Document:

Merger Agreement dated October 28, 2003

 Exhibit 10.52 
  
 Merger Agreement 
  
 This agreement (this “Agreement”) is made and entered into among: 
  
 ADVANCED SEMICONDUCTOR ENGINEERING, INC. (“Party A”), 
  
 ASE (CHUNG-LI) INC. (“Party B”) and 
  
 ASE MATERIAL INC. (“Party C”). 
  
 Party A, Party B and Party C (hereinafter referred to as “the Parties”) are duly incorporated companies under the law of the ROC. Party B and Party C are both
the invested subsidiaries of Party A. For the purpose of promoting the integration of the enterprises and enhancing the operational efficiency so as to accommodate the future industrial development and the increase of the competition ability of the
companies, the Parties, after negotiation in good faith and thorough consideration, agree to proceed with the merger procedure and enter into the agreement as follows: 
  
 Article 1    Method of Merger 
  

This merger is proposed to be conducted through an absorption merger by the Parties in accordance with the Corporate Merger and Acquisition Act and any applicable law
and regulations. Party A shall be the surviving company. Party B and Party C shall be the dissolved companies through merger and dissolution. The name of the surviving company after merger shall be ADVANCED SEMICONDUCTOR ENGINEERING, INC.

  
 Article 2    Registered Capital and Paid-In Capital of the
Parties before the Merger 
  
 Upon execution of the Agreement, the registered
capital of Party A is NT$51,500,000,000, divided into 5,150,000,000 common shares with a par value of NT$10 each, of which NT$3,000,000,000 is reserved for the issuance of employee stock options. The employee stock options can be issued in multiple
installments. Party A has issued 159,999,000 units of employee stock options upon execution of this agreement. Each unit of option is entitled to subscribe for one common share of Party A. 
  
 Upon the execution of the Agreement, the registered capital of Party B is NT$7,000,000,000,
divided into 700,000,000 shares with a par value of NT$10 and the paid-in capital of Party B is NT$6,350,000,000, divided into 635,000,000 shares. 
  
 Upon the execution of the Agreement, the registered capital of Party C is NT$2,500,000,000, divided into 250,000,000 shares with a par value of NT$10 and the paid-in
capital of Party C is NT$2,500,000,000, divided into 250,000,000 shares. 
  

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 Article 3    Share Exchange Ratio 
  

	1.	The Parties agree that after the merger is approved by all relevant competent authorities and the amendment registration for merger is completed, in accordance with the information
based on the financial reports of the Parties audited and certified by the accountant as of 30 June 2003, with reference to the other relevant factors for adjustment calculation (please see the expert’s fairness opinions on the share exchange
ratio for merger), on the merger Record Date (as defined in Article 12 hereof), in addition to the cancellation of the shares of Party B and Party C held by Party A, Party A will issue common shares to other shareholders of Party B at the share
exchange ratio of 1:0.85 (one share of Party B in exchange for 0.85 share of Party A), and will issue common shares to other shareholders of Party C at the share exchange ratio of 1:0.5 (one share of Party C in exchange of 0.5 share of Party A).
Party A will issue 282,315,437 new shares in aggregate for merger. The number of shares less than one shall be converted into cash in proportion to the percentage of the par value and paid to the shareholders and Party A shall authorize its Chairman
to contact the specific person(s) for purchase of those fractional shares at par value. 

  

	2.	The rights and obligations of new shares issued for the merger shall be identical to the existing shares of Party A. 

  
 Article 4    Adjustment of Share Exchange Ratio 
  
 After the execution of this Agreement and before the Record Date, the share exchange ratio
shall remain unchanged if the number of new shares issued by any of the Parties for capital increase for cash, issuance of convertible bond, free distribution of shares, issuance of the convertible bond with warrant, issuance of preferred shares
with warrant issuance of warrant and other security in the nature of equity does not exceed 10% of its respective outstanding shares as of the date hereof. In the event the issuance of new shares of any of the Parties exceeds 10% of its outstanding
shares as of the date hereof, the share exchange ratio shall be adjusted by the mutual agreement among the board of directors of Party A and the board of directors of Party B and Party C as authorized by resolutions of their respective
shareholders’ meeting. The paid-in capital of Party A following the merger and the number of the shares issued for merger shall be adjusted accordingly. 
  
 In the event that the occurrence of any of the following events by any of the Parties result in the necessity to adjust the share exchange ratio, the share exchange ratio
set forth in the first paragraph of the preceding Article shall be adjusted by the mutual agreement among the board of directors of Party A and the board of directors of Party B and Party C as authorized by resolutions of their respective
shareholders’ meetings. The paid-in capital of Party A following the merger and the number of the shares issued for merger shall be adjusted accordingly. 
  

	1.	Disposition of material assets of the Parties or any other act which would affect the financial or business condition of the Parties, occurrence of severe disasters,

  

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 substantial litigation, significant industrial technology change or any other events which materially
affect shareholder’s equity or the price of the securities of the Parties. 
  

	2.	Any of the Parties purchases back its treasury stocks in accordance with applicable law or Article 6 hereof. 

  

	3.	Any increase of the number of the participating entities or change of participating entities in the merger. 

  

	4.	Any approval granted by the relevant authorities or any permission or approval granted for the completion of this merger (including the approval for Party A to remain listed and
approval for the issuance of new shares for merger capital increase). 

  
 Article 5    Registered Capital and Paid-In Capital of the Surviving Party after the Merger 
  
 365,483,259 shares of Party B and 143,547,583 shares of Party C held by Party A as of the date hereof shall be cancelled on the Record Date. Party A proposes to issue
229,089,229 new shares to the shareholders of Party B and 53,226,208 new shares to the shareholders of Party C. After the merger, the registered capital of Party A is NT$51,500,000,000 and will be divided into 5,150,000,000 common shares with a par
value of NT$10, which can be issued in multiple installments. The paid-in capital of Party A is expected to be NT$38,625,954,370, divided into 3,862,595,437 shares. 
  
 The exact number of new shares issued and the paid-in capital of Party A following the merger, subject to the adjustment in accordance with
the Agreement, shall be based on the latest information in Party A’s report to the Securities and Futures Commission, Ministry of Finance for issuance of new shares for merger and the latest information as of the Record Date. 
  
 Article 6    The Handling Principal for Treasury Stocks 
  
 The Parties agree that, from the date hereof to the Record Date unless otherwise provided by
law, the Parties shall not purchase back their treasury stocks without the consent of the other Parties and the adjustment of the share exchange ratio set forth the Article 4 hereof. 
  
 Article 7    The Procedure for increase of the number of the participating entities or change of the participating
entities in the Merger 
  
 The Parties agree that, after the merger resolution
adopted the board of directors of the Parties and the public disclosure of the merger information as required by law, if the Parties propose to merge with any other company, all required procedures and legal acts which have been done (such as
convening the meeting of the board of directors 
  

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 for merger and the execution of the merger agreement, etc.) shall be proceeded by all participating companies again. All
participating parties shall execute the merger agreement for the merger matters again. 
  
 Article 8    The Purchase of the shares of the Dissenting Shareholders 
  
 Party B and Party C agree that, in the event of any dissent to the merger agreement or any relevant merger matter raised by their respective shareholders in accordance with the law, Party B and Party C shall proceed
with the purchase of the shares owned by the dissenting shareholders in accordance of the Corporate Merger and Acquisition Act and the Company Law, respectively. The shares so purchased by Party B and Party C shall, to the extent permitted by laws
and regulation and the permission of the competent authority, be cancelled on the Record Date. The registration for such share cancellation shall be made together with the registration of the cancellation of the outstanding shares of Party B and
Party C upon dissolution of Party B and Party C. 
  
 The number of new shares
issued by Party A for the merger and the paid-in capital of Party A following the merger shall be reduced accordingly. 
  
 Article 9    Notices to Creditors and Announcement Obligation 
  

After the merger is approved by board of directors of Party A and the shareholders’ meetings of Party B and Party C, the Parties shall promptly provide the
balance sheets and property inventories. Party B and Party C shall notify their creditors and make a public announcement of the merger resolution, respectively and shall designate a period not less than 30 days to request the relevant creditors to
raise the objection within the designated period. If any of the creditors of Party B or Party C raise any objection within the designated period, Party B or Party C shall repay such indebtedness, provide the adequate security or create the trust for
the purpose of repayment. 
  
 Article 10    Prohibitions

  
 The Parties agree that, from the date hereof to the Record Date, unless the
other parties consent in writing in advance, the Parties shall not engage in any of the following activities: 
  

	1.	change of the paid-in capital as set forth in Article 2; 

  

	2.	any activities which material adversely affect the finance and the business of such company; or 

  

	3.	any activities not within the ordinary course of business. 

  

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	Article	11    Merger Proposal 

  
 The Parties agree that the chairmen of the Parties are authorized by their respective board of directors to make the merger proposal, implementation schedule and
designate the expected completion date so as to proceed with the merger. Any delay of the completion of the merger attributable to non-cooperation or delay to cooperate by any party without justifiable reason shall be handled in accordance with
Article 16 hereof except for any change of the laws or regulations, or other reason not attributable to any party in which event their chairmen authorized by the board of directors of the Parties shall negotiate for handling. 
  
 Article 12    Record Date of the Merger and the Assumption of the Rights
and Liabilities 
  
 The record date of the merger (“Record Date”) shall
be determined by the board of directors of the Parties after the merger resolution is adopted by Party A’s board of directors and the shareholders’ meetings of Party B and Party C and the approval for merger from the relevant competent
authorities is granted. The Record Date is July 1, 2004 tentatively, subject to change made by the board of directors of the Parties for the necessity of handling. The assets, liabilities and any other valid rights and liabilities on record as of
the Record Date shall be generally assumed by Party A. 
  
 Article
13    Continuing Employment 
  
 Party A shall retain the
employees of Party B and Party C who Party A agrees to retain after the merger. The seniority of such employees prior to the merger shall be recognized by Party A. 
  
 Article 14    Articles of Incorporation and the Succession of Directors and Supervisors 
  
 The articles of incorporation of the surviving company shall be the articles of incorporation
of Party A, subject to any amendment, if necessary. 
  
 The chairman, directors or
supervisors of Party A after the merger shall be reelected by the meeting of shareholders and the board of directors convened by Party A, if necessary. 
  
 Articles 15    Representations and Warranties of the Parties 
  

The Parties hereby represent and warrant, as of the date hereof and the Record Date, as follows: 
  

	1.	Financial report and financial information: The financial reports provided by the Parties are prepared in accordance with Business Accounting Law and the general acceptable
accounting principal of the ROC and the contents and all other financial information are accurate, true, not fraudulent, not deceitful and not misleading. 

  

	2.	Tax return and payment: The Parties have honestly filed tax returns within the 

  

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 required periods and paid all taxes within required periods in accordance with laws and regulations.
There has been no delay in filing tax returns, no tax deficiency, no tax evasion or any other violations of laws, regulations or any interpretation letters in connection with applicable tax laws. 
  

	3.	Litigation and non-litigation proceedings: There is no pending litigation or non-litigation proceeding to which any Party is a party, which would result in the dissolution or change
of organization, capital, business, or financial condition, the suspension of production, or have any material adverse effect on the business or financial condition of each of the Parties. 

  

	4.	Assets and liability: All assets and liabilities and of the Parties are expressly disclosed in the financial reports provided to the others, and there is no restriction or
limitation on the rights of ownership, use, and disposition of the assets as disclosed above which are legally owned by the parties respectively, unless otherwise disclosed in the financial reports. 

  
 Article 16    Events of Default and Termination of the Agreement

  

	1.	The Parties agree that, if any of the following occurs prior to the Record Date, any party may terminate the Agreement by written notice to the others: 

  

	 	(1)	Any breach of the representations, warranties, covenants or any other agreement in the Agreement by any Party and such breach is not cured within 30 days designated by the written
notice of to the breaching Party, either of the other Parties may terminate this Agreement by written notice to the other Parties. 

  

	 	(2)	If the merger is not consummated within one year after the date hereof, any of the Parties may terminate the Agreement by written notice to the other Parties.

  

	 	(3)	The Agreement may be terminated by any of the Parties by written notice to the others Parties if it is required by the competent authorities or any Party fails to consent the
amendment to this Agreement made pursuant to Article 4 or Article 7 hereof. 

  

	2.	After the Agreement is terminated, any of the Parties may require the other parties to return any documents, information, files, objects, plans and any other tangible information
obtained in accordance with the Agreement within seven days after the termination of the Agreement. 

  

	3.	The exercise of the right of indemnity of the Parties shall not be affected by the termination of the Agreement. 

  
 The matters (including the applications for, amendment to or withdrawal of, the
administrative procedure in the competent or relevant authorities) in connection with 
  

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 the termination of the Agreement shall be negotiated by the board of directors of Party A and the board of directors of
Party B and Party C authorized by their respective shareholders’ meetings. Such negotiation, without prior approval by the shareholders’ meetings of the Parties, shall be report to the shareholders’ meetings by the respective board of
directors. 
  
 Article 17    Miscellaneous 
  

	1.	If any of the provisions of this Agreement is or becomes invalid on the ground of contradiction with the relevant laws and regulations, only such provision becomes invalid. The
remaining provisions shall still be valid. The invalid provision shall be otherwise amended to the extent permitted by law in accordance with the relevant laws and regulations or by the chairmen authorized by the board of directors of the Parties.
In addition, if any provisions in this Agreement are required to be amended by instruction issued the relevant competent authorities, such provisions may be amended in accordance with the instruction of the relevant competent authorities or by the
chairmen of the Parties authorized by the Parties in accordance with such instruction. 

  

	2.	All taxes or expenses arising from execution or performance of the Agreement, except for tax which is exempted, shall be borne by Party A. In the event that this Agreement loses its
effect on the ground of failure to obtain any required approvals or other reasons, all fees and expenses incurred for merger matters in connection with lawyer, accountant, securities house and relevant experts shall be borne by the Parties equally.

  

	3.	The Agreement shall be executed after the adoption of the resolution of the board of directors of the Parties. This Agreement will be effective after the adoption of the resolution
of the shareholder’s meetings of Party B and Party C. The board of directors is deemed to be authorize to make any necessary adjustment in accordance with this Agreement and the relevant laws and regulations after the agreement is approved by
the shareholders’ meetings of Party B and Party C. However, the Parties agree that the merger shall lose its effect retroactively if the merger is not approved or permitted by the relevant competent authorities. 

  

	4.	The Agreement shall be governed by and construed in accordance with the laws of the ROC. The Parties agree that any disputes arising from this Agreement may be brought in Kaohsiung
District Court being the court of first instance. 

  

	5.	Any amendment to the Agreement shall be made with the written consents of the Parties. 

  

	6.	Six originals of this Agreement are hereby executed with the Parties. Each of the Parties holds two original copies. 

  

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 The executing parties 
  
 Party A: 
 ADVANCED SEMICONDUCTOR ENGINEERING, INC.  
 Legal Representative: Jason C.S. Chang 
 Address: No.26, Chin 3rd Rd., Nantze Export Processing Zone, Kaohsiung, Taiwan 
  
 Party B: 
 ASE (CHUNG-LI) INC. 
 Legal Representative: Joseph Tung 
 Address: No. 550, Chung-hwa Rd., Chung-Li City, Tao-Yuan County 
  
 Party C: 
 ASE MATERIAL INC. 
 Legal Representative: Chin Ko-Chien 
 Address: No. 73, Kai-Fa Rd., Nantze Export Processing Zone, Kaohsiung, Taiwan

  

 -8-2001 Stock Option Plan for Non-Employee Directors and Consultants

 Exhibit 10.24 
  
 ANTARES PHARMA, INC. 
  
 AMENDED AND RESTATED 
 2001 STOCK
OPTION PLAN 
 FOR NON-EMPLOYEE DIRECTORS AND CONSULTANTS 
  

	1.	Purpose of Plan 

  
 This plan shall be known as the “Antares Pharma, Inc. 2001 Stock Option Plan For Non-Employee Directors and Consultants” and is hereinafter
referred to as the “Plan.” The purpose of the Plan is to promote the interests of Antares Pharma, Inc., a Minnesota corporation (the “Company”), by enhancing its ability to attract and retain the services of experienced and
knowledgeable non-employee directors and consultants and by providing additional incentive for such directors to increase their interest in the Company’s long-term success and progress. Options granted under this Plan shall be nonqualified
stock options which do not qualify as incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
  

	2.	Stock Subject to Plan 

  
 Subject to the provisions of Section 10 hereof, the stock subject to options under the Plan shall be authorized but unissued shares of the Company’s
common stock, $.01 par value per share (the “Common Stock”). Subject to the adjustment as provided in Section 10 hereof, the maximum number of shares for which options may be exercised under this Plan shall be 600,000 shares. If an option
under the Plan expires, or for any reason is terminated or unexercised with respect to any shares, such shares shall again be available for options thereafter granted during the term of the Plan. 
  

	3.	Administration of Plan 

  
 The Plan shall be administered by a committee composed of members of the Board of Directors of the Company (the “Committee”). The Committee
shall have plenary authority in its discretion, subject to the express provisions of this Plan including the restrictions contained in Section 11 below, to interpret the Plan, to prescribe, amend, and rescind rules and regulations relating to the
Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Committee’s determinations on the foregoing matters shall be final and conclusive. 
  

	4.	Eligibility 

  
 (a) Each director of the Company who is not otherwise an employee of the Company or any subsidiary of the Company (an “Eligible Director”) shall
be eligible to participate in the Plan. 

  

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Any consultant to the Company, who is not also an employee of the Company may be designated a participant in the Plan by the Board of Directors. All Awards
under the plan shall be made at the discretion of the Committee. 
  

	5.	Price 

  
 The option price for all options granted under the Plan shall be the Fair Market Value of the shares covered by the option on the date the option is
granted. For purposes of this Plan, “Fair Market Value” shall mean the fair market value of the shares determined by such methods or procedures as the Board of Directors shall establish in good faith from time to time. Where there is a
public market for the shares, the Fair Market Value per share on a given date shall be the closing price of a share in the over-the-counter market on such date, as reported in The Wall Street Journal (or, if not so reported, as otherwise
reported by The Nasdaq Stock Market (“Nasdaq”)) or, in the event the shares are traded on the Nasdaq National Market, SmallCap Market or listed on a stock exchange, the Fair Market Value per share shall be the closing price on such system
or exchange on such date, as reported in The Wall Street Journal; if such market or exchange is not open for trading on such date, the Fair Market Value shall be determined as of the closest preceding date when such market or exchange was
open for trading. 
  

	6.	Terms of Awards 

  
 Each option shall, subject to the provisions of Section 8 hereof, expire 10 years from the date on which the option was granted. Each option shall be
subject to such other terms as established at the time of the Award and as set forth in an Award agreement. 
  

	7.	Time and Method of Exercise. 

  
 (a) The Committee shall determine the time or times at which an Option may be exercised in whole or in part and the method or methods by which, and the
form or forms (including, without limitation, cash, previously owned Shares, Shares issuable upon exercise of the Award or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price) in which,
payment of the exercise price with respect thereto may be made or deemed to have been made. 
  
 (b) The exercise of any option granted hereunder shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of Common Stock pursuant to such exercise will not
violate any state or federal securities or other laws. An optionee desiring to exercise an option may be required by the Company, as a condition of the effectiveness of any exercise of an option granted hereunder, to agree in writing that all Common
Stock to be acquired pursuant to such exercise shall be held for his or her own account without a view to any further distribution thereof, that the certificates for such shares shall bear an appropriate legend to that effect and that such shares
will not be transferred or disposed of except in compliance with applicable federal and state securities laws. 
  

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 (c) An optionee electing to exercise an option shall give written notice to the Company of such election
and of the number of shares subject to such exercise. The full purchase price of such shares shall be tendered with such notice of exercise. Payment shall be made to the Company either (i) in cash (including check, bank draft or money order), or
(ii) by delivering the Company’s Common Stock already owned by the optionee having a Fair Market Value on the date of exercise equal to the full purchase price of the shares, or (iii) by any combination of cash and the method specified in (ii)
of this sentence. For purposes of the preceding sentence, the Fair Market Value of Common Stock tendered shall be determined as provided in Section 5 hereof as of the date of exercise. Until such person has been issued a certificate or certificates
for the shares subject to such exercise, he or she shall possess no rights as a shareholder with respect to such shares. 
  

	8.	Effect of Termination of Services or Death or Disability 

  
 (a) In the event that an optionee who is a member of the Board of Directors of the Company or its subsidiaries shall resign or be removed without cause,
and shall not after such resignation or removal perform services for the Company as an employee or consultant, such optionee shall have the right to exercise options received for services as a member of the Board of Directors for a period of one
hundred twenty (120) days after such resignation or removal to the extent of the full number of shares he or she was entitled to purchase under the option on the date of termination, subject to the condition that no option shall be exercisable after
the expiration of the term of the option. 
  
 (b) In the event
that an optionee who is a member of the Board of Directors of the Company or its subsidiaries shall resign or be removed without cause, and shall after such resignation or removal perform services for the Company as an employee or consultant, such
optionee shall have the right to exercise options received for services as a member of the Board of Directors for a period of ninety (90) days after the cessation of all services with the Company and its subsidiaries to the extent of the full number
of shares he or she was entitled to purchase under the option on the date of cessation, subject to the condition that no option shall be exercisable after the expiration of the term of the option. Provided, however, that all options of such optionee
who is removed or terminated for cause shall expire on the date of removal or termination. 
  
 (c) In the event that an optionee shall resign or be terminated without cause as a consultant to the Company or its subsidiaries, such optionee shall have the right to exercise options received for services as a
consultant for a period of ninety (90) days after such resignation or termination to the extent of the full number of shares he or she was entitled to purchase under the option on the date of termination, subject to the condition that no option
shall be exercisable after the expiration of the term of the option. 
  
 (d) In the event that an optionee shall die or become disabled (such death or disability occurring while a Director or consultant to the Company), such optionee (or such optionee’s guardian, administrators or personal representative)
shall have the right to exercise the option for a period of one year after the date of such death or disability to the extent of the full number of shares he or she was entitled to purchase under the option on the date of death or disability,

  

 3 

 
subject to the condition that no option shall be exercisable after the expiration of the term of the option. Disability shall be determined by the Board of
Directors of the Company. 
  
 (e) In the event that an optionee
shall cease to be a Director of or consultant to the Company by reason of his or her gross and willful misconduct during the course of his or her service to the Company, including but not limited to wrongful appropriation of funds of the Company, or
the commission of a gross misdemeanor or felony, the option shall be terminated as of the date of the misconduct. 
  
 (f) Nothing in this Plan or in any agreement hereunder shall confer on any optionee any right to continue as a Director of or consultant to the Company or
affect in any way any legal rights with respect to termination of such directorship or consultant relationship or removal of such optionee as a Director. 
  

	9.	Non-Transferability 

  
 No option granted under the Plan shall be transferable by an optionee, otherwise than by will or the laws of descent or distribution. Except as provided
in Section 8 herein with respect to disability of the optionee, during the lifetime of an optionee, the option shall be exercisable only by such optionee. 
  

	10.	Dilution or Other Adjustments 

  
 If there shall be any change in the Common Stock through merger, consolidation, reorganization, recapitalization, stock dividend (of whatever amount),
stock split or other change in the corporate structure, appropriate adjustments in the Plan and outstanding Options shall be made. In the event of any such changes, adjustments shall include, where appropriate, changes in the aggregate number of
shares subject to the Plan, the number of shares subject to outstanding options and the exercise prices thereof in order to prevent dilution or enlargement of option rights. 
  

	11.	Amendment or Discontinuance of Plan 

  
 The Board of Directors of the Company may amend, alter, suspend, discontinue or terminate the Plan. The Board of Directors may waive any conditions or
rights of the Company under any outstanding Option award, prospectively or retroactively. The Board of Directors may not amend, alter, suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, without the consent of
the Participant or holder or beneficiary thereof, except as otherwise provided herein or in the Award Agreement. The Board of Directors may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent it shall deem desirable to carry the Plan into effect. 
  

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	12.	Effective Date and Termination of Plan 

  
 (a) The Plan was approved by the Board of Directors on March 22, 2001, and shall be effective from January 31, 2001, subject to the approval by
shareholders of the Company. In the event shareholder approval is not obtained, this Plan shall be of no force or effect, and any option previously granted hereunder shall terminate. The Plan shall be submitted for approval to shareholders of the
Company within 12 months of the effective date. 
  
 (b) Unless the
Plan shall have been discontinued as provided in Section 11 hereof, the Plan shall terminate on March 22, 2011. No option may be granted after such termination, but termination of the Plan shall not, without the consent of the optionee, alter or
impair any rights or obligations under any option theretofore granted. 
  

	13.	Governing Law 

  
 The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Minnesota and construed accordingly.

  

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