Document:

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                                                                    Exhibit 10.1

                                AMENDMENT NO. 6
                                    to the
                            GENESEE & WYOMING INC.
                            1996 STOCK OPTION PLAN

                            Effective May 23, 2000

    WHEREAS, Genesee & Wyoming Inc., a Delaware corporation (the "Company"), has
established the Genesee & Wyoming Inc. 1996 Stock Option Plan, as heretofore
amended (the "Plan"); and

    WHEREAS, deeming it appropriate and advisable so to do, and pursuant to
Section 19 of the Plan, the Board of Directors of the Company has authorized,
approved and adopted the further amendments to the Plan set forth herein;

    NOW, THEREFORE, the Plan is hereby amended, effective May 23, 2000, as set
forth below:

        1.  A new Section "26.  Cancellation and Rescission of Awards." of the
Plan is hereby added to the Plan, to provide in its entirety as follows:

        "26.  Cancellation and Rescission of Awards.

              "(a)  The Stock Option Committee shall have the authority, in its
       discretion and without limitation, to include in such agreements
       evidencing Options as it determines appropriate a provision that permits
       the Company to (i) cancel all unexercised Options granted to an Option
       grantee who enters into Competition (as hereinafter defined), and (ii)
       rescind the exercise of any Options exercised by an Option grantee (or
       his permitted transferee) within six months before the date that such
       Option grantee enters into Competition, if (x) the Option grantee
       voluntarily terminates his or her employment with the Company, or (y) the
       Company terminates the Option grantee's employment because the Option
       grantee has cooperated with a competitor of the Company contrary to the
       best interests of the Company.

              "(b)  As used herein, the term `Competition' means the Option
       grantee's participation, whether as employee, consultant, investor or
       otherwise, directly or indirectly in any business which is or becomes
       competitive with the business of the Company or any of its affiliates.
       For the purpose of determining whether an Option grantee has engaged in
       Competition, or has cooperated with a competitor of the Company contrary
       to the best interests of the Company, the judgment of the chief executive
       officer of the Company shall prevail.  For an Option grantee whose
       employment with the Company has terminated, the judgment of the chief
       executive officer shall be based on that person's position and
       responsibilities while employed by the Company, his or her post-
       employment responsibilities and position with the other business, the
       extent of past, current and potential competition or conflict between the
       Company and the other business, the effect on the Company's customers,
       suppliers and competitors, and such other considerations as are deemed
<PAGE>

       relevant by the chief executive officer given the applicable facts and
       circumstances.

              "(c)  In the event that the chief executive officer so determines
       that an Option grantee has engaged in Competition, or has cooperated with
       a competitor of the Company contrary to the best interests of the
       Company, the Company shall have the discretion to cancel all unexercised
       Options granted to the Option grantee and to rescind all Options
       exercised within six months before the date that the Option grantee
       entered into Competition (or so cooperated with a competitor).  In the
       case of cancellation of an unexercised Option, the cancellation shall be
       effective upon the giving of written notification of cancellation to the
       Option grantee, which notice shall be given within the period during
       which such Option would, by its terms, otherwise be exercisable.  In the
       case of rescission, the Company shall notify the Option grantee in
       writing of any such rescission within six months after the date of
       termination of employment with the Company.  Within ten days after
       receiving such notice from the Company, the Option grantee (or his
       permitted transferee) shall pay to the Company the amount of any gain
       realized or payment received as a result of the rescinded exercise.  Such
       payment shall be made either in cash or by returning to the Company the
       number of shares of Class A Common Stock that the Option grantee (or his
       permitted transferee) received in connection with the rescinded exercise.

              "(d)  The written agreement evidencing the Options to be subject
       to the provisions of this Section 26 shall also include a covenant that
       during the term of the Option grantee's employment with the Company and
       for six months following termination of such employment, the Option
       grantee shall not engage in Competition. Such provision shall also state
       that the Company will be entitled to bring an action at law or equity to
       enforce the terms of such covenant.

              "(e)  Notwithstanding any other provision hereof to the contrary,
       a retired Option grantee will not be deemed to be engaged in Competition
       if he or she purchases as an investment or otherwise, stock or other
       securities of a competitor business so long as such business is listed
       upon a recognized securities exchange or traded over-the-counter, and
       such investment does not represent a greater than five percent equity
       interest in the business."

        2.  Except as amended hereby, the Plan shall remain in full force and
effect in accordance with its terms.

    This Amendment No. 6 to the Genesee & Wyoming Inc. 1996 Stock Option Plan
was authorized, approved and adopted by the Board of Directors of the Company on
May 23, 2000.

                                        /s/ Thomas P. Loftus
                                      ----------------------------------------
                                      Thomas P. Loftus, Assistant Secretary

                                       2<PAGE>

                                                                    Exhibit 10.2

              GENESEE & WYOMING AUSTRALIA PTY LTD ACN 080 579 308

                          EXECUTIVE SHARE OPTION PLAN

                                     RULES

1.  DEFINITIONS AND INTERPRETATION

1.1  Definitions

     In these Rules, unless the contrary intention appears:

     Application Form means the form referred to in Rule 5.4(b).

     ASX means Australian Stock Exchange Limited.

     Board means the Board of Directors of the Company as constituted from time
     to time.

     Business Day has the meaning given to that term in the Listing Rules.

     Company means Genesee & Wyoming Australia Pty Limited ACN 080 579 308.

     Control has the meaning given to it under the Corporations Law.

     Director means director of the Company from time to time.

     Eligible Person means the Executives, the Company's senior executives and
     the senior executives of Related Bodies Corporate of the Company from time
     to time.

     Equivalent Value of an Executive Option on a given date means:

     (a)  the Market Value of the Shares that would be issued if the Executive
          Option were exercised on that date;

          LESS

     (b)  the Exercise Price of that Executive Option.

     Executive means each of Chuck Chabot, Anthony Mogytych, Paul Zaleck, Colin
     Turner, Ian Jamieson and Thomas Lanni.

     Executive Option means an option granted under this Plan.

     Exercise Period means the period during which an Executive Option can be
     exercised pursuant to Rule 8.

     Exercise Price means the consideration per Share, determined in accordance
     with Rule 9, payable by a Holder to the Company for the issue of Shares the
     subject of the relevant Executive Option.
<PAGE>

                                       2.

     Expiry Date means in respect of an Executive Option the expiry date
     specified in the Offer Notice in respect of that Option.

     Holder means the registered holder of an Executive Option.

     Independent Expert means an independent accountant selected by the Board;

     Listed means having been admitted to the official list of the ASX and at
     the relevant time still being so admitted even though, for the avoidance of
     doubt, the quotation of the Company's securities may be suspended or
     subject to a trading halt.

     Listing Rules means the official listing rules of the ASX and any other
     rules of the ASX which are applicable while the Company is Listed, except
     to the extent of any express written waiver by the ASX.

     Market Value means:

     (a)  before the Company is Listed, EBITDA of the Company multiplied by 5.5
          less debt all debt (for the avoidance of doubt, debt includes bank
          debt and any other liabilities in the nature of long term financing,
          but does not include current liabilities incurred in the ordinary
          course of business);

     (b)  where the Company is Listed, the weighted average of the sale price of
          Shares quoted on the stock exchange of the ASX in the 5 Business Days
          prior to the date on which the Market Value is to be calculated
          (excluding the day of calculation);

     (c)  during a Trade Sale, the average price per share on a net present
          value basis at a discount rate nominated by the Company that the
          purchaser or subscriber is paying for the Company's shares

     Marketable Parcel has the meaning given by the Listing Rules.

     Offer Notice means an offer to grant Executive Options made under Rule 5.4;

     Option Certificate means the certificate issued by the Company to the
     relevant Holder in respect of an Executive Option.

     Plan means the "Genesee & Wyoming Australia Pty Ltd Executive Share Option
     Plan" constituted by these Rules.

     Related Body Corporate has the meaning given to it under the Corporations
     Law.

     Rules means these rules as amended from time to time.

     Share means a fully paid ordinary share in the capital of the Company.  For
     the purposes of this Plan, as at the commencement date of the total number
     of shares issued by the Company is 16,524,000.

     Supervening Event means:
<PAGE>

                                       3.

     (a)  the sale of the main operating assets of the Company; or

     (b)  a change in Control of the Company; or

     (c)  a restructure of the affairs of the Company or its Related Bodies
          Corporate that will affect the value of the Shares in the Company; or

     (d)  any fact, matter or circumstance which in the reasonable opinion of
          the Board makes it undesirable for Executive Options to become
          exercisable,

     but does not include a Trade Sale.

     Trade Sale means a sale or issue of 25% or more of the issued capital of
     the Company to a single or related purchasers or subscribers;

1.2  Interpretation

     In these Rules, unless the context otherwise requires:

     (a)  where an expression is defined, another part of speech or grammatical
          form of that expression has a corresponding meaning;

     (b)  a reference to any legislation provision, regulation, rule or by-law
          (including the Listing Rules) includes any statutory modification or
          re-enactment of, or legislative provision substituted for, and any
          subordinate legislation issued under, that legislation or legislative
          provision;

     (c)  the singular includes the plural and vice versa;

     (d)  a reference to an individual or person includes a corporation,
          partnership, joint venture, association, authority, trust, entity,
          state or government and vice versa;

     (e)  a reference to any gender includes all genders; and

     (f)  including and similar expressions are not and must not be treated as
          words of limitation.

1.3  Compliance with the Corporations Law and the Listing Rules

     (a)  Notwithstanding anything express or implied in these Rules, each and
          every provision of these Rules is subject to the Corporations Law and,
          if the Company is Listed, the Listing Rules.

     (b)  If there is any inconsistency between any provision of these Rules and
          the Corporations Law or, if the Company is Listed, the Listing Rules,
          the Corporations Law or the Listing Rules (as the case may be) will
          prevail to the extent of the inconsistency.
<PAGE>

                                       4.

1.4  Listing Rules

     A reference in these Rules to the Listing Rules or the ASX has effect only
     for so long as the Company is Listed and must otherwise be disregarded.

2.  ESTABLISHMENT OF PLAN

2.1  The Board hereby establishes the Plan in accordance with the Rules.

2.2  The Plan hereby constituted is called the "Genesee & Wyoming Australia Pty
Ltd Executive Share Option Plan".

3.  OBJECTIVES

     The objectives of the Plan are:

     (a)  to enable exceptional Eligible Persons to acquire an interest in the
          Company;

     (b)  create a sense of ownership in the Company and its success;

     (c)  to assist in the attraction and retention of high quality Eligible
          Persons;

     (d)  to allow such persons interests to be aligned with the interests of
          the Company's other shareholders;

     (e)  to avoid taking any action which could harm the commercial interests
          the Company within 12 months of ceasing employment with the Company.

4.  ADMINISTRATION OF PLAN

     The Board is to administer the Plan and the Board has power:

     (a)  to determine procedures from time to time to administer the Plan
          consistent with these Rules;

     (b)  to resolve conclusively all questions of fact or interpretation
          arising in connection with the Plan; and

     (c)  to delegate to any one or more persons (including a committee) for
          such period and on such conditions as the Board may determine the
          exercise of any of the Board's powers or discretions arising under the
          Plan.

5.   ENTITLEMENT

5.1  The Board may at any time and from time to time determine which of the
     Eligible Persons are eligible to participate in the Plan.

5.2  The Directors may from time to time determine in their absolute discretion
     the number of Executive Options which may be granted to each Eligible
     Person (if any).
<PAGE>

                                       5.

5.3  In making the determinations under Rules 5.1 and 5.2, the Directors may
     have regard to the following factors:

     (a)  the length of service of the Eligible Person with the Company or any
          Related Body Corporate;

     (b)  the record of employment of the Eligible Person with the Company or
          any Related Body Corporate;

     (c)  the potential contribution of the Eligible Person to the growth of the
          Company or any Related Body Corporate;

     (d)  any other matters which tend to indicate the merit of the Eligible
          Person; and

     (e)  where the Eligible Person was offered the right to participate in the
          Plan before he or she commenced full time employment with the Company
          or any Related Body Corporate, the fact that such an offer was made
          and the terms of that offer.

5.4  Following a determination under Rule 5.2 to grant Executive Options, the
     Company must give each Eligible Person to be granted Executive Options:

     (a)  an offer in writing to apply to take up those Executive Options
          setting out:

          (i)    the number of Executive Options;

          (ii)   the Exercise Price (in Australian dollars), or where the
                 Exercise Price is determinable at some future time by reference
                 to a formula, the acquisition price (in Australian dollars)
                 were that formula applied as at the date of the offer; and

          (iii)  the Expiry Date of the Executive Options; and

          (iv)   any additional terms and conditions for the exercise of the
                 Executive Options (such as any performance criteria) not set
                 out in these Rules;

     (b)  an application form; and

     (c)  a copy of the Rules.

5.5  The making of the offer by the Company will not constitute any legally
     binding commitment to the grant of the Executive Options referred to except
     upon the actual grant of the Executive Options.

5.6  An Eligible Person who desires to apply for Executive Options must sign and
     return to the Company the Application Form to that effect.

5.7  An Eligible Person may apply for less than the number of Executive Options
     offered to him or her.
<PAGE>

                                       6.

5.8  If required by the Corporations Law or the Listing Rules, the Company must
     provide to ASIC a copy of the offer or invitation document (which need not
     contain details of the offer or invitation particular to the offeree such
     as the identity or entitlement of the offeree) and of each accompanying
     document no later than 7 days after the provision of that material to the
     offeree.

5.9  The Eligible Person will obtain Executive Options on the date of the grant
     of the Executive Options by the Company at the times specified in the
     Application Form. An Eligible Person who ceases for any reason whatsoever
     to be employed by the Company or a Related Body Corporate of the Company
     will not have any right to the grant of Executive Options that have not yet
     been granted to him or her.

6.   GRANT OF  EXECUTIVE OPTIONS

6.1  Subject to these Rules, the grant of Executive Options will take place at
     such times and upon such terms and conditions as the Directors may
     determine.

6.2  Unless otherwise determined by the Directors at the time of grant, an
     Executive Option will be granted free of charge on the following terms and
     conditions:

     (a)  (Number of Shares) Each Executive Option entitles the Holder to
          subscribe for one Share at the Exercise Price.

     (b)  (Exercise Period) Subject to Rule 8, an Executive Option may be
          exercised during such period as determined by the Board from time to
          time either generally or in respect of the Eligible Person concerned,
          up to and including 5.00 pm South Australian time on the Expiry Date.

     (c)  (Method of Exercise) An Executive Option may be exercised by notice in
          writing to the Company accompanied by payment of the Exercise Price
          and the Option Certificate to which the Executive Option relates,
          delivered to the registered office of the Company during the Exercise
          Period.

     (d)  (Notice of Exercise) The notice referred to in Rule 6.2(c) must
          specify the number of Executive Options exercised.

     (e)  (Board to allot Shares) Within 10 Business Days after receipt of the
          notice referred to in Rule 6.2(c) and the payment of the Exercise
          Price, the Directors will:

          (i)  allot to the Holder the number of Shares fully paid up which
               corresponds to the number of Executive Options properly exercised
               by the Holder;

          (ii) cancel the Option Certificate relating to those Executive
               Options; and

         (iii) if applicable, issue a new Option Certificate in relation to any
               unexercised Executive Options.
<PAGE>

                                       7.

(f)  (No participating rights) Unless otherwise provided in these Rules, there
     are no participating rights or entitlements inherent in the Executive
     Options.

(g)  (New Issues) Subject to the Listing Rules, if the Company is Listed Holders
     will be entitled to participate in new issues of capital offered to
     shareholders of the Company on the prior exercise of their Executive
     Options.  The Company will ensure that for the purposes of determining
     entitlements to any such issue, the record date in respect of that issue
     will be at least ten Business Days after the issue is announced.  This will
     give Holders the opportunity to exercise their Executive Options should
     they so wish prior to the date for determining entitlements to participate
     in any such issue.

(h)  (Pro rata issue) Subject to the Listing Rules, if during the life of an
     Executive Option, there is a pro rata issue (except a bonus issue) to the
     holders of Shares, the Exercise Price may be reduced according to the
     following formula:

          O' =   O - E[P-(S+D)]
                     ----------
                       N + 1

          O' =  the new exercise price of the Executive Option.

          O =   the exercise price of the Executive Option which would apply but
                for this formula.

          E =   the number of Shares into which one Executive Option is
                exercisable.

                Note: E is one unless the number has changed pursuant to Rule
                6.2(i) because of a bonus issue.

                P =  the Market Value of a Share.

          S =  the subscription price for a Share under the pro rata issue.

          D =  the dividend due but not yet paid on the existing Shares (except
               those to be issued under the pro rata issue).

          N =  the number of Shares with rights or entitlements that must be
               held to receive a right to one new security under the pro rata
               issue.

(i)  (Bonus issue) Subject to the Listing Rules, if there is a bonus issue to
     the holders of Shares, the number of Shares over which the Executive Option
     is exercisable may be increased by the number of Shares which the Holder of
     the Executive Option would have received if the Executive Option had been
     exercised before the record date for the bonus issue.

(j)  (Reorganisation of Executive Options) Subject to the Listing Rules, if any
     reorganisation of the issued capital of the Company takes place
<PAGE>

                                       8.

     prior to the Expiry Date, the number of Executive Options to which each
     Holder is entitled and the exercise price will be reorganised as follows:

     (A)  in a consolidation of capital, the number of Executive Options will be
          consolidated in the same ratio as the Shares and the Exercise Price
          will be amended in inverse proportion to that ratio;

     (B)  in a sub-division of capital, the number of Executive Options will be
          sub-divided in the same ratio as the Shares and the Exercise Price
          will be amended in inverse proportion to that ratio;

     (C)  in a return of capital, the number of Executive Options must remain
          the same and the Exercise Price of each Executive Options must be
          reduced by the same amount as the amount returned in relation to each
          Share;

     (D)  in a reduction of capital by a cancellation of paid up capital that is
          lost or not represented by available assets where no securities are
          cancelled, the number of Executive Options and the Exercise Price must
          remain unaltered;

     (E)  in a pro rata cancellation of Shares, the number of Executive Options
          must be reduced in the same ratio as the ordinary capital and the
          Exercise Price of each Executive Option will be amended in inverse
          proportion to that ratio;

     (F)  in any other case, the number of Executive Options or the Exercise
          Price will be reorganised so that the holder of the Executive Option
          will not receive a benefit that holders of Shares do not receive. This
          Rule does not prevent a rounding up of the number of Shares to be
          received on exercise if the rounding up is approved at the
          shareholders' meeting which at the reorganisation is approved; and

     in all other respects the terms of the exercise of Executive Options will
     remain unchanged.

(k)  (Ranking) All Shares issued upon exercise of the Executive Options will
     rank equally in all respects with the Company's then existing fully paid
     Shares. If the Company has been admitted to the official list of the ASX,
     the Company will apply for official quotation by ASX of all Shares issued
     upon exercise of the Executive Options.

(l)  (Non-transferability) The Executive Options are not transferable and if the
     Company is admitted to the official list of ASX no application will be made
     to the ASX for official quotation of the Executive Options.

7.  SUPERVENING EVENTS

7.1  Notwithstanding anything in these Rules, if, prior to the Company becoming
     Listed, during the life of an Executive Option the Board resolves that
     there has been, or is likely to be, a Supervening Event the Company will
     give notice of
<PAGE>

                                       9.

the Supervening Event to each Holder (Termination Notice).  For the avoidance of
doubt, the Board is not obliged to determine that an event which might satisfy
the circumstances under the definition of Supervening Event constitutes a
Supervening Event and may specifically determine that a particular event  will
not be treated as a Supervening Event.

7.2  The Termination Notice must specify the nature of the Supervening Event and
     the Board's reasons for resolving that the fact matter or circumstance
     amounts to a Supervening Event that triggers the operation of this Rule.
     The Termination Notice must specify the alternative method of compensating
     Holders of Executive Options as determined by the Board under Rule 7.4.

7.3  Upon receipt of a Termination Notice all unexercised Executive Options will
     immediately lapse and this Plan will be terminated.

7.4  Upon resolving that there has been, or is likely to be, a Supervening
     Event, the Board must also determine the most appropriate method of
     compensating Holders of Executive Options that lapse under this Rule 7 from
     the following options. The Board may resolve to:

     (a)  pay each Holder an amount equal to the Equivalent Value of the
          Executive Options on the date of the Termination Notice; or

     (b)  procure that shares are issued in a Related Body Corporate of the
          Company such that:

          (i)   the Market Value of the shares to be issued is equal to the
                Market Value of the Shares that would have been issued had the
                Executive Options been exercised; and

          (ii)  the amount payable by the Holder in relation to the shares is
                equal to the Exercise Price of the Executive Options; and

          (iii) notwithstanding the foregoing the shares shall be credited as
                fully paid; or

     (c)  Procure that common stock in the capital of Genesee & Wyoming Inc. be
          issued to the Holder such that:

          (i)   the Market Value of the common stock to be issued is equal to
                the Market Value of the Shares that would have been issued had
                the Executive Options been exercised; and

          (ii)  the amount payable by Holder in relation to the common stock is
                equal to the Exercise Price of the Executive Options; and

          (iii) notwithstanding the foregoing the common stock shall be credited
                as fully paid.

8.   EXERCISE OF EXECUTIVE OPTIONS

     Unless Executive Options have lapsed under Rule 7 all Executive Options
     shall be exercisable in accordance with this Rule 8 as follows:
<PAGE>

                                      10.

(a)  (Not Listed  and No Trade Sale  - Options are exercisable and Compulsory
     Buy Back) If, prior to the Expiry Date with respect to an Executive Option,
     the Company does not become Listed and a Trade Sale does not occur then an
     Executive Option is exercisable on the Expiry Date for a period of one week
     from the Expiry Date. If the Executive Option is not exercised during that
     period it will automatically lapse. If the Executive Option is exercised
     during that period the Company will, if possible under the Corporations
     Law, buy back the Shares issued to the Holder on exercise not earlier than
     6 months after the date the Shares are issued for an amount equal to the
     value of the Shares as determined by an Independent Expert.

(b)  (Listed prior to Expiry) If prior to the Expiry Date of an Executive Option
     the Company becomes Listed the Executive Option will be exercisable during
     the period:

     (i)  commencing on the date the Company is admitted to the official list of
          the ASX; and

     (ii) ending on the Expiry Date.

     Notwithstanding the provisions of sub-clause (b) and subject to ASX Listing
     Rules, if within [12] months of exercising an Executive Option an Executive
     ceases employment with the Company and commences working for a business
     determined by the Board to be a competitor of the Company he shall be
     deemed to have appointed the [company secretary] as his agent and attorney
     for the purpose of selling his Shares with authority to execute on his
     behalf a share transfer and to take all such steps as necessary to effect
     the share transfer. Such Shares shall be transferred during the ordinary
     course of trading on ASX and the proceeds, less any costs, shall be paid to
     the Executive. The Company shall be entitled to retain any share
     certificates issued following the exercise of Executive Options for a
     period of [12] months following the date of exercise.

(c)  (Trade Sale Prior to Expiry) If, prior to the Expiry Date of an Executive
     Option and prior to the Company becoming Listed, the board forms the view
     that a Trade Sale is likely to occur, the Company must give notice to the
     Holder of the Executive Option of the Trade Sale and the date on which the
     Trade Sale is likely to occur, being no less than 10 Business Days from the
     date of the notice. The Executive Option will be exercisable in the period:

     (i)  commencing on the date the notice is received; and

     (ii) ending on the date specified in the notice being no less than 5
          Business Days before the date of the Trade Sale.

     The Company must procure that the purchaser of the shares in the capital of
     the Company also purchases the Shares issued upon exercise of Executive
     Options under this clause 8(c) at the Market Value for a Trade Sale.
<PAGE>

                                      11.

     (d)  (Change of Control while Listed) If, during the life of an Executive
          Option and provided the Company is admitted to the official list of
          ASX, a takeover offer is made for the Shares and the Board becomes
          aware that more than 25% of the issued Shares have or will become
          vested in the offeror and its associates, the Company will give notice
          of the takeover offer to each Holder. Each Holder may then exercise
          any unexercised Executive Options within 5 Business Days of the
          notice. All unexercised Executive Options will expire 6 Business Days
          after the date the notice is received by the Holder.

9.   EXERCISE PRICE OF EXECUTIVE OPTIONS

      The Exercise Price of an Executive Option will be the amount determined by
      the Board and specified in an Offer Notice given under clause 5.4 for that
      Executive Option being:

      (a)  the Market Value of a Share as at the date on which the Executive
           Options are granted under clause 5; or

      (b)  such lower or higher amount as the board determines.

10.   MAXIMUM AND MINIMUM NUMBER OF EXECUTIVE OPTIONS

10.1  If the Company is Listed, Executive Options may not be granted under the
      Plan if:

      (a)  immediately following a grant, the number of Shares the subject of
           the grant of Executive Options when aggregated with:

           (i)  the number of Shares which would be issued if each outstanding
                Executive Option were to be exercised; and

           (ii) the number of Shares issued during the previous five years under
                the Plan or any other employee share plan extended only to
                employees of the Company (including Directors) and its Related
                Bodies Corporate,

           (disregarding any offer or option acquired or share issued following
           the making or an offer, which is exempt from the disclosure
           requirements in Chapter 6D of the Corporations Law) exceeds five
           percent of the total number of issued shares in that class in the
           Company as at the time of grant of those Executive Options; or

     (b)  if that grant would cause the Company to be in breach of the Listing
          Rules (including Listing Rules 7.1 or 7.16).

10.2  The number of Executive Options exercised by Holder must be at least equal
      to a Marketable Parcel of the Shares the subject of the Executive Options.
<PAGE>

                                      12.

11.  MAXIMUM NUMBER OF EXECUTIVE OPTIONS TO AN ELIGIBLE PERSON

     Executive Options may not be granted under the Plan if, immediately
     following the grant, the number of Shares the subject of the grant of
     Executive Options when aggregated with:

     (a)  a number of Shares which would be issued if each outstanding Executive
          Option to acquire Shares under the Plan were to be exercised; and

     (b)  the number of Shares previously acquired under the Plan or otherwise;

     would result in an Eligible Person's legal or beneficial interest in the
     total capital of the Company exceeding five per cent.

12.   CEASING TO BE EMPLOYED

12.1  If a Holder ceases to be employed by the Company or a Related Body
      Corporate of the Company:

      (a)  due to death, disability or retirement (from the age of 55), the
           Executive Options of that Holder will lapse and the Holder (or his or
           her estate) will be entitled to a cash payment equal to the
           Equivalent Value of the Executive Options held by the Holder; and

      (b)  in all other cases, the Executive Options of that Holder will
          immediately lapse.

12.2  A person is deemed to cease employment with the Company or a Related Body
      Corporate of the Company due to disability if that person is, in the
      opinion of the Board, substantially absent from work due to illness for a
      period in excess of 3 consecutive months.

13.  OPTION CERTIFICATE

     The Company must, within 10 Business Days of the date of grant of the
     Executive Options deliver to the grantee an Option Certificate for the
     relevant number of Executive Options marked "Non-transferable.  Not granted
     Official Quotation".

14.  REQUESTS FOR INFORMATION

     The Company must, within a reasonable period after the receipt of a
     request, during any period in which the offer of Executive Options remains
     open to an Eligible Person, provide to that Eligible Person in writing the
     following information:

     (a)  the current market price of the Shares; and

     (b)  where the Exercise Price is determinable at some future time by
          reference to a formula, the Australian dollar equivalent of the
          acquisition price were that formula applied as at that date.
<PAGE>

                                      13.

15.   AMENDMENTS TO THE RULES

      These Rules may be amended from time to time by resolution of the Board,
      subject to, for as long as the Company is admitted to the official list of
      the ASX, obtaining any necessary approval of shareholders required by the
      Listing Rules.

16.   CORPORATIONS LAW

16.1  This Rule 16 does not apply for so long as the Executive Options offered
      under this Plan are offered under a Disclosure Document in accordance with
      Chapter 6D of the Corporations Law or the Company has been granted relief
      from the disclosure requirements of the Corporations Law.

16.2  This Plan is subject to the provisions of the Corporations Law. Without
      limiting the generality of the foregoing, no Executive Option may be
      offered and no Share may be issued upon the exercise of an Executive
      Option unless that offer is exempt from the disclosure requirement of the
      Corporations Law or the Company determines in its absolute discretion to
      comply with those requirements.

17.   RIGHTS OF EMPLOYEES

      The Plan will not form any part of any contract of employment between the
      Company or an Related Body Corporate and any Eligible Person and will not
      confer directly or indirectly on any Eligible Person any legal or
      equitable right whatsoever (other than rights as the holder of Executive
      Options or Shares issued under the Plan) against the Company or any
      Related Body Corporate.

18.   TERMINATION OF THE PLAN

      The Board may at any time by resolution terminate the Plan without
      prejudice to any Executive Options previously granted.

19.   GOVERNING LAW

      This agreement is governed by the law in force in South Australia and the
      parties submit to the non-exclusive jurisdiction of the courts of South
      Australia and all courts competent to hear appeals from the courts of
      South Australia in respect of all proceedings arising in connection with
      this agreement.

      These Rules were adopted by the Directors of the Company under a
      resolution of the Directors on September 27 , 2000.

/s/ Ian James D. Jamieson
-------------------------
Secretary

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