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Exhibit 10.4  

 
 

LIGHTSPACE CORPORATION
  
    INCENTIVE STOCK OPTION AGREEMENT
  Number—
  
    Under the 2005 Equity Incentive Plan    
    

        LIGHTSPACE CORPORATION (the "Company"), a Delaware corporation, hereby grants, effective as
of                        ,            (the "Effective Date"), to
                        (the "Optionee") the right and option (the "Option") to purchase up
to                        shares of its Common Stock, $.0001 par value (the "Shares"), at a price of
$                        per
share, subject to the following terms and conditions. 

        1.     Relationship to Plan.    The Option is granted pursuant to the Company's 2005 Stock Incentive Plan (the "Plan"),
and is in all respects subject to the terms and conditions of the Plan, a copy of which has been provided to the Optionee (the receipt of which the Optionee hereby acknowledges). Capitalized terms
used and not otherwise defined in this Agreement are used as defined in the Plan. The Optionee hereby accepts the Option subject to all the terms and provisions of the Plan (including without
limitation provisions relating to expiration and termination of the Option and adjustment of the number of shares subject to the Option and the exercise price therefor). The Optionee further agrees
that all decisions under and interpretations of the Plan by the Company shall be final, binding, and conclusive upon the Optionee and his or her successors, permitted assigns, heirs, and legal
representatives. 

        2.     Exercise.    The Option shall become exercisable only as follows,  provided, in each case, that the Optionee
continues to be employed by the Company or a Subsidiary (as defined in the Plan) of the Company on each
applicable date: 

	Date
	 	Number or Percentage of Shares for

which Option Becomes Exercisable

	 	 	 
	
	 	

	
	 	

	
	 	

	
	 	

	
	 	

        As
a condition precedent to any exercise of this option, the Optionee shall deliver to the Company a stock purchase agreement in a form and substance satisfactory to Company's counsel
which shall contain, among other matters, a statement in writing that the option is being exercised with a view to invest in, and not with a view to the disposition of, the shares for which the option
is then being exercised; that the Optionee or his/her financial advisors have fully investigated the Company's financial condition; and that the optionee believes that the nature and amount of the
shares being purchased are consistent with his/her investment objectives and resources. The conditions imposed by this paragraph and any investment representations made pursuant to this paragraph
shall be inoperative when there is an effective registration statement under the Securities Act of 1933 covering the stock. 

        The
granting or exercise of this option shall not impose upon the Company any obligation to employ or to continue to imploy the Optionee, and the right of the Company to terminate the
employment of the Optionee shall not be diminished or affected by reason of the fact that this option has been granted to, or exercised by, the Optionee. 

 

        3.     Termination of Option.    The Option shall terminate on the earlier of (a)
                         ,
20    , and (b) if the Optionee's employment with the Company terminates for any reason, the applicable date determined from the following table: 

	 
	 	Reason for Termination of Employment
	 	Option Termination Date

	(i)	 	Death of employee	 	Twelve months thereafter
	

(ii)	
 	

Total and permanent disability of employee (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended)	
 	

Twelve months thereafter
	

(iii)	
 	

Termination of employment for any other reason	
 	

Thirty days thereafter

        Military
or sick leave shall not be deemed a termination of employment provided that it does not exceed the longer of 90 days or the period during which the absent employee's
reemployment rights are guaranteed by statute or by contract. 

        This
option shall be void and terminated if the Optionee's employment with the Company is terminated for "cause". As used in this paragraph, "cause" shall mean (a) any material
breach by the Optionee of any agreement to which the Optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the Optionee which may have a material
and adverse effect on the Company's business or on the Optionee's ability to perform services for the Compnay, including, without limitation, the commission of any crime (other than ordinary traffic
violations), or (c) any material misconduct or material neglect of duties by the Optionee in connection with the business or affairs of the Company. 

        4.     "Lock-Up" Agreement.    The Optionee agrees that upon the Company's request at any time, whether
before or after the exercise of the Option, the Optionee shall enter into an agreement pursuant to which, if the Company deems it necessary or desirable to make any public offering of shares of Common
Stock, then without the prior written consent of the Company or the managing underwriter, if any, of any such offering, the Optionee shall not sell, make any short sale of, loan, grant any option for
the purchase of, pledge, or otherwise encumber or otherwise dispose of any shares of Common Stock issued or issuable pursuant to the Option, during such period (not to exceed 210 days)
commencing 30 days prior to the effective date of the registration statement relating to such offering as the Company may request. 

        5.     Right of First Refusal.    The Optionee shall not sell or otherwise transfer, by gift or otherwise, all or any
part of the Shares except in compliance with the terms of this Agreement. If the Optionee desires to sell or otherwise transfer any of his Shares, or any interest therein, whether voluntarily or by
operation of law, to any person or entity, the Optionee shall first deliver written notice of his desire to do so (the "Notice") to the Company. The Notice must specify: (i) the name and
address of the party to which the Optionee proposes to sell or otherwise transfer the Shares or an interest in the Shares (the "Proposed Transferee"), (ii) the number of Shares the Optionee
proposes to sell or otherwise transfer (the "Offered Shares"), (iii) the consideration per share to be delivered to the Optionee for the proposed sale or transfer (the "Offer Price"), and
(iv) all of the material terms and conditions of the proposed transaction, which must be a bona fide transaction. The Company shall have the right to purchase all or any part of the Offered
Shares and such right shall be exercisable within thirty (30) days of receipt of the Notice by acceptance of all of the terms of the Notice. If the Company does not elect to purchase all of the
Offered Shares, the Optionee shall be free to sell that portion of the Offered Shares which the Company did not elect to purchase to the Proposed Transferee pursuant to the terms set forth in the
Notice. If the Company does elect to purchase all or any part of the Offered Shares, the closing of such purchase and sale shall take place at the date specified in the Company's written notice, such
date to be no later than thirty (30) days after the date of such notice. The Company shall have the right to assign its rights under this Section 5 to one or more persons. 

2

 

        6.     Methods of Exercise.    The Option shall be exercisable only by a written notice in form and substance
acceptable to the Company, specifying the number of shares to be purchased and accompanied by payment in cash of the aggregate purchase price for the shares for which the Option is being exercised. 

        7.     Characterization of Option for Tax Purposes.    Although the Option is intended to qualify as an "incentive
stock option" under the Internal Revenue Code of 1986, as amended, the Company makes no representation or warranty as to the tax treatment to the Optionee upon receipt or exercise of the Option or
sale or other disposition of the shares covered by the Option. In addition, options granted to the Optionee under the Plan and any and all other plans of the Company and its affiliates shall not be
treated as incentive stock options for tax purposes to the extent that options covering in excess of $100,000 of stock (based upon fair market value of the stock as of the respective dates of grant of
such options) become exercisable in any calendar year; and such options shall be subject to different tax treatment (including the possibility of income tax withholding in accordance with the Plan). 

        8.     Compliance with Laws.    The obligations of the Company to sell and deliver Shares upon exercise of the Option
are subject to all applicable laws, rules, and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by government agencies as may be deemed
necessary or appropriate by the Board or the relevant committee of the Board. If so required by the Board or such committee, no shares shall be delivered upon the exercise of the Option until the
Optionee has given the Company a satisfactory written statement that he is purchasing such shares for investment, and not with a view to the sale or distribution of any such shares, and with respect
to such other matters as the Board may deem advisable in order to assure compliance with applicable securities laws. All shares issued upon exercise of the Option shall bear appropriate restrictive
legends. 

        9.     General.    The Optionee may not transfer, assign, or encumber any of his or her rights under this Agreement,
and any attempt to do so shall be void. This Agreement shall be governed by and interpreted and construed in accordance with the internal laws of the State of Delaware (without reference to principles
of conflicts or choice of law). The captions of the sections of this Agreement are for reference only and shall not affect the interpretation or construction of this Agreement. This Agreement shall
bind and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, devisees, and legal representatives. 

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        IN WITNESS WHEREOF, the Company and the Optionee have executed and delivered this Agreement as an agreement under seal as of the Effective
Date. 

	 	 	LIGHTSPACE CORPORATION
	

 	
 	

 Signature:
	

 	
 	

 Name:
	

 	
 	

 Title:
	

 	
 	
OPTIONEE
	

 	
 	

 Name:
	

 	
 	

 Street Address:
	

 	
 	

 City, State ZIP:
	

 	
 	

 Social Security Number:

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LIGHTSPACE CORPORATION INCENTIVE STOCK OPTION AGREEMENT Number— Under the 2005 Equity Incentive PlanEXHIBIT 4.1

    
      
        

      

    

    Exhibit
      4.1

    EQUITEX,
      INC.

    

    2005
      STOCK OPTION PLAN

    

    1. Purpose.
      The
      purpose of the 2005 Stock Option Plan (the “Plan”) of Equitex, Inc., a Delaware
      corporation (the “Company”), is to increase shareholder value and to advance the
      interests of the Company by furnishing a variety of economic incentives
      (variously referred to hereinafter as the “Incentives”) designed to attract,
      retain and motivate employees, directors and consultants. Incentives may consist
      of opportunities to purchase or receive shares of the Company’s common stock
      (the “Common Stock”), monetary payments, or both, on terms and conditions
      determined under this Plan.

    2. Administration.

    

    2.1 The
      Plan
      shall be administered by a committee of the Company’s board of directors (the
“Committee”). The Committee shall consist of not less than two directors of the
      Company who shall be appointed from time to time by the Company’s board of
      directors. Each member of the Committee shall qualify both as a “non-employee
      director” within the meaning of Rule 16b-3 of the Securities Exchange Act of
      1934, as amended (together with the rules and regulations promulgated
      thereunder, the “Exchange Act”), and as an “outside director” as defined in
      Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”).
      The Committee shall have complete discretion and authority to determine all
      provisions of all Incentives awarded under the Plan (consistent with the terms
      of the Plan), interpret the Plan, and make any other determination which it
      believes necessary and advisable for the proper administration of the Plan.
      The
      Committee’s decisions and matters relating to the Plan shall be final and
      conclusive for the Company and its participants. No member of the Committee
      will
      be liable for any action or determination made in good faith with respect to
      the
      Plan or any Incentives granted under the Plan. The Committee will also have
      the
      authority under the Plan to amend or modify the terms of any outstanding
      Incentives in any manner; provided,
      however,
      that
      any such amended or modified terms are permitted by the Plan as then in effect,
      and any recipient of an Incentive adversely affected by such amended or modified
      terms has consented to such amendment or modification. No amendment or
      modification to an Incentive, however, whether pursuant to this Section 2 or
      any
      other provisions of the Plan, will be deemed to be a re-grant of such Incentive
      for purposes of this Plan. If at any time there is no Committee, then for
      purposes of the Plan the term “Committee” shall mean the Company’s board of
      directors.

    

    2.2 In
      the
      event of (i) any reorganization, merger, consolidation, recapitalization,
      liquidation, reclassification, stock dividend, stock split, combination of
      shares, rights offering, extraordinary dividend or divestiture, including a
      spinoff, or any other similar change in corporate structure or shares, (ii)
      any
      purchase, acquisition, sale or disposition of a significant amount of assets
      or
      a significant business, (iii) any change in accounting principles or practices,
      or (iv) any other similar change, in each case with respect to the Company
      or
      any other entity whose performance is relevant to the grant or vesting of an
      Incentive, the Committee (or, if the Company is not the surviving corporation
      in
      any such transaction, the board of directors of the surviving corporation)
      may,
      without the consent of any affected recipient of an Incentive, amend or modify
      the vesting criteria of any outstanding Incentive based, in whole or in part,
      on
      the financial performance of the Company (or any subsidiary or division thereof)
      or such other entity so as equitably to reflect such event, with the desired
      result that the criteria for evaluating such financial performance of the
      Company or such other entity will be substantially the same (in the sole
      discretion of the Committee or the board of directors of the surviving
      corporation) following such event as prior to such event; provided,
      however,
      that
      the amended or modified terms are permitted by the Plan as then in
      effect.

    

    3. Eligible
      Participants.
      Employees of the Company or its subsidiaries, (including officers and employees
      of the Company or its subsidiaries), directors and consultants, advisors or
      other independent contractors who provide services to the Company or its
      subsidiaries, including members of any advisory board, shall become eligible
      to
      receive Incentives under the Plan when designated by the Committee. Participants
      may be designated individually or by groups or categories (for example, by
      pay
      grade) as the Committee deems appropriate. Participation by Company officers
      or
      its subsidiaries and any performance objectives relating to such officers must
      be approved by the Committee. Participation by others and any performance
      objectives relating to others may be approved by groups or categories
      (for example, by pay grade) and authority to designate participants who are
      not officers and to set or modify such performance objectives may be
      delegated.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    4. Types
      of Incentives.
      Incentives under the Plan may be granted in any combination of the following
      forms: (a) incentive stock options and non-statutory stock options under Section
      6; (b) stock-appreciation rights (“SARs”) under Section 7; (c) stock awards
      under Section 8; (d) restricted stock under Section 8; (e) performance shares
      under Section 9; and (f) the issuances of common stock under the “Stock Issuance
      Program” described in Section 10 under which eligible persons may, at the
      discretion of the Committee, be issued shares of Common Stock directly, upon
      conversion of accrued salaries, bonus, notes payable, fees or other similar
      payables due from the Company (or any parent or subsidiary, including indirect
      subsidiaries).

    

    5. Shares
      Subject to the Plan.

    

    5.1 Subject
      to adjustment as provided in Section 11.6, the number of shares of Common Stock
      which may be issued under the Plan shall not exceed 1,400,000 shares of Common
      Stock. Shares of Common Stock issued under the Plan or that are currently
      subject to outstanding Incentives will be applied to reduce the maximum number
      of shares of Common Stock remaining available for issuance under the
      Plan.

    

    5.2 To
      the
      extent that cash in lieu of shares of Common Stock is delivered upon the
      exercise of an SAR pursuant to Section 7.4, the Company shall be deemed, for
      purposes of applying the limitation on the number of shares, to have issued
      the
      greater of the number of shares of Common Stock which it was entitled to issue
      upon such exercise or upon the exercise of any related option. In the event
      that
      a stock option or SAR granted hereunder expires or is terminated or canceled
      unexercised or unvested as to any shares of Common Stock, such shares may again
      be issued under the Plan either pursuant to stock options, SARs or otherwise.
      In
      the event that shares of Common Stock are issued hereunder as restricted stock
      or pursuant to a stock award and thereafter are forfeited or reacquired by
      the
      Company pursuant to rights reserved upon issuance thereof, such forfeited and
      reacquired shares may again be issued under the Plan, either as restricted
      stock, pursuant to stock awards or otherwise. The Committee may also determine
      to cancel, and agree to the cancellation of, stock options in order to make
      a
      participant eligible for the grant of a stock option at a lower price than
      the
      option to be canceled.

     

    6. Stock
      Options.
      A stock
      option is a right to purchase shares of Common Stock from the Company. The
      Committee may designate whether an option is to be considered an incentive
      stock
      option or a non-statutory stock option. To the extent that any incentive stock
      option granted under the Plan ceases for any reason to qualify as an “incentive
      stock option” for purposes of Section 422 of the Code, such incentive stock
      option will continue to be outstanding for purposes of the Plan but will
      thereafter be deemed to be a non-statutory stock option. Each stock option
      granted by the Committee under this Plan shall be subject to the following
      terms
      and conditions:

    

    6.1 Price.
      The
      option price per share shall be determined by the Committee, subject to
      adjustment under Section 11.6.

    

    6.2 Number.
      The
      number of shares of Common Stock subject to the option shall be determined
      by
      the Committee, subject to adjustment as provided in Section 11.6. The number
      of
      shares of Common Stock subject to a stock option shall be reduced in the same
      proportion that the holder thereof exercises a SAR if any SAR is granted in
      conjunction with or related to the stock option. No individual may receive
      options to purchase more than 1,000,000 shares in any year.

    

    6.3 Term
      and Time for Exercise.
      Subject
      to earlier termination as provided in Section 11.4, the term of each stock
      option shall be determined by the Committee but shall not exceed ten (10) years
      and one day from the date of grant. Each stock option shall become exercisable
      at such time or times during its term as shall be determined by the Committee
      at
      the time of grant. The Committee may in its discretion accelerate the
      exercisability of any stock option. Subject to the foregoing and with the
      approval of the Committee, all or any part of the shares of Common Stock with
      respect to which the right to purchase has accrued may be purchased by the
      Company at the time of such accrual or at any time or times thereafter during
      the term of the option.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6.4 Manner
      of Exercise.
      Subject
      to the conditions contained in this Plan and in the agreement with the recipient
      evidencing such option, a stock option may be exercised, in whole or in part,
      by
      giving written notice to the Company, specifying the number of shares of Common
      Stock to be purchased and accompanied by the full purchase price for such
      shares. The exercise price shall be payable (a) in United States dollars upon
      exercise of the option and may be paid by cash; uncertified or certified check;
      or bank draft; (b) at the discretion of the Committee, by delivery of shares
      of
      Common Stock already owned by the participant in payment of all or any part
      of
      the exercise price, which shares shall be valued for this purpose at the Fair
      Market Value (as defined in Section 11.13 below) on the date such option is
      exercised; or (c) at the discretion of the Committee, by instructing the Company
      to withhold from the shares of Common Stock issuable upon exercise of the stock
      option shares of Common Stock in payment of all or any part of the exercise
      price and/or any related withholding-tax obligations, which shares shall be
      valued for this purpose at the Fair Market Value or in such other manner as
      may
      be authorized from time to time by the Committee. Any shares of Common Stock
      delivered by a participant pursuant to clause (b) above must have been held
      by
      the participant for a period of not less than six (6) months prior to the
      exercise of the option, unless otherwise determined by the Committee. Prior
      to
      the issuance of shares of Common Stock upon the exercise of a stock option,
      a
      participant shall have no rights as a shareholder with respect to shares of
      Common Stock issuable under such stock option. Except as otherwise provided
      in
      the Plan, no adjustment will be made for dividends or distributions declared
      as
      of a record date preceding the date on which a participant becomes the holder
      of
      record of shares of Common Stock acquired upon exercise of a stock option,
      except as the Committee may determine in its sole discretion.

    

    6.5 Incentive
      Stock Options.
      Notwithstanding anything in the Plan to the contrary, the following additional
      provisions shall apply to the grant of stock options which are intended to
      qualify as incentive stock options (as such term is defined in Section 422
      of
      the Code):

    

    (a) The
      aggregate Fair Market Value (determined as of the time the option is granted)
      of
      the shares of Common Stock with respect to which incentive stock options are
      exercisable for the first time by any participant during any calendar year
      (under the Plan and any other incentive stock-option plans of the Company or
      any
      subsidiary or parent corporation of the Company) shall not exceed $100,000.
      The
      determination will be made by taking incentive stock options into account in
      the
      order in which they were granted. 

    

    (b) Any
      certificate for an incentive stock option authorized under the Plan shall
      contain such other provisions as the Committee shall deem advisable, but shall
      in all events be consistent with and contain all provisions required in order
      to
      qualify the options as incentive stock options.

    

    (c) All
      incentive stock options must be granted within ten (10) years from the earlier
      of the date on which this Plan was adopted by board of directors or the date
      this Plan was approved by the Company’s shareholders.

    

    (d) Unless
      sooner exercised, all incentive stock options shall expire no later than ten
      (10) years after the date of grant. No incentive stock option may be exercisable
      after ten (10) years from its date of grant (or five (5) years from its date
      of
      grant if, at the time of grant, the participant owns, directly or indirectly,
      more than ten percent (10%) of the total combined voting power of all classes
      of
      stock of the Company or any parent or subsidiary corporation of the
      Company).

    

    (e) The
      exercise price for a share of Common Stock under an incentive stock options
      shall be not less than one hundred percent (100%) of the Fair Market Value
      of
      one share of Common Stock on the date of grant; provided,
      however,
      that
      the exercise price shall be one hundred ten percent (110%) of the Fair Market
      Value if, at the time the incentive stock option is granted, the participant
      owns, directly or indirectly, more than ten percent (10%) of the total combined
      voting power of all classes of stock of the Company or any parent or subsidiary
      corporation of the Company.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    7. Stock-Appreciation
      Rights.
      An SAR
      is a right to receive, without payment to the Company, a number of shares of
      Common Stock, cash, or any combination thereof, the amount of which is
      determined pursuant to the formula set forth in Section 7.4. An SAR may be
      granted (a) with respect to any stock option granted under this Plan, either
      concurrently with the grant of such stock option or at such later time as
      determined by the Committee (as to all or any portion of the shares of Common
      Stock subject to the stock option), or (b) alone, without reference to any
      related stock option. Each SAR granted by the Committee under this Plan shall
      be
      subject to the following terms and conditions:

    

    7.1 Number;
      Exercise Price.
      Each
      SAR granted to any participant shall relate to such number of shares of Common
      Stock as shall be determined by the Committee, subject to adjustment as provided
      in Section 11.6. In the case of an SAR granted with respect to a stock option,
      the number of shares of Common Stock to which the SAR pertains shall be reduced
      in the same proportion that the holder of the option exercises the related
      stock
      option. The exercise price of an SAR will be determined by the Committee, in
      its
      discretion, at the date of grant but may not be less than one hundred percent
      (100%) of the Fair Market Value of one share of Common Stock on the date of
      grant.

    

    7.2 Duration.
      Subject
      to earlier termination as provided in Section 11.4, the term of each SAR shall
      be determined by the Committee but shall not exceed ten (10) years and one
      day
      from the date of grant. Unless otherwise provided by the Committee, each SAR
      shall become exercisable at such time or times, to such extent and upon such
      conditions as the stock option, if any, to which it relates is exercisable.
      The
      Committee may in its discretion accelerate the exercisability of any
      SAR.

    

    7.3 Exercise.
      An SAR
      may be exercised, in whole or in part, by giving written notice to the Company,
      specifying the number of SARs which the holder wishes to exercise. Upon receipt
      of such written notice, the Company shall, within ninety (90) days thereafter,
      deliver to the exercising holder certificates for the shares of Common Stock
      or
      cash, or both, as determined by the Committee, to which the holder is entitled
      pursuant to Section 7.4.

    

    7.4 Payment.
      Subject
      to the right of the Committee to deliver cash in lieu of shares of Common Stock
      (which, as it pertains to Company officers and directors, shall comply with
      all
      requirements of the Exchange Act), the number of shares of Common Stock which
      shall be issuable upon the exercise of an SAR shall be determined by
      dividing:

    

    (a) the
      number of shares of Common Stock as to which the SAR is exercised multiplied
      by
      the amount of the appreciation in such shares (i.e., the amount by which the
      Fair Market Value of the shares of Common Stock subject to the SAR on the
      exercise date exceeds (1) in the case of an SAR related to a stock option,
      the
      exercise price of the shares of Common Stock under the stock option or (2)
      in
      the case of an SAR granted alone and without reference to a related stock
      option, an amount which shall be determined by the Committee at the time of
      grant, subject to adjustment under Section 11.6); by

    

    (b) the
      Fair
      Market Value of a share of Common Stock on the exercise date.

    

    In
      lieu
      of issuing shares of Common Stock upon the exercise of a SAR, the Committee
      may
      elect to pay the holder of the SAR cash equal to the Fair Market Value on the
      exercise date of any or all of the shares which would otherwise be issuable.
      No
      fractional shares of Common Stock shall be issued upon the exercise of an SAR;
      instead, the holder of the SAR shall be entitled to receive a cash adjustment
      equal to the same fraction of the Fair Market Value of a share of Common Stock
      on the exercise date or to purchase the portion necessary to make a whole share
      at its Fair Market Value on the date of exercise.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    8. Stock
      Awards and Restricted Stock.
      A stock
      award consists of the transfer by the Company to a participant of shares of
      Common Stock, without other payment therefor, as additional compensation for
      services rendered to the Company. The participant receiving a stock award will
      have all voting, dividend, liquidation and other rights with respect to the
      shares of Common Stock issued to a participant as a stock award under this
      Section 8 upon the participant becoming the holder of record of such shares.
      A
      share of restricted stock consists of shares of Common Stock which are sold
      or
      transferred by the Company to a participant at a price determined by the
      Committee (which price shall be at least equal to the minimum price required
      by
      applicable law for the issuance of a share of Common Stock) and subject to
      restrictions on their sale or other transfer by the participant, which
      restrictions and conditions may be determined by the Committee as long as such
      restrictions and conditions are not inconsistent with the terms of the Plan.
      The
      transfer of Common Stock pursuant to stock awards and the transfer and sale
      of
      restricted stock shall be subject to the following terms and
      conditions:

    

    8.1 Number
      of Shares.
      The
      number of shares to be transferred or sold by the Company to a participant
      pursuant to a stock award or as restricted stock shall be determined by the
      Committee.

    

    8.2 Sale
      Price.
      The
      Committee shall determine the price, if any, at which shares of restricted
      stock
      shall be sold or granted to a participant, which may vary from time to time
      and
      among participants and which may be below the Fair Market Value of such shares
      of Common Stock at the date of sale.

    

    8.3 Restrictions.
      All
      shares of restricted stock transferred or sold hereunder shall be subject to
      such restrictions as the Committee may determine, including without limitation
      any or all of the following:

    

    (a) a
      prohibition against the sale, transfer, pledge or other encumbrance of the
      shares of restricted stock, such prohibition to lapse at such time or times
      as
      the Committee shall determine (whether in annual or more frequent installments,
      at the time of the death, disability or retirement of the holder of such shares,
      or otherwise);

    

    (b) a
      requirement that the holder of shares of restricted stock forfeit, or (in the
      case of shares sold to a participant) resell back to the Company at his or
      her
      cost, all or a part of such shares in the event of termination of his or her
      employment or consulting engagement during any period in which such shares
      are
      subject to restrictions; or

    

    (c) such
      other conditions or restrictions as the Committee may deem
      advisable.

    

    In
      order
      to enforce the restrictions imposed by the Committee pursuant to Section 8.3,
      the participant receiving restricted stock shall enter into an agreement with
      the Company setting forth the conditions of the grant. Shares of restricted
      stock shall be registered in the name of the participant and deposited, together
      with a stock power endorsed in blank, with the Company unless otherwise
      determined by the Committee. Each such certificate shall bear a legend in
      substantially the following form:

    

    THE
      TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF COMMON STOCK REPRESENTED
      BY IT ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING CONDITIONS OF
      FORFEITURE) CONTAINED IN THE 2005 STOCK OPTION PLAN OF EQUITEX, INC. (THE
“COMPANY”), AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE
      COMPANY. A COPY OF THE 2005 STOCK OPTION PLAN AND THE AGREEMENT IS AVAILABLE
      FROM THE COMPANY UPON REQUEST.

    

    8.4 End
      of
      Restrictions.
      Subject
      to Section 11.5, at the end of any time period during which the shares of
      restricted stock are subject to forfeiture and restrictions on transfer, such
      shares will be delivered free of all restrictions to the participant or to
      the
      participant’s legal representative, beneficiary or heir.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    8.5 Shareholder.
      Subject
      to the terms and conditions of the Plan, each participant receiving restricted
      stock shall have all the rights of a shareholder with respect to shares of
      stock
      during any period in which such shares are subject to forfeiture and
      restrictions on transfer, including without limitation the right to vote such
      shares. Dividends paid in cash or property other than Common Stock with respect
      to shares of restricted stock shall be paid to the participant currently. Unless
      the Committee determines otherwise in its sole discretion, any dividends or
      distributions (including regular quarterly cash dividends) paid with respect
      to
      shares of Common Stock subject to the restrictions set forth above will be
      subject to the same restrictions as the shares to which such dividends or
      distributions relate. In the event the Committee determines not to pay dividends
      or distributions currently, the Committee will determine in its sole discretion
      whether any interest will be paid on such dividends or distributions. In
      addition, the Committee in its sole discretion may require such dividends and
      distributions to be reinvested (and in such case the participant consents to
      such reinvestment) in shares of Common Stock that will be subject to the same
      restrictions as the shares to which such dividends or distributions
      relate.

    

    9. Performance
      Shares.
      A
      performance share consists of an award which shall be paid in shares of Common
      Stock, as described below. The grant of a performance share shall be subject
      to
      such terms and conditions as the Committee deems appropriate, including the
      following:

    

    9.1 Performance
      Objectives.
      Each
      performance share will be subject to performance objectives respecting the
      Company or one of its operating units to be achieved by the participant before
      the end of a specified period. The Committee shall determine the terms and
      conditions of each grant and the number of performance shares granted. If the
      performance objectives are achieved, the participant will be paid in shares
      of
      Common Stock or cash as determined by the Committee. If such objectives are
      not
      met, each grant of performance shares may provide for lesser payments in
      accordance with formulas established in the award.

    

    9.2 Not
      Shareholder.
      The
      grant of performance shares to a participant shall not create any rights in
      such
      participant as a shareholder of the Company, until the payment of shares of
      Common Stock with respect to an award.

    

    9.3 No
      Adjustments.
      No
      adjustment shall be made in performance shares granted on account of cash
      dividends which may be paid or other rights which may be issued to the holders
      of Common Stock prior to the end of any period for which performance objectives
      were established.

    

    9.4 Expiration
      of Performance Share.
      If any
      participant’s employment or consulting engagement with the Company is terminated
      for any reason other than normal retirement, death or disability prior to the
      achievement of the participant’s stated performance objectives, all the
      participant’s rights on the performance shares shall expire and terminate unless
      otherwise determined by the Committee. In the event of termination of employment
      or consulting by reason of death, disability, or normal retirement, the
      Committee, in its own discretion may determine what portions, if any, of the
      performance shares should be paid to the participant.

    

    10. Stock
      Issuance Program.
      Shares
      of Common Stock may be issued under the program outlined in this Section 10
      (the
“Stock Issuance Program”) through direct and immediate issuances without any
      intervening option grants. Each such stock issuance shall be evidenced by a
      Stock Issuance Agreement that complies with the terms specified below. Shares
      of
      Common Stock may be issued under the Stock Issuance Program to persons eligible
      under the Plan, at the discretion of the Committee, directly upon conversion
      of
      accrued salaries, bonus, notes payable, fees or other similar receivables from
      the Company (or any parent or subsidiary, including any indirect
      subsidiary).

    

    10.1 Purchase
      Price.

    

    (a) The
      purchase price per share shall be fixed by the Committee, but shall not be
      less
      than eighty-five percent (85%) of the Fair Market Value per share of common
      stock on the issuance date.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b) Subject
      to the imprinting of restrictive legends reasonably required under applicable
      federal and state securities laws, shares of Common Stock may be issued under
      the Stock Issuance Program for any of the following items of consideration
      that
      the Committee may deem appropriate in each individual instance: (i) upon
      conversion of any payable including accrued salaries, bonus, notes payable,
      fees
      or other similar payables for past services rendered to the Company (or any
      parent or subsidiary, including any indirect subsidiary), or (ii) any other
      valid consideration for the issuance of shares of Common Stock under applicable
      law as provided for under the Plan.

     

        10.2 Vesting
      Provisions.

     

    (a) Shares
      of
      Common Stock issued under the Stock Issuance Program may, in the discretion
      of
      the Committee, be fully and immediately vested upon issuance or may vest in
      one
      or more installments over the eligible participant’s period of service or upon
      attainment of specified performance objectives. The elements of the vesting
      schedule applicable to any unvested shares of Common Stock issued under the
      Stock Issuance Program, namely: (i) the service period to be completed by the
      participant or the performance objectives to be attained; (ii) the number of
      installments in which the shares are to vest; (iii) the interval or intervals
      (if any) which are to lapse between installments; and (iv) the effect which
      death, disability or other event designated by the Committee is to have upon
      the
      vesting schedule, shall be determined by the Committee and incorporated into
      the
      Stock Issuance Agreement.

    

    (b) Any
      new,
      substituted or additional securities or other property (including money paid
      other than as a regular cash dividend) which the participant may have the right
      to receive with respect to the participant’s unvested shares of Common Stock by
      reason of any stock dividend, stock split, recapitalization, combination of
      shares, exchange of shares or other change affecting the outstanding Common
      Stock as a class without the Company’s receipt of consideration shall be issued
      subject to (i) the same vesting requirements applicable to the participant’s
      unvested shares of Common Stock and (ii) such escrow arrangements as the
      Committee shall deem appropriate.

    

    (c) The
      participant shall have full shareholder rights with respect to any shares of
      Common Stock issued to the participant under the Stock Issuance Program, whether
      or not the participant’s interest in those shares is vested. Accordingly, the
      participant shall have the right to vote such shares and to receive any regular
      cash dividends paid on such shares.

    

    (d) Should
      the participant cease to remain in service while holding one or more unvested
      shares of Common Stock issued under the Stock Issuance Program or should the
      performance objectives not be attained with respect to one or more such unvested
      shares of Common Stock, then those shares shall be immediately surrendered
      to
      the Company for cancellation, and the participant shall have no further
      shareholder rights with respect to those shares. To the extent the surrendered
      shares were previously issued to the participant for consideration paid in
      cash
      or cash equivalent (including the participant’s purchase-money indebtedness),
      the Company shall repay to the participant the cash consideration paid for
      the
      surrendered shares and shall cancel the unpaid principal balance of any
      outstanding purchase-money note of the participant attributable to the
      surrendered shares.

    

    (e) The
      Committee may in its discretion waive the surrender and cancellation of one
      or
      more unvested shares of Common Stock that would otherwise occur upon the
      cessation of the participant’s service or the non-attainment of the performance
      objectives applicable to those shares. Such waiver shall result in the immediate
      vesting of the participant’s interest in the shares as to which the waiver
      applies. Such waiver may be effected at any time, whether before or after the
      participant’s cessation of service or the attainment or non-attainment of the
      applicable performance objectives.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    11. General.

    

    11.1 Effective
      Date.
      The
      Plan will become effective upon approval by the Company’s board of directors;
      and the ability of the Company to make grants of incentive stock options
      hereunder will become effective upon approval of the Company’s shareholders
      within one year of the date of this Plan’s adoption by the Board.

    

    11.2 Duration.
      The
      Plan shall remain in effect until all Incentives granted under the Plan have
      either been satisfied by the issuance of shares of Common Stock or the payment
      of cash or have been terminated under the terms of the Plan and all restrictions
      imposed on shares of Common Stock in connection with their issuance under the
      Plan have lapsed. No Incentives may be granted under the Plan after the tenth
      anniversary of the date the Plan is approved by the shareholders of the
      Company.

    

    11.3 Non-Transferability
      of Incentives.
      No
      stock option, SAR, restricted stock or performance award may be transferred,
      pledged or assigned by the holder thereof (except, in the event of the holder’s
      death, by will or the laws of descent and distribution to the limited extent
      provided in the Plan or the Incentive), or pursuant to a qualified domestic
      relations order as defined by the Code or Title I of the Employee Retirement
      Income Security Act, or the rules thereunder, and the Company shall not be
      required to recognize any attempted assignment of such rights by any
      participant. Notwithstanding the preceding sentence, stock options may be
      transferred by the holder thereof to Employee’s spouse, children, grandchildren
      or parents (collectively, the “Family Members”), to trusts for the benefit of
      Family Members, to partnerships or limited liability companies in which Family
      Members are the only partners or shareholders, or to entities exempt from
      federal income taxation pursuant to Code Section 501(c)(3). During a
      participant’s lifetime, a stock option may be exercised only by him or her, by
      his or her guardian or legal representative or by the transferees permitted
      by
      the preceding sentence.

     

    11.4 Effect
      of Termination or Death.
      In the
      event that a participant ceases to be an employee of or consultant to the
      Company, or the participant’s other service with the Company is terminated, for
      any reason, including death, any Incentives may be exercised or shall expire
      at
      such times as may be determined by the Committee in its sole discretion in
      the
      agreement evidencing an Incentive. Notwithstanding the other provisions of
      this
      Section 11.4, upon a participant’s termination of employment or other service
      with the Company and all subsidiaries, the Committee may, in its sole discretion
      (which may be exercised at any time on or after the date of grant, including
      following such termination), cause options and SARs (or any part thereof) then
      held by such participant to become or continue to become exercisable and/or
      remain exercisable following such termination of employment or service and
      restricted stock awards, performance shares and stock awards then held by such
      participant to vest and/or continue to vest or become free of transfer
      restrictions, as the case may be, following such termination of employment
      or
      service, in each case in the manner determined by the Committee; provided,
      however,
      that no
      Incentive may remain exercisable or continue to vest beyond its expiration
      date.
      Any incentive stock option that remains unexercised more than one (1) year
      following termination of employment by reason of death or disability or more
      than three (3) months following termination for any reason other than death
      or
      disability will thereafter be deemed to be a non-statutory stock
      option. 

     

    11.5 Additional
      Conditions.
      Notwithstanding anything in this Plan to the contrary: (a) the Company may,
      if
      it shall determine it necessary or desirable for any reason, at the time of
      award of any Incentive or the issuance of any shares of Common Stock pursuant
      to
      any Incentive, require the recipient of the Incentive, as a condition to the
      receipt thereof or to the receipt of shares of Common Stock issued pursuant
      thereto, to deliver to the Company a written representation of present intention
      to acquire the Incentive or the shares of Common Stock issued pursuant thereto
      for his or her own account for investment and not for distribution; and (b)
      if
      at any time the Company further determines, in its sole discretion, that the
      listing, registration or qualification (or any updating of any such document)
      of
      any Incentive or the shares of Common Stock issuable pursuant thereto is
      necessary on any securities exchange or under any federal or state securities
      law, or that the consent or approval of any governmental regulatory body is
      necessary or desirable as a condition of, or in connection with the award of
      any
      Incentive, the issuance of shares of Common Stock pursuant thereto, or the
      removal of any restrictions imposed on such shares, such Incentive shall not
      be
      awarded or such shares of Common Stock shall not be issued or such restrictions
      shall not be removed, as the case may be, in whole or in part, unless such
      listing, registration, qualification, consent or approval shall have been
      effected or obtained free of any conditions unacceptable to the Company.
      Notwithstanding any other provision of the Plan or any agreements entered into
      pursuant to the Plan, the Company will not be required to issue any shares
      of
      Common Stock under this Plan, and a participant may not sell, assign, transfer
      or otherwise dispose of shares of Common Stock issued pursuant to any Incentives
      granted under the Plan, unless (a) there is in effect with respect to such
      shares a registration statement under the Securities Act of 1933, as amended
      (the “Securities Act”), and any applicable state or foreign securities laws or
      an exemption from such registration under the Securities Act and applicable
      state or foreign securities laws, and (b) there has been obtained any other
      consent, approval or permit from any other regulatory body which the Committee,
      in its sole discretion, deems necessary or advisable. The Company may condition
      such issuance, sale or transfer upon the receipt of any representations or
      agreements from the parties involved, and the placement of any legends on
      certificates representing shares of Common Stock, as may be deemed necessary
      or
      advisable by the Company in order to comply with such securities law or other
      restrictions.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    11.6 Adjustment.
      In the
      event of any recapitalization, stock dividend, stock split, combination of
      shares or other change in the Common Stock, the number of shares of Common
      Stock
      then subject to the Plan, including shares subject to restrictions, options
      or
      achievements of performance shares, shall be adjusted in proportion to the
      change in outstanding shares of Common Stock. In the event of any such
      adjustments, the purchase price of any option, the performance objectives of
      any
      Incentive, and the shares of Common Stock issuable pursuant to any Incentive
      shall be adjusted as and to the extent appropriate, in the discretion of the
      Committee, to provide participants with the same relative rights before and
      after such adjustment.

    

    11.7 Incentive
      Plans and Agreements.
      Except
      in the case of stock awards or cash awards, the terms of each Incentive shall
      be
      stated in a plan or agreement approved by the Committee. The Committee may
      also
      determine to enter into agreements with holders of options to reclassify or
      convert certain outstanding options, within the terms of the Plan, as Incentive
      Stock Options or as non-statutory stock options and in order to eliminate SARs
      with respect to all or part of such options and any other previously issued
      options.

    

    11.8 Withholding.

    

    (a) The
      Company shall have the right to (i) withhold and deduct from any payments made
      under the Plan or from future wages of the participant (or from other amounts
      that may be due and owing to the participant from the Company or a subsidiary
      of
      the Company), or make other arrangements for the collection of, all legally
      required amounts necessary to satisfy any and all foreign, federal, state and
      local withholding and employment-related tax requirements attributable to an
      Incentive, or (ii) require the participant promptly to remit the amount of
      such
      withholding to the Company before taking any action, including issuing any
      shares of Common Stock, with respect to an Incentive. At any time when a
      participant is required to pay to the Company an amount required to be withheld
      under applicable income tax laws in connection with a distribution of Common
      Stock or upon exercise of an option or SAR, the participant may satisfy this
      obligation in whole or in part by electing (the “Election”) to have the Company
      withhold from the distribution shares of Common Stock having a value up to
      the
      amount required to be withheld. The value of the shares to be withheld shall
      be
      based on the Fair Market Value of the Common Stock on the date that the amount
      of tax to be withheld shall be determined
      (the “Tax Date”).

    

    (b) The
      Committee may disapprove of any Election, may suspend or terminate the right
      to
      make Elections, or may provide with respect to any Incentive that the right
      to
      make Elections shall not apply to such Incentive. An Election is
      irrevocable.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (c) If
      a
      participant is a Company officer or director within the meaning of Section
      16 of
      the Exchange Act, then an Election is subject to the following additional
      restrictions: (a) no Election shall be effective for a Tax Date which occurs
      within six (6) months of the grant or exercise of the award, except that this
      limitation shall not apply in the event death or disability of the participant
      occurs prior to the expiration of the six-month period; and (b) the Election
      must be made either six months prior to the Tax Date or must be made during
      a
      period beginning on the third business day following the date of release for
      publication of the Company’s quarterly or annual summary statements of sales and
      earnings and ending on the twelfth business day following such
      date.

    

    11.9 No
      Continued Employment, Engagement or Right to Corporate Assets.
      No
      participant under the Plan shall have any right, because of his or her
      participation, to continue in the employ of the Company for any period of time
      or to any right to continue his or her present or any other rate of
      compensation. Nothing contained in the Plan shall be construed as giving an
      employee, a consultant, such persons’ beneficiaries or any other person any
      equity or interests of any kind in the assets of the Company or creating a
      trust
      of any kind or a fiduciary relationship of any kind between the Company and
      any
      such person.

    

    11.10 Deferral
      Permitted.
      Payment
      of cash or distribution of any shares of Common Stock to which a participant
      is
      entitled under any Incentive shall be made as provided in the Incentive. Payment
      may be deferred at the option of the participant if provided in the
      Incentive.

    

    11.11 Amendment
      of the Plan.
      The
      Board may amend, suspend or discontinue the Plan at any time; provided, however,
      that no amendments to the Plan will be effective without approval of the
      shareholders of the Company if shareholder approval of the amendment is then
      required pursuant to Section 422 of the Code or the rules of any stock exchange
      or Nasdaq or similar regulatory body. No termination, suspension or amendment
      of
      the Plan may adversely affect any outstanding Incentive without the consent
      of
      the affected participant; provided,
      however,
      that
      this sentence will not impair the right of the Committee to take whatever action
      it deems appropriate under Section 11.6 of the Plan.

    11.12 Merger,
      Sale, Exchange or Liquidation.
      Unless
      otherwise provided in the agreement for an Incentive, in the event of an
      acquisition of the Company through the sale of substantially all of the
      Company’s assets or through a merger, exchange, reorganization or liquidation of
      the Company or a similar event as determined by the Committee (collectively
      a
“transaction”), the Committee shall be authorized, in its sole discretion, to
      take any and all action it deems equitable under the circumstances, including
      but not limited to any one or more of the following:

    

    (a) providing
      that the Plan and all Incentives shall terminate and the holders of (i) all
      outstanding vested options shall receive, in lieu of any shares of Common Stock
      they would be entitled to receive under such options, such stock, securities
      or
      assets, including cash, as would have been paid to such participants if their
      options had been exercised and such participant had received Common Stock
      immediately prior to such transaction (with appropriate adjustment for the
      exercise price, if any), (ii) performance shares and/or SARs that entitle the
      participant to receive Common Stock shall receive, in lieu of any shares of
      Common Stock each participant was entitled to receive as of the date of the
      transaction pursuant to the terms of such Incentive, if any, such stock,
      securities or assets, including cash, as would have been paid to such
      participant if such Common Stock had been issued to and held by the participant
      immediately prior to such transaction, and (iii) any Incentive under this
      Agreement which does not entitle the participant to receive Common Stock shall
      be equitably treated as determined by the Committee;

    

    (b) providing
      that participants holding outstanding vested Common Stock based Incentives
      shall
      receive, with respect to each share of Common Stock issuable pursuant to such
      Incentives as of the effective date of any such transaction, at the
      determination of the Committee, cash, securities or other property, or any
      combination thereof, in an amount equal to the excess, if any, of the Fair
      Market Value of such Common Stock on a date within ten days prior to the
      effective date of such transaction over the option price or other amount owed
      by
      a participant, if any, and that such Incentives shall be cancelled, including
      the cancellation without consideration of all options that have an exercise
      price below the per share value of the consideration received by the Company
      in
      the transaction;

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    (c) providing
      that the Plan (or replacement plan) shall continue with respect to Incentives
      not cancelled or terminated as of the effective date of such transaction and
      provide to participants holding such Incentives the right to earn their
      respective Incentives on a substantially equivalent basis (taking into account
      the transaction and the number of shares or other equity issued by such
      successor entity) with respect to the equity of the entity succeeding the
      Company by reason of such transaction; or

    

    (d) providing
      that all unvested, unearned or restricted Incentives, including but not limited
      to restricted stock for which restrictions have not lapsed as of the effective
      date of such transaction, shall be void and deemed terminated, or, in the
      alternative, for the acceleration or waiver of any vesting, earning or
      restrictions on any Incentive.

    

    The
      Board
      may restrict the rights of participants or the applicability of this Section
      11.12 to the extent necessary to comply with Section 16(b) of the Securities
      Exchange Act of 1934, the Code or any other applicable law or regulation. The
      grant of an Incentive award pursuant to the Plan shall not limit in any way
      the
      right or power of the Company to make adjustments, reclassifications,
      reorganizations or changes of its capital or business structure or to merge,
      exchange or consolidate or to dissolve, liquidate, sell or transfer all or
      any
      part of its business or assets.

    

    11.13 Definition
      of Fair Market Value.
      For
      purposes of this Plan, the “Fair Market Value” of a share of Common Stock at a
      specified date shall, unless otherwise expressly provided in this Plan, be
      the
      amount which the Committee or the Company’s board of directors determines in
      good faith in the exercise of its reasonable discretion to be one hundred
      percent (100%) of the fair market value of such a share as of the date in
      question; provided,
      however,
      that
      notwithstanding the foregoing, if such shares are listed on a U.S. securities
      exchange or are quoted on the Nasdaq National Market System, Nasdaq SmallCap
      Stock Market (“Nasdaq”), or the Over-The-Counter Bulletin Board (“OTCBB”), then
      Fair Market Value shall be determined by reference to the last sale price of
      a
      share of Common Stock on such U.S. securities exchange or Nasdaq, or the average
      of the bid and ask price on the OTCBB, on the applicable date. If such U.S.
      securities exchange or Nasdaq is closed for trading on such date, or if the
      Common Stock does not trade on such date, then the last sale price used shall
      be
      the one on the date the Common Stock last traded on such U.S. securities
      exchange or Nasdaq.

    

    11.14 Breach
      of Confidentiality, Assignment of Inventions, or Non-Compete
      Agreements.
      Notwithstanding anything in the Plan to the contrary, in the event that a
      participant materially breaches the terms of any confidentiality,
      assignment-of-inventions, or noncompete agreement entered into with the Company
      or any parent or subsidiary of the Company, whether such breach occurs before
      or
      after termination of such participant’s employment or other service with the
      Company or any subsidiary, the Committee in its sole discretion may immediately
      terminate all rights of the participant under the Plan and any agreements
      evidencing an Incentive then held by the participant without notice of any
      kind.

    

    11.15 Governing
      Law.
      The
      validity, construction, interpretation, administration and effect of the Plan
      and any rules, regulations and actions relating to the Plan will be governed
      by
      and construed exclusively in accordance with the laws of the State of Delaware,
      notwithstanding the conflicts-of-law principles of Delaware or any other
      jurisdiction.

    

    11.16 Successors
      and Assigns.
      The
      Plan will be binding upon and inure to the benefit of the successors and
      permitted assigns of the Company and the participants in the Plan.

    

    
11

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