Document:

PRIVATE TRADING SYSTEMS, INC.
                            2005 STOCK INCENTIVE PLAN

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<TABLE>
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                                TABLE OF CONTENTS

<S>                                                                           <C>
ARTICLE 1 PURPOSE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   1
  1.1     GENERAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   1
ARTICLE 2 EFFECTIVE AND EXPIRATION DATE. . . . . . . . . . . . . . . . . . .   1
  2.1     EFFECTIVE DATE . . . . . . . . . . . . . . . . . . . . . . . . . .   1
  2.2     EXPIRATION DATE. . . . . . . . . . . . . . . . . . . . . . . . . .   1
ARTICLE 3 DEFINITIONS AND CONSTRUCTION . . . . . . . . . . . . . . . . . . .   1
  3.1     DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . .   1
ARTICLE 4 ADMINISTRATION . . . . . . . . . . . . . . . . . . . . . . . . . .   4
  4.1     COMMITTEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
  4.2     ACTION BY THE COMMITTEE. . . . . . . . . . . . . . . . . . . . . .   4
  4.3     AUTHORITY OF COMMITTEE.. . . . . . . . . . . . . . . . . . . . . .   4
  4.4     DECISIONS BINDING. . . . . . . . . . . . . . . . . . . . . . . . .   5
ARTICLE 5 SHARES SUBJECT TO THE PLAN . . . . . . . . . . . . . . . . . . . .   5
  5.1     NUMBER OF SHARES.. . . . . . . . . . . . . . . . . . . . . . . . .   5
  5.2     LAPSED OR ASSUMED AWARDS . . . . . . . . . . . . . . . . . . . . .   5
  5.3     STOCK DISTRIBUTED. . . . . . . . . . . . . . . . . . . . . . . . .   6
ARTICLE 6 ELIGIBILITY AND PARTICIPATION. . . . . . . . . . . . . . . . . . .   6
  6.1     ELIGIBILITY. . . . . . . . . . . . . . . . . . . . . . . . . . . .   6
  6.2     ACTUAL PARTICIPATION . . . . . . . . . . . . . . . . . . . . . . .   6
ARTICLE 7 STOCK OPTIONS. . . . . . . . . . . . . . . . . . . . . . . . . . .   6
  7.1     GENERAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   6
  7.2     INCENTIVE STOCK OPTIONS. . . . . . . . . . . . . . . . . . . . . .   7
  7.3     NON-QUALIFIED STOCK OPTIONS. . . . . . . . . . . . . . . . . . . .   8
ARTICLE 8 PERFORMANCE SHARES . . . . . . . . . . . . . . . . . . . . . . . .   9
  8.1     GRANT OF PERFORMANCE SHARES. . . . . . . . . . . . . . . . . . . .   9
  8.2     RIGHT TO PAYMENT.. . . . . . . . . . . . . . . . . . . . . . . . .   9
  8.3     OTHER TERMS. . . . . . . . . . . . . . . . . . . . . . . . . . . .   9
ARTICLE 9 RESTRICTED STOCK AWARDS. . . . . . . . . . . . . . . . . . . . . .   9
  9.1     GRANT OF RESTRICTED STOCK. . . . . . . . . . . . . . . . . . . . .   9
  9.2     ISSUANCE AND RESTRICTIONS. . . . . . . . . . . . . . . . . . . . .   9
  9.3     FORFEITURE.. . . . . . . . . . . . . . . . . . . . . . . . . . . .   9
  9.4     CERTIFICATES FOR RESTRICTED STOCK. . . . . . . . . . . . . . . . .  10
ARTICLE 10 PROVISIONS APPLICABLE TO AWARDS . . . . . . . . . . . . . . . . .  10
  10.1    STAND-ALONE AND TANDEM AWARDS. . . . . . . . . . . . . . . . . . .  10
  10.2    EXCHANGE PROVISIONS. . . . . . . . . . . . . . . . . . . . . . . .  10
  10.3    TERM OF AWARD. . . . . . . . . . . . . . . . . . . . . . . . . . .  10
  10.4    FORM OF PAYMENT FOR AWARDS.. . . . . . . . . . . . . . . . . . . .  10
  10.5    LIMITS ON TRANSFER.. . . . . . . . . . . . . . . . . . . . . . . .  10
  10.6    BENEFICIARIES. . . . . . . . . . . . . . . . . . . . . . . . . . .  10
  10.7    STOCK CERTIFICATES . . . . . . . . . . . . . . . . . . . . . . . .  11
  10.8    ACCELERATION UPON A CHANGE OF CONTROL. . . . . . . . . . . . . . .  11
ARTICLE 11 CHANGES IN CAPITAL STRUCTURE. . . . . . . . . . . . . . . . . . .  11
  11.1    SHARES AVAILABLE FOR GRANT.. . . . . . . . . . . . . . . . . . . .  11
  11.2    OUTSTANDING AWARDS - INCREASE OR DECREASE IN ISSUED SHARES WITHOUT
          CONSIDERATION. . . . . . . . . . . . . . . . . . . . . . . . . . .  12
  11.3    OUTSTANDING AWARDS - CERTAIN MERGERS.. . . . . . . . . . . . . . .  12
  11.4    OUTSTANDING AWARDS - OTHER CHANGES.. . . . . . . . . . . . . . . .  12
  11.5    NO OTHER RIGHTS. . . . . . . . . . . . . . . . . . . . . . . . . .  12
ARTICLE 12 AMENDMENT, MODIFICATION, AND TERMINATION. . . . . . . . . . . . .  12
  12.1    AMENDMENT, MODIFICATION, AND TERMINATION.. . . . . . . . . . . . .  12
  12.2    AWARDS PREVIOUSLY GRANTED. . . . . . . . . . . . . . . . . . . . .  12
ARTICLE 13 GENERAL PROVISIONS. . . . . . . . . . . . . . . . . . . . . . . .  13
  13.1    NO RIGHTS TO AWARDS. . . . . . . . . . . . . . . . . . . . . . . .  13
  13.2    NO STOCKHOLDERS RIGHTS.. . . . . . . . . . . . . . . . . . . . . .  13

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  13.3    WITHHOLDING. . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
  13.4    NO RIGHT TO EMPLOYMENT OR SERVICES . . . . . . . . . . . . . . . .  13
  13.5    UNFUNDED STATUS OF AWARDS. . . . . . . . . . . . . . . . . . . . .  13
  13.6    INDEMNIFICATION. . . . . . . . . . . . . . . . . . . . . . . . . .  13
  13.7    RELATIONSHIP TO OTHER BENEFITS.. . . . . . . . . . . . . . . . . .  14
  13.8    EXPENSES.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
  13.9    TITLES AND HEADINGS. . . . . . . . . . . . . . . . . . . . . . . .  14
  13.10   FRACTIONAL SHARES. . . . . . . . . . . . . . . . . . . . . . . . .  14
  13.11   SECURITIES LAW COMPLIANCE. . . . . . . . . . . . . . . . . . . . .  14
  13.12   GOVERNMENT AND OTHER REGULATIONS . . . . . . . . . . . . . . . . .  14
  13.13   GOVERNING LAW. . . . . . . . . . . . . . . . . . . . . . . . . . .  14
  13.14   DISPUTE RESOLUTION.. . . . . . . . . . . . . . . . . . . . . . . .  14
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                                    ARTICLE 1
                                    PURPOSE

     1.1     GENERAL.  The  purpose  of  the Private Trading Systems, Inc. 2005
             -------
Stock  Incentive  Plan  (the  "Plan")  is to promote the success and enhance the
                               ----
value  of Private Trading Systems, Inc., a Nevada corporation (the "Company") by
                                                                    -------
linking the personal interests of the members of the Board, employees, officers,
executives,  and  consultants  or  independent  contractors, to those of Company
stockholders and by providing such individuals with an incentive for outstanding
performance  to  generate superior returns to Company stockholders.  The Plan is
further  intended  to  provide  flexibility  to  the  Company  in its ability to
motivate,  attract,  and retain the services of members of the Board, employees,
officers,  executives of, the Company upon whose judgment, interest, and special
effort  the  successful conduct of the Company's operation is largely dependent.

                                   ARTICLE 2
                         EFFECTIVE AND EXPIRATION DATE

     2.1     EFFECTIVE  DATE.  The Plan is effective as of the date the Plan is
             ---------------
approved by the Company's stockholders (the "Effective Date").  The Plan will be
                                             --------------
deemed to be approved by the stockholders if it receives the affirmative vote of
the  holders  of  a  majority  of  the shares of stock of the Company present or
represented  and  entitled to vote at a meeting duly held in accordance with the
applicable  provisions  of  the  Company's  Bylaws.

     2.2     EXPIRATION  DATE.  The  Plan  will  expire on, and no Award may be
             ----------------
granted pursuant to the Plan after, the tenth anniversary of the Effective Date.
Any  Awards  that are outstanding on the tenth anniversary of the Effective Date
will remain in force according to the terms of the Plan and the Award Agreement.

                                   ARTICLE 3
                          DEFINITIONS AND CONSTRUCTION

     3.1     DEFINITIONS.  The  following  words  and  phrases  will  have  the
             -----------
following  meanings:

          (a)     "AWARD"  means  any  Option,  Restricted  Stock  Award  or
                   -----
Performance  Share  Award  granted  to  a  Participant  pursuant  to  the  Plan.

          (b)     "AWARD  AGREEMENT"  means any written agreement, contract, or
                   ----------------
other  instrument  or  document  evidencing  an  Award.

          (c)     "BOARD"  means  the  Board  of  Directors  of  the  Company.
                   -----

          (d)     "CAUSE"  means  (except  as  otherwise  provided  in an Award
                   -----
Agreement)  that the Committee, in its reasonable and good faith discretion, has
determined  that  the  Participant  has  (1)  developed  or  pursued  interests
substantially  adverse  to  the Company, (2) materially breached any employment,
engagement,  or  confidentiality agreement or otherwise failed to satisfactorily
discharge  his  or  her  duties,  (3) been convicted of a felony involving moral

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turpitude, or (4) engaged in activities or omissions that are detrimental to the
well-being  of  the  Company.

          (e)     "CHANGE OF CONTROL" means and includes each of the following:
                   -----------------

               (1)     Any  transaction  or  series of transactions, whereby any
person (as that term is used in Section 13 and 14(d)(2) of the Exchange Act), is
or  becomes  the  beneficial owner (as that term is used in Section 13(d) of the
Exchange  Act) directly or indirectly, of securities of the Company representing
fifty  percent  (50%) or more of the total value or combined voting power of the
Company's  then  outstanding  securities;  provided,  that  for purposes of this
                                           --------
paragraph,  the  term  "person"  will  exclude  (A) a trustee or other fiduciary
holding  securities  under  an  employee  benefit  plan  of  the  Company  or  a
Subsidiary,  (B)  a corporation owned directly or indirectly by the stockholders
of  the  Company in substantially the same proportions as their ownership in the
Company  and (C) any venture capital firm or other investor in securities of the
Company  that  first  purchases  any  such securities within the thirty (30) day
period  following  the  Effective  Date;

               (2)     Any merger, consolidation, other corporate reorganization
or  liquidation  of  the  Company  in which the Company is not the continuing or
surviving  corporation  or  entity or pursuant to which shares of Stock would be
converted  into  cash, securities, or other property, other than (A) a merger or
consolidation  with  a  wholly  owned  Subsidiary,  (B) a reincorporation of the
Company in a different jurisdiction, or (C) any other transaction in which there
is  no  substantial  change  in  the  stockholders  of  the  Company;

               (3)     Any  merger  or consolidation of the Company with or into
another entity or any other corporate reorganization, if more than fifty percent
(50%)  of  the  combined  voting  power  of the continuing or surviving entity's
securities  outstanding  immediately  after such merger, consolidation, or other
reorganization  is  owned  by  persons  who were not stockholders of the Company
immediately  prior  to  such  merger,  consolidation,  or  other reorganization;

               (4)     The  sale,  transfer,  or  other  disposition  of  all or
substantially all of the assets of the Company in one transaction or a series of
transactions;

               (5)     Any  one  person,  or  more  than  one person acting as a
group, acquires or becomes the beneficial owner (as that term is used in Section
13(d)  of the Exchange Act) directly or indirectly, during any twelve (12) month
period  beginning  on the first anniversary of the Effective Date, of securities
of  the  Company  representing thirty-five percent (35%) or more of the combined
voting  power  of  the  Company's  then outstanding securities; or forty percent
(40%)  or  more  of  the  total gross market value of the assets of the Company;
provided,  that  for  purposes of this paragraph, the term "person" will exclude
--------
(A)  a  trustee  or other fiduciary holding securities under an employee benefit
plan  of  the  Company  or  a  Subsidiary,  (B)  a corporation owned directly or
indirectly  by  the  stockholders  of  the  Company  in  substantially  the same
proportions  as  their ownership in the Company and (C) any venture capital firm
or  other  investor  in  securities of the Company that first purchases any such
securities  within  the  thirty (30) day period following the Effective Date; or

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               (6)     A change or series of related or unrelated changes in the
composition  of  the Board, during any twelve (12) month period beginning on the
first  anniversary  of  the  Effective  Date,  as a result of which fewer than a
majority  of  the  incumbent  directors  are  directors  who either (A) had been
directors of the Company on the later of such first anniversary of the Effective
Date or the date twenty-four (24) months prior to the date of the event that may
constitute  a  Change of Control (the "Original Directors") or (B) were elected,
                                       ------------------
or  nominated for election, to the Board with the affirmative votes of a least a
majority  of the aggregate of the original directors who were still in office at
the  time  of  the  election  or  nomination and the directors whose election or
nomination  was  previously  so  approved.

               Notwithstanding  the  foregoing,  the following transactions will
not  constitute  a  "Change  of  Control":  (1) the closing of the Corporation's
                     -------------------
first  public  offering  pursuant  to  an effective registration statement filed
under  the Securities Act or (2) any transaction the sole purpose of which is to
change  the state of incorporation of the Company or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the  Company's  securities  immediately  before  such  transaction.

          (f)     "CODE"  means  the  Internal Revenue Code of 1986, as amended.
                   ----

          (g)     "COMMITTEE"  means  the  committee  of  the Board described in
                   ---------
Article  4  of  this  Plan.

          (h)     "DISABILITY"  means
                   ----------

               (1)     the  Participant  is  unable to engage in any substantial
gainful  activity  by  reason  of  any medically determinable physical or mental
impairment  that  can  be  expected  to  last  for  at  least  12  months;

               (2)     the  Participant  is,  by  reason  of  any  medically
determinable  physical  or  mental  impairment that can be expected to result in
death  or  can  be  expected  to  last  for at least 12 months, receiving income
replacement  benefits  for  a  period of at least three months under an employer
sponsored  disability  plan,  or

               (3)     the Participant may also be deemed disabled if determined
to  be  totally  disabled  by  the  Social  Security  Administration.

The  Board  may  require such medical or other evidence as it deems necessary to
judge  the  nature  and  permanency  of  the  Participant's  condition.

          (i)     "EXCHANGE  ACT"  means the Securities Exchange Act of 1934, as
                   -------------
amended.

          (j)     "FAIR  MARKET  VALUE"  means,  as  of any given date, the fair
                   -------------------
market  value  of  Stock  on  a  particular  date  determined by such methods or
procedures  as  may  be  established  from  time  to  time  by  the  Committee.

          (k)     "INCENTIVE  STOCK  OPTION" means an Option that is intended to
                   ------------------------
meet  the  requirements  of  Section  422 of the Code or any successor provision
thereto.

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          (l)     "NON-QUALIFIED  STOCK  OPTION"  means  an  Option  that is not
                   ----------------------------
intended  to  be  an  Incentive  Stock  Option.

          (m)     "OPTION"  means  a  right granted to a Participant pursuant to
                   ------
Article  7  of  the Plan to purchase Stock at a specified price during specified
time  periods.  An  Option  may  be  either  an  Incentive  Stock  Option  or  a
Non-Qualified  Stock  Option.

          (n)     "PARTICIPANT"  means  a  person who, as a member of the Board,
                   -----------
employee,  officer,  consultant  or executive of, the Company or any Subsidiary,
has  been  granted  an  Award  pursuant  to  the  Plan.

          (o)     "PERFORMANCE  SHARE"  means  a  right granted to a Participant
                   ------------------
pursuant  to  Article 8, to receive cash, Stock, or other Awards, the payment of
which  is contingent upon achieving certain performance goals established by the
Committee.

          (p)     "PLAN"  means  this  Private  Trading Systems, Inc. 2005 Stock
                   ----
Incentive  Plan,  as  it  may  be  amended  from  time  to  time.

          (q)     "RESTRICTED  STOCK AWARD" means Stock granted to a Participant
                   -----------------------
pursuant  to  Article  9  that is subject to certain restrictions and to risk of
forfeiture.

          (r)     "STOCK"  means  the common stock of the Company and such other
                   -----
securities  of the Company that may be substituted for Stock pursuant to Article
11  of  the  Plan.

          (s)     "SUBSIDIARY"  means any corporation or other entity of which a
                   ----------
majority  of  the outstanding voting stock or voting power is beneficially owned
directly  or  indirectly  by  the  Company.

                                    ARTICLE 4
                                 ADMINISTRATION

     4.1     COMMITTEE.  The  Plan  will  be  administered  by  the  Board  or a
             ---------
committee  of  the Board.  Reference in this Plan to the Committee will refer to
the  Board  if  the  Board  does not appoint a Committee to administer the Plan.

     4.2     ACTION  BY  THE  COMMITTEE.  A  majority  of  the  Committee  will
             --------------------------
constitute  a  quorum.  The  acts  of  a  majority of the members present at any
meeting at which a quorum is present, and acts approved in writing by a majority
of  the Committee in lieu of a meeting of the Committee, will be deemed the acts
of  the  Committee.  Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any
officer  or  other  employee  of  the  Company  or any Subsidiary, the Company's
independent  certified  public  accountants,  or  any  executive  compensation
consultant  or  other  professional  retained  by  the  Company to assist in the
administration  of  the  Plan.

     4.3     AUTHORITY OF COMMITTEE.  Subject to any specific designation in the
             ----------------------
Plan,  the  Committee  has  the  exclusive  power,  authority and discretion to:

          (a)     Designate  Participants  to  receive  Awards;

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          (b)     Determine  the  type  or types of Awards to be granted to each
Participant;

          (c)     Determine the number of Awards to be granted and the number of
shares  of  Stock  to  which  an  Award  will  relate;

          (d)     Determine  the  terms  and  conditions  of  any  Award granted
pursuant  to  the Plan, including, but not limited to, the exercise price, grant
price,  or purchase price, any reload provision, any restrictions or limitations
on  the Award, any schedule for lapse of forfeiture restrictions or restrictions
on  the  exercisability  of  an Award, and accelerations or waivers thereof, any
provisions  related  to non-competition and recapture of gain on an Award, based
in  each  case  on such considerations as the Committee in its sole and absolute
discretion,  determines;

          (e)     Determine  whether,  to  what  extent,  and  pursuant  to what
circumstances  an Award may be settled in, or the exercise price of an Award may
be  paid  in,  cash,  Stock, other Awards, or other property, or an Award may be
canceled,  forfeited,  or  surrendered;

          (f)     Prescribe  the form of each Award Agreement, which need not be
identical  for  each  Participant;

          (g)     Decide all other matters that must be determined in connection
with  an  Award;

          (h)     Establish,  adopt,  or revise any rules and regulations as the
Committee  may  deem  necessary  or  advisable  to  administer  the  Plan;

          (i)     Interpret  the  terms  of, and any matter arising pursuant to,
the  Plan  or  any  Award  Agreement;  and

          (j)     Make  all  other  decisions  and  determinations  that  may be
required  pursuant  to the Plan or as the Committee deems necessary or advisable
to  administer  the  Plan.

     4.4     DECISIONS BINDING.  The Committee's interpretation of the Plan, any
             -----------------
Awards  granted  pursuant to the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive  on  all  parties,  including  all  Participants.

                                    ARTICLE 5
                           SHARES SUBJECT TO THE PLAN

     5.1     NUMBER  OF  SHARES.  Subject  to adjustment provided in Article 11,
             ------------------
the  aggregate  number  of  shares  of  Stock  reserved  and available for grant
pursuant  to  the Plan will be 100,000,000 shares of the Company's common stock.

     5.2     LAPSED  OR ASSUMED AWARDS.  To the extent that an Award terminates,
             -------------------------
expires, or lapses for any reason, any shares of Stock subject to the Award will
again  be  available  for  the  grant  of  an  Award  pursuant  to  the  Plan.
Additionally,  any  shares of stock tendered or withheld to satisfy the exercise
price  or  tax  withholding  obligation  pursuant  to  any

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Award  will  again  be available for the grant of an Award pursuant to the Plan.
To  the extent permitted by applicable law or any exchange rule, shares of Stock
issued  in  assumption of, or in substitution for, any outstanding awards of any
entity acquired in any form of combination by the Company or any Subsidiary will
not  be  counted  against  shares  of Stock available for grant pursuant to this
Plan.

     5.3     STOCK  DISTRIBUTED.  Any Stock distributed pursuant to an Award may
             ------------------
consist,  in  whole or in part, of authorized and unissued Stock, treasury Stock
or  Stock  purchased  on  the  open  market.

                                    ARTICLE 6
                          ELIGIBILITY AND PARTICIPATION

     6.1     ELIGIBILITY.
             -----------

          (a)     GENERAL.  Persons eligible to participate in this Plan include
                  -------
all members of the Board, employees, officers, and executives of, the Company or
a  Subsidiary,  as  determined  by  the  Committee.

          (b)     FOREIGN  PARTICIPANTS.  In  order  to  assure the viability of
                  ---------------------
Awards  granted to Participants employed in foreign countries, the Committee may
provide  for  such  special terms as it may consider necessary or appropriate to
accommodate  differences  in  local  law,  tax policy, or custom.  Moreover, the
Committee  may  approve  such  supplements  to,  or amendments, restatements, or
alternative  versions  of,  the Plan as it may consider necessary or appropriate
for  such  purposes without thereby affecting the terms of the Plan as in effect
for  any other purpose; provided, however, that no such supplements, amendments,
restatements,  or  alternative  versions  will  increase  the  share limitations
contained  in  Section  5.1  of  the  Plan.

     6.2     ACTUAL  PARTICIPATION.  Subject  to the provisions of the Plan, the
             ---------------------
Committee  may,  from  time to time, select from among all eligible individuals,
those to whom Awards will be granted and will determine the nature and amount of
each  Award.  No  individual will have any right to be granted an Award pursuant
to  this  Plan.

                                    ARTICLE 7
                                  STOCK OPTIONS

     7.1     GENERAL.  The  Committee  is  authorized  to  grant  Options  to
             -------
Participants  on  the  following  terms  and  conditions:

          (a)     EXERCISE  PRICE.  The  exercise  price  per  share  of  Stock
                  ---------------
pursuant  to  an Option will be determined by the Committee and set forth in the
Award  Agreement; provided, however, that the exercise price for any Option will
not  be  less  than  the  Fair  Market  Value  as  of  the  date  of  grant.

          (b)     TIME AND CONDITIONS OF EXERCISE.  The Committee will determine
                  -------------------------------
the  time  or  times  at  which  an Option may be exercised in whole or in part,
provided;  however,  (i) that the term of any Option granted under the Plan will
not  exceed  ten  years,  and  (ii) provided that in the case of a Non-Qualified
Stock  Option,  such  Option  will  be  exercisable  for

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<PAGE>
one  year  after  the  date  of the Participant's death. The Committee will also
determine  the  performance  or other conditions, if any, that must be satisfied
before  all  or part of an Option may be exercised. Unless otherwise provided in
an  Award  Agreement,  an  Option  will  lapse  immediately  if  a Participant's
employment  or  service  is  terminated  for  Cause.

          (c)     PAYMENT.  The  Committee  will  determine the methods by which
                  -------
the  exercise  price  of  an Option may be paid, the form of payment, including,
without  limitation,  cash,  promissory  note,  shares  of Stock (through actual
tender  or  by  attestation),  or  other  property  acceptable  to the Committee
(including broker-assisted "cashless exercise" arrangements), and the methods by
which  shares  of  Stock  will  be  delivered  or  deemed  to  be  delivered  to
Participants.

          (d)     EVIDENCE OF GRANT.  All Options will be evidenced by a written
                  -----------------
Award  Agreement  between  the Company and the Participant.  The Award Agreement
will  include  such  additional provisions as may be specified by the Committee.

     7.2     INCENTIVE  STOCK  OPTIONS.  Incentive Stock Options will be granted
             -------------------------
only  to  employees  of the Company and the terms of any Incentive Stock Options
granted  pursuant  to  the  Plan  must  comply  with  the  following  additional
provisions  of  this  Section  7.2:

          (a)     EXERCISE PRICE.  The exercise price per share of Stock will be
                  --------------
set  by  the Committee, provided that the exercise price for any Incentive Stock
Option  may  not be less than the Fair Market Value as of the date of the grant.

          (b)     EXERCISE.  In  no  event  may  any  Incentive  Stock Option be
                  --------
exercisable  for  more  than  ten  years  from  the  date  of  its  grant.

          (c)     LAPSE  OF  OPTION.  An  Incentive  Stock  Option  will  lapse
                  -----------------
pursuant  to  the  following  circumstances.

               (1)     The  Incentive Stock Option will lapse ten years from the
date  of  the  grant,  unless  an  earlier  time  is set in the Award Agreement;

               (2)     The Incentive Stock Option will lapse upon termination of
Participant's  employment  for  Cause  or  for  any  other reason other than the
Participant's  death  or  Disability,  unless  otherwise  provided  in the Award
Agreement;  or

               (3)     If  the  Participant  terminates employment on account of
Disability  or  death  before the Option lapses pursuant to paragraph (1) or (2)
above, the Incentive Stock Option will lapse, unless it is previously exercised,
on  the  earlier of (A) the scheduled termination date of the Options; or (B) 12
months  after the date of the Participant's termination of employment on account
of  Disability  or  death.  Upon  the  Participant's  Disability  or  death, any
Incentive Stock Options exercisable at the Participant's Disability or death may
be  exercised  by  the Participant's legal representative or representatives, by
the  person or persons entitled to do so pursuant to the Participant's last will
and  testament, or, if the Participant fails to make testamentary disposition of
such Incentive Stock Option or dies intestate, by the person or persons entitled
to receive the Incentive Stock Option pursuant to the applicable laws of descent
and  distribution.

                                        7
<PAGE>
          (d)     INDIVIDUAL DOLLAR LIMITATION.  The aggregate Fair Market Value
                  ----------------------------
(determined as of the time an Award is made) of all shares of Stock with respect
to  which  Incentive Stock Options are first exercisable by a Participant in any
calendar  year  may  not  exceed $100,000 or such other limitation as imposed by
Section  422(d)  of  the  Code,  or any successor provision.  To the extent that
Incentive Stock Options are first exercisable by a Participant in excess of such
limitation,  the  excess  will  be  considered  Non-Qualified  Stock  Options.

          (e)     TEN PERCENT OWNERS.  An Incentive Stock Option will be granted
                  ------------------
to any individual who, at the date of grant, owns stock possessing more than ten
percent  of  the  total  combined  voting  power  of all classes of Stock of the
Company  only if such Option is granted at a price that is not less than 110% of
Fair Market Value on the date of grant and the Option is exercisable for no more
than  five  years  from  the  date  of  grant.

          (f)     EXPIRATION  OF  INCENTIVE  STOCK  OPTIONS.  No  Award  of  an
                  -----------------------------------------
Incentive  Stock  Option  may  be  made  pursuant  to  this Plan after the tenth
anniversary  of  the  Effective  Date.

          (g)     RIGHT  TO  EXERCISE.  During  a  Participant's  lifetime,  an
                  -------------------
Incentive  Stock  Option  may  be  exercised  only  by  the  Participant.

     7.3     NON-QUALIFIED  STOCK  OPTIONS.  Non-Qualified Stock Options will be
             -----------------------------
granted  only  to  employees  and  directors of the Company and the terms of any
Non-Qualified  Stock  Options  granted pursuant to the Plan must comply with the
following  additional  provisions  of  this  Section  7.3:

          (a)     EXERCISE.  In  no  event may any Non-Qualified Stock Option be
                  --------
exercisable  for  more  than  ten  years  from  the  date  of  its  grant.

          (b)     LAPSE  OF  OPTION.  Non-Qualified  Stock  Options  will  lapse
                  -----------------
pursuant  to  the  following  circumstances:

               (1)     The  Non-Qualified Stock Option will lapse ten years from
the  date  of  grant,  unless  an earlier time is set in the Award Agreement; or

               (2)     The  Non-Qualified  Stock  Option  will  lapse  upon
termination  or  resignation of a director of the Company for any reason, unless
otherwise  provided  in  the  Award  Agreement.

          (c)     EXPIRATION  OF  NON-QUALIFIED  STOCK  OPTIONS.  No  Award of a
                  ---------------------------------------------
Non-Qualified  Stock  Option  may  be made pursuant to this Plan after the tenth
anniversary  of  the  Effective  Date.

          (d)     RIGHT  TO  EXERCISE.  During  a  Participant's  lifetime,  a
                  -------------------
Non-Qualified  Stock  Option  may  be  exercised  only  by  the  Participant.

                                        8
<PAGE>
                                    ARTICLE 8
                               PERFORMANCE SHARES

     8.1     GRANT  OF PERFORMANCE SHARES.  The Committee is authorized to grant
             ----------------------------
Performance  Shares  to  Participants  on  such  terms  and conditions as may be
selected  by  the Committee.  The Committee will have the complete discretion to
determine  the  number  of  Performance Shares granted to each Participant.  All
Awards  of  Performance  Shares  will  be  evidenced  by  an  Award  Agreement.

     8.2     RIGHT  TO  PAYMENT.  A  grant  of  Performance  Shares  gives  the
             ------------------
Participant  rights,  valued  as determined by the Committee, and payable to, or
exercisable  by,  the Participant to whom the Performance Shares are granted, in
whole  or  in  part,  as  the  Committee  will establish at grant or thereafter.
Subject  to  the terms of the Plan, the Committee will set performance goals and
other terms or conditions to payment of the Performance Shares in its discretion
which,  depending on the extent to which they are met, will determine the number
and  value  of  Performance  Shares  that  will  be  paid  to  the  Participant.

     8.3     OTHER  TERMS.  Performance Shares may be payable in cash, Stock, or
             ------------
other  property,  and  have such other terms and conditions as determined by the
Committee  and reflected in a written Performance Share Award Agreement.  Unless
otherwise  provided  in  an  Award  Agreement,  Performance  Shares  will  lapse
immediately  if  a  Participant's  employment  is  terminated  for  Cause.

                                    ARTICLE 9
                             RESTRICTED STOCK AWARDS

     9.1     GRANT  OF  RESTRICTED  STOCK.  The  Committee is authorized to make
             ----------------------------
Awards  of  Restricted Stock to Participants in such amounts and subject to such
terms  and  conditions as determined by the Committee.  All Awards of Restricted
Stock  will  be  evidenced  by  a  written  Restricted  Stock  Award  Agreement.

     9.2     ISSUANCE  AND  RESTRICTIONS.  Restricted  Stock  will be subject to
             ---------------------------
such restrictions on transferability and other restrictions as the Committee may
impose  (including,  without  limitation,  limitations  on  the  right  to  vote
Restricted  Stock  or  the  right to receive dividends on the Restricted Stock).
These  restrictions  may  lapse  separately  or  in  combination  at such times,
pursuant  to  such  circumstances,  in  such  installments, or otherwise, as the
Committee  determines  at  the  time  of  the  grant of the Award or thereafter.

     9.3     FORFEITURE.  Except as otherwise determined by the Committee at the
             ----------
time  of  the  grant  of the Award or thereafter, upon termination of employment
during  the applicable restriction period, Restricted Stock that is at that time
subject to restrictions will be forfeited; provided, however, that the Committee
may  provide  in  any  Restricted  Stock  Award  Agreement  that restrictions or
forfeiture conditions relating to Restricted Stock will be waived in whole or in
part  in  the  event  of  terminations  resulting from specified causes, and the
Committee  may  in  other  cases  waive  in  whole  or  in  part restrictions or
forfeiture  conditions  relating to Restricted Stock.  Unless otherwise provided
in  an  Award  Agreement,  Restricted  Stock  will be forfeited immediately if a
Participant's  employment  is  terminated  for  Cause.

                                        9
<PAGE>
     9.4     CERTIFICATES  FOR  RESTRICTED  STOCK.  Restricted  Stock  granted
             ------------------------------------
pursuant  to  the  Plan  may  be  evidenced in such manner as the Committee will
determine.  If  certificates  representing  shares  of  Restricted  Stock  are
registered in the name of the Participant, certificates must bear an appropriate
legend  referring  to the terms, conditions, and restrictions applicable to such
Restricted  Stock,  and  the  Company  may,  at  its discretion, retain physical
possession  of  the  certificate  until such time as all applicable restrictions
lapse.

                                   ARTICLE 10
                         PROVISIONS APPLICABLE TO AWARDS

     10.1     STAND-ALONE  AND  TANDEM  AWARDS.  Awards  granted pursuant to the
              --------------------------------
Plan  may,  in  the  discretion  of  the  Committee, be granted either alone, in
addition  to,  or  in tandem with, any other Award granted pursuant to the Plan.
Awards  granted  in  addition  to  or in tandem with other Awards may be granted
either  at  the same time as or at a different time from the grant of such other
Awards.

     10.2     EXCHANGE  PROVISIONS.  The  Committee  may  at  any  time offer to
              --------------------
exchange  or  buy out any previously granted Award for a payment in cash, Stock,
or another Award, based on the terms and conditions the Committee determines and
communicates  to  the  Participant  at  the  time  the  offer  is  made.

     10.3     TERM  OF  AWARD.  The term of each Award will be for the period as
              ---------------
determined  by  the  Committee,  provided  that in no event will the term of any
Option  exceed  a  period  of  ten  years  from  the  date  of  its  grant.

     10.4     FORM  OF PAYMENT FOR AWARDS.  Subject to the terms of the Plan and
              ---------------------------
any  applicable  law or Award Agreement, payments or transfers to be made by the
Company or a Subsidiary on the grant or exercise of an Award may be made in such
forms  as  the  Committee  determines  at or after the time of grant, including,
without  limitation,  cash,  promissory  note,  Stock,  other  Awards,  or other
property  (including  broker-assisted  "cashless exercise" arrangements), or any
combination  thereof,  and  may  be  made  in  a  single payment or transfer, in
installments, or on a deferred basis, in each case determined in accordance with
rules  adopted  by,  and  at  the  discretion  of,  the  Committee.

     10.5     LIMITS  ON TRANSFER.  No right or interest of a Participant in any
              -------------------
Award  may  be  pledged, encumbered, or hypothecated to or in favor of any party
other  than  the  Company  or  a  Subsidiary,  or  will  be subject to any lien,
obligation,  or  liability of such Participant to any other party other than the
Company  or  a  Subsidiary.  Except  as  otherwise provided by the Committee, no
Award  will  be assigned, transferred, or otherwise disposed of by a Participant
other  than  by  will  or  the  laws  of  descent  and  distribution.

     10.6     BENEFICIARIES.  Notwithstanding  Section  10.5, a Participant may,
              -------------
in  the  manner determined by the Committee, designate a beneficiary to exercise
the  rights  of  the Participant and to receive any distribution with respect to
any  Award  upon  the Participant's death.  A beneficiary, legal guardian, legal
representative,  or  other  person  claiming  any rights pursuant to the Plan is
subject  to  all  terms  and  conditions  of  the  Plan  and any Award Agreement
applicable to the Participant, except to the extent the Plan and Award Agreement
otherwise

                                       10
<PAGE>
provide,  and  to any additional restrictions deemed necessary or appropriate by
the  Committee.  If  the  Participant  is  married  and  resides  in a community
property state, a designation of a person other than the Participant's spouse as
his  or  her  beneficiary  with  respect  to  more than 50% of the Participant's
interest in the Award will not be effective without the prior written consent of
the Participant's spouse.  If no beneficiary has been designated or survives the
Participant, payment will be made to the person entitled thereto pursuant to the
Participant's  will  or  the  laws  of descent and distribution.  Subject to the
foregoing,  a beneficiary designation may be changed or revoked by a Participant
at  any  time  provided  the  change  or revocation is filed with the Committee.

     10.7     STOCK  CERTIFICATES.  Notwithstanding  anything  herein  to  the
              -------------------
contrary,  the Company will not be required to issue or deliver any certificates
evidencing  shares  of  Stock  pursuant to the exercise of any Award, unless and
until  the  Board  has determined, with advice of counsel, that the issuance and
delivery  of  such  certificates  is  in  compliance  with  all applicable laws,
regulations  of governmental authorities and, if applicable, the requirements of
any  exchange  on  which  the  shares  of  Stock are listed or traded. All Stock
certificates  delivered  pursuant  to  the Plan are subject to any stop-transfer
orders  and  other restrictions as the Committee deems necessary or advisable to
comply  with  federal, state, or foreign jurisdiction, securities or other laws,
rules  and  regulations  and  the  rules  of any national securities exchange or
automated  quotation system on which the Stock is listed, quoted, or traded. The
Committee  may  place legends on any Stock certificate to reference restrictions
applicable  to  the  Stock.  In  addition  to  the terms and conditions provided
herein, the Board may require that a Participant make such reasonable covenants,
agreements,  and  representations  as  the  Board,  in  its  sole  in  absolute
discretion,  deems advisable in order to comply with any such laws, regulations,
or  requirements.

     10.8     ACCELERATION  UPON  A CHANGE OF CONTROL. Unless otherwise provided
in a Participant's Award Agreement, if a Change of Control occurs, the Committee
shall  have  the  discretion  to  cause  all  outstanding Awards to become fully
exercisable  and  all restrictions on outstanding Awards to lapse. To the extent
that  this  provision  causes  Incentive  Stock  Options  to  exceed  the dollar
limitation set forth in Section 7.2(d), the excess Options shall be deemed to be
Non-Qualified  Stock  Options.  Upon,  or in anticipation of, such an event, the
Committee may cause every Award outstanding hereunder to terminate at a specific
time  in the future and shall give each Participant the right to exercise Awards
during  a  period of time as the Committee, in its sole and absolute discretion,
shall  determine.

                                   ARTICLE 11
                          CHANGES IN CAPITAL STRUCTURE

     11.1     SHARES  AVAILABLE  FOR  GRANT.  In  the event of any change in the
              -----------------------------
number  of shares of Stock outstanding by reason of any stock dividend or split,
recapitalization,  merger,  consolidation,  combination or exchange of shares or
similar  corporate  change, the maximum aggregate number of shares of Stock with
respect  to  which the Committee may grant Awards, the number of shares of Stock
subject  to  any Award, and any numeric limitation expressed in the Plan will be
appropriately  adjusted  by  the  Committee.

                                       11
<PAGE>

     11.2     OUTSTANDING AWARDS - INCREASE OR DECREASE IN ISSUED SHARES WITHOUT
              ------------------------------------------------------------------
CONSIDERATION.  Subject  to  any  required  action  by  the  stockholders of the
-------------
Company, in the event of any increase or decrease in the number of issued shares
of Stock resulting from a subdivision or consolidation of shares of Stock or the
payment  of  a  stock  dividend  (but only on the shares of Stock), or any other
increase  or  decrease  in the number of such shares effected without receipt or
payment  of  consideration  by  the  Company,  the Committee will proportionally
adjust  the  number of shares of Stock subject to each outstanding Award and the
exercise  price  per  share  of  Stock  of  each  such  Award.

     11.3     OUTSTANDING  AWARDS  -  CERTAIN  MERGERS.  Subject to any required
              ----------------------------------------
action by the stockholders of the Company, in the event that the Company will be
the  surviving  corporation  in  any merger or consolidation (except a merger or
consolidation  as  a  result  of  which  the  holders of shares of Stock receive
securities  of  another corporation), each Award outstanding on the date of such
merger  or  consolidation  will  pertain  to  and apply to the securities that a
holder  of  the  number  of  shares  of  Stock  subject to such Award would have
received  in  such  merger  or  consolidation.

     11.4     OUTSTANDING  AWARDS  -  OTHER  CHANGES.  In the event of any other
              --------------------------------------
change in the capitalization of the Company or corporate change other than those
specifically  referred  to  in  Article  11,  the Committee may, in its absolute
discretion,  make  such adjustments in the number and class of shares subject to
Awards  outstanding on the date on which such change occurs and in the per share
exercise  price  of  each  Award  as  the  Committee may consider appropriate to
prevent  dilution  or  enlargement  of  rights.

     11.5     NO  OTHER  RIGHTS.  Except  as  expressly provided in the Plan, no
              -----------------
Participant  will  have any rights by reason of any subdivision or consolidation
of  shares  of  Stock of any class, the payment of any dividend, any increase or
decrease  in  the  number  of  shares  of Stock of any class or any dissolution,
liquidation,  merger,  or consolidation of the Company or any other corporation.
Except  as  expressly provided in the Plan, no issuance by the Company of shares
of  stock  of  any  class, or securities convertible into shares of Stock of any
class,  will  affect,  and  no  adjustment  by  reason thereof will be made with
respect  to,  the  number of shares of Stock subject to an Award or the exercise
price  of  any  Award.

                                   ARTICLE 12
                    AMENDMENT, MODIFICATION, AND TERMINATION

     12.1     AMENDMENT,  MODIFICATION,  AND  TERMINATION.  With the approval of
              -------------------------------------------
the Board, at any time and from time to time, the Committee may terminate, amend
or  modify  the  Plan.

     12.2     AWARDS  PREVIOUSLY  GRANTED.  No  termination,  amendment,  or
              ---------------------------
modification  of  the  Plan  will adversely affect in any material way any Award
previously granted pursuant to the Plan without the prior written consent of the
Participant.

                                       12
<PAGE>
                                   ARTICLE 13
                               GENERAL PROVISIONS

     13.1     NO  RIGHTS  TO  AWARDS.  No Participant, employee, or other person
              ----------------------
will  have  any  claim to be granted any Award pursuant to the Plan, and neither
the Company nor the Committee is obligated to treat Participants, employees, and
other  persons  uniformly.

     13.2     NO STOCKHOLDERS RIGHTS.  No Award gives the Participant any of the
              ----------------------
rights  of  a stockholder of the Company unless and until shares of Stock are in
fact  issued  to  such  person  in  connection  with  such  Award.

     13.3     WITHHOLDING.  The  Company  or  any  Subsidiary  will  have  the
              -----------
authority and the right to deduct or withhold, or require a Participant to remit
to  the Company, an amount sufficient to satisfy federal, state, and local taxes
(including  the  Participant's  FICA  obligation) required by law to be withheld
with  respect  to any taxable event concerning a Participant arising as a result
of this Plan.  With the Committee's consent, a Participant may elect to (a) have
the Company withhold from those shares of Stock that would otherwise be received
upon  the  exercise of any Option, a number of shares having a Fair Market Value
equal  to  the  minimum  statutory  amount  necessary  to  satisfy the Company's
applicable  federal,  state,  local  or  foreign  income  and  employment  tax
withholding  obligations  with  respect  to  such  Participant,  or  (b)  tender
previously-owned  shares  of  Stock to satisfy the Company's applicable federal,
state,  local, or foreign income and employment tax withholding obligations with
respect  to  the  Participant.

     13.4     NO  RIGHT  TO  EMPLOYMENT OR SERVICES.  Nothing in the Plan or any
              -------------------------------------
Award Agreement will interfere with or limit in any way the right of the Company
or  any  Subsidiary to terminate any Participant's employment or services at any
time,  nor  confer  upon  any Participant any right to continue in the employ or
service  of  the  Company  or  any  Subsidiary.

     13.5     UNFUNDED  STATUS  OF  AWARDS.  The  Plan  is  intended  to  be  an
              ----------------------------
"unfunded"  plan  for  incentive compensation.  With respect to any payments not
yet made to a Participant pursuant to an Award, nothing contained in the Plan or
any  Award  Agreement will give the Participant any rights that are greater than
those  of  a  general  creditor  of  the  Company  or  any  Subsidiary.

     13.6     INDEMNIFICATION.  To  the  extent allowable pursuant to applicable
              ---------------
law,  each  member of the Committee or of the Board will be indemnified and held
harmless  by  the Company from any loss, cost, liability, or expense that may be
imposed  upon  or  reasonably  incurred  by  such  member  in connection with or
resulting  from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any action or failure
to act pursuant to the Plan and against and from any and all amounts paid by him
or  her  in satisfaction of judgment in such action, suit, or proceeding against
him  or  her  provided  he  or  she gives the Company an opportunity, at its own
expense, to handle and defend the same before he or she undertakes to handle and
defend it on his or her own behalf.  The foregoing right of indemnification will
not  be  exclusive  of any other rights of indemnification to which such persons
may  be  entitled  pursuant  to  the  Company's  Articles  of  Incorporation  or

                                       13
<PAGE>
Bylaws, as a matter of law, or otherwise, or any power that the Company may have
to  indemnify  them  or  hold  them  harmless.

     13.7     RELATIONSHIP  TO  OTHER BENEFITS.  No payment pursuant to the Plan
              --------------------------------
will  be taken into account in determining any benefits pursuant to any pension,
retirement,  savings, profit sharing, group insurance, welfare, or other benefit
plan  of  the  Company  or  any  Subsidiary.

     13.8     EXPENSES.  The expenses of administering the Plan will be borne by
              --------
the  Company  and  its  Subsidiaries.

     13.9     TITLES  AND  HEADINGS.  The titles and headings of the Sections in
              ---------------------
the  Plan  are  for  convenience  of  reference  only  and,  in the event of any
conflict,  the  text  of  the  Plan,  rather  than such titles or headings, will
control.

     13.10     FRACTIONAL  SHARES.  No fractional shares of Stock will be issued
               ------------------
and  the Committee will determine, in its discretion, whether cash will be given
in  lieu  of  fractional  shares,  or  whether  such  fractional  shares will be
eliminated  by  rounding  up  or  down  as  appropriate.

     13.11     SECURITIES LAW COMPLIANCE.  With respect to any person who is, on
               -------------------------
the  relevant  date,  obligated  to  file  reports pursuant to Section 16 of the
Exchange Act, transactions pursuant to this Plan are intended to comply with all
applicable  conditions  of Rule 16b-3 or its successors pursuant to the Exchange
Act.  To  the  extent any provision of the Plan or action by the Committee fails
to  so  comply, such provision or action will be void to the extent permitted by
law  and  voidable  as  deemed  advisable  by  the  Committee.

     13.12     GOVERNMENT  AND OTHER REGULATIONS.  The obligation of the Company
               ---------------------------------
to  make  payment  of  awards  in  Stock  or  otherwise  will  be subject to all
applicable  laws,  rules,  and  regulations, and to such approvals by government
agencies  as  may  be  required.  The  Company  will  be  under no obligation to
register  pursuant  to the Securities Act of 1933, as amended, any of the shares
of Stock paid pursuant to the Plan.  If the shares paid pursuant to the Plan may
in  certain circumstances be exempt from registration pursuant to the Securities
Act of 1933, as amended, the Company may restrict the transfer of such shares in
such  manner  as  it  deems  advisable  to  ensure  the availability of any such
exemption.

     13.13     GOVERNING  LAW.  The  Plan  and  all  Award  Agreements  will  be
               --------------
construed  in  accordance with and governed by the laws of the State of Arizona.

     13.14     DISPUTE  RESOLUTION.
               -------------------

          (a)     General.  All  claims,  disputes  and  other  matters  in
                  -------
controversy  (herein  a  "Dispute")  arising  directly  or  indirectly out of or
                          -------
related  to  any  Award  granted  under  this  Plan will be resolved exclusively
according  to  the  procedures  set  forth  in  this  Section  13.14.

          (b)     Mediation.  Any  dispute that is not settled through mediation
                  ---------
as  provided  in  this Section 13.14 will be resolved by arbitration as provided
below  in  subsection  13.14(c).  No  party  will  commence  such an arbitration
proceeding  unless  such  party  will  first  give  a written notice (a "Dispute
                                                                         -------
Notice")  to  the  other  party  setting  forth  the nature of the dispute.  The
------
parties

                                       14
<PAGE>
will  attempt  in  good  faith  to  resolve  the  dispute by mediation under the
Commercial  Mediation  Rules  of  the  American Arbitration Association (AAA) in
effect  on  the date of the Dispute Notice.  Either party may initiate mediation
by  notice  of  demand  for mediation filed with the other party and the AAA not
less than 10 days after the Dispute Notice is given. If the parties cannot agree
on  the  selection  of  a  mediator within 20 days after delivery of the Dispute
Notice,  the  mediator will be selected by the AAA.  If the dispute has not been
resolved  by  mediation  as  provided above within 60 days after delivery of the
Dispute Notice, then the dispute will be determined by arbitration in accordance
with  the  provisions  of  subsection  13.14(c)  below.

          (c)     Arbitration.  Any  dispute  that  is  not  settled  through
                  -----------
mediation  as  provided  in  above  will  be  resolved  by  final  and  binding
arbitration,  which  will  take place in Phoenix, Arizona and shall be conducted
under  the  commercial arbitration rules (or other similar and applicable rules)
of the American Arbitration Association.  The parties shall act in good faith to
select  a  single  arbitrator;  provided, that if the parties do not agree on an
                                --------
arbitrator,  then  the  American  Arbitration  Association  shall  select  the
arbitrator.  The  decision of the arbitrator shall be final and binding, and not
subject  to  appeal for any reason.  The parties agree that the arbitrator shall
award  attorneys fees, costs, and all costs and fees of the American Arbitration
Association  to  the prevailing party in the arbitration.  The arbitration award
or  other  orders  can  be confirmed and/or enforced through the Maricopa County
Superior  Court.  The arbitrator's fees and any administrative fees and/or costs
shall  be  divided  equally  between  the  parties.

                          PRIVATE TRADING SYSTEMS, INC.
                            2005 STOCK INCENTIVE PLAN

                                       15PRIVATE TRADING SYSTEMS, INC. 2005 STOCK INCENTIVE PLAN

                          NOTICE OF STOCK OPTION AWARD
                          ----------------------------

     Optionee's Name and Address:
                                    _________________________________
                                    _________________________________
                                    _________________________________

     Optionee  has  been granted an option to purchase shares of common stock of
Private  Trading Systems, Inc., a Nevada corporation (the "Company"), subject to
                                                           -------
the  terms  and  conditions of this Notice of Stock Option Award (the "Notice"),
                                                                       ------
the  Private  Trading  Systems, Inc., 2005 Stock Incentive Plan (the "Plan") and
                                                                      ----
the  Stock  Option  Award Agreement (the "Option Agreement") attached hereto, as
                                          ----------------
follows:

     Award  Number:                 ____________________

     Date  of  Grant:               ____________________

     Vesting  Commencement  Date:   ____________________

     Exercise  Price  per  Share:   $___________________

     Total Number of Shares of
     Common Stock Subject
     to the Option (the "Stock"):   ____________________
                         -----

     Total  Exercise  Price:        $___________________

     Type  of  Option:              [Non-Qualified  Stock  Option/Incentive
                                    Stock Option]

     Expiration  Date:              ____________________

     Type  of  Service:             ____________________

Vesting  Schedule:
-----------------

     Subject to Optionee's continuous service and other limitations set forth in
this  Notice, the Plan and the Option Agreement, the Option may be exercised, in
whole  or  in  part,  in  accordance  with  the  following  schedule:

     -    25%  of  the  Stock  will  vest  on  the  Vesting  Commencement  Date;

     -    25%  of  the  Stock  will vest on the first anniversary of the Vesting
          Commencement  Date;

     -    25%  of  the  Stock will vest on the second anniversary of the Vesting
          Commencement  Date;  and

     -    25%  of  the  Stock  will vest on the third anniversary of the Vesting
          Commencement  Date.

<PAGE>
     IN  WITNESS WHEREOF, the Company and the Optionee have executed this Notice
and  agree that the Option is to be governed by the terms and conditions of this
Notice,  the  Plan,  and  the  Option  Agreement.

                              PRIVATE TRADING SYSTEMS, INC.
                              a Nevada corporation

                              By:
                                 -----------------------------------------------
                              Chief  Executive  Officer  and  President

THE  OPTIONEE  ACKNOWLEDGES AND AGREES THAT THE STOCK SUBJECT TO THE OPTION WILL
VEST,  IF  AT  ALL,  ONLY  DURING THE PERIOD OF OPTIONEE'S CONTINUOUS SERVICE OR
EMPLOYMENT,  AS  APPLICABLE,  (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED
THE OPTION OR ACQUIRING STOCK HEREUNDER).  THE OPTIONEE FURTHER ACKNOWLEDGES AND
AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PRIVATE TRADING
SYSTEMS, INC., 2005 STOCK INCENTIVE PLAN WILL CONFER UPON THE OPTIONEE ANY RIGHT
WITH RESPECT TO CONTINUATION OF OPTIONEE'S CONTINUOUS SERVICE OR EMPLOYMENT, NOR
WILL IT INTERFERE IN ANY WAY WITH THE OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO
TERMINATE  OPTIONEE'S  CONTINUOUS  SERVICE OR EMPLOYMENT, WITH OR WITHOUT CAUSE.

     The  Optionee  acknowledges  receipt  of  a copy of the Plan and the Option
Agreement,  and  represents  that  he, she, or it is familiar with the terms and
provisions  thereof,  and  hereby accepts the Option subject to all of the terms
and  provisions  hereof and thereof.  The Optionee has reviewed this Notice, the
Plan,  and  the  Option  Agreement  in their entirety, has had an opportunity to
obtain  the  advice  of  counsel  prior  to  executing  this  Notice,  and fully
understands  all  provisions  of this Notice, the Plan and the Option Agreement.
The  Optionee  hereby  agrees  to  accept  as  binding, conclusive and final all
decisions  or  interpretations  of  the Board of Directors of the Company or any
committee  created  by  the  Board  of Directors to administer the Plan upon any
questions  arising  under  this  Notice,  the Plan or the Option Agreement.  The
Optionee  further  agrees to notify the Company upon any change in the residence
address  indicated  in  this  Notice.

Dated:                                     Signed:
      --------------------------                  --------------------------
                                                   Optionee

                                        2
<PAGE>
                                                          AWARD NUMBER: ________

                          PRIVATE TRADING SYSTEMS, INC.
                            2005 STOCK INCENTIVE PLAN
                           STOCK OPTION AWARD AGREEMENT

                                    RECITALS

     The  Board  of  Directors  of  Private  Trading  Systems,  Inc.,  a  Nevada
corporation  (the  "Company") has adopted the Private Trading Systems, Inc. 2005
                    -------
Stock Incentive Plan ("Plan") as an incentive to retain key employees, officers,
                       ----
directors,  and  consultants  of  the  Company and to enhance the ability of the
Company  to  attract  new  employees, officers, directors, and consultants whose
services  are considered unusually valuable by providing an opportunity for them
to  have  a  proprietary  interest  in  the  success  of  the  Company.

     The  Board  of Directors of the Company ("Board") has approved the granting
                                               -----
of  options  to  Optionee pursuant to the Plan, the Notice of Stock Option Award
("Notice")  attached  hereto,  and  this  Agreement  to  provide an incentive to
  ------
Optionee to focus on the long-term growth of the Company.  All capitalized terms
set  forth  in this Stock Option Award Agreement that are not otherwise defined,
will  have  the  meaning  ascribed to them in the Plan or Notice, as applicable.

     1.     GRANT OF OPTION.  The Company hereby grants to the Optionee named in
            ---------------
the  Notice  the  right  and option (hereinafter referred to as the "Option") to
                                                                     ------
purchase  that  number  of  shares of Stock set forth in the Notice (such number
being  subject to  adjustment as provided in Section 12 hereof and Article 11 of
                                             ----------            ----------
the Plan) on the terms and conditions and at the exercise price all as set forth
in the Notice.  The Option may be exercised in whole or in part and from time to
time  as  hereinafter  provided.

     If  designated  in the Notice as an "Incentive Stock Option", the Option is
intended  to  qualify  as an Incentive Stock Option as defined in Section 422 of
the  Code.  However,  notwithstanding  such  designation, to the extent that the
aggregate  Fair Market Value of Stock subject to Options designated as Incentive
Stock Options which become exercisable for the first time by the Optionee during
any  calendar  year (under all plans of the Company or any parent or subsidiary)
exceeds  $100,000,  such  excess  Options,  to  the  extent of the Stock covered
thereby  in excess of the foregoing limitation, will be treated as Non-Qualified
Stock  Options.  For  this  purpose,  Incentive Stock Options will be taken into
account  in  the  order in which they were granted, and the Fair Market Value of
the  Stock  will  be  determined  as of the date the Option with respect to such
Stock  is  awarded.

     2.     VESTING  OF  OPTION.  The Option will vest and become exercisable in
            -------------------
accordance  with  the  Vesting  Schedule  set  forth  in  the  Notice:

     3.     EXERCISE  PRICE.  The  price  at  which Optionee will be entitled to
            ---------------
purchase the Stock covered by the Option will be the Exercise Price per Share as
set  forth  in  the  Notice.

     4.     TERM  OF  OPTION.  The  Option  granted  under  this  Agreement will
            ----------------
expire,  unless  otherwise  exercised,  ten  years from the Date of Grant as set
forth  in  the Notice, through and including the normal close of business of the
Company  on  the  Expiration Date as set forth in the Notice, subject to earlier
termination  as  provided  in  Section  8  hereof.
                               ----------

     5.     EXERCISE  OF  OPTION.  The Option may be exercised by Optionee as to
            --------------------
all  or  any part of the Stock then vested by delivery to the Company of written
notice  of  exercise in the form attached hereto as ExhibitA ("Exercise Notice")
                                                    --------   ---------------
and  payment  of  the  purchase  price  as  provided in Sections 6 and 7 hereof.
                                                        ----------     -

                                        2
<PAGE>
     6.     METHOD  OF  EXERCISING  OPTION.
            ------------------------------

            6.1   GENERAL.  Subject  to  the terms and conditions of this Option
Agreement,  the  Notice  and  the  Plan,  the  Option may be exercised by timely
delivery  to  the Company of the Exercise Notice, which notice will be effective
on  the  date  received  by the Company ("Effective Date").  The Exercise Notice
                                          --------------
will  state  Optionee's election to exercise the Option, the number of shares in
respect  of  which  an election to exercise has been made, the method of payment
elected (see Section 7 hereof), the exact name or names in which the shares will
             ---------
be  registered and the Social Security number of Optionee.  Such Exercise Notice
will  be  signed  by Optionee and will be accompanied by payment of the purchase
price  of such shares.  In the event the Option will be exercised by a person or
persons  other  than Optionee pursuant to Section 8 hereof, such Exercise Notice
                                          ---------
will  be signed by such other person or persons and will be accompanied by proof
acceptable  to  the  Company  of  the  legal  right of such person or persons to
exercise  the  Option.  All shares delivered by the Company upon exercise of the
Option  will  be  fully  paid  and  nonassessable  upon  delivery.

            6.2   TAXES.  No  shares  of Stock will be delivered to the Optionee
or  other  person  pursuant  to the exercise of the Option until the Optionee or
other  person  has  made arrangements acceptable to the Committee or the Company
for  the satisfaction of foreign, federal, state and local income and employment
tax  withholding  obligations.  Upon  exercise of the Option, the Company or the
Optionee's employer may withhold or collect from the Optionee or other person an
amount  sufficient  to  satisfy  such  tax  obligations.

            6.3   OPTIONEE'S  REPRESENTATIONS.  In  the  event  the  Stock
purchasable pursuant to the exercise of the Option has not been registered under
the  Securities  Act  of  1933,  as  amended ("Securities Act"), at the time the
                                               --------------
Option  is  exercised,  the  Optionee  will,  if  requested  by  the  Company,
concurrently  with  the exercise of all or any portion of the Option, deliver to
the Company a  standard  investment  representation  in  the  form  attached  as
Exhibit B.
---------

     7.     METHOD  OF  PAYMENT  FOR OPTIONS.  Payment for shares purchased upon
            --------------------------------
the exercise of the Option will be made by Optionee in cash, previously-acquired
Stock  or  such  other  method permitted by the Board or a committee thereof and
communicated  to Optionee in writing prior to the date Optionee exercises all or
any  portion  of  the  Option.

     8.     TERMINATION  OF  EMPLOYMENT.
            ---------------------------

            8.1   GENERAL.  If the Optionee terminates service or employment for
any  reason  other  than  death or Disability, then the Optionee may at any time
within  90  days  after the effective date of termination of employment exercise
the  Option  to the extent that the Optionee was entitled to exercise the Option
at the date of termination, provided that the Option will lapse immediately upon
a  termination  for Cause.  In no event will the Option be exercisable after the
Expiration  Date  as  set  forth  in  the  Notice.

            8.2   DEATH OR DISABILITY OF OPTIONEE.  In the event of the death or
Disability  (as  that  term  is defined in the Plan) of Optionee within a period
during  which  the  Option,  or  any  part thereof, could have been exercised by
Optionee,  including  90 days after termination of service or employment without
cause (the "Option Period"), the Option will lapse unless it is exercised within
            -------------
the  Option  Period  and  in  no  event  later  than 12 months after the date of
Optionee's death or Disability by Optionee or Optionee's legal representative or
representatives  in  the  case  of a Disability or, in the case of death, by the
person  or persons entitled to do so under Optionee's last will and testament or
if  Optionee fails to make a testamentary disposition of such Option or will die
intestate,  by  the  person or persons entitled to receive such Option under the
applicable  laws  of  descent  and  distribution.  An  Option  may  be exercised
following the death or Disability of Optionee only if the Option was exercisable
by  Optionee immediately prior to his death or Disability.  In no event will the
Option  be  exercisable  after  the  Expiration  Date.  The Board or a committee
thereof will have the right to require evidence satisfactory to it of the rights
of  any person or persons seeking to exercise the Option under this Section 8 to
                                                                    ---------
exercise  the  Option.

                                        3
<PAGE>
     9.     NONTRANSFERABILITY.  The  Option  granted  by  this Option Agreement
            ------------------
will  be  exercisable  only  during the term of the Option provided in Section 4
                                                                       ---------
hereof  and, except as otherwise provided herein, only by Optionee during his or
her  lifetime  and  while  an  Optionee of the Company.  This Option will not be
transferable  by  Optionee or any other person claiming through Optionee, either
voluntarily  or  involuntarily,  except  by  will  or  the  laws  of descent and
distribution  or such other events as set forth in this Option Agreement and the
Plan. Notwithstanding the foregoing, Optionee will be permitted to transfer this
Option to a trust for estate planning purposes. In addition, the Stock purchased
under this Option Agreement will be subject to the resale restrictions set forth
in  the  Option  Agreement  and  the  Plan.

     10.     MARKET  STAND-OFF AGREEMENT.  Optionee, if requested by the Company
             ---------------------------
and  an underwriter of Stock (or other securities) of the Company, agrees not to
sell  or otherwise transfer or dispose of any Stock (or other securities) of the
Company  held  by Optionee during the period not to exceed 180 days as requested
by  the  managing  underwriter  following  the  effective date of a registration
statement of the Company filed under the Securities Act.  Such agreement will be
in  writing  in  a  form  satisfactory to the Company and such underwriter.  The
Company  may  impose  stop  transfer  instructions with respect to the Stock (or
other  securities)  subject  to  the foregoing restriction until the end of such
project.

     11.     ADJUSTMENTS  IN NUMBER OF SHARES AND OPTION PRICE.  In the event of
             -------------------------------------------------
a stock dividend or in the event the Stock will be changed into or exchanged for
a  different  number  or  class  of shares of stock of the Company or of another
corporation,  whether  through reorganization, recapitalization, stock split-up,
combination  of  shares,  merger or consolidation, there will be substituted for
each  such  remaining  share of Stock then subject to this Option the number and
class  of  shares of stock into which each outstanding share of Stock will be so
exchanged, all without any change in the aggregate purchase price for the shares
then  subject  to  the  Option,  all  as  set  forth  in Section 10 of the Plan.
                                                         ----------

     12.     DELIVERY  OF  SHARES.  No  shares  of  Stock will be delivered upon
             --------------------
exercise  of the Option until (i) the purchase price will have been paid in full
in  the  manner  herein  provided; (ii) applicable taxes required to be withheld
have been paid or withheld in full; (iii) approval of any governmental authority
required  in  connection  with the Option, or the issuance of shares thereunder,
has  been  received by the Company. Optionee understands and agrees that Company
may cause certain legends as appropriate to reflect applicable state and federal
securities  laws  or  applicable  contractual restrictions to be placed upon any
certificate(s)  evidencing ownership of the Stock delivered upon exercise of the
Option.

     13.     SECURITIES  ACT.  The  Company  will not be required to deliver any
             ---------------
shares of Stock pursuant to the exercise of all or any part of the Option if, in
the  opinion  of  counsel  for  the  Company,  such  issuance  would violate the
Securities  Act  or  any  other  applicable  federal or state securities laws or
regulations.

     14.     DEFINITIONS; COPY OF PLAN.  To the extent not specifically provided
             -------------------------
herein,  all  capitalized terms used in this Option Agreement will have the same
meanings  ascribed  to  them  in the Plan and Notice as the case may be.  By the
execution  of  the  Notice, Optionee acknowledges receipt of a copy of the Plan.

     15.     ADMINISTRATION.  This Option Agreement will at all times be subject
             --------------
to  the  terms  and  conditions of the Plan and the Plan will in all respects be
administered by the Committee in accordance with the terms of and as provided in
the Plan.  The Committee will have the sole and complete discretion with respect
to  all  matters  reserved to it by the Plan and decisions of the Committee with
respect  thereto  and  to  this  Option Agreement will be final and binding upon
Optionee  and  the  Company.  In the event of any conflict between the terms and
conditions  of  this  Option  Agreement and the Plan, the provisions of the Plan
will  control.

     16.     CONTINUATION  OF  EMPLOYMENT.  This  Option  Agreement  will not be
             ----------------------------
construed  to  confer  upon  Optionee any right to continue in the employment or
service  of the Company and will not limit the right of the Company, in its sole
and  absolute  discretion,  to terminate the employment of Optionee at any time.

                                        4
<PAGE>
     17.     OBLIGATION  TO  EXERCISE.  Optionee  will  have  no  obligation  to
             ------------------------
exercise  any  Option  granted  by  this  Option  Agreement.

     18.     GOVERNING  LAW.  This  Option  Agreement  will  be  interpreted and
             --------------
administered  under  the  laws  of  the  State  of  Arizona.

     19.     AMENDMENTS.  This Option Agreement may be amended only by a written
             ----------
agreement  executed  by  the  Company  and  Optionee.  The  Company and Optionee
acknowledge  that  changes in federal tax laws enacted subsequent to the Date of
Grant,  and  applicable  to  stock  options, may provide for tax benefits to the
Company  or  Optionee.  In  any  such event, the Company and Optionee agree that
this  Option Agreement may be amended as necessary to secure for the Company and
Optionee any benefits that may result from such legislation.  Any such amendment
will  be  made  only  upon the mutual consent of the Company and Optionee, which
consent  (of  either  party)  may  be  withheld  for  any  reason.

     20.     TAX CHARACTERIZATION.  This Option  is  intended to be eligible for
             --------------------
treatment as an Incentive Stock Option under Section 422 of the Code ("Incentive
                                                                       ---------
Stock"),  then  whether this Option will receive such tax treatment will depend,
-----
in part, on the actions by Optionee after exercise of this Option.  For example,
if  Optionee  disposes  of any of the Incentive Stock acquired under this Option
within  two  years  after  the  Date of Grant and within one year of the date of
exercise  of  this  Option,  Optionee may lose the benefits of Code Section 422.
Accordingly,  the  Company  makes  no  representations by way of the Notice, the
Plan,  this  Option  Agreement,  or  otherwise,  with  respect to the actual tax
consequences  of  the  grant  or  exercise  of  this  Option  or  the subsequent
disposition  of  the  Stock  acquired  under  this  Option.

     If Optionee sells or makes a disposition (within the meaning of Section 422
of  the  Code)  of  any  Incentive Stock acquired under this Option prior to the
later of (i) one year from the date of exercise of such Stock, or (ii) two years
from the Date of Grant, Optionee agrees to give written notice to the Company of
such disposition.  The notice will include Optionee's name, the number, exercise
price  and  exercise  date  of  the shares of Stock disposed of, and the date of
disposition.

     21.     LIMITS  ON  TRANSFER.  This Option and the Stock purchased upon the
             --------------------
exercise  of  the  Option will be subject to the Limits on Transfer contained in
the  Plan.

                  [REMAINDER OF  PAGE INTENTIONALLY LEFT BLANK]

                                        5
<PAGE>
                                    EXHIBIT A
                                    ---------

             PRIVATE TRADING SYSTEMS, INC. 2005 STOCK INCENTIVE PLAN

                                 EXERCISE NOTICE
                                 ---------------

Private Trading Systems, Inc.
15849 North 71st Street, Suite 105
Scottsdale, Arizona 85254

Attention:  Secretary

1.   Effective as of today, ______________, ___ the undersigned (the "Optionee")
                                                                      --------
     hereby  elects  to  exercise  the Optionee's option to purchase ___________
     shares  of the Common Stock (the "Stock") of Private Trading Systems, Inc.,
                                       -----
     a  Nevada  corporation  (the  "Company")  under and pursuant to the Private
                                    -------
     Trading  Systems,  Inc., 2005 Stock Incentive Plan (the "Plan") and the [ ]
                                                              ----
     Incentive  [  ]  Non-Qualified  Stock  Option  Award Agreement (the "Option
     Agreement")  and  Notice  of  Stock  Option  Award  (the  "Notice")  dated
                                                                ------
     ______________,  ________.  To the extent not specifically provided herein,
     all  capitalized  terms  used  in  this  Exercise Notice will have the same
     meanings  ascribed  to them in the Plan and the Notice, as the case may be.

2.   Representations  of  the  Optionee.  The  Optionee  acknowledges  that  the
     ----------------------------------
     Optionee  has  received,  read  and understood the Notice, the Plan and the
     Option  Agreement  and  agrees  to abide by and be bound by their terms and
     conditions.

3.   Rights  as  Shareholder.  Until the stock certificate evidencing such Stock
     ---------------------
     is  issued  (as  evidenced  by  the  appropriate  entry on the books of the
     Company or of a duly authorized transfer agent of the Company), no right to
     vote  or  receive dividends or any other rights as a shareholder will exist
     with respect to the Shares, notwithstanding the exercise of the Option. The
     Company will issue (or cause to be issued) such stock certificate within 30
     days  after  the  Option  is  exercised.  No  adjustment will be made for a
     dividend  or other right for which the record date is prior to the date the
     stock  certificate  is  issued,  except  as  provided  in  of  the  Plan.

4.   Delivery  of  Payment.  The  Optionee  herewith delivers to the Company the
     ---------------------
     full Exercise Price for the Stock in the form(s) provided for in the Option
     Agreement.

5.   Tax  Consultation.  The  Optionee  understands that the Optionee may suffer
     -----------------
     adverse  tax  consequences  as  a  result  of  the  Optionee's  purchase or
     disposition  of  the  Stock.  The Optionee represents that the Optionee has
     consulted  with  any  tax  consultants  the  Optionee  deems  advisable  in
     connection  with  the  purchase  or  disposition  of the Stock and that the
     Optionee  is  not  relying  on  the  Company  for  any  tax  advice.

6.   Taxes.  The  Optionee  agrees  to  satisfy all applicable foreign, federal,
     -----
     state  and  local  income  and  employment  tax withholding obligations and
     herewith delivers to the Company the full amount of such obligations or has
     made arrangements acceptable to the Company to satisfy such obligations. In
     the case of an Incentive Stock Option, the Optionee also agrees, as partial
     consideration  for  the  designation  of  the  Option as an Incentive Stock
     Option,  to  notify  the  Company in writing within thirty (30) days of any
     disposition  of  any  shares  acquired  by  exercise  of the Option if such
     disposition  occurs  within two (2) years from the Award Date or within one
     (1)  year from the date the Shares were transferred to the Optionee. If the
     Company  is required to satisfy any foreign, federal, state or local income
     or  employment  tax withholding obligations as a result of this Option, the
     Optionee  agrees to satisfy the amount of such withholding in a manner that
     the  Committee  prescribes.

7.   Restrictive  Legends.  The  Optionee  understands  and  agrees  that  the
     --------------------
     Company  may  cause  certain  legends  as appropriate to reflect applicable
     state and federal securities laws or applicable contractual restrictions to
     be  placed  upon  any  certificate(s)  evidencing  ownership  of  the Stock
     delivered  upon  exercise  of  this  Option.

                                      A - 1
<PAGE>
8.   Successors  and  Assigns.  The  Company  may assign any of its rights under
     ------------------------
     this  Exercise  Notice  to single or multiple assignees, and this agreement
     will  inure  to  the  benefit of the successors and assigns of the Company.
     Subject  to  the  restrictions  on transfer herein set forth, this Exercise
     Notice  will  be binding upon the Optionee and his or her heirs, executors,
     administrators,  successors  and  assigns.

9.   Headings.  The  captions  used  in  this  Exercise  Notice are inserted for
     --------
     convenience  and  will  not  be  deemed  a  part  of  this  agreement  for
     construction  or  interpretation.

10.  Interpretation.  Any  dispute  regarding  the  interpretation  of  this
     --------------
     Exercise  Notice  will  be  submitted  by  the  Optionee  or by the Company
     forthwith  to  the  Committee,  which  will review such dispute at its next
     regular  meeting. The resolution of such a dispute by the Committee will be
     final  and  binding  on  all  persons.

11.  Governing  Law;  Severability.  This  Exercise Notice is to be construed in
     -----------------------------
     accordance  with  and governed by the internal laws of the State of Arizona
     without  giving  effect  to  any  choice  of  law rule that would cause the
     application of the laws of any jurisdiction other than the internal laws of
     the  State  of  Arizona to the rights and duties of the parties. Should any
     provision  of  this  Exercise  Notice be determined by a court of law to be
     illegal  or  unenforceable,  the  other provisions will nevertheless remain
     effective  and  will  remain  enforceable.

12.  Notices.  Any  notice  required  or  permitted  hereunder  will be given in
     -------
     writing and will be deemed effectively given upon personal delivery or upon
     deposit  in the United States mail by certified mail, with postage and fees
     prepaid, addressed to the other party at its address as shown below beneath
     its  signature,  or  to  such  other address as such party may designate in
     writing  from  time  to  time  to  the  other  party.

13.  Further  Instruments.  The  parties  agree  to  execute  such  further
     --------------------
     instruments  and to take such further action as may be reasonably necessary
     to  carry  out  the  purposes  and  intent  of  this  agreement.

14.  Entire  Agreement.  The  Notice,  the  Plan  and  the  Option Agreement are
     -----------------
     incorporated  herein  by  reference  and together with this Exercise Notice
     constitute  the entire agreement of the parties with respect to the subject
     matter  hereof  and  supersede in their entirety all prior undertakings and
     agreements  of  the  Company  and  the Optionee with respect to the subject
     matter hereof, and may not be modified adversely to the Optionee's interest
     except  by  means  of  a  writing  signed  by the Company and the Optionee.

Submitted by:                               Accepted by:

OPTIONEE:                                   PRIVATE TRADING SYSTEMS, INC.

                                            By:
                                               ---------------------------------
                                            Title:
----------------------------------                ------------------------------
          (Signature)

Address:                                    Address:
-------                                     -------

----------------------------------          Private Trading Systems, Inc.
----------------------------------          15849 North 71st Street, Suite 105
                                            Scottsdale, Arizona 85254

                                      A - 2
<PAGE>
                                    EXHIBIT B
                                    ---------

             PRIVATE TRADING SYSTEMS, INC. 2005 STOCK INCENTIVE PLAN

                       INVESTMENT REPRESENTATION STATEMENT
                       -----------------------------------

GRANTEE:        ____________________________________

COMPANY:        PRIVATE TRADING SYSTEMS, INC.

SECURITY:       COMMON STOCK

AMOUNT:         ____________________________________

DATE:           ____________________________________

In  connection with the purchase of the above-listed Securities, the undersigned
Optionee  represents  to  the  Company  the  following:

Optionee  is aware of the Company's business affairs and financial condition and
has  acquired  sufficient information about the Company to reach an informed and
knowledgeable  decision  to acquire the Securities.  Optionee is acquiring these
Securities  for  investment  for Optionee's own account only and not with a view
to,  or  for  resale  in  connection with, any "distribution" thereof within the
meaning  of  the  Securities  Act  of  1933,  as amended (the "Securities Act").
                                                               --------------

Optionee acknowledges and understands that the Securities constitute "restricted
securities"  under  the  Securities  Act  and have not been registered under the
Securities  Act in reliance upon a specific exemption therefrom, which exemption
depends  upon  among other things, the bona fide nature of Optionee's investment
intent  as  expressed  herein.  Optionee further understands that the Securities
must  be  held  indefinitely  unless  they are subsequently registered under the
Securities  Act  or  an exemption from such registration is available.  Optionee
further  acknowledges and understands that the Company is under no obligation to
register  the  Securities.  Optionee understands that the certificate evidencing
the  Securities  will be imprinted with a legend which prohibits the transfer of
the  Securities  unless they are registered or such registration is not required
in  the  opinion  of  counsel  satisfactory  to  the  Company.

Optionee  is  familiar  with  the  provisions  of  Rule  701  and Rule 144, each
promulgated under the Securities Act, which, in substance, permit limited public
resale  of  "restricted  securities"  acquired,  directly or indirectly from the
issuer  thereof, in a non-public offering subject to the satisfaction of certain
conditions.  Rule  701  provides  that if the issuer qualifies under Rule 701 at
the time of the grant of the Option to the Optionee, the exercise will be exempt
from  registration  under  the Securities Act.  In the event the Company becomes
subject  to  the reporting requirements of Section 13 or 15(d) of the Securities
Exchange  Act of 1934, ninety (90) days thereafter (or such longer period as any
market stand-off agreement may require) the Securities exempt under Rule 701 may
be resold, subject to the satisfaction of certain of the conditions specified by
Rule  144,  including:  (1)  the  resale  being  made  through  a  broker  in an
unsolicited  "broker's  transaction"  or  in transactions directly with a market
maker  (as said term is defined under the Securities Exchange Act of 1934); and,
in  the case of an affiliate, (2) the availability of certain public information
about  the  Company,  (3)  the  amount of Securities being sold during any three
month period not exceeding the limitations specified in Rule 144(e), and (4) the
timely  filing  of  a  Form  144,  if  applicable.

     In  the  event that the Company does not qualify under Rule 701 at the time
of  grant  of  the  Option, then the Securities may be resold in certain limited
circumstances  subject  to the provisions of Rule 144, which requires the resale
to  occur not less than one year after the later of the date the Securities were
sold  by the Company or the date the Securities were sold by an affiliate of the
Company,  within the meaning of Rule 144; and, in the case of acquisition of the
Securities  by  an  affiliate,  or by a non-affiliate who subsequently holds the
Securities  less  than  two

                                      B - 1
<PAGE>
years,  the  satisfaction  of the conditions set forth in sections (1), (2), (3)
and  (4)  of  the  Section  immediately  above.
                   -------

Optionee  further  understands  that  in  the  event  all  of  the  applicable
requirements  of  Rule  701  or  144  are  not satisfied, registration under the
Securities  Act,  compliance  with  Regulation  A,  or  some  other registration
exemption  will  be  required; and that, notwithstanding the fact that Rules 144
and  701  are not exclusive, the Staff of the Securities and Exchange Commission
has  expressed  its  opinion  that  persons  proposing to sell private placement
securities  other  than  in a registered offering and otherwise than pursuant to
Rules 144 or 701 will have a substantial burden of proof in establishing that an
exemption from registration is available for such offers or sales, and that such
persons  and their respective brokers who participate in such transactions do so
at  their  own  risk.  Optionee understands that no assurances can be given that
any  such  other  registration  exemption  will  be  available  in  such  event.

Optionee represents that he or she is a resident of the state of ______________.

                                        Signature of Optionee:

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

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

                                      B - 2

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