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Exhibit 10.34
KEY EMPLOYEE
SHARE OPTION AGREEMENT
Dated December 1, 1998
This agreement supercedes and replaces the original agreement dated May 9, 1996.
Loran Network Holding Corporation Inc. (the Company) hereby grants Leighton
Powell (a key Employee) effective April 1, 1996, the option to purchase 250,000
of its Class A common voting shares at a price of $0.13 per share. This option
shall terminate in six years from its effective date, which is March 31, 2002.
This option is in effect only while Leighton Powell is directly employed to the
Company or any of its subsidiaries. If Leighton Powell dies while employed by
the Company, his estate, personal representative or beneficiary may exercise
this option at any time within 90 days after such death.
Loran Network Holding Corporation Inc. I agree to the above terms
/s/ D. A. Levy /s/ Leighton Powell
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David Levy Leighton Powell
Chairman
