SHELLS SEAFOOD RESTAURANTS INC
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v029912_ex10-2.htm
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STOCK
        OPTION AGREEMENT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STOCK
        OPTION AGREEMENT, made as of the 14</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        day of
        November, 2005, by and between Shells Seafood Restaurants, Inc., a Delaware
        corporation (the &#8220;Company&#8221;), and Leslie J. Christon (the
&#8220;Executive&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Grant
        of Option</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Company hereby grants to the Executive an option (the &#8220;Option&#8221;) to purchase
        903,528</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">shares
        of
        the Company&#8217;s common stock, $.01 par value per share (the &#8220;Common Stock&#8221;), at a
        purchase price per share of $0.85.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Term
        of Option</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Unless
        sooner terminated as provided herein, this Option shall expire on July 1,
        2012.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Vesting
        of Option</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        This
        Option shall become vested and exercisable with respect to 353,845 shares
        of
        Common Stock on December 31, 2005, with respect to an additional 274,842
        shares
        of Common Stock on July 1, 2007 and with respect to the remaining 274,841
        shares
        on July 1, 2008, subject to the Executive remaining in the continuous employment
        or other service with the Company through each applicable vesting date.
        Notwithstanding the preceding sentence, in the event that, within six (6)
        months
        of a Change in Control of the Company (as defined in the Amended and Restated
        Employment Agreement dated as of July 1, 2005 between the Executive and the
        Company (the &#8220;Employment Agreement&#8221;)), (i) the Executive is terminated without
        Cause (as defined in the Employment Agreement) or (ii) the Executive terminates
        her employment with the Company due to (w) a significant diminution in the
        Executive&#8217;s job responsibilities or title or (x) the Executive being required to
        relocate outside of the Tampa, Florida market (which shall mean to a location
        which is more than 50 miles outside of the city borders of Tampa), and, in
        any
        such instance, provided the Executive executes a general release of all claims
        against the Company, its officers, directors and affiliates and abides by
        the
        provisions of Sections 7 and 8(a) (iii) and (iv) of the Employment Agreement,
        then this Option shall immediately become vested and exercisable, all in
        accordance with Section 5(b) of the Employment Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination
        of Employment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination
        by Reason of Death or Permanent Disability</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        If the
        Executive&#8217;s employment with the Company is terminated due to her death or
        permanent disability (as defined in Section 6 of the Employment Agreement),
        then: (i) that portion of this Option that is vested and exercisable on the
        date
        of termination shall remain exercisable by the Executive (or, in the event
        of
        death, the Executive&#8217;s beneficiary) during the one year period following the
        date of termination but in no event after expiration of the stated term hereof
        and, to the extent not exercised during such period, shall thereupon terminate,
        provided that, in the event of a termination due to permanent disability,
        if the
        Executive dies during such one-year period, then the Executive&#8217;s beneficiary may
        exercise this Option, to the extent vested and exercisable by the Executive
        immediately prior to her death, for a period of one year following the date
        of
        death but in no event after expiration of the stated term hereof, and (ii)
        that
        portion of this Option that is not vested and exercisable on the date of
        termination shall thereupon terminate.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination
        for Cause</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        If the
        Executive&#8217;s employment is terminated by the Company for Cause, then this Option
        (whether or not then vested and exercisable) shall immediately terminate
        and
        cease to be exercisable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Other
        Termination</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        If the
        Executive&#8217;s employment with the Company terminates for any other reason (other
        than those described in Section 5(a) or 5(b) above) or no reason, then: (i)
        that
        portion of this Option that is vested and exercisable on the date of termination
        shall remain exercisable by the Executive during the ninety (90) day period
        following the date of termination but in no event after expiration of the
        stated
        term hereof and, to the extent not exercised during such period, shall thereupon
        terminate, and (ii) that portion of this Option that is not vested and
        exercisable on the date of termination shall thereupon terminate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Method
        of Exercise</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        To the
        extent vested and exercisable in accordance herewith, this Option may be
        exercised in whole or in part by delivering to the Secretary of the Company
        (a)
        a written notice specifying the number of shares to be purchased, and (b)
        payment in full of the exercise price, together with the amount, if any,
        deemed
        necessary by the Company to enable it to satisfy any tax withholding obligations
        with respect to the exercise (unless other arrangements, acceptable to the
        Company, are made for the satisfaction of such withholding obligation). The
        exercise price shall be payable in cash, bank or certified check or such
        other
        methods permitted by the Compensation Committee of the Company&#8217;s Board of
        Directors (the &#8220;Committee&#8221;) from time to time, including, without limitation,
        pursuant to a cashless exercise procedure approved by the Committee. The
        Committee may (in its sole discretion) permit all or part of the exercise
        price
        to be paid with shares of Common Stock which, if acquired through the Company,
        have been owned by the Executive for at least six (6) months (or such lesser
        or
        greater period deemed necessary by the Company to avoid the imposition of
        adverse accounting consequences to the Company) free and clear of any liens
        or
        encumbrances.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rights
        as a Stockholder</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        No
        shares of Common Stock shall be issued hereunder until full payment for such
        shares has been made and any other exercise conditions have been fully
        satisfied. The Executive shall have no rights as a stockholder with respect
        to
        any shares covered by this Option until the date such shares are reflected
        as
        having been issued to the Executive on the Company&#8217;s records. Except as
        otherwise specifically provided herein, no adjustment shall be made for
        dividends or distributions or the granting of other rights for which the
        record
        date is prior to the date such shares are issued.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Nontransferability</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Option is not assignable or transferable other than to a beneficiary designated
        to receive this Option upon the Executive&#8217;s death in a manner acceptable to the
        Company or by will or the laws of descent and distribution, and this Option
        shall be exercisable during the lifetime of the Executive only by the Executive
        (or, in the event of the Executive&#8217;s incapacity, the Executive&#8217;s legal
        representative or guardian). Any attempt by the Executive or any other person
        claiming against, through or under the Executive to cause this Option or
        any
        part of it to be transferred or assigned in any manner and for any purpose
        shall
        be null and void and without effect upon the Company, the Executive or any
        other
        person.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Adjustments
        Upon Changes in Capitalization</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Upon
        any increase, reduction, or change or exchange of the Common Stock for a
        different number or kind of shares or other securities, cash or property
        by
        reason of a reclassification, recapitalization, merger, consolidation,
        reorganization, issuance of warrants or rights, stock dividend, stock split
        or
        reverse stock split, combination or exchange of shares, repurchase of shares,
        change in corporate structure or otherwise, or any other corporate action,
        such
        as declaration of a special dividend, that affects the capitalization of
        the
        Company (a &#8220;Change in Capitalization&#8221;), an equitable substitution or adjustment
        may be made in the kind, number and/or exercise price of shares or other
        property subject to this Option, as may be determined by the Committee, in
        its
        sole discretion. Such other equitable substitutions or adjustments shall
        be made
        as may be determined by the Committee, in its sole discretion. Without limiting
        the generality of the foregoing, in connection with a Change in Capitalization,
        the Committee may provide, in its sole discretion, for the cancellation of
        this
        Option (i) in exchange for payment in cash or other property equal to the
        Fair
        Market Value of the shares of Common Stock covered by this Option (whether
        or
        not otherwise vested or exercisable), reduced by the aggregate exercise price
        of
        this Option, or (ii) for no consideration, in the case (and to the extent)
        this
        Option is not otherwise then vested or exercisable. In the event of any
        adjustment in the number of shares covered by this Option pursuant to the
        provisions hereof, any fractional shares resulting from such adjustment shall
        be
        disregarded, and this Option shall cover only the number of full shares
        resulting from the adjustment. All adjustments under this Section 8 shall
        be
        made by the Committee, and its determination as to what adjustments shall
        be
        made, and the extent thereof, shall be final, binding and conclusive. For
        purposes hereof, &#8220;Fair Market Value&#8221; on any date shall be equal to the closing
        sale price per share as published by a national securities exchange on which
        shares of the Common Stock are traded on such date or, if there is no sale
        of
        Common Stock on such date, the average of the bid and asked prices on such
        exchange at the closing of trading on such date or, if shares of the Common
        Stock are not listed on a national securities exchange on such date, the
        closing
        price or, if none, the average of the bid and asked prices in the over the
        counter market at the close of trading on such date, or if the Common Stock
        is
        not traded on a national securities exchange or the over the counter market,
        the
        fair market value of a share of the Common Stock on such date as determined
        in
        good faith by the Committee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>No
        Employment Rights</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Nothing
        contained in this Agreement shall confer upon the Executive any right with
        respect to the continuation of the Executive&#8217;s employment with the Company, or
        interfere in any way with the right of the Company at any time to terminate
        such
        employment or to increase or decrease, or otherwise adjust, the other terms
        and
        conditions of the Executive&#8217;s employment with the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Compliance
        with Law</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Shares
        of Common Stock shall not be issued pursuant to the exercise of this Option
        unless such exercise and the issuance and delivery of such shares pursuant
        thereto shall comply with all relevant provisions of law, including, without
        limitation, the Securities Act of 1933, as amended, the Securities Exchange
        Act
        of 1934, as amended, and the requirements of any stock exchange or market
        upon
        which the Common Stock may then be listed, and shall be further subject to
        the
        approval of counsel for the Company with respect to such compliance. The
        Committee may require each person acquiring shares of Common Stock to represent
        to and agree with the Company in writing that such person is acquiring the
        shares without a view to distribution thereof. All certificates for shares
        of
        Common Stock delivered hereunder shall be subject to such stock-transfer
        orders
        and other restrictions as the Committee may deem advisable under the rules,
        regulations, and other requirements of the Securities and Exchange Commission,
        any stock exchange or market upon which the Common Stock may then be listed,
        and
        any applicable federal or state securities law. The Committee may cause a
        legend
        or legends to be placed on any such certificates to make appropriate reference
        to such restrictions.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Miscellaneous</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of Delaware, without regard to its principles of conflict of laws.
        This
        Agreement constitutes the entire agreement between the parties with respect
        to
        the subject matter hereof and may not be amended other than by a written
        instrument executed by the parties hereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
        WITNESS WHEREOF, this Agreement has been executed as of the date first above
        written.</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SHELLS
                    SEAFOOD RESTAURANTS, INC.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                    </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                    Philip R.
                    Chapman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    &#160;</u></font></div>
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                    Philip R. Chapman</font></div>
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                    Chairman of the Board</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                    Leslie J.
                    Christon&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    &#160;&#160; &#160;</u></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Leslie
                    J. Christon</font></div>
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