Document:

REGISTRATION RIGHTS AGREEMENT

         This Agreement is made as of December _, 2005, by and among BMB Munai,
Inc., a Nevada corporation (the "Company"), and Aton Securities, Inc. ("Managing
Placement Agent" or "MPA") for the benefit of those persons who shall become
Holders and execute and deliver to the Company the Notice of Election to
Register and Questionnaire attached hereto as Exhibit A.

                                    PREAMBLE

         The Company and the Managing Placement Agent desire to extend
registration rights to the prospective Holders of the Company's common stock
purchased in a private placement made by the Managing Placement Agent to its
clients (the "Private Placement").

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and mutual agreements
set forth herein, the Company and the Managing Placement Agent agree as follows:

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

         (a)      "Commission" shall mean the Securities and Exchange Commission
                  or any other federal agency at the time administering the
                  Securities Act.

         (b)      "Exchange Act" shall mean the Securities Exchange Act of 1934,
                  as amended, or any similar federal statute and the rules and
                  regulations thereunder, all as the same shall be in effect at
                  the time.

         (c)      "Holder" shall mean a holder of restricted common shares of
                  BMB Munai, Inc., purchased in the Private Placement or anyone
                  to whom the registration rights conferred by this Agreement
                  have been transferred in compliance with this Agreement.

         (d)      "Initiating Holders" shall mean any Holder or Holders of at
                  least fifty-one percent (51%) of the Registrable Securities
                  then outstanding.

         (e)      "Partnership" and "Partner" shall include, as the context may
                  require, a limited liability company and the member of members
                  thereof.

         (f)      "Private Placement" shall mean the Private Placement sale of
                  up to 8,000,000 shares of restricted common stock of the
                  Company issued pursuant to the Confidential Information
                  Memorandum, dated as of December 1, 2005, plus any shares
                  issued in the Private Placement pursuant to the over-allotment
                  option and/or pursuant to the warrants issued to the Managing
                  Placement Agent.

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         (g)      "Register," "registered" and "registration" shall refer to a
                  registration affected by preparing and filing a registration
                  statement in compliance with the Securities Act, and the
                  declaration or ordering of the effectiveness of such
                  registration statement, and compliance with applicable state
                  securities laws of such states in which Holders notify the
                  Company of their intention to offer Registrable Securities.

         (h)      "Registrable Securities" shall mean the following to the
                  extent the same have not been sold to the public (i) any and
                  all shares of restricted common stock of the Company issued or
                  issuable pursuant to the Private Placement. Notwithstanding
                  the foregoing, Registrable Securities shall not include
                  otherwise Registrable Securities (i) sold by a person in a
                  transaction in which his rights under this Agreement are not
                  properly assigned; or (ii) (A) sold in a transaction exempt
                  from the registration and prospectus delivery requirements of
                  the Securities Act under Section 4(1) thereof so that all
                  transfer restrictions, and restrictive legends with respect
                  thereto, if any, are removed upon the consummation of such
                  sale or (B) the registration rights associated with such
                  securities have been terminated pursuant to Section 12 of this
                  Agreement.

         (i)      "Rule 144" shall mean Rule 144 under the Securities Act or any
                  successor or similar rule as may be enacted by the Commission
                  from time to time, but shall not include Rule 144A.

         (j)      "Rule 144A" shall mean Rule 144A under the Securities Act or
                  any successor or similar rule as may be enacted by the
                  Commission from time to time, but shall not include Rule 144.

         (k)      "Securities Act" shall mean the Securities Act of 1933, as
                  amended, or any similar federal statute and the rules and
                  regulations thereunder, all as the same shall be in effect at
                  the time.

2. Restrictions on Transferability. The Registrable Securities shall not be
sold, assigned, transferred or pledged except upon the conditions specified in
this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. Each Holder will cause any proposed purchaser,
assignee, transferee, or pledgee of the Registrable Securities held by a Holder
to agree to take and hold such securities subject to the provisions and upon the
conditions specified in this Agreement.

3. Notice of Proposed Transfer. The Holder of each certificate representing
Registrable Securities agrees to comply in all respects with the provisions of
this Section 3. Each such Holder agrees not to make any disposition of all or
any portion of any Registrable Securities unless and until:

         (a)      There is in effect a registration statement under the
                  Securities Act covering such proposed disposition and such
                  disposition is made in accordance with such registration
                  statement; or;

         (b)

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                  (i)      Such Holder shall have notified the Company of the
                           proposed disposition and shall have furnished the
                           Company with a detailed statement of the
                           circumstances surrounding the proposed disposition,
                           and
                  (ii)     If reasonably requested by the Company, such Holder
                           shall furnish the Company with an opinion of counsel,
                           reasonably satisfactory to the Company that such
                           disposition shall not require registration of such
                           shares under the Securities Act. It is agreed,
                           however, that no such opinion will be required for
                           Rule 144 or Rule 144A transactions, except in unusual
                           circumstances.

         (c)      Notwithstanding the provisions of paragraphs (a) and (b)
                  above, no such registration statement or opinion of counsel
                  shall be necessary for a transfer by a Holder which is a
                  partnership, to a partner of such partnership or a retired
                  partner of such partnership who retires after the date hereof,
                  or to the estate of any such partner or retired partner or the
                  transfer by gift, will, or intestate succession of any partner
                  to his spouse or siblings, lineal descendants or ancestors of
                  such partner or spouse, provided that such transferee agrees
                  in writing to be subject to all of the terms hereof to the
                  same extent as if he were an original Holder hereunder.

4. Requested Registration.

         (a)      If the Company shall receive from Initiating Holders a written
                  request that the Company effect any registration with respect
                  to all or at least 51% of the outstanding Registrable
                  Securities, the Company shall:

                  (i)      promptly give written notice of the proposed
                           registration to all other Holders; and
                  (ii)     as soon as practicable use its best efforts to
                           register (including, without limitation, the
                           execution of an undertaking to file post-effective
                           amendments and any other governmental requirements)
                           all Registrable Securities that the Holders request
                           to be registered within thirty (30) days after
                           receipt of such written notice from the Company;
                           provided that the Company shall not be obligated to
                           file a registration statement pursuant to this
                           Section 4:

                           (A)      prior to 120 days after the closing of the
                                    Private Placement;
                           (B)      in any particular state in which the Company
                                    would be required to execute a general
                                    consent to service of process in effecting
                                    such registration; or
                           (C)      after the Company has effected one such
                                    registration pursuant to this Section 4 and
                                    such registration has been declared or
                                    ordered effective.

         Subject to the foregoing clauses (A) through (C), the Company shall
         file a registration statement covering the Registrable Securities so
         requested to be registered as soon as practical, but in any event

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<PAGE>

         within ninety (90) days after receipt of the request or requests of the
         Initiating Holders and shall use reasonable best efforts to have such
         registration statement promptly declared effective by the Commission
         whether or not all Registrable Securities requested to be registered
         can be included; provided, however, that if the Company shall furnish
         to such Holders a certificate signed by the President of the Company
         stating that in the good faith judgment of the Board of Directors it
         would be seriously detrimental to the Company and its shareholders for
         such registration statement to be filed within such ninety (90) days
         period and it is therefore essential to defer the filing of such
         registration statement, the Company shall have an additional period of
         not more than ninety (90) days after the expiration of the initial
         ninety-day (90-day) period within which to file such registration
         statement; provided, that during such time the Company may not file a
         registration statement for securities to be issued and sold for its own
         account.

         (b)      If the Initiating Holders intend to distribute the Registrable
                  Securities covered by their request by means of an
                  underwriting, they shall so advise the Company as a part of
                  their request. In such event or if any underwriting is
                  required by subsection 4(c), the Company shall include such
                  information in the written notice referred to in subsection
                  4(a)(i). In either such event, if so requested in writing by
                  the Company, the Initiating Holders shall negotiate with an
                  underwriter selected by the Company with regard to the
                  underwriting of such requested registration; provided,
                  however, that if a majority in interest of the Initiating
                  Holders have not agreed with such underwriter as to the terms
                  and conditions of such underwriting within twenty (20) days
                  following commencement of such negotiations, a majority in
                  interest of the Initiating Holders may select an underwriter
                  of their choice. The right of any Holder to registration
                  pursuant to Section 4 shall be conditioned upon such Holder's
                  participation in such underwriting and the inclusion of such
                  Holder's Registrable Securities in the underwriting (unless
                  otherwise mutually agreed by a majority in interest of the
                  Initiating Holders and such Holder) to the extent provided
                  herein. The Company shall (together with all Holders proposing
                  to distribute their securities through such underwriting)
                  enter into an underwriting agreement in customary form with
                  the underwriter or underwriters selected for such
                  underwriting. Notwithstanding any other provisions of this
                  Section 4, if the managing underwriter advises the Initiating
                  Holders in writing that marketing factors require a limitation
                  of the number of shares to be underwritten, the Company shall
                  so advise all Holders, and the number of shares of Registrable
                  Securities that may be included in the registration and
                  underwriting shall be allocated among Holders thereof in
                  proportion, as nearly as practicable, to the respective
                  amounts of Registrable Securities held by such Holders;
                  provided, however, that securities to be included in such
                  registration statement to be offered by the Company, its
                  officers and employees shall be excluded from the registration
                  statement prior to the exclusion of any Registrable Securities
                  held by the Holders. If any Holder disapproves of the terms of
                  the underwriting, he may elect to withdraw therefrom by
                  written notice to the Company, the managing underwriter and
                  the Initiating Holders. If, by the withdrawal of such
                  Registrable Securities, a greater number of Registrable
                  Securities held by other Holders may be included in such
                  registration (up to the limit imposed by the underwriters),
                  the Company shall offer to all holders who have included
                  Registrable Securities in the registration the right to

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<PAGE>

                  include additional Registrable Securities in the same
                  proportion used in determining the limitation as set forth
                  above. Any Registrable Securities which are excluded from the
                  underwriting by reason of the underwriter's marketing
                  limitation or withdrawn from such underwriting shall be
                  withdrawn from such registration.

5. Expenses of Registration. In addition to the fees and expenses contemplated
by Section 6 hereof, all expenses incurred in connection with registration
pursuant to Section 4 hereof, including without limitation all registration,
filing and qualification fees, printing expenses, fees and disbursements of
counsel for the Company, and expenses of any special audits of the Company's
financial statements incidental to or required by such registration, shall be
borne by the Company, except that the Company shall not be required to pay
underwriters' fees, discounts or commissions relating to Registrable Securities
or fees of separate legal counsel of Holders.

6. Registration Procedures. In the case of registration effected by the Company
pursuant to this Agreement, the Company will keep each Holder participating
therein advised in writing as to the initiation of each registration and as to
the completion thereof. At its expense the Company will:

         (a)      keep such registration pursuant to Section 4 continuously
                  effective for a period of one hundred twenty (120) days or
                  such reasonable period necessary to permit the Holder or
                  Holders to complete the distribution described in registration
                  statement relating thereto, or until the expiration of one
                  year from the date the shares were issued, whichever first
                  occurs;

         (b)      promptly 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
                  comply with the provisions of the Securities Act, and to keep
                  such registration statement effective for that period of time
                  specified in Section 6(a) above;

         (c)      furnish such number of prospectuses and other documents
                  incident thereto as a Holder from time to time may reasonably
                  request;

         (d)      use reasonable best efforts to obtain the withdrawal of any
                  order suspending the effectiveness of a registration
                  statement, or the lifting of any suspension of the
                  qualification of any of the Registrable Securities for sale in
                  any jurisdiction, at the earliest practicable date;

         (e)      subject to Section 4(a)(ii)(B), register or qualify such
                  Registrable Securities for offer and sale under the securities
                  or blue sky laws of such jurisdictions as a Holder or
                  underwriter shall reasonably request in writing to the
                  Company, and keep such registration or qualification effective
                  during the period set forth in Section 6(a) above;

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<PAGE>

         (f)      enter into such customer agreements (including underwriting
                  agreements in customary form) and take all such other actions
                  as the holders of a majority of the Registrable Securities
                  being sold or the underwriters, if any, reasonably, request in
                  order to expedite or facilitate the disposition of such
                  Registrable Securities);

         (g)      make available for inspection by any seller of Registrable
                  Securities, any underwriter participating in any disposition
                  pursuant to such registration statement, and any attorney,
                  accountant or other agent retained by any such seller or
                  underwriter, all financial and other records, pertinent
                  corporate documents and properties of the Company, and cause
                  the Company's officers, directors, employees and independent
                  accountants to supply all information reasonably requested by
                  any such seller, underwriter, attorney, accountant or agent in
                  connection with such registration statement; and

         (h)      if the offering is underwritten, at the request of any Holder
                  of Registrable Securities to furnish on the date that
                  Registrable Securities are delivered to the underwriters for
                  sale pursuant to such registration: (i) an opinion dated as of
                  such date of counsel representing the Company for the purposes
                  of such registration, addressed to the underwriters and to
                  such Holder, stating that such registration statement has
                  become effective under the Securities Act and that (A) to the
                  best 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 data contained therein) and (C)
                  to such other effects as reasonably may be requested by
                  counsel for the underwriters or by such Holder or its counsel
                  and (ii) a letter dated such date from the independent public
                  accountants retained by the Company, addressed to the
                  underwriters and to such seller, 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; and

         (i)      notify each Holder, at any time a prospectus covered by such
                  registration statement is required to be delivered under the
                  Securities Act, of the happening of any event of which it has
                  knowledge as a result of which the prospectus included in such
                  registration statement, as then in effect, includes an 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 the light of the
                  circumstances then existing; and

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<PAGE>

7.       Indemnification.

         (a)      In the event of a registration of any of the Registrable
                  Securities under the Securities Act pursuant to Section 4, the
                  Company will indemnify and hold harmless each Holder of such
                  Registrable Securities thereunder, each underwriter of such
                  Registrable Securities thereunder and each other person, if
                  any, who controls such Holder or underwriter within the
                  meaning of the Securities Act, against any losses, claims,
                  damages or liabilities, joint or several, to which such
                  Holder, 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 under the Securities Act, 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 violating
                  by the Company of any rule or regulation promulgated under the
                  Securities Act or any state securities law applicable to the
                  Company and relating to action or inaction required of the
                  Company in connection with any such registration, and will
                  reimburse each such Holder, each of its officers, directors
                  and partners, and each person controlling such Holder, each
                  such underwriter and each person who controls any such
                  underwriter, for the reasonable legal and any other reasonable
                  expenses incurred in connection with investigating, defending
                  or settling any such claim, loss, damage, liability or action,
                  provided that the Company will not be liable in any such case
                  to the extent that any such claim, loss, damage or liability
                  arises out of or is based on any untrue statement or omission
                  based upon written information furnished to the Company by an
                  instrument duly executed by such Holder or underwriter
                  specifically for use therein.

         (b)      Each Holder will, if Registrable Securities held by or
                  issuable to such Holder are included in the securities as to
                  which such registration is being effected, indemnify and hold
                  harmless the Company, each of its directors and officers, each
                  underwriter, if any, of the Company's each of its directors
                  and officers, each underwriter, if any, of the Company's
                  securities covered by such a registration statement, each
                  person who controls the Company and each underwriter within
                  the meaning of the Securities Act, and each other such Holder,
                  each of its officers, directors and partners and each person
                  controlling such Holder, against all claims, losses, expenses,
                  damages and liabilities (or actions in respect thereof)
                  arising out of or based on any untrue statement (or alleged
                  untrue statement) of a material fact contained in any such
                  registration statement, prospectus, offering circular or other
                  documents, or any 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, such Holders, such directors,
                  officers, partners, persons or underwriters for any reasonable
                  legal or any other expenses incurred in connection with
                  investigating, defending or settling any such claim, loss,
                  damage, liability or action, in each case to the extent, but
                  only to the extent, that such untrue statement (or alleged

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                  untrue statement) or omission (or allege omission) is made in
                  such registration statement, prospectus, offering, circular or
                  other document in reliance upon and in conformity with written
                  information furnished to the Company by an instrument duly
                  executed by such Holder specifically for use therein;
                  provided, however, the total amount for which any Holder, its
                  officers, directors and partners, and any person controlling
                  such Holder, shall be liable under this Section 7(b) shall not
                  in any event exceed the aggregate proceeds received by such
                  Holder from the sale of Registrable Securities sold by such
                  Holder in such registration.

         (c)      Each party entitled to indemnification under this Section 7
                  (the "Indemnified Party") shall give notice to the party
                  required to provide indemnification (the "Indemnifying Party")
                  promptly after such Indemnified Party has actual knowledge of
                  any claims as to which indemnity may be sought, and shall
                  permit the Indemnifying Party to assume the defense of any
                  such claim or any litigation resulting therefrom, provided
                  that counsel for the Indemnifying Party, who shall conduct the
                  defense of such claim or litigation, shall be approved by the
                  Indemnified Party (whose approval shall not be unreasonably
                  withheld), and the Indemnified Party may participate in such
                  defense at such party's expense, and provided further that the
                  failure of any Indemnified Party to give notice as provided
                  herein shall not relieve the Indemnifying Party of its
                  obligations hereunder, unless such failure resulted in actual
                  detriment to the Indemnifying Party. No Indemnifying Party, in
                  the defense of any such claim or litigation, shall, except
                  with the consent of each Indemnified Party, consent to entry
                  of any judgment or enter into any settlement which does not
                  include as an unconditional term thereof the giving by the
                  claimant or plaintiff to such Indemnified Party of a release
                  from all liability in respect of such claim or litigation.

         (d)      Notwithstanding the foregoing, to the extent that the
                  provisions on indemnification contained in the underwriting
                  agreements entered into among the selling Holders, if any, the
                  Company and the underwriters in connection with the
                  underwritten public offering are in conflict with the
                  foregoing provisions, the provisions in the underwriting
                  agreement shall be controlling as to the Registrable
                  Securities included in the public offering; provided, however,
                  that if, as a result of this Section 7(d), any Holder, its
                  officers, directors, and partners and any person controlling
                  such Holder is held liable for an amount which exceeds the
                  aggregate proceeds received by such Holder from the sale of
                  Registrable Securities included in a registration, as provided
                  in Section 7(b) above, pursuant to such underwriting agreement
                  (the "Excess Liability"), the Company shall reimburse any such
                  Holder for such Excess Liability.

         (e)      If the indemnification provided for in this Section 7 is held
                  by a court of competent jurisdiction to be unavailable to an
                  indemnified party with respect to any loss, liability, claim,
                  damage or expense referred to therein, then the indemnifying
                  party, in lieu of indemnifying such indemnified party
                  thereunder, shall contribute to the amount paid or payable by
                  such indemnified party as a result of such loss, liability,
                  claim, damage or expense in such proportion as is appropriate
                  to reflect the relative fault of the indemnifying party on the
                  one hand and of the indemnified party on the other hand in
                  connection with the statements or omissions which resulted in
                  such loss, liability, claim, damage or expense as well as any
                  other relevant equitable considerations. The relevant fault of

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                  the indemnifying party and the indemnified party shall be
                  determined by reference to, among other things, whether the
                  untrue or alleged untrue statement of a material fact or the
                  omission to state a material fact relates to information
                  supplied by the indemnifying party or by the indemnified party
                  and the parties' relative intent, knowledge, access to
                  information and opportunity to correct or prevent such
                  statement or omission. Notwithstanding the foregoing, the
                  amount any Holder shall be obligated to contribute pursuant to
                  this Section 7(e) shall be limited to an amount equal to the
                  proceeds to such Holder of the Restricted Securities sold
                  pursuant to the registration statement which gives rise to
                  such obligation to contribute (less the aggregate amount of
                  any damages which the Holder has otherwise been required to
                  pay in respect of such loss, claim, damage, liability or
                  action or any substantially similar loss, claim, damage,
                  liability or action arising from the sale of such Restricted
                  Securities). (f) Survival of Indemnity. The indemnification
                  provided by this Section 7 shall be a continuing right to
                  indemnification and shall survive the registration and sale of
                  any securities by any Person entitled to indemnification
                  hereunder and the expiration or termination of this Agreement.

8. Lock Up Agreement. In consideration for the Company agreeing to is
obligations under this Agreement, each Holder agrees in connection with any
registration of the Company's securities (whether or not such Holder is
participating in such registration) upon the request of the Company and the
underwriters managing any underwritten offering of the Company's securities, not
to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any Registrable Securities (other than those included in
the registration) without the prior written consent of the Company or such
underwriters, as the case may be, for such period of time (not to exceed 180
days) from the effective date of such registration as the Company and the
underwriters may specify, so long as all Holders or stockholders holding more
than one percent (1%) of the outstanding common stock and all officers and
directors of the Company are bound by a comparable obligation provided, however,
that nothing herein shall prevent any Holder that is a partnership or
corporation from making a distribution of Registrable Securities to the partners
or shareholders thereof that is otherwise in compliance with applicable
securities laws, so long as such distributees agree to be so bound.

9. Information by Holder. The Holder or Holders of Registrable Securities
included in any registration shall promptly furnish to the Company such
information regarding such Holder or Holders and the distribution proposed by
such Holders or Holders as the Company may request in writing and as shall be
required in connection with any registration referred to herein.

10. Rule 144 and 144A Reporting. With a view to making available to Holders of
Registrable Securities the benefits of certain rules and regulations of the SEC
which may permit the sale of the Registrable Securities to the public without
registration, the Company agrees to:

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

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         (b)      use its best 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.

11. Subsequent Registration Rights. From and after the date this registration
right is granted, the Company may, in its discretion, enter into any agreement
with any holder or prospective holder of any securities of the Company which
should allow such holder or prospective holder to include such securities in any
registration filed under Section 4 hereof.

12. Termination of Rights.

         (a)      The rights of any particular Holder to cause the Company to
                  register securities under Section 4 shall terminate with
                  respect to such Holder at such time as such Holder is able to
                  dispose of all of his Registrable Securities in one
                  three-month period pursuant to the provisions of Rule 144.

         (b)      Notwithstanding the provisions of paragraph (a) of this
                  Section 12, all rights of any particular Holder under this
                  Agreement, other than rights under Section 7, shall terminate
                  at 5:00 P.M. Eastern time on the date one (1) year after the
                  closing date of the Private Offering.

13. Representations and Warranties of the Company.

         The Company represents and warrants to the Holder 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 Organization or Bylaws of the Company or any
                  agreement or 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 results 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.

         (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 (i) applicable bankruptcy, insolvency,
                  reorganization, fraudulent conveyance and moratorium laws and
                  other laws of general application affecting enforcement of
                  creditors' rights generally and (ii) the availability of
                  equitable remedies as such remedies may be limited by
                  equitable principles of general applicability (regardless of
                  whether enforcement is sought in a proceeding in equity or at
                  law).

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14. Miscellaneous.

         (a)      Amendments. This Agreement may be amended only by a writing
                  signed by the Holders of at least fifty-one percent (51%) of
                  the Registrable Securities, as constituted from time to time.
                  The Holders hereby consent to future amendments to this
                  Agreement that permit future investors, other than employees,
                  officers or directors of the Company, to be made parties
                  hereto and to become Holders of Registrable Securities;
                  provided, however, that no such future amendment may
                  materially impair the rights of the Holders hereunder without
                  obtaining the requisite consent of the Holders, as set forth
                  above. For purposes of this Section, Registrable Securities
                  held by the Company or beneficially owned by any officer or
                  employee of the Company shall be disregarded and deemed not to
                  be outstanding.

         (b)      Counterparts. This Agreement may be executed in any number of
                  counter parts, all of which shall constitute a single
                  instrument.

         (c)      Notices, Etc. All notices and other communications required or
                  permitted hereunder shall be in writing and may be sent
                  initially by facsimile transmission and shall be mailed by
                  registered or certified mail, postage prepaid, or otherwise
                  delivered by hand or by messenger, addressed (a) if to a
                  Holder, at such Holder's address set forth on the books of the
                  Company, or at such other address as such Holder shall be
                  furnished to the Company in writing, or (b) if to any other
                  holder of any Registrable Securities, at such address as such
                  holder shall have furnished the Company in writing, or, until
                  any such holder so furnished an address to the Company, then
                  to and at the address of the last holder of such securities
                  who has so furnished an address to the Company, or (c) if to
                  the Company, one copy should be sent to the Company's current
                  address, or at such other address as the Company shall have
                  furnished to the Holders. Each such notice or other
                  communication shall for all purposes of this Agreement be
                  treated as effective or having been given when delivered if
                  delivered personally, or, if sent by first class, postage
                  prepaid mail, at the earlier of its receipt or seventy-two
                  (72) hours after the same has been deposited in a regularly
                  maintained receptacle for the deposit of the United States
                  mail, addressed and mailed as aforesaid.

         (d)      Nonpublic Information. Any other provisions of this agreement
                  to the contrary notwithstanding, the Company's obligation to
                  file a registration statement, or cause such registration
                  statement to become and remain effective, shall be suspended
                  for a period not to exceed 45 days (and for periods not
                  exceeding, in the aggregate, 90 days during the term of this
                  Agreement) if there exists at the time material non-public
                  information relating to the Company which, in the reasonable
                  opinion of the Company, should not be disclosed.

         (e)      Severability. 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

                                       11
<PAGE>

                  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.

         (f)      Dilution. If, and as often as, there is any change in the
                  common stock by way of a stock split, stock dividend,
                  combination or reclassification, or through a merger,
                  consolidation, reorganization or recapitalization, or by any
                  means, appropriate adjustment shall be made in the provisions
                  hereof so that the rights and privileges granted hereby shall
                  continue with respect to the Common Governing Law. This
                  Agreement shall be governed by and construed under the laws of
                  the State of Utah without regard to principles of conflict of
                  law.

Dated as of the date first above written.

BMB Munai, Inc.

----------------------------
Adam R. Cook, Secretary

Aton Securities, Inc.

----------------------------
Michael Jordan, President

                                       12
<PAGE>

                                    Exhibit A

                NOTICE OF ELECTION TO REGISTER AND QUESTIONNAIRE

         The undersigned holder of shares of the common stock, par value $.001
per share (the "common stock" or the "Registrable Securities") of BMB Munai,
Inc. (the "Company") purchased in a private placement offering by the Company
understands that the Company has filed or intends to file with the Securities
and Exchange Commission a registration statement on Form SB-2 (the "Shelf
Registration Statement") for the registration and the resale under Rule 415 of
the Securities Act of 1933, as amended (the "Securities Act"), of the common
stock in accordance with the terms of the Registration Rights Agreement, dated
as of June 22, 2004 (the "Registration Rights Agreement") among the Company and
the placement agents of the Company on behalf of the undersigned on behalf of
the prospective purchasers of the private placement offering. All capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in
the Registration Rights Agreement.

         In order to sell or otherwise dispose of any common stock pursuant to
the Shelf Registration Statement, a holder of common stock generally will be
required to be named as a selling securityholder in the related prospectus or a
supplement thereto (as so supplemented, the "Prospectus"), deliver the
Prospectus to purchasers of common stock and be bound by the provisions of the
Registration Rights Agreement (including certain indemnification provisions, as
described below). Shareholders of Registrable Securities must complete and
deliver this Notice and Questionnaire in order to be named as selling Security
holders in the Prospectus. Shareholders of Registrable Securities who do not
complete, execute and return this Notice and Questionnaire (1) will not be named
as selling securityholders in the Shelf Registration Statement or the Prospectus
and (2) may not use the Prospectus for resales of Registrable Securities.

         Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and the Prospectus. Holders
of Registrable Securities are advised to consult their own securities law
counsel regarding the consequences of being named or not named as a selling
securityholder in the Shelf Registration Statement and the Prospectus.

                                     Notice

         The undersigned holder (the "Selling Securityholder") of Registrable
Securities hereby gives notice to the Company of its intention to sell or
otherwise dispose of common stock owned by it and listed below in Item (3),
unless otherwise specified in Item (3), pursuant to the Shelf Registration
Statement. The undersigned, by signing and returning this Notice and
Questionnaire, understands and agrees that it will be bound by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement.

         Pursuant to the Registration Rights Agreement, the undersigned has
agreed to indemnify and hold harmless the Company, the Company's directors and
the Company's officers who sign the Shelf Registration Statement and each
person, if any, who controls the Company within the meaning of either Section 15

<PAGE>

of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), from and against certain losses arising in
connection with certain statements concerning the undersigned made in the Shelf
Registration Statement or the related prospectus in reliance upon the
information provided in this Notice and Questionnaire.

         The undersigned hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                  Questionnaire

1.11      (a)  Full Legal Name of Selling Securityholder:

               _________________________________________________________________

          (b)  Full Legal Name of Registered Holder (if not the same as (a)
               above) through which Registrable Securities listed in Item (3)
               below are held:

              _________________________________________________________________

2.   Address for Notices to Selling Securityholder:

     ___________________________________________________________________________

     Telephone:_________________________________________________________________

     Fax:_______________________________________________________________________

     Contact Person:____________________________________________________________

3.   Ownership of Registrable Securities:

          (a)  Type and amount of Registrable Securities owned:

               _________________________________________________________________

          (b)  Type and amount of Registrable Securities to be registered:

               _________________________________________________________________

                                       2
<PAGE>

4.   Ownership and Beneficial Ownership of Other Securities of the Company owned
     by the Selling Securityholder: Except as set forth below in this Item (4),
     the undersigned is not the beneficial or registered owner of any securities
     of the Company other than the Regstrable Securities listed above in Item
     (3).

     Type and Amount of Other Securities owned or beneficially owned:

     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

5.   Relationship with the Company:
     Except as set forth below, neither the undersigned nor any of its
     affiliates, officers, directors or principal equity holders (5% or more)
     has held any position or office or has had any other material relationship
     with the Company (or its predecessors or affiliates) during the past three
     years.

     State any exceptions here:

     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

6.   Plan of Distribution:
     Except as set forth below, the undersigned (including its donees or
     pledgees) intends to distribute the common stock listed above in Item (3)
     pursuant to the Shelf Registration Statement only as follows (if at all):
     Such common stock may be sold directly to purchasers or through
     underwriters, broker-dealers or agents, who may receive compensation in the
     form of discounts, concessions or commissions from the Selling
     Securityholder or the purchaser. These discounts, concessions or
     commissions as to any particular underwriter, broker-dealer or agent may be
     in excess of those customary in the types of transactions involved. The
     common stock may be sold in one or more transactions at fixed prices,

                                       3
<PAGE>

     prevailing market prices at the time of sale, prices related to the
     prevailing market prices, varying prices determined at the time of sale, or
     negotiated prices. These sales may be effected in transactions on any
     quotation service on which common stock may be listed or quoted at the time
     of sale, including the in the over-the-counter market, otherwise than on an
     exchange or services or in the over-the-counter market, or through the
     settlement of short sales. These transactions may include block
     transactions or crosses. Crosses are transactions in which the same broker
     acts as agent on both sides of the trade. In connection with the sale of
     common stock or otherwise, the Selling Securityholders
      may enter into hedging transactions with broker-dealers or other financial
     institutions. These broker-dealers or financial institutions may in turn
     engage in short sales of the common stock in the course of hedging the
     positions they assume with Selling Securityholders. The Selling
     Securityholders may also sell common stock short and deliver common stock
     to close out such short positions, or loan or pledge common stock to
     broker-dealers that in turn may sell these securities.

     State any exceptions here:

     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

     Note: In no event will such method(s) of distribution take the form of an
     underwritten offering of the Registrable Securities without the prior
     agreement of the Company.

     The undersigned acknowledges that it understands its obligation to comply
with the provisions of the Exchange Act and the rules thereunder relating to
stock manipulation, particularly Regulation M thereunder (or any successor rules
or regulations), in connection with any offering of common stock pursuant to the
Shelf Registration Statement. The undersigned agrees that neither it nor any
person acting on its behalf will engage in any transaction in violation of such
provisions.

     The Selling Securityholder hereby acknowledges its obligations under the
Registration Rights Agreement to indemnify and hold harmless certain persons as
set forth therein. Pursuant to the Registration Rights Agreement, the Company
has agreed under certain circumstances to indemnify the Selling Securityholder
against certain liabilities.

     In accordance with the undersigned's obligation under the Registration
Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the undersigned agrees to
promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while
the Shelf Registration Statement remains effective. All notices hereunder and
pursuant to the Registration Rights Agreement shall be made in writing, by hand
delivery, first-class mail or air courier guaranteeing overnight delivery at the
address set forth below. In the absence of any such notification, the Company
shall be entitled to continue to rely on the accuracy of the information in this
Notice and Questionnaire.

                                       4
<PAGE>

     By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and the
Prospectus. The undersigned understands that such information will be relied
upon by the Company in connection with the preparation, amendment or
supplementation of the Shelf Registration Statement and the Prospectus.

     The terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding upon, shall inure to the benefit
of and shall be enforceable by the respective successors, heirs, personal
representatives, and assigns of the Company and the Selling Securityholder with
respect to the common stock owned by the Selling Securityholder and listed in
Item (3) above. This agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of Nevada applicable to contracts made
in the State of Nevada.

     IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or
by its duly authorized agent.

Date: ___________________________        _______________________________________
                                         Selling Securityholder (Print or type
                                         full legal name of holder of
                                         Registrable Securities)

                                         By:____________________________________

                                         Name:__________________________________

                                         Title:_________________________________

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

Company's U.S. address:
BMB Munai, Inc.
324 South 400 West, Suite 250
Salt Lake City, Utah 84101
Attn: Adam Cook

with a copy to:

Company counsel
Poulton & Yordan
324 South 400 West, Suite 250
Salt Lake City, Utah 84101
Attn: Richard Ludlow, Esq.

                                       5Exhibit 10.78 to FHC 2005 Form 10-KSB

    Exhibit
      10.78

    

    AMENDED
      AND RESTATED CHANGE OF CONTROL AGREEMENT

    

    

    THIS
      AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT is dated as of October 1,
      2005
      by and between THE FEMALE HEALTH COMPANY, a Wisconsin corporation (the
      "Company"), and O.B. PARRISH (the "Executive").

    

    RECITALS

    

    A. The
      Company and Executive have previously entered into a Change of Control Agreement
      governing the terms of Executive's employment relationship with the Company
      in
      the event of the possibility, threat or occurrence of a Change of Control (as
      defined below) of the Company. Executive and the Company desire to amend and
      restate such Change of Control Agreement in accordance with the terms and
      conditions hereof.

    

    B. The
      Board
      of Directors of the Company (the "Board") has determined that it is in the
      best
      interests of the Company and its shareholders to assure that the Company will
      have the continued dedication of the Executive, notwithstanding the possibility,
      threat or occurrence of a Change of Control of the Company.

    

    C. The
      Board
      believes it is imperative to diminish the inevitable distraction of the
      Executive by virtue of the personal uncertainties and risks created by a pending
      or threatened Change of Control and to encourage the Executive's full attention
      and dedication to the Company currently and in the event of any threatened
      or
      pending Change of Control, and to provide the Executive with compensation and
      benefit arrangements upon a Change of Control which ensure that the compensation
      and benefit expectations of the Executive will be satisfied and which are
      competitive with those of other corporations.

    

    D. In
      order
      to accomplish the objectives of the Board summarized in these recitals, the
      Board has caused the Company to enter into this Agreement.

    

    AGREEMENTS

    

    In
      consideration of the recitals and the mutual covenants and agreements set forth
      in this Agreement and for other good and valuable consideration, the receipt
      and
      sufficiency of which are acknowledged, the parties agree as
      follows:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1. Definitions.
      For the
      sole and exclusive purposes of this Agreement, the following terms have the
      following meanings:

    

    (a) Effective
      Date.
      The
      "Effective Date" means the first date during the Change of Control Period on
      which a Change of Control occurs. Notwithstanding anything in this Agreement
      to
      the contrary, if a Change of Control occurs and Executive's employment with
      the
      Company (or, if applicable, its subsidiary) or this Agreement was terminated
      prior to the date on which the Change of Control occurs, and if it is reasonably
      demonstrated by the Executive that such termination of employment or of this
      Agreement (i) was at the request of a third party who has taken steps
      reasonably calculated to effect a Change of Control or (ii) otherwise arose
      in connection with or anticipation of a Change of Control, then for all purposes
      of this Agreement the "Effective Date" shall mean the date immediately prior
      to
      the date of such termination of employment or purported termination of this
      Agreement.

    

    (b) Change
      of Control Period.
      The
      "Change of Control Period" means the period commencing on the date of a Change
      of Control and ending on the third anniversary thereafter.

    

    (c) Change
      of Control.
      "Change
      of Control" means any of the following:

    

    (i) The
      acquisition by any individual, entity or group (within the meaning of
      section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
      the
      meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
      either [a] the then outstanding shares of common stock of the Company (the
      "Outstanding Company Common Stock") or [b] the combined voting power of the
      then outstanding voting securities of the Company entitled to vote generally
      in
      the election of directors (the "Outstanding Company Voting Securities");
      provided, however, that the following acquisitions shall not constitute a Change
      of Control: [i] any acquisition directly from the Company, [ii] any
      acquisition by the Company, [iii] any acquisition by any employee benefit
      plan (or related trust) sponsored or maintained by the Company or any
      corporation controlled by the Company or [iv] any acquisition by any
      corporation pursuant to a transaction which complies with clauses [a], [b]
      and [c] of subsection (iii) of this section 1.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (ii) Individuals
      who, as of the date hereof, constitute the Board (the "Incumbent Board") cease
      for any reason to constitute at least a majority of the Board; provided,
      however, that any individual becoming a director subsequent to the date hereof
      whose election, or nomination for election by the Company's shareholders, was
      approved by a vote of at least a majority of the directors then comprising
      the
      Incumbent Board (or by the Nominating and Corporate Governance Committee of
      the
      Board) shall be considered as though such individual were a member of the
      Incumbent Board, but excluding, for this purpose, any such individual whose
      initial assumption of office occurs as a result of an actual or threatened
      election contest with respect to the election or removal of directors or other
      actual or threatened solicitation of proxies or consents by or on behalf of
      a
      Person other than the Board.

    

    (iii) Approval
      by the shareholders of the Company of a reorganization, merger or consolidation
      (a "Business Combination"), in each case, unless, following such Business
      Combination, [a] all or substantially all of the individuals and entities
      who were the beneficial owners, respectively, of the Outstanding Company Common
      Stock and Outstanding Company Voting Securities immediately prior to such
      Business Combination beneficially own, directly or indirectly, more than 60%
      of,
      respectively, the then outstanding shares of common stock and the combined
      voting power of the then outstanding voting securities entitled to vote
      generally in the election of directors, as the case may be, of the corporation
      (or other entity) resulting from such Business Combination (including, without
      limitation, a corporation which as a result of such transaction owns the Company
      through one or more subsidiaries) in substantially the same proportions as
      their
      ownership, immediately prior to such Business Combination, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities, as the case
      may
      be, [b] no Person (excluding any employee benefit plan (or related trust)
      of the Company or such corporation (or other entity) resulting from such
      Business Combination) beneficially owns, directly or indirectly, 20% or more
      of,
      respectively, the then outstanding shares of common stock of the corporation
      (or
      other entity) resulting from such Business Combination or the combined voting
      power of the then outstanding voting securities of such corporation except
      to
      the extent that such ownership existed prior to the Business Combination and
      [c] at least a majority of the members of the board of directors of the
      corporation (or other governing body) resulting from such Business Combination
      were members of the Incumbent Board at the time of the execution of the initial
      agreement, or of the action of the Board, providing for such Business
      Combination.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (iv) Approval
      by the shareholders of the Company of [a] a complete liquidation or
      dissolution of the Company or [b] the sale or other disposition of all or
      substantially all of the assets of the Company, other than to a corporation
      (or
      other entity), with respect to which following such sale or other disposition,
      [i] more than 60% of, respectively, the then outstanding shares of common
      stock of such corporation (or other equity interests) and the combined voting
      power of the then outstanding voting securities of such corporation entitled
      to
      vote generally in the election of directors (or other governing body) is then
      beneficially owned, directly or indirectly, by all or substantially all of
      the
      individuals and entities who were the beneficial owners, respectively, of the
      Outstanding Company Common Stock and outstanding Company Voting Securities
      immediately prior to such sale or other disposition in substantially the same
      proportion as their ownership, immediately prior to such sale or other
      disposition, of the Outstanding Company Common Stock and Outstanding Company
      Voting Securities, as the case may be, [ii] less than 20% of, respectively,
      the then outstanding shares of common stock of such corporation (or other
      entity) and the combined voting power of the then outstanding voting securities
      of such corporation (or other entity) entitled to vote generally in the election
      of directors (or other governing body)is then beneficially owned, directly
      or
      indirectly, by any Person (excluding any employee benefit plan (or related
      trust) of the Company or such corporation), except to the extent that such
      Person owned substantially the same percent of the Outstanding Company Common
      Stock or Outstanding Company Voting Securities prior to the sale or disposition,
      and [iii] at least a majority of the members of the board of directors of
      such corporation (or other governing body) were members of the Incumbent Board
      at the time of the execution of the initial agreement, or of the action of
      the
      Board, providing for such sale or other disposition of assets of the Company
      or
      were elected, appointed or nominated by the Board.

    

    (d) Disability.
      "Disability" means the absence of the Executive from the Executive's duties
      with
      the Company on a full-time basis for 180 consecutive business days as a
      result of incapacity due to mental or physical illness which is determined
      to be
      total and permanent by a physician selected by the Company or its insurers
      and
      acceptable to the Executive or the Executive's legal representative (such
      agreement as to acceptability not to be withheld unreasonably).

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (e) Cause.
      "Cause"
      means:

    

    (i) the
      willful and continued failure of the Executive to perform substantially the
      Executive's duties with the Company or its affiliates (other than any such
      failure resulting from incapacity due to physical or mental illness), after
      a
      written demand for substantial performance is delivered to the Executive by
      the
      Board which specifically identifies the manner in which the Board believes
      that
      the Executive has not substantially performed the Executive's duties and after
      the Executive is given a reasonable period of time to rectify or eliminate
      such
      failure, or

    

    (ii) the
      willful engaging by the Executive in illegal conduct or gross misconduct which
      is materially and demonstrably injurious to the Company.

    

    Notwithstanding
      anything herein to the contrary, no act or failure to act, on the part of the
      Executive, shall be considered "willful" unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive's action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority given pursuant to a resolution
      duly
      adopted by the Board or upon the instructions of a more senior officer of the
      Company or based upon the advice of counsel for the Company shall be
      conclusively presumed to be done, or omitted to be done, by the Executive in
      good faith and in the best interests of the Company. The cessation of employment
      of the Executive shall not be deemed to be for Cause unless and until there
      shall have been delivered to the Executive a copy of a resolution duly adopted
      by the affirmative vote of not less than three-quarters of the entire membership
      of the Board at a meeting of the Board called and held for such purpose (after
      reasonable notice is provided to the Executive and the Executive is given an
      opportunity, together with counsel, to be heard before the Board), finding
      that,
      in the good faith opinion of the Board, the Executive is guilty of the conduct
      described in subparagraph (i) or (ii) above, and specifying the particulars
      thereof in detail.

    

    (f) Good
      Reason.
      "Good
      Reason" means:

    

    (i) the
      assignment to the Executive of any duties inconsistent in any respect with
      the
      Executive's position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by
      section 3(a) of this Agreement, or any other action by the Company which
      results in a diminution in such position, authority, duties or responsibilities,
      excluding for this purpose an isolated, insubstantial and inadvertent action
      not
      taken in bad faith and which is remedied by the Company promptly after receipt
      of notice thereof given by the Executive;

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (ii) any
      failure by the Company to comply with any of the provisions of section 3(b)
      of this Agreement, other than an isolated, insubstantial and inadvertent failure
      not occurring in bad faith and which is remedied by the Company promptly after
      receipt of notice thereof given by the Executive;

    

    (iii) the
      Company's requiring the Executive to be based at any office or location other
      than as provided in section 3(a)(i)(b) hereof or the Company's requiring
      the Executive to travel on Company business to a substantially greater extent
      than required immediately prior to the Effective Date;

    

    (iv) any
      purported termination by the Company of the Executive's employment otherwise
      than as expressly permitted by this Agreement; or

    

    (v) any
      failure by the Company to comply with and satisfy section 10(c) of this
      Agreement.

    

    (g) Date
      of Termination.
      "Date
      of Termination" means (i) if the Executive's employment is terminated by
      the Company for Cause, or by the Executive for Good Reason, the date of receipt
      of the Notice of Termination (as defined in section 4(d)) or any later date
      specified therein, as the case may be, (ii) if the Executive's employment
      is terminated by the Company other than for Cause or Disability, the Date of
      Termination shall be the date on which the Company notifies the Executive of
      such termination, and (iii) if the Executive's employment is terminated by
      reason of death or Disability, the Date of Termination shall be the date of
      death of the Executive or the Disability Effective Date (as defined in
      section 4(a)), as the case may be.

    

    2. Employment
      Period.
      The
      Company agrees to continue the Executive in its employ (or, if applicable,
      in
      the employ of its subsidiary or subsidiaries), and the Executive agrees to
      remain in the employ of the Company (or, if applicable, in the employ of its
      subsidiary or subsidiaries) subject to the terms and conditions of this
      Agreement, for the period commencing on the Effective Date and ending on the
      third anniversary of such date (the "Employment Period"). Notwithstanding the
      foregoing, if the Incumbent Board approves the Change of Control transaction
      before it is consummated and one or more of the nonemployee directors adopt(s)
      a
      resolution providing that this Agreement shall not become operative in
      connection with such Change of Control, this Agreement shall not become
      operative in connection with that Change of Control.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    3. Terms
      of Employment.
      

    

    (a) Position
      and Duties.
      

    

    (i) During
      the Employment Period, [a] the Executive's position (including status,
      offices, titles and reporting requirements), authority, duties and
      responsibilities shall be at least commensurate in all material respects with
      those held, exercised or assigned at any time during the 120-day period
      immediately preceding the Effective Date and [b] the Executive's services
      shall be performed at the location where the Executive was employed immediately
      preceding the Effective Date or any office or location less than 35 miles
      from such location.

    

    (ii) During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Executive is entitled, the Executive agrees to devote reasonable
      attention and time during normal business hours to the business and affairs
      of
      the Company (or, if applicable, its subsidiary or subsidiaries) and, to the
      extent necessary to discharge the responsibilities assigned to the Executive
      hereunder, to use the Executive's reasonable efforts to perform faithfully
      and
      efficiently such responsibilities. During the Employment Period it shall not
      be
      a violation of this Agreement for the Executive to [a] serve on corporate,
      civic or charitable boards or committees, [b] deliver lectures, fulfill
      speaking engagements or teach at educational institutions and/or [c] manage
      personal investments, so long as such activities do not significantly interfere
      with the performance of the Executive's responsibilities as an employee of
      the
      Company (or, if applicable, its subsidiaries) in accordance with this Agreement.
      It is expressly understood and agreed that to the extent that any such
      activities have been conducted by the Executive prior to the Effective Date,
      the
      continued conduct of such activities (or the conduct of activities similar
      in
      nature and scope thereto) subsequent to the Effective Date shall not thereafter
      be deemed to interfere with the performance of the Executive's responsibilities
      to the Company (or, if applicable, its subsidiaries).

    

    (b) Compensation.

    

    (i) Base
      Salary.
      During
      the Employment Period, the Executive shall receive an annual base salary
      ("Annual Base Salary"), at least equal to twelve times the highest monthly
      base
      salary paid or payable, including any base salary which has been earned but
      deferred, to the Executive by the Company and its affiliated companies in
      respect of the 12-month period immediately preceding the month in which the
      Effective Date occurs. During the Employment Period, the Annual Base Salary
      shall be reviewed no more than 12 months after the last salary increase
      awarded to the Executive prior to the Effective Date and

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    thereafter
      at least annually and shall be first increased no more than 12 months after
      the last salary increase awarded to the Executive prior to the Effective Date
      and thereafter at least annually by the higher of [a] the average increase
      (excluding promotional increases) in base salary awarded to the Executive for
      each of the three full fiscal years (annualized in the case of any fiscal year
      consisting of less than twelve full months or during which the Executive was
      employed for less than twelve months) prior to the Effective Date, and
      [b] the percentage increase (excluding promotional increases) in base
      salary generally awarded to peer executives of the Company and its affiliated
      companies for the year of determination. Any increase in Annual Base Salary
      shall not serve to limit or reduce any other obligation to the Executive under
      this Agreement. Annual Base Salary shall not be reduced after any such increase
      and the term Annual Base Salary as utilized in this Agreement shall refer to
      Annual Base Salary as so increased. As used in this Agreement, the term
      "affiliated companies" shall include any company controlled by, controlling
      or
      under common control with the Company.

    

    (ii) Annual
      Bonus.
      In
      addition to Annual Base Salary, the Executive shall be awarded, for each fiscal
      year ending during the Employment Period, an annual bonus (the "Annual Bonus")
      in cash at least equal to the higher of [a] the average of the three
      highest bonuses paid or payable, including any bonus or portion thereof which
      has been earned but deferred, to the Executive by the Company and its affiliated
      companies in respect of the five fiscal years (or such shorter period during
      which the Executive has been employed by the Company) immediately preceding
      the
      fiscal year in which the Effective Date occurs (annualized for any fiscal year
      during such period consisting of less than twelve full months or with respect
      to
      which the Executive has been employed by the Company for less than twelve full
      months) and [b] the bonus paid or payable (annualized as described above),
      including any bonus or portion thereof which has been earned but deferred,
      to
      the Executive by the Company and its affiliated companies in respect of the
      most
      recently completed fiscal year prior to the Effective Date (such higher amount
      being referred to as the "Recent Annual Bonus"). Each such Annual Bonus shall
      be
      paid no later than two and one-half months following the end of the fiscal
      year
      for which the Annual Bonus is awarded, unless the Executive shall elect to
      defer
      the receipt of such Annual Bonus.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (iii) Incentive,
      Savings and Retirement Plans.
      During
      the Employment Period, the Executive shall be entitled to participate in all
      incentive, savings and retirement plans, practices, policies and programs
      applicable generally to other peer executives of the Company and its affiliated
      companies, but in no event shall such plans, practices, policies and programs
      provide the Executive with incentive opportunities (measured with respect to
      both regular and special incentive opportunities, to the extent, if any, that
      such distinction is applicable), savings opportunities and retirement benefit
      opportunities, in each case, less favorable, in the aggregate, than the most
      favorable of those provided by the Company and its affiliated companies for
      the
      Executive under such plans, practices, policies and programs as in effect at
      any
      time during the 120-day period immediately preceding the Effective Date or
      if
      more favorable to the Executive, those provided generally at any time after
      the
      Effective Date to other peer executives of the Company and its affiliated
      companies.

    

    (iv) Welfare
      Benefit Plans.
      During
      the Employment Period, the Executive and/or the Executive's family, as the
      case
      may be, shall be eligible for participation in and shall receive all benefits
      under welfare benefit plans, practices, policies and programs provided by the
      Company and its affiliated companies (including, without limitation, medical,
      prescription, dental, disability, salary continuance, employee life, group
      life,
      accidental death and travel accident insurance plans and programs) to the extent
      applicable generally to other peer executives of the Company and its affiliated
      companies, but in no event shall such plans, practices, policies and programs
      provide the Executive with benefits which are less favorable, in the aggregate,
      than the most favorable of such plans, practices, policies and programs in
      effect for the Executive at any time during the 120-day period immediately
      preceding the Effective Date or, if more favorable to the Executive, those
      provided generally at any time after the Effective Date to other peer executives
      of the Company and its affiliated companies.

    

    (v) Expenses.
      During
      the Employment Period, the Executive shall be entitled to receive prompt
      reimbursement for all reasonable expenses incurred by the Executive in
      accordance with the most favorable policies, practices and procedures of the
      Company and the affiliated companies in effect for the Executive at any time
      during the 120-day period immediately preceding the Effective Date or, if more
      favorable to the Executive, as in effect generally at any time thereafter with
      respect to other peer executives of the Company and its affiliated
      companies.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (vi) Fringe
      Benefits.
      During
      the Employment Period, the Executive shall be entitled to fringe benefits,
      including, without limitation, tax and financial planning services, payment
      of
      club dues, and, if applicable, use of automobile and payment of related
      expenses, in accordance with the most favorable plans, practices, programs
      and
      policies of the Company and its affiliated companies in effect for the Executive
      at any time during the 120-day period immediately preceding the Effective Date
      or, if more favorable to the Executive, as in effect generally at any time
      thereafter with respect to other peer executives of the Company and its
      affiliated companies.

    

    (vii) Office
      and Support Staff.
      During
      the Employment Period, the Executive shall be entitled to an office or offices
      of a size and with furnishings and other appointments, and to exclusive personal
      secretarial and other assistance, at least equal to the most favorable of the
      foregoing provided to the Executive by the Company and its affiliated companies
      at any time during the 120-day period immediately preceding the Effective Date
      or, if more favorable to the Executive, as provided generally at any time
      thereafter with respect to other peer executives of the Company and its
      affiliated companies.

    

    (viii) Vacation.
      During
      the Employment Period, the Executive shall be entitled to paid vacation in
      accordance with the most favorable plans, policies, programs and practices
      of
      the Company and its affiliated companies as in effect for the Executive at
      any
      time during the 120-day period immediately preceding the Effective Date or,
      if
      more favorable to the Executive, as in effect generally at any time thereafter
      with respect to other peer executives of the Company and its affiliated
      companies.

    

    4. Termination
      of Employment.
      

    

    (a) Death
      or Disability.
      The
      Executive's employment shall terminate automatically upon the Executive's death
      during the Employment Period. If the Company determines in good faith that
      a
      Disability of the Executive has occurred during the Employment Period, it may
      give to the Executive written notice in accordance with section 11(b) of
      this Agreement of its intention to terminate the Executive's employment. In
      such
      event, the Executive's employment with the Company shall terminate effective
      on
      the 30th day after receipt of such notice by the Executive (the "Disability
      Effective Date"), provided that, within the 30 days after such receipt, the
      Executive shall not have returned to full-time performance of the Executive's
      duties. 

    

    (b) Cause.
      The
      Company may terminate the Executive's employment during the Employment Period
      for Cause. 

    

    
      
        
        

      

      
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    (c) Good
      Reason.
      The
      Executive's employment may be terminated by the Executive for Good Reason.
      For
      purposes of this section 4(c), any good faith determination of "Good
      Reason" made by the Executive shall be conclusive. Anything in this Agreement
      to
      the contrary notwithstanding, a termination by the Executive for any reason
      during the 180-day period immediately following the Effective Date shall be
      deemed to be a termination for Good Reason for all purposes of this
      Agreement.

    

    (d) Notice
      of Termination.
      Any
      termination by the Company for Cause, or by the Executive for Good Reason,
      shall
      be communicated by Notice of Termination to the other party hereto given in
      accordance with section 11(b) of this Agreement. For purposes of this
      Agreement, a "Notice of Termination" means a written notice which
      (i) indicates the specific termination provision in this Agreement relied
      upon, (ii) to the extent applicable, sets forth in reasonable detail the
      facts and circumstances claimed to provide a basis for termination of the
      Executive's employment under the provision so indicated, and (iii) if the
      Date of Termination (as defined below) is other than the date of receipt of
      such
      notice, specifies the termination date (which date shall be not more than thirty
      days after the giving of such notice). The failure by the Executive or the
      Company to set forth in the Notice of Termination any fact or circumstance
      which
      contributes to a showing of Good Reason or Cause shall not waive any right
      of
      the Executive or the Company, respectively, hereunder or preclude the Executive
      or the Company, respectively, from asserting such fact or circumstance in
      enforcing the Executive's or the Company's rights hereunder.

    

    5. Obligations
      of the Company upon Termination.

    

    (a) Good
      Reason; Other Than for Cause, Death or Disability.
      If,
      during the Employment Period, the Company shall terminate the Executive's
      employment other than for Cause, death or Disability or the Executive shall
      terminate the Executive's employment for Good Reason:

    

    (i) The
      Company shall pay to the Executive in a lump sum in cash within 30 days
      after the Date of Termination the aggregate of the following
      amounts:

    

    
      
        
        

      

      
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    [a] the
      sum
      of [i] the Executive's Annual Base Salary through the Date of Termination
      to the extent not theretofore paid, [ii] the product of (x) the higher of
      [A] the Recent Annual Bonus and [B] the Annual Bonus paid or payable,
      including any bonus or portion thereof which has been earned but deferred (and
      annualized for any fiscal year consisting of less than 12 full months or during
      which the Executive was employed for less than 12 full months), for the most
      recently completed fiscal year during the Employment Period, if any (such higher
      amount being referred to as the "Highest Annual Bonus") and (y) a fraction,
      the
      numerator of which is the number of days in the current fiscal year through
      the
      Date of Termination, and the denominator of which is 365 and [iii] any
      compensation previously deferred by the Executive (together with any accrued
      interest or earnings thereon) and any accrued vacation pay, in each case to
      the
      extent not theretofore paid (the sum of the amounts described in
      clauses [i], [ii] and [iii] shall be hereinafter referred to as the
      "Accrued Obligations"); and

    

    [b] The
      amount equal to the product of [i] three and [ii] the sum of (x) the
      Executive's Annual Base Salary and (y) the Highest Annual Bonus.

    

    (ii) For
      three
      years after the Executive's Date of Termination, or such longer period as may
      be
      provided by the terms of the appropriate plan, program, practice or policy,
      the
      Company shall continue benefits to the Executive and/or the Executive's family
      at least equal to those which would have been provided to them in accordance
      with the plans, programs, practices and policies described in
      sections 3(b)(iii) and (iv) (the "Benefit Plans") of this Agreement had the
      Executive's employment not been terminated, in accordance with the most
      favorable plans, practices, programs or policies of the Company and its
      affiliated companies applicable generally to other peer executives and their
      families during the 120-day period immediately preceding the Effective Date
      or,
      if more favorable to the Executive, as in effect generally at any time
      thereafter with respect to other peer executives of the Company and its
      affiliated companies and their families, provided, however, that if the
      Executive becomes re-employed with another employer and is eligible to receive
      medical or other welfare benefits under another employer provided plan, the
      medical and other welfare benefits described herein shall be secondary to those
      provided under such other plan during such applicable period of eligibility.
      For
      purposes of determining eligibility (but not the time of commencement of
      benefits) of the Executive for retiree benefits pursuant to such plans,
      practices, programs and policies, the Executive shall be considered to have
      remained employed until three years after the Date of Termination and to have
      retired on the last day of such period. Notwithstanding anything herein to
      the
      contrary, the Company shall have no obligation to continue benefits to the
      

    
      
        
        

      

      
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    Executive
      under this section 5(a)(ii) to the extent any such continuation of benefits
      [a] is contrary to the terms of the applicable Benefit Plan at the time of
      the
      Effective Date of the Change of Control, [b] would cause a Benefit Plan or
      the
      applicable benefit to lose any tax favored treatment or tax qualification,
      or
      [c] would cause a Benefit Plan to violate any requirement of the Employee
      Retirement Income Security Act of 1974, as amended, or any tax qualification
      or
      tax favorable treatment provision of the Code (defined below) that is intended
      to apply to the Benefit Plan. To the extent the Company is not able to continue
      the benefits to the Executive under this section 5(a)(ii) because of application
      of the foregoing sentence, then the Company shall make a lump-sum payment
      (within 30 days after the Executive's Date of Termination) to the Executive
      equal to the present value of the health, welfare and retirement benefits unable
      to be provided hereunder, which is designed to compensate the Executive for
      lost
      health, welfare and retirement benefits. 

    

    (iii) The
      Company shall, at its sole expense and as requested, provide the Executive
      with
      outplacement services the scope and provider of which shall be selected by
      the
      Executive in the Executive's sole discretion.

    

    (iv) To
      the
      extent not theretofore paid or provided, the Company shall timely pay or provide
      to the Executive any other amounts or benefits required to be paid or provided
      or which the Executive is eligible to receive under any plan, program, policy
      or
      practice or contract or agreement of the Company and its affiliated companies
      (such other amounts and benefits shall be hereinafter referred to as the "Other
      Benefits").

    

    (b) Death.
      If the
      Executive's employment is terminated by reason of the Executive's death during
      the Employment Period, this Agreement shall terminate without further
      obligations to the Executive's legal representatives under this Agreement,
      other
      than for payment of Accrued Obligations and the timely payment or provision
      of
      Other Benefits. Accrued Obligations shall be paid to the Executive's estate
      or
      beneficiary, as applicable, in a lump sum in cash within 30 days of the
      Date of Termination. With respect to the provision of Other Benefits, the term
      Other Benefits as utilized in this section 5(b) shall include, without
      limitation, and the Executive's estate and/or beneficiaries shall be entitled
      to
      receive, benefits at least equal to the most favorable benefits provided by
      the
      Company and affiliated companies to the estates and beneficiaries of peer
      executives of the Company and such affiliated companies under such plans,
      programs, practices and policies relating to death benefits, if any, as in
      effect with respect to other peer executives and their beneficiaries at any
      time
      during the 120-day period immediately preceding the Effective Date or, if more
      favorable to the Executive's estate and/or the Executive's beneficiaries, as
      in
      effect on the date of the Executive's death with respect to other peer
      executives of the Company and its affiliated companies and their
      beneficiaries.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (c) Disability.
      If the
      Executive's employment is terminated by reason of the Executive's Disability
      during the Employment Period, this Agreement shall terminate without further
      obligations to the Executive, other than for payment of Accrued Obligations
      and
      the timely payment or provision of Other Benefits. Accrued Obligations shall
      be
      paid to the Executive in a lump sum in cash within 30 days of the Date of
      Termination. With respect to the provision of Other Benefits, the term Other
      Benefits as utilized in this section 5(c) shall include, and the Executive
      shall be entitled after the Disability Effective Date to receive, disability
      and
      other benefits at least equal to the most favorable of those generally provided
      by the Company and its affiliated companies to disabled executives and/or their
      families in accordance with such plans, programs, practices and policies
      relating to disability, if any, as in effect generally with respect to other
      peer executives and their families at any time during the 120-day period
      immediately preceding the Effective Date or, if more favorable to the Executive
      and/or the Executive's family, as in effect at any time thereafter generally
      with respect to other peer executives of the Company and its affiliated
      companies and their families.

    

    (d) Cause;
      Other than for Good Reason.
      If the
      Executive's employment shall be terminated for Cause during the Employment
      Period, this Agreement shall terminate without further obligations to the
      Executive other than the obligation to pay to the Executive (i) the
      Executive's Annual Base Salary through the Date of Termination, (ii) the
      amount of any compensation previously deferred by the Executive, and
      (iii) Other Benefits, in each case to the extent theretofore unpaid. If the
      Executive voluntarily terminates employment during the Employment Period,
      excluding a termination for Good Reason, this Agreement shall terminate without
      further obligations to the Executive, other than for Accrued Obligations and
      the
      timely payment or provision of Other Benefits. In such case, all Accrued
      Obligations shall be paid to the Executive in a lump sum in cash within
      30 days of the Date of Termination.

    

           (e) Compliance
      with Code section 409A.
      To the
      extent any amount payable under this Agreement is considered "nonqualified
      deferred compensation" under Code section 409A, the Company shall not
      accelerate the time or schedule of any payment to be made hereunder and such
      payments may only be made if the Executive has previously "separated from
      service" with the Company as defined under Code section 409A.

    

    
      
        
        

      

      
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    6. Nonexclusivity
      of Rights.
      Nothing
      in this Agreement shall prevent or limit the Executive's continuing or future
      participation in any plan, program, policy or practice provided by the Company
      or any of its affiliated companies and for which the Executive may qualify,
      nor
      shall anything herein limit or otherwise affect such rights as the Executive
      may
      have under any contract or agreement with the Company or any of its affiliated
      companies. Amounts which are vested benefits or which the Executive is otherwise
      entitled to receive under any plan, policy, practice or program of or any
      contract or agreement with the Company or any of its affiliated companies at
      or
      subsequent to the Date of Termination shall be payable in accordance with such
      plan, policy, practice or program or contract or agreement except as explicitly
      modified by this Agreement.

    

    7. Full
      Settlement.
      The
      Company's obligation to make the payments provided for in this Agreement and
      otherwise to perform its obligations hereunder shall not be affected by any
      set-off, counterclaim, recoupment, defense or other claim, right or action
      which
      the Company may have against the Executive or others. In no event shall the
      Executive be obligated to seek other employment or take any other action by
      way
      of mitigation of the amounts payable to the Executive under any of the
      provisions of this Agreement and such amounts shall not be reduced whether
      or
      not the Executive obtains other employment. The Company agrees to pay as
      incurred, to the full extent permitted by law, all legal fees and expenses
      which
      the Executive reasonably incurs as a result of any contest (regardless of the
      outcome thereof) by the Company, the Executive or others of the validity or
      enforceability of, or liability under, any provision of this Agreement or any
      guarantee of performance thereof (including as a result of any contest by the
      Executive about the amount of any payment pursuant to this Agreement), plus
      in
      each case interest on any delayed payment at the applicable federal rate
      provided for in section 7872(f)(2)(A) of the Internal Revenue Code of 1986,
      as amended (the "Code").

    

    8. Certain
      Additional Payments by the Company.
      

    

    (a) Anything
      in this Agreement to the contrary notwithstanding, if it is determined that
      any
      payment or distribution by the Company to or for the benefit of the Executive
      (whether paid or payable or distributed or distributable pursuant to the terms
      of this Agreement or otherwise, but determined without regard to any additional
      payments required under this section 8) (a "Payment") would be subject to
      the excise tax imposed by section 4999 of the Code or any interest or
      penalties are incurred by the Executive with respect to such excise tax (such
      excise tax, together with any such interest and penalties, are hereinafter
      collectively referred to as the "Excise Tax"), then the Executive shall be
      entitled to receive an additional payment (a "Gross-Up Payment") in an amount
      such that after payment by the Executive of all taxes (including any interest
      or
      penalties imposed with respect to such taxes), including, without limitation,
      any income taxes (and any interest and penalties imposed with respect thereto)
      and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an
      amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
      Payments.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (b) Subject
      to the provisions of section 8(c), all determinations required to be made
      under this section 8, including whether and when a Gross-Up Payment is
      required and the amount of such Gross-Up Payment and the assumptions to be
      utilized in arriving at such determination, shall be made by such certified
      public accounting firm as may be designated by the Executive (the "Accounting
      Firm") which shall provide detailed supporting calculations both to the Company
      and the Executive within 15 business days of the receipt of notice from the
      Executive that there has been a Payment, or such earlier time as is requested
      by
      the Company. If the Accounting Firm is serving as accountant or auditor for
      the
      individual, entity or group effecting the Change of Control, the Executive
      shall
      appoint another nationally recognized accounting firm to make the determinations
      required hereunder (which accounting firm shall then be referred to as the
      Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
      be borne solely by the Company. Any Gross-Up Payment, as determined pursuant
      to
      this section 8, shall be paid by the Company to the Executive within five
      days of the receipt of the Accounting Firm's determination. If the Accounting
      Firm determines that no Excise Tax is payable by the Executive, it shall furnish
      the Executive with a written opinion that failure to report the Excise Tax
      on
      the Executive's applicable federal income tax return would not result in the
      imposition of a negligence or similar penalty. Any determination by the
      Accounting Firm shall be binding upon the Company and the Executive. As a result
      of the uncertainty in the application of section 4999 of the Code at the
      time of the initial determination by the Accounting Firm hereunder, it is
      possible that Gross-Up Payments which will not have been made by the Company
      should have been made ("Underpayment"), consistent with the calculations
      required to be made hereunder. If the Company exhausts its remedies pursuant
      to
      section 8(c) and the Executive thereafter is required to make a payment of
      any Excise Tax, the Accounting Firm shall determine the amount of the
      Underpayment that has occurred and any such Underpayment shall be promptly
      paid
      by the Company to or for the benefit of the Executive.

    

    (c) The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable
      but no later than ten business days after the Executive is informed in writing
      of such claim and shall apprise the Company of the nature of such claim and
      the
      date on which such claim is requested to be paid. The Executive shall not pay
      such claim prior to the expiration of the 30-day period following the date
      on
      which it gives such notice to the Company (or such shorter period ending on
      the
      date that any payment of taxes with respect to such claim is due). If the
      Company notifies the Executive in writing prior to the expiration of such period
      that it desires to contest such claim, the Executive shall:

    

    
      
        
        

      

      
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    (i) give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

    

    (ii) take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

    

    (iii) cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

    

    (iv) permit
      the Company to participate in any proceedings relating to such claim; provided,
      however, that the Company shall bear and pay directly all costs and expenses
      (including additional interest and penalties) incurred in connection with such
      contest and shall indemnify and hold the Executive harmless, on an after-tax
      basis, for any Excise Tax or income tax (including interest and penalties with
      respect thereto) imposed as a result of such representation and payment of
      costs
      and expenses. Without limitation on the foregoing provisions of this
      section 8(c), the Company shall control all proceedings taken in connection
      with such contest and, at its sole option, may pursue or forgo any and all
      administrative appeals, proceedings, hearings and conferences with the taxing
      authority in respect of such claim and may, at its sole option, either direct
      the Executive to pay the tax claimed and sue for a refund or contest the claim
      in any permissible manner, and the Executive agrees to prosecute such contest
      to
      a determination before any administrative tribunal, in a court of initial
      jurisdiction and in one or more appellate courts, as the Company shall
      determine; provided, however, that if the Company directs the Executive to
      pay
      such claim and sue for a refund, the Company shall advance the amount of such
      payment to the Executive, on an interest-free basis and shall indemnify and
      hold
      the Executive harmless, on an after-tax basis, from any Excise Tax or income
      tax
      (including interest or penalties with respect thereto) imposed with respect
      to
      such advance or with respect to any imputed income with respect to such advance;
      and further provided that any extension of the statute of limitations relating
      to payment of taxes for the taxable year of the Executive with respect to which
      such contested amount is claimed to be due is limited solely to such contested
      amount. Furthermore, the Company's control of the contest shall be limited
      to
      issues with respect to whether a Gross-Up Payment would be payable hereunder
      and
      the Executive shall be entitled to settle or contest, as the case may be, any
      other issue raised by the Internal Revenue Service or any other taxing
      authority.

    

    
      
        
        

      

      
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    (d) If,
      after
      the receipt by the Executive of an amount advanced by the Company pursuant
      to
      section 8(c), the Executive becomes entitled to receive any refund with
      respect to such claim, the Executive shall (subject to the Company's complying
      with the requirements of section 8(c)) promptly pay to the Company the
      amount of such refund (together with any interest paid or credited thereon
      after
      taxes applicable thereto). If, after the receipt by the Executive of an amount
      advanced by the Company pursuant to section 8(c), a determination is made
      that the Executive shall not be entitled to any refund with respect to such
      claim and the Company does not notify the Executive in writing of its intent
      to
      contest such denial of refund prior to the expiration of 30 days after such
      determination, then such advance shall be forgiven and shall not be required
      to
      be repaid and the amount of such advance shall offset, to the extent thereof,
      the amount of Gross-Up Payment required to be paid.

    

    9. Confidential
      Information.
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the Company
      or
      any of its affiliated companies, and their respective businesses, which shall
      have been obtained by the Executive during the Executive's employment by the
      Company or any of its affiliated companies and which shall not be or become
      public knowledge (other than by acts by the Executive or representatives of
      the
      Executive in violation of this Agreement). After termination of the Executive's
      employment with the Company, the Executive shall not, for a period of three
      years following the Executive's termination of employment, without the prior
      written consent of the Company or as may otherwise be required by law or legal
      process, communicate or divulge any such information, knowledge or data to
      anyone other than the Company and those designated by it. In no event shall
      an
      asserted violation of the provisions of this section 9 constitute a basis
      for deferring or withholding any amounts otherwise payable to the Executive
      under this Agreement.

    

    10. Successors.
      

    

    (a) This
      Agreement is personal to the Executive and without the prior written consent
      of
      the Company shall not be assignable by the Executive otherwise than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive's legal representatives.

    

    (b) This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    (c) The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume expressly and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be
      required to perform it if no such succession had taken place. As used in this
      Agreement, "Company" shall mean the Company as hereinbefore defined and any
      successor to its business and/or assets as aforesaid which assumes and agrees
      to
      perform this Agreement by operation of law, or otherwise.

    

    11. Miscellaneous.
      

    

    (a) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Wisconsin, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified otherwise
      than
      by a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

    

    (b) All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows: 

    

    If
      to the
      Executive, to the Executive's address appearing on the records of the
      Company.

    

    If
      to the
      Company:

    

    The
      Female Health Company

    Suite
      2225

    515
      North
      State Street

    Chicago,
      IL 60610

    Attn:
      Chief Executive Officer 

    

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

    

    (c) The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (d) The
      Company may withhold from any amounts payable under this Agreement such federal,
      state, local or foreign taxes as shall be required to be withheld pursuant
      to
      any applicable law or regulation.

    

    (e) The
      Executive's or the Company's failure to insist upon strict compliance with
      any
      provision hereof or any other provision of this Agreement or the failure to
      assert any right the Executive or the Company may have hereunder, including,
      without limitation, the right of the Executive to terminate employment for
      Good
      Reason pursuant to section 4(c) of this Agreement, shall not be deemed to
      be a waiver of such provision or right or any other provision or right of this
      Agreement.

    

    (f) The
      Executive and the Company acknowledge that, except as may otherwise be provided
      under any other written agreement between the Executive and the Company, the
      employment of the Executive by the Company is "at will" and, prior to the
      Effective Date, the Executive's employment and this Agreement may be terminated
      by either the Executive or the Company at any time prior to the Effective Date,
      in which case the Executive shall have no further rights under this Agreement.
      From and after the Effective Date this Agreement shall supersede any other
      agreement between the parties with respect to the subject matter
      hereof.

    

    Dated
      as
      of the date first above written.

    

    EXECUTIVE:

    

    /s/
      O.B.
      Parrish                            
          

    O.B.
      Parrish

    

    

    THE
      FEMALE HEALTH COMPANY

    

    BY 
      /s/ Mary Ann
      Leeper                         

          Mary
      Ann Leeper, President and

       
        Chief
      Operating Officer

    

    

     

    
      20

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