Document:

NOTICE
OF GRANT OF STOCK APPRECIATION RIGHTS AWARD

    

    FUQI
INTERNATIONAL, INC.

    2009
OMNIBUS INCENTIVE PLAN

     

    FOR GOOD
AND VALUABLE CONSIDERATION, Fuqi International, Inc. (the “Company”) hereby
grants, pursuant to the provisions of the Company’s 2009 Omnibus Incentive Plan
(the “Plan”), to the Participant designated in this Notice of Grant of Stock
Appreciation Rights Award (the “Notice”) the right to the appreciation in value
from the Date of Grant with respect to the aggregate number of Shares of the
Company’s Common Stock set forth in this Notice, subject to certain restrictions
as outlined below in this Notice and the additional provisions set forth in the
attached Terms and Conditions of Stock Appreciation Rights Award (collectively,
the “Agreement”). Also enclosed is a copy of the information statement
describing important provisions of the Plan.

     

    
      
        	
                 

                Grantee:                      [__________]

                 

              	 	
                 

                Date of
      Grant:               ____________

              
	
                 

                Exercise Price per
      Share:           $____

                 

              	 	
                 

                Expiration
      Date:                ____________

              
	
                 

                Total Number of Shares in
      respect of which Stock Appreciations Rights
      Granted:                      _______

                 

              	 	
                 

                Total Exercise
      Price:                              $______

              
	
                 

                Vesting
      Schedule:    __________________________________

                 

              
	
                 

                Exercise After Termination of
      Employment:

                 

                Termination of Employment for
      any reason: any non-vested portion of the Award expires
      immediately;

                 

                Termination of Employment due
      to death or Disability: vested portion of the Award is exercisable
      by the Grantee (or, in the event of the Grantee’s death, the Grantee’s
      legal personal representative) for twelve months after the Grantee's
      Termination;

                 

                Termination of Employment for
      any reason other than death or Disability: vested portion of the
      Award expires immediately.

                 

                In no event may this Award be
      exercised after the Expiration Date as provided above.

                 

              
	
                 

                [Performance
      Conditions:] [insert as
      appropriate]

                 

              

      

    

     

    By
signing below, the Grantee agrees that this Stock Appreciation Rights Award is
granted under and governed by the terms and conditions of the Company’s 2009
Omnibus Incentive Plan, this Notice and the attached Terms and
Conditions.

    

    
      
        
          
            
              
                
                  
                    	
                            Grantee

                          	 	
                            Fuqi
      International, Inc.

                          
	 
      	 	 
      
	 
      	 	
                            By:

                          	 
      
	 
      	 	
                            Title:

                          	 
      
	
                            Date:

                          	 
      	 	
                            Date:

                          	 
      

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
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      TERMS
AND CONDITIONS OF STOCK APPRECIATION RIGHTS AWARD

    

     

    1.           Grant of
SAR.  The Stock Appreciation Rights ("SAR") granted to the
Grantee and described in the Notice of Grant of Stock Appreciation Rights Award
(the "Notice") is subject to the provisions of the Plan, which is incorporated
by reference in its entirety into these Terms and Conditions of Stock
Appreciation Rights Award (these "Terms and Conditions").

     

    The Board
of Directors of the Company has authorized and approved the 2009 Omnibus
Incentive Plan (the “Plan”), and the Plan has been approved by the Company’s
stockholders.  The Committee has approved an award to the Grantee of a
SAR to acquire the value of the appreciation in the Company’s Common Stock
following the Date of Grant, conditional on the Grantee’s acceptance of the
provisions set forth in the Plan, the Notice and these Terms and Conditions
within 60 days after the Notice and these Terms and Conditions are presented to
the Grantee for review.  For purposes of the Notice and these Terms
and Conditions, any reference to the Company shall include a reference to any
Affiliate.

     

    The
Company intends that this SAR not be considered to provide for the deferral of
compensation under Section 409A of the Code and that this Agreement shall be so
administered and construed.  Further, the Company may modify the Plan
and this Award to the extent necessary to fulfill this intent.

     

    2.           Exercise of
SAR.

     

    (a)           Right to
Exercise.  This SAR shall be exercisable, in whole or in part,
during its term in accordance with the vesting schedule set out in the Notice
and with the applicable provisions of the Plan and this Agreement.  No
Shares shall be issued pursuant to the exercise of this SAR Award unless the
issuance and exercise comply with applicable laws.  Assuming such
compliance, for income tax purposes the Shares shall be considered transferred
to the Grantee on the date on which the SAR is exercised with respect to such
Shares.  To the extent permitted under Section 6.03 of the Plan, the
Committee may, in its discretion, (i) accelerate vesting of the SAR, or (ii)
extend the applicable exercise period.

     

    (b)           Method of
Exercise.  The Grantee may exercise the SAR by delivering an
exercise notice in a form approved by the Company (the “Exercise Notice”) which
shall state the election to exercise the SAR, the number of Shares with respect
to which the SAR is being exercised, and such other representations and
agreements as may be required by the Company.  Subject to Section 7 of
these Terms and Conditions, this SAR Award shall be deemed to be exercised upon
receipt by the Company of such fully executed Exercise Notice.

     

    (c)           Acceleration of Vesting on
Change in Control.  Subject to the exceptions contained in
Section 6.05 of the Plan, in the event of a Change in Control, all SAR Awards
outstanding on the date of the Change in Control that have not previously vested
or terminated under the terms of this Agreement shall be immediately and fully
vested and exercisable.

     

    3.           Method of
Payment.  Upon exercise of a SAR, in whole or in part, by
delivery of an Exercise Notice to the Company, the Grantee shall be entitled to
receive a number of Shares (the “Net SAR Shares”) equal to the quotient obtained
by dividing x by y, where:

     

    x = the
number of Shares being exercised multiplied by the excess, if any, of (A) the
Fair Market Value of a Share on the date of exercise over (B) the Exercise
Price, and

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    y = the
Fair Market Value of a Share on the date of exercise.

     

    Notwithstanding
the foregoing, the Committee may in its discretion pay the value of the Net SAR
Shares (i) all in cash, (ii) all in Shares or (iii) in any combination of cash
or Shares (including payment in cash of any fractional Net SAR
Share).

     

    4.           Restrictions on
Exercise.  This SAR may not be exercised if the issuance of the
Shares upon exercise or the method of payment of consideration for those shares
would constitute a violation of any applicable law or regulation.

     

    5.           Non-Transferability of
SAR.  This SAR may not be transferred in any manner (other than
on death to the legal personal representatives of the Grantee) and may be
exercised during the lifetime of the Grantee only by the Grantee.  The
terms of the Plan and this Agreement shall be binding upon the legal personal
representatives of the Grantee.

     

    6.           Term of
SAR.  This SAR may be exercised only within the term set out in
the Notice, and may be exercised during such term only in accordance with the
Plan and the terms of this Agreement.

     

    7.           Withholding.

     

    (a)           The
Committee shall determine the amount of any withholding or other tax (together
"Tax") required by law to be withheld or paid by the Company with respect to any
income recognized by the Grantee with respect to the SAR Award.

     

    (b)           The
Grantee shall be required to meet any applicable tax withholding obligation in
accordance with the provisions of Section 11.05 of the Plan.

     

    (c)           Subject
to any rules prescribed by the Committee, the Grantee agrees that the Company
may withhold or collect any Tax payable in respect of the SAR or Shares acquired
pursuant to the SAR (i) by withholding from this Award at the appropriate time
that number of whole Shares whose Fair Market Value is equal to the amount of
any Tax required to be withheld with respect to such Award, (ii) by requesting
direct and immediate payment to the Company in cash of the amount of any Tax
required to be withheld with respect to such Award or (iii) by deduction of such
Tax from any salary, fees or any other payment payable to the Grantee by the
Company at any time on or after the date the Tax charge arises.

     

    8.           Defined
Terms.  Capitalized terms used but not defined in the Notice
and these Terms and Conditions shall have the meanings set forth in the Plan,
unless such term is defined in any Employment Agreement between the Grantee and
the Company or an Affiliate.  Any terms used in the Notice and these
Terms and Conditions, but defined in the Grantee’s Employment Agreement are
incorporated herein by reference and shall be effective for purposes of the
Notice and these Terms and Conditions without regard to the continued
effectiveness of the Employment Agreement

     

    9.           Grantee
Representations.  The Grantee hereby represents to the Company
that the Grantee has read and fully understands the provisions of the Notice,
these Terms and Conditions and the Plan and the Grantee’s decision to
participate in the Plan is completely voluntary.  Further, the Grantee
acknowledges that the Grantee is relying solely on his or her own advisors with
respect to the tax consequences of this SAR Award.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    10.           Regulatory Limitations on
Exercises.  Notwithstanding the other provisions of this
Agreement, no exercise of the SAR or issuance of Shares pursuant to this
Agreement shall be effective if (i) the shares reserved under the Plan are not
subject to an effective registration statement at the time of such exercise or
issuance, or otherwise eligible for an exemption from registration, or (ii) the
Company determines in good faith that such exercise or issuance would violate
any Company policy or applicable securities or other law or
regulation.

     

    11.           Miscellaneous.

     

    (a)           Notices.  All
notices, requests, deliveries, payments, demands and other communications which
are required or permitted to be given under these Terms and Conditions shall be
in writing and shall be either delivered personally or sent by registered or
certified mail, or by private courier, return receipt requested, postage prepaid
to the parties at their respective addresses set forth herein, or to such other
address as either shall have specified by notice in writing to the
other.  Notice shall be deemed duly given hereunder when delivered or
mailed as provided herein.

     

    (b)           Waiver.  The
waiver by any party hereto of a breach of any provision of the Notice or these
Terms and Conditions shall not operate or be construed as a waiver of any other
or subsequent breach.

     

    (c)           Entire
Agreement.  These Terms and Conditions, the Notice and the Plan
constitute the entire agreement between the parties with respect to the subject
matter hereof.

     

    (d)           Binding Effect;
Successors.  These Terms and Conditions shall inure to the
benefit of and be binding upon the parties hereto and to the extent not
prohibited herein, their legal personal representatives.  Nothing in
these Terms and Conditions, express or implied, is intended to confer on any
person other than the parties hereto and as provided above, their legal personal
representatives any rights, remedies, obligations or liabilities.

     

    (e)           Governing
Law.  The Notice and these Terms and Conditions shall be
governed by and construed in accordance with the laws of the State of
Delaware.

     

    (f)           Headings.  The
headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of
the terms or provisions of these Terms and Conditions.

     

    (g)           Conflicts;
Amendment.  The provisions of the Plan are incorporated in
these Terms and Conditions in their entirety.  In the event of any
conflict between the provisions of these Terms and Conditions and the provisions
of the Notice or the Plan, the provisions of the Notice or the Plan, as the case
may be, shall control.  The Agreement may be amended at any time by
written agreement of the parties hereto.

     

    (h)           No Right to Continued
Employment.  Nothing in the Notice or these Terms and
Conditions shall confer upon the Grantee any right to continue in the employ or
service of the Company or affect the right of the Company to terminate the
Grantee’s employment or service at any time.

     

    
      
         

      

      
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    (i)           Further
Assurances.  The Grantee agrees, upon demand of the Company or
the Committee, to do all acts and execute, deliver and perform all additional
documents, instruments and agreements which may be reasonably required by the
Company or the Committee, as the case may be, to implement the provisions and
purposes of the Notice and these Terms and Conditions and the
Plan.

    
      
         

      

      
        5Unassociated Document

    NOTICE
OF GRANT OF NON-QUALIFIED STOCK OPTION AWARD

     

    FUQI
INTERNATIONAL, INC.

    2009
OMNIBUS INCENTIVE PLAN

     

    FOR GOOD AND VALUABLE CONSIDERATION,
Fuqi International, Inc. (the “Company”) hereby grants, pursuant to the
provisions of the Company’s 2009 Omnibus Incentive Plan (the “Plan”), to the
Participant designated in this Notice of Grant of Non-Qualified Stock Option
Award (the “Notice”) an option to purchase the number of shares of the common
stock of the Company set forth in the Notice (the “Shares”), subject to certain
restrictions as outlined below in this Notice and the additional provisions set
forth in the attached Terms and Conditions of Stock Option Award (collectively,
the “Agreement”).  Also enclosed is a copy of the information
statement describing important provisions of the Plan.

     

    Optionee:          [__________]

     

    
      	
              Date of
      Grant:               April
      29, 20091

            	
              Type of
      Option:  Non-Qualified Stock Option

            
	
              Exercise Price per
      Share:           $5.93

            	
              Expiration
      Date:                April
      29, 2016

            
	
              Total
      Number of

              Shares
      Granted:                      _______

            	
              Total Exercise
      Price:                              $______

            
	
              Vesting
      Schedule:    [1/3 vesting on each of April
      29, 2010; April 29, 2011; and April 29, 2012.] [  100% vests on
      February 12, 2010.]

            
	
              Exercise After Termination of
      Service:

              Termination of Service for any
      reason: any non-vested portion of the Option expires
      immediately;

              Termination of Service due to
      (i) death or Disability or (ii) any reason other than for Cause:
      vested portion of the Option is exercisable by the Optionee (or, in the
      event of the Optionee’s death, the Optionee’s Beneficiary) for twelve (12)
      months after the Optionee’s Termination;

              Termination for
      Cause:  any vested portion of
      the Option expires immediately (see definition of “Cause” in Appendix
      A).

              In no event may this Option be
      exercised after the Expiration Date as provided
    above.

            

    

    

    By
signing below, the Optionee agrees that this Non-Qualified Stock Option Award is
granted under and governed by the terms and conditions of the Company’s 2009
Omnibus Incentive Plan and the attached Terms and Conditions.

    

    

    
      	
              Participant

            	
              Fuqi
      International, Inc.

            
	 
      	 
      
	 
      	 
      
	
              ___________________________

            	
              __________________________

            
	 
      	
              By:
      Yu Kwai Chong

            
	
              Date:
      June __, 2009

            	
              Title:
      CEO

            

    

    

     

    
 

     ______________________________

      1 The
Compensation Committee approved the option grant, including all material terms,
on April 29, 2009, subject to shareholder approval of the Company’s 2009 Omnibus
Incentive Plan, which occurred at the Company’s 2009 Annual Meeting of
Stockholders on June 1, 2009.

    

    
      
         

      

      
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TERMS
AND CONDITIONS OF STOCK OPTION AWARD

    

     

    1.           Grant of
Option.  The Option granted to the Optionee and described in
the Notice of Grant is subject to the terms and conditions of the Plan, which is
incorporated by reference in its entirety into these Terms and Conditions of
Stock Option Award.

     

    The Board
of Directors of the Company has authorized and approved the 2009 Omnibus
Incentive Plan (the “Plan”), which has been approved by the stockholders of the
Company.  The Committee has approved an award to the Optionee of a
number of shares of the Company’s common stock, conditioned upon the
Participant’s acceptance of the provisions set forth in the Notice and these
Terms and Conditions within 60 days after the Notice and these Terms and
Conditions are presented to the Optionee for review.  For purposes of
the Notice and these Terms and Conditions, any reference to the Company shall
include a reference to any Affiliate.

     

    If
designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this
Option is intended to qualify as an Incentive Stock Option as defined in Section
422 of the Code.  Nevertheless, to the extent that the Option fails to
meet the requirements of an ISO under Section 422 of the Code, this Option shall
be treated as a Non-Qualified Stock Option (“NSO”).

     

    The
Company intends that this Option not be considered to provide for the deferral
of compensation under Section 409A of the Code and that this Agreement shall be
so administered and construed.  Further, the Company may modify the
Plan and this Award to the extent necessary to fulfill this intent.

     

    2.           Exercise of
Option.

     

    (a)           Right to
Exercise.  This Option shall be exercisable, in whole or in
part, during its term in accordance with the Vesting Schedule set out in the
Notice of Grant and with the applicable provisions of the Plan and this Option
Agreement.  No Shares shall be issued pursuant to the exercise of an
Option unless the issuance and exercise comply with applicable
laws.  Assuming such compliance, for income tax purposes the Shares
shall be considered transferred to the Optionee on the date on which the Option
is exercised with respect to such Shares.  The Committee may, in its
discretion, (i) accelerate vesting of the Option, or (ii) extend the applicable
exercise period to the extent permitted under Section 6.03 of the
Plan.

     

    (b)           Method of
Exercise.  The Optionee may exercise the Option by delivering
an exercise notice in a form approved by the Company (the “Exercise Notice”)
which shall state the election to exercise the Option, the number of Shares with
respect to which the Option is being exercised, and such other representations
and agreements as may be required by the Company.  The Exercise Notice
shall be accompanied by payment of the aggregate Exercise Price as to all Shares
exercised.  This Option shall be deemed to be exercised upon receipt
by the Company of such fully executed Exercise Notice accompanied by the
aggregate Exercise Price.

     

    (c)           Acceleration of Vesting on
Change in Control.  All Options outstanding on the date of a
Change of Control that have not previously vested or terminated under the terms
of this Option shall be immediately and fully vested and exercisable upon the
date of a Change of Control, except if the in the Change in Control results from
such the Optionee’s beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act) of Common Stock.

     

    
      
         

      

      
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    3.           Method of
Payment.  If the Optionee elects to exercise the Option by
submitting an Exercise Notice under Section 2(b) of this Agreement, the
aggregate Exercise Price (as well as any applicable withholding or other taxes)
shall be paid by cash or check; provided, however, that the
Committee may consent, in its discretion, to payment in any of the following
forms, or a combination of them:

     

    (a)           cash
or check;

     

    (b)           a
“net exercise” (as described in the Plan or such other consideration received by
the Company under a cashless exercise program approved by the Company in
connection with the Plan;

     

    (c)           surrender
of other Shares owned by the Optionee which have a Fair Market Value on the date
of surrender equal to the aggregate Exercise Price of the Exercised Shares and
any applicable withholding; or

     

    (d)           any
other consideration that the Committee deems appropriate and in compliance with
applicable law.

     

    4.           Restrictions on
Exercise.  This Option may not be exercised until such time as
the Plan has been approved by the stockholders of the Company, or if the
issuance of the Shares upon exercise or the method of payment of consideration
for those shares would constitute a violation of any applicable law or
regulation.

     

    5.           Non-Transferability of
Option.  This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be
exercised during the lifetime of the Optionee only by the Optionee, provided,
however, that, with Board approval in its sole discretion, the Optionee may
transfer the Options (i) pursuant to a qualified domestic relations order (as
defined by the Code or the rules thereunder) or (ii) to any member of the
Optionee’s Immediate Family or to a trust, limited liability company, family
limited partnership or other equivalent vehicle, established for the exclusive
benefit of one or more members of his Immediate Family by delivering to the
Company a Notice of Assignment in a form acceptable to the
Company.  No transfer or assignment of the Option to or on behalf of
an Immediate Family member under this Section 5 shall be effective until the
Company has acknowledged such transfer or assignment in
writing.  “Immediate Family” means the Optionee’s parents, spouse,
children, siblings, and grandchildren.  Following transfer, the
Options shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer.  In the event an Option is
transferred as contemplated in this Section 5, such Option may not be
subsequently transferred by the transferee except by will or the laws of descent
and distribution.  The terms of the Plan and this Option Agreement
shall be binding upon the executors, administrators, heirs, successors and
assigns of the Optionee.

     

    6.           Term of
Option.  This Option may be exercised only within the term set
out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option Agreement.

     

    
      
         

      

      
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    7.           Withholding.

     

    (a)           The
Committee shall determine the amount of any withholding or other tax required by
law to be withheld or paid by the Company with respect to any income recognized
by the Optionee with respect to the Option Award.

     

    (b)           The
Optionee shall be required to meet any applicable tax withholding obligation in
accordance with the provisions of Section 11.05 of the Plan.

     

    (c)           Subject
to any rules prescribed by the Committee, the Optionee shall have the right to
elect to meet any withholding requirement (i) by having withheld from this Award
at the appropriate time that number of whole shares of common stock whose fair
market value is equal to the amount of any taxes required to be withheld with
respect to such Award, (ii) by direct payment to the Company in cash of the
amount of any taxes required to be withheld with respect to such Award or (iii)
by a combination of shares and cash.

     

    8.           Defined
Terms.  Capitalized terms used but not defined in the Notice
and these Terms and Conditions shall have the meanings set forth in the Plan,
unless such term is defined in any Employment Agreement between the Optionee and
the Company or an Affiliate.  Any terms used in the Notice and these
Terms and Conditions, but defined in the Optionee’s Employment Agreement are
incorporated herein by reference and shall be effective for purposes of the
Notice and these Terms and Conditions without regard to the continued
effectiveness of the Employment Agreement.

     

    9.           Optionee
Representations.  The Optionee hereby represents to the Company
that the Optionee has read and fully understands the provisions of the Notice,
these Terms and Conditions and the Plan and the Optionee’s decision to
participate in the Plan is completely voluntary.  Further, the
Optionee acknowledges that the Optionee is relying solely on his or her own
advisors with respect to the tax consequences of this stock option
award.

     

    10.           Regulatory Limitations on
Exercises.  Notwithstanding the other provisions of this Option
Agreement, no option exercise or issuance of shares of Common Stock pursuant to
this Option Agreement shall be effective if (i) the shares reserved under the
Plan are not subject to an effective registration statement at the time of such
exercise or issuance, or otherwise eligible for an exemption from registration,
or (ii) the Company determines in good faith that such exercise or issuance
would violate any applicable securities or other law or regulation.

     

    11.           Miscellaneous.

     

    (a)           Notices.  All
notices, requests, deliveries, payments, demands and other communications which
are required or permitted to be given under these Terms and Conditions shall be
in writing and shall be either delivered personally or sent by registered or
certified mail, or by private courier, return receipt requested, postage prepaid
to the parties at their respective addresses set forth herein, or to such other
address as either shall have specified by notice in writing to the
other.  Notice shall be deemed duly given hereunder when delivered or
mailed as provided herein.

     

    (b)           Waiver.  The
waiver by any party hereto of a breach of any provision of the Notice or these
Terms and Conditions shall not operate or be construed as a waiver of any other
or subsequent breach.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    (c)           Entire
Agreement.  These Terms and Conditions, the Notice and the Plan
constitute the entire agreement between the parties with respect to the subject
matter hereof.

     

    (d)           Binding Effect;
Successors.  These Terms and Conditions shall inure to the
benefit of and be binding upon the parties hereto and to the extent not
prohibited herein, their respective heirs, successors, assigns and
representatives.  Nothing in these Terms and Conditions, express or
implied, is intended to confer on any person other than the parties hereto and
as provided above, their respective heirs, successors, assigns and
representatives any rights, remedies, obligations or liabilities.

     

    (e)           Governing
Law.  The Notice and these Terms and Conditions shall be
governed by and construed in accordance with the laws of the State of
Delaware.

     

    (f)           Headings.  The
headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of
the terms or provisions of these Terms and Conditions.

     

    (g)           Conflicts;
Amendment.  The provisions of the Plan are incorporated in
these Terms and Conditions in their entirety.  In the event of any
conflict between the provisions of these Terms and Conditions and the Plan, the
provisions of the Plan shall control.  The Agreement may be amended at
any time by written agreement of the parties hereto.

     

    (h)           No Right to Continued
Employment.  Nothing in the Notice or these Terms and
Conditions shall confer upon the Optionee any right to continue in the employ or
service of the Company or affect the right of the Company to terminate the
Optionee’s employment or service at any time.

     

    (i)           Further
Assurances.  The Optionee agrees, upon demand of the Company or
the Committee, to do all acts and execute, deliver and perform all additional
documents, instruments and agreements which may be reasonably required by the
Company or the Committee, as the case may be, to implement the provisions and
purposes of the Notice and these Terms and Conditions and the Plan.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

     

    APPENDIX
A

    

    

    “Cause”
shall mean serious misconduct, including, without limitation, if the Board of
Directors finds in its discretion, that the Optionee:

    

    (a)           commits
any serious or repeated breach of any of his or her obligations or duties to the
Company;

    

    (b)           is
guilty of serious misconduct which, in the Board’s reasonable opinion, has
damaged or may damage the business or affairs of the
Company.

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