Document:

<PAGE>   1
                                                                   EXHIBIT 10.27

                       BOULDER CAPITAL OPPORTUNITIES, INC.
                       15821 Ventura Boulevard, Suite 675
                                Encino, CA 91436

                               As of July 23, 1999

VIA FACSIMILE TRANSMISSION
--------------------------

Ziffren, Brittenham, Branca & Fischer LLP
1801 Century Park West
Los Angeles, CA   90067-6406
Attention: Kenneth Ziffren, Esq.

Ladies and Gentlemen:

        We, Boulder Capital Opportunities, Inc., a Colorado corporation
("Company"), and you, Ziffren, Brittenham, Branca & Fischer LLP ("ZBBF"), hereby
amend and restate the first two sentences set forth in paragraph 3(a) of the
July 12, 1999 representation agreement (the "Representation Agreement"), by
Company granting to ZBBF an option (the "Option") to purchase five hundred
seventy-five thousand (575,000) shares of Company's Common Stock, no par value
per share, at an exercise price of Two and 50/100 Dollars ($2.50) per share (the
"Exercise Price"), subject to adjustment as described below. The Option shall
vest as of January 22, 2000, may be exercised in whole or in part, and shall be
exercisable at any time after vesting to and including July 22, 2009. The Option
shall be subject to cancellation unilaterally by Company at any time prior to
vesting should Company be dissatisfied with and terminates ZBBF's provision of
services pursuant to the Representation Agreement.

        Each exercise of the Option shall be accomplished by presentation and
delivery to the Company of a notice of exercise, duly executed and accompanied
by payment of the Exercise Price for the number of shares of Common Stock
specified in such notice of exercise, together with all Federal and state taxes
applicable upon such exercise.

        The Company hereby agrees that at all times there shall be reserved for
issuance and delivery upon exercise of the Option such number of shares of its
Common Stock as shall be required for issuance and delivery upon full exercise
of the Option. All shares of the Company's Common Stock to be issued to ZBBF
upon exercise of the Option will be restricted securities as such term is
defined in Rule 144(a)(3) of the Securities Act of 1933, as amended.

        If Company at any times proposes to file a registration statement under
the Securities Act of 1933, as amended, respecting any securities of Company
(excluding registrations of securities to be offered in connection with
Company's employee benefit plans and registrations of securities to be offered
by Company in connection with acquisitions, mergers or similar

<PAGE>   2
Ziffren, Brittenham, Branca & Fischer LLP
As of July 23, 1999
Page 2

transactions), it will at such time give written notice to ZBBF of its intention
to do so. Upon the written request of ZBBF given within fifteen (15) days after
receipt of any such notice (which request shall specify the securities intended
to be sold or disposed of by ZBBF and describe the nature of any proposed sale
or other disposition thereof), Company shall use its best efforts, but shall not
be obligated, to cause all such securities specified in such request to be so
registered. In the event that any such registration shall be underwritten, if
the underwriters notify Company in writing that the inclusion in such
underwriting of such securities would materially and adversely affect the
underwriting, Company shall have the right not to include such securities. In
any registration pursuant to this paragraph, ZBBF shall pay Company for the
incremental portion of the Federal and state registration and filing fees
attributable to such securities and shall pay all underwriting commissions,
discounts, underwriting expenses and taxes attributable to such securities.

        ZBBF shall not, by virtue hereof, be entitled to any rights of a
shareholder of the Company either at law or in equity, and the rights of ZBBF
under the Option are limited to those expressed herein.

        If the Company shall at any time issue Common Stock by way of dividend
or other distribution on any stock of the Company or subdivide or combine the
outstanding shares of Common Stock, then the Exercise Price shall be
proportionately decreased in the case of such issuance (on the day following the
date fixed for determining shareholders entitled to receive such dividend or
other distribution), or decreased in the case of such subdivision, or increased
in the case of such combination (on the date that such subdivision or
combination shall become effective). Upon any adjustment of the Exercise Price,
ZBBF shall thereafter (until another such adjustment) be entitled to purchase,
at the new Exercise Price, the number of shares, calculated to the nearest full
share, obtained by multiplying the number of shares of Common Stock initially
issuable upon exercise of the Option by the Exercise Price in effect on the date
hereof and dividing the product so obtained by the new Exercise Price.

        In the event of any reclassification, capital reorganization or other
change of outstanding shares of Common Stock (other than as a result of an
issuance of Common Stock by way of dividend or other distribution or of a
subdivision or combination), or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not
result in any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the class issuable upon exercise of the
Option), or in case of any sale or conveyance to any other corporation of the
property and assets of the Company as an entirety or substantially as an
entirety, as a condition to any of the foregoing, the Company shall cause
effective provision to be made (including acceleration of vesting) so that ZBBF
shall have the right thereafter, by exercising the Option, to purchase the kind
and amount of shares of stock

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Ziffren, Brittenham, Branca & Fischer LLP
As of July 23, 1999
Page 3

and other securities and property receivable upon such reclassification, capital
reorganization or other change, consolidation, merger, sale or conveyance as if
ZBBF had exercised the Option prior to such transaction. Any such provision
shall include provision for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in the Option. The foregoing
provisions shall similarly apply to successive reclassifications, capital
reorganizations and changes of shares of Common Stock and to successive
consolidations, mergers, sales or conveyances.

        In the event the Company spins off a subsidiary by distributing to the
shareholders of the Company, as a dividend or otherwise, the stock of the
subsidiary, the Company shall reserve, for the life of the Option, shares of the
subsidiary to be delivered to ZBBF upon exercising the Option to the same extent
as if ZBBF were the owner of record of Common Stock on the record date for
payment of the shares of the subsidiary.

        The Option may not be sold, transferred, assigned or hypothecated by
ZBBF without the prior written consent of Company. Nothing express or implied in
this letter agreement is intended or shall be construed to confer upon or give
to any third party any rights or remedies by virtue of the Option granted
hereunder or any exercise or non-exercise thereof.

        This letter agreement shall be governed by the laws of the State of
California without regard to principles of conflicts of laws.

        Except as otherwise amended by this letter agreement, the Representation
Agreement shall remain in full force and effect. If acceptable, please sign
where indicated below and return an executed counterpart of this letter
agreement which the parties agree shall be binding upon receipt of facsimile
counterpart signature pages.

                                Very truly yours,

                                BOULDER CAPITAL OPPORTUNITIES, INC.,

                                By: /s/ Gill Champion
                                    ------------------------------
                                     Gill Champion, Vice President

AGREED AND ACCEPTED AS OF
THIS 23RD DAY OF JULY, 1999.

ZIFFREN, BRITTENHAM, BRANCA & FISCHER LLP

By:  /s/ Kenneth M. Ziffren
     -----------------------------<PAGE>   1
                                                                   EXHIBIT 10.28
                             STOCK OPTION AGREEMENT

        Stan Lee Media, Inc., a Colorado corporation ("Company"), desiring to
afford an opportunity to the Grantee named below to purchase certain shares of
the Company's Common Stock, no par value, to provide the Grantee with an added
incentive as an employee of the Company or of one or more of its subsidiaries,
hereby grants to Grantee, and the Grantee accepts, an option (the "Option") to
purchase the number of such shares optioned as specified below, during the term
ending at midnight (prevailing local time at the Company's principal offices) on
the expiration date of this Option specified below, at the option exercise price
specified below, subject to and upon the following terms and conditions:

        1.     Identifying Provisions:  As used in this Option, the following
terms shall have the following meanings:

<TABLE>
               <S>                                        <C>
               (a)    Grantee:                            Iyan Bruce

               (b)    Date of Grant:                      September 24, 1999

               (c)    Number of Shares optioned:          Ten Thousand (10,000)

               (d)    Option exercise price per share:    Five and 50/100 Dollars ($5.50)

               (e)    Expiration Date:                    September 23, 2004
</TABLE>

        2.     Timing of Purchases:  This Option is not exercisable in any part
until one (1) year after the date of grant. Subject to the provisions for
termination and acceleration, this Option shall become exercisable in
installments as follows:

               (a) after one (1) year after the date of grant, up to fifty
percent (50%) of the total number of shares optioned; and

               (b) after two (2) years after the date of grant, up to all of the
optioned shares until and including the expiration date of the Option whereupon
the Option shall expire and may thereafter no longer be exercised.

        The Company hereby agrees that at all times there shall be reserved for
issuance and delivery upon exercise of the Option such number of shares of its
Common Stock as shall be required for issuance and delivery upon full exercise
of the Option.

        3.     Restrictions on Exercise:  The following additional provisions
shall apply to the exercise of the Option:

               (a) Termination of Employment. If the Grantee's employment by the
Company or any of its subsidiaries is terminated for any reason other than death
only that portion of this Option exercisable at the time of such termination of
employment may thereafter be exercised, and it may not be exercised more than
three (3) months after such termination nor after the expiration date of this
Option, whichever date is sooner, unless such termination is by reason of the
Grantee's permanent and total disability, in which case such period of three (3)
months shall be extended to one (1) year. In all other respects, this Option
shall terminate upon such termination of employment.

<PAGE>   2

Stan Lee Media, Inc.
Stock Option Agreement
As of September 24, 1999
Page 2

               (b) Death of Grantee. If the Grantee shall die during the term of
this Option, the Grantee's legal representative or representatives, or the
person or persons entitled to do so under the Grantee's last will and testament
or under applicable intestate laws, shall have the right to exercise this
Option, but only for the number of shares as to which the Grantee was entitled
to exercise this Option in accordance with Section 2 hereof on the date of his
death, and such right shall expire and this Option shall terminate one (1) year
after the date of the Grantee's death or on the expiration date of this Option,
whichever date is sooner. In all other respects, this Option shall terminate
upon such death.

               (c) Continuity of Employment. This Option shall not be
exercisable by the Grantee in any part unless at all times beginning with the
date of grant and ending no more than three (3) months prior to the date of
exercise, the Grantee has, except for military service leave, sick leave or
other bona fide leave of absence (such as temporary employment by the United
States Government) been in the continuous employ of the Company or a parent or
subsidiary thereof, except that such period of three (3) months shall be one (1)
year following any termination of the Grantee's employment by reason of his
permanent and total disability.

        4. Non-Transferable: The Grantee may not transfer this Option except by
will or the laws of descent and distribution. This Option shall not be otherwise
transferred, assigned, pledged, hypothecated or disposed of in any way, whether
by operation of law or otherwise, and shall be exercisable during the Grantee's
lifetime only by the Grantee or his guardian or legal representative.

        5. Rights in Shares Before Issuance and Delivery: No person, including
the Grantee, shall be entitled to the privileges of stock ownership in respect
of any shares issuable upon exercise of this Option, unless and until such
shares have been issued to such person as fully paid shares.

        6. Adjustments and Corporate Reorganizations: If the Company shall at
any time issue Common Stock by way of dividend or other distribution on any
stock of the Company or subdivide or combine the outstanding shares of Common
Stock, then the exercise price shall be proportionately decreased in the case of
such issuance (on the day following the date fixed for determining shareholders
entitled to receive such dividend or other distribution), or decreased in the
case of such subdivision, or increased in the case of such combination (on the
date that such subdivision or combination shall become effective). Upon any
adjustment of the exercise price, Grantee shall thereafter (until another such
adjustment) be entitled to purchase, at the new exercise price, the number of
shares, calculated to the nearest full share, obtained by multiplying the number
of shares of Common Stock initially issuable upon exercise of the Option by the
exercise price in effect on the date hereof and dividing the product so obtained
by the new exercise price.

        In the event of any reclassification, capital reorganization or other
change of outstanding shares of Common Stock (other than as a result of an
issuance of Common Stock by way of dividend or other distribution or of a
subdivision or combination), or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not
result in any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the class issuable upon exercise of the
Option), or in case of any sale or conveyance to any other corporation of the
property and assets of the Company as an entirety or substantially as an
entirety, as a condition to any of the foregoing, the Company shall cause
effective provision to be made (including acceleration of vesting) so that
Grantee shall have the right thereafter, by exercising the Option, to purchase
the kind and amount of shares of stock and other securities and property
receivable upon such reclassification, capital reorganization or other change,
consolidation, merger, sale or conveyance as if Grantee had exercised the Option
prior to such transaction. Any such provision shall include provision for
adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in the Option. The foregoing provisions

<PAGE>   3
Stan Lee Media, Inc.
Stock Option Agreement
As of September 24, 1999
Page 3

shall similarly apply to successive reclassifications, capital reorganizations
and changes of shares of Common Stock and to successive consolidations, mergers,
sales or conveyances.

        In the event the Company spins off a subsidiary by distributing to the
shareholders of the Company, as a dividend or otherwise, the stock of the
subsidiary, the Company shall reserve, for the life of the Option, shares of the
subsidiary to be delivered to Grantee upon exercising the Option to the same
extent as if Grantee were the owner of record of Common Stock on the record date
for payment of the shares of the subsidiary.

        7. Exercise, Payment for and Delivery of Stock: Each exercise of the
Option shall be accomplished by presentation and delivery to the Company of a
notice of exercise, duly executed and accompanied by payment of the exercise
price for the number of shares of Common Stock specified in such notice of
exercise, together with all Federal and state taxes applicable upon such
exercise.

        8. Restricted Stock Provisions: Shares of stock issued on exercise of
this Option shall upon issuance be restricted securities as such term is defined
in Rule 144(a)(3) of the Securities Act of 1933, as amended. The restrictions
imposed under this paragraph shall apply as well to all shares or other
securities issued in respect of restricted stock in connection with any stock
split, reverse stock split, stock dividend, recapitalization, reclassification,
spin-off, split-off, merger, consolidation or reorganization.

        9. Notices: Any notice to be given to the Company shall be addressed to
the Company in care of its Secretary at its principal office, and any notice to
be given to the Grantee shall be addressed to him at the address beneath his
signature hereto or at such other address as the Grantee may hereafter designate
in writing to the Company. Any such notice shall be deemed duly given when
addressed as aforesaid, registered or certified, and deposited, postage and
registry or certification fee prepaid, in a post office or branch post office
regularly maintained by the United States Postal Service.

        10.    Governing Law:  This Agreement shall be governed by the laws of
the State of California without regard to principles of conflicts of laws.

<PAGE>   4

Stan Lee Media, Inc.
Stock Option Agreement
As of September 24, 1999
Page 4

        IN WITNESS WHEREOF, the Company has granted this Option on the date of
grant specified above.

                                            STAN LEE MEDIA, INC.

                                            By:  /s/ Gill Champion
                                                 ------------------
                                                   Its: C.O.O.
                                                   ----------------

AGREED AND ACCEPTED AS OF
THIS 24TH DAY OF SEPTEMBER, 1999.

 /s/ Iyan Bruce
-----------------------
Iyan Bruce

5850 West 3rd St. PMB #101
-----------------------
Street Address

Los Angeles, CA   90036
-----------------------
City and State

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