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                                     EXHIBIT

                                      10.5


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                           UNAPIX ENTERTAINMENT, INC.

                             1993 Stock Option Plan


Section 1.        Purpose; Definitions.

         1.1 PURPOSE. The purpose of the Unapix Entertainment, Inc. (the
"Company") 1993 Stock Option Plan (the "Plan") is to enable the Company to offer
its key employees, officers, directors and consultants whose past, present
and/or potential contributions to the Company have been, are or will be
important to the success of the Company, an opportunity to acquire a proprietary
interest in the Company.

         1.2 DEFINITIONS. For purposes of the Plan, the following terms shall be
defined as set forth below:

              (a) "Agreement" means the agreement between the Company and the
Holder setting forth the terms and conditions of an award under the Plan.

              (b) "Board" means the Board of Directors of the Company.

              (c) "Code" means the Internal Revenue Code of 1986, as amended
from time to time, and any successor thereto and the regulations promulgated
thereunder.

              (d) "Committee" means the Stock Option Committee of the Board or
any other committee of the Board which the Board may designate to administer the
Plan or any portion thereof. If no Committee is so designated, then all
references in this Plan to "Committee" shall mean the Board.

              (e) "Common Stock" means the Common Stock of the Company, par
value $.01 per share.

              (f) "Company" means Unapix Entertainment, Inc. , a corporation
organized under the laws of the State of Delaware.

              (g) "Disability means disability as determined under procedures
established by the Committee for purposes of the Plan

              (h) "Effective Date" means the date set forth in Section 7.

              (i) "Fair Market Value", unless otherwise required by any
applicable provision of the Code or any regulations issued thereunder, means, as
of any given date: (i) if the

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Common Stock is listed on a national securities exchange, quoted on the NASDAQ
National Market System or quoted on the NASDAQ Small Cap Market, the last sale
price of the Common Stock on the last preceding day on which the Common Stock
was traded, as reported by the exchange or NASDAQ, as the case may be; (ii) if
the Common Stock is not listed an a national securities exchange or quoted on
the NASDAQ National Market System or NASDAQ Small Cap Market, but is traded in
the over-the-counter market, the average of the high bid and low asked prices
for the Common Stock on the last preceding day for which such quotations are
reported by a service providing such quotations (e.g. , National Quotation
Bureau, Inc. ) ; and (iii) if the fair market value of the Common Stock cannot
be determined ,pursuant to clause (i) or (ii) above, such price as the Committee
shall determine, in good faith.

              (j) "Family Group Member" shall mean the spouse, sibling or lineal
descendant of the Holder or a trust established for any such person.

              (k) "Holder" means a person who has received an award under the
Plan.

              (l) "Incentive Stock Option" means any Stock Option intended to be
and designated as an "incentive stock option" within the meaning of Section 422
of the Code.

              (m) "Non-Qualified Stock Option" means any Stock Option that is
not an Incentive Stock Option.

              (n) "Normal Retirement" means retirement from active employment
with the Company or any Subsidiary on or after age 65.

              (o) "Parent" means any present or future parent corporation of the
Company, as such term is defined in Section 424(e) of the Code.

              (p) "Plan" means the Unapix Entertainment, Inc. 1993 Stock Option
Plan, as hereinafter amended from time to time.

              (q) "Stock,' means the Common Stock of the Company, par value $.01
per share.

              (r) "Stock Option" of "Option" means any option to purchase shares
of Stock which is granted pursuant to the Plan.

              (s) "Subsidiary" means any present or future subsidiary
corporation of the Company, as such term is defined in Section 424(f) of the
Code.

SECTION 2.        ADMINISTRATION.

         2.1 COMMITTEE MEMBERSHIP. The Plan shall be administered by the Board
or

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a Committee. Committee members shall serve for such term as the Board may in
each case determine, and shall be subject to removal at any time by the Board.
It is the intent of the Board that the Plan qualify under Rule 16b-3 promulgated
under the Securities Exchange Act of 1934. To that end, unless otherwise
determined by the Board, each committee member shall be a disinterested person
(i.e., a director who is not, during the one year prior to service as an
administrator of the plan, or during such service, granted or awarded equity
securities of the Company pursuant to the Plan or any other plan of the Company
or its affiliates as provided by Rule 16b-3) .

         2.2 POWERS OF COMMITTEE. The Committee shall have full authority,
subject to Section 4.1 hereof, to grant Stock Options pursuant to the terms of
the Plan. For purposes of illustration and not of limitation, the Committee
shall have the authority (subject to the express provisions of this Plan).

              (a) to select the officers, key employees, directors and
consultants of the Company or any Subsidiary to whom Stock Options may from time
to time be granted hereunder;

              (b) to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any Stock Option granted hereunder (including, but not
limited to, number of shares, share price, any restrictions or limitations, and
any vesting, exchange, surrender, cancellation, acceleration, termination,
exercise or forfeiture provisions, as the Committee shall determine);

              (c) to determine any specified performance goals or such other
factors or criteria which need to be attained for the vesting of an award
granted hereunder;

              (d) to permit a Holder to elect to defer a payment under the Plan
under such rules and procedures as the Committee may establish, including the
crediting of interest on deferred amounts denominated in cash and of dividend
equivalents on deferred amounts denominated in Stock;

              (e) to determine the extent and circumstances under which Stock
and other amounts payable with respect to an award hereunder shall be deferred
which may be either automatic or at the election of the Holder; and

              (f) to substitute (i) new Stock Options for previously granted
Stock Options, which previously granted Stock Options have higher option
exercise prices and/or contain other less favorable terms.


         2.3 INTERPRETATION OF PLAN.

              (a) COMMITTEE AUTHORITY. Subject to Section 6 hereof, the
Committee

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shall have the authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Plan as it shall, from time to time, deem
advisable, to interpret the terms and provisions of the Plan and any award
issued under the Plan (and to determine the form and substance of all Agreements
relating thereto), and to otherwise supervise the administration of the Plan.
Subject to Section 10 hereof, all decisions made by the Committee pursuant to
the provisions of the Plan shall be made in the Committee's sole discretion and
shall be final and binding upon all persons, including the Company, its
Subsidiaries and Holders.

              (b) INCENTIVE STOCK OPTIONS. Anything in the Plan to the contrary
notwithstanding, no term or provision of the Plan relating to Incentive Stock
Options or any Agreement providing for Incentive Stock Options shall be
interpreted, amended or altered, nor shall any discretion or authority granted
under the Plan be so exercised, so as to disqualify the Plan under Section 422
of the Code, or, without the consent of the Holder(s) affected, to disqualify
any Incentive Stock Option under such Section 422.


SECTION 3.        STOCK SUBJECT TO PLAN.

         3.1 NUMBER OF SHARES. The total number of shares of Common Stock
reserved and available for distribution under the Plan shall be 1,225,000
shares. Shares of Stock under the Plan may consist, in whole or in part, of
authorized and unissued shares or treasury shares. If any shares of Stock that
have been optioned cease to be subject to a Stock Option granted hereunder are
forfeited or any such award otherwise terminates without a payment being made to
the Holder in the form of Stock, such shares shall again be available for
distribution in connection with future grants and awards under the Plan. Only
net shares issued upon a stock- for-stock exercise (including stock used for
withholding taxes) shall be counted against the number of shares available under
the Plan.

         3.2 ADJUSTMENT UPON CHANGES IN CAPITALIZATION, ETC. In the event of any
merger, reorganization, consolidation, recapitalization, dividend (other than a
cash dividend), stock split, reverse stock split, or other change in corporate
structure affecting the Stock, such substitution or adjustment shall be made in
the aggregate number of shares reserved for issuance under the Plan and in the
number and exercise price of shares subject to outstanding Options granted under
the Plan as may be determined to be appropriate by the Committee in order to
prevent dilution or enlargement of rights, provided that the number of shares
subject to any award shall always be a whole number.


SECTION 4.        ELIGIBILITY.

         4.1 GENERAL. Awards may be made or granted to key employees, officers,
directors and consultants who are deemed to have rendered or to be able to
render significant services to the Company or its Subsidiaries and who are
deemed to have contributed or to have the potential to contribute to the success
of the Company. No Incentive Stock Option shall be

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granted to any person who is not an employee of the Company or a Subsidiary at
the time of grant.


         4.2 GRANT OF OPTIONS TO OFFICERS AND DIRECTORS. The granting of options
to officers and directors of the Company shall be determined by a committee of
two or more directors, of which all members shall be disinterested persons, as
described in Section 2.1 hereof.

SECTION 5.        STOCK OPTIONS.

         5.1. GRANT AND EXERCISE. Stock Options granted under the Plan may be of
two types: (i ) Incentive Stock Options and (ii) Non-Qualified Stock Options.
Any Stock Option granted under the Plan shall contain such terms, not
inconsistent with this Plan, or with respect to Incentive Stock Options, the
Code, as the Committee may from time to time approve. The Committee shall have
the authority to grant Incentive Stock Options, Non-Qualified Stock Options, or
both types of Stock Options and may be granted alone or in addition to other
awards granted under the Plan. To the extent that any Stock Option intended to
qualify as an Incentive Stock Option does not so qualify, it shall constitute a
separate Non-Qualified Stock option. An Incentive Stock Option may only be
granted within the ten year period commencing From the Effective Date and may
only be exercised within ten years of the date of grant (or five years in the
case of an Incentive Stock Option granted to an optionee ("10% Stockholder")
who, at the time of grant, owns Stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or a Parent or
Subsidiary.

         5.2. TERMS AND CONDITIONS. Stock Options granted under the Plan shall
be subject to the following terms and conditions:

              (a) EXERCISE PRICE. The exercise price per share of Stock
purchasable under a Stock Option shall be determined by the Committee at the
time of grant and may be less than 100% of the Fair Market Value of the Stock at
the time of grant; provided, however, that the exercise price of an Incentive
Stock Option shall not be less than 100% of the Fair Market Value of the Stock
at the time of grant (110%, in the case of 10% Holder) .

              (b) OPTION TERM. Subject to the limitations contained in Section
5.1, the term of each Stock option shall be fixed by the Committee.

              (c) EXERCISABILITY. Stock Options shall be exercisable at such
time or times and subject to such terms and conditions as shall be determined by
the Committee. If the Committee provides, in its discretion, that any Stock
Option is exercisable only in installments, i.e., that it vests over time, the
Committee may waive such installment exercise provisions at any time at or after
the time of grant in whole or in part, based upon such factors as the Committee
shall determine.

              (d) METHOD OF EXERCISE. Subject to whatever installment, exercise
and

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waiting period provisions are applicable in a particular case, Stock Options may
be exercised in whole or in part at any time during the term of the Option, by
giving written notice of exercise to the Company specifying the number of shares
of Stock to be purchased. Such notice shall be accompanied by payment in full of
the purchase price, which shall be in cash or, unless otherwise provided in the
Agreement, in shares of Stock or, partly in cash and partly in such Stock, or
such other means which the Committee determines are consistent with the Plan's
purpose and applicable law. Cash payments shall be made by wire transfer,
certified or bank check or personal check, in each case payable to the order of
the Company; provided, however, that the Company shall not be required to
deliver certificates for shares of Stock with respect to which an Option is
exercised until the Company has confirmed the receipt of good and available
funds in payment of the purchase price thereof. Payments in the form of Stock
shall be valued at the Fair Market Value of a share of Stock on the date prior
to the date of exercise. Such payments shall be made by delivery of stock
certificates in negotiable form which are effective to transfer good and valid
title thereto to the Company, free of any liens or encumbrances. A Holder shall
have none of the rights of a stockholder with respect to the shares subject to
the Option until such shares shall be transferred to the Holder upon the
exercise of the Option.

              (e) TRANSFERABILITY. No Stock Option shall be transferable by the
Holder, otherwise than by will or by the laws of descent and distribution, and
all Stock Options shall be exercisable, during the Holder's lifetime, only by
the Holder; provided however that, notwithstanding anything to the contrary
contained herein, the Committee may in its sole discretion allow a Non-Incentive
Stock Option to be transferred to a Family Group Member.

              (f) TERMINATION BY REASON OF DEATH. If a Holder's employment by
the Company or a Subsidiary terminates by reason of death, any Stock Option held
by such Holder, unless otherwise determined by the Committee at the time of
grant and set forth in the Agreement, shall be fully vested and may thereafter
be exercised by the legal representative of the estate or by the legatee of the
Holder under the will of the Holder, for a period of one year (or such other
greater or lesser period as the Committee may specify at grant) from the date of
such death or until the expiration of the stated term of such Stock Option,
whichever period is the shorter.

              (g) TERMINATION BY REASON OF DISABILITY. If a Holder's employment
by the Company or any Subsidiary terminates by reason of Disability, any Stock
Option held by such Holder, unless otherwise determined by the Committee at the
time of grant and set forth in the Agreement, shall be fully vested and may
thereafter be exercised by the Holder for a period of one year (or such other
lesser period as the Committee may specify at the time of grant) from the date
of such termination of employment or until the expiration of the stated term of
such Stock Option, whichever period is the shorter.

              (h) OTHER TERMINATION. Subject to the provisions of Section 8
below and unless otherwise determined by the Committee at the time of grant and
set forth in the Agreement, if a Holder is an employee of the Company or a
Subsidiary at the time of grant and if such are Holder's employment by the
Company or any Subsidiary terminates for any reason

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other than death or Disability, the Stock Option shall thereupon automatically
terminate, except that if the Holder's employment is terminated by the Company
or a Subsidiary without cause or due to Normal Retirement, then the portion of
such Stock Option which has vested on the date of the termination of employment
may be exercised for the lesser of three months after termination of employment
or the balance of such Stock Option's term.

              (i) ADDITIONAL INCENTIVE STOCK OPTION LIMITATION. In the case of
an Incentive Stock Option, the amount of aggregate Fair Market Value of Stock
(determined at the time of grant of the Option) with respect to which Incentive
Stock Options are exercisable for the first time by a Holder during any calendar
year (under all such plans of the Company and its Parent and Subsidiary) shall
not exceed $100,000.

              (j) BUYOUT AND SETTLEMENT PROVISIONS. The Committee may at any
time offer to buy out a Stock Option previously granted, based upon such terms
and conditions as the Committee shall establish and communicate to the Holder at
the time that such offer is made.

              (k) STOCK OPTION AGREEMENT. Each grant of a Stock Option shall be
confirmed by, and shall be subject to the terms of, the Agreement executed by
the Company and the Holder.

              (l) HOLDING PERIOD. All shares of Stock received by a Holder upon
exercise of an Option granted hereunder shall be non-transferable by the Holder
until at least six months has elapsed from the date of the granting of such
Option.

SECTION 6.        AMENDMENTS AND TERMINATION.

         The Board (but not the Committee) may at any time amend, alter, suspend
or discontinue the Plan, but no amendment, alteration, suspension or
discontinuance shall be made which would impair the rights of a Holder under any
Agreement theretofore entered into hereunder, without his consent.

SECTION 7.        TERM OF PLAN.

         7.1 EFFECTIVE DATE. The Plan shall be effective as of April 23, 1993
("Effective Date"), subject to the approval of the Plan by the stockholders of
the Company within one year after the Effective Date. Any awards granted under
the Plan prior to such approval shall be effective when made (unless otherwise
specified by the Committee at the time of grant), but shall be conditioned
upon, and subject to, such approval of the Plan by the Company's stockholders.
If the Plan shall not be so approved, all awards granted thereunder shall be of
no effect and any Stock received by a Holder upon the exercise of an award shall
be deemed forfeited and the Holder shall return the Stock to the Company.

         7.2 TERMINATION DATE. Unless terminated by the Board, this Plan shall

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continue to remain effective until such time no further awards may be granted
and all awards granted under the Plan are no longer outstanding. Notwithstanding
the foregoing, grants of Incentive Stock Options may only be made during the ten
year, period following the Effective Date.

SECTION 8.        GENERAL PROVISIONS.

         8.1 WRITTEN AGREEMENTS. Each award granted under the Plan shall be
confirmed by, and shall be subject to the terms of the Agreement executed by the
Company and the Holder. The committee may terminate any award made under the
Plan if the Agreement relating thereto is not executed and returned to the
Company within 60 days after the Agreement has been delivered to the Holder for
his or her execution.

         8.2 UNFUNDED STATUS OF PLAN. The Plan is intended to constitute an
"unfunded" plan for incentive and deferred compensation. With respect to any
payments not yet made to a Holder by the Company, nothing contained herein shall
(give any such Holder any rights that are greater than those of a general
creditor of the Company.

         8.3 EMPLOYEES.

              (a) ENGAGING IN COMPETITION WITH THE COMPANY. In the event an
employee Holder terminates his employment with the company or a Subsidiary for
any reason whatsoever, and within eighteen (18) months after the date thereof
accepts employment with any competitor of, or otherwise engages in competition
with, the Company, the Committee, in its sole discretion, may require such
Holder to return to the Company the economic value of any award which was
realized or obtained (measured at the date of exercise) by such Holder at any
time during the period beginning on that date which is six months prior to the
date of such Holder's termination of employment with the Company.

              (b) TERMINATION FOR CAUSE. The Committee may, in the event an
employee is terminated for cause, annul any award granted under this Plan to
such employee and in such event the Committee, in its sole discretion, may
require such Holder to return to the Company the economic value of any award
which was realized or obtained (measured at the date of exercise) by such Holder
at any time during the period beginning on that date which is six months prior
to the date of such Holder's termination of employment with the Company.

              (c) NO RIGHT OF EMPLOYMENT. Nothing contained in the Plan or in
any award hereunder shall be deemed to confer upon any employee of the Company
or any Subsidiary any right to continued employment with the Company or any
Subsidiary, nor shall it interfere in any way with the right of the Company or
any Subsidiary to terminate the employment of any of its employees at any time.

         8.4 INVESTMENT REPRESENTATIONS. The Committee may require each person
acquiring shares of Stock pursuant to a Stock Option or other award under the
Plan to represent

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to and agree with the Company in writing that the Holder is acquiring the shares
for investment without a view to distribution thereof.

         8.5 ADDITIONAL INCENTIVE ARRANGEMENTS. Nothing contained in the Plan
shall prevent the Board from adopting such other or additional incentive
arrangements as it may deem desirable, including, but not limited to, the
granting of stock options and the awarding of stock and cash otherwise than
under the Plan; and such arrangements may be either generally applicable or
applicable only in specific cases.

         8.6 WITHHOLDING TAXES. Not later than the date as of which an amount
first becomes includible in the gross income of the Holder for Federal income
tax purposes with respect to any option or other award under the Plan, the
Holder shall pay to the Company, or make arrangements satisfactory to the
Committee regarding the payment of, any Federal, state and local taxes of any
kind required by law to be withheld or paid with respect to such amount. If
Permitted by the Committee, tax withholding or payment obligations may be
settled with Common Stock, including Common Stock that is part of the award that
gives rise to the withholding requirement. The obligations of the Company under
the Plan shall be conditional upon such payment or arrangements and the Company
or the Holder's employer (if not the Company) shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind
otherwise due to the Holder from the Company or any Subsidiary.

         8.7 GOVERNING LAW. The Plan and all awards made and actions taken
thereunder shall be governed by and construed in accordance with the laws of the
State of Delaware (without regard to choice of law provisions)

         8.8 OTHER BENEFIT PLANS. Any award granted under the Plan shall not be
deemed compensation for purposes of computing benefits under any retirement plan
of the Company or any Subsidiary and shall not affect any benefits under any
other benefit plan now or subsequently in effect under which the availability or
amount of benefits is related to the level of compensation (unless required by
specific reference in any such other plan to awards under this Plan).

         8.9 NON-TRANSFERABILITY. Except as otherwise expressly provided in the
Plan, no right or benefit under the Plan may be alienated, sold, assigned,
hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any
attempt to alienate, sell, assign, hypothecate, pledge, exchange, transfer,
encumber or charge the same shall be void.

         8.10 APPLICABLE LAWS. The obligations of the Company with respect to
all Stock Options and awards under the Plan shall be subject to (i) all
applicable laws, rules and regulations and such approvals by any governmental
agencies as may be required, including, without limitation, the effectiveness of
a registration statement under the Securities Act of 1933, as amended, and (ii)
the rules and regulations of any securities exchange an which the Stock may be
listed.


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         8. 11 CONFLICTS. If any of the terms or provisions of the Plan conflict
with the requirements of with respect to Incentive Stock Options, Section 422A
of the Code, then such terms or provisions shall be deemed inoperative to the
extent they so conflict with the requirements of said Section 422A of the Code.
Additionally, if this Plan does not contain any provision required to be
included herein under Section 422A of the Code, such provision shall be deemed
to be incorporated herein with the same force and effect as if such provision
had been set out at length herein.

         8.12 NON-REGISTERED STOCK. The shares of Stock being distributed under
this Plan have not been registered under the Securities Act of 1933, as amended
(the "1933 Act"), or any applicable state or foreign securities laws and the
Company has no obligation to any Holder to register the Stock or to assist the
Holder in obtaining an exemption from the various registration requirements, or
to list the Stock on a national securities exchange.


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