Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.2

EXHIBIT 4.2

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. W2006-020 	743,590 Warrants 

THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY
STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD,
DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE
OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION SUCH QUALIFICATION
AND REGISTRATION IS NOT REQUIRED PURSUANT TO AN EXEMPTION THEREFROM. NO TRANSFER
OF ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED.

WARRANTS FOR THE 
PURCHASE OF COMMON STOCK

Issue Date: May 8, 2006

THIS CERTIFIES THAT, FOR VALUE RECEIVED, Nedbank
Limited, a limited liability company organized under the laws of the
Republic of South Africa (the “Holder”), is the owner of 743,590 Warrants
to purchase an equal number of validly-issued, fully-paid and non-assessable
shares of Common Stock (the “Warrant Shares”) of NORD RESOURCES CORPORATION, a
corporation organized and existing under the laws of the State of Delaware (the
“Corporation”). 

The Warrants represented by this Warrant Certificate are fully
vested as of the date hereof. Purchase may be made at any time, and from time to
time, prior to 5:00 p.m. Central Time on the Expiration Date (as hereinafter
defined), upon the presentation and surrender of this Warrant Certificate with a
written notice signed by the Holder stating the number of shares of Common Stock
with respect to which such exercise is being made, at the principal corporate
address of the Corporation, accompanied by payment of the Purchase Price, in
lawful money of the United States of America in cash or by official bank or
certified check made payable to NORD RESOURCES CORPORATION. The Purchase Price
and the number of shares of Common Stock subject to purchase upon the exercise
of the Warrants are subject to modification or adjustment as set forth herein.

SECTION 1. DEFINITIONS. 

As used herein, the following terms shall have the following
meanings, unless the context shall otherwise require:

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(a)          
“Adjusted Purchase Price” shall have the meaning given to it in Section 5
of this Certificate.

(b)          
“Change of Shares” shall have the meaning given to it in Section 5 of
this Certificate.

(c)          
“Common Stock” shall mean the common stock of the Corporation, which has
the right to participate in the distribution of earnings and assets of the
Corporation without limit as to amount or percentage.

(d)          
“Corporate Office” shall mean the office of the Corporation at which, at
any particular time, its principal business shall be administered, which office
is currently located at 1 West Wetmore Road, Suite 203, Tucson, Arizona,
85705.

(e)          
“Exercise Date” shall mean, as to any Warrant, the date on which the
Corporation shall have received both (a) this Warrant Certificate, together with
a written notice of exercise in accordance herewith, duly executed by the Holder
hereof, or his attorney duly authorized in writing, and indicating that the
Holder is thereby exercising such Warrant(s), and (b) payment by wire transfer,
or by official bank or certified check made payable to the Corporation, of an
amount in lawful money of the United States of America equal to the applicable
Purchase Price for such Warrant(s).

(f)          
“Exercise Price” shall mean, as to any Warrant, the average closing price
of the Common Stock (as quoted on the Pink Sheets, LLC) for the 20 trading days
prior to May 8, 2006, being $0.88.

(g)          
“Expiration Date” shall mean 5:00 P.M. (Tuscon Time) on May 8, 2008.

(h)           If
the Expiration Date falls on a holiday or a day on which banks are authorized to
be closed in the State of Arizona, then the Expiration Date shall mean 5:00 P.M.
(Tuscon Time) of the next consecutive day which does not fall on a holiday or a
day on which banks are authorized to be closed in the State of Arizona.

(i)          
“Holder” shall have the meaning given to it in the face page hereof.

(j)          
“Purchase Price” shall mean the purchase price to be paid upon exercise
of each Warrant hereunder in accordance with the terms hereof, which price shall
be the Exercise Price, subject to adjustment from time to time pursuant to the
provisions of Section 5 hereof.

(k)          
“Securities Act” shall mean the Securities Act of 1933, and any
amendments or modifications, or successor legislation, thereto adopted, and all
regulations, rules or other laws enacted or adopted pursuant thereto.

(l)          
“Warrant Certificate” shall mean any certificate representing
Warrants.

(m)          
“Warrant Registry” means the official record maintained by the
Corporation in which are recorded, with respect to each Warrant Certificate
issued by the Corporation: the date of issuance, the name and address of the
original Holder, the name and address 

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of each subsequent transferee of such
original Holder, and the number identifying, such Warrant Certificate.

(n)          
“Warrant Shares” shall have the meaning given to it in the face page
hereof.

(o)          
“Warrants” shall mean the Warrants represented by this Warrant
Certificate.

SECTION 2. EXERCISE OF WARRANTS.

(a)          
Each Warrant evidenced hereby may be exercised by the Holder at any time on the
Exercise Date, upon the terms and subject to the conditions set forth herein, by
delivery to the Corporation of a completed Notice of Exercise in the form
attached as Schedule A hereto. A Warrant shall be deemed to have been exercised
immediately prior to the close of business on the Exercise Date and the person
entitled to receive shares of restricted common stock of the Corporation
deliverable upon such exercise shall be treated for all purposes as the Holder
of a Warrant Share upon the exercise of the applicable Warrant as of the close
of business on the Exercise Date. Promptly following, and in any event within
ten (10) business days after, the date on which the Corporation first receives
clearance of all funds received in payment of the Purchase Price pursuant to
this Warrant Certificate, the Corporation shall cause to be issued and delivered
to the person or persons entitled to receive the same, a certificate or
certificates evidencing the issuance to such Holder of the applicable number of
Warrant Shares (plus a Warrant Certificate for any remaining issued but
unexercised Warrants of the Holder). Notwithstanding the foregoing sentence, in
the event that any registration or qualification (or filing for exemption from
any such requirements) is required prior to the issuance of such Warrant Shares
by the Corporation in accordance with Section 3(b) below, then the obligation to
deliver any such certificates shall arise only upon completion of such
requirements and at such time as the Corporation may lawfully do so.

(b)          
Upon the exercise of the Warrants represented hereby, if the Corporation so
requests, the Holder shall certify to the Corporation that it is not exercising
such Warrants with a view to distribute the Warrant Shares in violation of the
Securities Act, and shall provide such other investor representations as the
Corporation may require to confirm the ability of the Corporation to rely upon
the exemption from registration under the Securities Act which applies to the
distribution of Warrant Shares at the time of such distribution.

SECTION 3. RESERVATION OF SHARES; REGISTRATION RIGHTS;
TAXES; ETC.

(a)          
The Corporation covenants that it will at all times reserve and keep available
out of its authorized Common Stock, solely for the purpose of issue upon the
valid exercise of Warrants, such number of Warrant Shares as shall then be
issuable upon the exercise of all Warrants then outstanding. The Corporation
covenants that all shares of Common Stock which shall be issuable upon exercise
of the Warrants shall, at the time of delivery, be duly and validly issued,
fully-paid, non-assessable and free from all taxes, liens and charges with
respect to the issuance thereof (other than those which the Corporation shall
promptly pay or discharge, or any liens created thereon by the Holder thereof
and/or any predecessor of such Holder).

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(b)          
The Corporation shall not be obligated to deliver any Warrant Shares pursuant to
the exercise of the Warrants represented hereby unless and until a registration
statement under the Securities Act and/or under any applicable state securities
laws and regulations, with respect to such securities is effective, or an
exemption from such registration is available to the Corporation at the time of
such exercise. The Corporation covenants that if any Warrant Shares reserved for
the purpose of exercise of Warrants hereunder require registration with, or
approval of, any governmental authority under any federal or state securities
law before such securities may be validly issued or delivered upon such
exercise, then the Corporation will in good faith and as expeditiously as
reasonably possible, endeavor to secure such registration or approval. However,
in the event that this Warrant Certificate represents Warrants which have been
transferred by an initial holder thereof, the Warrants represented hereby may
not be exercised by, nor shares of Common Stock issued to, the Holder hereof in
any state in which such exercise and issuance would be unlawful.

(c)           If
at any time from the date hereof until the earliest to occur of (A) the date as
of which all the Warrant Shares may be sold by the Holder without regard to the
volume limitations set forth in Rule 144(e) under the Securities Act, and (B)
such date as of which all the Warrant Shares held by the Holder have been sold,
and there is not an effective registration statement covering all of the Warrant
Shares, the Corporation shall determine to prepare and file with the United
States Securities and Exchange Commission a registration statement relating to
an offering for its own account or the account of others under the Securities
Act, of any of its equity securities (other than on Form S-4 or Form S-8 under
the Securities Act, or their then equivalents, relating to equity securities to
be issued solely in connection with any acquisition of any entity or business,
or equity securities issuable in connection with stock incentive or other
employee benefit plans), then the Corporation shall send to the Holder written
notice of such determination and, if within fifteen days after receipt of such
notice, the Holder shall so request in writing, the Corporation shall include in
such registration statement all or any part of the Warrant Shares the Holder
requests to be registered; provided that: (i) the Corporation shall not be
required to register any Warrant Shares pursuant to this Section that are
eligible for resale pursuant to Rule 144(k) promulgated under the Securities
Act; and (ii) the Corporation shall not be required to register any Warrant
Shares until after the Holder has exercised the Warrant.

(d)          
The Corporation shall pay all documentary, stamp or similar taxes and other
governmental charges that may be imposed with respect to the issuance of the
Warrants, or the issuance or delivery of any shares of Common Stock upon
exercise of the Warrants; provided, however, that if the shares of Common Stock
are to be delivered in a name other than the name of the Holder hereof, then no
such delivery shall be made unless the person requesting the same has paid to
the Corporation the amount of transfer taxes or charges incident thereto, if
any.

SECTION 4. LOSS OR MUTILATION.

Upon receipt by the Corporation of evidence satisfactory to it
of the ownership of, and loss, theft, destruction or mutilation of, this Warrant
Certificate and (in case of loss, theft or destruction) of indemnity
satisfactory to the Corporation, and (in the case of mutilation) upon surrender
and 

- 5 -

cancellation thereof, the Corporation shall execute and deliver
to the Holder in lieu thereof a new Warrant Certificate of like tenor
representing an equal aggregate number of Warrants as was indicated to be
outstanding on the prior lost or mutilated Warrant Certificate (provided,
however, that to the extent that any discrepancy may exist between the number of
Warrants purported to be outstanding in respect of any Holder as evidenced by a
Warrant Certificate that has been lost or mutilated and the number attributable
to such Holder in the Warrant Registry, then the Warrant Registry shall control
for all purposes, absent a showing of manifest error. Each Holder requesting a
substitute Warrant Certificate due to loss, theft or destruction shall, prior to
receiving such substitute certificate, provide an affidavit to the Corporation
in the form prescribed thereby and signed by (and notarized on behalf of) such
Holder. Applicants for a substitute Warrant Certificate shall comply with such
other reasonable regulations and pay such other reasonable charges as the
Corporation may prescribe.

SECTION 5. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF
WARRANT SHARES OR WARRANTS.

(a)          
Subject to the provisions of this Warrant Certificate and applicable law, in the
event the Corporation shall, at any time or from time to time after the date
hereof, issue any shares of Common Stock as a stock dividend to the holders of
Common Stock, or subdivide or combine the outstanding shares of Common Stock
into a greater or lesser number of shares (any such sale, issuance, subdivision
or combination being herein called a “Change of Shares”), then, and thereafter
upon each further Change of Shares, the Purchase Price in effect immediately
prior to such Change of Shares shall be reduced, but in no event increased, to a
price (the “Adjusted Purchase Price”) determined by multiplying the Purchase
Price in effect immediately prior to such Change of Shares by a fraction, the
numerator of which shall be the sum of the number of shares of Common Stock
outstanding immediately prior to the issuance of such additional shares plus the
number of shares of Common Stock which the aggregate consideration received by
the Corporation would purchase at such Purchase Price, and the denominator of
which shall be the sum of the number of shares of Common Stock outstanding
immediately after the issuance of such additional shares. Such adjustment to the
Purchase Price shall be made successively whenever an issuance is made after a
Change of Shares has occurred.

Upon each adjustment of the Purchase
Price pursuant to this Section 5(a), the total number of shares of Common Stock
purchasable upon the exercise of each Warrant shall become (subject to the
provisions contained in Section 5(b) hereof) such number of shares (calculated
to the nearest tenth) purchasable at the Purchase Price in effect immediately
prior to such adjustment multiplied by a fraction, the numerator of which shall
be the Purchase Price in effect immediately prior to such adjustment and the
denominator of which shall be the applicable Adjusted Purchase Price (rounded to
the nearest whole number of shares). No fractional shares shall be issued or
called for as a result of any adjustment made hereunder.

(b)          
The Corporation may elect, at its sole discretion, upon any adjustment of the
Purchase Price hereunder, to adjust the number of Warrants outstanding, in lieu
of adjustment of the number of Warrant Shares purchasable upon the exercise of
each Warrant as hereinabove provided, so that each Warrant outstanding after
such adjustment shall represent the right to purchase one Warrant Share. Each
Warrant held of record 

- 6 -

prior to such adjustment of the number
of Warrants shall become that number of Warrants (calculated to the nearest
tenth) determined by multiplying the number one by a fraction, the numerator of
which shall be the Purchase Price in effect immediately prior to such adjustment
and the denominator of which shall be the Adjusted Purchase Price. Upon each
adjustment of the number of Warrants pursuant to this Section 5(b), the
Corporation shall, as promptly as practicable, cause to be distributed to each
Holder of Warrant Certificates, on the date of such adjustment, Warrant
Certificates evidencing the adjusted number of Warrants to which such Holder
shall be entitled as a result of such adjustment or, at the sole option of the
Corporation, cause to be distributed to such Holder in substitution and
replacement for the Warrant Certificates held by him prior to the date of
adjustment, and upon surrender thereof, (if required by the Corporation) new
Warrant Certificates evidencing the aggregate number of Warrants to which such
Holder shall be entitled after such adjustment.

(c)           In
case of any reclassification, capital reorganization or other change of
outstanding shares of Common Stock, or in case of any consolidation or merger of
the Corporation with or into another corporation (other than a consolidation or
merger in which the Corporation is the continuing corporation and which does not
result in any reclassification, capital reorganization or other change of
outstanding shares of Common Stock), or in case of any sale or conveyance to
another corporation of all, or substantially all, of the property of the
Corporation (other than a sale/leaseback, mortgage or other financing
transaction), the Corporation shall cause effective provision to be made so that
each holder of a Warrant then outstanding shall have the right thereafter, by
exercising such Warrant, to purchase the kind and number of shares of stock or
other securities or property (including cash) receivable upon such
reclassification, capital reorganization or other change, consolidation, merger,
sale or conveyance by a holder of the number of Warrant Shares that might have
been purchased upon exercise of such Warrant immediately prior to such
reclassification, capital reorganization or other change, consolidation, merger,
sale or conveyance. Any such provision shall include provision for adjustments
that shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 5 upon a Change of Shares. The Corporation shall
not effect any such consolidation, merger or sale without the written consent of
Holders of a majority of the Warrants then outstanding, unless prior to or
simultaneously with the consummation thereof the successor (if other than the
Corporation) resulting from such consolidation or merger or the corporation
purchasing assets or other appropriate corporation or entity shall assume, by
written instrument executed and delivered to the Corporation, the obligation to
deliver to the holder of each Warrant such substitute warrants, shares of stock,
securities or assets as, in accordance with the foregoing provisions, such
Holders may be entitled to purchase, and the other obligations of the
Corporation set out in this Certificate. The foregoing provisions shall
similarly apply to successive reclassifications, capital reorganizations and
other changes of outstanding shares of Common Stock and to successive
consolidations, mergers, sales or conveyances.

(d)          
Irrespective of any adjustments or changes in the Purchase Price or the number
of Warrant Shares purchasable upon exercise of the Warrants, all Warrant
Certificates issued (whether prior to or subsequent to any event causing an
adjustment thereof) shall continue to express the Purchase Price per share, and
the number of shares purchasable 

- 7 -

thereunder as originally expressed in
the Warrant Certificate initially issued to any Holder.

(e)          
After each adjustment of the Purchase Price pursuant to this Section 5, the
Corporation will promptly prepare a certificate signed by the Chairman or Chief
Executive Officer, and attested by the Secretary or an Assistant Secretary, of
the Corporation setting forth: (i) the Purchase Price as so adjusted, (ii) the
number of shares of Common Stock purchasable upon exercise of each Warrant after
such adjustment or, if the Corporation shall have elected to adjust the number
of Warrants, the number of Warrants to which the Holder of each Warrant shall
then be entitled, and (iii) a brief statement of the facts accounting for such
adjustment. The Corporation will promptly cause a brief summary thereof to be
sent by ordinary first class mail to each Holder of Warrants at his or her last
address as it shall appear on the registry books of the Corporation. No failure
to mail such notice nor any defect therein nor in the mailing thereof shall
affect the validity thereof. The affidavit of the Secretary or an Assistant
Secretary of the Corporation that such notice has been mailed shall, in the
absence of fraud, be prima facie evidence of the facts stated therein.

(f)           As
used in this Section 5, references to “Common Stock” shall mean and include all
of the Corporation’s Common Stock authorized on the date hereof and shall also
include any capital stock of any class of the Corporation thereafter authorized
which shall not be limited to a fixed sum or percentage in respect of the rights
of the holders thereof to participate in dividends and in the distribution of
assets upon the voluntary liquidation, dissolution or winding up of the
Corporation; provided, however, that “Warrant Shares” shall include only shares
of such class designated in the Corporation’s Certificate of Incorporation as
Common Stock on the date hereof or (i) in the case of any reclassification,
change, consolidation, merger, sale or conveyance of the character referred to
in Section 5(c) hereof, the stock, securities or property provided for in such
section, or (ii) in the case of any reclassification or change in the
outstanding shares of Common Stock issuable upon exercise of the Warrants as a
result of a subdivision or combination or consisting of a change in par value,
or from par value to no par value, or from no par value to par value, such
shares of Common Stock as so reclassified or changed.

(g)          
Any determination as to whether an adjustment in the Purchase Price in effect
hereunder is required pursuant to this Section 5, or as to the amount of any
such adjustment, if required, shall be binding upon all holders of Warrants and
the Corporation if made in good faith by the Board of Directors of the
Corporation. For purposes of this Section 5(g), the Corporation’s Board of
Directors shall be deemed to have acted in good faith if it makes any such
decision in reliance upon advice of its legal counsel and/or another independent
professional hired to advise the Board on such matters.

SECTION 6. RESTRICTIVE LEGEND.

(a)          
Neither the Warrants represented by this Warrant Certificate nor the Warrant
Shares to be issued upon exercise of the Warrants have been registered under the
Securities Act or any state securities laws. Accordingly, neither the Warrants
nor the Warrant Shares may be offered, sold or otherwise transferred in the
United States or to or 

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for the account or benefit of a U.S.
Person or a person in the United States, unless registered under the U.S.
Securities Act and applicable state securities laws, or an exemption from
registration is available. Except as otherwise provided in this Section 6, each
certificate evidencing the issuance of Warrant Shares (whether issued in the
name of the original Holder of this Certificate or of any subsequent transferee
thereof), shall be stamped or otherwise imprinted with a legend in substantially
the following form:

  
    
      “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE
        NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR
        REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SHARES
        MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED,
        PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE
        STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL
        SATISFACTORY TO NORD RESOURCES CORPORATION, SUCH QUALIFICATION AND REGISTRATION
        IS NOT REQUIRED. NO TRANSFER OF ANY SUCH SHARE SHALL BE VALID OR EFFECTIVE
        UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

    

  

(b)          
Except as otherwise provided in this Section 6, each Warrant Certificate shall
be stamped or otherwise imprinted with a legend in substantially the following
form:

  
    
      “THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED
        UNDER ANY STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR
        SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED
        UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES
        LAWS OR UNLESS, IN THE WRITTEN OPINION OF COUNSEL SATISFACTORY TO NORD
        RESOURCES CORPORATION, SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED.
        NO TRANSFER OF ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH
        CONDITIONS HAVE BEEN FULFILLED.”

    

  

(c)          
The legend requirements of Section 6(a) and (b) above shall terminate as to any
particular Warrant or Warrant Share: (i) when and so long as such security shall
have been effectively registered under the Securities Act and is disposed of
pursuant thereto; or (ii) when the Company shall have received an opinion of
counsel reasonably satisfactory to it that such shares may be sold to the public
without registration thereof under the Securities Act. Whenever the legend
requirements imposed by this Section 6 shall terminate as to any Warrant Share,
as hereinabove provided, the Holder hereof shall be entitled to receive from the
Corporation, at the Corporation’s expense, a new certificate representing such
Warrant Shares and not bearing the restrictive legend set forth in Section
6(a).

- 9 -

SECTION 7. RIGHTS OF ACTION.

All rights of action with respect to the Warrants are vested in
the Holders of the Warrants, and any Holder of a Warrant, without consent of the
holder of any other Warrant, may, in such Holder’s own behalf and for his own
benefit, enforce against the Company his right to exercise his Warrants for the
purchase of Warrant Shares in the manner provided in this Warrant
Certificate.

SECTION 8. AGREEMENT OF WARRANT HOLDERS. 

Every holder of a Warrant, by his or her acceptance thereof,
consents and agrees with the Corporation and every other holder of a Warrant
that:

(a)          
The Warrant Registry shall be maintained by the Corporation’s Secretary, and
shall be the official register of all Warrants issued to any person in the
Offering. The Warrant Registry shall be dispositive as to the issuance,
ownership, transfer and other aspects of each Warrant issued by the Corporation
which are recorded therein and, absent manifest error, such records shall
control for all purposes.

(b)          
The Warrants are transferable only on the Warrant Registry by the Holder thereof
in person or by his attorney duly authorized in writing and only if the Warrant
Certificates representing such Warrants are surrendered at the Corporate Office
of the Corporation, duly endorsed or accompanied by a proper instrument of
transfer satisfactory to the Corporation in its sole discretion, together with
payment of the amount of any applicable transfer taxes; and 

(c)          
The Corporation may deem and treat the person in whose name the Warrant
Certificate is registered on the Warrant Registry as the holder and as the
absolute, true and lawful owner of the Warrants represented thereby for all
purposes, and the Corporation shall not be affected by any notice or knowledge
to the contrary, except as otherwise expressly provided in this Certificate.

SECTION 9. MODIFICATION OF WARRANTS. 

Other than with respect to any adjustment made by the
Corporation in accordance with the provisions of Section 5 hereof, this
Certificate may only be modified, supplemented or altered by the Corporation,
and only with the consent in writing of the Holders of Warrants representing
greater than fifty percent (50%) of the total Warrants then outstanding;
provided, that no change in the number or nature of the securities purchasable
upon the exercise of any Warrant, or the acceleration of the Exercise Date,
shall be made without the consent in writing of the Holder of the Warrant
Certificate representing such Warrant, other than such changes as are
specifically prescribed by this Certificate as originally executed or are made
in compliance with applicable law.

SECTION 10. NOTICES.

All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been made when
delivered or mailed first class registered or certified mail, postage prepaid as
follows: if to the Holder of a Warrant Certificate, at the address of such 

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Holder as shown on the Warrant Registry maintained by the
Corporation; and if to the Corporation, at 1 West Wetmore Road, Suite 203,
Tucson, Arizona, 85705, or such other place as may be designated by the
Corporation from time to time in accordance with this Section 10. 

SECTION 11. GOVERNING LAW. 

This Certificate shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
law of conflicts of laws applied thereby. In the event that any dispute shall
occur between the parties arising out of or resulting from the construction,
interpretation, enforcement or any other aspect of this Certificate, the parties
hereby agree to accept the exclusive jurisdiction of the Courts of the State of
New York. In the event either party shall be forced to bring any legal action to
protect or defend its rights hereunder, then the prevailing party in such
proceeding shall be entitled to reimbursement from the non-prevailing party of
all fees, costs and other expenses (including, without limitation, the
reasonable expenses of its attorneys) in bringing or defending against such
action.

SECTION 12. ENTIRE UNDERSTANDING.

This Certificate contains the entire understanding among the
Corporation and the Holder relating to the subject matter covered herein, and
merges all prior discussions, negotiations and agreements, if any between them.
Neither of the parties to this agreement shall be bound by any representations,
warranties, covenants, or other understandings relating to such subject matter,
other than as expressly provided for or referred to herein.

IN WITNESS WHEREOF, the Corporation has caused this
Warrant Certificate to be duly executed, manually or in facsimile, by two of its
officers thereunto duly authorized, as of the date set forth below.

	NORD RESOURCES CORPORATION 	 	  	ATTEST: 
	  	  	 	  	  
	By: 	/s/Erland Anderson 	 	By: 	/s/John T. Perry 
	  	Erland Anderson 	 	  	John T. Perry 
	  	Executive Vice President and 	 	  	Senior Vice President and 
	  	Chief Operating Officer 	 	  	Chief Financial Officer 
	  	  	 	  	  
	  	Date: May 8, 2006 	 	  	  

SCHEDULE A

NOTICE OF EXERCISE

TO:          
Nord Resources Corporation

(1)          
The undersigned hereby elects to purchase _______________________Warrant Shares
of the Corporation pursuant to the terms of the Warrant Certificate, and tenders
herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

(2)          
Please issue a Warrant Certificate registered in the name and address of the
undersigned as specified below:

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

(3)          
The Warrant Shares shall be delivered to the following:

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

(4)          
The undersigned hereby represents and warrants to the Corporation that the
undersigned:

(a)           is
an “accredited investor” as defined in Rule 501 under the Securities Act of
1933, as amended (the “Securities Act”);

(b)           is
purchasing the Warrant Shares solely for its own account for investment and not
with a view to or for sale or distribution of the Warrant Shares or any portion
thereof and without any present intention of selling, offering to sell or
otherwise disposing of or distributing the Warrant Shares or any portion thereof
in any transaction other than a transaction complying with the registration
requirements of the Securities Act; and

(c)           is
not exercising the Warrants as a result of any form of “general solicitation” or
“general advertising” as used in Rule 502(c) of Regulation D.

(5)          
The undersigned hereby acknowledges that:

(a)          
the Warrant Shares issuable upon exercise of the Warrants are “restricted
securities” as defined in Rule 144 of the Securities Act; 

(b)          
the Corporation shall refuse to register any transfer of the Warrant Shares not
made in accordance with the provisions of Regulation S, pursuant to registration
under 

- 2 -

the Securities Act, or pursuant to an
available exemption from registration under the Securities Act; and

(c)          
the Corporation may require the Holder to provide such information as may be
reasonably necessary to permit the Corporation to verify the accuracy of the
representations and warranties of the information contained herein, and may
require the Holder to complete a Certification of U.S. Purchaser in form and
substance reasonably satisfactory to the Corporation and its legal counsel.

 

 

	By: 	  	 
	 	[HOLDER]Filed by Automated Filing Services Inc. (604) 609-0244 - Invision Capital, Inc. - Exhibit 10.1

INVISION CAPITAL, INC.

2006 STOCK OPTION PLAN

Established May 5, 2006

ARTICLE 1. 
THE PLAN

1.1          
Title 

This plan is entitled the "2006 Stock Option Plan" (the "Plan")
of Invision Capital, Inc., a Nevada corporation (the "Company").

1.2           
Purpose

The purpose of the Plan is to enhance the long-term stockholder
value of the Company by offering opportunities to directors, officers, employees
and eligible consultants of the Company and any Related Company, as defined
below, to acquire and maintain stock ownership in the Company in order to give
these persons the opportunity to participate in the Company's growth and
success, and to encourage them to remain in the service of the Company or a
Related Company. 

ARTICLE 2. 
DEFINITIONS 

2.1           
Definitions

The following terms will have the following meanings in the
Plan: 

"Award" means any Option granted under this Plan. 

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

"Cause," unless otherwise defined in the
instrument evidencing the award or in an employment or services agreement
between the Company or a Related Company and a Participant, means a material
breach of the employment or services agreement, dishonesty, fraud, misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conviction or confession of a crime punishable by law (except minor violations),
in each case as determined by the Plan Administrator, and its determination
shall be conclusive and binding. 

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

"Common Stock" means the shares of common stock, par
value $0.001 per share, of the Company. 

“Consultant” means any consultant, agent, advisor or
independent contractor who provides services to the Company or a Related
Company, but does not include an officer or director of the Company.

"Consultant Participant" means a Participant who is
defined as a Consultant Participant in Article 5. 

1

"Corporate Transaction," unless otherwise defined in the
instrument evidencing the Award or in a written employment or services agreement
between the Company or a Related Company and a Participant, means consummation
of either:

	(a) 	
      a merger or consolidation of the Company with or into any
      other corporation, entity or person or

	 	 
	(b) 	
      a sale, lease, exchange or other transfer in one
      transaction or a series of related transactions of all or substantially
      all the Company's outstanding securities or all or substantially all the
      Company's assets; provided, however, that a Corporate Transaction shall
      not include a Related Party Transaction.

"Disability," unless otherwise defined by the
Plan Administrator, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last
for a continuous period of 12 months or more and that causes the Participant to
be unable, in the opinion of the Company, to perform his or her duties for the
Company or a Related Company and to be engaged in any substantial gainful
activity. 

"Employment Termination Date" means, with respect to a
Participant, the first day upon which the Participant no longer has an
employment or service relationship with the Company or any Related Company.

"Exchange Act" means the Securities Exchange Act of
1934, as amended. 

"Fair Market Value" means the per share value of the
Common Stock determined as follows: (a) if the Common Stock is listed on an
established stock exchange or exchanges or the NASDAQ National Market, the
average closing price per share during the twenty trading days immediately
preceding such date on the principal exchange on which it is traded or as
reported by NASDAQ; (b) if the Common Stock is not then listed on an exchange or
the NASDAQ National Market, but is quoted on the NASDAQ Capital Market, the OTC
Bulletin Board service or the Pink Sheets electronic quotation service, the
average of the closing bid and ask prices per share for the Common Stock as
quoted by NASD, the OTC Bulletin Board or the Pink Sheets, as the case may be,
during the twenty trading days immediately preceding such date; or (c) if there
is no such reported market for the Common Stock for the date in question, then
an amount determined in good faith by the Plan Administrator.

"Grant Date" means the date on which the Plan
Administrator completes the corporate action relating to the grant of an Award
or such later date specified by the Plan Administrator, and on which all
conditions precedent to the grant have been satisfied, provided that conditions
to the exercisability or vesting of Awards shall not defer the Grant Date. 

"Incentive Stock Option" means an Option granted with
the intention, as reflected in the instrument evidencing the Option, that it
qualify as an "incentive stock option" as that term is defined in Section 422 of
the Code. 

"Non-Qualified Stock Option" means an Option other than
an Incentive Stock Option. 

"Option" means the right to purchase Common Stock
granted under Article 7. 

"Option Expiration Date" has the meaning set forth in
Article 7.6. 

"Option Term" has the meaning set forth in Article 7.3.

"Participant" means the person to whom an Award is
granted and who meets the eligibility requirements imposed by Article 5,
including Consultant Participants, as defined in Article 5. 

2

"Plan Administrator" has the meaning set forth in
Article 3.1. 

"Related Company" means any entity that, directly or
indirectly, is in control of or is controlled by the Company. 

"Related Party Transaction" means: (a) a merger or
consolidation of the Company in which the holders of shares of Common Stock
immediately prior to the merger hold at least a majority of the shares of Common
Stock in the Successor Corporation immediately after the merger; (b) a sale,
lease, exchange or other transaction in one transaction or a series of related
transactions of all or substantially all the Company's assets to a wholly-owned
subsidiary corporation; (c) a mere reincorporation of the Company; or (d) a
transaction undertaken for the sole purpose of creating a holding company that
will be owned in substantially the same proportion by the persons who held the
Company's securities immediately before such transaction. 

"Securities Act" means the Securities Act of 1933, as
amended. 

"Successor Corporation" has the meaning set forth in
Article 11.3(a) . 

"Vesting Commencement Date" means the Grant Date or such
other date selected by the Plan Administrator as the date from which the Option
begins to vest for purposes of Article 7.4. 

ARTICLE 3. 
ADMINISTRATION 

3.1           
Plan Administrator 

The Plan shall be administered by the Board or a committee
appointed by, and consisting of two or more members of, the Board (the "Plan
Administrator"). If and so long as the Common Stock is registered under Section
12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan Administrator, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code and (b) "non-employee directors" as contemplated by Rule
16b-3 under the Exchange Act. Committee members shall serve for such term as the
Board may determine, subject to removal by the Board at any time. At any time
when no committee has been appointed to administer the Plan, then the Board will
be the Plan Administrator.

3.2           
Administration and Interpretation by Plan Administrator 

Except for the terms and conditions explicitly set forth in the
Plan, the Plan Administrator shall have exclusive authority, in its discretion,
to determine all matters relating to Awards under the Plan, including the
selection of individuals to be granted Awards, the type of Awards, the number of
shares of Common Stock subject to an Award, all terms, conditions, restrictions
and limitations, if any, of an Award and the terms of any instrument that
evidences the Award. The Plan Administrator shall also have exclusive authority
to interpret the Plan and the terms of any instrument evidencing the Award and
may from time to time adopt and change rules and regulations of general
application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken
and determinations made by the Plan Administrator pursuant to the Plan, shall be
conclusive and binding on all parties involved or affected. The Plan
Administrator may delegate administrative duties to such of the Company's
officers as it so determines. 

3

ARTICLE 4. 
STOCK SUBJECT TO THE PLAN

4.1           
Authorized Number of Shares 

Subject to adjustment from time to time as provided in this
Article 4.1 and in Article 11.1, the maximum aggregate number of shares of
Common Stock available for issuance under the Plan shall be Eleven Million
(11,000,000) shares. The maximum aggregate number of shares of the Company’s
Common Stock that may be optioned and sold under the Plan will be increased
effective the first day of each of the Company’s fiscal quarters, beginning with
the fiscal quarter commencing May 1, 2006, by an amount equal to the lesser
of:

	 	(1) 	
      10% of the total increase in the number of shares of
      Common Stock outstanding during the previous fiscal quarter; or

	 	 	 
	 	(2) 	
      a lesser number of shares of Common Stock as may be
      determined by the Board.

4.2           
Reuse of Shares 

Any shares of Common Stock that have been made subject to an
Award that cease to be subject to the Award (other than by reason of exercise or
settlement of the Award to the extent it is exercised for or settled in shares)
shall again be available for issuance in connection with future grants of Awards
under the Plan. In the event shares issued under the Plan are reacquired by the
Company pursuant to any forfeiture provision or right of repurchase, such shares
shall again be available for the purposes of the Plan; provided, however, that
the maximum number of shares that may be issued upon the exercise of Incentive
Stock Options shall equal the share number stated in Article 4.1, subject to
adjustment from time to time as provided in Article 11.1; and provided, further,
that for purposes of Article 4.3, any such shares shall be counted in accordance
with the requirements of Section 162(m) of the Code. 

ARTICLE 5. 
ELIGIBILITY 

5.1           
Plan Eligibility

An Award may be granted to any officer, director or employee of
the Company or a Related Company that the Plan Administrator from time to time
selects. Subject to the limitations on the grant of Incentive Stock Options
under Article 8 below, an Award may also be granted to any consultant, agent,
advisor or independent contractor who provides services to the Company or any
Related Company (a “Consultant Participant”), so long as such Consultant
Participant: (a) is a natural person; (b) renders bona fide services that are
not in connection with the offer and sale of the Company's securities in a
capital-raising transaction; and (c) does not directly or indirectly promote or
maintain a market for the Company's securities. 

4

ARTICLE 6. 
AWARDS 

6.1           
Form and Grant of Awards 

The Plan Administrator shall have the authority, in its sole
discretion, to determine the type or types of Awards to be granted under the
Plan. Awards may be granted singly or in combination. 

6.2           
Settlement of Awards 

The Company may settle Awards through the delivery of shares of
Common Stock, the granting of replacement Awards or any combination thereof as
the Plan Administrator shall determine. Any Award settlement, including payment
deferrals, may be subject to such conditions, restrictions and contingencies as
the Plan Administrator shall determine. The Plan Administrator may permit or
require the deferral of any Award payment, subject to such rules and procedures
as it may establish, which may include provisions for the payment or crediting
of interest, or dividend equivalents, including converting such credits into
deferred stock equivalents. 

ARTICLE 7. 
AWARDS OF OPTIONS

7.1           
Grant of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to grant Options to Participants as Incentive Stock Options or as
Non-Qualified Stock Options, which shall be appropriately designated.

7.2           
Option Exercise Price 

The exercise price for shares purchased under an Option shall
be as determined by the Plan Administrator, provided that:

	(a) 	
      the exercise price for Options granted to Participants
      other than Consultant Participants shall not be less than the minimum
      exercise price required by Article 8.3 with respect to Incentive Stock
      Options and shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date with respect to Non-Qualified Stock
      Options;

	 	 
	(b) 	
      the exercise price for Options granted to Consultant
      Participants shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date.

7.3           
Term of Options 

Subject to earlier termination in accordance with the terms of
the Plan and the instrument evidencing the Option, the maximum term of an Option
(the "Option Term") shall be as established for that Option by the Plan
Administrator or, if not so established, shall be ten years from the Grant Date.

7.4           
Exercise of Options 

The Plan Administrator shall establish and set forth in each
instrument that evidences an Option the time at which, or the installments in
which, the Option shall vest and become exercisable, any of which provisions may
be waived or modified by the Plan Administrator at any time. 

5

The Plan Administrator, in its sole discretion, may adjust the
vesting schedule of an Option held by a Participant who works less than
"full-time" as that term is defined by the Plan Administrator or who takes a
Company-approved leave of absence. 

To the extent an Option has vested and become exercisable, the
Option may be exercised in whole or from time to time in part by delivery to the
Company of a written stock option exercise agreement or notice, in a form and in
accordance with procedures established by the Plan Administrator, setting forth
the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if
any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Article 7.5. An
Option may be exercised only for whole shares and may not be exercised for less
than a reasonable number of shares at any one time, as determined by the Plan
Administrator. 

7.5           
Payment of Exercise Price 

The exercise price for shares purchased under an Option shall
be paid in full to the Company by the delivery of consideration equal to the
product of the Option exercise price and the number of shares purchased. Such
consideration must be paid before the Company will issue the shares being
purchased and must be delivered in the form of a check or bank draft or other
method of payment or some combination thereof as may be acceptable to the Plan
Administrator for that purchase.

7.6           
Post-Termination Exercises 

The Plan Administrator shall establish and set forth, in each
instrument that evidences an Option, whether the Option shall continue to be
exercisable, and the terms and conditions of such exercise, if the Participant
ceases to be employed by, or to provide services to, the Company or a Related
Company, which provisions may be waived or modified by the Plan Administrator at
any time. If not so established in the instrument evidencing the Option, the
Option shall be exercisable according to the following terms and conditions,
which may be waived or modified by the Plan Administrator at any time: 

	(a) 	
      Except as otherwise set forth in this Article 7.6, any
      portion of an Option that is not vested and exercisable on the Employment
      Termination Date shall expire on such date.

	 	 	 
	(b) 	
      Any portion of an Option that is vested and exercisable
      on the Employment Termination Date shall expire on the earliest to occur
      of:

	 	 	 
		(i) 	
      if the Participant's Employment Termination Date occurs
      by reason of retirement, resignation or for any other reasons other than
      for Cause, Disability or death, the day which is thirty (30) days after
      such Employment Termination Date;

	 	 	 
		(ii) 	
      if the Participant's Employment Termination Date occurs
      by reason of Disability or death, the day which is six (6) months after
      such Employment Termination Date; and

	 	 	 
		(iii) 	
      the last day of the Option Term (the "Option Expiration
      Date").

Notwithstanding the foregoing, if the
Participant dies after his or her Employment Termination Date, but while an
Option is otherwise exercisable, the portion of the Option that is vested and
exercisable on such Employment Termination Date shall expire upon the earlier to
occur of: (A) the Option Expiration Date, and (B) the day which is six (6)
months after the date of death, unless the Plan Administrator determines
otherwise. 

Also notwithstanding the foregoing, in
case of termination of the Participant's employment or service relationship for
Cause, all Options granted to that Participant shall automatically expire 

6

		
      upon first notification to the Participant of such
      termination, unless the Plan Administrator determines otherwise. If a
      Participant's employment or service relationship with the Company is
      suspended pending an investigation of whether the Participant shall be
      terminated for Cause, all the Participant's rights under any Option shall
      likewise be suspended during the period of investigation. If any facts
      that would constitute termination for Cause are discovered after the
      Participant's relationship with the Company or a Related Company has
      ended, any Option then held by the Participant may be immediately
      terminated by the Plan Administrator, in its sole discretion.

	 	 
	(c) 	
      Unless the Plan Administrator determines otherwise, a
      termination of the Participant’s status as an employee, officer, director
      or Consultant of the Company or any Related Company (the “Original
      Position”), other than a termination for Cause, death or Disability, the
      Participant shall not be deemed to have ceased to be employed by or to
      have ceased providing services to the Company or any Related Company,
      provided that the Participant acts as an employee, officer, director or
      Consultant of the Company or a Related Company eligible to receive an
      Award under the provisions of Article 5, in another capacity, immediately
      upon the termination of the Original Position.

	 	 
	(d) 	
      The effect of a Company-approved leave of absence on the
      application of this Article 7 shall be determined by the Plan
      Administrator, in its sole discretion.

	 	 
	(e) 	
      If a Participant's employment or service relationship
      with the Company or a Related Company terminates by reason of Disability
      or death, the Option shall become fully vested and exercisable for all the
      shares subject to the Option. Such Option shall remain exercisable for the
      time period set forth in this Article 7.6.

ARTICLE 8. 
INCENTIVE STOCK OPTION LIMITATIONS

Notwithstanding any other provisions of the Plan, and to the
extent required by Section 422 of the Code, Incentive Stock Options shall be
subject to the following additional terms and conditions: 

8.1           
Dollar Limitation 

To the extent the aggregate Fair Market Value (determined as of
the Grant Date) of Common Stock with respect to which Incentive Stock Options
are exercisable for the first time during any calendar year (under the Plan and
all other stock option plans of the Company) exceeds $100,000, such portion in
excess of $100,000 shall be treated as a Non-Qualified Stock Option. In the
event the Participant holds two or more such Options that become exercisable for
the first time in the same calendar year, such limitation shall be applied on
the basis of the order in which such Options are granted. 

8.2           
Eligible Employees 

Individuals who are not employees of the Company or one of its
parent corporations or subsidiary corporations may not be granted Incentive
Stock Options. 

8.3           
Exercise Price 

The exercise price of an Incentive Stock Option shall be at
least 100% of the Fair Market Value of the Common Stock on the Grant Date, and
in the case of an Incentive Stock Option granted to a Participant who owns more
than 10% of the total combined voting power of all classes of the stock of the
Company or of its parent or subsidiary corporations (a "Ten Percent
Stockholder"), shall not be 

7

less than 110% of the Fair Market Value of the Common Stock on
the Grant Date. The determination of more than 10% ownership shall be made in
accordance with Section 422 of the Code. 

8.4           
Exercisability 

An Option designated as an Incentive Stock Option shall cease
to qualify for favorable tax treatment as an Incentive Stock Option to the
extent it is exercised (if permitted by the terms of the Option) (a) more than
three months after the Employment Termination Date if termination was for
reasons other than death or disability, (b) more than one year after the
Employment Termination Date if termination was by reason of disability, or (c)
after the Participant has been on leave of absence for more than 90 days, unless
the Participant's reemployment rights are guaranteed by statute or contract.

8.5           
Taxation of Incentive Stock Options 

In order to obtain certain tax benefits afforded to Incentive
Stock Options under Section 422 of the Code, the Participant must hold the
shares acquired upon the exercise of an Incentive Stock Option for two years
after the Grant Date and one year after the date of exercise. A Participant may
be subject to the alternative minimum tax at the time of exercise of an
Incentive Stock Option. The Participant shall give the Company prompt notice of
any disposition of shares acquired on the exercise of an Incentive Stock Option
prior to the expiration of such holding periods. 

8.6           
Code Definitions 

For the purposes of this Article 8, "parent corporation",
"subsidiary corporation" and "disability" shall have the meanings attributed to
those terms for purposes of Section 422 of the Code. 

ARTICLE 9. 
WITHHOLDING 

9.1           
General 

The Company may require the Participant to pay to the Company
the amount of any taxes that the Company is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or
exercise of an Award. The Company shall not be required to issue any shares
Common Stock under the Plan until such obligations are satisfied. 

9.2           
Payment of Withholding Obligations in Cash or Shares 

The Plan Administrator may permit or require a Participant to
satisfy all or part of his or her tax withholding obligations by: (a) paying
cash to the Company, (b) having the Company withhold from any cash amounts
otherwise due or to become due from the Company to the Participant, (c) having
the Company withhold a portion of any shares of Common Stock that would
otherwise be issued to the Participant having a value equal to the tax
withholding obligations (up to the employer's minimum required tax withholding
rate), or (d) surrendering any shares of Common Stock that the Participant
previously acquired having a value equal to the tax withholding obligations (up
to the employer's minimum required tax withholding rate to the extent the
Participant has held the surrendered shares for less than six months). 

8

ARTICLE 10. 
ASSIGNABILITY 

10.1          
Assignment

Neither an Award nor any interest therein may be assigned,
pledged or transferred by the Participant or made subject to attachment or
similar proceedings other than by will or by the applicable laws of descent and
distribution, and, during the Participant's lifetime, such Awards may be
exercised only by the Participant. Notwithstanding the foregoing, and to the
extent permitted by Section 422 of the Code, the Plan Administrator, in its sole
discretion, may permit a Participant to assign or transfer an Award or may
permit a Participant to designate a beneficiary who may exercise the Award or
receive payment under the Award after the Participant's death; provided,
however, that any Award so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument
evidencing the Award. 

ARTICLE 11. 
ADJUSTMENTS 

11.1          
Adjustment of Shares 

In the event, at any time or from time to time, a stock
dividend, stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders other than
a normal cash dividend, or other change in the Company's corporate or capital
structure, including, without limitation, a Related Party Transaction, results
in: (a) the outstanding shares of Common Stock, or any securities exchanged
therefor or received in their place, being exchanged for a different number or
kind of securities of the Company or of any other corporation, or (b) new,
different or additional securities of the Company or of any other corporation
being received by the holders of shares of Common Stock of the Company, then the
Plan Administrator shall make proportional adjustments in: (i) the maximum
number and kind of securities subject to the Plan and issuable as Incentive
Stock Options as set forth in Article 4 and the maximum number and kind of
securities that may be made subject to Awards to any individual as set forth in
Article 4.3, and (ii) the number and kind of securities that are subject to any
outstanding Award and the per share price of such securities, without any change
in the aggregate price to be paid therefor. The determination by the Plan
Administrator as to the terms of any of the foregoing adjustments shall be
conclusive and binding. Notwithstanding the foregoing, a dissolution or
liquidation of the Company or a Corporate Transaction shall not be governed by
this Article 11.1 but shall be governed by Articles 11.2 and 11.3, respectively.

11.2          
Dissolution or Liquidation 

To the extent not previously exercised or settled, and unless
otherwise determined by the Plan Administrator in its sole discretion, Options
denominated in units shall terminate immediately prior to the dissolution or
liquidation of the Company. To the extent a forfeiture provision or repurchase
right applicable to an Award has not been waived by the Plan Administrator, the
Award shall be forfeited immediately prior to the consummation of the
dissolution or liquidation. 

11.3          
Corporate Transaction 

Options 

	(a) 	
      In the event of a Corporate Transaction, except as
      otherwise provided in the instrument evidencing an Option (or in a written
      employment or services agreement between a Participant and the Company or
      Related Company) and except as provided in subsection (b) below,
    each

9

		
      outstanding Option shall be assumed or an equivalent
      option or right substituted by the surviving corporation, the successor
      corporation or its parent corporation, as applicable (the "Successor
      Corporation").

	 	 
	(b) 	
      If, in connection with a Corporate Transaction, the
      Successor Corporation refuses to assume or substitute for an Option, then
      each such outstanding Option shall become fully vested and exercisable
      with respect to 100% of the unvested portion of the Option. In such case,
      the Plan Administrator shall notify the Participant in writing or
      electronically that the unvested portion of the Option specified above
      shall be fully vested and exercisable for a specified time period. At the
      expiration of the time period, the Option shall terminate, provided that
      the Corporate Transaction has occurred.

	 	 
	(c) 	
      For the purposes of this Article 11.3, the Option shall
      be considered assumed or substituted for if following the Corporate
      Transaction the option or right confers the right to purchase or receive,
      for each share of Common Stock subject to the Option immediately prior to
      the Corporate Transaction, the consideration (whether stock, cash, or
      other securities or property) received in the Corporate Transaction by
      holders of Common Stock for each share held on the effective date of the
      transaction (and if holders were offered a choice of consideration, the
      type of consideration chosen by the holders of a majority of the
      outstanding shares); provided, however, that if such consideration
      received in the Corporate Transaction is not solely common stock of the
      Successor Corporation, the Plan Administrator may, with the consent of the
      Successor Corporation, provide for the consideration to be received upon
      the exercise of the Option, for each share of Common Stock subject
      thereto, to be solely common stock of the Successor Corporation
      substantially equal in fair market value to the per share consideration
      received by holders of Common Stock in the Corporate Transaction. The
      determination of such substantial equality of value of consideration shall
      be made by the Plan Administrator and its determination shall be
      conclusive and binding.

	 	 
	(d) 	
      All Options shall terminate and cease to remain
      outstanding immediately following the Corporate Transaction, except to the
      extent assumed by the Successor Corporation.

11.4          
Further Adjustment of Awards 

Subject to Articles 11.2 and 11.3, the Plan Administrator shall
have the discretion, exercisable at any time before a sale, merger,
consolidation, reorganization, liquidation or change of control of the Company,
as defined by the Plan Administrator, to take such further action as it
determines to be necessary or advisable, and fair and equitable to the
Participants, with respect to Awards. Such authorized action may include (but
shall not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Awards so as to provide for
earlier, later, extended or additional time for exercise, lifting restrictions
and other modifications, and the Plan Administrator may take such actions with
respect to all Participants, to certain categories of Participants or only to
individual Participants. The Plan Administrator may take such action before or
after granting Awards to which the action relates and before or after any public
announcement with respect to such sale, merger, consolidation, reorganization,
liquidation or change of control that is the reason for such action. 

11.5          
Limitations 

The grant of Awards shall in no way affect the Company's right
to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all
or any part of its business or assets. 

10

11.6          
Fractional Shares 

In the event of any adjustment in the number of shares covered
by any Award, each such Award shall cover only the number of full shares
resulting from such adjustment. 

ARTICLE 12. 
AMENDMENT AND TERMINATION 

12.1          
Amendment or Termination of Plan 

The Board may suspend, amend or terminate the Plan or any
portion of the Plan at any time and in such respects as it shall deem advisable;
provided, however, that to the extent required for compliance with Section 422
of the Code or any applicable law or regulation, stockholder approval shall be
required for any amendment that would: (a) increase the total number of shares
available for issuance under the Plan, (b) modify the class of employees
eligible to receive Options, or (c) otherwise require stockholder approval under
any applicable law or regulation. Any amendment made to the Plan that would
constitute a "modification" to Incentive Stock Options outstanding on the date
of such amendment shall not, without the consent of the Participant, be
applicable to such outstanding Incentive Stock Options but shall have
prospective effect only. 

12.2          
Term of Plan 

Unless sooner terminated as provided herein, the Plan shall
terminate ten years after the earlier of the Plan's adoption by the Board and
approval by the stockholders. 

12.3          
Consent of Participant 

The suspension, amendment or termination of the Plan or a
portion thereof or the amendment of an outstanding Award shall not, without the
Participant's consent, materially adversely affect any rights under any Award
theretofore granted to the Participant under the Plan. Any change or adjustment
to an outstanding Incentive Stock Option shall not, without the consent of the
Participant, be made in a manner so as to constitute a "modification" that would
cause such Incentive Stock Option to fail to continue to qualify as an Incentive
Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to
Article 11 shall not be subject to these restrictions. 

ARTICLE 13. 
GENERAL 

13.1          
Evidence of Awards 

Awards granted under the Plan shall be evidenced by a written
instrument that shall contain such terms, conditions, limitations and
restrictions as the Plan Administrator shall deem advisable and that are not
inconsistent with the Plan. 

13.2          
No Individual Rights 

Nothing in the Plan or any Award granted under the Plan shall
be deemed to constitute an employment contract or confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any
other relationship with, the Company or any Related Company or limit in any way
the right of the Company or any Related Company to terminate a Participant's
employment or other relationship at any time, with or without Cause. 

11

13.3          
Issuance of Shares 

Notwithstanding any other provision of the Plan, the Company
shall have no obligation to issue or deliver any shares of Common Stock under
the Plan or make any other distribution of benefits under the Plan unless, in
the opinion of the Company's counsel, such issuance, delivery or distribution
would comply with all applicable laws (including, without limitation, the
requirements of the Securities Act), and the applicable requirements of any
securities exchange or similar entity. 

The Company shall be under no obligation to any Participant to
register for offering or resale or to qualify for exemption under the Securities
Act, or to register or qualify under state securities laws, any shares of Common
Stock, security or interest in a security paid or issued under, or created by,
the Plan, or to continue in effect any such registrations or qualifications if
made. The Company may issue certificates for shares with such legends and
subject to such restrictions on transfer and stop-transfer instructions as
counsel for the Company deems necessary or desirable for compliance by the
Company with federal and state securities laws. 

To the extent the Plan or any instrument evidencing an Award
provides for issuance of stock certificates to reflect the issuance of shares of
Common Stock, the issuance may be effected on a noncertificated basis, to the
extent not prohibited by applicable law or the applicable rules of any stock
exchange. 

13.4          
No Rights as a Stockholder 

No Option denominated in units shall entitle the Participant to
any cash dividend, voting or other right of a stockholder unless and until the
date of issuance under the Plan of the shares that are the subject of such
Award. 

13.5          
Compliance With Laws and Regulations 

Notwithstanding anything in the Plan to the contrary, the Plan
Administrator, in its sole discretion, may bifurcate the Plan so as to restrict,
limit or condition the use of any provision of the Plan to Participants who are
officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other
Participants. Additionally, in interpreting and applying the provisions of the
Plan, any Option granted as an Incentive Stock Option pursuant to the Plan
shall, to the extent permitted by law, be construed as an "incentive stock
option" within the meaning of Section 422 of the Code. 

13.6          
Participants in Other Countries 

The Plan Administrator shall have the authority to adopt such
modifications, procedures and subplans as may be necessary or desirable to
comply with provisions of the laws of other countries in which the Company or
any Related Company may operate to assure the viability of the benefits from
Awards granted to Participants employed in such countries and to meet the
objectives of the Plan. 

13.7          
No Trust or Fund 

The Plan is intended to constitute an "unfunded" plan. Nothing
contained herein shall require the Company to segregate any monies or other
property, or shares of Common Stock, or to create any trusts, or to make any
special deposits for any immediate or deferred amounts payable to any
Participant, and no Participant shall have any rights that are greater than
those of a general unsecured creditor of the Company. 

12

13.8          
Severability 

If any provision of the Plan or any Award is determined to be
invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Award under any law deemed applicable by the
Plan Administrator, such provision shall be construed or deemed amended to
conform to applicable laws, or, if it cannot be so construed or deemed amended
without, in the Plan Administrator's determination, materially altering the
intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award
shall remain in full force and effect. 

13.9          
Choice of Law 

The Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by the laws of the United States,
shall be governed by the laws of the State of Nevada without giving effect to
principles of conflicts of law. 

ARTICLE 14. 
EFFECTIVE DATE 

14.1          
Effective Date of Plan

The effective date is the date on which the Plan is adopted by
the Board. If the stockholders of the Company do not approve the Plan within 12
months after the Board's adoption of the Plan, any Incentive Stock Options
granted under the Plan will be treated as Non-Qualified Stock Options. 

13

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