Document:

Employment Agreement

     

    INTREPID
      HOLDINGS, INC.

     

    EXECUTIVE
      EMPLOYMENT AGREEMENT

    

     

    This
      Executive Employment Agreement (the “Agreement”) is entered into as of December
      19, 2006, by and between Intrepid Holdings, Inc, a Nevada Corporation (the
      “Company”) and Toney E. Means (“Executive”).

     

    1. Duties
      and Scope of Employment.

    

    (a) Positions
      and Duties.
      As of
      the date of approval of this Agreement by the Board of Directors (the “Board”)
      of the Company, (the “Effective Date”), Executive will serve as the President of
      the Company and the Company’s wholly owned subsidiaries, My Healthy Access,
      Inc., Rx Fulfillment Services, Inc., Intrepid Systems, Inc., My Discount Health
      Plan, Inc., My Healthy Access Providers, PLLC and My Urban Clinic, Inc. As
      President of each Company Executive will report to the CEO of Intrepid Holdings,
      Inc. As of the Effective Date, Executive will render such business and
      professional services in the performance of his duties, consistent with
      Executive’s position within the Company, as will reasonably be assigned to him
      by the Board. The period Executive is employed by the Company under this
      Agreement is referred to herein as the “Employment Term”.

     

    (b) Board
      Membership.
      As of
      the Effective Date, Executive shall also serve as a Director of the Board.
      At
      each annual meeting of the Company’s stockholders during the Employment Term,
      the Company will nominate Executive to serve as a member of the Board.
      Executive’s service as a member of the Board will be subject to any required
      stockholder approval. Upon the termination of Executive’s employment for any
      reason, unless otherwise requested by the Board, Executive will be deemed to
      have resigned from the Board (and all other positions held at the Company and
      its affiliates voluntarily, without any further required action by Executive,
      as
      of the end of Executive’s employment and Executive, at the Board’s request, will
      execute any documents necessary to reflect his resignation. 

     

    (c) Obligations.
      During
      the Employment Term, Executive will devote Executive’s full business efforts and
      time to the Company and will use good faith efforts to discharge Executive’s
      obligations under this Agreement to the best of Executive’s ability and in
      accordance with each of the Company’s corporate guidance and ethics guidelines,
      conflict of interests policies and code of conduct. For the duration of the
      Employment Term, Executive agrees not to actively engage in any other
      employment, occupation, or consulting activity for any direct or indirect
      remuneration without the prior approval of the Board (which approval will not
      be
      unreasonably withheld); provided, however, that Executive may, without the
      approval of the Board, serve in any capacity with any civic, educational, or
      charitable organization, provided such services do not interfere with
      Executive’s obligations to Company. Notwithstanding the foregoing, Executive
      expects to serve as a member of the Board of Directors of not more than three
      (3) corporations of his choice and such service will not constitute a violation
      of this section 1(c), provided such services do not interfere with Executive’s
      obligations to the Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

           (i) Executive
      hereby represents and warrants to the Company that Executive is not party to
      any
      contract, understanding, agreement or policy, written or otherwise, that would
      be breached by Executive’s entering into, or performing services under, this
      Agreement. Executive further represents that he has disclosed to the Company
      in
      writing all threatened, pending, or actual claims that are unresolved and still
      outstanding as of the Effective Date, in each case, against Executive of which
      he is aware, if any, as a result of his membership on any boards of directors.
      

     

    (d) Other
      Entities.
      Executive agrees to serve and will be appointed, without additional
      compensation, as an officer and director for each of the Company’s subsidiaries,
      partnerships, joint ventures, limited liability companies and other affiliates,
      including entities in which the Company has a significant investment as
      determined by the Company. As used in this Agreement, the term “affiliates” will
      include any entity controlled by, controlling, or under common control of the
      Company.

     

    2. At-Will
      Employment.
      Executive and the Company agree that Executive’s employment with the Company
      constitutes “at-will” employment. Executive and the Company acknowledge that
      this employment relationship may be terminated at any time, upon written notice
      to the other party, with or without good cause or for any or no cause, at the
      option either of the Company or Executive. However, as described in this
      Agreement, Executive may be entitled to severance benefits depending upon the
      circumstances of Executive’s termination of employment. 

     

    3. Compensation.

     

    (a) Base
      Salary.
      For the
      period beginning on the Effective Date and ending December 31, 2006, the Company
      will pay Executive an annual salary of $110,000 as compensation for his services
      (such annual salary, as is then effective, to be referred to herein as “Base
      Salary”). Thereafter, Executive’s Base Salary shall be increased to $204,000 per
      annum. The Base Salary will be paid periodically in accordance with the
      Company’s normal payroll practices and be subject to the usual, required
      withholdings. 

     

    (b) Interim
      Period Bonus; Annual Incentive.
      Executive will be eligible to receive annual cash incentives payable for the
      achievement of performance goals established by the Board or by the Compensation
      Committee of the Board (the “Committee”). During the Employment Term,
Executive’s
      target annual incentive (“Target Annual Incentive”) will be not less than 25% of
      Base Salary, with a maximum potential opportunity of 200% of Base Salary. The
      actual earned annual cash incentive, if any, payable to Executive for any
      performance period will depend upon the extent to which the applicable
      performance goal(s) specified by the Committee are achieved or exceeded and
      will
      be adjusted for under- or over-performance. 

     

    (c) Stock
      Options.
      

     

    (i) On
      the
      Effective Date, Executive will be granted nonstatutory stock options to purchase
      up to 1,000,000 shares of Company common stock at a per share exercise price
      equal to the last sale price displayed by the OTC Bulletin Board for the common
      stock of the Company on the Effective Date (the “Option Grant”). The Option
      Grant will be granted under and subject to the terms, definitions and provisions
      of the Company’s 2005 Stock Plan for Directors, 

    
      
         

      

      
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    Officers
      and Consultants (the “Plan”) and will be scheduled to vest at a rate of 33% on
      each anniversary of the grant over three (3) years assuming Executive’s
      continued employment with the Company on each scheduled vesting date. Except
      as
      provided in this Agreement, the Option Grant will be subject to the Company’s
      standard terms and conditions for options granted under the Plan. The Company
      must hold a reserve and/or take the appropriate action to make adjustments
      to
      the Plan to provide for Executive’s options.

     

    (ii) On
      the
      Effective Date, Executive will be granted 250,000 shares of restricted stock
      (the “Restricted Stock Grant”). The Restricted Stock Grant will be granted under
      and subject to the terms, definitions and provisions of the Company’s Plan, and
      will vest at the rate of 50 % immediately and 25% at 6 months from October
      18,
      2006 and 25% 12 months from October 2006 assuming Executive’s continued
      employment with the Company on each scheduled vesting date. Except as provided
      in this Agreement, the Restricted Stock Grant will be subject to the Company’s
      standard terms and conditions for restricted stock granted under the
      Plan.
      

     

    (iii) The
      Company will use its commercially reasonable best efforts to register all shares
      covered by the Option Grant, and the Restricted Stock Grant on Form S-8 as
      soon
      as administratively practicable following the Effective Date.

     

    4. Employee
      Benefits.
      

     

    (a) Generally.
      Executive will be eligible to participate in accordance with the terms of all
      Company employee benefit plans, policies and arrangements that are applicable
      to
      other executive officers of the Company, as such plans, policies and
      arrangements may exist from time to time. 

     

    (b) Vacation.
      Executive will be entitled to receive paid annual vacation in accordance with
      Company policy for other senior executive officers. In no event will Executive
      receive less than four (4) weeks of paid vacation time per calendar
      year.

     

    5. Expenses.
      The
      Company will reimburse Executive for reasonable travel, entertainment and other
      expenses incurred by Executive in the furtherance of the performance of
      Executive’s duties hereunder, in accordance with the Company’s expense
      reimbursement policy as in effect from time to time.

     

    6. Termination
      of Employment.
      In the
      event Executive’s employment with the Company terminates for any reason,
      Executive will be entitled to any (a) unpaid Base Salary accrued up to the
      effective date of termination; (b) unpaid, but earned and accrued annual
      incentive for any completed fiscal year as of his termination of employment;
      (c) pay for accrued but unused vacation; (d) benefits or compensation
      as provided under the terms of any employee benefit and compensation agreements
      or plans applicable to Executive (e) unreimbursed business expenses
      required to be reimbursed to Executive, and (f) rights to indemnification
      Executive may have under the Company’s Articles of Incorporation, Bylaws, the
      Agreement, or separate indemnification agreement, as applicable. In addition,
      if
      the termination is by the Company without Cause or Executive resigns for Good
      Reason, Executive will be entitled to the amounts and benefits specified in
      Section 7.

    
      
         

      

      
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    7. Severance.

     

    (a) Termination
      Without Cause or Resignation for Good Reason other than in Connection with
      a
      Change of Control.
      If
      Executive’s employment is terminated by the Company without Cause or if
      Executive resigns for Good Reason, and such termination is not in Connection
      with a Change of Control, then, subject to Section 8, Executive will
      receive: (i) continued payment of the aggregate of Executive’s Base Salary plus
      the Target Annual Incentive for the year in which the termination occurs (less
      applicable tax withholdings) for twelve (12) months, such amounts to be paid
      out
      bi-weekly in accordance with the Company’s normal payroll policies; (ii) [full]
      vesting with respect to Executive’s then outstanding, unvested equity awards
      (other than any awards that vest based on performance), and
      (iii) reimbursement
      for premiums paid for continued health benefits for Executive (and any eligible
      dependents) under the Company’s health plans until the earlier of (i) twelve
      (12) months, payable when such premiums are due (provided Executive validly
      elects to continue coverage under the Consolidated Omnibus Budget Reconciliation
      Act (“COBRA”), or (ii)  the date upon which Executive and Executive’s
      eligible dependents become covered under similar plans.

     

    (b) Termination
      Without Cause or Resignation for Good Reason in Connection with a Change of
      Control.
      If
      Executive’s employment is terminated by the Company without Cause or by
      Executive for Good Reason, and the termination is in Connection with a Change
      of
      Control, then, subject to Section 8, Executive will receive: (i) continued
      payment of the aggregate of Executives’ Base Salary plus the Target Annual
      Incentive for the year in which the termination occurs (less applicable tax
      withholdings), for twenty-four (24) months, such amounts to be paid out
      bi-weekly in accordance with the Company’s normal payroll policies; (ii) [full]
      vesting with respect to Executive’s then outstanding unvested equity awards
      (other than any awards that vest based on performance), and (iii) reimbursement
      for premiums paid for continued health benefits for Executive (and any eligible
      dependents) under the Company’s health plans until the earlier of (i)
      twenty-four (24) months, payable when such premiums are due (provided Executive
      validly elects to continue coverage under COBRA), or (ii)  the date upon
      which Executive and Executive’s eligible dependents become covered under similar
      plans.

     

    (c) Additional
      Severance Payment.
      If
      Executive’s employment is terminated under Section 7(a) or 7(b) of this
      Agreement, then Executive will be entitled to an additional severance payment
      of
      $1,000,000 if within the first 12 months, $667,000 if within the second 12
      months, and $334,000 if within the third 12 months of this Agreement
      respectively. 

     

    (d) Voluntary
      Termination Without Good Reason or Termination for Cause.
      If
      Executive’s employment is terminated voluntarily without Good Reason or is
      terminated for Cause by the Company, then, except as provided in Section 6,
      (i) all further vesting of Executive’s outstanding equity awards will
      terminate immediately; (ii) all payments of compensation by the Company to
      Executive hereunder will terminate immediately, and (iii) Executive will be
      eligible for severance benefits only in accordance with the Company’s then
      established plans.

     

    8. Conditions
      to Receipt of Severance; No Duty to Mitigate.
      

     

    (a) Separation
      Agreement and Release of Claims.
      The
      receipt of any severance or other benefits pursuant to Section 7 will be
      subject to Executive signing and not revoking a 

    
      
         

      

      
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    separation
      agreement and release of claims in a form acceptable to the Company. No
      severance or
      other
      benefits will
      be
      paid or provided until the separation agreement and release agreement becomes
      effective.

     

    (b) Non-solicitation
      and Non-competition.
      The
      receipt of any severance or
      other
      benefits pursuant
      to Section 7 will be subject to Executive agreeing that during the
      Employment Term and
      Continuance Period, Executive will not (i) solicit any employee of the Company
      (other than Executive’s personal assistant) for employment other than at the
      Company, or (ii) directly
      or
      indirectly engage in, have any ownership interest in or participate in any
      entity that as of the date of termination, competes with the Company in any
      substantial business of the Company or any business reasonably expected to
      become a substantial business of the Company. Executive’s passive ownership of
      not more than 1% of any publicly traded company and/or 5% ownership of any
      privately held company will not constitute a breach of this Section 8(b). This
      ownership restriction does not apply to any company, whether publicly traded
      or
      privately held, that does not compete with the Company.

     

    (c) Nondisparagement.
      During
      the Employment Term and Continuance Period, Executive will not knowingly and
      materially disparage, criticize, or otherwise make any derogatory statements
      regarding the Company.
      Notwithstanding
      the foregoing, nothing contained in this agreement will be deemed to restrict
      Executive, the Company or any of the Company’s current or former officers and/or
      directors from providing information to any governmental or regulatory agency
      (or in any way limit the content of any such information) to the extent they
      are
      requested or required to provide such information pursuant to applicable law
      or
      regulation.

     

    (d) Other
      Requirements.
      Executive’s receipt of continued severance payments will be subject to Executive
      continuing to comply with the terms of the Confidential Information Agreement
      and the provisions of this Section 8. 

     

    (e) No
      Duty to Mitigate.
      Executive will not be required to mitigate the amount of any payment
      contemplated by this Agreement, nor will any earnings that Executive may receive
      from any other source reduce any such payment.

     

    9. Excise
      Tax Gross-Up.
      In the
      event that the benefits provided for in this Agreement constitute “parachute
      payments” within the meaning of Section 280G of the Internal Revenue Code of
      1986, as amended (the “Code”) and will be subject to the excise tax imposed by
      Section 4999 of the Code, then Executive will receive (i) a payment from the
      Company sufficient to pay such excise tax, and (ii) an additional payment from
      the Company sufficient to pay the federal and state income and employment taxes
      and additional excise taxes arising from the payments made to Executive by
      the
      Company pursuant to this sentence. Unless Executive and the Company agree
      otherwise in writing, the determination of Executive’s excise tax liability, if
      any, and the amount, if any, required to be paid under this Section 9 will
      be
      made in writing by the independent auditors who are primarily used by the
      Company immediately prior to the Change of Control (the “Accountants”). For
      purposes of making the calculations required by this Section 9, the Accountants
      may make reasonable assumptions and approximations concerning applicable taxes
      and may rely on reasonable, good faith interpretations concerning the
      application of Sections 280G and 4999 of the Code. Executive and the Company
      agree to furnish such information and documents as the Accountants may
      reasonably request in order to make a determination under this Section 9. 
The Company will 

    
      
         

      

      
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    bear
      all
      costs the Accountants may reasonably incur in connection with any calculations
      contemplated by this Section 9.

     

    10. Definitions.

     

    (a) Cause.
      For
      purposes of this Agreement, “Cause” will mean:

     

    (i) Executive’s
      willful and continued failure to perform the duties and responsibilities of
      his
      position after there has been delivered to Executive a written demand for
      performance from the Board which describes the basis for the Board’s belief that
      Executive has not substantially performed his duties and provides Executive
      with
      thirty (30) days to take corrective action; 

     

    (ii) Any
      act
      of personal dishonesty taken by Executive in connection with his
      responsibilities as an employee of the Company with the intention or reasonable
      expectation that such action may result in the substantial personal enrichment
      of Executive; 

     

    (iii) Executive’s
      conviction of, or plea of nolo contendere to, a felony that the Board reasonably
      believes has had or will have a material detrimental effect on the Company’s
      reputation or business;

     

    (iv) A
      breach
      of any fiduciary duty owed to the Company by Executive that has a material
      detrimental effect on the Company’s reputation or business;

     

    (v) Executive
      being found liable in any Securities and Exchange Commission or other civil
      or
      criminal securities law action or entering any cease and desist order with
      respect to such action (regardless of whether or not Executive admits or denies
      liability);

     

    (vi) Executive
      (A) obstructing or impeding; (B) endeavoring to influence, obstruct or impede,
      or (C) failing to materially cooperate with, any investigation authorized by
      the
      Board or any governmental or self-regulatory entity (an “Investigation”).
      However, Executive’s failure to waive attorney-client privilege relating to
      communications with Executive’s own attorney in connection with an Investigation
      will not constitute “Cause”; or

     

    (vii) Executive’s
      disqualification or bar by any governmental or self-regulatory authority from
      serving in the capacity contemplated by this Agreement or Executive’s loss of
      any governmental or self-regulatory license that is reasonably necessary for
      Executive to perform his responsibilities to the Company under this Agreement,
      if (A) the disqualification, bar or loss continues for more than thirty (30)
      days, and (B) during that period the Company uses its good faith efforts to
      cause the disqualification or bar to be lifted or the license replaced. While
      any disqualification, bar or loss continues during Executive’s employment,
      Executive will serve in the capacity contemplated by this Agreement to whatever
      extent legally permissible and, if Executive’s employment is not permissible,
      Executive will be placed on leave (which will be paid to the extent legally
      permissible).

     

    (b) Change
      of Control.
      For
      purposes of this Agreement, “Change of Control” will mean the occurrence of any
      of the following events: 

    
      
         

      

      
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    (i)The
      consummation by the Company of a merger or consolidation of the Company with
      any
      other corporation, other than a merger or consolidation which would result
      in
      the voting securities of the Company outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being converted
      into voting securities of the surviving entity) more than 50% of the total
      voting power represented by the voting securities of the Company or such
      surviving entity outstanding immediately after such merger or
      consolidation;

     

    (ii)The
      approval by the stockholders of the Company, or if stockholder approval is
      not
      required, approval by the Board, of a plan of complete liquidation of the
      Company or an agreement for the sale or disposition by the Company of all or
      substantially all of the Company’s assets; 

     

    (iii)Any
      “person” (as such term is used in Sections 13(d) and 14(d) of the
      Securities Exchange Act of 1934, as amended) becoming the “beneficial owner” (as
      defined in Rule 13d-3 under said Act), directly or indirectly, of
      securities of the Company representing 50% or more of the total voting power
      represented by the Company’s then outstanding voting securities; or

     

                    (iv) A
      change
      in the composition of the Board, as a result of which fewer than a majority
      of
      the directors are Incumbent Directors. “Incumbent Directors” will mean directors
      who either (A) are directors of the Company as of the date hereof, or (B) are
      elected, or nominated for election, to the Board with the affirmative votes
      of
      at least a majority of those directors whose election or nomination was not
      in
      connection with any transactions described in subsections (i), (ii), or (iii)
      or
      in connection with an actual or threatened proxy contest relating to the
      election of directors of the Company.

     

    (c) Continuance
      Period.
      For
      purposes of this Agreement, “Continuance Period” will mean the period of time
      beginning on the date of the termination of Executive’s employment and ending on
      the date on which Executive is no longer receiving Base Salary payments under
      Section 7.

     

    (d) Disability.
      For
      purposes of this Agreement, “Disability” will mean Executive’s absence from his
      responsibilities with the Company on a full-time basis for 120 calendar days
      in
      any consecutive twelve (12) months period as a result of Executive’s mental or
      physical illness or injury.

     

    (e) Good
      Reason.
      For
      purposes of this Agreement, “Good Reason” means the occurrence of any of the
      following, without Executive’s express written consent: 

     

    (i) A
      significant reduction of Executive’s duties, position, or responsibilities,
      relative to Executive’s duties, position, or responsibilities in effect
      immediately prior to such reduction; 

     

    (ii) A
      substantial reduction by the Company of the facilities and perquisites
      (including office space and location) available to Executive immediately prior
      to such reduction;

     

    (iii) A
      material reduction in the kind or level of employee benefits to which Executive
      is entitled immediately prior to such reduction with the result that Executive’s
      overall benefits package is significantly reduced other than pursuant to a
      reduction that also is applied to substantially all other executive officers
      of
      the Company;

     

    
      
         

      

      
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    (iv) A
      reduction in Executive’s Base Salary or annual cash incentive as in effect
      immediately prior to such reduction other than pursuant to a reduction that
      also
      is applied to substantially all other executive officers of the Company and
      which reduction reduces the Base Salary and/or annual cash incentive by a
      percentage reduction that is no greater than 15%;

     

    (v) The
      relocation of Executive to a facility or location more than fifty (50) miles
      from his current place of employment; or

     

    (vi) The
      failure of the Company to obtain the assumption of the employment agreement
      by a
      successor and an agreement that Executive will retain the same role and
      responsibilities in the merged or surviving parent company as he had prior
      to
      the merger under Section 1 of this Agreement.

     

    The
      failure of the Company’s stockholders to elect or reelect Executive to the Board
      will not constitute Good Reason for purposes of this Agreement.

     

    (f) In
      Connection with a Change of Control.
      For
      purposes of this Agreement, a termination of Executive’s employment with the
      Company is “in Connection with a Change of Control” if Executive’s employment is
      terminated within twelve (12) months following a Change of Control.

     

    11. Indemnification.
      Subject
      to applicable law, Executive will be provided indemnification to the maximum
      extent permitted by the Company’s Articles of Incorporation or Bylaws,
      including, if applicable, any directors and officers insurance policies, with
      such indemnification to be on terms determined by the Board or any of its
      committees, but on terms no less favorable than provided to any other Company
      executive officer or director and subject to the terms of any separate written
      indemnification agreement.

     

    12. Confidential
      Information.
      Executive will execute the Company’s standard form of confidential information,
      intellectual property, non-competition and non-solicitation agreement, appended
      hereto as Exhibit
      A
      (the
“Confidential Information Agreement”). 

     

    13. Assignment.
      This
      Agreement will be binding upon and inure to the benefit of (a) the heirs,
      executors and legal representatives of Executive upon Executive’s death, and
      (b) any successor of the Company. Any such successor of the Company will be
      deemed substituted for the Company under the terms of this Agreement for all
      purposes. For this purpose, “successor” means any person, firm, corporation, or
      other business entity which at any time, whether by purchase, merger, or
      otherwise, directly or indirectly acquires all or substantially all of the
      assets or business of the Company. None of the rights of Executive to receive
      any form of compensation payable pursuant to this Agreement may be assigned
      or
      transferred except by will or the laws of descent and distribution. Any other
      attempted assignment, transfer, conveyance, or other disposition of Executive’s
      right to compensation or other benefits will be null and void.

    
      
         

      

      
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    14. Notices.
      All
      notices, requests, demands and other communications called for hereunder will
      be
      in writing and will be deemed given (a) on the date of delivery if
      delivered personally; (b) one (1) day after being sent overnight by a
      well-established commercial overnight service, or (c) four (4) days after
      being mailed by registered or certified mail, return receipt requested, prepaid
      and addressed to the parties or their successors at the following addresses,
      or
      at such other addresses as the parties may later designate in
      writing:

     

    If
      to the
      Company:

    

    Attn:
      Chairman of the Compensation Committee

    c/o
      Corporate Secretary

    3200
      Wilcrest, Suite 575

    Houston,
      TX 77042

     

    If
      to
      Executive:

     

    at
      the
      last residential address known by the Company.

     

    15. Severability.
      If any
      provision hereof becomes or is declared by a court of competent jurisdiction
      to
      be illegal, unenforceable, or void, this Agreement will continue in full force
      and effect without said provision.

     

    16. Arbitration.
      The
      Parties agree that any and all disputes arising out of the terms of this
      Agreement, Executive’s employment by the Company, Executive’s service as an
      officer or director of the Company, or Executive’s compensation and benefits,
      their interpretation and any of the matters herein released, will be subject
      to
      binding arbitration. In the event of a dispute, the parties (or their legal
      representatives) will promptly confer to select a Single Arbitrator mutually
      acceptable to both parties. If the parties cannot agree on an Arbitrator, then
      the moving party may file a Demand for Arbitration with the American Arbitration
      Association (“AAA”) in Houston, Texas, who will be selected and appointed
      consistent with the AAA-Employment Dispute Resolution Rules, except that such
      Arbitrator must have the qualifications set forth in this paragraph. Any
      arbitration will be conducted in a manner consistent with AAA National Rules
      for
      the Resolution of Employment Disputes, supplemented by the Texas Rules of Civil
      Procedure. The Parties further agree that the prevailing party in any
      arbitration will be entitled to injunctive relief in any court of competent
      jurisdiction to enforce the arbitration award. The
      Parties hereby agree to waive their right to have any dispute between them
      resolved in a court of law by a judge or jury. This
      paragraph will not prevent either party from seeking injunctive relief (or
      any
      other provisional remedy) from any court having jurisdiction over the Parties
      and the subject matter of their dispute relating to Executive’s obligations
      under this Agreement and the Confidential Information Agreement.

     

    17. Legal
      Expenses.
      The
      Company will reimburse Executive for reasonable and actual legal expenses
      incurred by him in connection with the negotiation, preparation and execution
      of
      this Agreement. 

    
      
         

      

      
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    18. Integration.
      This
      Agreement, together with the Confidential Information Agreement and the standard
      forms of equity award grant that describe Executive’s outstanding equity awards,
      represents the entire agreement and understanding between the parties as to
      the
      subject matter herein and supersedes all prior or contemporaneous agreements
      whether written or oral. No waiver, alteration, or modification of any of the
      provisions of this Agreement will be binding unless in a writing and signed
      by
      duly authorized representatives of the parties hereto. In entering into this
      Agreement, no party has relied on or made any representation, warranty,
      inducement, promise, or understanding that is not in this Agreement. To the
      extent that any provisions of this Agreement conflict with those of any other
      agreement to be signed upon Executive’s hire, the terms in this Agreement will
      prevail.

     

    19. Waiver
      of Breach.
      The
      waiver of a breach of any term or provision of this Agreement, which must be
      in
      writing, will not operate as or be construed to be a waiver of any other
      previous or subsequent breach of this Agreement.

     

    20. Survival.
      The
      Confidential Information Agreement and the Company’s and Executive’s
      responsibilities under Sections 7 and 8 will survive the termination of this
      Agreement. 

     

    21. Headings.
      All
      captions and Section headings used in this Agreement are for convenient
      reference only and do not form a part of this Agreement.

     

    22. Tax
      Withholding.
      All
      payments made pursuant to this Agreement will be subject to withholding of
      applicable taxes.

     

    23. Governing
      Law.
      This
      Agreement will be governed by the laws of the state of Texas without regard
      to
      its conflict of laws provisions.

     

    24. Acknowledgment.
      Executive acknowledges that he has had the opportunity to discuss this matter
      with and obtain advice from his private attorney, has had sufficient time to,
      and has carefully read and fully understands all the provisions of this
      Agreement, and is knowingly and voluntarily entering into this
      Agreement.

     

    25. Conditions.
      This
      offer is conditioned upon Executive providing to Company references relating
      to
      Executive’s employment in a form acceptable to the Company, and Company’s
      satisfactory review of such references. 

     

    26. Code
      Section 409A.
      Notwithstanding
      anything to the contrary in this Agreement, if the Company reasonably determines
      that Section 409A of the Code will result in the imposition of additional tax
      to
      an earlier payment of any severance or other benefits otherwise due to Executive
      on or within the six (6) month period following Executive’s termination, the
      severance benefits will accrue during such six (6) month period and will become
      payable in a lump sum payment on the date six (6) months and one (1) day
      following the date of Executive’s termination. All subsequent payments, if any,
      will be payable as provided in this Agreement.

     

    27. Counterparts.
      This
      Agreement may be executed in counterparts, and each counterpart will have the
      same force and effect as an original and will constitute an effective, binding
      agreement on the part of each of the undersigned.

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

     

     

    IN
      WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
      of
      the Company by a duly authorized officer, as of the day and year written
      below.

     

    COMPANY:

     

    INTREPID
      HOLDINGS, INC.

     

    

     

    /s/
      James
      Shelton                                                     
      Date:
      December 19, 2006

    James
      Shelton,

    Director
      and Chairman of the Compensation Committee

     

    EXECUTIVE:

     

    

    /s/
      Toney E.
      Means                                                 
      Date:
      December 19, 2006

    Toney
      E.
      Means

    

    

    

    
      
         

      

      
        -11-Exhibit 10.1

    EXHIBIT
      10.1 

     

    

    

    2006
      NON-QUALIFIED STOCK COMPENSATION PLAN

    

    1. Purpose
      of Plan

    

    1.1 This
      2006
      NON-QUALIFIED STOCK
      COMPENSATION PLAN (the “Plan”) of China World Trade Corporation, a Nevada
      corporation (the “Company”) for employees, directors, officers, consultants,
      advisors and other persons associated with the Company, is intended to advance
      the best interests of the Company by providing those persons who have a
      substantial responsibility for its management and growth with additional
      incentive and by increasing their proprietary interest in the success of the
      Company, thereby encouraging them to maintain their relationships with the
      Company. Further, the availability and offering of stock options and common
      stock under the Plan supports and increases the Company's ability to attract
      and
      retain individuals of exceptional talent upon whom, in large measure, the
      sustained progress, growth and profitability of the Company
      depends.

    

    2. Definitions

    

    2.1 For
      Plan
      purposes, except where the context might clearly indicate otherwise, the
      following terms shall have the meanings set forth below:

    

    “Board”
      shall mean the Board of Directors of the Company.

    

    “Committee”
      shall mean the Compensation Committee, or such other committee appointed by
      the
      Board, which shall be designated by the Board to administer the Plan, or the
      Board if no committees have been established. The Committee shall be composed
      of
three
      or more persons
      as from
      time to time are appointed to serve by the Board. Each member of the Committee,
      while serving as such, shall be a disinterested person with the meaning of
      Rule
      16b-3 promulgated under the Securities Exchange Act of 1934.

    

    “Common
      Shares” shall mean the Company's Common Shares, $.001 par value per share, or,
      in the event that the outstanding Common Shares are hereafter changed into
      or
      exchanged for different shares of securities of the Company, such other shares
      or securities.

    

    “Company”
      shall mean
      China
      World Trade Corporation, a Nevada corporation,
      and any parent or subsidiary corporation of CWTD, as such terms are defined
      in
      Sections 425(e) and 425(f), respectively, of the Code.

    

    “Fair
      Market Value” shall mean, with respect to the date a given stock option is
      granted or exercised, the average of the highest and lowest reported sales
      prices of the Common Shares, as reported by such responsible reporting service
      as the Committee may select, or if there were not transactions in the Common
      Shares on such day, then the last preceding day on which transactions took
      place. The above withstanding, the Committee may determine the Fair Market
      Value
      in such other manner as it may deem more equitable for Plan purposes or as
      is
      required by applicable laws or regulations.

    

    “Optionee”
      shall mean an employee of the company who has been granted one or more Stock
      Options under the Plan.

    

    “Common
      Stock” shall mean shares of common stock which are issued by the Company
      pursuant to Section 5, below.

    

    “Common
      Stockholder” means
      the
      employee of, consultant to, or director of the Company or other person to whom
      shares of Common Stock are issued pursuant to this Plan.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    “Common
      Stock Agreement” means an agreement executed by a Common Stockholder and the
      Company as contemplated by Section 5, below, which imposes on the shares of
      Common Stock held by the Common Stockholder such restrictions as the Board
      or
      Committee deem appropriate.

    

    “Stock
      Option” or “Non-Qualified Stock Option” or “NQSO” shall mean a stock option
      granted pursuant to the terms of the Plan.

    

    “Stock
      Option Agreement” shall mean the agreement between the Company and the Optionee
      under which the Optionee may purchase Common Shares hereunder.

    

    3. Administration
      of the Plan

    

    3.1 The
      Committee shall administer the Plan and accordingly, it shall have full power
      to
      grant Stock Options and Common Stock, construe and interpret the Plan, establish
      rules and regulations and perform all other acts, including the delegation
      of
      administrative responsibilities, it believes reasonable and proper.

    

    3.2 The
      determination of those eligible to receive Stock Options and Common Stock,
      and
      the amount, type and timing of each grant and the terms and conditions of the
      respective stock option agreements and Common Stock Agreements shall rest in
      the
      sole discretion of the Committee, subject to the provisions of the
      Plan.

    

    3.3 The
      Committee may cancel any Stock Options awarded under the Plan if an Optionee
      conducts himself in a manner which the Committee determines to be inimical
      to
      the best interest of the Company, as set forth more fully in paragraph 8 of
      Article 11 of the Plan.

    

    3.4 The
      Board, or the Committee, may correct any defect, supply any omission or
      reconcile any inconsistency in the Plan, or in any granted Stock Option, in
      the
      manner and to the extent it shall deem necessary to carry it into
      effect.

    

    3.5 Any
      decision made, or action taken, by the Committee or the Board arising out of
      or
      in connection with the interpretation and administration of the Plan shall
      be
      final and conclusive.

    

    3.6 The
      Committee shall, in its discretion, have the power to issue Common Shares to
      holders of non-qualified incentive stock option agreements which are outstanding
      as of the date hereof , pursuant to the terms of those option
      agreements.  

    

    3.7 Meetings
      of the Committee shall be held at such times and places as shall be determined
      by the Committee. A majority of the members of the Committee shall constitute
      a
      quorum for the transaction of business, and the vote of a majority of those
      members present at any meeting shall decide any question brought before that
      meeting. In addition, the Committee may take any action otherwise proper under
      the Plan by the affirmative vote, taken without a meeting, of a majority of
      its
      members.

    

    3.8 No
      member
      of the Committee shall be liable for any act or omission of any other member
      of
      the Committee or for any act or omission on his own part, including, but not
      limited to, the exercise of any power or discretion given to him under the
      Plan,
      except those resulting from his own gross negligence or willful
      misconduct.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    3.9 The
      Company, through its management, shall supply full and timely information to
      the
      Committee on all matters relating to the eligibility of Optionees, their duties
      and performance, and current information on any Optionee's death, retirement,
      disability or other termination of association with the Company, and such other
      pertinent information as the Committee may require. The Company shall furnish
      the Committee with such clerical and other assistance as is necessary in the
      performance of its duties hereunder.

    

    4. Shares
      Subject to the Plan

    

    4.1 The
      total
      number of shares of the Company available for grants of Stock Options and Common
      Stock under the Plan shall be 5,000,000 Common Shares, subject to adjustment
      in
      accordance with Article 7 of the Plan, which shares may be either authorized
      but
      unissued or reacquired Common Shares of the Company.

    

    4.2 If
      a
      Stock Option or portion thereof shall expire or terminate for any reason without
      having been exercised in full, the unpurchased shares covered by such NQSO
      shall
      be available for future grants of Stock Options.

    

    5. Award
      Of Common Stock

    

    5.1 The
      Board
      or Committee from time to time, in its absolute discretion, may (a) award Common
      Stock to employees of, consultants to, and directors of the Company, and such
      other persons as the Board or Committee may select, and (b) permit Holders
      of
      Options to exercise such Options prior to full vesting therein and hold the
      Common Shares issued upon exercise of the Option as Common Stock. In either
      such
      event, the owner of such Common Stock shall hold such stock subject to such
      vesting schedule as the Board or Committee may impose or such vesting schedule
      to which the Option was subject, as determined in the discretion of the Board
      or
      Committee.

    

    5.2 Common
      Stock shall be issued only pursuant to a Common Stock Agreement, which shall
      be
      executed by the Common Stockholder and the Company and which shall contain
      such
      terms and conditions as the Board or Committee shall determine consistent with
      this Plan, including such restrictions on transfer as are imposed by the Common
      Stock Agreement.

    

    5.3 Upon
      delivery of the shares of Common Stock to the Common Stockholder, below, the
      Common Stockholder shall have, unless otherwise provided by the Board or
      Committee, all the rights of a stockholder with respect to said shares, subject
      to the restrictions in the Common Stock Agreement, including the right to
      receive all dividends and other distributions paid or made with respect to
      the
      Common Stock.

    

    5.4. Notwithstanding
      anything in this Plan or any Common Stock Agreement to the contrary, no Common
      Stockholders may sell or otherwise transfer, whether or not for value, any
      of
      the Common Stock prior to the date on which the Common Stockholder is vested
      therein.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    5.5 All
      shares of Common Stock issued under this Plan (including any shares of Common
      Stock and other securities issued with respect to the shares of Common Stock
      as
      a result of stock dividends, stock splits or similar changes in the capital
      structure of the Company) shall be subject to such restrictions as the Board
      or
      Committee shall provide, which restrictions may include, without limitation,
      restrictions concerning voting rights, transferability of the Common Stock
      and
      restrictions based on duration of employment with the Company, Company
      performance and individual performance; provided that the Board or Committee
      may, on such terms and conditions as it may determine to be appropriate, remove
      any or all of such restric-tions. Common Stock may not be sold or encumbered
      until all applicable restrictions have terminated or expire. The restrictions,
      if any, imposed by the Board or Committee or the Board under this Section 5
      need
      not be identical for all Common Stock and the imposition of any restrictions
      with respect to any Common Stock shall not require the imposition of the same
      or
      any other restrictions with respect to any other Common Stock.

    

    5.6 Each
      Common Stock Agreement shall provide that the Company shall have the right
      to
      repurchase from the Common Stockholder the unvested Common Stock upon a
      termination of employment, termination of directorship or termination of a
      consultancy arrangement, as applicable, at a cash price per share equal to
      the
      purchase price paid by the Common Stockholder for such Common
      Stock.

    

    5.7 In
      the
      discretion of the Board or Committee, the Common Stock Agreement may provide
      that the Company shall have the a right of first refusal with respect to the
      Common Stock and a right to repurchase the vested Common Stock upon a
      termination of the Common Stockholder's employment with the Company, the
      termination of the Common Stockholder's consulting arrangement with the Company,
      the termination of the Common Stockholder's service on the Company's Board,
      or
      such other events as the Board or Committee may deem appropriate.

    

    5.8 The
      Board
      or Committee shall cause a legend or legends to be placed on certificates
      representing shares of Common Stock that are subject to restrictions under
      Common Stock Agreements, which legend or legends shall make appropriate
      reference to the applicable restrictions.

    

    6. Stock
      Option Terms and Conditions

    

    6.1 Consistent
      with the Plan's purpose, Stock Options may be granted to non-employee directors
      of the Company or other persons who are performing or who have been engaged
      to
      perform services of special importance to the management, operation or
      development of the Company.

    

    6.2 All
      Stock
      Options granted under the Plan shall be evidenced by agreements which shall
      be
      subject to applicable provisions of the Plan, and such other provisions as
      the
      Committee may adopt, including the provisions set forth in paragraphs 2 through
      11 of this Section 6.

    

    6.3 All
      Stock
      Options granted hereunder must be granted within ten years from the earlier
      of
      the date of this Plan is adopted or approved by the Company's
      shareholders.

    

    6.4 No
      Stock
      Option granted to any employee or 10% Shareholder shall be exercisable after
      the
      expiration of ten years from the date such NQSO is granted. The Committee,
      in
      its discretion, may provide that an Option shall be exercisable during such
      ten
      year period or during any lesser period of time.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

        The
      Committee
      may establish installment exercise terms for a Stock Option such that the NQSO
      becomes fully exercisable in a series of cumulating portions. If an Optionee
      shall not, in any given installment period, purchase all the Common Shares
      which
      such Optionee is entitled to purchase within such installment period, such
      Optionee's right to purchase any Common Shares not purchased in such installment
      period shall continue until the expiration or sooner termination of such NQSO.
      The Committee may also accelerate the exercise of any NQSO. However, no NQSO,
      or
      any portion thereof, may be exercisable until thirty (30) days following date
      of
      grant (“30-Day Holding Period.”).

    

    6.5 A
      Stock
      Option, or portion thereof, shall be exercised by delivery of (i) a written
      notice of exercise of the Company specifying the number of common shares to
      be
      purchased, and (ii) payment of the full price of such Common Shares, as fully
      set forth in paragraph 6 of this Section 6.

     

        No
      NQSO or
      installment thereof shall be exercisable except with respect to whole shares,
      and fractional share interests shall be disregarded. Not less than 100 Common
      Shares may be purchased at one time unless the number purchased is the total
      number at the time available for purchase under the NQSO. Until the Common
      Shares represented by an exercised NQSO are issued to an Optionee, he shall
      have
      none of the rights of a shareholder.

    

    6.6 The
      exercise price of a Stock Option, or portion thereof, may be paid:

    

    A. In
      United
      States dollars, in cash or by cashier's check, certified check, bank draft
      or
      money order, payable to the order of the Company in an amount equal to the
      option price; or

    

    B. At
      the
      discretion of the Committee, through the delivery of fully paid and
      nonassessable Common Shares, with an aggregate Fair Market Value on the date
      the
      NQSO is exercised equal to the option price, provided such tendered Shares
      have
      been owned by the Optionee for at least one year prior to such exercise;
      or

    

    C. By
      a
      combination of both A and B above.

    

    D. A
      Stock
      Option, or a portion thereof, may
      also
      be exercised by means of a

    “cashless
      exercise” in which Optionee shall be entitled to receive a certificate for the
      number of Common Shares equal to the quotient obtained by dividing [(A-B) (X)]
      by (A), where:

    

    (A)
      = the
      closing price on the trading day preceding the date of such
      election;

     

    (B)
      = the
      exercise price of a Stock Option, as adjusted; and 

     

    (X)
      = the
      number of Common Shares issuable upon exercise of a Stock Option in accordance
      with the terms of the Stock Option.

     

        The
      Committee
      shall determine acceptable methods for tendering Common Shares as payment upon
      exercise of a Stock Option and may impose such limitations and prohibitions
      on
      the use of Common Shares to exercise an NQSO as it deems
      appropriate.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    6.7 With
      the
      Optionee's consent, the Committee may cancel any Stock Option issued under
      this
      Plan and issue a new NQSO to such Optionee.

    

    6.8 Except
      by
      will or the laws of descent and distribution, no right or interest in any Stock
      Option granted under the Plan shall be assignable or transferable, and no right
      or interest of any Optionee shall be liable for, or subject to, any lien,
      obligation or liability of the Optionee. Stock Options shall be exercisable
      during the Optionee's lifetime only by the Optionee or the duly appointed legal
      representative of an incompetent Optionee.

    

    6.9 If
      the
      Optionee shall die while associated with the Company or within three months
      after termination of such association, the personal representative or
      administrator of the Optionee's estate or the person(s) to whom an NQSO granted
      hereunder shall have been validly transferred by such personal representative
      or
      administrator pursuant to the Optionee's will or the laws of descent and
      distribution, shall have the right to exercise the NQSO for one year after
      the
      date of the Optionee's death, to the extent (i) such NQSO was exercisable on
      the
      date of such termination of employment by death, and (ii) such NQSO was not
      exercised, and (iii) the exercise period may not be extended beyond the
      expiration of the term of the Option.

     

        No
      transfer
      of a Stock Option by the will of an Optionee or by the laws of descent and
      distribution shall be effective to bind the Company unless the Company shall
      have been furnished with written notice thereof and an authenticated copy of
      the
      will and/or such other evidence as the Committee may deem necessary to establish
      the validity of the transfer and the acceptance by the transferee or transferee
      of the terms and conditions by such Stock Option.

     

        In
      the event
      of death following termination of the Optionee's association with the Company
      while any portion of an NQSO remains exercisable, the Committee, in its
      discretion, may provide for an extension of the exercise period of up to one
      year after the Optionee's death but not beyond the expiration of the term of
      the
      Stock Option.

    

    6.10 Any
      Optionee who disposes of Common Shares acquired on the exercise of a NQSO by
      sale or exchange either (i) within two years after the date of the grant of
      the
      NQSO under which the stock was acquired, or (ii) within one year after the
      acquisition of such Shares, shall notify the Company of such disposition and of
      the amount realized upon such disposition. The transfer of Common Shares may
      also be Common by applicable provisions of the Securities Act of 1933, as
      amended.

    

    7. Adjustments
      or Changes in Capitalization

    

    7.1 In
      the
      event that the outstanding Common Shares of the Company are hereafter changed
      into or exchanged for a different number or kind of shares or other securities
      of the Company by reason of merger, consolidation, other reorganization,
      recapitalization, reclassification, combination of shares, stock split-up or
      stock dividend:

    

    A. Prompt,
      proportionate, equitable, lawful and adequate adjustment shall be made of the
      aggregate number and kind of shares subject to Stock Options which may be
      granted under the Plan, such that the Optionee shall have the right to purchase
      such Common Shares as may be issued in exchange for the Common Shares
      purchasable on exercise of the NQSO had such merger, consolidation, other
      reorganization, recapitalization, reclassification, combination of shares,
      stock
      split-up or stock dividend not taken place;

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    B. Rights
      under unexercised Stock Options or portions thereof granted prior to any such
      change, both as to the number or kind of shares and the exercise price per
      share, shall be adjusted appropriately, provided that such adjustments shall
      be
      made without change in the total exercise price applicable to the unexercised
      portion of such NQSO's but by an adjustment in the price for each share covered
      by such NQSO's; or

    

    C. Upon
      any
      dissolution or liquidation of the Company or any merger or combination in which
      the Company is not a surviving corporation, each outstanding Stock Option
      granted hereunder shall terminate, but the Optionee shall have the right,
      immediately prior to such dissolution, liquidation, merger or combination,
      to
      exercise his NQSO in whole or in part, to the extent that it shall not have
      been
      exercised, without regard to any installment exercise provisions in such
      NQSO.

    

    7.2 The
      foregoing adjustments and the manner of application of the foregoing provisions
      shall be determined solely by the Committee, whose determination as to what
      adjustments shall be made and the extent thereof, shall be final, binding and
      conclusive. No fractional Shares shall be issued under the Plan on account
      of
      any such adjustments.

    

    8. Merger,
      Consolidation or Tender Offer

    

    8.1 If
      the
      Company shall be a party to a binding agreement to any merger, consolidation
      or
      reorganization or sale of substantially all the assets of the Company, each
      outstanding Stock Option shall pertain and apply to the securities and/or
      property which a shareholder of the number of Common Shares of the Company
      subject to the NQSO would be entitled to receive pursuant to such merger,
      consolidation or reorganization or sale of assets.

    

    8.2 In
      the
      event that:

    

    A. Any
      person other than the Company shall acquire more than 20% of the Common Shares
      of the Company through a tender offer, exchange offer or otherwise;

    

    B. A
      change
      in the “control” of the Company occurs, as such term is defined in Rule 405
      under the Securities Act of 1933;

    

    C. There
      shall be a sale of all or substantially all of the assets of the
      Company;

    

    any
      then
      outstanding Stock Option held by an Optionee, who is deemed by the Committee
      to
      be a statutory officer (“Insider”) for purposes of Section 16 of the Securities
      Exchange Act of 1934 shall be entitled to receive, subject to any action by
      the
      Committee revoking such an entitlement as provided for below, in lieu of
      exercise of such Stock Option, to the extent that it is then exercisable, a
      cash
      payment in an amount equal to the difference between the aggregate exercise
      price of such NQSO, or portion thereof, and, (i) in the event of an offer or
      similar event, the final offer price per share paid for Common Shares, or such
      lower price as the Committee may determine to conform an option to preserve
      its
      Stock Option status, times the number of Common Shares covered by the NQSO
      or
      portion thereof, or (ii) in the case of an event covered by B or C above, the
      aggregate Fair Market Value of the Common Shares covered by the Stock Option,
      as
      determined by the Committee at such time.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    8.3 Any
      payment which the Company is required to make pursuant to paragraph 8.2 of
      this
      Section 8 shall be made within 15 business days, following the event which
      results in the Optionee's right to such payment. In the event of a tender offer
      in which fewer than all the shares which are validly tendered in compliance
      with
      such offer are purchased or exchanged, then only that portion of the shares
      covered by an NQSO as results from multiplying such shares by a fraction, the
      numerator of which is the number of Common Shares acquired pursuant to the
      offer
      and the denominator of which is the number of Common Shares tendered in
      compliance with such offer shall be used to determine the payment thereupon.
      To
      the extent that all or any portion of a Stock Option shall be affected by this
      provision, all or such portion of the NQSO shall be terminated.

    

    8.4 Notwithstanding
      paragraphs 8.1 and 8.3 of this Section 8, the Committee may, by unanimous vote
      and resolution, unilaterally revoke the benefits of the above provisions;
      provided, however, that such vote is taken no later than ten business days
      following public announcement of the intent of an offer or the change of
      control, whichever occurs earlier.

    

    9. Amendment
      and Termination of Plan

    

    9.1 The
      Board
      may at any time, and from time to time, suspend or terminate the Plan in whole
      or in part or amend it from time to time in such respects as the Board may
      deem
      appropriate and in the best interest of the Company.

    

    9.2 No
      amendment, suspension or termination of this Plan shall, without the Optionee's
      consent, alter or impair any of the rights or obligations under any Stock Option
      theretofore granted to him under the Plan.

    

    9.3 The
      Board
      may amend the Plan, subject to the limitations cited above, in such manner
      as it
      deems necessary to permit the granting of Stock Options meeting the requirements
      of future amendments or issued regulations, if any, to the Code.

    

    9.4 No
      NQSO
      may be granted during any suspension of the Plan or after termination of the
      Plan.

    

    10. Government
      and Other Regulations

    

    10.1 The
      obligation of the Company to issue, transfer and deliver Common Shares for
      Stock
      Options exercised under the Plan shall be subject to all applicable laws,
      regulations, rules, orders and approval which shall then be in effect and
      required by the relevant stock exchanges on which the Common Shares are traded
      and by government entities as set forth below or as the Committee in its sole
      discretion shall deem necessary or advisable. Specifically, in connection with
      the Securities Act of 1933, as amended, upon exercise of any Stock Option,
      the
      Company shall not be required to issue Common Shares unless the Committee has
      received evidence satisfactory to it to the effect that the Optionee will not
      transfer such shares except pursuant to a registration statement in effect
      under
      such Act or unless an opinion of counsel satisfactory to the Company has been
      received by the Company to the effect that such registration is not required.
      Any determination in this connection by the Committee shall be final, binding
      and conclusive. The Company may, but shall in no event be obligated to, take
      any
      other affirmative action in order to cause the exercise of a Stock Option or
      the
      issuance of Common Shares pursuant thereto to comply with any law or regulation
      of any government authority.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    11. Miscellaneous
      Provisions

    

    11.1 No
      person
      shall have any claim or right to be granted a Stock Option or Common Stock
      under
      the Plan, and the grant of an NQSO or Common Stock under the Plan shall not
      be
      construed as giving an Optionee or Common Stockholder the right to be retained
      by the Company. Furthermore, the Company expressly reserves the right at any
      time to terminate its relationship with an Optionee with or without cause,
      free
      from any liability, or any claim under the Plan, except as provided herein,
      in
      an option agreement, or in any agreement between the Company and the
      Optionee.

    

    11.2 Any
      expenses of administering this Plan shall be borne by the Company.

    

    11.3 The
      payment received from Optionee from the exercise of Stock Options under the
      Plan
      shall be used for the general corporate purposes of the Company.

    

    11.4 The
      place
      of administration of the Plan shall be in the State of Nevada, and the validity,
      construction, interpretation, administration and effect of the Plan and of
      its
      rules and regulations, and rights relating to the Plan, shall be determined
      solely in accordance with the laws of the State of Nevada.

    

    11.5 Without
      amending the Plan, grants may be made to persons who are foreign nationals
      or
      employed outside the United States, or both, on such terms and conditions,
      consistent with the Plan's purpose, different from those specified in the Plan
      as may, in the judgment of the Committee, be necessary or desirable to create
      equitable opportunities given differences in tax laws in other
      countries.

    

    11.6 In
      addition to such other rights of indemnification as they may have as members
      of
      the Board or the Committee, the members of the Committee shall be indemnified
      by
      the Company against all costs and expenses reasonably incurred by them in
      connection with any action, suit or proceeding to which they or any of them
      may
      be party by reason of any action taken or failure to act under or in connection
      with the Plan or any Stock Option granted thereunder, and against all amounts
      paid by them in settlement thereof (provided such settlement is approved by
      independent legal counsel selected by the Company) or paid by them in
      satisfaction of a judgment in any such action, suit or proceeding, except a
      judgment based upon a finding of bad faith; provided that upon the institution
      of any such action, suit or proceeding a Committee member shall, in writing,
      give the Company notice thereof and an opportunity, at its own expense, to
      handle and defend the same, with counsel acceptable to the Optionee, before
      such
      Committee member undertakes to handle and defend it on his own
      behalf.

    

    11.7 Stock
      Options may be granted under this Plan from time to time, in substitution for
      stock options held by employees of other corporations who are about to become
      employees of the Company as the result of a merger or consolidation of the
      employing corporation with the Company or the acquisition by the Company of
      the
      assets of the employing corporation or the acquisition by the Company of stock
      of the employing corporation as a result of which it becomes a subsidiary of
      the
      Company. The terms and conditions of such substitute stock options so granted
      may vary from the terms and conditions set forth in this Plan to such extent
      as
      the Board of Directors of the Company at the time of grant may deem appropriate
      to conform, in whole or in part, to the provisions of the stock options in
      substitution for which they are granted, but no such variations shall be such
      as
      to affect the status of any such substitute stock options as a stock option
      under Section 422A of the Code.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    11.8 Notwithstanding
      anything to the contrary in the Plan, if the Committee finds by a majority
      vote,
      after full consideration of the facts presented on behalf of both the Company
      and the Optionee, that the Optionee has been engaged in fraud, embezzlement,
      theft, insider trading in the Company's stock, commission of a felony or proven
      dishonesty in the course of his association with the Company or any subsidiary
      corporation which damaged the Company or any subsidiary corporation, or for
      disclosing trade secrets of the Company or any subsidiary corporation, the
      Optionee shall forfeit all unexercised Stock Options and all exercised NQSO's
      under which the Company has not yet delivered the certificates and which have
      been earlier granted to the Optionee by the Committee. The decision of the
      Committee as to the cause of an Optionee's discharge and the damage done to
      the
      Company shall be final. No decision of the Committee, however, shall affect
      the
      finality of the discharge of such Optionee by the Company or any subsidiary
      corporation in any manner.

    

    12. Written
      Agreement

    

    12.1 Each
      Stock Option granted hereunder shall be embodied in a written Stock Option
      Agreement which shall be subject to the terms and conditions prescribed above
      and shall be signed by the Optionee and by the Chairman of the Company, for
      and
      in the name and on behalf of the Company. Such Stock Option Agreement shall
      contain such other provisions as the Committee, in its discretion shall deem
      advisable.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    Number
      of
      Shares: ______        Date
      of
      Grant: ______

    

    FORM
      OF
      NON-QUALIFIED STOCK OPTION AGREEMENT

    

    AGREEMENT
      made this ______
      day
      of _______________ 2006,
      between ___________________ (the
      “Optionee”), and China World Trade Corporation (the “Company”).

    

    1. Grant
      of Option

     

        The
      Company,
      pursuant to the provisions of the 2006 Non-Qualified Stock Compensation Plan
      (the “Plan”), adopted by the Board of Directors on December 20, 2006, the
      Company hereby grants to the Optionee, subject to the terms and conditions
      set
      forth or incorporated herein, an option to purchase from the Company all or
      any
      part of an aggregate of _________
      shares
      of its $.001 par value common stock, as such common stock is now constituted,
      at
      the purchase price of $ __
      per
      share. The provisions of the Plan governing the terms and conditions of the
      Option granted hereby are incorporated in full herein by reference.

    

    2. Exercise

     

        The
      Option
      evidenced hereby shall be exercisable in whole or in part on or after _________
      and on or before ______ ,
      provided that the cumulative number of shares of common stock as to which this
      Option may be exercised (except in the event of death, retirement, or permanent
      and total disability, as provided in paragraph 6.9 of the Plan) shall not exceed
      the following amounts:

     

               
      Cumulative           
Number Prior to Date

              
        of
      Shares               
      (Not
      Inclusive of)

    

    

    

    

    

    The
      Option evidenced hereby shall be exercisable by the delivery to and receipt
      by
      the Company of (i) written notice of election to exercise, in the form set
      forth
      in Attachment B hereto, specifying the number of shares to be purchased; (ii)
      accompanied by payment of the full purchase price thereof in cash or certified
      check payable to the order of the Company, or by fully paid and nonassessable
      common stock of the Company properly endorsed over to the Company, or by a
      combination thereof, and (iii) by return of this Stock Option Agreement for
      endorsement of exercise by the Company on Schedule I hereof. In the event fully
      paid and nonassessable common stock is submitted as whole or partial payment
      for
      shares to be purchased hereunder, such common stock will be valued at their
      Fair
      Market Value (as defined in the Plan) on the date such shares received by the
      Company are applied to payment of the exercise price.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    3. Transferability

     

        The
      Option
      evidenced hereby is not assignable or transferable by the Optionee other than
      by
      the Optionee's will or by the laws of descent and distribution, as provided
      in
      paragraph 6.9 of the Plan. The Option shall be exercisable only by the Optionee
      during his lifetime.

    

    China
      World Trade Corporation

    

    

                                                                                                                            
      By_________________________

     Name:

    ATTEST:                                                                                                          
      Title:

    

    

    

    _______________________________________

    Secretary

     

        Optionee
      hereby acknowledges receipt of a copy of the Plan, attached hereto and accepts
      this Option subject to each and every term and provision of such Plan. Optionee
      hereby agrees to accept as binding, conclusive and final, all decisions or
      interpretations of the Board of Directors administering the Plan on any
      questions arising under such Plan. Optionee recognizes that if Optionee's
      employment with the Company or any subsidiary thereof shall be terminated
      without cause, or by the Optionee, prior to completion or satisfactory
      performance by Optionee (except as otherwise provided in paragraph 6 of the
      Plan) all of the Optionee's rights hereunder shall thereupon terminate; and
      that, pursuant to paragraph 6 of the Plan, this Option may not be exercised
      while there is outstanding to Optionee any unexercised Stock Option granted
      to
      Optionee before the date of grant of this Option.

    

    Dated:____________                                                                                                              
      ____________________________________

    Optionee

     

                                                                                                                                                                                                                             
      

    Print
      Name

                                                          
      

                                                                        
                                                                                  

    Address

    

                                                                                                                                                   
____________________________________

    Social
      Security No.

     

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    ATTACHMENT
      B

    

    NOTICE
      OF
      EXERCISE

    

    

    

    To: China
      World Trade Corporation

    

    

    

    (1)  The
      undersigned hereby elects to purchase ________ shares of Common Shares (the
      “Common Shares”), of China World Trade Corporation pursuant to the terms of the
      attached Non-Qualified Stock Option Agreement, and tenders herewith payment
      of
      the exercise price in full, together with all applicable transfer taxes, if
      any.

     

    (2)  Please
      issue a certificate or certificates representing said shares of Common Shares
      in
      the name of the undersigned or in such other name as is specified
      below:

     

    

    _______________________________

    (Name)

    

    _______________________________

    (Address)

    

    _______________________________

    

    

    

    

    Dated:

    

    

    ______________________________

    Signature

    

    

    

    Optionee:________________________________   
Date
      of
      Grant: _______________________________

    

    

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    SCHEDULE
      I

    

    

    
      	
              DATE

            	
              SHARES
                PURCHASED

            	
              PAYMENT
                RECEIVED

            	
              UNEXERCISED
                

              SHARES

              REMAINING

            	
              ISSUING

              OFFICER

              INITIALS

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    
      
         

      

      
        14

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