Document:

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                                                                    Exhibit 10.1

                              HYPERCOM CORPORATION
                      2000 BROAD-BASED STOCK INCENTIVE PLAN

                                    ARTICLE 1
                                     PURPOSE

         1.1 GENERAL. The purpose of the Hypercom Corporation 2000 Broad-Based
Stock Incentive Plan (the "Plan") is to promote the success and enhance the
value of Hypercom Corporation (the "Company") by linking the personal interests
of its members of the Board, employees, officers, and executives of the Company
to those of Company stockholders and by providing such individuals with an
incentive for outstanding performance in order to generate superior returns to
shareholders of the Company. The Plan is intended to provide flexibility to the
Company in its ability to motivate, attract, and retain the services of members
of the Board, employees, officers, and executives of the Company upon whose
judgment, interest, and special effort the successful conduct of the Company's
operation is largely dependent. This Plan is further intended to qualify as a
"broadly-based" plan under the New York Stock Exchange, Inc.'s Listed Company
Manual for purposes of the exception to shareholder approval requirements.

                                   ARTICLE 2
                             EFFECTIVE DATE AND TERM

         2.1 EFFECTIVE DATE. The Plan is effective as of July 18, 2000 (the
"Effective Date").

         2.2 TERM. The Plan shall expire on, and no additional Awards may be
issued after, the tenth anniversary of the Effective Date. Any Awards that are
outstanding on the tenth anniversary of the Effective Date shall remain in force
according to the terms of the Award Agreement.

                                   ARTICLE 3
                          DEFINITIONS AND CONSTRUCTION

         3.1 DEFINITIONS. When a word or phrase appears in this Plan with the
initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this
Section or in Sections 1.1 or 2.1 unless a clearly different meaning is required
by the context. The following words and phrases shall have the following
meanings:

                  (a) "Award" means any Option or Restricted Stock Award granted
to a Participant under the Plan.

                  (b) "Award Agreement" means any written agreement, contract,
or other instrument or document evidencing an Award.

                  (c) "Board" means the Board of Directors of the Company.

                  (d) "Cause" means (except as otherwise provided in on Option
Agreement) if the Board, in its reasonable and good faith discretion, determines
that the employee, consultant
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or advisor (i) has developed or pursued interests substantially adverse to the
Company, (ii) materially breached any employment, engagement or confidentiality
agreement or otherwise failed to satisfactorily discharge his or her duties,
(iii) has not devoted all or substantially all of his or her business time,
effort and attention to the affairs of the Company (or such lesser amount as has
been agreed to in writing by the Company), (iv) is convicted of a felony
involving moral turpitude, or (v) has engaged in activities or omissions that
are detrimental to the well-being of the Company. If, subsequent to a
Participant's termination of employment or services, it is discovered that such
Participant's employment or services could have been terminated for Cause, the
Participant's employment or services shall, at the election of the Board, in its
sole discretion, be deemed to have been terminated for Cause retroactively to
the date the events giving rise to Cause occurred.

                  (e) "Change of Control" means and includes each of the
following (except as otherwise provided in an Option Agreement):

                           (1) there shall be consummated any consolidation or
merger of the Company in which the Company is not the continuing or surviving
entity, or pursuant to which Stock would be converted into cash, securities or
other property, other than a merger of the Company in which the holders of the
Company's Stock immediately prior to the merger have the same proportionate
ownership of beneficial interest of common stock or other voting securities of
the surviving entity immediately after the merger;

                           (2) there shall be consummated any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of assets or earning power aggregating more than 40% of the assets
or earning power of the Company and its subsidiaries (taken as a whole), other
than pursuant to a sale-leaseback, structured finance or other form of financing
transaction;

                           (3) the shareholders of the Company shall approve any
plan or proposal for liquidation or dissolution of the Company;

                           (4) any person (as such term is used in Section 13(d)
and 14(d)(2) of the Exchange Act), other than any current shareholder of the
Company or affiliate thereof or any employee benefit plan of the Company or any
subsidiary of the Company or any entity holding shares of capital stock of the
Company for or pursuant to the terms of any such employee benefit plan in its
role as an agent or trustee for such plan, shall become the beneficial owner
(within the meaning of Rule 13d-3 under the Exchange Act) of 20% or more of the
Company's outstanding Stock; or

                           (5) during any period of two consecutive years,
individuals who at the beginning of such period constituted a majority of the
Board shall fail to constitute a majority thereof, unless the election, or the
nomination for election by the Company's shareholders, of each new director was
approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of the period.

                  (f) "Code" means the Internal Revenue Code of 1986, as
amended.

                  (g) "Committee" means the committee of the Board described in
Article 4.

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                  (h) "Disability" shall mean (unless otherwise defined in an
employment agreement between the Company or any of its Subsidiaries and the
Participant or in the Participant's Award Agreement) any illness or other
physical or mental condition of a Participant which renders the Participant
incapable of performing his customary and usual duties for the Company, or any
medically determinable illness or other physical or mental condition resulting
from a bodily injury, disease or mental disorder which in the judgment of the
Committee is permanent and continuous in nature. The Committee may require such
medical or other evidence as it deems necessary to judge the nature and
permanency of the Participant's condition.

                  (i) "Director" means a member of the Board.

                  (j) "Exchange Act" means the Securities Exchange Act of 1934,
as amended.

                  (k) "Fair Market Value" means with respect to Stock or any
other property, the fair market value of such Stock or other property as
determined by the Board in its discretion, under one of the following methods:
(i) the average of the closing bid and asked prices for the Stock as reported on
the New York Stock Exchange (or any national securities exchange on which the
Stock is then listed, which may include the Nasdaq National Market) for that
date or, if no prices are so reported for that date, such prices on the next
preceding date for which closing bid and asked prices were reported; or (ii) the
price as determined by such methods or procedures as may be established from
time to time by the Board.

                  (l) "Non-Employee Director" means a member of the Board who
qualifies as a "Non-Employee Director" as defined in Rule 16b-3(b)(3) of the
Exchange Act, or any successor definition adopted by the Board.

                  (m) "Non-Qualified Stock Option" means an Option that is not
intended to be an incentive stock option as defined in Section 422 of the Code
or any successor provision thereto.

                  (n) "Officer" means an employee of the Company or any
Subsidiary who is an "officer" as defined in Rule 16a-1(f) promulgated under the
Exchange Act or any successor provision thereto.

                  (o) "Option" means a right granted to a Participant under
Article 7 to purchase Stock at a specified price during specified time periods.
All Options granted under this Plan are Non-Qualified Stock Options.

                  (p) "Participant" means a person who, as a member of the
Board, employee, officer, or executive of, or consultant or advisor providing
services to, the Company or any Subsidiary, has been granted an Award under the
Plan.

                  (q) "Plan" means the Hypercom Corporation 2000 Broad-Based
Stock Incentive Plan.

                  (r) "Restricted Stock Award" means Stock granted to a
Participant under Article 8 that is subject to certain restrictions and to risk
of forfeiture.

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                  (s) "Stock" means the common stock of the Company and such
other securities of the Company that may be substituted for Stock pursuant to
Article 10.

                  (t) "Subsidiary" means any corporation or other entity of
which a majority of the outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company.

                                   ARTICLE 4
                                 ADMINISTRATION

         4.1 COMMITTEE. The Plan shall be administered by the Board of Directors
or, to the extent required to comply with Rule 16b-3 promulgated under the
Exchange Act, a Committee that is appointed by, and serves at the discretion of,
the Board. Any Committee shall consist of at least two individuals who are
members of the Board and are "disinterested persons," as such term is defined in
Rule 16b-3 promulgated under Section 16 of the Exchange Act or any successor
provision, except as may be otherwise permitted under Section 16 of the Exchange
Act and the regulations and rules promulgated thereunder. For purposes of this
Plan, reference to the Board shall refer to the Board or the Committee, as the
case may be. Reference to the Committee shall refer to the Board if the Board
does not appoint a Committee.

         4.2 ACTION BY THE COMMITTEE. A majority of the Committee shall
constitute a quorum. The acts of a majority of the members present at any
meeting at which a quorum is present, and acts approved in writing by a majority
of the Committee in lieu of a meeting, shall be deemed the acts of the
Committee. Each member of the Committee is entitled to, in good faith, rely or
act upon any report or other information furnished to that member by any officer
or other employee of the Company or any Subsidiary, the Company's independent
certified public accountants, or any executive compensation consultant or other
professional retained by the Company to assist in the administration of the
Plan.

         4.3 AUTHORITY OF COMMITTEE. Subject to any specific designation in the
Plan, the Committee has the exclusive power, authority and discretion to:

                  (a) Designate Participants to receive Awards;

                  (b) Determine the type or types of Awards to be granted to
each Participant;

                  (c) Determine the number of Awards to be granted and the
number of shares of Stock to which an Award will relate;

                  (d) Determine the terms and conditions of any Award granted
under the Plan including but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any provisions
related to non-competition and recapture of gain on an Award, any schedule for
lapse of forfeiture restrictions or restrictions on the exercisability of an
Award, and accelerations or waivers thereof, based in each case on such
considerations as the Committee in its sole discretion determines;

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                  (e) Amend, modify, or terminate any outstanding Award, with
the Participant's consent unless the Committee has the authority to amend,
modify, or terminate an Award without the Participant's consent under any other
provision of the Plan.

                  (f) Determine whether, to what extent, and under what
circumstances an Award may be settled in, or the exercise price of an Award may
be paid in, cash, Stock, other Awards, or other property, or an Award may be
canceled, forfeited, or surrendered;

                  (g) Prescribe the form of each Award Agreement, which need not
be identical for each Participant;

                  (h) Decide all other matters that must be determined in
connection with an Award;

                  (i) Establish, adopt, or revise any rules and regulations as
it may deem necessary or advisable to administer the Plan; and

                  (j) Interpret the terms of, and any matter arising under, the
Plan or any Award Agreement;

                  (k) Make all other decisions and determinations that may be
required under the Plan or as the Committee deems necessary or advisable to
administer the Plan.

         4.4 CEO GRANTS. The Company's Chief Executive Officer has the same
power, authority and discretion as the Committee under Section 4.3 to grant
Awards pursuant to which a maximum of 500,000 shares of Stock may be awarded;
provided that the recipients of such Awards are not Officers or Directors. When
the Chief Executive Officer is acting as the Committee under this Plan,
references in the Plan to the Committee will be deemed to refer to the Chief
Executive Officer.

         4.5 DECISIONS BINDING. The Committee's interpretation of the Plan, any
Awards granted under the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive on all parties.

                                   ARTICLE 5
                           SHARES SUBJECT TO THE PLAN

         5.1 NUMBER OF SHARES. Subject to adjustment provided in Section 10.1,
the aggregate number of shares of Stock reserved and available for grant under
the Plan shall be 7,000,000.

         5.2 LAPSED AWARDS. To the extent that an Award terminates, expires, or
lapses for any reason, any shares of Stock subject to the Award will again be
available for the grant of an Award under the Plan.

         5.3 STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock
or Stock purchased on the open market.

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         5.4 BROADLY-BASED PLAN REQUIREMENTS. At least a majority of the shares
of Stock awarded under this Plan (or shares of Stock underlying Options awarded
under this Plan) during the shorter of (i) the three-year period commencing on
the date the Plan is adopted by the Company, or (ii) the term of the Plan, shall
be made to employees of the Company who are not Officers or Directors.

                                   ARTICLE 6
                          ELIGIBILITY AND PARTICIPATION

         6.1 ELIGIBILITY.

                  (a) GENERAL. Persons eligible to participate in this Plan
include all Directors, employees, Officers, and executives of the Company or a
Subsidiary, as determined by the Committee.

                  (b) FOREIGN PARTICIPANTS. In order to assure the viability of
Awards granted to Participants employed in foreign countries, the Committee may
provide for such special terms as it may consider necessary or appropriate to
accommodate differences in local law, tax policy, or custom. Moreover, the
Committee may approve such supplements to, or amendments, restatements, or
alternative versions of the Plan as it may consider necessary or appropriate for
such purposes without thereby affecting the terms of the Plan as in effect for
any other purpose; provided, however, that no such supplements, amendments,
restatements, or alternative versions shall increase the share limitations
contained in Section 5.1 of the Plan.

         6.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the
Committee may, from time to time, select from among all eligible individuals,
those to whom Awards shall be granted and shall determine the nature and amount
of each Award; provided, however, that the Plan is intended to be a
broadly-based plan and, therefore, participation in the Plan must satisfy the
requirements of Section 5.4 such that less than 50% of the shares of Stock
awarded or underlying Options awarded under this Plan shall be made to Officers
and Directors (whether or not employees). No individual shall have any right to
be granted an Award under this Plan.

                                   ARTICLE 7
                                  STOCK OPTIONS

         7.1 GENERAL. The Committee is authorized to grant Options to
Participants on the following terms and conditions:

                  (a) EXERCISE PRICE. The exercise price per share of Stock
under an Option shall be determined by the Committee and set forth in the Award
Agreement. It is the intention under the Plan that the exercise price for any
Option shall not be less than the Fair Market Value as of the date of grant;
provided, however that the Committee may, in its discretion, grant Options with
an exercise price of less than Fair Market Value on the date of grant.

                  (b) TIME AND CONDITIONS OF EXERCISE. The Committee shall
determine the time or times at which an Option may be exercised in whole or in
part. The

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Committee shall also determine the performance or other conditions, if any, that
must be satisfied before all or part of an Option may be exercised. Unless
otherwise provided in an Award Agreement, an Option will lapse immediately if a
Participant's employment or services are terminated for Cause.

                  (c) PAYMENT. The Committee shall determine the methods by
which the exercise price of an Option may be paid, the form of payment,
including, without limitation, cash, promissory note, shares of Stock (through
actual tender or by attestation), or other property (including broker-assisted
"cashless exercise" arrangements), and the methods by which shares of Stock
shall be delivered or deemed to be delivered to Participants.

                  (d) EVIDENCE OF GRANT. All Options shall be evidenced by a
written Award Agreement between the Company and the Participant. The Award
Agreement shall include such additional provisions as may be specified by the
Committee.

                                   ARTICLE 8
                             RESTRICTED STOCK AWARDS

         8.1 GRANT OF RESTRICTED STOCK. The Committee is authorized to make
Awards of Restricted Stock to Participants in such amounts and subject to such
terms and conditions as determined by the Committee. All Awards of Restricted
Stock shall be evidenced by a Restricted Stock Award Agreement.

         8.2 ISSUANCE AND RESTRICTIONS. Restricted Stock shall be subject to
such restrictions on transferability and other restrictions as the Committee may
impose (including, without limitation, limitations on the right to vote
Restricted Stock or the right to receive dividends on the Restricted Stock).
These restrictions may lapse separately or in combination at such times, under
such circumstances, in such installments, or otherwise, as the Committee
determines at the time of the grant of the Award or thereafter.

         8.3 FORFEITURE. Except as otherwise determined by the Committee at the
time of the grant of the Award or thereafter, upon termination of employment
during the applicable restriction period, Restricted Stock that is at that time
subject to restrictions shall be forfeited, provided, however, that the
Committee may provide in any Restricted Stock Award Agreement that restrictions
or forfeiture conditions relating to Restricted Stock will be waived in whole or
in part in the event of terminations resulting from specified causes, and the
Committee may in other cases waive in whole or in part restrictions or
forfeiture conditions relating to Restricted Stock.

         8.4 CERTIFICATES FOR RESTRICTED STOCK. Restricted Stock granted under
the Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing shares of Restricted Stock are registered in the name
of the Participant, certificates must bear an appropriate legend referring to
the terms, conditions, and restrictions applicable to such Restricted Stock, and
the Company may, at its discretion, retain physical possession of the
certificate until such time as all applicable restrictions lapse.

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                                   ARTICLE 9
                         PROVISIONS APPLICABLE TO AWARDS

         9.1 STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may,
in the discretion of the Committee, be granted either alone, in addition to, or
in tandem with, any other Award granted under the Plan. Awards granted in
addition to or in tandem with other Awards may be granted either at the same
time as or at a different time from the grant of such other Awards.

         9.2 EXCHANGE PROVISIONS. The Committee may at any time offer to
exchange or buy out any previously granted Award for a payment in cash, Stock,
or another Award, based on the terms and conditions the Committee determines and
communicates to the Participant at the time the offer is made.

         9.3 TERM OF AWARD. The term of each Award shall be for the period as
determined by the Committee.

         9.4 FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and
any applicable law or Award Agreement, payments or transfers to be made by the
Company or a Subsidiary on the grant or exercise of an Award may be made in such
forms as the Committee determines at or after the time of grant, including
without limitation, cash, promissory note, Stock, other Awards, or other
property, or any combination, and may be made in a single payment or transfer,
in installments, or on a deferred basis, in each case determined in accordance
with rules adopted by, and at the discretion of, the Committee.

         9.5 LIMITS ON TRANSFER. No right or interest of a Participant in any
Award may be pledged, encumbered, or hypothecated to or in favor of any party
other than the Company or a Subsidiary, or shall be subject to any lien,
obligation, or liability of such Participant to any other party other than the
Company or a Subsidiary. Except as otherwise provided by the Committee, no Award
shall be assignable or transferable by a Participant other than by will or the
laws of descent and distribution.

         9.6 BENEFICIARIES. Notwithstanding Section 9.5, a Participant may, in
the manner determined by the Committee, designate a beneficiary to exercise the
rights of the Participant and to receive any distribution with respect to any
Award upon the Participant's death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights under the Plan is subject to
all terms and conditions of the Plan and any Award Agreement applicable to the
Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by
the Committee. If the Participant is married, a designation of a person other
than the Participant's spouse as his beneficiary with respect to more than 50%
of the Participant's interest in the Award shall not be effective without the
written consent of the Participant's spouse. If no beneficiary has been
designated or survives the Participant, payment shall be made to the person
entitled thereto under the Participant's will or the laws of descent and
distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is
filed with the Committee.

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         9.7 STOCK CERTIFICATES. Notwithstanding anything herein to the
contrary, the Company shall not be required to issue or deliver any certificates
evidencing shares of Stock pursuant to the exercise of any Awards, unless and
until the Board has determined, with advice of counsel, that the issuance and
delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of
any exchange on which the shares of Stock are listed or traded. All Stock
certificates delivered under the Plan are subject to any stop-transfer orders
and other restrictions as the Committee deems necessary or advisable to comply
with Federal, state, or foreign jurisdiction, securities or other laws, rules
and regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted, or traded. The Committee
may place legends on any Stock certificate to reference restrictions applicable
to the Stock. In addition to the terms and conditions provided herein, the Board
may require that a Participant make such reasonable covenants, agreements, and
representations as the Board, in its discretion, deems advisable in order to
comply with any such laws, regulations, or requirements.

         9.8 ACCELERATION UPON A CHANGE OF CONTROL. If a Change of Control
occurs, all outstanding Options and other Awards shall become fully exercisable
and all restrictions on outstanding Awards shall lapse. Upon, or in anticipation
of, such an event, the Committee may cause every Award outstanding hereunder to
terminate at a specific time in the future and shall give each Participant the
right to exercise Awards during a period of time as the Committee, in its sole
and absolute discretion, shall determine.

                                   ARTICLE 10
                          CHANGES IN CAPITAL STRUCTURE

         10.1 GENERAL. In the event a stock dividend is declared upon the Stock,
the shares of Stock then subject to each Award (and the number of shares subject
thereto) shall be increased proportionately without any change in the aggregate
purchase price therefor. Subject to Section 9.8, in the event the Stock shall be
changed into or exchanged for a different number or class of shares of Stock or
of shares of another corporation, whether through reorganization,
recapitalization, stock split-up or combination of shares, there shall be
substituted for each such share of Stock then subject to each Award (and for
each share of Stock then subject thereto) the number and class of shares of
Stock into which each outstanding share of Stock shall be so exchanged, all
without any change in the aggregate purchase price for the shares then subject
to each Award.

                                   ARTICLE 11
                    AMENDMENT, MODIFICATION, AND TERMINATION

         11.1 AMENDMENT, MODIFICATION, AND TERMINATION. With the approval of the
Board, at any time and from time to time, the Committee may terminate, amend or
modify the Plan; provided, however, that to the extent necessary and desirable
to comply with any applicable law, regulation, or stock exchange rule, the
Company shall obtain shareholder approval of any Plan amendment in such a manner
and to such a degree as required.

         11.2 AWARDS PREVIOUSLY GRANTED. Except as otherwise provided in the
Plan, including without limitation, the provisions of Article 10, no
termination, amendment, or

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modification of the Plan shall adversely affect in any material way any Award
previously granted under the Plan, without the written consent of the
Participant.

                                   ARTICLE 12
                               GENERAL PROVISIONS

         12.1 NO RIGHTS TO AWARDS. No Participant , employee, or other person
shall have any claim to be granted any Award under the Plan, and neither the
Company nor the Committee is obligated to treat Participants, employees, and
other persons uniformly.

         12.2 NO STOCKHOLDERS RIGHTS. No Award gives the Participant any of the
rights of a stockholder of the Company unless and until shares of Stock are in
fact issued to such person in connection with such Award.

         12.3 WITHHOLDING. The Company or any Subsidiary shall have the
authority and the right to deduct or withhold, or require a Participant to remit
to the Company, an amount sufficient to satisfy Federal, state, and local taxes
(including the Participant's FICA obligation) required by law to be withheld
with respect to any taxable event arising as a result of this Plan. With the
Committee's consent, a Participant may elect to have the Company withhold from
those Stock that would otherwise be received upon the exercise of any Option, a
number of shares having a Fair Market Value equal to the minimum statutory
amount necessary to satisfy the Company's applicable federal, state, local and
foreign income and employment tax withholding obligations.

         12.4 NO RIGHT TO EMPLOYMENT OR SERVICES. Nothing in the Plan or any
Award Agreement shall interfere with or limit in any way the right of the
Company or any Subsidiary to terminate any Participant's employment or services
at any time, nor confer upon any Participant any right to continue in the employ
of the Company or any Subsidiary.

         12.5 UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
"unfunded" plan for incentive compensation. With respect to any payments not yet
made to a Participant pursuant to an Award, nothing contained in the Plan or any
Award Agreement shall give the Participant any rights that are greater than
those of a general creditor of the Company or any Subsidiary.

         12.6 INDEMNIFICATION. To the extent allowable under applicable law,
each member of the Committee or of the Board shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by such member in connection with or
resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any action or failure
to act under the Plan and against and from any and all amounts paid by him or
her in satisfaction of judgment in such action, suit, or proceeding against him
or her provided he or she gives the Company an opportunity, at its own expense,
to handle and defend the same before he or she undertakes to handle and defend
it on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be
entitled under the Company's Articles of Incorporation or Bylaws, as a matter of

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law, or otherwise, or any power that the Company may have to indemnify them or
hold them harmless.

         12.7 RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be
taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the
Company or any Subsidiary.

         12.8 EXPENSES. The expenses of administering the Plan shall be borne by
the Company and its Subsidiaries.

         12.9 TITLES AND HEADINGS. The titles and headings of the Sections in
the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.

         12.10 FRACTIONAL SHARES. No fractional shares of stock shall be issued
and the Committee shall determine, in its discretion, whether cash shall be
given in lieu of fractional shares or whether such fractional shares shall be
eliminated by rounding up or down as appropriate.

         12.11 SECURITIES LAW COMPLIANCE. With respect to any person who is, on
the relevant date, obligated to file reports under Section 16 of the Exchange
Act, transactions under this Plan are intended to comply with all applicable
conditions of Rule 16b-3 or its successors under the Exchange Act. To the extent
any provision of the Plan or action by the Committee fails to so comply, it
shall be void to the extent permitted by law and voidable as deemed advisable by
the Committee.

         12.12 GOVERNMENT AND OTHER REGULATIONS. The obligation of the Company
to make payment of awards in Stock or otherwise shall be subject to all
applicable laws, rules, and regulations, and to such approvals by government
agencies as may be required. The Company shall be under no obligation to
register under the Securities Act of 1933, as amended, any of the shares of
Stock paid under the Plan. If the shares paid under the Plan may in certain
circumstances be exempt from registration under the Securities Act of 1933, as
amended, the Company may restrict the transfer of such shares in such manner as
it deems advisable to ensure the availability of any such exemption.

         12.13 GOVERNING LAW. The Plan and all Award Agreements shall be
construed in accordance with and governed by the laws of the State of Arizona.

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                                                                     EXHIBIT 4.5

                        [FORM OF REGISTERED SENIOR NOTE]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS SECURITY IS NOT EXCHANGEABLE FOR NOTES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR
GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA CORPORATION
AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

REGISTERED                                                   $_________________

NUMBER R _________                                           CUSIP 06050 _______

                           BANK OF AMERICA CORPORATION
                         ____% SENIOR NOTE, DUE ________

     BANK OF AMERICA CORPORATION, a Delaware corporation (herein called the
"Corporation," which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay
to _________________________ or registered assigns, the principal sum of
_________________________________________ DOLLARS/1/ on ________________,
____/2/ and to pay interest on said principal sum, semi-annually/3/ in arrears
on ____________ and __________ of each year, commencing ____________, at the
rate of __% per annum/4/, from the ___________ or ___________, as the case may
be, next preceding the date this Note to which interest has been paid, unless
the date hereof is a date to which interest has been paid, in which case from
the date of this Note, or unless no interest has been paid on the Notes, in
which case from _________________, until

__________________________

/1/ This form provides for Notes denominated in, and principal and interest
payable in, U.S. dollars. The form, as used, may be modified to provide,
alternatively, for Notes denominated in, and principal and interest and other
amounts, if any, payable in a foreign currency or currency unit, with the
specific terms and provisions, including any limitations on the issuance of
Notes in such currency, additional provisions regarding paying and other agents
and additional provisions regarding the calculation and payment of such
currency, set forth therein.
/2/ This form provides for Notes that will mature only on a specified date. If
the maturity of Notes of a series may be renewed at the option of the holder, or
extended at the option of the Corporation, the form, as used, will be modified
to provide for additional terms relating to such renewal or extension, as the
case may be, including the period or periods for which the maturity may be
renewed or extended, as the case may be, changes in the interest rate, if any,
and requirements for notice.
/3/ This form provides for semi-annual interest payments. The form, as used, may
be modified to provide, alternatively, for annual, quarterly, or other periodic
interest payments.
/4/ This form provides for interest at a fixed rate. The form, as used, may be
modified to provide, alternatively, for interest at a variable rate or rates,
with the method of determining such rate set forth therein.

<PAGE>

payment of such principal sum has been made or duly provided for.
Notwithstanding the foregoing, if the date hereof is after a record date for the
Notes, (which shall be the close of business on the [last] [fifteenth] day of
the calendar month next preceding an interest payment date) and before the next
succeeding interest payment date, this Note shall bear interest from such
interest payment date; provided, however, that if the Corporation shall default
in the payment of interest due on such interest payment date, then this Note
shall bear interest from the next preceding interest payment date to which
interest has been paid, or, if no interest has been paid on the Notes, from
____________. Interest on this Note will accrue from the original issue date
specified above until the principal amount is paid and will be computed on the
basis of a [360-day year of twelve 30-day months]. Interest payments will equal
the amount of interest accrued from, and including, the preceding interest
payment date in respect of which interest has been paid or duly provided for (or
from, and including, the original issue date specified above, if no interest has
been paid or duly provided for) to, but excluding, the interest payment date or
the maturity date, as the case may be. If the maturity date or an interest
payment date falls on a day which is not a Business Day as defined below,
principal of or interest payable with respect to such maturity date or interest
payment date will be paid on the succeeding Business Day with the same force and
effect as if made on such maturity date or interest payment date, as the case
may be. The interest so payable, and punctually paid or duly provided for, on
any interest payment date will, as provided in such Indenture, be paid to the
person in whose name this Note (or one or more predecessor Notes evidencing all
or a portion of the same debt as this Note) is registered at the close of
business on the record date for such interest payment date.

     The principal of and interest on this Note are payable in immediately
available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts, at
the office or agency of the Corporation in ____________________ or such other
places that the Corporation shall designate as provided in such Indenture;
provided, however, that interest may be paid, at the option of the Corporation,
by check mailed to the person entitled thereto at his address last appearing on
the registry books of the Corporation relating to the Notes. Notwithstanding the
preceding sentence, payments of principal of and interest payable on the
maturity date will be made by wire transfer of immediately available funds to a
designated account maintained in the United States upon (i) receipt of written
notice by the Issuing and Paying Agent (as described on the reverse hereof) from
the registered holder hereof not less than one Business Day prior to the due
date of such principal and (ii) presentation of this Note to the Issuing and
Paying Agent, at the Bank of New York, 101 Barclay Street, New York, New York
10286. Any interest not punctually paid or duly provided for shall be payable as
provided in such Indenture./5/ [As used herein, "Business Day" means any day
that is not a Saturday or a Sunday, and that is (1) not a legal holiday in New
York, New York or Charlotte, North Carolina, (2) not a day on which banking
institutions in those cities or any other place of payment with respect to the
Note are authorized or required by law or regulation to be closed, and (3) (i)
if the Note is denominated in euro, a day on which the TransEuropean Real-Time
Gross-Settlement Express Transfer, or "TARGET," System is in place; or (ii) if
the Note is denominated in a specified currency other than United States dollars

______________________

/5/ This form does not contemplate the offer of Notes to United States Aliens
(for United States federal income tax purposes). If Notes are offered to United
States Aliens, the form of Note, as used, may be modified to provide for the
payment of additional amounts to such United States Aliens or, if applicable,
the redemption of such Notes in lieu of payment of such additional amounts.

                                       2

<PAGE>

or euro, a day on which banking institutions generally are authorized or
obligated by law, regulation or obligated by executive order to close in the
Principal Financial Center of the country of the specified currency.

     "Principal Financial Center" means:

     (1) the capital city of the country issuing the specified currency, except
that with respect to United States dollars, Australian dollars, Canadian
dollars, South African rand, and Swiss francs, the "Principal Financial Center"
is New York, Sydney and Melbourne, Toronto, Johannesburg, and Zurich,
respectively, or

     (2) the capital city of the country to which the LIBOR currency relates,
except that with respect to is United States dollars, Australian dollars,
Canadian dollars, South African rand, and Swiss francs, the "Principal Financial
Center" is New York, Sydney, Toronto, Johannesburg, and Zurich, respectively.]

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee or by an authenticating agent on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under such Indenture
or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Corporation has caused this Instrument to be duly
executed, by manual or facsimile signature, under its corporate seal or a
facsimile thereof.

                           BANK OF AMERICA CORPORATION

                           By: _______________________________
[SEAL]                     Title: Senior Vice President

ATTEST:

By:______________________
   Assistant Secretary

                                       3

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

Dated:_____________

                                         THE BANK OF NEW YORK,
                                         as Trustee

                                         By:__________________________
                                                 Authorized Signatory

                                       4

<PAGE>

                                [Reverse of Note]

                           BANK OF AMERICA CORPORATION
                         ____% SENIOR NOTE, DUE ________

         This Note is one of a duly authorized series of Securities of the
Corporation unlimited in aggregate principal amount issued and to be issued
under an Indenture dated as of January 1, 1995 (herein called the "Indenture"),
between the Corporation (successor to NationsBank Corporation) and The Bank of
New York, as Trustee (successor in interest to U.S. Bank Trust National
Association, as successor trustee to BankAmerica National Trust Company, herein
called the "Trustee," which term includes any successor trustee under the
Indenture), as supplemented by a First Supplemental Indenture dated as of
September 18, 1998 and a Second Supplemental Indenture dated as of May 7, 2001,
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights thereunder of the Corporation, the
Trustee and the holders of the Notes, and the terms upon which the Notes are,
and are to be, authenticated and delivered. The series of which this Note is a
part also is designated as the Corporation's __% Senior Notes, due ____ (herein
called the "Notes"), initially in the principal amount of $____________________.
[The amount of Notes of this series may be increased by the Corporation in the
future.] The Trustee initially shall act as Security Registrar and
Authenticating and Issuing and Paying Agent in connection with the Notes.

         This Note is not subject to any sinking fund.

         Except in those situations in which the Corporation may become
obligated to pay additional amounts (as described herein), the Notes of this
series are not subject to redemption at the option of the Corporation or
repayment at the option of the holder prior to maturity./6/

         The provisions of Article Fourteen of the Indenture do not apply to
Securities of this Series.

         [Subject to the exemptions and limitations set forth below, the
Corporation will pay additional amounts to the beneficial owner of this Note
that is a non-United States person in order to ensure that every net payment on
such Note will not be less, due to payment of United States withholding tax,
than the amount then due and payable. For this purpose, a "net payment" on the
Note means a payment by the Corporation or any paying agent, including payment
of principal and interest, after deduction for any present or future tax,
assessment or other governmental charge of the United States. These additional
amounts will constitute additional interest on the Note.

         The Corporation will not be required to pay additional amounts,
however, in any of the circumstances described in items (1) through (13) below.

____________________
/6/ This form provides for Notes that are not subject to redemption at the
option of the Corporation or repayment at the option of the holder. The form, as
used, may be modified to provide, alternatively, for redemption at the option of
the Corporation or repayment at the option of the holder, with the terms and
conditions of such redemption or repayment, as the case may be, including
provisions regarding sinking funds, if applicable, redemption prices, and notice
periods, set forth therein.

                                       5

<PAGE>

     (1)   Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner of the Note:

         . having a relationship with the United States as a citizen, resident,
           or otherwise;

         . having had such a relationship in the past; or

         . being considered as having had such a relationship.

     (2)   Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner of the Note:

         . being treated as present in or engaged in a trade or business in the
           United States;

         . being treated as having been present in or engaged in a trade or
           business in the United States in the past;

         . having or having had a permanent establishment in the United States;
           or

         . having or having had a qualified business unit which has the United
           States dollar as its functional currency.

     (3)   Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner of the Note being
or having been a:

         . personal holding company;

         . foreign personal holding company;

         . foreign private foundation or other foreign tax-exempt organization;

         . controlled foreign investment company; or

         . corporation which has accumulated earnings to avoid United States
           federal income tax.

     (4)   Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner of the Note owning
or having owned, actually or constructively, 10% or more of the total combined
voting power of all classes of the Corporation's stock entitled to vote;

     (5)   Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by

                                       6

<PAGE>

reason of the beneficial owner of the Note being a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of business.

      For purposes of items (1) through (5) above, "beneficial owner"
includes a fiduciary, settlor, partner, member, shareholder or beneficiary of
the holder if the holder is an estate, trust, partnership, limited liability
company, corporation, or other entity, or a person holding a power over an
estate or trust administered by a fiduciary holder.

      (6)  Additional amounts will not be payable to any beneficial owner of the
Note that is:

             . a fiduciary;

             . a partnership;

             . a limited liability company;

             . another fiscally transparent entity; or

             . not the sole beneficial owner of the Note, or any portion of the
               Note.

           However, this exception to the obligation to pay additional amounts
      will only apply to the extent that a beneficiary or settlor in relation to
      the fiduciary, or a beneficial owner, partner or member of the
      partnership, limited liability company, or other fiscally transparent
      entity, would not have been entitled to the payment of an additional
      amount had the beneficiary, settlor, partner, beneficial owner, or member
      received directly its beneficial or distributive share of the payment.

      (7)  Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld by reason of the failure of the beneficial owner of the Note
or any other person to comply with applicable certification, identification,
documentation or other information reporting requirements. This exception to the
obligation to pay additional amounts will apply only if compliance with such
reporting requirements is required as a precondition to exemption from such tax,
assessment or other governmental charge by statute or regulations of the United
States or by an applicable income tax treaty to which the United States is a
party.

      (8)  Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
collected or imposed by any method other than by withholding from a payment on
the Note by the Corporation or any paying agent.

      (9)  Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld by reason of a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the
payment becomes due or is duly provided for, whichever occurs later.

                                       7

<PAGE>

         (10)  Additional amounts will not be payable if a payment on the Note
is reduced as a result of any tax, assessment, or other governmental charge that
is imposed or withheld by reason of the presentation by the beneficial owner of
the Note for payment more than 30 days after the date on which such payment
becomes due or is duly provided for, whichever occurs later.

         (11)  Additional amounts will not be payable if a payment on the Note
is reduced as result of any:

            .  estate tax;

            .  inheritance tax;

            .  gift tax;

            .  sales tax;

            .  excise tax;

            .  transfer tax;

            .  wealth tax;

            .  personal property tax; or

            .  any similar tax, assessment or other governmental charge.

         (12)  Additional amounts will not be payable if a payment on the Note
is reduced as a result of any tax, assessment, or other governmental charge
required to be withheld by any paying agent from a payment of principal or
interest on the Note if such payment can be made without such withholding by any
other paying agent.

         (13)  Additional amounts will not be payable if a payment on the Note
is reduced as a result of any combination of items (1) through (12) above.]

         [The Notes of this series may be redeemed at the option of the
Corporation in whole, but not in part, at any time, on giving not less than 30
nor more than 60 days' notice to the Trustee and the holders of the Notes, if
the Corporation has or may become obliged to pay additional amounts as a result
of any change in, or amendment to, the laws or regulations of the United States
or any political subdivision or any authority thereof or therein having power to
tax, or any change in the application or official interpretation of such laws or
regulations after the date of this Note.

         Prior to the publication of any notice of redemption, the Corporation
shall deliver to the Trustee a certificate signed by the Chief Financial Officer
or a Senior Vice President of the Corporation stating that the Corporation is
entitled to effect such redemption and setting forth a statement of facts
showing the conditions precedent to the right to redeem.

                                       8

<PAGE>

     Notes so redeemed will be redeemed at 100% of their principal amount
together with interest accrued up to (but excluding) the date of redemption.]

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Corporation relating to the Notes, upon surrender of this Note for
registration of transfer at the office or agency of the Corporation designated
by it pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Corporation and the Trustee
or the Security Registrar duly executed by, the registered holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     The Notes are issuable only as registered Notes without coupons in the
denominations of $_______ and any integral multiple in excess thereof. As
provided in the Indenture, and subject to certain limitations therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes of
different authorized denominations, as requested by the holder surrendering the
same.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the registry books of the
Corporation relating to the Notes, upon surrender of this Note for registration
of transfer at the office or agency of the Corporation designated by it pursuant
to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Corporation and the Trustee or the Security
Registrar duly executed by, the registered holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     No service charge will be made for any such registration of transfer or
exchange, but the Corporation may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

     Prior to due presentment for registration of transfer of this Note, the
Corporation, the Trustee, the Issuing and Paying Agent, and any agent of the
Corporation may treat the person in whose name this Note is registered as the
absolute owner hereof for the purpose of receiving payment as herein provided
and for all other purposes, whether or not this Note be overdue, and neither the
Corporation, the Trustee, the Issuing and Paying Agent nor any such agent of the
Corporation shall be affected by notice to the contrary.

     If an Event of Default (defined in the Indenture as (i) the Corporation's
failure to pay the principal of (or premium, if any, on) any Notes when due, or
to pay interest on the Notes within 30 days after the same becomes due, (ii) the
Corporation's breach of its other covenants contained in this Note or in the
Indenture, which breach is not cured within 90 days after written notice by the
Trustee or the holders of at least 25% in outstanding principal amount of all
Securities issued under the Indenture and affected thereby, and (iii) certain
events involving the bankruptcy, insolvency or liquidation of the Corporation)
shall occur with respect to the Notes, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

                                        9

<PAGE>

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Corporation and the rights of the holders of the Notes under the Indenture at
any time by the Corporation with the consent of the holders of not less than 66
2/3% in aggregate principal amount of the Notes then outstanding and all other
Securities then outstanding under the Indenture and affected by such amendment
and modification. The Indenture also contains provisions permitting the holders
of a majority in aggregate principal amount of the Notes then outstanding and
all other Securities then outstanding under the Indenture and affected thereby,
on behalf of the holders of all such Securities, to waive compliance by the
Corporation with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
holder of this Note shall be conclusive and binding upon such holder and upon
all future holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Corporation, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency, herein prescribed.

     No recourse shall be had for the payment of the principal of or the
interest on this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, stockholder, officer, or director, as such,
past, present, or future, of the Corporation or any predecessor or successor
corporation, whether by virtue of any constitution, statute, or rule of law, or
by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for issue
hereof, expressly waived and released.

     The Notes of this series shall be dated the date of their authentication.

     All terms used in this Note which are not defined herein, but are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

     If the Notes are to be issued and outstanding pursuant to a book-entry
system, the following paragraph is applicable: The Notes are being issued by
means of a book-entry system with no physical distribution of certificates to be
made except as provided in the Indenture. The book-entry system maintained by
The Depository Trust Company ("DTC") will evidence ownership of the Notes, with
transfers of ownership effected on the records of DTC and its participants
pursuant to rules and procedures established by DTC and its participants. The
Corporation will recognize Cede & Co., as nominee of DTC, while the registered
holder of the Notes, as the owner of the Notes for all purposes, including
payment of principal (premium, if any) and interest, notices, and voting.
Transfer of principal (premium, if any) and interest to participants of DTC will
be the responsibility of DTC, and transfer of principal (premium, if any) and
interest to beneficial owners of the Notes by participants of DTC will be the
responsibility of such participants and other nominees of such beneficial
owners. So long as the book-entry system is in effect, the selection of any
Notes to be redeemed will be determined by DTC pursuant to rules and procedures
established by DTC and its participants. The Corporation will

                                       10

<PAGE>

not be responsible or liable for such transfers or payments or for maintaining,
supervising, or reviewing the records maintained by DTC, its participants, or
persons acting through such participants.

     If the Notes may be settled through depositories located in Europe, the
following paragraph is applicable: Transfers of Notes outside of the United
States may be effected through the facilities of Clearstream Banking, societe
anonyme, and Euroclear Bank, S.A./N.V., as operator of the Euroclear system, in
accordance with the rules and procedures established by such depositories.

                                       11

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
the within Note shall be construed as though they were written out in full
according to applicable laws or regulations:

              TEN COM--         as tenants in common
              TEN ENT--         as tenants by the entireties
              JT TEN--          as joint tenants with right of survivorship and
                                not as tenants in common
              UNIF GIFT MIN ACT                   Custodian
                                ------------------------------------------------
                                      (Cust)                         (Minor)
                        Under Uniform Gifts to Minors Act
                          ____________________________
                                     (State)

     Additional abbreviations may also be used though not in the above list.

                          ___________________________

                                   ASSIGNMENT

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                                transfer(s) unto

                   [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
                        INCLUDING ZIP CODE, OF ASSIGNEE]

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Please Insert Social Security or Other
       Identifying Number of Assignee: ________________________________

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________________________ Attorney to transfer said Note
on the books of the Corporation, with full power of substitution in the
premises.

Dated: _______________________          ________________________________________

NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Note in every particular, without alteration
or enlargement or any change whatever and must be guaranteed.

                                       12

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