Document:

Exhibit  10.15

                              EMPLOYMENT AGREEMENT
                                (Charles W. Dunn)

     This  EMPLOYMENT  AGREEMENT  between Sequiam Education, Inc. and Charles W.
Dunn  (this  "Agreement") is made effective as of the 1st day of June, 2003 (the
"Effective  Date")  by  and between CHARLES W. DUNN, an individual ("Employee"),
and  SEQUIAM  EDUCATION,  INC.,  a  Florida  corporation  (the  "Corporation")
(collectively,  the  "Parties"),  with  reference  to  the  following  recitals:

     A.     The  Corporation  was  formed  on  May  30,  2003.

     B.     The  Corporation has agreed to employ and Employee has agreed to act
as  the  Corporation's  Vice  President.  of  Marketing  and  Planning.

     C.     The  Corporation  has  agreed  to  issue 10,000 common shares of its
parent,  Sequiam  Corporation  to  Employee  as  an incentive to enter into this
contract.

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and
agreements  set  forth  herein  and  pursuant  to  that  certain  Asset Purchase
Agreement by and between the Corporation and Telepartners, Inc. dated as of June
1,  2003  (the "Purchase Agreement"), and other good and valuable consideration,
the  receipt  and sufficiency of which are hereby acknowledged, Employee and the
Corporation  hereby  agree  as  follows:

     1.     Employment.  The  Corporation  hereby  employs  Employee  as  the
            ----------
Corporation's  Vice  President  of  Marketing  and Planning, and Employee hereby
accepts  such  employment  by  the  Corporation,  for  the "Term" (as defined in
Section  3  below),  upon  the  terms  and  conditions  set  forth  herein.

     2.     Duties.  During  the  Term, the Employee shall serve the Corporation
            ------
faithfully,  diligently  and  to the best of his ability, under the direction of
the  Board  of  Directors  of  the  Corporation.  The Employee shall render such
services  during  the  Term at the Corporation's principal place of business, as
the  Corporation  may  from  time  to  time reasonably require of him, and shall
devote all of his business time to the performance thereof.  Employee shall have
those  duties  and  powers as generally pertain to the office of Vice-President,
subject  to  the  control  of  the Board of Directors.  The precise services and
duties that the Employee is obligated to perform hereunder may from time to time
be  changed,  amended,  extended  or  curtailed by the Board of Directors of the
Corporation.

     3.     Term.  The  "Term" of this Agreement shall commence on the Effective
            ----
Date  and continue thereafter for a term of two (2) years, as may be extended or
earlier  terminated pursuant to the terms and conditions of this Agreement.  The
Term  of  this  Agreement  shall automatically renew for successive one (1) year
periods  unless,  within  sixty (60) days of the expiration of the then existing
Term,  the  Corporation  or  Employee provides written notice to the other party
that  it  elects  not  to  renew  the  Term.  Upon delivery of such notice, this
Agreement  shall continue until expiration of the Term, whereupon this Agreement
shall  terminate  and neither party shall have any further obligation thereafter
arising  under  this  Agreement,  except  as  explicitly set forth herein to the
contrary.

     4.     Compensation.
            ------------

          4.1     Salary.  The  Corporation  shall  pay  to  Employee  a minimum
                  ------
annual  salary  of  $96,000  payable  in  equal  installments at the end of such
regular  payroll accounting periods as are established by the Corporation, or in
such  other  installments  upon  which  the  parties  hereto  shall

                                                          Exhibit 10.15 - page 1
<PAGE>
mutually  agree.  Compensation shall commence on September 1, 2003. In addition,
the  Corporation  may  adjust the salary from time to time, and award bonuses in
cash,  stock  or  stock  options  or  other  property  and  services.

          4.2     Benefits.  During  the  Term,  Employee  shall  be entitled to
                  --------
participate in all medical and other employee benefit plans, including vacation,
sick  leave,  retirement  accounts,  profit  sharing,  stock option plans, stock
appreciation rights, and other employee benefits, provided by the Corporation to
employees  similarly  situated.

          4.3     Expense  Reimbursement.  The  Corporation  shall  reimburse
                  ----------------------
Employee  for reasonable and necessary expenses incurred by him on behalf of the
Corporation in the performance of his duties hereunder during the Term, provided
that  such  expenses  are  adequately  documented  in  accordance  with  the
Corporation's  then  customary  policies.

     5.     Other Employment.  Employee shall devote as much of his business and
            ----------------
professional time and effort, attention, knowledge, and skill to the management,
supervision  and  direction  of  the  Corporation's  business  and affairs as is
necessary  to  ensure  the  success  of  the Corporation as determined solely by
Employee.  Employee  may,  during  the  term  hereof,  be interested directly or
indirectly,  in any manner, as partner, officer, director, stockholder, advisor,
employee  or  in  any  other  capacity in any other business; and nothing herein
contained  shall  prevent  or  limit  the right of Employee to invest any of his
surplus  funds  in  the  capital  stock  or other securities of any corporation,
company  or limited partnership, or whose stock or securities are publicly owned
or  are  regularly  traded  on  any  public  exchange; nor shall anything herein
contained  prevent  Employee  from investing or limit Employee's right to invest
his  surplus  funds  in real estate; nor shall anything herein contained prevent
Employee  from  serving in a volunteer capacity as officer, director, or advisor
for  professional  organizations  with  which  he  is  affiliated.

     6.     Indemnification.
            ---------------

          6.1     Third  Party  Actions.  The  Corporation  hereby  indemnifies
                  ---------------------
Employee  in  the  event that Employee is a party, or is threatened to be made a
party,  to  any  proceeding  (other than an proceeding by or in the right of the
Corporation  to  procure  a  judgment  in  the Corporation's favor) by reason of
Employee's status as an officer, director, agent or employee of the Corporation,
against  expenses, judgments, fines, settlements, and other amounts actually and
reasonably incurred in connection with such proceeding if Employee acted in good
faith  and  in  a  manner  that  Employee  reasonably  believed  to  be  in  the
Corporation's best interests and, in the case of a criminal proceeding, Employee
had  no  reasonable  cause  to  believe  Employee's  conduct  was unlawful.  The
termination  of  any  proceeding  by judgment, order, settlement, conviction, or
upon  a  plea  of nolo contendere or its equivalent shall not, of itself, create
any presumption that (a) Employee did not act in good faith or in a manner which
Employee  reasonably  believed  to be in the Corporation's best interests or (b)
Employee  had  no  reasonable  cause  to  believe  that  Employee's  conduct was
unlawful.

          6.2     Actions  By  the  Corporation.  The  Corporation  hereby
                  -----------------------------
indemnifies  Employee  in  the  event  that  Employee  was  or is a party, or is
threatened  to  be made a party, to any threatened, pending, or completed action
by or in the right of the Corporation to procure a judgment in the Corporation's
favor  by reason of Employee's status as an officer, director, agent or employee
of  the  Corporation,  against  expenses  actually  and  reasonably  incurred by
Employee  in  connection  with  the  defense  or  settlement  of that action, if
Employee acted in good faith and in a manner Employee believed to be in the best
interests  of  the  Corporation  and  the  Corporation's  shareholders.  No
indemnification  shall be made under this Section 6.2 with respect to any claim,
issue,  or  matter  on  which  Employee  has  been  adjudged to be liable to the
Corporation in the performance of Employee's duty to the Corporation and/ or the
Corporation's  shareholders,  unless  and  only  to the extent that the court in
which  such

                                                          Exhibit 10.15 - page 2
<PAGE>
proceeding is or was pending shall determine on application that, in view of all
the  circumstances  of  the  case, Employee is fairly and reasonably entitled to
indemnity  for  expenses  and  then  only  to  the  extent  that the court shall
determine.

          6.3     Successful  Defense  By Employee.  To the extent that Employee
                  --------------------------------
has  been  successful  on the merits in defense of any proceeding referred to in
Sections  6.1  or 6.2, or in defense of any claim, issue, or matter therein, the
Corporation  shall  indemnify  Employee against expenses actually and reasonably
incurred  by  Employee  in  connection  therewith.

          6.4     Required  Approval.  Except for the indemnifications expressly
                  ------------------
authorized  by Sections 6.1, 6.2 and 6.3, any indemnification of Employee by the
Corporation  shall  be  made  only  if  authorized in the specific case, after a
determination that indemnification of Employee is proper in the circumstances by
one  of  the  following:

               6.4.1     A majority vote of a quorum consisting of directors who
are  not  parties  to  such  proceeding;

               6.4.2     Independent  legal  counsel  in  a written opinion if a
quorum  of  directors who are not parties to such a proceeding is not available;

               6.4.3     Either (a) the affirmative vote of a majority of shares
in  the Corporation entitled to vote represented at a duly held meeting at which
a  quorum is present; or (b) the written consent of holders of a majority of the
outstanding  shares entitled to vote; provided however that for purposes of this
Section  6.4.3, the shares owned by Employee shall not be considered outstanding
or  entitled  to  vote  thereon);  or

               6.4.4     The court in which the proceeding is or was pending, on
application  made  by  the Corporation, Employee or any attorney or other person
rendering  services  in  connection  with  the  defense,  whether  or  not  such
application  is  opposed  by  the  Corporation.

          6.5     Advances.  Expenses incurred in defending any proceeding shall
                  --------
be  advanced  by the Corporation before the final disposition of such proceeding
upon receipt of an undertaking by or on behalf of Employee to repay such amounts
if  it  shall  be  determined  ultimately  that  Employee  is not entitled to be
indemnified  as  authorized  in  this  Section  7.

          6.6     Other  Contractual  Rights.  The  indemnification  provided by
                  --------------------------
this  Section  6  shall  be  deemed  cumulative, and not exclusive, of any other
rights  to  which  Employee  may be entitled under any bylaw, agreement, vote of
shareholders  or  disinterested directors, or otherwise, both as to action in an
official  capacity  and  as  to  action  in  another capacity while holding such
office.  Nothing  in  this  section shall affect any right to indemnification to
which  Employee  may  be  entitled  by  contract  or  otherwise.

          6.7     Limitations.  No  indemnification  or  advance  shall  be made
                  -----------
under  this  Section  6,  except  as provided in Sections 6.4.3 or 6.4.4, in any
circumstance  if  it appears that it would be inconsistent with (a) an agreement
in  effect at the time of the accrual of the alleged cause of action asserted in
the proceeding in which expenses were incurred or other amounts were paid, which
prohibits  or  otherwise  limits indemnification; or (b) any condition expressly
imposed  by  a  court  in  approving  settlement.

          6.8     Insurance.  To the extent available at commercially reasonable
                  ---------
rates  and  limits,  the  Corporation  shall  purchase and maintain insurance on
behalf  of  Employee insuring against any liability asserted against or incurred
by  Employee  in  that  capacity  or  arising  out of Employee's status as such,
whether  or not the Corporation has the power to indemnify Employee against that
liability  under  the  provisions  of  this  Section  6.

                                                          Exhibit 10.15 - page 3
<PAGE>
          6.9     Survival.  The rights provided by this Section 6 shall survive
                  --------
the  expiration  or  earlier  termination  of this Agreement pursuant hereto and
shall  inure  to  the benefit of Employee' heirs, executors, and administrators.

          6.10     Amendment.  Any  amendment,  repeal,  or  modification of the
                   ---------
Corporation's  articles or bylaws shall not adversely affect Employee's right or
protection  existing  at  the  time  of such amendment, repeal, or modification.

          6.11     Settlements.  The  Corporation  shall  not  be  liable  to
                   -----------
indemnify  Employee  under this Section 6 for (i) any amounts paid in settlement
of any action or claim effected without the Corporation's written consent, which
consent  shall  not be unreasonably withheld, or (ii) any judicial award, if the
Corporation was not given a reasonable and timely opportunity to participate, at
the  Corporation's  expense,  in  the  defense  of  such  action.

          6.12     Subrogation.  In  the  event of payment under this Section 6,
                   -----------
the  Corporation  shall  be  subrogated  to  the  extent  of such payment to all
Employee's  rights  of  recovery; and Employee shall execute all papers required
and  shall  do  everything  necessary  or  appropriate  to  secure  such rights,
including  the  execution  of  any  documents  necessary  or  appropriate to the
Corporation  effectively  bringing  suit  to  enforce  such  rights.

          6.13     No  Duplication  Of  Payments.  The  Corporation shall not be
                   -----------------------------
liable  under  this  Section  6 to make any payment in connection with any claim
made  against  Employee  to  the extent Employee has otherwise actually received
payment,  whether under a policy of insurance, agreement, vote, or otherwise, of
any  amount  which is otherwise subject to indemnification under this Section 6.

          6.14     Proceedings And Expenses. For the purposes of this Section 6,
                   ------------------------
"proceeding"  means  any threatened, pending, or completed action or proceeding,
whether  civil,  criminal,  administrative,  or  investigative;  and  "expenses"
includes,  without  limitation, attorney fees and any expenses of establishing a
right  to  indemnification  under  this  Section  6.

     7.     Confidential  Information/  Inventions.
            --------------------------------------

          7.1     Employee  shall  not,  in  any manner, for any reasons, either
directly  or  indirectly,  divulge  or  communicate  to  any  person,  firm  or
corporation,  any  confidential information concerning any matters not generally
known  in  the document management software industry or otherwise made public by
the  Corporation  which  affects  or  relates  to  the  Corporation's  business,
finances,  marketing  and/  or  operations,  research,  development, inventions,
products, designs, plans, procedures, or other data (collectively, "Confidential
Information")  except  in  the  ordinary  course  of  business or as required by
applicable  law.  Without regard to whether any item of Confidential Information
is deemed or considered confidential, material, or important, the parties hereto
stipulate  that  as between them, to the extent such item is not generally known
in the property casualty insurance industries, such item is important, material,
and  confidential  and  affects  the  successful  conduct  of  the Corporation's
business  and  good  will,  and that any breach of the terms of this Section 7.1
shall  be  a  material  and  incurable  breach  of  this  Agreement.

          7.2     Employee  further  agrees  that  all  documents  and materials
furnished  to  Employee  by  the  Corporation  and relating to the Corporation's
business  or prospective business are and shall remain the exclusive property of
the  Corporation  as the case may be.  Employee shall deliver all such documents
and  materials  to  the  Corporation upon demand therefore and in any event upon
expiration  or  earlier  termination of this Agreement.  Any payment of sums due
and  owing  to  Employee  by  the  Corporation  upon  such expiration or earlier
termination  shall  be  conditioned  upon  returning  all

                                                          Exhibit 10.15 - page 4
<PAGE>
such  documents and materials, and Employee expressly authorizes the Corporation
to  withhold  any  payments  due  and owing pending return of such documents and
materials.

          7.3     All  ideas, inventions, and other developments or improvements
conceived  or  reduced to practice by Employee, alone or with others, during the
term of this Agreement, whether or not during working hours, that are within the
scope of the business of the Corporation or that relate to or result from any of
the  Corporation's  work or projects or the services provided by Employee to the
Corporation  pursuant  to this Agreement, shall be the exclusive property of the
Corporation.  Employee  agrees to assist the Corporation during the term, at the
Corporation's  expense,  to  obtain  patents  and  copyrights on any such ideas,
inventions,  writings,  and  other  developments,  and  agrees  to  execute  all
documents  necessary  to  obtain  such patents and copyrights in the name of the
Corporation.

     8.     Covenant Not to Compete.  Except as expressly permitted in Section 5
            -----------------------
above,  during  the  term of this Agreement, Employee shall not engage in any of
the following competitive activities: (a) engaging directly or indirectly in any
business  or  activity substantially similar to any business or activity engaged
in  (or  proposed to be engaged in) by the Corporation; (b) engaging directly or
indirectly in any business or activity competitive with any business or activity
engaged  in (or proposed to be engaged in) by the Corporation; (c) soliciting or
taking  away  any employee, agent, representative, contractor, supplier, vendor,
customer, franchisee, lender or investor of the Corporation, or attempting to so
solicit or take away; (d) interfering with any contractual or other relationship
between  the  Corporation  and  any employee, agent, representative, contractor,
supplier,  vendor,  customer,  franchisee, lender or investor; or (e) using, for
the benefit of any person or entity other than the Corporation, any Confidential
Information  of the Corporation.  The foregoing covenant prohibiting competitive
activities shall survive the termination of this Agreement and shall extend, and
shall  remain  enforceable  against  Employee,  for  the  period of one (1) year
following  the  date  this  Agreement  is  terminated.  In  addition, during the
two-year period following such expiration or earlier termination, Employee shall
not  make  or permit the making of any negative statement of any kind concerning
the  Corporation.

     9.     Survival.  Employee  agrees  that the provisions of Sections 7 and 8
            --------
shall  survive  expiration  or  earlier  termination  of  this Agreement for any
reasons,  whether  voluntary  or  involuntary,  with or without cause, and shall
remain  in  full  force  and  effect  thereafter.

     10.     Injunctive  Relief.  Employee  acknowledges  and  agrees  that  the
             ------------------
covenants and obligations of Employee set forth in Sections 7 and 8 with respect
to  non-competition,  non-solicitation,  confidentiality  and  the Corporation's
property  relate  to  special,  unique  and  extraordinary  matters  and  that a
violation  of  any of the terms of such covenants and obligations will cause the
Corporation  irreparable injury for which adequate remedies are not available at
law.  Therefore,  Employee  agrees  that the Corporation shall be entitled to an
injunction,  restraining  order  or  such  other  equitable  relief (without the
requirement  to  post  bond)  as  a  court  of  competent  jurisdiction may deem
necessary  or  appropriate to restrain Employee from committing any violation of
the  covenants and obligations referred to in this Section 10.  These injunctive
remedies  are  cumulative  and  in addition to any other rights and remedies the
Corporation  may  have  at  law  or  in  equity.

     11.     Termination
             -----------

          11.1     Termination  by  Employee.  Employee  may  terminate  this
                   -------------------------
Agreement  without  cause  at  any time and for any reason upon thirty (30) days
notice  to  the  Corporation.  Employee may immediately terminate this Agreement
for  cause  at  any  time by written notice to the Corporation.  For purposes of
this  Agreement,  the  term  "cause"  for termination by Employee shall be (a) a
material  breach  by  the  Corporation  of  any  material covenant or obligation
hereunder;  or  (b) the voluntary or involuntary dissolution of the Corporation.
The  written notice given hereunder by Employee to the Corporation shall specify
in  reasonable  detail  the cause for termination, and, in the case of the cause
described  in  (a)  above,

                                                          Exhibit 10.15 - page 5
<PAGE>
such  termination notice shall not be effective until thirty (30) days after the
Corporation's  receipt  of  such notice, during which time the Corporation shall
have  the  right  to  respond  to Employee's notice and cure the breach or other
event  giving  rise  to  the  termination.

          11.2     Termination  by  the  Corporation.  The  Corporation  may
                   ---------------------------------
terminate  its  employment of Employee under this Agreement without cause at any
time  and  for  any  reason  upon  thirty  (30)  days  notice  to Employee.  The
Corporation  may  terminate  its employment of Employee under this Agreement for
cause  at  any  time  by  written  notice  to  Employee.  For  purposes  of this
Agreement,  the  term  "cause" for termination by the Corporation shall be (a) a
conviction  of or plea of guilty or nolo contendere by Employee to a felony; (b)
the  consistent  refusal  by  Employee  to  perform  his  material  duties  and
obligations  hereunder;  or (c) Employee's willful and intentional misconduct in
the  performance  of  his  material  duties and obligations.  The written notice
given  hereunder  by  the  Corporation  to  Employee shall specify in reasonable
detail  the  cause  for termination.  In the case of a termination for the cause
described  in (a) above, such termination shall be effective upon receipt of the
written  notice.  In the case of the causes described in (b) and (c) above, such
termination  notice  shall  not  be  effective  until  thirty  (30)  days  after
Employee's  receipt  of  such  notice, during which time Employee shall have the
right  to respond to the Corporation's notice and cure the breach or other event
giving  rise  to  the  termination.

          11.3     Severance.  Upon  a  termination  of  this  Agreement without
                   ---------
cause  by  Employee  or  with  cause  by  the Corporation, the Corporation shall
immediately  pay  to Employee all accrued and unpaid compensation as of the date
of  such  termination.  Upon  a  termination  of  this  Agreement  with cause by
Employee  or without cause by the Corporation, the Corporation shall immediately
pay  to  Employee  all  accrued  and  unpaid compensation as of the date of such
termination  and  the  "Severance Payment."  The "Severance Payment" shall equal
the  total  amount  of  salary  payable  to  Employee  under Section 4.1 of this
Agreement  from  the  date of such termination until the end of the term of this
Agreement (prorated for any partial month), but in no event less than one year's
salary  payable  under  Section  4.1  hereof.  The  accrued compensation due and
payable  at  termination together with any Severance Payment due hereunder shall
bear  interest at the lesser of eight percent (8%) per annum or the maximum rate
permitted  by  law  until  such  amounts  are  paid  in  full.

     12.     Termination  Upon  Death.  If Employee dies during the term of this
             ------------------------
Agreement,  this  Agreement  shall  terminate,  except  that  Employee's  legal
representatives  shall be entitled to receive any earned but unpaid compensation
due  hereunder.

     13.     Termination  Upon  Disability.  If,  during  the  term  of  this
             -----------------------------
Agreement,  Employee  suffers  and  continues  to suffer from a "Disability" (as
defined  below), then the Corporation may terminate this Agreement by delivering
to  Employee  sixty (60) calendar days prior written notice of termination based
on such Disability, setting forth with specificity the nature of such Disability
and  the  determination  of  Disability by the Corporation.  For the purposes of
this  Agreement,  "Disability"  means  Employee's  inability,  with  reasonable
accommodation,  to  substantially  perform  Employee's  duties,  services  and
obligations  under  this  Agreement  due  to physical or mental illness or other
disability  for a continuous, uninterrupted period of ninety (90) calendar days.

     14.     Personnel  Policies, Conditions, And Benefits.  Except as otherwise
             ---------------------------------------------
provided  herein,  Employee's  employment  shall  be  subject  to  the personnel
policies  and benefit plans which apply generally to the Corporation's employees
as  the  same may be interpreted, adopted, revised or deleted from time to time,
during  the  term  of this Agreement, by the Corporation in its sole discretion.
During  the  term  hereof,  Employee  shall  receive  the  following:

          14.1     Term Life Insurance.  In addition to Employee's participation
                   -------------------
in  any  life  insurance  plan  or  plans  available  to  all  employees  of the
Corporation,  the Corporation shall provide Employee with term life insurance in
the  amount  of  One  Million  Dollars  ($1,000,000.00)  if  available  at

                                                          Exhibit 10.15 - page 6
<PAGE>
standard rates or, in the alternative, term life insurance in such lesser amount
as  the  standard,  unrated premium for coverage of $1,000,000.00 will purchase.

          14.2     Vacation.  Employee shall be entitled to vacation during each
                   --------
year  of  the  term  at  the  rate  of four (4) weeks per year; provided that no
vacation  shall  accrue  from  year  to  year  during  the  term.

     15.     Beneficiaries  of  Agreement.  This  Agreement  shall  inure to the
             ----------------------------
benefit  of  the  Corporation  and  any  affiliates, successors, assigns, parent
corporations,  subsidiaries, and/or purchasers of the Corporation as they now or
shall  exist  while  this  Agreement  is  in  effect.

     16.     No  Waiver.  No  failure by either party to declare a default based
             ----------
on  any  breach  by  the  other party of any obligation under this Agreement, or
failure of such party to act quickly with regard thereto, shall be considered to
be  a  waiver  of  any  such  obligation,  or  of  any  future  breach.

     17.     Modification.  No  waiver  or  modification of this Agreement or of
             ------------
any covenant, condition, or limitation herein contained shall be valid unless in
writing  and  duly  executed  by  the  parties  to  be  charged  therewith.

     18.     Choice  Of  Law/Jurisdiction.  This  Agreement shall be governed by
             ----------------------------
and  construed  in  accordance  with  the  laws of the State of Florida, without
regard  to  any  conflict-of-laws  principles.  The  Company and Employee hereby
consent  to  personal  jurisdiction  before  all courts in the County of Orange,
State  of  Florida, and hereby acknowledge and agree that Orange County, Florida
is  and  shall  be  the most proper forum to bring a complaint before a court of
law.

     19.     Entire  Agreement.  This  Agreement  embodies  the  whole agreement
             -----------------
between  the  parties  hereto  and  there  are  no inducements, promises, terms,
conditions,  or  obligations made or entered into by the Corporation or Employee
other  than  contained  herein.

     20.     Severability.  All  agreements  and  covenants contained herein are
             ------------
severable,  and  in the event any of them, with the exception of those contained
in  Sections 1 and 4 hereof, shall be held to be invalid by any competent court,
this  Agreement  shall be interpreted as if such invalid agreements or covenants
were  not  contained  herein.

     21.     Headings.  The headings contained herein are for the convenience of
             --------
reference  and  are  not  to  be  used  in  interpreting  this  Agreement.

     IN  WITNESS  WHEREOF,  this Agreement has been duly executed by the parties
hereto  as  of  the  date  first  above  written.

The  "CORPORATION"

SEQUIAM COMMUNICATIONS, INC., a Florida corporation

By:  /s/  Mark L. Mroczkowski
   ---------------------------------------------------
   Mark L. Mroczkowski, Secretary and CFO

"EMPLOYEE"

      /s/  Charles  W.  Dunn
------------------------------------------------------
    Charles  W.  Dunn,  an  individual

                                                          Exhibit 10.15 - page 7
<PAGE><PAGE>

                                  EXHIBIT 4.17

                         PEREGRINE PHARMACEUTICALS, INC.
                      2002 NON-QUALIFIED STOCK OPTION PLAN

1. PURPOSE. The Plan is intended to provide incentives to key employees,
officers, directors, consultants and others expected to provide significant
services to the Company, to encourage proprietary interest in the Company, to
encourage such key employees to remain in the employ of the Company, to attract
new employees with outstanding qualifications, and to afford additional
incentives to others to increase their efforts in providing significant services
to the Company.

2. DEFINITIONS.

         "Act" shall mean the Securities Act of 1933, as amended.

         "Agreement" shall mean the agreement entered into between the Company
and the recipient of a Grant pursuant to Section 7.1(a) hereof.

         "Board" shall mean the Board of Directors of the Company.

         "Code" shall mean the Internal Revenue Code of 1986, as amended.

         "Common Stock" shall mean the common stock, $0.001 par value per share,
of the Company.

         "Company" shall mean Peregrine Pharmaceuticals, Inc., a Delaware
corporation.

         "Disability" shall mean the condition of an Employee or member of the
Board who is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or which has lasted or can be expected to last for a
continuous period of not less than twelve (12) months.

         "Effective Date" shall mean June 27, 2002, the date of the adoption of
this Plan by the Board.

         "Eligible Persons" shall mean officers, directors and employees of the
Company and other persons who have provided or are expected to provide
significant services to the Company. For purposes of this Plan, a director,
consultant, vendor, or other provider of significant services to the Company
shall be deemed to be an Eligible Person, and will be eligible to receive
Non-statutory Stock Options only after finding the value of the services
rendered or to be rendered to the Company is at least equal to the value of the
Grants being awarded.

         "Employee" shall mean an individual, including an officer of the
Company, who is employed (within the meaning of Code Section 3401 and the
regulations thereunder) by the Company.

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         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Exercise Price" shall mean the price per Share of Common Stock,
determined by the Board, at which an Option may be exercised.

         "Fair Market Value" shall mean the value of one (1) Share of Common
Stock, determined as follows:

                  (a) If the Shares are traded on an exchange, the price at
         which Shares traded at the close of business on the date of valuation;

                  (b) If the Shares are traded over-the-counter on the NASDAQ
         System, the closing price if one is available, or the mean between the
         bid and asked prices on said System at the close of business on the
         date of valuation; or

                  (c) If neither (a) nor (b) applies, the fair market value as
         determined by the Board in good faith. Such determination shall be
         conclusive and binding on all persons.

         "Grant" shall mean the issuance of Non-statutory Stock Option to an
Eligible Person.

         "Non-statutory Stock Option" shall mean an Option that is not an
incentive stock option as described in Section 422(b) of the Code.

         "Option" shall mean any option to purchase a share of Common Stock
granted pursuant to the Plan.

         "Optionee" shall mean any Eligible Person who has received an Option.

         "Plan" shall mean the Peregrine Pharmaceuticals, Inc. 2002
Non-Qualified Stock Option Plan.

         "Purchase Price" shall mean the Exercise Price times the number of
Shares with respect to which an Option is exercised.

         "Share" shall mean one (1) share of Common Stock, adjusted in
accordance with Section 10 of the Plan (if applicable).

         "Subsidiary" shall mean any corporation, partnership, or other entity
of which at least fifty percent (50%) of the economic interest in the equity is
owned by the Company or by another Subsidiary.

         "Termination of Employment" shall mean the time when the
employee-employer relationship or directorship between the Optionee and the
Company is terminated for any reason, with or without cause, including, but not
limited to, any termination by resignation, discharge, death or retirement;
provided, however, Termination of Employment shall not include a termination

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where there is a simultaneous reemployment of the Optionee by the Company. The
Board in its absolute discretion, shall determine the effect of all matters and
questions relating to Termination of Employment, including, but not limited to,
the question of whether any Termination of Employment was for cause and all
questions of whether particular leaves of absence constitute Terminations of
Employment.

         "Treasury Regulations" are the regulations codified in Title 26 of the
Code of Federal Regulations and promulgated by the U.S. Treasury Department to
interpret the Code.

3. EFFECTIVE DATE. This Plan became effective as of June 27, 2002, the date that
the Plan was adopted by the Board.

4. ADMINISTRATION.

         4.1 COMMITTEE. The Plan shall be administered by the Board or by a
committee (the "Committee") that shall consist of two (2) or more members of the
Board, each of whom shall qualify as a Non-Employee Director within the meaning
of Rule 16b-3 under the Exchange Act and as an Outside Director within meaning
of Treasury Regulation section 1.162-27. The interpretation, construction,
performance and enforcement of this Plan shall lie within the sole discretion of
the Board or the Committee, and the determinations of the Board or the Committee
shall be conclusive and binding on all interested persons. References to the
Board in this Plan shall include the Committee if a Committee is then duly
appointed.

         4.2 MEETINGS. The Board shall hold meetings at such times and places as
it may determine. Acts of a majority of the Board, or acts approved in writing
by a majority of the members of the Board, shall be the valid acts of the Board.

         4.3 GRANTS. The Board shall from time to time at its discretion select
the Eligible Persons who are to be issued Grants and determine the number Shares
to be optioned. The Board shall determine the terms and conditions, not
inconsistent with the terms of the Plan, of any Grants awarded hereunder
including, but not limited to, any performance goals and periods applicable to
the award of Grants. The interpretation and construction by the Board of any
provision of the Plan or of any Option granted thereunder shall be final. No
member of the Board shall be liable for any action or determination made in good
faith with respect to the Plan or any Grant hereunder.

         4.4 INTERESTED COMMITTEE MEMBER. Grants to be made to a Non-Employee
Director who is a member of the Board or the Committee, whichever body is
considering making such a Grant, are subject to approval by the Board or
Committee, as the case may be, without the participation or vote of the proposed
recipient Non-Employee Director.

         4.5 GOVERNING LAW. This Plan has been, and the applicable Agreement
shall be made, executed and delivered in, and the interpretation, performance
and enforcement hereof or thereof shall be governed by and construed under the
laws of the State of California.

5. PARTICIPATION. Only Eligible Persons shall be eligible to receive Grants
under the Plan.

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6. STOCK.

         6.1 BASIC LIMITATION. The stock subject to Options granted under the
Plan shall be authorized but unissued shares or treasury shares. The aggregate
number of Shares that may be issued upon exercise of Options under the Plan
shall not exceed (a) 3,000,000 plus (b) the additional Shares described in
Section 6.2 . The limitations of this Section 6.1 shall be subject to adjustment
pursuant to Section 10.

         6.2 ADDITIONAL SHARES. If an Option is forfeited or terminated for any
reason, then the corresponding Shares of Common Stock allocable to the
unexercised portion of such Option shall again become available for the grant of
Options under the Plan.

7. TERMS AND CONDITIONS OF OPTIONS.

         7.1 WRITTEN AGREEMENTS.

                  (a) AGREEMENTS. Grants shall be evidenced by written
Agreements in such form as the Board shall from time to time determine. Such
Agreements shall comply with and be subject to the terms and conditions set
forth below.

                  (b) NUMBER OF SHARES. The Agreement affecting each Grant made
to a recipient shall state the number of Shares to which it pertains and shall
provide for the adjustment thereof in accordance with the provisions of Section
10 hereof.

                  (c) EXERCISE PRICE. Each Option shall state the Exercise
Price, which shall not be less than the Fair Market Value on the date of Grant.

         7.2 GRANTS. Subject to the terms and conditions of the Plan and
consistent with the Company's intention for the Committee or the Board, as the
case may be, to exercise the greatest permissible flexibility under Rule 16b-3
in awarding Grants, the Board shall have the power:

                  (a) To determine from time to time the Grants to be granted to
Eligible Persons under the Plan and to prescribe the terms and provisions (which
need not be identical) of Grants granted under the Plan to such persons;

                  (b) To construe and interpret the Plan and Grants thereunder
and to establish, amend, and revoke rules and regulations for administration of
the Plan. In this connection, the Board may correct any defect or supply any
omission, or reconcile any inconsistency in the Plan, in any Agreement, or in
any related agreements, in the manner and to the extent it shall deem necessary
or expedient to make the Plan fully effective. All decisions and determinations
by the Board in the exercise of this power shall be final and binding upon the
Company and the Optionees and grantees;

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                  (c) To amend any outstanding Grant, subject to Section 12
hereof, and to accelerate or extend the vesting or exercisability of any Grant
and to waive conditions or restrictions on any Grants, to the extent it shall
deem appropriate; and

                  (d) Generally, to exercise such powers and to perform such
acts as are deemed necessary or expedient to promote the best interests of the
Company with respect to the Plan.

         7.3 MEDIUM AND TIME OF PAYMENT. The Purchase Price for each Option
granted to a recipient shall be payable in full in United States dollars upon
the exercise of the Option. In the event the Company determines that it is
required to withhold taxes as a result of the exercise of an Option, as a
condition to the exercise thereof, an Employee may be required to make
arrangements satisfactory to the Company to enable it to satisfy such
withholding requirements in accordance with Section 15 hereof. If the applicable
Agreement so provides, the Purchase Price may be paid in one or a combination of
the following:

                  (a) By cash or check;

                  (b) By cancellation of indebtedness owed by the Company to the
Optionee;

                  (c) By a loan or extension of credit from the Company
evidenced by a full recourse promissory note executed by the Optionee. The Board
shall determine the interest rate and other terms and conditions of such note.
The Board may require that the Optionee pledge his or her Shares to the Company
for the purpose of securing the payment of such note. In no event shall the
stock certificate(s) representing such Shares be released to the Optionee until
such note shall have been paid in full.

         7.4 TERM AND NON-TRANSFERABILITY OF GRANTS AND OPTIONS.

                  (a) Each Grant shall state the time or times at which all or
part thereof becomes exercisable, subject to the following restrictions.

                  (b) No Grant shall be exercisable except by the recipient.

                  (c) No Option shall be assignable or transferable, except (i)
pursuant to a qualified domestic relations order as defined in Code Section
414(p), (ii) in the event of the Optionee's death, by will or the laws of
descent and distribution, or (iii) to a grantor trust of which the Optionee is
the trustor, trustee and beneficiary.

                  (d) No Option shall be exercisable after the expiration of ten
(10) years from the date it was granted.

         7.5 TERMINATION OF EMPLOYMENT, EXCEPT BY DEATH OR DISABILITY. Upon any
Termination of Employment for any reason other than his or her death or
Disability, a recipient of a Grant shall have the right, subject to the
restrictions of Section 7.2 above, to exercise his or her Grant at any time
within 90 days after date of Termination of Employment, but only to the extent
that, at the date of Termination of Employment, the recipient's right to
exercise such Grant had accrued pursuant to the terms of the applicable
Agreement and had not previously been exercised; PROVIDED, HOWEVER, that if the

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recipient was terminated as an Employee or removed as a member of the Board for
cause (as defined in the applicable Agreement or as determined by the Board) any
Grant not exercised in full prior to such termination shall be canceled. For
this purpose, the employment relationship shall be treated as continuing intact
while the recipient is on military leave, sick leave or other bona fide leave of
absence (to be determined in the sole discretion of the Board). The foregoing
notwithstanding, employment shall not be deemed to continue beyond the ninetieth
(90th) day after the Optionee's reemployment rights are guaranteed by statute or
by contract.

         7.6 DEATH OF RECIPIENT. If the recipient of a Grant dies while an
Eligible Person or within three (3) months after any Termination of Employment
other than for cause, and has not fully exercised the Grant, then the Grant may
be exercised in full, subject to the restrictions of Section 7.2 above, at any
time within twelve (12) months after the recipient's death, by the executors or
administrators of his or her estate or by any person or persons who have
acquired the Grant directly from the recipient by bequest or inheritance, but
only to the extent that, at the date of death, the recipient's right to exercise
such Grant had accrued and had not been forfeited pursuant to the terms of the
applicable Agreement and had not previously been exercised.

         7.7 DISABILITY OF GRANT RECIPIENT. Upon Termination of Employment for
reason of Disability, such Grant recipient shall have the right, subject to the
restrictions of Section 7.2 above, to exercise the Grant at any time within
twelve (12) months after Termination of Employment, but only to the extent that,
at the date of Termination of Employment, the Grant recipient's right to
exercise such Grant had accrued pursuant to the terms of the applicable
Agreement and had not previously been exercised.

         7.8 RIGHTS AS A SHAREHOLDER. An Optionee, or a transferee of an
Optionee, shall have no rights as a shareholder with respect to any Shares
covered by his or her Grant until, in the case of an Optionee, the date of the
issuance of a stock certificate for such Shares. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other
property), distributions or other rights for which the record date is prior to
the date such stock certificate is issued, except as provided in Section 10
hereof.

         7.9 MODIFICATION, EXTENSION AND RENEWAL OF OPTION. Within the
limitations of the Plan, subject to Section 4.4 hereof, the Board may modify,
extend or renew outstanding Options or accept the cancellation of outstanding
Options (to the extent not previously exercised) for the granting of new Options
in substitution therefore. The Board may not modify, extend or renew any Option
unless such modification, extension or renewal shall satisfy the requirements of
Rule 16b-3. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, alter or impair any rights or obligations
under any Option previously granted.

         7.10 OTHER PROVISIONS. The Agreements authorized under the Plan may
contain such other provisions not inconsistent with the terms of the Plan
(including, without limitation, restrictions upon the exercise of the Option),
or Rule 16b-3, as the Board shall deem advisable. The Board may at any time
offer to purchase in cash or cash equivalents a previously granted Option.

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8. EXERCISE OF OPTIONS.

         8.1 Upon exercise of all or any part of the Option the number of shares
of Common Stock shall be reduced by the number of shares with respect to which
such exercise is made.

         8.2 Any exercisable portion of an Option or the entire Option, if then
wholly exercisable, may be exercised in whole or in part at any time prior to
the time when the Option or portion thereof becomes unexercisable hereunder;
provided, however, that each partial exercise shall be for whole shares only.

         8.3 Each exercise of an Option shall be by means of a written notice of
exercise in substantially the form attached to the Agreement delivered to the
Secretary of the Company at its principal office and accompanied by payment in
full of the Purchase Price for each share of Common Stock purchased under the
Option. Such notice shall specify the number of shares of Common Stock with
respect to which the Option is exercised and shall be signed by the person
exercising the Option. If a person other than the Optionee exercises the Option,
such notice shall be accompanied by proof, reasonably satisfactory to the
Company, of such person's right to exercise the Option.

         8.4 The Purchase Price shall be paid in full upon the exercise of the
Option (i) by cash or check, in United States dollars; by the surrender of goods
or services, having a Fair Market Value on the date of exercise equal to the
Purchase Price, including shares that would be deliverable upon exercise of the
Option (a "cashless exercise"), or in any combination thereof, as long as the
sum of the cash so paid and the Fair Market Value of goods or services so
surrendered equal the Purchase Price; (ii) by cancellation of indebtedness owed
by the Company to the Optionee; or (iii) by any combination of the foregoing.
The Board may, but is not obligated to, accept a secured recourse promissory
note of Optionee (bearing such rate of interest and such other terms as the
Board may reasonably determine) as payment of the exercise price; PROVIDED,
HOWEVER, no stock certificate representing the shares shall be released until
the note shall have been paid in full.

         8.5 If the Board so permits, in its sole and complete discretion, an
Optionee may elect to effectuate a cashless exercise by delivering to the
Company a written notice of its exercise, stating the number of Options to be
exercised and that the Purchase Price shall be paid by canceling Options
representing the right to purchase a number of shares of Common Stock having a
value equal to such Purchase Price. The value of such canceled Options shall be
the Fair Market Value of the Common Stock on the date such notice is first sent
or given less the Purchase Price therefore.

         8.6 Subject to the foregoing conditions, the Company, as soon as
reasonably practicable after receipt of a proper notice of exercise and without
transfer or issue tax or other incidental expense to the person exercising the
Option, shall deliver to such person at the principal office of the Company, or
such other location as may be acceptable to the Company and such person, one or
more certificates for the shares of Common Stock with respect to which the
Option has been exercised. Such shares shall be fully paid and non-assessable
and shall be issued in the name of such person.

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9. TERM OF PLAN. Options may be granted pursuant to the Plan until the
expiration of ten (10) years from the effective date of the Plan.

10. RECAPITALIZATIONS AND CHANGES IN CONTROL.

         10.1 Subject to any required action by shareholders, and provided that
all requirements of Rule 16b-3 are satisfied (if then applicable to the Company
and the Plan), the number of Shares covered by the Plan as provided in Section 6
hereof, and the number of Shares covered by each outstanding Option and the
Exercise Price thereof shall be proportionately adjusted for any increase or
decrease in the number of issued Shares resulting from a subdivision or
consolidation of Shares or the payment of a stock dividend (but only of Common
Stock) or any other increase or decrease in the number of issued Shares effected
without receipt of consideration by the Company.

         10.2 Subject to any required action by shareholders, if the Company is
the surviving corporation in any merger or consolidation, each outstanding
Option shall pertain and apply to the securities to which a holder of the number
of Shares subject to the Option would have been entitled. In the event of a
merger or consolidation in which the Company is not the surviving corporation,
the date of exercisability of each outstanding Grant shall be accelerated to a
date prior to such merger or consolidation.

         10.3 To the extent that the adjustments in this Section 10 relate to
securities of the Company, such adjustments shall be made by the Board whose
determination shall be conclusive and binding on all persons.

         10.4 Except as expressly provided in this Section 10, the recipient of
the Grant shall have no rights by reason of subdivision or consolidation of
shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class or by reason
of any dissolution, liquidation, merger or consolidation or spin-off of assets
or stock of another corporation, and any issue by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall
not affect, and no adjustment by reason thereof shall be made with respect to,
the number or Exercise Price of Shares subject to an Option.

         10.5 Grants made pursuant to the Plan shall not affect in any way the
right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, to merge or
consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business assets.

         10.6 Upon the occurrence of a Change of Control as defined in this
Section 10, and subject to the limitation set forth in Section 10.2 hereof:

                  (a) Each outstanding Option shall automatically become fully
exercisable.

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                  (b) All Grants under the Plan shall be deemed fully vested.

         10.7 "Change of Control" shall mean the occurrence of any one of the
following events:

                  (a) Any "person," as such term is used in Sections 13(d) and
14(d) of the Exchange Act (other than the Company, any of its Affiliates or any
trustee, fiduciary or other person or entity holding securities under any
employee benefit plan or trust of the Company or any of its Affiliates) together
with all "affiliates" and "associates" (as such terms are defined in Rule 12b-2
under the Exchange Act) of such person, shall become the "beneficial owner" (as
such term is defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing twenty percent (20%) or
more of either (i) the combined voting power of the Company's then outstanding
securities having the right to vote in an election of the Board ("voting
securities") or (ii) the then outstanding Shares (in either such case other than
as a result of an acquisition of securities directly from the Company); or

                  (b) When, during any period of 24 consecutive months during
the existence of the Plan, the individuals who, at the beginning of such period,
constitute the Board (the "Incumbent Directors") cease or any reason other than
death to constitute at least a majority thereof, provided, however, that a
director who was not a director at the beginning of such 24-month period shall
be deemed to have satisfied such 24-month period) or by prior operation of this
Section 10.7(b); or

                  (c) The shareholders of the Company shall approve (i) any
consolidation or merger of the Company or any Subsidiary where the shareholders
of the Company, immediately prior to the consolidation or merger, would not
immediately after the consolidation or merger, beneficially own (as such term is
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares
representing in the aggregate eighty percent (80%) or more of the voting
securities of the corporation issuing cash or securities in the consolidation or
merger (or of its ultimate parent corporation, if any), (ii) any sale, lease,
exchange or other transfer (in one transaction or a series of transactions
contemplated or arranged by any party as a single plan) of all or substantially
all of the assets of the Company or (iii) any plan or proposal for the
liquidation or dissolution of the Company.

                  (d) Notwithstanding the foregoing, a "Change of Control" shall
not be deemed to have occurred for purposes of the foregoing clause (i) solely
as the result of an acquisition of securities by the Company which, by reducing
the number of Shares or other voting securities outstanding, increases (i) the
proportionate number of Shares beneficially owned by any person to twenty
percent (20%) or more of the Shares then outstanding or (ii) the proportionate
voting power represented by the voting securities beneficially owned by any
person to twenty percent (20%) or more of the combined voting power of all then
outstanding voting securities; provided, however, that if any person referred to
in clause (i) or (ii) of this sentence shall thereafter become the beneficial
owner of any additional Shares or other voting securities (other than pursuant
to a stock split, stock dividend, or similar transaction), then a "Change of
Control" shall be deemed to have occurred for purposes of this Section 10.7.

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11. SECURITIES LAW REQUIREMENTS.

         11.1 LEGALITY OF ISSUANCE. The issuance of any Shares upon the exercise
of any Option and the grant of any Option shall be contingent upon the
following:

                  (a) The Company and the Optionee shall have taken all actions
required to register the Shares under the Act, and to qualify the Option and the
Shares under any and all applicable state securities or "blue sky" laws or
regulations, or to perfect an exemption from the respective registration and
qualification requirements thereof;

                  (b) Any applicable listing requirement of any stock exchange
on which the Common Stock is listed shall have been satisfied; and

                  (c) Any other applicable provision of state or federal law
shall have been satisfied.

         11.2 RESTRICTIONS ON TRANSFER. Regardless of whether the offer and sale
of Shares under the Plan has been registered under the Act or has been
registered or qualified under the securities laws of any state, the Company may
impose restrictions on the sale, pledge or other transfer of such Shares
(including the placement of appropriate legends on stock certificates) if, in
the judgment of the Company and its counsel, such restrictions are necessary or
desirable in order to achieve compliance with the provisions of the Act, the
securities laws of any state or any other law. In the event that the sale of
Shares under the Plan is not registered under the Act but an exemption is
available which requires an investment representation or other representation,
each Optionee shall be required to represent that such Shares are being acquired
for investment and not with a view to the sale or distribution thereof, and to
make such other representations as are deemed necessary or appropriate by the
Company and its counsel. Any determination by the Company and its counsel in
connection with any of the matters set forth in this Section 11 shall be
conclusive and binding on all persons. Stock certificates evidencing Shares
acquired under the Plan pursuant to an unregistered transaction shall bear the
following restrictive legend and such other restrictive legends as are required
or deemed advisable under the provisions of any applicable law.

         "THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933 (THE "ACT"). ANY TRANSFER OF SUCH
         SECURITIES WILL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE
         ACT IS IN EFFECT AS TO SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR
         THE ISSUER SUCH REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER
         TO COMPLY WITH THE ACT."

         11.3 REGISTRATION OR QUALIFICATION OF SECURITIES. The Company may, but
shall not be obligated to, register or qualify the issuance of Options and/or
the sale of Shares under the Act or any other applicable law. The Company shall
not be obligated to take any affirmative action in order to cause the issuance
of Options or the sale of Shares under the Plan to comply with any law.

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         11.4 EXCHANGE OF CERTIFICATES. If, in the opinion of the Company and
its counsel, any legend placed on a stock certificate representing shares sold
under the Plan is no longer required, the holder of such certificate shall be
entitled to exchange such certificate for a certificate representing the same
number of Shares but lacking such legend.

         11.5 SECURITIES LAW REQUIREMENTS. No part of the Option shall be
exercised if counsel to the Company determines that any applicable registration
requirement under the Act, or any other applicable requirement of federal or
state law has not been met.

12. AMENDMENT OF THE PLAN.

         12.1 GENERAL AUTHORITY TO AMEND. The Board may from time to time, with
respect to any Shares at the time not subject to Options, suspend or discontinue
the Plan or revise or amend it in any respect whatsoever.

         12.2 LIMITATIONS ON AMENDMENTS. No amendment, alleviation or
discontinuation of any rights under the Plan shall impair the rights of the
recipient of a Grant without such recipient's consent other than as permitted in
the applicable Agreement.

13. EFFECT OF CERTAIN TRANSACTIONS. In the case of (i) the dissolution or
liquidation of the Company, (ii) a reorganization, merger, consolidation or
other business combination in which the Company is acquired by another entity or
in which the Company is not the surviving entity, or (iii) the sale of all or
substantially all of the assets of the Company to another entity, the Plan and
the Grants issued hereunder shall terminate upon the effectiveness of any such
transaction or event, unless provision is made in connection with such
transaction for the assumption of Grants theretofore granted, or the
substitution for such Grants of new Grants, by the successor entity or parent
thereof, with appropriate adjustment as to the number and kind of shares and the
per share exercise prices, as provided in Section 10. In the event of such
termination, all outstanding Options and Grants shall be exercisable in full for
at least fifteen (15) days prior to the date of such termination whether or not
otherwise exercisable during such period.

14. APPLICATION OF FUNDS. The proceeds received by the Company from the sale of
Common Stock pursuant to the exercise of an Option will be used for general
corporate purposes.

15. TAX WITHHOLDING.

         15.1 Each recipient of a Grant shall, no later than the date as of
which the value of any Grant first become includable in the gross income of the
recipient for federal income tax purposes, pay to the Company, or make
arrangements satisfactory to the Company regarding payment of any federal, state
or local taxes of any kind that are required by law to be withheld with respect
to such income.

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         15.2 If so permitted by the Board, a recipient may elect to have such
tax withholding satisfied, in whole or in part, by (i) authorizing the Company
to withhold a number of Shares to be issued or cash to be paid pursuant to the
exercise of a Grant equal to the Fair Market Value as of the date withholding is
effected that would satisfy the withholding amount due, (ii) transferring to the
Company Shares or Grants owned by the recipient with a Fair Market Value equal
to the amount of the required withholding tax, or (iii) in the case of a
recipient who is an Employee of the Company at the time such withholding is
effected, by withholding from the recipient's cash compensation.

16. INFORMATION TO OPTIONEE. The Company hereby agrees to provide the Optionee
with the Corporation's annual financial statements upon request.

17. EXECUTION. The Company has caused this Plan to be executed in the name and
on behalf of the Company by an officer of the Company thereunto duly authorized.

                                          PEREGRINE PHARMACEUTICALS, INC.
                                          a Delaware corporation

                                          By: /S/ PAUL J. LYTLE
                                              ----------------------------------
                                          Name: PAUL J. LYTLE
                                               ---------------------------------
                                          Its:     V.P. FINANCE & ACCOUNTING
                                              ----------------------------------

                                       18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]