Document:

Exhibit
10.9

 

	
  FORM
  OF

  EMPLOYMENT AGREEMENT STOCK OPTION

  

 

This Employment Agreement
Stock Option, dated as of
               , is by and between MediCor Ltd., and it’s subsidiaries (collectively,
the “Corporation”) and
                            
(the “Employee”)

 

Effective as of
                         
(the “Effective Date”), the Employee will receive an Employment Option (the
“Option”)                                                                                                                                  (                  ) shares of the Corporation’s Common
Stock, at a composite price of             
DOLLARS AND
                CENTS
($    .     ) per share
to be vested as follows: 25% PER YEAR FOR EACH FULL YEAR OF EMPLOYMENT FROM THE
EMPLOYMENT DATE OF THE EMPLOYMENT AGREEMENT.

 

The Option will expire seven (7) years from the
Effective Date identified herein, or upon termination of employment (as herein
provided), whichever first occurs. The Option is not a part of the
Corporation’s Stock Compensation Plan (if any), are not transferable and may be
exercised only by the Employee, the Employee’s executor or spouse. Continued
employment with the Corporation is a condition of the vesting of the Options.
The Option may be exercised within six (6) months of the termination of
employment of the Employee, unless the Employee’s employment is terminated “For
Cause” as provided in Section         of the
Employee’s Employment Agreement, in which case the unvested portion of the
Option terminates at the date of termination of the Employee. The Employee will
execute such other documents and make such representations as may be required
for securities or other regulatory compliance.

 

The number of shares and
the option price subject to the Option, shall be adjusted for any stock
dividend, split-up, combination or exchange of shares, or any other similar
change.

 

In the event of a Change
of Control in ownership of the Corporation (defined for the purpose of this
Agreement as the purchase of more than fifty percent (50%) of the Corporation’s
outstanding shares by a shareholder who, at the date of this Agreement is not a
shareholder of the Corporation), all shares of the Option shall vest and be
available for purchase within thirty (30) days of notification by the Corporation
to the Employee of the Change of Control.

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Exhibit C to Employment Agreement to be effective as of the
          day of                      .

 

	
   

  	
  CORPORATION:

  
	
   

  	
  MediCor Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Donald K. McGhan

  
	
   

  	
  Title:

  	
  Chairman of the Board

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

Exhibit
      to Employment Agreement

 

1Exhibit
10.10

 

AMENDMENT
NO. 1 TO

ASSET PURCHASE AGREEMENT

 

This AMENDMENT NO. 1 TO ASSET PURCHASE AGREEMENT
(this “Amendment”), dated as of November 20, 2002, is made and
entered into by and between INTERNATIONAL
INTEGRATED INCORPORATED, a British Virgin Islands company (“Purchaser”),
and * * * (“Seller”).

 

RECITALS

 

WHEREAS,
Purchaser and Seller are parties to that certain Asset Purchase Agreement,
dated April 19, 2002 (the “Agreement”), pursuant to which, Purchaser
agreed to purchase certain assets and assume certain liabilities of
Seller.  Capitalized terms used in this
Amendment but not defined herein shall have the same meanings given to such
terms in the Agreement.

 

WHEREAS,
pursuant to the Agreement, Purchaser has agreed to make Weekly Deposits (to be
applied to the Purchase Price) in the amount of * * * beginning on Thursday
April 25, 2002 and on each Thursday thereafter until the first to occur of the
Closing, termination of the Agreement, or January 1, 2004.

 

WHEREAS,
Purchaser has made Weekly Deposits totaling * * * as of Thursday
November 14, 2002, and Purchaser is current in its obligation to pay the
Weekly Deposits as of such date.

 

WHEREAS,
Seller desires that Purchaser pay to Seller an amount equal to * * * (the “Payment”)
to be used to satisfy certain funding obligations of Seller to its supplier.

 

* * *

 

WHEREAS,
Purchaser and Seller desire to amend the Agreement as hereinafter provided.

 

NOW,
THEREFORE, in consideration of
the foregoing and of the covenants and agreements contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree hereby as follows:

 

1.     Deposits.  Seller acknowledges and agrees that, as of November 14,
2002, Purchaser has made Weekly Deposits totaling * * * and that as of such
date the sum total of the Initial Deposit, Execution Deposit and all Weekly
Deposits equals * * *.  Seller also
acknowledges and agrees that as of the date hereof, Purchaser is current in its
obligation to pay the Weekly Deposits under the Agreement.

 

* * *       Indicates Confidential treatment
requested

 

1

 

2.     Payment.

 

2.1           Following the execution and delivery
of this Amendment, Purchaser shall pay to Seller the Payment.  For purposes of calculating the total amount
paid by Purchaser under the Agreement, Seller and Purchaser acknowledge and
agree that the Payment does not constitute a deposit to be credited towards the
Purchase Price.

 

2.2           * * *

 

3.     Amendment of Section 1.2(a).  Section 1.2(a) of the Agreement is hereby
amended to change the reference to “Seller” in the first sentence thereof to
“Purchaser”.

 

4.     Amendment of Schedule 1.2.  The table set forth in Schedule 1.2 of the
Agreement is hereby amended to change the reference located in the first row
under the column heading entitled “Adjustment Date” from “September 30, 2002”
to “December 31, 2002” and to delete the entire second row, which contains
references to “October 1, 2002 through December 31, 2002” and “* * *”.

 

5.     Effect.  Except as and to the extent amended by this Amendment, the
Agreement shall remain in full force and effect in accordance with its terms.

 

6.     Miscellaneous.

 

6.1           Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.  No party hereto may assign
this Amendment or any rights or obligations hereunder without the prior written
consent of the other party; provided, however, that Purchaser may assign its
rights and obligations hereunder to a wholly owned subsidiary without the
consent of Seller.

 

6.2           Entire Agreement.  This Amendment and the Agreement, as
amended, sets forth the entire understanding of the parties hereto with respect
to the transactions contemplated hereby and thereby.

 

6.3           Amendment; Waiver.  This Amendment shall not be amended or
modified except by a written instrument duly executed by each of the parties
hereto.  Any extension or waiver by any
party of any provision hereto shall be valid only if set forth in an instrument
in writing signed on behalf of such party.

 

6.4           Counterparts.  This Amendment may be executed in any number
of counterparts and any party hereto may execute any such counterpart,
including by electronic facsimile, each of which when executed and delivered
shall be deemed to be an original, and all of which counterparts taken together
shall constitute but one and the same instrument.

 

6.5           Governing Law.  This Amendment and the rights and
obligations of the parties hereunder shall be governed by and construed and
interpreted in accordance with the laws of the State of California, without
regard to the conflict of laws.

 

6.6           Severability.  If one or more provisions of this Amendment
are held to be unenforceable under applicable law, such provision shall be
excluded from this Amendment and

 

* * *       Indicates Confidential treatment
requested

 

2

 

the
balance of the Amendment shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms.

 

[Signature
page follows]

 

3

 

IN
WITNESS WHEREOF, the parties hereto
have executed this Amendment No. 1 to Asset Purchase Agreement as of the date
first above written.

 

	
   

  	
  INTERNATIONAL
  INTEGRATED

  INCORPORATED, a British Virgin

  Islands company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Name:  Donald K. McGhan

  
	
   

  	
   

  	
    Title:  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  * * *

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Name:  * * *

  
	
   

  	
   

  	
    Title:  President

  

 

* * *       Indicates Confidential treatment
requested

 

4Exhibit 10.6

 

FIFTH AMENDMENT TO

AAR CORP. SUPPLEMENTAL KEY EMPLOYEE RETIREMENT PLAN

 

WHEREAS,
AAR CORP., a Delaware corporation (the “Company”) maintains the
AAR CORP. Supplemental Key Employee Retirement Plan as amended and
restated effective April 11, 2000 (the “Plan”); and

 

WHEREAS, the Company
amended the Plan effective October 10, 2001, April 10, 2002,
October 10, 2002, and December 18, 2002, and now deems it appropriate
to further amend the Plan in certain respects.

 

NOW, THEREFORE, the
Plan is hereby amended, effective July 1, 2003 as follows:

 

1.                              Section 4.6(g)
is hereby amended to read as follows:

 

“(g)                           Notwithstanding
any provision in the Plan to the contrary, the following provisions shall apply
to all amounts credited to each Participant’s Supplemental Salary Deferral
Account, his Supplemental Company Account, and his Supplemental Profit Sharing
Account (“Accounts”) following the first to occur of:  (i) a drop in the overall credit rating of the Company below
S&P BB or Moody’s Ba; (ii) a drop in the Company’s market
capitalization below $75 million for five (5) consecutive trading
days; (iii) a drop in the aggregate of cash and existing available bank
lines of the Company below $35 million; and (iv) receipt of a notice
of material adverse change under any of the Company’s then existing debt
agreements:

 

(1)                                During
the thirty day period commencing on the date an event described in
clause (i), (ii), (iii), or (iv) occurs, the Company, in its sole
discretion, may distribute all or any portion of a Participant’s Accounts,
including gains and losses credited in accordance with Section 4.5 to the
date of distribution, to him in a lump sum as the Company deems appropriate and
in the best interest of the Company.

 

(2)                                No
distribution due to the occurrence of an event described in clause (i),
(ii), (iii), or (iv) shall be made from and after the thirtieth day
following the date of such event.

 

(3)                                Following
the expiration of the thirty day period following the date of an event
described in clause (i), (ii), (iii), or (iv), a Participant shall
continue to accrue benefits pursuant to Article III if he is an Executive
Officer, and make deferrals and receive contributions pursuant to
Article IV.

 

(4)                                The
Company shall be entitled to make separate decisions in accordance with
clause (1) with respect to the interests of each Participant hereunder.”

 

 

2.                                       Section 8.13
shall be added to the Plan to read as follows:

 

“8.13.                  Tax Savings.  Notwithstanding anything to the contrary
contained in the Plan, (i) if the Internal Revenue Service prevails in a
claim by it that amounts credited to a Participant’s Accounts, and/or earnings
thereon, constitute taxable income to the Participant or his beneficiary for
any taxable year of his prior to the taxable year in which such credits and/or
earnings are distributed to him or (ii) legal counsel satisfactory to the
Company and the applicable Participant or his beneficiary renders an opinion
that the Internal Revenue Service would likely prevail in such a claim, the
balance of such Participant’s Accounts, to the extent constituting taxable
income, shall be immediately distributed to the Participant or his
beneficiary.  For purposes of this
paragraph, the Internal Revenue Service shall be deemed to have prevailed in a
claim if such claim is upheld by a court of final jurisdiction, or if the
Company, or a Participant or beneficiary, based upon an opinion of legal
counsel satisfactory to the Company and the Participant or his beneficiary,
fails to appeal a decision of the Internal Revenue Service, or a court of
applicable jurisdiction, with respect to such claim, to an appropriate Internal
Revenue Service appeals authority or to a court of higher jurisdiction, within
the appropriate time period.”

 

IN WITNESS WHEREOF,
this Fifth Amendment has been executed on this 25th day of August, 2003.

 

 

	
   

  	
  AAR CORP.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ DAVID P. STORCH

  
	
   

  	
  David P. Storch, President

  

 

2

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