Document:

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                                                                   Exhibit 10.16

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (the "Agreement") is made, entered into
and effective the ___ day of _________ 2000, between eNote.com Inc., a Delaware
corporation having an office at 185 Allen Brook Lane, Williston, Vermont 05495
(the "Company"), and _____________________, a ________________ corporation
organized under the laws of the _____________ and having an office at
______________________________, (the "Purchaser"). The parties hereto agree as
follows.

         1.   SALE AND PURCHASE OF SECURITIES.

         (a) AGREEMENT TO PURCHASE AND SELL. The Company agrees to sell to the
Purchaser and, in reliance on the representations, warranties and covenants made
herein by the Company, the Purchaser agrees to purchase from the Company, (i)
______________ shares of the Company's Common Stock (the "Shares") at a price
per share equal to $6 and (ii) a warrant in the form attached hereto as Exhibit
A (the "Warrant") to acquire ____________ shares of the Company's Common Stock
at an exercise price of $.01 per share (the "Warrant Shares").

         (b) PURCHASE PRICE OF SECURITIES. The Purchase Price payable by the
Purchaser for the Shares and the Warrants shall be __________________ U.S.
Dollars ($__________). Such Purchase Price shall be paid, by bank wire transfer
to an account designated by the Company in writing to the Purchaser, upon the
Company's delivery of the Stock Certificates to the Purchaser.

         2. REPRESENTATIONS AND WARRANTIES. To induce the Purchaser to enter
into and perform its obligations under this Agreement, the Company hereby
represents and warrants to the Purchaser as follows:

         (a) ORGANIZATION AND EXISTENCE. The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of Delaware;
it has obtained all licenses and permits and has filed all registrations in all
jurisdictions that are necessary to the operation of its present business. The
Company is duly qualified as a foreign corporation in all jurisdictions where
such qualification is required.

         (b) AUTHORIZATION AND NON-CONTRAVENTION. The execution and delivery of
this Agreement by the Company and the performance of the duties of the Company
set forth herein are within the Company's corporate powers, have been duly
authorized by all necessary corporate action, have been approved by the
Company's Board of Directors, do not require the approval of the Company's
stockholders and do not contravene (i) the Company's Certificate of
Incorporation or Bylaws or (ii) any statute, rule, regulation or other law or
any contractual restriction binding on or affecting the Company, and do not
result in or require the creation of any lien, security interest or other charge
or encumbrance upon or with respect to any of its properties.

         (c) FULLY-PAID AND NONASSESSABLE SECURITIES. The Shares and the Warrant
Shares to be delivered to Purchaser pursuant to the terms of this Agreement
and/or upon the exercise of the Warrant will, on delivery in accordance with the
terms hereof and thereof, be duly authorized, validly issued, fully paid,
nonassessable and free and clear of any and all liens, encumbrances or
restrictions, other than the express restrictions on resale described elsewhere
herein.

         (d) ENFORCEABILITY OF OBLIGATIONS. This Agreement is the legal, valid
and binding obligation of the Company, enforceable against it in accordance with
its terms.

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         (e) CLAIMS AND LITIGATION. There are no claims, actions or proceedings,
pending or threatened, by or against or affecting the Company, including actions
before a court, governmental agency or arbitrator, other than those arising or
instituted after the date of this Agreement and prior to Closing in which the
amount claimed as loss or damage (or if no specific amount is claimed, then the
Company's good faith reasonable estimate of the amount that will be claimed)
exceeds $20,000 in the aggregate. Furthermore, the Company has no knowledge of
any conflict between its rights respecting the tvemail technologies and the
rights of others or of the basis for any claim that has not yet been asserted.

         (f) TAXES. The Company has filed all required federal, state and other
tax returns and paid any and all income, sales, property or other taxes due
pursuant thereto or pursuant to any assessment received by the Company, except
such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. All such tax returns filed by the Company
accurately reflect the tax due by the Company for the fiscal periods for which
such returns were filed.

         (g) STOCK AND RECORDS. All outstanding capital stock of the Company was
and is properly issued, duly paid and non-assessable, and all books and records
of the Company, including but not limited to its minute books, bylaws, and books
of account, are accurate and complete.

         (h) CONVERTIBLE SECURITIES AND STOCK PURCHASE RIGHTS. Except as set
forth on Schedule 1 hereto, no shares of the Company's unissued capital stock
are reserved for any purpose. Except as set forth on Schedule 1 hereto, there
are no other outstanding commitments, warrants, options, securities convertible
into the Company's stock or other rights to acquire any shares of the Company's
capital stock; there are no preemptive or similar rights with respect to the
issuance or sale of the Company's capital stock; there is no commitment of the
Company to issue or sell any shares of its capital stock; there are no
agreements that now or in the future require the Company to repurchase, redeem,
retire or otherwise acquire any shares of its capital stock; and there are no
agreements (other than agreements designed to require compliance with federal or
state securities laws) restricting the transfer of any shares of the Company's
capital stock.

         (i) TITLE TO PROPERTY. The Company has good and marketable title to all
property and assets to be owned by it including, without limitation, all of the
intellectual property and all assets shown in the Company's March 31, 1999
balance sheet, free of all liens, encumbrances, pledges and security interests.

         (j) INVESTMENTS. The Company has no ownership interest or other
investment in any other person, corporation, partnership or other entity.

         (k) OUTSTANDING GUARANTIES. The Company has no outstanding guaranties
or other agreements relating to the debts or liabilities of any other Person
except for such wholly and partially owned subsidiaries as listed in Exhibit B.

         (l) SEC FILINGS. The Company has filed (i) all forms, reports,
statements and other documents required to be filed with the Securities and
Exchange Commission ("SEC'), including, without limitation (1) all Annual
Reports on Form l0-KSB, (2) all Quarterly Reports on Form l0-QSB, (3) all proxy
statements relating to meetings of stockholders (whether annual or special), (4)
all Reports on Form 8-K, (5) all other reports or registration statements and
(6) all amendments and supplements to all such reports and registration
statements (collectively, the "the Company SEC Reports") and (ii) all forms,
reports, statements and other documents required to be filed with any other
applicable federal regulatory authorities (all such forms, reports, statements
and other documents being referred to herein, collectively, as the "the Company

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Reports"). The Company Reports were prepared in all material respects in
accordance with the requirements of applicable law (including, with respect to
the Company SEC Reports, the Securities Act and Exchange Act, as the case may
be, and the roles and regulations of the SEC thereunder applicable to such the
Company SEC Reports) and (y) did not at the time they were filed contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

         (m) SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties made in sub-paragraphs (a) through (1) of this Paragraph 2 are true
and correct on the date of this Agreement and shall be true and correct on the
date of the Closing, (ii) shall survive the sale of Common Stock for a period of
one year after the date of the Closing, except to the extent that such
representations and warranties are determined to have been untrue as of the date
hereof or the date of the Closing because of claims or actions (whether based on
alleged violations of securities laws, fraud, preemptive rights or otherwise) by
current or former stockholders of the Company based on events which occurred
prior to the date of this Agreement. All of such representations and warranties
are deemed to be material.

         3.       AFFIRMATIVE COVENANTS.

         (a) SEC REPORTING OBLIGATIONS. For so long as the Company's Common
Stock is registered under the Securities Exchange Act of 1934, as amended, the
Company (i) will file all forms, reports, statements and other documents
required to be filed with the Securities and Exchange Commission ("SEC"),
including, without limitation (1) all Annual Reports on Form 10-KSB, (2) all
Quarterly Reports on Form l0-QSB, (3) all proxy statements relating to meetings
of stockholders (whether annual or special), (4) all Reports on Form 8-K, (5)
all other reports or registration statements and (6) all amendments and
supplements to all such reports and registration statements and (ii) all forms,
reports, statements and other documents required to be filed with any other
applicable federal or state regulatory authorities. The Company Reports shall be
prepared in all material respects in accordance with the requirements of
applicable law (including, the Securities Act and Exchange Act, as the case may
be, and the rules and regulations of the SEC thereunder applicable to such
Company Reports) and shall not at the time they are filed contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they are made, not misleading.

         REPORTS TO STOCKHOLDERS. For so long as the Company's Common Stock is
registered under the Securities Exchange Act of 1934, as amended, the Company
will hold an annual meeting of shareholders for the election of directors within
180 days after the end of each of the Company's fiscal years and, within 180
days after the end of each of the Company's fiscal years, will provide the
Company's shareholders with the audited financial statements of the Company as
of the end of the fiscal year just completed prior thereto. Such financial
statements shall be those required by Rule 14a-3 under the Securities Exchange
Act of 1934, as amended, and shall be included in an annual report meeting the
requirements of the Rule. Further, the Company agrees to make available to the
Company's shareholders in printable form within 60 days after the end of each
fiscal quarter of the Company (other than the last fiscal quarter in any fiscal
year) reasonably itemized financial statements of the Company and its
subsidiaries, if any, for the fiscal quarter just ended and a narrative
discussion of such financial statements and the business conducted by the
Company and its subsidiaries, it any, during such quarter.

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         (C) TRANSFER REGISTRATION. The Company shall not register any transfer
of the Shares not made in accordance with the provisions of Regulation S ("Reg
S"), pursuant to registration under the Securities Act of 1933, as amended, or
pursuant to an available exemption from registration under such Act.
Furthermore, the Company will not issue the Warrant Shares upon exercise of the
Warrant until the Company is reasonably satisfied that (i) the Warrant is not
exercised within the United States, and (ii) that the Warrant Shares shall not
be delivered within the United States upon exercise, other than in offerings
deemed to meet the definition of "offshore transaction" pursuant to Rule 902(h)
of the Act, unless registered under the Act or an exemption from such
registration is available.

         4. CLOSING. The Purchaser shall not be obligated to perform its
obligations hereunder unless all of the following conditions which the Company
is hereby obligated to satisfy and perform shall have been satisfied and
performed on or prior to the Closing.

         (a) AUTHORIZATION. Execution and performance of all terms and
conditions hereof by the Company shall have been approved by its Board of
Directors, in a resolution in a manner satisfactory in form and substance to the
Purchaser, and the Company shall have duly executed and delivered this Agreement
and stock certificates evidencing the Purchase hereunder.

         (b) PERFORMANCE. The Company shall have delivered to Purchaser, all of
the schedules, certificates and other papers required to be delivered on or
before the date of this Agreement. None of the Company's representations and
warranties set forth in this Agreement or any information contained in any
schedule, attachment or exhibit hereto or in any writing delivered to the
Purchaser shall be or shall have been discovered by the Purchaser or its
attorneys, accountants, employees or other personnel to be untrue or incorrect
in any material respect on the date of the Closing.

         (c) CLOSING PAPERS. The Company shall have delivered to the Purchaser
all of the following: (i) an officers' certificate dated the date of the Closing
satisfactory in form and substance to the Purchaser stating that the
representations in Paragraph 2 are true and correct as of such date; (ii)
certified copies satisfactory in form and substance to the Purchaser of the
resolutions described in sub-paragraph 3(a); and (iii) such other materials as
the Purchaser shall reasonably require.

         (d) WAIVER. Any Closing condition or covenant specified in this Section
4 may be waived by the Purchaser, and such waiver shall be deemed to have been
made to the extent the Purchaser agrees to and consummates the Closing and one
or more of the conditions set forth in this Section 4 have not been fully
satisfied.

         5. INVESTOR REPRESENTATIONS; TRANSFER. The Purchaser represents and
warrants that it: (i) an "accredited investor" as defined under federal
securities laws; (ii) is not a "U.S. Person", as defined in Reg S; (iii) that
the Shares, the Warrant and, if applicable, the Warrant Shares, are being
acquired by the Purchaser for its own account and the Purchaser is not acquiring
the Shares, the Warrant, or the Warrant Shares for the account or benefit of a
"U.S. Person"; (iv) has its principal place of business in
______________________; (v) that such acquisition is made without any present
intention of reoffering, reselling or distributing the Shares, the Warrant or
the Warrant Shares; (vi) prior to making such acquisition, the Purchaser was
given unrestricted access to all of the Company's books and records for the
purpose of personally examining any such documents as the Purchaser deemed
material to his investment decision; and (vii) prior to making such acquisition,
the Purchaser was given an opportunity to ask questions of and receive answers
from the Company's officers, directors, attorneys and accountants respecting any
matter which the Purchaser deemed material to its investment decision and all
such questions have been answered to the full satisfaction of the Purchaser. The
Purchaser further understands that all

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certificates representing shares and warrants of the Purchaser shall bear the
following legend:

         THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED IN RELIANCE ON
         REGULATION S OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND
         HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER
         THE ACT OR ANY STATE SECURITIES LAW, AND THEY MAY NOT BE SOLD OR
         TRANSFERRED EXCEPT PURSUANT TO REGULATION S, REGISTRATION UNDER THE ACT
         OR AN EXEMPTION THEREFROM UNDER SAID ACT AND UNDER ALL APPLICABLE STATE
         SECURITIES LAWS. FURTHERMORE, ALL HEDGING TRANSACTIONS INVOLVING THESE
         SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

         The Purchaser further covenants to only resell the Shares, the Warrant
or the Warrant Shares in accordance with the provisions of Reg S, pursuant to
registration under the Securities Act of 1933, as amended, or pursuant to an
exemption thereunder and shall not engage in any hedging transactions with
regard to the Shares unless in compliance with such Act. The foregoing
restrictions on the transferability of the Shares shall cease and terminate (i)
when such securities shall have been effectively registered under the Securities
Act and all applicable state securities laws, or otherwise disposed of in
accordance with the requirements of Reg S or another exemption under the
Securities Act, or (ii) the Company shall have received an opinion of counsel
reasonably acceptable to the Company to the effect that such restrictions are no
longer required in order to ensure compliance of any future transfer with the
Securities Act and all applicable state securities laws. Whenever such
restrictions shall terminate as to any of the Shares or the Warrant, the holder
thereof shall be entitled to receive from the Company, without expense, new
certificates of like tenor not bearing the legend set forth above.

         6. NOTICE. All notices, requests, demands and other communications
relating to this Agreement shall be in writing, including by facsimile or email,
addressed to the address set forth herein or such other address as any party
shall notify the other party in writing, and shall be effective, in the case of
written notice by mail, upon placement into the mails (first class, postage
prepaid), and in the case of notice by facsimile or email, on the day sent.

         7. OTHER PROVISIONS. This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the original parties hereto and their
respective heirs, personal representatives, successors and assigns. This
Agreement shall be governed by the laws of the State of Vermont except to the
extent such laws are preempted by federal law. If any of the provisions
contained in this Agreement are invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby. Any provision of this
Agreement may be waived by the person entitled to the benefit thereof; provided,
no delay or failure on the part of any person in exercising any right hereunder,
and no partial or single exercise thereof, shall constitute a waiver of any
other fights hereunder. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may only
be modified in writing signed by all the parties hereto.

         8. SUBMISSION TO EXCLUSIVE JURISDICTION. With respect to actions and
proceedings to enforce the provisions of, arising from, or relating to this
Agreement or the transactions contemplated hereby, each of the parties hereto
consents to personal jurisdiction in the state or federal courts of Vermont and
irrevocably agrees that all such actions and proceedings shall be litigated
exclusively in such courts. Further, each of the parties hereto waives any
objection that it may have to the conduct of any action or proceeding in any
such court based on improper venue

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or FORUM NON CONVENIENS. Each of the parties hereto waives personal service of
any and all process upon it and agrees that valid service of process may be made
by mail or courier service directed to it at the address set forth herein and
that service so made shall be deemed to be completed upon the earlier of actual
receipt or ten (10) days after the same shall have been posted.

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         IN WITNESS WHEREOF, the parties have executed this Stock Purchase
Agreement, effective as of the date first above written.

                                       ENOTE.COM INC.

                                       BY: _________________________________
                                           JOHN R. VARSAMES, PRESIDENT AND CEO

                                       [NAME OF PURCHASER]

                                       BY: _________________________________
                                           [NAME, TITLE]

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                                    EXHIBIT A

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                                    EXHIBIT B

           WEBATM, INC., SOLUTIONET, LTD. AND NAVIS TECHNOLOGIES, INC.

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                                   SCHEDULE 1

1.       5,000,000 shares of the Company's Convertible Preferred Stock, par
         value $.01 per share.

2.       Warrants to acquire 2,000,000 shares of the Company's Common Stock par
         value $.01 per share.

3.       Options to acquire shares of the Company's Common Stock issued to
         certain employees and consultants as incentive compensation.

4.       1-Year 12 Percent Convertible Debenture Due May 3, in the principal
         amount of $30,000.

5.       1-Year 12 Percent Convertible Debenture Due May 3, 2000, in the
         principal amount of $50,000.

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                                                                   Exhibit 10.22

                                 ENOTE.COM, INC.
                            2000 INCENTIVE STOCK PLAN

1.       PURPOSE OF THE PLAN

         This 2000 Incentive Stock Plan is intended to promote the interests of
  eNote.com, Inc., a Delaware corporation (the "Company"), by providing the
  Employees of and Consultants to the Company and its Subsidiaries, who will be
  largely responsible for the management, growth and protection of the business
  of the Company, with a proprietary interest in the Company.

2.       DEFINITIONS

      As used in the Plan, the following definitions apply to the terms
indicated below.

      (a) "Board of Directors" shall mean the Board of Directors of eNote.com,
Inc., a Delaware corporation.

      (b) "Cause," when used in connection with the termination of a
Participant's employment with the Company, shall mean the termination of the
Participant's employment by the Company by reason of (i) the conviction of the
Participant by a court of competent jurisdiction as to which no further appeal
can be taken of a crime involving moral turpitude; (ii) the proven commission by
the Participant of an act of fraud upon the Company; (iii) the willful and
proven misappropriation of any funds or property of the Company by the
Participant; (iv) the willful, continued and unreasonable failure by the
Participant to perform duties assigned to him and agreed to by him; (v) the
knowing engagement by the Participant in any direct, material conflict of
interest with the Company without compliance with the Company's conflict of
interest policy, if any, then in effect; (vi) the knowing engagement by the
Participant, without the written approval of the Board of Directors of the
Company, in any activity which competes with the business of the Company or
which would result in a material injury to the Company; or (vii) the knowing
engagement in any activity which would constitute a material violation of the
provisions of the Company's policies and procedures manual or other analogous
employee handbook, if any, then in effect.

      (c) "Cash Bonus" shall mean an award of a bonus payable in cash pursuant
to Section 10 hereof.

      (d) "Change in Control" shall mean:

          (1) a "change in control" of the Company, as that term is contemplated
in the federal securities laws; or

          (2) the occurrence of any of the following events:

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              (A) any Person becomes, after the effective date of this Plan, the
"beneficial owner" (as defined in Rule 13d-3 promulgated under the Exchange
Act), directly or indirectly, of securities of the Company representing 40% or
more of the combined voting power of the Company's then outstanding securities;
provided, that the acquisition of additional voting securities, after the
effective date of this Plan, by any Person who is, as of the effective date of
this Plan, the beneficial owner, directly or indirectly, of 10% or more of the
combined voting power of the Company's then outstanding securities, shall not
constitute a "Change in Control" of the Company for purposes of this Section
2(d).

              (B) a majority of individuals who are nominated by the Board of
Directors for election to the Board of Directors on any date, fail to be elected
to the Board of Directors as a direct or indirect result of any proxy fight or
contested election for positions on the Board of Directors, or

              (3) the Board of Directors determines in its sole and absolute
discretion that there has been a change in control of the Company.

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

         (f) "Committee" shall mean the Compensation Committee of the Board of
Directors or such other committee as the Board of Directors shall appoint from
time to time to administer the Plan.

         (g) "Common Stock" shall mean the Company's Common Stock, par value
$.01 per share.

         (h) "Company" shall mean eNote.com, Inc., a Delaware corporation, and
each of its Subsidiaries, and its successors.

         (i) "Consultant" shall mean any natural person, including an advisor,
who renders bona fide services to the Company or any Subsidiary, and is
compensated for such services, provided, however, that such services are not
rendered in connection with the offer or sale of securities in a capital raising
transaction and do not directly or indirectly promote or maintain a market for
the company's securities.

         (j) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

         (k) "Employee" shall mean any person, including officers and directors,
employed by the Company or any Subsidiary of the Company.

         (l) the "Fair Market Value" of a share of Common Stock on any date
shall be (i) the straight average of the closing sales price over the five (5)
preceding business days,

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of a share of Common Stock as reported on the principal securities exchange on
which shares of Common Stock are then listed or admitted to trading or (ii) if
not so reported, the average of the closing bid and asked prices for a share of
Common Stock over the five (5) preceding business days as quoted on the National
Association of Securities Dealers Automated Quotation System ("Nasdaq") or (iii)
if not quoted on Nasdaq, the average of the closing bid and asked prices for a
share of Common Stock as quoted by the National Quotation Bureau's "Pink Sheets"
or the National Association of Securities Dealers' OTC Bulletin Board System
over the five (5) preceding business days. If the price of a share of Common
Stock shall not be so reported, the Fair Market Value of a share of Common Stock
shall be determined by the Committee in its absolute discretion.

         (m) "Family Member" shall include (i) a participant's child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law,
niece, nephew or former spouse and shall include adoptive relationships, or (ii)
any person sharing the participant's household other that a tenant or employee.

         (n) "Family Entity" shall mean any (i) entity in which more than 50% of
the voting interests are held by the participant and/or Family Members or (ii)
any trust in which the participant and/or Family Members have more than 50% of
the beneficial interest.

         (o) "Incentive Award" shall mean an Option, a share of Restricted
Stock, a Stock Appreciation Right, a Stock Bonus or Cash Bonus granted pursuant
to the terms of the Plan.

         (p) "Incentive Stock Option" shall mean an Option which is an
"incentive stock option" within the meaning of Section 422 of the Code and which
is identified as an Incentive Stock Option in the agreement by which it is
evidenced.

         (q) "Issue Date" shall mean the date established by the Committee on
which certificates representing shares of Restricted Stock shall be issued by
the Company pursuant to the terms of Section 7(d) hereof.

         (r) "Non-Qualified Stock Option" shall mean an Option which is not an
Incentive Stock Option and which is identified as a Non-Qualified Stock Option
in the agreement by which it is evidenced.

         (s) "Option" shall mean an option to purchase shares of Common Stock of
the Company granted pursuant to Section 6 hereof. Each Option shall be
identified as either an Incentive Stock Option or a Non-Qualified Stock Option
in the agreement by which it is evidenced.

         (t) "Participant" shall mean an Employee or Consultant to the Company
to whom an Incentive Award is granted pursuant to the Plan, and, upon his death,
his

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successors, heirs, executors and administrators, as the case may be, to the
extent permitted hereby.

         (u) "Person" shall mean a "person," such term is used in Sections 13(d)
and 14(d) of the Exchange Act, and the rules and regulations in effect from time
to time thereunder.

         (v) a "Stock Appreciation Right" shall represent the right to receive
in cash the Fair Market Value of a share of Common Stock of the Company, which
right is granted pursuant to Section 8 hereof and subject to the terms and
conditions contained therein.

         (w) "2000 Plan" shall mean the eNote.com, Inc. 2000 Incentive Stock
Plan, as it may be amended from time to time.

         (x) "Qualified Domestic Relations Order" shall mean a qualified
domestic relations order as defined in the Code, in Title I of the Employee
Retirement income Security Act, or in the rules and regulations as may be in
effect from time to time thereunder.

         (y) "Reserved Shares" shall be that number of shares of Common Stock
reserved for issuance over the term of plan as calculated in accordance with
Section 3 hereof.

         (z) a share of "Restricted Stock" shall mean a share of Common Stock
which is granted pursuant to the terms of Section 7 hereof and which is subject
to the restrictions set forth in Section 7(b) hereof for so long as such
restrictions continue to apply to such share.

         (aa) "Securities Act" shall mean the Securities Act of 1933, as amended
from time to time.

         (bb) "Stock Bonus" shall mean a grant of a bonus payable in shares of
Common Stock pursuant to Section 9 hereof.

         (cc) "Subsidiary" or "Subsidiaries" shall mean any and all corporations
in which at the pertinent time the Company owns, directly or indirectly, stock
vested with 50% or more of the total combined voting power of all classes of
stock of such corporations within the meaning of Section 424(f) of the Code.

         (dd) "Vesting Date" shall mean the date established by the Committee on
which a share of Restricted Stock or a Incentive Award may vest.

3.      STOCK SUBJECT TO THE PLAN

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         Under the Plan, the Committee may grant to Participants (i) Options,
(ii) shares of Restricted Stock, (iii) Stock Appreciation Rights, (iv) Stock
Bonuses and (v) Cash Bonuses.

         The Committee may grant Options, shares of Restricted Stock and Stock
Appreciation Rights under the Plan with respect to the number of Reserved
Shares. The number of Reserved Shares initially reserved for issuance over the
term of the Plan shall be limited to 1,000,000 shares. This number shall be
subject to an automatic semi-annual adjustment, calculated on the last trading
day of December and June of each year during the term of this 2000 Plan, which
shall increase the number of Reserved Shares by that amount necessary to equate
the total Reserved Shares under the Plan immediately following each adjustment
to 10% of the Company's issued and outstanding Common Stock, provided, however,
that such adjustment shall never decrease the number of Reserved Shares and
shall be inapplicable to the extent the total number of Reserved Shares is equal
to or greater than 10% of the Company's issued and outstanding Common Stock on
the date of any such adjustment. The grant of a Cash Bonus shall not reduce the
number of shares of Common Stock with respect to such Options, shares of
Restricted Stock, Stock Appreciation Rights Stock or Stock Bonuses which may be
granted pursuant to the Plan.

         If any outstanding Option expires, terminates or is canceled for any
reason, the shares of Common Stock subject to the unexercised portion of such
Option shall again be available for grant under the Plan. If any shares of
Restricted Stock or Stock Incentive Right, or any shares of Common Stock granted
in a Stock Bonus are forfeited or canceled for any reason, such shares shall
again be available for grant under the Plan.

         Shares of Common Stock issued under the Plan may be either newly issued
or treasury shares, at the discretion of the Committee.

4.       ADMINISTRATION OF THE PLAN

         The Plan shall be administered by a Committee of the Board of Directors
consisting of two or more persons, each of whom shall be a "disinterested
person" within the meaning of Rule 16b-3(c)(2) promulgated under Section 16 of
the Exchange Act. The Committee shall from time to time designate the Employees
of and Consultants to the Company who shall be granted Incentive Awards and the
amount and type of such Incentive Awards.

         The Committee shall have full authority to administer the Plan,
including authority to interpret and construe any provision of the Plan and the
terms of any Incentive Award issued under it and to adopt such rules and
regulations for administering the Plan, as it may deem necessary. Decisions of
the Committee shall be final and binding on all parties.

                                       5
<PAGE>

         The Committee may, in its absolute discretion (i) accelerate the date
on which any Option granted under the Plan becomes exercisable, (ii) extend the
date on which any Option granted under the Plan ceases to be exercisable, (iii)
accelerate the Vesting Date or Issue Date, or waive any condition imposed
pursuant to Section 7(b) hereof, with respect to any share of Restricted Stock
granted under the Plan and (iv) accelerate the Vesting Date or waive any
condition imposed pursuant to Section 8 hereof, with respect to any Stock
Appreciation Right granted under the Plan.

       In addition, the Committee may, in its absolute discretion, grant
Incentive Awards to Participants on the condition that such Participants
surrender to the Committee for cancellation such other Incentive Awards
(including, without limitation, Incentive Awards with higher exercise prices) as
the Committee specifies. Notwithstanding Section 3 hereof, Incentive Awards
granted on the condition of surrender of outstanding Incentive Awards shall not
count against the limits set forth in such Section 3 until such time as such
Incentive Awards are surrendered.

       Whether an authorized leave of absence, or absence in military or
government service, shall constitute termination of employment shall be
determined by the Committee in its absolute discretion.

       No member of the Committee shall be liable for any action, omission, or
determination relating to the Plan, and the Company shall indemnify and hold
harmless each member of the Committee and each other director or employee of the
Company to whom any duty or power relating to the administration or
interpretation of the Plan has been delegated from and against any cost or
expense (including attorneys' fees) or liability (including any sum paid in
settlement of a claim with the approval of the Committee) arising out of any
action, omission or determination relating to the Plan, unless, in either case,
such action, omission or determination was taken or made by such member,
director or employee in bad faith and without reasonable belief that it was in
the best interests of the Company.

5.      ELIGIBILITY

       The persons who shall be eligible to receive Incentive Awards pursuant to
the Plan shall be such Employees of the Company and certain Consultants to the
Company, as the Committee, in its absolute discretion, shall select from time to
time.

 6.      OPTIONS

       The Committee may grant Options pursuant to the Plan, which Options shall
  be evidenced by agreements in such form as the Committee shall from time to
  time approve. Options shall comply with and be subject to the following terms
  and conditions:

        (a)       Identification of Options

                                       6
<PAGE>

         All Options granted under the Plan shall be clearly identified in the
agreement evidencing such Options as either Incentive Stock Options or as
Non-Qualified Stock Options.

        (b)       Exercise Price

       The exercise price of any Non-Qualified Stock Option granted under the
Plan shall be such price as the Committee shall determine on the date on which
such Non-Qualified Stock Option is granted; provided, that such price may not be
less than the minimum price required by law. Except as provided in Section 6(d)
hereof, the exercise price of any Incentive Stock Option granted under the Plan
shall be not less than 100% of the Fair Market Value of a share of Common Stock
on the date on which such Incentive Stock Option is granted.

         (c)      Term and Exercise of Options

                   (1) Each Option shall be exercisable on such date or dates
during such period and for such number of shares of Common Stock as shall be
determined by the Committee on the day on which such Option is granted and set
forth in the agreement evidencing the Option; provided, however, that no Option
shall be exercisable after the expiration of ten years from the date such Option
was granted; and, provided, further, that each Option shall be subject to
earlier termination, expiration or cancellation as provided in the Plan.

                  (2) Each Option shall be exercisable in whole or in part with
respect to whole shares of Common Stock. The partial exercise of an Option shall
not cause the expiration, termination or cancellation of the remaining portion
thereof. Upon the partial exercise of an Option, the agreement evidencing such
Option shall be returned to the Participant exercising such Option together with
the delivery of the certificates described in Section 6(c)(5) hereof.

                  (3) An Option shall be exercised by delivering notice to the
Company's principal office, to the attention of its Secretary, no fewer than
five business days in advance of the effective date of the proposed exercise.
Such notice shall be accompanied by the agreement evidencing the Option, shall
specify the number of shares of Common Stock with respect to which the Option is
being exercised and the effective date of the proposed exercise, and shall be
signed by the Participant. The Participant may withdraw such notice at any time
prior to the close of business on the business day immediately preceding the
effective date of the proposed exercise, in which case such agreement shall be
returned to the Participant. Payment for shares of Common Stock purchased upon
the exercise of an Option shall be made on the effective date of such exercise
either (i) in cash, by certified check, bank cashiers check or wire transfer or
(ii) subject to the approval of the Committee, in shares of Common Stock owned
by the

                                       7
<PAGE>

Participant and valued at their Fair Market Value on the effective date of such
exercise, or (iii) partly in shares of Common Stock with the balance in cash, by
certified check, bank cashiers check or wire transfer. Any payment in shares of
Common Stock shall be effected by the delivery of such shares to the Secretary
of the Company, duly endorsed in blank or accompanied by stock powers duly
executed in blank, together with any other documents and evidences as the
Secretary of the Company shall require from time to time.

                  (4) Any Option granted under the Plan may be exercised by a
broker-dealer acting on behalf of a Participant if (i) the broker-dealer has
received from the Participant or the Company a duly endorsed agreement
evidencing such Option and instructions signed by the Participant requesting the
Company to deliver the shares of Common Stock subject to such Option to the
broker-dealer on behalf of the Participant and specifying the account into which
such shares should be deposited, (ii) adequate provision has been made with
respect to the payment of any withholding taxes due upon such exercise and (iii)
the broker-dealer and the Participant have otherwise complied with Section
220.3(e)(4) of Regulation T, 12 CFR Part 220.

                  (5) Certificates for shares of Common Stock purchased upon the
exercise of an Option shall be issued in the name of the Participant and
delivered to the Participant as soon as practicable following the effective date
on which the Option is exercised; provided, however, that such delivery shall be
effected for all purposes when a stock transfer agent of the Company shall have
deposited such certificates in the United States mail, addressed to the
Participant.

                  (6) During the lifetime of a Participant each Option granted
to him shall be exercisable only by him or, in the case of a non-qualified stock
option, a Family Member or Family Entity of such participant. No Option shall be
assignable or transferable by a participant except by (i) will or by the laws of
descent and distribution or in the case of a non-qualified stock option (ii)
pursuant to a gift or a domestic relations order to a Family Member or Family
Entity.

         (d)      Limitations on Grant of Incentive Stock Options

                  (1) The aggregate Fair Market Value of shares of Common Stock
with respect to which "incentive stock options" (within the meaning of Section
422, without regard to Section 422(d) of the Code) are exercisable for the first
time by a Participant during any calendar year under the Plan (and any other
stock option plan of the Company, or any subsidiary of the Company shall not
exceed $100,000. Such Fair Market Value shall be determined as of the date on
which each such Incentive Stock Option is granted. If such aggregate Fair Market
Value of shares of Common Stock underlying such Incentive Stock Options exceeds
$100,000, then Incentive Stock Options granted hereunder to such Participant
shall, to the extent and in the order required by regulations promulgated under
the Code (or any other authority having the force of Regulations), automatically
be deemed to be Non-Qualified Stock Options, but all other terms and

                                       8
<PAGE>

provisions of such Incentive Stock Options shall remain unchanged. In the
absence of such Regulations (and authority), or if such Regulations (or
authority) require or permit a designation of the options which shall cease to
constitute Incentive Stock Options, Incentive Stock Options shall, to the extent
of such excess and in the order in which they were granted, automatically be
deemed to be Non-Qualified Stock Options, but all other terms and provisions of
such Incentive Stock Options shall remain unchanged.

                  (2) No Incentive Stock Option may be granted to an individual
if, at the time of the proposed grant, such individual owns, directly or
indirectly (based on the attribution rules in Section 424(d) of the Code) stock
possessing more than ten percent of the total combined voting power of all
classes of stock of the Company or any of its subsidiaries, unless (i) the
exercise price of such Incentive Stock Option is at least 110% of the Fair
Market Value of a share of Common Stock at the time such Incentive Stock Option
is granted and (ii) such Incentive Stock Option is not exercisable after the
expiration of five years from the date such Incentive Stock Option is granted.

           (e)    Effect of Termination of Employment or Service

                  (1) If the employment or service of a Participant with the
Company shall terminate for any reason other than Cause, permanent and total
disability (within the meaning of Section 22(e)(3) of the Code) or the death of
the Participant (i) Options granted to such Participant, to the extent that they
were exercisable at the time of such termination, shall remain exercisable until
the expiration of one month after such termination, on which date they shall
expire, and (ii) Options granted to such Participant, to the extent that they
were not exercisable at the time of such termination, shall expire at the close
of business on the date of such termination; provided, however, that no Option
shall be exercisable after the expiration of its term.

                  (2) If the employment of a Participant with the Company shall
terminate as a result of the permanent and total disability (within the meaning
of Section 22(e)(3) of the Code) of the Participant, the voluntary retirement of
the Participant in accordance with the Company's retirement policy as then in
effect or the death of the Participant (i) Options granted to such Participant,
to the extent that they were exercisable at the time of such termination, shall
remain exercisable until the expiration of one year after such termination, on
which date they shall expire, and (ii) Options granted to such Participant, to
the extent that they were not exercisable at the time of such termination, shall
expire at the close of business on the date of such termination; provided,
however, that no Option shall be exercisable after the expiration of its term.

                  (3) In the event of the termination of a Participant's
employment for Cause, all outstanding Options granted to such Participant shall
expire at the commencement of business on the date of such termination.

         (f)      Acceleration of Exercise Date Upon Change in Control

                                       9
<PAGE>

         Upon the occurrence of a Change in Control, each Option granted under
the Plan and outstanding at such time shall become fully and immediately
exercisable and shall remain exercisable until its expiration, termination or
cancellation pursuant to the terms of the Plan.

  7.     RESTRICTED STOCK

         The Committee may grant shares of Restricted Stock pursuant to the
Plan. Each grant of shares of Restricted Stock shall be evidenced by an
agreement in such form as the Committee shall from time to time approve. Each
grant of shares of Restricted Stock shall comply with and be subject to the
following terms and conditions:

         (a)      Issue Date and Vesting Date

         At the time of the grant of shares of Restricted Stock, the Committee
shall establish an Issue Date or Issue Dates and a Vesting Date or Vesting Dates
with respect to such shares. The Committee may divide such shares into classes
and assign a different Issue Date and/or Vesting Date for each class. Except as
provided in Sections 7(c) and 7(f) hereof, upon the occurrence of the Issue Date
with respect to a share of Restricted Stock, a share of Restricted Stock shall
be issued in accordance with the provisions of Section 7(d) hereof. Provided
that all conditions to the vesting of a share of Restricted Stock imposed
pursuant to Section 7(b) hereof are satisfied, and except as provided in
Sections 7(c) and 7(f) hereof, upon the occurrence of the Vesting Date with
respect to a share of Restricted Stock, such share shall vest and the
restrictions of Section 7(c) hereof shall cease to apply to such share.

          (b)     Conditions to Vesting

         At the time of the grant of shares of Restricted Stock, the Committee
may impose such restrictions or conditions, not inconsistent with the provisions
hereof, to the vesting of such shares as it in its absolute discretion deems
appropriate. By way of example and not by way of limitation, the Committee may
require, as a condition to the vesting of any class or classes of shares of
Restricted Stock, that the Participant or the Company achieve certain
performance criteria, such criteria to be specified by the Committee at the time
of the grant of such shares.

         (c)      Restrictions on Transfer Prior to Vesting

          Prior to the vesting of a share of Restricted Stock, no transfer of a
Participant's rights with respect to such share, whether voluntary or
involuntary, by operation of law or otherwise, shall vest the transferee with
any interest or right in or with respect to such share, but immediately upon any
attempt to transfer such rights, such share, and all of the

                                       10
<PAGE>

rights related thereto, shall be forfeited by the Participant and the transfer
shall be of no force or effect.

           (d)    Issuance of Certificates

                  (1) Except as provided in Sections 7(c) or 7(f) hereof,
reasonably promptly after the Issue date with respect to shares of Restricted
Stock, the Company shall cause to be issued a stock certificate, registered in
the name of the Participant to whom such shares were granted, evidencing such
shares: provided, that the Company shall not cause to be issued such a stock
certificates unless it has received a stock power duly endorsed in blank with
respect to such shares. Each such stock certificate shall bear the following
legend:

           The transferability of this certificate and the shares of stock
           represented hereby are subject to the restrictions, terms and
           conditions (including forfeiture and restrictions against transfer)
           contained in the eNote.com, Inc. - 2000 Incentive Stock Plan and an
           Agreement entered into between the registered owner of such shares
           and eNote.com, Inc. A copy of the Plan and Agreement is on file in
           the office of the Secretary of eNote.com, Inc. 185 Allen Brook Lane,
           Williston, Vermont 05495.

Such legend shall not be removed from the certificate evidencing such shares
until such shares vest pursuant to the terms hereof.

                  (2) Each certificate issued pursuant to Paragraph 7 (d)(1)
hereof, together with the stock powers relating to the shares of Restricted
Stock evidenced by such certificate, shall be held by the Company. The Company
shall issue to the Participant a receipt evidencing the certificates held by it
which are registered in the name of the Participant.

        (e)       Consequences Upon Vesting

        Upon the vesting of a share of Restricted Stock pursuant to the terms
hereof, the restrictions of Section 7(c) hereof shall cease to apply to such
share. Reasonably promptly after a share of Restricted Stock vests pursuant to
the terms hereof, the Company shall cause to be issued and delivered to the
Participant to whom such shares were granted, a certificate evidencing such
share, free of the legend set forth in Paragraph 7 (d)(1) hereof, together with
any other property of the Participant held by Company pursuant to Section 7(d)
hereof, provided, however, that such delivery shall be effected for all purposes
when the Company shall have deposited such certificate and other property in the
United States mail, addressed to the Participant.

        (f)       Effect of Termination of Employment

                                       11
<PAGE>

                  (1) If the employment of a Participant with the Company shall
terminate for any reason other than Cause prior to the vesting of shares of
Restricted Stock granted to such Participant, a portion of such shares, to the
extent not forfeited or canceled on or prior to such termination pursuant to any
provision hereof, shall vest on the date of such termination. The portion
referred to in the preceding sentence shall be determined by the Committee at
the time of the grant of such shares of Restricted Stock and may be based on the
achievement of any conditions imposed by the Committee with respect to such
shares pursuant to Section 7(b). Such portion may equal zero.

                  (2) In the event of the termination of a Participant's
employment for Cause, all shares of Restricted Stock granted to such Participant
which have not vested as of the date of such termination shall immediately be
forfeited.

        (g)       Effect of Change in Control

        Upon the occurrence of a Change in Control, all shares of Restricted
Stock which have not theretofore vested (including those with respect to which
the Issue Date has not yet occur-red) shall immediately vest.

8.      STOCK APPRECIATION RIGHTS

         The Committee may grant Stock Appreciation Rights pursuant to the Plan.
Each grant of Stock Appreciation Rights shall be evidenced by an agreement in
such form as the Committee shall from time to time approve. Each grant of Stock
Appreciation Rights shall comply with and be subject to the following terms and
conditions:

        (a)    Vesting Date

        At the time of the grant of Stock Appreciation Rights, the Committee
shall establish a Vesting Date or Vesting Dates with respect to such rights. The
Committee may divide such shares into classes and assign a different Vesting
Date for each class. Provided that all conditions to the vesting of a Stock
Appreciation Right imposed pursuant to Section 8(c) hereof are satisfied, and
except as provided in Section 8(d) hereof, upon the occurrence of the Vesting
Date with respect to Stock Appreciation Rights, such right shall vest.

        (b)    Benefit Upon Vesting

        Upon the vesting of a Stock Appreciation Right, a Participant shall be
entitled to receive in cash, within 90 days of the date on which such right
vests, an amount in cash in a lump sum equal to the sum of (i) the Fair Market
Value of a share of Common Stock of the Company on the date on which such Stock
Appreciation Right vests and (ii) the aggregate amount of cash dividends paid
with respect to a share of Common Stock of the

                                       12
<PAGE>

Company during the period commencing on the date on which the Stock Appreciation
Right was granted and terminating on the date on which such right vests.

        (c)    Conditions to Vesting

         At the time of the grant of Stock Appreciation Rights, the Committee
may impose such restrictions or conditions, not inconsistent with the provisions
hereof, to the vesting of such rights as it, in its absolute discretion deems
appropriate. By way of example and not by way of limitation, the Committee may
require, as a condition to the vesting of any class or classes of Stock
Appreciation Rights, that the Participant or the Company achieve certain
performance criteria, such criteria to be specified by the Committee at the time
of the grant of such rights.

        (d)   Effect of Termination of Employment

              (1) If the employment of a Participant with the Company shall
terminate for any reason other than Cause prior to the vesting of Stock
Appreciation Rights granted to such Participant a portion of such rights, to the
extent not forfeited or canceled on or prior to such termination pursuant to any
provision hereof, shall vest on the date of such termination. The portion
referred to in the preceding sentence shall be determined by the Committee at
the time of the grant of such Stock Appreciation Right and may be based on the
achievement of any conditions imposed by the Committee with respect to such
rights pursuant to Section 8(c). Such portion may equal zero.

              (2) In the event of the termination of a Participant's employment
for Cause, all Stock Appreciation Rights granted to such Participant which have
not vested as of the date of such termination shall immediately be forfeited.

       (e)      Effect of Change in Control

         Upon the occurrence of a Change in Control, all Stock Appreciation
Rights which have not theretofore vested shall immediately vest.

9.      STOCK BONUSES

         The Committee may, in its absolute discretion, grant Stock Bonuses in
such amounts as it shall determine from time to time. A Stock Bonus shall be
paid at such time and subject to such conditions as the Committee shall
determine at the time of the grant of such Stock Bonus. Certificates for shares
of Common Stock granted as a Stock Bonus shall be issued in the name of the
Participant to whom such grant was made and delivered to such Participant as
soon as practicable after the date on which such Stock Bonus is required to be
paid.

10.     CASH BONUSES

                                       13
<PAGE>

         The Committee may, in its absolute discretion, grant in connection with
any grant of Restricted Stock or Stock Bonus or at any time thereafter, a cash
bonus, payable promptly after the date on which the Participant is required to
recognize income for federal income tax purposes in connection with such
Restricted Stock or Stock Bonus, in such amounts as the Committee shall
determine from time to time; provided, however, that in no event shall the
amount of a Cash Bonus exceed the Fair Market Value of the related shares of
Restricted Stock or Stock Bonus on such date. A Cash Bonus shall be subject to
such conditions as the Committee shall determine at the time of the grant of
such Cash Bonus.

11.     ADJUSTMENT UPON CHANGES IN COMMON STOCK

        (a) Outstanding Restricted Stock and Stock Appreciation Rights

        Unless the Committee in its absolute discretion otherwise determines, if
a Participant receives any securities or other property (including dividends
paid in cash) with respect to a share of Restricted Stock, the Issue Date with
respect to which occurs prior to such event, but which has not vested as of the
date of such event, as a result of any dividend, stock split, recapitalization,
merger, consolidation, combination, exchange of shares or otherwise, such
securities or other property will not vest until such share of Restricted Stock
vests, and shall be held by the Company pursuant to Paragraph 7 (d) (2) hereof.

        The Committee may, in its absolute discretion, adjust any grant of
shares of Restricted Stock, the Issue Date with respect to which has not
occurred as of the date of the occurrence of any of the following events, or any
grant of Stock Appreciation Rights, to reflect any dividend, stock split,
recapitalization, merger, consolidation, combination, exchange of shares or
similar corporate change as the Committee may deem appropriate to prevent the
enlargement or dilution of rights of Participants under the grant.

        (b) Outstanding Options, Increase or Decrease in Issued Shares Without
Consideration

        Subject to any required action by the shareholders of the Company, in
the event of any increase or decrease in the number of issued shares of Common
Stock resulting from a subdivision or consolidation of shares of Common Stock or
the payment of a stock dividend (but only on the shares of Common Stock), or any
other increase or decrease in the number of such shares effected without receipt
of consideration by the Company, the Committee shall proportionally adjust the
number of shares and the exercise price per share of Common Stock subject to
each outstanding Option.

        (c) Outstanding Options, Certain Mergers

                                       14
<PAGE>

        Subject to any required action by the shareholders of the Company, if
the Company shall be the surviving corporation in any merger or consolidation
(except a merger of consolidation as a result of which the holders of shares of
Common Stock receive securities of another corporation), each Option outstanding
on the date of such merger or consolidation shall entitle the Participant to
acquire upon exercise the securities which a holder of the number of shares of
Common Stock subject to such Option would have received in such merger or
consolidation.

        (d)       Outstanding Options, Certain Other Transactions

        In the event of a dissolution or liquidation of the Company, a sale of
all or substantially all of the Company's assets, a merger or consolidation
involving the Company in which the Company is not the surviving corporation or a
merger or consolidation involving the Company in which the Company is the
surviving corporation but the holders of shares of Common Stock receive
securities of another corporation and/or other property, including cash, the
Committee shall, in its absolute discretion, have the power to:

                  (1) cancel, effective immediately prior to the occurrence of
such event, each Option outstanding immediately prior to such event (whether or
not then exercisable), and, in full consideration of such cancellation, pay to
the Participant to whom such Option was granted an amount in cash, for each
share of Common Stock subject to such Option equal to the excess of (A) the
value, as determined by the Committee in its absolute discretion, of the
property (including cash) received by the holder of a share of Common Stock as a
result of such event over (B) the exercise price of such Option; or

                  (2) provide for the exchange of each Option outstanding
immediately prior to such event (whether or not then exercisable) for an option
on some or all of the property for which such Option is exchanged and, incident
thereto, make an equitable adjustment as determined by the Committee in its
absolute discretion in the exercise price of the option, or the number of shares
or amount of property subject to the option or, if appropriate, provide for a
cash payment to the Participant to whom such Option was granted in partial
consideration for the exchange of the Option.

        (e) Outstanding Options. Other Changes

        In the event of any change in the capitalization of the Company or
corporate change other than those specifically referred to in Sections 11 (b),
(c) or (d) hereof, the Committee may, in its absolute discretion, make such
adjustments in the number and class of shares subject to Options outstanding on
the date on which such change occurs and in the per share exercise price of each
such Option as the Committee may consider appropriate to prevent dilution or
enlargement of rights.

        (f) No Other Rights

                                       15
<PAGE>

        Except as expressly provided in the Plan, no Participant shall have any
rights by reason of any subdivision or consolidation of shares of stock of any
class, the payment of any dividend, any increase or decrease in the number of
shares of stock of any class or any dissolution, liquidation, merger or
consolidation of the Company or any other corporation. Except as expressly
provided in the Plan, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Common Stock subject to an Incentive Award or the exercise
price of any Option.

12.      RIGHTS AS A SHAREHOLDER

         No person shall have any rights as a shareholder with respect to any
shares of Common Stock covered by or relating to any Incentive Award granted
pursuant to this Plan until the date of the issuance of a stock certificate with
respect to such shares. Except as otherwise expressly provided in Section 11
hereof, no adjustment to any Incentive Award shall be made for dividends or
other rights for which the record date occurs prior to the date such stock
certificate is issued.

13.      NO SPECIAL EMPLOYMENT RIGHTS; NO RIGHT TO INCENTIVE AWARD

         Nothing contained in the Plan or any Incentive Award shall confer upon
any Participant any right with respect to the continuation of his employment by
the Company or interfere in any way with the right of the Company, subject to
the terms of any separate employment agreement to the contrary, at any time to
terminate such employment or to increase or decrease the compensation of the
Participant from the rate in existence at the time of the grant of an Incentive
Award.

        No person shall have any claim or right to receive an Incentive Award
hereunder. The Committee's granting of an Incentive Award to a Participant at
any time shall neither require the Committee to grant an Incentive Award to such
Participant or any other Participant or other person at any time nor preclude
the Committee from making subsequent grants to such Participant or any other
Participant or other person.

14.      SECURITIES MATTERS

        (a) The Company shall be under no obligation to effect the registration
pursuant to the Securities Act of any shares of Common Stock to be issued
hereunder or to effect similar compliance under any state laws. Notwithstanding
anything herein to the contrary, the Company shall not be obligated to cause to
be issued or delivered any

                                       16
<PAGE>

certificates evidencing shares of Common Stock pursuant to the Plan unless and
until the Company is advised by its counsel that the issuance and delivery of
such certificates is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
shares of Common Stock are traded. The Committee may require, as a condition of
the issuance and delivery of certificates evidencing shares of Common Stock
pursuant to the terms hereof, that the recipient of such shares make such
covenants, agreements and representations, and that such certificates bear such
legends, as the Committee, in its sole discretion, deems necessary or desirable.

        (b) The exercise of any Option granted hereunder shall only be effective
at such time as counsel to the Company shall have determined that the issuance
and delivery of shares of Common Stock pursuant to such exercise is in
compliance with all applicable laws, regulations of governmental authorities and
the requirements of any securities exchange on which shares of Common Stock are
traded. The Company may, in its sole discretion, defer the effectiveness of any
exercise of an Option granted hereunder in order to allow the issuance of shares
of Common Stock pursuant thereto to be made pursuant to registration or an
exemption from registration or other methods for compliance available under
federal or state securities laws. The Company shall inform the Participant in
writing of its decision to defer the effectiveness of the exercise of an Option
granted hereunder. During the period that the effectiveness of the exercise of
an Option has been deferred, the Participant may, by written notice, withdraw
such exercise and obtain the refund of any amount paid with respect thereto.

15.      WITHHOLDING TAXES

        Whenever shares of Common Stock are to be issued upon the exercise of an
Option, the occurrence of the Issue Date or Vesting Date with respect to a share
of Restricted Stock or the payment of a Stock Bonus, the Company shall have the
right to require the Participant to remit to the Company in cash an amount
sufficient to satisfy federal, state and local withholding tax requirements, if
any, attributable to such exercise, occurrence or payment prior to the delivery
of any certificate or certificates for such shares. In addition, upon the grant
of a Cash Bonus or the making of a payment with respect to a Stock Appreciation
Right the Company shall have the right to withhold from any cash payment
required to be made pursuant thereto an amount sufficient to satisfy the
federal, state and local withholding tax requirements, if any, attributable to
such exercise or grant.

  16.    AMENDMENT OF THE PLAN

         The Board of Directors may at any time suspend or discontinue the Plan
or revise or amend it in any respect whatsoever, provided, however, that without
approval of the shareholders no revision or amendment shall (i) except as
provided in Section 11 hereof, increase the number of shares of Common Stock
that may be issued under the Plan, (ii) materially increase the benefits
accruing to individuals holding Incentive Awards granted

                                       17
<PAGE>

pursuant to the Plan or (iii) materially modify the requirements as to
eligibility for participation in the Plan.

  17.    NO OBLIGATION TO EXERCISE

         The grant to a Participant of an Option shall impose no obligation upon
  such Participant to exercise such Option.

  18.    TRANSFERS UPON DEATH

         Upon the death of a Participant, outstanding Incentive Awards granted
  to such Participant may be exercised only by the executors or administrators
  of the Participant's estate or by any person or persons who shall have
  acquired such right to exercise by will or by the laws of descent and
  distribution. No transfer by will or the laws of descent and distribution of
  any Incentive Award, or the right to exercise any Incentive Award, shall be
  effective to bind the Company unless the Committee shall have been furnished
  with (a) written notice thereof and with a copy of the will and/or such
  evidence as the Committee may deem necessary to establish the validity of the
  transfer and (b) an agreement by the transferee to comply with all the terms
  and conditions of the Incentive Award that are or would have been applicable
  to the Participant and to be bound by the acknowledgments made by the
  Participant in connection with the grant of the Incentive Award.

  19.    EXPENSES AND RECEIPTS

         The expenses of the Plan shall be paid by the Company. Any proceeds
  received by the Company in connection with any Incentive Award will be used
  for general corporate purposes.

  20.    FAILURE TO COMPLY

         In addition to the remedies of the Company elsewhere provided for
  herein, failure by a Participant to comply with any of the terms and
  conditions of the Plan or the agreement executed by such Participant
  evidencing an Incentive Award, unless such failure is remedied by such
  Participant within ten days after having been notified of such failure by the
  Committee, shall be grounds for the cancellation and forfeiture of such
  Incentive Award, in whole or in part as the Committee, in its absolute
  discretion, may determine.

  21.    EFFECTIVE DATE AND TERM OF PLAN

         The Plan was adopted by the Board of Directors effective __________,
  2000 subject to approval by the shareholders of the Company in accordance with
  applicable law, the requirements of Section 422 of the Code and the
  requirements of Rule 16b-3

                                       18
<PAGE>

  under Section 16(b) of the Exchange Act. No Incentive Award may be granted
  under the Plan after _______, 2010. Incentive Awards may be granted under the
  Plan at any time prior to the receipt of such shareholder approval; provided,
  however, that each such grant shall be subject to such approval. Without
  limitation on the foregoing, no Option may be exercised prior to the receipt
  of such approval, no share certificate shall be issued pursuant to a grant of
  Restricted Stock or Stock Bonus prior to the receipt of such approval and no
  Cash Bonus or payment with respect to a Stock Appreciation Right shall be paid
  prior to the receipt of such approval. If the Plan is not approved by the
  Company's shareholders, then the Plan and all Incentive Awards then
  outstanding hereunder shall forthwith automatically terminate and be of no
  force and effect.

                                       19

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