Document:

Unassociated Document

    
      Exhibit
10.9

    

     

    LOPPERT
EMPLOYMENT AGREEMENT

     

    This
EMPLOYMENT AGREEMENT (this “Agreement”) is dated
as of May 13, 2010 (the “Effective Date”)
between Rvue Holdings, Inc., a Nevada corporation (the “Company”), and David
A. Loppert (“Employee”).

    

    RECITALS:

    

    WHEREAS,
pursuant to the terms and conditions of this Agreement, from and after the
Effective Date the Company and Employee desire for Employee to serve as the
Chief Financial Officer of the Company, for the compensation and on the terms
and conditions set forth below; and

    

    WHEREAS,
it is a condition to the consummation of the Transaction that the Company and
Employee enter into this Agreement.

    

    NOW,
THEREFORE, in consideration of the foregoing recitals and the promises and
conditions herein contained, the parties, intending to be legally bound, hereby
agree as follows:

     

    1.           Employment.  The
Company hereby employs Employee, and Employee hereby accepts employment with the
Company, as its Chief Financial Officer, Secretary and Treasurer for the period
set forth in Section
3 hereof, all upon the terms and conditions hereinafter set
forth.

     

    2.           Definitions.  For
purposes of this Agreement:

     

    (a)           “Board” shall mean the
Board of Directors of the Company.

     

    (b)           “Cause” shall mean
termination by the Company of Employee’s employment for reasons of (i)
Employee’s conviction of, or plea of “guilty” or “no contest” to, a felony
involving moral turpitude, (ii) persistent dishonesty or fraud, (iii) persistent
willful breaches of the material terms of the Agreement, or (iv) habitual
neglect of the duties which he is required to perform hereunder, provided that,
with respect to (iv) hereof, termination shall be conditioned on Employee’s
failure to cure within fifteen (15) days after receipt of notice from the
Company of such deficiencies.

     

    (c)           “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time, and all regulatory
guidance promulgated thereunder.

     

    3.           Term.  This
Agreement shall commence on the Effective Date and shall continue for a term of
Two (2) years from and after the Effective Date (the “Initial Term”), and
shall automatically be extended for successive one (1) year terms thereafter
(each successive term, a “Renewal Term” and, collectively with the Initial Term,
the “Term”) unless (i) at least sixty (60) days prior to the end of the
Term of this Agreement, either Employee or the Company notifies the other in
writing that Employee or the Company elects to terminate this Agreement
effective upon the expiration of the Term, or (ii) this Agreement is
terminated in accordance with the terms of Section 4
below.

     

    
      
         

      

      
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    4.           Termination of
Employment.

     

    (a)           Termination
of Employment by the Company without Cause (Other Than Due to Disability or
Death).

     

    (i)           If,
during the Term, the Company terminates Employee’s employment without Cause
(other than due to Employee’s Disability or death), Employee shall receive, on
the date which is six (6) months after the effective date of such termination
(or Employee’s estate shall receive, as soon as practicable after Employee’s
death, if earlier) in a lump sum in immediately available funds an amount equal
to the aggregate of Employee’s base salary for the remainder of the Term of this
Agreement (at the rate in effect at the time of termination), up to a maximum of
twelve (12) months of Employee’s base salary.

     

    (ii)           For
purposes of this Agreement, Employee’s employment will be deemed to have been
terminated without Cause in the event that Employee’s employment with the
Company is terminated, including termination of employment by Employee, as a
result of (i) the occurrence of a “Significant Event,” as defined below, or any
other set of circumstances or action by the Company that results in a
substantial reduction or material change to Employee’s duties and
responsibilities hereunder, (ii) a request or requirement that Employee perform
his duties and responsibilities for the Company from a primary office location
greater than twenty-five (25) miles from the current office location of the
Company at 900 SE Third Avenue, 3rd Floor,
Ft. Lauderdale, FL 33316, or (iii) the Company commits a material breach of the
Asset Purchase Agreement or any “Related Document,” as that term is defined in
the Asset Purchase Agreement; provided, however, that Employee agrees not to
terminate his employment with the Company upon the occurrence of an event under
subsection (i), (ii) or (iii) of this Section 4(a)(2)
without providing the Company with written notice of his intent to terminate his
employment for such reason and ten (10) business days in which the Company
may effect a remedy or resolution satisfactory to Employee.  For
purposes of this Section 4(a)(2), the
term “Significant Event” shall mean a change of “control” of the Company, or the
sale of all or substantially all of the assets of the Company, or the merger of
the Company with or into another entity pursuant to which the Company is not the
surviving entity, and the term “control” shall mean the possession of the power
to elect a majority of the members of the Board of Directors or comparable
governing body of an entity through the ownership of voting securities in such
entity.

     

    (b)           Termination of Employment
Due to Death or Disability.

     

    (i)           Employee’s
employment shall be deemed terminated by the Company upon Employee’s
death.  The Company may terminate Employee’s employment for
Disability.  In the event of a termination as a result of Employee’s
Disability or death, Employee (or his estate, in the case of death, or legal
representative, as applicable) shall receive, as soon as reasonably practicable
after the date of such termination and in any event no later than thirty
(30) days after the date of such termination, in a lump sum in immediately
available funds, an amount equal to the aggregate of Employee’s base salary for
the remainder of the Term of this Agreement (at the rate in effect at the time
of termination), up to a maximum of twelve (12) months of Employee’s base
salary.  Additionally, the Company shall pay, reimburse or provide
Employee and his beneficiaries, if applicable, the amounts and benefits
described in Section
4(c)(1)(A), (B), and (C) at the dates
specified in such Section.

     

    
      
         

      

      
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    (ii)           For
purposes of this Agreement, “Disability” shall
have the meaning set forth in Section 409A(a)(2)(C) of the Code.

     

    (c)           Other Termination of
Employment.

     

    (i)           Upon
termination of Employee’s employment with the Company for any reason other than
as specified in Section 4(a) or (b), including, but
not limited to termination for Cause (the date of such termination shall be
referred to herein as the “Termination Date”), Employee shall earn no
further pay or compensation under Sections 6,  8 and 9 with respect to any
period after the Termination Date; provided, however, (A) the Company shall pay
any base salary or bonus earned prior to the Termination Date; (B) the Company
shall reimburse Employee for reasonable business expenses incurred on or before
the Termination Date, pursuant to Section 7, provided that
Employee submits a final expense report no later than thirty (30) days from the
Termination Date; and (C) Employee and his beneficiaries shall remain entitled
to any vested or statutorily mandated benefits under the Company’s benefit
programs pursuant to the terms of said programs.

     

    (ii)           The
Company shall have the right to terminate Employee’s employment for Cause, and
such termination in and of itself shall not be, nor shall it be deemed to be, a
breach of this Agreement.

     

    (d)           Notwithstanding
anything in this Agreement to the contrary:

     

    (i)           Upon
an event which is described in Section 4(a), the cash
amounts described therein shall be distributed to Employee as soon as
practicable after the date of termination if legal counsel retained by the
Company can reasonably determine that the provisions of Section 409A(a)(2)(B)(i)
of the Code or any other provisions of Section 409A of the Code do not require
the six (6) month delay referred to therein.  The Company shall be
required to retain counsel, at the Company’s expense, to make this determination
as soon as practicable after such termination of employment.

     

    (ii)           If
payment of any amount or other benefit that is “deferred compensation” subject
to Section 409A of the Code at the time otherwise specified in this Agreement
would subject such compensation to additional tax pursuant to Section 409A(a)(1)
of the Code, the payment thereof shall be postponed to the earliest commencement
date on which such amounts could be paid without incurring such additional
tax.  In the event a deferral of payment should be required, any
payments that would have been made prior to such earliest commencement date but
for Section 409A of the Code shall be accumulated and paid in a single lump sum
on such earliest commencement date.

     

    (iii)           If
any compensation, payments, or benefits permitted or required under this
Agreement are otherwise reasonably determined by the Company or Employee to be
subject for any reason to a material risk of additional tax pursuant to Section
409A(a)(1) of the Code, the Company and Employee agree to negotiate in good
faith appropriate provisions to avoid such risk without materially changing the
economic value of this Agreement to Employee.

     

    
      
         

      

      
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    (iv)           Any
outstanding stock options, restricted share awards, performance grants and the
like held by Employee on Employee’s last day of service shall remain exercisable
for the life of such award and shall not be forfeited for any reason
whatsoever.

     

    5.           Duties and
Responsibilities.  Subject to the direction of the Chief
Executive Officer or the Board, and Employee shall manage, control, administer
and operate the administrative, legal and financial affairs of the
Company.  Employee shall devote substantially all of his business time
and efforts to the business of the Company, which shall in any case be
sufficient to allow Employee to carry out his duties and responsibilities
hereunder, and shall not during the Term be actively engaged in any other
business or professional activity that would reasonably be deemed to interfere
with his ability to carry out such duties and responsibilities; provided,
however, that it shall not be a violation of this Agreement for Employee to
serve on corporate, civic or charitable boards or committees, deliver lectures,
fulfill speaking engagements, manage personal investments or carry on other
activities which do not significantly interfere with the performance of
Employee’s duties in accordance with this Agreement.

     

    6.           Base
Salary.  Through April 30, 2011, the Company shall pay Employee
a base salary of not less than $10,000 per month, payable not less frequently
than monthly, which base salary may be increased, but not decreased, from time
to time as determined by the Chief Executive Officer or the Board. Commencing
May 1, 2011, the Company shall pay Employee a base salary of not less than
$16,666.67 per month, payable not less frequently than monthly, which base
salary may be increased, but not decreased, from time to time as determined by
the Chief Executive Officer or the Board.

     

    7.           Expenses.  Employee
shall be entitled to timely reimbursement of all reasonable expenses incurred by
him in the performance of his duties, including travel expenses from his
residence to the Company’s offices, wherever they might be located, and
reasonable maintenance and repair expenses, including replacement tires, subject
to the presentation of appropriate receipts, in accordance with the Company’s
policies.

     

    8.           Benefits.  Employee
shall be entitled to participate in all of the Company’s health, disability,
insurance, 401(k) and other employee benefit programs and equity programs for
which management employees of Company are generally
eligible.  Employee shall be entitled to at least three (3) weeks of
paid vacation each calendar year in accordance with Company’s
policies.

     

    9.           Bonus
Program.  Employee shall be entitled to participate in any
bonus program implemented for employees of Company and approved by the Board;
provided that Employee may opt not to receive such
bonuses.  Notwithstanding the foregoing, the Company may not pay and
the Employee shall not receive any bonus under this Agreement or any other
compensatory arrangement during the twelve month period following the later of
the Final Closing Date or the Termination Date (as defined in the Company’s
Confidential Private Placement Memorandum dated March 23, 2010, as amended or
supplemented from time to time, (the “PPM”) other than bonuses based on the Net
Profit from revenues generated from performance of services under the contracts
assigned by Argo Digital Solutions, Inc. to Rvue, Inc. with Accenture,
Autonation and Mattress Firm (the “Contracts”).  For purposes of this
Section 9, “Net Profit” shall mean actual collections for bona fide services
performed and invoiced pursuant to the Contracts, minus actual direct
costs for providing such services, and minus any credits or
refunds for payments made during such period.

     

    
      
         

      

      
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    10.           Taxes.  The
Company shall make provision for the reporting and withholding of any federal,
state or local income and payroll taxes that may be required to be withheld from
the amounts or benefits payable pursuant to the terms of this Agreement and
shall pay amounts withheld to the appropriate taxing authorities.

     

    11.           Non-Solicitation.  Employee
agrees that he shall not, during the one (1) year period after the termination
of this Agreement, directly or indirectly, (a) hire any individual who was an
employee of the Company on the date of such termination or at any time within
six (6) months prior thereto, or solicit such individual to leave his or her
employment with the Company or (b) solicit any customer or client, or any
person or entity known to Employee to be a prospective customer or client of the
Company, as of the date of such termination, to purchase any goods or services
of the type sold by the Company from anyone other than the
Company.  Employee recognizes and acknowledges that the foregoing
covenant not to solicit is necessary to ensure the preservation, protection and
continuity of the business, trade secrets and goodwill of the Company, and that
he is aware of his obligations hereunder and acknowledges the reasonableness of
the length of time and scope of the covenant.  Notwithstanding any
provision to the contrary contained in this Section 11, in the event that
Employee’s employment is terminated by the Company without Cause, the provisions
of this Section 11 shall not apply.

     

    12.           Indemnification.  The
Company shall promptly indemnify and hold harmless Employee to the fullest
extent permitted by the Company’s certificate of incorporation and by-laws, or
(if greater) by the laws of the State of Delaware, for any liability, loss or
expense Employee may incur by reason of his employment with the Company or his
activities as an officer or director of the Company or any of its subsidiaries
or his activities on behalf of, or at the request of, any of the foregoing
(which indemnification shall include, without limitation, advancement of
expenses (including attorneys’ fees and other charges of counsel) promptly upon
receipt of any undertaking to repay that is required by law).  The
foregoing indemnification shall survive any termination of Employee’s employment
and shall inure to the benefit of his heirs, successors and legal
representatives.

     

    13.           Nondisparagement.

     

    (a)           Employee
shall not, whether in writing or orally, publicly criticize, denigrate or
disparage the Company or any of its current or former directors, officers,
employees, stockholders, partners, members, agents or representatives, with
respect to past or present activities, or otherwise publish (whether in writing
or orally) statements that tend to portray any of the Company in an unfavorable
light, provided nothing herein shall or shall be deemed to prevent or impair
Employee from testifying truthfully in any legal or administrative proceeding in
which such testimony is compelled or requested (or otherwise complying with
legal requirements).

     

    (b)           The
Company shall instruct its officers and directors and their agents not to
criticize, denigrate or disparage Employee publicly, whether in writing or
orally, with respect to any of his past, present, or future activities, or
otherwise publish (whether in writing or orally) statements that tend to portray
him in an unfavorable light, provided that nothing herein shall, or shall be
deemed to, prevent or impair the Company’s officers and directors from
testifying truthfully in any legal or administrative proceeding in which such
testimony is compelled or requested (or otherwise complying with legal
requirements).

     

    
      
         

      

      
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    14.           Successors.  Neither
party hereto may assign its rights and obligations under this Agreement without
the prior written consent of the other party hereto.  Any attempted
assignment in violation of this Section 14 by the Company shall constitute
termination of the Agreement without Cause.  This Agreement shall be
binding upon and inure to the benefit of Employee and Employee’s estate and the
Company and any permitted assignee of or successor to the Company.

     

    15.           Intentionally
omitted.

     

    16.           Severability.  If
all or any part of this Agreement is declared by any court or governmental
authority to be unlawful or invalid, such unlawfulness or invalidity shall not
serve to invalidate any portion of this Agreement not declared to be unlawful or
invalid.

     

    17.           Amendment and
Waiver.  This Agreement shall not be altered, amended or
modified except by written instrument executed by the Company and
Employee.  A waiver of any term, covenant, agreement or condition
contained in this Agreement shall not be deemed a waiver of any other term,
covenant, agreement or condition, and any waiver of any default in any such
term, covenant, agreement or condition shall not be deemed a waiver of any later
default thereof or of any other term, covenant, agreement or
condition.

     

    18.           Notices.  All
notices and other communications hereunder shall be in writing and delivered by
hand, by first class registered or certified mail, return receipt requested,
postage prepaid, or by a nationally recognized courier service, addressed as
follows:

     

    
      	
              If
      to Company, to:

            	
              Chief
      Executive Officer

            

    

    Rvue
Holdings, Inc.

    900 SE
Third Avenue, 3rd
Floor

    Ft.
Lauderdale, FL 33316

    Telecopier:  (954)
728-9029

    Telephone:  (954)
525-6464

    

    
      	
              If
      to Employee, to:

            	
              David
      A. Loppert

            

    

    14 Saint
George Place

    Palm
Beach Gardens, FL 33418

    

    Either
party may from time to time designate a new address by notice given in
accordance with this Section.  Notice and communications shall be
effective when actually received by the addressee.

     

    19.           Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed to be
an original but all of which together will constitute one and the same
instrument.

     

    
      
         

      

      
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    20.           Entire
Agreement.  Except as otherwise specifically noted herein, this
Agreement forms the entire agreement between the parties hereto with respect to
the subject matter contained in the Agreement.  This Agreement shall
supersede all prior agreements, promises and representations regarding the
subject matter of this Agreement.

     

    21.           Applicable Law; Jurisdiction
and Venue.  The provisions of this Agreement shall be
interpreted and construed in accordance with the laws of the State of New York,
without regard to its choice of law principles.  The parties hereto
consent to the exclusive jurisdiction of the courts of the State of New York
and/or the United States District Court, New York, New York, for the purpose of
resolving all issues of law, equity or fact arising out of or in connection with
this Agreement.  Any action involving claims of a breach of this
Agreement must be brought in such courts.  Each party consents to
personal jurisdiction over such party in the state and or federal courts of New
York and hereby waives any defense of lack of personal jurisdiction or improper
venue.

     

    22.           Survival of Employee’s
Rights.  All of Employee’s rights hereunder, including but not
limited to his rights to compensation and benefits, shall survive the
termination of Employee’s employment and/or the termination of this
Agreement.

     

    
      
         

      

      
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      Exhibit
10.9

    

     

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

    

    
      
        	 	
                RVUE
      HOLDINGS, INC.

              	 
	 	 	 	 
	
              	
                By:
      

              	/s/
      Jason Kates	 
	 	Name:  	Jason
      M. Kates	 
	 	Title:  	Chief
      Executive Officer	 

      

    

     

     

    
      
        	 	EMPLOYEE	 
	 	 	 	 
	 	 	 	 
	
              	/s/ David A.
      Loppert	 
	 	      
                David
      A. Loppert

              	 

      

    

     

    
      
         

      

      
        8Exhibit
10.10

    

     

    RVUE
HOLDINGS, INC.

     

    2010
EQUITY INCENTIVE PLAN

    (Effective May 13, 2010)

    1.           Purpose of the
Plan.

     

    This 2010
Equity Incentive Plan (the “Plan”) is intended as
an incentive, to retain in the employ of and as directors, officers,
consultants, advisors and employees to Rvue Holdings, Inc., a Nevada corporation
(the “Company”), within the
meaning of Section 424(f) of the United States Internal Revenue Code of 1986, as
amended (the “Code”), persons of
training, experience and ability, to attract new directors, officers,
consultants, advisors and employees whose services are considered valuable, to
encourage the sense of proprietorship and to stimulate the active interest of
such persons in the development and financial success of the Company and its
Subsidiaries.

     

    It is
further intended that certain options granted pursuant to the Plan shall
constitute incentive stock options within the meaning of Section 422 of the Code
(the “Incentive
Options”) while certain other options granted pursuant to the Plan shall
be nonqualified stock options (the “Nonqualified
Options”).  Incentive Options and Nonqualified Options are
hereinafter referred to collectively as “Options.”

     

    The
Company intends that the Plan meet the requirements of Rule 16b-3 (“Rule 16b-3”)
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
that transactions of the type specified in subparagraphs (c) to (f) inclusive of
Rule 16b-3 by officers and directors of the Company pursuant to the Plan will be
exempt from the operation of Section 16(b) of the Exchange
Act.  Further, the Plan is intended to satisfy the performance-based
compensation exception to the limitation on the Company’s tax deductions imposed
by Section 162(m) of the Code with respect to those Options for which
qualification for such exception is intended.  In all cases, the
terms, provisions, conditions and limitations of the Plan shall be construed and
interpreted consistent with the Company’s intent as stated in this Section
1.

     

    2.           Administration of the
Plan.

     

    The Board
of Directors of the Company (the “Board”) shall appoint
and maintain as administrator of the Plan a Committee (the “Committee”)
consisting of two or more directors who are (i) “Independent Directors” (as such
term is defined under the rules of the NASDAQ Stock Market), (ii) “Non-Employee
Directors” (as such term is defined in Rule 16b-3) and (iii) “Outside Directors”
(as such term is defined in Section 162(m) of the Code), which shall serve at
the pleasure of the Board.  The Committee, subject to Sections 3, 5
and 6 hereof, shall have full power and authority to designate recipients of
Options and restricted stock (“Restricted Stock”)
and to determine the terms and conditions of the respective Option and
Restricted Stock agreements (which need not be identical) and to interpret the
provisions and supervise the administration of the Plan.  The
Committee shall have the authority, without limitation, to designate which
Options granted under the Plan shall be Incentive Options and which shall be
Nonqualified Options.  To the extent any Option does not qualify as an
Incentive Option, it shall constitute a separate Nonqualified
Option.

     

    Subject
to the provisions of the Plan, the Committee shall interpret the Plan and all
Options and Restricted Stock granted under the Plan, shall make such rules as it
deems necessary for the proper administration of the Plan, shall make all other
determinations necessary or advisable for the administration of the Plan and
shall correct any defects or supply any omission or reconcile any inconsistency
in the Plan or in any Options or Restricted Stock granted under the Plan in the
manner and to the extent that the Committee deems desirable to carry into effect
the Plan or any Options or Restricted Stock.  The act or determination
of a majority of the Committee shall be the act or determination of the
Committee and any decision reduced to writing and signed by all of the members
of the Committee shall be fully effective as if it had been made by a majority
of the Committee at a meeting duly held for such purpose.  Subject to
the provisions of the Plan, any action taken or determination made by the
Committee pursuant to this and the other Sections of the Plan shall be
conclusive on all parties.

     

    In the
event that for any reason the Committee is unable to act or if the Committee at
the time of any grant, award or other acquisition under the Plan does not
consist of two or more Non-Employee Directors, or if there shall be no such
Committee, or if the Board otherwise determines to administer the Plan, then the
Plan shall be administered by the Board, and references herein to the Committee
(except in the proviso to this sentence) shall be deemed to be references to the
Board, and any such grant, award or other acquisition may be approved or
ratified in any other manner contemplated by subparagraph (d) of Rule 16b-3;
provided, however, that grants
to the Company’s Chief Executive Officer or to any of the Company’s other four
most highly compensated officers that are intended to qualify as
performance-based compensation under Section 162(m) of the Code may only be
granted by the Committee.

     

    
      
        
        

      

      
        - 1
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    3.           Designation of Optionees and
Grantees.

     

    The
persons eligible for participation in the Plan as recipients of Options (the
“Optionees”) or
Restricted Stock (the “Grantees” and
together with Optionees, the “Participants”) shall
include directors, officers and employees of, and consultants and advisors to,
the Company or any Subsidiary; provided that Incentive Options may only be
granted to employees of the Company and any Subsidiary. In selecting
Participants, and in determining the number of shares to be covered by each
Option or award of Restricted Stock granted to Participants, the Committee may
consider any factors it deems relevant, including, without limitation, the
office or position held by the Participant or the Participant’s relationship to
the Company, the Participant’s degree of responsibility for and contribution to
the growth and success of the Company or any Subsidiary, the Participant’s
length of service, promotions and potential. A Participant who has been granted
an Option or Restricted Stock hereunder may be granted an additional Option or
Options, or Restricted Stock if the Committee shall so determine.

     

    4.           Stock Reserved for the
Plan.

     

    Subject
to adjustment as provided in Section 8 hereof, a total of 3,750,000 shares of
the Company’s common stock, par value $0.001 per share (the “Stock”), shall be
subject to the Plan.  The shares of Stock subject to the Plan shall
consist of unissued shares, treasury shares or previously issued shares held by
any Subsidiary of the Company, and such number of shares of Stock shall be and
is hereby reserved for such purpose.  Any of such shares of Stock that
may remain unissued and that are not subject to outstanding Options at the
termination of the Plan shall cease to be reserved for the purposes of the Plan,
but until termination of the Plan the Company shall at all times reserve a
sufficient number of shares of Stock to meet the requirements of the
Plan.  Should any Option or award of Restricted Stock expire or be
canceled prior to its exercise or vesting in full or should the number of shares
of Stock to be delivered upon the exercise or vesting in full of an Option or
award of Restricted Stock be reduced for any reason, the shares of Stock
theretofore subject to such Option or Restricted Stock may be subject to future
Options or Restricted Stock under the Plan, except where such reissuance is
inconsistent with the provisions of Section 162(m) of the Code where
qualification as performance-based compensation under Section 162(m) of the Code
is intended.

     

    5.           Terms and Conditions of
Options.

     

    Options
granted under the Plan shall be subject to the following conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of
the Plan, as the Committee shall deem desirable:

     

    (a)           Option
Price.  The purchase price of each share of Stock purchasable
under an Incentive Option shall be determined by the Committee at the time of
grant, but shall not be less than 100% of the Fair Market Value (as defined
below) of such share of Stock on the date the Option is granted; provided, however, that with
respect to an Optionee who, at the time such Incentive Option is granted, owns
(within the meaning of Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or of any
Subsidiary, the purchase price per share of Stock shall be at least 110% of the
Fair Market Value per share of Stock on the date of grant.  The
purchase price of each share of Stock purchasable under a Nonqualified Option
shall not be less than 100% of the Fair Market Value of such share of Stock on
the date the Option is granted.  The exercise price for each Option
shall be subject to adjustment as provided in Section 8 below.  “Fair Market Value”
means the closing price on the final trading day immediately prior to the grant
date of the Stock on the principal securities exchange on which shares of Stock
are listed (if the shares of Stock are so listed), or on the NASDAQ Stock Market
or OTC Bulletin Board (if the shares of Stock are regularly quoted on the NASDAQ
Stock Market or OTC Bulletin Board, as the case may be), or, if not so listed,
the mean between the closing bid and asked prices of publicly traded shares of
Stock in the over the counter market, or, if such bid and asked prices shall not
be available, as reported by any nationally recognized quotation service
selected by the Company, or as determined by the Committee in a manner
consistent with the provisions of the Code.  Anything in this Section
5(a) to the contrary notwithstanding, in no event shall the purchase price of a
share of Stock be less than the minimum price permitted under the rules and
policies of any national securities exchange on which the shares of Stock are
listed.

     

    
      
        
        

      

      
        - 2
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    (b)           Option
Term.  The term of each Option shall be fixed by the Committee,
but no Option shall be exercisable more than ten years after the date such
Option is granted and in the case of an Incentive Option granted to an Optionee
who, at the time such Incentive Option is granted, owns (within the meaning of
Section 424(d) of the Code) more than 10% of the total combined voting power of
all classes of stock of the Company or of any Subsidiary, no such Incentive
Option shall be exercisable more than five years after the date such Incentive
Option is granted.

     

    (c)           Exercisability.  Subject
to Section 5(j) hereof, Options shall be exercisable at such time or times and
subject to such terms and conditions as shall be determined by the Committee at
the time of grant; provided, however, that in the
absence of any Option vesting periods designated by the Committee at the time of
grant, Options shall vest and become exercisable as to one-third of the total
number of shares subject to the Option on each of the first, second and third
anniversaries of the date of grant; and provided further that no Options shall
be exercisable until such time as any vesting limitation required by Section 16
of the Exchange Act, and related rules, shall be satisfied if such limitation
shall be required for continued validity of the exemption provided under Rule
16b-3(d)(3).

     

    Upon the
occurrence of a “Change in Control” (as hereinafter defined), the Committee may
accelerate the vesting and exercisability of outstanding Options, in whole or in
part, as determined by the Committee in its sole discretion.  In its
sole discretion, the Committee may also determine that, upon the occurrence of a
Change in Control, each outstanding Option shall terminate within a specified
number of days after notice to the Optionee thereunder, and each such Optionee
shall receive, with respect to each share of Company Stock subject to such
Option, an amount equal to the excess of the Fair Market Value of such shares
immediately prior to such Change in Control over the exercise price per share of
such Option; such amount shall be payable in cash, in one or more kinds of
property (including the property, if any, payable in the transaction) or a
combination thereof, as the Committee shall determine in its sole
discretion.

     

    For
purposes of the Plan, unless otherwise defined in an employment agreement
between the Company and the relevant Optionee, a Change in Control shall be
deemed to have occurred if:

     

    (i)           a
tender offer (or series of related offers) shall be made and consummated for the
ownership of 50% or more of the outstanding voting securities of the Company,
unless as a result of such tender offer more than 50% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the stockholders of the Company (as of the time immediately prior
to the commencement of such offer), any employee benefit plan of the Company or
its Subsidiaries, and their affiliates;

     

    (ii)           the
Company shall be merged or consolidated with another corporation, unless as a
result of such merger or consolidation more than 50% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the stockholders of the Company (as of the time immediately prior
to such transaction), any employee benefit plan of the Company or its
Subsidiaries, and their affiliates;

     

    (iii)           the
Company shall sell substantially all of its assets to another corporation that
is not wholly owned by the Company, unless as a result of such sale more than
50% of such assets shall be owned in the aggregate by the stockholders of the
Company (as of the time immediately prior to such transaction), any employee
benefit plan of the Company or its Subsidiaries and their affiliates;
or

     

    (iv)           a
Person (as defined below) shall acquire 50% or more of the outstanding voting
securities of the Company (whether directly, indirectly, beneficially or of
record), unless as a result of such acquisition more than 50% of the outstanding
voting securities of the surviving or resulting corporation shall be owned in
the aggregate by the stockholders of the Company (as of the time immediately
prior to the first acquisition of such securities by such Person), any employee
benefit plan of the Company or its Subsidiaries, and their
affiliates.

     

    
      
        
        

      

      
        - 3
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    Notwithstanding
the foregoing, if Change of Control is defined in an employment agreement
between the Company and the relevant Optionee, then, with respect to such
Optionee, Change of Control shall have the meaning ascribed to it in such
employment agreement.

     

    For
purposes of this Section 5(c), ownership of voting securities shall take into
account and shall include ownership as determined by applying the provisions of
Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange
Act.  In addition, for such purposes, “Person” shall have the meaning
given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof; provided, however, that a
Person shall not include (A) the Company or any of its Subsidiaries; (B) a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its Subsidiaries; (C) an underwriter temporarily holding
securities pursuant to an offering of such securities; or (D) a corporation
owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportion as their ownership of stock of the
Company.

     

    (d)           Method of
Exercise.  Options to the extent then exercisable may be
exercised in whole or in part at any time during the option period, by giving
written notice to the Company specifying the number of shares of Stock to be
purchased, accompanied by payment in full of the purchase price, in cash, or by
check or such other instrument as may be acceptable to the
Committee.  As determined by the Committee, in its sole discretion, at
or after grant, payment in full or in part may be made at the election of the
Optionee (i) in the form of Stock owned by the Optionee (based on the Fair
Market Value of the Stock which is not the subject of any pledge or security
interest, (ii) in the form of shares of Stock withheld by the Company from the
shares of Stock otherwise to be received with such withheld shares of Stock
having a Fair Market Value equal to the exercise price of the Option, or (iii)
by a combination of the foregoing, such Fair Market Value determined by applying
the principles set forth in Section 5(a), provided that the combined value of
all cash and cash equivalents and the Fair Market Value of any shares
surrendered to the Company is at least equal to such exercise price and except
with respect to (ii) above, such method of payment will not cause a
disqualifying disposition of all or a portion of the Stock received upon
exercise of an Incentive Option.  An Optionee shall have the right to
dividends and other rights of a stockholder with respect to shares of Stock
purchased upon exercise of an Option at such time as the Optionee (i) has given
written notice of exercise and has paid in full for such shares, and (ii) has
satisfied such conditions that may be imposed by the Company with respect to the
withholding of taxes.

     

    (e)           Non-transferability of
Options.  Options are not transferable and may be exercised
solely by the Optionee during his lifetime or after his death by the person or
persons entitled thereto under his will or the laws of descent and
distribution.  The Committee, in its sole discretion, may permit a
transfer of a Nonqualified Option to (i) a trust for the benefit of the
Optionee, (ii) a member of the Optionee’s immediate family (or a trust for his
or her benefit) or (iii) pursuant to a domestic relations order.  Any
attempt to transfer, assign, pledge or otherwise dispose of, or to subject to
execution, attachment or similar process, any Option contrary to the provisions
hereof shall be void and ineffective and shall give no right to the purported
transferee.

     

    (f)           Termination by
Death.  Unless otherwise determined by the Committee, if any
Optionee’s employment with or service to the Company or any Subsidiary
terminates by reason of death, the Option may thereafter be exercised, to the
extent then exercisable (or on such accelerated basis as the Committee shall
determine at or after grant), by the legal representative of the estate or by
the legatee of the Optionee under the will of the Optionee, for a period of one
(1) year after the date of such death (or, if later, such time as the Option may
be exercised pursuant to Section 14(d) hereof) or until the expiration of the
stated term of such Option as provided under the Plan, whichever period is
shorter.

     

    (g)           Termination by Reason of
Disability.  Unless otherwise determined by the Committee, if
any Optionee’s employment with or service to the Company or any Subsidiary
terminates by reason of Disability (as defined below), then any Option held by
such Optionee may thereafter be exercised, to the extent it was exercisable at
the time of termination due to Disability (or on such accelerated basis as the
Committee shall determine at or after grant), but may not be exercised after
ninety (90) days after the date of such termination of employment or service
(or, if later, such time as the Option may be exercised pursuant to Section
14(d) hereof) or the expiration of the stated term of such Option, whichever
period is shorter; provided, however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by
such Optionee shall thereafter be exercisable to the extent to which it was
exercisable at the time of death for a period of one (1) year after the date of
such death (or, if later, such time as the Option may be exercised pursuant to
Section 14(d) hereof) or for the stated term of such Option, whichever period is
shorter.  “Disability” shall mean an Optionee’s total and permanent
disability; provided,
that if Disability is defined in an employment agreement between the Company and
the relevant Optionee, then, with respect to such Optionee, Disability shall
have the meaning ascribed to it in such employment agreement

     

    
      
        
        

      

      
        - 4
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    (h)           Termination by Reason of
Retirement.  Unless otherwise determined by the Committee, if
any Optionee’s employment with or service to the Company or any Subsidiary
terminates by reason of Normal or Early Retirement (as such terms are defined
below), any Option held by such Optionee may thereafter be exercised to the
extent it was exercisable at the time of such Retirement (or on such accelerated
basis as the Committee shall determine at or after grant), but may not be
exercised after ninety (90) days after the date of such termination of
employment or service (or, if later, such time as the Option may be exercised
pursuant to Section 14(d) hereof) or the expiration of the stated term of such
Option, whichever date is earlier; provided, however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by
such Optionee shall thereafter be exercisable, to the extent to which it was
exercisable at the time of death, for a period of one (1) year after the date of
such death (or, if later, such time as the Option may be exercised pursuant to
Section 14(d) hereof) or for the stated term of such Option, whichever period is
shorter.

     

    For
purposes of this paragraph (h), “Normal Retirement”
shall mean retirement from active employment with the Company or any Subsidiary
on or after the normal retirement date specified in the applicable Company or
Subsidiary pension plan or if no such pension plan, age 65, and “Early Retirement”
shall mean retirement from active employment with the Company or any Subsidiary
pursuant to the early retirement provisions of the applicable Company or
Subsidiary pension plan or if no such pension plan, age 55.

     

    (i)           Other
Terminations.  Unless otherwise determined by the Committee
upon grant, if any Optionee’s employment with or service to the Company or any
Subsidiary is terminated by such Optionee for any reason other than death,
Disability, Normal or Early Retirement or Good Reason (as defined below), the
Option shall thereupon terminate, except that the portion of any Option that was
exercisable on the date of such termination of employment or service may be
exercised for the lesser of ninety (90) days after the date of termination (or,
if later, such time as the Option may be exercised pursuant to Section 14(d)
hereof) or the balance of such Option’s term, which ever period is
shorter.  The transfer of an Optionee from the employ of or service to
the Company to the employ of or service to a Subsidiary, or vice versa, or from
one Subsidiary to another, shall not be deemed to constitute a termination of
employment or service for purposes of the Plan.

     

    (i)           In
the event that the Optionee’s employment or service with the Company or any
Subsidiary is terminated by the Company or such Subsidiary for “cause” any
unexercised portion of any Option shall immediately terminate in its
entirety.  For purposes hereof, unless otherwise defined in an
employment agreement between the Company and the relevant Optionee, “Cause”
shall exist upon a good-faith determination by the Board, following a hearing
before the Board at which an Optionee was represented by counsel and given an
opportunity to be heard, that such Optionee has been accused of fraud,
dishonesty or act detrimental to the interests of the Company or any Subsidiary
of Company or that such Optionee has been accused of or convicted of an act of
willful and material embezzlement or fraud against the Company or of a felony
under any state or federal statute; provided, however, that it is
specifically understood that “Cause” shall not include any act of commission or
omission in the good-faith exercise of such Optionee’s business judgment as a
director, officer or employee of the Company, as the case may be, or upon the
advice of counsel to the Company.  Notwithstanding the foregoing, if
Cause is defined in an employment agreement between the Company and the relevant
Optionee, then, with respect to such Optionee, Cause shall have the meaning
ascribed to it in such employment agreement.

     

    (ii)           In
the event that an Optionee is removed as a director, officer or employee by the
Company at any time other than for “Cause” or resigns as a director, officer or
employee for “Good Reason” the Option granted to such Optionee may be exercised
by the Optionee, to the extent the Option was exercisable on the date such
Optionee ceases to be a director, officer or employee.  Such Option
may be exercised at any time within one (1) year after the date the Optionee
ceases to be a director, officer or employee (or, if later, such time as the
Option may be exercised pursuant to Section 14(d) hereof), or the date on which
the Option otherwise expires by its terms; which ever period is shorter, at
which time the Option shall terminate; provided, however, if the
Optionee dies before the Options terminate and are no longer exercisable, the
terms and provisions of Section 5(f) shall control.  For purposes of
this Section 5(i), and unless otherwise defined in an employment agreement
between the Company and the relevant Optionee, Good Reason shall exist upon the
occurrence of the following:

     

    
      
        
        

      

      
        - 5
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              (A)

            	
              the
      assignment to Optionee of any duties inconsistent with the position in the
      Company that Optionee held immediately prior to the
      assignment;

            

    

     

    
      	
               
      

            	
              (B)

            	
              a
      Change of Control resulting in a significant adverse alteration in the
      status or conditions of Optionee’s participation with the Company or other
      nature of Optionee’s responsibilities from those in effect prior to such
      Change of Control, including any significant alteration in Optionee’s
      responsibilities immediately prior to such Change in Control;
      and

            

    

     

    
      	
               
      

            	
              (C)

            	
              the
      failure by the Company to continue to provide Optionee with benefits
      substantially similar to those enjoyed by Optionee prior to such
      failure.

            

    

     

    Notwithstanding
the foregoing, if Good Reason is defined in an employment agreement between the
Company and the relevant Optionee, then, with respect to such Optionee, Good
Reason shall have the meaning ascribed to it in such employment
agreement.

     

    (j)           Limit on Value of Incentive
Option.  The aggregate Fair Market Value, determined as of the
date the Incentive Option is granted, of Stock for which Incentive Options are
exercisable for the first time by any Optionee during any calendar year under
the Plan (and/or any other stock option plans of the Company or any Subsidiary)
shall not exceed $100,000.

     

    6.           Terms and Conditions of Restricted
Stock.

     

    Restricted
Stock may be granted under this Plan aside from, or in association with, any
other award and shall be subject to the following conditions and shall contain
such additional terms and conditions (including provisions relating to the
acceleration of vesting of Restricted Stock upon a Change of Control), not
inconsistent with the terms of the Plan, as the Committee shall deem
desirable:

     

    (a)           Grantee
rights.  A Grantee shall have no rights to an award of
Restricted Stock unless and until Grantee accepts the award within the period
prescribed by the Committee and, if the Committee shall deem desirable, makes
payment to the Company in cash, or by check or such other instrument as may be
acceptable to the Committee.  After acceptance and issuance of a
certificate or certificates, as provided for below, the Grantee shall have the
rights of a stockholder with respect to Restricted Stock subject to the
non-transferability and forfeiture restrictions described in Section 6(d)
below.

     

    (b)           Issuance of
Certificates.  The Company shall issue in the Grantee’s name a
certificate or certificates for the shares of Common Stock associated with the
award promptly after the Grantee accepts such award.

     

    (c)           Delivery of
Certificates.  Unless otherwise provided, any certificate or
certificates issued evidencing shares of Restricted Stock shall not be delivered
to the Grantee until such shares are free of any restrictions specified by the
Committee at the time of grant.

     

    (d)           Forfeitability,
Non-transferability of Restricted Stock.  Shares of Restricted
Stock are forfeitable until the terms of the Restricted Stock grant have been
satisfied.  Shares of Restricted Stock are not transferable until the
date on which the Committee has specified such restrictions have
lapsed.  Unless otherwise provided by the Committee at or after grant,
distributions in the form of dividends or otherwise of additional shares or
property in respect of shares of Restricted Stock shall be subject to the same
restrictions as such shares of Restricted Stock.

     

    
      
        
        

      

      
        - 6
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    (e)           Change of
Control.  Upon the occurrence of a Change in Control as defined
in Section 5(c), the Committee may accelerate the vesting of outstanding
Restricted Stock, in whole or in part, as determined by the Committee, in its
sole discretion.

     

    (f)           Termination of
Employment.  Unless otherwise determined by the Committee at or
after grant, in the event the Grantee ceases to be an employee or otherwise
associated with the Company for any other reason, all shares of Restricted Stock
theretofore awarded to him which are still subject to restrictions shall be
forfeited and the Company shall have the right to complete the blank stock
power.  The Committee may provide (on or after grant) that
restrictions or forfeiture conditions relating to shares of Restricted Stock
will be waived in whole or in part in the event of termination resulting from
specified causes, and the Committee may in other cases waive in whole or in part
restrictions or forfeiture conditions relating to Restricted Stock.

     

    7.           Term of Plan.

     

    No Option
or award of Restricted Stock shall be granted pursuant to the Plan on or after
the date which is ten years from the effective date of the Plan, but Options and
awards of Restricted Stock theretofore granted may extend beyond that
date.

     

    8.           Capital Change of the
Company.

     

    In the
event of any merger, reorganization, consolidation, recapitalization, stock
dividend, or other change in corporate structure affecting the Stock, the
Committee shall make an appropriate and equitable adjustment in the number and
kind of shares reserved for issuance under the Plan and in the number and option
price of shares subject to outstanding Options granted under the Plan, to the
end that after such event each Optionee’s proportionate interest shall be
maintained (to the extent possible) as immediately before the occurrence of such
event.  The Committee shall, to the extent feasible, make such other
adjustments as may be required under the tax laws so that any Incentive Options
previously granted shall not be deemed modified within the meaning of Section
424(h) of the Code.  Appropriate adjustments shall also be made in the
case of outstanding Restricted Stock granted under the Plan.

     

    The
adjustments described above will be made only to the extent consistent with
continued qualification of the Option under Section 422 of the Code (in the case
of an Incentive Option) and Section 409A of the Code.

     

    9.           Purchase for
Investment/Conditions.

     

    Unless
the Options and shares covered by the Plan have been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or
the Company has determined that such registration is unnecessary, each person
exercising or receiving Options or Restricted Stock under the Plan may be
required by the Company to give a representation in writing that he is acquiring
the securities for his own account for investment and not with a view to, or for
sale in connection with, the distribution of any part thereof.  The
Committee may impose any additional or further restrictions on awards of Options
or Restricted Stock as shall be determined by the Committee at the time of
award.

     

    10.           Taxes.

     

    (a)           The
Company may make such provisions as it may deem appropriate, consistent with
applicable law, in connection with any Options or Restricted Stock granted under
the Plan with respect to the withholding of any taxes (including income or
employment taxes) or any other tax matters.

     

    (b)           If
any Grantee, in connection with the acquisition of Restricted Stock, makes the
election permitted under Section 83(b) of the Code (that is, an election to
include in gross income in the year of transfer the amounts specified in Section
83(b)), such Grantee shall notify the Company of the election with the Internal
Revenue Service pursuant to regulations issued under the authority of Code
Section 83(b).

     

    
      
        
        

      

      
        - 7
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    (c)           If
any Grantee shall make any disposition of shares of Stock issued pursuant to the
exercise of an Incentive Option under the circumstances described in Section
421(b) of the Code (relating to certain disqualifying dispositions), such
Grantee shall notify the Company of such disposition within ten (10) days
hereof.

     

    11.           Effective Date of
Plan.

     

    The Plan
shall be effective on May __, 2010; provided, however, that if, and only if,
certain options are intended to qualify as Incentive Stock Options, the Plan
must subsequently be approved by majority vote of the Company’s stockholders no
later than October __, 2010, and further, that in the event certain Option
grants hereunder are intended to qualify as performance-based compensation
within the meaning of Section 162(m) of the Code, the requirements as to
stockholder approval set forth in Section 162(m) of the Code are
satisfied.

     

    12.           Amendment and
Termination.

     

    The Board
may amend, suspend, or terminate the Plan, except that no amendment shall be
made that would impair the rights of any Participant under any Option or
Restricted Stock theretofore granted without the Participant’s consent, and
except that no amendment shall be made which, without the approval of the
stockholders of the Company would:

     

    (a)           materially
increase the number of shares that may be issued under the Plan, except as is
provided in Section 8;

     

    (b)           materially
increase the benefits accruing to the Participants under the Plan;

     

    (c)           materially
modify the requirements as to eligibility for participation in the
Plan;

     

    (d)           decrease
the exercise price of an Incentive Option to less than 100% of the Fair Market
Value per share of Stock on the date of grant thereof or the exercise price of a
Nonqualified Option to less than 100% of the Fair Market Value per share of
Stock on the date of grant thereof; or

     

    (e)           extend
the term of any Option beyond that provided for in Section 5(b).

     

    (f)           except
as otherwise provided in Sections 5(d) and 8 hereof, reduce the exercise price
of outstanding Options or effect repricing through cancellations and re-grants
of new Options.

     

    Subject
to the forgoing, the Committee may amend the terms of any Option theretofore
granted, prospectively or retrospectively, but no such amendment shall impair
the rights of any Optionee without the Optionee’s consent.

     

    It is the
intention of the Board that the Plan comply strictly with the provisions of
Section 409A of the Code and Treasury Regulations and other Internal Revenue
Service guidance promulgated thereunder (the “Section 409A Rules”)
and the Committee shall exercise its discretion in granting awards hereunder
(and the terms of such awards), accordingly.  The Plan and any grant
of an award hereunder may be amended from time to time (without, in the case of
an award, the consent of the Participant) as may be necessary or appropriate to
comply with the Section 409A Rules.

     

    13.           Government
Regulations.

     

    The Plan,
and the grant and exercise of Options or Restricted Stock hereunder, and the
obligation of the Company to sell and deliver shares under such Options and
Restricted Stock shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies, national securities
exchanges and interdealer quotation systems as may be required.

     

    
      
        
        

      

      
        - 8
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    14.           General
Provisions.

     

    (a)           Certificates.  All
certificates for shares of Stock delivered under the Plan shall be subject to
such stop transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations and other requirements of the Securities
and Exchange Commission, or other securities commission having jurisdiction, any
applicable Federal or state securities law, any stock exchange or interdealer
quotation system upon which the Stock is then listed or traded and the Committee
may cause a legend or legends to be placed on any such certificates to make
appropriate reference to such restrictions.

     

    (b)           Employment
Matters.  Neither the adoption of the Plan nor any grant or
award under the Plan shall confer upon any Participant who is an employee of the
Company or any Subsidiary any right to continued employment or, in the case of a
Participant who is a director, continued service as a director, with the Company
or a Subsidiary, as the case may be, nor shall it interfere in any way with the
right of the Company or any Subsidiary to terminate the employment of any of its
employees, the service of any of its directors or the retention of any of its
consultants or advisors at any time.

     

    (c)           Limitation of
Liability.  No member of the Committee, or any officer or
employee of the Company acting on behalf of the Committee, shall be personally
liable for any action, determination or interpretation taken or made in good
faith with respect to the Plan, and all members of the Committee and each and
any officer or employee of the Company acting on their behalf shall, to the
extent permitted by law, be fully indemnified and protected by the Company in
respect of any such action, determination or interpretation.

     

    (d)           Registration of
Stock.  Notwithstanding any other provision in the Plan, no
Option may be exercised unless and until the Stock to be issued upon the
exercise thereof has been registered under the Securities Act and applicable
state securities laws, or are, in the opinion of counsel to the Company, exempt
from such registration in the United States.  The Company shall not be
under any obligation to register under applicable federal or state securities
laws any Stock to be issued upon the exercise of an Option granted hereunder in
order to permit the exercise of an Option and the issuance and sale of the Stock
subject to such Option, although the Company may in its sole discretion register
such Stock at such time as the Company shall determine.  If the
Company chooses to comply with such an exemption from registration, the Stock
issued under the Plan may, at the direction of the Committee, bear an
appropriate restrictive legend restricting the transfer or pledge of the Stock
represented thereby, and the Committee may also give appropriate stop transfer
instructions with respect to such Stock to the Company’s transfer
agent.

     

    15.           Non-Uniform
Determinations.

     

    The
Committee’s determinations under the Plan, including, without limitation, (i)
the determination of the Participants to receive awards, (ii) the form, amount
and timing of such awards, (iii) the terms and provisions of such awards and
(ii) the agreements evidencing the same, need not be uniform and may be made by
it selectively among Participants who receive, or who are eligible to receive,
awards under the Plan, whether or not such Participants are similarly
situated.

     

    16.           Governing Law.

     

    The
validity, construction, and effect of the Plan and any rules and regulations
relating to the Plan shall be determined in accordance with the internal laws of
the State of Nevada, without giving effect to principles of conflicts of laws,
and applicable federal law.

     

    
      
        
        

      

      
        - 9
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