Document:

EXHIBIT 10.1
                                  ------------

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is effective as
of this 16th day of March, 2006 (the "Effective Date"), between ONLINE VACATION
CENTER HOLDINGS CORP., a Florida corporation f/k/a Alec Bradley Cigar
Corporation (the "Company"), whose principal place of business is in Broward
County, Florida, with its address to be determined, and EDWARD B. RUDNER, an
individual (the "Executive"), whose address is 4031 N.E. 25th Avenue, Fort
Lauderdale, Florida 33308. This Agreement shall become effective upon the
closing of the Share Exchange Agreement between the Company and Online Vacation
Center Holdings, Inc.

         WHEREAS, the Company desires to employ the Executive as an employee of
the Company, and the Executive desires to provide services to the Company; and

         WHEREAS, the Company desires to provide a plan for compensating the
Executive in relation to the degree of his success in aiding the Company's
business and affairs and recognizing the Executive's position of high trust and
confidence;

         NOW, THEREFORE, in consideration of the mutual agreements herein made,
the Company and the Executive do hereby agree as follows:

         1. Recitals. The above recitals are true, correct and are herein
incorporated by reference.

         2. Employment. The Company hereby agrees to employ the Executive as the
Chairman of the Board of Directors and Chief Executive Officer of the Company.
The Executive hereby accepts such employment and agrees to perform pursuant to
the terms and conditions hereinafter set forth.

         3. Authority and Power During Employment Period.

         a. Duties and Responsibilities. During the term of this Agreement the
Executive shall serve as President and Chief Executive Officer of the Company
and shall have general executive and operating supervision over the property,
business and affairs of the Company, its subsidiaries and divisions, subject to
the guidelines and direction of the board of directors of the Company. It is
further the intention of the parties that at all times during the "Term," as
hereinafter defined, of this Agreement, the Executive shall serve as a member of
the Board of Directors of the Company and shall be elected and serve through the
Term of the Agreement as a Director of the Company. In the event Executive shall
at any time not be on the Board of Directors of the Company, it shall be
presumed (if Executive so elects) that the Executive has been Terminated Other
than for Cause, Death or Disability, as hereinafter defined, and Executive shall
be entitled to the rights specified in Section 6.d of this Agreement.

         b. Time Devoted. Throughout the term of the Agreement, the Executive
shall devote a reasonable amount of the Executive's business time and attention
to the business and affairs of the Company consistent with the Executive's
senior position with the Company, except for reasonable vacations and except for
<PAGE>
illness or incapacity, but nothing in this Agreement shall preclude the
Executive from engaging in personal business and/or serving as a member of the
board of directors of other companies, charitable and community affairs,
provided that such activities do not interfere with the regular performance of
the Executive's duties and responsibilities under this Agreement.

         4. Term. The term of employment hereunder shall be for three (3) years
(the "Term") commencing on the Effective Date as set forth above and terminating
in three (3) years, unless sooner terminated under this Agreement. The Term
shall automatically renew every year, i.e. the Term shall be rolling and shall
never be in effect for less than three (3) years at any time while the Agreement
is effective.

         5. Compensation and Benefits.

         a. Salary. The Executive shall be paid a base salary (the "Base
Salary"), payable weekly, at an annual rate of no less than Three Hundred
Thousand Dollars ($300,000) for the first year, with annual incremental
increases of the greater of: (i) the percentage increase in the Consumer Price
Index, all items, as published by the United States Department of Labor, since
the Effective Time (in the case of the first annual increase) or since the most
recent anniversary of the Effective Time (in the case of all subsequent annual
increases), or (ii) six percent (6%) of the previous year's base salary. The
Company acknowledges and agrees that Executive is owed as of the date hereof the
sum of $579,990. This amount is a continuing obligation and is due to Executive
irrespective of any termination hereof.

         b. Options. The Executive shall receive an initial grant of 500,000
stock options, of which 300,000 are fully vested on March 16, 2006, 100,000 will
vest on March 16, 2007 and the remaining 100,000 will vest on March 16, 2008.
The options shall be exercisable at a price of $1.27 per share.

         c. Performance-based Bonus. Executive shall be entitled to a
performance based bonus in such amount as to be determined by the board of
directors.

         d. Executive Benefits. The Executive shall be entitled to participate
in all benefit programs of the Company currently existing or hereafter made
available to executives and/or other salaried employees, as well as any other
benefit programs including pension and other retirement plans, group life
insurance, hospitalization, medical (including surgical and major medical)
insurance, health and accident insurance, director and officer insurance, sick
leave, salary continuation, stock option plans, vacation and holidays, cellular
telephone and all related costs and expenses, long-term disability, and other
fringe benefits.

         e. Vacation. During each fiscal year of the Company, the Executive
shall be entitled to reasonable time and to utilize such vacation as the
Executive shall determine; provided however, that the Executive shall evidence
reasonable judgment with regard to appropriate vacation scheduling.
Notwithstanding the foregoing, Executive shall be entitled to five (5) weeks
paid vacation per year. The Executive shall be permitted to accrue vacation time

                                       2
<PAGE>
in accordance with Company policy. Upon Termination for any reason under this
Agreement, Executive shall be fully compensated for all properly accrued and
unused weeks of vacation.

         f. Business Expense Reimbursement. During the Term of employment, the
Executive shall be entitled to receive proper reimbursement for all
out-of-pocket expenses incurred by the Executive (in accordance with the
policies and procedures established by the Company for its senior executive
officers) in performing services hereunder including expenses for travel and
entertainment provided the Executive provides reasonable documentation of such
expenses.

         g. Automobile Expenses. Company shall pay a monthly automobile
allowance of $1,500 to the Executive. So as to adequately protect the Company
and Executive in the event that Executive is involved in any accident, Company
agrees to maintain minimum automobile accident insurance coverage of $500,000
per accident, and $1,000,000 aggregate per year. If such insurance cannot or is
not directly obtained and paid for by Company, it shall reimburse the Executive
for all costs thereof.

         h. Memberships, Dues. The Company shall provide to the Executive
memberships in social, charitable or religious organizations or clubs, which
memberships shall be either in the name of the Executive or in the name of the
Company, as determined by the Executive. Executive shall be entitled to $30,000
in reimbursements for memberships.

         i. Life Insurance. Company shall provide the Executive a universal life
insurance policy with a minimum death benefit of $3,000,000. Such policy shall
be owned by the Executive, or as Executive designates, with all premiums to be
paid by Company during the term hereof. The beneficiary of such life insurance
policy shall be designated by the Executive, although nothing contained herein
shall preclude Company from obtaining any available key-man life insurance
policy, if any, that would also benefit the Company upon the Executive's death.
Such policy shall also be freely transferable to, or assumable by, Executive
upon the expiration or earlier termination of this Agreement, for any reason,
provided that Executive shall then be responsible for all future premiums due
thereon. Executive agrees to reasonably cooperate with Company in the
acquisition or retention of such policies, including the provision of all
medically necessary information, and submission to such physical examinations or
testing as may be required.

         6. Consequences of Termination of Employment.

         a. Termination as a Result of Death. In the event of the death of the
Executive during the Term of this Agreement, the Executive's employment shall
terminate as of the date of Executive's death. The Executive's Compensation and
Benefits as provided for in Section 5 earned up to the last day of the month of
the Executive's death shall be paid to the Executive's designated beneficiary,
or, in the absence of such designation, to the estate or other legal
representative of the Executive, and all Compensation and Benefits under Section
5 shall continue to be paid in the same manner as provided in this Section for a
period of one (1) year following Termination as a Result of Death. The Company

                                       3
<PAGE>
shall also be obligated to pay to the Executive's estate or heirs, as the case
may be, such earned but unpaid bonuses from previous years. Except as set forth
herein, other death benefits will be determined in accordance with the terms of
the Company's benefit programs and plans. All previously held stock options,
rights and awards made to the Executive shall automatically become fully vested
as of the date of death.

         b. Termination as a Result of Disability.

                  i. In the event of the Executive's disability, as hereinafter
         defined, the Executive shall be entitled to compensation in accordance
         with the Company's disability compensation practice for senior
         executives, including any separate arrangement or policy covering the
         Executive, but in all events the Executive shall continue to receive
         the Compensation and Benefits under Section 5 of this Agreement for a
         period of one (1) year subsequent to Termination as a Result of
         Disability which shall be paid in the same manner as that preceding
         Termination as a Result of Disability. The Company shall be obligated
         to pay to the Executive all earned but unpaid bonuses from previous
         years. Any amounts provided for in this Section 6.b shall not be offset
         by other long-term disability benefits provided to the Executive by the
         Company.

                  ii. "Disability," for the purposes of this Agreement, shall be
         deemed to have occurred in the event (A) the Executive is unable by
         reason of sickness or accident, to perform the Executive's duties under
         this Agreement for an aggregate of 180 days in any twelve-month period
         or (B) the Executive has a guardian of the person or estate appointed
         by a court of competent jurisdiction. Termination as a result of
         Disability shall be deemed to have occurred upon the first day of the
         month following the determination of Disability as defined in the
         preceding sentence.

         Anything herein to the contrary notwithstanding, if, following a
Termination as a result of Disability as provided in the preceding paragraph,
the Executive becomes re-employed, whether as an Executive or a consultant to
the Company, any salary, annual incentive payments or other benefits earned by
the Executive from such employment shall not offset any salary continuation due
to the Executive hereunder commencing with the date of re-employment.

         c. Termination by the Company for Cause.

                  i. Nothing herein shall prevent the Company from terminating
         Employment for "Cause," as hereinafter defined. The Executive shall
         continue to receive salary only for the period ending with the date of
         such Termination as provided in this Section 6.c, although all earned
         but unpaid bonuses from past years performance will continue to be paid
         to Executive. Any rights and benefits the Executive may have in respect
         of any other compensation shall be determined in accordance with the
         terms of such other compensation arrangements or such plans or
         programs.

                                       4
<PAGE>
                  ii. "Cause" shall mean and include those actions or events
         specified below in subsections (A) through (D) to the extent the same
         occur, or the events constituting the same take place, subsequent to
         the date of execution of this Agreement: (A) Committing or
         participating in an injurious act of fraud or embezzlement against the
         Company; (B) engaging in a criminal enterprise involving moral
         turpitude; (C) conviction of an act or acts constituting a felony of a
         crime of violence, fraud or dishonesty under the laws of the United
         States or any state thereof; or (D) any assignment of this Agreement by
         the Executive in violation of Section 15 of this Agreement. Anything
         herein to the contrary notwithstanding, the employment of Executive
         shall not be terminable by the Company for Cause if the grounds for
         such termination includes (i) the result of bad judgment or poor
         economic results on the part of the Executive, (ii) any act or omission
         believed by Executive in good faith to have been in or not opposed to
         the interests of the Company, or (iii) any act or omission in respect
         of which a determination could properly be made that Executive met the
         applicable standard of conduct described for indemnification or
         reimbursement or payment of expenses under the Articles of
         Incorporation or Bylaws of the Company or the laws of the State of
         Florida or the directors' and officers' liability insurance of the
         Company, in each case as in effect at the time of such act or omission.

                  iii. Notwithstanding anything else contained in this
         Agreement, this Agreement will not be deemed to have been terminated
         for Cause unless and until there shall have been delivered to the
         Executive a notice of termination stating that the Executive committed
         one of the types of conduct set forth in this Section 6.c and
         specifying the particulars thereof, and the Executive shall be given a
         sixty (60) day period to cure such conduct, if possible.

         d. Termination by the Company Other than for Cause, Death or
Disability.

                  i. The Company may terminate the Executive's employment for
         whatever reason it deems appropriate provided, however, that unless
         such termination is based on Cause, as provided in Section 6.c. above,
         the Company may terminate this Agreement only upon giving three (3)
         months' prior written notice. During such three (3) month period
         preceding termination, the Executive will have all substantial rights
         and shall be entitled to the same access and privileges to Company
         property as he was preceding the notice of termination, and the Company
         shall continue to provide all Compensation and Benefits under Section 5
         of this Agreement to the Executive. The Company shall also be obligated
         to pay to the Executive such amount of Bonus equal to the amount
         received for the prior year or if no prior bonus an amount equal to
         $150,000, as well as all earned but unpaid bonuses from previous years.

                  ii. The Executive will continue to receive all Compensation
         and Benefits under Section 5 of this Agreement for a period of three
         (3) years following termination. The Executive shall continue to

                                       5
<PAGE>
         receive Salary at the same rate and in the same form and manner as that
         in the year of termination. The Executive shall continue to receive all
         Benefits in the same form and manner as that in the year of
         termination.

                  iii. The Executive, at his option, may require the Company to
         make a lump sum payment at the time of termination of (a) all or a
         portion of his entitled Compensation based on this Section 6.d, (b) all
         or a portion of his entitled Benefits based on this Section 6.d, or (c)
         any combination thereof.

                  iv. The foregoing notwithstanding, the Executive's employment
         may not be terminated by the Company for any reason other than pursuant
         to Section 6.a, Section 6.b and/or Section 6.c during the first three
         (3) years of this Agreement.

                  v. The Company shall, upon demand, pay or reimburse Executive
         for all legal fees and expenses of the Executive incurred as a result
         of such Termination (including all such fees and expenses, if any,
         incurred in contesting or disputing any such Termination, in seeking to
         obtain or enforce any right or benefit provided by this Agreement, or
         in interpreting this Agreement).

                  vi. The Executive shall be under no obligation to seek other
         employment and there shall be no offset against any amounts due the
         Executive under this Agreement on account of any remuneration
         attributable to any subsequent employment that the Executive may obtain
         (any amounts due under this Agreement are in the nature of severance
         payments, or liquidated damages, or both, and are not in the nature of
         a penalty).

                  vii. Unless the Executive is Terminated for Cause, Death or
         Disability, the Company shall maintain in full force and effect, for
         the Executive's continued benefit for a period to extend three (3)
         years from the date of termination, all active and retirement Insurance
         Benefits and other benefit programs or arrangements in which he was
         entitled to participate immediately prior to the termination provided
         that continued participation is possible under the general terms and
         provisions of such plans and programs. In the event that participation
         in any such plan or program is barred, the Company shall arrange to
         provide the Executive with benefits substantially similar to those
         which he is entitled to receive under such plans and programs.

                  viii. Unless the Executive is Terminated for Cause which is
         not contested by the Executive, the Company shall allow the Executive
         at Company expense, to continue to utilize the services of the
         Company's certified public accountants, and/or another accountant or
         attorney (including fees and expenses through all appeals) of his
         choice for assistance in enforcing this Agreement and preparation of
         his tax returns for the year following termination of employment. The
         Company hereby waives any potential conflict as a result of such
         representation.

         e. Voluntary Termination. In the event the Executive terminates the
Executive's employment on the Executive's own volition (except as provided in
Section 6.f and/or Section 6.g) prior to the expiration of the Term of this

                                       6
<PAGE>
Agreement, such termination shall constitute a Voluntary Termination. The
Company shall also be obligated to pay to the Executive all earned but unpaid
bonuses from past years performance.

         f. Constructive Termination of Employment. If the Executive so elects,
a Termination by the Company Other than for Cause, Death or Disability under
Section 6.d shall be deemed to have occurred upon the occurrence of one or more
of the following events without the express written consent of the Executive:

                  i. a significant change in the nature or scope of the
         authorities, powers, functions, duties or responsibilities attached to
         Executive's position as described in Section 3;

                  ii. five percent (5%) reduction in the Executive's base
         salary;

                  iii. a material breach of the Agreement by the Company;

                  iv. a material reduction of the Executive's benefits under any
         Executive benefit plan, program or arrangement (for Executive
         individually or as part of a group) of the Company as then in effect or
         as in effect on the Effective Date of the Agreement, which reduction
         shall not be effectuated for similarly situated Executives of the
         Company;

                  v. by a successor company to assume the obligations under the
         Agreement; or

                  vi. a change in the Executive principal office to a location
         outside the Broward County, Florida area.

         Anything herein to the contrary notwithstanding, the Executive shall
give written notice to the Board of Directors of the Company that the Executive
believes an event has occurred which would result in a Constructive Termination
of the Executive's employment under this Section 6.f, which written notice shall
specify the particular act or acts, on the basis of which the Executive intends
to so terminate the Executive's employment, and the Company shall then be given
the opportunity, within fifteen (15) days of its receipt of such notice to cure
said event, provided, however, there shall be no time period permitted to cure a
second or subsequent occurrence under this Section 6.f (whether such second
occurrence be of the same or a different event specified in subsections (i)
through (vi) above).

         g. Termination Following a Change of Control.

                  i. In the event that a "Change in Control" or an "Attempted
         Change in Control" as hereinafter defined, of the Company shall occur
         at any time during the Term hereof, the Executive shall have the right
         to terminate the Executive's employment under this Agreement upon
         thirty (30) days written notice given at any time within one year after
         the occurrence of such event, and such Termination of the Executive's
         employment with the Company pursuant to this Section 6.g.i, then, in
         any such event, such Termination shall be deemed to be a Termination by

                                       7
<PAGE>
         the Company Other than for Cause, Death or Disability and the Executive
         shall be entitled to such Compensation and Benefits as set forth in
         Subsection 6.d of this Agreement.

                  ii. For purposes of this Agreement, a "Change in Control" of
         the Company shall mean a change in control (A) as set forth in Section
         280G of the Internal Revenue Code or (B) of a nature that would be
         required to be reported in response to Item 1 of the current report on
         Form 8K, as in effect on the date hereof, pursuant to Section 13 or
         15(d) of the Securities Exchange Act of 1934 (the "Exchange Act");
         provided that, without limitation, such a change in control shall be
         deemed to have occurred at such time as:

                           (A) any "person", other than the Executive, (as such
                  term is used in Section 13(d) and 14(d) of the Exchange Act)
                  is or becomes the "beneficial owner" (as defined in Rule 13d-3
                  under the Exchange Act), directly or indirectly, of securities
                  of the Company representing thirty percent (30%) or more of
                  the combined voting power of the Company's outstanding
                  securities then having the right to vote at elections of
                  directors; or,

                           (B) the individuals who at the effective date of the
                  Agreement constitute the Board of Directors cease for any
                  reason to constitute a majority thereof unless the election,
                  or nomination for election, of each new director was approved
                  by a vote of at least two thirds of the directors then in
                  office who were directors at the commencement of the
                  Agreement; or

                           (C) there is a failure to elect such number of
                  directors as would constitute a majority of the Board of
                  Directors candidates nominated by the Company to the Board of
                  Directors; or

                           (D) the business of the Company for which the
                  Executive's services are principally performed is disposed of
                  by the Company pursuant to a partial or complete liquidation
                  of the Company, a sale of assets (including stock of a
                  subsidiary of the Company) or otherwise.

         Anything herein to the contrary notwithstanding, this Section 6.g.ii
will not apply where the Executive gives his explicit written waiver stating
that for the purposes of this Section 6.g.ii a Change in Control shall not be
deemed to have occurred. The Executive's participation in any negotiations or
other matters in relation to a Change in Control shall in no way constitute such
a waiver which can only be given by an explicit written waiver as provided in
the preceding sentence.

         An "Attempted Change in Control" shall be deemed to have occurred if
any substantial attempt, accompanied by significant work efforts and
expenditures of money, is made to accomplish a Change in Control, as described
in subparagraphs (A), (B), (C) or (D) above whether or not such attempt is made

                                       8
<PAGE>
with the approval of a majority of the then current members of the Board of
Directors.

                  iii. In the event that, within twelve (12) months of any
         Change in Control of the Company or any Attempted Change in Control of
         the Company, the Company terminates the employment of the Executive
         under this Agreement, for any reason other than for Cause as defined in
         Section 6.c, or the Executive's employment is constructively terminated
         as defined in Section 6.g.iv, then, in any such event, such Termination
         shall be deemed to be a Termination by the Company Other than for
         Cause, Death or Disability and the Executive shall be entitled to such
         Compensation and Benefits as set forth in Subsection 6.d of this
         Agreement.

                  iv. For purposes of this Section 6.g, the Executive's
         employment shall be deemed constructively terminated in the event one
         or more of the following events occurs without the express written
         consent of the Executive:

                           (A) Significant change in the nature or scope of the
                  authorities, powers, functions, duties or responsibilities
                  attached to Executive's position as described in Section 3; or

                           (B) A five percent (5%) reduction in the Executive's
                  salary below the salary in effect immediately prior to such
                  reduction or a reduction in the target bonus participation
                  under Section 5.d as a percentage of salary; or

                           (C) Material breach of the Agreement by the Company;
                  or

                           (D) Material reduction of the Executive's benefits
                  under any Executive benefit plan, program or arrangement (for
                  Executive individually or as part of a group) of the Company
                  as then in effect or as in effect on the effective date or the
                  Agreement, which reduction shall not be effectuated for
                  similarly situated Executives of the Company; or

                           (E) Failure by a successor company to assume the
                  obligations under the Agreement; or

                           (F) Change in the Executive's principal office to a
                  location outside the Broward County, Florida.

                  v. Anything in this Section 6.g to the contrary
         notwithstanding, in no event will any action or non-action by the
         Executive at any time prior to the first anniversary date of the
         applicable Change in Control or Attempted Change in Control (including
         any action or non-action prior to the effective date of this Agreement)
         be deemed consent to any of the events described in this Section 6.g.

                  vi. Anything herein to the contrary notwithstanding, in the
         event the circumstances giving rise to an Attempted Change in Control
         are included in those circumstances giving rise to an actual Change in

                                       9
<PAGE>
         Control the twelve (12) month period under this Section 6 will be
         deemed to have recommenced on the date the actual Change in Control
         occurred.

                  vii. If Executive, as a result of a Change in Control as
         defined herein, shall incur any legal expenses as a result of such
         Change in Control, the Executive shall be entitled to recover all
         reasonable attorney's fees incurred by Executive.

         7. Covenant Not to Compete and Non-Disclosure of Information.

         a. Covenant Not to Compete. The Executive acknowledges and recognizes
the highly competitive nature of the Company's business and the goodwill,
continued patronage, and specifically the names and addresses of the Company's
Clients (as hereinafter defined) constitute a substantial asset of the Company
having been acquired through considerable time, money and effort. Accordingly,
in consideration of the execution of this Agreement, the Executive agrees to the
following:

                  i. That until a termination occurs for any reason under this
         Agreement and for a one year period thereafter (as herein defined) and
         within the Restricted Area (as hereinafter defined), the Executive will
         not, individually or in conjunction with others, directly or
         indirectly, engage in any Business Activities (as hereinafter defined),
         whether as an officer, director, proprietor, employer, partner,
         independent contractor, investor (other than as a holder solely as an
         investment of less than 1% of the outstanding capital stock of a
         publicly traded corporation), consultant, advisor, agent or otherwise.

                  ii. That until a termination occurs for any reason under this
         Agreement and for a one year period thereafter, and within the
         Restricted Area, the Executive will not, directly or indirectly,
         compete with the Company by soliciting, inducing or influencing any of
         the Company's clients which have a business relationship with the
         Company at the time during the Restricted Period to discontinue or
         reduce the extent of such relationship with the Company.

                  iii. That until a termination occurs for any reason under this
         Agreement and for a one year period thereafter, and within the
         Restricted Area, the Executive will not (A) directly or indirectly
         recruit, solicit or otherwise influence any Executive or agent of the
         Company to discontinue such employment or agency relationship with the
         Company, or (B) employ or seek to employ, or cause or permit any
         business which competes directly or indirectly with the Business
         Activities of the Company (the "Competitive Business") to employ or
         seek to employ for any Competitive Business any person who is then (or
         was at any time within six (6) months prior to the date Executive or
         the Competitive Business employs or seeks to employ such person)
         employed by the Company.

                  iv. That until a termination occurs for any reason under this
         Agreement and for a one year period thereafter, the Executive will not
         interfere with, or disrupt or attempt to disrupt any past, present or

                                       10
<PAGE>
         prospective relationship, contractual or otherwise, between the Company
         and any customer, Executive or agent of the Company.

                  v. In the event that a termination occurs "without cause" or
         for disability by the Company under this Agreement, this Section 7.a
         and all references thereto shall be inapplicable as to the Executive
         and the Company.

         b. Non-Disclosure of Information. The Executive acknowledges that the
Company's trade secrets, private or secret processes, methods and ideas, as they
exist from time to time, customer lists and information concerning the Company's
products, services, training methods, development, technical information,
marketing activities and procedures, credit and financial data concerning the
Company and/or the Company's Clients, and (the "Proprietary Information") are
valuable, special and unique assets of the Company, access to and knowledge of
which are essential to the performance of the Executive hereunder. In light of
the highly competitive nature of the industry in which the Company's business is
conducted, the Executive agrees that all Proprietary Information, heretofore or
in the future obtained by the Executive as a result of the Executive's
association with the Company shall be considered confidential.

         In recognition of this fact, the Executive agrees that until a
termination occurs for any reason under this Agreement, the Executive will not
use or disclose any of such Proprietary Information for the Executive's own
purposes or for the benefit of any person or other entity or organization
(except the Company) under any circumstances unless: (i) such Proprietary
Information has been publicly disclosed generally; (ii) upon written advice of
legal counsel reasonably satisfactory to the Company; (iii) the Executive is
legally required to disclose such Proprietary Information; or (iv) unless such
documentation is necessary in order for the Executive to obtain investment or
tax advice.

         c. Company's Clients. The "Company's Clients" shall be deemed to be any
persons, partnerships, corporations, professional associations or other
organizations for whom the Company has performed Business Activities.

         d. Restricted Area. The Restricted Area shall be deemed to mean any
county of any state in which the Company is providing service at the time of a
termination under this Agreement.

         e. Business Activities. "Business Activities" shall be deemed to
include retail travel services.

         8. Indemnification. As an employee, officer and director of the
Company, the Executive shall be indemnified against and the Company shall use
its best efforts to maintain director and officer insurance in amounts not less
than $2,000,000 for all liabilities, damages, fines, costs and expenses to the
fullest extent to which employees, officers and directors of a corporation
organized under the laws of the state of Florida may be indemnified. The

                                      11
<PAGE>
Executive shall continue to be covered by the Articles of Incorporation and/or
the Bylaws of the Company with respect to matters occurring on or prior to the
date of termination of the Executive's employment with the Company, subject to
all the provisions of Florida and Federal law and the Articles of Incorporation
and Bylaws of the Company then in effect. Such reasonable expenses, including
attorneys' fees, that may be covered by the Articles of Incorporation and/or
Bylaws of the Company shall be paid by the Company on a current basis in
accordance with such provision, the Company's Articles of Incorporation and
Florida law.

         9. Withholding. Anything to the contrary notwithstanding, all payments
required to be made by the Company hereunder to the Executive or the Executive's
estate or beneficiaries shall be subject to the withholding of such amounts, if
any, relating to tax and other payroll deductions as the Company may reasonably
determine it should withhold pursuant to any applicable law or regulation. In
lieu of withholding such amounts, the Company may accept other arrangements
pursuant to which it is satisfied that such tax and other payroll obligations
will be satisfied in a manner complying with applicable law or regulation.

         10. Notices. Any notice required or permitted to be given under the
terms of this Agreement shall be sufficient if in writing and if sent postage
prepaid by registered or certified mail, return receipt requested; by overnight
delivery; by courier; or by confirmed telecopy, in the case of the Executive to
the Executive's last place of business or residence as shown on the records of
the Company, or in the case of the Company to its principal office as set forth
in the first paragraph of this Agreement, or at such other place as it may
designate.

         11. Certain Tax Matters. The Company shall indemnify and hold the
Executive harmless from and against (i) the imposition of excise tax (the
"Excise Tax") under Section 4999 of the Internal Revenue Code of 1986, as
amended (or any successor provision thereto, the "Code"), on any payment made
under this Agreement (including any payment made under this paragraph) and any
interest, penalties and additions to tax imposed in connection therewith, and
(ii) any federal, state or local income tax imposed on any payment made pursuant
to this paragraph. The Executive shall not take the position on any tax return
or other filing that any payment made under this Agreement is subject to the
Excise Tax, unless, in the opinion of independent tax counsel reasonably
acceptable to the Company, there is no reasonable basis for taking the position
that any such payment is not subject to the Excise Tax under U.S. tax law then
in effect. If the Internal Revenue Service makes a claim that any payment or
portion thereof is subject to the Excise Tax, at the Company's election, and the
Company's direction and expense, the Executive shall contest such claim;
provided, however, that the Company shall advance to the Executive the costs and
expenses of such contest, as incurred. For the purpose of determining the amount
of any payment under clause (ii) of the first sentence of this paragraph, the
Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation applicable to individuals in the calendar year
in which such indemnity payment is to be made and state and local income taxes
at the highest marginal rates of taxation applicable to individuals as are in
effect in the jurisdiction in which the Executive is resident, net of the

                                       12
<PAGE>
reduction in federal income taxes that is obtained from deduction of such state
and local taxes.

         12. Waiver. Unless agreed in writing, the failure of either party, at
any time, to require performance by the other of any provisions hereunder shall
not affect its right thereafter to enforce the same, nor shall a waiver by
either party of any breach of any provision hereof be taken or held to be a
waiver of any other preceding or succeeding breach of any term or provision of
this Agreement. No extension of time for the performance of any obligation or
act shall be deemed to be an extension of time for the performance of any other
obligation or act hereunder.

         13. Completeness and Modification. This Agreement constitutes the
entire understanding between the parties hereto superseding all prior and
contemporaneous agreements or understandings among the parties hereto concerning
the Employment Agreement. This Agreement may be amended, modified, superseded or
canceled, and any of the terms, covenants, representations, warranties or
conditions hereof may be waived, only by a written instrument executed by the
parties or, in the case of a waiver, by the party to be charged.

         14. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which shall
constitute but one agreement.

         15. Binding Effect/Assignment. This Agreement shall be binding upon the
parties hereto, their heirs, legal representatives, successors and assigns. This
Agreement shall not be assignable by the Executive but shall be assignable by
the Company in connection with the sale, transfer or other disposition of its
business or to any of the Company's affiliates controlled by or under common
control with the Company.

         16. Governing Law Venue. This Agreement shall become valid when
executed and accepted by Company. The parties agree that it shall be deemed made
and entered into in the State of Florida and shall be governed and construed
under and in accordance with the laws of the State of Florida. Any action or
dispute concerning this Agreement shall be brought in the appropriate court in
Broward County, Florida. Anything in this Agreement to the contrary
notwithstanding, the Executive shall conduct the Executive's business in a
lawful manner and faithfully comply with applicable laws or regulations of the
state, city or other political subdivision in which the Executive is located.

         17. Further Assurances. All parties hereto shall execute and deliver
such other instruments and do such other acts as may be necessary to carry out
the intent and purposes of this Agreement.

         18. Headings. The headings of the sections are for convenience only and
shall not control or affect the meaning or construction or limit the scope or
intent of any of the provisions of this Agreement.

                                       13
<PAGE>
         19. Survival. Any termination of this Agreement shall not, however,
affect the ongoing provisions of this Agreement which shall survive such
termination in accordance with their terms.

         20. Severability. The invalidity or unenforceability, in whole or in
part, of any covenant, promise or undertaking, or any section, subsection,
paragraph, sentence, clause, phrase or word or of any provision of this
Agreement shall not affect the validity or enforceability of the remaining
portions thereof.

         21. Enforcement. Should it become necessary for any party to institute
or defend any action whatsoever in order to enforce the terms and conditions of
this Agreement, the Executive shall be awarded all reasonable costs and fees
incurred as a result of such action.

         22. Construction. This Agreement shall be construed within the fair
meaning of each of its terms and not against the party drafting the document.

THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS READ ALL OF THE TERMS OF THIS
AGREEMENT, UNDERSTANDS THE AGREEMENT, AND AGREES TO ABIDE BY ITS TERMS AND
CONDITIONS.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of date
set forth in the first paragraph of this Agreement.

                                          THE COMPANY:

                                          ONLINE VACATION CENTER HOLDINGS CORP.

                                          By:/S/EDWARD B. RUDNER
                                             -----------------------
                                             Edward B. Rudner, President
                                             and Chief Executive Officer

                                          THE EXECUTIVE:

                                          /S/EDWARD B. RUDNER
                                          --------------------------
                                          Edward B. Rudner

                                       14Exhibit 10.1

 

HEMACARE CORPORATION

1996
STOCK INCENTIVE PLAN

(As Amended and Restated
Through May 24, 2005)

(As Further Amended as of January 26, 2006)

 

SECTION 1.
Purposes.

 

The purposes of the HemaCare Corporation 1996 Stock Incentive Plan (the
“Plan”) are to (i) enable HemaCare Corporation (the “Company”) and Related
Companies (as defined below) to attract, motivate and retain top-quality
directors, officers, employees, consultants, advisers and independent
contractors (including without limitation dealers, distributors and other
business entities or persons providing services on behalf of the Company or a
Related Company), (ii) provide substantial incentives for such directors,
officers, employees, consultants, advisers and independent contractors of the
Company or a Related Company (“Participants”) to act in the best interests of
the shareholders of the Company and (iii) reward extraordinary effort by
Participants on behalf of the Company or a Related Company. For purposes of the
Plan, a “Related Company” means any corporation, partnership, joint venture or
other entity in which the Company owns, directly or indirectly, at least a
twenty percent (20%) beneficial ownership interest.

 

SECTION 2.
Types of Awards. Awards under the Plan may be in the form of (i) Stock
Options or (ii) Restricted Stock.

 

SECTION 3.
Administration.

 

3.1           Except
as otherwise provided herein, the Plan shall be administered by the
Compensation Committee of the Board of Directors of the Company (the “Board”)
or such other committee of directors as the Board shall designate, which
committee in either such case shall consist solely of not less than two “non-employee
directors” (as such term is defined in Rule 16b-3 under the Securities
Exchange Act of 1934 (the “Exchange Act”) or any successor rule (“Rule 16b-3”))
who shall serve at the pleasure of the Board, each of whom shall also be an “outside
director” within the meaning of Section 162(m) of the Internal Revenue
Code and Section 1.162-27 of the Treasury Regulations or any successor provision(s)
thereto (“Section 162(m)”); provided, however, that if there are not two
persons on the Board who meet the foregoing qualifications, any such committee
may be comprised of two or more directors of the Company, none of which is an
officer (other than a non-employee Chairman of the Board of the Company) or an
employee of the Company or a Related Company. If no such committee has been
appointed by the Board, the Plan shall be administered by the Board, and the
Plan shall be administered by the Board to the extent provided in the last
sentence of this Section. Such committee as shall be designated to administer
the Plan, if any, or the Board is referred to herein as the “Committee.”  Notwithstanding any other provision of the
Plan to the contrary, if such a committee has been designated to administer the
Plan, all actions with respect to the administration of the Plan in respect of
the members of such committee shall be taken by the Board.

 

3.2           The
Committee shall have the following authority with respect to awards under the
Plan to Participants:  to grant awards to
eligible Participants under the Plan; to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall
deem advisable; to interpret the terms and provisions of the Plan and any award
granted under the Plan; and to otherwise supervise the administration of the
Plan. In particular, and without limiting its authority and powers, the
Committee shall have the authority:

 

(a)           to determine whether
and to what extent any award or combination of awards will be granted
hereunder;

 

(b)           to select the
Participants to whom awards will be granted;

 

1

 

(c)           to determine the number
of shares of the common stock of the Company (the “Stock”) to be covered by
each award granted hereunder, provided that no Participant will be granted
Stock Options on or with respect to more than 250,000 shares of Stock in any
calendar year;

 

(d)           to determine the terms
and conditions of any award granted hereunder, including, but not limited to,
any vesting or other restrictions based on performance and such other factors
as the Committee may determine, and to determine whether the terms and
conditions of the award are satisfied;

 

(e)           to determine the
treatment of awards upon a Participant’s retirement, disability, death,
termination for cause or other termination of employment or other qualifying
relationship with the Company or a Related Company;

 

(f)            to determine that
amounts equal to the amount of any dividends declared with respect to the
number of shares covered by an award (i) will be paid to the Participant
currently or (ii) will be deferred and deemed to be reinvested or (iii) will
otherwise be credited to the Participant, or that the Participant has no rights
with respect to such dividends;

 

(g)           to determine whether,
to what extent, and under what circumstances Stock and other amounts payable
with respect to an award will be deferred either automatically or at the
election of a Participant, including providing for and determining the amount
(if any) of deemed earnings on any deferred amount during any deferral period;

 

(h)           to provide that the
shares of Stock received as a result of an award shall be subject to a right of
first refusal, pursuant to which the Participant shall be required to offer to
the Company any shares that the Participant wishes to sell, subject to such
terms and conditions as the Committee may specify;

 

(i)            to amend the terms of
any award, prospectively or retroactively; provided, however, that no amendment
shall impair the rights of the award holder without his or her consent; and

 

(j)            to substitute new
Stock Options for previously granted Stock Options, or for options granted
under other plans, in each case including previously granted options having
higher option prices.

 

3.3           All
determinations made by the Committee pursuant to the provisions of the Plan
shall be final and binding on all persons, including the Company and all
Participants.

 

3.4           The
Committee may from time to time delegate to one or more officers of the Company
any or all of its authorities granted hereunder except with respect to awards
granted to persons subject to Section 16 of the Exchange Act. The
Committee shall specify the maximum number of shares that the officer or
officers to whom such authority is delegated may award, and the Committee may
in its discretion specify any other limitations or restrictions on the
authority delegated to such officer or officers.

 

2

 

SECTION 4.
Stock Subject to Plan.

 

4.1           The
total number of shares of Stock reserved and available for distribution under
the Plan shall be 2,500,000 (subject to adjustment as provided in Section 4.3);
provided, however, that no award of a Stock Option or Restricted Stock may be
made at any time if, after giving effect to such award, the total number of
shares of Stock issuable upon exercise of all outstanding options and warrants
of the Company (whether or not under the Plan) plus the total number of shares
of Stock called for under any stock bonus or similar plan of the Company
(including shares of Stock underlying awards of Stock Options or Restricted
Stock under the Plan) would exceed thirty percent (30%) of the total
number of shares of Stock outstanding at the time of such award. For purposes
of the foregoing:  (i) those shares
issuable upon exercise of rights, options or warrants, or under a stock
purchase plan, meeting the requirements for exclusion set forth at any time and
from time to time in Rule 260.140.45 of the California Commissioner of
Corporations shall not be counted against the thirty percent (30%)
limitation; (ii) any outstanding preferred or senior common shares of the
Company convertible into Stock shall be deemed converted in determining the
total number of outstanding shares of Stock at any time; and (iii) any
shares of Stock subject to promotional waivers under Rule 260.141 of the
California Commissioner of Corporations shall not be deemed to be outstanding. Shares
of Stock issuable in connection with any award under the Plan may consist of
authorized but unissued shares or treasury shares.

 

4.2           To
the extent a Stock Option terminates without having been exercised, or shares
awarded are forfeited, the shares subject to such award shall again be
available for distribution in connection with future awards under the Plan,
subject to the limitations set forth in Section 4.1, unless the forfeiting
Participant received any benefits of ownership such as dividends from the
forfeited award.

 

4.3           In
the event of any merger, reorganization, consolidation, sale of substantially
all assets, recapitalization, Stock dividend, Stock split, spin-off, split-up,
split-off, distribution of assets or other change in corporate structure
affecting the Stock, a substitution or adjustment, as may be determined to be
proportionate by the Committee in its sole discretion, shall be made in the
aggregate number of shares reserved for issuance under the Plan, the number of
shares subject to outstanding awards and the amounts to be paid by award holder
or the Company, as the case may be, with respect to outstanding awards;
provided, however, that no such adjustment shall increase the aggregate value
of any outstanding award. In the event any change described in this Section 4.3
occurs and an adjustment is made in the outstanding Stock Options, a similar
adjustment shall be made in the maximum number of shares covered by Stock
Options that may be granted to any employee pursuant to Section 3.2(c).

 

SECTION 5.
Eligibility.

 

Participants
under the Plan shall be selected from time to time by the Committee, in its
sole discretion, from among those eligible.

 

SECTION 6.
Stock Options.

 

6.1           The
Stock Options awarded to officers and employees under the Plan may be of two
types:  (i) Incentive Stock Options
within the meaning of Section 422 of the Internal Revenue Code or any
successor provision thereto (“Section 422”); and (ii) Non-Qualified
Stock Options. If any Stock Option does not qualify as an Incentive Stock Option,
or the Committee at the time of grant determines that any Stock Option shall be
a Non-Qualified Stock Option, it shall constitute a Non-Qualified Stock Option.
Stock Options awarded to any Participant who is not an officer or employee of
the Company or a Related Company shall be Non-Qualified Stock Options.

 

6.2           Subject
to the following provisions, Stock Options awarded to Participants under the
Plan shall be in such form and shall have such terms and conditions as the
Committee may determine:

 

(a)           Option Price.
The option price per share of Stock purchasable under a Stock Option shall be
determined by the Committee; provided, however, that the option price per

 

3

 

share of Stock
shall be not less than one hundred percent (100%) of the “Fair Market Value”
(as defined below) of the Stock on the date of grant of the Stock Option; and
provided, further, that if at the time of grant the Participant owns, or would
be considered to own by reason of Section 424(d) of the Internal
Revenue Code or any successor provision thereto, more than ten
percent (10%) of the total combined voting power of all classes of stock
of the Company or any parent or subsidiary of the Company, the option price per
share of Stock shall be not less than one hundred ten percent (110%) of
the Fair Market Value of the Stock on the date of grant of the Stock Option. For
purposes of the Plan, “Fair Market Value” in relation to a share of the Stock
means, if the Stock is publicly traded, the closing per share bona fide bid
price of the Stock on such date. In any situation not covered above, the Fair
Market Value shall be determined by the Committee in accordance with one of the
valuation methods described in Section 20.2031-2 of the Federal Estate Tax
Regulations or any successor provision thereto.

 

(b)           Option Term.
The term of each Stock Option shall be fixed by the Committee, but in no event
longer than one hundred twenty (120) months after the date of grant of
such Stock Option.

 

(c)           Exercisability. Stock
Options shall be exercisable at such time or times and subject to such terms
and conditions as shall be determined by the Committee; provided, however, that
in the case of Stock Options awarded to Participants other than directors,
officers, consultants or independent contractors, Stock Options under any award
shall become exercisable at the rate of at least twenty percent (20%) per
year over five (5) years from the date the Stock Option is granted. If
the Committee provides that any Stock Option is exercisable only in
installments, the Committee may waive such installment exercise provisions at
any time in whole or in part.

 

(d)           Method of Exercise.
Stock Options may be exercised in whole or in part at any time during the
option period by giving written notice of exercise to the Company specifying
the number of shares to be purchased, accompanied by payment of the purchase
price. Payment of the purchase price shall be made in such manner as the
Committee may provide in the award, which may include cash (including cash
equivalents), delivery of shares of Stock already owned by the optionee or
subject to awards hereunder, any other manner permitted by law as determined by
the Committee, or any combination of the foregoing. The Committee may provide that
all or part of the shares received upon the exercise of a Stock Option which
are paid for using Restricted Stock shall be restricted in accordance with the
original terms of the award in question.

 

(e)           No Shareholder Rights.
An optionee shall have no rights to dividends or other rights of a shareholder
with respect to shares subject to a Stock Option until the optionee has given
written notice of exercise and has paid for such shares.

 

(f)            Surrender Rights.
The Committee may provide that Stock Options may be surrendered for cash upon
any terms and conditions set by the Committee.

 

(g)           Non-Transferability;
Limited Transferability. A Stock Option Agreement may permit an optionee to
transfer the Stock Option to his or her children, grandchildren or spouse (“Immediate
Family”), to one or more trusts for the benefit of such Immediate Family
members, or to one or more partnerships in which such Immediate Family members
are the only partners if (i) the agreement setting forth such Stock Option
expressly provides that such Stock Option may be transferred only with the
express written consent of the Committee, and (ii) the optionee does not
receive any consideration in any form whatsoever for such transfer. Any Stock Option
so transferred shall continue to be subject to the same terms and conditions as
were applicable to such Stock Option immediately prior to the transfer thereof.
Any Stock

 

4

 

Option not
(x) granted pursuant to any agreement expressly allowing the transfer of
such Stock Option or (y) amended expressly to permit its transfer shall
not be transferable by the optionee otherwise than by will or by the laws of
descent and distribution, and such Stock Option shall be exercisable during the
optionee’s lifetime only by the optionee.

 

(h)           Termination of Relationship.
If an optionee’s employment or other qualifying relationship with the Company
or a Related Company terminates by reason of death, disability, retirement,
voluntary or involuntary termination or otherwise, the Stock Option shall be
exercisable to the extent determined by the Committee; provided, however, that
unless employment or such other qualifying relationship is terminated for cause
(as may be defined by the Committee in connection with the grant of any Stock
Option), the Stock Option shall remain exercisable (to the extent that it was
otherwise exercisable on the date of termination) for (A) at least
six (6) months from the date of termination if termination was caused
by death or disability or (B) at least ninety (90) days from the date
of termination if termination was caused by other than death or disability. The
Committee may provide that, notwithstanding the option term fixed pursuant to Section 6.2(b),
a Stock Option which is outstanding on the date of an optionee’s death shall
remain outstanding for an additional period after the date of such death. For
the purposes of this Plan, “termination for cause” shall mean any fraudulent or
dishonest act or gross abuse of authority with respect to the Company that
likely will result in material harm to the Company or any illegal act or drug,
alcohol or substance abuse.

 

(i)            Option Grants to Participants Subject to Section 16.
If for any reason any Stock Option granted to a Participant subject to Section 16
of the Exchange Act is not approved in the manner provided for in
clause (d)(1) or (d)(2) of Rule 16b-3, neither the Stock
Option (except upon its exercise) nor the Stock underlying the Stock Option may
be disposed of by the Participant until six months have elapsed following the
date of grant of the Stock Option, unless the Committee otherwise specifically
permits such disposition.

 

6.3           Notwithstanding
the provisions of Section 6.2, no Incentive Stock Option shall (i) have
an option price which is less than one hundred percent (100%) of the Fair
Market Value of the Stock on the date of the award of the Stock Option (or less
than one hundred ten percent (110%) of the Fair Market Value of the Stock
on the date of award of the Stock Option if the Participant owns, or would be
considered to own by reason of Section 424(d) of the Internal Revenue
Code or any successor provision thereto, more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any
parent or subsidiary of the Company at the time of the grant of the Stock
Option), (ii) be exercisable more than ten (10) years after the
date such Incentive Stock Option is awarded (five (5) years after the
date of award if the Participant owns, or would be considered to own by reason
of Section 424(d) of the Internal Revenue Code or any successor
provision thereto, more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any parent or subsidiary
of the Company at the time of the grant of the Stock Option), (iii) be
awarded more than ten (10) years after the effective date of the Plan
(or the latest restatement of the Plan) or (iv) be transferable other than
by will or by the laws of descent and distribution. In addition, the aggregate
Fair Market Value (determined as of the time a Stock Option is granted) of
Stock with respect to which Incentive Stock Options granted after December 31,
1986 are exercisable for the first time by a Participant in any calendar year
(under the Plan and any other plans of the Company or any subsidiary or parent
corporation) shall not exceed $100,000.

 

SECTION 7.
Restricted Stock.

 

Subject to the
following provisions, all awards of Restricted Stock to Participants shall be
in such form and shall have such terms and conditions as the Committee may
determine:

 

(a)           The Restricted Stock
award shall specify the number of shares of Restricted Stock to be awarded, the
price, if any, to be paid by the recipient of the Restricted Stock and

 

5

 

the date or
dates on which, or the conditions upon the satisfaction of which, the
Restricted Stock will vest. The vesting of Restricted Stock may be conditioned
upon the completion of a specified period of service with the Company or a
Related Company, upon the attainment of specified performance goals or upon
such other criteria as the Committee may determine.

 

(b)           Stock certificates
representing the Restricted Stock awarded to an employee shall be registered in
the Participant’s name, but the Committee may direct that such certificates be
held by the Company on behalf of the Participant. Except as may be permitted by
the Committee, no share of Restricted Stock may be sold, transferred, assigned,
pledged or otherwise encumbered by the Participant until such share has vested
in accordance with the terms of the Restricted Stock award. At the time
Restricted Stock vests, a certificate for such vested shares shall be delivered
to the Participant (or his or her designated beneficiary in the event of
death), free of all restrictions.

 

(c)           The Committee may
provide that the Participant shall have the right to vote or receive dividends,
or both, on Restricted Stock. The Committee may provide that Stock received as
a dividend on, or in connection with a stock split of, Restricted Stock shall
be subject to the same restrictions as the Restricted Stock.

 

(d)           Except as may be
provided by the Committee, in the event of a Participant’s termination of
employment or other qualifying relationship with the Company or a Related
Company before all of his or her Restricted Stock has vested, or in the event
any conditions to the vesting of Restricted Stock have not been satisfied prior
to any deadline for the satisfaction of such conditions set forth in the award,
the shares of Restricted Stock which have not vested shall be forfeited, and
the Committee may provide that the lower of (i) any purchase price paid by
the Participant and (ii) the Restricted Stock’s aggregate Fair Market
Value on the date of forfeiture shall be paid in cash to the Participant.

 

(e)           The Committee may
waive, in whole or in part, any or all of the conditions to receipt of, or
restrictions with respect to, any or all of the Participant’s Restricted Stock.

 

(f)            If for any reason any
Restricted Stock awarded to a Participant subject to Section 16 of the
Exchange Act is not approved in the manner provided for in clause (d)(1) or
(d)(2) of Rule 16b-3, the Restricted Stock may not be disposed of by
the Participant until six months have elapsed following the date of award of
the Restricted Stock, unless the Committee otherwise specifically permits such
disposition.

 

SECTION 8.
Substitute Options in Business Combinations.

 

If the Company at any time should succeed to the business of another
corporation through a merger or consolidation, or through the acquisition of
stock or assets of such corporation or its related companies who, in connection
with such succession, become employees of the Company or a Related Company in
substitution for options to purchase stock of such acquired corporation held by
them at the time of such succession. The Committee, in its sole discretion,
shall determine the extent to which such substitute Stock Options shall be
granted (if at all), the persons to receive such substitute Stock Options (who
need not be all optionees of such corporation) the proportionate
number and type of Stock Options to be received by each such person, the
exercise price of such Stock Options (which may be determined without regard to
Section 6) and the terms and conditions of such substitute Stock Options;
provided, however, that the exercise price of each substitute Stock Option
shall be an amount that, in the sole judgment of the Committee (and if the
Stock Options to be granted are intended to be Incentive Stock Options, in
compliance with Section 424(a) of the Code), the economic benefit
provided by such Stock Option is not greater than the

 

6

 

economic benefit represented by the stock option of the acquired
corporation as of the date of the Company’s acquisition of such corporation. Any
substitute Stock Option granted under this Section 8 shall expire upon the
expiration date of such other stock option or, if earlier, ten (10) years
after the date of grant of the substitute Stock Option, and, notwithstanding Section 6
shall be exercisable during the period(s) in which the other stock option would
have been exercisable and in no event shall it
have an exercise period more than 120 months from the date the substitute Stock
Option is granted. Any provision of this Section 8 to the
contrary notwithstanding, no Stock Option shall be granted, nor any action
taken, permitted or omitted, which would have the effect of causing the Plan or
any awards hereunder to fail to qualify for exemption Rule 16b-3, without
the express approval of the Board.

 

SECTION 9.
Election to Defer Awards.

 

The Committee
may permit a Participant to elect to defer receipt of an award for a specified
period or until a specified event, upon such terms as are determined by the
Committee.

 

SECTION 10.
Tax Withholding.

 

10.1         Each
Participant shall, no later than the date as of which the value of an award
first becomes includible in such person’s gross income for applicable tax
purposes, pay to the Company, or make arrangements satisfactory to the
Committee (which may include delivery of shares of Stock already owned by the
optionee or subject to awards hereunder) regarding payment of, any federal,
state, local or other taxes of any kind required by law to be withheld with
respect to the award. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements, and the Company (and, where
applicable, any Related Company), shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment of any kind otherwise due
to the Participant.

 

10.2         To
the extent permitted by the Committee, and subject to such terms and conditions
as the Committee may provide, a Participant may elect to have the withholding
tax obligation, or any additional tax obligation with respect to any awards
hereunder, satisfied by (i) having the Company withhold shares of Stock
otherwise deliverable to such person with respect to the award or (ii) delivering
to the Company shares of unrestricted Stock.

 

SECTION 11.
Amendments and Termination.

 

No awards may
be granted under the Plan more than ten (10) years after the date of
approval of the Plan by the shareholders of the Company. The Board may
discontinue the Plan at any earlier time and may amend it from time to time. No
amendment or discontinuation of the Plan shall adversely affect any award
previously granted without the award holder’s written consent. Amendments may
be made without shareholder approval except (i) if and to the extent
necessary to satisfy any applicable mandatory legal or regulatory requirements
(including the requirements of any stock exchange or over-the-counter market on
which the Stock is listed or qualified for trading and any requirements imposed
under any state securities laws or regulations as a condition to the
registration of securities distributable under the Plan or otherwise), or (ii) as
required for the Plan to satisfy the requirements of Section 162(m), Section 422
or any other non-mandatory legal or regulatory requirements if the Board of
Directors deems it desirable for the Plan to satisfy any such requirements.

 

SECTION 12.
Change of Control.

 

12.1         In
the event of a Change of Control, unless otherwise determined by the Committee
at the time of grant or by amendment (with the holder’s consent) of such grant:

 

(a)           all outstanding Stock
Options awarded under the Plan shall become fully exercisable and vested; and

 

7

 

(b)           the restrictions
applicable to any outstanding Restricted Stock awards under the Plan shall
lapse and such shares and awards shall be deemed fully vested.

 

12.2         A
“Change of Control” shall be deemed to occur if:

 

(a)           individuals who, as of July 19,
1996, constitute the entire Board of Directors of the Company (“Incumbent
Directors”) cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
such date whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the then
Incumbent Directors (other than an election or nomination of an individual
whose assumption of office is the result of an actual or threatened election
contest relating to the election of directors of the Company, as such terms are
used in Rule 14a-11 under the Exchange Act), also shall be an Incumbent
Director;

 

(b)           the shareholders of the
Company shall approve (i) any merger, consolidation or recapitalization of
the Company (or, if the capital stock of the Company is affected, any
subsidiary of the Company) or any sale, lease, or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party
as a single plan) of all or substantially all of the assets of the Company
(each of the foregoing being an “Acquisition Transaction”) where (1) the
shareholders of the Company immediately prior to such Acquisition Transaction
would not immediately after such Acquisition Transaction beneficially own,
directly or indirectly, shares representing in the aggregate more than fifty
percent (50%) of (A) the then outstanding common stock of the
corporation surviving or resulting from such merger, consolidation or
recapitalization or acquiring such assets of the Company, as the case may be
(the “Surviving Corporation”), (or of its ultimate parent corporation, if any)
and (B) the Combined Voting Power (as defined below) of the then
outstanding Voting Securities (as defined below) of the Surviving Corporation
(or of its ultimate parent corporation, if any) or (2) the Incumbent
Directors at the time of the initial approval of such Acquisition Transaction
would not immediately after such Acquisition Transaction constitute a majority
of the Board of Directors of the Surviving Corporation (or of its ultimate
parent corporation, if any) or (ii) any plan or proposal for the
liquidation or dissolution of the Company; or

 

(c)           any Person (as defined
below) shall become the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of securities of the
Company representing in the aggregate forty percent (40%) or more of
either (i) the then outstanding shares of Company Common Stock or (ii) the
Combined Voting Power of all then outstanding Voting Securities of the Company;
provided, however, that notwithstanding the foregoing, a Change of Control of
the Company shall not be deemed to have occurred for purposes of this clause (c) solely
as the result of:

 

(1)           an acquisition of
securities by the Company which, by reducing the number of shares of Company
Common Stock or other Voting Securities outstanding, increases (i) the
proportionate number of shares of Company Common Stock beneficially owned by
any Person to forty percent (40%) or more of the shares of Company Common
Stock then outstanding or (ii) the proportionate voting power represented
by the Voting Securities beneficially owned by any Person to forty
percent (40%) or more of the Combined Voting Power of all then outstanding
Voting Securities; or

 

(2)           an acquisition of
securities directly from the Company except that this paragraph (2) shall
not apply to:

 

(A)          any conversion of a
security that was not acquired directly from the Company; or

 

8

 

(B)           any acquisition of
securities if the Incumbent Directors at the time of the initial approval of
such acquisition would not immediately after (or otherwise as a result of) such
acquisition constitute a majority of the Board of the Company;

 

provided,
however, that if any Person referred to in clauses (1) or (2) of
this clause (c) shall thereafter become the beneficial owner of any
additional shares of Company Common Stock or other Voting Securities of the
Company (other than pursuant to a stock split, stock dividend or similar
transaction or an acquisition exempt under such clause (2)), then a Change
of Control shall be deemed to have occurred for purposes of this
clause (c).

 

For purposes
of this Section 12.2:

 

(i)            “Person” shall mean
any individual, entity (including, without limitation, any corporation,
partnership, trust, joint venture, association or governmental body) or group
(as defined in Section 13(d)(3) or 14(d)(2) of the Exchange Act
and the rules and regulations thereunder); provided, however, that “Person”
shall not include the Company, any of its subsidiaries, any employee benefit
plan of the Company or any of its majority-owned subsidiaries or any entity
organized, appointed or established by the Company or such subsidiary for or
pursuant to the terms of any such plan.

 

(ii)           “Voting Securities”
shall mean all securities of a corporation having the right under ordinary
circumstances to vote in an election of the Board of Directors of such
corporation.

 

(iii)          “Combined Voting Power”
shall mean the aggregate votes entitled to be cast generally in the election of
directors of a corporation by holders of then outstanding Voting Securities of
such corporation.

 

SECTION 13.
General Provisions.

 

13.1         If
the granting of any award under the Plan or the issuance, purchase or delivery
of Stock thereunder shall require, in the determination of the Committee from
time to time and at any time, (i) the listing, registration or
qualification of the Stock subject or related thereto upon any securities
exchange or over-the-counter market or under any federal or state law or (ii) the
consent or approval of any government regulatory body, then any such award
shall not be granted or exercised, in whole or in part, unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained on conditions, if any, as shall be acceptable to the Committee. In
addition, in connection with the granting or exercising of any award under the
Plan, the Committee may require the recipient to agree not to dispose of any
Stock issuable in connection with such award, except upon the satisfaction of
specified conditions, if the Committee determines such agreement is necessary
or desirable in connection with any requirement or interpretation of any
federal or state securities law, rule or regulation.

 

13.2         Nothing
set forth in this Plan shall prevent the Board from adopting other or
additional compensation arrangements. Neither the adoption of the Plan nor any
award hereunder shall confer upon any employee of the Company, or of a Related
Company, any right to continued employment, and no award under the Plan shall
confer upon any director any right to continued service as a director.

 

13.3         Determinations
by the Committee under the Plan relating to the form, amount, and terms and
conditions of awards need not be uniform, and may be made selectively among
persons who receive or are eligible to receive awards under the Plan, whether
or not such persons are similarly situated.

 

13.4         No
member of the Board or the Committee, nor any officer or employee of the
Company acting on behalf of the Board or the Committee, shall be personally
liable for any action, determination or

 

 

9

 

interpretation taken or made
with respect to the Plan, and all members of the Board or the Committee and all
officers or employees of the Company acting on their behalf shall, to the
extent permitted by law, be fully indemnified and protected by the Company in
respect of any such action, determination or interpretation.

 

SECTION 14.
Provision of Financial Information.

 

Each
Participant then holding unexercised Stock Options or shares of Restricted
Stock the restrictions on which have not then lapsed shall be furnished with
financial statements of the Company at least annually not later than the time
such financial statements are delivered to shareholders of the Company.

 

SECTION 15.
Effective Date of Plan.

 

The Plan shall
be effective upon the later of (i) the approval of the Plan by the
shareholders of the Company by a majority of the votes cast at a duly held
meeting of shareholders at which a quorum representing at least a majority of
the outstanding shares is, either in person or by proxy, present and voting on
the Plan, (ii) August 15, 1996 and (iii) the date upon which the
Company becomes subject to the version of Rule 16b-3 adopted by the
Securities and Exchange Commission in Release No. 34-37260 promulgated
under the Exchange Act.

 

The Plan was
duly approved by the shareholders of the Company on July 19, 1996. The
Plan, as amended and restated, was most recently adopted by the Board of
Directors on September 17, 1996. The Plan became effective on September 17,
1996, upon the election by the Board on that date for the Company to become
subject to the version of Rule 16b-3 adopted by the Securities and
Exchange Commission in Release No. 34-37260 promulgated under the Exchange
Act.

 

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}]]