Document:

INDEX2

	
INDEX OF EXHIBITS

	
Exhibit    

No.       
	
Exhibit

Page

No.

	
 

Description

	
3(i)(a)*
	
*
	
Articles of Incorporation of DFRC (note that
these were amended by the Articles of Merger constituting Exhibit 2 to the
December 31, 1993 Form 10-KSB) (Incorporated herein by reference from
Exhibit No. 3(i) to DFRC's Form 10-KSB for the year ended December 31,
1993.

	
3(i)(b)
	
*
	
Amendment to Certificate of Incorporation
dated February 16, 2000 to change name of DFRC from Vaxcel, Inc. to
Chattown.com Networks, Inc. (Incorporated by reference from Exhibit 3(i)(b)
of DFRC's Form 10QSB for the six months ended June 30, 2002)

	
3(i)(c)
	
*
	
Amendment to Certificate of Incorporation
dated December 19, 2000 to change name of DFRC from Chattown.com Networks,
Inc. to eLocity Networks Corporation (Incorporated herein by reference from
Exhibit 3(iii) of DFRC's Form 10.

	
3(i)(d)
	
*
	
Amendment to Certificate of Incorporation
dated December 23, 2002 to change name of DFRC from eLocity Networks
Corporation to Diversified Financial Resources Corporation (Incorporated
herein by reference from Schedule 14(c) filed August 8, 2002).

	
3(ii)
	
*
	
Bylaws of DFRC, as amended (Incorporated
herein by reference from Exhibit 3(ii) of DFRC's Form 10 KSB for the year
ended December 31, 1995).

	
CERTIFICATIONS, attached to actual 10KSB
document

	
31(i)
	
57
	
Certification As Adopted Pursuant To Section
302 Of The Sarbanes-Oxley Act Of 2002

	
32(i)
	
58
	
Certification of Chief Executive Officer and
Chief Financial Officer

	
32(i)
	
59
	
Independent Auditors Consent from Jones
Simkins, LLP.

	
MATERIAL CONTRACTS

	
10(i)
	
*
	
Stock Option Agreement, dated February 8,
2004 by the Company and A. Franklin Adams, granting an option to purchase
6,000,000 shares of common stock, par value $0.001 with an option price set
at 85% of the market price on the date of exercise.  (Incorporated herein by
reference from the 10-QSB for the quarter ended March 31, 2004.)

	
10(ii)
	
*
	
Stock Option Agreement, dated February 8,
2004 by the Company and Sandra Jorgensen, granting an option to purchase
4,000,000 shares of common stock, par value $0.001 with an option price set
at 85% of the market price on the date of exercise.  (Incorporated herein by
reference from the 10-QSB for the quarter ended March 31, 2004.)

	
 

10(iii)
	

*
	
Stock Option Agreement, dated February 8,
2004 by the Company and Ernie Burch, granting an option to purchase
6,000,000 shares of common stock, par value $0.001 with an option price set
at 85% of the market price on the date of exercise.  (Incorporated herein by
reference from the 10-QSB for the quarter ended March 31, 2004.)

	
10(iv)
	
*
	
Stock Option Agreement, dated February 25,
2004 by the Company and June Thomson, granting an option to purchase
6,000,000 shares of common stock, par value $0.001 with an option price set
at 85% of the market price on the date of exercise.  (Incorporated herein by
reference from the 10-QSB for the quarter ended March 31, 2004.)

	

10(v)
	

*
	

Stock Option Agreement, dated February 25, 2004 by the
Company and George B. Phillips, granting an option to purchase 6,000,000
shares of common stock, par value $0.001 with an option price set at 85% of
the market price on the date of exercise.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.

	

10(vi)
	

*
	

Stock Option Agreement, dated February 25, 2004 by the
Company and Steve Nickolas, granting an option to purchase 6,000,000 shares
of common stock, par value $0.001 with an option price set at 85% of the
market price on the date of exercise.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.)

	

10(vii)
	

*
	

Employment Agreement, dated March 1, 2004, between the
Company and George B. Phillips for a term of two years, to search out and
formulate potential mining opportunities in the country of Mexico.
(Incorporated herein by reference from the 10-QSB for the quarter ended
March 31, 2004.)

	
 

10(viii)
	
*
	
Employment Agreement, dated March 1, 2004,
between the Company and Sandra Jorgensen for a term of two years, to provide
administrative services for the company.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.)

	

10(ix)
	

*
	

Stock Option Agreement, dated March 15, 2004 by the
Company and Sandra Jorgensen, granting an option to purchase 10,000,000
shares of common stock, par value $0.001 with an option price set at 85% of
the market price on the date of exercise.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.)

	

10(x)
	

*
	

Employment Agreement, dated March 20, 2004 between the
Company and Ramiro Trevizo for a term of two years, to provide development
of potential mining opportunities in the country of Mexico.  (Incorporated
herein by reference from the 10-QSB for the quarter ended March 31,
2004.)

	
 

10(xi)
	
*
	
Stock Option Agreement, dated March 23, 2004
by the Company and Ramiro Trevizo, granting an option to purchase 10,000,000
shares of common stock, par value $0.001 with an option price set at 85% of
the market price on the date of exercise.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.)

	

10(xii)
	

*
	

Stock Option Agreement, dated March 23, 2004 by the
Company and Rebecca Miller, granting an option to purchase 10,000,000 shares
of common stock, par value $0.001 with an option price set at 85% of the
market price on the date of exercise.  (Incorporated herein by reference
from the 10-QSB for the quarter ended March 31, 2004.

	
10(xiii)   
	
*
	
Employment Agreement, dated March 23, 2004
between the Company and Rebecca Anne Miller, for a term of two years, to
assist the Company in its evaluation of mining opportunities within the
country of Mexico.  (Incorporated herein by reference from the 10-QSB for
the quarter ended March 31, 2004.)

	
10(xiv)
	
*
	
Employment Agreement, dated March 24, 2004
between the Company and Steve Nickolas, for a term of two years, to provide
services to the Company related to the development and establish of a water
bottling operation, related to the proposed acquisition of Impact Beverages.
  (Incorporated herein by reference from the 10-QSB for the quarter ended
March 31, 2004.)

	
 

10(xv)
	

*
	
Employment Agreement, dated March 26, 2004
between the Company and June Thomson Sparks, for a term of two years, to
provide marketing and public relations services related to the development
of a water bottling operation, related to the proposed acquisition of Impact
Beverages.  (Incorporated herein by reference from the 10-QSB for the
quarter ended March 31, 2004.)

	
10(xvi)
	

*
	
Employment Agreement, dated April 1, 2004
between the Company and Ernie Burch, for a term of two years, to serve as
property manager, leasing agent and project manager for real estate held by
the Company.  (Incorporated herein by reference from the 10-QSB for the
quarter ended March 31, 2004.)

	
10(xvii)
	
*
	
Agreement effective as of December 20, 2004
the Company contracted with Equitilink LLC for a term of four months to
provide the Company with public relations and communications services,
including the development, implementation and maintenance of an ongoing
program to increase the investment community's awareness of the Company's
activities and to stimulate the investment community's interest in the
Company.  In exchange for these services the Company issued 50,000,000
shares of restricted common stock to Equitilink LLC.  (Incorporated herein
by reference from the 8-K filed on December 22, 2004.

	OTHER

	
99(i)
	
*
	
April 2, 2004, Stock Option Agreement with A
Franklin Adams, granting an option to purchase 8,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(ii)
	

*
	
April 2, 2004, Stock Option Agreement with
Ernie Burch, granting an option to purchase 8,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(iii)
	

*
	
April 15, 2004, Stock Option Agreement with
Steve Nickolas, granting an option to purchase 6,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(iv)
	

*
	
April 15, 2004, Stock Option Agreement with
June Thompson, granting an option to purchase 6,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(v)
	
*
	
April 15, 2004, Stock Option Agreement with
George B. Phillips, granting an option to purchase 6,000,000 shares of
common stock, no par value with an option price set at 85% of the market
price on the date of exercise.  (Incorporated herein by reference from the
10-QSB for the quarter ended June 30, 2004.)

	
99(vi)
	
*
	
May 12, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 3,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(vii)
	
*
	
May 12, 2004, Stock Option Agreement with
Ernie Burch, granting an option to purchase 3,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(viii)
	
*
	
May 26, 2004, Stock Option Agreement with A
Franklin Adams, granting an option to purchase 2,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(ix)
	

*
	
May 26, 2004, Stock Option Agreement with
Ramiro Trevizo, granting an option to purchase 20,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(x)
	

*
	
May 26, 2004, Stock Option Agreement with
June Thompson, granting an option to purchase 20,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(xi)
	

*
	
May 26, 2004, Stock Option Agreement with
George B. Phillips, granting an option to purchase 16,000,000 shares of
common stock, no par value with an option price set at 85% of the market
price on the date of exercise.  (Incorporated herein by reference from the
10-QSB for the quarter ended June 30, 2004.)

	
 

99(xii)
	
*
	
May 26, 2004, Stock Option Agreement with Al
Pietrangelo, granting an option to purchase 15,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(xiii)
	

*
	
June 3, 2004, Stock Option Agreement with
Rebecca Miller, granting an option to purchase 13,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(xiv)
	

*
	
June 3, 2004, Stock Option Agreement with
Ernie Burch, granting an option to purchase 14,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
 

99(xv)
	
*
	
June 3, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 14,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	

99(xvi)
	

*
	

June 3, 2004, Stock Option Agreement with David Maughan,
granting an option to purchase 14,000,000 shares of common stock, no par
value with an option price set at 75% of the market price on the date of
exercise.  (Incorporated herein by reference from the 10-QSB for the quarter
ended June 30, 2004.)

	
99(xvii)
	
*
	
June 4, 2004, Stock Option Agreement with A
Franklin Adams, granting an option to purchase 14,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xviii)
	
*
	
June 18, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 17,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xix)
	
*
	
June 29, 2004, Stock Option Agreement with
Ernie Burch, granting an option to purchase 24,500,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xx)
	
*
	
June 29, 2004, Stock Option Agreement with
George B. Phillips, granting an option to purchase 13,000,000 shares of
common stock, no par value with an option price set at 75% of the market
price on the date of exercise.  (Incorporated herein by reference from the
10-QSB for the quarter ended June 30, 2004.)

	
99(xxi)
	
*
	
June 29, 2004, Stock Option Agreement with
David Maughan, granting an option to purchase 24,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxii)
	
*
	
June 29, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 5,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxiii)
	
*
	
June 29, 2004, Stock Option Agreement with
Al Pietrangelo, granting an option to purchase 65,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxiv)
	
*
	
June 29, 2004, Stock Option Agreement with
Rebecca Miller, granting an option to purchase 14,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxv)
	
*
	
June 29, 2004, Stock Option Agreement with A
Franklin Adams, granting an option to purchase 18,500,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxvi)
	
*
	
July 1, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 10,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxvii)
	
*
	
July 2, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 20,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxviii)
	
*
	
July 3, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 25,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxix)
	
*
	
July 3, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 20,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxx)
	
*
	
July 5, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 25,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxi)
	
*
	
July 5, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 20,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxxii)
	
*
	
July 5, 2004, Stock Option Agreement with
June Thompson, granting an option to purchase 21,000,000 shares of common
stock, no par value with an option price set at 85% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxiii)
	
*
	
July 5, 2004, Stock Option Agreement with
Ramiro Trevizo, granting an option to purchase 19,500,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxiv)
	
*
	
July 6, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 25,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.

	
99(xxxv)
	
*
	
July 6, 2004,  Stock Option Agreement with
Tim Hall, granting an option to purchase 20,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxxvi)
	
*
	
July 14, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 28,500,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxvii)
	
*
	
July 14, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 37,000,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xxxviii)
	
*
	
July 20, 2004, Stock Option Agreement with A
Franklin Adams, granting an option to purchase 26,500,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise. (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxix)
	
*
	
July 29, 2004, Stock Option Agreement with
David Maughan, granting an option to purchase 40,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xxxx)
	
*
	
July 29 2004, Stock Option Agreement with
Ramiro Trevizo, granting an option to purchase 40,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xl)
	
*
	
July 29, 2004, Stock Option Agreement with
Tim Hall, granting an option to purchase 42,500,000 shares of common stock,
no par value with an option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended June 30, 2004.)

	
99(xli)
	
*
	
July 30, 2004, Stock Option Agreement with
Ernie Burch, granting an option to purchase 40,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.   (Incorporated herein by reference from the 10-QSB
for the quarter ended June 30, 2004.)

	
99(xlii)
	
*
	
August 3, 2004, Stock Option Agreement with
Sandra Jorgensen, granting an option to purchase 45,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xliii)
	
*
	
August 3, 2004, Stock Option Agreement with
Rebecca Miller, granting an option to purchase 12,000,000 shares of common
stock, no par value with an option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended June 30, 2004.)

	
99(xliv)
	
*
	
August 11, 2004, Stock Option Agreement with
Tim Hall, granting option to purchase 44,000,000 shares of common stock, no
par value with an option price set at 75% of the market price on the date of
exercise.  (Incorporated herein by reference from the 10-QSB for the quarter
ended September 30, 2004.)

	
99(xlv)
	
*
	
August 24, 2004, Stock Option Agreement with
Ernie Burch, granting option to purchase 90,000,000 shares of common stock,
no par value with the option price set at 75% of the market price on the
date of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended September 30, 2004.)

	
99(xlvi)
	
*
	
August 24, 2004, Stock Option Agreement with
Tim Hall, granting option to purchase 26,000,000 shares of common stock, no
par value with the option price set at 75% of the market price on the date
of exercise.  (Incorporated herein by reference from the 10-QSB for the
quarter ended September 30, 2004.)

	
99(xlvii)
	
*
	
August 24, 2004, Stock Option Agreement with
A Franklin Adams, granting option to purchase 94,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(xlviii)
	
*
	
August 24, 2004, Stock Option Agreement with
Sandra Jorgensen, granting option to purchase 100,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(xlix)
	
*
	
August 24, 2004, Stock Option Agreement with
George B. Phillips, granting option to purchase 61,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(l)
	
*
	
August 24, 2004, Stock Option Agreement with
Rebecca Miller, granting option to purchase 64,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(li)
	
*
	
August 24, 2004, Stock Option Agreement with
Ramiro Trevizo, granting option to purchase 60,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(lii)
	
*
	
August 24, 2004, Stock Option Agreement with
Edward Wells, granting option to purchase 120,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(liii)
	
*
	
September 14, 2004, Stock Option Agreement
with Tim Hall, granting option to purchase 100,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(liv)
	
*
	
September 19, 2004, Stock Option Agreement
with Tim Hall, granting option to purchase 100,000,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
99(lv)
	
*
	
September 19, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 51,770,000 shares of common
stock, no par value with the option price set at 75% of the market price on
the date of exercise.  (Incorporated herein by reference from the 10-QSB for
the quarter ended September 30, 2004.)

	
* Previously filed as indicated and
Incorporated herein by reference in the Company's Form 10-QSB.

Each of the following disclosures has been adjusted to
reflect the 1,000 for 1 reverse stock split that became effective as of
November 1, 2004.

	
99(lvi)
	
1
	
November 1, 2004, Stock Option Agreement
with Rebecca Miller, granting option to purchase 1,350,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lvii)
	
3
	
November 1, 2004, Stock Option Agreement
with Ernest Burch, granting option to purchase 1,550,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lviii)
	
5
	
November 1, 2004, Stock Option Agreement
with Edward Wells, granting option to purchase 1,550,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lix)
	
7
	
November 1, 2004, Stock Option Agreement
with Sandra Jorgensen, granting option to purchase 1,550,000 shares of
common stock, no par value, with the option price set at 75% of the
market price on the date of exercise.

	
99(lx)
	
9
	
November 1, 2004, Stock Option Agreement
with A. Franklin Adams, granting option to purchase 1,550,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxi)
	
11
	
November 1, 2004, Stock Option Agreement
with George B. Phillips, granting option to purchase 1,350,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxii)
	
13
	
November 1, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 1,550,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxiii)
	
15
	
November 17, 2004, Stock Option Agreement
with Tim Hall, granting option to purchase 14,100,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxiv)
	
17
	
November 17, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 13,600,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxv)
	
19
	
November 17, 2004, Stock Option Agreement
with A. Franklin Adams, granting option to purchase 13,600,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of  exercise.

	
99(lxvi)
	
21
	
November 17, 2004, Stock Option Agreement
with Rebecca Miller, granting option to purchase 13,600,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxvii)
	
23
	
November 17, 2004, Stock Option Agreement
with Edward Wells, granting option to purchase 13,695,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxviii)
	
25
	
November 17, 2004, Stock Option Agreement
with Ernest Burch, granting option to purchase 13,600,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxix)
	
27
	
November 17, 2004, Stock Option Agreement
with George B. Phillips, granting option to purchase 13,600,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxx)
	
29
	
November 30, 2004, Stock Option Agreement
with Tim Hall, granting  option to purchase 34,500,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of  exercise.

	
99(lxxi)
	
31
	
November 30, 2004, Stock Option Agreement
with Rebecca Miller,  granting option to purchase 34,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxii)
	
33
	
November 30, 2004, Stock Option Agreement
with Ernest Burch, granting option to purchase 34,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(;xxiii)
	
35
	
November 30, 2004, Stock Option Agreement
with George B. Phillips, granting option to purchase 34,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxiv)
	
37
	
November 30, 2004, Stock Option Agreement
with Edward Wells, granting option to purchase 34,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxxv)
	
39
	
November 30, 2004, Stock Option Agreement
with Sandra Jorgensen, granting option to purchase 34,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of  exercise.

	
99(lxxvi)
	
41
	
November 30, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 34,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxxvii)
	
43
	
November 30, 2004, Stock Option Agreement
with A. Franklin Adams, granting option to purchase 34,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxviii)
	
45
	
December 5, 2004, Stock Option Agreement
with Sandra Jorgensen, granting option to purchase 59,740,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxix)
	
47
	
December 7, 2004, Stock Option Agreement
with Tim Hall, granting option to purchase 55,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxxx)
	
49
	
December 7, 2004, Stock Option Agreement
with George B. Phillips, granting option to purchase 55,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxxi)
	
51
	
December 7, 2004, Stock Option Agreement
with Ernest Burch, granting option to purchase 55,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of  exercise.

	
99(lxxxii)
	
53
	
December 7, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 55,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of  exercise.

	
99(lxxxiii)
	
55
	
December 7, 2004, Stock Option Agreement
with Edward Wells, granting option to purchase 55,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxxxiv)
	
57
	
December 7, 2004, Stock Option Agreement
with A. Franklin Adams, granting option to purchase 55,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxxv)
	
59
	
December 7, 2004, Stock Option Agreement
with Sandra Jorgensen, granting option to purchase 55,000,000 shares of
common stock, no par value, with the option price set at 75% of the market
price on the date of exercise.

	
99(lxxxvi)
	
61
	
December 7, 2004, Stock Option Agreement
with Rebecca Miller, granting option to purchase 55,000,000 shares of common
stock, no par value, with the option price set at 75% of the market price on
the date of exercise.

	
99(lxxxvii)
	
63
	
December 12, 2004, Stock Option Agreement
with Tim Hall, granting option to purchase 100,000,000 shares of common
stock, no par value, with the option price set at 85% of the market price on
the date of exercise.

	
99(lxxxviii)
	
65
	
December 12, 2004, Stock Option Agreement
with Rebecca Miller, granting option to purchase 100,000,000 shares of
common stock, no par value, with the option price set at 85% of the market
price on the date of exercise.

	
99(lxxxix)
	
67
	
December 12, 2004, Stock Option Agreement
with Sandra Jorgensen, granting option to purchase 100,000,000 shares of
common stock, no par value, with the option price set at 85% of the market
price on the date of exercise.

	
99(cx)
	
69
	
December 12, 2004, Stock Option Agreement
with Ernest Burch, granting option to purchase 100,000,000 shares of common
stock, no par value, with the option price set at 85% of the market price on
the date of exercise.

	
99(cxi)
	
71
	
December 12, 2004, Stock Option Agreement
with Edward Wells, granting option to purchase 100,000,000 shares of common
stock, no par value, with the option price set at 85% of the market price on
the date of exercise.

	
99(cxii)
	
73
	
December 12, 2004, Stock Option Agreement
with George B. Phillips, granting option to purchase 100,000,000 shares of
common stock, no par value, with the option price set at 85% of the market
price on the date of exercise.

	
99(cxiii)
	
75
	
December 12, 2004, Stock Option Agreement
with Ramiro Trevizo, granting option to purchase 100,000,000 shares of
common stock, no par value, with the option price set at 85% of the market
price on the date of exercise.

	
99(cxiv)
	
77
	
December 13, 2004, Stock Option Agreement
with A. Franklin Adams, granting option to purchase 100,000,000 shares of
common stock, no par value, with the option price set at 85% of the market
price on the date of exercise.

	
Attached as .pdf files to this 10KSB
filing:

	
99(cxv)
	
79
	
Map of State of Chihuahua in the Republic of
Mexico.

	

99(cxvi)
	

80
	

Plate 1, Local Geology of the mining region.

	

99(cxvii)
	

81
	

Plate 2, Map of Sierra Madre Occidental Volcanic
province.

	

99(cxviii)
	

82
	

Miller's La Currita Project Report and
Summary.

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Rebecca Miller, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Three Hundred Fifty Thousand (1,350,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

	The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Three Hundred Fifty Thousand (1,350,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial
Resources Corp.

 

/s/  Rebecca Miller/s/ John Chapman__

Rebecca Miller, Optionee             John
Chapman, President

 

 

 

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Ernest Burch, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Five Hundred Fifty Thousand (1,550,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

C.These Options are being granted pursuant to the
Stock Option Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Five Hundred Fifty Thousand (1,550,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

 

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

/s/  Ernie Burch/s/ John Chapman__

Ernest Burch, Optionee John Chapman,
President

 

 

 

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Edward Wells, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Five Hundred Fifty Thousand (1,550,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Five Hundred Fifty Thousand (1,550,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Edward Wells/s/ John Chapman__

Edward Wells, OptioneeJohn Chapman, President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Sandra Jorgensen, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Five Hundred Fifty Thousand (1,550,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Five Hundred Fifty Thousand (1,550,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Sandra Jorgensen/s/ John Chapman__

Sandra Jorgensen, Optionee             John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to A. Franklin Adams,
a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Five Hundred Fifty Thousand (1,550,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Five Hundred Fifty Thousand (1,550,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial
Resources Corp.

 

/s/ Frank Adams/s/ John Chapman__

A. Franklin Adams,  Optionee John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to George B. Phillips,
a consultant of the Company ("Optionee") and a Texas resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Three Hundred Fifty Thousand (1,350,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Three Hundred Fifty Thousand (1,350,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial
Resources Corp.

 

/s/ George Phillips/s/ John
Chapman__

George B. Phillips, Optionee             John
Chapman, President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 1st day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Ramiro Trevizo, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Million Five Hundred Fifty Thousand (1,550,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Million Five Hundred Fifty Thousand (1,550,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Ramiro Trevizo/s/ John Chapman__

Ramiro Trevizo, Optionee             John
Chapman, President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th  day of
November 2004 by Diversified Financial Resources Corp. (the "Company") to
Tim Hall, a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fourteen
Million One Hundred Thousand (14,100,000), shares of the Company's common
stock with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fourteen Million One Hundred Thousand (14,100,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

/s/  Tim Hall/s/ John Chapman__

Tim Hall, Optionee   John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th  day of
November 2004 by Diversified Financial Resources Corp. (the "Company") to
Ramiro Trevizo, a consultant of the Company ("Optionee") and an Arizona
resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirteen
Million Six Hundred Thousand (13,600,000), shares of the Company's common
stock with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  Thirteen Million Six Hundred Thousand (13,600,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Ramiro Trevizo/s/ John Chapman__

Ramiro Trevizo, Optionee  John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to A. Franklin Adams,
a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirteen
Million Six Hundred Thousand (13,600,000), shares of the Company's common
stock with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirteen Million Six Hundred Thousand (13,600,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Frank Adams/s/ John Chapman__

A. Franklin Adams, Optionee             John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Rebecca Miller, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirteen
Million Six Hundred Thousand (13,600,000), shares of the Company's common
stock with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirteen Million Six Hundred Thousand (13,600,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Rebecca Miller/s/ John Chapman__

Rebecca Miller, Optionee John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Edward Wells, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirteen
Million Six Hundred Ninety Five Thousand (13,695,000), shares of the
Company's common stock with an option price of 75% of market price per share
on the date of exercise under the existing benefit plan at time of grant,
which shares have been issued pursuant to a Form S-8 under the Securities
Act of 1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

C.These Options are being granted pursuant to the
Stock Option Plan, which is incorporated herein by this reference.

             D.Optionee may not exercise a number of
Options which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirteen Million Six Hundred Ninety Five Thousand
(13,695,000) shares of Common Stock, on the terms and conditions set forth
herein and subject to the provisions of the Stock Option Plan in exchange
for services provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Edward Wells/s/ John Chapman__

Edward Wells, Optionee John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Ernest Burch, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million  (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million  (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

 
4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

 

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The
number of shares of Common Stock subject to this Option shall be adjusted to
take into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Ernie Burch/s/ John Chapman__

Ernest Burch, Optionee             John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 17th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to George B. Phillips,
a consultant of the Company ("Optionee") and a Texas resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirteen
Million Six Hundred Thousand (13,600,000), shares of the Company's common
stock with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirteen Million Six Hundred Thousand (13,600,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEE       Diversified Financial
Resources Corp.

 

/s/ George Phillips/s/ John Chapman__

George B. Phillips, Optionee            John
Chapman, President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th  day of
November 2004 by Diversified Financial Resources Corp. (the "Company") to
Tim Hall, a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million Five Hundred Thousand (34,500,000), shares of the Company's
common stock with an option price of 75% of market price per share on the
date of exercise under the existing benefit plan at time of grant, which
shares have been issued pursuant to a Form S-8 under the Securities Act of
1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  Thirty Four Million Five Hundred Thousand
(34,500,000) shares of Common Stock, on the terms and conditions set forth
herein and subject to the provisions of the Stock Option Plan in exchange
for services provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial
Resources Corp.

 

/s/  Tim Hall/s/ John Chapman__

Tim Hall, Optionee             John Chapman,
President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Rebecca Miller, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Rebecca Miller/s/ John Chapman__

Rebecca Miller, OptioneeJohn Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Ernest Burch, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million  (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million  (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Ernie Burch/s/ John Chapman__

Ernest Burch, Optionee             John Chapman,
President

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to George B. Phillips,
a consultant of the Company ("Optionee") and a Texas resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ George Phillips/s/ John Chapman__

George B. Phillips, Optionee             John
Chapman, President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Edward Wells, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million Thousand (34,000,000), shares of the Company's common stock
with an option price of 75% of market price per share on the date of
exercise under the existing benefit plan at time of grant, which shares have
been issued pursuant to a Form S-8 under the Securities Act of 1933 as
amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

 

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Edward Wells/s/ John Chapman__

Edward Wells, Optionee            John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Sandra Jorgensen, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
four Million (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Sandra Jorgensen/s/ John Chapman__

Sandra Jorgensen, Optionee            John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to Ramiro Trevizo, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Ramiro Trevizo/s/ John Chapman__

Ramiro Trevizo, Optionee   John Chapman,
President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 30th day of November 2004 by
Diversified Financial Resources Corp. (the "Company") to A. Franklin Adams,
a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Thirty
Four Million  (34,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Thirty Four Million  (34,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Frank Adams/s/ John Chapman__

A. Franklin Adams,  OptioneeJohn Chapman,
President

 

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 5th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Sandra Jorgensen, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Nine Million Seven Hundred Forty Thousand (59,740,000), shares of the
Company's common stock with an option price of 85% of market price per share
on the date of exercise under the existing benefit plan at time of grant,
which shares have been issued pursuant to a Form S-8 under the Securities
Act of 1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would 

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Nine Million Seven Hundred Forty (59,740,000)
shares of Common Stock, on the terms and conditions set forth herein and
subject to the provisions of the Stock Option Plan in exchange for services
provided by Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Sandra Jorgensen/s/ John Chapman__

Sandra Jorgensen, OptioneeJohn Chapman,
President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th  day of December
2004 by Diversified Financial Resources Corp. (the "Company") to Tim Hall, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Tim Hall/s/ John Chapman__

Tim Hall, Optionee             John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to George B. Phillips,
a consultant of the Company ("Optionee") and a Texas resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ George Phillips/s/ John Chapman__

George B. Phillips, Optionee        John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Ernest Burch, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million  (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option 

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million  (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Ernie Burch/s/ John Chapman__

Ernest Burch, Optionee             John Chapman,
President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th  day of December
2004 by Diversified Financial Resources Corp. (the "Company") to Ramiro
Trevizo, a consultant of the Company ("Optionee") and an Arizona
resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option 

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Ramiro Trevizo/s/ John Chapman__

Ramiro Trevizo, Optionee John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Edward Wells, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Edward Wells/s/ John Chapman__

Edward Wells, Optionee  John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to A. Franklin Adams,
a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million  (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option 

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would 

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million  (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Frank Adams/s/ John Chapman__

A. Franklin Adams,  Optionee    John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Sandra Jorgensen, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Optionc

Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options
which would 

convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Sandra Jorgensen/s/ John Chapman__

Sandra Jorgensen, Optionee  John Chapman,
President

 

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 7th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Rebecca Miller, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Fifty
Five Million (55,000,000), shares of the Company's common stock with an
option price of 75% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 75% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described Fifty Five Million (55,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Rebecca Miller /s/ John
Chapman__

Rebecca Miller, Optionee             John
Chapman, President

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th  day of
December, 2004 by Diversified Financial Resources Corp. (the "Company") to
Tim Hall, a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  One Hundred Million (100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve or issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Tim Hall/s/ John Chapman__

Tim Hall, Optionee             John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Rebecca Miller, a
consultant of the Company ("Optionee") and an Arizona resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/  Rebecca Miller/s/ John Chapman__

Rebecca Miller, Optionee John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Sandra Jorgensen, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	 Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Sandra Jorgensen/s/ John
Chapman__

Sandra Jorgensen, Optionee             John
Chapman, President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Ernest Burch, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million (100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million (100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

/s/  Ernie Burch/s/ John Chapman__

Ernest Burch, Optionee            John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to Edward Wells, a
consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Edward Wells/s/ John Chapman__

Edward Wells, Optionee             John Chapman,
President

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to George B. Phillips,
a consultant of the Company ("Optionee") and a Texas resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ George Phillips/s/ John Chapman__

George B. Phillips, Optionee             John
Chapman, President

 

 

 

 

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 12th  day of
December 2004 by Diversified Financial Resources Corp. (the "Company") to
Ramiro Trevizo, a consultant of the Company ("Optionee") and an Arizona
resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of One
Hundred Million(100,000,000), shares of the Company's common stock with an
option price of 85% of market price per share on the date of exercise under
the existing benefit plan at time of grant, which shares have been issued
pursuant to a Form S-8 under the Securities Act of 1933 as amended ("Form
S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

	These Options are being granted pursuant to
the Stock Option Plan, which is incorporated herein by this
reference.

	Optionee may not exercise a number of Options
which would convert into more than 9.9% of the Company's issued and
outstanding shares of common stock inclusive of other derivative securities
held in the Company and any shares of common stock held in the
Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described  One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial Resources
Corp.

 

/s/ Ramiro Trevizo/s/ John Chapman__

Ramiro Trevizo, Optionee  John Chapman,
President

STOCK OPTION AGREEMENT

This Stock Option Agreement ("Stock
Option Agreement") is granted effective this 13th day of December 2004 by
Diversified Financial Resources Corp. (the "Company") to A. Franklin Adams,
a consultant of the Company ("Optionee") and a Utah resident.

PREMISES

A.The Company has received valuable services from
Optionee in the past and desires to compensate Optionee for these services
by issuing Optionee an option (the "Option") to purchase a total of Seventy
Five Million  Four Hundred Fifty Thousand (100,000,000), shares of the
Company's common stock with an option price of 85% of market price per share
on the date of exercise under the existing benefit plan at time of grant,
which shares have been issued pursuant to a Form S-8 under the Securities
Act of 1933 as amended ("Form S-8").

B.The exercise price of the Common Stock issuable on
exercise of the options at the date of this grant shall be 85% of market
price per share.

C.These Options are being granted pursuant to the
Stock Option Plan, which is incorporated herein by this reference.

	Optionee may not exercise a number of Options which
would convert into more than 9.9% of the Company's issued and outstanding
shares of common stock inclusive of other derivative securities held in the
Company and any shares of common stock held in the Company.

GRANT

1.Grant of Options.  The Company hereby
irrevocably grants Optionee the right and option ("Option") to purchase all
of the above described One Hundred Million(100,000,000) shares of Common
Stock, on the terms and conditions set forth herein and subject to the
provisions of the Stock Option Plan in exchange for services provided by
Employee to the Company.

2.Term of Option.  This Option may be
exercised, in whole or in part, at any time but before one (1) Year has
elapsed from the date of this Option.  All rights to exercise this option
end with the termination of employment with the Company, for any reason and
by any party.

3.Method of Exercising.  This Option may be
exercised in accordance with all the terms and conditions set forth in this
Option and the Stock Option Plan, by delivery of a notice of exercise a form
of which is attached hereto as Exhibit "A" and incorporated herein by this
reference, setting forth the number of Options along with a signed letter of
instruction to the stock broker Optionee will employ in selling the shares
indicating that the specified exercise price shall be paid within 10 days of
the sale or as otherwise specified at the time of exercise optionee may
exercise.

4.Optionee Not an Affiliate.  Optionee hereby
represents, warrants and covenants that he is not an affiliate of the
Company as that term is defined in Rule 144(a)(1) under the Securities Act
of 1933.

5.Availability of Shares.  During the term of
this Option, the Company shall reserve for issuance the number of shares of
Common Stock required to satisfy this Option.

6.Adjustments to Number of Shares.  The number
of shares of Common Stock subject to this Option shall be adjusted to take
into account any stock splits, stock dividends, recapitalization of the
Common Stock as provided in the Stock Option Plan.

7.Limitation on Exercise.  If the board of
directors of the Company, in its sole discretion, shall determine that it is
necessary or desirable to list, register, or qualify the Common Stock under
any state or federal law, this Option may not be exercised, in whole or
part, until such listing, registration, or qualification shall have been
obtained free of any conditions not acceptable to the board of
directors.

8.Restrictions on Transfer.  The Option has
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities statutes. The shares of Common
Stock issuable on exercise of the Option will be qualified for registration
under a Form S-8 Registration Statement filed with the Securities and
Exchange Commission. 

9.Record Owner.  The Company may deem the
Optionee as the absolute owner of this Option for all purposes.  This Option
is exercisable only by the Optionee, or by the Optionee's duly designated
appointed representative.  This Option is not assignable.

10.Shareholder's Rights.  The Optionee shall
have shareholder rights with respect to the Option shares only when Optionee
has exercised this Option to purchase those shares and provided the Company
with the letter of instruction specified in Section 4 of this Option.

11.Validity and Construction.  The validity
and construction of this Agreement shall be governed by the laws of the
State of Delaware.

IN WITNESS WHEREOF, the below signatures evidence
the execution of this Option by the parties on the date first appearing
herein.

OPTIONEEDiversified Financial
Resources Corp.

 

/s/ Frank Adams/s/ John Chapman__

A. Franklin Adams, Optionee John Chapman,
PresidentEXHIBIT 4.1

 

AMENDED REGISTRATION RIGHTS AGREEMENT

 

This Amended Registration Rights Agreement (the “Agreement”) is made and entered into as of this 18th day of April, 2005 by and among Matritech, Inc., a Delaware corporation (the “Company”), and the “Investors” named in that certain Purchase Agreement by and among the Company and the Investors (the “Purchase Agreement”).  Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein.

The parties hereby agree as follows:

	
            1.
 	
            Certain Definitions.
 

As used in this Agreement, the following terms shall have the following meanings:

“Affiliate” means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common control with, such person.

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

“Common Stock” shall mean the Company’s common stock, par value $0.01 per share, and any securities into which such shares may hereinafter be reclassified.

“Convertible Debentures” means the Company’s 7.5% Convertible Debentures issued March 31, 2003.

“Investors” shall mean the Investors identified in the Purchase Agreement and any Affiliate or permitted transferee of any Investor who is a subsequent holder of any Warrants or Registrable Securities.

“Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus.

“Register,” “registered” and “registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of such Registration Statement or document.

“Registrable Securities” shall mean (i) the Conversion Shares and the Warrant Shares and (ii) any other securities issued or issuable with respect to or in exchange for Registrable Securities; provided, that, a security shall cease to be a Registrable Security upon (A) sale pursuant to a Registration Statement or Rule 144 under the 1933 Act, or (B) such security becoming eligible for sale by the Investors pursuant to Rule 144(k).

“Registration Statement” shall mean any registration statement of the Company filed under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

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“Required Investors” means the Investors holding a majority of the Registrable Securities.

“SEC” means the U.S. Securities and Exchange Commission.

“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

	
            2.
 	
            Registration.
 	
             

	
             
	
            (a)
 	
            Registration Statements.
 
					

(i)         Promptly following the First Closing Date but no later than thirty (30) days after the First Closing Date (the “First Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement on Form S-3 (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities, subject to the Required Investors’ consent), covering the resale of the Registrable Securities in an amount at least equal to the Conversion Shares issuable upon conversion of the Initial Shares and exercise of the Warrants (the “Initial Registrable Securities”).  Such Registration Statement shall include the plan of distribution attached hereto as Exhibit A.
Such Registration Statement also shall cover, to the extent allowable under the 1933 Act (including Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities.  The Company shall use its reasonable best efforts to obtain from each person who now has piggyback registration rights a waiver of those rights with respect to the Registration Statement; provided, however, that the Company shall be entitled to include shares of Common Stock issuable upon conversion of its outstanding Convertible Debentures and any payment-in-kind interest thereon.  The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors and their counsel prior to its filing or other submission.  If a Registration Statement covering the Initial Registrable
Securities is not filed with the SEC on or prior to the First Filing Deadline, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata for any portion thereof following the First Filing Deadline for which no Registration Statement is filed with respect to the Registrable Securities.  Such payments shall constitute the Investors’ sole monetary remedy for such events but shall not limit the Investors’ right to seek specific performance of the provisions hereof.  Such payments shall be made to each Investor in cash.

(ii)         Promptly following the Second Closing Date but no later than thirty (30) days after the Second Closing Date (the “Second Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement on Form S-3 (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities, subject to the Required Investors’ consent), covering the resale of the Registrable Securities in an amount at least equal to the Conversion Shares issuable upon conversion of the Remaining Shares (the “Remaining Registrable Securities”).  Such Registration Statement shall include the plan of distribution attached hereto as Exhibit A.  Such Registration
Statement also shall cover, to the extent 

 

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allowable under the 1933 Act (including Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities.  The Company shall use its reasonable best efforts to obtain from each person who now has piggyback registration rights a waiver of those rights with respect to the Registration Statement; provided, however, that the Company shall be entitled to include shares of Common Stock issuable upon conversion of its outstanding Convertible Debentures and any payment-in-kind interest thereon.  The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors and one counsel designated by the Investors prior to its filing or other submission.  If a Registration
Statement covering the Remaining Registrable Securities is not filed with the SEC on or prior to the Second Filing Deadline, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata for any portion thereof following the Second Filing Deadline for which no Registration Statement is filed with respect to the Registrable Securities.  Such payments shall constitute the Investors’ sole monetary remedy for such events but shall not limit the Investors’ right to seek specific performance of the provisions hereof.  Such payments shall be made to each Investor in cash.

(iii)        Additional Registrable Securities.  Upon the written demand of any Investor and upon any change in a Conversion Price (as defined in the Certificate of Designations) or the Exercise Price (as defined in the Warrant) such that additional shares of Common Stock become issuable upon the conversion of the Preferred Stock or the exercise of the Warrants, the Company shall prepare and file with the SEC one or more Registration Statements on Form S-3 or amend the related Registration Statement filed pursuant to clauses (i) or (ii) above, if such Registration Statement has not previously been declared effective (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of such additional shares of Common
Stock (the “Additional Shares”), subject to the Required Investors’ consent) covering the resale of the Additional Shares, but only to the extent the Additional Shares are not at the time covered by an effective Registration Statement.  Such Registration Statement also shall cover, to the extent allowable under the 1933 Act (including Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Additional Shares.  The Company shall use its reasonable best efforts to obtain from each person who now has piggyback registration rights a waiver of those rights with respect to such Registration Statement; provided, however, that the Company shall be entitled to include shares of Common Stock issuable upon conversion of its outstanding Convertible Debentures and any payment-in-kind interest thereon.  The Registration Statement (and each amendment or supplement thereto, and
each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors and their counsel prior to its filing or other submission.  If a Registration Statement covering the Additional Shares is required to be filed under this Section 2(a)(iii) and is not filed with the SEC within five Business Days of the request of any Investor or upon the occurrence of any of the events specified in this Section 2(a)(iii), the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata for any portion thereof following the date by which such Registration Statement should have been filed for which no Registration Statement is filed with respect to the Additional Shares.  Such payments shall constitute the Investors’ sole monetary remedy for such 

 

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events but shall not limit the Investors’ right to seek specific performance of the provisions hereof.  Such payments shall be made to each Investor in cash.

(b)        Expenses.  The Company will pay all expenses associated with each registration, including filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities laws, listing fees, fees and expenses of one counsel to the Investors and the Investors’ reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold.

	
            (c)
 	
            Effectiveness.
 

(i)         The Company shall use commercially reasonable efforts to have each Registration Statement declared effective as soon as practicable.  The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after any Registration Statement is declared effective and shall within one Business Day of such effective date provide the Investors with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.  If (A)(x) a Registration Statement covering the Initial Registrable Securities is not declared effective by the SEC prior to the earlier of (i) five (5) Business Days after the SEC shall have informed the Company that no review of the Registration Statement will be made or (ii) the 90th day after the First Closing Date (or the 120th day after the First Closing Date in the event that such Registration Statement is reviewed by the SEC), (y) a Registration Statement covering the Remaining  Registrable Securities is not declared effective by the SEC prior to the earlier of (i) five (5) Business Days after the SEC shall have informed the Company that no review of the Registration Statement will be made or (ii) the 90th day after the Second Closing Date (or the 120th day after the Second Closing Date in the event that such Registration Statement is reviewed by the SEC), or (z) a Registration Statement covering Additional Shares is not declared effective by the SEC within 90 days following the time such Registration Statement was required to be filed pursuant to Section 2(a)(iii) (or the
120th day following the time such Registration Statement was required to be filed pursuant to Section 2(a)(iii) in the event that such Registration Statement is reviewed by the SEC), or (B) after a Registration Statement has been declared effective by the SEC, sales of Registrable Securities other than the Warrant Shares cannot be made pursuant to such Registration Statement or pursuant to Rule 144 for any reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement), but excluding the inability of any Investor to sell the Registrable Securities covered thereby due to market conditions and except as excused pursuant to subparagraph (ii) below, then the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata for any
portion thereof following the date by which such Registration Statement should have been effective (the “Blackout Period”).  Such payments shall be in partial compensation to the Investors, and shall not constitute the Investors’ exclusive remedy for such events.  The amounts payable as liquidated damages pursuant to this paragraph shall be paid monthly within three (3) Business Days of the last day of each month following the commencement of the Blackout Period until the termination of the Blackout Period.  Such payments shall be made to each Investor in cash.

 

- 4 -

 

 

 

(ii)         For not more than twenty (20) consecutive days or for a total of not more than forty-five (45) days in any twelve (12) month period, the Company may delay the disclosure of material non-public information concerning the Company, by suspending the use of any Prospectus included in any registration contemplated by this Section containing such information, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company (an “Allowed Delay”); provided, that the Company shall promptly (a) notify the Investors in writing of the existence of (but in no event, without the prior written consent of an Investor, shall the Company disclose to such Investor any of the facts or circumstances regarding) material non-public information giving rise to an Allowed Delay, (b) advise
the Investors in writing to cease all sales under the Registration Statement until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate an Allowed Delay as promptly as practicable.

3.    Company Obligations.  The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

(a)        use commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration Statement as amended from time to time, have been sold, and (ii) the date on which all Registrable Securities covered by such Registration Statement may be sold pursuant to Rule 144(k) (the “Effectiveness Period”) and advise the Investors in writing when the Effectiveness Period has expired;

(b)        prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the period specified in Section 3(a) and to comply with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

(c)        provide copies to and permit one counsel designated by the Investors to review each Registration Statement and all amendments and supplements thereto no fewer than three (3) Business Days prior to their filing with the SEC and not file any document to which such counsel reasonably objects;

(d)        furnish to the Investors and their legal counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the case may be) one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a
preliminary prospectus, and all amendments and supplements thereto and such other documents as each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor that are covered by the related Registration Statement;

 

- 5 -

 

 

 

(e)        use commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

(f)         prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the Investors and their counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Investors and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but
for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction;

(g)        use commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;

(h)        immediately notify the Investors, at any time when a Prospectus relating to Registrable Securities is required to be delivered under the 1933 Act, upon discovery that, or upon the happening of any event as a result of which, the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and at the request of any such holder, promptly prepare and furnish to such holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and

(i)         otherwise use commercially reasonable efforts to comply with all applicable provisions of the SEC under the 1933 Act and the 1934 Act, take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and make available to its security holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement covering a period of at least twelve (12) months, beginning after the effective date of each Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158 promulgated thereunder (for the purpose of this subsection 3(i), “Availability Date” means the 45th day following the end of the fourth fiscal quarter that includes
the effective date of such Registration Statement, except that, if such fourth fiscal quarter is the last quarter of the Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal quarter).

(j)         With a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the 

 

- 6 -

 

 

Company covenants and agrees to:  (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be resold pursuant to Rule 144(k) or any other rule of similar effect or (B) such date as all of the Registrable Securities shall have been resold; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested in order to avail such Investor of any
rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration.

 

4.   Due Diligence Review; Information.  To the extent that an Investor determines it is necessary to avail itself of any “due diligence” defense under the 1933 with respect to a Registration Statement, the Company shall make available, during normal business hours, for inspection and review by the Investor and its advisors and representatives (who may or may not be affiliated with the Investor and who are reasonably acceptable to the Company), all financial and other records, all SEC Filings (as defined in the Purchase Agreement) and other filings with the SEC, and all other corporate documents and properties of the Company as may be reasonably necessary for the purpose of establishing such defense, and cause the Company’s officers, directors and employees, within a reasonable time period, to supply all such
information reasonably requested by the Investor or any such representative, advisor or underwriter in connection with such Registration Statement (including, without limitation, in response to all questions and other inquiries reasonably made or submitted by any of them), prior to and from time to time after the filing and effectiveness of the Registration Statement for the sole purpose of enabling the Investor and such representatives, advisors and underwriters and their respective accountants and attorneys to conduct initial and ongoing due diligence with respect to the Company and the accuracy of such Registration Statement.

The Company shall not disclose material nonpublic information to the Investor, or to advisors to or representatives of the Investor, unless prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides the Investor, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect thereto.

	
            5.
 	
            Obligations of the Investors.
 

(a)        Each Investor shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.  At least five (5) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify each Investor and its respective representative as identified in the Purchase Agreement of the information the Company requires from such Investor.  An Investor shall provide such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such
Registration Statement.

 

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(b)        Each Investor, by its acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder.

(c)        Each Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until the Investor’s receipt of the copies of the supplemented or amended prospectus filed with the SEC and until any related post-effective amendment is declared effective and, if so directed by the Company, the Investor shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in the Investor’s possession of the Prospectus covering the Registrable
Securities current at the time of receipt of such notice.

	
            6.
 	
            Indemnification.
 

(a)        Indemnification by the Company.  The Company will indemnify and hold harmless each Investor and its officers, directors, members, employees and agents, successors and assigns, and each other person, if any, who controls such Investor within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof; (ii) any blue sky application or
other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any violation by the Company or its agents of any provision under the 1933 Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration; or (v) any failure to register or qualify the Registrable Securities included in any such Registration in any state where the Company or its agents has
affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on an Investor’s behalf and will reimburse such Investor, and each such officer, director or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Investor or any such controlling person in writing specifically for use in such Registration Statement or Prospectus.

(b)        Indemnification by the Investors.  Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities 

 

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and expense (including reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement or Prospectus or preliminary prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished in writing by such Investor to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto.  In no event shall the liability of an Investor be greater in amount than the dollar amount of the proceeds (net of all expense paid by such Investor in connection with any claim relating to this Section 6 and the amount of any damages such Investor has otherwise been required to pay by reason of such
untrue statement or omission) received by such Investor upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

(c)        Conduct of Indemnification Proceedings.  Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, or (b) the indemnifying party shall have failed to assume the defense of
such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation.  It is understood that the
indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties.  No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

(d)        Contribution.  If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations.  No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation.  In no event shall the
contribution obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all 

 

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expenses paid by such holder in connection with any claim relating to this Section 6 and the amount of any damages such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

	
            7.
 	
            Miscellaneous.
 

(a)        Amendments and Waivers.  This Agreement may be amended only by a writing signed by the Company and the Required Investors.  The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the Required Investors.

(b)        Notices.  All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.4 of the Purchase Agreement.

(c)        Assignments and Transfers by Investors.  The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors and their respective successors and assigns.  An Investor may transfer or assign, in whole or from time to time in part, to one or more persons its rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person, provided that such Investor complies with all laws applicable thereto and provides written notice of assignment to the Company promptly after such assignment is effected.

(d)        Assignments and Transfers by the Company.  This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the Required Investors, provided, however, that the Company may assign its rights and delegate its duties hereunder to any surviving or successor corporation in connection with a merger or consolidation of the Company with another corporation, or a sale, transfer or other disposition of all or substantially all of the Company’s assets to another corporation, without the prior written consent of the Required Investors, after notice duly given by the Company to each Investor.

(e)        Benefits of the Agreement.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

(f)         Counterparts; Faxes.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may also be executed via facsimile, which shall be deemed an original.

(g)        Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

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(h)        Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect.

(i)         Further Assurances.  The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

(j)         Entire Agreement.  This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

(k)        Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court does not have subject matter jurisdiction, the courts of the State of New York located in New York County for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the
world by the same methods as are specified for the giving of notices under this Agreement.  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

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IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	
            The Company:
 	
            MATRITECH, INC.
 

 

 

 

	
            By:  
 

Name:  Stephen D. Chubb 

Title:    Chief Executive Officer

 

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            The Investors:
 

 

Name of Investor: __________________________

 

Signature of Authorized Signatory of Investor: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

 

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[Investor Signature Page to Amended Registration Rights Agreement]

 

 

 

Exhibit A

 

Plan of Distribution

 

The selling stockholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions.  These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:

 

- ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

- block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

 

	
            - purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
 

 

	
            - an exchange distribution in accordance with the rules of the applicable exchange;
 

 

	
            - privately negotiated transactions;
 

 

- short sales effected after the date the registration statement of which this Prospectus is a part is declared effective by the SEC;

 

- through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

- broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

 

	
            - a combination of any such methods of sale; and
 

 

	
            - any other method permitted pursuant to applicable law.
 

 

The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock, from time to time, under this prospectus, or under an amendment to this 

 

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prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus.  The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 

In connection with the sale of our common stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume.  The selling stockholders may also sell shares of our common stock short and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities.  The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell
pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

The aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any.  Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents.  We will not receive any of the proceeds from this offering. Upon any exercise of the warrants by payment of cash, however, we will receive the exercise price of the warrants.

 

The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided that they meet the criteria and conform to the requirements of that rule.

 

The selling stockholders and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be "underwriters" within the meaning of Section 2(11) of the Securities Act.  Any discounts, commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act.  Selling stockholders who are "underwriters" within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.

 

To the extent required, the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

 

In order to comply with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through registered or licensed brokers or dealers.  In addition, in some states the common stock may not be sold unless it has been registered or 

 

15

 

 

qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

 

We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates.  In addition, we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.  The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

 

We have agreed to indemnify the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.

 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (2) the date on which the shares may be sold pursuant to Rule 144(k) of the Securities Act.

 

 

 

 

LIBC/2280737.2

 

 

 

16

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