Exhibit 10.1

                    GRAND CANYON VENTURES FOUR, INCORPORATED


        1 9 9 8  C O M P E N S A T O R Y  S T O C K  O P T I O N  P L A N




1.   Purpose of this Plan.

     This Compensatory Stock Option Plan ("Plan") is intended as an employment
incentive, to aid in attracting and retaining in the employ or service of GRAND
CANYON VENTURES FOUR, INCORPORATED ("Company"), a Colorado corporation, and any
Affiliated Company, persons of experience and ability and whose services are
considered valuable, to encourage the sense of proprietorship in such persons,
and to stimulate the active interest of such persons in the development and
success of the Company. This Plan provides for the issuance of non-statutory
stock options ("CSOs" or "Options") which are not intended to qualify as
"incentive stock options" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended ("Code"). Certain other terms also are defined
in Paragraph 17 and elsewhere of this Plan.

2.   Administration of this Plan.

     The Company's Board of Directors ("Board") may appoint and maintain as
administrator of this Plan the Compensation Committee ("Committee") of the Board
which shall consist of at least two members of the Board who are Non-Employee
Directors as defined in Rule 16b-3 under the Securities Exchange Act of 1934, as
amended ("Exchange Act"). At any time that the Committee is not duly
constituted, the Board itself shall have and fulfill the duties herein allocated
to the Committee. The Committee shall have full power and authority to designate
Plan participants, to determine the provisions and terms of respective CSOs
(which need not be identical as to number of shares covered by any CSO, the
method of exercise as related to exercise in whole or in installments, or
otherwise), including the CSO price, and to interpret the provisions and
supervise the administration of this Plan. The Committee may in its discretion
provide that certain CSOs not vest (that is, become exercisable) until
expiration of a certain period after issuance or until other conditions are
satisfied, so long as not contrary to this Plan.

     A majority of the members of the Committee shall consititue a quorum. All
decisions and selections made by the Committee pursuant to this Plan's
provisions shall be made by a majority of its members. Any decision reduced to
writing and signed by all of the members shall be fully effective as if it had
been made by a majority at a meeting duly held. The Committee shall select one
of its members as its chairman and shall hold its meetings at such times and
places as it deems advisable. Each Option shall be evidenced by a written
agreement containing terms and conditions established by the Committee
consistent with the provisions of this Plan.

3.   Designation of Participants.

     Only Employees shall be eligible for participation in this Plan. The
Committee shall have full power to designate, from among eligible individuals,
the persons to whom CSOs may be granted. A person who has been granted a CSO

<PAGE>


hereunder may be granted an additional CSO or CSOs, if the Committee shall so
determine. Persons eligible under this Plan additionally may be granted one or
more options under any other compensation or stock option plan or awarded shares
under any other benefit plan of the Company. No Option shall confer any right
upon the Optionee with respect to the continuation of his employment (or his
position as an officer, director, employee or consultant) with the Company or
any Affiliated Company, and shall not interfere with the right of the Company or
any Affiliated Company to terminate such relationship(s) at any time in
accordance with law and any agreements then in force.

4.   Stock Reserved for this Plan.

     Subject to adjustment as provided in Paragraph 9 below, a total of
1,500,000 shares of Common Stock of the Company ("Option Stock" or "Option
Shares") shall be subject to this Plan. The Option Stock subject to this Plan
shall consist of unissued shares of Common Stock or previously issued shares of
Common Stock reacquired and held by the Company or any Affiliated Company, and
such number of Option Shares shall be and is hereby reserved for sale for such
purpose. Any Option Shares which may remain unsold and which are not subject to
outstanding CSOs at the termination of this Plan shall cease to be reserved for
the purpose of this Plan, but until termination of this Plan the Company shall
at all times reserve a sufficient number of shares to meet the requirements of
this Plan. Should any CSO expire or be cancelled prior to its exercise in full,
the unexercised Option Shares theretofore subject to such CSO may again be
subjected to a CSO under this Plan.

5.   Option Exercise Price.

     The purchase (exercise) price of each share of Option Stock made subject to
an Option shall not be less than eighty-five percent (85%) of the Fair Market
Value of a share of Common Stock on the date the Option is granted. For purposes
of this Plan, the "Fair Market Value" of a share of the Company's Common Stock
as of a given date shall be: (i) the closing price of a share of the Company's
Common Stock on the principal exchange, NASDAQ system, NASDAQ Small Cap Market,
or other quotation medium, on which shares of the Company's Common Stock are
then trading or quoted, or (ii) if the Company's Common Stock is not publicly
traded, the fair market value established by the Committee acting in good faith.
The cash proceeds from the sale of Option Stock are to be added to the general
funds of the Company.

6.   Exercise Period; Vesting. (a) An Option shall have a term of not more than
ten (10) years from the date of grant and shall automatically terminate:

          (i)  Upon termination of the Optionee's employment with the Company
               for cause;

          (ii) At the expiration of a period to be determined by the Committee
               at the time of grant which is not to exceed twelve (12) months
               following the date of termination of the Optionee's employment
               with the Company without cause for any reason other than death;
               provided, that if no such period is specified in the Option, the
               Option shall automatically terminate thirty (30) days following
               termination of Optionee's employment; provided, further, that if
               the Optionee dies within such period, subclause (iii) below shall
               apply; or

          (iii) At the expiration of twelve (12) months after the date of death
               of the Optionee; provided, that the Committee may in its
               discretion provide that any Option not be exercisable after the
               Optionee's death or may be exercised for a period less than
               twelve months.

<PAGE>


          (iv) Unless otherwise specified in the Option, if termination is due
               to the Optionee's "permanent and total disability" within the
               meaning of Section 422(c)(6) of the Code, an Option may be
               exercised at any time within twelve (12) months following
               termination of employment or relationship as a consultant or
               director.

     (b) "Employment with the Company" as used in this Plan shall include
employment or relationship as a consultant, adviser or director with the Company
or any Affiliated Company in any such capacity, even if employment or engagement
in another capacity ceases. Options granted under this Plan shall not be
affected by an employee's transfer of employment among the Company and any one
or more Affiliated Companies. An Optionee's employment with the Company shall
not be deemed interrupted or terminated by a bona fide leave of absence (such as
sabbatical leave or employment by the Government) duly approved, military leave
or sick leave. As to consultants, advisers or other non-employee providers of
services, employment with the Company shall be deemed to cease upon formal
termination of the Optionee's engagement.

     (c) Each Option may be made exercisable (that is, vest) in whole or in
installments, cumulative or otherwise, during its term, or subject to other
restrictions or limitations. Unless otherwise set forth in the granting
resolution, an Option shall vest immediately upon grant. If an Option is made to
vest over time, any portion not vested at the time of termination of employment
or relationship as a director or consultant with the Company shall lapse as if
never granted. Nothing contained in this Section shall be construed to extend
the term of any Option or to permit anyone to exercise an Option after
expiration of its term, nor shall it be construed to increase the number of
shares as to which any Option is exercisable from the amount exercisable on the
date of termination of the Optionee's employment or relationship as a consultant
or director.

7.   Exercise of Options.

     (a) The Committee, in granting CSOs, shall have discretion to determine the
terms upon which CSOs shall be exercisable, subject to applicable provisions of
this Plan. Once available for purchase, unpurchased Option Shares shall remain
subject to purchase until the CSO expires or terminates in accordance with
Paragraph 6 above. Unless otherwise provided in the CSO, a CSO may be exercised
in whole or in part, one or more times, but no CSO may be exercised for a
fractional share. Resulting fractions shall be rounded up or down, as
appropriate.

     (b) CSOs may be exercised solely by the Optionee or a permitted transferee
during his lifetime or by a spouse or former spouse pursuant to a qualified
domestic relations order, or if the Option permits, after his death (with
respect to the number of shares which the Optionee could have purchased at the
time of death) by the person or persons entitled thereto under the decedent's
will or the laws of descent and distribution.

     (c) The purchase price of the Option Shares as to which a CSO is exercised
shall be paid or delivered in full at the time of exercise and no Option Shares
shall be issued until full payment is made therefor. Payment shall be made by
any one or more of the following means:

     (i)  in cash, represented by bank or cashier's check, certified check or
          money order, or made by bank wire transfer;

     (ii) by offsetting against the purchase price a cash obligation of the
          Company which is both liquidated (meaning the dollar amount is fixed
          and known or easily determinable) and uncontested;

<PAGE>


     (iii) with the prior approval of the Committee, by delivering shares of the
          Company's Common Stock which have been beneficially owned by the
          Optionee, the Optionee's spouse or both of them, for a period of at
          least six (6) months prior to the time of exercise (the "Delivered
          Stock"), the Delivered Stock to be valued by the Committee in good
          faith at its Fair Market Value on the date of exercise;

     (iv) with the prior approval of the Committee, by delivery of shares of
          corporate stock which are freely tradeable without restriction and
          which are part of a class of securities which has been listed for
          trading on the Nasdaq National Market System, the Nasdaq Small Cap
          Market or a national securities exchange, with an aggregate Fair
          Market Value on the date of exercise equal to or greater than the
          exercise price of the Option Shares being purchased under the Option
          ("Other Shares"); or

     (v)  with the prior approval of the Committee, by delivering to the Company
          the Optionee's personal recourse promissory note, adequately secured
          by property other than the Option Shares thereby purchased, containing
          such terms and conditions as the Committee shall determine.

     (d) An Option shall be deemed exercised when written notice thereof,
accompanied by the appropriate payment in full, is received by the Company. No
holder of an Option shall be, or have any of the rights and privileges of, a
shareholder of the Company in respect of any Option Shares purchasable upon
exercise of an Option unless and until certificates evidencing such shares shall
have been issued by the Company to him, her or it.

     (e) An Option may, but need not, provide that the Optionee may at any time
when and to the extent the Option is exercisable, effect an Option Exchange,
provided the then market price of the Common Stock exceeds the Option's exercise
price. To effect an Option Exchange, the Optionee must surrender the Option at
the Company's principal offices stating the intent to effect the Option Exchange
and the number of Option Shares being exchanged, and the Option Exchange shall
be deemed to take place on the date of the Company's receipt thereof or such
later date as the Optionee specifies in writing. In connection with any Option
Exchange, an Option shall represent the right to subscribe for and acquire the
number of Option Shares equal to [i] the number of Option Shares specified by
the Optionee in its notice of exchange (the "Total Number") LESS [ii] the number
of Option Shares equal to the quotient obtained by dividing (A) the product of
the Total Number and the exercise price by (B) the current Fair Market Value of
a share of the Common Stock on the date of exchange, or if such date is not a
trading day, on the trading day preceding. One or more certificates for the
Option Shares issuable and, if applicable, a new Option of like tenor evidencing
the balance of the Option Shares remaining subject to the Option, shall be
issued as of the exercise date.

8.   Non-Transferability of Options.

     No Option shall be assignable or otherwise transferable except by will or
by operation of law, pursuant to a qualified domestic relations order (as
defined in Rule 16b-3 of the Securities and Exchange Commission, or any
successor rule), or pursuant to Title I of the Employee Retirement Income
Security Act of 1974, as amended (ERISA), or rules thereunder. No CSO shall be
pledged or hypothecated in any manner, whether by operation of law or otherwise,
nor be subject to execution, attachment or similar process. The same
restrictions on transfer or assignment shall apply to any heirs, devisees,
beneficiaries, legal representatives or other persons acquiring this Option or
an interest herein under such an instrument or by operation of law. Any attempt
to transfer or otherwise dispose of an Option in contravention of its terms
shall void the Option.

<PAGE>


9.   Reorganizations and Recapitalizations of the Company.

     (a) No Limit Imposed on Corporate Powers. The existence of this Plan and
Options granted hereunder shall not affect in any way the right or power of the
Company or its shareholders to make or authorize any and all adjustments,
recapitalizations, reorganizations or other changes in the Company's capital
structure or its business, or any merger or consolidation of the Company, or any
issue of bonds, debentures or other indebtedness, or any preferred or prior
preference stocks senior to or affecting the Common Stock or the rights thereof,
or the dissolution or liquidation of the Company, or any sale, exchange or
transfer of all or any part of its assets or business, or any other corporate
act or proceeding, whether of a similar character or otherwise.

     (b) Certain Adjustments to be Made. The Option Shares with respect to which
Options may be granted hereunder are shares of the Common Stock of the Company
as currently constituted. In certain instances, the number of shares purchasable
upon exercise of Options and the exercise price shall be adjusted as provided
herein. All adjustments and made under this Section shall be made by the
Committee in good faith in its sole discretion. Every adjustment in outstanding
Options shall be made without change in the total price applicable to the
unexercised portion of the Option but with a corresponding adjustment in the
exercise price per share and number (and if applicable, kind) of shares
purchasable.

     (c) Stock Splits, Stock Combinations, Etc. If, and whenever, prior to
delivery by the Company of all of the Option Shares which are subject to Options
granted hereunder, the Company shall effect a split or combination of the Common
Stock or other capital readjustment, the payment of a Common Stock dividend, or
recapitalization, reclassification or other increase or reduction of the number
of shares of the Common Stock outstanding without receiving compensation
therefor in money, services or property, then the number of Option Shares
available under this Plan and the number of Option Shares with respect to which
Options granted hereunder may thereafter be exercised shall (i) in the event of
an increase in the number of outstanding shares of Common Stock, be
proportionately increased, and the cash consideration payable per share shall be
proportionately reduced; and (ii) in the event of a reduction in the number of
outstanding shares of Common Stock, be proportionately reduced, and the cash
consideration payable per share shall be proportionately increased.

     (d) Certain Other Changes In the Common Stock. If the outstanding Common
Stock shall be hereafter increased or decreased, or changed into or exchanged
for a different number or kind of shares or other securities of the Company or
of another corporation, by reason of reorganization, merger, consolidation,
share exchange or other business combination in which the Company is the
surviving parent corporation, appropriate adjustment shall be made by the
Committee in the number and kind of shares for which Options may be granted
under the Plan. In addition, the Committee shall make appropriate adjustment in
the number and kind of shares as to which outstanding and unexercised Options
shall be exercisable, to the end that the proportionate interest of the holder
of the Option shall, to the extent practicable, be maintained as before the
occurrence of such event.

     (e) Certain Defined Reorganizations. For purposes of this Section, the term
"Reorganization" shall mean any reorganization, merger, consolidation, share
exchange, or other business combination pursuant to which the Company is not the
surviving parent corporation after the effective date of the Reorganization, or
any sale or lease of all or substantially all of the assets of the Company, and
the term "Reorganization Agreement" shall mean a plan or agreement with respect
to a Reorganization. Nothing herein shall require the Company to adopt a
Reorganization Agreement, or to make provision for the adjustment, change,
conversion, or exchange of any Options, or the shares subject thereto, in any
Reorganization Agreement which it does adopt. In the event of a Reorganization
(as hereinafter defined), then,

<PAGE>


          (i) If there is no Reorganization Agreement, or if the Reorganization
     Agreement does not specifically provide for the adjustment, change,
     conversion, or exchange of the outstanding and unexercised options for cash
     or other property or securities of another corporation, then any
     outstanding and unexercised options shall terminate as of a future date to
     be fixed by the Committee; or,

          (ii) If there is a Reorganization Agreement, and the Reorganization
     Agreement specifically provides for the adjustment, change, conversion, or
     exchange of the outstanding and unexercised options for cash or other
     property or securities of another corporation, the Committee shall adjust
     the shares under such outstanding and unexercised options, and shall adjust
     the shares remaining under the Plan which are then available for the
     issuance of options under the Plan if the Reorganization Agreement provides
     for the adjustment, change, conversion, or exchange of such options and
     shares.

          (iii) The Committee shall provide to each Optionee then holding an
     outstanding and unexercised Option not less than thirty (30) calendar Days'
     advance written notice of any date fixed by the Committee pursuant to this
     Section 13 and of the terms of any Reorganization Agreement providing for
     the adjustment, change, conversion, or exchange of outstanding and
     unexercised Options. Except as the Committee may otherwise provide, each
     Optionee shall have the right during such period to exercise his Option
     only to the extent that the Option was exercisable on the date such notice
     was provided to the Optionee.

     (f) Dissolution or Liquidation. In the event of the dissolution or
liquidation of the Company, any outstanding and unexercised options shall
terminate as of a future date to be fixed by the Committee.

     (g) No Adjustments to be Made. Except as expressly provided above, the
Company's issuance of shares of its capital stock of any class, or securities
convertible into shares of its capital stock of any class, for cash or property,
or for labor or services, either upon direct sale or upon the exercise of rights
or warrants to subscribe therefor, or upon conversion of shares or obligations
of the Company convertible into or exchangeable for shares of capital stock or
other securities of the Company, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number of Option Shares subject to
CSOs granted hereunder or the purchase price of such shares.

10.  Purchase for Investment.

     Unless the Option Shares covered by this Plan have been registered under
the Act prior to issuance, each person exercising a CSO under this Plan may be
required by the Company to give a representation in writing that he is acquiring
such shares for his or her own account for investment and not with a view to, or
for sale in connection with, the distribution of any part thereof.

11.  Effective Date and Expiration of this Plan.

     This Plan shall be effective as of April 30, 1998, the date of its adoption
by the Board, and no CSO shall be granted pursuant to this Plan after its
expiration. This Plan shall expire on April 30, 2008 except as to CSOs then
outstanding, which shall remain in effect until they have expired or been
exercised.

12.  Amendments or Termination.

     The Committee or Board may amend, alter or discontinue this Plan at any
time in such respects as it shall deem advisable in order to conform to any
change in any other applicable law, or in order to comply with the provisions of

<PAGE>


any rule or regulation of the Securities and Exchange Commission required to
exempt this Plan or any CSOs granted thereunder from the operation of Section
16(b) of the Exchange Act, or in any other respect not inconsistent with Section
16(b) of the Exchange Act; provided, that no amendment or alteration shall be
made which would impair the rights of any participant under any CSO theretofore
granted, without his consent (unless made solely to conform such CSO to, and
necessary because of, changes in the foregoing laws, rules or regulations), and
except that no amendment or alteration shall be made without the approval of
shareholders which would increase the total number of shares reserved for the
purposes of this Plan (except as provided in Paragraph 9) or extend the
expiration date of this Plan as set forth in Paragraph 11.

13.  Government Regulations.

     This Plan, and the granting and exercise of CSOs hereunder, and the
obligation of the Company to sell and deliver Option Shares under such CSOs,
shall be subject to all applicable laws, rules and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required.

14.  Liability.

     No member of the Board of Directors or the Committee, nor any officers,
employees or agents of the Company or any Affiliated Company shall be personally
liable for any action, omission or determination made in good faith in
connection with this Plan.

15.  Options in Substitution for Other Options.

     The Committee may, in its sole discretion, at any time during the term of
this Plan, grant new options to an employee under this Plan or any other stock
option plan of the Company on the condition that such employee shall surrender
for cancellation one or more outstanding options which represent the right to
purchase (after giving effect to any previous partial exercise thereof) a number
of shares, in relation to the number of shares to be covered by the new
conditional grant hereunder, determined by the Committee. If the Committee shall
have so determined to grant such new options on such a conditional basis ("New
Conditional Options"), no such New Conditional Option shall become exercisable
in the absence of such employee's consent to the condition and surrender and
cancellation as appropriate. New Conditional Options shall be treated in all
respects under this Plan as newly granted options. Options may be granted under
this Plan from time to time in substitution for similar rights held by employees
of other corporations who are about to become employees of the Company or an
Affiliated Company as a result of a merger or consolidation of the employing
corporation with the Company or an Affiliated Company, or the acquisition by the
Company or an Affiliated Company of the assets of the employing corporation, or
the acquisition by the Company or an Affiliated Company of stock of the
employing corporation as the result of which such other corporation becomes an
Affiliated Company.

16.  Withholding Taxes.

     Pursuant to applicable federal and state laws, the Company may be required
to collect withholding taxes upon the exercise of a CSO. The Company may
require, as a condition to the exercise of a CSO, that the Optionee concurrently
pay to the Company the entire amount or a portion of any taxes which the Company
is required to withhold by reason of such exercise, in such amount as the
Committee or the Company in its discretion may determine. In lieu of part or all
of any such payment, the Optionee may elect to have the Company withhold from
the shares to be issued upon exercise of the option that number of shares having
a Fair Market Value equal to the amount which the Company is required to
withhold.

<PAGE>


17.  Other Definitions.

     Whenever used in this Plan, except where the context might clearly indicate
otherwise, the following terms shall have the meanings set forth below:

     a.   "Act" means the U.S. Securities Act of 1933, as amended.

     b.   "Affiliated Company" means any Parent or Subsidiary of the Company.

     c.   "Award" or "grant" means any grant of a CSO (Option) made under this
          Plan.

     d.   "Board of Directors" means the Board of Directors of the Company. The
          term "Committee" is defined in Section 2 of this Plan.

     e.   "Common Stock" or "Common Shares" means the common stock, no par value
          per share, of the Company, or in the event that the outstanding Common
          Shares are hereafter changed into or exchanged for different shares or
          securities of the Company or any other issuer, such other shares or
          securities.

     f.   "Date of Grant" means the day the Committee authorizes the grant of a
          CSO or such later date as may be specified by the Committee as the
          date a particular grant will become effective.

     g.   "Employee" means and includes the following persons: (i) executive
          officers, officers and directors (including advisory and other special
          directors) of the Company or an Affiliated Company; (ii) full-time and
          part-time employees of the Company or an Affiliated Company; (iii)
          persons engaged by the Company or an Affiliated Company as a
          consultant, advisor or agent; and (iv) a lawyer, law firm, accountant
          or accounting firm, or other professional or professional firm engaged
          by the Company or an Affiliated Company.

     h.   "Optionee" means an Employee to whom a CSO is granted.

     i.   "Parent" means any corporation owning 50% or more of the total
          combined voting stock of all classes of the Company or of another
          corporation qualifying as a Parent within this definition.

     j.   "Subsidiary" means a corporation more than 50% of whose total combined
          capital stock of all classes is held by the Company or by another
          corporation qualifying as a Subsidiary within this definition.

18.  Litigation.

     In the event that any Optionee or Optionee's successor should bring any
lawsuit or other action or proceeding ("Action") against the Company or an
Affiliated Company based upon or arising in relation to an Option, an Optionee,
or successor, as the case may be, not prevailing in such Action shall be
required to reimburse the Company or Affiliated Company's costs and expenses,
including reasonable attorneys' fees, incurred in defending such action and
appealing any award by a lower court.

<PAGE>


19.  Miscellaneous Provisions.

     The place of administration of this Plan shall be in the State of Colorado
(or subsequently, wherever the Company's principal executive offices are
located), and the validity, construction, interpretation and effect of this Plan
and of its rules, regulations and rights relating to it, shall be determined
solely in accordance with the laws of the State of Colorado or subsequent state
of domicile, should the Company be redomiciled. Without amending this Plan, the
Committee may issue Options and Options Shares to employees of the Company who
are foreign nationals or employed outside the United States, or both, on such
terms and conditions different from those specified in this Plan but consistent
with the purpose of this Plan, as it deems necessary and desirable to create
equitable opportunities given differences in tax laws in other countries. All
expenses of administering this Plan and issuing Option and Option Shares shall
be borne by the Company.

                                      * * *

     By signature below, the undersigned officers of the Company hereby certify
that the foregoing is a true and correct copy of the 1998 Compensatory Stock
Option Plan of the Company.

DATED: April 30, 1998

                                        GRAND CANYON VENTURES FOUR, INCORPORATED



(SEAL)
                                        By /s/ J.R. Nelson
                                        ------------------
                                        Authorized Officer




By /s/ Elisabeth M. Crosse
--------------------------
Secretary or Assistant Secretary


<PAGE>


                    GRAND CANYON VENTURES THREE, INCORPORATED


                           ===========================

            C E R T I F I C A T I O N  O F  P L A N  A D O P T I O N

                           ===========================

     I, the undersigned Secretary or assistant secretary of this Corporation,
hereby certify that the foregoing Compensatory Stock Option Plan of this
corporation was duly approved by the requisite number of holders of the issued
and outstanding common stock of this corporation as of the date below.


Date of Approval: JUNE 22, 1998



                                        X /s/ Elisabeth M. Crosse
                                        -------------------------
                                                 Signature

(SEAL)