Document:

Prepared and filed by St Ives Burrups

EXHIBIT 10.4C

NPS
  PHARMACEUTICALS, INC.

1994 EMPLOYEE STOCK PURCHASE
  PLAN

  (as Amended by the Board of Directors
  on December 2002)

	1. 	PURPOSE.

  1.1 The purpose of the Employee Stock Purchase Plan (the “Plan”)
    is to provide a means by which employees of NPS Pharmaceuticals, Inc., a Delaware
    corporation (the “Company”), and its Affiliates, as defined in
    subparagraph 1.2, which are designated as provided in subparagraph 2.2, may
    be given an opportunity to purchase stock of the Company.

  1.2 The word “Affiliate”
    as used in the Plan means any parent corporation or subsidiary corporation
    of the Company, as those terms are defined in Sections 424(e) and (f),
    respectively, of the Internal Revenue Code of 1986, as amended (the “Code”).

  1.3 The Company, by means of the
    Plan, seeks to retain the services of its employees, to secure and retain
    the services of new employees, and to provide incentives for such persons
    to exert maximum efforts for the success of the Company.

  1.4 The Company intends that the
    rights to purchase stock of the Company granted under the Plan be considered
    options issued under an “employee stock purchase plan” as that
    term is defined in Section 423(b) of the Code.

	2. 	ADMINISTRATION.

  2.1 The Plan shall be administered by the Board of Directors
    (the “Board”) of the Company unless and until the Board delegates
    administration to a Committee, as provided in subparagraph 2.3. Whether or
    not the Board has delegated administration, the Board shall have the final
    power to determine all questions of policy and expediency that may arise in
    the administration of the Plan.

  2.2 The Board shall have the power,
    subject to, and within the limitations of, the express provisions of the Plan:

  2.2.1 To determine when and how
    rights to purchase stock of the Company shall be granted and the provisions
    of each offering of such rights (which need not be identical).
    2.2.2 To designate from time to
      time which Affiliates of the Company shall be eligible to participate in
      the Plan.

    2.2.3 To construe and interpret
      the Plan and rights granted under it, and to establish, amend and revoke
      rules and regulations for its administration. The Board, in the exercise
      of this power, may correct any defect, omission or inconsistency in the
      Plan, in a manner and to the extent it shall deem necessary or expedient
      to make the Plan fully effective.

    2.2.4 To amend the Plan as provided
      in paragraph 13.

    2.2.5 Generally, to exercise such
      powers and to perform such acts as the Board deems necessary or expedient
      to promote the best interests of the Company.

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  2.3 The Board may delegate administration of the Plan to a
    Committee composed of not fewer than two (2) members of the Board (the “Committee”).
    If administration is delegated to a Committee, the Committee shall have, in
    connection with the administration of the Plan, the powers theretofore possessed
    by the Board, subject, however, to such resolutions, not inconsistent with
    the provisions of the Plan, as may be adopted from time to time by the Board.
    The Board may abolish the Committee at any time and revest in the Board the
    administration of the Plan.

	3. 	SHARES SUBJECT TO THE PLAN.

  3.1 Subject to the provisions of paragraph 12 relating to
    adjustments upon changes in stock, the stock that may be sold pursuant to
    rights granted under the Plan shall not exceed in the aggregate two hundred
    sixty thousand (260,000) shares of the Company's common stock (the “Common
    Stock”). If any right granted under the Plan shall for any reason terminate
    without having been exercised, the Common Stock not purchased under such right
    shall again become available for the Plan.

  3.2 The stock subject to the Plan
    may be unissued shares or reacquired shares, bought on the market or otherwise.

	4.	 GRANT OF RIGHTS; OFFERING.

  The Board or the Committee may from time to time grant or
    provide for the grant of rights to purchase Common Stock of the Company under
    the Plan to eligible employees (an “Offering”) on a date or dates
    (the “Offering Date(s)”) selected by the Board or the Committee.
    Each Offering shall be in such form and shall contain such terms and conditions
    as the Board or the Committee shall deem appropriate. If an employee has more
    than one right outstanding under the Plan, unless he or she otherwise indicates
    in agreements or notices delivered hereunder: (a) each agreement or notice
    delivered by that employee will be deemed to apply to all of his or her rights
    under the Plan, and (b) a right with a lower exercise price (or an earlier-granted
    right, if two rights have identical exercise prices), will be exercised to
    the fullest possible extent before a right with a higher exercise price (or
    a later-granted right, if two rights have identical exercise prices)
    will be exercised. The provisions of separate Offerings need not be identical,
    but each Offering shall include (through incorporation of the provisions of
    this Plan by reference in the Offering or otherwise) the substance of the
    provisions contained in paragraphs 5 through 8, inclusive.

	5.	 ELIGIBILITY.

  5.1 Rights may be granted only to employees of the Company
    or, as the Board or the Committee may designate as provided in subparagraph
    2.2, to employees of any Affiliate of the Company. Except as provided in subparagraph
    5.2, an employee of the Company or any Affiliate shall not be eligible to
    be granted rights under the Plan, unless, on the Offering Date, such employee
    has been in the employ of the Company or any Affiliate for such continuous
    period preceding such grant as the Board or the Committee may require, but
    in no event shall the required period of continuous employment be equal to
    or greater than two (2) years. In addition, unless otherwise determined by
    the Board or the Committee and set forth in the terms of the applicable Offering,
    no employee of the Company or any Affiliate shall be eligible to be granted
    rights under the Plan, unless, on the Offering Date, such employee's customary
    employment with the Company or such Affiliate is at least twenty (20) hours
    per week and at least five (5) months per calendar year.

  5.2 The Board or the Committee may
    provide that, each person who, during the course of an Offering, first becomes
    an eligible employee of the Company or designated Affiliate will, on a date
    or dates specified in the Offering which coincides with the day on which such
    person becomes an eligible employee or occurs thereafter, receive a right
    under that Offering, which right shall thereafter be deemed to

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 be a part of that Offering. Such
  right shall have the same characteristics as any rights originally granted under
  that Offering, as described herein, except that:

  5.2.1 the date on which such right
    is granted shall be the “Offering Date” of such right for all
    purposes, including determination of the purchase price of such right;
5.2.2 the Offering Period (as
      defined below) for such right shall begin on its Offering Date and end coincident
      with the end of such Offering; and

    5.2.3 the Board or the Committee
      may provide that if such person first becomes an eligible employee within
      a specified period of time before the end of the Offering Period (as defined
      below) for such Offering, he or she will not receive any right under that
      Offering.

  
    5.3 No employee shall be eligible for the grant of any rights
      under the Plan if, immediately after any such rights are granted, such employee
      owns stock possessing five percent (5%) or more of the total combined voting
      power or value of all classes of stock of the Company or of any Affiliate.
      For purposes of this subparagraph 5.3, the rules of Section 424(d)
      of the Code shall apply in determining the stock ownership of any employee,
      and stock which such employee may purchase under all outstanding rights
      and options shall be treated as stock owned by such employee.

  

  5.4 An eligible employee may be
    granted rights under the Plan only if such rights, together with any other
    rights granted under “employee stock purchase plans” of the Company
    and any Affiliates, as specified by Section 423(b)(8) of the Code, do
    not permit such employee's rights to purchase stock of the Company or any
    Affiliate to accrue at a rate which exceeds twenty-five thousand dollars
    ($25,000) of fair market value of such stock (determined at the time such
    rights are granted) for each calendar year in which such rights are outstanding
    at any time.

  5.5 Officers of the Company and
    any designated Affiliate shall be eligible to participate in Offerings under
    the Plan, provided, however, that the Board may provide in an Offering that
    certain employees who are highly compensated employees within the meaning
    of Section 423(b)(4)(D) of the Code shall not be eligible to participate.

	6. 	 RIGHTS; PURCHASE PRICE.

  6.1 On each Offering Date, each eligible employee, pursuant
    to an Offering made under the Plan, shall be granted the right to purchase
    up to the number of shares of Common Stock of the Company purchasable with
    a percentage designated by the Board or the Committee not exceeding fifteen
    percent (15%) of such employee’s Earnings (as defined in Section 7(a))
    during the period which begins on the Offering Date (or such later date as
    the Board or the Committee determines for a particular Offering) and ends
    on the date stated in the Offering, which date shall be no more than twenty-seven
    (27) months after the Offering Date (the “Offering Period”). In
    connection with each Offering made under this Plan, the Board or the Committee
    shall specify a maximum number of shares which may be purchased by any employee
    as well as a maximum aggregate number of shares which may be purchased by
    all eligible employees pursuant to such Offering. In addition, in connection
    with each Offering which contains more than one Purchase Date and a corresponding
    Purchase Period (as defined in the Offering), the Board or the Committee may
    specify a maximum aggregate number of shares which may be purchased by all
    eligible employees on any given Purchase Date under the Offering. If the aggregate
    purchase of shares upon exercise of rights granted under the Offering would
    exceed any such maximum aggregate number, the Board or the Committee shall
    make a pro rata allocation of the shares available in as nearly a uniform
    manner as shall be practicable and as it shall deem to be equitable.

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  6.2 The purchase price of stock acquired pursuant to rights
    granted under the Plan shall be not less than the lesser of:

  6.2.1 an amount equal to eighty-five
    percent (85%) of the fair market value of the stock on the Offering Date;
    or 
    6.2.2 an amount equal to eighty-five
      percent (85%) of the fair market value of the stock on the Purchase Date.
      

  6.3 In the event that the fair market value of the shares
    on a Purchase Date of an Offering Period is less than the fair market value
    of the shares on the Offering Date for such Offering Period, then every participant
    shall automatically (a) be withdrawn from such Purchase Period at the close
    of such Purchase Date (after the acquisition of shares for such Purchase Period),
    and (b) be re-enrolled on the first business day subsequent to such Purchase
    Date with such date now constituting the “Offering Date” for all
    purposes, including determination of the Purchase Price of such right. 

	7.	 PARTICIPATION; WITHDRAWAL; TERMINATION.

  7.1 An eligible employee may become a participant in an Offering
    by delivering a participation agreement to the Company within the time specified
    in the Offering, in such form as the Company provides. Each such agreement
    shall authorize payroll deductions of up to the maximum percentage specified
    by the Board or the Committee of such employee's Earnings during the Offering
    Period. “Earnings” is defined as the total compensation paid to
    an employee, including all salary, wages (including amounts elected to be
    deferred by the employee, that would otherwise have been paid, under any cash
    or deferred arrangement established by the Company), overtime pay, commissions,
    bonuses, and other remuneration paid directly to the employee, but excluding
    profit sharing, the cost of employee benefits paid for by the Company, education
    or tuition reimbursements, imputed income arising under any Company group
    insurance or benefit program, traveling expenses, business and moving expense
    reimbursements, income received in connection with stock options, contributions
    made by the Company under any employee benefit plan, and similar items of
    compensation. The payroll deductions made for each participant shall be credited
    to an account for such participant under the Plan and shall be deposited with
    the general funds of the Company. A participant may reduce (including to zero),
    increase or begin such payroll deductions after the beginning of any Purchase
    Period only as provided for in the Offering. A participant may make additional
    payments into his or her account only if specifically provided for in the
    Offering and only if the participant has not had the maximum amount withheld
    during the Purchase Period.

  7.2 At any time during an Offering
    Period a participant may terminate his or her payroll deductions under the
    Plan and withdraw from the Offering by delivering to the Company a notice
    of withdrawal in such form as the Company provides. Such withdrawal may be
    elected at any time prior to the end of the Offering Period except as provided
    by the Board or the Committee in the Offering. Upon such withdrawal from the
    Offering by a participant, the Company shall distribute to such participant
    all of his or her accumulated payroll deductions (reduced to the extent, if
    any, such deductions have been used to acquire stock for the participant)
    under the Offering, without interest, and such participant’s interest
    in that Offering shall be automatically terminated. A participant's withdrawal
    from an Offering will have no effect upon such participant's eligibility to
    participate in any other Offerings under the Plan but such participant will
    be required to deliver a new participation agreement in order to participate
    in subsequent Offerings under the Plan.

  7.3 Rights granted pursuant to any
    Offering under the Plan shall terminate immediately upon cessation of any
    participating employee’s employment with the Company and any designated Affiliate,
    for any reason, and the Company shall distribute to such terminated employee
    all of his or her accumulated

  4

 payroll deductions (reduced to the
  extent, if any, such deductions have been used to acquire stock for the terminated
  employee), under the Offering, without interest.

  7.4 Rights granted under the Plan shall not be transferable,
    and, except as provided in Section 14, shall be exercisable only by the person
    to whom such rights are granted.

	8. 	 EXERCISE.

  8.1 On each purchase date, as defined in the relevant Offering
    (a “Purchase Date”), each participant’s accumulated payroll deductions
    and other additional payments specifically provided for in the Offering (without
    any increase for interest) will be applied to the purchase of whole shares
    of stock of the Company, up to the maximum number of shares permitted pursuant
    to the terms of the Plan and the applicable Offering, at the purchase price
    specified in the Offering. No fractional shares shall be issued upon the exercise
    of rights granted under the Plan. The amount, if any, of accumulated payroll
    deductions remaining in each participant’s account after the purchase of shares
    which is less than the amount required to purchase one share of stock on the
    final Purchase Date of an Offering shall be held in each such participant’s
    account for the purchase of shares under the next Offering under the Plan,
    unless such participant withdraws from such next Offering, as provided in
    subparagraph 7.2, or is no longer eligible to be granted rights under the
    Plan, as provided in paragraph 5, in which case such amount shall be
    distributed to the participant after said final Purchase Date of the Offering,
    without interest. The amount, if any, of accumulated payroll deductions remaining
    in any participant's account after the purchase of shares which is equal to
    the amount required to purchase whole shares of stock on the final Purchase
    Date of an Offering shall be distributed in full to the participant after
    such Purchase Date, without interest.

  8.2 No rights granted under the
    Plan may be exercised to any extent unless the Plan (including rights granted
    thereunder) is covered by an effective registration statement pursuant to
    the Securities Act of 1933, as amended (the “Securities Act”).
    If on a Purchase Date of any Offering hereunder the Plan is not so registered,
    no rights granted under the Plan or any Offering shall be exercised on said
    Purchase Date and the Purchase Date shall be delayed until the Plan is subject
    to such an effective registration statement, except that the Purchase Date
    shall not be delayed more than two (2) months and the Purchase Date shall
    in no event be more than twenty-seven (27) months from the Offering Date.
    If on the Purchase Date of any Offering hereunder, as delayed to the maximum
    extent permissible, the Plan is not registered, no rights granted under the
    Plan or any Offering shall be exercised and all payroll deductions accumulated
    during the Offering Period (reduced to the extent, if any, such deductions
    have been used to acquire stock) shall be distributed to the participants,
    without interest.

	9.	 COVENANTS OF THE COMPANY.

  9.1 During the terms of the rights granted under the Plan,
    the Company shall keep available at all times the number of shares of stock
    required to satisfy such rights.

  9.2 The Company shall seek to obtain
    from each regulatory commission or agency having jurisdiction over the Plan
    such authority as may be required to issue and sell shares of stock upon exercise
    of the rights granted under the Plan. If, after reasonable efforts, the Company
    is unable to obtain from any such regulatory commission or agency the authority
    which counsel for the Company deems necessary for the lawful issuance and
    sale of stock under the Plan, the Company shall be relieved from any liability
    for failure to issue and sell stock upon exercise of such rights unless and
    until such authority is obtained.

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	10.	 USE OF PROCEEDS FROM STOCK.

  Proceeds from the sale of stock pursuant to rights
    granted under the Plan shall constitute general funds of the Company.

	11.	 RIGHTS AS A STOCKHOLDER.

  A participant shall not be deemed to be the holder of, or
    to have any of the rights of a holder with respect to, any shares subject
    to rights granted under the Plan unless and until the participant's shareholdings
    acquired upon exercise of rights hereunder are recorded in the books of the
    Company.

	12.	 ADJUSTMENTS UPON CHANGES IN STOCK.

  12.1 If any change is made in the stock subject to the Plan,
    or subject to any rights granted under the Plan (through merger, consolidation,
    reorganization, recapitalization, stock dividend, dividend in property other
    than cash, stock split, liquidating dividend, combination of shares, exchange
    of shares, change in corporate structure or otherwise), the Plan and outstanding
    rights will be appropriately adjusted in the class(es) and maximum number
    of shares subject to the Plan and the class(es) and number of shares and price
    per share of stock subject to outstanding rights.

    12.2 In the event of: (a) a
      dissolution or liquidation of the Company; (b) a merger or consolidation
      in which the Company is not the surviving corporation; (c) a reverse
      merger in which the Company is the surviving corporation but the shares
      of the Company’s Common Stock outstanding immediately preceding the merger
      are converted by virtue of the merger into other property, whether in the
      form of securities, cash or otherwise; (d) a strategic corporate event,
      such as a merger or acquisition, where the Company is technically the surviving
      entity, but where other elements of a change of control are present, i.e.
      change in management team or board composition; (e) a transaction which
      the Board determines in its sole discretion to constitute a change in control
      of the Company; or (f) any other capital reorganization in which more
      than fifty percent (50%) of the shares of the Company entitled to vote are
      exchanged, then, as determined by the Board in its sole discretion (i) any
      surviving corporation may assume outstanding rights or substitute similar
      rights for those under the Plan, (ii) such rights may continue in full
      force and effect, or (iii) participants’ accumulated payroll deductions
      may be used to purchase Common Stock immediately prior to the transaction
      described above and the participants’ rights under the ongoing Offering
      terminated.

	13. 	 AMENDMENT OF THE PLAN.

  13.1 The Board at any time, and
    from time to time, may amend the Plan. However, except as provided in paragraph 12
    relating to adjustments upon changes in stock, no amendment shall be effective
    unless approved by the stockholders of the Company within twelve (12) months
    before or after the adoption of the amendment, where the amendment will:
    13.1.1 Increase the number of
      shares reserved for rights under the Plan;

    13.1.2 Modify the provisions as
      to eligibility for participation in the Plan (to the extent such modification
      requires stockholder approval in order for the Plan to obtain employee stock
      purchase plan treatment under Section 423 of the Code or to comply
      with the requirements of Rule 16b-3 promulgated under the Securities
      Exchange Act of 1934, as amended (“Rule 16b-3”)); or

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  13.1.3 Modify the Plan in any other
    way if such modification requires stockholder approval in order for the Plan
    to obtain employee stock purchase plan treatment under Section 423 of
    the Code or to comply with the requirements of Rule 16b-3.

  It is expressly contemplated that
    the Board may amend the Plan in any respect the Board deems necessary or advisable
    to provide eligible employees with the maximum benefits provided or to be
    provided under the provisions of the Code and the regulations promulgated
    thereunder relating to employee stock purchase plans and/or to bring the Plan
    and/or rights granted under it into compliance therewith.

  13.2 Rights and obligations under
    any rights granted before amendment of the Plan shall not be altered or impaired
    by any amendment of the Plan, except with the consent of the person to whom
    such rights were granted or except as necessary to comply with any laws or
    governmental regulation. 

	14.	 DESIGNATION OF BENEFICIARY.

  14.1 A participant may file a written designation of a beneficiary
    who is to receive any shares and cash, if any, from the participant’s account
    under the Plan in the event of such participant's death subsequent to the
    end of an Offering but prior to delivery to him of such shares and cash. In
    addition, a participant may file a written designation of a beneficiary who
    is to receive any cash from the participant's account under the Plan in the
    event of such participant's death during an Offering Period. 

  14.2 Such designation of beneficiary
    may be changed by the participant at any time by written notice. In the event
    of the death of a participant and in the absence of a beneficiary validly
    designated under the Plan who is living at the time of such participant's
    death, the Company shall deliver such shares and/or cash to the executor or
    administrator of the estate of the participant, or if no such executor or
    administrator has been appointed (to the knowledge of the Company, the Company,
    in its discretion, may deliver such shares and/or cash to the spouse or to
    any one or more dependents or relatives of the participant, or if no spouse,
    dependent or relative is known to the Company, then to such other person as
    the Company may designate. 

	15.	 TERMINATION OR SUSPENSION OF THE PLAN.

  15.1 The Board may suspend or terminate the Plan at any time.
    Unless sooner terminated, the Plan shall terminate on midnight, January 6,
    2004. No rights may be granted under the Plan while the Plan is suspended
    or after it is terminated.

  15.2 Rights and obligations under
    any rights granted while the Plan is in effect shall not be altered or impaired
    by suspension or termination of the Plan, except with the consent of the person
    to whom such rights were granted or except as necessary to comply with any
    laws or governmental regulation.

	16.	 EFFECTIVE DATE OF PLAN.

  The Plan shall become effective as determined by the Board,
    but no rights granted under the Plan shall be exercised unless and until the
    Plan has been approved by the stockholders of the Company.

7Prepared and filed by St Ives Burrups

EXHIBIT 10.5B

NPS
  PHARMACEUTICALS, INC.

1998 STOCK OPTION PLAN

  (reflects all amendments by the Board
  of Directors through December 2002)

	1.	 GENERAL.
	 	 	 	 
	 	1.1	Purpose. The 1998 Stock
      Option Plan has been established by the Company to provide a means by which
      employees, directors, and consultants of the Company and its Affiliates
      may be given the opportunity to benefit from increases in value of NPS stock
      through the granting of Options. NPS seeks to (a) retain the services of
      present employees, directors, and consultants; (b) secure and retain the
      services of new employees, directors, and consultants; and (c) provide incentives
      for such persons to exert maximum efforts for the success of the Company
      and thereby promote the long-term interest of the Company, including the
      growth in value of the Company’s equity and enhancement of long-term
      stockholder return.
	 	 	 	 
	 	1.2 	Types of Options.
      The Company intends that the Options issued under the Plan shall, in the
      discretion of the Board or any Board Committee (see paragraph 3.2), be either
      Incentive Stock Options or Nonstatutory Stock Options (defined below).
	 	 	 	 
	 	1.3	Definitions.
      Unless otherwise defined, capitalized terms shall have the meaning set forth
      in Section 2.
	 	 	 	 
	2.	DEFINITIONS.
	 	 	 	 
	 	2.1	Affiliate means any parent
      corporation or subsidiary corporation of the Company, whether now or hereafter
      existing, as those terms are defined in Sections 424(e) and (f) respectively,
      of the Code.
	 	 	 	 
	 	2.2	Board means
      the Board of Directors of the Company.
	 	 	 	 
	 	2.3	Code means
      the Internal Revenue Code of 1986, as amended.
	 	 	 	 
	 	2.4 	Committee
      means a Committee appointed by the Board in accordance with paragraph 3.2
      herein.
	 	 	 	 
	 	2.5	Company means
      NPS Pharmaceuticals, Inc., a Delaware corporation.
	 	 	 	 
	 	2.6 	Consultant
      means any person (including an advisor) engaged by the Company or an Affiliate
      to render consulting services under arrangements intended to compensate
      such person for such services. The term “Consultant” shall not
      include a Director who is paid only a director’s fee by the Company or who
      is not compensated by the Company for services as a Director.
	 	 	 	 
	 	2.7	Continuous Status
      as an Employee, Director, or Consultant means the employment or relationship
      as an Employee, Director, or Consultant is not interrupted or terminated
      by the Company or any Affiliate. The Board, in its sole discretion, may
      determine whether Continuous Status as an Employee, Director, or Consultant
      shall be considered interrupted in the case of:
	 	 	 	 
	 	 	2.7.1	any leave of absence approved by the Board, including sick
      leave, military leave, or any other personal leave; provided, however, that
      for purposes of Incentive Stock

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	 	 	 	Options, any such leave may not exceed 90 days unless reemployment
      upon the expiration of such leave is guaranteed by contract (including certain
      Company policies) or statute; or
	 	 	 	 
	 	 	2.7.2	 transfers between
        locations of the Company or between the Company, Affiliates or its successor.
    

	 	 	 	 
	 	2.8 	 Day of Determination
        means the date of the occurrence of an event that requires the determination
        of the Fair Market Value of an award made hereunder.

	 	 	 	 
	 	2.9	 Director
        means a member of the Board.

	 	 	 	 
	 	2.10
	Disability means total
        and permanent disability as defined in Section 22(e)(3) of the Code.

	 	 	 	 
	 	2.11 	Employee
        means any person, including Officers and Directors, employed by the Company
        or any Affiliate. Neither service as a Director nor payment of a director’s
        fee by the Company shall be sufficient to constitute “employment”
        by the Company.

	 	 	 	 
	 	2.12	 Exchange Act
        means the Securities Exchange Act of 1934, as amended.

	 	 	 	 
	 	2.13	 Fair Market
        Value means, as of any date, the value of the common stock of the
        Company as determined as follows:

	 	 	 	 
	 	 	2.13.1	

       If the common stock is listed on any established stock exchange
      or a national market system, including without limitation, the National
      Market System of the National Association of Securities Dealers, Inc. Automated
      Quotation (“Nasdaq”) System, the Fair Market Value of a share
      of common stock shall be the closing price for such stock on the Day of
      Determination as quoted on such system as reported in the Wall Street Journal
      or such other source as the Board deems reliable. In the event the Day of
      Determination falls on a date that the Nasdaq system is closed, then the
      Fair Market Value shall be the closing sales price for such stock on the
      last market trading day prior to the Day of Determination as quoted on such
      system as reported in the Wall Street Journal or such other source as the
      Board deems reliable.
	 	 	 	 
	 	 	2.13.2 	 If the common stock is quoted
        on Nasdaq (but not on the National Market System thereof) or is regularly
        quoted by a recognized securities dealer but selling prices are not reported,
        the Fair Market Value of a share of common stock shall be the mean between
        the bid and asked prices for the common stock on the last market trading
        day prior to the day of determination, as reported in the Wall Street
        Journal or such other source as the Board deems reliable;

	 	 	 	 
	 	 	2.13.3	  In the absence of an established
        market for the common stock, the Fair Market Value shall be determined
        in good faith by the Board.

	 	 	 	 
	 	
2.14
	Incentive Stock Option (or
        “ISO”) means an Option intended to qualify as an incentive
        stock option within the meaning of Section 422 of the Code and the
        regulations promulgated thereunder.

	 	 	 	 
	 	2.15 	 Non-Employee
        Director means a Director who is considered to be a “Non-Employee
        Director” in accordance with Rule 16b-3(b)(3), or any other
        applicable rules, regulations or interpretations of the Securities and
        Exchange Commission.

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	 	2.16 	Nonstatutory Stock Option (or “NSO”)
      means an Option not intended to qualify or not eligible to qualify as an
      ISO or an ISO which, subsequent to its date of grant, no longer qualifies
      as an ISO under Section 422 of the Code.
	 	 	 	 
	 	2.17 	Officer means a person
      who is an officer of the Company within the meaning of Section 16a-1(f)
      of the Exchange Act and the rules and regulations promulgated thereunder.
	 	 	 	 
	 	2.18	Option means a stock option
      granted pursuant to the Plan.
	 	 	 	 
	 	2.19	Option Agreement means
      a written agreement between the Company and an Optionee evidencing the terms
      and conditions of an individual Option grant.
	 	 	 	 
	 	2.20	Optionee means an Employee,
      Director, or Consultant who holds an outstanding Option.
	 	 	 	 
	 	2.21	Outside Director means
      a Director who is considered to be an “Outside Director” in
      accordance with Section 162(m) of the Code, or any other applicable Code
      sections, regulations, or interpretations of the IRS.
	 	 	 	 
	 	2.22	Plan means this 1998 Stock
      Option Plan.
	 	 	 	 
	 	2.23	Rule 16b-3 means Rule 16b-3
      of the Exchange Act or any successor to Rule 16b-3, as in effect when
      discretion is being exercised with respect to the Plan.
	 	 	 	 
	 	2.24	Securities Act means the
      Securities Act of 1933, as amended.
	 	 	 	 
	3. 	ADMINISTRATION.
	 	 	 	 
	 	3.1	Powers and Authority. The Plan shall
      be administered by or under the direction of the Board unless and until
      the Board delegates administration to a Committee, as provided in paragraph
      3.2. The Board shall have the power subject to and within the limitations
      of the express provisions of the Plan:
	 	 	 	 
	 	 	3.1.1 	To determine from time to time: (a) which of the persons
      eligible under the Plan shall be granted Options; (b) when and how Options
      shall be granted; (c) whether an Option shall be intended to qualify
      as an ISO; (d) the provisions of each Option granted (which need not
      be identical) including the time or times when a person shall be permitted
      to receive stock pursuant to the exercise of such Option; (e) whether
      a person shall be permitted to exercise such Option; and (f) the number
      of shares with respect to which Options shall be granted to each such person.
	 	 	 	 
	 	 	3.1.2 	To construe and interpret the Plan and Options
      granted under it, and to establish, amend, and revoke rules and regulations
      for its administration. The Board, in the exercise of this power, may correct
      any defect, omission, or inconsistency in the Plan or in any Option Agreement,
      in a manner and to the extent it shall deem necessary or expedient to make
      the Plan fully effective.
	 	 	 	 
	 	 	3.1.3	 To amend the Plan as provided in Section
      12.
	 	 	 	 
	 	 	3.1.4	 Generally, to exercise such powers and to
      perform such acts as the Board deems necessary or expedient to promote the
      best interests of the Company.
	 	 	 	 
	 	3.2	Delegation. The Board may
      delegate administration of the Plan to a Board committee composed of not
      fewer than two members (the “Committee”). All members of the
      Committee 

3

  	 	 	shall be Outside Directors or Non-Employee Directors,
        to the extent necessary to comply with the applicable provisions of Rule
        16b-3 and Section 162(m). If administration is delegated to a Committee,
        the Committee shall have, in connection with the administration of the
        Plan, the powers theretofore possessed by the Board (and references in
        this Plan to the Board shall in such event, be to the Committee), subject,
        however, to such resolutions, not inconsistent with the provisions of
        the Plan, as may be adopted from time to time by the Board. The Board
        may abolish the Committee at any time and revest in the Board the administration
        of the Plan.
	 	 	 
	 	3.3	Director Status. Any requirement
        that an administrator of the Plan be a Non-Employee Director or an Outside
        Director shall not apply if the Board or the Committee expressly declares
        that such requirement shall not apply.
	 	 	 
	4.	SHARES SUBJECT TO THE PLAN.
	 	 	 
	 	4.1 	Available Shares. Subject to the provisions of
        Section 11, the number of shares that may be issued pursuant to Options
        granted hereunder shall not exceed in the aggregate four million nine
        hundred thousand (4,900,000) shares of the Company's common stock.
	 	 	 
	 	4.2	Forfeited or Canceled Shares. Any
        shares of stock for which an Option has been granted under the Plan that
        are forfeited because of the failure to meet an Option grant contingency
        or condition shall again be available for delivery pursuant to new grants
        under the Plan. To the extent any shares of stock covered by an Option
        are not delivered to an Optionee or beneficiary because the award is forfeited
        or canceled, or the shares of stock are not delivered because the award
        is settled in cash, such shares shall not be deemed to have been delivered
        for purposes of determining the maximum number of shares of stock available
        for delivery under the Plan.
	 	 	 
	 	4.3	Payment with Shares. If the exercise
        price of any Option granted under the Plan is satisfied by tendering shares
        of stock to the Company (by either actual delivery or by attestation),
        only the number of shares of stock issued net of the shares of stock tendered
        shall be deemed delivered for purposes of determining the maximum number
        of shares of stock available for delivery under the Plan.
	 	 	 
	 	4.4	Plan Limits. Shares of stock delivered
        under the Plan in settlement, assumption, or substitution of outstanding
        awards (or obligations to grant future awards) under the plans or arrangements
        of another entity shall not reduce the maximum number of shares of stock
        available for delivery under the Plan, to the extent that such settlement,
        assumption, or substitution is a result of the Company or Affiliate acquiring
        another entity (or an interest in another entity). Subject to the provisions
        of Section 11, the maximum number of shares that may be covered by grants
        to any one individual shall be 750,000 shares during any three consecutive
        calendar years.
	 	 	 
	5. 	ELIGIBILITY.
	 	 	 
	 	5.1 	Option Type. ISOs may be granted
        only to Employees. NSOs may be granted to Employees, Directors, or Consultants.
	 	 	 
	 	5.2	Section 16 Compliance. No Officer
        or Director shall be eligible for the benefits of the Plan unless at the
        time discretion is exercised in the selection of an Officer or Director
        as a person to whom Options may be granted, or in the determination of
        the number of shares which may be covered by Options granted to the Officer
        or Director, the Plan otherwise complies with the requirements of Rule
        16b-3. This paragraph 5.2 shall not apply if the Board or Committee expressly
        declares that it shall not apply.

 4

  
  

  
	6.	OPTION PROVISIONS. Each Option shall be in
      such form and shall contain such terms and conditions as the Board shall
      deem appropriate. The provisions of separate Options need not be identical,
      but each Option shall include (through incorporation of provisions hereof
      by reference in the Option or otherwise) the substance of each of the following
      provisions:
	 	 	 	 
	 	6.1	Term. No Option shall be
      exercisable after the expiration of ten years from the date it was granted.
	 	 	 	 
	 	6.2 	Price. The exercise price
      of each Option shall be not less than 100% of the Fair Market Value of the
      stock subject to the Option on the date the Option is granted.
	 	 	 	 
	 	6.3	Consideration. The purchase
      price of stock acquired pursuant to an Option shall be paid, to the extent
      permitted by applicable statutes and regulations:
	 	 	 	 
	 	 	6.3.1	 in cash; or 
	 	 	 	 
	 	 	6.3.2	by delivery of already-owned shares of common
      stock of the Company, held by the Optionee for at least six months, or a
      combination of cash and already-owned shares of common stock of the Company;
      or
	 	 	 	 
	 	 	6.3.3	 according to a deferred payment or other
      arrangement (which may include, without limiting the generality of the foregoing,
      the use of other common stock of the Company) with the person to whom the
      Option is granted or to whom the Option is transferred pursuant to paragraph
      6.4; or
	 	 	 	 
	 	 	6.3.4	 pursuant to a broker assisted exercise same-day
      sales program; or
	 	 	 	 
	 	 	6.3.5	 as required in the discretion of the Board
      or the Committee, either at the time of the grant or exercise of the Option;
      or
	 	 	 	 
	 	 	6.3.6	 any combination of 6.3.1 through 6.3.5 above.
	 	 	 	 
	 	 	 	In the case of any deferred payment arrangement,
      interest shall be payable at least annually and shall be charged at the
      minimum rate of interest necessary to avoid the treatment as interest, under
      any applicable provisions of the Code, of any amounts other than amounts
      stated to be interest under the deferred payment arrangement. 
	 	 	 	 
	 	6.4	Transferability.
	 	 	 	 
	 	 	6.4.1	Incentive Stock Options. In order for an Option
      to qualify for treatment as an ISO, it may not be transferable except by
      will or by the laws of descent and distribution. In the event an Optionee
      transfers such Option, such transfer shall constitute a disqualifying event
      and the Option shall no longer qualify as an ISO but shall be considered
      a NSO under the terms of this Plan.
	 	 	 	 
	 	 	6.4.2	Nonstatutory Stock Option. The Board
      or Committee may, in its discretion, authorize all or a portion of the NSOs
      to be granted to an Optionee to be on terms that permit transfer by such
      Optionee to (a) the spouse, children, or grandchildren of the Optionee (“Immediate
      Family Members”), (b) a trust or trusts for the exclusive benefit
      of such Immediate Family Members, or (c) a partnership in which such Immediate
      Family Members are the only partners, provided that (i) there may be no
      consideration for any such transfer, (ii) the Option Agreement pursuant
      to which such

5

  
  	 	 	 	Options are granted must expressly provide for transferability
        in a manner consistent with this Section, (iii) subsequent transfers of
        transferred Options shall be prohibited except those occurring by will
        or the laws of descent and distribution, and (iv) the Options shall continue
        to be subject to all the terms and conditions that applied prior to transfer
        in the same manner and to the same extent as non-transferred Options,
        including paragraphs 6.5 through 6.9. The Options shall be exercisable
        by the transferee only to the extent, and for the periods specified in
        such sections. The Company expressly disclaims any obligation to provide
        notice to a transferee of the termination of the Option.
	 	 	 	 
	 	 	6.4.3	 Unless transfer by an Optionee is specifically provided
        for in an Option Agreement, a NSO shall not be transferable except by
        will or by the laws of descent and distribution or pursuant to a qualified
        domestic relations order as defined by the Code or Title I of the Employee
        Retirement Income Security Act, or the rules thereunder (a “QDRO”),
        and shall be exercisable during the lifetime of the person to whom the
        NSO is granted only by such person or any transferee pursuant to a QDRO.
	 	 	 	 
	 	6.5 	Vesting.
        The total number of shares of stock subject to an Option may, but need
        not, be allotted in periodic installments (which may, but need not, be
        equal). The Option Agreement may provide that from time to time during
        each of such installment periods, the Option may become exercisable (“vest”)
        with respect to some or all of the shares allotted to that period, and
        may be exercised with respect to some or all of the shares allotted to
        such period and/or any prior period as to which the Option became vested
        but was not fully exercised. The Option may be subject to such other terms
        and conditions on the time or times when it may be exercised (which may
        be based on performance criteria) as the Board may deem appropriate. The
        provisions of this paragraph 6.5 are subject to any Option provisions
        governing the minimum number of shares as to which an Option may be exercised.
	 	 	 	 
	 	6.6 	Securities Law Compliance.
        The Company may require any Optionee, or any person to whom an Option
        is transferred under paragraph 6.4, as a condition of exercising any such
        Option, (a) to give written assurances satisfactory to the Company
        as to the Optionee's knowledge and experience in financial and business
        matters and/or to employ a purchaser representative reasonably satisfactory
        to the Company who is knowledgeable and experienced in financial and business
        matters, and that he or she is capable of evaluating, alone or together
        with the purchaser representative, the merits and risks of exercising
        the Option; and (b) to give written assurances satisfactory to the
        Company stating that such person is acquiring the stock subject to the
        Option for such person's own account and not with any present intention
        of selling or otherwise distributing the stock. These requirements, and
        any assurances given pursuant to such requirements, shall be inoperative
        if (i) the issuance of the shares upon the exercise of the Option
        has been registered under a then currently effective registration statement
        under the Securities Act, or (ii) as to any particular requirement,
        a determination is made by counsel for the Company that such requirement
        need not be met in the circumstances under the then applicable securities
        laws.
	 	 	 	 
	 	6.7	Termination of Employment
        or Relationship as an Employee, Director, or Consultant. In the event
        an Optionee's Continuous Status as an Employee, Director, or Consultant
        terminates (other than upon the Optionee’s death or Disability), the Optionee
        may exercise his or her Option, but only within such period of time as
        is determined by the Board, and only to the extent that the Optionee was
        entitled to exercise at the date of termination (but in no event later
        than the expiration of the term of such Option as set forth in the Option
        Agreement). In the case of an ISO, the Board shall determine such period
        of time (in no event to exceed three months from the date of termination)
        when the Option is granted. If, at the date of termination, the Optionee
        is not entitled to exercise his or her entire Option, the shares

  6

  
  	 	 	 	covered by the unexercisable portion of the Option shall
        revert to the Plan. If, after termination, the Optionee does not exercise
        his or her Option within the time specified in the Option Agreement, the
        Option shall terminate, and the shares covered by such Option shall revert
        to the Plan.
	 	 	 	 
	 	6.8 	Retirement of Optionee. Notwithstanding
        any contrary Plan provision, in the event an Optionee’s employment
        as an Employee, Director, or Consultant terminates due to Optionee’s
        Retirement, the Optionee shall vest in that number of shares subject to
        the Option that would have vested had the Optionee remained an Employee,
        Director or Consultant for an additional two (2) years from the date of
        Retirement. In addition, the Option shall remain exercisable until the
        expiration of its term. For purposes of this paragraph, Retirement shall
        mean the termination of service with the Company or an Affiliate of an
        Optionee on or after the date on which the Optionee’s number of
        completed years of service with the Company or Affiliate and age equal
        or exceed seventy (70) (including termination due to death or Disability
        after such time).
	 	 	 	 
	 	6.9	Disability of Optionee.
        In the event an Optionee’s Continuous Status as an Employee, Director,
        or Consultant terminates as a result of the Optionee’s Disability, the
        Optionee may exercise his or her Option, but only within twelve months
        from the date of such termination (or such shorter period specified in
        the Option Agreement), and only to the extent that the Optionee was entitled
        to exercise at the date of such termination (but in no event later than
        the expiration of the term of such Option as set forth in the Option Agreement).
        If, at the date of termination, the Optionee is not entitled to exercise
        his or her entire Option, the shares covered by the unexercisable portion
        of the Option shall revert to the Plan. If, after termination, the Optionee
        does not exercise his or her Option within the time specified herein,
        the Option shall terminate, and the shares covered by such Option shall
        revert to the Plan.
	 	 	 	 
	 	6.10	Death of Optionee. In
        the event of the death of an Optionee, the Option may be exercised, at
        any time within eighteen months following the date of death (or such shorter
        period specified in the Option Agreement, but in no event later than the
        expiration of the term of such Option as set forth in the Option Agreement),
        by the Optionee’s estate or by a person who acquired the right to exercise
        the Option by bequest or inheritance, but only to the extent the Optionee
        was entitled to exercise the Option at the date of death. If, at the time
        of death, the Optionee was not entitled to exercise his or her entire
        Option, the shares covered by the unexercisable portion of the Option
        shall revert to the Plan. If, after death, the Optionee’s estate or a
        person who acquired the right to exercise the Option by bequest or inheritance,
        or by assignment as provided herein, does not exercise the Option within
        the time specified herein, the Option shall terminate, and the shares
        covered by such Option shall revert to the Plan.
	 	 	 	 
	 	6.11	Early Exercise. The Option
        Agreement may, but need not, include a provision whereby the Optionee
        may elect at any time while an Employee, Director, or Consultant to exercise
        the Option as to any part or all of the shares subject to the Option prior
        to the full vesting of the Option. Any nonvested shares so purchased may
        be subject to a repurchase right in favor of the Company or to any other
        restriction the Board determines to be appropriate.
	 	 	 	 
	 	6.12	Withholding. To the extent
        provided by the terms of an Option Agreement, the Optionee may satisfy
        any federal, state, or local tax withholding obligation relating to the
        exercise of such Option by any of the following means or by a combination
        of such means:
	 	 	 	 
	 	 	6.12.1	 cash payment; or 
	 	 	 	 
	 	 	6.12.2	 authorizing the Company to withhold shares
        from the shares of the common stock otherwise issuable to the participant
        as a result of the exercise of the Option; or 

  7

  

	 	 	 	6.12.3  delivering to the Company owned and unencumbered
      shares of the common stock of the Company. 
	 	 	 	 
	 	7. 	NO REPRICING,
	CANCELLATION, or RE-GRANT
	OF OPTIONS.
	Except for certain adjustments due to corporate transactions described
      in Section 11, the exercise price for any outstanding Option granted under
      the Plan may not be decreased after the Day of Determination for such Option
      grant nor may an outstanding Option granted under the Plan be surrendered
      to the Company as consideration in exchange for the grant of a new Option
      with a lower exercise price.
	 	 	 	 
	 	8. 	COVENANTS OF THE COMPANY
	 	 	 	 
	 	 	8.1 	Stock Availability. During the terms
      of the Option granted under the Plan, the Company shall keep available at
      all times the number of shares of stock required to satisfy such grants
      up to the number of shares of stock authorized under the Plan.
	 	 	 	 
	 	 	8.2 	Authority. The Company shall seek to
      obtain from each regulatory commission or agency having jurisdiction over
      the Plan such authority as may be required to issue and sell shares of stock
      acquired under the grants, provided, however, that this undertaking shall
      not require the Company to register under the Securities Act either the
      Plan or any stock issued or issuable pursuant to any such Option. If, after
      reasonable efforts, the Company is unable to obtain from any such regulatory
      commission or agency, the authority which counsel for the Company deems
      necessary for the lawful issuance and sale of stock under the Plan, the
      Company shall be relieved from any liability for failure to issue and sell
      stock under such Options unless and until such authority is obtained.
	 	 	 	 
	 	9. 	USE OF PROCEEDS FROM STOCK. Proceeds
      from the exercise of Options under the Plan shall constitute general funds
      of the Company.
	 	 	 	 
	 	10. 	MISCELLANEOUS.
	 	 	 	 
	 	 	10.1 	Acceleration. The Board or the Committee
      shall have the power to accelerate the time at which an Option may first
      be exercised or the time during which an Option or any part thereof will
      vest, notwithstanding the provisions in the Option Agreement stating the
      time at which it may first be exercised or the time during which it will
      vest.
	 	 	 	 
	 	 	10.2 	Ownership Rights. Neither an Optionee
      nor any person to whom an Option is transferred under paragraph 6.4 shall
      be deemed to be the holder of, or to have any of the rights of a holder
      with respect to any shares subject to such Option unless and until such
      person has satisfied all requirements for exercise of the Option pursuant
      to its terms.
	 	 	 	 
	 	 	10.3	Employment Rights. Nothing in the Plan
      or any instrument executed pursuant thereto shall confer upon any Employee,
      Director, Consultant, Optionee, or other holder of Options any right to
      continue in the employ of the Company or any Affiliate (or to continue acting
      as a Director or Consultant) or shall affect the right of the Company or
      any Affiliate to terminate the employment or relationship as a Director
      or Consultant of any Employee, Director, Consultant, or Optionee with or
      without cause.
	 	 	 	 
	 	 	10.4	ISO Value Limit. To the extent that
      the aggregate Fair Market Value (determined at the time of grant) of stock
      with respect to which ISOs granted after 1998 are exercisable for the first
      time by any Optionee during any calendar year under all plans of the Company
      and its Affiliates exceeds $100,000, the Options or portions thereof which
      exceed such limit (according to the order in which they were granted) shall
      be treated as NSOs.

8

	11.	 ADJUSTMENTS UPON CHANGES IN STOCK
      AND CORPORATE TRANSACTIONS.
	 	 	 	 
	 	11.1	Stock Adjustments.
      If any change is made in the stock subject to the Plan, or subject to any
      Option (through merger, consolidation, reorganization, recapitalization,
      stock dividend, dividend in property other than cash, stock split, liquidating
      dividend, combination of shares, exchange of shares, change in corporate
      structure or otherwise), the Plan and outstanding Options will be appropriately
      adjusted in the class(es) and maximum number of shares subject to the Plan
      and the class(es) and number of shares and price per share of stock subject
      to outstanding Options.
	 	 	 	 
	 	11.2	Corporate Transactions.
      In the event of: (a) a merger or consolidation in which the Company
      is not the surviving corporation; (b) a reverse merger in which the
      Company is the surviving corporation but the shares of the Company's common
      stock outstanding immediately preceding the merger are converted by virtue
      of the merger into other property, whether in the form of securities, cash,
      or otherwise; (c) a strategic corporate event, such as a merger or acquisition,
      where the Company is technically the surviving entity, but where other elements
      of a change of control are present, i.e. change in management team or board
      composition; (d) a transaction which the Board determines in its sole discretion
      to constitute a change in control of the Company; or (e) any capital
      reorganization in which more than fifty percent (50%) of the shares of the
      Company entitled to vote are exchanged, then, the time during which Options
      outstanding under the Plan become vested shall be accelerated and all outstanding
      Options shall become immediately exercisable upon such event and such Options
      shall continue to be exercisable until the later of (i) twenty-four (24)
      months from the effective date of such event, or (ii) the time specified
      in the Option Agreement during which the Option is exercisable following
      an Optionee’s termination of service; provided, however, that in no
      event shall the Option be exercisable after the expiration of its term.
	 	 	 	 
	12. 	AMENDMENT OF
      THE PLAN.
	 	 	 	 
	 	12.1 	Amendments. The Board at
      any time, and from time to time, may amend the Plan. However, as provided
      in Section 11, no amendment shall be effective unless approved by the stockholders
      of the Company within twelve months before or after the adoption of the
      amendment, where the amendment will:
	 	 	 	 
	 	 	12.1.1	 Increase the number of shares reserved for
      Options under the Plan;
	 	 	 	 
	 	 	12.1.2	 Modify the requirements as to eligibility
      for participation in the Plan to the extent such modification requires stockholder
      approval in order for the Plan to satisfy the requirements of Sections 162(m)
      and 422 of the Code;
	 	 	 	 
	 	 	12.1.3	 Modify the Plan in any other way if such
      modification requires stockholder approval in order for the Plan to satisfy
      the requirements of Section 422 of the Code or to comply with the requirements
      of Rule 16b-3 or Nasdaq or other applicable securities exchange listing
      requirements;
	 	 	 	 
	 	 	12.1.4 	Decrease the minimum exercise price set forth
      in paragraph 6.2; or
	 	 	 	 
	 	 	12.1.5	 Remove the limitation provided in Section
      7.
	 	 	 	 
	 	12.2	Compliance. It is expressly
      contemplated that the Board may amend the Plan in any respect the Board
      deems necessary or advisable to provide under the provisions of the Code
      and the

9

	 	 	 	 regulations promulgated thereunder relating
      to ISOs and/or to bring the Plan and/or ISOs granted under it into compliance
      therewith.
	 	 	 	 
	 	 	12.3 	Consent. Rights and obligations under
      any Option granted before amendment of the Plan shall not be altered or
      impaired by any amendment of the Plan unless (a) the Company requests the
      consent of the person to whom the Option was granted and (b) such person
      consents in writing.
	 	 	 	 
	 	13.	 TERMINATION OR SUSPENSION OF
      THE PLAN.
	 	 	 	 
	 	 	13.1 	Termination. The Board may suspend
      or terminate the Plan at any time. Unless sooner terminated, the Plan shall
      terminate on midnight, May 31, 2008. No Options may be granted under the
      Plan while the Plan is suspended or after it is terminated.
	 	 	 	 
	 		13.2	Rights and Obligations. Any Options
      granted while the Plan is in effect shall not be altered or impaired by
      suspension or termination of the Plan, except with the consent of the holder
      of the Options.
	 	 	 	 
	 	14.  	 EFFECTIVE DATE OF PLAN. The Plan
      shall become effective as determined by the Board, but no Options granted
      under the Plan shall be exercisable unless and until the Plan has been approved
      by the stockholders of the Company.

10

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