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                                                                     EXHIBIT 4.4

                            GERIMED OF AMERICA, INC.

                             SHAREHOLDERS AGREEMENT

         THIS SHAREHOLDERS AGREEMENT (this "Agreement") is made as of January 1,
1994 by and between GERIMED OF AMERICA, INC., a Colorado corporation (the
"Company"), and each person or entity whose signature appears at the end of this
Agreement (hereinafter separately referred to as "Shareholder" and collectively
referred to as "Shareholders").

                                    RECITALS

         A. Collectively, the Shareholders own all of the issued and outstanding
shares of the Common Stock, $.0001 par value, of the Company (the "Common
Stock").

         B. The Company and the Shareholders desire to enter into this Agreement
for the purposes, among others, of: (i) limiting the manner and terms by which
Common Stock may be transferred; and (ii) providing a mechanism for the purchase
and sale of Common Stock among the Shareholders.

         C. The Company and the Shareholders desire to enter into this Agreement
knowing that it is in the Company's best interest and fair to each of the
Shareholders.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

         1. NO ENCUMBRANCE. During the term of this Agreement, no Shareholder
shall pledge, hypothecate or otherwise encumber any Common Stock or contract to
pledge, hypothecate or encumber such shares. Any attempted pledge, hypothecation
or encumbrance of Common Stock by a Shareholder shall be void and of no force
and effect.

         2. RESTRICTIONS ON TRANSFER OF COMMON STOCK.

             (a) Transfer of Common Stock. No Shareholder shall sell, transfer,
assign, gift or otherwise dispose of (a "Transfer") any Common Stock or interest
therein, except pursuant to the provisions of this paragraph 2.

             (b) Right of First Refusal.

                 (i) At least sixty (60) days prior to making any Transfer of
         any Common Stock (the "Election Period"), a Shareholder desiring to
         Transfer Common Stock (the "Transferring Shareholder") shall deliver a
         written notice (the

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         "Transfer Notice") to the Company and the other Shareholders (the
         "Other Shareholders").

                 (ii) If the proposed Transfer is a sale or other assignment,
         the Transfer Notice shall (1) disclose in reasonable detail the
         proposed terms and conditions of the Transfer, including, but not
         limited to, the proposed transferee, the consideration to be paid and
         the method of payment for the Common Stock and (2) be accompanied by a
         written bona fide offer from the proposed transferee.

                 (iii) If the proposed Transfer is a gift, the Transfer Notice
         shall disclose in reasonable detail the proposed transferee and the
         proposed terms and conditions of the Transfer.

                 (iv) Within thirty (30) days after the delivery of the Transfer
         Notice (the "Company's Option Period"), the Company may elect to
         purchase all or any portion of the Common Stock specified in the
         Transfer Notice by delivering a written notice of election (an
         "Election Notice") to the Transferring Shareholder and the Other
         Shareholders. If the Company has not elected to purchase all of the
         Common Stock specified in the Transfer Notice within such 30-day
         period, each Other Shareholder may elect to purchase all or any portion
         of the Common Stock specified in the Transfer Notice which the Company
         has not elected to purchase by delivering an Election Notice to the
         Transferring Shareholder as soon as practical, but in any event prior
         to the expiration of the Election Period. If the Other Shareholders
         have in the aggregate elected to purchase more than the number of
         available shares, (1) the shares shall be allocated among the Other
         Shareholders electing to purchase shares according to each such Other
         Shareholder's Pro Rata Share (as defined below) and (2) each Other
         Shareholder's Election Notice shall be deemed amended to reflect the
         change in the amount of shares elected to be purchased. Each
         Shareholders "Pro Rata Share" shall be the amount of shares of Common
         Stock available multiplied by a factor with the numerator being the
         number of shares the Other Shareholder elected to purchase and the
         denominator being the total number of shares the Other Shareholders in
         the aggregate elected to purchase.

                 (v) Subject to subparagraph (vii) below, if the Company and/or
         any Other Shareholders (individually, an "Electing Party") elect to
         purchase Common Stock from the Transferring Shareholder and the
         proposed Transfer is a sale or other assignment: (1) each Electing
         Party shall purchase that amount of Common Stock covered by such
         Electing Party's Election Notice at the price, and on the terms
         specified in the Transfer Notice and (2) the transfer of Common Stock
         shall be consummated as soon as practical after delivery of Election
         Notices which in the aggregate account for all of the Common Stock to
         be Transferred, but in any event within thirty (30) days after the
         expiration of the Election Period.

                 (vi) Subject to subparagraph (vii) below, if the Company and/or
         any Other Shareholders elect to purchase Common Stock from the
         Transferring Shareholder and the proposed Transfer is a gift: (1) each
         Electing Party shall

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         purchase that amount of Common Stock covered by such Electing Party's
         Election Notice at its Fair Market Value (as defined by paragraph 6
         below) and on the following terms: 10% cash at time of closing, 90%
         pursuant to a 5 year recourse promissory note, which shall provide that
         principal shall be paid in five equal annual installments, along with
         any and all interest accrued thereon, executed by the respective
         Electing Party and Principal amounts outstanding under such note shall
         accrue interest at the publicly announced prime rate of Norwest Bank
         Denver, N.A., adjusted on the first day of each month; (2) for purposes
         of paragraph 6, all Election Notices shall be deemed to have been
         received by the Transferring Shareholder at that point in time where
         Election Notices in the aggregate account for all of the Common Stock
         to be Transferred, but in no case earlier than the expiration of the
         Election Period; (3) if at the end of the Election Period the Electing
         Parties have in the aggregate elected to purchase all of the Common
         Stock which the Transferring Shareholder proposes to Transfer, the
         Electing Parties shall then agree, for purposes of para-graph 6, on a
         per share value of the Common Stock to be purchased and shall deliver,
         within ten (10) days after the expiration of the Election Period, a
         written notice to the Transferring Shareholder setting forth such per
         share value, which written notice shall be the Purchasing Party's
         Valuation for purposes of paragraph 6; (4) the purchase and sale of the
         Common Stock covered by each Electing Shareholder's Election Notice
         shall be closed within thirty (30) days after the determination of such
         Common Stock's Fair Market Value.

                 (vii) If prior to the expiration of the Election Period, the
         Electing Parties have not in the aggregate elected to purchase all of
         the Common Stock which the Transferring Shareholder proposes to
         Transfer or if the Electing Parties fail to give the Transferring
         Shareholder written notice within the 10-day period set forth in
         subparagraph (vi) above, if applicable, the Electing Parties will be
         deemed to have waived their election rights and the Transferring
         Shareholder may Transfer such Common Stock within ninety (90) days
         after expiration of the Election Period, on the terms specified in the
         Transfer Notice, subject to the provisions of paragraph 5 hereof. If a
         Transfer of such Common Stock is not consummated within ninety (90)
         days after expiration of the Election Period on the terms specified in
         the Transfer Notice, such Common Stock shall again be subject to the
         provisions of this paragraph 2.

         3. PURCHASE OF SHAREHOLDER'S SHARES.

             (a) Right to Purchase upon the Death or Disability of a
Shareholder. The Company shall have the right for a period of six (6) months
following a Shareholder's death or disability (within the meaning of Section
22(e)(3) of the Internal Revenue Code of 1986, as amended), to elect to purchase
all, but not less than all, of such Shareholder's Common Stock, on the terms
provided herein. Such Common Stock shall be purchased at its Fair Market Value
(as defined in paragraph 6 below) as of the date of death or disability. If the
Company elects to purchase Common Stock under this subparagraph 3(a), the
Company must deliver written notice to the personal representative of the
deceased Shareholder's estate or the disabled Shareholder (the

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"Selling Shareholder") within the 6-month period described above, notifying the
Selling Shareholder of the Company's intention to purchase the Common Stock,
which notice shall contain the Purchasing Party's Valuation required by
paragraph 6 below. The Selling Shareholder shall cooperate with the Company to
effectuate the purposes of this Agreement.

             (b) Right to Purchase Upon Involuntary Transfers.

                 (i) If any Common Stock owned by a Shareholder shall be levied
         upon, sequestered, administered by a receiver or a trustee in
         bankruptcy, or transferred in any other involuntary transfer, or
         otherwise transferred by operation of law, the Shareholder shall give
         the Company prompt written notice of such occurrence.

                 (ii) The Company shall have, for a period of thirty (30) days
         after receipt of the written notice, the right to elect to purchase all
         (but not less than all) of such Shareholder's Common Stock at a
         purchase price equal to the Fair Market Value (as defined in paragraph
         6 below) of such Common Stock as of the date of the event giving rise
         to the Company's rights under this subparagraph 3(b) and on the terms
         provided herein. Such right shall apply even though the Common Stock
         may actually have been sold at the time of exercise thereof. The
         Company may exercise its right to purchase such Common Stock by giving
         the Shareholder, bankruptcy trustee, or other individual or entity then
         having legal title to the Common Stock (the "Title Holder") written
         notice of its election to purchase such Common Stock. Any Common Stock
         which the Company does not elect to purchase within the 30-day period
         may be transferred by the Title Holder, subject to the provisions of
         paragraph 5 hereof. Any Common Stock transferred and any subsequent
         transferee shall continue to be subject to all of the provisions of
         this Agreement, including this subparagraph 3(b).

             (c) Right to Purchase Upon Termination of Employment. If any
Shareholder is or subsequently becomes an employee of the Company ("Employee
Shareholder"), upon termination of such employment with the Company for any
reason other than the death or disability of such Employee Shareholder, the
Company shall have the right for a period of twelve (12) months after the date
of termination of the Employee Shareholder's employment with the Company to
purchase all (but not less than all) of such Employee Shareholder's Common Stock
at a purchase price equal to the Fair Market Value (as defined in paragraph 6
below) of such Common Stock as of the date of termination of the Employee
Shareholder's employment with the Company. If the Company elects to purchase an
Employee Shareholder's Common Stock pursuant to this subparagraph 3(c), the
Company shall deliver written notice to the Employee Shareholder within the
12-month election period notifying the Employee Shareholder of the Company's
intention to purchase the Common Stock and setting forth the Purchasing Party's
Valuation required by paragraph 6. If the Company does not elect to purchase an
Employee Shareholder's Common Stock pursuant to this subparagraph 3(c), such
Common Stock shall continue to be subject to all of the provisions of this
Agreement,

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including this subparagraph 3(c) if the Employee Shareholder is subsequently
reemployed by the Company.

             (d) Purchase Terms.

                 (i) The purchase and sale of Common Stock under this paragraph
         3 shall be closed within thirty (30) days after the determination of
         such Common Stock's Fair Market Value.

                 (ii) Payment for the Common Stock purchased under this
         paragraph 3 shall be made as follows: 10% cash at time of closing, 90%
         pursuant to a five (5) year note, which shall provide that principal
         shall be paid in five equal annual installments, along with any and all
         interest accrued thereon, executed by the Company. Principal amounts
         outstanding under such note shall accrue interest at the publicly
         announced prime rate of Norwest Bank Denver, N.A., adjusted on the
         first day of each month.

         4. LEGEND. Each certificate evidencing Common Stock and each
certificate issued in exchange for or upon the transfer of any Common Stock (if
such shares remain subject to this Agreement) shall be stamped or otherwise
imprinted with a legend in substantially the following form:

         "The securities represented by this certificate are subject to a
Shareholders Agreement dated as of January 1, 1994, among the issuer of such
securities (the "Company") and all of the Company's shareholders. A copy of such
Shareholders Agreement will be furnished without charge by the Company to the
holder hereof upon written request."

         5. TRANSFER. Prior to transferring any Common Stock to any person or
entity, the transferring Shareholder shall cause the prospective transferee to
execute and deliver to the Company and the other Shareholders a counterpart of
this Agreement.

         6. DEFINITION OF FAIR MARKET VALUE. "Fair Market Value" shall mean the
value assigned by the following process to a Shareholder's Common Stock:

             (a) Where the Company and/or Other Shareholders (individually, a
         "Purchasing Party") elect to purchase Common Stock under subparagraphs
         2(b)(vi), 3(a), 3(b) or 3(c), each Purchasing Party shall include in
         its required written notice (the "Purchase Notice") the Purchasing
         Party's determination of the fair market value of the Common Stock
         elected or required to be purchased (the "Purchasing Party's
         Valuation").

             (b) If the Transferring Shareholder, Selling Shareholder, Employee
         Shareholder or Title Holder (the "Selling Party") accepts a Purchasing
         Party's Valuation or fails to either (1) object to such value within
         the 10-day period set forth below or (2) deliver the Selling Party's
         Valuation (as defined below) to each Purchasing Party within the 30-day
         period set forth below, the Purchasing Party's Valuation shall be
         deemed to be the "Fair Market Value" for purposes of the applicable
         transaction.

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             (c) If the Selling Party disagrees with a Purchasing Party's
         Valuation, such Selling Party shall deliver a written notice of
         objection to the Purchasing Party within ten (10) days after the date
         of delivery of the Purchasing Party's Valuation to the Selling Party
         and shall, within thirty (30) days after delivery of such Purchasing
         Party's Valuation, deliver to the Purchasing Party written notice of
         the Selling Party's determination of the fair market value of the
         Common Stock covered by the Purchase Notice (the "Selling Party's
         Valuation"). If the Purchasing Party accepts the Selling Party's
         Valuation, fails to deliver written notice of objection to such value
         to the Selling Party within the required 10-day period or fails to
         contact JAG (as defined below) within the required 10-day period set
         forth in subparagraph (iv) below, the Selling Party's Valuation shall
         be deemed to be the "Fair Market Value" for purposes of the applicable
         transaction.

             (d) If the Purchasing Party disagrees with the Selling Party's
         Valuation, the Purchasing Party shall give the Selling Party written
         notice of objection within ten (10) days after the date the Selling
         Party's Valuation is delivered to the Purchasing Party. Within ten (10)
         days after delivery of the notice of objection to the Selling Party's
         Valuation, the Purchasing Party shall ask the Judicial Arbiter Group,
         Inc. of Denver, Colorado ("JAG") to select a certified public
         accountant or an investment banker practicing in Colorado who has
         experience in valuing health care companies similar to the Company (the
         "Appraiser"). The Appraiser shall determine, in his opinion, the fair
         market value of the Common Stock (the "Appraised Value"). The "Fair
         Market Value" for the applicable transaction shall then be deemed to be
         either the Purchasing Party's Valuation or the Selling Party's
         Valuation, whichever is closest to the Appraised Value. The decision of
         the Appraiser shall be binding upon the Purchasing Party and the
         Selling Party who shall each pay one-half (1/2) of the cost of the fees
         charged by JAG and the Appraiser.

         7. TRANSFERS IN VIOLATION OF AGREEMENT. Any transfer or attempted
transfer of any Common Stock in violation of any provision of this Agreement
shall be void, and the Company shall not record such transfer on its books or
treat any purported transferee of such Common Stock as the owner of such shares
for any purpose.

         8. TERM. This Agreement shall terminate upon the occurrence of any of
the following events:

             (a) Cessation of the Company's business;

             (b) The bankruptcy, receivership or dissolution of the Company;

             (c) Written agreement of Shareholders holding fifty-one (51%) of
         the issued and outstanding Common Stock;

             (d) At such time as all of the issued and outstanding Common Stock
         of the Company shall be owned by one person;

             (e) The simultaneous death of the Shareholders; or

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             (f) The date a registration statement for the sale, in an
         underwritten public offering registered under the Securities Act of
         1933, as amended, of capital stock of the Company is declared effective
         by the Securities and Exchange Commission.

                  9. AMENDMENT AND WAIVER. Except as otherwise provided herein,
no modification, amendment or waiver of any provisions of this Agreement shall
be effective against the Company or the Shareholders unless such modification,
amendment or waiver is approved in writing by the Company and the Shareholders.
The failure of any party to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this
Agreement in accordance with its terms.

                  10. SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality, or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

                  11. ENTIRE AGREEMENT. Except as otherwise expressly set forth
herein, this document embodies the complete agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in
any way.

                  12. SUCCESSORS AND ASSIGNS. Except as otherwise provided
herein, this Agreement shall bind and inure to the benefit of and be enforceable
by the Company and its successors and assigns and the Shareholders and any
subsequent holders of Common Stock and the respective successors and assigns of
each of them, so long as they hold Common Stock.

                  13. COUNTERPARTS. This Agreement may be executed in separate
counterparts each of which shall be an original and all of which taken together
shall constitute one and the same agreement.

                  14. REMEDIES. The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that the Company and any Shareholder may in its sole
discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive relief (without posting a bond or other
security) in order to enforce or prevent any violation of the provisions of this
Agreement, in addition to seeking damages for breach of this Agreement.

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                  15. NOTICES. Any notice provided for in this Agreement shall
be in writing and shall be either personally delivered, or mailed first class
mail (postage prepaid) or sent by reputable overnight courier service (charge
prepaid) to the Company at the address set forth below and to any other
recipient at such address as indicated by the Company's records, or to the
attention of such other person as the recipient party has specified by prior
written notice to the sending party. Notices will be deemed to have been
delivered hereunder when delivered personally, three (3) days after deposit in
the U.S. mail and one (1) day after deposit with a reputable overnight courier
service. The Company's address is:

              333 West Hampden Avenue, Suite 200
              Englewood, Colorado  80110

                  16. GOVERNING LAW. This Agreement and the rights of the
parties hereto shall be governed by and construed and enforced in accordance
with the laws of the State of Colorado.

                  17. DESCRIPTIVE HEADINGS. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

                  18. GENDER. Whenever applicable, the pronouns designating the
"masculine" or the "neuter" shall equally apply to "feminine," "neuter" and
"masculine" genders. Furthermore, whenever applicable in this Agreement, the
"singular" shall include the "plural" and the reverse.

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the day and year first above written, or if subsequent to such
date, the date indicated below such parties' signature.

                                    "COMPANY"

                                    GERIMED OF AMERICA, INC.,
                                    a Colorado corporation

                                    By:
                                       -----------------------------------------
                                             James F. Riopelle, President

                                    Date:
                                         ---------------------------------------

                                    "SHAREHOLDER"

                                    --------------------------------------------

                                    Date:
                                         ---------------------------------------

                                       8<PAGE>   1
                                                                    EXHIBIT 10.1
                            GERIMED OF AMERICA, INC.

                                STOCK OPTION PLAN

         1. PURPOSE.

         This GeriMed of America, Inc. Stock Option Plan ("Plan"), provides for
the grant of Stock Options, Reload Options and Stock Appreciation Rights to Key
Employees of GeriMed of America, Inc. (the "Company"), and such of its
subsidiaries (as defined in Section 424(f) of the Code) as the Board of
Directors of the Company (the "Board") shall from time to time designate
("Participating Subsidiaries"), in order to advance the interests of the Company
and its Participating Subsidiaries, if any, through the motivation, attraction
and retention of their respective Key Employees.

         2. INCENTIVE STOCK OPTIONS AND NON-INCENTIVE STOCK OPTIONS.

         The Stock Options granted under this Plan may be either Incentive Stock
Options ("ISOs") which are intended to be "Incentive Stock Options" as that term
is defined in Section 422 of the Code; or Nonstatutory Stock Options ("NSOs")
which are intended to be options that do not qualify as "Incentive Stock
Options" under Section 422 of the Code. All Stock Options shall be ISOs unless
the Option Agreement clearly designates the Stock Options granted thereunder, or
a specified portion thereof, as NSOs. Subject to the other provisions of this
Plan, a Participant may receive ISOs and NSOs at the same time, provided that
the ISOs and NSOs are clearly designated as such.

         3. ADMINISTRATION.

         3.1 Committee. With respect to grants of Stock Options, Reload Options
and Stock Appreciation Rights to Key Employees other than officers and
directors of the Company, this Plan shall be administered by a committee
composed of at least two members of the Board, unless the Board is comprised of
only one director, in which case this Plan will be administered by the Board
(the "Committee"). With respect to grants of Stock Options, Reload Options and
Stock Appreciation Rights to Key Employees who are officers or directors of the
Company, this Plan shall be administered by the Board, if each director is a
Disinterested Person, or by a special committee of two or more Disinterested
Persons. Such special committee may be the Committee if all of the members
thereof are Disinterested Persons, or a separate committee appointed by the
Board composed of at least two Disinterested Persons. The Committee or the
Board, as the case may be, shall have full authority to administer this Plan,
including, but not limited to, authority to interpret and construe any provision
of this Plan and any Stock Option, Reload Option or Stock Appreciation Right
granted hereunder, to adopt such rules and regulations for administering this
Plan as it may deem necessary in order to comply with the requirements of this
Plan or the Code or in order that Stock Options that are intended to be ISOs
will be classified as incentive stock options under the Code, or in order to
conform to any regulation or to any change in any law or regulations applicable
thereto and to take the actions permitted hereunder. The Committee or the Board
may delegate any of its responsibilities under this Plan, other than its
responsibility to make grants of Stock Options, Reload Options and Stock
Appreciation Rights, to determine whether the Stock Appreciation Rights, if any,
payable to a Participant shall be paid in cash, in shares of Common Stock or a
combination thereof, or to

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interpret and construe this Plan. If the Board is composed entirely of
Disinterested Persons, the Board may reserve to itself any of the authority
granted to the Committee as set forth herein, and it may perform and discharge
all of the functions and responsibilities of the Committee at any time that a
duly constituted Committee is not appointed and serving. All references in this
Plan to the "Committee" shall be deemed to refer to the Board whenever the Board
is discharging the powers and responsibilities of the Committee, and to any
special committee appointed by the Board to administer particular aspects of
this Plan.

         3.2 Actions of Committee. All actions taken and all interpretations and
determinations made by the Committee in good faith (including determinations of
Fair Market Value) shall be final and binding upon all Participants, the Company
and all other interested persons. No member of the Committee shall be personally
liable for any action, determination or interpretation made in good faith with
respect to this Plan, and all members of the Committee shall, in addition to
their rights as directors, be fully indemnified by the Company with respect to
any such action, determination or interpretation.

         4. DEFINITIONS.

         4.1 "Code". The Code is the Internal Revenue Code of 1986, as amended.

         4.2 "Class A Common Stock". A share of Class A Common Stock means a
share of $.01 par value Class A common stock of the Company.

         4.3 "Disinterested Person". A Disinterested Person is a director of the
Company who, during the shorter of (a) the one-year period prior to service as
an administrator of this Plan, or (b) the period between the date on which
capital stock of the Company is registered pursuant to Section 12 of the
Securities and Exchange Act of 1934, as amended (the "1934 Act") and the
director's service as an administrator of this Plan, has not been granted or
awarded equity securities pursuant to this Plan or any other plan of the Company
or any of its affiliates except as may be permitted by Rule 16b-3(c)(2)
promulgated under the 1934 Act or any successor to such rule.

         4.4 "Fair Market Value". If the Class A Common Stock is not traded
publicly, the Fair Market Value of a share of Class A Common Stock on any date
shall be determined, in good faith, by the Committee after such consultation
with outside legal, accounting or other experts as the Committee may deem
advisable, and the Committee shall maintain a written record of its method of
determining such value. If the Class A Common Stock is traded publicly, the Fair
Market Value of a share of Class A Common Stock on any date shall be the average
of the representative closing bid and asked prices, as quoted by the National
Association of Securities Dealers through NASDAQ (its automated system for
reporting quotes), for the date in question or, if the Class A Common Stock is
listed on the NASDAQ National Market System or is listed on a national stock
exchange, the official quoted closing price on NASDAQ or such exchange, as the
case may be, on the date in question.

         4.5 "Key Employee". A Key Employee is an employee of the Company or a
Participating Subsidiary, if any, whose judgment, initiative and continued
efforts are expected to contribute to the successful conduct of the business of
the Company, as determined by the Committee, in its sole discretion.

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         4.6 "Option Agreement". An Option Agreement is a written agreement
evidencing a Stock Option.

         4.7 "Option Price". An Option Price is the price which the Committee
designates for the exercise of a Stock Option.

         4.8 "Participant". A Participant is a Key Employee to whom a Stock
Option, Reload Option and/or Stock Appreciation Right is granted.

         4.9 "Redemption Value". The Redemption Value of shares of Class A
Common Stock purchasable under a Stock Option shall be the amount, if any, by
which the Fair Market Value of one share of Class A Common Stock on the date on
which the Stock Option is exercised exceeds the Option Price for such share.

         4.10 "Reload Option". A Reload Option is a Stock Option granted under
and subject to the terms of Section 8 of this Plan.

         4.11 "Stock Appreciation Right". A Stock Appreciation Right is the
right to receive payment, in shares of Class A Common Stock, cash or a
combination of shares of Class A Common Stock and cash, of the Redemption Value
of a specified number of shares of Class A Common Stock then purchasable under
the Stock Option.

         4.12 "Stock Option". A Stock Option is the right granted under this
Plan to a Key Employee to purchase, at such time or times and at such Option
Price as are determined by the Committee and specified in the Option Agreement,
the number of shares of Class A Common Stock determined by the Committee and
specified in the Option Agreement.

         5. ELIGIBILITY AND PARTICIPATION.

         Grants of Stock Options, Reload Options and Stock Appreciation Rights
may be made to Key Employees of the Company or any Participating Subsidiary, if
any. Any director of the Company or of a Participating Subsidiary who is also a
Key Employee shall also be eligible to receive Stock Options, Reload Options and
Stock Appreciation Rights, provided, however, members of the Committee and
directors who are not Key Employees shall not be eligible to receive Stock
Options, Reload Options or Stock Appreciation Rights under this Plan. The
Committee shall from time to time determine the Key Employees to whom Stock
Options shall be granted, the number of shares of Class A Common Stock subject
to the Stock Options to be granted to each such Key Employee, the Option Price
of such Stock Options, and the terms and provisions of such Stock Options, all
as provided in this Plan. The Option Price of any ISO shall be not less than the
Fair Market Value of a share of Class A Common Stock on the date on which the
Stock Option is granted, but the Option Price of an NSO may be less than the
Fair Market Value on the date the NSO is granted if the Committee so determines.
If an ISO is granted to a Key Employee who then owns stock possessing more than
10% of the total combined voting power of all classes of stock of the Company or
any subsidiary corporation of the Company, the Option Price of such ISO shall be
at least 110% of the Fair Market Value of the Class A Common Stock subject to
the ISO at the time such ISO is granted, and such ISO shall not be exercisable
after five years after the date on which it was granted. Each Stock

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Option shall be evidenced by an Option Agreement containing such terms and
provisions as the Committee may determine, subject to the provisions of this
Plan.

         6. SHARES OF CLASS A COMMON STOCK SUBJECT TO THIS PLAN.

         6.1 Maximum Number. The maximum aggregate number of shares of Class A
Common Stock that may be made subject to Stock Options granted under this Plan
shall be 600,000 authorized but unissued shares. The aggregate Fair Market Value
(determined as of the time the ISO is granted) of the Class A Common Stock
subject to ISOs granted to a Participant which may first become exercisable in a
particular calendar year may not exceed $100,000. If any shares of Class A
Common Stock subject to Stock Options are not purchased or otherwise paid for
before such Stock Options expire, such shares may again be made subject to Stock
Options.

         6.2 Capital Changes. Except as otherwise provided by and subject to
Section 13 hereof, in the event any changes are made to the shares of Class A
Common Stock (whether by reason of merger, consolidation, reorganization,
recapitalization, stock dividend, stock split, combination of shares, exchange
of shares, change in corporate structure or otherwise), proportionate
adjustments shall be made in: (i) the number of shares of Class A Common Stock
theretofore made subject to Stock Options; (ii) the purchase price of shares of
Class A Common Stock theretofore made subject to Stock Options; and (iii) the
aggregate number of shares of Class A Common Stock which may be made subject to
Stock Options. If any of the foregoing adjustments shall result in a fractional
share, the fraction shall be disregarded, and the Company shall have no
obligation to make any cash or other payment with respect to such fractional
share.

         7. EXERCISE OF STOCK OPTIONS.

         7.1 Time of Exercise. Subject to the provisions of this Plan, the
Committee, in its discretion, shall determine the time when a Stock Option, or a
portion of a Stock Option, shall become exercisable, and the time when a Stock
Option, or a portion of a Stock Option, shall expire. Such time or times shall
be set forth in the Option Agreement evidencing such Stock Option. A Stock
Option shall expire, to the extent not exercised, no later than the tenth
anniversary of the date on which it was granted. The Committee may accelerate
the vesting of any Participant's Stock Option by giving written notice to the
Participant. Upon receipt of such notice, the Participant and the Company shall
amend the Option Agreement to reflect the new vesting schedule, if, however, the
Option Agreement is not amended, the notice given by the Committee shall be
deemed to amend the Option Agreement with respect to the vesting schedule. The
acceleration of the exercise period of a Stock Option shall not affect the
expiration date of that Stock Option. Any shares of Class A Common Stock not
purchased at the time a Stock Option first becomes exercisable shall remain
purchasable at any time until the Stock Option expires.

         7.2 Exchange of Outstanding Stock. The Committee, in its sole
discretion, may permit a Participant to surrender to the Company shares of Class
A Common Stock previously acquired by the Participant as part or full payment
for the exercise of a Stock Option. Such surrendered shares of Class A Common
Stock shall be valued at their Fair Market Value on the date of exercise. A
Participant may not surrender shares of Class A Common Stock having a Fair
Market Value in excess of the aggregate purchase price of the shares of Class A

<PAGE>   5

Common Stock purchased upon exercise of a Stock Option. Shares of Class A Common
Stock surrendered to the Company under this Section 7.2 shall not thereafter be
included in the shares of Class A Common Stock available under Section 6.1.

         7.3 Termination of Employment Before Exercise. If a Participant's
employment with the Company or a Participating Subsidiary, if any, shall
terminate by reason of the Participant's death or disability within the meaning
of Section 22(e)(3) of the Code, any Stock Options then held by the Participant,
to the extent then exercisable under the applicable Option Agreement(s), shall
remain exercisable after the termination of his employment for a period of
twelve months (but in no event beyond ten years from the date of grant of the
Stock Option). If a Participant's employment with the Company or a Participating
Subsidiary, if any, shall terminate for any reason other than the Participant's
death or disability, any Stock Options then held by the Participant, to the
extent then exercisable under the applicable Option Agreement(s), shall remain
exercisable after the termination of his or her employment for a period of three
months. If the Stock Option is not exercised during the applicable period, it
shall be deemed to have been forfeited and of no further force or effect.

         7.4 Disposition of Forfeited Stock Options. Any shares of Class A
Common Stock subject to Stock Options forfeited by a Participant under this Plan
shall not thereafter be eligible for purchase by the Participant, but may be
made subject to Stock Options granted to other Participants.

         8. RELOAD OPTIONS.

         8.1 Authorization of Reload Options. Concurrently with the award of
Stock Options to any Participant, the Committee may authorize Reload Options to
purchase, for cash or shares of Class A Common Stock, a number of shares of
Class A Common Stock. The number of Reload Options shall equal:

                    the number of shares of Class A Common Stock used to
               exercise the underlying Stock Options; and

                    to the extent authorized by the Committee, the number of
               shares of Class A Common Stock used to satisfy any tax
               withholding requirement incident to the exercise of the
               underlying Stock Options. The grant of a Reload Option will
               become effective upon the exercise of underlying Stock Options or
               Reload Options through the use of shares of Class A Common Stock
               held by the Participant for at least twelve months.
               Notwithstanding the fact that the underlying Stock Option may be
               an Incentive Stock Option, a Reload Option is not intended to
               qualify as an "incentive stock option" under Section 422 of the
               Code.

         8.2 Reload Option Amendment. Each Option Agreement shall state whether
the Committee has authorized Reload Options with respect to the underlying Stock
Options. Upon the exercise of an underlying Stock Option or other Reload Option,
the Reload Option will be evidenced by an amendment to the underlying Option
Agreement.

         8.3 Reload Option Price. The Option Price per share of Class A Common
Stock deliverable upon the exercise of a Reload Option shall be the Fair Market
Value

<PAGE>   6

of a share of Class A Common Stock on the date the grant of the Reload Option
becomes effective.

         8.4 Term and Exercise. Each Reload Option shall be fully exercisable
six months from the date the grant of the Reload Option becomes effective. The
term of each Reload Option shall be equal to the remaining option term of the
underlying Stock Option.

         8.5 Termination of Employment. No additional Reload Options shall be
granted to Participants when Stock Options and/or Reload Options are exercised
pursuant to the terms of this Plan following termination of the Participant's
employment with the Company or a Participating Subsidiary.

         8.6 Applicability of Stock Option Sections. Section 7 of this Plan
shall apply equally to Reload Options. Section 7 of this Plan is incorporated by
reference in this Section 8 as though fully set forth herein.

         9. STOCK APPRECIATION RIGHTS.

         9.1 Grant of Stock Appreciation Rights. The Committee may, from time to
time, grant Stock Appreciation Rights to a Participant with respect to not more
than the number of shares of Class A Common Stock which are, or may become,
purchasable under the Stock Options held by the Participant. The Committee may,
in its sole discretion, specify the terms and conditions of such rights,
including without limitation the time period or time periods during which such
rights may be exercised and the date or dates upon which such rights shall
expire and become void and unexercisable; provided, however, that in no event
shall such rights expire and become void and unexercisable later than the time
when the related Stock Option is exercised, expires or terminates. Each Option
Agreement shall state whether the Committee has granted Stock Appreciation
Rights and shall specify the terms and conditions of such rights, which shall be
subject to all the provisions of this Plan.

         9.2 Exercise of Stock Appreciation Rights. Subject to Section 9.3, and
in lieu of purchasing shares of Class A Common Stock upon the exercise of a
Stock Option held by him, a Participant may elect to exercise the Stock
Appreciation Rights, if any, he has been granted and receive payment of the
Redemption Value of all, or any portion, of the number of shares of Class A
Common Stock subject to such Stock Option with respect to which he has been
granted Stock Appreciation Rights; provided, however, that the Stock
Appreciation Rights may be exercised only when the Fair Market Value of the
shares of Class A Common Stock subject to such Stock Option exceeds the exercise
price of the Stock Option. A Participant shall exercise Stock Appreciation
Rights by delivering a written notice to the Committee specifying the number of
shares of Class A Common Stock with respect to which he exercises Stock
Appreciation Rights and agreeing to surrender the right to purchase an
equivalent number of shares of Class A Common Stock subject to his Stock Option.
If a Participant exercises Stock Appreciation Rights, payment of his Stock
Appreciation Rights shall be made in accordance with Section 9.3 on or before
the 90th day after the date of exercise of the Stock Appreciation Rights.

         9.3 Form of Payment. If a Participant elects to exercise Stock
Appreciation Rights as provided in Section 9.2, the Committee may, in its
absolute discretion, elect to pay any part or all of the Redemption Value of the
shares with respect to which the Participant has exercised Stock Appreciation
Rights in: (i) cash; (ii) shares of Class A Common

<PAGE>   7

Stock; or (iii) any combination of cash and shares of Class A Common Stock. The
Committee's election pursuant to this Section 9.3 shall be made by giving
written notice to the Participant within 90 days after the date of exercise of
the Stock Appreciation Rights, which notice shall specify the portion which the
Committee elects to pay in cash, shares of Class A Common Stock or a combination
thereof. In the event any portion is to be paid in shares of Class A Common
Stock, the number of shares of Class A Common Stock to be delivered shall be
determined by dividing the amount which the Committee elects to pay in shares of
Class A Common Stock by the Fair Market Value of one share of Class A Common
Stock on the date of exercise of the Stock Appreciation Rights. Any fractional
share resulting from any such calculation shall be disregarded. The shares of
Class A Common Stock, together with any cash payable to the Participant, shall
be delivered within the 90-day period required above.

         10. NO CONTRACT OF EMPLOYMENT.

         Nothing in this Plan shall confer upon the Participant the right to
continue in the employ of the Company, or any Participating Subsidiary, if any,
nor shall it interfere in any way with the right of the Company, or any
Participating Subsidiary, if any, to discharge the Participant at any time for
any reason whatsoever, with or without cause. Nothing in this Section 10 shall
affect any rights or obligations of the Company or any Participant under any
written contract of employment.

         11. NO RIGHTS AS A SHAREHOLDER.

         A Participant shall have no rights as a shareholder with respect to any
shares of Class A Common Stock subject to a Stock Option granted under this
Plan. Except as provided in Section 6.2, no adjustments shall be made in the
number of shares of Class A Common Stock issued to a Participant, or in any
other rights of the Participant upon exercise of a Stock Option, by reason of
any dividend, distribution or other right granted to shareholders for which the
record date is prior to the date of exercise of the Participant's Stock Option.

         12. ASSIGNABILITY.

         No Stock Option, Reload Option or Stock Appreciation Right awarded
under this Plan, nor any other rights acquired by a Participant under this Plan,
shall be assignable or transferable by a Participant, other than by will or
applicable laws of intestate succession. During a Participant's lifetime, Stock
Options may be exercised only by such Participant or the guardian or legal
representative of the Participant. Notwithstanding the foregoing, the Committee
may, in its sole discretion, permit the assignment or transfer of an NSO by a
Participant, other than an officer or director, and the exercise thereof by a
person other than such Participant, on such terms and conditions as the
Committee in its sole discretion, may determine. Any such terms shall be
determined at the time the NSO is granted, and shall be set forth in the Option
Agreement. In the event of a Participant's death, the Stock Option or any Reload
Option or Stock Appreciation Right may be exercised by the personal
representative of the Participant's estate or, if no personal representative has
been appointed, by the successor or successors in interest determined under the
Participant's will or under the applicable laws of intestate succession.

<PAGE>   8

         13. TERMINATION OF PLAN.

         In the event of dissolution or liquidation of the Company, or upon any
reorganization, merger or consolidation of the Company with one or more
corporations where the Company is the surviving corporation and the shareholders
of the Company immediately prior to such transaction do not own at least fifty
percent (50%) of the issued and outstanding Class A Common Stock immediately
after such transaction, or upon any reorganization, merger or consolidation of
the Company with one or more corporations where the Company is not the surviving
corporation, or upon a sale of substantially all of the assets of the Company to
another corporation or entity or upon the sale of Class A Common Stock to
another person or entity in one or a series of transactions with the result that
such person or entity owns more than fifty percent (50%) of the issued and
outstanding Class A Common Stock immediately after such sale(s), the Plan and
all Stock Options and Reload Options and Stock Appreciation Rights, if any,
outstanding under the Plan shall terminate on the effective date of the
transaction (or, in the event of a tender offer resulting in the sale of fifty
percent (50%) or more of the then outstanding Class A Common Stock (a "Tender
Offer"), 30 days after the final expiration of the Tender Offer) unless prior to
the effective date of the transaction the Board elects, in its sole discretion,
to continue the Plan. In the event the Board does not elect to continue the
Plan, however, any Stock Options, Reload Options and Stock Appreciation Rights,
theretofore granted and outstanding under the Plan shall become immediately
exercisable in full at such time as the approval of the transaction by the
Board, or the final expiration of any Tender Offer (notwithstanding any
performance, vesting or other criteria contained therein), and shall remain
exercisable until the effective date of such transaction or 30 days after the
final expiration of the Tender Offer, whichever is applicable (unless the Stock
Option, Reload Option or Stock Appreciation Right would otherwise expire by its
own terms on an earlier date). The Company shall give each optionee written
notice at least 30 days prior to the effective date of any termination of the
Plan as a result of a transaction described above in order to permit the
optionee to exercise his Stock Options and/or Reload Options and Stock
Appreciation Rights, if any, prior to the effective date of termination. Unless
the Board has elected to continue the Plan, any option not exercised by the
effective date of a transaction described above shall terminate on such date.

         14. WITHHOLDING TAXES.

         The Company or Participating Subsidiary, if any, may take such steps as
it may deem necessary or appropriate for the withholding of any taxes which the
Company or the Participating Subsidiary, if any, is required by any law or
regulation or any governmental authority, whether federal, state or local,
domestic or foreign, to withhold in connection with any Stock Option, Reload
Option or Stock Appreciation Right, including, but not limited to, the
withholding of all or any portion of any payment or the withholding of issuance
of shares of Class A Common Stock to be issued upon the exercise of any Stock
Option, Reload Option or Stock Appreciation Right, until the Participant
reimburses the Company or Participating Subsidiary, if any, for the amount the
Company or Participating Subsidiary, if any, is required to withhold with
respect to such taxes, or cancelling any portion of such award in an amount
sufficient to reimburse itself for the amount it is required to so withhold.

         15. AMENDMENT.

         The Board may from time to time alter, amend, suspend or discontinue
this Plan, including, where applicable, any modifications or amendments as it
shall deem advisable in order that ISOs will be classified as incentive stock
options under the Code, or in

<PAGE>   9

order to conform to any regulation or to any change in any law or regulations
applicable thereto; provided, however, that no such action shall adversely
affect the rights and obligations with respect to Stock Options at any time
outstanding under this Plan; and provided further that no such action shall,
without the approval of the shareholders of the Company, (i) increase the
maximum number of shares of the Class A Common Stock that may be made subject to
Stock Options (unless necessary to effect the adjustments required by Section
6.2), (ii) materially increase the benefits accruing to Participants under this
Plan, or (iii) materially modify the requirements as to eligibility for
participation in this Plan.

         16. APPLICATION OF SECTION 16.

         With respect to persons subject to Section 16 of the 1934 Act,
transactions under this Plan are intended to comply with all applicable
conditions of Rule 16b-3 or its successors under the 1934 Act. To the extent any
provision of this Plan or action by the Committee fails to so comply, it shall
be deemed null and void, to the extent permitted by law and deemed advisable by
the Committee.

         17. REGISTRATION OF OPTIONED SHARES.

         The Stock Options shall not be exercisable unless the purchase of such
optioned shares is pursuant to an applicable effective registration statement
under the Securities Act of 1933, as amended (the "Act"), or unless, in the
opinion of counsel to the Company, the proposed purchase of such optioned shares
would be exempt from the registration requirements of the Act, and from the
registration or qualification requirements of applicable state securities laws.
The Company shall have no obligation to register any shares of Class A Common
Stock.

         18. STOCK RESTRICTIONS.

         The Committee may provide that shares of Class A Common Stock issuable
upon the exercise of a Stock Option, Reload Option or Stock Appreciation Right,
be subject to various restrictions, including restrictions which provide that
the Company has a right to prohibit sales of such shares of Class A Common
Stock, a right of first refusal with respect to such shares of Class A Common
Stock or a right or obligation to repurchase all or a portion of such shares of
Class A Common Stock, which restrictions may survive a Participant's term of
employment with the Company. The acceleration of time or times at which the
Stock Option becomes exercisable may be conditioned upon the Participant's
agreement to such restrictions.

         19. NONEXCLUSIVITY OF THIS PLAN.

         Neither the adoption of this Plan by the Board nor the submission of
this Plan to shareholders of the Company for approval shall be construed as
creating any limitations on the power or authority of the Board to adopt such
other or additional incentive or other compensation arrangements of whatever
nature as the Board may deem necessary or desirable or preclude or limit the
continuation of any other plan, practice or arrangement for the payment of
compensation or fringe benefits to employees generally, or to any class or group
of employees, which the Company or any Participating Subsidiary, if any, has
lawfully put into effect, including, without limitation, any retirement,
pension, savings and stock purchase plan, insurance, death and disability
benefits and executive short-term incentive plans.

<PAGE>   10

         20. EFFECTIVE DATE.

         This Plan was adopted by the Board and became effective on December __,
1993, and was approved by the Company's sole shareholder on December __, 1993.
No ISOs shall be granted under this Plan subsequent to 10 years after its
original effective date, although NSOs may continue to be granted under this
Plan after such ten-year period. ISOs outstanding subsequent to ten years after
the original effective date of this Plan shall continue to be governed by the
provisions of this Plan.

<PAGE>   11

                   FIRST AMENDMENT TO GERIMED OF AMERICA, INC.
                                STOCK OPTION PLAN

This First Amendment to GeriMed of America, Inc. Stock Option Plan (this
"Amendment") is adopted this 27th day of June, 1995, by the Board of Directors
of GeriMed of America, Inc., a Colorado corporation (the "Company").

                                    RECITALS

         A. The Board of Directors of the Company adopted that certain Stock
Option Plan (the "Plan") effective December 28, 1993.

         B. Under Section 15 of the Plan, the Board of Directors of the Company,
with the approval of the voting shareholders of the Company, may at any time
terminate the Plan or make such amendments thereto, as it shall deem advisable
and in the best interest of the Company.

                                    AMENDMENT

         1. The first sentence of Section 6.1 of the Plan is hereby deleted in
its entirety and the following sentence is inserted in lieu thereof:

                  6.1      Maximum Number. The maximum aggregate number of
                           shares of Class A Common Stock that may be made
                           subject to Stock Options granted under this Plan
                           shall be 1,100,000 authorized but unissued shares.

         2. This Amendment shall not be effective unless it is approved by a
vote of the shareholders of a majority of the issued and outstanding Voting
Common Stock of the Company once it is approved by the Board of Directors of the
Company.

         This Amendment was adopted and approved by the Board of Directors of
the Company by unanimous written consent in lieu of special meeting effective
June 27, 1995.

                                             /s/ JAMES M. GRAHAM
                                           ------------------------------------
                                                 James M. Graham, Secretary

<PAGE>   12
                  SECOND AMENDMENT TO GERIMED OF AMERICA, INC.
                                STOCK OPTION PLAN

         THIS SECOND AMENDMENT TO GERIMED OF AMERICA, INC. STOCK OPTION PLAN
(this "Amendment") is adopted this 22nd day of February, 1996 by the Board of
Directors of GeriMed of America, Inc., a Colorado corporation (the "Company).

                                    RECITALS

         A. The Board of Directors of the Company (the "Board") on December 28,
1993 adopted, with subsequent shareholder approval, the GeriMed of America, Inc.
Stock Option Plan and on June 27, 1995 adopted, with subsequent approval, the
First Amendment to GeriMed of America, Inc. Stock Option Plan (collectively, the
"Plan").

         B. Under Section 15 of the Plan, the Board of Directors of the Company,
with the approval of the voting shareholders of the Company, may at any time
terminate the Plan or make such amendments thereto, as it shall deem advisable
and in the best interest of the Company.

         C. The Board of Directors of the Company has determined that it is in
the best interest of the Company to amend the Plan as more fully set forth
below.

                                    AMENDMENT

         NOW, THEREFORE, Section 13 of the Plan is hereby amended by deleting
all references to "Class A Common Stock" and substituting in lieu thereof
"voting common stock."

         THIS AMENDMENT was adopted and approved by the Board of Directors and
the shareholders of the Company, each by unanimous written consent in lieu of
special meeting effective February 22, 1996.

                                        /s/  James F. Riopelle
                                        ---------------------------------
                                        James F. Riopelle, President

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