-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IlXKgVkZ5QcRh2LFAafkNS9m45l5Hqs80NLIV+/fZMCWS1wa8Sf40RshNEdOqhQ0 SAYAD6ScZhgA+260BHRIpw== 0001157523-05-003940.txt : 20050428 0001157523-05-003940.hdr.sgml : 20050428 20050427202035 ACCESSION NUMBER: 0001157523-05-003940 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050427 EFFECTIVENESS DATE: 20050428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ENERGY GROUP LTD CENTRAL INDEX KEY: 0000843212 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870448843 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 333-124388 FILM NUMBER: 05777938 BUSINESS ADDRESS: STREET 1: P O BOX 489 STREET 2: 1861 BROWN BLVD,STE 655 CITY: SIMONTON STATE: TX ZIP: 77476 BUSINESS PHONE: 2813462652 MAIL ADDRESS: STREET 1: PO BOX 489 CITY: SIMONTON STATE: TX ZIP: 77476 FORMER COMPANY: FORMER CONFORMED NAME: BELIZE AMERICAN CORP INTERNATIONALE DATE OF NAME CHANGE: 19941004 FORMER COMPANY: FORMER CONFORMED NAME: DIM INC DATE OF NAME CHANGE: 19920703 S-8 1 a4875469.txt THE AMERICAN ENERGY GROUP, LTD. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ================================================================================ FORM S-8 REGISTRATION STATEMENT Under THE SECURITIES ACT OF 1933 THE AMERICAN ENERGY GROUP, LTD. (Exact name of registrant as specified in its charter) Nevada 87-0448843 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 120 Post Road West, Suite 202 Westport, CT 06880 (Address of principal executive offices) (Zip Code) 2005 Consultant Equity Participation Plan (Full title of the plan) Pierce Onthank 120 Post Road West, Suite 202 Westport, CT 06880 (Name and address of agent for service) (203) 222-7315 (Telephone number, including area code, of agent for service) CALCULATION OF REGISTRATION FEE - ----------------------- --------------------- -------------------- --------------------- -------------------- Proposed maximum Proposed maximum Title of Securities Amount to be offering price per aggregate offering Amount of to be registered registered (1) share (2) price (2) registration fee - ----------------------- --------------------- -------------------- --------------------- -------------------- Common Stock 2,000,000 $0.82 $1,640,000 $207.79 - ----------------------- --------------------- -------------------- --------------------- --------------------
(1) Includes an indeterminate number of additional shares that may be issued to adjust the number of shares issued pursuant to the stock plan described herein as the result of any future stock split, stock dividend or similar adjustment of the registrant's outstanding common stock. (2) Estimated pursuant to Rule 457(c) solely for purposes of calculating amount of registration fee, based upon the average of the high and low prices reported on April 26, 2005, as reported on the OTC Electronic Bulletin Board. 1 PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. The following documents are hereby incorporated by reference into this registration statement: (a) The Annual Report for the fiscal year ended June 30, 2004, filed by the registrant with the Securities and Exchange Commission (the "Commission") on Form 10KSB, filed by the registrant on August 30, 2004, which contains audited consolidated financial statements for the most recent fiscal year for which such statements have been filed. (b) The quarterly report for the quarter ended September 30, 2004, filed by the registrant with the Commission on Form 10QSB on November 15, 2004. (c) The quarterly report for the quarter ended December 31, 2004, filed by the registrant with the Commission on Form 10QSB on February 23, 2005. (d) In addition, all documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents. Item 4. Description of Securities. Not applicable. The class of securities to be offered is registered under Section 12 of the Exchange Act. Item 5. Interests of Named Experts and Counsel. James M. Hughes has rendered a legal opinion on the validity of the securities being registered hereunder. James M. Hughes currently owns Common Stock and is eligible to receive shares of the Company's Common Stock pursuant to this Form S-8 registration statement. Item 6. Indemnification of Directors and Officers. Section 78.037 of the Nevada Revised Statutes provides generally and in pertinent part that a Nevada corporation may contain a provision eliminating or limiting the personal liability of a director or officer to the corporation or its shareholders for damages for breach of fiduciary duty as a director other than acts or omissions which involve intentional misconduct, fraud or a knowing violation of law. Additionally, Section 78.751 of the Nevada Corporation Code permits indemnification of directors and officers for all actions that they take on behalf of the corporation that they had reasonable cause to believe was legal. This indemnification can include any and all civil, criminal and administrative action. Additionally, Nevada law permits a corporation to make financial arrangements to provide a buffer against potential liability, including the creation of a trust fund, the establishment of a program of self insurance, securing an obligation with a lien on corporate assets, or the establishment of a credit, guarantee or other surety. Article IX of our Articles of Incorporation and Article VIII of our Bylaws provide, in general, that our directors and officers shall be indemnified from expenses incurred in the defense of any proceeding so long as his or her actions were undertaken in good faith. 2 Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons under the above provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. Item 7. Exemption from Registration Claimed. Not applicable. Item 8. Exhibits. 5. Opinion regarding legality 23.1 Consent of Chisholm, Bierwolf & Nilson, LLC 23.2 Consent of James M. Hughes (included in Exhibit 5) 99.1 2005 Consultant Equity Participation Plan Item 9. Undertakings. (a) The undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement (1) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; (2) that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and (3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. 3 SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Westport, Connecticut on this 27th day of April, 2005. THE AMERICAN ENERGY GROUP, LTD. A Nevada Corporation /S/ ------------------------------------------ By: Pierce Onthank Its: President and Chief Executive Officer 4 INDEX TO EXHIBITS Exhibit Number Description 5. Opinion regarding legality 23.1 Consent of Chisholm, Bierwolf & Nilson, LLC 23.2 Consent of James M. Hughes (included in Exhibit 5) 99.1 2005 Consultant Equity Participation Plan EX-5 2 a4875469ex5.txt EXHIBIT 5 Exhibit 5. JAMES M. HUGHES Attorney and Counselor at Law 1777 N.E. Loop 410 - Suite 1500 San Antonio, Texas 78217 Telephone: (210) 821-5900 Ext. 263 Facsimile: (210) 930-3073 April 15, 2005 Board of Directors The American Energy Group, Ltd. 120 Post Road West, Suite 202 Westport, Connecticut 06880 Re: 2005 Consultant Equity Participation Plan (the "Plan") ------------------------------------------------------ Gentlemen: We have acted as counsel to The American Energy Group, Ltd., a Nevada corporation, (the "Company") in connection with the preparation and filing with the Securities and Exchange Commission under the Securities Act of 1933 of the Company's Registration Statement on Form S-8 relating to 2,000,000 shares of the Company's common stock, Par Value $.001 (the "Shares"). In connection with that registration, we have reviewed the proceedings of the Board of Directors of the Company relating to the registration and proposed issuance of the Shares, the Certificate of Incorporation of the Company and all amendments thereto, the Bylaws of the Company and all amendments thereto, and such other documents and matters as we have deemed necessary to the rendering of the following opinion. Based upon that review, it is our opinion that the Shares, when issued in conformance with the terms and conditions of the Plan, will be legally issued, fully paid, and non-assessable. We do not find it necessary for the purposes of this opinion to cover, and accordingly we express no opinion as to, the application of the securities or blue-sky laws of the various states as to the issuance and sale of the Shares. We consent to the use of this opinion in the registration statement filed with the Securities and Exchange Commission in connection with the registration of the Shares and to the reference to our firm under the heading "Interests of Named Experts and Counsel" in the registration statement. /s/ JAMES M. HUGHES 5 EX-23.1 3 a4875469ex231.txt EXHIBIT 23.1 Exhibit 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in the Registration Statement (Form S-8) of The American Energy Group, Ltd. with respect to our report dated October 1, 2004, on the financial statements included in the Annual Report (Form 10-KSB) for the fiscal years ended June 30, 2004 and 2003. Chisholm, Bierwolf & Nilson, LLC Bountiful, Utah April 15, 2005 EX-99.1 4 a4875469ex991.txt EXHIBIT 99.1 Exhibit 99.1 THE AMERICAN ENERGY GROUP, LTD. 2005 CONSULTANT EQUITY PARTICIPATION PLAN PURPOSE OF PLAN WHEREAS, the purpose of this 2005 Consultant Equity Participation Plan is to advance the interests of the Company by helping the Company obtain and retain the services of persons providing consulting services upon whose judgment, initiative, efforts and/or services the Company is substantially dependent, by offering to or providing those persons with incentives or inducements affording such persons an opportunity to become owners of capital stock of the Company. TERMS AND CONDITIONS OF PLAN 1. DEFINITIONS. Set forth below are definitions of capitalized terms that are generally used throughout this Plan, or references to provisions containing such definitions (capitalized terms whose use is limited to specific provisions are not referenced in this Section): (a) Affiliate - The term "Affiliate" is defined as any person controlling the Company, controlled by the Company, or under common control with the Company. (b) Award - The term "Award" is collectively and severally defined as any Award Shares granted under this Plan. (c) Award Shares - The term "Award Shares" is defined as shares of Common Stock granted by the Executive Committee in accordance with Section 5 of this Plan. (d) Board - The term "Board" is defined as the Board of Directors of the Company, as such body may be reconstituted from time to time. 6 (e) Common Stock - The term "Common Stock" is defined as the Company's common stock, no par value. (f) Company - The term "Company" is defined as The American Energy Group, Ltd., a Nevada corporation. (g) Disposed - The term "Disposed" (or the equivalent terms "Disposition" or "Dispose") is defined as any transfer or alienation of an Award which would directly or indirectly change the legal or beneficial ownership thereof, whether voluntary or by operation of law, or with or without the payment or provision of consideration, including, by way of example and not limitation: (i) the sale, assignment, bequest or gift of the Award; (ii) any transaction that creates or grants a right to obtain an interest in the Award; (iii) any transaction that creates a form of joint ownership in the Award between the Recipient and one or more other Persons; (iv) any Disposition of the Award to a creditor of the Recipient, including the hypothecation, encumbrance or pledge of the Award or any interest therein, or the attachment or imposition of a lien by a creditor of the Recipient of the Award or any interest therein which is not released within thirty (30) days after the imposition thereof; (v) any distribution by a Recipient which is an entity to its stockholders, partners, co-venturers or members, as the case may be, or (vi) any distribution by a Recipient which is a fiduciary such as a trustee or custodian to its settlors or beneficiaries. (h) Eligible Person - The term "Eligible Person" means any natural Person who, at a particular time, is a consultant to the Company or an Affiliate who provides bona fide consulting services to the Company or the Affiliate, provided, however, no Award hereunder may be granted to any Person in connection with the provision of any services incident to the raising of capital or promotion or maintenance of a market for the Company's securities. (i) Fair Market Value - The term "Fair Market Value" means the fair market value as of the applicable valuation date of the Award Shares, or other shares of Common Stock, as the case may be (the "Subject Shares"), to be valued as determined by the Executive Committee in its good faith judgment, but in no event shall the Fair Market Value be less than the par value of the Subject Shares. (j) Person - The term "Person" is defined, in its broadest sense, as any individual, entity or fiduciary such as, by way of example and not limitation, individual or natural persons, corporations, partnerships (limited or general), joint-ventures, associations, limited liability companies/partnerships, or fiduciary arrangements, such as trusts. (k) Plan - The term "Plan" is defined as this 2005 Consultant Equity Participation Plan. (l) Executive Committee - The term "Executive Committee" is defined as that Committee appointed by the Board to administer and interpret this Plan as more particularly described in Section 3 of the Plan; provided, however, that the term Executive Committee will refer to the Board during such times as no Executive Committee is appointed by the Board. (m) Recipient - The term "Recipient" is defined as any Eligible Person who, at a particular time, receives the grant of an Award. (n) Securities Act - The term "Securities Act" is defined as the Securities Act of 1933, as amended (references herein to Sections of the Securities Act are intended to refer to Sections of the Securities Act as enacted at the time of the adoption of this Plan by the Board and as subsequently amended, or to any substantially similar successor provisions of the Securities Act resulting from recodification, renumbering or otherwise). 7 2. TERM OF PLAN. ------------ This Plan shall be effective as of such time and date as this Plan is adopted by the Board, and this Plan shall terminate on the first business day prior to the ten (10) year anniversary of the date this Plan became effective. All Awards granted pursuant to this Plan prior to the effective date of this Plan shall not be affected by the termination of this Plan and all other provisions of this Plan shall remain in effect until the terms of all outstanding Awards have been satisfied or terminated in accordance with this Plan and the terms of such Awards. 3. PLAN ADMINISTRATION. ------------------- (a) Executive Committee. ------------------- (i) The Plan shall be administered and interpreted by a committee consisting of two (2) or more members of the Board; provided, however, no member of the Board who may serve as a member of the Executive Committee if such person serves or served as a member of the Executive Committee with respect to any plan (other than this Plan) of the Company or its Affiliates which plan was or is established to comply with the provisions of Rule 16b-3(c)(2)(i) to the Securities and Exchange Act of 1934, as amended (i.e., pertaining to the establishment of so-called "Section 16b-3 Plans"), and, by reason of such person's proposed service as a member of the Executive Committee, such person would not be considered a "disinterested" person within the meaning of said Rule with respect to such other plan. (ii) Members of the Executive Committee may resign at any time by delivering written notice to the Board. Vacancies in the Executive Committee shall be filled by the Board. The Executive Committee shall act by a majority of its members in office. The Executive Committee may act either by vote at a meeting or by a memorandum or other written instrument signed by a majority of the Executive Committee. (iii) If the Board, in its discretion, does not appoint a Executive Committee, the Board itself will administer and interpret the Plan and take such other actions as the Executive Committee is authorized to take hereunder; provided that the Board may take such actions hereunder in the same manner as the Board may take other actions under the Certificate of Incorporation and bylaws of the Company generally. (b) Eligibility of Executive Committee Members to Receive Awards. While serving on the Executive Committee, such members shall not be eligible for selection as Eligible Persons to whom an Award may be granted under the Plan. (c) Power to Make Awards. The Executive Committee shall have the full and final authority in its sole discretion, at any time and from time-to-time, subject only to the express terms, conditions and other provisions of the Certificate of Incorporation of the Company and this Plan, and the specific limitations on such discretion set forth herein, to: (i) Designate the Eligible Persons or classes of Eligible Persons eligible to receive Awards from among the Eligible Persons; 8 (ii) Grant Awards to such selected Eligible Persons or classes of Eligible Persons in such form and amount (subject to the terms of the Plan) as the Executive Committee shall determine; (iii) Interpret the Plan, adopt, amend and rescind rules and regulations relating to the Plan, and make all other determinations and take all other action necessary or advisable for the implementation and administration of the Plan; and (iiii) Delegate all or a portion of its authority under subsections (i) and (ii) of this Section 3(c) to one or more directors of the Company who are executive officers of the Company, subject to such restrictions and limitations (such as the aggregate number of shares of Common Stock that may be awarded) as the Executive Committee may decide to impose on such delegate directors. In determining the recipient, form and amount of Awards, the Executive Committee shall consider any factors deemed relevant, including the recipient's functions, responsibilities, value of services to the Company and past and potential contributions to the Company's profitability and sound growth. (d) Interpretation Of Plan. The Executive Committee shall, in its sole and absolute discretion, interpret and determine the effect of all matters and questions relating to this Plan. The interpretations and determinations of the Executive Committee under the Plan (including without limitation determinations pertaining to the eligibility of Persons to receive Awards, the form, amount and timing of Awards, the methods of payment for Awards, and the other terms and provisions of Awards and the certificates or agreements evidencing same) need not be uniform and may be made by the Executive Committee selectively among Persons who receive, or are eligible to receive, Awards under the Plan, whether or not such Persons are similarly situated. All actions taken and all interpretations and determinations made under this Plan in good faith by the Executive Committee shall be final and binding upon the Recipient, the Company, and all other interested Persons. No member of the Executive Committee shall be personally liable for any action taken or decision made in good faith relating to this Plan, and all members of the Executive Committee shall be fully protected and indemnified to the fullest extent permitted under applicable law by the Company in respect to any such action, determination, or interpretation. (e) Compensation; Advisors. Members of the Executive Committee shall receive such compensation for their services as members as may be determined by the Board. All expenses and liabilities incurred by members of the Executive Committee in connection with the administration of the Plan shall be borne by the Company. The Executive Committee may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers, or other Persons, at the cost of the Company. The Executive Committee, the Company and its officers and directors shall be entitled to rely upon the advice, opinions, or valuations of any such Persons. 4. STOCK POOL. ---------- (a) Maximum Number of Shares Authorized Under Plan. Shares of stock which may be issued or granted under the Plan shall be authorized and unissued or treasury shares of Common Stock. The aggregate maximum number of shares of Common Stock which may be issued as a grant of Award Shares shall not exceed 2,000,000 shares of Common Stock (the "Stock Pool"). 9 (b) Date of Award. The date an Award is granted shall mean the date selected by the Executive Committee as of which the Executive Committee allots a specific number of shares to a Recipient with respect to such Award pursuant to the Plan. 5. AWARD SHARES. ------------ (a) Grant. The Executive Committee may from time to time, and subject to the provisions of the Plan and such other terms and conditions as the Executive Committee may prescribe, grant to any Eligible Person one or more shares of Common Stock ("Award Shares") allotted by the Executive Committee. The grant of Award Shares or grant of the right to receive Award Shares shall be evidenced by either a written consulting agreement or a separate written agreement confirming such grant, executed by the Company and the Recipient, stating the number of Award Shares granted and stating all terms and conditions of such grant. (b) Purchase Price and Manner of Payment. The Executive Committee, in its sole discretion, may grant Award Shares in any of the following instances: (i) as a "bonus" or "reward" for services previously rendered and compensated, in which case the recipient of the Award Shares shall not be required to pay any consideration for such Award Shares, and the value of such Award Shares shall be the Fair Market Value of such Award Shares on the date of grant; or (ii) as "compensation" for the previous performance or future performance of services or attainment of goals, in which case the recipient of the Award Shares shall not be required to pay any consideration for such Award Shares (other than the performance of his services), and the value of such Award Shares received (together with the value of such services or attainment of goals attained by the Recipient), may not be less than one hundred percent (100%) of the Fair Market Value of such Award Shares on the date of grant; or 6. ADJUSTMENTS. ----------- (a) Subdivision or Stock Dividend. If (i) outstanding shares of Common Stock shall be subdivided into a greater number of shares by reason of recapitalization or reclassification, the number of shares of Common Stock, if any, available for issuance in the Stock Pool shall, simultaneously with the effectiveness of such subdivision or immediately after the record date of such dividend, be proportionately increased, and (ii) conversely, if the outstanding shares of Common Stock shall be combined into a smaller number of shares, the number of shares of Common Stock, if any, available for issuance in the Stock Pool shall, simultaneously with the effectiveness of such combination, be proportionately increased. (b) Adjustments Determined in Sole Discretion of Board. To the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. (c) No Other Rights to Recipient. Except as expressly provided in this Section 6, (i) the Recipient shall have no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class, and (ii) the dissolution, liquidation, merger, consolidation or divisive reorganization or sale of assets or stock to another corporation, or any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares. The grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets. 10 7. EMPLOYMENT STATUS. ----------------- In no event shall the granting of an Award be construed as granting a continued right of employment to a Recipient if such Person is employed by the Company, nor effect any right which the Company may have to terminate the employment of such Person, at any time, with or without cause, except to the extent that such Person and the Company have agreed otherwise in writing. 8. AMENDMENT AND DISCONTINUATION OF PLAN; MODIFICATION OF AWARDS. -------------------------------------------------------------- (b) Amendment, Modification or Termination of Plan. The Board may amend the Plan or suspend or discontinue the Plan at any time or from time-to-time; provided, however no such action may adversely alter or impair any Award previously granted under this Plan without the consent of each Recipient affected thereby. (b) Compliance with Laws. The Executive Committee may at any time or from time-to-time, without receiving further consideration from any Person who may become entitled to receive or who has received the grant of an Award hereunder, modify or amend Awards granted under this Plan as required to: (i) comply with changes in securities, tax or other laws or rules, regulations or regulatory interpretations thereof applicable to this Plan or Awards thereunder or to comply with stock exchange rules or requirements. * * * * * 11 -----END PRIVACY-ENHANCED MESSAGE-----