Document:

Exhibit 4(b)

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS (i) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT COVERING SUCH SECURITIES, (ii) THE SALE IS MADE IN ACCORDANCE WITH RULE 144
UNDER THE ACT, OR (iii) THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE
HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT
SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE ACT AND IS IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

THIS WARRANT IS ISSUED PURSUANT TO THAT CERTAIN SUBSCRIPTION AGREEMENT BETWEEN
THE INITIAL HOLDER OF THIS WARRANT (THE "INVESTOR") AND MRU HOLDINGS, INC., A
DELAWARE CORPORATION (THE "COMPANY") DATED APRIL 30, 2004.

                                                             Dated: July 8, 2004

                               MRU HOLDINGS, INC.

                     WARRANT ("WARRANT") TO PURCHASE SHARES

                                       OF

                    COMMON STOCK, $0.001 PAR VALUE PER SHARE

                                  _____ SHARES

      1. NUMBER OF SHARES SUBJECT TO WARRANT. This is to certify that, FOR VALUE
RECEIVED, ___________________________ (the "Investor"), is entitled to purchase
from the Company, at any time before the termination of this Warrant pursuant to
Section 3 hereof, at an exercise price equal to $____ per share (the exercise
price in effect from time to time hereafter being called the "Warrant Price"),
_____ shares ("Warrant Shares") of the Company's common stock, $0.001 par value
per share ("Common Stock") upon such Investor's exercise of this Warrant
pursuant to Section 7 hereof. The number of Warrant Shares purchaseable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein.

      2. DEFINITIONS. As used in this Warrant, the following terms shall have
definitions ascribed to them below:

<PAGE>

            (a) "BUSINESS DAY" shall mean any day except Saturday, Sunday and
            any day which shall be a legal holiday or a day on which banking
            institutions in the state of New York are authorized or required by
            law or other government actions to close between the hours of 9:30
            a.m. and 5:00 p.m. Eastern Standard Time.

            (b) "HOLDER" shall mean the Investor and any permitted transferees.

            (c) "TRADING MARKET" means the following markets or exchanges on
            which the Warrant Shares are listed or quoted for trading on the
            date in question: the American Stock Exchange, the New York Stock
            Exchange, the Nasdaq National Market, the Nasdaq SmallCap Market or
            the Over-The-Counter Bulletin Board (the "OTC Bulletin Board").

            (d) "VWAP" shall mean for any date, the price determined by the
            first of the following clauses that applies: (a) if the Warrant
            Shares are then listed or quoted on a Trading Market, the daily
            volume weighted average price of the Warrant Shares for such date
            (or the nearest preceding date) on the primary Trading Market on
            which the Warrant Shares are then listed or quoted as reported by
            Bloomberg Financial L.P. (based on a Trading Day from 9:30 a.m.
            Eastern Standard Time to 4:02 p.m. Eastern Standard Time) using the
            AQR function; (b) if the Warrant Shares are not then listed or
            quoted on an Trading Market and if prices for the Warrant Shares are
            then quoted on the OTC Bulletin Board, the volume weighted average
            price of the Warrant Shares for such date (or the nearest preceding
            date) on the OTC Bulletin Board; (c) if the Warrant Shares are not
            then listed or quoted on a Trading Market or on the OTC Bulletin
            Board and if prices for the Warrant Shares are then reported in the
            "Pink Sheets" published by the National Quotation Bureau
            Incorporated (or a similar organization or agency succeeding to its
            functions of reporting prices), the most recent bid price per share
            of the Warrant Shares so reported; or (d) in all other cases, the
            fair market value of a share of Warrant Shares as determined by a
            nationally recognized-independent appraiser selected in good faith
            by purchasers holding a majority of shares of the Company then
            outstanding.

      3. TERMINATION. This Warrant shall terminate and no longer be exercisable
at 5:00 p.m., Eastern Standard Time, on ____________.

      4. FRACTIONAL SHARES. No fractional shares shall be issuable upon exercise
of this Warrant and the number of shares to be issued shall be rounded up to the
nearest whole share.

      5. NO SHAREHOLDER RIGHTS. This Warrant, by itself, as distinguished from
any shares purchased hereunder, shall not entitle the Holder to any of the
rights of a shareholder of the Company.

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<PAGE>

      6. RESERVATION OF STOCK. The Company will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of Warrant Shares upon the exercise or conversion of this Warrant. Issuance of
this Warrant shall constitute full authority to the Company's officers who are
charged with the duty of executing stock certificates to execute, issue and
deliver the necessary certificates for shares of Warrant Shares issuable upon
the exercise or conversion of this Warrant.

      7. EXERCISE OF WARRANT. This Warrant may be exercised at any time prior to
its termination by the surrender of this Warrant, together with the Notice of
Exercise and the Investment Representation Statement in the forms attached
hereto as Attachments 1 and 2, respectively, duly completed and executed, at the
principal office of the Company, specifying the portion of this Warrant to be
exercised and accompanied by payment in full of the Warrant Price in cash or by
check with respect to the shares of Warrant Shares being purchased. This Warrant
shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the
person entitled to receive the shares of Warrant Shares issuable upon exercise
shall be treated for all purposes as the holder of such shares of record as of
the close of business on such date. As promptly as practicable after such date,
the Company shall issue and deliver to the person or persons entitled to receive
the same a certificate or certificates for the number of full shares of Warrant
Shares issuable upon such exercise. If the Warrant shall be exercised for less
than the total number of shares of Warrant Shares then issuable upon exercise,
promptly after surrender of the Warrant upon such exercise, the Company will
execute and deliver a new Warrant, dated the date hereof, evidencing the right
of the Holder to the balance of the Warrant Shares purchasable hereunder upon
the same terms and conditions set forth herein.

      8. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. The number of shares
issuable upon exercise of this Warrant (or any shares of stock or other
securities or property at the time receivable or issuable upon exercise of this
Warrant) and the Warrant Price therefor are subject to adjustment upon the
occurrence of the following events:

            (a) ADJUSTMENT FOR STOCK SPLITS, STOCK DIVIDENDS, RECAPITALIZATIONS,
ETC. The Warrant Price and the number of shares issuable upon exercise of this
Warrant shall each be proportionally adjusted to reflect any stock dividend,
stock split, reverse stock split, combination of shares, reclassification,
recapitalization or other similar event altering the number of outstanding
shares of the Company's capital stock.

            (b) ADJUSTMENT FOR OTHER DIVIDENDS AND DISTRIBUTIONS. In case the
Company shall make or issue, or shall fix a record date for the determination of
eligible holders entitled to receive, a dividend or other distribution with
respect to the shares payable in securities of the Company then, and in each
such case, the Holder, on exercise of this Warrant at any time after the
consummation, effective date or record date of such event, shall receive, in
addition to the Warrant Shares (or such other stock or securities) issuable on
such exercise prior to such date, the securities of the Company to which such
Holder would have been entitled upon such date if such Holder had exercised this
Warrant immediately prior thereto (all subject to further adjustment as provided
in this Warrant).

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<PAGE>

      9. ADJUSTMENT FOR CAPITAL REORGANIZATION, CONSOLIDATION, MERGER OR SALE.
If any capital reorganization of the capital stock of the Company, or any
consolidation or merger of the Company with or into another corporation, or the
sale of all or substantially all of the Company's assets to another corporation
shall be effected in such a way that holders of the Company's capital stock will
be entitled to receive stock, securities or assets with respect to or in
exchange for the Company's capital stock, then in each such case the Holder,
upon the exercise of this Warrant, at any time after the consummation of such
capital reorganization, consolidation, merger, or sale, shall be entitled to
receive, in lieu of the stock or other securities and property receivable upon
the exercise of this Warrant prior to such consummation, the stock or other
securities or property to which such Holder would have been entitled upon such
consummation if such Holder had exercised this Warrant immediately prior to the
consummation of such capital reorganization, consolidation, merger, or sale, all
subject to further adjustment as provided in this Section 9; and in each such
case, the terms of this Warrant shall be applicable to the shares of stock or
other securities or property receivable upon the exercise of this Warrant after
such consummation.

      10. CALL OF WARRANT. At any time after the Closing Date as defined in the
Subscription Agreement and from time to time thereafter (the "Effective Date"),
the Company shall have the right, upon 15 Business Days' prior written notice to
the Holder (the "Call Notice"), to call all or any portion of this Warrant at a
price equal to $.001 per Warrant Share at any time, provided that (i) the
Warrant Shares are registered for resale pursuant to the Act and shall have been
for at least the 20-trading day period preceding the Call Notice, (ii) the
prospectus under which such Warrant Shares have been registered has not been
suspended at any time during the 20-trading day period preceding the Call
Notice, (iii) the Warrant Shares are currently listed (and have not been
suspended from trading) on a Trading Market as of the date the Call Notice is
delivered to the Holder through the effective date of such call, (iv) the
Company is not in default (or taken any action or failure to act which through
the passage of time would result in a default) under the registration rights
agreement that the Warrant Shares have been registered pursuant to, (v) the VWAP
of the Common Stock on a Trading Market is equal to or greater than 150% of the
Warrant Price (subject to adjustment to reflect forward or reverse stock splits,
stock dividends, recapitalizations and the like) (the "Threshold Price") for at
least 20 consecutive trading days following the Effective Date, (vi) the Call
Notice is delivered within 3 Business Days' of the most recent day in the
previous clause, and (vii) the Warrant Shares reached the Threshold Price. At
any time prior to the Effective Date of such call, the Holder shall have the
right to exercise this Warrant in accordance with its terms.

      11. TRANSFER OF WARRANT. This Warrant may be transferred or assigned by
the Holder hereof in whole or in part, provided that the transferor provides, at
the Company's request, an opinion of counsel satisfactory to the Company that
such transfer does not require registration under the Act and any other
applicable federal or state securities laws.

      12. AMENDMENTS AND WAIVERS. This Warrant and any term hereof may only be
amended, waived, discharged or terminated by a written instrument signed by the
Company and the Investor.

                                       4
<PAGE>

      13. MISCELLANEOUS. This Warrant shall be governed by the laws of the State
of New York, as such laws are applied to contracts to be entered into and
performed entirely in New York by New York residents. The headings in this
Warrant are for purposes of convenience and reference only, and shall not be
deemed to constitute a part hereof. All notices and other communications from
the Company to the Holder of this Warrant shall be delivered, personally or
mailed by first class mail, postage prepaid, to the address furnished to the
Company in writing by the last Holder of this Warrant who shall have furnished
an address to the Company in writing, and if mailed shall be deemed given three
days after deposit in the United States mail.

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<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed as of the date first written above.

                                         MRU HOLDINGS, INC.

                                         By:
                                            ----------------------
                                            Name:Raza Khan
                                            Title:President

                                       6
<PAGE>

                                  ATTACHMENT 1

                               NOTICE OF EXERCISE

TO: MRU HOLDINGS, INC.

      1. The undersigned hereby elects to purchase_____________________Warrant
Shares of MRU Holdings, Inc. pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price in full, together with all
applicable transfer taxes, if any.

      2. Please issue a certificate representing said shares of Warrant Shares
in the name specified below:

        ------------------------                     -------------------------
        Name                                         Name

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

        ------------------------                     ---------------------------
        State, City and Zip Code                     State, City and Zip Code

HOLDER:

-------------------------------
Signature of Holder of Warrant

-------------------------------
Name of Holder of Warrant (print)

--------------------------
Date

                                       7
<PAGE>

                                  ATTACHMENT 2

                       INVESTMENT REPRESENTATION STATEMENT

                            SHARES OF WARRANT SHARES
                     (AS DEFINED IN THE ATTACHED WARRANT) OF
                               MRU HOLDINGS, INC.

In connection with the purchase of the above-listed securities, the undersigned
hereby represents to MRU Holdings, Inc. (the "Company") as follows:

      (a) The securities to be received upon the exercise of the Warrant (the
"Warrant Shares" as defined in the attached Warrant) will be acquired for
investment for its own account; not as a nominee or agent, and not with a view
to the sale or distribution of any part thereof, and the undersigned has no
present intention of selling, granting participation in or otherwise
distributing the same, but subject, nevertheless, to any requirement of law that
the disposition of its property shall at all times be within its control. By
executing this Statement, the undersigned further represents that he does not
have any contract, undertaking, agreement or arrangement with any person to
sell, transfer, or grant participation to such person or to any third person,
with respect to any Warrant Shares issuable upon exercise of the Warrant.

      (b) The undersigned understands that the Warrant Shares issuable upon
exercise of the Warrant at the time of issuance may not be registered under the
Act, and applicable state securities laws, on the ground that the issuance of
such securities is exempt pursuant to Section 4(2) of the Act and state law
exemptions relating to offers and sales not by means of a public offering, and
that the Company's reliance on such exemptions is predicated on the
undersigned's representations set forth herein.

      (c) The undersigned agrees that in no event will he make a disposition of
any Warrant Shares acquired upon the exercise of the Warrant unless and until
(i) he shall have notified the Company of the proposed disposition and shall
have furnished the Company with a statement of the circumstances surrounding the
proposed disposition, and (ii) he shall have furnished the Company with an
opinion of counsel satisfactory to the Company and Company's counsel to the
effect that (A) appropriate action necessary for compliance with the Act and any
applicable state securities laws has been taken or an exemption from the
registration requirements of the Act and such laws is available, and (B) the
proposed transfer will not violate any of said laws.

      (d) The undersigned acknowledges that an investment in the Company is
highly speculative and represents that he is able to fend for itself in the
transactions contemplated by this Statement, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of his investments, and has the ability to bear the economic risks
(including the risk of a total loss) of its investment. The undersigned
represents that he has had the opportunity to ask questions of the Company
concerning the Company's business and assets and to obtain any additional
information which he considered necessary to verify the accuracy of or to
amplify the Company's disclosures, and has had all questions which have been
asked, satisfactorily answered by the Company.

<PAGE>

      (e) The undersigned acknowledges that the Warrant Shares issuable upon
exercise of the Warrant must be held indefinitely unless subsequently registered
under the Act or an exemption from such registration is available. The
undersigned is aware of the provisions of Rule 144 promulgated under the Act
which permit limited resale of shares purchased in a private placement subject
to the satisfaction of certain conditions, including, among other things, the
existence of a public market for the shares, the availability of certain current
public information about the Company, the resale occurring not less than one
year after a party has purchased and paid for the security to be sold, the sale
being through a "broker's transaction" or in transactions directly with a
"market makers" (as provided by Rule 144(f)) and the number of shares being sold
during any three-month period not exceeding specified limitations.

HOLDER:

-------------------------------
Signature of Holder of Warrant

-------------------------------
Name of Holder of Warrant (print)

--------------------------
DateExhibit 4(c)

                            PACIFIC TECHNOLOGY, INC.

                           2004 OMNIBUS INCENTIVE PLAN

      1. PURPOSE. The purpose of this Pacific Technology, Inc. 2004 Omnibus
Incentive Plan (the "Plan") is to further the long-term stability and financial
success of Pacific Technology, Inc. ("Pac Tech") and its Subsidiaries by
rewarding selected meritorious employees and consultants or other non-employee
providers of services to Pac Tech, where, in the opinion of management of Pac
Tech, such grants are in the best interests, and further the business of, Pac
Tech and its Subsidiaries. The Board of Directors believes that such awards will
provide incentives for employees and consultants to remain with Pac Tech, will
encourage continued work of superior quality and will further the identification
of those employees' and consultants' interests with those of Pac Tech's
shareholders.

      2. DEFINITIONS. As used in the Plan, the following terms have the meanings
indicated:

      (a) "Applicable Withholding Taxes" means the aggregate minimum amount of
      federal, state, local and foreign income, payroll and other taxes that an
      Employer is required to withhold in connection with any Incentive Award.

      (b) "Beneficiary" means the person or entity designated by the
      Participant, in a form approved by Pac Tech, to exercise the Participant's
      rights with respect to an Incentive Award or receive payment under an
      Incentive Award after the Participant's death.

      (c) "Board" means the Board of Directors of Pac Tech.

      (d) "Cause" shall have the same meaning given to such term (or other term
      of similar meaning) in any written employment or other similar agreement
      between the Participant and Pac Tech or a Subsidiary for purposes of
      termination of employment under such agreement, and in the absence of any
      such agreement or if such agreement does not include a definition of
      "Cause" (or other term of similar meaning), the term "Cause" shall mean
      (i) any material breach by the Participant of any agreement to which the
      Participant and Pac Tech are both parties, (ii) any act or omission to act
      by the Participant which may have a material and adverse effect on Pac
      Tech's business or on the Participant's ability to perform services for
      Pac Tech, including, without limitation, the commission of any crime
      (other than minor traffic violations), or (iii) any material misconduct or
      material neglect of duties by the Participant in connection with the
      business or affairs of Pac Tech or a Subsidiary or affiliate of Pac Tech.

                                      1
<PAGE>

      (e) "Change in Control" means the occurrence of any of the following
      events, other than the MRU Share Exchange or events caused by, resulting
      from or incidental to the MRU Share Exchange:

            (i)   STOCK ACQUISITION. The acquisition by any individual, entity
                  or group, within the meaning of Section 13(d)(3) or 14(d)(2)
                  of the Securities ----------------- Exchange Act of 1934, as
                  amended (the "Exchange Act"), (a "Person") of beneficial
                  ownership (within the meaning of Rule 13d-3 promulgated under
                  the Exchange Act) of 40 percent or more of either (A) the then
                  outstanding shares of common stock of Pac Tech (the
                  "Outstanding Company Common Stock"), or (B) the combined
                  voting power of the then outstanding voting securities of Pac
                  Tech entitled to vote generally in the election of directors
                  (the "Outstanding Company Voting Securities"); provided,
                  however, that for purposes of this subsection (i), the
                  following acquisitions shall not constitute a change in
                  control: (A) any acquisition directly from Pac Tech; (B) any
                  acquisition by Pac Tech; or (C) any acquisition by any
                  employee benefit plan (or related trust) sponsored or
                  maintained by Pac Tech or any corporation controlled by Pac
                  Tech; or

            (ii)  BOARD COMPOSITION. Individuals who, as of the date hereof,
                  constitute the Board (the "Incumbent Board") cease for any
                  reason to constitute at least a majority of the Board;
                  provided, however, that any individual becoming a director
                  subsequent to the date hereof whose election or nomination for
                  election by Pac Tech shareholders was approved by a vote of at
                  least a majority of the directors then comprising the
                  Incumbent Board shall be considered as though such individual
                  were a member of the Incumbent Board, but excluding, for this
                  purpose, any such individuals whose initial assumption of
                  office occurs as a result of an actual or threatened election
                  contest with respect to the election or removal of directors
                  or other actual or threatened solicitation of proxies or
                  consents by or on behalf of a Person other than the Board; or

            (iii) BUSINESS COMBINATION. The consummation of a merger or
                  consolidation, or sale or other disposition of all or
                  substantially all of the assets of Pac Tech (a "Business
                  Combination") after which the individuals and entities who
                  were the beneficial owners, respectively, of the Outstanding
                  Company Common Stock and Outstanding Company Voting Securities
                  immediately prior to such Business Combination beneficially
                  own less than 50% of, respectively, the Outstanding Company
                  Common Stock and Outstanding Company Voting Securities of the
                  corporation resulting from such Business Combination
                  (including a corporation which as a result of such transaction
                  owns Pac Tech or all or substantially all of Pac Tech's assets
                  either directly or through one or more subsidiaries; or

                                       2
<PAGE>

            (iv)  LIQUIDATION OR DISSOLUTION. Approval by the shareholders of
                  Pac Tech of a complete liquidation or dissolution of Pac Tech.

      (f) "Code" means the Internal Revenue Code of 1986, as amended.

      (g) "Committee" means the Compensation Committee of the Board or its
      successor, provided that, if any member of the Compensation Committee does
      not qualify as both an outside director for purposes of Code Section
      162(m) and a non-employee director for purposes of Rule 16b-3, the
      remaining members of the Compensation Committee (but not less than two
      members) shall be constituted as a subcommittee of the Compensation
      Committee to act as the Committee for purposes of the Plan.

      (h) "Company Stock" means common stock, $.001 par value, of Pac Tech. In
      the event of a change in the capital structure of Pac Tech affecting the
      common stock (as provided in Section 17), the shares resulting from such a
      change in the common stock shall be deemed to be Company Stock within the
      meaning of the Plan.

      (i) "Covered Employee" means a Participant who the Committee determines is
      or may become a covered employee within the meaning of Code Section 162(m)
      during the performance period of a Performance Grant.

      (j) "Date of Grant" means the date on which the Committee grants an
      Incentive Award or a future date determined by the Committee.

      (k) "Pac Tech" means Pacific Technology Inc., a Delaware corporation.

      (l) "Disability" or "Disabled" means as to an Incentive Stock Option, a
      Disability within the meaning of Code Section 22(e)(3). As to all other
      Incentive Awards, a condition determined by the Committee to be a
      Disability.

      (m) "Divisive Transaction" means a transaction in which the Participant's
      Employer ceases to be a Subsidiary, a sale of substantially all of the
      assets of a Subsidiary, or a sale or other disposition of assets or of a
      line of business that is designated as a Divisive Transaction by the
      Committee.

      (n) "Employer" means Pac Tech and each Subsidiary that employs one or more
      Participants.

      (o) "Fair Market Value" means the fair market value of the Company Stock
      as of such date, under a methodology determined by the Committee, based on
      the then prevailing prices of the Company Stock on the American Stock
      Exchange or another exchange designated by the Committee.

                                       3
<PAGE>

      (p) "Incentive Award" means, collectively, a Performance Grant or the
      award of Restricted Stock, a Restricted Stock Unit, or a Stock Award under
      the Plan.

      (q) "Incentive Stock Option" means, an Option that qualifies for favorable
      income tax treatment under Code Section 422.

      (r) "MRU Share Exchange" means the transaction consummated pursuant to the
      Share Exchange Agreement dated as of April 13, 2004 (the "Agreement") by
      and between Pac Tech, Iempower, Inc., a Delaware corporation ("IEM"), and
      all of the stockholders of IEM (the "IEM Stockholders"), pursuant to which
      Pac Tech will acquire from the IEM Stockholders, and the IEM Stockholders
      will transfer to Pac Tech, 100% of the issued and outstanding capital
      stock of IEM in exchange for a certain number of newly issued shares of
      Company Stock, together with warrants to acquire a certain number of
      shares of Company Stock, under the terms and subject to the conditions set
      forth in the Agreement.

      (s) "Mature Shares" means shares of Company Stock for which the holder has
      good title, free and clear of all liens and encumbrances and which the
      holder either (i) has held for at least six months or (ii) has purchased
      on the open market.

      (t) "Nonqualified Stock Option" means an Option that is not an Incentive
      Stock Option.

      (u) "Option" means a right to purchase Company Stock granted under the
      Plan, at a price determined in accordance with the Plan.

      (v) "Participant" means any employee, director or consultant (including
      independent contractors, professional advisors and service providers) of
      Pac Tech or a Subsidiary who receives an Incentive Award under the Plan.

      (w) "Performance Criteria" means any of the following areas of performance
      of Pac Tech or any Subsidiary:

            price per share of Company Stock; return on assets; book value;
            investment return; return on invested capital (ROIC); free cash
            flow; value added (ROIC less cost of capital multiplied by capital);
            total shareholder return; economic value added (net operating profit
            after tax less cost of capital); operating ratio; cost reduction (or
            limits on cost increases); debt to capitalization; debt to equity;
            earnings; earnings before interest and taxes; earnings before
            interest, taxes, depreciation and amortization; earnings per share
            (including or excluding nonrecurring items); earnings per share
            before extraordinary items; income from operations (including or
            excluding nonrecurring items); income from operations compared to
            capital spending; net income (including or excluding nonrecurring
            items, extraordinary items and/or the accumulative effect of
            accounting changes); net sales; return on capital employed; return
            on equity; return on investment; return on sales; and sales volume.

                                       4
<PAGE>

            Any Performance Criteria may be used to measure the performance of
            Pac Tech as a whole or any Subsidiary or business unit of Pac Tech.
            As determined by the Committee, Performance Criteria shall be
            derived from the financial statements of Pac Tech, its Subsidiaries
            or affiliated entities prepared in accordance with generally
            accepted accounting principles applied on a consistent basis, or,
            for Performance Criteria that cannot be so derived, under a
            methodology established by the Committee prior to the issuance of a
            Performance Grant that is consistently applied.

      (x) "Performance Goal" means, for a Covered Employee, an objectively
      determinable performance goal that relates to one or more Performance
      Criteria and that is established by the Committee with respect to a given
      Performance Grant. For a Participant who is not a Covered Employee, a
      Performance Goal means any goal or measurement established by the
      Committee, including subjective performance factors.

      (y) "Performance Grant" means an Incentive Award payable in Company Stock,
      cash, or a combination of Company Stock and cash that is made pursuant to
      Section 8.

      (z) "Restricted Stock" means Company Stock awarded under Section 6.

      (aa) "Restricted Stock Unit" means a right granted to a Participant to
      receive Company Stock or cash awarded under Section 7.

      (bb) "Retirement" means a Participant's termination of employment after
      age 65.

      (cc) "Rule 16b-3" means Rule 16b-3 of the Securities and Exchange
      Commission promulgated under the Securities Exchange Act of 1934, as
      amended. A reference in the Plan to Rule 16b-3 shall include a reference
      to any corresponding rule (or number redesignation) of any amendments to
      Rule 16b-3 enacted after the effective date of the Plan's adoption.

      (dd) "Stock Appreciation Right" means a right to receive amounts awarded
      under Section 10.

      (ee) "Stock Award" means Company Stock awarded pursuant to Section 9.

                                       5
<PAGE>

      (ff) "Subsidiary" means any corporation or other entity in which Pac Tech
      directly or indirectly owns stock or ownership interests representing more
      than 50 percent of the combined voting interests of such entity.

      3. STOCK.

      (a) Subject to Section 17 of the Plan, there shall be reserved for
      issuance under the Plan an aggregate of One Million Five Hundred Thousand
      (1,500,000) shares of Company Stock, which shall be authorized, but
      unissued shares, plus any shares of Company Stock which are forfeited,
      expire or are cancelled without the delivery of shares or which result in
      the forfeiture of shares back to Pac Tech. Shares allocable to Incentive
      Awards granted under the Plan that expire, are forfeited, otherwise
      terminate unexercised, or are settled in cash may again be subjected to an
      Incentive Award under the Plan. For purposes of determining the number of
      shares that are available for Incentive Awards under the Plan, the number
      shall include the number of shares surrendered by a Participant actually
      or by attestation or retained by Pac Tech in payment of Applicable
      Withholding Taxes and any Mature Shares surrendered by a Participant upon
      exercise of an Option or in payment of Applicable Withholding Taxes.
      Shares issued under the Plan through the settlement, assumption, or
      substitution of outstanding awards or obligations to grant future awards
      as a condition of an Employer acquiring another entity shall not reduce
      the maximum number of shares available for delivery under the Plan.

      (b) Subject to Section 17, no more than Seven Hundred Fifty Thousand
      (750,000) shares may be allocated to the Incentive Awards, including the
      maximum amounts payable under a Performance Grant, that are granted to any
      individual Participant during any 36-month period. The maximum cash
      payment that can be made for all Incentive Awards granted to any one
      individual shall be $1,000,000 times the number of 12-month periods in any
      performance cycle for any single or combined performance goals. Any amount
      that is deferred by a Participant shall be subject to the limit on the
      maximum cash payment in the year in which the deferral is made and not in
      any later year in which payment is made.

      4. ELIGIBILITY.

      (a) All present and future employees of and consultants to Pac Tech or a
      Subsidiary at the time of grant shall be eligible to receive Incentive
      Awards under the Plan. The Committee shall have the power and complete
      discretion, as provided in Section 18, to select eligible employees and
      consultants or other service providers to receive Incentive Awards and to
      determine for each employee or consultant the nature of the award and the
      terms and conditions of each Incentive Award.

      (b) The grant of an Incentive Award shall not obligate an Employer to pay
      an employee or consultant any particular amount of remuneration, to
      continue the employment of the employee or engagement of the consultant
      after the grant or to make further grants to the employee or consultant at
      any time thereafter.

                                       6
<PAGE>

      5. STOCK OPTIONS.

      (a) The Committee may make grants of Options to Participants. The
      Committee shall determine the number of shares for which Options are
      granted, the Option exercise price per share, whether the Options are
      Incentive Stock Options or Nonqualified Stock Options, and any other terms
      and conditions to which the Options are subject.

      (b) The exercise price of shares of Company Stock covered by an Option
      shall be not less than 100 percent of the Fair Market Value of the Company
      Stock on the Date of Grant, except that the exercise price may be less
      than 100 percent of the Fair Market Value on the Date of Grant if the
      Company expressly so agrees in writing on or prior to the Date of Grant.
      Except as provided in Section 17, the exercise price of an Option may not
      be decreased after the Date of Grant. Except as provided in Section 17, a
      Participant may not surrender an Option in consideration for the grant of
      a new Option with a lower exercise price or another Incentive Award. If a
      Participant's Option is cancelled before its termination date, the
      Participant may not receive another Option within 6 months of the
      cancellation unless the exercise price of such Option is no less than the
      exercise price of the cancelled Option.

      (c) An Option shall not be exercisable more than 10 years after the Date
      of Grant. The aggregate Fair Market Value, determined at the Date of
      Grant, of shares for which Incentive Stock Options become exercisable by a
      Participant during any calendar year shall not exceed $100,000.

      6. RESTRICTED STOCK AWARDS.

      (a) The Committee may make grants of Restricted Stock to Participants. The
      Committee shall establish as to each award of Restricted Stock the terms
      and conditions to which the Restricted Stock is subject, including the
      period of time before which all restrictions shall lapse and the
      Participant shall have full ownership of the Company Stock (the
      "Restriction Period"). The Committee in its discretion may award
      Restricted Stock without cash consideration.

      (b) Except as provided below in Section 6(c), the minimum Restriction
      Period applicable to any award of Restricted Stock that is not subject to
      performance standards restricting transfer shall be three years from the
      Date of Grant. Except as provided below in Section 6(c), the minimum
      Restriction Period applicable to any award of Restricted Stock that is
      subject to performance standards shall be one year from the Date of Grant.

      (c) Restriction Periods of shorter duration than provided in Section 6(b)
      and Section 7(b) may be approved for awards of Restricted Stock or
      Restricted Stock Units combined with respect to up to Six Hundred Thousand
      (600,000) shares of Company Stock under the Plan, subject to Section 17 of
      the Plan.

                                       7
<PAGE>

      (d) Restricted Stock may not be sold, assigned, transferred, pledged,
      hypothecated, or otherwise encumbered or disposed of until the
      restrictions have lapsed or been removed. Certificates representing
      Restricted Stock shall be held by Pac Tech until the restrictions lapse
      and the Participant shall provide Pac Tech with appropriate stock powers
      endorsed in blank.

      7. RESTRICTED STOCK UNITS.

      (a) The Committee may make grants of Restricted Stock Units to
      Participants. The Committee shall establish as to each award of Restricted
      Stock Units the terms and conditions to which the Restricted Stock Units
      are subject. Upon lapse of the restrictions, a Restricted Stock Unit shall
      entitle the Participant to receive from Pac Tech a share of Company Stock
      or a cash amount equal to the Fair Market Value of the Company Stock on
      the date that the restrictions lapse.

      (b) Except as provided in Section 6(c), the minimum Restriction Period
      applicable to any award of Restricted Stock Units that is not subject to
      performance standards restricting transfer shall be three years from the
      Date of Grant. Except as provided in Section 6(c), the minimum Restriction
      Period applicable to any award of Restricted Stock Units that is subject
      to performance standards shall be one year from the Date of Grant.

      8. PERFORMANCE GRANTS.

      (a) The Committee may make Performance Grants to any Participant. Each
      Performance Grant shall contain the Performance Goals for the award,
      including the Performance Criteria, the target and maximum amounts payable
      and such other terms and conditions of the Performance Grant. As to each
      Covered Employee, each Performance Grant shall be granted and administered
      to comply with the requirements of Code Section 162(m).

      (b) The Committee shall establish the Performance Goals for Performance
      Grants. The Committee shall determine the extent to which any Performance
      Criteria shall be used and weighted in determining Performance Grants. The
      Committee may increase, but not decrease, any Performance Goal during a
      performance period for a Covered Employee. The Performance Goals for any
      Performance Grant for a Covered Employee shall be made not later than 90
      days after the start of the period for which the Performance Grant relates
      and shall be made prior to the completion of 25 percent of such period.

      (c) The Committee shall establish for each Performance Grant the amount of
      Company Stock or cash payable at specified levels of performance, based on
      the Performance Goal for each Performance Criteria. The Committee shall
      make all determinations regarding the achievement of any Performance
      Goals. The Committee may not increase the amount of cash or Common Stock
      that would otherwise be payable upon achievement of the Performance Goal
      or Goals but may reduce or eliminate the payments except as provided in a
      Performance Grant.

                                       8
<PAGE>

      (d) The actual payments to a Participant under a Performance Grant will be
      calculated by applying the achievement of Performance Criteria to the
      Performance Goal. The Committee shall make all calculations of actual
      payments and shall certify in writing the extent, if any, to which the
      Performance Goals have been met for a Covered Employee.

      9. STOCK AWARDS. The Committee may make Stock Awards to any Participant.
The Committee shall establish the number of shares of Common Stock to be awarded
and the terms and conditions applicable to each Stock Award. The Committee will
make all determinations regarding the satisfaction of any performance
restrictions on a Stock Award. Pac Tech shall issue the Common Stock under a
Stock Award upon the satisfaction of the terms and conditions of a Stock Award.
Subject to Section 17, no more than Six Hundred Thousand (600,000) shares of
Company Stock (reduced by shares issued under Restricted Stock or Restricted
Stock Units subject to Section 6(c)) may be granted under Stock Awards without
performance restrictions.

      10. STOCK APPRECIATION RIGHTS. The Committee may make grants of Stock
Appreciation Rights to Participants. The Committee shall establish as to each
award of Stock Appreciation Rights the terms and conditions to which the Stock
Appreciation Rights are subject. The following provisions apply to all Stock
Appreciation Rights:

            (a) A Stock Appreciation Right shall entitle the Participant, upon
            exercise of the Stock Appreciation Right, to receive in exchange an
            amount equal to the excess of (x) the Fair Market Value on the date
            of exercise of the Company Stock covered by the surrendered Stock
            Appreciation Right over (y) an amount not less than 100 percent of
            the Fair Market Value of the Company Stock on the Date of Grant of
            the Stock Appreciation Right. The Committee may limit the amount
            that the Participant will be entitled to receive upon exercise of
            Stock Appreciation Rights.

            (b) A Stock Appreciation Right may not be exercisable more than 10
            years after the Date of Grant. A Stock Appreciation Right may only
            be exercised at a time when the Fair Market Value of the Company
            Stock covered by the Stock Appreciation Right exceeds the Fair
            Market Value of the Company Stock on the Date of Grant of the Stock
            Appreciation Right. The Stock Appreciation Right may provide for
            payment in Company Stock or cash, or a fixed combination of Company
            Stock or cash, or the Committee may reserve the right to determine
            the manner of payment at the time the Stock Appreciation Right is
            exercised.

      11. METHOD OF EXERCISE OF OPTIONS. Options may be exercised by the
Participant (or his guardian or personal representative) giving notice to the
[Corporate Secretary] of Pac Tech or his delegate pursuant to procedures
established by Pac Tech of the exercise stating the number of shares the
Participant has elected to purchase under the Option. The exercise price may be
paid in cash; or if the terms of an Option permit, (i) delivery or attestation
of Mature Shares (valued at their Fair Market Value) in satisfaction of all or
any part of the exercise price, (ii) delivery of a properly executed exercise
notice with irrevocable instructions to a broker to deliver to Pac Tech the
amount necessary to pay the exercise price from the sale or proceeds of a loan
from the broker with respect to the sale of Company Stock or a broker loan
secured by Company Stock, or (iii) a combination of (i) and (ii).

                                       9
<PAGE>

      12. TAX WITHHOLDING. Whenever payment under an Incentive Award is made in
cash, the Employer will withhold an amount sufficient to satisfy any Applicable
Withholding Taxes. Each Participant shall agree as a condition of receiving an
Incentive Award payable in the form of Company Stock, to pay to the Employer, or
make arrangements satisfactory to the Employer regarding the payment to the
Employer of, Applicable Withholding Taxes. To satisfy Applicable Withholding
Taxes and under procedures established by the Committee or its delegate, a
Participant may elect to (i) make a cash payment or authorize additional
withholding from cash compensation, (ii) deliver Mature Shares (valued at their
Fair Market Value) or (ii) have Pac Tech retain that number of shares of Company
Stock (valued at their Fair Market Value) that would satisfy all or a specified
portion of the Applicable Withholding Taxes.

      13. TRANSFERABILITY OF INCENTIVE AWARDS. Incentive Awards other than
Incentive Stock Options shall not be transferable by a Participant and
exercisable by a person other than the Participant, except as expressly provided
in the Incentive Award. Incentive Stock Options, by their terms, shall not be
transferable except by will or by the laws of descent and distribution and shall
be exercisable, during the Participant's lifetime, only by the Participant.

      14. DEFERRAL ELECTIONS. The Committee may permit Participants to elect to
defer the issuance of Company Stock or the settlement of awards in cash under
the Plan pursuant to such rules, procedures, or programs as it may establish.

      15. EFFECTIVE DATE OF THE PLAN. The effective date of the Plan is May,
2003. The Plan shall be submitted to the shareholders of Pac Tech for approval.
Until (i) the Plan has been approved by Pac Tech's shareholders, and (ii) the
requirements of any applicable federal or state securities laws have been met,
no Restricted Stock shall be awarded that is not contingent on these events and
no Option granted shall be exercisable.

      16. TERMINATION, MODIFICATION, CHANGE. If not sooner terminated by the
Board, this Plan shall terminate at the close of business on May 31, 2014. No
Incentive Awards shall be made under the Plan after its termination. The Board
may amend or terminate the Plan as it shall deem advisable; provided that no
change shall be made that increases the total number of shares of Company Stock
reserved for issuance pursuant to Incentive Awards granted under the Plan
(except pursuant to Section 17) or reduces the minimum exercise price for
Options or exchange an Option for another Incentive Award unless such change is
authorized by the shareholders of Pac Tech. A termination or amendment of the
Plan shall not, without the consent of the Participant, adversely affect a
Participant's rights under an Incentive Award previously granted to him or her.

                                       10
<PAGE>

      17. CHANGE IN CAPITAL STRUCTURE AND CHANGE IN CONTROL; CERTAIN REDUCTIONS
IN SHARE AMOUNTS.

      (a) In the event of a stock dividend, stock split or combination of
      shares, share exchange, recapitalization or merger in which Pac Tech is
      the surviving corporation, spin-off or split-off of a Subsidiary, or other
      change in Pac Tech capital stock (including, but not limited to, the
      creation or issuance to shareholders generally of rights, options or
      warrants for the purchase of common stock or preferred stock of Pac Tech),
      the number and kind of shares of stock or securities of Pac Tech to be
      subject to the Plan and to Incentive Awards then outstanding or to be
      granted, the maximum number of shares or securities which may be delivered
      under the Plan under Sections 3(a), 3(b), 6(b), or 9, the exercise price,
      the terms of Incentive Awards and other relevant provisions shall be
      adjusted by the Committee in its discretion, whose determination shall be
      binding on all persons. If the adjustment would produce fractional shares
      with respect to any unexercised Option, the Committee may adjust
      appropriately the number of shares covered by the Option so as to
      eliminate the fractional shares.

      (b) If Pac Tech is a party to a consolidation or a merger in which Pac
      Tech is not the surviving corporation, a transaction that results in the
      acquisition of substantially all of Pac Tech's outstanding stock by a
      single person or entity, or a sale or transfer of substantially all of Pac
      Tech's assets, the Committee may take such actions with respect to
      outstanding Incentive Awards as the Committee deems appropriate.

      (c) In any Incentive Award, the Committee may make provisions as it deems
      appropriate for the Change in Control on the Incentive Award, including
      the acceleration of vesting, the lapse of restrictions, and the
      satisfaction of Performance Goals. The Committee may make provision for
      deferral of any Incentive Award under the provisions of Section 14 upon a
      Change in Control.

      (d) Notwithstanding anything in the Plan to the contrary, the Committee
      may take the foregoing actions without the consent of any Participant, and
      the Committee's determination shall be conclusive and binding on all
      persons for all purposes.

      18. ADMINISTRATION OF THE PLAN.

      (a) The Committee shall administer the Plan. The Committee shall have
      general authority to impose any term, limitation or condition upon an
      Incentive Award that the Committee deems appropriate to achieve the
      objectives of the Incentive Award. The Committee may adopt rules and
      regulations for carrying out the Plan with respect to Participants. The
      interpretation and construction of any provision of the Plan by the
      Committee shall be final and conclusive as to any Participant.

                                       11
<PAGE>

      (b) The Committee shall have the power to amend the terms of previously
      granted Incentive Awards so long as the terms as amended are consistent
      with the terms of the Plan and provided that the consent of the
      Participant is obtained with respect to any amendment that would be
      detrimental to him or her, except that such consent will not be required
      if such amendment is for the purpose of complying with Rule 16b-3 or any
      requirement of the Code applicable to the Incentive Award.

      (c) The Committee shall have the power and complete discretion (i) to
      delegate to any individual, or to any group of individuals employed by the
      Company or any Subsidiary, the authority to grant Incentive Awards under
      the Plan and (ii) to determine the terms and limitations of any delegation
      of authority.

      (d) If the Participant's Employer is involved in a Divisive Transaction,
      the outstanding Incentive Awards will be vested pro rata based on time and
      service, unless the Committee determines otherwise in its sole discretion.

      (e) If a Participant or former Participant (1) becomes associated with,
      recruits or solicits customers or other employees of an Employer, is
      employed by, renders services to, or owns any interest in (other than any
      nonsubstantial interest, as determined by the Committee) any business that
      is in competition with Pac Tech or its Subsidiaries, (2) has his
      employment terminated by his Employer for Cause, or (3) engages in, or has
      engaged in, conduct which the Committee determines to be detrimental to
      the interests of Pac Tech, the Committee may, in its sole discretion, (A)
      cancel all outstanding Incentive Awards, including immediately terminating
      any Options held by the Participant, regardless of whether then
      exercisable, (B) require the Participant or former Participant to repay
      any payment received under a Incentive Award within the previous two
      years, and/or (C) offset any other amounts owed to the Participant by any
      payment received under a Incentive Award within the previous two years.

      (f) In the event of the death of a Participant, any outstanding Incentive
      Awards that are otherwise exercisable may be exercised by the
      Participant's Beneficiary or, if no Beneficiary is designated, by the
      personal representative of the Participant's estate or by the person to
      whom rights under the Incentive Award shall pass by will or the laws of
      descent and distribution.

      19. GRANTS TO OUTSIDE DIRECTORS. Incentive Awards, other than Incentive
Stock Options, may be made to directors on the Board if such directors are not
employees of Pac Tech or a Subsidiary ("Outside Directors"). The Board shall
have the power and complete discretion to select Outside Directors to receive
Incentive Awards. The Board shall have the complete discretion, under provisions
consistent with Section 18 as to Participants, to determine the terms and
conditions, the nature of the award and the number of shares to be allocated as
part of each Incentive Award for each Outside Director. The grant of an
Incentive Award shall not obligate Pac Tech to make further grants to the
Outside Director at any time thereafter or to retain any person as a director
for any period of time.

                                       12
<PAGE>

      20. INTERPRETATION AND VENUE. The terms of this Plan shall be governed by
the laws of the State of Delaware without regard to its conflict of laws
 rules.

                                       13

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