EXHIBIT 4.3
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LUNA TECHNOLOGIES INTERNATIONAL, INC.
STOCK BONUS PLAN(As Amended)
l. Purpose. The purpose of this Stock Bonus Plan is to advance
the
interests of Luna Technologies
International, Inc. (the "Company") and its
shareholders, by encouraging and enabling
selected officers, directors,
consultants and key employees upon whose
judgment, initiative and effort the
Company is largely dependent for the
successful conduct of its business, to
acquire and retain a proprietary interest
in the Company by ownership of its
stock, to keep personnel of experience and
ability in the employ of the Company
and to compensate them for their
contributions to the growth and profits of the
Company and thereby induce them to continue
to make such contributions in the
future.
2. Definitions.
A. "Board" shall mean the board of directors of the Company.
B. "Committee" means the directors duly appointed to administer
the Plan.
C. "Plan" shall mean this Stock Bonus Plan.
D. "Bonus Share" shall mean the shares of common stock of the
Company reserved pursuant to Section 4
hereof and any such shares issued to a
Recipient pursuant to this Plan.
E. "Recipient" shall mean any individual rendering services for
the Company to whom shares are granted
pursuant to this Plan.
3. Administration of Plan. The Plan shall be administered by a
committee of two or more directors
appointed by the Board (the "Committee"). The
Committee shall report all action taken by
it to the Board. The Committee shall
have full and final authority in its
discretion, subject to the provisions of
the Plan, to determine the individuals to
whom and the time or times at which
Bonus Shares shall be granted and the
number of Bonus Shares; to construe and
interpret the Plan; and to make all other
determinations and take all other
actions deemed necessary or advisable for
the proper administration of the Plan.
All such actions and determinations shall
be conclusively binding for all
purposes and upon all persons.
4. Bonus Share Reserve. There shall be established a Bonus
Share
Reserve to which shall be credited
1,650,000 shares of the Company's common
stock. In the event that the shares of
common stock of the Company should, as a
result of a stock split or stock dividend
or combination of shares or any other
change, or exchange for other securities by
reclassification, reorganization,
merger, consolidation, recapitalization or
otherwise, be increased or decreased
or changed into or exchanged for, a
different number or kind of shares of stock
or other securities of the Company or of
another corporation, the number of
shares then remaining in the Bonus Share
Reserve shall be appropriately adjusted
to reflect such action. Upon the grant of
shares hereunder, this reserve shall
be reduced by the number of shares so
granted. Distributions of Bonus Shares
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may, as the Committee shall in its sole
discretion determine, be made from
authorized but unissued shares or from
treasury shares. All authorized and
unissued shares issued as Bonus Shares in
accordance with the Plan shall be
fully paid and non-assessable and free from
preemptive rights.
5. Eligibility, and Granting and Vesting of Bonus Shares. Bonus
Shares
may be granted under the Plan to the
Company's (or the Company's subsidiaries)
employees, directors and officers, and
consultants or advisors to the Company
(or its subsidiaries), provided however
that bona fide services shall be
rendered by such consultants or advisors
and such services must not be in
connection with the offer or sale of
securities in a capital-raising
transaction.
The term "employee" includes former employees as well as
executors, administrators or beneficiaries
of the estates of deceased employees,
guardians or members of a committee for
incompetent former employees, or similar
persons duly authorized by law to
administer the estate or assets of former
employees.
The Committee, in its sole discretion, is empowered to grant to
an
eligible Participant a number of Bonus
Shares as it shall determine from time to
time. Each grant of these Bonus Shares
shall become vested according to a
schedule to be established by the Committee
directors at the time of the grant.
For purposes of this plan, vesting shall
mean the period during which the
recipient must remain an employee or
provide services for the Company. At such
time as the employment of the Recipient
ceases, any shares not fully vested
shall be forfeited by the Recipient and
shall be returned to the Bonus Share
Reserve. The Committee, in its sole
discretion, may also impose restrictions on
the future transferability of the bonus
shares, which restrictions shall be set
forth on the notification to the Recipient
of the grant.
The aggregate number of Bonus Shares which may be granted
pursuant
to this Plan shall not exceed the amount
available therefore in the Bonus Share
Reserve.
6. Form of Grants. Each grant shall specify the number of Bonus
Shares
subject thereto, subject to the provisions
of Section 5 hereof.
At the time of making any grant, the Committee shall advise the
Recipient by delivery of written notice, in
the form of Exhibit A hereto
annexed.
7. Recipients' Representations.
A. The Committee may require that, in acquiring any Bonus
Shares,
the Recipient agree with, and represent to,
the Company that the Recipient is
acquiring such Bonus Shares for the purpose
of investment and with no present
intention to transfer, sell or otherwise
dispose of shares except such
distribution by a legal representative as
shall be required by will or the laws
of any jurisdictio
