Document:

BRIDGE LOAN AGREEMENT

         THIS BRIDGE LOAN AGREEMENT (this "Agreement") is dated as of November
15, 1999, by and between CorVu Corporation (the "Company") and Calton, Inc. (the
"Investor").

                                    RECITALS:

         WHEREAS, the Company is in the process of entering into a merger
agreement with Minnesota American, Inc. (the "Reverse Merger") which is not
expected to close until late December 1999; and

         WHEREAS, the Company needs cash prior to such expected closing of the
Reverse Merger in order to be able to continue its planned investment in
infrastructure and growth; and

         WHEREAS, the Company principal lender has indicated it is unwilling at
this time to increase the Company's line of credit; and

         WHEREAS, Investor desires to lend funds to the Company on the terms and
conditions set forth in this Agreement.

                                   AGREEMENT:

         Accordingly, in consideration of the foregoing, the mutual promises set
forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1. Loan/Promissory Note. Investor agrees to lend to the Company Two
Hundred and Fifty Thousand Dollars ($250,000) and the Company agrees to deliver
to the Investor a subordinated unsecured promissory note, in the form attached
hereto as Exhibit A (the "Note"), in a like amount. The delivery of the Note
shall be made concurrently with delivery of funds to the Company in the amount
set forth above.

         2. Conversion of the Note.

                  (a) Automatic Conversion. To the extent the principal of the
         Note is outstanding on the closing of the Reverse Merger transaction,
         the entire principal outstanding on the Note and all accrued interest
         with respect to such principal shall be automatically converted into
         shares of common stock of the Company (or the surviving corporation
         pursuant to the Reverse Merger) at a price per share equal to Two
         Dollars and No Cents ($2.00), less any shares previously issued on
         partial conversion hereof pursuant to subsection (b) below, subject to
         adjustment pursuant to sections 4(e) and 4(f) of the Note.

                  (b) Election to Convert. Notwithstanding the provisions set
         forth above, Investor may at any time, at its option, by written notice
         (the "Conversion Notice") to the Company, elect to convert all or any
         part of the entire outstanding principal amount of the Note plus a pro
         rata share of the accrued interest on the then outstanding balance into
         common stock of the Company at a price per share equal to Two Dollars
         and No Cents ($2.00) per share.

                  (c) Delivery of Conversion Shares. The Common Stock issued on
         conversion of the Note (the "Conversion Shares") shall be delivered as
         follows:

                  As promptly as practicable after conversion, the Company shall
                  deliver to Investor, or to such person or persons as are
                  designated by Investor in the Conversion Notice, a certificate
                  or certificates representing the number of shares of Common
                  Stock into which the Note or portion thereof is to be
                  converted in such name or names as are specified in the
                  Conversion Notice, together with, in the case of conversion of
                  the entire remaining principal balance hereof, any cash
                  payable in respect of a fractional share.

                  In the event that less than the entire outstanding principal
                  balance of the Note is converted hereunder, the Note shall not
                  be surrendered for cancellation but shall have the fact and
                  amount of conversion recorded on the face of the Note by
                  writing acknowledged by Investor and the Company. If less than
                  the entire principal balance of the Note is converted, the
                  amount of principal converted shall be reduced to the nearest
                  amount that results in no fractional shares.

                  (d) Reservation of Shares. The Company agrees that, during the
         period within which the Note may be converted, the Company will at all
         times have authorized and in reserve, and will keep available solely
         for delivery upon the conversion of the Note, common stock and other
         securities and properties as from time to time shall be receivable upon
         the conversion of the Note, free and clear of all restrictions on
         issuance, sale or transfer other than those imposed by law and free and
         clear of all pre-emptive rights. The Company agrees that the common
         stock represented by each and every Conversion Share delivered on the
         conversion of the Note shall, at the time of such delivery, be validly
         issued and outstanding, fully paid and non-assessable, and the Company
         will take all such action as may be necessary to assure that the stated
         value or par value per share of the common stock is at all times equal
         to or less than the Conversion Price.

         3. Warrants. In consideration of the loan, the Company shall issue to
Investor, concurrently with delivery of the Note, stock purchase warrants, in
the form attached hereto as Exhibit B (the "Warrant"), to purchase Two Hundred
and Twenty-Five Thousand (225,000) shares of Company Common Stock at an exercise
price of $.01 per share. If the Note is not paid when due, the number of shares
purchasable under the Warrant shall increase by Twelve Thousand Five Hundred
(12,500) shares, and further increase by an additional Twelve Thousand Five
Hundred (12,500) shares for each 60-day period thereafter that the Note remains
unpaid. The shares of Company Common Stock issuable upon exercise of the Warrant
are referred to hereinafter as the "Warrant Shares."

         4. Repayment. All outstanding principal and accrued interest on the
Note shall be due and payable 120 days after the date hereof; provided, however,
that notwithstanding the foregoing, the entire principal outstanding on the Note
and all accrued interest with respect to such principal shall be automatically
converted into shares of common stock of the Company within three business days
after the closing of the Reverse Merger transaction. The Note may be prepaid at
any time without penalty.

         5. Use of Proceeds. The Company will use the proceeds of the loan
solely for working capital and general corporate purposes.

         6. Subordination. The Note shall be subordinate to all senior debt of
the Company as set forth in Section 6 of the Note.

         7. Restrictions on Transfer. The Note, the Warrant, and the Warrant
Shares shall be subject to certain restrictions on transfer identified in the
Note and the Warrant.

         8. Representations and Warranties of the Company. The Company
represents and warrants as follows:

                  (a) This Agreement has been duly authorized by all necessary
         corporate action on behalf of the Company, has been duly executed and
         delivered by an authorized officer of the Company, and is a valid and
         binding agreement on the part of the Company.

                  (b) All corporate action necessary to the authorization,
         issuance, and delivery of the Note, the Warrant, and the Warrant Shares
         has been taken on or prior to the date hereof.

                  (c) As of the date hereof, this Agreement, the Note, and the
         Warrant, taken as a whole, do not contain an untrue statement of a
         material fact or omit to state a material fact required in light of the
         circumstances under which such statements were made to be stated in
         such documents to make the statements in such documents, taken as a
         whole, not misleading.

         9. Representations and Warranties of the Investor. Investor represents
and warrants to the Company as follows:

                  (a) This Agreement has been duly authorized by all necessary
         corporate or partnership action on behalf of Investor, has been duly
         executed and delivered by an authorized officer of Investor, and is a
         valid and binding agreement on the part of Investor.

                  (b) Investor is an "accredited investor" as defined in Rule
         501(a) of Regulation D of the Securities Act of 1933 (the "Securities
         Act"), and was not formed for the purpose of making this investment.
         The Note and the Warrant are being purchased by Investor in Investor's
         name solely for Investor's own beneficial interest and not as nominee
         for, or on behalf of, or for the beneficial interest of, or with the
         intention to transfer to, any other person, trust or organization.

                  (c) Investor has such knowledge and experience in financial
         and business matters that Investor is capable of evaluating the merits
         and risks of the prospective investment in the Note and Warrants and
         has the net worth to undertake such risks. Investor is in a financial
         position to hold the Note, the Warrant and the Warrant Shares for an
         indefinite period of time and is able to bear the economic risk and
         withstand a complete loss of Investor's investment therein. Investor
         believes that the investment in the Note and Warrants is suitable for
         the Investor based upon Investor's investment objectives and financial
         needs.

                  (d) Investor realizes that (i) the purchase of the Note and
         the Warrant is a long-term investment, (ii) Investor must bear the
         economic risk of investment for an indefinite period of time because
         the Note, the Warrant, and the Warrant Shares have not been registered
         under the Securities Act or under the securities laws of any state and,
         therefore, none of such securities can be sold unless they are
         subsequently registered under said laws or exemptions from such
         registrations are available; (iii) Investor may not be able to
         liquidate Investor's investment in the event of an emergency or pledge
         any of such securities as collateral for loans; and (iv) the
         transferability of such securities is restricted and legends will be
         placed on the Note and the Warrant and on any certificates representing
         the Warrant Shares referring to the applicable restrictions on
         transferability.

                  (e) Investor has been given access to full and complete
         information regarding the Company and has utilized such access to
         Investor's satisfaction for the purpose of obtaining information
         concerning the Company and to obtain any additional information, to the
         extent reasonably available, necessary to verify the accuracy of
         information provided to Investor.

                  (f) Investor is not subject to the backup withholding
         provisions of Section 3406(a)(i)(C) of the Internal Revenue Code of
         1986, as amended (Note: You are subject to backup withholding if (i)
         you fail to furnish your Social Security number or taxpayer
         identification number herein; (ii) the Internal Revenue Service
         notifies the Company that You furnished an incorrect Social Security
         number or taxpayer identification number; (iii) you are notified that
         you are subject to backup withholding; or (iv) you fail to certify that
         you are not subject to backup withholding or you fail to certify your
         Social Security number or taxpayer identification number).

                  (g) Investor does not own voting securities of any brokerage
         firm. No director, officer, partner or 5% owner of Investor is also a
         director, officer, partner, branch manager, registered representative,
         employee, shareholder of, or similarly related to or employed by, a
         brokerage firm.

         10. Registration Rights.

                  (a) Each time the Company shall determine to proceed with the
         actual preparation and filing of a registration statement under the
         Securities Act in connection with the proposed offer and sale for money
         of any of its securities by it (other than a registration statement on
         Forms S-4 and S-8, or successors thereto), the Company will give
         written notice of its determination to Investor. Upon the written
         request of Investor given within 30 days after the date of mailing of
         any such notice from the Company, the Company will, except as herein
         provided, cause all the Conversion Shares and the Warrant Shares issued
         and to be issued upon exercise of the Warrants requested by Investor to
         be registered, to be included in such registration statement, all to
         the extent requisite to permit the sale or other disposition by
         Investor of the Conversion Shares and the Warrant Shares to be so
         registered; provided, however, that nothing herein shall prevent the
         Company from, at any time, abandoning or delaying any such registration
         initiated by it. If any such registration shall be underwritten in
         whole or in part, the Company may require that the shares requested for
         inclusion by Investor pursuant to this paragraph (a) be included in the
         underwriting on the same terms and conditions as the securities
         otherwise being sold through the underwriters. If in the good faith
         judgment of the managing underwriter of such public offering the
         inclusion of all of the shares originally covered by a request for
         registration made by Investor would reduce the number of shares to be
         offered by the Company or interfere with the successful marketing of
         the shares of stock offered by the Company, the number of shares owned
         by Investor and otherwise to be included in the underwritten public
         offering may be reduced; provided, however, that any such required
         reduction shall be pro rata among all persons (other than the Company)
         who are participating in such offering. Those shares which are thus
         excluded from such underwritten public offering shall be withheld from
         the market by Investor for a period, not to exceed 180 days, which the
         managing underwriter reasonably determines is necessary in order to
         effect the underwritten public offering.

                   (b) With respect to each inclusion of securities in a
         registration statement pursuant to this Section 10, the Company shall
         bear the following fees, costs and expenses: all registration, filing
         and NASD fees, printing expenses, fees and disbursements of counsel and
         accountants for the Company, fees and disbursements of counsel for the
         underwriter or underwriters of such securities (if the Company is
         required to bear such fees and disbursements), all internal expenses,
         the premiums and other costs of policies of insurance against liability
         arising out of the public offering, and legal fees and disbursements
         and other expenses of complying with state securities laws of any
         jurisdictions in which the securities to be offered are to be
         registered or qualified. Fees and disbursements of special counsel and
         accountants for the selling holders, underwriting discounts and
         commissions, and transfer taxes for selling holders and any other
         expenses relating to the sale of securities by the selling holders not
         expressly included above shall be borne by the selling holders.

                  (c) The Company shall indemnify Investor, its officers and
         directors and each person, if any, who controls Investor within the
         meaning of Section 15 of the Securities Act against all losses, claims,
         damages, and liabilities caused by any untrue statement or alleged
         untrue statement of a material fact contained in the registration
         statement or prospectus (and as amended or supplemented) relating to
         such registration, or caused by any omission or alleged omission to
         state a material fact required to be stated therein or necessary to
         make the statements therein not misleading in light of the
         circumstances under which they are made, unless such statement or
         omission was made in reliance upon and in conformity with information
         furnished in writing to the Company expressly for use therein by
         Investor.

                  (d) Investor shall indemnify the Company, its officers and
         directors and each person, if any, who controls the Company within the
         meaning of Section 15 of the Securities Act against all losses, claims,
         damages, and liabilities caused by any untrue statement or alleged
         untrue statement of a material fact contained in the registration
         statement or prospectus (and as amended or supplemented) relating to
         such registration, or caused by any omission or alleged omission to
         state a material fact required to be stated therein or necessary to
         make the statements therein not misleading in light of the
         circumstances under which they are made, provided that this paragraph
         (d) shall apply only to statements or omissions made in reliance upon
         and in conformity with information furnished in writing to the Company
         expressly for use therein by the Investor.

                  (e) The registration rights provided in this section shall
         apply to the Conversion Shares and the Warrant Shares of the surviving
         company received by the Investor as a result of the terms of the
         Reverse Merger.

         11. Other.

                  (a) This Agreement and the rights and obligations of the
         parties hereunder shall not be assignable, in whole or in part, by any
         party without the prior written consent of the other party, and neither
         this Agreement nor any provision hereof may be amended, modified,
         waived or discharged without the written consent of the party against
         whom enforcement of such amendment, modification, waiver, or discharge
         is sought.

                  (b) This Agreement, including the exhibits attached hereto,
         constitutes the entire agreement of the parties relative to the subject
         matter hereof and supersedes any and all other agreements and
         understandings, whether written or oral, relative to the matters
         discussed herein.

                  (c) This Agreement shall be construed and enforced in
         accordance with the laws of the State of Minnesota, except for its
         rules relating to conflicts of law.

                  (d) This Agreement may be executed in two or more
         counterparts, each of which shall be deemed an original, but all of
         which together shall constitute one and the same instrument.

                  (e) The Company agrees to reimburse Investor for up to $2,500
         of fees or expenses incurred by Investor in connection with this
         Agreement.

<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the date set forth above.

                                     CORVU CORPORATION

                                     By:

                                     Its:

                                     CALTON, INC.

                                     By:

                                     Its:

                                     Address: ________________

                                     Tax I.D. No.:  ________________

<PAGE>

                                                                      EXHIBIT A

THIS NOTE, AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION HEREOF, HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS AND MAY NOT BE REOFFERED, SOLD, TRANSFERRED, PLEDGED, OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (1) REGISTRATION UNDER SUCH ACT OR LAWS
OR (2) AN OPINION OF COUNSEL FOR THE COMPANY OR OTHER COUNSEL REASONABLY
ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

               SUBORDINATED UNSECURED CONVERTIBLE PROMISSORY NOTE

$250,000                                                 Minneapolis, Minnesota
                                                              November 15, 1999

FOR VALUE RECEIVED, the undersigned, CorVu Corporation, a Minnesota corporation
(the "Company"), promises to pay to Calton, Inc., or its permitted successors
and assigns ("Holder"), at Holder's address set forth in the Loan Agreement (as
defined below), or such other place as Holder may designate in writing from time
to time, the principal sum of Two Hundred and Fifty Thousand Dollars ($250,000),
in lawful money of the United States, together with simple interest from the
date hereof on the unpaid principal balance outstanding from time to time at the
rate of ten percent (10%) per year (calculated on the basis of the actual number
of days elapsed and a 360-day year). The entire unpaid principal balance on this
Note and accrued interest thereon shall be due and payable on 120 days from the
date first above written, unless converted prior thereto pursuant to the terms
hereof.

         1. Bridge Loan Agreement. This Note has been issued pursuant to the
terms and provisions of the Bridge Loan Agreement (the "Loan Agreement"), dated
as of __________________, between the Company and Holder, and this Note and
Holder are entitled to all the benefits provided for in the Loan Agreement.

         2. Prepayment. This Note may be prepaid at any time without penalty.

         3. Unsecured Note. This Note is unsecured and the Company and Holder
agree that this Note shall not be secured at any time in the future by a grant
of a security interest in any assets of the Company, whether or not those assets
are owned by the Company at this time or acquired by the Company on a date
subsequent to the date hereof. The provisions of this Section 3 are designed for
the benefit of the third party senior creditors as well as the Company and
Holder.

         4. Conversion of this Note.

                  (a) Automatic Conversion. To the extent the principal of this
         Note is outstanding on the closing of the Reverse Merger transaction,
         the entire principal outstanding on this Note and all accrued interest
         with respect to such principal shall be automatically converted into
         shares of common stock of the Company or the surviving corporation
         pursuant to the Reverse Merger at a price per share equal to Two
         Dollars and No Cents ($2.00), less any shares previously issued on
         partial conversion hereof pursuant to subsection (b) below, subject to
         the adjustment pursuant to sections 4(e) and 4(f) of the Note.

                  (b) Election to Convert. Notwithstanding the provisions set
         forth above, Investor may at any time, at its option, by written notice
         (the "Conversion Notice") to the Company, elect to convert all or any
         part of the entire outstanding principal amount of this Note plus a pro
         rata share of the accrued interest on the then outstanding balance into
         common stock of the Company at a price per share equal to Two Dollars
         and No Cents ($2.00) per share.

                  (c) Delivery of Conversion Shares. The Common Stock issued on
         conversion of this Note (the "Conversion Shares") shall be delivered as
         follows:

                  As promptly as practicable after conversion, the Company shall
                  deliver to Investor, or to such person or persons as are
                  designated by Investor in the Conversion Notice, a certificate
                  or certificates representing the number of shares of Common
                  Stock into which this Note or portion thereof is to be
                  converted in such name or names as are specified in the
                  Conversion Notice, together with, in the case of conversion of
                  the entire remaining principal balance hereof, any cash
                  payable in respect of a fractional share.

                  In the event that less than the entire outstanding principal
                  balance of this Note is converted hereunder, this Note shall
                  not be surrendered for cancellation but shall have the fact
                  and amount of conversion recorded on the face of this Note by
                  writing acknowledged by Investor and the Company. If less than
                  the entire principal balance of this Note is converted, the
                  amount of principal converted shall be reduced to the nearest
                  amount that results in no fractional shares.

                  (d) Reservation of Shares. The Company agrees that, during the
         period within which this Note may be converted, the Company will at all
         times have authorized and in reserve, and will keep available solely
         for delivery upon the conversion of this Note, common stock and other
         securities and properties as from time to time shall be receivable upon
         the conversion of this Note, free and clear of all restrictions on
         issuance, sale or transfer other than those imposed by law and free and
         clear of all pre-emptive rights. The Company agrees that the common
         stock represented by each and every Conversion Share delivered on the
         conversion of this Note shall, at the time of such delivery, be validly
         issued and outstanding, fully paid and non-assessable, and the Company
         will take all such action as may be necessary to assure that the stated
         value or par value per share of the common stock is at all times equal
         to or less than the Conversion Price.

                  (e) Protection Against Dilution. In case of any consolidation
         with or merger of the Company with or into another corporation (other
         than a merger or consolidation in which the Company is the surviving or
         continuing corporation), or in case of any sale, lease or conveyance to
         another corporation of the property of the Company as an entirety or
         substantially as an entirety, such successor, leasing or purchasing
         corporation, as the case may be, shall (i) execute with the Holder an
         agreement providing that the Holder shall have the right thereafter to
         receive upon conversion of this Note solely the kind and amount of
         shares of stock and other securities, property, cash or any combination
         thereof receivable upon such consolidation, merger, sale, lease or
         conveyance by a holder of the number of shares of Common Stock for
         which this Note might have been converted immediately prior to such
         consolidation, merger, sale, lease or conveyance, (ii) make effective
         provision in its articles of association or otherwise, if necessary, in
         order to effect such agreement, and (iii) set aside or reserve, for the
         benefit of the Holder, the stock, securities, property and cash to
         which the Holder would be entitled upon conversion of this Note.

                  (f) Additional Protection Against Dilution. If the Company (i)
         pays a dividend or makes a distribution on its Common Stock in shares
         of its Common Stock; (ii) subdivides its outstanding shares of Common
         Stock into a greater number of shares; (iii) combines its outstanding
         shares of Common Stock into a smaller number of shares; (iv) makes a
         distribution on its Common Stock in shares of its capital stock other
         than Common Stock or (v) issues by reclassification of its Common Stock
         any shares of its capital stock; then the conversion privilege and the
         Conversion Price in effect immediately prior to such action shall be
         adjusted so that the holder of this Note shall, upon conversion,
         receive the number of shares of capital stock which such holder would
         have owned immediately following such action if the Holder had
         converted the Note immediately prior to such action. The adjustment
         shall become effective immediately after the record date in the case of
         a dividend or distribution and immediately after the effective date in
         the case of a subdivision, combination or reclassification.

         5. Notification of Reverse Merger. The Company shall notify Holder of
the anticipated closing of the Reverse Merger at least three (3) business days
prior to the date thereof.

         6. Subordination. The indebtedness evidenced by this Note is and shall
remain subordinate in right of payment to all Senior Debt to the extent and in
the manner hereinafter set forth. "Senior Debt" shall mean the principal and
interest on indebtedness of the Company to financial institutions for borrowed
money (other than the indebtedness evidenced by this Note), and for purchase
money loans secured by real estate or personal property used in connection with
the business of the Company, whether created, incurred or assumed before or
after the date hereof, except such as by its terms is expressly not superior in
right of payment of this Note, and renewals, extensions and refundings of any
such indebtedness. The subordination provisions contained in this Section 6 are
expressly and only for the benefit of third party senior creditors of the
Company and shall in no way limit the rights or remedies of Holder against the
Company.

No payment of principal or interest on this Note shall be made if the Company is
in default or breach, or such payment would result in a default or breach, with
respect to any Senior Debt. For purposes of this paragraph, default or breach
with respect to any Senior Debt shall refer to a failure of the Company (i) to
pay in full when due the principal of or interest or premium on any such Senior
Debt, or any portion thereof, according to its terms, or (ii) to be in
compliance with any covenant in any loan agreement, security agreement or
related agreement between the Company and the holder of such Senior Debt. Upon
any distribution of assets of the Company, upon dissolution, winding up,
liquidation or reorganization of the Company, whether in bankruptcy, insolvency
or receivership proceedings, or upon an assignment for the benefit of the
Company, or otherwise, Senior Debt shall first be paid in full, or provision
made for such payment in cash, before any payment is made on account of the
principal of or interest on this Note. In such events, upon payment in full of
all Senior Debt, Holder shall be subrogated ratably to all rights of such Senior
Debtors to receive payments or distributions of the assets of the Company
applicable to such Senior Debt until the principal of and interest on this Note
shall be paid in full. If Holder receives any payment on the indebtedness owed
to it by the Company as evidenced by this Note that Holder is not entitled to
receive under the provisions of this Note, Holder will hold the amount so
received in trust for the third party senior creditors and will turn over such
payment to the third party senior creditors in the form received (except for the
endorsement of Holder where necessary) for application to the then-existing
Senior Debt, whether or not due. If Holder exercises any right of setoff which
Holder is not permitted to exercise under the provisions of this Note, Holder
will promptly pay over to the third party senior creditors, in immediately
available funds, an amount equal to the amount of the claims or obligations
offset.

Notwithstanding the foregoing, payment of principal and interest on this Note
shall not be subordinated to the prior payment of such Senior Debt as to all
amounts which actually are paid by the Company under this Note if the Company is
not in default or breach with respect to any Senior Debt at the time or times
such payment or payments are made.

         7. Default. "Default" means any event which is, or after notice or
passage of time, or both, would be, an Event of Default. An "Event of Default"
occurs if:

                  (a) the Company fails to make any payment on this Note when
         the same becomes due and payable, and such default continues for a
         period of 15 days;

                  (b) the Company defaults in the payment of interest or
         principal on any Senior Debt and such Senior Debt shall, as a result
         thereof, have been accelerated (or comparable event shall have
         occurred) so that the same shall have become due and payable prior to
         the date on which the same would otherwise have become due and payable
         and such acceleration has been in effect without rescission or
         annulment for a period of 30 days; provided, however, that if such
         default in the payment of interest or principal on any Senior Debt
         shall be remedied or cured by the Company or waived by the holders of
         such Senior Debt, or if such acceleration shall have been rescinded or
         annulled by the holders of such Senior Debt, then, unless this Note
         shall have been accelerated as provided in this Note, the Event of
         Default hereunder by reason thereof shall be deemed likewise to have
         been thereupon remedied, cured or waived without further action upon
         the part of the Holder.

                  (c) proceedings under any bankruptcy or insolvency law or
         other law for the reorganization, arrangement, composition or similar
         relief or aid of debtors or creditors are commenced and such proceeding
         remain undismissed and unstayed for a period of 60 days following
         notice to the Company by the Holder.

                  (d) the Company is in material breach of any provision of this
         Note, which breach continues for more than 15 days following notice to
         the Company by the Holder.

If an Event of Default occurs and is continuing, the principal of and interest
on this Note shall become and be immediately due and payable without any
declaration or other act on the part of Holder.

Holder may waive an existing Default or Event of Default and its consequences.
When a Default or Event of Default is waived, it is cured and ceases.

         8. Expenses of Enforcement. The Company agrees to reimburse Holder upon
demand for all reasonable out-of-pocket expenses, including reasonable
attorneys' fees, in connection with Holder's enforcement of the Company's
obligations hereunder.

         9. Investment Intent. Holder, by acceptance hereof, agrees to give
written notice to the Company before transferring this Note of Holder's
intention to do so, describing briefly the manner of any proposed transfer of
this Note. Promptly upon receiving such written notice, the Company shall
present copies thereof to counsel for the Company. If, in the opinion of such
counsel, the proposed transfer of this Note may be effected without registration
or qualification (under any federal or state law) of this Note, the Company, as
promptly as practicable, shall notify Holder of such opinion, whereupon Holder
shall be entitled to transfer this Note, all in accordance with the terms of the
notice delivered by Holder to the Company, provided that an appropriate legend
in substantially the form set forth at the end of this Note respecting the
foregoing restrictions on transfer and disposition may be endorsed on this Note.

         10. Notices. All demands and notices to be given hereunder shall be
delivered or sent by certified mail, return receipt requested; in the case of
the Company, addressed to its corporate headquarters in Edina, Minnesota, and in
the case of Holder, addressed to the address written above, in either case,
until a new address shall have been substituted by like notice.

         11. Amendment. Neither this Note nor any term hereof may be changed,
waived, discharged or terminated orally but only by an instrument in writing
signed by the party against which enforcement of the change, waiver, discharge
or termination is sought.

         IN WITNESS WHEREOF, Company has caused this Note to be executed on its
behalf by its duly authorized officer on the day and year first above written.

                                            CORVU CORPORATION

                                            By:
                                            Its:
<PAGE>

                                                                      EXHIBIT B

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY
STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED,
PLEDGED OR OTHEWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR LAWS COVERING SUCH SECURITY OR THE
COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THIS SECURITY
(CONCURRED TO BY COUNSEL FOR THE COMPANY) STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT, PLEDGE OR DISTRIBUTION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF THE SECUERITIES ACT OF 1933 AND ALL
APPLICABLE STATE SECURITIES LAWS.

                                     WARRANT
                                       FOR
                             SHARES OF COMMON STYOCK
                                       OF
                                CORVU CORPORATION

         FOR VALUE RECEIVED, Calton, Inc. or its successors or assigns
("Holder"), is hereby entitled to subscribe for and purchase from CorVu
Corporation, a Minnesota corporation (the "Company"), up to Two Hundred and
Twenty-Five Thousand (225,000) fully paid and non assessable shares (the
"Warrant Shares") of the Company's Common Stock, par value $.01 per share (the
"Common Stock") at an exercise price per share equal to $.01 per share (the
"Warrant Exercise Price").

         This warrant may be exercised by Investor at any time prior to five
year anniversary of the date hereof.

         This warrant is subject to the following provisions, terms and
conditions:

         1. (a) The rights represented by this warrant may be exercised by
Holder, in whole or in part, by written notice of exercise substantially in the
form attached hereto delivered to the company at least twenty (20) days prior to
the intended date of exercise and by the surrender of this warrant (properly
endorsed if required) at the principal office of the Company and upon Holder's
payment to the Company by cash, certified check or bank draft of the purchase
price for such shares or by exercise of the Conversion Right as provided in (b)
below. The Warrant Shares so purchased shall be deemed to be issued as the close
of business on the date on which this warrant has been exercised by payment to
the Company of the Warrant Exercise Price, unless the Conversion Right has been
exercised. Certificates for the shares of stock so purchased, bearing the
restrictive legend set forth at the end of this warrant, shall be delivered to
the holder within fifteen (15) days after the rights represented by this warrant
shall have been so exercised, and, unless this warrant has expired, a new
warrant representing the number of Warrant Shares, if any, with respect to which
this warrant has not been exercised shall also be delivered to the Holder hereof
within such time. No fractional shares shall be issued upon the exercise of this
warrant.

                  (b) In lieu of payment, the rights represented by this warrant
may also be exercised by a written notice of exercise specifying that Holder
wishes to convert all of this warrant (the "Conversion Right") into that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the
value of the shares subject to the warrant (determined by subtracting the
aggregate warrant exercise price in effect immediately prior to the exercise of
the Conversion Right from the aggregate fair market value of the shares of
Common Stock issuable upon exercise of this warrant immediately prior to the
exercise of the Conversion Right) by (y) the fair market value of one share of
Common Stock immediately prior to the exercise of the Conversion Right. For
purposes of this section 1(b), the fair market value of a share of Common Stock
as of a particular date (the "Determination Date") shall; mean:

                           (i) If the company's Common Stock is traded on an
         exchange or is quoted on the Nasdaq Stock Market, then the closing or
         last sale price, respectively, reported for the business day
         immediately preceding the Determination Date.

                           (ii) If the company's Common Stock is not traded on
         an exchange or on the Nasdaq Stock Market, then the mean of the closing
         high bid and low asked prices reported for the business day immediately
         preceding the Determination Date.

         2. The Company covenants and agrees that all Warrant Shares that may be
issued upon the exercise of the rights represented by this warrant shall, upon
issuance, be duly authorized and issued, fully paid and nonassessable shares.
The Company further covenants and agrees that during the period within which the
rights represented by this warrant may be exercised, the Company will at all
times have authorized, and reserved for the purpose of issue or transfer upon
exercise of the subscription rights evidenced by this warrant, a sufficient
number of shares of its Common Stock to provide for the exercise of the rights
represented by this warrant.

         3. The Warrant Exercise Price and the number of Warrant Shares shall be
subject to adjustment from time to time as provided in this Section 3.

                  (a) If the Company at any time divides the outstanding shares
of its Common Stock into a greater number of shares (whether pursuant to a stock
split, stock dividend or otherwise), and conversely, if the outstanding shares
of its common Stock are combined into a smaller number of shares, the Warrant
Exercise Price in effect immediately prior to such division or combination shall
be proportionately adjusted to reflect the reduction or increase in the value of
each such share.

                  (b) If any capital reorganization or reclassification of the
capital stock of the Company, or consolidation or merger of the Company with
another corporation, or the sale of all or substantially all of its assets to
another corporation shall be effected in such a way that holders of the
Company's Common Stock shall be entitled to receive stock, securities or assets
with respect to or in exchange for such shares, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, Holder shall
have the right to purchase and receive upon the basis and upon the terms and
conditions specified in this warrant and in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby, such shares of stock, other
securities or assets as would have been issued or delivered to Holder if it had
exercised this warrant and had received such shares of Common Stock prior to
such reorganization, reclassification, consolidation, merger or sale. The
Company shall not effect any such consolidation, merger or sale, unless prior to
the consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger or the corporation purchasing such
assets shall assume by written instrument executed and mailed to Holder at the
last address of Holder appearing on the books of the Company, the obligation to
deliver to Holder such shares of stock, securities or assets as, in accordance
with the foregoing provisions, Holder may be entitled to purchase.

                  (c) Upon each adjustment of the Warrant Exercise Price, Holder
shall thereafter be entitled to purchase, at the Warrant Exercise Price
resulting from such adjustment, the number of shares obtained by multiplying the
Warrant Exercise Price in effect immediately prior to such adjustment by the
number of shares purchasable pursuant hereto immediately prior to such
adjustment and dividing the product thereof by the Warrant Exercise Price
resulting from such adjustment.

                  (d) Upon any adjustment of the Warrant Exercise Price, the
Company shall give written notice thereof, by first class mail, postage prepaid,
addressed to the registered holder of this warrant at the address of such holder
as shown on the books of the Company, which notice shall state the Warrant
Exercise Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares purchasable at such price upon the exercise of this
warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

                  (e) This Warrant is issued in connection with a certain Bridge
Loan Agreement between the Company and the Holder and a Subordinated Unsecured
Promissory Note made by the company in favor of Holder, each dated as of the
date hereof. In addition to the foregoing adjustments, if the Company fails to
pay such Subordinated Unsecured Promissory Note when due, the number of shares
of Common Stock which Holder shall be entitled to purchase under this Warrant
shall be increased by 12,500, and further increase by an additional 12,500
shares for each 60-0day period thereafter that such Subordinated Unsecured
Promissory Note remains unpaid. Any adjustment pursuant to this subjection (e)
shall not affect the Warrant Exercise Price.

         4. This Warrant shall not entitle Holder to any voting rights or other
rights as a shareholder of the Company.

         5. Holder, by acceptance hereof, agrees to give written notice to the
Company before transferring this warrant or transferring any Warrant Shares of
Holder's intention to do so, describing briefly the manner of any proposed
transfer of this warrant or such Warrant Shares. Promptly upon receiving such
written notice, the Company shall present copies thereof to counsel for the
Company. If, in the opinion of such counsel, the proposed transfer of this
warrant or disposition of Warrant Shares may be effected without registration or
qualification (under any federal or state law) of this warrant or the Warrant
Shares, the Company, as promptly as practicable, shall notify Holder of such
opinion, whereupon Holder shall be entitled to transfer this warrant or such
Warrant Shares, all in accordance with the terms of the notice delivered by
Holder to the Company, provided that an appropriate legend in substantially the
form set forth at the end of this warrant respecting the foregoing restrictions
on transfer and disposition may be endorsed on this warrant or the certificates
for such Warrant Shares.

         6. Subject to the provision of Section 5, this warrant and all rights
hereunder are transferable, in whole or in part, at the principal office of the
Company by Holder in person or by duly authorized attorney, upon surrender of
this warrant properly endorsed to any person or entity who represents in writing
that he/it is acquiring the warrant for investment and without any view to the
sale or other distribution thereof. Holder, by taking or holding this warrant,
consents and agrees that the bearer of this warrant, when endorsed, may be
treated by the Company and all other persons dealing with this warrant as the
absolute owner hereof for any purpose and as the person entitled to exercise the
rights represented by this warrant, or to the transfer hereof on the books of
the Company, any notice to the contrary notwithstanding; but until such transfer
on such books, the Company may treat the registered owner hereof as the owner
for all purposes.

         7. Neither this warrant nor any term hereof my be changed, waived,
discharged or terminated orally but only by an instrument in writing signed by
the party against which enforcement of the change, waiver discharge or
termination is sought.

         8. Section 10 of the Bride Loan Agreement, dated as of the date hereof,
between the Company and Holder contains certain registration rights applicable
to the Warrant Shares.

         IN WITNESS WHEREOF, the Company has caused this warrant to be signed
and delivered by a duly authorized officer as of the 15th day of November, 1999.

                                      CORVU CORPORATION

                                      By:
                                      Its:CORVU CORPORATION

                             1996 STOCK OPTION PLAN
                     (AS AMENDED THROUGH NOVEMBER 30, 1999)

                                   SECTION 1.
                                   DEFINITIONS

         As used herein, the following terms shall have the meanings indicated
below:

         (a)      "Affiliates" shall mean a Parent or Subsidiary of the Company.

         (b) Committee" shall mean a Committee of two or more directors who
         shall be appointed by and serve at the pleasure of the Board. In the
         event the Company's securities are registered pursuant to Section 12 of
         the Securities Exchange Act of 1934, as amended, each of the members of
         the Committee shall be a "Non-Employee Director" within the meaning of
         Rule 16b-3, or any successor provision, as then in effect, of the
         General Rules and Regulations under the Securities Exchange Act of 1934
         as amended.

         (c) The "Company" shall mean CorVu Corporation, a Minnesota
         corporation.

         (d) Fair Market Value" shall mean (i) if such stock is reported in the
         national market system or is listed upon an established stock exchange
         or exchanges, the reported closing price of such stock in such national
         market system or on such stock exchange or exchanges on the date the
         option is granted or, if no sale of such stock shall have occurred on
         that date, on the next preceding day on which there was a sale of
         stock; (ii) if such stock is not so reported in the national market
         system or listed upon an established stock exchange, the average of the
         closing "bid" and "asked" prices quoted by a recognized specialist in
         the Common Stock of the Company on the date the option is granted, or
         if there are no quoted "bid" and "asked" prices on such date, on the
         next preceding date for which there are such quotes; or (iii) if such
         stock is not publicly traded as of the date the option is granted, the
         per share value as determined by the Board, in its sole discretion by
         applying principles of valuation with respect to all such options.

         (e) The "Internal Revenue Code" is the Internal Revenue Code of 1986,
         as amended from time to time.

         (f) "Option Stock" shall mean Common Stock of the Company (subject to
         adjustment as described in Section 12) reserved for options pursuant to
         this Plan.

         (g) The "Optionee" for purposes of Section 9 is an employee of the
         Company or any Subsidiary to whom an incentive stock option has been
         granted under the Plan. For purposes of Section 10, the "Optionee" is
         the consultant or advisor to or director, employee or officer of the
         Company or any Subsidiary to whom a nonqualified stock option has been
         granted.

         (h) "Parent" shall mean any corporation which owns, directly or
         indirectly in an unbroken chain, fifty percent (50%) or more of the
         total voting power of the Company's outstanding stock.

         (i) The "Plan" means the CorVu Corporation 1996 Stock Option Plan, as
         amended hereafter from time to time, including the form of Option
         Agreements as they may be modified by the Board from time to time.

         (j) A "Subsidiary" shall mean any corporation of which fifty percent
         (50%) or more of the total voting power of outstanding stock is owned,
         directly or indirectly in an unbroken chain, by the Company.

                                   SECTION 2.
                                     PURPOSE

         The purpose of the Plan is to promote the success of the Company and
its Subsidiaries by facilitating the employment and retention of competent
personnel and by furnishing incentive to officers, directors, employees,
consultants, and advisors upon whose efforts the success of the Company and its
Subsidiaries will depend to a large degree.

         It is the intention of the Company to carry out the Plan through the
granting of stock options which will qualify as "incentive stock options" under
the provisions of Section 422 of the Internal Revenue Code and "nonqualified
stock options" pursuant to Section 10 of this Plan. The grant of all such
options shall, to the extent required, comply with Section 16(b) of the
Securities Exchange Act of 1934, the Internal Revenue Code, or any other
applicable law or regulation. Adoption of this Plan shall be and is expressly
subject to the condition of approval by the shareholders of the Company within
twelve (12) months after the adoption of the Plan by the Board of Directors. In
no event shall any stock options be exercisable prior to the date this Plan is
approved by the shareholders of the Company. If shareholder approval of this
Plan is not obtained within twelve (12) months after the adoption of the Plan by
the Board of Directors, any stock options previously granted shall be revoked.

                                   SECTION 3.
                             EFFECTIVE DATE OF PLAN

         The Plan shall be effective upon its adoption by the Board of Directors
of the Company, subject to approval by the shareholders of the Company as
required in Section 2.

                                   SECTION 4.
                                 ADMINISTRATION

         The Plan shall be administered by the Board of Directors of the Company
(hereinafter referred to as the "Board") or by a Committee which may be
appointed by the Board from time to time. The Board or the Committee, as the
case may be, shall have all of the powers vested in it under the provisions of
the Plan, including but not limited to exclusive authority (where applicable and
within the limitations described herein) to determine, in its sole discretion,
whether an incentive stock option or nonqualified stock option shall be granted,
the individuals to whom, and the time or times at which, options shall be
granted, the number of shares subject to each option and the option price and
terms and conditions of each option. The Board, or the Committee, shall have
full power and authority to administer and interpret the Plan, to make and amend
rules, regulations and guidelines for administering the Plan, to prescribe the
form and conditions of the respective stock option agreements (which may vary
from Optionee to Optionee) evidencing each option and to make all other
determinations necessary or advisable for the administration of the Plan. The
Board's, or the Committee's, interpretation of the Plan, and all actions taken
and determinations made by the Board or the Committee pursuant to the power
vested in it hereunder, shall be conclusive and binding on all parties
concerned. No member of the Board or the Committee shall be liable for any
action taken or determination made in good faith in connection with the
administration of the Plan.

         In the event the Board appoints a Committee as provided hereunder, any
action of the Committee with respect to the administration of the Plan shall be
taken pursuant to a majority vote of the Committee members or pursuant to the
written resolution of all Committee members.

                                   SECTION 5.
                                  PARTICIPANTS

         The Board or the Committee, as the case may be, shall from time to
time, at its discretion and without approval of the shareholders, designate
those employees, directors, officers, directors, consultants, and advisors of
the Company or of any Subsidiary to whom nonqualified stock options shall be
granted under this Plan; provided, however, that consultants or advisors shall
not be eligible to receive stock options hereunder unless such consultant or
advisor renders bona fide services to the Company or Subsidiary and such
services are not in connection with the offer or sale of securities in a capital
raising transaction. The Board or the Committee, as the case may be, shall, from
time to time, at its discretion and without approval of the shareholders,
designate those employees of the Company or any Subsidiary to whom incentive
stock options shall be granted under this Plan. The Board or the Committee may
grant additional incentive stock options or nonqualified stock options under
this Plan to some or all participants then holding options or may grant options
solely or partially to new participants. In designating participants, the Board
or the Committee shall also determine the number of shares to be optioned to
each such participant. The Board may from time to time designate individuals as
being ineligible to participate in the Plan.

                                   SECTION 6.
                                      STOCK

         The Stock to be optioned under this Plan shall consist of authorized
but unissued shares of Option Stock. Three Million Five Hundred Thousand
(3,500,000) shares of Option Stock shall be reserved and available for options
under the Plan; provided, however, that the total number of shares of Option
Stock reserved for options under this Plan shall be subject to adjustment as
provided in Section 12 of the Plan. In the event that any outstanding option
under the Plan for any reason expires or is terminated prior to the exercise
thereof, the shares of Option Stock allocable to the unexercised portion of such
option shall continue to be reserved for options under the Plan and may be
optioned hereunder.

                                   SECTION 7.
                                DURATION OF PLAN

         Incentive stock options may be granted pursuant to the Plan from time
to time during a period of ten (10) years from the effective date as defined in
the Plan. Nonqualified stock options may be granted pursuant to the Plan from
time to time after the effective date of the Plan and until the Plan is
discontinued or terminated by the Board.

                                   SECTION 8.
                                     PAYMENT

         Optionees may pay for shares upon exercise of options granted pursuant
to this Plan with cash, certified check, Common Stock of the Company valued at
such stock's then Fair Market Value as defined in Section 9(d) below, or such
other form of payment as may be authorized by the Board or the Committee. The
Board or the Committee may, in its sole discretion, limit the forms of payment
available to the Optionee and may exercise such discretion any time prior to the
termination of the Option granted to the Optionee or upon any exercise of the
Option by the Optionee.

                                   SECTION 9.
                 TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

         Each incentive stock option granted pursuant to the Plan shall be
evidenced by a written stock option agreement (the "Option Agreement"). The
Option Agreement shall be in such form as may be approved from time to time by
the Board or Committee and may vary from Optionee to Optionee; provided,
however, that each Optionee and each Option Agreement shall comply with and be
subject to the following terms and conditions:

         (a) Number of Shares and Option Price. The Option Agreement shall state
         the total number of shares covered by the incentive stock option. To
         the extent required to qualify the Option as an incentive stock option
         under Section 422 of the Internal Revenue Code, or any successor
         provision, or under the laws of or any other applicable law or
         regulation, the option price per share shall not be less than one
         hundred percent (100%) of the Fair Market Value of the Common Stock per
         share on the date the Board or the Committee, as the case may be,
         grants the option; provided, however, that if an Optionee owns stock
         possessing more than ten percent (10%) of the total combined voting
         power of all classes of stock of the Company or of its parent or any
         Subsidiary, the option price per share of an incentive stock option
         granted to such Optionee shall not be less than one hundred ten percent
         (110%) of the Fair Market Value of the Common Stock per share on the
         date of the grant of the option. The Board or the Committee, as the
         case may be, shall have full authority and discretion in establishing
         the option price and shall be fully protected in so doing.

         (b) Term and Exercisability of Incentive Stock Option. The term during
         which any incentive stock option granted under the Plan may be
         exercised shall be established in each case by the Board or the
         Committee, as the case may be. To the extent required to qualify the
         Option as an incentive stock option under Section 422 of the Internal
         Revenue Code, or any successor provision, or any other applicable law
         or regulation, in no event shall any incentive stock option be
         exercisable during a term of more than ten (10) years after the date on
         which it is granted; provided, however, that if an Optionee owns stock
         possessing more than ten percent (10%) of the total combined voting
         power of all classes of stock of the Company or of its parent or any
         Subsidiary, the incentive stock option granted to such Optionee shall
         be exercisable during a term of not more than five (5) years after the
         date on which it is granted. The Option Agreement shall state when the
         incentive stock option becomes exercisable and shall also state the
         maximum term during which the option may be exercised. In the event an
         incentive stock option is exercisable immediately, the manner of
         exercise of the option in the event it is not exercised in full
         immediately shall be specified in the Option Agreement. The Board or
         the Committee, as the case may be, may accelerate the exercise date of
         any incentive stock option granted hereunder which is not immediately
         exercisable as of the date of grant.

         (c) Other Provisions. The Option Agreement authorized under this
         Section 9 shall contain such other provisions as the Board or the
         Committee, as the case may be, shall deem advisable. Any such Option
         Agreement shall contain such limitations and restrictions upon the
         exercise of the option as shall be necessary to ensure that such option
         will be considered an "incentive stock option" as defined in Section
         422 of the Internal Revenue Code or to conform to any change therein.

                                   SECTION 10.
               TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS

         Each nonqualified stock option granted pursuant to the Plan shall be
evidenced by a written Option Agreement. The Option Agreement shall be in such
form as may be approved from time to time by the Board or the Committee and may
vary from Optionee to Optionee; provided, however, that each Optionee and each
Option Agreement shall comply with and be subject to the following terms and
conditions:

         (a) Number of Shares and Option Price. The Option Agreement shall state
         the total number of shares covered by the nonqualified stock option.
         Unless otherwise determined by the Board or the Committee, as the case
         may be, the option price per share shall be one hundred percent (100%)
         of the Fair Market Value of the Common Stock per share on the date the
         Board or the Committee grants the option.

         (b) Term and Exercisability of Nonqualified Stock Option. The term
         during which any nonqualified stock option granted under the Plan may
         be exercised shall be established in each case by the Board or the
         Committee, as the case may be. The Option Agreement shall state when
         the nonqualified stock option becomes exercisable and shall also state
         the maximum term during which the option may be exercised. In the event
         a nonqualified stock option is exercisable immediately, the manner of
         exercise of the option in the event it is not exercised in full
         immediately shall be specified in the stock option agreement. The Board
         or the Committee, as the case may be, may accelerate the exercise date
         of any nonqualified stock option granted hereunder which is not
         immediately exercisable as of the date of grant.

         (c) Withholding. The Company or a Subsidiary, as the case may be, shall
         be entitled to withhold and deduct from future wages of the Optionee
         all legally required amounts necessary to satisfy any and all
         withholding and employment-related taxes attributable to the Optionee's
         exercise of a nonqualified stock option. In the event the Optionee is
         required under the Option Agreement to pay the Company, or make
         arrangements satisfactory to the Company respecting payment of, such
         withholding and employment-related taxes, the Board or Committee, as
         the case may be, may, in its discretion and pursuant to such rules as
         it may adopt, permit the Optionee to satisfy such obligation, in whole
         or in part, by delivering shares of the Company's Common Stock or by
         electing to have the Company withhold shares of Common Stock otherwise
         issuable to the Optionee having a Fair Market Value equal to the
         minimum required tax withholding, based on the minimum statutory
         withholding rates for federal and state tax purposes, including payroll
         taxes, that are applicable to the supplemental income resulting from
         the exercise of the nonqualified stock option. In no event may the
         Company withhold shares having a Fair Market Value in excess of such
         statutory minimum required tax withholding. The Optionee's election to
         have shares withheld for this purpose shall be made on or before the
         date the option is exercised or, if later, the date that the amount of
         tax to be withheld is determined under applicable tax law. Such
         election shall be approved by the Board or Committee, as the case may
         be, and otherwise comply with such rules as the Board or Committee may
         adopt to assure compliance with Rule 16b-3, or any successor provision,
         as then in effect, of the General Rules and Regulations under the
         Securities Exchange Act of 1934, if applicable.

         (d) Other Provisions. The Option Agreement authorized under this
         Section 10 shall contain such other provisions as the Board, or the
         Committee, as the case may be, shall deem advisable.

                                   SECTION 11

                               TRANSFER OF OPTION

         No incentive stock option shall be transferable, in whole or in part,
by the Optionee other than by will or by the laws of descent and distribution
and, during Optionee's lifetime, such option may be exercised only by the
Optionee. If the Optionee shall attempt any transfer of any incentive stock
option granted under the Plan during the Optionee's lifetime, such transfer
shall be void and the incentive stock option, to the extent not fully exercised,
shall terminate.

         The Board or Committee, as the case may be, may, in its sole
discretion, permit the Optionee to transfer any or all nonqualified stock
options to any member of the Optionee's "immediate family" as such term is
defined in Rule 16a-1(e) promulgated under the Securities Exchange Act of 1934,
or any successor provision, or to one or more trusts whose beneficiaries are
members of such Optionee's "immediate family" or partnerships in which such
family members are the only partners; provided, however, that the Optionee
cannot receive any consideration for the transfer and such transferred
nonqualified stock option shall continue to be subject to the same terms and
conditions as were applicable to such nonqualified stock option immediately
prior to its transfer.

                                   SECTION 12.

                    RECAPITALIZATION, SALE, MERGER, EXCHANGE
                                 OR LIQUIDATION

         In the event of an increase or decrease in the number of shares of
Common Stock resulting from a subdivision or consolidation of shares or the
payment of a stock dividend or any other increase or decrease in the number of
shares of Common Stock effected without receipt of consideration by the Company,
the number of shares of Option Stock reserved under Section 6 hereof and the
number of shares of Option Stock covered by each outstanding option and the
price per share thereof shall be adjusted by the Board to reflect such change.
Additional shares which may be credited pursuant to such adjustment shall be
subject to the same restrictions as are applicable to the shares with respect to
which the adjustment relates.

         Unless otherwise provided in the stock option agreement, in the event
of the sale by the Company of substantially all of its assets and the consequent
discontinuance of its business, or in the event of a merger, consolidation,
exchange, reorganization, reclassification, extraordinary dividend, divestiture
(including a spin-off) or liquidation of the Company (collectively referred to
as a "transaction"), the Board may provide for one or more of the following:

         (a) the equitable acceleration of the exercisability of any outstanding
         options hereunder;

         (b) the complete termination of this Plan and cancellation of
         outstanding options not exercised prior to a date specified by the
         Board (which date shall give Optionees a reasonable period of time in
         which to exercise the options prior to the effectiveness of such
         transaction);

         (c) that Optionees holding outstanding incentive or nonqualified
         options shall receive, with respect to each share of Option Stock
         subject to such options, as of the effective date of any such
         transaction, cash in an amount equal to the excess of the Fair Market
         Value of such Option Stock on the date immediately preceding the
         effective date of such transaction over the option price per share of
         such options; provided that the Board may, in lieu of such cash
         payment, distribute to such Optionees shares of stock of the Company or
         shares of stock of any corporation succeeding the Company by reason of
         such transaction, such shares having a value equal to the cash payment
         herein; or

         (d) the continuance of the Plan with respect to the exercise of options
         which were outstanding as of the date of adoption by the Board of such
         plan for such transaction and provide to Optionees holding such options
         the right to exercise their respective options as to an equivalent
         number of shares of stock of the corporation succeeding the Company by
         reason of such transaction.

The Board may restrict the rights of or the applicability of this Section 13 to
the extent necessary to comply with Section 16(b) of the Securities Exchange Act
of 1934, the Internal Revenue Code, or any other applicable law or regulation.
The grant of an option pursuant to the Plan shall not limit in any way the right
or power of the Company to make adjustments, reclassifications, reorganizations
or changes of its capital or business structure or to merge, exchange or
consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets.

                                   SECTION 13.
                               INVESTMENT PURPOSE

         No shares of Common Stock shall be issued pursuant to the Plan unless
and until there has been compliance, in the opinion of Company's counsel, with
all applicable legal requirements, including without limitation, those relating
to securities laws and stock exchange listing requirements. As a condition to
the issuance of Option Stock to Optionee, the Board or Committee, as the case
may be, may require Optionee to (a) represent that the shares of Option Stock
are being acquired for investment and not resale and to make such other
representations as the Board or Committee shall deem necessary or appropriate to
qualify the issuance of the shares as exempt from the Securities Act of 1933 and
any other applicable securities laws, and (b) represent that Optionee shall not
dispose of the shares of Option Stock in violation of the Securities Act of 1933
or any other applicable securities laws.

         As a further condition to the grant of any nonqualified stock option or
the issuance of Option Stock to Optionee, Optionee agrees to the following:

                  (a) In the event the Company advises Optionee that it plans an
         underwritten public offering of its Common Stock in compliance with the
         Securities Act of 1933, as amended, and the underwriter(s) seek to
         impose restrictions under which certain shareholders may not sell or
         contract to sell or grant any option to buy or otherwise dispose of
         part or all of their stock purchase rights of the underlying Common
         Stock, Optionee will not, for a period not to exceed 180 days from the
         prospectus, sell or contract to sell or grant an option to buy or
         otherwise dispose of any nonqualified stock option granted to Optionee
         pursuant to the Plan or any of the underlying shares of Common Stock
         without the prior written consent of the underwriter(s) or its
         representative(s).

                  (b) In the event the Company makes any public offering of its
         securities and determines in its sole discretion that it is necessary
         to reduce the number of issued but unexercised stock purchase rights so
         as to comply with any states securities or Blue Sky law limitations
         with respect thereto, the Board of Directors of the Company shall have
         the right (i) to accelerate the exercisability of any nonqualified
         stock option and the date on which such option must be exercised,
         provided that the Company gives Optionee prior written notice of such
         acceleration, and (ii) to cancel any options or portions thereof, in
         reverse chronological order based on the date or dates on which such
         options or portions thereof would have become exercisable according to
         the original vesting schedule set forth in the related stock option
         agreements, which Optionee does not exercise prior to or
         contemporaneously with such public offering.

                  (c) In the event of a transaction (as defined in Section 11 of
         the Plan) which is treated as a "pooling of interests" under generally
         accepted accounting principles, Optionee will comply with Rule 145 of
         the Securities Act of 1933 and any other restrictions imposed under
         other applicable legal or accounting principles if Optionee is an
         "affiliate" (as defined in such applicable legal and accounting
         principles) at the time of the transaction, and Optionee will execute
         any documents necessary to ensure compliance with such rules.

         The Company reserves the right to place a legend on any stock
         certificate issued upon exercise of an option granted pursuant to the
         Plan to assure compliance with this Section 13.

                                   SECTION 14.
                             RIGHTS AS A SHAREHOLDER

         An Optionee (or the Optionee's successor or successors) shall have no
rights as a shareholder with respect to any shares covered by an option until
the date of the issuance of a stock certificate evidencing 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 actually issued
(except as otherwise provided in Section 12 of the Plan).

                                   SECTION 15.
                              AMENDMENT OF THE PLAN

         The Board may from time to time, insofar as permitted by law, suspend
or discontinue the Plan or revise or amend it in any respect; provided, however,
that no such revision or amendment, except as is authorized in Section 12, shall
impair the terms and conditions of any option which is outstanding on the date
of such revision or amendment to the material detriment of the Optionee without
the consent of the Optionee. Notwithstanding the foregoing, no such revision or
amendment shall (i) materially increase the number of shares subject to the Plan
except as provided in Section 12 hereof, (ii) change the designation of the
class of employees eligible to receive options, (iii) decrease the price at
which options may be granted, or (iv) materially increase the benefits accruing
to Optionees under the Plan without the approval of the shareholders of the
Company if such approval is required for compliance with the requirements of the
Internal Revenue Code or any other applicable law or regulation. Furthermore,
the Plan may not, without the approval of the shareholders, be amended in any
manner that will cause incentive stock options to fail to meet the requirements
of Section 422 of the Internal Revenue Code, or any other applicable law or
regulation.

                                   SECTION 16.

                        NO OBLIGATION TO EXERCISE OPTION

         The granting of an option shall impose no obligation upon the Optionee
to exercise such option. Further, the granting of an option hereunder shall not
impose upon the Company or any Subsidiary any obligation to retain the Optionee
in its employ for any period.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]