Document:

Unassociated Document

    
      Exhibit
4.3

       

      CLEANTECH
INNOVATIONS, INC.

       

      REGISTRATION
RIGHTS AGREEMENT

       

      This
REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of ________, 2010, is
made by and between CleanTech Innovations, Inc., a Nevada corporation (the
“Company”), and the undersigned investor (the “Investor”).

       

      WHEREAS,
in connection with that certain Subscription Agreement by and among the Company
and the Investor (the “Subscription Agreement”), the Company desires to sell to
the Investor and the Investor desires to purchase from the Company units of (a)
shares of the Company’s common stock, $0.00001 par value per share (the “Common
Stock”); and (b) Warrants to purchase additional shares of Common Stock (the
“Warrants”) equal to 15% of the Common Stock initially purchased;
and

       

      WHEREAS,
to induce the Investor to purchase the Common Stock and Warrants, the Company
has agreed to register the shares of Common Stock purchased and the Common Stock
underlying the Warrants pursuant to the terms of this Agreement.

       

      NOW,
THEREFORE, the Company and the Investor hereby covenant and agree as
follows:

       

      1.                
Certain
Definitions.  As used in this Agreement, the following terms
shall have the following respective meanings:

       

      “Closing”
shall mean the closing of the sale of the Units.

       

      “Commission”
shall mean the Securities and Exchange Commission, or any other federal agency
at the time administering the Securities Act.

       

      “Effectiveness
Date” shall mean that date which is one hundred eighty (180) days following the
final closing of the Offering.

       

      “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

       

      “Filing
Date” shall mean that date which is sixty (60) days following the Final Closing
Date.

       

      “Final
Closing Date” shall mean any date after the Company conducts a Closing for at
least the Minimum Offering which occurs at the earlier of: (i) September 15,
2010, or up to 60 days thereafter if the Company extends the Offering, (ii) any
date prior to September 15, 2010, as determined by the Company, or (iii) the
date on which the Company conducts a Closing in which the aggregate funds
received by Company equal the Maximum Offering.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      “Offering”
shall refer to the Company’s proposal to sell Units for $3.00 per Unit, with
each Unit consisting of (i) one share of Common Stock of the Company and (ii) a
three (3) year Warrant to purchase 15% of one share of Common Stock of the
Company with an exercise price of $3.00 per share.

       

      “Maximum
Offering” shall mean 3,333,333 Units for a total maximum purchase price of
$10,000,000 USD.

       

      “Minimum
Offering” shall mean 1,000,000 Units for a total purchase price of $3,000,000
USD.

       

      “Register,”
“registered” and “registration” each shall refer to a registration effected by
preparing and filing a Registration Statement or statements or similar documents
in compliance with the Securities Act and the declaration or ordering of
effectiveness of such Registration Statement or document by the
Commission.

       

      “Registrable
Securities” shall mean the shares of Common Stock issued pursuant to the
Subscription Agreement or upon the exercise of the Warrants delivered as part of
the Offering; provided, however, that shares of Common Stock which are
Registrable Securities shall cease to be Registrable Securities (i) upon any
sale pursuant to a Registration Statement or Rule 144 under the Securities Act
or (ii) at such time as they become eligible for sale pursuant to Rule 144 under
the Securities Act or another similar exemption under the Securities Act;
provided, further, that the maximum amount of Registrable Securities at any one
time shall be limited by Rule 415.

       

      “Securities
Act” shall mean the Securities Act of 1933, as amended.

       

      Capitalized
terms used but not defined herein shall have the meanings set forth in the
Subscription Agreement or the Warrants.

       

      
        	
                 
      

              	
                2.

              	
                Automatic
      Registration.

              

      

       

      (a)          On
or prior to the Filing Date, the Company shall prepare and file with the
Commission the Registration Statement covering the resale of all of the
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415.  The Registration Statement required hereunder shall be
on Form S-1.  Subject to the terms of this Agreement, the Company
shall use its commercially reasonable efforts to cause the Registration
Statement to be declared effective under the Securities Act as promptly as
possible after the filing thereof, but in any event not later than the
Effectiveness Date, and shall use its commercially reasonable efforts to keep
the Registration Statement continuously effective under the Securities Act until
the date when all Registrable Securities covered by the Registration Statement
have been sold or may be sold pursuant to Rule 144 as determined by the counsel
to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Company’s transfer agent and the Investor (the
“Effectiveness Period”). The maximum amount of Registrable Securities at any one
time shall be limited by Rule 415 as required by the Commission. In the event
that there is a limitation by the Commission on the number of Registrable
Securities that may be registered at one time, the Company shall use its
reasonable best efforts to file an additional Registration Statement covering
such ineligible within 30 days of the date such securities become eligible and
to make such Registration Statement be declared effective by the Commission as
soon as practicably possible.

       

      
        
          
          

        

        
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      (b)          If:  (i)
a Registration Statement is not filed on or prior to the Filing Date, or (ii)
the Company fails to file with the Commission a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act, within 5 trading
days of the date that the Company is notified (orally or in writing, whichever
is earlier) by the Commission that a Registration Statement will not be
“reviewed,” or is not subject to further review, or (iii) a Registration
Statement filed or required to be filed hereunder is not declared effective by
the Commission on or before the Effectiveness Date as a result of the failure of
the Company to meet its obligations with respect to such filing as provided for
herein, or (iv) after a Registration Statement is first declared effective by
the Commission, it ceases for any reason to remain continuously effective as to
the Registrable Securities held by the Investor, or the Investor is not
permitted to utilize the Prospectus therein to resell such Registrable
Securities, for in any such case 20 consecutive trading days but no more than an
aggregate of 30 trading days during any 12-month period (which need not be
consecutive trading days) during which the Investor is not permitted to sell
such Registrable Securities under Rule 144 (any such failure or breach being
referred to as an “Event,” and for purposes of clause (i) or (iii) the date on
which such Event occurs, or for purposes of clause (ii) the date on which such 5
trading day period is exceeded, or for purposes of clause (iv) the date on which
such 20- or 30-day period, as applicable, is exceeded being referred to as
“Event Date”), then: (A) on the first Event Date to occur the Company shall pay
to such Investor an amount, at the election of the Company, in cash or in Common
Stock, as liquidated damages and not as a penalty, equal to 1.0% of the
aggregate purchase price paid by such Investor pursuant to the Subscription
Agreement for any Registrable Securities then held by such Investor for which such Investor has not received liquidated
damages pursuant to Section
2(c) below; and (B) on each anniversary of such Event Date (if the
applicable Event, or any subsequent Event, shall not have been cured by such
date) until all Event(s) are cured, the Company shall pay to such Investor an
amount, as determined by the Company, in cash or in Common Stock, as liquidated
damages and not as a penalty, equal to 1.0% of the aggregate purchase price paid
by such Investor pursuant to the Subscription Agreement for any Registrable
Securities then held by such Investor for which such Investor has not received liquidated
damages pursuant to Section
2(c) below. In determining the number of shares of Common Stock payable
to the Investor, the 20-day average closing price of the Common Stock ending on
the Event Date shall be used.  If the Company fails to pay any
liquidated damages pursuant to this Section in full within seven days after the
date payable, the Company will pay interest thereon at a rate of 10% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law)
to the Investor, accruing daily from the date such liquidated damages are due
until such amounts, plus all such interest thereon, are paid in
full.  The liquidated damages pursuant to the terms hereof shall apply
on a daily pro-rata basis for any portion of a year prior to the cure of an
Event.

       

      (c)          Notwithstanding
any other provision of this Section 2, if the
Commission  determines that the number of securities that the Company
may register on the Registration Statement pursuant to Rule 415 is limited such
that the shares so registered thereunder shall exclude any Registrable
Securities held by the Investor, then the Company shall promptly so advise the
Investor and the Company shall use commercially reasonable efforts to effect the
registration of any Registrable Securities not so included on the Registration
Statement as a result thereof as soon as is legally possible to do
so.  In such event, the Company shall pay to such Investor liquidated
damages as set forth in Section 2(b) hereof with respect to  any
Registrable Securities then held by the Investor that were not registered by the
Effectiveness Date.

       

      
        
          
          

        

        
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      (d)          The
parties acknowledge and agree that (i) the maximum amount of damages that the
Company shall be obligated to pay the Investor for any and all breaches of this
Section 2 is the amount of liquidated damages set forth in Section 2(b) or 2(c),
and (ii) such liquidated damages shall be the sole remedy available to Investor
for any breach of this Agreement, provided that nothing in this Section 2(d)
shall preclude Investor from seeking injunctive relief, including specific
performance of its rights under this Section 2.

       

      3.               
Registration
Procedures.  If and whenever the Company is required by the
provisions of Section 2 hereof to use its commercially reasonable efforts to
affect the registration of any Registrable Securities under the Securities Act,
the Company will, as expeditiously as possible:

       

      (a)          prepare
and file with the Commission the Registration Statement with respect to such
securities and use its reasonable best efforts to cause such Registration
Statement to become effective in an expeditious manner;

       

      (b)          prepare
and file with the Commission such amendments and supplements to such
Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement continuously effective during the
Effectiveness Period and comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such
Registration Statement in accordance with the intended method of disposition set
forth in such Registration Statement for such period;

       

      (c)          furnish
to each seller of Registrable Securities and to each underwriter such number of
copies of the Registration Statement and the prospectus included therein
(including each preliminary prospectus) as such persons reasonably may request
in order to facilitate the intended disposition of the Registrable Securities
covered by such Registration Statement;

       

      (d)          use
its commercially reasonable efforts (i) to register or qualify the Registrable
Securities covered by such Registration Statement under the securities or “blue
sky” laws of such jurisdictions as the sellers of Registrable Securities or, in
the case of an underwritten public offering, the managing underwriter,
reasonably shall request, (ii) to prepare and file in those jurisdictions such
amendments (including post-effective amendments) and supplements, and take such
other actions, as may be necessary to maintain such registration and
qualification in effect at all times for the period of distribution contemplated
thereby and (iii) to take such further action as may be necessary or advisable
to enable the disposition of the Registrable Securities in such jurisdictions,
provided, that the Company shall not for any such purpose be required to qualify
generally to transact business as a foreign corporation in any jurisdiction
where it is not so qualified or to consent to general service of process in any
such jurisdiction;

       

      
        
          
          

        

        
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      (e)          use
its commercially reasonable efforts to list the Registrable Securities covered
by such Registration Statement with any securities exchange on which the Common
Stock of the Company is then listed;

       

      (f)          immediately
notify each seller of Registrable Securities and each underwriter under such
Registration Statement, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event
of which the Company has knowledge as a result of which the prospectus contained
in such Registration Statement, as then in effect, includes any untrue statement
of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing and promptly amend or supplement such
Registration Statement to correct any such untrue statement or
omission;

       

      (g)          promptly
notify each seller of Registrable Securities of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose and make every reasonable
effort to prevent the issuance of any stop order and, if any stop order is
issued, to obtain the lifting thereof at the earliest possible
time;

       

      (h)          if
the offering is an underwritten offering, enter into a written agreement with
the managing underwriter selected in the manner herein provided in such form and
containing such provisions as are usual and customary in the securities business
for such an arrangement between such underwriter and companies of the Company’s
size and investment stature, including, without limitation, customary
indemnification and contribution provisions;

       

      (i)          if
the offering is an underwritten offering, at the request of any seller of
Registrable Securities, use its commercially reasonable efforts to furnish to
such seller on the date that Registrable Securities are delivered to the
underwriters for sale pursuant to such registration: (i) a copy of an opinion
dated such date of counsel representing the Company for the purposes of such
registration, addressed to the underwriters, stating that such Registration
Statement has become effective under the Securities Act and that (A) to the
knowledge of such counsel, no stop order suspending the effectiveness thereof
has been issued and no proceedings for that purpose have been instituted or are
pending or contemplated under the Securities Act, (B) the Registration
Statement, the related prospectus and each amendment or supplement thereof
comply as to form in all material respects with the requirements of the
Securities Act (except that such counsel need not express any opinion as to
financial statements or other financial or statistical information contained
therein) and (C) to such other effects as reasonably may be requested by counsel
for the underwriters; and (ii) a copy of a letter dated such date from the
independent public accountants retained by the Company, addressed to the
underwriters, stating that they are independent public accountants within the
meaning of the Securities Act and that, in the opinion of such accountants, the
financial statements of the Company included in the Registration Statement or
the prospectus, or any amendment or supplement thereof, comply as to form in all
material respects with the applicable accounting requirements of the Securities
Act, and such letter shall additionally cover such other financial matters
(including information as to the period ending no more than five business days
prior to the date of such letter) with respect to such registration as such
underwriters reasonably may request;

       

      
        
          
          

        

        
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      (j)          take
all actions reasonably necessary to facilitate the timely preparation and
delivery of certificates (not bearing any legend restricting the sale or
transfer of such securities) representing the Registrable Securities to be sold
pursuant to the Registration Statement and to enable such certificates to be in
such denominations and registered in such names as the Investor or any
underwriters may reasonably request; and

       

      (k)          take
all other reasonable actions necessary to expedite and facilitate the
registration of the Registrable Securities pursuant to the Registration
Statement.

       

      4.                
Obligations of
Investor.  The Investor shall furnish to the Company such
information regarding such Investor, the number of Registrable Securities owned
and proposed to be sold by it, the intended method of disposition of such
securities and any other information as shall be required to effect the
registration of the Registrable Securities, and cooperate with the Company in
preparing the Registration Statement and in complying with the requirements of
the Securities Act.

       

      
        	
                 
      

              	
                5.

              	
                Expenses.

              

      

       

      (a)          All
expenses incurred by the Company in complying with Sections 2 and 3 including,
without limitation, all registration and filing fees (including the fees of the
Securities and Exchange Commission and any other regulatory body with which the
Company is required to file), printing expenses, fees and disbursements of
counsel and independent public accountants for the Company, fees and expenses
(including counsel fees) incurred in connection with complying with state
securities or “blue sky” laws, and fees of transfer agents and registrars are
called “Registration Expenses.” All underwriting discounts and selling
commissions applicable to the sale of Registrable Securities are called “Selling
Expenses.”

       

      (b)          The
Company will pay all Registration Expenses in connection with any Registration
Statement filed hereunder, and the Selling Expenses in connection with each such
Registration Statement shall be borne by the participating sellers in proportion
to the number of Registrable Securities sold by each or as they may otherwise
agree.

       

      
        	
                 
      

              	
                6.

              	
                Indemnification and
      Contribution.

              

      

       

      (a)          In
the event of a registration of any of the Registrable Securities under the
Securities Act pursuant to the terms of this Agreement, the Company will
indemnify and hold harmless and pay and reimburse, each seller of such
Registrable Securities thereunder, each underwriter of such Registrable
Securities thereunder and each other person, if any, who controls such seller or
underwriter within the meaning of the Securities Act, against any losses,
claims, damages or liabilities, joint or several, to which such seller,
underwriter or controlling person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any Registration Statement
under which such Registrable Securities were registered under the Securities Act
pursuant hereto or any preliminary prospectus or final prospectus contained
therein, or any amendment or supplement thereof, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
or any violation or alleged violation of the Securities Act or any state
securities or “blue sky” laws and will reimburse each such seller, each such
underwriter and each such controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, that the Company will
not be liable in any such case if and to the extent that any such loss, claim,
damage or liability arises out of or is based upon the Company’s reliance on an
untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by any such seller, any such
underwriter or any such controlling person in writing specifically for use in
such Registration Statement or prospectus.

       

      
        
          
          

        

        
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      (b)          In
the event of a registration of any of the Registrable Securities under the
Securities Act pursuant hereto, each seller of such Registrable Securities
thereunder, severally and not jointly, will indemnify and hold harmless the
Company, each person, if any, who controls the Company within the meaning of the
Securities Act, each officer of the Company who signs the Registration
Statement, each director of the Company, each underwriter and each person who
controls any underwriter within the meaning of the Securities Act, against all
losses, claims, damages or liabilities, joint or several, to which the Company
or such officer, director, underwriter or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
reliance on any untrue statement or alleged untrue statement of any material
fact contained in the Registration Statement under which such Registrable
Securities were registered under the Securities Act pursuant hereto or, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, underwriter, and
controlling person for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage,
liability or action, provided, that such seller will be liable hereunder in any
such case if and only to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in
conformity with information pertaining to such seller, as such, furnished in
writing to the Company by such seller specifically for use in such Registration
Statement or prospectus, and provided that, the liability of each seller
hereunder shall be limited to the proceeds received by such seller from the sale
of Registrable Securities covered by such Registration
Statement.  Notwithstanding the foregoing, the indemnity provided in
this Section 6(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or expense if such settlement is effected without
the consent of such indemnified party and provided further, that the Company
shall not be liable in any such case to the extent that any such loss, claim,
damage or liability (or action in respect thereof) arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged
omission in such Registration Statement, which untrue statement or alleged
untrue statement or omission or alleged omission is completely corrected in an
amendment or supplement to the Registration Statement and the undersigned
indemnitees thereafter fail to deliver or cause to be delivered such
Registration Statement as so amended or supplemented prior to or concurrently
with the sale of the Registrable Securities to the person asserting such loss,
claim, damage or liability (or actions in respect thereof) or expense after the
Company has furnished the undersigned with the same.

       

      
        
          
          

        

        
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      (c)          Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability which it may have to such indemnified party other
than under this Section 6 and shall only relieve it from any liability which it
may have to such indemnified party under this Section 6 if and to the extent the
indemnifying party is materially prejudiced by such omission.  In case
any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section 6 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected, provided that if
the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
based upon written advice of its counsel that there may be reasonable defenses
available to it that are different from or additional to those available to the
indemnifying party or if the interests of the indemnified party reasonably may
be deemed to conflict with the interests of the indemnifying party, the
indemnified party shall have the right to select a separate counsel and to
assume such legal defenses and otherwise to participate in the defense of such
action, with the expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the indemnifying party as
incurred.

       

      (d)          In
order to provide for just and equitable contribution to joint liability under
the Securities Act in any case in which either (i) any holder of Registrable
Securities exercising rights under this Agreement, or any controlling person of
any such holder, makes a claim for indemnification pursuant to this Section 6
but it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 6 provides for
indemnification in such case, or (ii) contribution under the Securities Act may
be required on the part of any such selling holder or any such controlling
person in circumstances for which indemnification is provided under this Section
6; then, and in each such case, the Company and such holder will contribute to
the aggregate losses, claims, damages or liabilities to which they may be
subject (after contribution from others) in such proportion so that such holder
is responsible for the portion represented by the percentage that the public
offering price of its Registrable Securities offered by the Registration
Statement bears to the public offering price of all securities offered by such
Registration Statement, and the Company is responsible for the remaining
portion; provided, that, in any such case, (A) no such holder will be required
to contribute any amount in excess of the public offering price of all such
Registrable Securities offered by it pursuant to such Registration Statement and
(B) no person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 12 (f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent
misrepresentation.

       

      
        
          
          

        

        
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      7.               
Changes in Capital
Stock.  If, and as often as, there is any change in the capital
stock of the Company by way of a stock split, stock dividend, combination or
reclassification, or through a merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made in
the provisions hereof so that the rights and privileges granted hereby shall
continue as so changed.

       

      8.                
Representations and
Warranties of the Company.  The Company represents and warrants
to the Investor as follows:

       

      (a)          The
execution, delivery and performance of this Agreement by the Company have been
duly authorized by all requisite corporate action and will not violate any
provision of law, any order of any court or other agency of government, the
Articles of Incorporation or Bylaws of the Company or any provision of any
indenture, agreement or other instrument to which it or any or its properties or
assets is bound, conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any such indenture, agreement
or other instrument or result in the creation or imposition of any lien, charge
or encumbrance of any nature whatsoever upon any of the properties or assets of
the Company or its subsidiaries.

       

      (b)          This
Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and binding obligation of the Company, enforceable in
accordance with its terms, subject to any applicable bankruptcy, insolvency or
other laws affecting the rights of creditors generally and to general equitable
principles and the availability of specific performance.

       

      
        	
                 
      

              	
                9.

              	
                Rule 144
      Requirements.  The Company agrees
  to:

              

      

       

      (a)          make
and keep current public information about the Company available, as those terms
are understood and defined in Rule 144;

       

      (b)          use
its commercially reasonable efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements); and

       

      (c)          furnish
to any holder of Registrable Securities upon request (i) a written statement by
the Company as to its compliance with the reporting requirements of Rule 144 and
of the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements), (ii) a copy of the most recent annual
or quarterly report of the Company, and (iii) such other reports and documents
of the Company as such holder may reasonably request to avail itself of any
similar rule or regulation of the Commission allowing it to sell any such
securities without registration.

       

      
        
          
          

        

        
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      10.              
Termination.  All
of the Company’s obligations to register Registrable Shares under Sections 2 and
3 hereto shall terminate upon the date on which the Investor holds no
Registrable Securities or all of the Registrable Securities are eligible for
resale under Rule 144.

       

      
        	
                 
      

              	
                11.

              	
                Miscellaneous.

              

      

       

      (a)          All
covenants and agreements contained in this Agreement by or on behalf of any of
the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto (including without limitation
transferees of any Registrable Securities), whether so expressed or
not.

       

      (b)          All
notices, requests, consents and other communications hereunder shall be in
writing and shall be delivered in person, mailed by certified or registered
mail, return receipt requested, or sent by telecopier, addressed (i) if to the
Company, at CleanTech Innovations, Inc., c/o The Newman Law Firm, PLLC, 44 Wall
Street, 20th Floor,
New York, New York 10005 USA, Attn: Robert Newman, Esquire, phone (212)
248-1001, facsimile (212) 202-6055; and (ii) if to any holder of Registrable
Securities, to it at such address as may have been furnished to the Company or
its counsel in writing by such holder; or, in any case, at such other address or
addresses as shall have been furnished, in writing to the Company or its counsel
(in the case of a holder of Registrable Securities) or to the holders of
Registrable Securities (in the case of the Company) in accordance with the
provisions of this paragraph.

       

      (c)          This
Agreement shall be governed by and construed under the laws of the State of New
York, without giving effect to principles of conflicts of laws.  The
Company and Investor (i) agree that any legal suit, action or proceeding arising
out of or relating to this Agreement shall be instituted exclusively in any
state court located in New York, New York or in the United States District Court
for the Southern District of New York, (ii) waive any objection which the
Company or Investor may have now or hereafter to the venue of any such suit,
action or proceeding, and (iii) irrevocably consent to the jurisdiction of any
state court located in New York, New York, and the United States District Court
for the Southern District of New York in any such suit, action or
proceeding.  The Company and Investor further agree to accept and
acknowledge service of any and all process which may be served in any such suit,
action or proceeding in any state court located in New York, New York, or in the
United States District Court for the Southern District of New York and agree
that service of process upon the Company or Investor mailed by certified mail
to, in the case of the Company, the Company’s address, and in the case of the
Investor, to the Investor’s address as set forth on the Company’s books and
record, shall be deemed in every respect effective service of process upon the
Company, in any such suit, action or proceeding.  THE PARTIES HERETO
AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY.

       

      (d)          In
the event of a breach by the Company or by the Investor, of any of their
obligations under this Agreement, the Investor or the Company, as the case may
be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement.  The Company
and the Investor agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (e)          This
Agreement may not be amended or modified without the written consent of the
Company and the Investor.

       

      (f)          Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.  No waiver shall be effective unless and until it is
in writing and signed by the party granting the waiver.

       

      (g)          This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.  This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this
Agreement.

       

      (h)          If
any provision of this Agreement shall be held to be illegal, invalid or
unenforceable, such illegality, invalidity or unenforceability shall attach only
to such provision and shall not in any manner affect or render illegal, invalid
or unenforceable any other provision of this Agreement, and this Agreement shall
be carried out as if any such illegal, invalid or unenforceable provision were
not contained herein.

       

      (i)          This
Agreement constitutes the entire contract among the Company and the Investor
relative to the subject matter hereof and supersedes in its entirety any and all
prior agreements, understandings and discussions with respect
thereto.

       

      (j)          The
headings of the sections of this Agreement are for convenience and shall not by
themselves determine the interpretation of this Agreement.

       

      [Remainder
of this Page intentionally left blank]

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Signature
Page to the Registration Rights Agreement

       

      IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

       

      
        
          	 	

                  COMPANY

                	 
	 	 	 
	 	

                  CLEANTECH
      INNOVATIONS, INC.

                	 
	 	 	 	 
	
                	
                  By:
      

                	  	 
	 	Name: 
      	Bei
    Lu	 
	 	Title:   	Chief Executive Officer	 

        

      

       

       

      
        
          	 	INVESTOR	 
	 	 	 
	 	COMPANY, PARTNERSHIP, OR
      TRUST	 
	 	 	 
	 	 
       	 
	 	Company
      Name:	 
	 	 	 
	 	 	 
	
                	
                  By:
      

                	    	 
	 	Name: 
      	
                	 
	 	Title:   	
                	 

        

      

       

       

      
        
          
            
              	 	

                      

                        INDIVIDUAL(S)

                      

                    	 
	 	 	 	 
	
                    	    	 
	 	Name: 
      	
                    	 
	 	
                    	
                    	 
	 	 	 	 
	 	  
       	 
	 	Name: 
      	 	 

            

          

           

        

      

    

    
      
        
        

      

      
        12Unassociated Document

    
      	
               
      

            	
              Exhibit
      10.01

            

    

     

    
      

      NEURALSTEM,
INC.

      

      2010 EQUITY
COMPENSATION PLAN

      

      

      1.           Purposes of the Plan.
The purposes of this Plan are:

      

      •            to
attract and retain the best available personnel for positions of substantial
responsibility,

      

      •           
to provide additional incentive to Employees, Directors and Consultants,
and

      

      •           
to promote the success of the Company’s business.

      

      The Plan
permits the grant of Incentive Stock Options, Nonstatutory Stock Options,
Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares
and Other Stock Based Awards.

      

      2.            Definitions. As used
herein, the following definitions will apply:

      

      (a)           “Administrator” means
the Board or any of its Committees as will be administering the Plan, in
accordance with Section 4 of the Plan.

      

      (b)           “Applicable Laws”
means the requirements relating to the administration of equity-based awards or
equity compensation plans under U.S. state corporate laws, U.S. federal and
state securities laws, the Code, any stock exchange or quotation system on which
the Common Stock is listed or quoted and the applicable laws of any foreign
country or jurisdiction where Awards are, or will be, granted under the
Plan.

      

      (c)           “Award” means,
individually or collectively, a grant under the Plan of Options, Restricted
Stock, Restricted Stock Units, Performance Units, Performance Shares or Other
Stock Based Awards.

      

      (d)           “Award Agreement”
means the written or electronic agreement setting forth the terms and provisions
applicable to each Award granted under the Plan. The Award Agreement is subject
to the terms and conditions of the Plan.

      

      (e)           “Award Transfer
Program” means any program instituted by the Administrator which would
permit Participants the opportunity to transfer any outstanding Awards to a
financial institution or other person or entity selected by the
Administrator.

      

      (f)           “Awarded Stock” means
the Common Stock subject to an Award.

      

      (g)           “Board” means the
Board of Directors of the Company.

      

      (h)           “Change in Control”
means the occurrence of any of the following events:

      

      (i)           Any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),
directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power represented by the Company’s then
outstanding voting securities and within three (3) years from the date of
such acquisition, a merger or consolidation of the Company with or into the
person (or affiliate thereof) holding such beneficial ownership of securities of
the Company is consummated; or

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (ii)           The
consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets; or

      

      (iii)           A
change in the composition of the Board occurring within a two-year period, as a
result of which fewer than a majority of the directors are Incumbent Directors.
“Incumbent Directors” means directors who either (A) are Directors as of
the effective date of the Plan, or (B) are elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the
Incumbent Directors at the time of such election or nomination (but will not
include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the
Company); or

      

      (iv)           The
consummation of a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty
percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation.

      

      For
purposes of this Section, “affiliate” will mean, with respect to any specified
person, any other person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with,
such specified person (“control,” “controlled by” and “under common control
with” will mean the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a person, whether
through ownership of voting securities, by contact or credit arrangement, as
trustee or executor, or otherwise).

      

      (i)           “Code” means the
Internal Revenue Code of 1986, as amended. Any reference to a section of the
Code herein will be a reference to any successor or amended section of the
Code.

      

      (j)           “Committee” means a
committee of Directors or other individuals satisfying Applicable Laws appointed
by the Board in accordance with Section 4 of the Plan.

      

      (k)           “Common Stock” means
the Common Stock of the Company, or in the case of Performance Units and certain
Other Stock Based Awards, the cash equivalent thereof.

      

      (l)           “Company” means
Neuralstem, Inc., a Delaware corporation, or any successor thereto.

      

      (m)           “Consultant” means any
person, including an advisor, engaged by the Company or a Parent or Subsidiary
to render services to such entity.

      

      (n)           “Director” means a
member of the Board.

      

      (o)           “Disability” means
total and permanent disability as defined in Section 22(e)(3) of the Code,
provided that in the case of Awards other than Incentive Stock Options, the
Administrator in its discretion may determine whether a permanent and total
disability exists in accordance with uniform and non-discriminatory standards
adopted by the Administrator from time to time.

      

      (p)           “Dividend Equivalent”
means a credit, made at the discretion of the Administrator, to the account of a
Participant in an amount equal to the cash dividends paid on one Share for each
Share represented by an Award held by such Participant.

      

      (q)           “Employee” means any
person, including Officers and Directors, employed by the Company or any Parent
or Subsidiary of the Company. Neither service as a Director nor payment of a
director’s fee by the Company will be sufficient to constitute “employment” by
the Company.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (r)           “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

      

      (s)           “Exchange Program”
means a program under which outstanding Awards or awards under prior or
existing equity compensation plans are surrendered or cancelled in exchange for
Awards of the same type, or (ii) Awards of a different type, and/or
cash.  Notwithstanding the foregoing, in no event will any exchange
pursuant to an Exchange Program result in the reduction of the exercise price of
an outstanding Award.

      

      (t)           “Fair Market Value”
means, as of any date and unless the Administrator determines otherwise, the
value of Common Stock determined as follows:

      

      (i)          If
the Common Stock is listed on any established stock exchange or a national
market system, its Fair Market Value will be the closing sales price for such
stock (or the closing bid, if no sales were reported) as quoted on such exchange
or system for the day of determination, as reported in The Wall Street
Journal  or such other source as the Administrator deems
reliable;

      

      (ii)          If
the Common Stock is regularly quoted by a recognized securities dealer but
selling prices are not reported, the Fair Market Value of a Share of Common
Stock will be the mean between the high bid and low asked prices for the Common
Stock for the day of determination, as reported in The Wall Street
Journal  or such other source as the Administrator deems
reliable; or

      

      (iii)          In
the absence of an established market for the Common Stock, the Fair Market Value
will be determined in good faith by the Administrator.

      

      (iv)          Notwithstanding
the preceding, for federal, state, and local income tax reporting purposes and
for such other purposes as the Administrator deems appropriate, the Fair Market
Value shall be determined by the Administrator in accordance with uniform and
nondiscriminatory standards adopted by it from time to time.

      

      (u)           “Fiscal Year” means
the fiscal year of the Company.

      

      (v)           “Incentive Stock
Option” means an Option intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code and the regulations
promulgated thereunder.

      

      (w)           “Individual
Objectives” means as to a Participant, the objective and measurable goals
set by a “management by objectives” process and approved by the Committee (in
its discretion).

      

      (x)           “Nonstatutory Stock
Option” means an Option that by its terms does not qualify or is not
intended to qualify as an Incentive Stock Option.

      

      (y)           “Officer” means a
person who is an officer of the Company within the meaning of Section 16 of
the Exchange Act and the rules and regulations promulgated
thereunder.

      

      (z)           “Option” means a stock
option granted pursuant to the Plan.

      

      (aa)           “Other Stock Based
Awards” means any other awards not specifically described in the Plan
that are valued in whole or in part by reference to, or are otherwise based on,
Shares and are created by the Administrator pursuant to
Section 11.

      

      (bb)           “Outside Director”
means a Director who is not an Employee.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      (cc)           
“Parent” means
a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code.

      

      (dd)           “Participant” means
the holder of an outstanding Award granted under the Plan.

      

      (ee)           “Performance Goals”
means the goal(s) (or combined goal(s)) determined by the Committee (in its
discretion) to be applicable to a Participant with respect to an Award. The
Performance Goals may differ from Participant to Participant and from Award to
Award. Any criteria used may be measured, as applicable, in absolute or relative
terms (including passage of time and/or against another company or companies),
on a per share basis, against the performance of the Company as a whole or any
segment of the Company, and on a pre-tax or after-tax basis.

      

      (ff)           “Performance Share”
means an Award granted to a Service Provider pursuant to Section 9 of the
Plan.

      

      (gg)           “Performance Unit”
means an Award granted to a Service Provider pursuant to Section 9 of the
Plan.

      

      (hh)           “Period of
Restriction” means the period during which the transfer of Shares of
Restricted Stock are subject to restrictions and therefore, the Shares are
subject to a substantial risk of forfeiture. Such restrictions may be based on
the passage of time, the achievement of target levels of performance, or the
occurrence of other events as determined by the Administrator.

      

      (ii)           “Plan” means this 2010
Stock Plan.

      

      (jj)           “Restricted Stock”
means shares of Common Stock issued pursuant to a Restricted Stock award under
Section 8, Section 10 or Section 11 of the Plan or issued
pursuant to the early exercise of an Option.

      

      (kk)           “Restricted Stock
Unit” means an Award that the Administrator permits to be paid in
installments or on a deferred basis pursuant to Section 10 of the
Plan.

      

      (ll)           “Rule 16b-3” means
Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when
discretion is being exercised with respect to the Plan.

      

      (mm)           “Section 16(b)” means
Section 16(b) of the Exchange Act.

      

      (nn)           “Service Provider”
means an Employee, Director or Consultant.

      

      (oo)           “Share” means a share
of the Common Stock, as adjusted in accordance with Section 14 of the
Plan.

      

      (pp)           “Subsidiary” means a
“subsidiary corporation”, whether now or hereafter existing, as defined in
Section 424(f) of the Code.

      

      (qq)           “Unvested Awards”
means Options or Restricted Stock that (i) were granted to an individual in
connection with such individual’s position as a Service Provider and
(ii) are still subject to vesting or lapsing of Company repurchase rights
or similar restrictions.

      

      3.            Stock Subject to the
Plan.

      

      (a)           Stock Subject to the
Plan. Subject to the provisions of Sections 14 of the Plan, the
maximum number of Shares that may be issued under the Plan is 7,000,000. The
Shares may be authorized, but unissued, or reacquired Common Stock. Shares shall
not be deemed to have been issued pursuant to the Plan (i) with respect to
any portion of an Award that is settled in cash, or (ii) to the extent such
Shares are withheld in satisfaction of tax withholding obligations. Upon payment
in Shares pursuant to the exercise of an Award, the number of Shares available
for issuance under the Plan shall be reduced only by the number of Shares
actually issued in such payment. If a Participant pays the exercise price (or
purchase price, if applicable) of an Award through the tender of Shares, the
number of Shares so tendered shall again be available for issuance pursuant to
future Awards under the Plan. Notwithstanding anything in the Plan, or any Award
Agreement to the contrary, Shares attributable to Awards transferred under any
Award Transfer Program shall not be again available for grant under the
Plan.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      (b)           Lapsed Awards. If any
outstanding Award expires or is terminated or canceled without having been
exercised or settled in full, or if Shares acquired pursuant to an Award subject
to forfeiture or repurchase are forfeited or repurchased by the Company, the
Shares allocable to the terminated portion of such Award or such forfeited or
repurchased Shares shall again be available for grant under the
Plan.

      

      4.            Administration of the
Plan.

      

      (a)           
Procedure.

      

      (i)           Section 162(m).
To the extent that the Administrator determines it to be desirable and necessary
to qualify Awards granted hereunder as “performance-based compensation” within
the meaning of Section 162(m) of the Code, the Plan will be administered by
a Committee of two or more “outside directors” within the meaning of
Section 162(m) of the Code.

      

      (ii)            Rule 16b-3. To the
extent desirable to qualify transactions hereunder as exempt under Rule 16b-3,
the transactions contemplated hereunder will be structured to satisfy the
requirements for exemption under Rule 16b-3.

      

      (iii)           Other Administration.
Other than as provided above, the Plan will be administered by (A) the
Board or (B) a Committee, which committee will be constituted to satisfy
Applicable Laws.

      

      (iv)          Delegation of Authority for
Day-to-Day Administration. Except to the extent prohibited by Applicable
Law, the Administrator may delegate to one or more individuals the day-to-day
administration of the Plan and any of the functions assigned to it in this Plan.
Such delegation may be revoked at any time.

      

      (b)           Powers of the
Administrator. Subject to the provisions of the Plan, and in the case of
a Committee, subject to the specific duties delegated by the Board to such
Committee, the Administrator will have the authority, in its
discretion:

      

      (i)           to
determine the Fair Market Value;

      

      (ii)           to
select the Service Providers to whom Awards may be granted
hereunder;

      

      (iii)           to
determine the number of Shares to be covered by each Award granted
hereunder;

      

      (iv)           to
approve forms of agreement for use under the Plan;

      

      (v)           to
determine the terms and conditions, not inconsistent with the terms of the Plan,
of any Award granted hereunder. Such terms and conditions include, but are not
limited to, the exercise price, the time or times when Awards may be exercised
(which may be based on performance criteria), any vesting acceleration or waiver
of forfeiture or repurchase restrictions, and any restriction or limitation
regarding any Award or the Shares relating thereto, based in each case on such
factors as the Administrator, in its sole discretion, will
determine;

      

      (vi)           to
institute an Exchange Program;

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      (vii)           to
construe and interpret the terms of the Plan and Awards granted pursuant to the
Plan;

      

      (viii)           to
prescribe, amend and rescind rules and regulations relating to the Plan,
including rules and regulations relating to sub-plans established for the
purpose of satisfying applicable foreign laws and/or qualifying for preferred
tax treatment under applicable foreign tax laws;

      

      (ix)           to
modify or amend each Award (subject to Section 17(c) and 17(d) of the
Plan), including the discretionary authority to extend the post-termination
exercisability period of Awards longer than is otherwise provided for in the
Plan;

      

      (x)           to
allow Participants to satisfy withholding tax obligations by electing to have
the Company withhold from the Shares or cash to be issued upon exercise or
vesting of an Award that number of Shares or cash having a Fair Market Value
equal to the minimum amount required to be withheld. The Fair Market Value of
any Shares to be withheld will be determined on the date that the amount of tax
to be withheld is to be determined. All elections by a Participant to have
Shares or cash withheld for this purpose will be made in such form and under
such conditions as the Administrator may deem necessary or
advisable;

      

      (xi)           to
authorize any person to execute on behalf of the Company any instrument required
to effect the grant of an Award previously granted by the
Administrator;

      

      (xii)           to
allow a Participant to defer the receipt of the payment of cash or the delivery
of Shares that would otherwise be due to such Participant under an
Award;

      

      (xiii)           to
implement an Award Transfer Program;

      

      (xiv)           to
determine whether Awards will be settled in Shares, cash or in any combination
thereof;

      

      (xv)           to
determine whether Awards will be adjusted for Dividend Equivalents;

      

      (xvi)           to
create Other Stock Based Awards for issuance under the Plan;

      

      (xvii)           to
establish a program whereby Service Providers designated by the Administrator
can reduce compensation otherwise payable in cash in exchange for Awards under
the Plan;

      

      (xviii)           to
impose such restrictions, conditions or limitations as it determines appropriate
as to the timing and manner of any resales by a Participant or other subsequent
transfers by the Participant of any Shares issued as a result of or under an
Award, including without limitation, (A) restrictions under an insider
trading policy, and (B) restrictions as to the use of a specified brokerage
firm for such resales or other transfers; and

      

      (xix)           to
make all other determinations deemed necessary or advisable for administering
the Plan.

      

      (c)           Effect of Administrator’s
Decision. The Administrator’s decisions, determinations and
interpretations will be final and binding on all Participants and any other
holders of Awards.

      

      5.            Eligibility.
Nonstatutory Stock Options, Restricted Stock, Performance Units, Performance
Shares, Restricted Stock Units and Other Stock Based Awards may be granted to
Service Providers. Incentive Stock Options may be granted only to
Employees.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      6.           
Limitations.

      

      (a)           ISO $100,000 Rule.
Each Option will be designated in the Award Agreement as either an Incentive
Stock Option or a Nonstatutory Stock Option. However, notwithstanding such
designation, to the extent that the aggregate Fair Market Value of the Shares
with respect to which Incentive Stock Options are exercisable for the first time
by the Participant during any calendar year (under all plans of the Company and
any Parent or Subsidiary) exceeds $100,000, such Options will be treated as
Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive
Stock Options will be taken into account in the order in which they were
granted. The Fair Market Value of the Shares will be determined as of the time
the Option with respect to such Shares is granted.

      

      (b)           No Rights as a Service
Provider. Neither the Plan nor any Award shall confer upon a Participant
any right with respect to continuing his or her relationship as a Service
Provider, nor shall they interfere in any way with the right of the Participant
or the right of the Company or its Parent or Subsidiaries to terminate such
relationship at any time, with or without cause.

      

      (c)           162(m) Limitation.
For purposes of qualifying Awards as “performance-based compensation” under
Section 162(m) of the Code, the Administrator, in its discretion, may set
restrictions based upon the achievement of Performance Goals. The Performance
Goals shall be set by the Administrator on or before the latest date permissible
to enable the Award to qualify as “performance-based compensation” under
Section 162(m) of the Code. In granting Awards which are intended to
qualify under Section 162(m) of the Code, the Administrator shall follow
any procedures determined by it from time to time to be necessary or appropriate
to ensure qualification of the Award under Section 162(m) of the Code
(e.g., in determining the Performance Goals).

      

      7.           Stock
Options.

      

      (a)           Term of Option. The
term of each Option will be stated in the Award Agreement. In the case of an
Incentive Stock Option, the term will be ten (10) years from the date of
grant or such shorter term as may be provided in the Award Agreement. Moreover,
in the case of an Incentive Stock Option granted to a Participant who, at the
time the Incentive Stock Option is granted, owns stock representing more than
ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any Parent or Subsidiary, the term of the Incentive
Stock Option will be five (5) years from the date of grant or such shorter
term as may be provided in the Award Agreement.

      

      (b)           Option Exercise Price and
Consideration.

      

      (i)           Exercise Price. The
per Share exercise price for the Shares to be issued pursuant to exercise of an
Option will be determined by the Administrator, subject to the
following:

      

      (1)           In
the case of an Incentive Stock Option

      

      (A)           granted
to an Employee who, at the time the Incentive Stock Option is granted, owns
stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share
exercise price will be no less than 110% of the Fair Market Value per Share on
the date of grant.

      

      (B)           granted
to any Employee other than an Employee described in paragraph
(A) immediately above, the per Share exercise price will be no less than
100% of the Fair Market Value per Share on the date of grant.

      

      (2)           In
the case of a Nonstatutory Stock Option, the per Share exercise price will be
determined by the Administrator. In the case of a Nonstatutory Stock Option
intended to qualify as “performance-based compensation” within the meaning of
Section 162(m) of the Code, the per Share exercise price will be no less
than 100% of the Fair Market Value per Share on the date of grant.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

      (3)           Notwithstanding
the foregoing, Incentive Stock Options may be granted with a per Share exercise
price of less than 100% of the Fair Market Value per Share on the date of grant
pursuant to a merger or other corporate transaction.

      

      (ii)           Waiting Period and Exercise
Dates. At the time an Option is granted, the Administrator will fix the
period within which the Option may be exercised and will determine any
conditions that must be satisfied before the Option may be
exercised.

      

      (c)           Form of
Consideration. The Administrator will determine the acceptable form of
consideration for exercising an Option, including the method of payment. In the
case of an Incentive Stock Option, the Administrator will determine the
acceptable form of consideration at the time of grant. Such consideration to the
extent permitted by Applicable Laws may consist entirely of:

      

      (i)           cash;

      

      (ii)           check;

      

      (iii)           promissory
note;

      

      (iv)           other
Shares which meet the conditions established by the Administrator to avoid
adverse accounting consequences (as determined by the
Administrator);

      

      (v)           consideration
received by the Company under a cashless exercise program implemented by the
Company in connection with the Plan;

      

      (vi)           a
reduction in the amount of any Company liability to the Participant, including
any liability attributable to the Participant’s participation in any
Company-sponsored deferred compensation program or arrangement;

      

      (vii)           any
combination of the foregoing methods of payment; or

      

      (viii)           
such other consideration and method of payment for the issuance of Shares to the
extent permitted by Applicable Laws.

      

      (d)           Exercise of
Option.

      

      (i)           Procedure for Exercise;
Rights as a Stockholder. Any Option granted hereunder will be exercisable
according to the terms of the Plan and at such times and under such conditions
as determined by the Administrator and set forth in the Award Agreement. An
Option may not be exercised for a fraction of a Share.

      

      An Option
will be deemed exercised when the Company receives: (x) written or
electronic notice of exercise (in accordance with the Award Agreement) from the
person entitled to exercise the Option, and (y) full payment for the Shares
with respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Administrator and
permitted by the Award Agreement and the Plan. Shares issued upon exercise of an
Option will be issued in the name of the Participant or, if requested by the
Participant, in the name of the Participant and his or her spouse. Until the
Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote
or receive dividends or any other rights as a stockholder will exist with
respect to the Awarded Stock, notwithstanding the exercise of the Option. The
Company will issue (or cause to be issued) such Shares promptly after the Option
is exercised. No adjustment will be made for a dividend or other right for which
the record date is prior to the date the Shares are issued, except as provided
in Section 14 of the Plan or the applicable Award Agreement.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      Exercising
an Option in any manner will decrease the number of Shares thereafter available
for sale under the Option, by the number of Shares as to which the Option is
exercised.

      

      (ii)           Termination of Relationship
as a Service Provider. If a Participant ceases to be a Service Provider,
other than upon the Participant’s death or Disability, the Participant may
exercise his or her Option within such period of time as is specified in the
Award Agreement to the extent that the Option is vested on the date of
termination (but in no event later than the expiration of the term of such
Option as set forth in the Award Agreement). In the absence of a specified time
in the Award Agreement, the Option will remain exercisable for three
(3) months following the Participant’s termination. Unless otherwise
provided by the Administrator, if on the date of termination the Participant is
not vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option will revert to the Plan on the date one (1) month
following the Participant’s termination. If after termination the Participant
does not exercise his or her Option within the time specified by the
Administrator, the Option will terminate, and the Shares covered by such Option
will revert to the Plan.

      

      (iii)           Disability of
Participant. If a Participant ceases to be a Service Provider as a result
of the Participant’s Disability, the Participant may exercise his or her Option
within such period of time as is specified in the Award Agreement to the extent
the Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Award Agreement). In
the absence of a specified time in the Award Agreement, the Option will remain
exercisable for twelve (12) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of termination
the Participant is not vested as to his or her entire Option, the Shares covered
by the unvested portion of the Option will revert to the Plan on the date one
(1) month following the Participant’s termination. If after termination the
Participant does not exercise his or her Option within the time specified
herein, the Option will terminate, and the Shares covered by such Option will
revert to the Plan.

      

      (iv)           Death of Participant.
If a Participant dies while a Service Provider, the Option may be exercised
following the Participant’s death within such period of time as is specified in
the Award Agreement to the extent that the Option is vested on the date of death
(but in no event may the option be exercised later than the expiration of the
term of such Option as set forth in the Award Agreement), by the Participant’s
designated beneficiary, provided such beneficiary has been designated prior to
Participant’s death in a form acceptable to the Administrator. If no such
beneficiary has been designated by the Participant, then such Option may be
exercised by the personal representative of the Participant’s estate or by the
person(s) to whom the Option is transferred pursuant to the Participant’s will
or in accordance with the laws of descent and distribution. In the absence of a
specified time in the Award Agreement, the Option will remain exercisable for
twelve (12) months following Participant’s death. Unless otherwise provided
by the Administrator, if at the time of death Participant is not vested as to
his or her entire Option, the Shares covered by the unvested portion of the
Option will immediately revert to the Plan on the date one (1) month
following the Participant’s death. If the Option is not so exercised within the
time specified herein, the Option will terminate, and the Shares covered by such
Option will revert to the Plan.

      

      (e)           Buyout Provisions.
The Administrator may at any time offer to buy out for a payment in cash or
Shares an Option previously granted based on such terms and conditions as the
Administrator shall establish and communicate to the Participant at the time
that such offer is made.

      

      8.           Restricted
Stock.

      

      (a)           Grant of Restricted
Stock. Subject to the terms and provisions of the Plan, the
Administrator, at any time and from time to time, may grant Shares of Restricted
Stock to Service Providers in such amounts as the Administrator, in its sole
discretion, will determine. Subject to any restrictions specifically provided
for in this Plan, the Administrator shall have complete discretion to determine
(i) the number of Shares subject to a Restricted Stock award granted to any
Participant, and (ii) the conditions, if any, that must be satisfied, which
typically will be based principally or solely on continued provision of services
but may include a performance-based component, upon which is conditioned the
grant, vesting or issuance of Restricted Stock.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      (b)           Restricted Stock
Agreement. Each Award of Restricted Stock will be evidenced by an Award
Agreement that will specify the Period of Restriction, the number of Shares
granted, and such other terms and conditions as the Administrator, in its sole
discretion, will determine. Unless the Administrator determines otherwise,
Shares of Restricted Stock will be held by the Company as escrow agent until the
restrictions on such Shares have lapsed.

      

      (c)           Transferability.
Except as provided in this Section 8, Shares of Restricted Stock may not be
sold, transferred, pledged, assigned, or otherwise

      

      (d)           Other Restrictions.
The Administrator, in its sole discretion, may impose such other restrictions on
Shares of Restricted Stock as it may deem advisable or appropriate.

      

      (e)           Removal of
Restrictions. Except as otherwise provided in this Section 8, Shares
of Restricted Stock covered by each Restricted Stock grant made under the Plan
will be released from escrow as soon as practicable after the last day of the
Period of Restriction. The Administrator, in its discretion, may accelerate the
time at which any restrictions will lapse or be removed.

      

      (f)           Voting Rights. During
the Period of Restriction, Service Providers holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those Shares,
unless the Administrator determines otherwise.

      

      (g)           Dividends and Other
Distributions. During the Period of Restriction, Service Providers
holding Shares of Restricted Stock will be entitled to receive all dividends and
other distributions paid with respect to such Shares unless otherwise provided
in the Award Agreement. If any such dividends or distributions are paid in
Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they
were paid.

      

      (h)           Return of Restricted Stock
to Company. On the date set forth in the Award Agreement, the Restricted
Stock for which restrictions have not lapsed will revert to the Company and
again will become available for grant under the Plan.

      

      9.           Performance Units and
Performance Shares.

      

      (a)           Grant of Performance
Units/Shares. Subject to the terms and conditions of the Plan,
Performance Units and Performance Shares may be granted to Service Providers at
any time and from time to time, as will be determined by the Administrator, in
its sole discretion. Subject to any restrictions specifically provided for in
this Plan, the Administrator will have complete discretion in determining the
number of Performance Units and Performance Shares granted to each
Participant.

      

      (b)           Value of Performance
Units/Shares. Each Performance Unit will have an initial value that is
established by the Administrator on or before the date of grant. Each
Performance Share will have an initial value equal to the Fair Market Value of a
Share on the date of grant.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      (c)           Performance Objectives and
Other Terms. The Administrator will set performance objectives in its
discretion which, depending on the extent to which they are met, will determine
the number or value of Performance Units/Shares that will be paid out to the
Service Providers. The time period during which the performance objectives must
be met will be called the “Performance Period.” Each Award of Performance Units/
Shares will be evidenced by an Award Agreement that will specify the Performance
Period, and such other terms and conditions as the Administrator, in its sole
discretion, will determine. The Administrator may set performance objectives
based upon the achievement of Company-wide, divisional, or individual goals,
applicable federal or state securities laws, or any other basis determined by
the Administrator in its discretion.

      

      (d)           Earning of Performance
Units/Shares. After the applicable Performance Period has ended, the
holder of Performance Units/Shares will be entitled to receive a payout of the
number of Performance Units/Shares earned by the Participant over the
Performance Period, to be determined as a function of the extent to which the
corresponding performance objectives have been achieved. After the grant of a
Performance Unit/Share, the Administrator, in its sole discretion, may reduce or
waive any performance objectives for such Performance Unit/Share.

      

      (e)           Form and Timing of Payment
of Performance Units/Shares. Payment of earned Performance Units/Shares
will be made as soon after the expiration of the applicable Performance Period
at the time determined by the Administrator. The Administrator, in its sole
discretion, may pay earned Performance Units/Shares in the form of cash, in
Shares (which have an aggregate Fair Market Value equal to the value of the
earned Performance Units/Shares at the close of the applicable Performance
Period) or in a combination thereof.

      

      (f)           Cancellation of Performance
Units/Shares. On the date set forth in the Award Agreement, all unearned
or unvested Performance Units/Shares will be forfeited to the Company, and again
will be available for grant under the Plan.

      

      10.           Restricted Stock
Units. Restricted Stock Units shall consist of a Restricted Stock,
Performance Share or Performance Unit Award that the Administrator, in its sole
discretion permits to be paid out in installments or on a deferred basis, in
accordance with rules and procedures established by the
Administrator.

      

      11.           Other Stock Based
Awards. Other Stock Based Awards may be granted either alone, in addition
to, or in tandem with, other Awards granted under the Plan and/or cash awards
made outside of the Plan. The Administrator shall have authority to determine
the Service Providers to whom and the time or times at which Other Stock Based
Awards shall be made, the amount of such Other Stock Based Awards, and all other
conditions of the Other Stock Based Awards including any dividend and/or voting
rights.

      

      12.           Leaves of Absence.
Unless the Administrator provides otherwise, vesting of Awards granted hereunder
will be suspended during any unpaid leave of absence and will resume on the date
the Participant returns to work on a regular schedule as determined by the
Company; provided, however, that no vesting credit will be awarded for the time
vesting has been suspended during such leave of absence. A Service Provider will
not cease to be an Employee in the case of (i) any leave of absence
approved by the Company or (ii) transfers between locations of the Company
or between the Company, its Parent, or any Subsidiary.  For purposes
of Incentive Stock Options, no such leave may exceed ninety (90) days,
unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the
Company is not so guaranteed, then three months following the 91
st  day of such leave any Incentive Stock Option held by the
Participant will cease to be treated as an Incentive Stock Option and will be
treated for tax purposes as a Nonstatutory Stock Option.

      

      13.           Non-Transferability of
Awards. Unless determined otherwise by the Administrator, an Award may
not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner other than by will or by the laws of descent or distribution and may be
exercised, during the lifetime of the Participant, only by the Participant. If
the Administrator makes an Award transferable, such Award will contain such
additional terms and conditions as the Administrator deems
appropriate.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

      14.           Adjustments; Dissolution or
Liquidation; Merger or Change in Control.

      

      (a)            Adjustments. In the
event that any dividend (excluding an ordinary dividend) or other distribution
(whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate
structure of the Company affecting the Shares occurs, then the Administrator
shall appropriately adjust the number and class of Shares which may be delivered
under the Plan, the 162(m) limits under Section 6(c) of the Plan, and the
number, class, and price of Shares subject to outstanding Awards.
Notwithstanding the preceding, the number of Shares subject to any Award always
shall be a whole number.

      

      (b)           Dissolution or
Liquidation. In the event that any dividend (excluding an ordinary
dividend) or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other
change in the corporate structure of the Company affecting the Shares occurs
then the Administrator shall appropriately adjust the number and class of Shares
which may be delivered under the Plan, the 162(m) limits under Section 6(c)
of the Plan, and the number, class, and price of Shares subject to outstanding
Awards. Notwithstanding the preceding, the number of Shares subject to any Award
always shall be a whole number.

      

      (c)           Merger or Change in
Control.  In the absence of any specific language contained in
the Award Agreement:

      

      (i)           Stock Options. In the
event of a merger or Change in Control, each outstanding Option shall be assumed
or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. With respect to Options granted to an
Outside Director that are assumed or substituted for, if immediately prior to or
after the merger or Change in Control the Participant’s status as a Director or
a director of the successor corporation, as applicable, is terminated other than
upon a voluntary resignation by the Participant, then the Participant shall
fully vest in and have the right to exercise such Options as to all of the
Awarded Stock, including Shares as to which it would not otherwise be vested or
exercisable. Unless determined otherwise by the Administrator, in the event that
the successor corporation refuses to assume or substitute for the Option, the
Participant shall fully vest in and have the right to exercise the Option as to
all of the Awarded Stock, including Shares as to which it would not otherwise be
vested or exercisable. If an Option is not assumed or substituted in the event
of a merger or Change in Control, the Administrator shall notify the Participant
in writing or electronically that the Option shall be exercisable, to the extent
vested, for a period of up to fifteen (15) days from the date of such
notice, and the Option shall terminate upon the expiration of such period. For
the purposes of this paragraph, the Option shall be considered assumed if,
following the merger or Change in Control, the option confers the right to
purchase or receive, for each Share of Awarded Stock subject to the Option
immediately prior to the merger or Change in Control, the consideration (whether
stock, cash, or other securities or property) received in the merger or Change
in Control by holders of Common Stock for each Share held on the effective date
of the transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the merger or
Change in Control is not solely common stock of the successor corporation or its
Parent, the Administrator may, with the consent of the successor corporation,
provide for the consideration to be received upon the exercise of the Option,
for each Share of Awarded Stock subject to the Option, to be solely common stock
of the successor corporation or its Parent equal in fair market value to the per
share consideration received by holders of Common Stock in the merger or Change
in Control. Notwithstanding anything herein to the contrary, an Award that
vests, is earned or paid-out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies
any of such performance goals without the Participant’s consent; provided,
however, a modification to such performance goals only to reflect the successor
corporation’s post-merger or post-Change in Control corporate structure will not
be deemed to invalidate an otherwise valid Award assumption.

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

      (ii)           Restricted Stock,
Performance Shares, Performance Units, Restricted Stock Units and Other Stock
Based Awards. In the event of a merger or Change in Control, each
outstanding Restricted Stock, Performance Share, Performance Unit, Other Stock
Based Award and Restricted Stock Unit awards shall be assumed or an equivalent
Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award
and Restricted Stock Unit award substituted by the successor corporation or a
Parent or Subsidiary of the successor corporation. With respect to Awards
granted to an Outside Director that are assumed or substituted for, if
immediately prior to or after the merger or Change in Control the Participant’s
status as a Director or a director of the successor corporation, as applicable,
is terminated other than upon a voluntary resignation by the Participant, then
the Participant shall fully vest in such Awards, including Shares as to which it
would not otherwise be vested. Unless determined otherwise by the Administrator,
in the event that the successor corporation refuses to assume or substitute for
the Restricted Stock, Performance Share, Performance Unit, Other Stock Based
Award or Restricted Stock Unit award, the Participant shall fully vest in the
Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award
or Restricted Stock Unit including as to Shares which would not otherwise be
vested. For the purposes of this paragraph, a Restricted Stock, Performance
Share, Performance Unit, Other Stock Based Award and Restricted Stock Unit award
shall be considered assumed if, following the merger or Change in Control, the
award confers the right to purchase or receive, for each Share subject to the
Award immediately prior to the merger or Change in Control, the consideration
(whether stock, cash, or other securities or property) received in the merger or
Change in Control by holders of Common Stock for each Share held on the
effective date of the transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding Shares); provided, however, that if such consideration received
in the merger or Change in Control is not solely common stock of the successor
corporation or its Parent, the Administrator may, with the consent of the
successor corporation, provide for the consideration to be received, for each
Share and each unit/right to acquire a Share subject to the Award, to be solely
common stock of the successor corporation or its Parent equal in fair market
value to the per share consideration received by holders of Common Stock in the
merger or Change in Control. Notwithstanding anything herein to the contrary, an
Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor
modifies any of such performance goals without the Participant’s consent;
provided, however, a modification to such performance goals only to reflect the
successor corporation’s post-merger or post-Change in Control corporate
structure will not be deemed to invalidate an otherwise valid Award
assumption.

      

      15.           Date of Grant. The
date of grant of an Award will be, for all purposes, the date on which the
Administrator makes the determination granting such Award, or such other later
date as is determined by the Administrator. Notice of the determination will be
provided to each Participant within a reasonable time after the date of such
grant.

      

      16.           Term of Plan. Subject
to Section 21 of the Plan, the Plan will become effective upon its adoption
by the Board. It will continue in effect for a term of ten (10) years
unless terminated earlier under Section 17 of the Plan.

      

      17.           Amendment and Termination of
the Plan.

      

      (a)            Amendment and
Termination. The Board may at any time amend, alter, suspend or terminate
the Plan.

      

      (b)            Stockholder
Approval. The Company will obtain stockholder approval of any Plan
amendment to the extent necessary and desirable to comply with Applicable
Laws.

      

      (c)            Effect of Amendment or
Termination. Subject to Section 19 of the Plan, no amendment,
alteration, suspension or termination of the Plan will impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the
Administrator, which agreement must be in writing and signed by the Participant
and the Company. Termination of the Plan will not affect the Administrator’s
ability to exercise the powers granted to it hereunder with respect to Awards
granted under the Plan prior to the date of such termination.

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

         

      

      (d)           No Repricing.
 Notwithstanding any other provision herein or in any agreement evidencing
any Award, in no case (except due to an adjustment contemplated by Section 14 or
any repricing that may be approved by shareholders) shall any action be taken
with respect to the Plan or any Award hereunder that would constitute a
repricing (by amendment, substitution, cancellation and regrant, exchange or
other means) of the per share exercise price of any Award.

      

      18.           Conditions Upon Issuance of
Shares.

      

      (a)           Legal Compliance.
Shares will not be issued pursuant to the exercise of an Award unless the
exercise of such Award and the issuance and delivery of such Shares will comply
with Applicable Laws and will be further subject to the approval of counsel for
the Company with respect to such compliance.

      

      (b)           Investment
Representations. As a condition to the exercise or receipt of an Award,
the Company may require the person exercising or receiving such Award to
represent and warrant at the time of any such exercise or receipt that the
Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company,
such a representation is required.

      

      19.           Severability.
Notwithstanding any contrary provision of the Plan or an Award to the contrary,
if any one or more of the provisions (or any part thereof) of this Plan or the
Awards shall be held invalid, illegal or unenforceable in any respect, such
provision shall be modified so as to make it valid, legal and enforceable, and
the validity, legality and enforceability of the remaining provisions (or any
part thereof) of the Plan or Award, as applicable, shall not in any way be
affected or impaired thereby.

      

      20.           Inability to Obtain
Authority. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder,
will relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority will not have been
obtained.

      

      21.           Stockholder Approval.
The Plan will be subject to approval by the stockholders of the Company within
twelve (12) months after the date the Plan is adopted. Such stockholder
approval will be obtained in the manner and to the degree required under
Applicable Laws.

      

       

      22.           Nonexclusivity Of The
Plan. Neither the adoption of this Plan by the Board, the submission of
this Plan to the stockholders of the Company for approval, nor any provision of
this Plan will be construed as creating any limitations on the power of the
Board to adopt such additional compensation arrangements as it may deem
desirable, including, without limitation, the granting of stock options and
other equity awards otherwise than under this Plan, and such arrangements may be
either generally applicable or applicable only in specific cases.

       

      
        
          
          

        

        
          14

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