WELLENTECH SERVICES INC
2008 EMPLOYEES COMPENSATION AND STOCK OPTION PLAN
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>wellentech_8k-ex1001.htm
<DESCRIPTION>2008 EMPLOYEES COMPENSATION AND STOCK OPTION PLAN
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    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
10.1</font></div>
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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-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">IMPLEX
CORPORATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2008
EMPLOYEES COMPENSATION AND STOCK OPTION PLAN</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>THIS EMPLOYEES COMPENSATION AND STOCK
OPTION PLAN,adopted by the Board of Directors of Implex Corporation (the
&#8220;Company&#8221;) this&#160;&#160;25<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font> day of
August, 2008,</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">WITNESSETH
THAT:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Company needs to conserve
its cash and working capital and it is desirable to have a plan which will
permit the Company to (a) compensate employees with shares of the Company&#8217;s
Common Stock in lieu of cash, and (b) incentivize and compensate employees with
stock options;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Company desires to give
its Board of Directors the flexibility to compensate employees with either
shares of the Company&#8217;s Common Stock or with stock options (Common Stock
Purchase Options);</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Company desires to provide
employees with stock options in order to form a relationship with the option
grantees and tie their compensation to the Company and its business and its
profitability;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><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">NOW,
THEREFORE, in order to carry out the foregoing purposes, the Board of Directors
of the Company hereby adopts this Employees Compensation and Stock Option Plan,
as follows:</font></div>
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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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
PLAN</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">General.</font>&#160;&#160;This
Plan encompasses the grant, by the Company&#8217;s Board of Directors, of either (A)
shares of the Company&#8217;s Common Stock, or (B) options for the purchase of shares
of the Company&#8217;s Common Stock.&#160;&#160;As such, this Plan includes a Stock
Option Plan as set forth in Article II and a Common Stock Compensation Plan, as
set forth in Article III.&#160;&#160;In each case, the Board of Directors shall
determine, in its discretion, whether to issue shares of Common Stock or to
issue Common Stock Purchase Options, or a combination thereof.&#160;&#160;If the
Board of Directors shall determine to issue shares of Common Stock, it shall do
so within the terms and conditions of Part II.&#160;&#160;If the Board of
Directors shall determine to issue Common Stock Purchase Options, it shall do so
within the terms and conditions of Part III.&#160;&#160;Finally, in the event of
a combination of compensation, the Board of Directors shall apply the applicable
portion of each Part.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Total
Number of Shares under Plan.</font>&#160;&#160;The total number of shares
issuable, either directly or upon the exercise of options granted pursuant to
this Plan, shall be limited to Two Million Five Hundred Thousand
(2,500,000).</font></div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Term
of Plan.</font>&#160;&#160;The term of this Plan shall commence upon the date
adopted by the Board of Directors of the Company and shall end on that day five
(5) years from the commencement date.&#160;&#160;Termination of the Plan shall
not, however, terminate Common Stock Purchase Options granted under Part II,
provided nevertheless that all such options shall terminate on the earlier of
(A) that day five (5) years from the date of grant or (B) that day ten (10)
years from the commencement date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4. <font style="DISPLAY: inline; FONT-STYLE: italic">Amendment of the Plan.</font> The
Board of Directors of the Company may from time to time alter, amend, suspend or
discontinue this Plan, or any part hereof, and make rules for its
administration, except that the Board of Directors shall not amend the Plan in
any manner which would have the effect of preventing options issued under the
Plan from being "incentive stock options" as defined in Section 422A of the
Internal Revenue Code of 1986.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5. <font style="DISPLAY: inline; FONT-STYLE: italic">Grants of Shares and/or Options
discretionary.</font>&#160;&#160;The granting of shares of Common Stock or
Common Stock Purchase Options under this Plan shall be entirely discretionary
with the Company&#8217;s Board of Directors (or any committee appointed by the Board
of Directors as provided in this Plan and nothing in this Plan shall be deemed
to give any employee any right to participate in this Plan or to receive shares
or options.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMON
STOCK PURCHASE OPTIONS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Purpose.</font>&#160;&#160;The
purpose of this Part II of this Plan is to secure for the Company and its
stockholders the benefits which flow from providing corporate officers,
executives, and managerial employees ("key employees") with the incentive
inherent in common stock ownership.&#160;&#160;It is generally recognized that
stock option plans aid in retaining competent executives and employees and
furnish a device to attract executives and employess of exceptional ability to
the Company because of the opportunity offered to acquire a proprietary interest
in the business.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2. <font style="DISPLAY: inline; FONT-STYLE: italic">Amount of
stock.</font>&#160;&#160;The total number of shares of Common Stock to be
subject to options granted pursuant to this Plan on and after the commencement
date of the Plan shall not exceed 2,500,000 shares of the Company's Common
Stock.&#160;&#160;This total number of shares shall be reduced, from time to
time, upon the issuance of shares of Common Stock under Part III of this Plan or
upon the reservation of shares for issuance upon the exercise of options granted
under this Part II of this Plan.&#160;&#160;This total number of shares shall
also be subject to appropriate increase or decrease in the event of a stock
dividend upon, or a subdivision, split-up, combination or reclassification of,
the shares purchasable under such options.&#160;&#160;In the event that options
granted under this Plan shall lapse without being exercised in whole or in part,
other options may be granted covering the shares not purchased under such lapsed
options or the shares may be issued in grants under Part III.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Stock Option
Committee.</font>&#160;&#160;The Board of Directors may, from time to time,
appoint a Stock Option Committee (hereinafter called the "Committee"), to serve
under this Plan.&#160;&#160;The Committee shall consist of three or more
directors.&#160;&#160;In the absence of such a committee, the entire Board of
Directors shall serve as the Stock Option Committee, and all references in this
Plan to the Committee" shall refer to the entire Board of
Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Eligibility and
participation.</font>&#160;&#160;Options may be granted pursuant to this Plan to
corporate officers, executives, and managerial employees of the Company and any
subsidiaries which may exist from time to time (hereinafter called
"employees").&#160;&#160;From time to time the Committee shall select the
employees to whom options may be granted by the Board of Directors and shall
determine the number of shares to be covered by each option so
granted.&#160;&#160;Future as well as present employees (including officers,
executives, and managerial employees who are directors) shall be eligible to
participate in the Plan.&#160;&#160;Directors who are not officers, executives,
or managerial employees of the Company or a subsidiary are not eligible to
participate in the Plan.&#160;&#160;No option may be granted under the Plan
after that day which is five (5) years from the commencement date.&#160;&#160;No
individual or entity shall be granted options having a value of more than
$100,000 under this Plan in any one fiscal year.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Option
agreement.</font>&#160;&#160;The terms and provisions of options granted
pursuant to the Plan shall be set forth in an agreement, herein called Option
Agreement, between the Company and the employee receiving the
same.&#160;&#160;The Option may be in such form, not inconsistent with the terms
of this Plan, as shall be approved by the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Price.</font>&#160;&#160;The
purchase price per share of Common Stock purchasable under options granted
pursuant to the Plan shall not be less than 100 percent of the fair market value
at the time the options are granted.&#160;&#160;The purchase price per share of
Common Stock purchasable under options granted pursuant to this Plan to a person
who owns more than 10 percent of the voting power of the Company's voting stock
shall not be less than 110 percent of the fair market value of such shares, at
the time the options are granted.&#160;&#160;For the purposes of the preceding
sentence (a) the employee shall be considered as owning the stock owned directly
or indirectly by or for himself, the stock which the employee may purchase under
outstanding options and the stock owned, directly or indirectly, by or for his
brothers and sisters (whether of the whole or half blood), spouse, ancestors,
and lineal descendants and (b) stock owned directly or indirectly, by or for a
corporation, partnership, estate, or trust shall be considered as being owned
proportionately by or for its shareholders, partners, or
beneficiaries.&#160;&#160;For all purposes of this Plan, the fair market value
of the Common Stock of the Company shall be determined in good faith at the time
of the grant of any option by decision of the Stock Option
Committee.&#160;&#160;In making such determination, the Stock Option Committee
shall not take into account the effect of any restrictions on the Common Stock
other than restrictions which, by their terms, will never lapse.&#160;&#160;The
full purchase price of shares purchased shall be paid upon exercise of the
option.&#160;&#160;Under certain circumstances such purchase price per share
shall be subject to adjustment as referred to in Section 10 of this
Plan.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Option period.</font>&#160;&#160;No
option granted pursuant to this Plan shall be exercisable after (A) the
expiration of five (5) years from the date the option is first granted or (B)
the expiration of ten (10) years from the commencement date of this
Plan.&#160;&#160;The expiration date stated in the Option Agreement is
hereinafter called the Expiration Date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8. <font style="DISPLAY: inline; FONT-STYLE: italic">Termination of
employment.</font>&#160;&#160;The Option Agreement shall provide
that:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) If
prior to the Expiration Date the employee shall for any reason whatever, other
than (1) his authorized retirement as defined in (b) below, or (2) his death,
cease to be employed by the Company or a subsidiary, any unexercised portions of
the option granted shall automatically terminate;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) If
prior to the Expiration Date the employee shall (1) retire upon or after
reaching the age which at the time of retirement is established as the normal
retirement age for employees of the Company (such normal retirement age now
being 65 years) or (2) with the written consent of the Company retire prior to
such age on account of physical or mental disability (such retirement pursuant
to (1) or (2) being deemed an "authorized retirement") any unexercised portion
of the option shall expire at the end of three (3) months after such authorized
retirement, and during such three months' period the employee may exercise all
or any part of the then unexercised portion of the option; and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) If
prior to the Expiration Date the employee shall die (at a time when he is an
officer, executive, or managerial employee the Company or a subsidiary or within
three months after his authorized retirement), the legal representatives of his
estate or a legatee or legatees shall have the privilege, for a period of six
(6) months after his death, of exercising all or any part of the then
unexercised portion of the option.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nothing
in (b) or (c) shall extend the time for exercising any option granted pursuant
to the Plan beyond the Expiration Date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9. <font style="DISPLAY: inline; FONT-STYLE: italic">Assignability.</font>&#160;&#160;The
Option Agreement shall provide that the option granted thereby shall not be
transferable or assignable by the employee otherwise than by will or by the laws
of descent and distribution and during the lifetime of the employee shall be
exercisable only by him.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10. <font style="DISPLAY: inline; FONT-STYLE: italic">Adjustment in case of stock splits,
stock dividends, etc.</font> The Option Agreement may contain such provisions as
the Board of Directors may approve as equitable concerning the effect upon the
option granted thereby and upon the per share or per unit option price, of (a)
stock dividends upon, or subdivisions, split-ups, combinations or
reclassifications of, the securities purchasable under the option, or (b)
proposals to merge or consolidate the Company or to sell all or substantially
all of its assets, or to liquidate or dissolve the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div><br>
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11. <font style="DISPLAY: inline; FONT-STYLE: italic">Stock for
investment.</font>&#160;&#160;In the absence of registration of the shares
issuable upon exercise of the Options granted hereunder, the Option Agreement
shall provide that the employee shall upon each exercise of a part of all of the
option granted represent and warrant that his purchase of stock pursuant to such
option is for investment only, and not with a view to distribution involving a
public offering.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
III</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMON
STOCK COMPENSATION PLAN</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Purpose.</font>&#160;&#160;The
purpose of this Plan is to provide compensation&#160;&#160;in the form of
Common&#160;&#160;Stock of the Company, in lieu of cash, to&#160;&#160;eligible
employees who have previously&#160;&#160;rendered&#160;&#160;services or that
will render&#160;&#160;services during the term of this 2008 Employees
Compensation and Stock Option Plan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Administration.</font>&#160;&#160;(a)&#160;&#160;This
Plan shall be administered by the Board of Directors which may from time to time
issue orders or adopt resolutions, not inconsistent with the provisions of this
Plan, to interpret the provisions and supervise the administration of this Plan.
The Company&#8217;s President and Chief Financial Officer shall make initial
determinations as to which employees will be considered to receive shares under
this Plan, and will provide a list to the Board of Directors. All final
determinations shall be by the affirmative vote of a majority of the members of
the Board of Directors at a meeting called for such purpose, or reduced to
writing and signed by a majority of the members of the Board. Subject to the
Company&#8217;s Bylaws, all decisions made by the Directors in selecting eligible
employees, establishing the number of shares, and construing the provisions of
this Plan shall be final, conclusive and binding on all persons including the
Corporation, its shareholders and employees.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;The
Board of Directors may from time to time appoint a Part III Compensation
Committee, consisting of at least one Director&#160;&#160;and one officer, none
of whom shall be eligible to participate in the Plan while members of the
Committee. The Board of Directors may delegate to such Committee the power to
select the particular employees who are to receive shares, and to determine the
number of shares to be allocated to each such recipient.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;If
the SEC Rules and or regulations relating to the issuance of Common Stock under
a Form S-8 should change during the term of this Plan, the Board of Directors
shall have the power to alter&#160;&#160;this Plan to conform to such
changes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3. <font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Eligibility.</font>&#160;&#160;(a)&#160;&#160;Shares
shall be granted only to employees that are within those classes for which Form
S-8 is applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;No
individual or entity shall be granted more than $100,000 in value under this
Plan in any one fiscal year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4. Shares
Subject to the Plan.&#160;&#160;The total number of shares of Common Stock to be
subject to options granted pursuant to this Plan on and after the commencement
date of the Plan shall not exceed 2,500,000 shares of the Company's Common
Stock.&#160;&#160;This total number of shares shall be reduced, from time to
time, upon the reservation of shares for issuance upon the exercise of options
granted under Part II of this Plan or upon the issuance of shares under this
Part III.&#160;&#160;This total number of shares shall also be subject to
appropriate increase or decrease in the event of a stock dividend upon, or a
subdivision, split-up, combination or reclassification of, the shares
purchasable under such options.&#160;&#160;In the event that options granted
under Part II of this Plan shall lapse without being exercised in whole or in
part, other options may be granted covering the shares not purchased under such
lapsed options or the shares may be issued in grants under this Part
III.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
IV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GENERAL</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Governing
Law.</font>&#160;&#160;All grants of Common Stock Purchase Options and/or shares
of Common Stock under this Plan shall be deemed to be made in Nevada and all
disputes arising hereunder shall be governed and controlled by the laws of
Nevada.&#160;&#160;In the event of any litigation arising from any Common Stock
Purchase Options granted under this Plan or any shares of Common Stock issued
under this Plan, jurisdiction and venue of any such litigation shall be in the
state and/or federal courts in Nevada.&#160;&#160;Any person receiving shares or
options hereunder shall be deemed to have agreed to such
provisions.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Benefits.</font>&#160;&#160;This
Plan shall be for the benefit of the Company and its stockholders and no
potential grantee or his/her/its personal representatives, successors and, where
applicable, assigns, shall have any rights, powers, licenses, claims or other
interest herein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">3.&#160;&#160;Paragraph
Headings.</font>&#160;&#160;The paragraph headings in this Plan are inserted for
convenience and identification only and are in no way intended to define or
limit the scope, extent, or intent of this Plan or any of the provisions
hereof.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Interpretation.</font>&#160;&#160;It
is the intent of the parties that this Agreement shall be construed and
interpreted, and that all questions arising hereunder shall be determined in
accordance with the provisions of the laws of the State of Nevada.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATION
OF ADOPTION</font></div>
    <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">(by Board
of Directors)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The undersigned, being respectively the
Chairman of the Board of Directors and the Secretary of the Board of Directors
of Implex Corporation hereby certify that the foregoing Plan was adopted by a
unanimous vote of the Board of Directors on August 25, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">/s/
      James D.
      Beatty&#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;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="40%">
              <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">James
      D. Beatty, Chairman</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">/s/
      Richard C.
      Fox&#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;&#160;&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="40%">
              <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">Richard
      C. Fox, Secretary</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
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