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                                                                   EXHIBIT 10.6

                         GENTIVA HEALTH SERVICES, INC.

                       STOCK & DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

    SECTION 1. INTRODUCTION.

    The Gentiva Health Services, Inc. Stock & Deferred Compensation Plan for
Non-Employee Directors (the "Plan") provides for the payment of annual retainer
fees of non-employee directors of Gentiva Health Services, Inc. in the form of
Shares. It also provides an opportunity for the non-employee directors to defer
their annual retainer fees and have them deemed invested in Shares. The Plan is
intended to encourage qualified individuals to accept nominations as directors
of Gentiva Health Services, Inc. and to strengthen the mutuality of interest
between the non-employee directors and Gentiva Health Services, Inc.'s other
shareholders.

    SECTION 2. DEFINITIONS.

    For purposes of the Plan, the following terms shall be defined as set forth
below:

    (a) "Board" means the Board of Directors of the Company.

    (b) "Code" means the Internal Revenue Code of 1986, as amended from time to
       time. References to any provision of the Code shall be deemed to include
       successor provisions thereto and regulations thereunder.

    (c) "Company" means Gentiva Health Services, Inc., a corporation organized
       under the laws of Delaware, or any successor corporation.

    (d) "Director" means a member of the Board who is not employed by the
       Company or any of its subsidiaries.

    (e) "Plan" means this Stock & Deferred Compensation Plan for Non-Employee
       Directors.

    (f) "Plan Benefits" means the benefits described in Sections 5 and 6 hereof.

    (g) "Plan Year" means a period of approximately twelve months beginning on
       the date of the Company's annual general meeting of shareholders for a
       year and ending on the day immediately preceding the Company's annual
       general meeting of shareholders for the following year.

    (h) "Shares" means Common Stock, $0.10 par value per share, of the Company.

    SECTION 3. ADMINISTRATION.

    The Plan shall be administered by the Board. The Board shall have full
authority to construe and interpret the Plan, and any action of the Board with
respect to the Plan shall be final, conclusive, and binding on all persons.
Subject to adjustment as provided in Section 7(g) hereof, the total number of
Shares reserved for issuance under the Plan shall be 150,000.

    SECTION 4. ANNUAL RETAINER PAID IN SHARES.

    (a) On and after the Effective Date of this Plan, each Director's annual
retainer fee for a Plan Year shall, subject to any deferral election made
pursuant to Section 5 below, be the number of Shares (rounded to the nearest 100
Shares) determined by dividing $25,000 by the average closing price of Shares on
the principal stock exchange or stock market on which the Shares may be listed
or admitted

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to trading for the ten trading days immediately preceding the date of the
Company's annual general meeting of shareholders on the first day of the Plan
Year at which Directors are elected or reelected. Such annual retainer fee shall
be payable on an annual basis 30 days following such annual general meeting of
shareholders. The annual retainer fee payable to a person who becomes a Director
other than at an annual general meeting of shareholders shall be the number of
Shares (rounded up to the nearest Share) determined by multiplying the number of
Shares determined pursuant to the first sentence of this Section 4(a) for the
Plan Year during which such person becomes a Director by a fraction, the
numerator of which is 365 minus the number of days elapsed since the last annual
general meeting of shareholders and the denominator of which is 365. Such Shares
shall be payable on the 30th day following the day on which the person becomes a
Director.

    (b) Shares distributed to a Director shall be vested in full at the time of
distribution.

    SECTION 5. SHARE UNIT ACCOUNTS.

    The Company shall maintain a Share unit account (an "Account") for each
Director. Share units will be credited to each such Account as follows:

    (a) Each Director may make an irrevocable election on or before the
       December 31 immediately preceding the beginning of a Plan Year by written
       notice to the Company, to defer payment of all of the compensation
       otherwise payable during the Plan Year as his or her annual retainer fee
       for service as a Director. Notwithstanding the foregoing, a Director may
       make such an election within 10 days after first becoming eligible to
       participate in the Plan, with respect to compensation payable after the
       effective date of the election. All compensation which a director elects
       to defer pursuant to this Section 5(a) shall be credited in the form of
       Share units to the Director's Account. The number of units so credited
       will be equal to the number of Shares deferred by the Director in his or
       her deferral election. Deferrals of compensation hereunder shall continue
       until the Director notifies the Company in writing, on or prior to the
       December 31 immediately preceding the commencement of any Plan Year, that
       the Director wishes his or her compensation payable during such Plan Year
       and succeeding periods to be distributed as shares on a current basis, as
       provided above.

    (b) If any dividends are payable on Shares during the deferral period,
       dividend equivalents equal to the dividend that would have been payable
       on the units credited to a Director's Account if such units had
       constituted Shares shall be paid to the Director in cash at the time the
       corresponding dividends are paid on Shares.

    SECTION 6. PLAN BENEFITS.

        (a) FORM. The Plan Benefit of a Director shall consist of Shares equal
    in number to the Share units in the Director's Account. Such Share units
    shall be fully vested at all times. Any fractional Share unit shall be paid
    in cash.

        (b) DISTRIBUTION.

        (i) The Plan Benefit of a Director shall be distributed either (x) in
    single lump sum at the time of termination of the Director's service on the
    Board or (y) in up to three annual installments beginning at the time of
    termination of the Director's service on the Board. Each Director may elect
    the form of distribution, and such election must be made in the form
    designated by the Company from time to time, must be made within 10 days
    after the Director first becomes eligible to participate in the Plan, and
    shall be irrevocable once filed with the Company; PROVIDED, HOWEVER, that
    Director may file a new election as to the form of distribution if such
    election is filed at least one year in advance of termination of service on
    the Board. In the absence of a timely election by

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    a Director hereunder, the Director shall be deemed to have elected to have
    his or her Plan Benefit distributed in a single lump sum at the time of
    termination of the Director's service on the Board.

        (ii) In the case of the death of a Director, the Director's Plan Benefit
    shall be distributed, within a reasonable time as determined by the Company,
    after the Director's death to the Director's beneficiary or beneficiaries,
    as specified by the Director on a form furnished by and filed with the
    Secretary of the Company. If no beneficiary has been designated by the
    Director or if no beneficiary survives the Director, the undistributed
    balance of his or her Plan Benefit shall be distributed to the Director's
    surviving spouse as beneficiary if such spouse is still living or, if not
    living, in equal shares to the then living children of the Director as
    beneficiaries or, if none, to the Director's estate as beneficiary.

    SECTION 7. GENERAL.

    (a) NONTRANSFERABILITY. Except as provided in Section 6(b)(ii), no payment
of any Plan Benefit of a Director shall be anticipated, assigned, attached,
garnished, optioned, transferred or made subject to any creditor's process,
whether voluntarily or involuntarily or by operation of law. Any act in
violation of this subsection shall be void.

    (b) COMPLIANCE WITH LEGAL AND TRADING REQUIREMENTS. The Plan shall be
subject to all applicable laws, rules and regulations, including, but not
limited to, federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency as may be required. No provision of the
Plan shall be interpreted or construed to obligate the Company to register any
Shares under federal or state securities laws. The transfer by a Director of
Shares distributed pursuant to the Plan will be subject to such restrictions as
the Company deems necessary or desirable in connection with federal or state
securities laws, and Share certificates will bear a legend setting forth any
such restriction.

    (c) TAXES. The Company is authorized to withhold from any payment made under
this Plan any amounts of withholding and other taxes due in connection
therewith, and to take such other action as the Company may deem advisable to
enable the Company and a Director to satisfy obligations for the payment of any
withholding taxes and other tax obligations relating thereto.

    (d) AMENDMENT. The Board may amend, alter, suspend, discontinue, or
terminate the Plan (including, without limitation, amending the dollar amount
set forth in Section 4(a) hereof) without the consent of shareholders of the
Company or individual Directors; PROVIDED, HOWEVER, that, without the consent of
an affected Director, no amendment, alteration, suspension, discontinuation, or
termination of the Plan may materially impair the rights or, in any other
manner, materially and adversely affect the rights of such Director hereunder.

    (e) UNFUNDED STATUS OF AWARDS. This Plan (other than Section 4 hereof) is
intended to constitute an "unfunded" plan of deferred compensation. With respect
to any payments not yet made to a Director, nothing contained in the Plan shall
give any such Director any rights that are greater than those of a general
creditor of the Company; PROVIDED, HOWEVER, that the Company may authorize the
creation of trusts or make other arrangements to meet the Company's obligations
under the Plan to deliver cash, or other property pursuant to any award, which
trusts or other arrangements shall be consistent with the "unfunded" status of
the Plan unless the Company otherwise determines with the consent of each
affected Director.

    (f) NONEXCLUSIVITY OF THE PLAN. The adoption of the Plan by the Board shall
not be construed as creating any limitations on the power of the Board to adopt
such other compensation arrangements as it may deem desirable, including,
without limitation, the granting of options on Shares and other awards otherwise
than under the Plan, and such arrangements may be either applicable generally or
only in specific cases.

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    (g) ADJUSTMENTS. In the event that subsequent to the Effective Date any
dividend in Shares, recapitalization, Share split, reverse split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange, or other such change, affects the Shares such that they are
increased or decreased or changed into or exchanged for a different number or
kind of Shares, other securities of the Company or of another corporation or
other consideration, then in order to maintain the proportionate interest of the
Directors and preserve the value of the Directors' Share units and to maintain
the value of the Plan, there shall automatically be substituted (i) for each
Share unit a new unit and (ii) for the number of Shares set forth in Section 3
above a number of Shares or other consideration, in the case of (i) and
(ii) above, representing the number and kind of Shares, other securities or
other consideration into which each outstanding Share shall be changed or for
which each such Share shall be exchanged. The substituted units shall be subject
to the same terms and conditions as the original Share units.

    (h) NO RIGHT TO REMAIN ON THE BOARD. Neither the Plan nor the crediting of
Share units under the Plan shall be deemed to give any individual a right to
remain a director of the Company or create any obligation on the part of the
Board to nominate any Director for reelection by the shareholders of the
Company.

    (i) GOVERNING LAW. The validity, construction, and effect of the Plan shall
be determined in accordance with the laws of the State of New York, without
giving effect to principles of conflict of laws thereof.

    (j) EFFECTIVE DATE. The Plan shall become effective on the date of the first
annual general meeting of shareholders of the Company at which directors are
elected that occurs after the Effective Time under the Agreement and Plan of
Merger by and among Adecco SA, Staffing Acquisition Corporation and Olsten
Corporation dated as of August 17, 1999 (the "Effective Date").

    (k) TITLES AND HEADINGS. The titles and headings of the Sections in the Plan
are for convenience of reference only. In the event of any conflict, the text of
the Plan, rather than such titles or headings, shall control.

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                                                                   EXHIBIT 10.7

                         GENTIVA HEALTH SERVICES, INC.
                          EMPLOYEE STOCK PURCHASE PLAN

1.  PURPOSE.

    The purpose of this Plan is to provide eligible employees the opportunity to
purchase Gentiva Health Services, Inc. Common Stock on a basis that qualifies
for the tax treatment prescribed by Section 423 of the Code.

2.  DEFINITIONS.

    The following terms, when used in the Plan, shall have the following
meanings:

    (a) "Board" or "Board of Directors" means the Board of Directors of the
Company, as constituted from time to time.

    (b) "Code" means the Internal Revenue Code of 1986, as amended from time to
time. References to a particular section of the Code include any successor
provisions.

    (c) "Committee" means the committee appointed by the Board of Directors to
administer the Plan pursuant to the provisions of Section 3(a) below.

    (d) "Common Stock" means common stock, par value $.10 per share, of the
Company.

    (e) "Company" means Gentiva Health Services, Inc., a Delaware corporation.

    (f) "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

    (g) "Fair Market Value" on a particular date means the mean between the
highest and lowest sales prices of a share of Common Stock on the principal
stock exchange or stock market on which the Common Stock may be listed or
admitted to trading. If there were no sales on such date, the respective prices
on the most recent prior day on which sales were reported shall be used. If the
foregoing method of determining fair market value should be inconsistent with
Section 423 of the Code, "Fair Market Value" shall be determined by the
Committee in a manner consistent with Section 423 of the Code and shall mean the
value as so determined.

    (h) "Offering" means a period, designated by the Committee in accordance
with the provisions of Section 6 of the Plan, on the first day of which options
will be granted to eligible employees pursuant to Section 8(a) of the Plan and
on the last day of which such options will be deemed exercised or will expire,
as applicable, in accordance with Section 8(b) of the Plan.

    (i) "Participant" or "Participating Employee" means an employee of the
Company or a Participating Subsidiary who is eligible to participate in an
Offering under the Plan pursuant to Section 5 below and who elects to
participate in such Offering in accordance with Section 6 below.

    (j) "Participating Subsidiary" means, with respect to an Offering under the
Plan, a Subsidiary the employees of which are authorized by the Committee as
provided in Section 5 below to participate in such Offering.

    (k) "Plan" means the Gentiva Health Services, Inc. Employee Stock Purchase
Plan set forth herein, as amended from time to time.

    (l) "Parent" means a parent corporation as defined in Section 424(e) of the
Code, including a corporation which becomes such a parent in the future.

    (m) "Subsidiary" means a subsidiary corporation as defined in
Section 424(f) of the Code, including a corporation which becomes such a
subsidiary in the future.

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    (n) "Total Compensation" means, with respect to any Offering, all
remuneration, as defined in Section 3401(a) of the Code (for purposes of income
tax withholding at the source), but determined without regard to any rules that
limit remuneration included in wages based on the nature and location of
employment or the services performed, for services paid to an employee during,
or coincident with the end of, such Offering; PROVIDED, HOWEVER, that "Total
Compensation" shall not include the following items (even if includable in gross
income): (1) reimbursement or other expense allowances; (2) fringe benefits
(cash and noncash); (3) moving expenses and gross up for taxes; (4) welfare
benefits (including disability income from insurance policies); (5) payments on
account of severance of the employee from employment; (6) payments on account of
early retirement of the employee; (7) income arising from the grant or exercise
of stock options; (8) restricted stock awards; and (9) distributions under this
Plan.

3.  ADMINISTRATION.

    (a) The Plan shall be administered by a committee of the Board consisting of
two or more directors appointed from time to time by the Board.

    (b) Subject to the provisions of the Plan, the powers of the Committee shall
include having the authority, in its discretion, to:

        (i) define, prescribe, amend and rescind rules, regulations, procedures,
    terms and conditions relating to the Plan; and

        (ii) interpret, administer and construe the Plan and make all other
    determinations necessary or advisable for the administration of the Plan,
    including but not limited to correcting defects, reconciling inconsistencies
    and resolving ambiguities.

    (c) The interpretation by the Committee of the terms and conditions of the
Plan, and its administration of the Plan, and all action taken by the Committee,
shall be final, binding and conclusive on the Company, its stockholders,
Subsidiaries, all Participants and employees, and upon their respective
successors and assigns, and upon all other persons claiming under or through any
of them.

    (d) Members of the Board, members of the Committee and persons to whom
authority is delegated under Section 3(e) below acting under this Plan shall be
fully protected in relying in good faith upon the advice of counsel and shall
incur no liability except for gross or willful misconduct in the performance of
their duties.

    (e) The Committee may delegate its authority to administer the Plan to any
individuals as the Committee may determine and such individuals shall serve
solely at the pleasure of the Committee. Any individuals who are authorized by
the Committee to administer the Plan shall have the full power to act on behalf
of the Committee, but shall at all times be subordinate to the Committee and the
Committee shall retain ultimate authority for the administration of the Plan.

4.  STOCK SUBJECT TO THE PLAN.

    (a) Subject to paragraph (c) below, the aggregate number of shares of Common
Stock which may be sold under the Plan is 1,200,000 shares of Common Stock.

    (b) If the number of shares of Common Stock that Participating Employees
become entitled to purchase is greater than the number of shares of Common Stock
that are offered in a particular Offering or that remain available under the
Plan, the available shares of Common Stock shall be allocated by the Committee
among such Participating Employees in such manner as it deems fair and
equitable.

    (c) In the event of any change in the Common Stock, through
recapitalization, merger, consolidation, stock dividend or split, combination or
exchange of shares, spinoff or otherwise, the

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Committee may make such equitable adjustments in the Plan and the then
outstanding Offerings as it deems necessary and appropriate including, but not
limited to, changing the number of shares of Common Stock reserved under the
Plan, and the purchase price of shares in the current Offering; provided that
any such adjustments shall be consistent with Sections 423 and 424 of the Code.

    (d) Shares of Common Stock which are to be delivered under the Plan may be
obtained by the Company from its treasury, by purchasing such shares on the open
market or from private sources, or by issuing authorized but unissued shares of
its Common Stock. Shares of authorized but unissued Common Stock may not be
delivered under the Plan if the purchase price thereof is less than the par
value (if any) of the Common Stock at the time. The Committee may (but need not)
provide at any time or from time to time (including without limitation upon or
in contemplation of a change in control) for a number of shares of Common Stock
equal in number to the number of shares then subject to options under this Plan
to be issued or transferred to, or acquired by, a trust (including but not
limited to a grantor trust) for the purpose of satisfying the Company's
obligations under such options, and, unless prohibited by applicable law, such
shares held in trust shall be considered authorized and issued shares with full
dividend and voting rights, notwithstanding that the options to which such
shares relate might not be exercisable at the time.

5.  ELIGIBILITY.

    All employees of the Company and any Subsidiaries designated by the
Committee from time to time will be eligible to participate in the Plan, in
accordance with and subject to such rules and regulations as the Committee may
prescribe; provided, however, that (a) such rules shall comply with the
requirements of the Code (including but not limited to Section 423(b)(3),
(4) and (8) thereof), (b) no employee shall be eligible to participate in the
Plan if his or her customary employment is 20 hours or less per week or for not
more than 5 months in any calendar year, unless the Committee determines
otherwise on a uniform and non-discriminatory basis, (c) the Committee may (but
need not) in its discretion exclude employees who have been employed by the
Company or a Participating Subsidiary less than two years and/or highly
compensated employees within the meaning of Section 414(q) of the Code from
being eligible to participate in the Plan or any Offering, but unless and until
otherwise determined by the Committee, only employees who have been employed
less than eight months will be excluded, (d) no employee may be granted an
option under the Plan if such employee, immediately after the option is granted,
owns stock possessing 5% or more of the total combined voting power or value of
all classes of stock of his employer corporation or any Parent or Subsidiary
(with the rules of Section 424(d) of the Code applicable in determining the
stock ownership of an employee, and stock which the employee may purchase under
outstanding options, whether or not such options qualify for the special tax
treatment afforded by Section 421 (a) of the Code, shall be treated as stock
owned by the employee), and (e) all Participating Employees shall have the same
rights and privileges except as otherwise permitted by Section 423(b)(5) of the
Code.

6.  OFFERINGS; PARTICIPATION.

    The Company may make Offerings of up to 27 months' duration each, to
eligible employees to purchase shares of Common Stock under the Plan, until all
shares authorized to be delivered under the Plan have been exhausted or until
the Plan is sooner terminated by the Board. Subject to the preceding sentence,
the number, commencement date and duration of any Offerings shall be determined
by the Committee in its sole discretion; provided that, unless the Committee
determines otherwise, (a) the first Offering shall commence on February 1, 2000
and shall terminate on June 30, 2000, and (b) a new six-month Offering shall
commence immediately after the end of the previous Offering. The duration of any
Offering need not be the same as the duration of any other Offering, and more
than one Offering may commence or terminate on the same date if the Committee so
provides. Subject to such rules and procedures as the Committee may prescribe,
an eligible employee may elect to participate in an

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Offering at such time(s) as the Committee may permit by authorizing a payroll
deduction for such purpose in one percent increments of up to a maximum of ten
percent of his or her Total Compensation with respect to such Offering or such
lesser amount as the Committee may prescribe. Participant elections may be made
in any manner deemed appropriate by the Committee from time to time, including
by voice response or through the internet. The Committee may (but need not)
permit employee contributions to be made by means other than payroll deductions,
provided that in no event shall an employee's contributions (excluding interest,
if any, credited pursuant to Section 7(a) below) from all sources in any
Offering exceed ten percent of his or her Total Compensation with respect to
such Offering or such lesser amount as the Committee may prescribe. The
Committee may at any time suspend or accelerate the completion of an Offering if
required by law or deemed by the Committee to be in the best interests of the
Company, including in the event of a change in ownership or control of the
Company or any Subsidiary.

7.  PAYROLL DEDUCTIONS.

    (a) The Company will maintain payroll deduction accounts on its books for
all Participating Employees, and may (but need not) credit such accounts with
interest if (and only if) the Committee so directs at such rate (if any) as the
Committee may prescribe. All employee contributions and any interest thereon
which the Committee may authorize in accordance with the preceding sentence
shall be credited to such accounts. Employee contributions and any interest
credited to the payroll deduction accounts of Participating Employees need not
be segregated from other corporate funds and may be used for any corporate
purpose.

    (b) At such times as the Committee may permit and subject to such rules and
procedures as the Committee may prescribe, a Participating Employee may suspend
his or her payroll deduction during an Offering, or may withdraw the balance of
his or her payroll deduction account and thereby withdraw from participation in
an Offering.

    (c) Any balance remaining in an employee's payroll deduction account after
shares have been purchased in an Offering pursuant to Section 8(b) below will be
refunded to the Participating Employee. Upon termination of the Plan, all
amounts in the accounts of Participating Employees shall be carried forward into
their payroll deduction accounts under a successor plan, if any, or refunded to
them, as the Committee may decide.

    (d) In the event of the termination of a Participating Employee's employment
for any reason, his or her participation in any Offering under the Plan shall
cease, no further amounts shall be deducted pursuant to the Plan and the balance
in the employee's account shall be paid as soon as practicable following such
termination of employment to the employee, or, in the event of the employee's
death, to the employee's beneficiary designated under this Plan or, in the
absence of such a beneficiary designation, to the employee's estate.

8.  PURCHASE; LIMITATIONS.

    (a) Subject to Section 5 above and within the limitations of Section 8(d)
below, each person who is an eligible employee of the Company or a Participating
Subsidiary on the first day of an Offering under the Plan is hereby granted an
option, on the first day of such Offering, to purchase a number of whole and/or
partial shares of Common Stock at the end of such Offering determined by
dividing ten percent (or such lesser percentage as may be specified by the
Committee as the maximum employee contribution percentage in such Offering) of
such employee's Total Compensation with respect to such Offering, plus such
interest (if any) as the Committee may authorize to be credited during such
Offering in accordance with Section 7(a) above, by 85 percent of the Fair Market
Value of a share of Common Stock on the first date of such Offering or on the
last date of such Offering, whichever is lower, provided that in no event shall
the number of shares of Common Stock that may be purchased

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under any such option exceed 5,000 shares or such higher or lower number of
whole or partial shares as the Committee may have specified in advance of such
Offering as the maximum amount of stock which may be purchased by an employee in
such Offering. The purchase price of such shares under such options shall be
determined in accordance with Section 8(c) below. The Company's obligation to
sell and deliver Common Stock in any Offering or pursuant to any such option
shall be subject to the approval of any governmental authority whose approval
the Committee determines it is necessary or advisable to obtain in connection
with the authorization, issuance, offer or sale of such Common Stock.

    (b) As of the last day of the Offering, the payroll deduction account of
each Participating Employee shall be totalled. Subject to the provisions of
Section 7(b) above and 8(d) below, if such account contains sufficient funds as
of that date to purchase one or more whole or partial shares of Common Stock at
the price determined under Section 8(c) below, the Participating Employee shall
be conclusively deemed to have exercised the option granted pursuant to
Section 8(a) above for as many whole or partial shares of Common Stock as the
amount of his or her payroll deduction account (including any contributions made
by means other than payroll deductions and including any interest credited to
the account) at the end of the Offering can purchase (but in no event for more
than the total number of shares that are subject to the option); such employee's
account will be charged for the amount of the purchase and for all purposes
under the Plan the employee will be deemed to have acquired the shares on that
date; and either a stock certificate representing such shares will be issued to
him or her, or the Company's record keeper will make an entry on its books and
records evidencing that such shares have been duly issued or transferred as of
that date, as the Committee may direct. Notwithstanding any provision of the
Plan to the contrary, unless otherwise determined by the Committee, fractional
shares may be purchased under the Plan. Any option granted pursuant to
Section 8(a) above which is not deemed exercised as of the last day of the
Offering in accordance with the foregoing provisions of this Section 8(b) shall
expire on that date.

    (c) Unless the Committee determines before the first day of an Offering that
a higher price that complies with Section 423 of the Code shall apply, the price
at which shares of Common Stock may be purchased under each option granted
pursuant to Section 8(a) above shall be the lesser of (i) an amount equal to
85 percent of the Fair Market Value of the Common Stock at the time such option
is granted, or (ii) an amount equal to 85 percent of the Fair Market Value of
the Common Stock at the time such option is exercised.

    (d) In addition to any other limitations set forth in the Plan, no employee
may be granted an option under the Plan which permits his or her rights to
purchase stock under the Plan, and any other stock purchase plan of his or her
employer corporation and its Parent and Subsidiary that is qualified under
Section 423 of the Code, to accrue at a rate which exceeds $25,000 of the Fair
Market Value of such stock (determined at the time such option is granted) for
each calendar year in which the option is outstanding at any time. The Committee
may further limit the amount of Common Stock which may be purchased by any
employee during an Offering in accordance with Section 423(b)(5) of the Code.

9.  NO TRANSFER.

    (a) No option, right or benefit under the Plan may be transferred by any
employee, whether by will, the laws of descent and distribution, or otherwise,
and all options, rights and benefits under the Plan may be exercised during an
employee's lifetime only by such employee.

    (b) Book entry accounts and certificates for shares of Common Stock
purchased under the Plan may be maintained or registered, as the case may be,
only in the name of the Participating Employee or, if such employee so indicates
on his or her payroll deduction authorization form, in his or her name jointly
with a member of his or her family, with right of survivorship.

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10. EFFECTIVE DATE AND DURATION OF PLAN.

    The Plan shall become effective when adopted by the Board, provided that the
stockholders of the Company approve it within 12 months thereafter. If not so
approved by shareholders, the Plan shall be null, void and of no force or
effect. If so approved, the Plan shall remain in effect until all shares
authorized to be issued or transferred hereunder have been exhausted or until
the Plan is sooner terminated by the Board of Directors, and may continue in
effect thereafter with respect to any options outstanding at the time of such
termination if the Board of Directors so provides.

11. AMENDMENT AND TERMINATION OF THE PLAN.

    The Plan may be amended by the Board of Directors, without shareholder
approval, at any time and in any respect, unless shareholder approval of the
amendment in question is required under Section 423 of the Code. The Plan may
also be terminated at any time by the Board of Directors.

12. GENERAL PROVISIONS.

    (a) Nothing contained in this Plan shall be deemed to confer upon any person
any right to continue as an employee of or to be associated in any other way
with the Company for any period of time or at any particular rate of
compensation.

    (b) No person shall have any rights as a stockholder of the Company with
respect to any shares optioned under the Plan until such shares are issued or
transferred to him or her.

    (c) All expenses of adopting and administering the Plan shall be borne by
the Company, and none of such expenses shall be charged to any employee.

    (d) The Plan shall be governed by and construed under the laws of the State
of New York, without giving effect to the principles of conflicts of laws of
that State.

    (e) The Plan and each Offering under the Plan is intended to qualify as an
"employee stock purchase plan" within the meaning of Section 423 of the Code.
Transactions under the Plan by or with respect to persons subject to
Section 16(b) of the Exchange Act with respect to transactions involving equity
securities of the Company are also intended to qualify for exemption under SEC
Rule 16b-3, unless the Committee specifically determines otherwise. Every
provision of the Plan shall be administered, interpreted and construed to carry
out those intentions.

                                      6

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