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                                                                   EXHIBIT 10(V)

CATUITY INC. 2003 EXECUTIVE DIRECTOR STOCK PURCHASE PLAN

PURPOSE. The purpose of the Catuity Inc. 2003 Executive Director Stock Purchase
Plan (the "Plan") is to provide a direct means for any Directors who are also
executives of Catuity Inc. (the "Company") to use a portion of their cash
compensation to purchase shares of common stock (the "Stock") of the Company, at
the market price thereof.

COMMITTEE TO ADMINISTER PLAN. The Compensation Committee of the Board of
Directors of the Company (the "Committee") shall administer the Plan. The
Committee may establish from time to time such regulations, provisions and
procedures, within the terms of the Plan, as in the opinion of its members may
be advisable in the administration of the Plan. The interpretation and
construction by the Committee of any provisions of the Plan shall be final
unless otherwise determined by the Board of Directors. No member of the Board of
Directors or the Committee shall be liable for any action or determination made
in good faith with respect to the Plan.

ELIGIBILITY. Participation under the Plan shall be open only to Executive
Directors (the "Eligible Executives") of the Company. No purchase rights shall
be granted under the Plan to any person who is not an Eligible Executive.

STOCK AVAILABLE FOR PLAN. Purchase of Stock pursuant to and on behalf of this
Plan for delivery under this Plan shall be made out of the Company's presently
or hereafter authorized but unissued Stock. The maximum number of shares of
Stock that may be purchased under the Plan is 100,000 shares and in no event may
the number of shares be increased without shareholder approval.

EFFECTIVE DATES. This Plan shall become effective on the date it is approved by
the Company's shareholders. The first Purchase Period under the Plan shall be
the date of shareholder approval. The next Purchase Period shall commence on the
day after shareholder approval and end on the last trading date of that month.
Thereafter, and as long as the Plan remains in effect, a new Purchase Period
shall commence on the first day of each calendar month and end on the last
trading day of each such month. For purposes of the first Purchase Period,
Eligible Executives shall be able to purchase shares with payroll deductions
voluntarily foregone prior to the Plan's approval.

PARTICIPATION. An Eligible Executive at or prior to the first day of any
Purchase Period may become a Participant as of such date by, prior to such date,
completing and forwarding a payroll deduction authorization form (the
"Authorization") to the Chief Financial Officer. The Authorization will direct a
regular payroll deduction from the Participant's compensation to be made on each
of the Participant's pay dates occurring during each Purchase Period in which he
or she is a Participant.

PAYROLL DEDUCTIONS AND LUMP SUM PAYMENTS. The Company and its Participating
Subsidiaries will maintain payroll deduction accounts for all of the
Participants. Payments made by Participants by payroll deduction shall be
credited to the Participant's Stock Purchase Account (the "Purchase Account").
No amounts other than payroll deductions authorized under this Plan may be
credited to a Participant's Purchase Account. A Participant may authorize a
payroll deduction in any amount not less than $10 for each pay date, but not
more than a maximum of twenty percent (20%) of the Participant's net earnings
payable as wages, salary, and bonus compensation, after withholding or other
deductions (" Net Earnings"), with respect to which payments are to be made to
him or her by the Company or the Participating Subsidiary on such pay date. The
Committee, in its discretion, may vary the Purchase Period and the payroll
deduction period of Eligible Executives in a manner necessary or convenient for
participation in the Plan by Eligible Executives of a Participating Subsidiary,
and the Committee shall have the authority to establish the terms and conditions
of participation in the Plan by Eligible Executives of a Foreign Participating
Subsidiary, provided that such terms and conditions are not materially
inconsistent with the Plan.

CHANGES IN PAYROLL DEDUCTION. Payroll deductions shall be made for each
Participant in accordance with the Participant's Authorization and shall
continue until the Participant's participation terminates, the Authorization is
revised or the Plan terminates. A Participant may, as of the beginning of any
Purchase Period, increase or decrease the Participant's payroll deduction by
filing a new Authorization three months prior to the beginning of such Purchase
Period.

TERMINATION OF PARTICIPATION; WITHDRAWAL OF FUNDS. A Participant may for any
reason at any time on written notice given to the Company prior to the
Participant's last pay date in any Purchase Period elect to terminate his or her
participation in the Plan and permanently draw out the balance accumulated in
his or her Purchase Account (except for amounts foregone prior to the date of
shareholder approval of the Plan, which are not payable to the Participants
other than via shares under this Plan). Upon any termination by a Participant of
participation, he or she shall cease to be a Participant, his or her
Authorization shall be revoked insofar as subsequent payroll deductions are
concerned, and the amount to his or her credit in his or her Purchase Account,
and not previously used to purchase Stock theretofore under the Plan, as well as
any unauthorized payroll deductions made after such revocation, shall be
promptly refunded to the former Participant. Partial withdrawals of funds will
not be permitted.


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PURCHASE OF SHARES. Each Participant during each Purchase Period under this Plan
will as of the "Purchase Date" (as herein defined) purchase as many whole shares
of Stock as may be purchased with the funds then in his or her Purchase Account.
This purchase shall be automatically made as provided in this Section unless the
Participant terminates participation as provided in Section 9. The purchase
price for each share of Stock purchased shall be the fair market value of a
share of Stock on the "Purchase Date" (as herein defined). For purposes of this
Plan, fair market value shall be the closing price on the Nasdaq or Australian
Stock Exchange on the "Purchase Date" unless amended by the Committee as
provided for herein. The first "Purchase Date" shall be the date of shareholder
approval (as to amounts foregone and deferred prior to such date). Thereafter,
the Purchase Dates shall be the last trading day of each Purchase Period. If, as
of each Purchase Date, the Participant's Purchase Account contains funds, the
Participant shall purchase the maximum whole number of shares possible with the
Purchase Account funds at the purchase price. The Participant's Purchase Account
shall be charged for the amount of the purchase, and a stock certificate shall
be issued or an entry shall be made to the Participant's account maintained by
the Company's transfer agent. Any residual balance, insufficient to purchase a
whole share, which remains in the Purchase Account shall be used in the
subsequent purchase period to purchase shares. As of each subsequent Purchase
Date when funds have again accrued in the Participant's Purchase Account, shares
will be purchased in the same manner.

REGISTRATION OF CERTIFICATES. Upon the request of a Participant during
participation in the Plan, and upon a Participant's termination of
participation, a stock certificate representing the full number of shares of
Stock owned by such Participant under the Plan, if not previously issued, shall
be issued and delivered to the Participant. Certificates may be registered only
in the name of the Participant or the names of the Participant and his or her
spouse.

RIGHTS ON RETIREMENT, DEATH, OR TERMINATION OF EMPLOYMENT. In the event of a
Participant's retirement, death or termination of employment, no payroll
deduction shall be taken from any pay due and owing to a Participant at such
time and the balance in the Participant's Purchase Account shall be paid to the
Participant or, in the event of the Participant's death, to the Participant's
estate.

RIGHTS NOT TRANSFERABLE. Rights under this Plan are not transferable by a
Participant and are exercisable only by the Participant during his or her
lifetime.

APPLICATION OF FUNDS. The Company or such Participating Subsidiary may use all
funds received or held by the Company or a Participating Subsidiary under this
Plan for any corporate purpose.

AMENDMENT OF THE PLAN. The Board of Directors of the Company may at any time, or
from time to time, amend this Plan in any respect, except that, without
shareholder approval, no amendment shall be made increasing the number of shares
approved for this Plan (other than as provided in Section 4).

TERMINATION OF THE PLAN. Unless sooner terminated as hereinafter provided, this
Plan shall terminate on August 31, 2004. The Company may, by action of its Board
of Directors, terminate the Plan at any time. Notice of termination shall be
given to all then Participants, but any failure to give such notice shall not
impair the termination. Upon termination of the Plan, all amounts in Purchase
Accounts of Participants shall be promptly refunded.

GOVERNMENTAL REGULATIONS. The Company's obligation to sell and deliver Stock
under this Plan is subject to the approval of any governmental authority
required in connection with the authorization, issuance or sale of such Stock.
If at any time shares of Stock deliverable hereunder are required to be
registered or qualified under any applicable law, or delivery of such shares is
required to be accompanied or preceded by a prospectus or similar circular,
delivery of certificates for such shares may be deferred for a reasonable time
until such registrations or qualifications are effected or such prospectus or
similar circular is available.


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