Document:

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                                                                   EXHIBIT 10.46

                         EXECUTIVE EMPLOYMENT AGREEMENT

        This Agreement, dated as of July 1, 2000 (the "Effective Date"), is
between BAM! Entertainment, Inc., a Delaware corporation, (the "Company") and
Anthony Williams, an individual ("Employee").

        1. Term

                a. Basic Term: The Company shall employ Employee for the period
commencing on the Effective Date and ending upon the earlier of (i) two (2)
year(s) from the Effective Date (the "Term Date"), as extended under Section
1(b); or (ii) the date upon which the employment is terminated in accordance
with Section 4 or 5.

                b. Renewal: Employee's employment will be renewed automatically
for an additional one (1) year period (without any action by either party) on
the Term Date and on each anniversary thereof, unless one party gives to the
other written notice sixty (60) days in advance of the beginning of any one-year
renewal period that the employment is to be terminated. Either party may elect
not to renew this Agreement with or without cause, in which case Employee shall
not be entitled to any Severance. Nothing stated in this Agreement or
represented orally or in writing to either party shall create an obligation to
renew this Agreement.

        2. Position and Responsibilities

                a. Position: Employee is employed by the Company to render
services to the Company in the position of Chief Executive Officer. Employee
shall perform such duties and responsibilities as are normally related to such
position in accordance with the standards of the industry and any additional
duties now or hereafter assigned to Employee by the Board of Directors. Employee
shall abide by the Company's rules, regulations, and practices as they may from
time-to-time be adopted or modified.

                b. Other Activities: Except upon the prior written consent of
the Company, Employee will not, during the term of this Agreement, (i) accept
any other employment, or (ii) engage, directly or indirectly, in any other
business activity (whether or not pursued for pecuniary advantage) that might
interfere with Employee's duties and responsibilities hereunder or create a
conflict of interest with the Company.

                c. No Conflict. Employee represents and warrants that Employee's
execution of this Agreement, his or her employment with the Company, and the
performance of his or her proposed duties under this Agreement shall not violate
any obligations Employee may have to any other employer, person or entity,
including any obligations with respect to proprietary or confidential
information of any other person or entity.

        3. Compensation and Benefits

                a. Base Salary: In consideration of the services to be rendered
under this Agreement, the Company shall pay Employee a salary at the rate of
$225,000 Dollars per year ("Base Salary"). The Base Salary shall be paid in
accordance with the Company's regularly

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established payroll practices. Employee's Base Salary will be reviewed at least
annually in accordance with the Company's established procedures for adjusting
salaries for similarly situated employees and may be increased in the sole
discretion of the Company's Compensation Committee. The Base Salary may not be
decreased, except upon a mutual written agreement between the parties.

                b. Bonus. Employee shall be eligible for any bonus program or
plan that is established by the Company for similarly situated employees. The
Company's Compensation Committee, in its sole discretion, may establish a bonus
program or plan for Employee.

                c. Stock and Stock Options: Employee currently owns Common Stock
and/or Preferred Stock in the Company. The Company's Compensation Committee, in
its sole discretion, may grant Employee one or more stock options or other
equity rights.

                d. Benefits: The Company will provide Employee with medical,
dental, eye-care, disability and life insurance benefits through one or more
private benefit policies established by the Company for Employee, which shall be
reasonably priced and shall provide competitive terms and benefits (and which
may be amended from time to time in the Company's sole discretion) and will pay
all premiums for coverage of Employee and his family. The Company shall also
provide Employee with at least five weeks of paid vacation leave annually, which
shall accrue monthly (i.e., 2 1/12th days shall accrue each month) and shall be
governed by the Company's regular policies and practices regarding vacation
leave (as may be amended from time to time in the Company's sole discretion).
Employee shall also be eligible to participate in any additional benefits made
generally available by the Company to similarly-situated employees, in
accordance with the benefit plans established by the Company, which may be
amended or terminated at any time in the Company's sole discretion.

                e. Expenses: The Company shall reimburse Employee for all
reasonable business expenses incurred in the performance of his or her duties
hereunder in accordance with the Company's expense reimbursement guidelines.

                f. Indemnification. The Company agrees to defend and indemnify
Employee against any liability that Employee incurs within the scope of his
employment with the Company to fullest extent permitted by the Company's
articles and by-laws and Delaware corporation's law. The Company agrees to
defend and indemnify Employee and hold Employee harmless against any liability
caused by all personal guarantees or other personal obligations that Employee
made during his employment with respect to any debts of the Company.

        4. Terminations By Company

                a. At-Will Termination By Company. The Company may terminate
Employee's employment with the Company at any time, without any advance notice,
for any reason, including no reason at all, notwithstanding anything to the
contrary contained in or arising from any statements, policies, or practices of
the Company relating to the employment, discipline, or termination of its
employees, subject to any severance payment required by Section 4(b).
Thereafter, all obligations of the Company under this Agreement shall cease,
except as provided in Section 6.

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                b. Severance: Except in situations where Employee's employment
is terminated For Cause or By Disability (as defined below), in the event that
the Company terminates Employee's employment at any time, Employee will be
eligible to receive the following: (i) an amount equal to twenty-four (24)
months of Employee's then-current Base Salary ("Severance") payable as follows:
50% of the Severance shall be paid as a lump sum within a reasonable period
following the termination date (but not more than sixty (60) days unless agreed
by Employee) and 50% of the Severance will be paid as salary continuation for
twelve (12) months following the termination date; and (ii) continuation of
Employee's health care benefits for twelve (12) months following the termination
date. Employee shall not be entitled to any severance payments or benefit
continuation if Employee's employment is terminated For Cause or By Disability
(as defined in below) of if Employee's employment is terminated by Employee for
any reason (except as provided in Section 5 below).

                c. Termination For Cause: For purposes of this Agreement,
"Cause" shall mean: (i) Employee commits a crime involving dishonesty, breach of
trust, or physical harm to any person; (ii) Employee willfully engages in
conduct that is in bad faith and materially injurious to the Company, including
but not limited to, misappropriation of trade secrets, fraud or embezzlement;
(iii) Employee commits a material breach of this Agreement, which breach is not
cured within twenty (20) days after written notice to Employee from the Company;
(iv) Employee willfully fails to implement or follow a reasonable and lawful
policy or directive of the Company, which breach is not cured within twenty (20)
days after written notice to Employee from the Company; or (v) Employee engages
in a pattern of failure to perform job duties diligently and professionally,
which pattern is not cured within twenty (20) days after written notice to
Employee from the Company. Prior to the date of any termination for Cause, the
Company's Board of Directors shall meet and the Employee shall have an
opportunity to present to the Board any information relevant to the event
constituting Cause, unless waived by Employee. The Company may terminate
Employee's employment For Cause at any time, without any advance notice. The
Company shall pay to Employee all compensation to which Employee is entitled up
through the date of termination, and thereafter, all of the Company's
obligations under this Agreement shall cease, except as provided in Section 6.

                d. By Disability: If Employee becomes eligible for the Company's
long term disability benefits or if, in the reasonable opinion of the Company's
Board of Directors, Employee shall be unable to carry out the responsibilities
and functions of the position held by Employee by reason of any physical or
mental impairment for more than ninety (90) consecutive days or more than one
hundred and twenty (120) days in any twelve-month period, then, to the extent
permitted by law, the Company may terminate Employee's employment. The Company
shall pay to Employee all compensation to which Employee is entitled up through
the date of termination, and thereafter, all of the Company's obligations under
this Agreement shall cease, except as provided in Section 6. Nothing in this
Section shall affect Employee's rights under any disability plan in which he or
she is a participant.

        5. Termination By Employee

                a. At-Will Termination By Employee. Employee may terminate
his/her employment with the Company at any time for any reason, including no
reason at all, upon sixty (60) days advance written notice. The Company shall
have the option, in its sole discretion, to

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make Employee's termination effective at any time prior to the end of such
notice period as long as the Company provides Employee with all compensation to
which he is entitled up through the last day of the sixty (60) day notice
period. Thereafter, all obligations of the Company under this Agreement shall
cease, except as provided in Section 6.

                b. By Death: Employee's employment shall terminate automatically
upon his or her death. The Company shall pay to Employee's beneficiaries or
estate, as appropriate, any compensation then due and owing. Thereafter, all
obligations of the Company under this Agreement shall cease, except as provided
in Section 6. Nothing in this Section shall affect any entitlement of Employee's
heirs to the benefits of any life insurance plan or other applicable benefits.

                c. Termination for Good Reason. Employee's termination shall be
for "Good Reason" if Employee provides written notice to the Company of the Good
Reason within six (6) months of the event constituting Good Reason and provides
the Company with a period of twenty (20) days to cure the Good Reason and the
Company fails to cure the Good Reason within that period. For purposes of this
Agreement, "Good Reason" shall mean any of the following events if the event is
effected by the Company without Employee's consent : (i) a change in Employee's
position with employer which materially reduces Executive's level of
responsibility, except for any reduction for Cause (as defined above) or any
reduction following a Change in Control (as defined below) caused by the
transition of the Company into a new company or a division of a new company;
(ii) a material reduction in Employee's Base Salary, except for reductions that
are comparable to reductions generally applicable to senior executives of the
Company; or (iii) a relocation of Employee's principal place of employment by
more than fifty (50) miles. Employee may terminate his/her employment at any
time for Good Reason, in which case Employee will be eligible to receive the
Severance and benefit continuation provided by Section 4(b) above. Thereafter,
all obligations of the Company under this Agreement shall cease, except as
provided in Section 6.

                d. Change in Control. For purposes of this Agreement, "Change of
Control" shall mean a change in ownership or control of the Company effected
through a merger, consolidation or acquisition by any person or related group of
persons (other than an acquisition by the Company or by a Company-sponsored
employee benefit plan or by a person that directly or indirectly controls, is
controlled by, or is under common control with, the Company) of beneficial
ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of
the Company's outstanding securities.

        6. Termination Obligations

                a. Employee agrees that all property, including, without
limitation, all equipment, tangible proprietary information, documents, records,
notes, contracts, and computer-generated materials provided to or prepared by
Employee incident to his or her employment belong to the Company and shall be
promptly returned to the Company upon termination of Employee's employment.

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                b. Upon termination of Employee's employment, Employee shall be
deemed to have resigned from all offices and directorships then held with the
Company. Following any termination of employment, Employee shall cooperate with
the Company in the winding up or transferring to other employees of any pending
work and shall also cooperate with the Company in the defense of any action
brought by any third party against the Company that relates to Employee's
employment by the Company.

                c. Employee agrees that following termination of his or her
employment, Employee shall not access or use any of the Company's computer
systems, e-mail systems, voicemail systems, intranet system or other system,
except as authorized by the Company in writing.

                d. The Company agrees that immediately following termination of
Employee's employment, the Company will take all steps reasonably necessary to
release Employee from all personal guarantees or other personal obligations that
Employee made with respect to any debts of the Company.

                e. The Company and Employee agree that their obligations under
this Section as well as Sections 3(f), 7 (including Exhibit A) and 8 shall
survive the termination of employment and the expiration of this Agreement.

        7. Inventions and Proprietary Information

                a. Employee agrees to execute and be bound by the terms of the
Company's Proprietary Information and Inventions Agreement, which is attached as
Exhibit A.

                b. Employee acknowledges that because of his/her position in the
Company, Employee will have access intellectual property and confidential
information. During the term of his or her employment (plus any period in which
the Company is paying the Employee Severance) and for one (1) year thereafter,
Employee shall not, for Employee or any third party, directly or indirectly, (i)
interfere with any business of any kind in which the Company (or any affiliate)
is engaged, including, without limitation, diverting or attempting to divert any
of its suppliers or customers, or (ii) solicit, induce, recruit or encourage any
person employed by the Company to leave their employment.

        8. Dispute Resolution

                a. The parties agree that any suit, action, or proceeding
between Employee (and his or her attorneys, successors, and assigns) and the
Company (and its affiliates, shareholders, directors, officers, employees,
members, agents, successors, attorneys, and assigns) relating in any manner
whatsoever to Employee's employment or termination that employment shall be
brought in either the United States District Court for the Northern District of
California or in a California state court in the County of Santa Clara and that
the parties shall submit to the jurisdiction of such court. The parties
irrevocably waive, to the fullest extent permitted by law, any objection the
party may have to the laying of venue for any such suit, action or proceeding

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brought in such court. If any one or more provisions of this Section shall for
any reason be held invalid or unenforceable, it is the specific intent of the
parties that such provisions shall be modified to the minimum extent necessary
to make it or its application valid and enforceable.

                b. Employee acknowledges that he/she is obligated under this
Agreement to render services of a special, unique, unusual, extraordinary and
intellectual character, thereby giving this Agreement peculiar value so that the
loss thereof cannot be reasonably or adequately compensated in damages in an
action at law. Accordingly, in addition to other remedies provided by law, the
Company shall have the right during the term of this Agreement to compel
specific performance by the Employee.

        9. Entire Agreement

        This Agreement is intended to be the final, complete, and exclusive
statement of the terms of Employee's employment by the Company and may not be
contradicted by evidence of any prior or contemporaneous statements or
agreements, except for agreements specifically referenced herein (including the
Company's Proprietary Information and Inventions Agreement, attached as Exhibit
A, and any agreements related to the stock currently held by Employee).

        10. Amendments; Waivers

        This Agreement may not be amended except by a writing signed by Employee
and by a duly authorized representative of the Company other than Employee.
Failure to exercise any right under this Agreement shall not constitute a waiver
of such right.

        11. Assignment

        Employee agrees that Employee will not assign any rights or obligations
under this Agreement. Nothing in this Agreement shall prevent the consolidation,
merger or sale of the Company or a sale of all or substantially all of its
assets.

        12. Severability

        If any provision of this Agreement shall be held by a court or
arbitrator to be invalid, unenforceable, or void, such provision shall be
enforced to fullest extent permitted by law, and the remainder of this Agreement
shall remain in full force and effect. In the event that the time period or
scope of any provision is declared by a court or arbitrator of competent
jurisdiction to exceed the maximum time period or scope that such court or
arbitrator deems enforceable, then such court or arbitrator shall reduce the
time period or scope to the maximum time period or scope permitted by law.

        13. Taxes

        All amounts paid under this Agreement (including, without limitation,
Base Salary and Severance) shall be paid less all applicable state and federal
tax withholdings. To the extent Employee is or may be subject to one or more
foreign tax obligations, the Company agrees to reasonably cooperate with
Employee to maximize Employee's after tax income.

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        14. Governing Law

        This Agreement shall be governed by and construed in accordance with the
laws of the State of California.

        15. Interpretation

        This Agreement shall be construed as a whole, according to its fair
meaning, and not in favor of or against any party. Captions are used for
reference purposes only and should be ignored in the interpretation of the
Agreement.

        16. Binding Agreement

        Each party represents and warrants to the other that the person(s)
signing this Agreement below has authority to bind the party to this Agreement
and that this Agreement will legally bind both the Company and Employee. This
Agreement will be binding upon and benefit the parties and their heirs,
administrators, executors, successors and permitted assigns. To the extent that
the practices, policies, or procedures of the Company, now or in the future, are
inconsistent with the terms of this Agreement, the provisions of this Agreement
shall control. Any subsequent change in Employee's duties or compensation will
not affect the validity or scope of the remainder of this Agreement.

        17. Employee Acknowledgment

        Employee acknowledges Employee has had the opportunity to consult legal
counsel concerning this Agreement, that Employee has read and understands the
Agreement, that Employee is fully aware of its legal effect, and that Employee
has entered into it freely based on his or her own judgment and not on any
representations or promises other than those contained in this Agreement.

        18. Date of Agreement

        The parties have duly executed this Agreement as of the date first
written above.

BAM! Entertainment, Inc.,
a Delaware corporation:                       EMPLOYEE:

    /s/ RAYMOND C. MUSCI                       /s/ ANTHONY WILLIAMS
By:________________________________           _________________________________
   Name: Raymond C. Musci                     Anthony Williams
   Title: Co-chairman

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                                                                     EXHIBIT 4.3

                               HICKOK INCORPORATED
                    2000 OUTSIDE DIRECTORS STOCK OPTION PLAN

ARTICLE 1.  DEFINITIONS

         Whenever used in the Plan, the following terms have the meanings set
forth below:

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

         (b) "Change in Control" shall be deemed to have occurred upon:

                  (i) The acquisition of beneficial ownership of thirty percent
         (30%) of the Company's Shares by a person or group of persons under
         common control unless such acquisition is approved by the Board; or

                  (ii) A change in the membership of the Board at any time
         during any twelve (12) month period such that, following such change,
         at least thirty percent (30%) of the members of the Board were not
         members of the Board at the start of such twelve (12) month period but
         only if the election of such new members of the Board was not approved
         by at least three-quarters (3/4) of the Directors who were either
         sitting at the beginning of such twelve (12) month period or elected to
         the Board during such twelve (12) month period with the approval of
         three-quarters (3/4) of the Directors who were sitting at the beginning
         of such twelve (12) month period.

         (c) "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

         (d) "Company" means Hickok Incorporated, an Ohio corporation, or any
successor thereto.

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

         (f) "Disability" means a Participant's inability, due to a physical or
mental condition, to continue to serve as a member of the Board, as determined
by the Board pursuant to written certification of such Disability from a
physician acceptable to the Board.

         (g) "Effective Date" means February 21, 2001, subject to ratification
by an affirmative vote of a majority of the voting capital stock of the Company.

         (h) "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor thereto.

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         (i) "Fair Market Value" means (a) if the Shares are listed on a
nationally recognized stock exchange or the Stock Market, the closing price of
the Shares on the date the fair market value of the Shares is being determined,
or, if no sale has occurred on such date, on the most recent preceding day on
which there is a closing price of the Shares, or (b) in all other circumstances,
the value determined by the Board after obtaining an appraisal by one or more
independent appraisers meeting the requirements of regulations issued under
Section 170(a)(1) of the Code.

         (j) "Option" means an option to purchase Shares granted under Article 4
herein.

         (k) "Option Agreement" means an agreement, in the form of Exhibit A
attached hereto, setting forth the terms and provisions applicable to an Option.

         (l) "Option Price" shall be equal to one hundred percent (100%) of the
Fair Market Value of a Share at the close of the date the Option is granted.
Notwithstanding the foregoing, no option shall be granted at an Option Price
less than the minimum price per share at which Common Shares may be issued
without first offering such shares to the current holders of Common Shares in
accordance with the provisions of the Company's Articles of Incorporation in
effect as of the date on which the option is granted.

         (m) "Outside Director" means a Director who is not employed by the
Company or a Subsidiary.

         (n) "Participant" means an Outside Director who has been granted an
Option.

         (o) "Plan" means the Hickok Incorporated 2000 Outside Directors Stock
Option Plan.

         (p) "Shares" means the Class A Common Shares, $1.00 par value, of the
Company.

         (q) "Subsidiary" means any corporation, at least fifty percent (50%) of
the common stock of which is owned directly or indirectly by the Company.

ARTICLE 2.  ESTABLISHMENT, PURPOSE AND DURATION

               2.1 ESTABLISHMENT OF THE PLAN. The Company hereby establishes the
Plan as set forth herein.

               2.2 PURPOSE OF THE PLAN. The purpose of the Plan is to provide
the Outside Directors with greater incentive to serve and promote the interests
of the Company and its shareholders. The premise of the Plan is that, if such
Outside Directors acquire a proprietary interest in the Company or increase such
proprietary interest as they may already hold, then the incentive of such
Outside Directors to work toward the Company's continued success will be

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commensurately increased. Accordingly, the Company will, from time to time
during the effective period of the Plan, grant to the Outside Directors Options
on the terms and subject to the conditions set forth in the Plan.

               2.3 DURATION OF THE PLAN. The Plan shall commence on the
Effective Date and shall remain in effect until the close of business February
21, 2003.

ARTICLE 3.  SHARES SUBJECT TO THE PLAN

               3.1 NUMBER OF SHARES. The total number of Shares available for
grant under the Plan shall be Twenty-One Thousand (21,000). These Shares may be
either authorized but unissued, treasury Shares or reacquired Shares. The grant
of an Option shall reduce the Shares available for grant under the Plan by the
number of Shares subject to such Option. To the extent that an Option is settled
in cash rather than in Shares, the authorized Share pool shall be reduced by the
appropriate number of Shares represented by the cash settlement of the Option,
as determined by the Board (subject to the limitation set forth in Section 3.2
herein).

               3.2 LAPSED OPTIONS. If any Option granted under this Plan is
canceled, terminates, expires or lapses for any reason, any Shares subject to
such Option again shall be available for the grant of an Option under the Plan.
However, in the event that prior to the Option's cancellation, termination,
expiration, or lapse, the holder of the Option at any time received one or more
"benefits of ownership" pursuant to such Option (as defined by the Securities
and Exchange Commission, pursuant to any rule or interpretation promulgated
under Section 16 of the Exchange Act), the Shares subject to such Option shall
not be made available for regrant under the Plan.

               3.3 ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any merger,
reorganization, consolidation, recapitalization, separation, liquidation, share
split, share dividend, split-up, share combination, or other change in the
corporate structure of the Company, the Board, in its sole discretion, shall
make such adjustments as are necessary and appropriate in the exercise prices,
number of Shares issuable upon exercise and/or the class of Shares issuable upon
exercise of all then outstanding Options, to prevent dilution or enlargement of
rights of the holders of Options under the Plan; and provided that the number of
Shares attributable to any Option shall always be a whole number.
Notwithstanding the foregoing provisions of this Section 3.3, no increase,
decrease or change in the Shares shall reduce the Option Price to a price less
than the minimum price per share at which Shares may be issued without first
offering such shares to the current holders of Shares in accordance with the
provisions of the Company's Articles of Incorporation in effect at the time of
such increase, decrease or change in the Shares.

ARTICLE 4.  GRANT OF OPTIONS

               4.1 GRANT OF OPTIONS TO OUTSIDE DIRECTORS. On the Effective Date
each Outside Director shall be granted an Option to purchase One Thousand
(1,000) Shares at the Option Price. On each anniversary of the Effective Date,
through and including February 21,

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2003, each Outside Director shall be granted an Option to purchase One Thousand
(1,000) Shares at the Option Price. Each Option shall be exercisable in equal
one-third increments, beginning on the first anniversary of the date of grant.
The terms of each such Option shall be set forth in an Option Agreement which
shall be executed by the Outside Director and the Company.

               4.2 DURATION OF OPTIONS. Subject to the provisions contained
herein relating to earlier expiration, each Option shall expire on the tenth
(10th) anniversary date of its grant.

               4.3 EXERCISE OF OPTIONS. Options granted under the Plan shall be
exercisable as follows:

               Options shall be exercised by the delivery of a written notice of
exercise to the Company, setting forth the number of Shares with respect to
which the Option is to be exercised, accompanied by full payment for the Shares.

               4.4 PAYMENT. The Option Price upon exercise of any Option shall
be payable to the Company in full in cash or its equivalent. The Board also may
allow cashless exercises as permitted under Federal Reserve Board's Regulation
T, subject to applicable securities law restrictions, or by any other means
which the Board determines to be consistent with the Plan's purpose and
applicable law.

               As soon as practicable after receipt of a written notification of
exercise and full payment, except in the case of a cashless exercise, the
Company shall deliver to the Participant, in the Participant's name, Share
certificates in an appropriate amount based upon the number of Shares purchased
under the Option(s).

               4.5 RESTRICTIONS ON SHARE TRANSFERABILITY. The Board may impose
such restrictions on any Shares acquired pursuant to the exercise of an Option
under the Plan as shall be required under applicable Federal securities laws,
under the requirements of any stock exchange or market upon which such Shares
are then listed and/or traded and under any blue sky or state securities laws
applicable to such Shares.

               4.6 CEASING TO BE A DIRECTOR DUE TO DEATH OR DISABILITY.

                    (a) DEATH. In the event a Participant ceases to be a
Director by reason of death, all vested Options held by the Participant shall
remain exercisable at any time prior to their expiration date, or for one (1)
year after the date of death, whichever period is shorter, by such person or
persons as shall have been named as the Participant's beneficiary, or by such
persons that have acquired the Participant's rights under the Option by will or
by the laws of descent and distribution.

                    (b) DISABILITY. In the event a Participant ceases to be a
Director by reason of Disability, all vested Options held by the Participant
shall remain exercisable at any time prior to their expiration date, or for one
(1) year after the date that the Board determines the definition of Disability
to have been satisfied, whichever period is shorter.

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                    (c) DEATH AFTER CEASING TO BE A DIRECTOR. In the event that
a Participant ceases to be a Director by reason of Disability, and within the
exercise period following such termination the Participant dies, then the
remaining exercise period under outstanding Options shall equal the longer of
(i) one (1) year following death; or (ii) the remaining portion of the exercise
period which was triggered by reason of the Director's Disability; provided,
however, the remaining exercise period shall in no event extend beyond the
expiration date of such Options. Such Options shall be exercisable by such
person or persons who shall have been named as the Participant's beneficiary, or
by such persons who have acquired the Participant's rights under the Option by
will or by the laws of descent and distribution.

               4.7 CEASING TO BE A DIRECTOR. If a Participant ceases to be a
Director for any reason, all Options held by the Participant which are not
vested as of the date he ceases to be a Director shall immediately be forfeited
to the Company.

               Options which are vested as of the date a Participant ceases to
be a Director for any reason other than the reasons set forth in Section 4.6 may
be exercised within the period beginning on the date the Participant ceases to
be a Director, and ending sixty (60) days after such date. In the event the
Participant dies within such sixty (60) day period, then any outstanding Options
may be exercised within twelve (12) months after the date of such Participant's
death by such person or persons who shall have been named as such Participant's
beneficiary or by such person who has acquired the Participant's rights under
the Options by will or by the laws of descent and distribution; provided,
however, the remaining exercise period shall in no event extend beyond the
expiration date of such Options.

               4.8 NONTRANSFERABILITY OF OPTIONS. No Option may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated by a
Participant or any other person, voluntarily or involuntarily, other than (i) by
will or by the laws of descent and distribution or (ii) pursuant to a Qualified
Domestic Relations Order as provided for in Section 206(d)(3)(B) of the Employee
Retirement Income Security Act of 1974, as amended. Further, a Participant's
rights under the Plan shall be exercisable during the Participant's lifetime
only by the Participant or the Participant's legal representative.

ARTICLE 5.  BENEFICIARY DESIGNATION

               Each Participant may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively) who will succeed
to the Participant's rights hereunder in the event of the Participant's death.
Each such designation shall revoke all prior designations by the same
Participant, shall be in a form prescribed by the Company, and will be effective
only when filed by the Participant in writing with the Company during the
Participant's lifetime. In the absence of any such designation, benefits
remaining unpaid at the Participant's death shall be paid to the Participant's
estate.

                                       5
<PAGE>   6

               The spouse of a married Participant domiciled in a community
property jurisdiction shall join in any designation of beneficiary or
beneficiaries other than the spouse.

ARTICLE 6.  CHANGE IN CONTROL

               Upon the occurrence of a Change in Control, unless otherwise
specifically prohibited by the terms of Section 11.5 herein:

               (a) Any and all Options granted hereunder shall become
immediately exercisable; and

               (b) Subject to Article 7 herein, the Board shall have the
authority to make any modifications to the Options as determined by the Board to
be appropriate before the effective date of the Change in Control.

ARTICLE 7.  AMENDMENT, MODIFICATION, AND TERMINATION

               7.1 AMENDMENT, MODIFICATION, AND TERMINATION. The Board may at
any time and from time to time, alter, amend, suspend or terminate the Plan in
whole or in part; provided, that the Plan shall not be amended more than once
every six (6) months, other than to conform it to changes in the Code, the
Employee Retirement Income Security Act of 1974, as amended, or the rules
thereunder; and provided, further that no amendment which requires shareholder
approval in order for the Plan to continue to comply with Rule 16b-3 under the
Exchange Act, including any successor to such Rule, shall be effective unless
such amendment shall be approved by the requisite vote of shareholders of the
Company entitled to vote thereon.

               7.2 OPTIONS PREVIOUSLY GRANTED. No termination, amendment or
modification of the Plan shall adversely affect in any material way any Option
previously granted under the Plan, without the written consent of the
Participant holding such Option.

ARTICLE 8.  WITHHOLDING

               The Company shall have the power and the right to deduct and
withhold from any other compensation due the Participant from the Company, or
require a Participant to remit to the Company in such form as requested by the
Company, an amount sufficient to satisfy Federal, state, and local taxes
required by law to be withheld with respect to any taxable event arising from or
as a result of this Plan.

                                       6
<PAGE>   7

ARTICLE 9.  INDEMNIFICATION

               Each person who is or shall have been a member of the Board shall
be indemnified and held harmless by the Company against and from any loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by such
person in connection with or resulting from any claim, action, suit, or
proceeding to which such person may be a party or in which such person may be
involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by such person in settlement thereof,
with the Company's approval or paid by such person in satisfaction of any
judgment in any such action, suit, or proceeding against such person, provided
such persons shall give the Company an opportunity, at its own expense, to
handle and defend the same before such person undertakes to handle and defend it
on such person's own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be
entitled under the Company's Articles of Incorporation or Code of Regulations,
as a matter of law, or otherwise, or any power that the Company may have to
indemnify them or hold them harmless.

ARTICLE 10.  SUCCESSORS

               All obligations of the Company under the Plan with respect to
Options shall be binding on any successor to the company, whether the existence
of such successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the business and/or
assets of the Company.

ARTICLE 11.  MISCELLANEOUS

               11.1 NO RIGHT TO CONTINUE AS A DIRECTOR. Nothing in this Plan or
in any Option Agreement shall confer upon any Outside Director any right to
continue as a Director, or to be entitled to receive any remuneration or
benefits not set forth in the Plan or such Option Agreement, or to interfere
with or limit the right of the shareholders of the Company to remove him or her
as a Director, with or without cause.

               11.2 GENDER AND NUMBER. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine; the
plural shall include the singular and the singular shall include the plural.

               11.3 SEVERABILITY. In the event any provision of the Plan shall
be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

               11.4 REQUIREMENTS OF LAW. The granting of Options and the
issuance of Shares under the Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required. Notwithstanding any other
provision set forth in the Plan, if required by the then-current

                                       7
<PAGE>   8

Section 16 of the Exchange Act, any "derivative security" or "equity security"
granted pursuant to the Plan to any Outside Director may not be sold or
transferred for at least six (6) months after the date of grant of such Option.
The terms "equity security" and "derivative security" shall have the meanings
ascribed to them in the then-current Rule 16(a) under the Exchange Act.

               11.5 SECURITIES LAW COMPLIANCE. Transactions under this Plan are
intended to comply with all applicable conditions of Rule 16b-3 or its
successors under the Exchange Act. To the extent any provision of the Plan or
action by the Committee fails to so comply, it shall be deemed null and void, to
the extent permitted by law and deemed advisable by the Committee.

               11.6 GOVERNING LAW. To the extent not preempted by Federal law,
the Plan, and all agreements hereunder, shall be construed in accordance with
and governed by the laws of the State of Ohio.

               11.7 TIME FOR TAKING ACTION. Any action that may be taken in
respect of the Plan within a certain number of days shall be taken within that
number of calendar days; provided, however, that if the last day for taking any
such action falls on a weekend or a holiday, the period during which such action
may be taken shall be extended until the next business day. If any action in
respect of the Plan is required to be taken on a day which falls on a weekend or
a holiday, such action shall be taken on the next business day.

               11.8 NONQUALIFIED OPTIONS. All Options granted under the Plan
shall, for purposes of the federal income tax, be nonqualified stock options.

                                       8

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