Document:

<PAGE>   1

Exhibit 10(c)                                                   Revised 01/01/01

                     IBT BANCORP, INC. AND RELATED COMPANIES

                    DEFERRED COMPENSATION PLAN FOR DIRECTORS

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>

<S>      <C>                                                                 <C>

1.       Amendment and Restatement of Existing Plan............................1

2.       Participating Companies...............................................1

3.       Participants..........................................................1

4.       Deferred Chairman's Salary, Retainer and Fees.........................1

5.       Method of Deferral and Distribution...................................1

6.       Distribution..........................................................2

7.       Participant's Rights Unsecured........................................3

8.       Unfunded Plan.........................................................4

9.       Amendments to the Plan................................................4

10.      Termination of Plan...................................................4

11.      Expenses..............................................................4

12.      Status of Plan........................................................4

13.      Binding Effect........................................................4

14.      Incompetency..........................................................4

15.      Assignment of Rights..................................................5

16.      Named Fiduciary.......................................................5

17.      Governing Law.........................................................5

18.      Severability..........................................................5

19.      Period of Economic Hardship...........................................6

20.      Prior Plans...........................................................6

</TABLE>

<PAGE>   3

                                  EXHIBIT 10(c)
                                IBT BANCORP, INC.
                    DEFERRED COMPENSATION PLAN FOR DIRECTORS

1.       AMENDMENT AND RESTATEMENT OF EXISTING PLAN. Effective January 1, 1990,
         Isabella Bank and Trust adopted the Isabella Bank and Trust Directors
         Deferred Income Agreement. That Plan was amended and restated effective
         January 1, 1996 by the adoption of the Isabella Bank and Trust Deferred
         Compensation Plan for Directors. The plan has been amended and restated
         as the IBT Bancorp, Inc. and Related Companies Deferred Compensation
         Plan for Directors (the "Plan"), and the Participating Companies have
         adopted the amended and restated Plan effective January 1, 2000.

2.       PARTICIPATING COMPANIES. For purposes of the Plan, "Participating
         Companies" shall mean collectively, IBT Bancorp, Inc., Isabella Bank
         and Trust, Farmers State Bank, IBT Title, Inc., IBT Financial Services,
         Inc., and any other entity whose governing body authorizes
         participation in this Plan where IBT Bancorp, Inc., by its Board of
         Directors, has approved said participation, and their successor or
         successors. Each said company is also referred to herein as a
         "Participating Company".

3.       PARTICIPANTS. Any director of a Participating Company receiving
         chairman's salary, a retainer or board fees may elect to become a
         participant ("Participant") under this Plan by providing written notice
         to his or her Participating Company, in the form prescribed by the
         Participating Company.

4.       DEFERRED CHAIRMAN'S SALARY, RETAINER AND FEES. Each Participant may
         defer all or any portion (subject to a minimum required deferral of at
         least 25%) of his chairman's salary (if any), retainer and fees
         (including committee fees) which are earned for the year from any
         Participating Company commencing after the date of said election as he
         may specify in said written notice to said Participating Company, and
         such amounts so deferred shall be paid only as hereinafter provided.
         Any Participant may change the amount of, or suspend, future deferrals
         with respect to chairman's salary (if any), fees and retainers earned
         for years commencing after the date of change or suspension as he may
         specify by written notice to the Participating Company. Following any
         such suspension, the individual may make a new election to again become
         a Participant. No Participant may make such a change more often than
         once in any 12-month period or again become a Participant within 12
         months after the date of a suspension. The election to defer shall be
         irrevocable as to the deferred chairman's salary (if any), retainer and
         fees for the particular 12-month period.

5.       METHOD OF DEFERRAL AND DISTRIBUTION.

  (a)    For each Participant electing to participate in this Plan, each
         Participating Company for whom the Participant has made a deferral
         election shall maintain a deferred money account ("Deferred Money
         Account") which shall periodically be converted into a stock

                                       1
<PAGE>   4

         unit account ("Stock Unit Account") for each such Participant. Each
         Participant will be furnished annually with a statement of his
         Account(s).

  (b)    Deferred chairman's salary (if any), retainers and fees of each
         Participant shall be credited as a dollar amount to the Participant's
         Deferred Money Account(s) on the date they otherwise would be payable
         and shall be converted into stock units quarterly at March 1, June 1,
         September 1, and December 1 in each year (the "Valuation Dates") by
         dividing the dollar balance of such Deferred Money Account(s) as of the
         end of each such quarter by the price of a share of IBT Bancorp, Inc.
         common stock as determined by the IBT Bancorp, Inc. Stockholder
         Dividend Reinvestment and Employee Stock Purchase Plan or if said plan
         shall not be in operation at that time, as determined by the Board of
         Directors of IBT Bancorp, Inc. The number of stock units for full
         shares so determined shall be credited to the Participant's Stock Unit
         Account(s) and the aggregate value thereof at said closing price shall
         be charged to the Participant's Deferred Money Account(s). Any cash
         balance remaining in the Participant's Deferred Money Account(s) after
         such charge shall be used together with other subsequent credits
         thereto at the next Valuation Date.

  (c)    Additional credits will be made to each Participant's Deferred Money
         Account(s) in dollar amounts equal to the cash dividends (or the fair
         market value of dividends paid in property) the Participant would have
         received from time to time had he been the owner on the record dates
         with respect thereto of the number of shares of IBT Bancorp, Inc.
         common stock equal to the number of stock units in his Stock Unit
         Account on such dates. In the case of a stock dividend or stock split,
         additional credits will be made to each Participant's Stock Unit
         Account(s) of the number of stock units equal to the number of full
         shares of IBT Bancorp, Inc. common stock in the case of a stock
         dividend or a stock split which such Participant would have received
         from time to time had he been the owner on the record dates with
         respect thereto of the number of shares of IBT Bancorp, Inc. common
         stock equal to the number of stock units in his Stock Unit Account(s)
         on such dates.

6.       DISTRIBUTION.

  (a)    Upon termination of a Participant's service with a Participating
         Company (including mandatory retirement from the Participating
         Company's Board of Directors), and/or upon attainment of age 65 (each
         event being a "Distribution Event") the Participant, with said
         Participating Company's consent, shall receive:

         (i)   payment in cash of the balance in his Deferred Money Account
               maintained with the Participating Company, if any, remaining
               after the Valuation Dates occurring in the calendar year of the
               Distribution Event, but after the date of the Distribution Event;
               and

         (ii)  payment of the balance in his Stock Unit Account maintained with
               the Participating Company as of the date of the Distribution
               Event, in shares of IBT Bancorp, Inc.

                                       2
<PAGE>   5

               common stock, or at the option of the Participant as he directs
               by written notice delivered to the Participating Company within
               thirty (30) days after the date of the Distribution Event, in
               cash equal to the purchase cost of such shares, or in any
               combination of stock or cash.

         (iii) The distributions in 6(a)(i) and (ii) above shall be payable in
               monthly installments for a total of 120 consecutive monthly
               installments commencing no sooner than six months following the
               last Valuation Date that occurred prior to the Distribution
               Event. Such distributions may be paid in a single sum as
               determined by the Participating Company in its sole discretion.
               The Participating Company may counsel with Participant prior to
               such determination.

  (b)    If such Participant shall cease his service with the Bank by reason of
         his death or if he shall die after he shall be entitled to
         distributions hereunder but prior to receipt of all distributions
         hereunder, all cash or IBT Bancorp, Inc. common stock then
         distributable hereunder shall be distributed to such beneficiary as
         such Participant shall designate by an instrument in writing filed with
         the Participating Company, or in the absence of such designation, to
         his personal representative, or if none is appointed within six months
         of his death, to his spouse, or if not then living, to his then living
         descendants, per stirpes, in the same manner and at the same intervals
         as they would have been made to such Participant had he continued to
         live. The Participating Company may, in its complete discretion,
         accelerate some or all of the payments which may be due under this
         Section 5(b). Upon filing a written designation of beneficiary with the
         Participating Company, it shall revoke all prior designations filed
         prior to that date by the Participant.

  (c)    Anything in this Paragraph 6 notwithstanding, in lieu of distributing
         to the Participant the balance in his or her Deferred Money Account
         and/or Stock Unit Account under 6(a), the Participating Company may, in
         its complete discretion, transfer said balance to any other
         nonqualified deferred compensation plan maintained by it or any member
         of a controlled group of corporations (as defined in Section 414[b] of
         the Internal Revenue Code of 1986, as amended) of which the
         Participating Company is a part (the "Transferee Plan"), provided the
         Participant is eligible to participate in the Transferee Plan at the
         time of the transfer.

7.       PARTICIPANT'S RIGHTS UNSECURED. The right of any Participant to receive
         a distribution  hereunder in IBT Bancorp,  Inc. common stock or in
         cash shall be an unsecured claim against the general assets of the
         Participating Company. The deferred chairman's salary (if any),
         retainers and fees may not be encumbered or assigned by the
         Participant.

8.       UNFUNDED PLAN. The Plan shall be a bookkeeping account only, and no
         Participating Company shall be required in any way to fund the Plan. No
         Participating Company shall have any obligation to set aside, earmark
         or entrust any fund, policy or money with which to pay its obligations
         under the Plan. The Participant, or any successor in interest, shall be
         and remain a general creditor of each Participating Company for whom
         the Participant

                                       3
<PAGE>   6

         has made a deferral election with respect to the right to receive a
         benefit under the Plan in the same manner as any other creditor who has
         a general claim for unpaid liability. The respective Participating
         Company shall be the sole owner and beneficiary of any assets acquired
         for its general account under this Plan. No Participating Company shall
         make any loans or extend credit to the Participant, or any successor in
         interest, which shall be offset by benefits payable under this Plan.

9.       AMENDMENTS TO THE PLAN. The Board of Directors of IBT Bancorp, Inc. may
         amend the Plan at any time, without the consent of the Participants or
         their beneficiaries, provided, however, that no amendment shall divest
         any Participant or beneficiary of rights to which he would have been
         entitled if the Plan had been terminated on the effective date of such
         amendment.

10.      TERMINATION OF PLAN. The Board of Directors of IBT  Bancorp, Inc. may
         terminate the Plan at any time. Upon termination of the Plan,
         distributions in respect of credits to a Participant's accounts as of
         the date of termination shall be made in the manner and at the time
         heretofore prescribed.

11.      EXPENSES. Costs of administration of the Plan will be appropriately
         apportioned among the Participating Companies.

12.      STATUS OF PLAN. This Plan does not constitute a contract of employment
         between any of the parties, nor shall any provision of this Plan
         restrict the right of any Participating Company's shareholders to
         replace a director or the right of a director to terminate service on a
         Board.

13.      BINDING EFFECT. This Plan shall be binding upon and inure to the
         benefit of the parties hereto and upon the successors and assigns of
         each Participating Company, and upon the heirs and legal
         representatives of the Participant.

14.      INCOMPETENCY. If a Participating Company shall find that any person to
         whom any payment is payable under this Plan is unable to care for his
         or her affairs because of illness or accident, or is a minor, any
         payment due (unless a prior claim therefore shall have been made by a
         duly appointed guardian, a committee or other legal representative) may
         be paid to the spouse, a child, a parent, a brother or sister, or a
         custodian determined pursuant to the Uniform Gift to Minors Act, or to
         any person deemed by the Participating Company to have incurred expense
         for such person otherwise entitled to payment, in such manner and
         proportions as the Participating Company may determine. Any such
         payment shall be a complete discharge of the liabilities of the
         Participating Company under this Plan.

15.      ASSIGNMENT OF RIGHTS. None of the rights to compensation under this
         Plan are assignable by the Participant or any beneficiary or designee
         of the Participant, and any attempt to

                                       4
<PAGE>   7

         anticipate, sell, transfer, assign, pledge, encumber, or change the
         Participant's right to receive compensation shall be void.

16.      NAMED FIDUCIARY.

  (a)    IBT Bancorp, Inc. is hereby designated as the named fiduciary under
         this Plan. The named fiduciary shall have authority to control and
         manage the operation and administration of this Plan, and it shall be
         responsible for establishing and carrying out a funding policy and
         method consistent with the objectives of this Plan.

  (b)    IBT Bancorp, Inc. shall make all determinations as to rights to
         benefits under this Plan. Any decision by IBT Bancorp, Inc. denying a
         claim made by the Participant or by a beneficiary for benefits under
         this Plan shall be stated in writing and delivered or mailed to the
         Participant or such beneficiary. Such statements shall set forth the
         specific reasons for the denial, written to the best of IBT Bancorp,
         Inc.'s ability in a manner that may be understood without legal or
         actuarial counsel. In addition, IBT Bancorp, Inc. shall afford a
         reasonable opportunity to the Participant or such beneficiary for a
         full and fair review of the decision denying such claim.

  (c)    Subject to the foregoing, the Board of Directors of the Participating
         Companies shall appoint an impartial Administrative Committee
         consisting of individuals who are not participants in the Plan. The
         Administrative Committee shall have the full power and authority to
         interpret, construe and administer this Plan. No member of the
         Administrative Committee shall, in any event, be liable to any person
         for any action taken or omitted in connection with the interpretation,
         construction or administration of this Plan, so long as such action or
         omission to act be made in good faith. In no event, however, shall the
         provisions of paragraph 8 or any other provisions in this Plan prevent
         the Participant from seeking legal recourse for any claim he may have
         under this Plan.

17.      GOVERNING LAW. This Plan shall be governed by the laws of the State of
         Michigan.

18.      SEVERABILITY. In the event that any of the provisions of this Plan or
         portion thereof, are held to be inoperative or invalid by any court of
         competent jurisdiction, then: (1) insofar as is reasonable, effect will
         be given to the intent manifested in the provision held invalid or
         inoperative; and (2) the validity and enforceability of the remaining
         provisions will not be affected thereby.

19.      PERIOD OF ECONOMIC HARDSHIP. If, in any year, payments made under this
         Plan would, in the sole judgment of a Participating Company's Board of
         Directors, create economic hardship for the Participating Company, the
         Board of Directors has full authority to postpone such payments.
         However, upon such postponement, the Participating Company will
         increase the total sum payable to the Participant or the Participant's
         beneficiaries under this Plan by an actuarially determined amount.

                                       5

<PAGE>   8

20.      PRIOR PLAN. This Plan sets forth the entire understanding of the
         parties hereto with respect to the transactions contemplated hereby,
         and any previous plans or understanding between the parties hereto
         regarding the subject matter hereof are merged into and superseded by
         this Plan.

Receipt acknowledged by:                    ISABELLA BANK AND TRUST

<TABLE>
<S>                                         <C>

BY:                                         BY:
    ----------------------------------          --------------------------------
         Dennis P. Angner

ITS:     Executive Vice President           ITS:
    ----------------------------------          --------------------------------

</TABLE>

                                       6<PAGE>   1

                                                                 Exhibit (10.10)

                               BADGER METER, INC.
                             1999 STOCK OPTION PLAN

1.       PURPOSE

         The purpose of the Badger Meter, Inc. 1999 Stock Option Plan (the
"Plan") is to promote the best interests of Badger Meter, Inc. (the "Company")
and its shareholders by encouraging directors and key employees of the Company
and its subsidiaries to secure or increase on reasonable terms their stock
ownership in the Company. The Board of Directors of the Company believes the
Plan will promote continuity of management, increased incentive and personal
interest in the welfare of the Company by those who are primarily responsible
for shaping and carrying out the long-range plans of the Company and its
subsidiaries and securing their continued growth and financial success. It is
intended that certain of the options issued under the Plan may constitute
incentive stock options within the meaning of Section 422 of the Internal
Revenue Code ("Incentive Stock Options") and the remainder of the options issued
under the Plan will constitute non-qualified stock options ("Non-qualified Stock
Options").

2.       EFFECTIVE DATE

         The Plan shall become effective on the date of adoption by the Board of
Directors of the Company (the "Board"), subject to the approval and ratification
of the Plan by the shareholders of the Company within twelve (12) months of the
date of adoption by the Board, and all options granted prior to such shareholder
approval shall be subject to such approval.

3.       ADMINISTRATION

         (a) The Plan shall be administered by the Management Review Committee
of the Board (the "Committee") as such Committee may be constituted from time to
time. The Committee shall consist of not less than two members of the Board
selected by the Board, each of whom shall qualify as a non-employee director
within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934
("Exchange Act"), or any successor rule or regulation thereto. A majority of the
members of the Committee shall constitute a quorum. All determinations of the
Committee shall be made by a majority of its members. Any decision or
determination reduced to writing and signed by all of the members of the
Committee shall be fully effective as if it had been made by a majority vote at
a meeting duly called and held.

         If at any time the Committee shall not be in existence or not consist
of directors who are qualified as "non-employee directors" as defined above, the
Board shall administer the Plan. To the extent permitted by applicable law, the
Board may, in its discretion, delegate to another committee of the Board or to
one or more senior officers of the Company any or all of the authority and
responsibility of the Committee with respect to options to participants other
than participants who are subject to the provisions of Section 16 of the
Exchange Act. To the extent that the Board has delegated to such other committee
or one or more officers the authority and responsibility of the Committee, all
references to the Committee herein shall include such other committee or one or
more officers.

         (b) Subject to the express provisions of the Plan, the Committee shall
have complete authority to select the key employees to whom options shall be
granted, to determine the number of shares subject to each option, the time at
which the option is to be granted, the type of option, the option period, the
option price and the manner in which options become exercisable, and shall
establish such other terms and conditions of the options as the Committee may
deem necessary or desirable. In making such determinations, the Committee may
take into account the nature of the services rendered by the respective
employees, their present and potential contribution to the success of their
respective organizations and such other factors as the Committee in its
discretion shall deem relevant. Subject to the express provisions of the Plan,
the Committee shall also have complete authority to interpret the Plan, to
prescribe, amend and rescind the rules and regulations relating to it, to waive
any conditions or restriction with respect to any options, and to make all other
determinations necessary or advisable for the administration of the Plan. The
determinations of the Committee on the matters referred to in this paragraph 3
shall be conclusive.

                                       28
<PAGE>   2

4.       ELIGIBILITY

         Any non-employee director ("Director") or key employee ("Employee") of
the Company or its present and future subsidiaries, as defined in Section 424(f)
of the Internal Revenue Code ("Subsidiaries"), whose judgment, initiative and
efforts contribute materially to the successful performance of the Company or
its Subsidiaries, shall be eligible to receive options under the Plan.

5.       SHARES SUBJECT TO THE PLAN

         The shares which may be issued pursuant to options under the Plan shall
be shares of the Company's Common Stock, $1.00 par value ("Stock"), and may be
either authorized and unissued or treasury shares. The total number of shares
for which options may be granted and which may be purchased pursuant to options
under the Plan shall not exceed an aggregate of 200,000 shares shares, subject
to adjustment as provided in the following sentence and in paragraph 12 hereof.
If an option granted under the Plan expires, is canceled or terminates
unexercised as to any shares of Stock subject thereto, or if shares of Stock are
used to satisfy the Company's withholding tax obligations, such shares shall
again be available for the granting of additional options under the Plan.

6.       OPTION PRICE

         The option price per share of Stock shall be fixed by the Committee,
but shall be not less than 100% in the case of Incentive Stock Options of the
fair market value of the Stock on the date the option is granted. Unless
otherwise determined by the Committee, the "fair market value" of Stock on the
date of grant shall be the closing price for a share of Stock on such date, or,
if such date is not a trading date, the next preceding trading date as quoted on
the American Stock Exchange Transaction Reporting System.

7.       GRANT OF OPTIONS

         (a) Subject to the terms and conditions of the Plan, the Committee may,
from time to time, grant to Employees options to purchase such number of shares
of Stock and on such terms and conditions as the Committee may determine. More
than one option may be granted to the same Employee. The day on which the
Committee approves the granting of an option shall be considered as the date on
which such option is granted.

         (b) Notwithstanding the foregoing, each Director of the Company who is
not an employee of the Company or any subsidiary or affiliate thereof, and who
first became or becomes a Director after April 23, 1999, shall, upon approval of
the Plan by the shareholders of the Company, or at the time of their first
election to the Board, subject to adjustments as provided in paragraph 12,
automatically receive an option to purchase 6,000 shares of Stock on that date.
Any date on which a Director receives an option shall be referred to as a "Grant
Date". Such options shall be Non-qualified Stock Options with an expiration date
ten (10) years after the Grant Date. The option price per share shall be the
closing price for a share of Stock on the Grant Date, or if such day is not a
trading day, the next preceding trading day as quoted on the American Stock
Exchange Transaction Reporting System.

         (c) Notwithstanding the foregoing, each Director of the Company who is
not an employee of the Company or any subsidiary or affiliate thereof, and who
first became or becomes a Director after April 23, 1999, shall, upon approval of
the Plan by the shareholders of the Company, or at the time of their first
election to the Board, be entitled to receive an option to purchase up to 2,500
shares of Stock on that date with the amount of options granted fixed by the
number of options remaining unexercised under the Long-term Incentive Plan
approved by the Management Review Committee on January 26, 1999, in order to
increase the Directors' stake in the future of the Company. Any date on which a
Director receives an option shall be referred to as a Grant Date. Such options
shall be Non-qualified Stock Options with an expiration date ten (10) years
after the Grant Date. The option price per share shall be the closing price for
a share of Stock on the Grant Date, or if such day is not a trading day, the
next preceding trading day as quoted on the American Stock Exchange Transaction
Reporting System.

                                       29
<PAGE>   3

8.       OPTION PERIOD

         Except as set forth in paragraph 7, the Committee shall determine the
expiration date of each option, but in the case of Incentive Stock Options such
expiration date shall be not later than ten (10) years after the date such
option is granted.

9.       MAXIMUM PER PARTICIPANT

         The aggregate fair market value (determined at the time the option is
granted pursuant to paragraph 7) of the Stock with respect to which any
Incentive Stock Options are exercisable for the first time by a Director or
Employee during any calendar year under the Plan or any other such plan of the
Company or any Subsidiary shall not exceed $100,000.

10.      EXERCISE OF OPTIONS

         An option may be exercised, subject to its terms and conditions and the
terms and conditions of the Plan, in full at any time or in part from time to
time by delivery to the Company at its principal office of a written notice of
exercise specifying the number of shares with respect to which the option is
being exercised. Any notice of exercise shall be accompanied by full payment of
the option price of the shares being purchased (a) in cash or its equivalent; or
(b) with the consent of the Committee, by delivering to the Company shares of
Stock (valued at their fair market value as of the date of exercise, as
determined by the Committee consistent with the method of valuation set forth in
paragraphs 6 and 7); (c) with the consent of the Committee, by any combination
of (a) and (b); or (d) by delivering (including by fax) to the Company or its
designated agent an executed irrevocable option exercise form together with
irrevocable instructions to a broker/dealer to sell or margin a sufficient
portion of the shares of Stock and delivering the sale or margin loan proceeds
directly to the Company to pay for the option price.

11.      TRANSFERABILITY

         No option shall be assignable or transferable by a Director or an
Employee other than by will or the laws of descent and distribution, and may be
exercised during the life of the Director or Employee only by the Director or
Employee or his guardian or legal representative, except that an Employee may,
to the extent allowed by the Committee and in a manner specified by the
Committee, (a) designate in writing a beneficiary to exercise the option after
the Employee's death and (b) transfer any option.

12.      CAPITAL ADJUSTMENTS AFFECTING COMMON STOCK

         In the event of a capital adjustment resulting from a stock dividend,
stock split, reorganization, recapitalization, merger, consolidation,
combination or exchange of shares or the like, the number of shares of Stock
subject to the Plan and the aggregate number and class of shares under option in
outstanding option agreements shall be adjusted in a manner consistent with such
capital adjustment; provided, however, that no such adjustment shall require the
Company to sell any fractional shares. The determination of the Committee as to
any adjustment shall be final. Notwithstanding the foregoing, options subject to
grant or previously granted to Directors under the Plan at the time of any
capital adjustments shall be subject only to such adjustments as shall be
necessary to maintain the relative proportionate interest of each Director and
preserve, without exceeding, the value of such options.

13.      CORPORATE MERGERS AND OTHER CONSOLIDATIONS

         The Committee may also grant options having terms and provisions which
vary from those specified in the Plan provided that any options granted pursuant
to this paragraph are granted in substitution for, or in connection with the
assumption of, existing options granted by another company and assumed or
otherwise agreed to be provided for by the Company pursuant to or by reason of a
transaction involving a corporate merger, consolidation, acquisition or other
reorganization to which the Company is a party.

14.      OPTION AGREEMENTS

         All options granted under the Plan shall be evidenced by written
agreement (which need not be identical) in such form as the Committee shall
determine. Each option agreement shall specify whether the option granted
thereunder is intended to constitute an Incentive Stock Option or a
Non-qualified Stock Option.

                                       30
<PAGE>   4

15.      TRANSFER RESTRICTIONS

         Shares of Stock purchased under the Plan and held by any person who is
an officer or Director of the Company, or who directly or indirectly controls
the Company, may not be sold or otherwise disposed of except pursuant to an
effective registration statement under the Securities Act of 1933 or except in a
transaction in compliance with Rule 144 under such Act or other transaction
which, in the opinion of counsel for the Company, is exempt from registration
under such Act. The Committee may waive the foregoing restrictions in whole or
in part in any particular case or cases, or may terminate such restrictions,
whenever the Committee determines that such restrictions afford no substantial
benefit to the Company.

16.      AMENDMENT OF PLAN

         Shareholder approval of any amendment of the Plan shall be obtained if
otherwise required by: (i) the rules and/or regulations promulgated under
Section 16 of the Exchange Act (in order for the Plan to remain qualified under
Rule 16b-3); (ii) the Internal Revenue Code of 1986, as amended, or any rules
promulgated thereunder (in order to allow for Incentive Stock Options to be
granted under the Plan); or (iii) the listing requirements of the American Stock
Exchange or any principal securities exchange or market on which the Stock is
then traded (in order to maintain the quotation or listing of the Stock
thereon). The provisions of paragraphs 7(b) and 7(c) cannot be amended more than
once every six (6) months other than to comport with changes in the Internal
Revenue Code of 1986, as amended, the Employee Retirement Income Security Act of
1974, as amended, or the rules and regulations thereunder.

17.      TERMINATION OF PLAN

         The Board shall have the right to suspend or terminate the Plan at any
time; provided, however, that no Incentive Stock Options may be granted after
the tenth (10th) anniversary of the effective date of the Plan as described in
paragraph 2 hereof. Termination of the Plan shall not affect the rights of
Employees or Directors under options previously granted to them, and all
unexpired options shall continue in force and operation after termination of the
Plan except as they may lapse or be terminated by their own terms and
conditions.

18.      TAX WITHHOLDING

         (a) The Company may deduct and withhold from any cash otherwise payable
to an Employee such amount as may be required for the purpose of satisfying the
Company's obligation to withhold federal, state or local taxes as the result of
the exercise of an option. In the event the amount so withheld is insufficient
for such purpose, the Company may require that the Employee pay to the Company
upon its demand or otherwise make arrangements satisfactory to the Company for
payment of such amount as may be requested by the Company in order to satisfy
its obligation to withhold any such taxes.

         (b) An Employee may be permitted to satisfy the Company's withholding
tax requirements by electing to have the Company withhold shares of Stock
otherwise issuable to the Employee or to deliver to the Company shares of Stock
having a fair market value on the date income is recognized pursuant to the
exercise of an option equal to the amount required to be withheld. The election
shall be made in writing and shall be made according to such rules and
procedures as the Committee may determine.

19.      RIGHTS AS A SHAREHOLDER

         A Director or an Employee shall have no rights as a shareholder with
respect to any shares subject to any option until the date the options shall
have been exercised, the shares shall have been fully paid and a stock
certificate shall have been issued.

20.      MISCELLANEOUS

         The grant of any option under the Plan may also be subject to other
provisions as the Committee determines appropriate, including, without
limitation, provisions for (a) one or more means to enable Employees to defer
recognition of taxable income relating to options; (b) the purchase of Stock
under options in installments; and (c) compliance with federal or state
securities laws and stock exchange requirements.

                                       31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]