Document:

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[CALLISTO PHARMACEUTICALS LOGO]
INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE CUSIP 1312EM 10 4
SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFIES THAT

is the owner of

FULLY-PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, $0.0001 PAR VALUE, OF

CALLISTO PHARMACEUTICALS, INC., transferable on the books of the Corporation by
the holder hereof in person or by duly authorized attorney, upon surrender of
this Certificate properly endorsed. This Certificate and the shares represented
hereby are issued and shall be held subject to all of the provisions of the
Certificate of Incorporation, as amended, and the By-laws of the Corporation as
amended (copies of which are on file at the office of the Transfer Agent), to
all of which the holder of this certificate by acceptance hereof assents. This
Certificate is not valid unless countersigned and registered by the Transfer
Agent and Registrar.

         WITNESS the facsimile seal of the Corporation and the facsimile
signatures of the duly authorized officers.

Dated:

/s/ Christoph Bruening                               /s/ Donald G Drapkin
----------------------                               --------------------
Secretary                                            Chairman

COUNTERSIGNED AND REGISTERED:
STOCKTRANS, INC.
44 WEST LANCASTER AVENUE
ARDMORE PA 19005

TRANSFER AGENT
AND REGISTRAR

AUTHORIZED SIGNATURE

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CALLISTO PHARMACEUTICALS, INC.

The Corporation will furnish to any stockholder, upon request without charge, a
full statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences
and/or rights.

The following abbreviations, when used in the inscription on the face of this
certificate shall be construed as though they were written out in full
according to applicable laws or regulations.

                                            UNIF GIFT
TEN COM   - as tenants in common            MIN ACT- ________ Custodian ________
TEN ENT   - as tenants by the entireties            (Cust)              (Minor)
JT TEN    - as joint tenants with right          under Uniform Gifts to Minors
            of survivorship and not              Act____________________________
            as tenants in common                              (Print)

    Additional abbreviations may also be used though not in the above list.

For value received ______________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
  IDENTIFYING NUMBER OF ASSIGNEE
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Please print or typewrite name and address including postal zip code of assignee

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------------------------------------------------------------------------ Shares
of the Common Stock represented by the within Certificate, and do hereby
constitute and appoint
                       ---------------------------------------------------------

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Attorney to transfer the said stock on the books of the within-named Corporation
with full power of substitution in the premises.

Dated_____________________

                                        _______________________________________
                                                   SIGNATURE

       Signature Guaranteed By:

_____________________________________

_____________________________________
    Banker of Member Firm of
       a Stock Exchange

Signature Guarantee

______________________________________________________
THE SIGNATURE MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTIONAL
BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PRGORAM PURSUANT
TO S.E.C. RULE  777 16

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the Certificate, in every particular, without
alteration or enlargement, or any change whatsoever.EXHIBIT 4.1

 EMPLOYEE/CONSULTANT 2003 STOCK OPTION PLAN

              GLOBAL BOULEVARD INTERNATIONAL, INC. (THE "COMPANY")
                        2003 EMPLOYEE STOCK OPTION PLAN

                                   ARTICLE 1.

                        PURPOSE AND ADOPTION OF THE PLAN

1.1.  PURPOSE.  The  purpose  of  the  Global Boulevard International, Inc. 2003
Employee  Stock Option Plan (hereinafter referred to as the "Plan") is to assist
in  attracting  and  retaining  highly  competent  key  employees,  non-employee
directors  and consultants and to act as an incentive in motivating selected key
employees,  non-employee  directors  and  consultants  of  the  Company  and its
Subsidiaries  (as  defined  below)  to  achieve  long-term corporate objectives.

1.2.  ADOPTION  AND  TERM.  The Plan has been approved by the Board of Directors
(hereinafter  referred  to as the "Board") of the Company and by the majority of
its  shareholders,  to  be  effective  as of March  27, 2003 (the "Effective
Date"). The Plan shall remain in effect until terminated by action of the Board;
provided,  however,  that  no  Incentive  Stock Option (as defined below) may be
granted  hereunder  after  the  tenth  anniversary  of  the  Effective  Date.

                                   ARTICLE II.

                                   DEFINITIONS

For  the  purposes  of  this  Plan,  capitalized  terms shall have the following
meanings:

         2.1. AWARD means any grant to a Participant of one or a combination of
Non-Qualified Stock Options or Incentive Stock Options described in Article VI.

         2.2. AWARD AGREEMENT means a written agreement between the Company and
a Participant or a written notice from the Company to a Participant specifically
setting forth the terms and conditions of an Award granted under the Plan.

         2.3. AWARD PERIOD means, with respect to an Award, the period of time
set forth in the Award Agreement during which specified target performance goals
must be achieved or other conditions set forth in the Award Agreement must be
satisfied.

         2.4. BENEFICIARY means an individual, trust or estate who or which, by
a written designation of the Participant filed with the Company or by operation
of law, succeeds to the rights and obligations of the Participant under the Plan
and an Award Agreement upon the Participant's death.

         2.5. BOARD means the Board of Directors of the Company.

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         2.6. CHANGE IN CONTROL means, and shall be deemed to have occurred upon
the occurrence of, any one of the following events:

                  (a) The acquisition in one or more transactions by any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of
Rule l3d-3 promulgated under the Exchange Act) of shares or other securities (as
defined in Section 3(a)(10) of the Exchange Act) representing 30% or more of
either (i) the Outstanding Common Stock or (ii) the Company Voting Securities;
provided, however, that a Change in Control as defined in this clause (a) shall
not be deemed to occur in connection with any acquisition by the Company, an
employee benefit plan of the Company or any Person who immediately prior to the
Effective Date is a holder of Outstanding Common Stock or Company Voting
Securities (a "Current Stockholder") so long as such acquisition does not result
in any Person other than the Company, such employee benefit plan or such Current
Stockholder beneficially owning shares or securities representing 30% or more of
either the Outstanding Common Stock or Company Voting Securities; or

                  (b) Any election has occurred of persons as directors of the
Company that replaces all of the board members that are members of the board of
directors as of the Effective Date; or

                  (c) Approval by the stockholders of the Company of a
reorganization, merger, consolidation or similar transaction (a "Reorganization
Transaction"), in each case, unless, immediately following such Reorganization
Transaction, more than 50% of, respectively, the outstanding shares of common
stock (or similar equity security) of the corporation or other entity resulting
from or surviving such Reorganization Transaction and the combined voting power
of the securities of such corporation or other entity entitled to vote generally
in the election of directors, is then beneficially owned, directly or
indirectly, by the individuals and entities who were the respective beneficial
owners of the Outstanding Common Stock and the Company Voting Securities
immediately prior to such Reorganization Transaction in substantially the same
proportions as their ownership of the Outstanding Common Stock and Company
Voting Securities immediately prior to such Reorganization Transaction; or

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                  (d) Approval by the stockholders of the Company of (i) a
complete liquidation or dissolution of the Company or (ii) the sale or other
disposition of all or substantially all of the assets of the Company to a
corporation or other entity, unless, with respect to such corporation or other
entity, immediately following such sale or other disposition more than 50% of,
respectively, the outstanding shares of common stock (or similar equity
security) of such corporation or other entity and the combined voting power of
the securities of such corporation or other entity entitled to vote generally in
the election of directors, is then beneficially owned, directly or indirectly,
by the individuals and entities who were the respective beneficial owners of the
Outstanding Common Stock and the Company Voting Securities immediately prior to
such sale or disposition in substantially the same proportions as their
ownership of the Outstanding Common Stock and Company Voting Securities
immediately prior to such sale or disposition.

         2.7 CODE means the Internal Revenue Code of 1986, as amended.
References to a section of the Code include that section and any comparable
section or sections of any future legislation that amends, supplements or
supersedes said section.

         2.8 COMMITTEE means the committee established in accordance with
Section 3.1.

         2.9. COMPANY means Global Boulevard International, Inc., a Nevada
corporation, and its successors.

         2.10 COMMON STOCK means Common Stock of the Company, par value $0.001
per share.

         2.11. COMPANY VOTING SECURITIES means the combined voting power of all
outstanding securities of the Company entitled to vote generally in the election
of directors of the Company.

         2.12. DATE OF GRANT means the date designated by the Committee as the
date as of which it grants an Award, which shall not be earlier than the date on
which the Committee approves the granting of such Award.

         2.13. EFFECTIVE DATE shall have the meaning given to such term in
Section 1.2.

         2.14. EXCHANGE ACT means the Securities Exchange Act of 1934, as
amended.

         2.15. FAIR MARKET VALUE means, as of any applicable date: (i) if the
Common Stock is listed on a national securities exchange or is authorized for
quotation on The Nasdaq National Market System ("NMS") or "BBX", the closing
price, regular way, of the Common Stock on such exchange or NMS, as the case may
be, on such date or if no sale of the Common Stock shall have occurred on such
date, on the next preceding date on which there was such a reported sale; or
(ii) if the Common Stock is not listed for trading on a national securities
exchange or authorized for quotation on NMS, the closing bid price as reported
by The Nasdaq SmallCap Market on such date, or if no such price shall have been
reported for such date, on the next preceding date for which such price was so
reported; or (iii) if the Common Stock is not listed for trading on a national
securities exchange or authorized for quotation on NMS or The Nasdaq SmallCap
Market (if applicable), the last reported bid price published in the "pink
sheets" or displayed on the National Association of Securities Dealers, Inc.
("NASD") Electronic Bulletin Board, as the case may be; or (iv) if the Common
Stock is not listed for trading on a national securities exchange, is not
authorized for quotation on NMS or The Nasdaq SmallCap Market and is not
published in the "pink sheets" or displayed on the NASD Electronic Bulletin
Board, the fair market value of the Common Stock as determined in good faith by
the Committee.

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         2.16 INCENTIVE STOCK OPTION means a stock option within the meaning of
Section 422 of the Code.

         2.17. MERGER means any merger, reorganization, consolidation, share
exchange, transfer of assets or other transaction having similar effect
involving the Company.

         2.18. NON-EMPLOYEE DIRECTOR means a member of the Board who (i) is not
currently an officer or otherwise employed by the Company or a parent or a
subsidiary of the Company, (ii) does not receive compensation directly or
indirectly from the Company or a parent or a subsidiary of the Company for
services rendered as a consultant or in any capacity other than as a director,
except for an amount for which disclosure would not be required pursuant to Item
404(a) of Regulation S-K, (iii) does not possess an interest in any other
transaction for which disclosure would be required pursuant to Item 404(a) of
Regulation S-K, and (iv) is not engaged in a business relationship for which
disclosure would be required pursuant to Item 404(b) of Regulation S-K.

         2.19. NON-EMPLOYEE DIRECTOR OPTION means a stock option granted to a
Non-Employee Director in accordance with Section 6.1 (a).

         2.20. NON-QUALIFIED STOCK OPTION means a stock option which is not an
Incentive Stock Option.

         2.21. OPTIONS means all Non-Qualified Stock Options and Incentive Stock
Options granted at any time under the Plan.

         2.22. OUTSTANDING COMMON STOCK means, at any time, the issued and
outstanding shares of Common Stock.

         2.23. PARTICIPANT means a person designated to receive an Award under
the Plan in accordance with Section 5.1.

         2.24. PLAN means the 2003 Employee Stock Option Plan as described
herein, as the same may be amended from time to time.

         2.25 PURCHASE PRICE, with respect to Options, shall have the meaning
set forth in Section 6.1(b).

         2.26. RETIREMENT means early or normal retirement under a pension plan
or arrangement of the Company or one of its Subsidiaries in which the
Participant participates.

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         2.27. SUBSIDIARY means a subsidiary of the Company within the meaning
of Section 424(f) of the Code.

         2.28. TERMINATION OF EMPLOYMENT means the voluntary or involuntary
termination of a Participant's employment with the Company or a Subsidiary for
any reason, including death, disability, retirement or as the result of the
divestiture of the Participant's employer or any similar transaction in which
the Participant's employer ceases to be the Company or one of its Subsidiaries.
Whether entering military or other government service shall constitute
Termination of Employment, or whether a Termination of Employment shall occur as
a result of disability, shall be determined in each case by the Committee in its
sole discretion. In the case of a consultant who is not an employee of the
Company or a Subsidiary, Termination of Employment shall mean voluntary or
involuntary termination of the consulting relationship for any reason. In the
case of a Non-Employee Director, Termination of Employment shall mean voluntary
or involuntary termination, non-election, removal or other act which results in
such Non-Employee Director no longer serving in such capacity.

                                  ARTICLE III.

                                 ADMINISTRATION

         3.1. COMMITTEE. The Plan shall be administered by a committee of the
Board (the "Committee") comprised of at least one person. The Committee shall
have exclusive and final authority in each determination, interpretation or
other action affecting the Plan and its Participants. The Committee shall have
the sole discretionary authority to interpret the Plan, to establish and modify
administrative rules for the Plan, to impose such conditions and restrictions on
Awards as it determines appropriate, and to take such steps in connection with
the Plan and Awards granted hereunder as it may deem necessary or advisable. The
Committee may, subject to compliance with applicable legal requirements, with
respect to Participants who are not subject to Section 16(b) of the Exchange
Act, delegate such of its powers and authority under the Plan as it deems
appropriate to designated officers or employees of the Company. In addition, the
Board may exercise any of the authority conferred upon the Committee hereunder.
In the event of any such delegation of authority or exercise of authority by the
Board, references in the Plan to the Committee shall be deemed to refer to the
delegate of the Committee or the Board, as the case may be.

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                                   ARTICLE IV.

                                     SHARES

         4.1. NUMBER OF SHARES ISSUABLE. The total number of shares initially
authorized to be issued only upon exercise of Options issued under the Plan
shall be 3,000,000 shares of Common Stock (on a post reverse-split basis of
1:2.5 intended to be effective in March 2003) of which Options to purchase up to
1,000,000 shares on a post reverse-split basis of 1:2.5 intended to be effective
in March 2003)may be granted prior to March 27, 2004. The number of shares
available for issuance upon exercise of Options shall be subject to adjustment
in accordance with Section 7.7. For the first twelve months from March 27, 2003,
issuances pursuant to this 2003 Employee Stock Option Plan shall be limited to
Options which may be exercised with cash but not by using money presently owed
by Company prior to March 27, 2003.

                                   ARTICLE V.

                                  PARTICIPATION

         5.1. ELIGIBLE PARTICIPANTS. Participants in the Plan shall be such key
employees, consultants, and non-employee directors of the Company and its
Subsidiaries, whether or not members of the Board, as the Committee, in its sole
discretion, may designate from time to time. The Committee's designation of a
Participant in any year shall not require the Committee to designate such person
to receive Awards in any other year. The designation of a Participant to receive
an Award under one portion of the Plan does not require the Committee to include
such Participant under other portions of the Plan. The Committee shall consider
such factors as it deems pertinent in selecting Participants and in determining
the types and amounts of their respective Awards.

                                   ARTICLE VI.

                                  STOCK OPTIONS

         6.1. OPTION AWARDS.

                  (a) GRANT OF OPTIONS. The Committee may grant, to such
Participants as the Committee may select, Options entitling the Participants to
purchase shares of Common Stock from the Company in such numbers, at such
prices, and on such terms and subject to such conditions, not inconsistent with
the terms of the Plan, as may be established by the Committee. The terms of any
Option granted under the Plan shall be set forth in an Award Agreement. Except
as provided in Sections 6.3(c), 6.3(e) or 6.5, Non-Employee Director Options
may  be immediately exercisable, in whole or in part, and shall
remain exercisable until the first anniversary of the Date of Grant.

                  (b) PURCHASE PRICE OF OPTIONS. The Purchase Price of each
share of Common Stock which may be purchased upon exercise of any Option granted
under the Plan shall be determined by the Committee; however, Options issued
during the first twelve months from March 27, 2003 shall have a minimum exercise
price of $0.25 (twenty five cents) per share.

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                  (c) DESIGNATION OF OPTIONS. Except as otherwise expressly
provided in the Plan, the Committee may designate, at the time of the grant of
an Option, such Option as an Incentive Stock Option or a Non-Qualified Stock
Option; provided, however, that an Option may be designated as an Incentive
Stock Option only if the applicable Participant is an employee of the Company or
a Subsidiary on the Date of Grant.

                  (d) INCENTIVE STOCK OPTION SHARE LIMITATION. No Participant
may be granted Incentive Stock Options under the Plan (or any other plans of the
Company and its Subsidiaries) that would result in Incentive Stock Options to
purchase shares of Common Stock with an aggregate Fair Market Value (measured on
the Date of Grant) in excess of that required by current law in any one calendar
year.

                  (e) RIGHTS AS A STOCKHOLDER. A Participant or a transferee of
an Option pursuant to Section 7.4 shall have no rights as a stockholder with
respect to the shares of Common Stock covered by an Option until that
Participant or transferee shall have become the holder of record of any such
shares, and no adjustment shall be made with respect to any such shares of
Common Stock for dividends in cash or other property or distributions of other
rights on the Common Stock for which the record date is prior to the date on
which that Participant or transferee shall have become the holder of record of
any shares covered by such Option; provided, however, that Participants are
entitled to share adjustments to reflect capital changes under Section 7.7.

         6.2. INTENTIONALLY LEFT BLANK.

         6.3. TERMS OF STOCK OPTIONS.

                  (a) CONDITIONS ON EXERCISE. An Award Agreement with respect to
Options may contain such waiting periods, exercise dates and restrictions on
exercise (including, but not limited to, periodic installments) as may be
determined by the Committee at the time of grant and subject to this Article VI.

                  (b) DURATION OF OPTIONS. Options shall terminate after the
first to occur of the following events:

                           (i) Expiration of the Option as provided in the
related Award Agreement; or

                           (ii) Termination of the Award as provided in Section
6.3(e), following the applicable Participant's Termination of Employment; or

                           (iii) In the case of an Incentive Stock Option, ten
year from the Date of Grant; or

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                  (c) ACCELERATION OF EXERCISE TIME. The Committee, in its sole
discretion, shall have the right (but shall not in any case be obligated),
exercisable at any time after the Date of Grant, to permit the exercise of any
Option prior to the time such Option would otherwise become exercisable under
the terms of the related Award Agreement.

                  (d) EXTENSION OF EXERCISE TIME. In addition to the extensions
permitted under Section 6.3(e) in the event of Termination of Employment, the
Committee, in its sole discretion, shall have the right (but shall not in any
case be obligated), exercisable on or at any time after the Date of Grant, to
permit the exercise of any Option after its expiration date described in Section
6.3(e), subject, however, to the limitations described in Sections 6.3(b)(i),
(iii) and (iv).

                  (e) EXERCISE OF OPTIONS UPON TERMINATION OF EMPLOYMENT.

                           (i) TERMINATION OF VESTED OPTIONS UPON TERMINATION OF
EMPLOYMENT.

                                    (a) TERMINATION. In the event of Termination
of Employment of a Participant other than by reason of death, disability or
Retirement, the right of the Participant to exercise any Option shall terminate
unless exercised within a period of three months from the date on which the
Employee ceased to be so employed, unless the exercise period is extended by the
Committee in accordance with Section 6.3(d).

                                    (b) DISABILITY OR RETIREMENT. In the event
of a Participant's Termination of Employment by reason of disability or
Retirement, the right of the Participant to exercise any Option which he or she
was entitled to exercise upon Termination of Employment (or which became
exercisable at a later date pursuant to Section 6.3(e)(ii) shall terminate one
year after the date of such Termination of Employment, unless the exercise
period is extended by the Committee in accordance with Section 6.3(d). In no
event, however, may any Option be exercised later than the date of expiration of
the Option determined pursuant to Section 6.3(b)(i), (iii) or (iv).

                                    (c) DEATH. In the event of the death of a
Participant while employed by the Company or a Subsidiary or within any
additional period of time from the date of the Participant's Termination of
Employment and prior to the expiration of any Option as provided pursuant to
Section 6.3(e)(i)(B) or Section 6.3(d) above, to the extent the right to
exercise the Option was accrued as of the date of such Termination of Employment
and had not expired during such additional period, the right of the
Participant's Beneficiary to exercise the Option shall terminate one year after
the date of the Participant's death (but in no event more than one year from the
date of the Participant's Termination of Employment by reason of disability or
Retirement), unless the exercise period is extended by the Committee in
accordance with Section 6.3(d). In no event, however, may any Option be
exercised later than the date of expiration of the Option determined pursuant to
Section 6.3(b)(i), (iii) or (iv).

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                           (ii) TERMINATION OF UNVESTED OPTIONS UPON TERMINATION
OF EMPLOYMENT. Subject to Section 6.3(c), to the extent the right to exercise an
Option, or any portion thereof, has not accrued as of the date of Termination of
Employment, such right shall expire at the date of such Termination of
Employment. Notwithstanding the foregoing, the Committee, in its sole discretion
and under such terms as it deems appropriate, may permit, for a Participant who
terminates employment by reason of Retirement and who will continue to render
significant services to the Company or one of its Subsidiaries after his or her
Termination of Employment, the continued vesting of his or her Options during
the period in which that individual continues to render such services.

         6.4. EXERCISE PROCEDURES. Each Option granted under the Plan shall be
exercised by written notice to the Company which must be received by the officer
or employee of the Company designated in the Award Agreement at or before the
close of business on the expiration date of the Award. The Purchase Price of
shares purchased upon exercise of an option granted under the Plan shall be paid
in full in cash by the Participant pursuant to the Award Agreement; PROVIDED,
HOWEVER, that the Committee may (but shall not be required to) permit payment to
be made by delivery to the Company of either (a) shares of Common Stock (which
may include shares issuable in connection with the exercise of the Option,
subject to such rules as the Committee deems appropriate) or (b) any combination
of cash and Common Stock or (c) such other consideration as the Committee deems
appropriate and in compliance with applicable law (including payment in
accordance with a cashless exercise program under which, if so instructed by a
Participant, shares of Common Stock may be issued directly to the Participant's
broker or dealer upon receipt of an irrevocable written notice of exercise from
the Participant). In the event that any shares of Common Stock shall be
transferred to the Company to satisfy all or any part of the Purchase Price, the
part of the Purchase Price deemed to have been satisfied by such transfer of
shares of Common Stock shall be equal to the product derived by multiplying the
Fair Market Value as of the date of exercise times the number of shares of
Common Stock transferred to the Company. The Participant may not transfer to the
Company in satisfaction of the Purchase Price any fractional share of Common
Stock. Any part of the Purchase Price paid in cash upon the exercise of any
Option shall be added to the general funds of the Company and may be used for
any proper corporate purpose. Unless the Committee shall otherwise determine,
any shares of Common Stock transferred to the Company as payment of all or part
of the Purchase Price upon the exercise of any Option shall be held as treasury
shares.

         6.5. CHANGE IN CONTROL. Unless otherwise provided by the Committee in
the applicable Award Agreement, in the event of a Change in Control, all Options
outstanding on the date of such Change in Control shall become immediately and
fully exercisable. The provisions of this Section 6.5 shall not be applicable to
any Options granted to a Participant if any Change in Control results from such
Participant's beneficial ownership (within the meaning of Rule l3d-3 under the
Exchange Act) of Common Stock or Company Voting Securities.

                                       9

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                                  ARTICLE VII.

              TERMS APPLICABLE TO ALL AWARDS GRANTED UNDER THE PLAN

         7.1. PLAN PROVISIONS CONTROL AWARD TERMS. The terms of the Plan shall
govern all Awards granted under the Plan, and in no event shall the Committee
have the power to grant any Award under the Plan the terms of which are contrary
to any of the provisions of the Plan. In the event any provision of any Award
granted under the Plan shall conflict with any term in the Plan as constituted
on the Date of Grant of such Award, the term in the Plan as constituted on the
Date of Grant of such Award shall control. Except as provided in Section 7.3 and
Section 7.7, the terms of any Award granted under the Plan may not be changed
after the Date of Grant of such Award so as to materially decrease the value of
the Award without the express written approval of the holder.

         7.2. AWARD AGREEMENT. No person shall have any rights under any Award
granted under the Plan unless and until the Company and the Participant to whom
such Award shall have been granted shall have executed and delivered an Award
Agreement or the Participant shall have received and acknowledged notice of the
Award authorized by the Committee expressly granting the Award to such person
and containing provisions setting forth the terms of the Award.

         7.3. MODIFICATION OF AWARD AFTER GRANT. No Award granted under the Plan
to a Participant may be modified (unless such modification does not materially
decrease the value of that Award) after its Date of Grant except by express
written agreement between the Company and such Participant, provided that any
such change (a) may not be inconsistent with the terms of the Plan, and (b)
shall be approved by the Committee.

         7.4. LIMITATION ON TRANSFER. A Participant's rights and interest under
the Plan may not be assigned or transferred other than by will or the laws of
descent and distribution and, during the lifetime of a Participant, only the
Participant personally (or the Participant's personal representative) may
exercise rights under the Plan. The Participant's Beneficiary may exercise the
Participant's rights to the extent they are exercisable under the Plan following
the death of the Participant. Notwithstanding the foregoing, the Committee may
grant Non-Qualified Stock Options that are transferable, without payment of
consideration, to immediate family members of the Participant or to trusts or
partnerships for such family members, and the Committee may also amend
outstanding Non-Qualified Stock Options to provide for such transferability.

         7.5. TAXES. The Company shall be entitled, if the Committee deems it
necessary or desirable, to withhold (or secure payment from the Participant in
lieu of withholding) the amount of any withholding or other tax required by law
to be withheld or paid by the Company with respect to any amount payable and/or
shares issuable under such Participant's Award or with respect to any income
recognized upon a disqualifying disposition of shares received pursuant to the
exercise of an Incentive Stock Option, and the Company may defer payment of cash
or issuance of shares upon exercise or vesting of an Award unless indemnified to
its satisfaction against any liability for any such tax. The amount of such
withholding or tax payment shall be determined by the Committee and shall be
payable by the Participant at such time as the Committee determines in
accordance with the following rules:

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                  (a) The Participant shall have the right to elect to meet his
or her withholding requirement (i) by having withheld from such Award at the
appropriate time that number of shares of Common Stock, rounded up to the next
whole share, the Fair Market Value of which is equal to the amount of
withholding taxes due, (ii) by direct payment to the Company in cash of the
amount of any taxes required to be withheld with respect to such Award or (iii)
by a combination of withholding such shares and paying cash.

                  (b) The Committee shall have the discretion as to any Award to
cause the Company to pay to tax authorities for the benefit of the applicable
Participant, or to reimburse such Participant for, the individual taxes which
are due on the grant, exercise or vesting of any Award or the lapse of any
restriction on any Award (whether by reason of such Participant's filing of an
election under Section 83(b) of the Code or otherwise), including, but not
limited to, Federal income tax, state income tax, local income tax and excise
tax under Section 4999 of the Code, as well as for any such taxes as may be
imposed upon such tax payment or reimbursement.

                  (c) In the case of Participants who are subject to Section 16
of the Exchange Act, the Committee may impose such limitations and restrictions
as it deems necessary or appropriate with respect to the delivery or withholding
of shares of Common Stock to meet tax withholding obligations.

         7.6. SURRENDER OF AWARDS. Any Award granted under the Plan may be
surrendered to the Company for cancellation on such terms as the Committee and
the Participant approve.

         7.7 ADJUSTMENTS TO REFLECT CAPITAL CHANGES.

                  (a) RECAPITALIZATION. The number and kind of shares subject to
outstanding Awards, the Purchase Price, the number and kind of shares available
for Awards subsequently granted under the Plan and the maximum number of shares
in respect of which Awards can be made to any Participant in any calendar year
shall be appropriately adjusted to reflect any stock dividend, stock split,
combination or exchange of shares, merger, consolidation or other change in
capitalization with a similar substantive effect upon the Plan or the Awards
granted under the Plan; provided however that this Section 7.7(a) is intended to
apply only after a reverse-split on a basis of 1:2.5, intended to be effective
in March 2003. The Committee shall have the power and sole discretion to
determine the amount of the adjustment to be made in each case.

                  (b) MERGER. After any Merger in which the Company is the
surviving corporation, each Participant shall, at no additional cost, be
entitled upon any exercise of an Option or receipt of any other Award to receive
(subject to any required action by stockholders), in lieu of the number of
shares of Common Stock receivable or exercisable pursuant to such Award prior to
such Merger, the number and class of shares or other securities to which such
Participant would have been entitled pursuant to the terms of the Merger if, at
the time of the Merger, such Participant had been the holder of record of a
number of shares of Common Stock equal to the number of shares of Common Stock
receivable or exercisable pursuant to such Award. Comparable rights shall accrue
to each Participant in the event of successive Mergers of the character
described above. In the event of a Merger in which the Company is not the
surviving corporation, the surviving, continuing, successor or purchasing
corporation, as the case may be (the "Acquiring Corporation"), will either
assume

                                       11

<PAGE>

the Company's rights and obligations under outstanding Award Agreements or
substitute awards in respect of the Acquiring Corporation's stock for
outstanding Awards, provided, however, that if the Acquiring Corporation does
not assume or substitute for such outstanding Awards, the Board shall provide
prior to the Merger that any unexercisable and/or unvested portion of the
outstanding Awards shall be immediately exercisable and vested as of a date
prior to such merger or consolidation, as the Board so determines. The exercise
and/or vesting of any Award that was permissible solely by reason of this
Section 7.7(b) shall be conditioned upon the consummation of the Merger. Any
Options which are neither assumed by the Acquiring Corporation not exercised as
of the date of the Merger shall terminate effective as of the effective date of
the Merger.

                  (c) OPTIONS TO PURCHASE SHARES OR STOCK OF ACQUIRED COMPANIES.
After any merger in which the Company or a Subsidiary shall be a surviving
corporation, the Committee may grant substituted options under the provisions of
the Plan, pursuant to Section 424 of the Code, replacing old options granted
under a plan of another party to the merger whose shares of stock subject to the
old options may no longer be issued following the merger. The manner of
application of the foregoing provisions to such options and any appropriate
adjustments shall be determined by the Committee in its sole discretion. Any
such adjustments may provide for the elimination of any fractional shares which
might otherwise become subject to any Options.

         7.8 NO RIGHT TO EMPLOYMENT. No employee or other person shall have any
claim of right to be granted an Award under the Plan. Neither the Plan nor any
action taken hereunder shall be construed as giving any employee any right to be
retained in the employ of the Company or any of its Subsidiaries.

         7.9. AWARDS NOT INCLUDABLE FOR BENEFIT PURPOSES. Payments received by a
Participant pursuant to the provisions of the Plan shall not be included in the
determination of benefits under any pension, group insurance or other benefit
plan applicable to the Participant which is maintained by the Company or any of
its Subsidiaries, except as may be provided under the terms of such plans or
determined by the Board.

         7.10. GOVERNING LAW. All determinations made and actions taken pursuant
to the Plan shall be governed by the laws of the State of Nevada and construed
in accordance therewith.

         7.11. NO STRICT CONSTRUCTION. No rule of strict construction shall be
implied against the Company, the Committee or any other person in the
interpretation of any of the terms of the Plan, any Award granted under the Plan
or any rule or procedure established by the Committee.

         7.12. CAPTIONS. The captions (i.e., all Section headings) used in the
Plan are for convenience only, do not constitute a part of the Plan, and shall
not be deemed to limit, characterize or affect in any way any provisions of the
Plan, and all provisions of the Plan shall be construed as if no captions had
been used in the Plan.

                                       12

<PAGE>

         7.13. SEVERABILITY. Whenever possible, each provision in the Plan and
every Award at any time granted under the Plan shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of the Plan or any Award at any time granted under the Plan shall be held to be
prohibited by or invalid under applicable law, then (a) such provision shall be
deemed amended to accomplish the objectives of the provision as originally
written to the fullest extent permitted by law and (b) all other provisions of
the Plan, such Award and every other Award at any time granted under the Plan
shall remain in full force and effect.

         7.14. AMENDMENT AND TERMINATION.

                  (a) AMENDMENT. The Board shall have complete power and
authority to amend the Plan at any time without the authorization or approval of
the Company's stockholders, unless the amendment (i) materially increases the
benefits accruing to Participants under the Plan, (ii) materially increases the
aggregate number of securities that may be issued under the Plan or (iii)
materially modifies the requirements as to eligibility for participation in the
Plan, but in each case only to the extent then required by the Code or
applicable law, or deemed necessary or advisable by the Board. No termination or
amendment of the Plan may, without the consent of the Participant to whom any
Award shall theretofore have been granted under the Plan, materially adversely
affect the right of such individual under such Award.

                  (b) TERMINATION. The Board shall have the right and the power
to terminate the Plan at any time. No Award shall be granted under the Plan
after the termination of the Plan, but the termination of the Plan shall not
have any other effect and any Award outstanding at the time of the termination
of the Plan may be exercised after termination of the Plan at any time prior to
the expiration date of such Award to the same extent such Award would have been
exercisable had the Plan not been terminated.

                                       13

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