Document:

Prepared by MerrillDirect

EX-10.2

PROMISSORY
NOTE

	U.S. $10,000,000.00	April 2,
  2001

FOR VALUE
RECEIVED, and at the times hereinafter specified, ML DISTRIBUTION CENTER LLC, a
Delaware limited liability company (“Maker”), whose address is
c/o Syratech Corporation, 175 McClellan Highway, East Boston,
Massachusetts 02128–9114, hereby promises to pay to the order of
SUNAMERICA LIFE INSURANCE COMPANY, an Arizona corporation (hereinafter referred
to, together with each subsequent holder hereof, as “Holder”), at
1 SunAmerica Center, Century City, Los Angeles, California 90067–6022,
or at such other address as may be designated from time to time hereafter by
any Holder, the principal sum of TEN MILLION AND NO/100THS DOLLARS
($10,000,000.00), together with interest on the principal balance outstanding
from time to time, as hereinafter provided, in lawful money of the
United States of America.

By its execution and delivery of this promissory note (this “Note”), Maker
covenants and agrees as follows:

             1.          Interest Rate and Payments.

                           (a)         The
balance of principal outstanding from time
to time under this Note shall bear interest at the rate of seven and forty-two
one-hundredths percent (7.42%) per annum (the “Original Interest Rate”),
computed on the basis of a three hundred sixty (360) day year for the
actual number of days elapsed.

                           (b)        Interest only
shall be payable on the date the
loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for
the period from and including the date of funding through and including
April 30, 2001.

                           (c)         
Commencing on June 1, 2001 and on the first
day of each month thereafter through and including April 1, 2011 combined
payments of principal and interest shall be payable, in arrears, in the amount
of $73,379.54 each (such amount representing an amount that would be sufficient
to fully amortize the original principal amount of this Note over a twenty–five (25)
year period (the “Amortization Period”), if such amortization were based on a
three hundred sixty (360) day year composed of twelve (12) months of
thirty (30) days each).

                           (d)        The entire
outstanding principal balance,
together with all accrued and unpaid interest and all other sums due hereunder,
shall be due and payable in full on May 1, 2011 (the “Original Maturity
Date”).

             2.          Holder’s Extension Option; Net Operating Income.

                           (a)         If Maker
shall fail to pay the outstanding
principal balance of this Note and all accrued interest and other charges due
hereon at the Original Maturity Date, Holder shall have the right, at Holder’s
sole option and discretion, to extend the term of the Loan for an additional
period of five (5) years (the “Extension Term”).  If Holder elects to extend the term of the Loan, Maker shall pay
all fees of Holder incurred in connection with such extension, including, but
not limited to, reasonable attorneys’ fees and title insurance premiums.  Maker shall execute all documents reasonably
requested by Holder to evidence and secure the Loan, as extended, and shall
obtain and provide to Holder any title insurance policy or endorsement
reasonably requested by Holder.

 

                           (b)        Should Holder
elect to extend the term of the
Loan as provided above, Holder shall (i) reset the interest rate borne by
the then-existing principal balance of the Loan to a rate per annum (the “New
Rate”) equal to the greater of (A) the Original Interest Rate, or
(B) Holder’s (or comparable lenders’, if Holder is no longer making such
loans) then-prevailing interest rate for five (5) year loans secured by
properties similar to the Property (hereinafter defined), as determined by
Holder in its sole discretion; (ii) re–amortize the then-existing
principal balance of the Loan over the remaining portion of the Amortization
Period (the “New Amortization Period”); (iii) have the right to require
Maker to enter into modifications of the non-economic terms of the Loan
Documents as Holder may request (the “Non-Economic Modifications”); and
(iv) notwithstanding any provision set forth in the Loan Documents to the
contrary, have the right to require Maker to make monthly payments into escrow
for insurance premiums and real property taxes, assessments and similar
governmental charges.  Hence, monthly
principal and interest payments during the Extension Term shall be based upon
the New Rate, in an amount that would be sufficient to fully amortize the
outstanding principal balance of the Loan over the New Amortization Period, if
such amortization were based on a three hundred sixty (360) day year
composed of twelve (12) months of thirty (30) days each.

                           (c)         If Holder
elects to extend the term of the Loan,
Holder shall advise Maker of the New Rate on or prior to the Original Maturity
Date.

                           (d)        In addition to
the required monthly payments of
principal and interest set forth above, commencing on the first day of the
second month following the Original Maturity Date and continuing on the first
day of each month thereafter during the Extension Term (each an “Additional
Payment Date”), Maker shall make monthly payments to Holder in an amount equal
to all Net Operating Income (hereinafter defined) attributable to the Property
for the calendar month ending on the last day of the month that is two months
preceding each such Additional Payment Date. 
For example, assuming the Original Maturity Date is January 1, then
Net Operating Income for the period from January 1 through January 31
shall be payable to Holder on March 1; Net Operating Income for the period
from February 1 through February 28 shall be payable to Holder on
April 1, and so on.

                           (e)         Holder
shall deposit all such Net Operating
Income received from Maker into an account or accounts maintained at a
financial institution chosen by Holder or its servicer in its sole discretion
(the “Deposit Account”) and all such funds shall be invested in a manner
acceptable to Holder in its sole discretion. 
All interest, dividends and earnings credited to the Deposit Account
shall be held and applied in accordance with the terms hereof.

                           (f)         On the
third Additional Payment Date and on each
third Additional Payment Date thereafter, Holder shall apply all Excess Funds
(hereinafter defined), if any, to prepayment of amounts due under this Note,
without premium or penalty.

 

                           (g)        As security for
the repayment of the Loan and
the performance of all other obligations of Maker under the Loan Documents,
Maker hereby assigns, pledges, conveys, delivers, transfers and grants to
Holder a first priority security interest in and to:  all Maker’s right, title and interest in and to the Deposit
Account; all rights to payment from the Deposit Account and the money deposited
therein or credited thereto (whether then due or in the future due and whether
then or in the future on deposit); all interest thereon; any certificates,
instruments and securities, if any, representing the Deposit Account; all
claims, demands, general intangibles, choses in action and other rights or
interests of Maker in respect of the Deposit Account; any monies then or at any
time thereafter deposited therein; any increases, renewals, extensions,
substitutions and replacements thereof; and all proceeds of the foregoing.

                           (h)        From time to
time, but not more frequently than
monthly, Maker may request a disbursement (a “Disbursement”) from the Deposit
Account for capital expenses, tenant improvement expenses, leasing commissions
and special contingency expenses. 
Holder may consent to or deny any such Disbursement in its sole
discretion.

                           (i)          
Upon the occurrence of any Event of Default
(hereinafter defined) (i) Maker shall not be entitled to any further
Disbursement from the Deposit Account; and (ii) Holder shall be entitled
to take immediate possession and control of the Deposit Account (and all funds
contained therein) and to pursue all of its rights and remedies available to
Holder under the Loan Documents, at law and in equity.

                           (j)          All
of the terms and conditions of the Loan
shall apply during the Extension Term, except as expressly set forth above, and
except that no further extensions of the Loan shall be permitted.

                           (k)         For the
purposes of the foregoing:

                           (i)          
“Excess Funds” shall mean, on any Additional
Payment Date, the amount of funds then existing in the Deposit Account
(including any Net Operating Income due on the applicable Additional Payment
Date), less an amount equal to the sum of three regularly scheduled payments of
principal and interest due on this Note;

                           (ii)         “
Net Operating Income” shall mean, for any
particular period of time, Gross Revenue for the relevant period, less
Operating Expenses for the relevant period; provided, however, that if such
amount is equal to or less than zero (0), Net Operating Income shall equal
zero (0);

                           (iii)        “Gross
Revenue” shall mean all payments and
other revenues (exclusive, however, of any payments attributable to sales
taxes) received by or on behalf of Maker from all sources related to the
ownership or operation of the Property, including, but not limited to, rents,
room charges, parking fees, interest, security deposits (unless required to be
held in a segregated account), business interruption insurance proceeds,
operating expense pass-through revenues and common area maintenance charges,
for the relevant period for which the calculation of Gross Revenue is being
made; and

 

                           (iv)       “Operating
Expenses” shall mean the sum of all
ordinary and necessary operating expenses actually paid by Maker in connection
with the operation of the Property during the relevant period for which the
calculation of Operating Expenses is being made, including, but not limited to,
(a) payments made by Maker for taxes and insurance required under the Loan
Documents, and (b) monthly debt service payments as required under this
Note.

             3.          Budgets During Extension Term.

                           (a)         Within
fifteen (15) days following the
Original Maturity Date and on or before December 1 of each subsequent
calendar year, Maker shall deliver to Holder a proposed revenue and expense
budget for the Property for the remainder of the calendar year in which the
Original Maturity Date occurs or the immediately succeeding calendar year (as
applicable).  Such budget shall set
forth Maker’s projection of Gross Revenue and Operating Expenses for the
applicable calendar year, which shall be subject to Holder’s reasonable
approval.  Once a proposed budget has
been reviewed and approved by Holder, and Maker has made all revisions
requested by Holder, if any, the revised budget shall be delivered to Holder
and shall thereafter become the budget for the Property hereunder (the
“Budget”) for the applicable calendar year. 
If Maker and Holder are unable to agree upon a Budget for any calendar
year, the budgeted Operating Expenses (excluding extraordinary items) provided
in the Budget for the Property for the preceding calendar year shall be
considered the Budget for the Property for the subject calendar year until
Maker and Holder agree upon a new Budget for such calendar year.

                           (b)        During the
Extension Term, Maker shall operate
the Property in accordance with the Budget for the applicable calendar year,
and the total of expenditures relating to the Property exceeding one hundred
and five percent (105%) of the aggregate of such expenses set forth in the
Budget for the applicable time period shall not be treated as Operating
Expenses for the purposes of calculating “Net Operating Income,” without the
prior written consent of Holder except for emergency expenditures which, in the
Maker’s good faith judgment, are reasonably necessary to protect, or avoid
immediate danger to, life or property.

             4.          Reports During Extension Term.

                           (a)         During
the Extension Term, Maker shall deliver
to Holder all financial statements reasonably required by Holder to calculate
Net Operating Income, including, without limitation, a monthly statement to be
delivered to Holder concurrently with Maker’s payment of Net Operating Income
that sets forth the amount of Net Operating Income accompanying such statement
and Maker’s calculation of Net Operating Income for the relevant calendar
month.  Such statements shall be
certified by an executive officer of Maker or Maker’s manager, managing member
or general partner (as applicable) as having been prepared in accordance with
the terms hereof and to be true, accurate and complete in all material
respects.

 

                           (b)        In addition, on
or before February 1 of
each calendar year during the Extension Term, Maker shall submit to Holder an
annual income and expense statement for the Property which shall include the
calculation of Gross Revenue, Operating Expenses and Net Operating Income for
the preceding calendar year and shall be accompanied by Maker’s reconciliation
of any difference between the actual aggregate amount of the Net Operating
Income for such calendar year and the aggregate amount of Net Operating Income
for such calendar year actually remitted to Holder.  All such statements shall be certified by an executive officer of
Maker or Maker’s manager, managing member or general partner (as applicable) as
having been prepared in accordance with the terms hereof and to be true,
accurate and complete in all material respects.  If any such annual financial statement discloses any
inconsistency between the calculation of Net Operating Income and the amount of
Net Operating Income actually remitted to Holder, Maker shall immediately remit
to Holder the amount of any underpayment of Net Operating Income for such
calendar year or, in the event of an overpayment by Maker, such amount may be
withheld from any subsequent payment of Net Operating Income required
hereunder.

                           (c)         Holder
may notify Maker within ninety (90)
days after receipt of any statement or report required hereunder that Holder
disputes any computation or item contained in any portion of such statement or
report.  If Holder so notifies Maker,
Holder and Maker shall meet in good faith within twenty (20) days after
Holder’s notice to Maker to resolve such disputed items.  If, despite such good faith efforts, the
parties are unable to resolve the dispute at such meeting or within
ten (10) days thereafter, the items shall be resolved by an independent
certified public accountant designated by Holder within fifteen (15) days
after such ten (10) day period. 
The determination of such accountant shall be final.  All fees of such accountant shall be paid by
Maker, unless the accountant agrees with Maker’s determination of the disputed
item, in which event the fees of such accountant shall be paid by Holder.  Maker shall remit to Holder any additional
amount of Net Operating Income found to be due for such periods within
ten (10) days after the resolution of such dispute by the parties or the
accountant’s determination, as applicable. 
The amount of any overpayment found to have been made for such periods
may be withheld from any required future remittance of Net Operating Income.

                           (d)        Maker shall at
all times keep and maintain full
and accurate books of account and records adequate to reflect correctly all items
required in order to calculate Net Operating Income.

             5.          Prepayment.

                           (a)         During
the first four (4) years after the
date of this Note, Maker shall have no right to prepay all or any part of this
Note.

                           (b)        At any time
after the fourth (4th)
anniversary of the date of this Note, Maker shall have the right to prepay the
full principal amount of this Note and all accrued but unpaid interest hereon
as of the date of prepayment, provided that (i) Maker gives not less than
thirty (30) days’ prior written notice to Holder of Maker’s election to
prepay this Note, and (ii) Maker pays a prepayment premium to Holder equal
to the greater of (A) one percent (1%) of the outstanding principal
amount of this Note or (B) the Present Value of this Note (hereinafter
defined), less the amount of principal being prepaid, calculated as of the
prepayment date.

 

                           (c)         Holder
shall notify Maker of the amount and
basis of determination of the prepayment premium.  Holder shall not be obligated to accept any prepayment of the principal
balance of this Note unless such prepayment is accompanied by the applicable
prepayment premium and all accrued interest and other sums due under this
Note.  Maker may not prepay the Loan on
a Friday or on any day preceding a public holiday, or the equivalent for banks
generally under the laws of the State of California.

                           (d)        Except for
making payments of Net Operating
Income as required above, and except for the application of insurance proceeds
or condemnation awards to the principal balance of this Note, as provided in
the Deed of Trust (hereinafter defined), in no event shall Maker be permitted
to make any partial prepayments of this Note.

                           (e)         If Holder
accelerates this Note for any reason,
then in addition to Maker’s obligation to pay the then outstanding principal
balance of this Note and all accrued but unpaid interest thereon, Maker shall
pay an additional amount equal to the prepayment premium that would be due to
Holder if Maker were voluntarily prepaying this Note at the time that such acceleration
occurred, or if under the terms hereof no voluntary prepayment would be
permissible on the date of such acceleration, Maker shall pay a prepayment
premium calculated as set forth in the Deed of Trust.

                           (f)         For the
purposes of the foregoing:

                           (i)          The
“Present Value of this Note” with respect to
any prepayment of this Note, as of any date, shall be determined by discounting
all scheduled payments of principal and interest remaining as of such date to
maturity of this Note, attributed to the amount being prepaid, at the Discount
Rate.  If prepayment occurs on a date
other than a regularly scheduled payment date, the actual number of days
remaining from the prepayment date to the next regularly scheduled payment date
will be used to discount within such period;

                           (ii)         The
“Discount Rate” is the rate which, when
compounded monthly, is equivalent to the Treasury Rate, when compounded
semi-annually;

                           (iii)        The “
Treasury Rate” is the semi-annual yield on
the Treasury Constant Maturity Series with maturity equal to the remaining
weighted average life of this Note, for the week prior to the prepayment date,
as reported in Federal Reserve Statistical Release H.15 - Selected
Interest Rates, conclusively determined by Holder on the prepayment date.  The rate will be determined by linear
interpolation between the yields reported in Release H.15, if
necessary.  In the event
Release H.15 is no longer published, Holder shall select a comparable
publication to determine the Treasury Rate.

 

                           (g)        Holder shall
not be obligated actually to
reinvest the amount prepaid in any treasury obligations as a condition
precedent to receiving any prepayment premium.

                           (h)        Notwithstanding
the foregoing, (i) at any
time during the Extension Term, Maker shall have the right to prepay the full
principal amount of this Note and all accrued but unpaid interest thereon as of
the date of prepayment, without prepayment premium thereon, and (ii) no
prepayment premium shall be due in connection with the application of any
insurance proceeds or condemnation awards to the principal balance of this
Note, as provided in the Deed of Trust.

             6.          Payments. 
Whenever any payment to be made under this Note shall be stated to be
due on a Saturday, Sunday or public holiday or the equivalent for banks generally
under the laws of the State of California (any other day being a “Business
Day”), such payment may be made on the next succeeding Business Day.

             7.          Default Rate.

                           (a)         The
entire balance of principal, interest, and
other sums due upon the maturity hereof, by acceleration or otherwise, shall
bear interest from the date due until paid at the greater of (i) sixteen
percent (16%) per annum and (ii) a per annum rate equal to
five percent (5%) over the prime rate (for corporate loans at large
United States money center commercial banks) published in The Wall Street Journal on the first
business day of each month (the “Default Rate”); provided, however, that such
rate shall not exceed the maximum permitted by applicable state or federal
law.  In the event The Wall Street Journal is no longer
published or no longer publishes such prime rate, Holder shall select a
comparable reference.

                           (b)        If any payment
under this Note is not made when
due, interest shall accrue at the Default Rate from the date such payment was
due until payment is actually made; provided, however, that Maker shall be
permitted to make one (1) payment hereunder within five (5) days following its
due date in any consecutive twelve (12) month period without Holder assessing
interest at such Default Rate.

             8.          Late Charges.  In
addition to interest as set forth herein, Maker shall pay to Holder a late
charge equal to four percent (4%) of any amounts due under this Note in
the event any such amount is not paid when due; provided, however, that Maker
shall be permitted to make one (1) payment hereunder within five (5) days
following its due date in any consecutive twelve (12) month period without
Holder assessing such late charge.

             9.          Application of Payments. 
All payments hereunder shall be applied first to the payment of late
charges, if any, then to the payment of prepayment premiums, if any, then to
the repayment of any sums advanced by Holder for the payment of any insurance
premiums, taxes, assessments, or other charges against the property securing
this Note (together with interest thereon at the Default Rate from the date of
advance until repaid), then to the payment of accrued and unpaid interest, and
then to the reduction of principal.

 

             10.        Immediately Available Funds. 
Payments under this Note shall be payable in immediately available funds
without setoff, counterclaim or deduction of any kind, and shall be made by
electronic funds transfer from a bank account established and maintained by
Maker for such purpose.

             11.        Security.  This
Note is secured by a Deed of Trust, Security Agreement, Fixture Filing,
Financing Statement and Assignment of Leases and Rents of even date herewith
granted by Maker for the benefit of the named Holder hereof (the “Deed of
Trust”) encumbering certain real property and improvements thereon commonly
known as the Syratech Facility, 11640 Harrell Street, Mira Loma,
California, as more particularly described in such Deed of Trust (the
“Property”).

             12.        Certain Definitions. 
Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Deed of Trust.

             13.        Event of Default.  Each
of the following events will constitute an event of default (an “Event of
Default”) under this Note and under the Deed of Trust and each other Loan
Document, and any Event of Default under any Loan Document shall constitute an
Event of Default hereunder and under each of the other Loan Documents:

                           (a)         any
failure to pay when due any sum hereunder;
provided, however, that Maker shall be permitted to make one (1) payment
hereunder within five (5) days following its due date in any consecutive twelve
(12) month period without such event constituting an Event of Default;

                           (b)        any failure of
Maker to properly perform any
obligation contained herein or in any of the other Loan Documents (other than
the obligation to make payments under this Note or the other Loan Documents)
and the continuance of such failure for a period of thirty (30) days
following written notice thereof from Holder to Maker; provided, however, that
if such failure is not curable within such thirty (30) day period, then,
so long as Maker commences to cure such failure  within such thirty (30) day period and is continually and
diligently attempting to cure to completion, such failure shall not be an Event
of Default unless such failure remains uncured for sixty (60) days after
such written notice to Maker; or

                           (c)         
if,
at any time during the Extension Term, Gross Revenue for any calendar month
shall be less than ninety–three percent (93%) of the amount of
projected Gross Revenue for such month set forth in the applicable Budget.

             14.        Acceleration.  Upon
the occurrence of any Event of Default, the entire balance of principal,
accrued interest, and other sums owing hereunder shall, at the option of Holder,
become at once due and payable without notice or demand.  Upon the occurrence of an Event of Default
described in Section 13(c) hereof, Holder shall have the option, in its
sole discretion, to either (a) exercise any remedies available to it under
the Loan Documents, at law or in equity, or (b) require Maker to submit a
new proposed budget for Holder’s approval. 
If Holder agrees to accept such new proposed budget, then such budget
shall become the Budget for all purposes hereunder.

 

             15.        Conditions Precedent. 
Maker hereby certifies and declares that all acts, conditions and things
required to be done and performed and to have happened precedent to the
creation and issuance of this Note, and to constitute this Note the legal,
valid and binding obligation of Maker, enforceable in accordance with the terms
hereof, have been done and performed and happened in due and strict compliance
with all applicable laws.

             16.        Certain Waivers and Consents. 
Maker and all parties now or hereafter liable for the payment hereof,
primarily or secondarily, directly or indirectly, and whether as endorser,
guarantor, surety, or otherwise, hereby severally (a) waive presentment,
demand, protest, notice of protest and/or dishonor, and all other demands or
notices of any sort whatever with respect to this Note, (b) consent to
impairment or release of collateral, extensions of time for payment, and
acceptance of partial payments before, at, or after maturity, (c) waive
any right to require Holder to proceed against any security for this Note
before proceeding hereunder, (d) waive diligence in the collection of this
Note or in filing suit on this Note, and (e) agree to pay all costs and
expenses, including reasonable attorneys’ fees, which may be incurred in the
collection of this Note or any part hereof or in preserving, securing
possession of, and realizing upon any security for this Note.

             17.        Usury Savings Clause. 
The provisions of this Note and of all agreements between Maker and
Holder are, whether now existing or hereinafter made, hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of
acceleration of the maturity hereof, prepayment, demand for payment or
otherwise, shall the amount paid, or agreed to be paid, to Holder for the use,
forbearance, or detention of the principal hereof or interest hereon, which
remains unpaid from time to time, exceed the maximum amount permissible under
applicable law, it particularly being the intention of the parties hereto to
conform strictly to California and Federal law, whichever is applicable.  If from any circumstance whatsoever, the
performance or fulfillment of any provision hereof or of any other agreement
between Maker and Holder shall, at the time performance or fulfillment of such
provision is due, involve or purport to require any payment in excess of the
limits prescribed by law, then the obligation to be performed or fulfilled is
hereby reduced to the limit of such validity, and if from any circumstance
whatsoever Holder should ever receive as interest an amount which would exceed
the highest lawful rate, the amount which would be excessive interest shall be
applied to the reduction of the principal balance owing hereunder (or, at
Holder’s option, be paid over to Maker) and shall not be counted as
interest.  To the extent permitted by
applicable law, determination of the legal maximum amount of interest shall at
all times be made by amortizing, prorating, allocating and spreading in equal
parts during the period of the full stated term of this Note, all interest at
any time contracted for, charged, or received from Maker in connection with
this Note and all other agreements between Maker and Holder, so that the actual
rate of interest on account of the indebtedness represented by this Note is uniform
throughout the term hereof.

 

             18.        Non-Recourse; Exceptions to Non-Recourse. 
Except as expressly hereinafter set forth, the recourse of Holder with
respect to the obligations evidenced by this Note shall be solely to the
Property, Chattels, and Intangible Personalty (as such terms are defined in the
Deed of Trust).  Notwithstanding
anything to the contrary contained in this Note or in any Loan Document,
nothing shall be deemed in any way to impair, limit or prejudice the rights of
Holder (a) to name Maker in any foreclosure proceedings or in any
ancillary proceedings brought to facilitate Holder’s foreclosure on the
Property or any portion thereof; (b) to recover from Maker damages or
costs (including without limitation reasonable attorneys’ fees) incurred by
Holder as a result of waste by Maker; (c) to recover from Maker any
condemnation or insurance proceeds attributable to the Property which were not
paid to Holder or used to restore the Property in accordance with the terms of
the Deed of Trust; (d) to recover from Maker any rents, profits, security
deposits, advances, rebates, prepaid rents or other similar sums attributable
to the Property collected by or for Maker following the occurrence and during
the continuance of an Event of Default under any Loan Document and not properly
applied to the reasonable fixed and operating expenses of the Property,
including payments of this Note; (e) to pursue the personal liability of
Maker under the provisions of Section 5.10
of the Deed of Trust, including any indemnification provisions under such
Section; (f) to exercise any specific rights or remedies afforded Holder
under any other provisions of the Loan Documents or by law or in equity (or to
recover under any guarantee agreement given in connection with this Note);
(g) to recover from Maker the amount of any accrued taxes, assessments,
and/or utility charges affecting the Property (whether or not the same have
been billed to Maker) that are either unpaid by Maker or paid by Holder under
the Deed of Trust, except to the extent that any such amounts are paid from
revenues generated by the Property; (h) to collect from Maker any sums
expended by Holder in fulfilling the obligations of Maker, as lessor, under any
leases affecting the Property; (i) to pursue any personal liability of
Maker and/or Guarantor under the Environmental Indemnity Agreement; and
(j) to recover from Maker the amount of any loss suffered by Holder (that
would otherwise be covered by insurance) as a result of Maker’s failure to
maintain any insurance required under the terms of any Loan Document.  The agreement contained in this paragraph to
limit the personal liability of Maker shall become null and void and be of no
further force and effect in the event (i) that the Property or any part
thereof or any interest therein, or any interest in Maker, shall be further
encumbered by a voluntary lien securing any obligation upon which Maker or any
direct or indirect general partner, manager or managing member of Maker, any
guarantor, or any principal or affiliate of Maker shall be personally liable
for repayment, whether as obligor or guarantor; (ii) of any breach or
violation of Section 5.4, 5.5
or 5.7 of the Deed of Trust;
(iii) of any fraud or misrepresentation by Maker in connection with the
Property, the Loan Documents or the application made by Maker for the Loan;
(iv) of any execution, amendment, modification or termination of any lease
of any portion of the Property without the prior written consent of Holder if
such consent is required under the terms of the Loan Documents; or (v) of
any amendment or modification of the Syratech Lease, without Holder’s prior
written consent, or if the Syratech Lease shall terminate for any reason prior
to the expiration of the stated “Term” of such Syratech Lease, without the
prior written consent of Holder.  For
purposes of the foregoing, “affiliate” shall mean any individual, corporation,
trust, partnership or any other person or entity controlled by, controlling or
under common control with Maker.  A
person or entity of any nature shall be presumed to have control when it
possesses the power, directly or indirectly, to direct, or cause the direction
of, the management or policies of another person or entity, whether through
ownership of voting securities, by contract, or otherwise.

 

             19.        Severability.  If any
provision hereof or of any other document securing or related to the
indebtedness evidenced hereby is, for any reason and to any extent, invalid or
unenforceable, then neither the remainder of the document in which such
provision is contained, nor the application of the provision to other persons,
entities, or circumstances, nor any other document referred to herein, shall be
affected thereby, but instead shall be enforceable to the maximum extent
permitted by law.

             20.        Transfer of Note.  Each
provision of this Note shall be and remain in full force and effect
notwithstanding any negotiation or transfer hereof and any interest herein to
any other Holder or participant.

             21.        Governing Law. 
Regardless of the place of its execution, this Note shall be construed
and enforced in accordance with the laws of the State of California.

             22.        Time of Essence.  Time
is of the essence of this Note.

             23.        Remedies Cumulative. 
The remedies provided to Holder in this Note, the Deed of Trust and the
other Loan Documents are cumulative and concurrent and may be exercised singly,
successively or together against Maker, the Property, and other security, or
any guarantor of this Note, at the sole and absolute discretion of the Holder.

             24.        No Waiver.  Holder
shall not by any act or omission be deemed to waive any of its rights or
remedies hereunder unless such waiver is in writing and signed by the Holder
and then only to the extent specifically set forth therein.  A waiver of one event shall not be construed
as continuing or as a bar to or waiver of any right or remedy granted to Holder
hereunder in connection with a subsequent event.

             25.        Joint and Several Obligation. 
If Maker is more than one person or entity, then (a) all persons or
entities comprising Maker are jointly and severally liable for all of the
Maker’s obligations hereunder; (b) all representations, warranties, and
covenants made by Maker shall be deemed representations, warranties, and
covenants of each of the persons or entities comprising Maker; (c) any
breach, Default or Event of Default by any of the persons or entities
comprising Maker hereunder shall be deemed to be a breach, Default, or Event of
Default of Maker; and (d) any reference herein contained to the knowledge
or awareness of Maker shall mean the knowledge or awareness of any of the
persons or entities comprising Maker.

             26.        WAIVER OF JURY TRIAL. 
MAKER AND HOLDER KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION,
PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS NOTE, THE DEED OF TRUST, OR ANY OTHER LOAN DOCUMENTS OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR
MAKER AND HOLDER TO ENTER INTO THE LOAN TRANSACTION EVIDENCED BY THIS NOTE.

 

             27.        WAIVER OF PREPAYMENT RIGHT WITHOUT PREMIUM. 
MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW
(INCLUDING, WITHOUT LIMITATION, CALIFORNIA CIVIL CODE § 2954.10) TO PREPAY THIS
NOTE, IN WHOLE OR IN PART, WITHOUT PREPAYMENT PREMIUM, UPON ACCELERATION OF THE
MATURITY DATE OF THIS NOTE, AND AGREES THAT, IF FOR ANY REASON A PREPAYMENT OF
ALL OR ANY PART OF THIS NOTE IS MADE, WHETHER VOLUNTARILY OR FOLLOWING ANY
ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF THE
OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY REASON, INCLUDING, WITHOUT
LIMITATION, AS A RESULT OF ANY PROHIBITED OR RESTRICTED TRANSFER, FURTHER
ENCUMBRANCE OR DISPOSITION OF THE PROPERTY OR ANY PART THEREOF SECURING THIS
NOTE, THEN MAKER SHALL BE OBLIGATED TO PAY, CONCURRENTLY WITH SUCH PREPAYMENT,
THE PREPAYMENT PREMIUM PROVIDED FOR IN THIS NOTE OR, IN THE EVENT OF PREPAYMENT
FOLLOWING ACCELERATION OF THE MATURITY DATE HEREOF WHEN THIS NOTE IS CLOSED TO
PREPAYMENT, AS PROVIDED IN THE DEED OF TRUST. 
MAKER HEREBY DECLARES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE
INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE
CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS WAIVER AND AGREEMENT.

             ________        Maker’s Initials

IN WITNESS
WHEREOF and intending to be legally bound, Maker has duly executed this Note as
of the date first above written.

	 	ML DISTRIBUTION CENTER LLC, a Delaware limited
  liability company
	 	 
	 	By: 
  Rauch Industries, Inc., a North Carolina corporation, its sole
  member
	 	 
	 	By: /s/Ami A. Trauber, Vice PresidentPrepared by MerrillDirect

Exhibit 10.1

MICROVISION, INC.

 

INDEPENDENT DIRECTOR

STOCK OPTION PLAN

 

MICROVISION, INC.

INDEPENDENT DIRECTOR STOCK OPTION PLAN

 

Table of Contents

1.       Purpose

2.       Administration

2.1     Procedures

2.2     Powers

2.3     Limited Liability

2.4     Securities Exchange Act
of 1934

3.       Stock Subject to This Plan

4.       Eligibility

5.       Independent Director
Stock Options

5.1     Awards

5.2     Exercise Price

5.3     Vesting

5.4     Nontransferability

5.5     Termination of Options

(a) Generally

(b) Disability or Death

(c) Failure to
Exercise Option; Expiration

6.       Option Agreements

7.       Exercise

7.1     Procedure

7.2     Payment

7.3     Withholding

7.4     Conditions Precedent to
Exercise

8.       Foreign Qualified Grants

9.       Adjustments On
Changes in Capitalization

9.1     Stock Splits, Capital Stock Adjustments

9.2     Effect of Certain Events

(a) Change in
Control

(b) Liquidation;
Dissolution

(c) Recapitalizations

9.3     Fractional Shares

9.4     Determination of
Board to Be Final

10.     Securities Regulations

11.     Amendment and Termination

11.1   Plan

11.2   Automatic Termination

12.     Miscellaneous

12.1   Time of Granting Options

12.2   No Status as Shareholder

12.3   Reservation of Shares

13.     Effectiveness of This Plan

 

          1.          Purpose.  The purpose of the Independent Director
Stock Option Plan (the “Plan”) is to provide a means by which Microvision, Inc.
(the “Company”), may attract and retain the best available personnel as
non-employee directors of the Company (“Independent Directors”) and of its
subsidiaries and to provide added incentive to such persons by increasing their
ownership interest in the Company.

          2.          Administration.  This Plan shall be
administered by the Board
of Directors of the Company (the “Board”) or, if the Board shall authorize a
committee of the Board to administer this Plan, by such committee to the extent
so authorized; provided, however, that only the Board of Directors may suspend,
amend or terminate this Plan as provided in Section 11.1.  The administrator of this Plan is referred
to as the “Plan Administrator.”

                    2.1          
Procedures.  The Board of Directors shall designate one
member of the Plan Administrator as chairman. 
The Plan Administrator may hold meetings at such times and places as it
shall determine. The acts of a majority of the members of the Plan
Administrator present at meetings at which a quorum exists, or acts approved in
writing by all Plan Administrator members, shall constitute valid acts of the
Plan Administrator.

                    2.2          
Powers.  Subject to the specific provisions of this
Plan, the Plan Administrator shall have the authority, in its discretion:  (a) to grant the stock options described in
Section 5; (b) to determine, in accordance with Section 5.2 of this Plan,
the exercise price per share of options; (c) to interpret this Plan; (d) to
prescribe, amend and rescind rules and regulations relating to this Plan; (e)
to determine the terms and provisions of each option granted and, with the
consent of the Optionee, modify or amend each option; (f) to defer, with the
consent of the Optionee, or to accelerate the exercise date of any option; (g)
to waive or modify any term or provision contained in any option applicable to
the underlying shares of common stock of the Company (the “Common Stock”); (h)
to authorize any executive officer to execute on behalf of the Company any
instrument required to effectuate the grant of an option; and (i) to make all
other determinations deemed necessary or advisable for the administration of
this Plan.  The interpretation and
construction by the Plan Administrator of any terms or provisions of this Plan,
any option issued hereunder or of any rule or regulation promulgated in
connection herewith and all actions taken by the Plan Administrator shall be
conclusive and binding on all interested parties.  The Plan Administrator may delegate administrative functions to
individuals who are officers or employees of the Company.

                    2.3          Limited
Liability.  No member of
the Board of Directors or the Plan Administrator or officer of the Company
shall be liable for any action or inaction of the entity or body, or another
person or, except in circumstances involving bad faith, of himself or herself.  Subject only to compliance with the explicit
provisions hereof, the Board of Directors and Plan Administrator may act in
their absolute discretion in all matters related to the Plan.

                    2.4          Securities
Exchange Act of 1934.  At
any time that the Company has a class of securities registered pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), this Plan shall be administered in accordance with Rule 16b-3
adopted under the Exchange Act and Section 162(m) of the Internal Revenue Code
of 1986, as amended (the “Code”), and the regulations, proposed and final,
thereunder, as all may be amended from time to time.

          3.          Stock
Subject to This Plan. 
Subject to adjustment as provided below and in Section 9 hereof,
the stock subject to this Plan shall be the Common Stock, and the total number
of shares of Common Stock to be delivered on the exercise of all options
granted under this Plan shall not exceed 150,000 shares as such Common Stock
was constituted on the date on which this Plan was first adopted by the Board
of Directors as set forth on the last page hereof.  If any option granted under this Plan expires, is surrendered,
exchanged for another option, canceled or terminated for any reason without
having been exercised in full, the unpurchased shares subject thereto shall
again be available for purposes of this Plan, including for replacement options
that may be granted in exchange for such surrendered, canceled or terminated
options.  Shares issued on exercise of
options granted under this Plan may be subject to restrictions on transfer,
repurchase rights or other restrictions as determined by the Plan
Administrator.

          4.          Eligibility.  The Plan Administrator shall
award options
to any current or future Independent Director of the Company, and may award
options to any current or future non-employee director of any subsidiary
thereof.  As used in this Plan, the term
“subsidiary” of the Company shall mean any corporation or other business entity
in which the Company owns, directly or indirectly, stock or other equity
interests equal to 50% or more of the total combined voting power of all
classes of stock or other equity interests thereof.  To the extent that the Plan Administrator awards options
hereunder to a non-employee director of any subsidiary of the Company, the term
“Independent Director” as used herein shall refer to such person and the term
“Company,” as required by the context, shall refer to the subsidiary and not to
Microvision, Inc.  Any party to whom an
option is granted under this Plan is referred to as an “Optionee.”

          5.          Independent
Director Stock Options.

                    5.1          
Awards.  The Plan Administrator shall grant to each
Independent Director an option to purchase 5,000 shares of Common Stock on the
date upon which he or she is elected, re-elected or appointed to the Board of
Directors of the Company.

                    5.2          Exercise
Price.  The exercise
price of options issued under the Plan will be the average closing price of the
Company’s Common Stock as reported on the Nasdaq National Market or, if the Common
Stock is no longer listed thereon, such other principal exchange or market
(including the over-the-counter market) for the Company’s Common Stock, during
the ten trading days prior to the date of grant.

                    5.3          
Vesting.  To ensure that the Company will achieve the
purposes of and receive the benefits contemplated in this Plan, options granted
pursuant to the Plan will vest in full as of the earlier of (i) the day prior
to the date of the Company’s Annual Meeting of Shareholders next following the
date of grant, or (ii) one year from the date of grant, provided the
Independent Director continues to serve as an Independent Director of the
Company or is employed by the Company or a subsidiary of the Company as of such
vesting date.

                    5.4          Nontransferability.
 Options granted under this Plan and the
rights and privileges conferred hereby may not be transferred, assigned,
pledged or hypothecated in any manner (whether by operation of law or
otherwise) other than by will or by the applicable laws of descent and distribution,
shall not be subject to execution, attachment or similar process, and shall be
exercisable during the Optionee’s lifetime only by the Optionee.  Any purported transfer or assignment in
violation of this provision shall be void.

                    5.5          Termination
of Options.

          (a)  Generally.  Unless earlier termination results from the
application of the provisions of this Section 5.5, each option granted
hereunder shall expire and all rights of the Optionee thereunder shall cease
and terminate on the tenth anniversary of the date of its grant.

          (b)  Disability or Death.  If an Optionee is unable to continue his or
her service as an Independent Director of the Company as a result of his or her
permanent and total disability (as defined in Section 22(e)(3) of the Code) or
death, all unvested options issued under the Plan to such Optionee will become
vested immediately as of the date of disability or death.  In such an event, the option may be
exercised at any time before the earlier of (i) the expiration date of the
option or (ii) 12 months after the date of (x) permanent and total disability
or (y) death (by the person or persons to whom such Optionee’s rights under the
option shall pass by the Optionee’s will or by the applicable laws of descent
and distribution), for up to the full number of shares of Common Stock covered
thereby.

          (c)  Failure to Exercise Option; Expiration.  To the extent that an
Optionee fails to
exercise an option within the period provided in this Section 5.5, all rights
to purchase shares of Common Stock pursuant to such options shall cease and
terminate.

          6.          Option
Agreements.  Options
granted under this Plan shall be evidenced by written stock option agreements
(the “Option Agreements”) that shall contain such terms, conditions, limitations
and restrictions as the Plan Administrator shall deem advisable and that are
consistent with this Plan.  All Option
Agreements shall include or incorporate by reference the applicable terms and
conditions contained in this Plan.

          7.          Exercise.

                    7.1            Procedure.  Subject to Section 5.3 above, each option
may be exercised in whole or in part; provided, however, that no fewer than 100
shares (or the remaining shares then purchasable under the option, if less than
100 shares) may be purchased on any exercise of any option granted hereunder
and that only whole shares will be issued pursuant to the exercise of any
option (the number of 100 shares shall not be changed by any transaction or
action described in Section 9 unless the Plan Administrator determines that
such a change is appropriate).  Options
shall be exercised by delivery to the Secretary of the Company or his or her
designated agent of notice of the number of shares with respect to which the
option is exercised, together with payment in full of the exercise price and
any applicable withholding taxes.

                    7.2            Payment.  Payment of the option exercise price shall
be made in full when the notice of exercise of the option is delivered to the
Secretary of the Company or his or her designated agent and shall be by
personal, bank certified or cashier’s check or through irrevocable instructions
to a stock broker to deliver the amount of sales proceeds necessary to pay the
appropriate exercise price and withholding tax obligations, all in accordance
with applicable governmental regulations, for the shares of Common Stock being
purchased.  The Plan Administrator may
determine at any time before exercise that additional forms of payment will be
permitted.

                    7.3            Withholding.  Before the issuance of shares of Common
Stock on the exercise of an option, the Optionee shall pay to the Company the
amount of any applicable federal, state or local tax withholding
obligations.  The Company may withhold
any distribution in whole or in part until the Company is so paid.  The Company shall have the right, subject to
applicable law, to withhold such amount from any other amounts due or to become
due from the Company to the Optionee, or to retain and withhold a number of
shares having a market value not less than the amount of such taxes required to
be withheld by the Company, to reimburse it for any such taxes and cancel (in
whole or in part) any such shares so withheld.

                    7.4           Conditions
Precedent to Exercise. 
The Plan Administrator may establish conditions precedent to the exercise
of any option, which shall be described in the relevant Option Agreement.

          8.          Foreign
Qualified Grants. 
Options under this Plan may be granted to Independent Directors of the
Company who reside in foreign jurisdictions. 
The Board of Directors may adopt supplements to the Plan as needed to
comply with the applicable laws of such foreign jurisdictions and to give
Optionees favorable treatment under such laws; provided, however, that no award
shall be granted under any such supplement on terms more beneficial to such
Optionees than those permitted by this Plan.

          9.          Adjustments
On Changes in Capitalization.

                    9.1          Stock Splits, Capital Stock Adjustments.  The aggregate number of shares for which
options may be granted under this Plan, the number and class of shares covered
by each outstanding option and each such option shall all be proportionately
adjusted for any increase or decrease in the number of issued shares of Common
Stock of the Company resulting from a stock split, stock dividend or consolidation
of shares or any like capital stock adjustment.

                    9.2          Effect
of Certain Events.

          (a)  Change in Control.  In the event of a Change in Control
(hereinafter defined), any unvested options issued under the Plan will vest
automatically upon the closing of the event causing the Change in Control.  For the purpose of this Section 9.2, a
“Change in Control” means the sale of more than 50% of the voting control of
the Company or its business to a third party, whether by means of merger,
triangular merger, consolidation, sale of stock, sale of assets or similar
transaction, but excluding (i) any transaction among affiliated persons that
does not result in a material change in ultimate ownership of the Company by
individuals, or (ii) any transaction for the principal purpose of funding the
operations of the Company.

          (b)  Liquidation; Dissolution.  If the Company is liquidated or dissolved,
options shall be treated in accordance with Section 9.2(a).

          (c)  Recapitalizations.  If the outstanding Common Stock of the Company is hereafter
increased or decreased or changed into or exchanged for a different number or
kind of shares or other securities of the Company or of another corporation by
reason of any reorganization, merger, consolidation, plan of exchange, recapitalization,
reclassification, stock split-up, combination of shares or dividend payable in
shares, (other than in the case of a Change in Control) appropriate adjustment
shall be made by the Company in the number and kind of shares issuable on
exercise of the Options granted hereunder, so that the Optionee's proportionate
interest before and after the occurrence of the event is maintained.

                    9.3          Fractional
Shares.  If the number of
shares covered by any option is adjusted, any fractional shares resulting from such
adjustment shall be disregarded and each such option shall cover only the
number of full shares resulting from such adjustment.

                    9.4          Determination
of Board to Be Final. 
All adjustments under this Section 9 shall be made by the Board of
Directors, and its determination as to what adjustments shall be made, and the
extent thereof, shall be final, binding and conclusive.

          10.          Securities
Regulations.

                    Shares of Common Stock shall not be issued with respect to an option
granted under this Plan unless the exercise of such option and the issuance and
delivery of such shares pursuant thereto shall comply with all relevant
provisions of law, including, without limitation, any applicable state
securities laws, the Securities Act of 1933, as amended, the Exchange Act, the
rules and regulations promulgated thereunder, applicable laws of foreign
countries and other jurisdictions and the requirements of any quotation service
or stock exchange on which the shares may then be listed, and shall be further
subject to the approval of counsel for the Company with respect to such
compliance, including the availability of an exemption from registration for
the issuance and sale of any shares hereunder. 
The inability of the Company to obtain, from any regulatory body having
jurisdiction, the authority deemed by the Company’s counsel to be necessary for
the lawful issuance and sale of any shares hereunder or the unavailability of
an exemption from registration for the issuance and sale of any shares
hereunder shall relieve the Company of any liability with respect of the
nonissuance or sale of such shares as to which such requisite authority shall
not have been obtained.

                    As a condition to the exercise of an option, the Company may require
the Optionee to represent and warrant at the time of any such exercise that the
shares of Common Stock are being purchased only for investment and without any
present intention to sell or distribute such shares if, in the opinion of
counsel for the Company, such a representation is required by any relevant
provision of the aforementioned laws. 
The Company may place a stop-transfer order against any shares of Common
Stock on the official stock books and records of the Company, and a legend may
be stamped on stock certificates to the effect that the shares of Common Stock
may not be pledged, sold or otherwise transferred unless an opinion of counsel
is provided (concurred in by counsel for the Company) stating that such
transfer is not in violation of any applicable law or regulation.  The Plan Administrator may also require such
other action or agreement by the Optionees as may from time to time be
necessary to comply with the federal and state securities laws.  THIS PROVISION SHALL NOT OBLIGATE THE COMPANY
TO UNDERTAKE REGISTRATION OF THE OPTIONS OR STOCK THEREUNDER.

          11.          Amendment
and Termination.

                    11.1          
Plan.  The Board of Directors may at any time
suspend, amend or terminate this Plan, provided that, the approval of the
Company’s shareholders is necessary within twelve months before or after
the adoption by the Board of Directors of any amendment that will:

          (a)      increase the
number of shares of Common Stock to be reserved for the issuance of options
under this Plan;

          (b)      permit the
granting of stock options to a class of persons other than those now permitted
to receive stock options under this Plan; or

          (c)       require
shareholder approval under applicable law, including Section 16(b) of the
Exchange Act.

                    11.2          Automatic
Termination.  Unless
earlier suspended or terminated by the Board, the Plan will continue in effect
until the earlier of: (i) ten years from the date on which it was adopted by
the Board, or (ii) the date on which all shares available for issuance under
the Plan have been issued.  No option
may be granted after such termination or during any suspension of this
Plan.  The amendment or termination of
this Plan shall not, without the consent of the Optionee, alter or impair any
rights or obligations under any option theretofore granted under this Plan.

          12.          Miscellaneous.

                    12.1          Time
of Granting Options.  The
date of grant of an option shall, for all purposes, be the date on which the
Independent Director is elected, re-elected or appointed to the Board of
Directors of the Company, and the execution of an Option Agreement and the conditions
to the exercise of an option shall not defer the date of grant.

                    12.2          No
Status as Shareholder. 
Neither the Optionee nor any party to which the Optionee’s rights and
privileges under the option may pass shall be, or have any of the rights or privileges
of, a shareholder of the Company with respect to any of the shares of Common
Stock issuable on the exercise of any option granted under this Plan unless and
until such option has been exercised and the issuance (as evidenced by the
appropriate entry on the books of the Company or duly authorized transfer agent
of the Company) of the stock certificate evidencing such shares.

                    12.3          Reservation
of Shares.  The Company,
during the term of this Plan, at all times will reserve and keep available such
number of shares of Common Stock as shall be sufficient to satisfy the
requirements of this Plan.

          13.          Effectiveness
of This Plan.  This Plan
shall become effective on the date on which it is adopted by the Board of
Directors of the Company.  No option
granted under this Plan to any Independent Director of the Company shall become
exercisable until the Plan is approved by the shareholders, and any option
granted before such approval shall be conditioned on and is subject to such
approval.

Plan
adopted by the Board of Directors on February 16, 2000.

Plan
approved by the shareholders on June 22, 2000.

Plan
amended by the Board of Directors on October 19, 2000.

Plan
amended by the Board of Directors on February13, 2001.

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