**EXHIBIT      10.3**

**ZOOM      TECHNOLOGIES, INC.**

| (a) | “Award”                means any Option awarded under the                Plan. |
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| (b) | “Board”                means the Board of Directors of the                Company. |
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| (c) | “Code”                means the Internal Revenue Code of 1986, as amended from time to                time. |
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| (d) | “Committee”                means the Stock Option Committee of the Board, or such other committee                of                not less than three members of the Board appointed by the Board to                administer the Plan. |
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| (e) | “Common                Stock” or “Stock” means the Common Stock, $.01 par value, of the                Company. |
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| (f) | “Company”                means Zoom Technologies, Inc. and any business entity in which Zoom                Technologies, Inc. owns directly or indirectly 50% or more of the                total                combined voting power or has a significant financial interest as                determined by the Committee. |
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| (g) | “Designated                Beneficiary” means the beneficiary designated by a Participant, in a                manner determined by the Board, to receive amounts due or exercise                rights                of the Participant in the event of the Participant's death. In the                absence                of an effective designation by a Participant, Designated Beneficiary                shall                mean the Participant's estate. |
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| (h) | “Fair                Market Value” means, with respect to Common Stock or any other property,                the fair market value of such property as determined by the Board                in good                faith or in the manner established by the Board from time to                time. |
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| (i) | “Nonqualified                Stock Option” means an option to purchase shares of Common Stock, awarded                to a Participant under Section 6, which is not intended to comply                as an                incentive stock option under Section 422 of the Code or any successor                provision. |
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| (j) | “Option”                means a Nonqualified Stock Option. |
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| (k) | “Officer”                means any individual who is a designated corporate officer of the                Company                or is deemed an officer of the Company under Rule 16b-3 promulgated                under                the Securities Exchange Act of 1934, as amended (or any successor                or                supplementary law, rule or regulation), or is deemed an officer under                Rule                4310 of the Marketplace Rules of The Nasdaq Stock Market, Inc (or                any                successor or supplementary law, rule or                regulation). |
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| (l) | “Participant”                means a person eligible pursuant to Section 4 hereof and selected                by the                Board to receive an Award under the                Plan. |
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| (a) | Subject                to adjustment under subsection (b), Awards may be made under the                Plan of                Options to acquire not in excess of 2,700,000 shares of Common Stock.                If                any Award in respect of shares of Common Stock expires or is terminated                unexercised or is forfeited for any reason or settled in a manner                that                results in fewer shares outstanding than were initially awarded,                including                without limitation the surrender of shares in payment for the Award                or any                tax obligation thereon, the shares subject to such Award or so                surrendered, as the case may be, to the extent of such expiration,                termination, forfeiture or decrease, shall again be available for                award                under the Plan. Common Stock issued through the assumption or substitution                of outstanding grants from an acquired Company shall not reduce the                shares                available for Awards under the Plan. Shares of Common Stock issued                under                the Plan may consist in whole or in part of authorized but unissued                shares                or treasury shares. |
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| (b) | In                the event that the Board determines that any stock dividend, extraordinary                cash dividend, creation of a class of equity securities, recapitalization,                reorganization, merger, consolidation, split-up, spin-off, combination,                exchange of shares, warrants or rights offering to purchase Common                Stock                at a price substantially below fair market value, or other similar                transaction affects the Common Stock such that an adjustment is required                in order to preserve the benefits or potential benefits intended                to be                made available under the Plan, then the Board, shall equitably adjust                any                or all of (i) the number and kind of shares in respect of which Awards                may                be made under the Plan, (ii) the number and kind of shares subject                to                outstanding Awards, and (iii) the award, exercise or conversion price                with                respect to any of the foregoing, and if considered appropriate, the                Board                may make provision for a cash payment with respect to an outstanding                Award, provided that the number of shares subject to any Award shall                always be a whole number. |
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| (a) | Subject                to the provisions of the Plan, the Board may award Nonqualified Stock                Options and determine the number of shares to be covered by each                Option,                the Option Price therefor and the conditions and limitations applicable                to                the exercise of the Option. |
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| (b) | The                Board shall establish the Option Price at the time each Option is                awarded. |
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| (c) | Each                Option shall be exercisable at such times and subject to such terms                and                conditions as the Board may specify in the applicable Award or thereafter.                The Board may impose such conditions with respect to the exercise                of                Options, including conditions relating to applicable federal or state                securities laws, as it considers necessary or                advisable. |
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| (d) | No                shares shall be delivered pursuant to any exercise of an Option until                payment in full of the Option Price therefor is received by the Company.                Such payment may be made in whole or in part in cash or, to the extent                permitted by the Board at or after the award of the Option, by delivery                of                a note or shares of Common Stock owned by the optionholder, including                restricted stock, valued at their Fair Market Value on the date of                delivery, by the reduction of the shares of Common Stock that the                optionholder would be entitled to receive upon exercise of the Option,                such shares to be valued at their Fair Market Value on the date of                exercise, less their Option Price (a so-called “cashless exercise”), or                such other lawful consideration as the Board may determine. In addition,                an optionholder may engage in a successive exchange (or series of                exchanges) in which the shares of Common Stock that such optionholder                is                entitled to receive upon the exercise of an Option may be simultaneously                utilized as payment for the exercise of an additional Option or                Options. |
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| (e) | The                Board may provide for the automatic award of an Option upon the delivery                of shares to the Company in payment of an Option for up to the number                of                shares so delivered. |
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| (a) | Documentation.                Each Award under the Plan shall be evidenced by a writing delivered                to the                Participant specifying the terms and conditions thereof and containing                such other terms and conditions not inconsistent with the provisions                of                the Plan as the Board considers necessary or advisable to achieve                the                purposes of the Plan or comply with applicable tax and regulatory                laws and                accounting principles. |
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| (b) | Board                Discretion.                The terms of each Award need not be identical, and the Board need                not                treat Participants uniformly. Except as otherwise provided by the                Plan or                a particular Award, any determination with respect to an Award may                be made                by the Board at the time of award or at any time thereafter. Without                limiting the foregoing, an Award may be made by the Board, in its                discretion, to any 401(k), savings, pension, profit sharing or other                similar plan of the Company in lieu of or in addition to any cash                or other                property contributed or to be contributed to such                plan. |
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| (c) | Settlement.                The Board shall determine whether Awards are settled in whole or                in part                in cash, Common Stock, other securities of the Company, Awards or                other                property. The Board may permit a Participant to defer all or any                portion                of a payment under the Plan, including the crediting of interest                on                deferred amounts denominated in cash and dividend equivalents on                amounts                denominated in Common Stock. |
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| (d) | Termination                of Employment.                The Board shall determine the effect on an Award of the disability,                death,                retirement or other termination of employment of a Participant and                the                extent to which, and the period during which, the Participant's legal                representative, guardian or Designated Beneficiary may receive payment                of                an Award or exercise rights                thereunder. |
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| (e) | Change                in Control.                In order to preserve a Participant's rights under an Award in the                event of                a change in control of the Company, the Board in its discretion may,                at                the time an Award is made or at any time thereafter, take one or                more of                the following actions: (i) provide for the acceleration of any time                period                relating to the exercise of the Award, (ii) provide for the purchase                of                the Award upon the Participant's request for an amount of cash or                other                property that could have been received upon the exercise of the Award                had                the Award been currently exercisable, (iii) adjust the terms of the                Award                in a manner determined by the Board to reflect the change in control,                (iv)                cause the Award to be assumed, or new rights substituted therefor,                by                another entity, or (v) make such other provision as the Board may                consider                equitable and in the best interests of the                Company. |
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| (f) | Withholding.                The Participant shall pay to the Company, or make provision satisfactory                to the Board for payment of, any taxes required by law to be withheld                in                respect of Awards under the Plan no later than the date of the event                creating the tax liability. In the Board's discretion, such tax                obligations may be paid in whole or in part in shares of Common Stock,                including shares retained from the Award creating the tax obligation,                valued at their Fair Market Value on the date of delivery. The Company                and                its affiliates may, to the extent permitted by law, deduct any such                tax                obligations from any payment of any kind otherwise due to the                Participant. |
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| (g) | Amendment                of Award.                The Board may amend, modify or terminate any outstanding Award, including                substituting therefor another Award of the same or a different type,                changing the date of exercise, provided that the Participant's consent                to                such action shall be required unless the Board determines that the                action,                taking into account any related action, would not materially and                adversely                affect the Participant. |
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| (a) | No                Right To Employment.                No person shall have any claim or right to be granted an Award, and                the                grant of an Award shall not be construed as giving a Participant                the right                to continued employment. The Company expressly reserves the right                at any                time to dismiss a Participant free from any liability or claim under                the                Plan, except as expressly provided in the applicable                Award. |
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| (b) | No                Rights As Shareholder.                Subject to the provisions of the applicable Award, no Participant                or                Designated Beneficiary shall have any rights as a shareholder with                respect                to any shares of Common Stock to be distributed under the Plan until                he or                she becomes the holder thereof. |
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| (c) | Governing                Law.                The provisions of the Plan shall be governed by and interpreted in                accordance with the laws of the State of                Delaware. |
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| (d) | Indemnity.                Neither the Board nor the Committee, nor any members of either, nor                any                employees of the Company or any parent, subsidiary, or other affiliate,                shall be liable for any act, omission, interpretation, construction                or                determination made in good faith in connection with their responsibilities                with respect to this Plan, and the Company hereby agrees to indemnify                the                members of the Board, the members of the Committee, and the employees                of                the Company and its parent or subsidiaries in respect of any claim,                loss,                damage, or expense (including reasonable counsel fees) arising from                any                such act, omission, interpretation, construction or determination                to the                full extent permitted by law. |
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| (e) | Amendment                of Plan.                The Board may amend, suspend or terminate the Plan or any portion                thereof                at any time. |
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