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                                                                     Exhibit 4.1

                           EXCALIBUR INDUSTRIES, INC.
                       2003 EMPLOYEE STOCK INCENTIVE PLAN

     1. GENERAL PROVISIONS.

         1.1  PURPOSE.  This Stock  Incentive  Plan (the  "PLAN") is intended to
allow designated officers and employees (all of whom are sometimes  collectively
referred to herein as the  "EMPLOYEES,"  or  individually  as the "EMPLOYEE") of
Excalibur  Industries,  Inc., a Delaware  corporation  (the  "COMPANY")  and its
Subsidiaries  (as that term is defined  below)  which they may have from time to
time (the Company and such Subsidiaries are referred to herein as the "COMPANY")
to receive certain options (the "STOCK OPTIONS") to purchase common stock of the
Company,  par value $0.001 per share (the "COMMON STOCK"), and to receive grants
of the Common Stock subject to certain  restrictions (the "AWARDS").  As used in
this  Plan,  the  term  "SUBSIDIARY"  shall  mean  each  corporation  which is a
"subsidiary  corporation" of the Company within the meaning of Section 424(f) of
the Internal Revenue Code of 1986, as amended (the "CODE").  The purpose of this
Plan is to provide the Employees with equity-based  compensation  incentives who
make  significant and  extraordinary  contributions  to the long-term growth and
performance of the Company, and to attract and retain the Employees.

     1.2 ADMINISTRATION.

         1.2.1 The Plan shall be administered by the Compensation Committee (the
"COMMITTEE")  of, or  appointed  by, the Board of  Directors of the Company (the
"BOARD").  The  Committee  shall select one of its members as Chairman and shall
act by vote of a  majority  of a quorum,  or by  unanimous  written  consent.  A
majority  of its members  shall  constitute  a quorum.  The  Committee  shall be
governed  by the  provisions  of  the  Company's  Bylaws  and  of  Delaware  law
applicable to the Board,  except as otherwise  provided  herein or determined by
the Board.

         1.2.2 The  Committee  shall have full and  complete  authority,  in its
discretion,  but subject to the express  provisions of this Plan, (a) to approve
the Employees nominated by the management of the Company to be granted Awards or
Stock  Options;  (b) to  determine  the number of Awards or Stock  Options to be
granted to an Employee;  (c) to  determine  the time or times at which Awards or
Stock Options shall be granted; to establish the terms and conditions upon which
Awards  or  Stock  Options  may  be  exercised;  (d) to  remove  or  adjust  any
restrictions and conditions upon Awards or Stock Options; (e) to specify, at the
time of grant,  provisions  relating to  exercisability  of Stock Options and to
accelerate or otherwise modify the exercisability of any Stock Options;  and (f)
to adopt such rules and regulations and to make all other determinations  deemed
necessary or desirable for the administration of this Plan. All  interpretations
and  constructions  of  this  Plan  by the  Committee,  and  all of its  actions
hereunder, shall be binding and conclusive on all persons for all purposes.

         1.2.3 The Company  hereby  agrees to indemnify  and hold  harmless each
Committee  member and each Employee,  and the estate and heirs of such Committee
member or  Employee,  against  all  claims,  liabilities,  expenses,  penalties,
damages or other pecuniary  losses,  including legal fees,  which such Committee
member  or  Employee,  his  estate  or  heirs  may  suffer  as a  result  of his
responsibilities,  obligations  or duties in  connection  with this Plan, to the
extent that  insurance,  if any,  does not cover the  payment of such items.  No
member  of the  Committee  or the  Board

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shall be liable for any action or determination  made in good faith with respect
to this Plan or any Award or Stock Option granted pursuant to this Plan.

         1.3 ELIGIBILITY AND  PARTICIPATION.  The Employees  eligible under this
Plan shall be approved by the Committee from those Employees who, in the opinion
of the  management  of the Company,  are in positions  which enable them to make
significant  contributions  to  the  long-term  performance  and  growth  of the
Company.  In  selecting  the  Employees  to whom Award or Stock  Options  may be
granted,  consideration  shall be given to factors such as employment  position,
duties and responsibilities,  ability, productivity,  length of service, morale,
interest in the Company and recommendations of supervisors.

         1.4 SHARES  SUBJECT TO THE PLAN.  The  maximum  number of shares of the
Common Stock that may be issued pursuant to this Plan shall be 7,500,000 subject
to adjustment pursuant to the provisions of Section 4.1. If shares of the Common
Stock  awarded or issued under this Plan are  reacquired by the Company due to a
forfeiture  or for  any  other  reason,  such  shares  shall  be  cancelled  and
thereafter shall again be available for purposes of this Plan. If a Stock Option
expires, terminates or is cancelled for any reason without having been exercised
in full, the shares of the Common Stock not purchased  thereunder shall again be
available for purposes of this Plan.

     2. PROVISIONS RELATING TO STOCK OPTIONS.

         2.1 GRANTS OF STOCK  OPTIONS.  The Committee may grant Stock Options in
such amounts, at such times, and to the Employees nominated by the management of
the Company as the Committee,  in its discretion,  may determine.  Stock Options
granted under this Plan may  constitute  "incentive  stock  options"  within the
meaning of Section 422 of the Code,  if so  designated  by the  Committee on the
date of grant and if the  requirements of Section 422 of the Code have been met.
The Committee may also grant Stock  Options  which do not  constitute  incentive
stock  options,  and any such Stock Options  shall be  designated  non-statutory
stock options by the Committee on the date of grant.  The aggregate  Fair Market
Value  (determined  as of the time an incentive  stock option is granted) of the
Common Stock with respect to which  incentive  stock options are exercisable for
the first time by any Employee  during any one calendar year (under all plans of
the  Company and any parent or  subsidiary  of the  Company)  may not exceed the
maximum amount permitted under Section 422 of the Code (currently, $100,000.00).
Non-statutory stock options shall not be subject to the limitations  relating to
incentive stock options contained in the preceding  sentence.  Each Stock Option
shall be evidenced by a written  agreement  (the "OPTION  AGREEMENT")  in a form
approved by the Committee,  which shall be executed on behalf of the Company and
by the Employee to whom the Stock Option is granted,  and which shall be subject
to the terms and  conditions of this Plan. In the  discretion of the  Committee,
Stock Options may include provisions (which need not be uniform),  authorized by
the  Committee,  in its  discretion,  that  accelerate an  Employee's  rights to
exercise Stock Options  following a "Change in Control," upon termination of the
Employee's  employment  by the Company  without  "Cause" or by the  Employee for
"Good Reason," as such terms are defined in Section 3.1 hereof.  The holder of a
Stock Option shall not be entitled to the  privileges  of stock  ownership as to
any shares of the Common Stock not actually issued to such holder.

         The  exercise  price per share for the Stock  covered by a Stock Option
shall be  determined  by the  Committee  at the time of grant but in the case of
Incentive  Stock Options shall not be less than 100% of

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the Fair Market Value on the date of grant.  If an employee owns or is deemed to
own (by reason of the attribution  rules  applicable under Section 424(d) of the
Code) more than 10% of the combined  voting power of all classes of stock of the
Company or any parent or subsidiary corporation and an Incentive Stock Option is
granted to such employee,  the option price of such Incentive Stock Option shall
be not less than 110% of the Fair Market Value on the grant date.

         2.2 PURCHASE PRICE. The purchase price (the "EXERCISE PRICE") of shares
of the Common Stock subject to each Stock Option (the "OPTION  SHARES") shall be
determined  by the  Committee  at the  time  of  grant  but,  in the  case of an
incentive  stock option,  shall not be less than 100% percent of the Fair Market
Value on the date of the grant of the option.  For an Employee holding or who is
deemed to be  holding  (by  reason of the  attribution  rules  applicable  under
Section  424(d) of the Code)  greater  than 10% of the total voting power of all
stock of the Company,  the Exercise Price of an incentive  stock option shall be
at least 110% of the Fair  Market  Value of the Common  Stock on the date of the
grant of the option. As used herein,  "Fair Market Value" means the mean between
the highest and lowest reported sales prices of the Common Stock on the New York
Stock Exchange  Composite Tape or, if not listed on such exchange,  on any other
national  securities  exchange  on which  the  Common  Stock is listed or on The
Nasdaq  Stock  Market,  or, if not so listed  on any other  national  securities
exchange or The Nasdaq  Stock  Market,  then the average of the bid price of the
Common  Stock  during  the last  five  trading  days on the OTC  Bulletin  Board
immediately  preceding  the last  trading day prior to the date with  respect to
which the Fair Market Value is to be determined. If the Common Stock is not then
publicly  traded,  then the Fair Market  Value of the Common  Stock shall be the
book  value of the  Company  per share as  determined  on the last day of March,
June,  September,  or  December  in any  year  closest  to  the  date  when  the
determination  is  to be  made.  For  the  purpose  of  determining  book  value
hereunder,  book value shall be determined by adding as of the  applicable  date
called for herein the capital,  surplus,  and undivided  profits of the Company,
and after having deducted any reserves theretofore established; the sum of these
items shall be divided by the number of shares of the Common  Stock  outstanding
as of said date, and the quotient thus obtained  shall  represent the book value
of each share of the Common Stock of the Company.

         2.3 OPTION PERIOD.  The Stock Option period (the "TERM") shall commence
on the date of grant of the Stock  Option and shall be 10 years or such  shorter
period as is determined by the  Committee.  Each Stock Option shall provide that
it is exercisable  over its term in such periodic  installments as the Committee
in its sole  discretion  may  determine.  Such  provisions  need not be uniform.
Section 16(b) of the Securities  Exchange Act of 1934, as amended (the "EXCHANGE
ACT") exempts persons normally subject to the reporting  requirements of Section
16(a) of the Exchange Act (the  "SECTION 16  REPORTING  PERSONS")  pursuant to a
qualified  employee stock option plan from the normal requirement of not selling
until at least six months and one day from the date the Stock Option is granted.

     2.4 EXERCISE OF OPTIONS.

         2.4.1 Each Stock  Option may be  exercised in whole or in part (but not
as to fractional  shares) by delivering it for surrender or  endorsement  to the
Company,  attention of the Corporate  Secretary,  at the principal office of the
Company,  together with payment of the Exercise Price and an executed Notice and
Agreement of Exercise in the form  prescribed by Section  2.4.2.  Payment may be
made (a) in cash,  (b) by  cashier's  or  certified  check,  (c) by surrender of
previously  owned shares

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of the Common Stock valued pursuant to Section 2.2 (if the Committee  authorizes
payment in stock in its  discretion),  (d) by withholding from the Option Shares
which would  otherwise  be issuable  upon the  exercise of the Stock Option that
number of Option Shares equal to the exercise price of the Stock Option, if such
withholding  is  authorized by the  Committee in its  discretion,  or (e) in the
discretion of the  Committee,  by the delivery to the Company of the  optionee's
promissory  note  secured  by the  Option  Shares,  bearing  interest  at a rate
sufficient to prevent the  imputation of interest  under Sections 483 or 1274 of
the Code, and having such other terms and conditions as may be  satisfactory  to
the Committee.

         2.4.2 Exercise of each Stock Option is  conditioned  upon the agreement
of the  Employee  to the terms  and  conditions  of this Plan and of such  Stock
Option as evidenced  by the  Employee's  execution  and delivery of a Notice and
Agreement  of  Exercise  in a form  to be  determined  by the  Committee  in its
discretion.  Such Notice and Agreement of Exercise shall set forth the agreement
of the Employee that (a) no Option Shares will be sold or otherwise  distributed
in violation of the Securities Act of 1933, as amended (the "SECURITIES ACT") or
any other  applicable  federal or state  securities  laws, (b) each Option Share
certificate may be imprinted with legends  reflecting any applicable federal and
state  securities law  restrictions  and conditions,  (c) the Company may comply
with said securities law restrictions and issue "stop transfer"  instructions to
its Transfer  Agent and Registrar  without  liability,  (d) if the Employee is a
Section 16 Reporting Person,  the Employee will furnish to the Company a copy of
each Form 4 or Form 5 filed by said  Employee  and will  timely file all reports
required  under federal  securities  laws,  and (e) the Employee will report all
sales of Option  Shares to the  Company in writing on a form  prescribed  by the
Company.

         2.4.3 No Stock  Option  shall  be  exercisable  unless  and  until  any
applicable  registration  or  qualification  requirements  of federal  and state
securities  laws,  and all other legal  requirements,  have been fully  complied
with. The Company will use reasonable efforts to maintain the effectiveness of a
registration statement under the Securities Act (a "REGISTRATION STATEMENT") for
the issuance of Stock Options and shares acquired  thereunder,  but there may be
times when no such  Registration  Statement  will be  currently  effective.  The
exercise of Stock Options may be temporarily  suspended without liability to the
Company during times when no such Registration Statement is currently effective,
or  during  times  when,  in  the  reasonable  opinion  of the  Committee,  such
suspension is necessary to preclude  violation of any requirements of applicable
law or regulatory  bodies  having  jurisdiction  over the Company.  If any Stock
Option  would  expire for any reason  except the end of its term  during  such a
suspension,  then if exercise of such Stock Option is duly  tendered  before its
expiration,  such Stock Option shall be  exercisable  and exercised  (unless the
attempted  exercise  is  withdrawn)  as of the  first  day after the end of such
suspension.  The  Company  shall  have no  obligation  to file any  Registration
Statement covering resales of Option Shares.

         2.5 CONTINUOUS EMPLOYMENT.  Except as provided in Section 2.7 below, an
Employee may not  exercise a Stock  Option  unless from the date of grant to the
date of exercise the Employee remains continuously in the employ of the Company.
For  purposes of this Section 2.5,  the period of  continuous  employment  of an
Employee with the Company shall be deemed to include (without extending the term
of the Stock Option) any period during which the Employee is on leave of absence
with the consent of the Company,  provided  that such leave of absence shall not
exceed three  months and that the Employee  returns to the employ of the Company
at the  expiration of such leave of absence.  If the Employee fails to return to
the  employ of the  Company at the  expiration  of such  leave of  absence,  the
Employee's employment with the Company shall be deemed terminated as of the date

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such leave of absence commenced.  The continuous  employment of an Employee with
the Company shall also be deemed to include any period during which the Employee
is a member of the Armed Forces of the United States, provided that the Employee
returns to the employ of the Company  within 90 days (or such  longer  period as
may be prescribed by law) from the date the Employee first becomes entitled to a
discharge from military service. If an Employee does not return to the employ of
the Company  within 90 days (or such longer  period as may be prescribed by law)
from the date the Employee  first becomes  entitled to a discharge from military
service,  the  Employee's  employment  with the Company  shall be deemed to have
terminated as of the date the Employee's military service ended.

         2.6 RESTRICTIONS ON TRANSFER. Each Stock Option granted under this Plan
shall be transferable only by will or the laws of descent and  distribution.  No
interest  of any  Employee  under  this Plan  shall be  subject  to  attachment,
execution, garnishment, sequestration, the laws of bankruptcy or any other legal
or  equitable  process.  Each  Stock  Option  granted  under  this Plan shall be
exercisable  during  an  Employee's  lifetime  only  by the  Employee  or by the
Employee's legal representative.

     2.7 TERMINATION OF EMPLOYMENT.

         2.7.1 Upon an  Employee's  Retirement,  Disability  (both  terms  being
defined  below) or death,  (a) all Stock  Options to the extent  then  presently
exercisable shall remain in full force and effect and may be exercised  pursuant
to the  provisions  thereof,  including  expiration at the end of the fixed term
thereof,  and (b) unless otherwise provided by the Committee,  all Stock Options
to the extent not then presently  exercisable by the Employee shall terminate as
of the date of such  termination  of  employment  and shall  not be  exercisable
thereafter.

         2.7.2 Upon the  termination  of the  employment of an Employee with the
Company for any reason other than the reasons set forth in Section 2.7.1 hereof,
(a) all Stock Options to the extent then  presently  exercisable by the Employee
shall  remain  exercisable  only for a period of 90 days  after the date of such
termination of employment (except that the 90 day period shall be extended to 12
months  if the  Employee  shall  die  during  such  90 day  period),  and may be
exercised pursuant to the provisions thereof, including expiration at the end of
the fixed term thereof, and (b) unless otherwise provided by the Committee,  all
Stock Options to the extent not then presently exercisable by the Employee shall
terminate  as of the date of such  termination  of  employment  and shall not be
exercisable thereafter.

     2.7.3 For purposes of this Plan:

         (a) "RETIREMENT" shall mean an Employee's retirement from the employ of
the  Company on or after the date on which the  Employee  attains  the age of 65
years; and

         (b)  "DISABILITY"  shall  mean  total and  permanent  incapacity  of an
Employee, due to physical impairment or legally established mental incompetence,
to perform the usual duties of the Employee's employment with the Company, which
disability shall be determined (i) on medical  evidence by a licensed  physician
designated  by the  Committee,  or (ii) on evidence that the Employee has become
entitled to receive  primary  benefits as a disabled  employee  under the Social
Security Act in effect on the date of such disability.

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     3. PROVISIONS RELATING TO AWARDS.

         3.1 GRANT OF  AWARDS.  Subject  to the  provisions  of this  Plan,  the
Committee shall have full and complete authority, in its discretion, but subject
to the express  provisions  of this Plan,  to (1) grant Awards  pursuant to this
Plan,  (2)  determine  the number of shares of the Common Stock  subject to each
Award (the "AWARD SHARES"),  (3) determine the terms and conditions  (which need
not be identical) of each Award, including the consideration (if any) to be paid
by the  Employee  for such the  Common  Stock,  which  may,  in the  Committee's
discretion,  consist of the delivery of the Employee's  promissory  note meeting
the requirements of Section 2.4.1, (4) establish and modify performance criteria
for Awards, and (5) make all of the  determinations  necessary or advisable with
respect to Awards under this Plan. Each Award under this Plan shall consist of a
grant of shares of the Common Stock subject to a restriction period (after which
the restrictions  shall lapse),  which shall be a period  commencing on the date
the Award is granted and ending on such date as the  Committee  shall  determine
(the  "RESTRICTION  PERIOD").  The  Committee  may  provide  for  the  lapse  of
restrictions in installments, for acceleration of the lapse of restrictions upon
the satisfaction of such performance or other criteria or upon the occurrence of
such events as the Committee shall  determine,  and for the early  expiration of
the  Restriction  Period upon an Employee's  death,  Disability or Retirement as
defined in Section 2.7.3, or, following a Change of Control, upon termination of
an Employee's  employment by the Company  without "Cause" or by the Employee for
"Good Reason," as those terms are defined herein. For purposes of this Plan:

         "CHANGE  OF  CONTROL"  shall be  deemed  to  occur  (a) on the date the
Company  first has  actual  knowledge  that any  person (as such term is used in
Sections 13(d) and 14(d)(2) of the Exchange Act) has become the beneficial owner
(as defined in Rule 13(d)-3 under the Exchange Act), directly or indirectly,  of
securities of the Company representing 40 percent or more of the combined voting
power  of the  Company's  then  outstanding  securities,  or (b) on the date the
stockholders of the Company approve (i) a merger of the Company with or into any
other  corporation  in which the Company is not the surviving  corporation or in
which the  Company  survives  as a  subsidiary  of another  corporation,  (ii) a
consolidation  of the Company with any other  corporation,  or (iii) the sale or
disposition  of all or  substantially  all of the Company's  assets or a plan of
complete liquidation.

         "CAUSE," when used with  reference to  termination of the employment of
an Employee by the Company for "Cause," shall mean:

         (a) The Employee's continuing willful and material breach of his duties
to the  Company  after he  receives  a demand  from the Chief  Executive  of the
Company specifying the manner in which he has willfully and materially  breached
such  duties,  other than any such  failure  resulting  from  Disability  of the
Employee or his resignation for "Good Reason," as defined herein; or

         (b) The conviction of the Employee of a felony; or

         (c) The Employee's  commission of fraud in the course of his employment
with the  Company,  such as  embezzlement  or  other  material  and  intentional
violation of law against the Company; or

         (d)  The  Employee's  gross  misconduct  causing  material  harm to the
Company.

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     "GOOD  REASON"  shall  mean  any one or more  of the  following,  occurring
following or in connection  with a Change of Control and within 90 days prior to
the Employee's resignation,  unless the Employee shall have consented thereto in
writing:

         (a) The  assignment  to the  Employee of duties  inconsistent  with his
executive  status prior to the Change of Control or a substantive  change in the
officer or officers  to whom he reports  from the officer or officers to whom he
reported immediately prior to the Change of Control; or

         (b) The  elimination  or  reassignment  of a majority of the duties and
responsibilities  that were  assigned to the Employee  immediately  prior to the
Change of Control; or

         (c) A reduction by the Company in the Employee's  annual base salary as
in effect immediately prior to the Change of Control; or

         (d) The Company  requiring the Employee to be based anywhere  outside a
35-mile radius from his place of employment  immediately  prior to the Change of
Control,  except for  required  travel on the  Company's  business  to an extent
substantially   consistent  with  the  Employee's  business  travel  obligations
immediately prior to the Change of Control; or

         (e) The  failure  of the  Company to grant the  Employee a  performance
bonus  reasonably  equivalent  to the same  percentage  of salary  the  Employee
normally received prior to the Change of Control,  given comparable  performance
by the Company and the Employee; or

         (f) The  failure  of the  Company to obtain a  satisfactory  Assumption
Agreement  (as defined in Section  4.12 of this Plan) from a  successor,  or the
failure of such successor to perform such Assumption Agreement.

     3.2  INCENTIVE  AGREEMENTS.  Each  Award  granted  under this Plan shall be
evidenced by a written  agreement (an "INCENTIVE  AGREEMENT") in a form approved
by the  Committee and executed by the Company and the Employee to whom the Award
is  granted.  Each  Incentive  Agreement  shall  be  subject  to the  terms  and
conditions of this Plan and other such terms and conditions as the Committee may
specify.

     3.3 WAIVER OF  RESTRICTIONS.  The  Committee  may modify or amend any Award
under this Plan or waive any restrictions or conditions applicable to the Award;
provided,  however, that the Committee may not undertake any such modifications,
amendments or waivers if the effect thereof materially increases the benefits to
any  Employee,  or  adversely  affects  the rights of any  Employee  without his
consent.

     3.4 TERMS AND  CONDITIONS OF AWARDS.  Upon receipt of an Award of shares of
the Common  Stock  under this Plan,  even  during  the  Restriction  Period,  an
Employee  shall be the  holder of record of the  shares  and shall  have all the
rights of a  stockholder  with respect to such shares,  subject to the terms and
conditions of this Plan and the Award.

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         3.4.1  Except as  otherwise  provided in this Section 3.4, no shares of
the  Common  Stock  received  pursuant  to this Plan  shall be sold,  exchanged,
transferred,   pledged,   hypothecated  or  otherwise  disposed  of  during  the
Restriction Period applicable to such shares. Any purported  disposition of such
the Common Stock in violation of this Section 3.4.2 shall be null and void.

         3.4.2 If an Employee's  employment with the Company terminates prior to
the expiration of the Restriction Period for an Award, subject to any provisions
of the Award with respect to the Employee's death, Disability or Retirement,  or
Change of Control,  all shares of the Common Stock subject to the Award shall be
immediately  forfeited by the Employee and  reacquired  by the Company,  and the
Employee  shall  have no  further  rights  with  respect  to the  Award.  In the
discretion of the Committee,  an Incentive  Agreement may provide that, upon the
forfeiture  by an  Employee  of Award  Shares,  the  Company  shall repay to the
Employee the consideration (if any) which the Employee paid for the Award Shares
on the grant of the Award.  In the  discretion  of the  Committee,  an Incentive
Agreement may also provide that such repayment  shall include an interest factor
on such  consideration  from the date of the  grant of the  Award to the date of
such repayment.

         3.4.3 The Committee  may require under such terms and  conditions as it
deems  appropriate or desirable that (a) the  certificates  for the Common Stock
delivered  under this Plan are to be held in custody by the  Company or a person
or institution  designated by the Company until the Restriction  Period expires,
(b) such  certificates  shall bear a legend referring to the restrictions on the
Common Stock pursuant to this Plan, and (c) the Employee shall have delivered to
the Company a stock power endorsed in blank relating to the Common Stock.

     4. MISCELLANEOUS PROVISIONS.

         4.1 ADJUSTMENTS UPON CHANGE IN CAPITALIZATION.

         4.1.1 The number and class of shares subject to each outstanding  Stock
Option, the Exercise Price thereof (but not the total price), the maximum number
of Stock  Options  that may be granted  under this Plan,  the minimum  number of
shares as to which a Stock  Option  may be  exercised  at any one time,  and the
number  and  class  of  shares  subject  to each  outstanding  Award,  shall  be
proportionately  adjusted in the event of any increase or decrease in the number
of the issued  shares of the  Common  Stock  which  results  from a split-up  or
consolidation  of shares,  payment of a stock dividend or dividends  exceeding a
total of five percent for which the record dates occur in any one fiscal year, a
recapitalization  (other than the conversion of convertible securities according
to their terms),  a combination of shares or other like capital  adjustment,  so
that (a) upon  exercise of the Stock  Option,  the  Employee  shall  receive the
number and class of shares the  Employee  would have  received  had the Employee
been the holder of the number of shares of the Common  Stock for which the Stock
Option is being  exercised  upon the date of such change or increase or decrease
in the  number  of  issued  shares  of the  Company,  and (b) upon the  lapse of
restrictions  of the Award  Shares,  the Employee  shall  receive the number and
class of shares the  Employee  would have  received if the  restrictions  on the
Award  Shares had lapsed on the date of such  change or  increase or decrease in
the number of issued shares of the Company.

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     4.1.2 Upon a  reorganization,  merger or  consolidation of the Company with
one or more  corporations  as a result of which the Company is not the surviving
corporation  or in which the Company  survives as a  wholly-owned  subsidiary of
another corporation,  or upon a sale of all or substantially all of the property
of the  Company to another  corporation,  or any  dividend  or  distribution  to
stockholders  of  more  than  10  percent  of  the  Company's  assets,  adequate
adjustment  or other  provisions  shall be made by the Company or other party to
such transaction so that there shall remain and/or be substituted for the Option
Shares and Award Shares  provided for herein,  the shares,  securities or assets
which would have been  issuable or payable in respect of or in exchange for such
Option Shares and Award Shares then  remaining,  as if the Employee had been the
owner of such shares as of the  applicable  date.  Any securities so substituted
shall be subject to similar successive adjustments.

     4.2  WITHHOLDING  TAXES.  The  Company  shall have the right at the time of
exercise  of  any  Stock  Option,  the  grant  of an  Award,  or  the  lapse  of
restrictions on Award Shares, to make adequate provision for any federal, state,
local or foreign  taxes  which it  believes  are or may be required by law to be
withheld  with respect to such  exercise  (the "TAX  LIABILITY"),  to ensure the
payment of any such Tax  Liability.  The  Company may provide for the payment of
any Tax Liability by any of the following  means or a combination of such means,
as  determined  by the  Committee  in its sole and  absolute  discretion  in the
particular  case (1) by  requiring  the Employee to tender a cash payment to the
Company,  (2) by withholding from the Employee's salary, (3) by withholding from
the Option  Shares which would  otherwise be issuable upon exercise of the Stock
Option,  or  from  the  Award  Shares  on  their  grant  or  date  of  lapse  of
restrictions,  that number of Option  Shares or Award Shares having an aggregate
Fair Market Value (determined in the manner prescribed by Section 2.2) as of the
date the  withholding  tax obligation  arises in an amount which is equal to the
Employee's  Tax Liability or (4) by any other method deemed  appropriate  by the
Committee.  Satisfaction  of the Tax Liability of a Section 16 Reporting  Person
may be made by the method of payment  specified  in clause (3) above only if the
following two conditions are satisfied:

         (a) The  withholding  of Option Shares or Award Shares and the exercise
of the related  Stock Option occur at least six months and one day following the
date of grant of such Stock Option or Award; and

         (b) The withholding of Option Shares or Award Shares is made either (i)
pursuant to an irrevocable  election (the  "WITHHOLDING  ELECTION")  made by the
Employee at least six months in advance of the  withholding of Options Shares or
Award Shares,  or (ii) on a day within a 10-day "window period" beginning on the
third  business day following the date of release of the Company's  quarterly or
annual summary statement of sales and earnings.

     Anything herein to the contrary notwithstanding, a Withholding Election may
be disapproved by the Committee at any time.

     4.3 RELATIONSHIP TO OTHER EMPLOYEE BENEFIT PLANS.  Stock Options and Awards
granted hereunder shall not be deemed to be salary or other  compensation to any
Employee for purposes of any pension, thrift, profit-sharing,  stock purchase or
any other  employee  benefit plan now  maintained  or  hereafter  adopted by the
Company.

     4.4  AMENDMENT  AND  TERMINATION.  The Board of  Directors  may at any time
suspend,  amend or  terminate  this Plan.  No  amendment,  except as provided in
Section  2.8, or  modification  of this Plan may be adopted,  except  subject to
stockholder approval,  which would (1)

                                       9
<PAGE>

materially  increase the benefits accruing to the Employees under this Plan, (2)
materially increase the number of securities which may be issued under this Plan
(except  for  adjustments  pursuant to Section 4.1  hereof),  or (3)  materially
modify the requirements as to eligibility for participation in this Plan.

         4.5 SUCCESSORS IN INTEREST. The provisions of this Plan and the actions
of the Committee shall be binding upon all heirs,  successors and assigns of the
Company and of the Employees.

         4.6 OTHER DOCUMENTS.  All documents prepared,  executed or delivered in
connection with this Plan (including,  without limitation, Option Agreements and
Incentive  Agreements)  shall be, in  substance  and form,  as  established  and
modified by the Committee;  provided,  however, that all such documents shall be
subject in every respect to the provisions of this Plan, and in the event of any
conflict between the terms of any such document and this Plan, the provisions of
this Plan shall prevail.

         4.7 NO  OBLIGATION  TO  CONTINUE  EMPLOYMENT.  This Plan and the grants
which might be made hereunder  shall not impose any obligation on the Company to
continue to employ any  Employee.  Moreover,  no  provision  of this Plan or any
document executed or delivered pursuant to this Plan shall be deemed modified in
any way by any employment  contract  between an Employee (or other employee) and
the Company.

         4.8 MISCONDUCT OF AN EMPLOYEE.  Notwithstanding  any other provision of
this Plan,  if an Employee  commits  fraud or  dishonesty  toward the Company or
wrongfully  uses or  discloses  any  trade  secret,  confidential  data or other
information  proprietary to the Company, or intentionally takes any other action
materially  inimical to the best interests of the Company,  as determined by the
Committee,  in its sole and absolute discretion,  the Employee shall forfeit all
rights and benefits under this Plan.

         4.9 TERM OF PLAN. This Plan was adopted by the Board effective July 17,
2003.  No Stock  Options or Awards may be granted under this Plan after July 17,
2013.

         4.10  GOVERNING  LAW. This Plan shall be construed in accordance  with,
and governed by, the laws of the State of Delaware.

         4.11 APPROVAL, No Stock Option shall be exercisable,  or Award granted,
unless and until the  Directors of the Company have  approved  this Plan and all
other legal requirements have been met.

         4.12  ASSUMPTION  AGREEMENTS.  The Company will require each successor,
(direct or indirect, whether by purchase,  merger,  consolidation or otherwise),
to all or substantially  all of the business or assets of the Company,  prior to
the  consummation of each such  transaction,  to assume and agree to perform the
terms and  provisions  remaining  to be  performed  by the  Company  under  each
Incentive  Agreement  and Stock  Option  and to  preserve  the  benefits  to the
Employees  thereunder.  Such  assumption  and agreement  shall be set forth in a
written  agreement  in form and  substance  satisfactory  to the  Committee  (an
"ASSUMPTION  AGREEMENT"),  and shall  include such  adjustments,  if any, in the
application of the provisions of the Incentive  Agreements and Stock Options and
such additional

                                       10
<PAGE>

provisions,  if any, as the  Committee  shall  require and approve,  in order to
preserve such benefits to the Employees.  Without limiting the generality of the
foregoing,  the  Committee  may  require  an  Assumption  Agreement  to  include
satisfactory undertakings by a successor:

         (a) To provide liquidity to the Employees at the end of the Restriction
Period applicable to the Common Stock awarded to them under this Plan, or on the
exercise of Stock Options;

         (b) If the  succession  occurs  before  the  expiration  of any  period
specified in the Incentive  Agreements for satisfaction of performance  criteria
applicable to the Common Stock awarded  thereunder,  to refrain from interfering
with the Company's  ability to satisfy such performance  criteria or to agree to
modify  such  performance  criteria  and/or  waive any  criteria  that cannot be
satisfied as a result of the succession;

         (c) To  require  any  future  successor  to  enter  into an  Assumption
Agreement; and

         (d) To take or refrain from taking such other  actions as the Committee
may require and approve, in its discretion.

     The Committee  referred to in this Section 4.12 is the Committee  appointed
by  a  Board  of  Directors  in  office  prior  to  the  succession  then  under
consideration.

     4.13 COMPLIANCE WITH RULE 16B-3.  Transactions under this Plan are intended
to comply with all applicable  conditions of Rule 16b-3.  To the extent that any
provision of this Plan or action by the Committee  fails to so comply,  it shall
be deemed null and void, to the extent  permitted by law and deemed advisable by
the Committee.

     4.14 INFORMATION TO STOCKHOLDERS.  The Company shall furnish to each of its
stockholders financial statements of the Company at least annually.

     IN WITNESS  WHEREOF,  this Plan has been executed  effective as of July 17,
2003.

                                       EXCALIBUR INDUSTRIES, INC.

                                       By: /s/ William S.H. Stuart,
                                           -------------------------------------
                                           William S.H. Stuart,
                                           President and Chief Executive Officer

                                       11<PAGE>

                                                                     Exhibit 4.2

                           EXCALIBUR INDUSTRIES, INC.
                           2003 NON-EMPLOYEE DIRECTORS
                       AND CONSULTANTS RETAINER STOCK PLAN

         1.  INTRODUCTION.  This  Plan  shall be known  as the  "2003  EXCALIBUR
INDUSTRIES,  INC.  NON-EMPLOYEE  DIRECTORS AND CONSULTANTS RETAINER STOCK PLAN,"
and is  hereinafter  referred to as the "PLAN." The purposes of this Plan are to
enable Excalibur  Industries,  Inc., a Delaware corporation (the "COMPANY"),  to
promote the  interests of the Company and its  stockholders  by  attracting  and
retaining  non-employee  Directors and  Consultants  capable of  furthering  the
future  success of the Company and by aligning  their  economic  interests  more
closely with those of the Company's  stockholders,  by paying their  retainer or
fees in the form of shares of the Company's  common stock,  par value $0.001 per
share (the "COMMON STOCK").

         2.  DEFINITIONS.  The following terms shall have the meanings set forth
below:

              2.1 "BOARD" means the Board of Directors of the Company.

              2.2 "CHANGE OF CONTROL"  has the meaning set forth in Section 12.4
hereof.

              2.3 "CODE"  means the Internal  Revenue Code of 1986,  as amended,
and the rules and  regulations  thereunder.  References  to any provision of the
Code or rule or regulation  thereunder shall be deemed to include any amended or
successor provision, rule or regulation.

              2.4 "COMMITTEE" means the committee that administers this Plan, as
more fully defined in Section 13 hereof.

              2.5 "COMMON STOCK" has the meaning set forth in Section 1 hereof.

              2.6 "COMPANY" has the meaning set forth in Section 1 hereof.

              2.7 "DEFERRAL" has the meaning set forth in Section 6 hereof.

              2.8  "DEFERRED   STOCK  ACCOUNT"   means  a  bookkeeping   account
maintained  by the  Company for a  Participant  representing  the  Participant's
interest  in the shares  credited to such  Deferred  Stock  Account  pursuant to
Section 7 hereof.

              2.9 "DELIVERY DATE" has the meaning set forth in Section 6 hereof.

              2.10  "DIRECTOR"  means an individual who is a member of the Board
of Directors of the Company.

              2.11  "DIVIDEND   EQUIVALENT"   for  a  given  dividend  or  other
distribution  means a number of shares of the Common  Stock having a Fair Market
Value,  as of the record date for such  dividend or  distribution,  equal to the
amount of cash,  plus the Fair Market Value on the date of  distribution  of any
property,  that is  distributed  with  respect to one share of the Common  Stock
pursuant  to such  dividend  or  distribution;  such  Fair  Market  Value  to be
determined by the Committee in good faith.

                                       1
<PAGE>

              2.12  "EFFECTIVE  DATE" has the  meaning  set  forth in  Section 3
hereof.

              2.13  "EXCHANGE  ACT" has the  meaning  set forth in Section  13.2
hereof.

              2.14 "FAIR  MARKET  VALUE"  means the mean between the highest and
lowest  reported sales prices of the Common Stock on the New York Stock Exchange
Composite  Tape or,  if not  listed  on such  exchange,  on any  other  national
securities  exchange on which the Common  Stock is listed or on The Nasdaq Stock
Market,  or, if not so listed on any other national  securities  exchange or The
Nasdaq  Stock  Market,  then the  average of the bid price of the  Common  Stock
during  the  last  five  trading  days on the  OTC  Bulletin  Board  immediately
preceding  the last trading day prior to the date with respect to which the Fair
Market  Value is to be  determined.  If the  Common  Stock is not then  publicly
traded,  then the Fair Market  Value of the Common Stock shall be the book value
of the  Company  per  share  as  determined  on the  last  day of  March,  June,
September, or December in any year closest to the date when the determination is
to be made.  For the purpose of  determining  book value  hereunder,  book value
shall be  determined by adding as of the  applicable  date called for herein the
capital,  surplus,  and  undivided  profits  of the  Company,  and after  having
deducted any reserves theretofore  established;  the sum of these items shall be
divided by the number of shares of the Common Stock outstanding as of said date,
and the quotient thus obtained  shall  represent the book value of each share of
the Common Stock of the Company.

              2.15 "PARTICIPANT" has the meaning set forth in Section 4 hereof.

              2.16  "PAYMENT  TIME"  means  the time  when a Stock  Retainer  is
payable to a  Participant  pursuant to Section 5 hereof  (without  regard to the
effect of any Deferral Election).

              2.17  "STOCK  RETAINER"  has the  meaning  set forth in  Section 5
hereof.

              2.18  "THIRD  ANNIVERSARY"  has the meaning set forth in Section 6
hereof.

         3.  EFFECTIVE  DATE OF THE  PLAN.  This Plan was  adopted  by the Board
effective July 17, 2003 (the "EFFECTIVE DATE").

         4. ELIGIBILITY.  Each individual who is a Director or Consultant on the
Effective  Date and  each  individual  who  becomes  a  Director  or  Consultant
thereafter   during  the  term  of  this  Plan,  shall  be  a  participant  (the
"PARTICIPANT")  in this Plan, in each case during such period as such individual
remains a Director or Consultant and is not an employee of the Company or any of
its  subsidiaries.  Each credit of shares of the Common  Stock  pursuant to this
Plan shall be evidenced by a written agreement duly executed and delivered by or
on behalf of the Company and a Participant,  if such an agreement is required by
the Company to assure compliance with all applicable laws and regulations.

         5. GRANTS OF SHARES.  Commencing on the Effective  Date,  the amount of
compensation for service to directors or consultants  shall be payable in shares
of the Common Stock (the "STOCK  RETAINER")  pursuant to this Plan at the deemed
issuance  price of the Fair Market  Value of the Common

                                       2
<PAGE>

Stock on the date of the issuance of such shares.  As used herein,  "FAIR MARKET
VALUE"  means the mean between the highest and lowest  reported  sales prices of
the Common Stock on the New York Stock Exchange Composite Tape or, if not listed
on such exchange,  on any other national securities exchange on which the Common
Stock is listed or on The Nasdaq Stock Market, or, if not so listed on any other
national securities exchange or The Nasdaq Stock Market, then the average of the
bid price of the  Common  Stock  during  the last five  trading  days on the OTC
Bulletin Board immediately preceding the last trading day prior to the date with
respect to which the Fair Market Value is to be determined.  If the Common Stock
is not then  publicly  traded,  then the Fair Market  Value of the Common  Stock
shall be the book value of the Company per share as  determined  on the last day
of March, June, September,  or December in any year closest to the date when the
determination  is  to be  made.  For  the  purpose  of  determining  book  value
hereunder,  book value shall be determined by adding as of the  applicable  date
called for herein the capital,  surplus,  and undivided  profits of the Company,
and after having deducted any reserves theretofore established; the sum of these
items shall be divided by the number of shares of the Common  Stock  outstanding
as of said date, and the quotient thus obtained  shall  represent the book value
of each share of the Common Stock of the Company.

         6. DEFERRAL  OPTION.  From and after the Effective  Date, a Participant
may  make an  election  (a  "DEFERRAL  ELECTION")  on an  annual  basis to defer
delivery of the Stock  Retainer  specifying  which one of the following ways the
Stock Retainer is to be delivered (a) on the date which is three years after the
Effective  Date for which it was originally  payable (the "THIRD  ANNIVERSARY"),
(b) on the date upon which the Participant ceases to be a Director or Consultant
for any reason (the "DEPARTURE  DATE") or (c) in five equal annual  installments
commencing on the Departure Date (the "THIRD  ANNIVERSARY"  and "DEPARTURE DATE"
each being  referred to herein as a "DELIVERY  DATE").  Such  Deferral  Election
shall remain in effect for each Subsequent  Year unless changed,  provided that,
any Deferral  Election with respect to a particular Year may not be changed less
than six months prior to the beginning of such Year, and provided, further, that
no more than one  Deferral  Election or change  thereof may be made in any Year.
Any Deferral  Election  and any change or  revocation  thereof  shall be made by
delivering  written  notice  thereof to the  Committee  no later than six months
prior to the beginning of the Year in which it is to be effected; provided that,
with respect to the Year beginning on the Effective Date, any Deferral  Election
or  revocation  thereof must be delivered no later than the close of business on
the 30th day after the Effective Date.

         7. DEFERRED STOCK ACCOUNTS. The Company shall maintain a Deferred Stock
Account  for each  Participant  who makes a Deferral  Election to which shall be
credited,  as of the applicable Payment Time, the number of shares of the Common
Stock  payable  pursuant to the Stock  Retainer to which the  Deferral  Election
relates.  So long as any amounts in such  Deferred  Stock  Account have not been
delivered to the Participant under Section 8 hereof, each Deferred Stock Account
shall  be  credited  as of the  payment  date  for any  dividend  paid or  other
distribution  made with respect to the Common Stock,  with a number of shares of
the Common  Stock equal to (a) the number of shares of the Common Stock shown in
such Deferred Stock Account on the record date for such dividend or distribution
multiplied by (b) the Dividend Equivalent for such dividend or distribution.

         8. DELIVERY OF SHARES.

              8.1  DELIVERY.  The shares of the Common Stock in a  Participant's
Deferred  Stock Account with respect to any Stock  Retainer for which a Deferral
Election has been made  (together  with

                                       3
<PAGE>

dividends  attributable  to such shares credited to such Deferred Stock Account)
shall be delivered  in  accordance  with this  Section 8 as soon as  practicable
after the applicable  Delivery Date.  Except with respect to a Deferral Election
pursuant to Section 6(c) hereof,  or other agreement  between the parties,  such
shares shall be delivered at one time; provided that, if the number of shares so
delivered  includes a  fractional  share,  such  number  shall be rounded to the
nearest  whole  number of shares.  If the  Participant  has in effect a Deferral
Election pursuant to Section 6(c) hereof, then such shares shall be delivered in
five equal annual  installments  (together with dividends  attributable  to such
shares credited to such Deferred Stock Account), with the first such installment
being delivered on the first anniversary of the Delivery Date; provided that, if
in order to  equalize  such  installments,  fractional  shares  would have to be
delivered,  such installments shall be adjusted by rounding to the nearest whole
share.  If any such shares are to be delivered after the Participant has died or
become legally incompetent,  they shall be delivered to the Participant's estate
or legal  guardian,  as the  case  may be,  in  accordance  with the  foregoing;
provided  that, if the  Participant  dies with a Deferral  Election  pursuant to
Section  6(c)  hereof in effect,  the  Committee  shall  deliver  all  remaining
undelivered  shares to the  Participant's  estate  immediately.  References to a
Participant in this Plan shall be deemed to refer to the Participant's estate or
legal guardian, where appropriate.

              8.2 TRUST. The Company may, but shall not be required to, create a
grantor trust or utilize an existing grantor trust (in either case,  "TRUST") to
assist it in  accumulating  the shares of the Common Stock needed to fulfill its
obligations under this Section 8. However, Participants shall have no beneficial
or other  interest in the Trust and the assets  thereof,  and their rights under
this Plan  shall be as  general  creditors  of the  Company,  unaffected  by the
existence  or  nonexistence  of the  Trust,  except  that  deliveries  of  Stock
Retainers  to  Participants  from the Trust  shall,  to the extent  thereof,  be
treated as satisfying the Company's obligations under this Section 8.

         9. SHARE  CERTIFICATES;  VOTING AND OTHER RIGHTS.  The certificates for
shares delivered to a Participant pursuant to Section 8 above shall be issued in
the name of the  Participant,  and from and after the date of such  issuance the
Participant shall be entitled to all rights of a stockholder with respect to the
Common Stock for all such shares issued in his name, including the right to vote
the  shares,   and  the  Participant  shall  receive  all  dividends  and  other
distributions paid or made with respect thereto.

         10. GENERAL RESTRICTIONS.

              10.1  RESTRICTIONS.  Notwithstanding  any other  provision of this
Plan or agreements made pursuant  thereto,  the Company shall not be required to
issue or deliver any certificate or certificates  for shares of the Common Stock
under this Plan prior to fulfillment of all of the following conditions:

              (i)  Listing or  approval  for  listing  upon  official  notice of
issuance  of such  shares on the New York Stock  Exchange,  Inc.,  or such other
securities exchange as may at the time be a market for the Common Stock;

              (ii) Any registration or other  qualification of such shares under
any state or federal law or regulation, or the maintaining in effect of any such
registration or other  qualification  which the Committee shall, upon the advice
of counsel, deem necessary or advisable; and

                                       4
<PAGE>

              (iii)  Obtaining any other consent,  approval,  or permit from any
state or federal  governmental agency which the Committee shall, after receiving
the advice of counsel, determine to be necessary or advisable.

         10.2 OTHER  COMPENSATION.  Nothing contained in this Plan shall prevent
the Company from adopting other or additional compensation  arrangements for the
Participants.

         11. SHARES  AVAILABLE.  Subject to Section 12 below, the maximum number
of shares  of the  Common  Stock  which  may in the  aggregate  be paid as Stock
Retainers  pursuant  to this  Plan is  2,500,000.  Shares  of the  Common  Stock
issueable  under this Plan may be taken from  treasury  shares of the Company or
purchased on the open market.

         12. ADJUSTMENTS; CHANGE OF CONTROL.

              12.1 CHANGE IN  CAPITALIZATION;  CHANGE OF  CONTROL.  In the event
that  there is, at any time  after the Board  adopts  this  Plan,  any change in
corporate capitalization, such as a stock split, combination of shares, exchange
of shares,  warrants or rights  offering to purchase the Common Stock at a price
below  its  Fair  Market  Value,  reclassification,  or  recapitalization,  or a
corporate transaction, such as any merger, consolidation,  separation, including
a spin-off,  stock  dividend,  or other  extraordinary  distribution of stock or
property of the Company, any reorganization  (whether or not such reorganization
comes  within the  definition  of such term in  Section  368 of the Code) or any
partial  or  complete  liquidation  of the  Company  (each  of the  foregoing  a
"TRANSACTION"), in each case other than any such Transaction which constitutes a
Change of Control (as defined  below),  (i) the Deferred Stock Accounts shall be
credited with the amount and kind of shares or other  property  which would have
been  received  by a holder of the number of shares of the Common  Stock held in
such Deferred Stock Account had such shares of the Common Stock been outstanding
as of the  effectiveness  of any such  Transaction,  (ii) the number and kind of
shares or other property  subject to this Plan shall  likewise be  appropriately
adjusted to reflect the  effectiveness  of any such  transaction,  and (iii) the
Committee shall appropriately  adjust any other relevant provisions of this Plan
and any such  modification  by the Committee  shall be binding and conclusive on
all persons.

              12.2  PROPERTY.  If the shares of the Common Stock credited to the
Deferred Stock Accounts are converted pursuant to Section 12.1 into another form
of property,  references in this Plan to the Common Stock shall be deemed, where
appropriate,  to  refer  to  such  other  form  of  property,  with  such  other
modifications as may be required for this Plan to operate in accordance with its
purposes.  Without  limiting the  generality  of the  foregoing,  references  to
delivery of certificates for shares of the Common Stock shall be deemed to refer
to delivery of cash and the incidents of ownership of any other property held in
the Deferred Stock Accounts.

              12.3  CHANGE OF  CONTROL  ALTERNATIVE.  In lieu of the  adjustment
contemplated by Section 12.1, in the event of a Change of Control, the following
shall  occur on the date of the Change of  Control  (i) the shares of the Common
Stock held in each  Participant's  Deferred  Stock Account shall be deemed to be
issued and  outstanding  as of the Change of  Control;  (ii) the  Company  shall
forthwith  deliver to each  Participant  who has a Deferred Stock Account all of
the shares of the Common Stock or any other property held in such  Participant's
Deferred Stock Account; and (iii) this Plan shall be terminated.

                                       5
<PAGE>

         12.4 CHANGE OF CONTROL  EVENTS.  For  purposes of this Plan,  Change of
Control shall mean any of the following events:

              (i) The acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities  Exchange Act of 1934,
as amended (the "EXCHANGE ACT") (a "PERSON") of beneficial ownership (within the
meaning of Rule 13d-3  promulgated under the Exchange Act) of 20 percent or more
of either (1) the then  outstanding  shares of the Common  Stock of the  Company
(the  "OUTSTANDING  COMPANY COMMON STOCK"),  or (2) the combined voting power of
then outstanding  voting securities of the Company entitled to vote generally in
the  election  of  directors  (the  "OUTSTANDING  COMPANY  VOTING  SECURITIES");
provided, however, that the following acquisitions shall not constitute a Change
of  Control  (A)  any  acquisition  directly  from  the  Company  (excluding  an
acquisition  by virtue of the  exercise  of a  conversion  privilege  unless the
security being so converted was itself acquired directly from the Company),  (B)
any acquisition by the Company, (C) any acquisition by any employee benefit plan
(or related  trust)  sponsored or maintained  by the Company or any  corporation
controlled by the Company or (D) any acquisition by any corporation  pursuant to
a reorganization,  merger or consolidation,  if, following such  reorganization,
merger or consolidation, the conditions described in clauses (A), (B) and (C) of
paragraph (iii) of this Section 12.4 are satisfied; or

              (ii) Individuals who, as of the date hereof,  constitute the Board
of the Company (as of the date hereof,  "INCUMBENT  BOARD") cease for any reason
to  constitute  at least a majority of the Board;  provided,  however,  that any
individual becoming a director subsequent to the date hereof whose election,  or
nomination for election by the Company's stockholders, was approved by a vote of
at least a majority of the directors then  comprising the Incumbent  Board shall
be considered as though such  individual  were a member of the Incumbent  Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest (as
such  terms are used in Rule  14a-11 of  Regulation  14A  promulgated  under the
Exchange Act) or other actual or threatened  solicitation of proxies or consents
by or on behalf of a Person other than the Board; or

              (iii)   Approval  by  the   stockholders   of  the  Company  of  a
reorganization,   merger,  binding  share  exchange  or  consolidation,  unless,
following such reorganization,  merger,  binding share exchange or consolidation
(1) more than 60 percent of,  respectively,  then  outstanding  shares of common
stock of the corporation  resulting from such  reorganization,  merger,  binding
share  exchange  or  consolidation   and  the  combined  voting  power  of  then
outstanding voting securities of such corporation  entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of the Outstanding  Company Common Stock and Outstanding
Company Voting  Securities  immediately  prior to such  reorganization,  merger,
binding share exchange or consolidation in substantially the same proportions as
their ownership, immediately prior to such reorganization, merger, binding share
exchange  or  consolidation,   of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as the

                                       6
<PAGE>

case may be, (2) no Person (excluding the Company, any employee benefit plan (or
related  trust)  of  the  Company  or  such  corporation   resulting  from  such
reorganization,  merger,  binding share exchange or consolidation and any Person
beneficially owning,  immediately prior to such reorganization,  merger, binding
share exchange or consolidation,  directly or indirectly,  20 percent or more of
the Outstanding  Company Common Stock or Outstanding  Company Voting Securities,
as the case may be)  beneficially  owns,  directly or indirectly,  20 percent or
more  of,  respectively,   then  outstanding  shares  of  common  stock  of  the
corporation resulting from such reorganization,  merger,  binding share exchange
or  consolidation  or the  combined  voting  power  of then  outstanding  voting
securities  of such  corporation  entitled to vote  generally in the election of
directors,  and (3) at least a majority of the members of the board of directors
of the corporation  resulting from such  reorganization,  merger,  binding share
exchange or consolidation were members of the Incumbent Board at the time of the
execution of the initial agreement  providing for such  reorganization,  merger,
binding share exchange or consolidation; or

              (iv) Approval by the stockholders of the Company of (1) a complete
liquidation or dissolution of the Company,  or (2) the sale or other disposition
of all or  substantially  all of the  assets  of the  Company,  other  than to a
corporation, with respect to which following such sale or other disposition, (A)
more than 60 percent of,  respectively,  then outstanding shares of common stock
of such  corporation  and the combined voting power of then  outstanding  voting
securities  of such  corporation  entitled to vote  generally in the election of
directors  is  then  beneficially  owned,  directly  or  indirectly,  by  all or
substantially  all of the  individuals  and  entities  who were  the  beneficial
owners,  respectively,  of the Outstanding  Company Common Stock and Outstanding
Company Voting Securities immediately prior to such sale or other disposition in
substantially the same proportion as their ownership,  immediately prior to such
sale  or  other  disposition,  of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as the  case  may be,  (B) no  Person
(excluding  the Company and any employee  benefit plan (or related trust) of the
Company or such  corporation  and any Person  beneficially  owning,  immediately
prior to such sale or other disposition,  directly or indirectly,  20 percent or
more of the  Outstanding  Company  Common Stock or  Outstanding  Company  Voting
Securities,  as the case may be) beneficially owns,  directly or indirectly,  20
percent or more of,  respectively,  then  outstanding  shares of common stock of
such  corporation  and the  combined  voting  power of then  outstanding  voting
securities  of such  corporation  entitled to vote  generally in the election of
directors,  and (3) at least a majority of the members of the board of directors
of such  corporation  were  members  of the  Incumbent  Board at the time of the
execution  of the initial  agreement or action of the Board  providing  for such
sale or other disposition of assets of the Company.

         13. ADMINISTRATION; AMENDMENT AND TERMINATION.

              13.1  ADMINISTRATION.   This  Plan  shall  be  administered  by  a
committee  consisting  of two members who shall be the current  directors of the
Company or senior executive officers or other directors who are not Participants
as may be designated by the Chief  Executive  Officer (the  "COMMITTEE"),  which
shall have full  authority to construe and  interpret  this Plan,  to establish,
amend and rescind rules and  regulations  relating to this Plan, and to take all
such actions and make all such determinations in connection with this Plan as it
may deem necessary or desirable.

              13.2  AMENDMENT AND  TERMINATION.  The Board may from time to time
make such  amendments  to this Plan,  including  to  preserve or come within any
exemption from liability under Section 16(b) of the Exchange Act, as it may deem
proper and in the best interest of the Company without  further  approval of the
Company's stockholders, provided that, to the extent required under Delaware law
or to  qualify  transactions  under  this Plan for  exemption  under  Rule 16b-3
promulgated  under the Exchange  Act, no amendment to this Plan shall be adopted
without further approval of the Company's  stockholders and, provided,  further,
that if and to the  extent  required  for this  Plan to comply

                                       7
<PAGE>

with Rule 16b-3  promulgated  under the Exchange  Act, no amendment to this Plan
shall be made more  than once in any six month  period  that  would  change  the
amount,  price or timing of the grants of the Common Stock  hereunder other than
to comport with changes in the Code, the Employee Retirement Income Security Act
of 1974, as amended, or the regulations thereunder. The Board may terminate this
Plan at any time by a vote of a majority of the members thereof.

         14. MISCELLANEOUS.

              14.1 NO OBLIGATION. Nothing in this Plan shall be deemed to create
any  obligation on the part of the Board to nominate any Director for reelection
by the  Company's  stockholders  or to limit the rights of the  stockholders  to
remove any Director.

              14.2  WITHHOLDING  TAXES.  The  Company  shall  have the  right to
require,  prior to the  issuance or  delivery of any shares of the Common  Stock
pursuant to this Plan, that a Participant make arrangements  satisfactory to the
Committee for the  withholding  of any taxes required by law to be withheld with
respect  to  the  issuance  or  delivery  of  such  shares,  including,  without
limitation,  by the  withholding of shares that would  otherwise be so issued or
delivered, by withholding from any other payment due to the Participant, or by a
cash payment to the Company by the Participant.

              14.3  GOVERNING  LAW.  The Plan and all actions  taken  thereunder
shall be governed by and construed in  accordance  with the laws of the State of
Delaware.

              14.4  INFORMATION  TO  STOCKHOLDERS.  The Company shall furnish to
each of its stockholders financial statements of the Company at least annually.

         IN WITNESS  WHEREOF,  this Plan has been executed  effective as of July
17, 2003.

                                      EXCALIBUR INDUSTRIES, INC.

                                      By: /s/ William S.H. Stuart,
                                          ------------------------------------
                                          William S.H. Stuart,
                                          President and Chief Executive Officer

                                       8

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