<SEC-DOCUMENT>0001206774-14-001940.txt : 20140624
<SEC-HEADER>0001206774-14-001940.hdr.sgml : 20140624
<ACCEPTANCE-DATETIME>20140613161517
ACCESSION NUMBER:		0001206774-14-001940
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140612
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140613
DATE AS OF CHANGE:		20140613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESEARCH FRONTIERS INC
		CENTRAL INDEX KEY:			0000793524
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112103466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14893
		FILM NUMBER:		14910232

	BUSINESS ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
		BUSINESS PHONE:		5163641902

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>refr_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P align=center><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>WASHINGTON, D.C. 20549 <BR>___________________</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FORM 8-K
<BR>___________________<BR></FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>CURRENT REPORT </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>PURSUANT TO SECTION 13 OR
15(d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>DATE OF REPORT (DATE OF
EARLIEST EVENT REPORTED): June 12, 2014 <BR>___________________<BR></FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR></FONT><FONT face="Times New Roman" size=2>(EXACT NAME OF
REGISTRANT AS SPECIFIED IN ITS CHARTER) </FONT><FONT face="Times New Roman"></FONT></P>
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    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>DELAWARE</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>1-9399</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>11-2103466</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(STATE OR OTHER JURISDICTION</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(COMMISSION FILE NUMBER)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(IRS EMPLOYER</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>OF INCORPORATION)</FONT></TD>
    <TD noWrap align=left width="33%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>IDENTIFICATION
NO.)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>240 CROSSWAYS PARK
DRIVE<BR>WOODBURY, NEW YORK 11797-2033<BR></FONT><FONT face="Times New Roman" size=2>(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>REGISTRANT'S TELEPHONE
NUMBER, INCLUDING AREA CODE: (516) 364-1902 </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below): </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b)) </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) </FONT><FONT face="Times New Roman"></FONT></P>
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<P align=justify><B><FONT face="Times New Roman" size=2>Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>On June 12, 2014, the Board of
Directors extended Joseph M. Harary's employment as President, Chief Executive Officer and General
Counsel through December 31, 2019. As previously authorized by the Compensation
Committee of the Board of Directors of Research Frontiers, Mr. Harary's base
salary under his Employment Agreement is $450,000
effective January 1, 2014. The foregoing summary of Mr. Harary&#146;s amended employment
agreement is qualified in its entirety by reference to the
amendment to his employment agreement which is attached hereto as Exhibit 10.1B2 and is incorporated by
reference herein. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>On June 12, 2014 the charter for the
Compensation Committee of the Board of Directors of Research Frontiers (attached as Exhibit 99.1 to this filing) was
approved by the Board of Directors.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 5.07 Submission of Matters to a
Vote of Security-Holders </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The following is a summary of how the
20,548,123 shares were voted at the Annual Meeting of Stockholders of Research
Frontiers Incorporated held on June 12, 2014 on the various proposals voted upon
and adopted at the Annual Meeting. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>For the election of Robert L. Saxe as a
Class III member of the Company's Board of Directors, 6,278,632 shares voted in
favor of election, 815,789 shares were withheld, and 13,453,702 shares were
Broker Non-Votes. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>For the ratification of the appointment
of BDO USA, LLP as independent registered accountants of the Company for the
fiscal year ending December 31, 2014, 19,329,455, shares were voted in favor of
appointment, 269,984 shares were voted against appointment, and 948,684 shares abstained
from voting. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>For the non-binding vote approving the
Company's executive compensation, 5,975,769 shares were voted in favor of
approval, 957,287 shares were voted against approval, 161,365 shares abstained
from voting, and 13,453,702 shares were Broker Non-Votes. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Item 9.01. Financial Statements and
Exhibits.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(c) Exhibits. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>10.1B2 Amendment dated June 12, 2014 to Employment Agreement by and between
Research Frontiers  Incorporated and Joseph M. Harary. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>99.1 Charter of the Compensation
Committee of Research Frontiers Incorporated. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SIGNATURES </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</FONT></P>
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    <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></TD>
    <TD noWrap align=left width="39%">&nbsp;</TD></TR>
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    <TD noWrap align=left width="4%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
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    <TD noWrap align=left width="4%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>CFO and VP, Business
Development</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dated: June 13, 2014</FONT><FONT face="Times New Roman"> </FONT></P>
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<TYPE>EX-10.1B2
<SEQUENCE>2
<FILENAME>exhibit10-1b2.htm
<DESCRIPTION>AMENDMENT DATED JUNE 12, 2014 TO EMPLOYMENT AGREEMENT
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    <TD NOWRAP ALIGN="LEFT" WIDTH="100%" STYLE="text-align: right"><FONT face="Times New Roman" size=2>June 12, 2014</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR></TABLE></DIV><BR>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>Mr. Joseph M. Harary<BR></FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>c/o Research Frontiers
Inc.<BR></FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>240
Crossways Park Drive<BR></FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Woodbury, NY 11797</FONT><FONT face="Times New Roman" size=2>-</FONT><FONT face="Times New Roman" size=2>2033</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Dear Mr. Harary:</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>This letter agreement sets forth the  terms of the
amendment to the employment agreement </FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>between
you and Research Frontiers Inc.  dated as of January 1, 2009 (the &ldquo;Employment</FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>
Agreement&rdquo;).</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>As previously authorized by the  Compensation Committee
of the Board of Directors of Research</FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>
Frontiers Inc., effective  January 1, 2014 your annual Base Salary under Section 4(a) of the</FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>
Employment Agreement shall be  $450,000.</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Effective as of June 12, 2014 all  references to &ldquo;December
31, 2013&rdquo; in the Employment</FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2> Agreement
shall be replaced with a  reference to &ldquo;December 31, 2019&rdquo;.</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>All other terms of the Employment  Agreement shall remain in
effect. If this accurately reflects </FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our
agreement, please sign  where indicated below.</FONT><FONT face="Times New Roman" size=2></FONT></P>
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    <TD style="WIDTH: 60%; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD noWrap align=left width="70%"><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Sincerely,</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR>
    <TD style="WIDTH: 60%; TEXT-ALIGN: left" noWrap></TD>
    <TD noWrap align=left width="70%">&nbsp;</TD></TR>
    <TR>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>/s/ Robert L. Saxe</FONT></TD></TR>
<TR>
    <TD style="WIDTH: 60%; TEXT-ALIGN: left" noWrap></TD>
    <TD noWrap align=left width="70%">
      <P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Robert L. Saxe<BR></FONT><FONT face="Times New Roman" size=2>Chairman of the Board of
      Directors</FONT><FONT face="Times New Roman" size=2></FONT></P></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>AGREED:</FONT><FONT face="Times New Roman" size=2></FONT></P>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD></TR>
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    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1.htm
<DESCRIPTION>CHARTER OF THE COMPENSATION COMMITTEE OF RESEARCH FRONTIERS INCORPORATED
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<P align=center><B><FONT face="Times New Roman">CHARTER OF THE COMPENSATION COMMITTEE OF
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">RESEARCH FRONTIERS INCORPORATED
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>I. Purpose </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee (the
"Compensation Committee") of the Board of Directors (the "Board") of Research
Frontiers Incorporated, a Delaware corporation (the "Company"), shall have
direct responsibility for the compensation of the Company's executive officers
(including the Company's chief executive officer), and for incentive
compensation, equity-based plans and pension plans as further provided in this
Charter. For this purpose, compensation shall include: </FONT></P>
<UL style="FONT-SIZE: 10pt; FONT-FAMILY: TIMES NEW ROMAN; TEXT-ALIGN: left"><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>annual base salary; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>annual incentive opportunity; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>stock option and/or other equity participation
  plans; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>profit-sharing plans; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>long-term incentive opportunity; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>the terms of employment agreements, severance
  arrangements, change in control agreements and other similar agreements, in
  each case as, when and if appropriate; <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>any special or supplemental benefits;
  <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>pension rights; and <BR>&nbsp;</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>any other payments that are deemed compensation
  under applicable rules and regulations of the Securities and Exchange
  Commission (the "SEC") and the NASDAQ Stock Market (the "NASDAQ").
</FONT></LI></UL>
<P align=justify><B><FONT face="Times New Roman" size=2>II. Organization </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee shall
consist of three or more directors, each of whom shall be "independent" in
accordance with applicable law, including the rules of NASDAQ, subject to any
applicable exceptions therein. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The members of the Compensation
Committee shall be appointed by the Board. Members of the Compensation Committee
may be removed at any time by action of the Board. The Compensation Committee's
chairperson shall be appointed by the Board. The Compensation Committee's
chairperson will preside at each meeting and, in consultation with the other
members of the Compensation Committee, will set the frequency and length of each
meeting and the agenda of items to be addressed at each meeting. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee may form and
delegate authority to subcommittees when appropriate, provided that the
subcommittees are composed entirely of directors who satisfy the applicable
independence requirements of the NASDAQ. </FONT></P>
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<P align=justify><FONT face="Times New Roman" size=2>If at any time the Compensation
Committee includes a member who is not a "non-employee director" ("Non-Employee
Director") within the meaning of Rule 16b-3 under the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder (the
"Exchange Act"), then either a subcommittee comprised entirely of individuals
who are Non-Employee Directors or the Board of Directors of the Company shall
approve any grants made to any individual who is subject to liability under
Section 16 of the Exchange Act. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>If at any time the Compensation
Committee includes a member who is not an "outside director" ("Outside
Director") within the meaning of Section 162(m) of the U.S. Internal Revenue
Code of 1986, as amended, and the rules and regulations promulgated thereunder
(the "Code"), then a subcommittee comprised entirely of two or more individuals
who are Outside Directors shall approve any grants made to any individual the
deductibility of whose compensation the Compensation Committee determines is or
could be affected by Section 162(m) of the Code. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>III. Meetings </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee shall meet
at least once per year, or more frequently as circumstances require. Meetings
shall be called by the chairperson of the Compensation Committee or, if there is
no chairperson, by a majority of the members of the Compensation Committee.
Members of the Compensation Committee may participate in meetings by means of
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other, and such participation
will constitute presence in person at such meeting. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>IV. Authority and Responsibilities
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee direct
responsibilities include reviewing and approving the compensation of Company's
executive officers (including the Company's chief executive officer). No
executive officer may be present during voting or deliberations relating to his
or her compensation. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>To fulfill its responsibilities, the
Compensation Committee shall have the authority, in its sole discretion, to
retain (or obtain the advice of) any, compensation consultant, legal counsel or
other advisers (referred to collectively as &#147;advisers&#148;) to assist it in the
performance of its duties, only after taking into consideration the factors
specified in NASDAQ Listing Rule 5605(d)(3) or any successor provision. However,
nothing in this provision requires that any advisers be independent. The
Compensation Committee need not conduct this independence assessment with
respect to (a) in-house legal counsel; or (b) any adviser whose role is limited
to (i) consulting on any broad-based plan that does not discriminate in scope,
terms, or operation in favor of executive officers or directors of the Company
and that is available generally to all salaried employees; or (ii) providing
information that either is not customized for a particular company or that is
customized based on parameters that are not developed by the adviser and about
which the adviser does not provide advice. The Compensation Committee shall have
direct responsibility for the appointment, compensation and oversight of the
work of any advisers engaged for the purpose of advising the Compensation
Committee, and such advisers shall report directly, and be accountable, to the
Compensation Committee. The Compensation Committee shall have sole authority to
approve the reasonable fees and the other terms and conditions of such
engagement, including authority to terminate the engagement. The Company must
provide for appropriate funding, as determined by the Compensation Committee,
for payment of reasonable compensation to any such adviser retained by the
Compensation Committee. Nothing in this provision requires the Compensation
Committee to implement <FONT face="Times New Roman" size=2>or act consistently with the
advice or recommendations of any adviser or affects the ability or obligation of
the Compensation Committee to exercise its own judgment in fulfillment of its
duties. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
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<P align=justify><FONT face="Times New Roman" size=2>The Compensation Committee shall: (1)
r</FONT><FONT face="Times New Roman" size=2>eview and reassess the adequacy of this Charter
annually and recommend to the Board any changes deemed appropriate by the
Compensation Committee, (2) report regularly to the Board, and (3) perform any
other activities consistent with this Charter, the Company's bylaws and
governing law, as the Compensation Committee or the Board deems necessary or
appropriate.</FONT><FONT face="Times New Roman"> </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Nothing in this Charter shall preclude
the Board from discussing CEO or non-CEO compensation generally or any other
subject. The foregoing responsibilities and duties set forth in this Charter
should serve as a guide only, with the express understanding that the
Compensation Committee may carry out additional responsibilities and duties and
adopt additional policies and procedures as may be necessary in light of any
changing business, legislative, regulatory, legal or other conditions.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>V. Disclosure of Charter
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>This Charter will be made available on
the Company's Web site at "</FONT><FONT face="Times New Roman" size=2>www.smartglass.com</FONT><FONT face="Times New Roman" size=2>". </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
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