Document:

Exhibit 10.10

                            REGENCY AFFILIATES, INC.

                             STOCK OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (this "Agreement") dated as of October 1, 2003
(the "Grant Date"), is between Regency Affiliates, Inc., a Delaware corporation
(the "Company"), and Stanley Fleishman (the "Participant"), relating to options
to purchase shares of Stock, which options are granted under the Regency
Affiliates, Inc. 2003 Stock Incentive Plan, as amended (the "Plan"). Capitalized
terms used, but not otherwise defined, in this Agreement shall have the meanings
ascribed to such terms in the Plan.

1. Grant of Stock Option, Option Price and Term.

      (a) The Company grants to the Participant a Non-Qualified Stock Option
(the "Stock Option") to purchase 2,500 shares of Stock of the Company ("Option
Shares") at a price of $1.53 per share ("Option Price"), subject to the
provisions of the Plan and the terms and conditions herein.

      (b) The term of this Stock Option shall be a period of 10 years from the
Grant Date unless earlier terminated as provided herein and in the Plan (the
"Option Period"). During the Option Period, subject to the provisions contained
herein and in the Plan, the Stock Option shall be fully vested and exercisable
on the Grant Date.

      Notwithstanding the foregoing, in the event the Participant incurs a
termination of the provision of services for any reason whatsoever as a director
of the Company, the provisions of Section 4 of the Plan relating to the
expiration of the Stock Option upon a termination of the provision of services
shall apply.

      (c) The Stock Option granted hereunder is designated as a non-qualified
stock option which is not transferable by the Participant except to a Family
Member, as provided in Section 4 of the Plan, or by will or the laws of descent
and distribution.

2. Exercise.

      The Stock Option shall be exercisable during the Participant's lifetime
only by the Participant (or his Representative), and after the Participant's
death only by a Representative. The Stock Option may only be exercised by the
delivery to the Company of a properly completed written notice, in form
satisfactory to the Committee, which notice shall specify the number of Option
Shares to be purchased and the aggregate Option Price for such shares, together
with payment in full of such aggregate Option Price. Payment shall only be made
as specified in the Plan. If any part of the payment of the Option Price is made
in shares of Stock, such shares shall be valued by using their Fair Market Value
as of the date of exercise of the Stock Option.

      The Stock Option may not be exercised unless there has been compliance
with all the preceding provisions of this Section 2, and, for all purposes of
this Agreement, the date of the exercise of the Stock Option shall be the date
upon which there is compliance with all such requirements. The Committee may

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deny any method of exercise permitted hereunder if such method would result in
liability under Federal or state securities law to the Participant or the
Company or result in an expense charge to the Company.

3. Payment of Withholding Taxes.

      If the Company is obligated to withhold an amount on account of any tax
imposed as a result of the exercise of the Stock Option, the Participant shall
be required to pay such amount to the Company, as provided in the Plan. The
Participant acknowledges and agrees that he is responsible for the tax
consequences associated with the grant of the Stock Option and its exercise.

4. Changes in Company's Capital Structure.

      The existence of this Stock Option will not affect in any way the right or
authority of the Company or its stockholders to make or authorize (a) any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company's capital structure or its business; (b) any merger or consolidation of
the Company's capital structure or its business; (c) any merger or consolidation
of the Company; (d) any issue of bonds, debentures, preferred or prior
preference stock ahead of or affecting the Stock or the rights thereof; (e) the
dissolution or liquidation of the Company; (f) any sale or transfer of all or
any part of its assets or business; or (g) any other corporate act or
proceeding, whether of a similar character or otherwise.

      In the event of a Change in Control or other corporate restructuring
provided for in the Plan, the Participant shall have such rights, and the
Committee shall take such actions, as are provided for in the Plan.

5. Plan.

      The Stock Option is granted pursuant to the Plan, and the Stock Option and
this Agreement are in all respects governed by the Plan and subject to all of
the terms and provisions thereof, whether such terms and provisions are
incorporated in this Agreement by reference or are expressly cited.

6. Rights as a Director.

      No provision of this Agreement or of the Stock Option granted hereunder
shall give the Participant any right to continue as a director of the Company or
any Affiliates, create any inference as to the length of directorship of the
Participant, affect the right of the Company or any Affiliates to remove the
Participant as a director of the Company, with or without Cause, or give the
Participant any right to participate in any welfare or benefit plan or other
program (other than the Plan) of the Company or any Affiliate.

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7. Governing Law.

      This Agreement and the Stock Option granted hereunder shall be governed
by, and construed and enforced in accordance with, the laws of the State of
Delaware (other than its laws respecting choice of law), except to the extent
Federal laws would be mandatorily applicable.

8. Waiver; Cumulative Rights.

      The failure or delay of either party to require performance by the other
party of any provision hereof shall not affect its right to require performance
of such provision unless and until such performance has been waived in writing.
Each and every right hereunder is cumulative and may be exercised in part or in
whole from time to time.

9. Notices.

      Any notice which either party hereto may be required or permitted to give
the other shall be in writing and may be delivered personally or by mail,
postage prepaid, addressed to the Secretary of the Company, at its then
corporate headquarters, and the Participant at his address as shown on the
Company's records, or to such other address as the Participant, by notice to the
Company, may designate in writing from time to time.

                  [Remainder of page intentionally left blank.
                            Signature page follows.]

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            IN WITNESS WHEREOF, the Company has caused this Stock Option
Agreement to be duly executed by an officer thereunto duly authorized, and the
Participant has hereunto set his hand, all as of the day and year first above
written.

REGENCY AFFILIATES, INC.

/s/ Laurence S. Levy                               /s/ Stanley Fleishman
-----------------------------                      -----------------------------
Name:  Laurence S. Levy                            Stanley Fleishman
Title: President

                                       4EXHIBIT 10.38
                               FIRST AMENDMENT TO
               AMENDED AND RESTATED STAY PUT BONUS AND EMPLOYMENT
                                   AGREEMENT

         This First Amendment (this "Amendment") to the Amended and Restated
Stay Put Bonus and Employment Agreement dated as of February 6, 2003 (the
"Employment Agreement') is entered into as of February 6, 2004 (the "Amendment
Date"), by and between Chadmoore Wireless Group, a dissolved Colorado
corporation (the "Company") and Robert W. Moore (the "Employee").

                                    RECITALS

         WHEREAS, the Company employs Employee pursuant to the Employment
Agreement;

         WHEREAS, circumstances have changed since the execution of the
Employment Agreement such that Employee is required to perform additional
services during the term of the Employment Agreement; and

         WHEREAS, the parties to this Amendment desire to clarify the terms of
the Employment Agreement applicable to such parties from and after the Amendment
Date.

         In consideration of the mutual agreements, covenants and considerations
contained herein, the parties hereto agree as follows:

                                    AGREEMENT

         1.   AMENDMENTS

              a.  All capitalized terms used herein without definition shall
have the meanings given to them in the Employment Agreement.

              b.  Section 3(d) of the Employment Agreement is amended and
restated as follows:

         (d) Stage 2. Upon the expiration of Stage 1, the term of Employee's
employment will be automatically extended until the earlier of (i) the first day
of the first pay period that is at least 30 days after the Securities and
Exchange Commission grants relief to the Company from making filings under the
Securities Exchange Act of 1934, as amended (ii) the final distribution to the
Company's shareholders or (iii) termination by either party in accordance with
Section 7 or Section 9 of this Agreement.

              c.  Section 4(a) of the Employment Agreement is amended and
restated as follows:

         (a) Base. From the Amendment Date until the Expiration Date, the
Company shall pay to the Employee an annualized base salary of $170,056 (the
"Base Compensation"), payable in equal installments, but no less often than
semi-monthly. If this Agreement is terminated for any reason prior to the
Expiration Date, the Company shall pay to the Employee his Base Compensation
earned to the date of termination.

2.       RATIFICATION

         The terms and provisions set forth in this Amendment shall modify and
supersede all inconsistent terms and provisions set forth in the Employment
Agreement and, except as expressly modified and superseded by this Amendment,
the terms and provisions of the Employment Agreement are ratified and confirmed
and shall continue in full force and effect. The parties to this Amendment agree
that the Employment Agreement as amended hereby shall continue to be legal,
valid, binding and enforceable in accordance with its terms.

3. MISCELLANEOUS

              a.  The Employment Agreement and any and all other agreements,
documents, or instruments now or hereinafter executed and delivered pursuant to
the terms hereof or thereof, are hereby amended so that any reference to the
Employment Agreement shall mean a reference to the Employment Agreement as
amended hereby.

              b. In case any provision in this Amendment shall be invalid,
illegal or unenforceable, to the extent permitted by applicable law, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

              c. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF COLORADO, OTHER THAN SUCH LAWS, RULES, REGULATIONS
AND CASE LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF A JURISDICTION
OTHER THAN THE STATE OF COLORADO.

              d. This Amendment may be executed in any number of counterparts,
each of which when executed and delivered shall be an original, but all such
counterparts shall constitute one and the same instrument. This Amendment may be
executed and delivered by facsimile.

              e. The Employment Agreement as amended by this Amendment
constitutes the entire agreement among the parties hereto pertaining to the
subject matter hereof and supersedes any prior agreements (both oral and/or
written) and understandings relating thereto. This Amendment may be modified or
amended only upon written consent of the parties hereto.

                                  * * * * * * *
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         IN WITNESS WHEREOF, this Amendment has been signed on behalf of each of
the parties hereto as of the date first above written.

THE COMPANY

CHADMOORE WIRELESS GROUP, INC.

By:/s/STEPHEN RADUSCH
   ----------------------------------------
   Stephen Radusch, Chief Financial Officer

EMPLOYEE

/s/ROBERT W. MOORE
-------------------------------------------
Robert W. Moore

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