Document:

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                                                                     Exhibit 4.3

                              COMPENSATION WARRANTS
                              TO PURCHASE SHARES OF

                           GOLDEN STAR RESOURCES LTD.

                     (amalgamated under the laws of Canada)

      THIS CERTIFIES that, for value received, ______________________ (the
"UNDERWRITER") is the registered holder of ______________________ compensation
warrants (the "COMPENSATION WARRANTS") and each Compensation Warrant will
entitle the Underwriter, subject to the terms and conditions set forth in this
certificate or by a replacement certificate (in either case, this "COMPENSATION
WARRANT CERTIFICATE"), to acquire from Golden Star Resources Ltd. (the
"CORPORATION") one fully paid and non-assessable common share of the Corporation
(a "SHARE") at any time commencing on - -, 2003 (the "RELEASE DATE") and
continuing up to 5:00 p.m. (Toronto time) on -, 2005 (the "TIME OF EXPIRY") on
payment of Cdn.$- per Share (which is 120% of the public offering price of the
units offered pursuant to a prospectus dated July __, 2002) (the "EXERCISE
PRICE"). The number of Shares that the Underwriter is entitled to acquire upon
exercise of the Compensation Warrants and the payment of the Exercise Price are
subject to adjustment as hereinafter provided.

1.    EXERCISE OF COMPENSATION WARRANTS.

      (1)   Election to Purchase. The rights evidenced by this Compensation
            Warrant Certificate may be exercised by the Underwriter in whole or
            in part at any time commencing on the Release Date and continuing up
            to the Time of Expiry and in accordance with the provisions hereof
            by delivery of an election (the "ELECTION TO EXERCISE") in
            substantially the form attached hereto as Exhibit "1", properly
            completed and executed, together with payment of the Exercise Price
            for the number of Shares specified in the Election to Exercise at
            the office of the Corporation at 10579 Bradford Road, Suite 103,
            Littleton, Colorado, USA, 80127-4247 or such other address as may be
            notified in writing by the Corporation. In the event that the rights
            evidenced by this Compensation Warrant Certificate are exercised in
            part, the Corporation will, contemporaneously with the issuance of
            the Shares issuable on the exercise of the Compensation Warrants so
            exercised, issue to the Underwriter a Compensation Warrant
            Certificate on identical terms in respect of that number of Shares
            in respect of which the Underwriter has not exercised the rights
            evidenced by this Compensation Warrant Certificate. If exercising
            Underwriter shall represent and warrant that all applicable
            registration and prospectus delivery requirements for their sale
            have been complied with upon sale of the Shares received upon
            exercise of the Compensation Warrants, such

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            certificates shall not bear a legend with respect to the United
            States Securities Act of 1933, as amended (the "U.S. SECURITIES
            ACT").

      (2)   Exercise. The Corporation will, on the date it receives a duly
            executed Election to Exercise and the Exercise Price for the number
            of Shares specified in the Election to Exercise (the "EXERCISE
            DATE"), issue that number of Shares specified in the Election to
            Exercise, subject to adjustment hereunder.

      (3)   Certificate. As promptly as practicable after the Exercise Date and,
            in any event, within three (3) business days of receipt of the
            Election to Exercise, the Corporation will issue and deliver to the
            Underwriter, registered in such name or names as the Underwriter may
            direct or if no such direction has been given, in the name of the
            Underwriter, a certificate or certificates for the number of Shares
            specified in the Election to Exercise. To the extent permitted by
            law, such exercise will be deemed to have been effected as of the
            close of business on the Exercise Date, and at such time the rights
            of the Underwriter with respect to the number of Compensation
            Warrants that have been exercised as such will cease, and the person
            or persons in whose name or names any certificate or certificates
            for Shares are then issuable upon such exercise will be deemed to
            have become the holder or holders of record of the Shares
            represented thereby.

      (4)   Fractional Shares. To the extent that the Underwriter is entitled to
            receive on the exercise or partial exercise thereof a fraction of a
            Share, such right may only be exercised in respect of such fraction
            in combination with another Compensation Warrant or other
            Compensation Warrants that in the aggregate entitle the Underwriter
            to receive a whole number of Shares. If the Underwriter is not able
            to, or elects not to, combine Compensation Warrants so as to be
            entitled to acquire a whole number of Shares, the Underwriter will
            not be entitled to any compensation or other right in lieu of
            fractional Shares.

2.    ANTI-DILUTION PROTECTION.

      (1)   Definitions. For the purposes of this section 2, unless there is
            something in the subject matter or context inconsistent therewith,
            the words and terms defined below will have the respective meanings
            specified therefor in this subsection:

            (a)   "ADJUSTMENT PERIOD" means the period commencing on the date
                  hereof and ending at the Time of Expiry;

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            (b)   "CURRENT MARKET PRICE" of the Shares at any date means the
                  price per share equal to the weighted average price at which
                  the Shares have traded on the Toronto Stock Exchange or, if
                  the Shares are not then listed on the Toronto Stock Exchange,
                  on such other Canadian stock exchange as may be selected by
                  the directors of the Corporation for such purpose or, if the
                  Shares are not then listed on any Canadian stock exchange, in
                  the over-the-counter market, during the period of any twenty
                  consecutive trading days ending not more than five business
                  days before such date; provided that the weighted average
                  price will be determined by dividing the aggregate sale price
                  of all Shares sold on the said exchange or market, as the case
                  may be, during the said twenty consecutive trading days by the
                  total number of Shares so sold; and provided further that if
                  the Shares are not then listed on any Canadian stock exchange
                  or traded in the over-the counter market, then the Current
                  Market Price will be determined by such firm or independent
                  chartered accountants as may be selected by the directors of
                  the Corporation;

            (c)   "DIRECTOR" means a director of the Corporation for the time
                  being and, unless otherwise specified herein, a reference to
                  action "by the directors" means action by the directors of the
                  Corporation as a board or, whenever empowered, action by the
                  executive committee of such board; and

            (d)   "TRADING DAY" with respect to a stock exchange or
                  over-the-counter market means a day on which such stock
                  exchange or market is open for business.

      (2)   Adjustments. The Exercise Price and the number of Shares issuable to
            the Underwriter upon exercise of the Compensation Warrants are
            subject to adjustment from time to time in the events and in the
            manner provided as follows:

            (a)   If at any time during the Adjustment Period the Corporation
                  shall:

                  (i)   fix a record date for the issue of, or issue, Shares to
                        the holders of all or substantially all of the
                        outstanding Shares by way of a stock dividend;

                  (ii)  fix a record date for the distribution to, or make a
                        distribution to, the holders of all or substantially all
                        of the Shares payable in Shares or rights, options,
                        warrants or other securities exchangeable for or
                        convertible into Shares;

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                  (iii) subdivide the outstanding Shares into a greater number
                        of Shares; or

                  (iv)  consolidate the outstanding Shares into a lesser number
                        of Shares;

                  (any of such events in subclauses (i), (ii), (iii) and (iv)
                  above being herein called a "COMMON SHARE REORGANIZATION"),
                  the Exercise Price will be adjusted on the earlier of the
                  record date on which holders of Shares are determined for the
                  purposes of the Common Share Reorganization and the effective
                  date of the Common Share Reorganization to the amount
                  determined by multiplying the Exercise Price in effect
                  immediately prior to such record date or effective date, as
                  the case may be, by a fraction:

                        (A)   the numerator of which will be the number of
                              Shares outstanding on such record date or
                              effective date before giving effect to such Common
                              Share Reorganization; and

                        (B)   the denominator of which will be the number of
                              Shares that will be outstanding immediately after
                              giving effect to such Common Share Reorganization
                              (including in the case of a distribution of
                              securities exchangeable for or convertible into
                              Shares the number of Shares that would be
                              outstanding had such securities all been exchanged
                              for or converted into Shares on such date).

                  To the extent that any adjustment in the Exercise Price occurs
                  pursuant to this Section 2(2)(a) as a result of the fixing by
                  the Corporation of a record date for the distribution of
                  securities exchangeable for or convertible into Shares, the
                  Exercise Price will be readjusted immediately after the expiry
                  of any relevant exchange or conversion right to the Exercise
                  Price that would then be in effect based upon the number of
                  Shares actually issued and remaining issuable after such
                  expiry and will be further readjusted in such manner upon the
                  expiry of any further such right.

            (b)   If at any time during the Adjustment Period the Corporation
                  fixes a record date for the issue or distribution to the
                  holders of all or substantially all of the outstanding Shares
                  of rights, options or warrants pursuant to which such holders
                  are entitled, during a period expiring not more than 45 days
                  after the record date for

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                  such issue (such period being the "RIGHTS PERIOD"), to
                  subscribe for or purchase Shares or securities exchangeable
                  for or convertible into Shares at a price per share (or in the
                  case of securities exchangeable for or convertible into Shares
                  at an exchange or conversion price per share at the date of
                  issue of such securities) of less than 95% of the Current
                  Market Price of the Shares on such record date (any of such
                  events being herein called a "RIGHTS OFFERING"), the Exercise
                  Price will be adjusted effective immediately after the record
                  date for the Rights Offering to the amount determined by
                  multiplying the Exercise Price in effect on such record date
                  by a fraction:

                  (i)   the numerator of which will be the aggregate of

                        (A)   the number of Shares outstanding on the record
                              date for the Rights Offering; and

                        (B)   the quotient determined by dividing

                              (I)   either (a) the product of the number of
                                    Shares offered during the Rights Period
                                    pursuant to the Rights Offering and the
                                    price at which such Shares are offered, or,
                                    (b) the product of the exchange or
                                    conversion price of the securities so
                                    offered and the number of Shares for or into
                                    which the securities offered pursuant to the
                                    Rights Offering may be exchanged or
                                    converted, as the case may be, by

                              (II)  the Current Market Price of the Shares as of
                                    the record date for the Rights Offering; and

                  (ii)  the denominator of which will be the aggregate of the
                        number of Shares outstanding on such record date and the
                        number of Shares offered pursuant to the Rights Offering
                        (including in the case of the issue or distribution of
                        securities exchangeable for or convertible into Shares
                        the number of Shares for or into which such securities
                        may be exchanged or converted).

                  If by the terms of the rights, options, or warrants referred
                  to in this Section 2(2)(b), there is more than one purchase,
                  conversion or exchange price per Share, the aggregate price of
                  the total number of additional Shares offered for subscription
                  or purchase, or the

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                  aggregate conversion or exchange price of the convertible or
                  exchangeable securities so offered, will be calculated for
                  purposes of the adjustment on the basis of the lowest
                  purchase, conversion or exchange price per Share, as the case
                  may be. Any Shares owned by or held for the account of the
                  Corporation will be deemed not to be outstanding for the
                  purpose of any such calculation. To the extent that any
                  adjustment in the Exercise Price occurs pursuant to this
                  Section 2(2)(b) as a result of the fixing by the Corporation
                  of a record date for the issue or distribution of rights,
                  options or warrants referred to in this Section 2(2)(b), the
                  Exercise Price will be readjusted immediately after the expiry
                  of any relevant exchange, conversion or exercise right to the
                  Exercise Price which would then be in effect based upon the
                  number of Shares actually issued and remaining issuable after
                  such expiry and will be further readjusted in such manner upon
                  the expiry of any further such right.

            (c)   If at any time during the Adjustment Period the Corporation
                  fixes a record date (for greater certainty, excluding the
                  record date in respect of the a Rights Offering) for the issue
                  or distribution to the holders of all or substantially all of
                  the Shares of:

                  (i)   shares of the Corporation of any class other than
                        Shares;

                  (ii)  rights, options or warrants to acquire Shares or
                        securities exchangeable for or convertible into Shares
                        (other than a Rights Offering;

                  (iii) evidences of indebtedness of the Corporation; or

                  (iv)  any property or assets of the Corporation;

                  and if such issue or distribution does not constitute a Common
                  Share Reorganization or a Rights Offering (any of such
                  non-excluded events being herein called a "SPECIAL
                  DISTRIBUTION"), the Exercise Price will be adjusted effective
                  immediately after the record date for the Special Distribution
                  to the amount determined by multiplying the Exercise Price in
                  effect on the record date for the Special Distribution by a
                  fraction:

                        (A)   the numerator of which will be the difference
                              between

                              (I)   the product of the number of Shares
                                    outstanding on such record date and the
                                    Current Market Price of the Shares on such
                                    record date, and

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                              (II)  the fair value, as determined by the
                                    directors of the Corporation, to the holders
                                    of the Shares of the shares, rights,
                                    options, warrants, evidences of indebtedness
                                    or property or assets to be issued or
                                    distributed in the Special Distribution, and

                        (B)   the denominator of which will be the product
                              obtained by multiplying the number of Shares
                              outstanding on such record date by the Current
                              Market Price of the Shares on such record date.

                  Any Shares owned by or held for the account of the Corporation
                  will be deemed not to be outstanding for the purpose of such
                  calculation. To the extent that any adjustment in the Exercise
                  Price occurs pursuant to this Section 2(2)(c) as a result of
                  the fixing by the Corporation of a record date for the issue
                  or distribution of rights, options or warrants to acquire
                  Shares or securities exchangeable for or convertible into
                  Shares referred to in this Section 2(2)(c), the Exercise Price
                  will be readjusted immediately after the expiry of any
                  relevant exercise, exchange or conversion right to the amount
                  that would then be in effect if the fair market value had been
                  determined on the basis of the number of Shares issued and
                  remaining issuable immediately after such expiry, and will be
                  further readjusted in such manner upon the expiry of any
                  further such right.

            (d)   If at any time during the Adjustment Period there occurs:

                  (i)   a reclassification or redesignation of the Shares, any
                        change of the Shares into other shares or securities or
                        any other capital reorganization involving the Shares
                        other than a Common Share Reorganization;

                  (ii)  a consolidation, amalgamation or merger of the
                        Corporation with or into any other body corporate that
                        results in a reclassification or redesignation of the
                        Shares or a change of the Shares into other shares or
                        securities; or

                  (iii) the transfer of the undertaking or assets of the
                        Corporation as an entirety or substantially as an
                        entirety to another corporation or entity;

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                  (any of such events being herein called a "CAPITAL
                  REORGANIZATION"), after the effective date of the Capital
                  Reorganization the Underwriter will be entitled to receive,
                  and will accept, for the same aggregate consideration, upon
                  exercise of the Compensation Warrants, in lieu of the number
                  of Shares to which the Underwriter was theretofore entitled
                  upon the exercise of the Compensation Warrants, the kind and
                  aggregate number of shares and other securities or property
                  resulting from the Capital Reorganization that the Underwriter
                  would have been entitled to receive as a result of the Capital
                  Reorganization if, on the effective date thereof, the
                  Underwriter had been the registered holder of the number of
                  Shares to which the Underwriter was theretofore entitled to
                  purchase or receive upon the exercise of the Compensation
                  Warrants. If necessary, as a result of any Capital
                  Reorganization, appropriate adjustments will be made in the
                  application of the provisions of this Compensation Warrant
                  Certificate with respect the rights and interest thereafter of
                  the Underwriter to the end that the provisions of this
                  Compensation Warrant Certificate will thereafter
                  correspondingly be made applicable as nearly as may reasonably
                  be possible in relation to any shares or other securities or
                  property thereafter deliverable upon the exercise of this
                  Compensation Warrant Certificate.

            (e)   If at any time during the Adjustment Period any adjustment or
                  readjustment in the Exercise Price occurs pursuant to the
                  provisions of Section 2(2)(a), Section 2(2)(b) or Section
                  2(2)(c) hereof, then the number of Shares purchasable upon the
                  subsequent exercise of this Compensation Warrant will be
                  simultaneously adjusted or readjusted, as the case may be, by
                  multiplying the number of Shares purchasable upon the exercise
                  of the Compensation Warrants immediately prior to such
                  adjustment or readjustment by a fraction, which will be the
                  reciprocal of the fraction used in the adjustment or
                  readjustment of the Exercise Price.

      (3)   Rules. The following rules and procedures are applicable to
            adjustments made pursuant to Section 2(2) of this Compensation
            Warrant Certificate.

            (a)   Subject to the following provisions of this Section 2(3), any
                  adjustment made pursuant to Section 2(2) hereof will be made
                  successively whenever an event referred to therein occurs.

            (b)   No adjustment in the Exercise Price will be required unless
                  the adjustment would result in a change of at least one per
                  cent in the

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                  Exercise Price then in effect and no adjustment will be made
                  in the number of Shares purchasable or issuable on the
                  exercise of the Compensation Warrants unless it would result
                  in a change of at least one one-hundredth of a Share;
                  provided, however, that any adjustments that, except for the
                  provisions of this Section 2(3)(b) would otherwise have been
                  required to be made will be carried forward and taken into
                  account in any subsequent adjustment. Notwithstanding any
                  other provision of Section 2(2) of this Compensation Warrant
                  Certificate, no adjustment of the Exercise Price will be made
                  that would result in an increase in the Exercise Price or a
                  decrease in the number of Shares issuable upon the exercise of
                  the Compensation Warrants (except in respect of a
                  consolidation of the outstanding Shares).

            (c)   If at any time during the Adjustment Period the Corporation
                  will take any action affecting the Shares, other than an
                  action or an event described in Section 2(2) hereof, which in
                  the opinion of the directors would have a material adverse
                  effect upon the rights of the Underwriter under this
                  Compensation Warrant Certificate, the Exercise Price and/or
                  the number of Shares purchasable under this Compensation
                  Warrant Certificate will be adjusted in such manner and at
                  such time as the directors may determine to be equitable in
                  the circumstances. Failure of the taking of action by the
                  directors so as to provide for an adjustment prior to the
                  effective date of any action by the Corporation affecting the
                  Shares will be deemed to be conclusive evidence that the
                  directors have determined that it is equitable to make no
                  adjustment in the circumstances.

            (d)   No adjustment in the Exercise Price or in the number or kind
                  of securities purchasable on the exercise of this Compensation
                  Warrant will be made in respect of any event described in
                  Section 2 hereof if the Underwriter is entitled to participate
                  in such event on the same terms mutatis mutandis as if the
                  Underwriter had exercised the Compensation Warrants prior to
                  or on the record date or effective date, as the case may be,
                  of such event.

            (e)   If the Corporation sets a record date to determine holders of
                  Shares for the purpose of entitling such holders to receive
                  any dividend or distribution or any subscription or purchase
                  rights and will thereafter and before the distribution to such
                  holders of any such dividend, distribution or subscription or
                  purchase rights legally abandon its plan to pay or deliver
                  such dividend, distribution or subscription or purchase rights
                  legally abandon its plan to pay or deliver such dividend,
                  distribution or subscription or purchase

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                  rights, no adjustment in the Exercise Price or the number of
                  Shares purchasable upon the exercise of the Compensation
                  Warrants will be required by reason of the setting of such
                  record date.

            (f)   In any case in which this Compensation Warrant Certificate
                  requires that an adjustment become effective immediately after
                  a record date for an event referred to in Section 2(2) hereof,
                  the Corporation may defer, until the occurrence of such event:

                  (i)   issuing to the Underwriter, to the extent that the
                        Compensation Warrants are exercised after such record
                        date and before the occurrence of such event, the
                        additional Shares issuable upon such exercise by reason
                        of the adjustment required by such event; and

                  (ii)  delivering to the Underwriter any distribution declared
                        with respect to such additional Shares after such record
                        date and before such event;

                  provided, however, that the Corporation will deliver to the
                  Underwriter an appropriate instrument evidencing the right of
                  the Underwriter, upon the occurrence of the event requiring
                  the adjustment, to an adjustment in the Exercise Price or the
                  number of Shares purchasable upon the exercise of the
                  Compensation Warrants and to such distribution declared with
                  respect to any such additional Shares issuable on this
                  exercise of the Compensation Warrants.

            (g)   If a dispute at any time arises with respect to any adjustment
                  of the Exercise Price or the number of Shares purchasable
                  pursuant to this Compensation Warrant Certificate, such
                  dispute will be conclusively determined by the auditors of the
                  Corporation or if they are unable or unwilling to act by such
                  other firm of independent chartered accountants as may be
                  selected by the directors.

      (4)   Taking of Actions. As a condition precedent to the taking of any
            action that would require an adjustment pursuant to Section 2(2)
            hereof the Corporation will take any action that may, in the opinion
            of counsel, be necessary in order that the Corporation may validly
            and legally issue as fully paid and non-assessable shares all of the
            Shares that the Underwriter is entitled to receive in accordance
            with the provisions of this Compensation Warrant Certificate.

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      (5)   Notice. At least twenty-one days prior to any record date or
            effective date, as the case may be, for any event that requires or
            might require an adjustment in any of the rights of the Underwriter
            under this Compensation Warrant Certificate, including the Exercise
            Price and the number of Shares that are purchasable under this
            Compensation Warrant Certificate, the Corporation will deliver to
            the Underwriter a certificate of the Corporation specifying the
            particulars of such event and, if determinable, the required
            adjustment and the calculation of such adjustment. In case any
            adjustment for which a notice in this Section 2(5) must be given is
            not then determinable, the Corporation will promptly give notice
            that the adjustment is not then determinable, and the Corporation
            will promptly after such adjustment is determinable deliver to the
            Underwriter a certificate providing the calculation of such
            adjustment. The Corporation hereby covenants and agrees that the
            register of transfers and share transfer books for the Shares will
            be open, and that the Corporation will not take any action that
            might deprive the Underwriter of the opportunity of exercising the
            rights of subscription contained in this Compensation Warrant
            Certificate, during such twenty-one day period.

3.    COVENANTS OF THE CORPORATION.

      The Corporation covenants with Underwriter that for so long as any
Compensation Warrants remain outstanding:

            (a)   it will reserve and keep available, free from any pre-emptive
                  rights, out of its authorized and unissued equity securities,
                  a sufficient number of Common Shares for the purpose of
                  enabling it to satisfy its obligations to issue Shares upon
                  the exercise of the Compensation Warrants;

            (b)   it will cause the Common Shares and the certificates
                  representing the Shares acquired pursuant to the exercise of
                  the Compensation Warrants to be duly issued and delivered in
                  accordance with this Compensation Warrant Certificate;

            (c)   all Common Shares that are issued upon exercise of the will be
                  issued as duly authorized, validly issued, fully paid and
                  non-assessable;

            (d)   it will make all requisite filings, including filings with
                  securities regulatory authorities in Canada and the United
                  States, in connection with the exercise of the Compensation
                  Warrants and the issue of the Common Shares issuable upon
                  exercise thereon, will

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                  maintain its status as a reporting issuer not in default in
                  the each of the provinces of Canada;

            (e)   it will take such actions as may be reasonably necessary and
                  as are within its power to ensure that all Shares may be so
                  issued pursuant to the terms hereof without violation of any
                  applicable laws or the applicable requirements of any exchange
                  upon which the Shares of the Corporation may be listed or in
                  respect of which such Shares are qualified for unlisted
                  trading privileges;

            (f)   it will use its best efforts to maintain its status as a
                  reporting issuer not in default under, and not be in default
                  in any material respect of the applicable requirements of, the
                  applicable securities laws of each of the provinces of Canada
                  and the federal securities laws of the United States from the
                  date hereof up to and including the Time of Expiry;

            (g)   if any Shares, required to be reserved for the purpose of
                  issue upon exercise of the Compensation Warrants hereunder
                  require registration or approval of any governmental authority
                  under any federal or state law before such Shares may be
                  issued upon exercise of the Compensation Warrants, the
                  Corporation will its best efforts to cause such securities to
                  be duly registered or approved, as the case may be, and to the
                  extent practicable, take all action in anticipation of and
                  prior to the exercise of the Compensation Warrants;

            (h)   it shall use its best efforts to maintain its registration
                  statement on Form S-3 (File No. 333-91666), or another
                  registration statement on such form filed with the United
                  States Securities and Exchange Commission with respect to the
                  Shares and Compensation Warrants (the "Registration
                  Statement"), continuously effective under the U.S. Securities
                  Act so as to allow the unrestricted sale of the Shares to the
                  public from time to time commencing on the Release Date and
                  ending on the Time of Expiry (the "Registration Period"). The
                  Corporation will file such post-effective amendments and
                  supplements as may be necessary to maintain the currency of
                  the Registration Statement during the period of its use. In
                  addition if the Underwriter is advised by counsel that the
                  Registration Statement, in their opinion, is deficient in any
                  material respect, the Corporation will use its best efforts to
                  cause the Registration Statement to be amended to eliminate
                  the concerns raised. The Corporation will also file such
                  applications and other documents necessary to permit the sale
                  of the Shares to the public during the

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                  Registration Period all U.S. States in which the Shares are
                  not otherwise exempt from such securities registration
                  requirements. For purposes of the foregoing, "U.S. States"
                  means the 50 states of the United States of America, the
                  District of Columbia, Puerto Rico and Guam;

            (i)   the Corporation will furnish to the Underwriter the number of
                  copies of a prospectus, in conformity with the requirements of
                  Section 9 of the U.S. Securities Act, and such other documents
                  as it may reasonably request, in order to facilitate the
                  disposition of the Shares owned by it;

            (j)   it will use its best efforts to ensure that all Shares issued
                  and outstanding, or issuable from time to time, will be listed
                  and posted for trading on the Toronto Stock Exchange and the
                  American Stock Exchange; and

            (k)   it will do, or cause to be done, all things necessary to
                  preserve and keep in full force and effect its corporate
                  existence.

4.    NO TRANSFER OF WARRANT.

      The Compensation Warrants evidenced hereby are non-assignable,
non-transferable and non-negotiable and may not be exercised by or for the
benefit of any person other than the Underwriter.

5.    REPLACEMENT.

      Upon receipt of evidence satisfactory to the Corporation of the loss,
theft, destruction or mutilation of this Compensation Warrant Certificate and,
if requested by the Corporation, upon delivery of a bond of indemnity
satisfactory to the Corporation (or, in the case of mutilation, upon surrender
of this Compensation Warrant Certificate), the Corporation will issue to the
Underwriter a replacement certificate containing the same terms and conditions
as this Compensation Warrant Certificate.

6.    EXPIRY DATE.

      The Compensation Warrants will expire and all rights to purchase Shares
hereunder will cease and become null and void at 5:00 p.m. (Toronto time)
-, 2005.

7.    INABILITY TO DELIVER SHARES.

      If for any reason, other than the failure or default of the Underwriter,
the Corporation is unable to issue and deliver the Shares or other securities or
property as contemplated herein to the Underwriter upon the proper exercise by
the Underwriter of

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the right to purchase any of the Shares covered by this Compensation Warrant
Certificate (which inability will include the inability to deliver such Shares
or other securities or property without violating any law), provided that the
Shares are listed on a securities exchange or for which there are at least two
independent market makers, the Corporation may pay, at its option and in
complete satisfaction of its obligations hereunder, to the Underwriter, in cash,
an amount equal to the difference between the Exercise Price and aggregate low
asked price, or closing price, as the case may be, of the Shares on the Exercise
Date; in the event of such payment, the Corporation will pay to the Underwriter
the above-described payment, in cash, within 10 business days after receipt of
the Election to Exercise.

8.    TIME.

      Time will be of the essence of this Compensation Warrant Certificate.

9.    GOVERNING LAW.

      The laws of the Province of Ontario and the laws of Canada applicable
therein will govern this Compensation Warrants Certificate and the Compensation
Warrants.

10.   SUCCESSOR.

      This Compensation Warrant Certificate will enure to the benefit of and
will be binding upon the Underwriter and the Corporation and their respective
successors.

11.   GENERAL.

      This Compensation Warrant Certificate is not valid for any purpose
whatsoever unless and until it has been signed by or on behalf of the
Corporation. The holding of the Compensation Warrants evidenced by this
Compensation Warrant Certificate will not, in itself, constitute the holder a
shareholder of the Corporation or entitle the holder to any right or interest in
respect thereof, except as expressly provided in this Compensation Warrant
Certificate.

                                       14
<PAGE>

      IN WITNESS WHEREOF the Corporation has caused this Compensation Warrant
Certificate to be signed by its duly authorized officers and its corporate seal
hereto affixed.

      DATED as of the ______________ day of _______________ , 2002.

                                          GOLDEN STAR RESOURCES LTD.

                                          By:  _______________________________
                                               Authorized Signing Officer

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<PAGE>

                                   EXHIBIT "1"

                              ELECTION TO EXERCISE

TO:         GOLDEN STAR RESOURCES LTD.

The undersigned hereby irrevocably elects to exercise the number of Compensation
Warrants of Golden Star Resources Ltd. set out below for the number of Shares
(or other property or securities subject thereto) as set forth below:

            (a)   Number of Compensation Warrants to be Exercised:  ____________

            (b)   Number of Shares to be Acquired:  ____________________________

            (c)   Exercise Price per Share:  ___________________________________

            (d)   Aggregate Purchase Price [(b) multiplied by (c)]:  $ _________

and hereby tenders a certified cheque, bank draft or cash for such aggregate
purchase price, and directs such Shares to be registered and a certificate
therefor to be issued as directed below.

            DATED this _______ day of ________________ , 200_____.

                                          [UNDERWRITER'S NAME]

                                          By: ________________________________

Direction as to Registration

Name of Registered Holder:                _____________________________________

Address of Registered Holder:             _____________________________________

                                          _____________________________________

                                          _____________________________________<PAGE>
                                                                   EXHIBIT 10.51

                      [ALLIANCE SEMICONDUCTOR LETTERHEAD]

1. PURPOSE

This 2002 Stock Option Plan ("Plan") is established as a compensatory plan to
attract, retain and provide equity incentives to selected persons to promote the
financial success of Alliance Semiconductor Corporation, a Delaware corporation,
("Company"). Capitalized terms not previously defined herein are defined in
Section 17 of this Plan.

2. TYPES OF OPTIONS AND SHARES.

Options granted under this Plan ("Options") may be either (a) incentive stock
options ("ISOs") within the meaning of Section 422 of the Internal Revenue Code
of 1986, as amended ("Revenue Code"), or (b) nonqualified stock options
("NQSOs"), as designated at the time of grant. The shares of stock that may be
purchased upon exercise of Options granted under this Plan ("Shares") are shares
of the common stock $.01 par value per share, of the Company.

3. NUMBER OF SHARES

The aggregate number of Shares that may be issued pursuant to Options granted
under this Plan is 13,000,000 Shares, subject to adjustment as provided in
Section 11 of this Plan. "Named Executive Officers" (as that term is defined in
Item 402(a)(3) of Regulation S-K promulgated under the Securities Exchange Act
of 1934, as amended ("Exchange Act")) shall each be eligible to receive an
aggregate of up to a maximum of 2,250,000 Shares at any time during the term of
this Plan pursuant to the grant of Options hereunder, not to exceed 1,125,000
Shares during any twelve (12) month period, subject to adjustment as provided in
this Plan. If any Option expires or is terminated without being exercised in
whole or in part, the unexercised or released Shares from such Options shall be
available for future grant and purchase under this Plan. At all times during the
term of this Plan, the Company shall reserve and keep available such number of
Shares as shall be required to satisfy the requirements of outstanding Options
under this Plan. At such time and for so long as the Company is a "publicly held
corporation" within the meaning of Section 162(m) of the Revenue Code, no
employee or prospective employee may be granted one or more Options within any
fiscal year of the Company under this Plan and any other option plan of the
Company to purchase more than four million Shares, subject to adjustment as
provided in Section 11 of this Plan. An Option that is cancelled shall continue
to be counted against the limit of Options that may be granted to any individual
under this Section 3.

4. ELIGIBILITY

Options may be granted to employees, officers, directors, consultants,
independent contractors and advisers (provided such consultants, contractors and
advisers render bona fide services not in connection with the offer and sale of
securities in a capital-raising transaction) of the Company or any Parent,
Subsidiary or Affiliate of the Company. ISOs may be granted only to employees
(including officers and directors who are also employees) of the Company or a
Parent or Subsidiary of the Company. The Committee (as defined in Section 14) in
its sole discretion shall select the recipients of Options ("Optionees"). An
Optionee may be granted more than one Option under this Plan. The Company may
also, from time to time, substitute or assume outstanding options granted by
another company, whether in connection with an acquisition of such other company
or otherwise, by either (a) granting an Option under this Plan in replacement of
the option assumed by the Company, or (b) treating the assumed option as if it
had been granted under this Plan if the terms of such assumed option could be
applied to an Option granted under this Plan. Such substitution or assumption
shall be permissible if the holder of the substituted or assumed option would
have been eligible to be granted an Option hereunder if the other company had
applied the rules of this Plan to such grant.

5. TERMS AND CONDITIONS OF OPTIONS

The Committee shall determine whether each Option is to be an ISO or an NQSO,
the number of Shares subject to the Option, the exercise price of the Option,
the period during which the Option may be exercised, and all other terms and
conditions of the Option, subject to the following:

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<PAGE>
         5.1 Form of Option Grant

         Each Option granted under this Plan shall be evidenced by a written
         Stock Option Grant ("Grant") in such form (which need not be the same
         for each Optionee) as the Committee shall from time to time approve,
         which Grant shall comply with and be subject to the terms and
         conditions of this Plan.

         5.2 Date of Grant

         The date of grant of an Option shall be the date on which the Committee
         makes the determination to grant such Option unless otherwise specified
         by the Committee. The Grant representing the Option will be delivered
         to Optionee with a copy of this Plan within a reasonable time after the
         granting of the Option.

         5.3 Exercise Price

         The exercise price of an Option shall be determined by the Committee
         when the Option is granted and may be less than Fair Market Value (but
         not less than the par value of the Shares) if permitted by the Exchange
         Act; provided, however, that the exercise price of an ISO shall be not
         less than 100% of the Fair Market Value of the Shares on the date the
         Option is granted. The exercise price of any ISO granted to a person
         owning more than 10% of the total combined voting power of all classes
         of stock of the Company or any Parent or Subsidiary of the Company
         ("Ten Percent Stockholder") shall not be less than 110% of the Fair
         Market Value of the Shares on the date the Option is granted.

         5.4 Exercise Period

         Options shall be exercisable within the times or upon the events
         determined by the Committee as set forth in the Grant, provided,
         however, that no Option shall be exercisable after the expiration of
         ten (10) years from the date the Option is granted, and no ISO granted
         to a ten percent (10%), or more, shareholder shall be exercisable after
         the expiration of the five (5) years from the date the option is
         granted.

         5.5 Limitations on ISOs

         The aggregate Fair Market Value (determined as of the time an Option is
         granted) of stock with respect to which ISOs are exercisable for the
         first time by an Optionee during any calendar year (under this Plan or
         under any other incentive stock option plan of the Company or any
         Affiliate, Parent or Subsidiary of the Company) shall not exceed
         $100,000. If the Fair Market Value of Shares with respect to which ISOs
         are exercisable for the first time by an Optionee during any calendar
         year exceeds $100,000, the Options for the first $100,000 worth of
         Shares to become exercisable in such year shall be ISOs and the Options
         for the amount in excess of $100,000 that become exercisable in that
         year shall be NQSOs. In the event that the Revenue Code or the
         regulations promulgated thereunder are amended after the effective date
         of this Plan to provide for a different limit on the Fair Market Value
         of Shares permitted to be subject to ISOs, such different limit shall
         be incorporated herein and shall apply to any Options granted after the
         effective date of such amendment.

         5.6 Options Non-Transferable

         Options granted under this Plan and any interest therein, shall not be
         transferable or assignable by Optionee, and may not be made subject to
         execution, attachment or similar process, otherwise than by will or by
         the laws of descent and distribution, and shall be exercisable during
         the lifetime of Optionee only by Optionee; provided, however, that
         NQSOs held by an Optionee who is not an officer or director of the
         Company or other person (in each case, an "Insider") whose transactions
         in the Company's common stock are subject to Section 16(b) of the
         Exchange Act, may be transferred to such family members, trusts and
         charitable institutions as the Committee, in its sole discretion, shall
         approve at the time of the grant of such Option.

         5.7 Assumed Options

         In the event the Company assumes an option granted by another company,
         the terms and conditions of such option shall remain unchanged (except
         the exercise price and the number and nature of shares issuable upon
         exercise, which will be adjusted appropriately pursuant to Section
         424(c) of the Revenue Code). In the event the Company elects to grant a
         new option rather than assuming an existing option (as specified in
         Section 4), such new option need not be

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<PAGE>

         granted at Fair Market Value on the date of grant and may instead be
         granted with a similarly adjusted exercise price.

6. EXERCISE OF OPTIONS

         6.1 Notice

         Options may be exercised only by delivery to the Company of a written
         stock option exercise agreement ("Exercise Agreement") in a form
         approved by the Committee (which need not be the same for each
         Optionee), stating the number of Shares being purchased, the
         restrictions imposed on the Shares, if any, and such representations
         and agreements regarding Optionee's investment intent and access to
         information, if any, as may be required by the Company to comply with
         applicable securities laws, together with payment in full of the
         exercise price for the number of Shares being purchased.

         6.2 Payment

         Payment for the Shares may be made in cash (by check) or, where
         permitted by law:

                  6.2.1 by cancellation of indebtedness of the Company to the
                  Optionee;

                  6.2.2 where approved by the Committee in its sole discretion
                  at the time of grant, by surrender of shares of common stock
                  of the Company having a Fair Market Value equal to the
                  applicable exercise price of the Options, that have been owned
                  by Optionee for more than six (6) months (and which have been
                  paid for within the meaning of the Securities and Exchange
                  Commission ("SEC") Rule 144 and, if such Shares were purchased
                  from the Company by use of a promissory note, such note has
                  been fully paid with respect to such shares), or were obtained
                  by Optionee in the open public market; and are clear of all
                  liens, claims, encumbrances and security interests;

                  6.2.3 by waiver of compensation due or accrued to Optionee for
                  services rendered;

                  6.2.4 provided that a public market for the Company's stock
                  exists, through a "same day sale" commitment from Optionee and
                  a broker-dealer that is a member of the National Association
                  of Securities Dealers ("NASD Dealer") whereby Optionee
                  irrevocably elects to exercise the Option and to sell a
                  portion of the Shares so purchased to pay for the exercise
                  price and whereby the NASD Dealer irrevocably commits upon
                  receipt of such Shares to forward the exercise price directly
                  to the Company;

                  6.2.5 provided that a public market for the Company's stock
                  exists, through a "margin" commitment from Optionee and an
                  NASD Dealer whereby Optionee irrevocably elects to exercise
                  the Option and to pledge the Shares so purchased to the NASD
                  Dealer in a margin account as security for a loan from the
                  NASD Dealer in the amount of the exercise price, and whereby
                  the NASD Dealer irrevocably commits upon receipt of such
                  Shares to forward the exercise price directly to the Company;
                  or

                  6.2.6 by any combination of the foregoing.

         6.3 Withholding Taxes

                  6.3.1 At the discretion of the Committee, Optionees may
                  satisfy withholding obligations as provided in this paragraph.
                  When an Optionee incurs tax liability in connection with an
                  Option which tax liability is subject to tax withholding under
                  applicable tax laws, the Optionee may satisfy the withholding
                  tax obligation by one or some combination of the following
                  methods:

                           6.3.1.1 by cash payment

                           6.3.1.2 out of Optionee's current compensation;

                           6.3.1.3 if permitted by the Committee, in its
                           discretion, by surrendering to the Company Shares
                           that in the case of Shares previously acquired from
                           the

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                           Company, have been owned by the Optionee for more
                           than six months on the date of surrender and have a
                           Fair Market Value on the date of surrender equal to
                           or less than Optionee's marginal tax rate times the
                           ordinary income recognized; or

                           6.3.1.4 by electing to have the Company withhold from
                           the Shares to be issued upon exercise of the Option
                           that number of Shares having a Fair Market Value
                           equal to the amount required to be withheld.

                  For this purpose, the Fair Market Value of the Shares to be
                  withheld shall be determined on the date that the amount of
                  tax to be withheld is to be determined ("Tax Date").

                  6.3.2 Any surrender by an Insider of previously owned Shares
                  to satisfy tax withholding obligations arising upon exercise
                  of this Option must comply with the applicable provisions of
                  Rule 16b-3 and shall be subject to such additional conditions
                  or restrictions as may be required thereunder to qualify for
                  the maximum exemption from Section 16 of the Exchange Act with
                  respect to Plan transactions.

                  6.3.3 All elections by an Optionee to have Shares withheld to
                  satisfy tax withholding obligations shall be made in writing
                  in a form acceptable to the Committee and shall be subject to
                  the following restrictions:

                           6.3.3.1 the election must be made on or prior to the
                           applicable Tax Date; and

                           6.3.3.2 all elections shall be subject to the consent
                           or disapproval of the Committee.

                  6.3.4 In the event the election to have Shares withheld is
                  made by an Optionee and the Tax Date is deferred under Section
                  83 of the Code because no election is filed under Section
                  83(b) of the Code, the Optionee shall receive the full number
                  of Shares with respect to which the Option is exercised but
                  such Optionee shall be unconditionally obligated to tender
                  back to the Company the proper number of Shares on the Tax
                  Date.

         6.4 Limitations on Exercise

         Notwithstanding the exercise periods set forth in the Grant, exercise
         of an Option shall always be subject to the following:

                  6.4.1 If Optionee ceases to be employed by the Company or any
                  Parent, Subsidiary or Affiliate of the Company for any reason
                  except death or disability, Optionee may exercise such
                  Optionee's Options to the extent (and only to the extent) that
                  they would have been exercisable upon the date of termination,
                  within three (3) months after the date of termination (or such
                  shorter time period as may be specified in the Grant).

                  6.4.2 If Optionee's employment with the Company or any Parent,
                  Subsidiary or Affiliate of the Company is terminated because
                  of the death of Optionee or disability of Optionee within the
                  meaning of Section 22(e)(3) of the Revenue Code, Optionee's
                  Options may be exercised to the extent (and only to the
                  extent) that they would have been exercisable by Optionee on
                  the date of termination by Optionee (or Optionee's legal
                  representative) within twelve (12) months after the date of
                  termination (or such shorter time period as may be specified
                  in the Grant), but in any event no later than the expiration
                  date of the Options.

                  6.4.3 If Optionee is an Insider, the Company is subject to
                  Section 16(b) of the Exchange Act, and Optionee ceases to be
                  employed by the Company for any reason, Optionee's Option will
                  remain exercisable, as to the extent (and only to the extent)
                  that it was exercisable on the date of termination, until the
                  later of (i) the last date such option would be exercisable
                  under Section 6.4.1 or 6.4.2, as applicable, or (ii) the end
                  of the thirty (30) day period commencing on the date six
                  months after the grant of such Option, with any extension
                  beyond three (3) months after termination of employment deemed
                  to be as an NQSO, and provided further that in no event may an
                  Option be exercisable later than the expiration date of the
                  Option.

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                  6.4.4 The Committee shall have discretion to determine whether
                  Optionee has ceased to be employed by the Company or any
                  Parent, Subsidiary, or Affiliate of the Company and the
                  effective date on which such employment terminated.

                  6.4.5 In the case of an Optionee who is a director,
                  independent consultant, contractor or adviser, the Committee
                  will have the discretion to determine whether Optionee is
                  "employed by the Company or any Parent, Subsidiary, or
                  Affiliate of the Company" pursuant to the foregoing Sections.

                  6.4.6 The Committee may specify a reasonable minimum number of
                  Shares that may be purchased on any exercise of an Option,
                  provided that such minimum number will not prevent Optionee
                  from exercising the full number of Shares as to which the
                  Option is then exercisable.

                  6.4.7 An Option shall not be exercisable unless such exercise
                  is in compliance with all applicable federal and state
                  securities laws, rules and regulations of any governmental
                  body and the requirements of any stock exchange or national
                  market system upon which the Shares may then be listed, as
                  they are in effect on the date of exercise. The Company shall
                  be under no obligation to register the Shares with the SEC or
                  to effect compliance with the registration, qualification or
                  listing requirements of any state securities laws, stock
                  exchange or national market system and the Company shall have
                  no liability for any inability or failure to do so.

7. RESTRICTIONS ON SHARES

At the discretion of the Committee, the Company may reserve to itself and/or its
assignee(s) in the Grant (a) a right of first refusal to purchase all Shares
that an Optionee (or a subsequent transferee) may propose to transfer to a third
party and/or (b) a right to repurchase a portion of or all Shares held by an
Optionee upon Optionee's termination of employment or service with the Company
or a Parent, Subsidiary or Affiliate of the Company, for any reason within a
specified time as determined by the Committee at the time of grant at (i)
Optionee's original purchase price, (ii) the Fair Market Value of such Shares or
(iii) a price determined by a formula or other provision set forth in the Grant.

8. MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS

The Committee shall have the power to modify, extend or renew outstanding
Options and to authorize the grant of new Options in substitution therefor,
provided that any such action may not, without the written consent of Optionee,
impair any of the Optionee's rights under any Option previously granted. Any
outstanding ISO that is modified, extended, renewed or otherwise altered shall
be treated in accordance with Section 424(h) of the Revenue Code. The Committee
shall have the power to reduce the exercise price of outstanding Options without
the consent of Optionees by a written notice to the Optionees affected;
provided, however, that the exercise price per Share may not be reduced below
the minimum exercise price that would be permitted under Section 5.3 of this
Plan for Options granted on the date the action is taken to reduce the exercise
price; and provided further, that the Exercise Price shall not be reduced below
the par value of the Shares.

9. PRIVILEGES OF STOCK OWNERSHIP

No Optionee shall have any of the rights of a stockholder with respect to any
Shares subject to an Option until such Option is properly exercised. No
adjustment shall be made for dividends or distributions or other rights for
which the record date is prior to such date, except as provided in this Plan.
However, the Company shall provide to each Optionee, annually, during the period
for which such Optionee has one or more Options outstanding, financial
statements of the Company, consisting of, at minimum, a balance sheet and an
income statement. The Company shall not be required to provide such financial
statements to key employees whose duties in connection with the Company assure
them access to equivalent information.

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10. NO OBLIGATION TO EMPLOY

Nothing in this Plan or any Option granted under this Plan shall confer on any
Optionee any right to continue in the employ of, or other relationship with, the
Company or any Parent, Subsidiary or Affiliate of the Company or limit in any
way the right of the Company or any Parent, Subsidiary or Affiliate of the
Company to terminate Optionee's employment or other relationship at any time,
with or without cause.

11. ADJUSTMENT OF OPTION SHARES

In the event that the number of outstanding shares of common stock of the
Company is changed by a stock dividend, stock split, reverse stock split,
combination, reclassification or similar change in the capital structure of the
Company without consideration (or when consideration is less than the fair
market value), or if a substantial portion of the assets of the Company are
distributed, without consideration (or when consideration is less than the fair
market value) in a spin-off or similar transaction, to the stockholders of the
Company, the number of Shares available under this Plan, the number of Shares
subject to outstanding Options, the exercise price per Share of such Options and
the maximum number of Shares for which Options may be granted to Named Executive
Officers of the Company shall be proportionately adjusted, subject to any
required action by the Board of Directors ("Board") or stockholders of the
Company and compliance with applicable securities laws; provided, however, that
a fractional share shall not be issued upon exercise of any Option and any
fractions of a Share that would have resulted shall either be cashed out at Fair
Market Value or the number of Shares issuable under the Option shall be rounded
up to the nearest whole number, as determined by the Committee; and provided
further that the exercise price may not be decreased to below the par value, if
any, for the Shares.

12. ASSUMPTION OF OPTIONS BY SUCCESSORS

         12.1 Assumption or Substitution

         In the event of (a) a merger or consolidation in which the Company is
         not the surviving corporation (other than a merger or consolidation
         with a wholly owned subsidiary, a reincorporation, or other transaction
         in which there is no substantial change in the stockholders of the
         corporation and the Options granted under this Plan are assumed or
         replaced by the successor corporation, which assumption shall be
         binding on all Optionees), (b) a dissolution or liquidation of the
         Company, (c) the sale of substantially all of the assets of the
         Company, or (d) any other transaction which qualifies as a "corporate
         transaction" under Section 424(a) of the Revenue Code wherein the
         stockholders of the Company give up all of their equity interest in the
         Company (except for the acquisition, sale or transfer of all or
         substantially all of the outstanding shares of the Company), any or all
         outstanding Options may be assumed or replaced by the successor
         corporation, which assumption shall be binding on all Optionees. In the
         alternative, the successor corporation may substitute an equivalent
         option or provide substantially similar consideration to Optionees as
         was provided to stockholders (after taking into account the existing
         provisions of Optionee's options, such as the exercise price and the
         vesting schedule). The successor corporation may also issue, in place
         of outstanding shares of the Company held by Optionee as a result of
         the exercise of an Option that is subject to repurchase, substantially
         similar shares or other property subject to similar repurchase
         restrictions no less favorable to Optionee.

         12.2 Expiration

         In the event such successor corporation, if any, refuses to assume or
         substitute Options, as provided above, pursuant to a transaction
         described in Section 12.1 above, or there is no successor corporation,
         and if the Company is ceasing to exist as a separate corporate entity,
         the Options shall, notwithstanding any contrary terms in the Grant,
         expire on (and, in the case of a merger or consolidation under Section
         12.1 (a) above, if the Company has reserved to itself a right to
         repurchase Shares issued on exercise of Options at the original
         purchase price of such Shares, such right shall terminate on), a date
         at least 20 days after the Board gives written notice to Optionees
         specifying the terms and conditions of such termination.

         12.3 Additional Provisions

         Subject to the foregoing provisions of this Section 12, in the event of
         the occurrence of any transaction described in Section 12.1, any
         outstanding Option shall be treated as provided in the applicable
         agreement or plan of merger, consolidation, dissolution, liquidation,
         sale of assets or other "corporate transaction".

13. ADOPTION AND STOCKHOLDER APPROVAL

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This Plan shall become effective on April 7, 2002. after its adoption by the
Board. This Plan shall be approved by the stockholders of the Company, in any
manner permitted by applicable corporate law, within twelve months before or
after the date this Plan is adopted by the Board. Upon the effective date of the
Plan, the Board may grant Options pursuant to this Plan; provided that, in the
event that stockholder approval is not obtained within the time period provided
herein, all Options granted hereunder shall terminate. No Option that is issued
as a result of any increase in the number of shares authorized to be issued
under this Plan shall be exercised prior to the time such increase has been
approved by the stockholders of the Company and all such Options granted
pursuant to such increase shall similarly terminate if such stockholder approval
is not obtained. After the Company becomes subject to Section 16(b) of the
Exchange Act and Section 162(m) of the Revenue Code, the Company will comply
with the requirements of Rule 16b-3 with respect to stockholder approval. All
non-expired and non-cancelled Options granted under the Company's 1992 Stock
Option plan (the "1992 Plan") shall be transferred to the Plan upon the
expiration of the 1992 Plan, on April 7, 2002.

14. ADMINISTRATION

This Plan may be administered by the Board or a committee appointed by the Board
("Committee"). As used in this Plan, references to the "Committee" shall mean
either the committee appointed by the Board to administer this Plan or the Board
if no committee has been established.

         14.1 Composition of the Committee

         The Committee shall be comprised of at least two members of the Board
         of Directors, all of whom are Outside Directors and Disinterested
         Persons. The Company will take appropriate steps to comply with the
         disinterested administration requirements of Section 16(b) of the
         Exchange Act, which shall consist of the appointment by the Board of a
         Committee consisting of not less than two members of the Board, each of
         whom is a Disinterested Person and with the requirements of Section
         162(m) of the Revenue Code with respect to Option grants to the Named
         Executive Officers of the Company.

         14.2 Committee Authority

         The Committee shall have the authority, without limitation, to:

                  14.2.1 construe and interpret the Plan, any Grant and any
                  other agreement or document executed pursuant to the Plan;

                  14.2.2 prescribe, amend and rescind rules and regulations
                  relating to the Plan;

                  14.2.3 select persons to receive Options;

                  14.2.4 determine the form and terms of Options;

                  14.2.5 determine the number of Shares subject to Options;

                  14.2.6 grant waivers of Plan or Option conditions;

                  14.2.7 determine the vesting and exercisability of Options:

                  14.2.8 correct any defect, supply any omission, or reconcile
                  any inconsistency in the Plan, any Grant or any other
                  agreement or document executed pursuant to the Plan;

                  14.2.9 make all other determinations necessary or advisable
                  for the administration of the Plan.

         14.3 Committee Interpretation Binding

         Any interpretation or determination made by the Committee with respect
         to any of the provisions of this Plan or any Option granted under this
         Plan shall be made in its sole discretion and shall be final and
         binding upon the Company and all persons having an interest in any
         Option or any Shares purchased pursuant to an Option.

15. TERM OR PLAN

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Options may be granted pursuant to this Plan from time to time within a period
of ten (10) years after the date on which this Plan is adopted by the Board.

16. AMENDMENT OR TERMINATION OF PLAN

The Committee may at any time terminate or amend this Plan in any respect
including (but not limited to) amendment of any form of grant, exercise
agreement or instrument to be executed pursuant to this Plan; provided, however,
that the Committee shall not, without the approval of the stockholders of the
Company, amend this Plan in any manner that requires such stockholder approval
pursuant to the Revenue Code or the regulations promulgated thereunder or
pursuant to the Exchange Act or Rule 16b-3 (or its successor) promulgated
thereunder.

17. CERTAIN DEFINITIONS

As used in this Plan, the following terms shall have the following meanings:

         17.1 "Affiliate" means any corporation that directly, or indirectly
         through one or more intermediaries, controls or is controlled by, or is
         under common control with, another corporation, where "control"
         (including the terms "controlled by" and "under common control with")
         means the possession, direct or indirect, of the power to cause the
         direction of the management and policies of the corporation, whether
         through the ownership of voting securities, by contract or otherwise.

         17.2 "Disinterested Person" shall have the meaning set forth in Rule
         16b-(c)(2)(l) as promulgated by the SEC under Section 16(b) of the
         Exchange Act, as such rule is amended from time to time and as
         interpreted by the SEC.

         17.3 "Fair Market Value" shall mean the fair market value of the Shares
         as determined by the Committee from time to time in good faith. If a
         public market exists for the Shares, the Fair Market Value shall be the
         average of the last reported bid and asked prices for common stock of
         the Company on the date of determination (or the average closing price
         over the number of consecutive working days preceding the date of
         determination as the Committee shall deem appropriate) or, in the event
         the common stock of the Company is listed on a stock exchange or on the
         NASDAQ National Market System, the Fair Market Value shall be the
         closing price on such exchange or quotation system on the date of
         determination (or the average closing price over the number of
         consecutive working days preceding the date of determination as the
         Committee shall deem appropriate).

         17.4 "Outside Director" shall mean any director who is not (a) a
         current employee of the Company or any Parent, Subsidiary or Affiliate
         of the Company, (b) a former employee of the Company or any Parent,
         Subsidiary or Affiliate of the Company who is receiving compensation
         for prior services (other than benefits under a tax-qualified pension
         plan), (c) a current or former officer of the Company or any Parent,
         Subsidiary or Affiliate of the Company or (d) currently receiving
         compensation for personal services in any capacity, other than as a
         director, from the Company or any Parent, Subsidiary or Affiliate of
         the Company; provided. however, that at such time as the term "Outside
         Director", as used in Section 162(m) is defined in regulations
         promulgated under Section 162(m) of the Revenue Code, "Outside
         Director" shall have the meaning set forth in such regulations, as
         amended from time to time and as interpreted by the Internal Revenue
         Service.

         17.5 "Parent" means any corporation (other than the Company) in an
         unbroken chain of corporations ending with the Company if, at the time
         of the granting of the Option, each of such corporations other than the
         Company owns stock possessing 50% or more of the total combined voting
         power of all classes of stock in one of the other corporations in such
         chain.

         17.6 "Subsidiary" means any corporation (other than the Company) in an
         unbroken chain of corporations beginning with the Company if, at the
         time of granting of the Option. each of the corporations other than the
         last corporation in the unbroken chain owns stock possessing 50% or
         more of the total combined voting power of all classes of stock in one
         of the other corporations in such chain.

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