Document:

f123108form10kexh1028b.htm

    
      

    

    Exhibit
10.28(b)

    

    

    December
23, 2008

    

    Mr. Mark
Erwin

    Senior
Vice President Corporate Development & Alliances

    Continental
Airlines, Inc.

    1600
Smith Street

    Houston,
Texas 77002

    

    Second  Amendment
(this “Second  Amendment”) to that certain Second Amended and Restated
Capacity Purchase Agreement among Continental Airlines, Inc. (“Continental”),
ExpressJet Holdings, Inc. (“Holdings”), XJT Holdings, Inc. (“XJT”) and
ExpressJet Airlines, Inc. (“ExpressJet” and, collectively with Holdings and XJT,
“Contractor”) dated as of June 5, 2008 (the “Original Second Amended and
Restated CPA”), as amended by that certain First Amendment to the Second Amended
and Restated CPA dated August 29, 2008 (the “Second Amended and Restated
CPA”)

    

    As you
are aware, Continental and Contractor are parties to the Second Amended and
Restated CPA. Continental and Contractor each desires to amend the Second
Amended and Restated CPA as specifically provided below in this Second
Amendment, with such amendments to be effective as of August 29,
2008:

    

    Section
1.                      The
revised Appendix 1 to Schedule 3 attached to this Second Amendment hereby
replaces in its entirety the Appendix 1 to Schedule 3 attached to the Second
Amended and Restated CPA.  Continental and Contractor agree that
nothing in this Section 3 or in Appendix 1 to Schedule 3 attached hereto shall
in any way (i) amend or modify the provisions of Section 2.01(b) of the Second
Amended and Restated CPA, or (ii) create or disclaim (or be deemed, construed or
implied to create or disclaim) any obligation other than as is expressly and
specifically provided for in this Section 3 (and in Appendix 1 to Schedule 3
attached hereto).

    

    Section
2.                      Contractor
agrees that following sentence shall be added to the end of Section 2.b. of
Appendix 4 to Schedule 3 attached to the Second Amended and Restated
CPA:

    

    “Any
expenses borne by Contractor to develop Contractor’s Fuel Efficiency program for
which Contractor intends to seek reimbursement from Continental as herein
provided must be pre-approved by Continental and any such expenses reimbursed by
Continental to Contractor shall be deducted from any dollar amount of fuel
savings (as determined by performing the calculations described in clauses (a)
through (d) above) prior to  determining the amount of any fuel bonus
payments payable to Contractor hereunder (it being acknowledged that any such
expenses not applied to savings shall be carried forward to future years as
necessary until the balance of such expenses is zero); provided, however, that
in no event shall the reimbursement of such expenses be conditioned upon, or
delayed pending, the achievement of any savings or other objectives under
Contractor’s Fuel Efficiency program.”

    

    Section
3.                      
Contractor and Continental agree that, notwithstanding anything to the contrary
in Section 2 of the First Amendment to the Second Amended and Restated CPA, for
purposes of calculating the amount that Continental is required to pay to
Contractor pursuant to the Second Amended and Restated CPA in respect of any
depreciation expenses associated with either Covered Aircraft or Excess
Inventory, the scheduled depreciation period for such depreciation expenses
chargeable to Continental pursuant to Subsection B.4.a.xi of Schedule 3 to the
Second Amended and Restated CPA shall not be shortened from that period
currently used by Contractor (as indicated by the invoices related thereto that
have been presented to Continental and paid by Continental), notwithstanding any
change in accounting treatment that Contractor may implement relating to the
period over which any such depreciation will be taken for accounting purposes.
The foregoing shall also apply to any future depreciation expense associated
with Covered Aircraft or Excess Inventory that may become chargeable to
Continental pursuant to Subsection B.4.a.xi of Schedule 3 to the Second Amended
and Restated CPA, it being agreed that Contractor shall, for purposes of
calculating the amount that Continental is required to pay to Contractor
pursuant to the Second Amended and Restated CPA, utilize either the scheduled
depreciation period that Contractor would have utilized prior to its entry into
of the Second Amended and Restated CPA (and consistent with the invoices for
depreciation expenses related to Covered Aircraft and Excess Inventory presented
to Continental and paid by Continental under the Existing CPA) or any longer
period that Contractor may utilize in respect of such expenditures in accordance
with generally accepted accounting principles. Further to the foregoing,
Contractor and Continental agree that with respect to any capital expenditures
specifically approved by Continental in writing related to Covered Aircraft or
Excess Inventory, in determining the amount of any payment required to be made
by Continental to Contractor pursuant to Section 8.03(g) of
the Second Amended and Restated CPA, the “net book value” of such assets
referenced therein shall be deemed to mean and refer to the net book value of
such assets that would have been shown on Contractor’s most recent financial
statements if Contractor had accounted for such assets in the same manner as
Contractor had charged Continental for the related depreciation expense. For the
avoidance of doubt, it is acknowledged that if Contractor retains a Covered
Aircraft in accordance with Contractor’s rights to do so pursuant to the Second
Amended and Restated CPA, at the time as such Covered Aircraft ceases to be a
Covered Aircraft, Continental would no longer be required to pay any
depreciation expenses associated with such Covered Aircraft.

    

    Section
4.                      Capitalized
terms not defined herein shall be defined as provided in the Second Amended and
Restated CPA.  From and after the date of this Second Amendment,
references in the Second Amended and Restated CPA to “this Agreement” shall mean
and refer to the Second Amended and Restated CPA as amended by this Second
Amendment.  Except as specifically amended or modified hereby, the
Second Amended and Restated CPA shall remain in effect as
written.  The Second Amended and Restated CPA, as amended or modified
by this Second Amendment, is hereby ratified and confirmed in all respects, and
shall be deemed to constitute the entire understanding of the parties relating
to its subject matter (and further that any prior or contemporaneous oral
commitments shall have no force or effect), and such agreement, as so amended
hereby, may not be further amended, modified or changed except by further
agreement in writing signed by the parties hereto.  This Second
Amendment may be executed by the parties hereto in any number of separate
counterparts, all of which shall constitute one agreement.  All
signatures need not be on one counterpart.

    

    If
Continental is in agreement with the above, please indicate its agreement by
having an authorized representative sign below in the spaces provided and return
a signed copy of this Second Amendment to the undersigned at the address
above.

    

    Very
truly yours,

    EXPRESSJET
HOLDINGS, INC.

    

    By:           /s/
James B. Ream

    Name:                      James
B. Ream

    Title:                      President
and Chief Executive Officer

    

    XJT
HOLDINGS, INC.

    

    By:           /s/
James B. Ream

    Name:                      James
B. Ream

    Title:                      President
and Chief Executive Officer

    

    EXPRESSJET
AIRLINES, INC.

    

    By:           /s/
James B. Ream

    Name:                      James
B. Ream

    Title:                      President
and Chief Executive Officer

    

    Agreed:

    

    CONTINENTAL
AIRLINES, INC.

    

    By:           /s/
Mark Erwin

    Name:                      Mark
Erwin

    Title:                      Senior
Vice President Corporate Development & Alliances

    

    cc:           Continental
Airlines, Inc.

    1600 Smith Street, HQSLG, Houston,
Texas 77002

    Attention: General Counsel

    Telecopy
No.: (713)  324-5161

    

    ExpressJet Holdings, Inc.

    700 North Sam Houston Parkway West,
Suite 200, Houston, Texas 77067

    Attention:  Vice President
& General Counsel

    Telecopy
No.: (832) 353-1141

    
      
         

      

      
         

        
          

        

      

      
         

        
                                                                                                                                                    Execution
Version 

           

        

      

    

    Appendix 1 to Schedule
3

    

    

    $ [CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT]*for each actual block hour (which
shall be the “block hour” rate referred to in Schedule 3.A.1.a of this
Agreement).

    

    * This
Base Compensation Rate shall be adjusted to the extent provided pursuant to the
terms of Section
3.02 of this Agreement.

    

    In addition, for each calendar month
beginning with the month of September 2008 and extending through (and including)
June 2009 (such period from September 1, 2008 through June 30, 2009, being
herein referred to as the “Review Period”), Continental and Contractor, as part
of the monthly flight reconciliation process pursuant to Section 3.06(b) of this
Agreement, shall compare the number of Actual Monthly Block Hours for such
calendar month with the number of Baseline Monthly Block Hours for such calendar
month, and Continental shall pay Contractor $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT] for each Extra Monthly Payment Hour,
if any, for such month, provided that, in no event shall Continental be required
(a) to pay an amount greater than $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT] for any one month or $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT] in the aggregate in respect of Extra
Monthly Payment Hours during the Review Period or (b) to make any payment under
this paragraph in respect of any calendar month after the Review
Period.  After the Review Period, Contractor shall pay Continental an
amount equal to $[CONFIDENTIAL
MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] for each
Aggregate Accrued Block Hour, if any, existing as of June 30, 2009, subject to
the proviso at the end of the next paragraph (such payment to be made in July
2009 as part of the monthly flight reconciliation process pursuant to Section
3.06(b) of this Agreement).

    

    During each calendar month beginning
with the month of July 2009 and extending through (and including) the end of the
Base Term or, if earlier, the date on which Contractor has provided a discount
to Continental in an aggregate amount equal to $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT] (such period being herein referred to
as the “Discount Period”), Continental and Contractor, as part of the monthly
flight reconciliation process pursuant to Section 3.06(b) of this Agreement,
shall compare the number of Actual Monthly Block Hours for such calendar month
with the number of Baseline Monthly Block Hours for such calendar month, and
Contractor shall provide to Continental and Continental shall receive (and
Continental shall be entitled to apply and take) a discount on any amounts owed
to Contractor under the CPA equal to $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT] per Discount Payment Hour, if any,
for such month, provided that, if for any reason any such discount cannot be
applied and taken such month, the unapplied portion thereof shall be applied and
taken in succeeding months until such discount has been fully applied and taken,
and provided further, that, in no event shall all such monthly payments in the
aggregate made by Contractor pursuant to this paragraph exceed $[CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT].

    

    Solely for the purposes of calculating
amounts payable under the two preceding paragraphs of this Appendix 1 to
Schedule 3, the following terms shall have the definitions set forth
below:

    

    “Accrued Block Hours” means,
for each calendar month in the Review Period for which Actual Monthly Block
Hours exceeds Baseline Monthly Block Hours, the number of hours by which Actual
Monthly Block Hours for such month exceeds Baseline Monthly Block Hours for such
month.

    

    “Actual Monthly Block Hours”
means, for each calendar month, (a) the total actual block hours flown by
Contractor pursuant to this Agreement during such calendar month, plus (b) the
total block hours that are scheduled by Continental to be flown pursuant to a
Final Monthly Schedule in accordance with this Agreement but which are not
actually flown because the flight is not operated during such calendar month by
Contractor as a result of a Controllable Cancellation.

    

    “Aggregate Accrued Block
Hours” means the aggregate of all Accrued Block Hours from prior months
in the Review Period, less the number of Accrued Block Hours previously applied
to reduce the number of Extra Monthly Payment Hours pursuant to the last clause
in the definition thereof.

    

    

    “Baseline Monthly Block
Hours” means the
following number of block hours for each calendar month set forth
below:

    

    For
September
2008:                                              [XXX];

    For
October
2008:                                              [XXX];

    For
November
2008:                                              [XXX];

    For
December
2008:                                              [XXX];

    For
January
2009:                                              [XXX];

    For
February
2009:                                              [XXX];

    For March
2009:                                              [XXX];

    For April
2009:                                              [XXX];

    For May
2009:                                              [XXX]; and

    For June
2009:                                              [XXX].

    

    Following
June 2009,

    For each
July:                                              [XXX];

    For each
August:                                              [XXX];

    For each
September:                                              [XXX];

    For each
October:                                              [XXX];

    For each
November:                                              [XXX];

    For each
December:                                              [XXX];

    For each
January:                                              [XXX];

    For each
February:                                              [XXX];

    For each
March:                                   [XXX];

    For each
April:                                              [XXX];

    For each
May:                                              [XXX]; and

    For each
June:                                              [XXX].

    

    “Discount Payment Hours”
means, for each calendar month in the Discount Period for which Actual Monthly
Block Hours exceeds Baseline Monthly Block Hours, the number of hours by which
Actual Monthly Block Hours for such month exceeds the Baseline Monthly Block
Hours for such month.

    

    “Extra Monthly Payment Hours”
means, at the end of each calendar month in the Review Period in which Baseline
Monthly Block Hours exceeds Actual Monthly Block Hours, the number of hours by
which Baseline Monthly Block Hours exceeds Actual Monthly Block Hours, reduced
by the number of Aggregate Accrued Block Hours, if any, existing at the
beginning of such calendar month.

    

    

    The
foregoing definitions shall be equally applicable to both the singular and
plural forms of the defined terms.

    

    

    [“XXX”
REPRESENTS CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT.]ex101.htm

    

 

      Exhibit 10.1

      

      TECHNOLOGY
RESEARCH CORPORATION

      AMENDED
AND RESTATED 2000 LONG TERM INCENTIVE PLAN

      NON-QUALIFIED STOCK OPTION
AGREEMENT

      

      

      

      This OPTION AGREEMENT is made this
____ day
of ______, ____ between TECHNOLOGY RESEARCH CORPORATION, a Florida corporation,
hereinafter referred to as the "Corporation" and ___________,
a Director of the Corporation, hereinafter referred to as "Director."

      

      WHEREAS, the holders of a majority of
the shares of the Corporation’s voting common stock (the "Common Stock") represented in
person or by proxy have adopted the terms and conditions of the Amended and
Restated 2000 Long Term Incentive Plan (the "Plan"), at its Annual Meeting
of shareholders conducted on August 27, 2008, the terms of which are hereby
incorporated by reference;

      

      WHEREAS, the Corporation desires to
carry out the purposes of the Plan to afford the Director an opportunity to
purchase shares of its Common Stock providing an additional incentive for such
Directors and to further align such Directors’ interests with those of the
Company’s shareholders and thereby promote the long-term financial interests of
the Company, including the growth in value of the Company’s equity and
enhancement of long-term shareholder return; and 

      

      WHEREAS, Director has acknowledged and
represented that he has reviewed the terms of this Agreement, has received a
copy of the Plan, has been advised of his right to consult with a tax advisor,
financial consultant or legal counsel to obtain legal or financial advice
regarding this Agreement and that unless otherwise provided in this Agreement,
this Agreement shall be subject to the provisions of the Plan.

      

      NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth and for other good and valuable
consideration, the parties hereto agree as follows:

      

      1. Grant of
Option.  The
Corporation hereby irrevocably grants to the Director a Non-Qualified Stock Option, hereinafter called the
"Option", to purchase
all or any part of an aggregate of ________ shares (such number being subject to
adjustment as provided in Section 11 hereof) of the Corporation’s Common Stock
(the "Shares") on the
terms and conditions herein set forth.  The Option granted under this
Agreement is not intended to qualify as an incentive stock option, as that term
is defined in Section 422(b) of the Internal Revenue Code of 1986, as
amended.

      

      2. Purchase
Price.  The
purchase price of the Shares covered by the Option shall be $_____ per
share.

      

      3. Term of
Option.  The
term of the Option shall be for a period of ten (10) years commencing on the
date of grant of the Option; provided that the Option may be earlier terminated
as set forth herein.

      

      4.  Vesting
and Exercise of Option.  Subject
to the terms and conditions of this Agreement and the Plan and provided that
Director continues to provide services tothe Corporation from the grant date,
the Option shall become vested and may be exercised in whole or in part from
time to time during its specified term in accordance with the following
schedule:

      

      
        	
                ·  

              	
                _______share
      on _______________;

              

      

      
        	
                ·  

              	
                _______shares
      on ______________; and

              

      

      
        	
                ·  

              	
                _______shares
      on ______________

              

      

      

      Exercisability
of the Option Shares under this Section 4 is cumulative, and after the Option
becomes exercisable under this Agreement with respect to any portion of the
Option Shares, it shall continue to be exercisable with respect to that portion
of the Option Shares until the Option expires.

      

      The Director shall be entitled to
exercise any portion of the Option in accordance with the provisions of Section
4 hereof, either in whole or in part, by delivering written notice of such
exercise to the office of the Secretary of the Corporation or to such other
location as may be designated by the Board (as that term is defined in the
Plan), specifying therein the number of Shares with respect to which the Option
is being exercised, which notice shall be accompanied by payment in full of the
purchase price of the Shares being acquired.

      

      Notwithstanding anything
in this Section to the contrary, the Option Shares shall become fully vested
upon the occurrence of a "change
in control,"
if the change in control occurs prior to the Option Shares becoming fully
vested, and the Director’s date of termination of directorship as a Director of
the Corporation.  For purposes of this Section, the term "change in
control" means: (a) the acquisition of beneficial ownership, as that term
is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended,
by any entity, person, or group, of more than 35% of the outstanding capital
stock of the Corporation entitled to vote for the election of directors (“Voting Power”); (b) the
effective date of (i) a merger or consolidation of the Corporation with one or
more other corporations as the result of which the holders of the outstanding
Voting Power of the Corporation immediately prior to such merger or
consolidation (excluding those who are affiliates of any such other corporation)
hold less than 50% of the Voting Power of the survivor of such merger or
consolidation or it parent, or (ii) a transfer of substantially all of the
assets of the Corporation other than to an entity of which the Corporation owns
at least 50% of the Voting Power; or (c) the election to the Board, without the
recommendation or approval of the incumbent board of the directors, the lesser
of four directors or directors constituting a majority of the number of
directors of the Corporation then in office.

      

      5. Payment
of Exercise Price.  Payment may be
made (i) wholly or partly in cash (including check, bank draft, money order or
wire transfer of immediately available funds); (ii) by delivery of outstanding
shares of Common Stock with a fair market on the date of exercise equal to the
aggregate exercise price payable with respect to the exercise of the Option;
(iii) by shares of Common Stock that would otherwise be issued upon exercise of
the Option; (iv) by means of a cashless exercise procedure which permits
the Participant to simultaneously exercise an option and sell the Shares thereby
acquired and enable the broker to use the proceeds from such sale as payment for
the exercise price of such option; or (v) by any combination of the foregoing
permissible forms of payment.  The Director agrees to furnish the
Company with any requested documentation required to effect payment of the
exercise price.  No Shares shall be issued until full payment
therefore has been made in the manner set forth above or in any combination of
the methods set forth above, in each case to the extent approved by the
Board.

       

      6. Termination
of Directorship.  In the event that
termination of directorship occurs for any reason (other than by reason of
death, permanent and total disability or retirement), the Option shall expire on
the date of termination of directorship; provided that the Director shall be
entitled to exercise any vested Options at any time within three (3) months
after such termination, but in no event more than ten (10) years after the date
of grant of the Option.

       

      7. Death of
Director.  If the
directorship of the Director terminates due to death, the Option shall expire on
the first anniversary of such termination of directorship or the date the Option
expires in accordance with its terms, whichever occurs first.  The
vested Options may be exercised by the devisee or legatee of the Director or by
the personal representative or executor of his estate with respect to the same
number of shares of Common Stock in the same manner, and to the same extent as
if the Director had continued his directorship during such period and the Option
shall be canceled with respect to all remaining shares of Common Stock otherwise
subject to the Option.

      

      8. Permanent
and Total Disability of Director.  A permanent and
totally disabled Director may exercise any Option within twelve (12) months
after terminating his service as a director of the Corporation, or the date that
the Option expires in accordance with its terms, whichever occurs
first.  Any non-vested
Option will continue to vest as scheduled
for a period not to exceed one year after terminating his services as a
director. For
purposes of the Plan and this Option, an individual is deemed to be permanently
and totally disabled if he is unable to engage in any substantial, gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected
to last for a continuous period of not less than twelve (12)
months.

       

      9. Retirement
of Director.  In the event that termination of directorship
occurs by reason of retirement and the Director is of retirement age (i.e., age
65 or greater), the Director shall be entitled to exercise any vested Options at
any time until the three year anniversary of such date of termination or the
date the Option expires in accordance with its terms, whichever occurs
first.

      

      10. Transferability
of Option.  Unless otherwise
approved by the Board of Directors, the Option may be exercised only by the
Director during his lifetime and may not be transferred other than by will or
the applicable laws of descent or distribution.  The Option shall not
otherwise be transferred, assigned, pledged or hypothecated for any purpose
whatsoever and is not subject, in whole or in part, to execution, attachment, or
similar process.  Any attempt at assignment, transfer, pledge or
hypothecation or other disposition of the Option, other than in accordance with
the terms set forth herein, shall be void and of no
effect.  Notwithstanding anything in this Section to the contrary, the
Director, with the approval of the Board, may transfer the Option for no
consideration to or for the benefit of the Director’s immediate family
(including, without limitation, to a trust for the benefit of the Director’s
immediate family or to a partnership or limited liability company for one or
more members of the Director’s immediate family), subject to such limits as the
Board may establish, and the transferee shall remain subject to all the terms
and conditions applicable to the Option prior to such transfer.  The
foregoing right to transfer the Option shall apply to the right to consent to
amendments to this Agreement and, in the discretion of the Board, shall also
apply to the right to transfer ancillary rights associated with the
Option.  The term “immediate family” shall mean the Director’s spouse,
parent, children, stepchildren, adoptive relationships, sisters, brothers and
grandchildren (and, for this purpose, shall also include the
Director).

       

      11. Adjustment
of Number of Shares.  In the event that
a dividend shall be declared upon the Common Stock of the Corporation payable in
shares of Common Stock of the Corporation or a stock split, the number of shares
of Common Stock then subject to any such option and the number of shares
reserved for issuance pursuant to the Plan but not yet covered by an Option
shall be adjusted by adding to each share the number of shares which shall be
distributed thereon if such shares had been outstanding on the date fixed for
determining the stockholders entitled to receive such stock dividend or
split.  For example, if an Option were granted for 1,000 shares at a
$10.00 per share option price (a total price of $10,000), and subsequently there
was a two for one stock split, then the holder of such option shall be entitled
to purchase 2,000 shares of Common Stock at the price of $5.00 per share or an
aggregate purchase price of $10,000.  In the event that the
outstanding shares of the Common Stock of the Corporation shall be changed into
or exchanged for a different class of shares of stock of the Corporation or of
another Corporation, whether through reorganization, recapitalization, merger or
acquisition, then there shall be substituted for each share of Common Stock
subject to any such option and for each share of Common Stock reserved for
issuance pursuant to the Plan, but not yet covered by an Option, the number and
kind of shares of stock or other securities into which each outstanding share of
Common Stock shall be so changed or for which such share shall be
exchanged.  No adjustment or substitution provided for in this
paragraph shall require the Corporation to sell a fractional share.

       

      12. Stock
Certificates.  Upon exercise of
the Option and payment of the exercise price, the Corporation shall deliver a
certificate or certificates representing such Shares as soon as practicable
after the notice shall be received; or (b) fix a date (not less than five (5)
nor more than ten (10) business days from the date such notice shall be received
by the Corporation) for the payment of the full purchase price of such Shares
with the Secretary of the Corporation, against delivery of a certificate or
certificates representing such shares.  The certificate or
certificates for the Shares as to which the Option shall have been so exercised
shall be registered in the name of the person or persons so exercising the
Option (or, if the Option shall be exercised by the Director and if the Director
shall so request in the notice exercising the Option, shall be registered in the
name of the Director and another person jointly, with right of survivorship) and
shall be delivered upon the written order of the person or persons exercising
the Option.  In the event the Option shall be exercised by any person
or persons other than the Director, such notice shall be accompanied by
appropriate proof of the right of such person or persons to exercise the
Option.  All shares that shall be purchased upon the exercise of the
Option as provided herein shall be fully paid and non-assessable.

       

      13. No
Additional Rights.  Neither the
Director nor any other person entitled to exercise the Option under the terms
hereof shall be, or have any of the rights or privileges of, a shareholder of
the Corporation with respect to any of the Shares of Common Stock issuable upon
exercise of the Option, unless and until the purchase price for such Shares
shall have been paid in full.

       

      14. Cancellation
or Modification of Agreement.  In the event that
the Option shall be exercised in whole, this Agreement shall be surrendered to
the Corporation for cancellation.  In the event the Option shall be
exercised in part, or a change in the number or designation of the Common Stock
shall be made, this Agreement shall be delivered to the Corporation for the
purpose of making appropriate notation thereon or otherwise revising in such
manner as the Corporation shall determine the partial exercise or change in the
number of Shares or designation of the Shares of Common Stock.

      

      15. Notices.  Every direction,
revocation or notice authorized or required by the Plan shall be deemed
delivered to the Corporation (i) on the date it is personally delivered to the
Secretary of the Corporation at its principal executive offices or (ii) three
business days after it is sent by registered or certified mail, postage prepaid,
addressed to the Secretary at such offices, and shall be deemed delivered to an
optionee (i) on the date it is personally delivered to him or (ii) three
business days after it is sent by registered or certified mail, postage prepaid,
addressed to him at the last address shown for him on the records of the
Corporation.

       

      16. Investment
Purpose.  The Option is
granted on the express condition that the purchase of Shares upon an exercise
hereof shall be made for investment purposes only and not with a view to their
resale or further distribution unless such Shares, at the time of their issuance
and delivery, are registered under the Securities Act of 1933, as amended, or,
alternatively, at some time following such issuance their resale is determined
by counsel for the Corporation to be exempt from the registration requirements
of the Act and of any other applicable law, regulation or ruling.

       

      17. Tax
Withholding. Director
shall be required to deposit with the Company an amount of cash equal to the
amount determined by the Company to be required with respect to any withholding
taxes, FICA contributions, or the like under any federal, state or local
statute, ordinance, rule or regulation in connection with the exercise
of  the Option. If the Board, in its sole
discretion, permits Shares of the Corporation’s Common Stock to be used to
satisfy any such tax withholding, such Shares shall be valued based on the fair
market value of such Shares as of the date the tax withholding is required to be
made, as determined by the Board.

       

      18. General.  The Corporation
shall at all times during the term of the Option reserve and keep available such
number of shares of Common Stock as will be sufficient to satisfy the
requirements of this Option Agreement, shall pay all original issue and transfer
taxes with respect to the issue and transfer of shares pursuant hereto and all
other fees and expenses necessarily incurred by the Corporation in connection
therewith, and will from time to time use its best efforts to comply with all
laws and regulations which, in the opinion of counsel for the
Corporation,  shall be applicable thereto.  The Option shall
be exercised in accordance with such administrative regulations as the Board
shall from time to time adopt.

       

      19. Acceptance
by Director.  The exercise of
the Option is conditioned upon the acceptance of Director of the terms hereof as
evidenced by his execution of this Option Agreement.

       

      20. Electronic
Delivery.  The
Corporation may, in its sole discretion, decide to deliver any documents
related to participation in the Plan, options granted under the Plan or future
options that may be granted under the Plan by electronic means or to request
your consent to participate in the Plan by electronic means. You hereby consent
to receive such documents by electronic delivery and, if requested, to agree to
participate in the Plan through an on-line or electronic system established and
maintained by the Corporation or another third party designated by the
Corporation.  If the Plan Committee decides to permit or use
electronic signatures in documenting the Agreement or notices to be sent under
this Agreement, you acknowledge that any electronic signature will have legal
validity.

       

      IN WITNESS WHEREOF, the Corporation has
caused this Option Agreement to be duly executed by its officers thereunto duly
authorized, and the Director has hereunto set his hand and seal, all on the day
and year first above written.

      

      TECHNOLOGY RESEARCH
CORPORATION

      

      

      By:                                                                      

      Name:  Owen
Farren

      
        	
                 
      

              	
                Its:        President

              

      

      
        	
                 
      

              	
                      Chief
      Executive Officer

              

      

      

      

      DIRECTOR

      

      

      

      

      

      

      

      Amended
and Restated 2000 Long Term

      Incentive
Plan Non-Qualified Stock Option Agreement

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