Document:

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NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF NOR ANY
INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, ENCUMBERED OR IN ANY OTHER MANNER TRANSFERRED OR DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED AND THE TERMS
AND CONDITIONS HEREOF. THE HOLDER OF THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF ARE SUBJECT TO THE RESTRICTIONS HEREIN SET FORTH.

VOID AFTER 5:00 P.M. NEW YORK CITY TIME, MARCH 16, 2010.

                    ****************************************

                                    Number 54

                                     WARRANT

                                       to

                              PURCHASE COMMON STOCK

                                       of

                               F.Y.I. INCORPORATED

                    ****************************************

                  This certifies that, for good and valuable consideration,
F.Y.I. Incorporated, a Delaware corporation (the "Company"), grants to C. STUART
HAWORTH or permitted registered assigns (the "Warrantholder" or
"Warrantholders"), the right to subscribe for and purchase from the Company, at
$26.375 per share (the "Exercise Price"), five thousand (5,000) shares of the
Company's Common Stock, par value $0.01 per share (the "Common Stock"), subject
to the provisions and upon the terms and conditions herein set forth. The
Exercise Price and the number of Warrant Shares are subject to adjustment from
time to time as provided in subsection 1.9.

         1.       DURATION AND EXERCISE OF WARRANT; LIMITATION ON EXERCISE;
PAYMENT OF TAXES.

         1.1      DURATION AND EXERCISE OF WARRANT.

                  (a)      (i) In the event that the Company determines that
         during calendar year 2000 the Segment SBU EBT (as defined below) of the
         Legal Consulting business segment of the FYI Legal strategic business
         unit ("SBU") is equal to or greater than $7,697,797, this Warrant may
         be exercised to purchase (A) 20% of the underlying shares

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<PAGE>

         from and after 9:00 A.M. New York City time on the business day next
         following such determination (the "First Exercise Date"); (B) 20% of
         the underlying shares on March 16, 2002 (the "Second Exercise
         Date"); (C) 20% of the underlying shares on March 16, 2003 (the
         "Third Exercise Date"); (D) 20% of the underlying shares on March
         16, 2004 (the "Fourth Exercise Date"); and (E) 20% of the underlying
         shares on March 16, 2005 (the "Fifth Exercise Date"); and (ii) if
         the condition set forth in clause (i) of this subsection 1.1(a) is
         not satisfied, this Warrant may be exercised to purchase all of the
         underlying shares set forth above from and after March 16, 2009 if
         at such time Mr. Haworth is an employee of the Company (each of the
         events set forth in clauses (i) and (ii) hereof, an "Exercise Date"
         and collectively from time to time, the "Exercise Dates"). For
         purposes of this Warrant, "Segment SBU EBT" shall mean the earnings
         before taxes of the Legal Consulting business segment within the FYI
         Legal SBU at the date of this Warrant, in each event based upon
         generally accepted accounting principles consistently applied and
         including all operating business expenses and interest on capital
         expenditures in excess of associated goodwill and excluding any pro
         forma amortization of goodwill associated with the purchase proceeds
         based on a thirty (30) year amortization schedule. The Company shall
         complete its calculation of Segment SBU EBT for calendar year 2000
         on or before May 15, 2001. In the event that Segment SBU EBT for
         calendar year 2000 is determined to be $7,697,797 or greater, this
         Warrant shall become exercisable in the increments set forth in
         subsection 1.1(a)(i) above to and including 5:00 p.m. New York City
         time on March 16, 2010 (the "Expiration Date"); in the event that
         Segment SBU EBT for calendar year 2000 is determined to be less than
         $7,697,797, this Warrant shall only be exercisable in accordance
         with subsection 1.1(a)(ii) above.

                  (b)      The rights represented by this Warrant may be
         exercised by the Warrantholder of record, in whole, or from time to
         time in part, by:

                           (i)      Surrender of this Warrant, accompanied by
                  either the Exercise Form annexed hereto, or if the
                  Warrantholder decides to exercise the Warrant pursuant to the
                  broker-assisted cashless exercise program instituted by the
                  Company, an applicable exercise form provided by the Company
                  (the "Exercise Form") duly executed by the Warrantholder of
                  record and specifying the number of Warrant Shares to be
                  purchased, to the Company at the office of the Company located
                  at 3232 McKinney Avenue, Suite 900, Dallas, Texas 75204 (or
                  such other office or agency of the Company as it may designate
                  by notice to the Warrantholder at the address of such
                  Warrantholder appearing on the books of the Company) during
                  normal business hours on any day (a "Business Day") other than
                  a Saturday, Sunday or a day on which the New York Stock
                  Exchange is authorized to close or on which the Company is
                  otherwise closed for business (a "Nonbusiness Day") on or
                  after 9:00 A.M. New York City time on the Exercise Date but
                  not later than 5:00 P.M. on the Expiration Date (or 5:00 P.M.
                  on the next succeeding Business Day, if the Expiration Date is
                  a Nonbusiness Day),

                           (ii)     Delivery of payment to the Company in cash
                  or by certified or official bank check in New York Clearing
                  House Funds, of the Exercise Price for

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<PAGE>

                  the number of Warrant Shares specified in the Exercise Form
                  (such payment may be made by the Warrantholder directly or by
                  a designated broker pursuant to the broker-assisted cashless
                  exercise program instituted by the Company, subject to
                  subsection 1.4 herein) and

                           (iii)    Such documentation as to the identity and
                  authority of the Warrantholder as the Company may reasonably
                  request.

                  Such Warrant Shares shall be deemed by the Company to be
         issued to the Warrantholder as the record holder of such Warrant Shares
         as of the close of business on the date on which this Warrant shall
         have been surrendered and payment made for the Warrant Shares as
         aforesaid. Certificates for the Warrant Shares specified in the
         Exercise Form shall be delivered to the Warrantholder (or designated
         broker, as the case may be) as promptly as practicable, and in any
         event within 10 business days, thereafter. The stock certificates so
         delivered shall be in denominations of at least one thousand (1,000)
         shares each or such other denomination as may be specified by the
         Warrantholder and agreed upon by the Company, and shall be issued in
         the name of the Warrantholder or, if permitted by subsection 1.4 and in
         accordance with the provisions thereof, such other name as shall be
         designated in the Exercise Form. If this Warrant shall have been
         exercised only in part, the Company shall, at the time of delivery of
         the certificates for the Warrant Shares, deliver to the Warrantholder
         (or designated broker, as the case may be) a new Warrant evidencing the
         rights to purchase the remaining Warrant Shares, which new Warrant
         shall in all other respects be identical with this Warrant. No
         adjustments or payments shall be made on or in respect of Warrant
         Shares issuable on the exercise of this Warrant for any cash dividends
         paid or payable to holders of record of Common Stock prior to the date
         as of which the Warrantholder shall be deemed to be the record holder
         of such Warrant Shares.

         1.2      LIMITATIONS ON EXERCISE.

                  (a)      If this Warrant is not exercised prior to 5:00 P.M.
         on the Expiration Date (or the next succeeding Business Day, if the
         Expiration Date is a Nonbusiness Day), this Warrant, or any new Warrant
         issued pursuant to subsection 1.1, shall cease to be exercisable and
         shall become void and all rights of the Warrantholder hereunder shall
         cease. In the event of Mr. Haworth's death prior to the Expiration
         Date, this Warrant may be exercised only to the extent then exercisable
         by Mr. Haworth's legal representative through the Expiration Date. This
         Warrant shall not be exercisable, and no Warrant Shares shall be issued
         hereunder, prior to 9:00 A.M. New York City time on the first Exercise
         Date.

                  (b)      Upon termination of Mr. Haworth's employment with the
         Company, this Warrant may be exercised only to the extent then
         exercisable through and including the Expiration Date.

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<PAGE>

                  (c)      In the event of C. Stuart Haworth's death prior to
         the Expiration Date, this Warrant may be exercised to the extent then
         exercisable by Mr. Haworth's legal representative through the
         Expiration Date.

         1.3      PAYMENT OF TAXES. The issuance of certificates for Warrant
Shares shall be made without charge to the Warrantholder for any stock transfer
or other issuance tax in respect thereto; PROVIDED, HOWEVER, that the
Warrantholder shall be required to pay any and all taxes which may be payable in
respect to any transfer involved in the issuance and delivery of any
certificates for Warrant Shares in a name other than that of the then
Warrantholder as reflected upon the books of the Company.

         1.4      TRANSFER RESTRICTION AND LEGEND.

                  (a)      Without limiting the generality of the foregoing,
         neither this Warrant nor any of the Warrant Shares, nor any interest or
         participation in either, may be in any manner transferred or disposed
         of, in whole or in part, except in compliance with applicable United
         States federal and state securities laws.

                  (b)      Each certificate for Warrant Shares and any Warrant
         issued at any time in exchange or substitution for any Warrant bearing
         such a legend shall bear a legend similar in effect to the foregoing
         paragraph unless, in the opinion of counsel for the Company, the
         Warrant and the Warrant Shares need no longer be subject to the
         restriction contained herein. The provisions of this subsection 1.4
         shall be binding upon all subsequent holders of this Warrant and the
         Warrant Shares, if any. Warrant Shares transferred to the public as
         expressly permitted by, and in accordance with, the provisions of this
         Warrant shall thereafter cease to be deemed to be "Warrant Shares" for
         purposes hereof.

         1.5      DIVISIBILITY OF WARRANT. This Warrant may be divided into
warrants representing one Warrant Share or multiples thereof, upon surrender at
the principal office of the Company on any Business Day, without charge to any
Warrantholder, except as provided below. The Warrantholder will be charged for
reasonable out-of-pocket costs incurred by the Company in connection with the
division of this Warrant into Warrants representing fewer than one thousand
(1,000) Warrant Shares. Upon any such division, and, if permitted by subsection
1.4(b) and in accordance with the provisions thereof, the Warrants may be
transferred of record to a name other than that of the Warrantholder of record;
PROVIDED, HOWEVER, that the Warrantholder shall be required to pay any and all
transfer taxes with respect thereto.

         1.6      RESERVATION AND LISTING OF SHARES, ETC. All Warrant Shares
which are issued upon the exercise of the rights represented by this Warrant
shall, upon issuance and payment of the Exercise Price, be validly issued, fully
paid and nonassessable and free from all taxes, liens, security interests,
charges and other encumbrances with respect to the issue thereof other than
taxes in respect of any transfer occurring contemporaneously with such issue.
During the period within which this Warrant may be exercised, the Company shall
at all times have authorized and reserved, and keep available free from
preemptive rights, a sufficient number of shares of

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Common Stock to provide for the exercise of this Warrant, and shall at its
expense use its best efforts to procure such listing thereof (subject to
official notice of issuance) as then may be required on all stock exchanges on
which the Common Stock is then listed or on the Nasdaq National Market. The
Company shall, from time to time, take all such action as may be required to
assure that the par value per share of the Warrant Shares is at all times equal
to or less than the then effective Exercise Price.

         1.7      EXCHANGE, LOSS OR DESTRUCTION OF WARRANT. If permitted by
subsections 1.4 or 1.5 and in accordance with the provisions thereof, upon
surrender of this Warrant to the Company with a duly executed instrument of
assignment and funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Warrant of like tenor in the name of
the assignee named in such instrument of assignment and this Warrant shall
promptly be canceled. Upon receipt by the Company of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and, in the case
of loss, theft or destruction, of such bond or indemnification as the Company
may reasonably require, and, in the case of such mutilation, upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant
of like tenor. The term "Warrant" as used herein includes any Warrants issued in
substitution or exchange of this Warrant.

         1.8      OWNERSHIP OF WARRANT. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in subsections 1.1 and 1.4 or in Section 3.

         1.9      CERTAIN ADJUSTMENTS. The Exercise Price at which Warrant
Shares may be purchased hereunder, and the number of Warrant Shares to be
purchased upon exercise hereof, are subject to change or adjustment as follows:

         The number of Warrant Shares purchasable upon the exercise of this
Warrant and the Exercise Price shall be subject to adjustment as follows:

                  (a)      In case the Company shall (i) pay a dividend in
         shares of Common Stock or make a distribution in shares of Common Stock
         (ii) subdivide its outstanding shares of Common Stock into a greater
         number of shares of Common Stock, (iii) combine its outstanding shares
         of Common Stock into a smaller number of shares of Common Stock or (iv)
         issue by reclassification of its shares of Common Stock other
         securities of the Company (including any such reclassification in
         connection with a consolidation or merger in which the Company is the
         surviving corporation), the number of Warrant Shares purchasable upon
         exercise of this Warrant shall be adjusted so that the Warrantholder
         shall be entitled to receive the kind and number of Warrant Shares or
         other securities of the Company which he would have owned or have been
         entitled to receive after the happening of any of the events described
         above, had this Warrant been exercised immediately prior to the
         happening of such event or any record date with respect thereto.

                                       5
<PAGE>

         An adjustment made pursuant to this paragraph (a) shall become
         effective immediately after the effective date of such event
         retroactive to the record date, if any, for such event.

                  (b)      In case the Company shall:

                           (i)      Issue rights, options or warrants to all
                  holders of its outstanding Common Stock, without any charge to
                  such holders, entitling them to subscribe for or purchase
                  shares of Common Stock at a price per share which is lower at
                  the record date for the determination of stockholders entitled
                  to receive such rights, options or warrants than the then
                  current market price per share of Common Stock, or

                           (ii)     Distribute to all holders of its shares of
                  Common Stock evidences of its indebtedness or assets
                  (excluding cash dividends or distributions payable out of
                  consolidated earnings or earned surplus and dividends or
                  distributions referred to in paragraph (a) of this subsection
                  1.9) or rights, options or warrants, or convertible or
                  exchangeable securities containing the right to subscribe for
                  or purchase shares of Common Stock, appropriate adjustments
                  shall be made to the number of Warrant Shares purchasable upon
                  the exercise of the Warrant and/or the Exercise Price in order
                  to preserve the relative rights and interests of the
                  Warrantholders, such adjustments to be made by the good faith
                  determination of the Board of Directors of the Company.

         2.       VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may, at its
option, at any time during the term of the Warrants, reduce the then current
Exercise Price to any amount, consistent with applicable law, deemed appropriate
by the Board of Directors of the Company.

         3.       NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
the Exercise Price of such Warrant Shares is adjusted, as herein provided, the
Company shall promptly mail first class, postage prepaid, to all Warrantholders,
notice of such adjustment.

         4.       NO ADJUSTMENT FOR CASH DIVIDENDS. No adjustment in respect of
any cash dividends shall be made during the term of this Warrant or upon the
exercise of this Warrant.

         5.       PRESERVATION OF PURCHASE RIGHTS UPON MERGER, CONSOLIDATION,
ETC. In case of any consolidation of the Company with or merger of the Company
into another corporation or in case of any sale, transfer or lease to another
corporation of all or substantially all of the property of the Company, the
Company or such successor or purchasing corporation, as the case may be, shall
execute with the Warrantholders an agreement that the Warrantholders shall have
the right thereafter upon payment of the Exercise Price in effect immediately
prior to such action to purchase upon exercise of this Warrant the kind and
amount of shares and other securities and property which such holder would have
owned or have been entitled to receive after the happening of such
consolidation, merger, sale, transfer or lease had this Warrant been exercised
immediately prior to such action; PROVIDED, HOWEVER, that no adjustment in
respect of cash dividends, interest or other income on or from such shares or
other securities and property shall

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be made during the term of this Warrant or upon the exercise of this Warrant.
Such agreement shall provide for adjustments, which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 5.
The provisions of this Section 5 shall apply similarly to successive
consolidations, mergers, sales, transfers or leases.

         6.       REGISTRATION RIGHTS. Not later than January 31, 2001, the
Company shall file a registration statement covering the Warrant Shares on a
Form S-8, which registration statement shall be effective upon the filing
thereof. The Company shall use its best efforts to keep such Form S-8 current
and effective until the earlier of the Expiration Date or the date this Warrant
has been exercised in full.

         The Company shall have sole control in connection with the preparation,
filing, amending and supplementing of any registration statement, including the
right to withdraw the same or delay the effectiveness thereof when, in the sole
judgment of the Board of Directors of the Company, the pendency of such
registration statement or the effectiveness thereof would impose an undue burden
upon the ability of the Company to proceed with any other material financing for
its own account or any material corporate transaction, including, but not
limited to, a reorganization, recapitalization, merger, consolidation or
material acquisition of the securities or assets of another firm or corporation;
and the Company shall be required to file a new registration statement or to
proceed with such actions as reasonably may be required to cause the
registration statement to become effective within a reasonable time after the
consummation of the event or transaction which required such withdrawal or
delay.

         7.       MISCELLANEOUS.

         7.1      ENTIRE AGREEMENT. This Warrant constitutes the entire
agreement between the Company and the Warrantholder with respect to this Warrant
and the Warrant Shares.

         7.2      BINDING EFFECTS; BENEFITS. This Warrant shall inure to the
benefit of and shall be binding upon the Company, the Warrantholder and holders
of Warrant Shares and their respective heirs, legal representatives, successors
and assigns. Nothing in this Warrant, expressed or implied, is intended to or
shall confer on any person other than the Company, the Warrantholders and
holders of Warrant Shares, or their respective heirs, legal representatives,
successors or assigns, any rights, remedies, obligations or liabilities under or
by reason of this Warrant or the Warrant Shares.

         7.3      AMENDMENTS AND WAIVERS. This Warrant may not be modified or
amended except by an instrument in writing signed by the Company and
Warrantholders that hold Warrants entitling them to purchase at least 50% of the
Warrant Shares. The Company, any Warrantholder or holders of Warrant Shares may,
by an instrument in writing, waive compliance by the other party with any term
or provision of this Warrant on the part of such other party hereto to be
performed or complied with. The waiver by any such party of a breach of any term
or provision of this Warrant shall not be construed as a waiver of any
subsequent breach.

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         7.4      SECTION AND OTHER HEADINGS. The section and other headings
contained in this Warrant are for reference purposes only and shall not be
deemed to be a part of this Warrant or to affect the meaning or interpretation
of this Warrant.

         7.5      FURTHER ASSURANCES. Each of the Company, the Warrantholders
and holders of Warrant Shares shall do and perform all such further acts and
things and execute and deliver all such other certificates, instruments and/or
documents (including without limitation, such proxies and/or powers of attorney
as may be necessary or appropriate) as any party hereto may, at any time and
from time to time, reasonably request in connection with the performance of any
of the provisions of this Warrant.

         7.6      NOTICES. All demands, requests, notices and other
communications required or permitted to be given under this Warrant shall be in
writing and shall be deemed to have been duly given if delivered personally or
sent by United States certified or registered first class mail, postage prepaid,
to the parties hereto at the following addresses or at such other address as any
party hereto shall hereafter specify by notice to the other party hereto:

                  (a)      If to the Company, addressed to:

                                    F.Y.I. Incorporated
                                    3232 McKinney Avenue
                                    Suite 900
                                    Dallas, Texas 75204
                                    Attention:  Margot T. Lebenberg

                  (b)      If to any Warrantholder or holder of Warrant Shares,
         addressed to the address of such person then appearing on the books of
         the Company.

         Except as otherwise provided herein, all such demands, requests,
notices and other communications shall be deemed to have been received on the
date of personal delivery thereof or on the third Business Day after the mailing
thereof.

         7.7      SEPARABILITY. Any term or provision of this Warrant that is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable any other term or provision of this Warrant
or affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

         7.8      FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any fraction of a share called for upon any exercise hereof, the
Company shall pay to the Warrantholder an amount in cash equal to such fraction
multiplied by the current market price (as determined as of the date of
exercise, and with reference to the applicable trading market, in accordance
with paragraph (d) of subsection 5.1) of a share of such stock as of the date of
such exercise.

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         7.9      RIGHTS OF THE HOLDER. The Warrantholder shall not, solely by
virtue of this Warrant, be entitled to any rights of a stockholder of the
Company, either at law or in equity.

         7.10     GOVERNING LAW. This Warrant shall be deemed to be a contract
made under the laws of the State of Delaware and for all purposes shall be
governed by and construed in accordance with the laws of such State applicable
to contracts made and performed in Delaware.

         7.11     EFFECT OF STOCK SPLITS, ETC. Whenever any rights under this
Agreement are available only when at least a specified minimum number of Warrant
Shares is involved, such number shall be appropriately adjusted to reflect any
stock split, stock dividend, combination of securities into a smaller number of
securities or reclassification of stock.

                                      9
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                      F.Y.I. INCORPORATED

                                      By:      /s/ Ed H. Bowman, Jr.
                                               -----------------------
                                      Name:    Ed H. Bowman, Jr.
                                      Title:   President and
                                               Chief Executive Officer

Dated: March 16, 2000

                                       10
<PAGE>

                                  EXERCISE FORM

                 (To be executed upon exercise of this Warrant)

         The undersigned, the record holder of this Warrant, hereby irrevocably
elects to exercise the right, represented by this Warrant, to purchase
__________ of the Warrant Shares and herewith tenders payment for such Warrant
Shares to the order of F.Y.I. INCORPORATED, in the amount of $_______ in
accordance with the terms of this Warrant. The undersigned requests that a
certificate for such Warrant Shares be registered in the name of
_________________________________ and that such certificate be delivered to
_________________________ whose address is ____________________________________.

Date _________________                       Signature _________________________

                                       11<PAGE>

                                                                   Exhibit 10.24

                             TSB INTERNATIONAL INC.

                          MANAGEMENT STOCK OPTION PLAN

DEFINITIONS

1.       In this Plan:

         (a)      "affiliate" or "affiliated" has the respective meanings
                  ascribed thereto in the CANADA BUSINESS CORPORATIONS ACT;

         (b)      "associate" has the meaning ascribed thereto in the ONTARIO
                  SECURITIES ACT;

         (c)      "board" or "directors" means the board of directors of the
                  Company;

         (d)      "common shares" means Common Shares in the capital of the
                  Company;

         (e)      "Company" means TSB International Inc.;

         (f)      "employee" means and includes all full time employees of the
                  Company or any affiliated company;

         (g)      "optionee" means a person to whom an option is granted
                  pursuant to this plan;

         (h)      "Public Take-over Bid" means:

                  (i)      a take-over bid, as that term is defined in section
                           23.01 of the General By-law of The TSE, made for the
                           common shares through the facilities of The TSE or a
                           take-over bid for the common shares made through the
                           facilities of any other stock exchange in Canada
                           under the governing rules and regulations of such
                           stock exchange; or

                  (ii)     a bid for the common shares in respect of which a
                           take-over bid circular is prepared and delivered to
                           the holders of common shares pursuant to the
                           provisions of the applicable securities legislation
                           of any province of Canada;

         (i)      "Qualified Public Take-over Bid" means a Public Take-over Bid
                  in respect of which the aggregate of the number of common
                  shares for which such Public Take-over Bid is made and the
                  number of common shares beneficially owned by, or subject to
                  the control or direction of, the party making such Public
                  Take-over Bid, exceeds 50% of the issued and outstanding
                  common shares on the date such Public Take-over Bid is made;

<PAGE>
                                      -2-

         (j)      "termination of employment" means termination of employment
                  for any reason other than death but does not include a mere
                  change of employment between the Company and any affiliated
                  company or between two affiliated companies;

         (k)      "TSE" means Toronto Stock Exchange; and

         (l)      "year" with respect to any option granted pursuant hereto
                  means any period of 12 months commencing on the date of
                  granting such option or on any anniversary thereof.

ELIGIBILITY

2.       Options to purchase authorized and unissued common shares up to the
         aggregate maximum set forth below may be granted from time to time
         hereafter in the discretion of the board to:

         (a)      executive managers who have made personal contributions to the
                  Company's corporate success, beyond the expectation of their
                  jobs, as the board shall from time-to-time determine, based on
                  the recommendation of the Chairman of the Company; or

         (b)      directors of the Company.

         Each option granted under this Plan shall be non-assignable and may
         only be exercised by the optionee or by the legal personal
         representative of the optionee.

MAXIMUM NUMBER OF SHARES

3.       The aggregate maximum number of common shares reserved for issuance
         under this Plan together with the number of common shares reserved for
         issuance under any options for services or employee stock purchase or
         stock option plans shall not exceed 448,315 shares, being 10% of the
         issued and outstanding common shares at the date hereof. The total
         number of common shares issued to any one person and such person's
         associates under this Plan within a one-year period shall not exceed 5%
         of the issued and outstanding common shares immediately prior to the
         share issuance in question, excluding shares issued pursuant to share
         compensation arrangements over the preceding one-year period.
         Appropriate adjustments in the number of common shares subject to the
         Plan and in regard to options granted or to be granted, and in the
         price per share payable therefor, shall be made by the board to give
         effect to adjustments in the number of common shares of the Company
         resulting from subdivisions, consolidations or reclassifications of the
         common shares of the company, the payment of stock dividends by the
         Company or other relevant changes in the capital stock of the Company.

<PAGE>
                                      -3-

NUMBER AND PRICE

4.       The number of common shares covered by each option granted under the
         Plan shall be fixed by the directors at the time of granting thereof,
         and the price per share at which such shares may be purchased pursuant
         thereto shall be the average of the last 10 business days closing price
         of the shares of the Company on The TSE immediately preceding the date
         of granting such option (excluding from such calculations those days on
         which no stock was traded.)

TERM OF OPTIONS

5.       Each option granted under this Plan shall be exercisable at any time
         from the date such option is first exercisable as determined by the
         directors at the time of granting thereof until the first to occur of:

         (a)      the expiry date of such option as determined by the directors
                  at the time of granting thereof, such expiry date to be not
                  more than 10 years from the date the option is granted;

         (b)      270 days following the death of the optionee;

         (c)      30 days following the date on which an optionee who is an
                  employee ceases to be an employee; and

         (d)      30 days following the date on which an optionee who is a
                  director ceases to be a director.

EXERCISE OF OPTIONS

6.       Each option granted under this Plan may be exercised with respect to
         all or any lesser number of common shares exercisable thereunder by
         written notice given to the Company specifying the number of common
         shares in respect of which such option is being so exercised and
         accompanied by a cheque (payable at par in Toronto, Canada) in payment
         for such shares at the price per share specified in such option.

EVIDENCE OF OPTIONS

7.       Each option granted under this Plan shall be embodied in a written
         instrument which shall give effect to the provisions hereof and shall
         in addition contain appropriate provisions to ensure that the
         respective rights of the Company and the optionee with respect to any
         unissued shares covered thereby shall be suitably adjusted in the event
         of any reconstruction, reorganization or recapitalization of the
         Company, or its consolidation, amalgamation or merger into or with
         another corporation, or in the event of the redivision, consolidation,
         subdivision or other change of the common shares or the issue of
         further common shares as stock dividend.

<PAGE>
                                      -4-

ALTERATIONS OF CAPITAL STOCK

8.       Notwithstanding anything herein contained, in the event of a proposed
         reconstruction, reorganization or recapitalization of the Company, or
         its consolidation, amalgamation or merger into or with another
         corporation, the Company shall have the right to give written notice to
         any person to whom an option shall have been granted pursuant to this
         plan, requiring such optionee within 30 days following the giving of
         such notice to exercise such option with respect to all shares covered
         thereby and not theretofore purchased by such optionee, whereupon such
         optionee shall have the right to exercise such option accordingly
         within such 30 day period without regard to any limitation set forth in
         this plan or in any agreement made between such optionee and the
         Company pursuant to paragraph 7 hereof, limiting the number of shares
         which may be purchased under such option at that time; and such option
         shall terminate at the expiry of such 30 day period with respect to all
         shares covered thereby which shall not have been theretofore purchased
         thereunder.

RIGHTS ON QUALIFIED PUBLIC TAKE-OVER BID

9.       Notwithstanding anything herein contained, in the event that a
         Qualified Public Take-over Bid is made, each optionee to whom an option
         has been granted pursuant to this plan shall have the right,
         exercisable by written notice given to the Company during the 20 days
         next following the making of such Qualified Public Take-over Bid, to
         exercise such option with respect to all or any lesser number of shares
         covered by such option which have not theretofore been purchased by
         such optionee and regardless of whether such option is then currently
         exercisable with respect to some or all of the common shares remaining
         to be purchased thereunder. In the event that such right is not
         exercised within such 20 day period, then the terms of such option
         shall again apply, unless or until a subsequent Qualified Public
         Take-over Bid is made, in which event the provisions of this paragraph
         9 shall again apply, and so on from time to time, provided that in the
         case that a Qualified Public Take-over Bid is amended after the date it
         is made, the provisions of this paragraph 9 shall again apply to permit
         an optionee to exercise such option in accordance with these provisions
         except that in such event, the 20 day period shall be reduced to 10
         days

<PAGE>

                             TSB INTERNATIONAL INC.

                          SHARE OPTION EXERCISE REQUEST

         PART 1: FOR COMPLETION BY OPTION HOLDER

         To:      The Secretary
                  TSB International Inc.
                  5399 Eglinton Avenue West, Suite 115
                  Etobicoke, Ontario, Canada M9C 5K6

         I refer to the option granted to me by TSB International Inc. by
         agreement dated ______________________ to purchase up to
         ______________shares of TSB International Inc.

         I advise that I wish to exercise this option as follows:

<TABLE>

                 <S>                                <C>
                 Number of shares exercised         ___________
                 Option price per share             $__________
                 Total option exercise price        $__________

</TABLE>

         [ ]      Please arrange to have a certificate issued in my name and
                  return it to me at the address indicated below. I attach my
                  cheque or bank money order for the total option exercise price
                  shown above.

                  Name                       _______________________________

                  Address                    _______________________________

                                             _______________________________

                                             _______________________________
                  OR

         [ ]      Please arrange to have a certificate issued in the name of
                  my brokerage firm as indicated below and deliver it to that
                  firm at the address indicated below against payment of the
                  total option exercise price.

                  Brokerage firm name        _______________________________

                  Brokerage firm address     _______________________________

                                             _______________________________

                                             _______________________________

         Dated at ___________________ this ___ day of ________________, _____.

                  Signature of option holder _______________________________

                  Name (please print)        _______________________________

<PAGE>

                             TSB INTERNATIONAL INC.

                          SHARE OPTION EXERCISE REQUEST

         PART 2: FOR COMPLETION BY TSB CORPORATE SECRETARY

         To:      Montreal Trust Company of Canada
                  Corporate Services Division
                  151 Front Street West, 8th Floor
                  Toronto, Ontario M5J 2N1

         Please issue a share certificate in accordance with the instructions in
Part 1 above.

         [ ]      TSB has received the total option exercise price.

                  OR

         [ ]      Please remit the total option exercise price of
                  $______________on receipt from the option holder's brokerage
                  firm.

         Dated at __________________ this ____ day of ________________, _____.

                                               TSB International Inc.

                                         per:_____________________________

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