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Exhibit 4.4    
  

AGREEMENT OF SUBSTITUTION AND AMENDMENT OF

COMMON SHARES RIGHTS AGREEMENT  

        This Agreement of Substitution and Amendment is entered into as of August 16, 2002 by and between Myriad Genetics, Inc., a Delaware corporation
(the"Company") and American Stock Transfer and Trust Company, a New York banking corporation ("AST"). 

RECITALS  

	A.
	On
or about July 17, 2001, the Company entered into a Common Shares Rights Agreements (the "Rights Agreement") with Mellon Investor Services LLC (the "Predecessor Agent") as
rights agent.

	B.
	The
Company wishes to remove the Predecessor Agent and substitute AST as rights agent pursuant to Section 21 of the Rights Agreement.

	C.
	The
Company has given the Predecessor Agent notice of removal of the Predecessor Agent as rights agent. 

AGREEMENT  

        NOW THEREFORE, in consideration of the foregoing and of other consideration, the sufficiency of which is hereby
acknowledged, the parties agree as follows: 

	1.
	Section 21
of the Rights Agreement is hereby amended to provide that any successor rights agent shall, at the time of its appointment as rights agent, have a combined capital
and surplus of at least $10 million, rather than $50 million.

	2.
	The
Company hereby appoints AST as rights agent pursuant to Section 21 of the Rights Agreement, to serve in that capacity for the consideration and subject to all of the terms
and conditions of the Rights Agreement.

	3.
	AST
hereby accepts the appointment as rights agent pursuant to Section 21 of the Rights Agreement and agrees to serve in that capacity for the consideration and subject to all
of the terms and conditions of the Rights Agreement.

	4.
	From
and after the effective date hereof, each and every reference in the Rights Agreement to a "Rights Agent" shall be deemed to be a reference to AST.

	5.
	Section 26
of the Rights Agreement is amended to provide that notices or demands shall be addressed as follows (until another address is filed): 

	If to the Company:	 	Myriad Genetics, Inc.

320 Wakara Way

Salt Lake City, Utah 84108

Attention: President and C.E.O.

Facsimile No.: (801) 584-3640
	

If to AST:	
 	

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attention: Corporate Trust Department

	6.
	Except
as expressly modified herein, the Right Agreement shall remain in full force and effect.

	7.
	This
Agreement of Substitution and Amendment may be executed in one or more counterparts, each of which shall together constitute one and the same document. 

        IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the dated indicated above. 

	

 	
 	

MYRIAD GENETICS, INC.
	

 	
 	

By:	
 	

/s/  PETER D. MELDRUM      

	 	 	Name:	 	Peter D. Meldrum
	

 	
 	

AMERICAN STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	
 	

/s/  HERBERT J. LEMMER      

	 	 	Name:	 	Herbert J. Lemmer

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Exhibit 10.1    
  

MYRIAD GENETICS, INC.  

2002
AMENDED AND RESTATED EMPLOYEE, DIRECTOR AND

CONSULTANT STOCK OPTION PLAN 

1.    DEFINITIONS.  

        Unless otherwise specified or unless the context otherwise requires, the following terms, as used in this Myriad Genetics, Inc. 2002 Amended and Restated
Employee, Director and Consultant Stock Option Plan, have the following meanings: 

        Administrator means the Board of Directors, unless it has delegated power to act on its behalf to a committee. (See Paragraph 4) 

        Affiliate means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or
indirect. 

        Board of Directors means the Board of Directors of the Company. 

        Code means the United States Internal Revenue Code of 1986, as amended. 

        Committee means the Committee to which the Board of Directors has delegated power to act under or pursuant to the provisions of the Plan. 

        Common Stock means shares of the Company's common stock, $.01 par value. 

        Company means Myriad Genetics, Inc., a Delaware corporation. 

        Disability or Disabled means permanent and total disability as defined in
Section 22(e)(3) of the Code. 

        Fair Market Value of a Share of Common Stock means: 

        (1)  If
the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are regularly reported
for the Common Stock, either (a) the average of the closing or last prices of the Common Stock on the Composite Tape or other comparable reporting system for the ten (10) consecutive
trading days immediately preceding the applicable date or (b) the closing or last price of the Common Stock on the Composite Tape or other comparable reporting system for the trading day
immediately preceding the applicable date, as the Administrator shall determine; 

        (2)  If
the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not
regularly reported for the Common Stock for the trading days or day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, either
(a) the average of the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the ten (10) days
on which Common Stock was traded immediately preceding the applicable date or (b) the mean between the bid and the asked price for the Common Stock at the close of trading in the
over-the-counter market for the trading day on which Common Stock was traded immediately preceding the applicable date, as the Administrator shall determine; and 

        (3)  If
the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the
Administrator, in good faith, shall determine. 

        ISO means an option meant to qualify as an incentive stock option under Code Section 422. 

        Key Employee means an employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an
officer or director of the Company or of an 

 

Affiliate), designated by the Administrator to be eligible to be granted one or more Options under the Plan. 

        Non-Qualified Option means an option which is not intended to qualify as an ISO. 

        Option means an ISO or Non-Qualified Option granted under the Plan. 

        Option Agreement means an agreement between the Company and a Participant delivered pursuant to the Plan. 

        Participant means a Key Employee, director or consultant to whom one or more Options are granted under the Plan. As used herein,
"Participant" shall include "Participant's Survivors" where the context requires. 

        Participant's Survivors means a deceased Participant's legal representatives and/or any person or persons who acquired the Participant's
rights to an Option by will or by the laws of descent and distribution. 

        Plan means this Myriad Genetics, Inc. 2002 Amdned and Restated Employee, Director and Consultant Stock Option Plan. 

        Shares means shares of the Common Stock as to which Options have been or may be granted under the Plan or any shares of capital stock into
which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued upon exercise of Options granted under the Plan may be
authorized and unissued shares or shares held by the Company in its treasury, or both. 

2.    PURPOSES OF THE PLAN.  

        The Plan is intended to encourage ownership of Shares by Key Employees, directors and certain consultants to the Company in order to attract such people, to
induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the
granting of ISOs and Non-Qualified Options. 

3.    SHARES SUBJECT TO THE PLAN.  

        The number of Shares subject to this Plan as to which Options may be granted from time to time shall be 8,000,000 or the equivalent of such number of Shares after
the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 16 of
the Plan. 

        If
an Option ceases to be "outstanding", in whole or in part, the Shares which were subject to such Option shall be available for the granting of other Options under the Plan. Any Option
shall be treated as "outstanding" until such Option is exercised in full, or terminates or expires under the provisions of the Plan, or by agreement of the parties to the pertinent Option Agreement. 

4.    ADMINISTRATION OF THE PLAN.  

        The Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to a Committee of the Board of
Directors. Following the date on which the Common Stock is registered under the Securities and Exchange Act of 1934, as amended (the "1934 Act"), the Plan is intended to comply in all respects with
Rule 16b-3 or its successors, promulgated pursuant to Section 16 of the 1934 Act with respect to Participants who are subject to Section 16 of the 1934 Act, and any
provision in this Plan with respect to such persons contrary to 

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Rule 16b-3 shall be deemed null and void to the extent permissible by law and deemed appropriate by the Administrator. Subject to the provisions of the Plan, the Administrator is
authorized to: 

	a.
	Interpret
the provisions of the Plan or of any Option or Option Agreement and to make all rules and determinations which it deems necessary or advisable for the administration of the
Plan;

	b.
	Determine
which employees of the Company or of an Affiliate shall be designated as Key Employees and which of the Key Employees, directors and consultants shall be granted Options;

	c.
	Determine
the number of Shares for which an Option or Options shall be granted; and

	d.
	Specify
the terms and conditions upon which an Option or Options may be granted; 

provided,
however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of preserving the tax status under Code Section 422 of
those Options which are designated as ISOs. Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Option granted under it shall be
final, unless otherwise determined by the Board of Directors, if the Administrator is other than the Board of Directors. 

5.    ELIGIBILITY FOR PARTICIPATION.  

        The Administrator will, in its sole discretion, name the Participants in the Plan, provided, however, that each Participant must be a Key Employee, director or
consultant of the Company or of an Affiliate at the time an Option is granted. Notwithstanding the foregoing, the Administrator may authorize the grant of an Option to a person not then an employee,
director or consultant of the Company or of an Affiliate. The actual grant of such Option, however, shall be conditioned upon such person becoming eligible to become a Participant at or prior to the
time of the execution of the Option Agreement evidencing such Option. ISOs may be granted only to Key Employees. Non-Qualified Options may be granted to any Key Employee, director or
consultant of the Company or an Affiliate. In no event shall any employee be granted in any calendar year Options to purchase more than 1,000,000 shares of the Company's Common Stock pursuant to this
Plan. The granting of any Option to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Options. 

6.    TERMS AND CONDITIONS OF OPTIONS.  

        Each Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by
the Participant. The Administrator may provide that Options be, granted subject to such conditions as the Administrator may deem appropriate including, without limitation, subsequent approval by the
stockholders of the Company of this Plan or any amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions: 

        A.    Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the
terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified
Option: 

	a.
	Option
Price: The option price (per share) of the Shares covered by each Option shall be determined by the Administrator but shall not be less than the par value per share of Common
Stock.

	b.
	Each
Option Agreement shall state the number of Shares to which it pertains; 

3

 

	c.
	Each
Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and may provide that the Option rights
accrue or become exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events; and

	d.
	Exercise
of any Option may be conditioned upon the Participant's execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for
the Company and its other shareholders including requirements that:

	i.
	The
Participant's or the Participant's Survivors' right to sell the Shares may be restricted; and

	ii.
	The
Participant or the Participant's Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will
bear legends noting any applicable restrictions. 

	e.
	On
the date of each annual meeting of the Company's shareholders, each director of the Company who is not (i) an employee of the Company or (ii) nominated or elected
pursuant to or in satisfaction of a contractual obligation of the Company, provided that on such dates such director has been in the continued and uninterrupted service of the Company as a director
since his or her election or appointment, shall be granted a Non-Qualified Option to purchase 15,000 Shares. Each Option granted under this subparagraph shall (i) have an exercise
price equal to the Fair Market Value (per share) of the Shares on the date of grant of the Option, (ii) have a term of ten (10) years, and (iii) shall become cumulatively
exercisable in three (3) equal annual installments of thirty-three and 33/100 percent (33.33%) each, upon completion of one full year of service on the Board of Directors after the date
of grant, and continuing on each of the next two (2) full years of service thereafter. Any director entitled to receive an Option grant under this subparagraph may elect to decline the
Option. The provisions of Paragraphs 10, 11, 12 and 13 below shall not apply to Options granted pursuant to this subparagraph. 

Except
as otherwise provided in the pertinent Option Agreement, if a director who receives Options pursuant to this subparagraph: 

	i.
	ceases
to be a member of the Board of Directors of the Company for any reason other than death or disability, then any unexercised Options granted to
such director may be exercised by the director within the remaining life of the Option, but only to the extent of the number of Shares with respect to which the Options are exercisable on the date the
director ceases to be a member of the Board of Directors, and in no event later than the expiration date of the Option; or,

	ii.
	ceases
to be a member of the Board of Directors of the Company by reason of his or her Disability, then any unexercised Options granted to him or her
hereunder may be exercised by the Participant (or by the Participant's personal representative) within the remaining life of the Option but in no event later than the expiration date of the Option.

	iii.
	ceases
to be a member of the Board of Directors of the Company by reason of his or her death, then any Options granted to him or her hereunder which
have not previously been exercised shall be made fully exercisable by the Participant's Survivors and any unexercised Options granted to such Director may be 

4

 

exercised
by the Participant's Survivors within the remaining life of the Option but in no event later than the expiration date of the Option. 

        B.    ISOs: Each Option intended to be an ISO shall be issued only to a Key Employee and be subject to at least the following
terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Code Section 422 and relevant regulations and rulings
of the Internal Revenue Service: 

	a.
	Minimum
standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described above, except clause (a) thereunder.

	b.
	Option
Price: Immediately before the Option is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Code Section 424(d):

	i.
	Ten
percent (10%) or less of the total combined voting power of all classes of share capital of the
Company or an Affiliate, the Option price per share of the Shares covered by each Option shall not be
less than one hundred percent (100%) of the Fair Market Value per share of the Shares on the date of the grant of the Option.

	ii.
	More
than ten percent (10%) of the total combined voting power of all classes of share capital of the Company or an Affiliate, the Option price per
share of the Shares covered by each Option shall not be less than one hundred ten percent (110%) of the said Fair Market Value on the date of grant. 

	c.
	Term
of Option: For Participants who own

	i.
	Ten
percent (10%) or less of the total combined voting power of all classes of share capital of the
Company or an Affiliate, each Option shall terminate not more than ten (10) years from the date of the grant or at such earlier time as the Option Agreement may provide;

	ii.
	More
than ten percent (10%) of the total combined voting power of all classes of share capital of the Company or an Affiliate, each Option shall
terminate not more than five (5) years from the date of the grant or at such earlier time as the Option Agreement may provide. 

	d.
	Limitation
on Yearly Exercise: The Option Agreements shall restrict the amount of Options which may be exercisable in any calendar year (under this or any other ISO plan of the Company
or an Affiliate) so that the aggregate Fair Market Value (determined at the time each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant in
any calendar year does not exceed one hundred thousand dollars ($100,000), provided that this subparagraph (e) shall have no force or effect if its inclusion in the Plan is not necessary for
Options issued as ISOs to qualify as ISOs pursuant to Section 422(d) of the Code.

	e.
	Limitation
on Grant of ISOs: No ISOs shall be granted after the date which is the earlier of ten (10) years from the date of the
adoption of the Plan by the Company and the date of the approval of the Plan by the shareholders of the Company. 

7.    EXERCISE OF OPTION AND ISSUE OF SHARES.  

        An Option (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address, together with provision
for payment of the full purchase price in accordance with this paragraph for the Shares as to which such Option is being exercised, and upon compliance with any other condition(s) set forth in the
Option Agreement. Such written notice shall be 

5

 

signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the
Option Agreement. Payment of the purchase price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the
discretion of the Administrator, through delivery of shares of Common Stock having a fair market value equal as of the date of the exercise to the cash exercise price of the Option, determined in good
faith by the Administrator, or (c) at the discretion of the Administrator, by delivery of the grantee's personal recourse note bearing interest payable not less than annually at no less than
100% of the applicable Federal rate, as defined in Section 1274(d) of the Code, or (d) at the discretion of the Administrator, in accordance with a cashless exercise program
established with a securities brokerage firm, and approved by the Administrator, (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and (d) above.
Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code. 

        The
Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant's Survivors, as the case may be). In
determining what constitutes "reasonably promptly," it is expressly understood that the delivery of the Shares may be delayed by the Company in order to comply with any law or regulation which
requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be evidenced by an appropriate certificate or certificates for fully paid,
non-assessable Shares. 

        The
Administrator shall have the right to accelerate the date of exercise of any installment of any Option; provided that the Administrator shall not accelerate the exercise date of any
installment of any Option granted to any Key Employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to paragraph 19) if such acceleration would
violate the annual vesting limitation contained in Section 422(d) of the Code, as described in paragraph 6(e). 

        The
Administrator may, in its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is permitted by the Plan,
(ii) any such amendment shall be made only with the consent of the Participant to whom the Option was granted, or in the event of the death of the Participant, the Participant's Survivors, if
the amendment is adverse to the Participant, (iii) any such amendment of any ISO shall be made only after the Administrator, after consulting the counsel for the Company, determines whether
such amendment would constitute a "modification" of any Option which is an ISO (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the
holders of such ISO, and (iv) with respect to any Option held by any Participant who is subject to the provisions of Section 16(a) of the 1934 Act, any such amendment shall be made only
after the Administrator, after consulting with counsel for the Company, determines whether such amendment would constitute the grant of a new Option. 

8.    RIGHTS AS A SHAREHOLDER.  

        No Participant to whom an Option has been granted shall have rights as a shareholder with respect to any Shares covered by such Option, except after due exercise
of the Option and tender of the full
purchase price for the Shares being purchased pursuant to such exercise and registration of the Shares in the Company's share register in the name of the Participant. 

6

   9.    ASSIGNABILITY AND TRANSFERABILITY OF OPTIONS.  

        By its terms, an Option granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and
distribution, or (ii) as otherwise determined by the Administrator and set forth in the applicable Option agreement. The designation of a beneficiary of an Option by a Participant shall not be
deemed a transfer prohibited by this Paragraph. Except as provided above, an Option shall only be exercisable, during the Participant's lifetime, by the Participant (or by his or her legal
representative)and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any
attempted transfer, assignment, pledge, hypothecation or other disposition of any Option or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or
similar process upon an Option, shall be null and void. 

10.  EFFECT OF TERMINATION OF SERVICE OTHER THAN "FOR CAUSE".  

        Except as otherwise provided in the pertinent Option Agreement, in the event of a termination of service (whether as an employee, director or consultant) with the
Company or an Affiliate before the Participant has exercised all Options, the following rules apply: 

	a.
	A
Participant who ceases to be an employee, director or consultant of the Company or of an Affiliate (for any reason other than termination "for cause", Disability, or death for which
events there are special rules in Paragraphs 11, 12, and 13, respectively), may exercise any Option granted to him or her to the extent that the right to purchase Shares has accrued on the date of
such termination of service, but only within such term as the Administrator has designated in the pertinent Option Agreement.

	b.
	In
no event may an Option Agreement provide, if the Option is intended to be an ISO, that the time for exercise be later than three (3) months after the Participant's
termination of employment.

	c.
	The
provisions of this paragraph, and not the provisions of Paragraph 12 or 13, shall apply to a Participant who subsequently becomes disabled or dies after the termination of
employment, director status or consultancy, provided, however, in the case of a Participant's death within three (3) months after the termination of employment, director status or consulting,
the Participant's Survivors may
exercise the Option within one (1) year after the date of the Participant's death, but in no event after the date of expiration of the term of the Option.

	d.
	Notwithstanding
anything herein to the contrary, if subsequent to a Participant's termination of employment, termination of director status or termination of consultancy, but prior to
the exercise of an Option, the Board of Directors determines that, either prior or subsequent to the Participant's termination, the Participant engaged in conduct which would constitute "cause", then
such Participant shall forthwith cease to have any right to exercise any Option.

	e.
	A
Participant to whom an Option has been granted under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than
a permanent and total Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such
absence alone, to have terminated such Participant's employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

	f.
	Options
granted under the Plan shall not be affected by any change of employment or other service within or among the Company and any Affiliates, so long as the Participant continues
to be an employee, director or consultant of the Company or any Affiliate, provided, however, if a Participant's employment by either the Company or an Affiliate should cease (other than 

7

 

to
become an employee of an Affiliate or the Company), such termination shall affect the Participant's rights under any Option granted to such Participant in accordance with the terms of the Plan and
the pertinent Option Agreement. 

11.  EFFECT OF TERMINATION OF SERVICE "FOR CAUSE".  

        Except as otherwise provided in the pertinent Option Agreement, the following rules apply if the Participant's service (whether as an employee, director or
consultant) with the Company or an Affiliate is terminated "for cause" prior to the time that all of his or her outstanding Options have been exercised: 

	a.
	All
outstanding and unexercised Options as of the date the Participant is notified his or her service is terminated "for cause" will immediately be forfeited, unless the Option
Agreement provides otherwise.

	b.
	For
purposes of this Article, "cause" shall include (and is not limited to) dishonesty with respect to the employer, insubordination, substantial malfeasance or
non-feasance of duty, unauthorized disclosure of confidential information, and conduct substantially prejudicial to the business of the Company or any
Affiliate. The determination of the Administrator as to the existence of cause will be conclusive on the Participant and the Company.

	c.
	"Cause"
is not limited to events which have occurred prior to a Participant's termination of service, nor is it necessary that the Administrator's finding of "cause" occur prior to
termination. If the Administrator determines, subsequent to a Participant's termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant's
termination the Participant engaged in conduct which would constitute "cause", then the right to exercise any Option is forfeited.

	d.
	Any
definition in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of "cause" for termination and which is in effect at the
time of such termination, shall supersede the definition in this Plan with respect to such Participant. 

12.  EFFECT OF TERMINATION OF SERVICE FOR DISABILITY.  

        Except as otherwise provided in the pertinent Option Agreement, a Participant who ceases to be an employee, director or consultant of the Company or of an
Affiliate by reason of Disability may exercise any Option granted to such Participant: 

	a.
	To
the extent exercisable but not exercised on the date of Disability; and

	b.
	In
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion of any additional rights as would have accrued had the Participant not become
Disabled prior to the end of the accrual period which next ends following the date of Disability. The proration shall be based upon the number of days of such accrual period prior to the date
of Disability. 

        A
Disabled Participant may exercise such rights only within a period of not more than one (1) year after the date that the Participant became Disabled, notwithstanding that the
Participant might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not become disabled and had continued to be an employee, director or consultant
or, if earlier, within the originally prescribed term of the Option. 

        The
Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another
agreement between the Company and such Participant, in which case such procedure shall be used for such 

8

 

determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 

13.  EFFECT OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.  

        Except as otherwise provided in the pertinent Option Agreement, in the event of the death of a Participant to whom an Option has been granted while the
Participant is an employee, director or consultant of the Company or of an Affiliate, any Option granted to him or her hereunder shall become fully exercisable as of the date of death of the
Participant. 

        If
the Participant's Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within (i) the earlier of the expiration of the Option or one
(1) year after the date of death of such Participant, if the Option is an ISO, or (ii) the remaining term of the Option if the Option is a Non-Qualified Option. 

14.  PURCHASE FOR INVESTMENT.  

        Unless the offering and sale of the Shares to be issued upon the particular exercise of an Option shall have been effectively registered under the Securities Act
of 1933, as now in force or hereafter amended (the "1933 Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have
been fulfilled: 

	a.
	The
person(s) who exercise such Option shall warrant to the Company, prior to the receipt of such Shares, that such person(s) are acquiring such Shares for their own respective
accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the
provisions of the following legend which shall be endorsed upon the certificate(s) evidencing their Shares issued pursuant to such exercise or such grant: 

"The
shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a
Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to
it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws. 

	b.
	The
Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the 1933 Act without registration thereunder. 

        The
Company may delay issuance of the Shares until completion of any action or obtaining of any consent which the Company deems necessary under any applicable law (including, without
limitation, state securities or "blue sky" laws). 

15.  DISSOLUTION OR LIQUIDATION OF THE COMPANY.  

        Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised will terminate and
become null and void; provided, however, that if the rights of a Participant or a Participant's Survivors have not otherwise terminated and expired, the Participant or the Participant's Survivors will
have the right immediately prior to such dissolution or liquidation to exercise any Option to the extent that the Option is exercisable as of the date immediately prior to such dissolution or
liquidation. 

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16.  ADJUSTMENTS.  

        Upon the occurrence of any of the following events, a Participant's rights with respect to any Option granted to him or her hereunder which have not previously
been exercised in full shall be adjusted as hereinafter provided, unless otherwise specifically provided in the written agreement between the Participant and the Company relating to such Option: 

        A.    Stock Dividends and Stock Splits. If the shares of Common Stock shall be subdivided or combined into a greater or smaller
number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, the number of shares of Common Stock deliverable upon the exercise of
such Option shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, combination or stock
dividend. The number of Shares subject to options to be granted to directors pursuant to Subparagraph e of Paragraph 6 shall also be proportionately adjusted upon the occurrence of such events. 

        B.    Consolidations or Mergers. If the Company is to be consolidated with or acquired by another entity in a merger, sale of
all or substantially all of the Company's assets or otherwise (an "Acquisition"), the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the
"Successor Board"), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then
subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition or securities of any successor or acquiring entity;
or
(ii) upon written notice to the Participants, provide that all Options must be exercised (either, to the extent then exercisable or, at the discretion of the Administrator, all Options being
made fully exercisable for purposes of this subsection), within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or
(iii) terminate all Options in exchange for a cash payment equal to the excess of the Fair Market Value of the shares subject to such Options (either to the extent then exercisable or, at the
discretion of the Administrator, all Options being made fully exercisable for purposes of this subsection) over the exercise price thereof. 

        C.    Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company (other than a
transaction described in subparagraph B above) pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant
upon exercising an Option shall be entitled to receive for the purchase price paid upon such exercise the securities he or she would have received if he or she had exercised such Option prior to such
recapitalization or reorganization. 

        D.    Modification of ISOs. Notwithstanding the foregoing, any adjustments made pursuant to subparagraph A, B or C with respect
to ISOs shall be made only after the Administrator, after consulting with counsel for the Company, determines whether such adjustments would constitute a "modification" of such ISOs (as that term is
defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holders of such ISOs. If the Administrator determines that such adjustments made with respect
to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments, unless the holder of an ISO specifically requests in writing that such adjustment be made and such
writing indicates that the holder has full knowledge of the consequences of such "modification" on his or her income tax treatment with respect to the ISO. 

17.  ISSUANCES OF SECURITIES.  

        Except as expressly provided herein, 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 or price of shares subject to Options. Except as 

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expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company. 

18.  FRACTIONAL SHARES.  

        No fractional share shall be issued under the Plan and the person exercising such right shall receive from the Company cash in lieu of such fractional share equal
to the Fair Market Value thereof. 

19.  CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS: TERMINATION OF ISOs.  

        The Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant's ISOs (or
any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the
Participant is an employee of the Company or an Affiliate at the time of such conversion. Such actions may include, but not be limited to, extending the exercise period or reducing the exercise price
of the appropriate installments of such Options. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting
Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to
give any Participant the right to have such Participant's ISO's converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes
appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such termination. 

20.  WITHHOLDING.  

        In the event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act ("F.I.C.A.") withholdings or other amounts are
required by applicable law or governmental regulation to be withheld from the Optionholder's salary, wages or other remuneration in connection with the exercise of an Option or a Disqualifying
Disposition (as defined in Paragraph 21), the Optionholder shall advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Optionholder, the amount of
such withholdings unless a different withholding arrangement, including the use of shares of the Company's Common Stock, is authorized by the Administrator (and permitted by law); provided, however,
that with respect to persons subject to Section 16 of the 1934 Act, any such withholding arrangement shall be in compliance with any applicable provisions of Rule 16b-3
promulgated under Section 16 of the 1934 Act. For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner provided in
Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the fair market value of the shares withheld is less than the amount of payroll withholdings
required, the Optionholder may be required to advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for
less than the then Fair Market Value on the Participant's payment of such additional withholding. 

21.  NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.  

        Each Key Employee who receives an ISO must agree to notify the Company in writing immediately after the Key Employee makes a Disqualifying Disposition of any
shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is any disposition (including any sale) of such shares before the later of (a) two years after the date
the Key Employee was granted the ISO, or (b) one year after the date the Key Employee acquired shares by exercising the ISO. If the Key Employee has died
before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

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22.  TERMINATION OF THE PLAN.  

        The Plan will terminate on November 9, 2004, the date which is ten (10) years from the earlier of
the date of its adoption and the date of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders of the Company; provided, however,
that any such earlier termination will not affect any Options granted or Option Agreements executed prior to the effective date of such termination. 

23.  AMENDMENT OF THE PLAN AND AGREEMENTS.  

        The Plan may be amended by the shareholders of the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent
necessary to qualify any or all outstanding Options granted under the Plan or Options to be granted under the Plan for favorable federal income tax treatment (including deferral of taxation upon
exercise) as may be afforded incentive stock options under Section 422 of the Code, to the extent necessary to ensure the qualification of the Plan under Rule 16b-3, at such
time, if any, as the Company has a class of stock registered pursuant to Section 12 of the 1934 Act, and to the extent necessary to qualify the shares issuable upon exercise of any outstanding
Options granted, or Options to be granted, under the Plan for listing on any national securities exchange or quotation in any national automated quotation system of securities dealers. Any amendment
approved by the Administrator which is of a scope that requires shareholder approval in order to ensure favorable federal income tax treatment for any incentive stock options or requires shareholder
approval in order to ensure the compliance of the Plan with Rule 16b-3 at such time, if any, as the Company has a class of stock registered pursuant to Section 12 of the 1934
Act, shall be subject to obtaining such shareholder approval. Any modification or amendment of the Plan shall not, without the consent of a Participant, affect his or her rights under an Option
previously granted to him or her. With the consent of the Participant affected, the Administrator may amend outstanding Option Agreements in a manner which may be adverse to the Participant but which
is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Option Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. 

24.  EMPLOYMENT OR OTHER RELATIONSHIP.  

        Nothing in this Plan or any Option Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director
status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any
Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time. 

25.  GOVERNING LAW.  

        This Plan shall be construed and enforced in accordance with the law of the State of Delaware. 

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QuickLinks

Exhibit 10.1

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