the manner required
        under Section 162(m) (including the vote required under Section 162(m)).
        No
        Awards shall be granted under the Plan after the completion of ten years
        from
        the earlier of (i) the date on which the Plan was adopted by the Board or
        (ii)
        the date the Plan was approved by the Company’s shareholders, but Awards
        previously granted may extend beyond that date.

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      (d)  Amendment
        of Plan.
        The
        Board may amend, suspend or terminate the Plan or any portion thereof at
        any
        time, provided that to the extent required by Section 162(m), no Award granted
        to a Participant that is intended to comply with Section 162(m) after the
        date
        of such amendment shall become exercisable, realizable or vested, as applicable
        to such Award, unless and until such amendment shall have been approved by
        the
        Company’s shareholders if required by Section 162(m) (including the vote
        required under Section 162(m)).

       

      (e)  Governing
        Law.
        The
        provisions of the Plan and all Awards made hereunder shall be governed by
        and
        interpreted in accordance with the laws of the State of Nevada, without regard
        to any applicable conflicts of law. 

       

    

     
      

    
      
         

      

      
        -8-

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