Document:

Company Name

SE GLOBAL EQUITIES CORP.

2001 STOCK OPTION PLAN

This 2001 Stock Option Plan (the "Plan") provides for the grant of options to acquire common shares (the "Common Shares") in the capital of SE Global Equities Corp., a corporation formed under the laws of the State of Minnesota (the "Corporation").  Stock options ("Options") granted under this Plan will include:

	stock options that qualify under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), which will be referred to in this Plan as "Incentive Stock Options"; and 

	stock options that do not qualify under Section 422 of the Code, which will be referred to in this Plan as "Non-Qualified Stock Options".

	PURPOSE

	The purpose of this Plan is to retain the services of valued key employees and consultants of the Corporation and such other persons as the Plan Administrator shall select in accordance with Section 4 below, and to encourage such persons to acquire a greater proprietary interest in the Corporation, thereby strengthening their incentive to achieve the objectives of the shareholders of the Corporation, and to serve as an aid and inducement in the hiring of new employees and to provide an equity incentive to consultants and other persons selected by the Plan Administrator.

	This Plan shall at all times be subject to all legal requirements relating to the administration of stock option plans, if any, under applicable corporate laws, applicable United States federal and state securities laws, the Code, the rules of any applicable stock exchange or stock quotation system, and the rules of any foreign jurisdiction applicable to Options granted to residents therein (collectively, the "Applicable Laws").

	ADMINISTRATION

	This Plan shall be administered initially by the Board of Directors of the Corporation (the "Board"), except that the Board may, in its discretion, establish a committee composed of two (2) or more members of the Board or two (2) or more other persons to administer the Plan, which committee (the "Committee") may be an executive, compensation or other committee, including a separate committee especially created for this purpose.  The Board or, if applicable, the Committee is referred to herein as the "Plan Administrator".

	If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Board shall consider in selecting the Plan Administrator and the membership of any Committee, with respect to any persons subject or likely to become subject to Section 16 of the Exchange Act, the provisions regarding (a) "outside directors" as contemplated by Section 162(m) of the Code, and (b) "Non-Employee Directors" as contemplated by Rule 16b-3 under the Exchange Act.

	The Committee shall have the powers and authority vested in the Board hereunder (including the power and authority to interpret any provision of the Plan or of any Option).  The members of any such Committee shall serve at the pleasure of the Board.  A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present.  Any action may be taken by a written instrument signed by all of the members of the Committee and any action so taken shall be fully effective as if it had been taken at a meeting.

	Subject to the provisions of this Plan and any Applicable Laws, and with a view to effecting its purpose, the Plan Administrator shall have sole authority, in its absolute discretion, to:

	construe and interpret this Plan;

	define the terms used in the Plan;

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

	correct any defect, supply any omission or reconcile any inconsistency in this Plan;

	grant both Incentive Stock Options and Non-Qualified Stock Options under this Plan;

	determine the individuals to whom Options shall be granted under this Plan and whether an Option is an Incentive Stock Option or a Non-Qualified Stock Option;

	determine the time or times at which Incentive Stock Options and Non-Qualified Stock Options shall be granted under this Plan;

	determine the number of Common Shares subject to each Incentive Stock Option or Non-Qualified Stock Option, the exercise price of each Incentive Stock Option or Non-Qualified Stock Option, the duration of each Incentive Stock Option or Non-Qualified Stock Option and the times at which each Incentive Stock Option or Non-Qualified Stock Option shall become exercisable;

	determine all other terms and conditions of the Incentive Stock Options and Non-Qualified Stock Options; and

	make all other determinations and interpretations necessary and advisable for the administration of the Plan.

	All decisions, determinations and interpretations made by the Plan Administrator shall be binding and conclusive on all participants in the Plan and on their legal representatives, heirs and beneficiaries.

	All decisions, determinations, interpretations and actions involving a conflict of interests between the Corporation and a Director of the Corporation shall be made or taken by the Plan Administrator in accordance with Section 302A.255 of the Minnesota Business Corporation Act.
	ELIGIBILITY

	Incentive Stock Options may be granted to any individual who, at the time the Incentive Stock Option is granted, is an employee of the Corporation or any Related Corporation (as defined below) ("Employees").  

	Non-Qualified Stock Options may be granted to Employees and to such other persons, including directors, officers and consultants of the Corporation or any Related Corporation, who are not Employees as the Plan Administrator shall select, subject to any Applicable Laws.  

	Options may be granted in substitution for outstanding Options of another corporation in connection with the merger, consolidation, acquisition of property or stock or other reorganization between such other corporation and the Corporation or any subsidiary of the Corporation.  Options also may be granted in exchange for outstanding Options. 

	Any person to whom an Option is granted under this Plan is referred to as an "Optionee".  Any person who is the owner of an Option is referred to as a "Holder".

	As used in this Plan, the term "Related Corporation" shall mean any corporation (other than the Corporation) that is a "Parent Corporation" of the Corporation or "Subsidiary Corporation" of the Corporation, as those terms are defined in Sections 424(e) and 424(f), respectively, of the Code (or any successor provisions) and the regulations thereunder (as amended from time to time).
	STOCK

	The Plan Administrator is authorized to grant Options to acquire up to a total of up to 2,500,000 of the Corporation's Common Shares, provided however, that the maximum number of Common Shares available for grant of Incentive Stock Options under the Plan shall equal to 700,000 Common Shares.  The number of Common Shares with respect to which Options may be granted hereunder is subject to adjustment as set forth in Section 6.1(m) hereof.  In the event that any outstanding Option expires or is terminated for any reason, the Common Shares allocable to the unexercised portion of such Option may again be subject to an Option granted to the same Optionee or to a different person eligible under Section 4 of this Plan; provided however, that any cancelled Options will be counted against the maximum number of shares with respect to which Options may be granted to any particular person as set forth in Section 4 hereof.
	TERMS AND CONDITIONS OF OPTIONS

	Each Option granted under this Plan shall be evidenced by a written agreement approved by the Plan Administrator (each, an "Agreement").  Agreements may contain such provisions, not inconsistent with this Plan or any Applicable Laws, as the Plan Administrator in its discretion may deem advisable.  All Options also shall comply with the following requirements:

	Number of Shares and Type of Option

Each Agreement shall state the number of Common Shares to which it pertains and whether the Option is intended to be an Incentive Stock Option or a Non-Qualified Stock Option; provided that:

	the number of Common Shares that may be reserved pursuant to the exercise of Options granted to any person shall not exceed 1,500,000 Common Shares and the number of Common Shares that may be reserved pursuant to the exercise of Incentive Stock Options granted to any person shall not exceed 700,000 Common Shares;

	in the absence of action to the contrary by the Plan Administrator in connection with the grant of an Option, all Options shall be Non-Qualified Stock Options;

	the aggregate fair market value (determined at the Date of Grant, as defined below) of the Common Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (granted under this Plan and all other Incentive Stock Option plans of the Corporation, a Related Corporation or a predecessor corporation) shall not exceed U.S.$100,000, or such other limit as may be prescribed by the Code as it may be amended from time to time (the "Annual Limit"); and

	any portion of an Option which exceeds the Annual Limit shall not be void but rather shall be a Non-Qualified Stock Option.

	Date of Grant

Each Agreement shall state the date the Plan Administrator has deemed to be the effective date of the Option for purposes of this Plan (the "Date of Grant").

	Option Price

Each Agreement shall state the price per Common Share at which it is exercisable.  The Plan Administrator shall act in good faith to establish the exercise price in accordance with Applicable Laws; provided that:

	the per share exercise price for an Incentive Stock Option or any Option granted to a "Covered Employee" as such term is defined for purposes of Section 162(m) of the Code shall not be less than the fair market value per Common Share at the Date of Grant as determined by the Plan Administrator in good faith; 

	with respect to Incentive Stock Options granted to greater-than-ten percent (>10%) shareholders of the Corporation (as determined with reference to Section 424(d) of the Code), the exercise price per share shall not be less than one hundred ten percent (110%) of the fair market value per Common Share at the Date of Grant as determined by the Plan Administrator in good faith; 

	options granted in substitution for outstanding options of another corporation in connection with the merger, consolidation, acquisition of property or stock or other reorganization involving such other corporation and the Corporation or any subsidiary of the Corporation may be granted with an exercise price equal to the exercise price for the substituted option of the other corporation, subject to any adjustment consistent with the terms of the transaction pursuant to which the substitution is to occur; and

	the per share exercise price for a Non-Qualified Stock Option shall not be less than 85% of the fair market value per Common Share traded through the facilities of Over-the-Counter Bulletin Board service of the National Association of Securities Dealers Inc., Nasdaq Small Cap Market, Nasdaq National Market or the American Stock Exchange (each a "Designated Exchange"), or if the Common Shares are not listed for trading on a Designated Exchange, through such other exchange or quotation system on which the Common Shares are listed or quoted for trading, at the Date of Grant, less any discount permitted by the Designated Exchange.  

	Duration of Options

At the time of the grant of the Option, the Plan Administrator shall designate, subject to Section 6.1(g) below, the expiration date of the Option, which date shall not be later than ten (10) years from the Date of Grant; provided, that:

	the expiration date of any Incentive Stock Option granted to a greater-than-ten percent (>10%) shareholder of the Corporation (as determined with reference to Section 424(d) of the Code) shall not be later than five (5) years from the Date of Grant;

	so long as the Common Shares are traded on a Designated Exchange, all Options granted under this Section 6 shall expire not later than five (5) years from the Date of Grant; and

	if the Common Shares are not traded on a Designated Exchange and in the absence of action to the contrary by the Plan Administrator in connection with the grant of a particular Option, and except in the case of Incentive Stock Options as described above, all Options granted under this Section 6 shall expire not later than ten (10) years from the Date of Grant.

	Vesting Schedule

No Option shall be exercisable until it has vested.  All Non-Qualified Stock Options will vest at the Date of Grant thereof.  The Plan Administrator shall specify the vesting schedule of an Incentive Stock Option at the Date of Grant thereof prior to the provision of services with respect to which such Incentive Stock Option is granted; provided, that if no vesting schedule is specified at the time of grant, the Incentive Stock Option shall vest according to the following schedule:

	
Percentage of Total

Incentive Stock Option Vested
	
Number of Months

Following Date of Grant

	30%

	
6 Months

	40%

	
12 Months

	30%

	
18 Months

The Plan Administrator may specify a vesting schedule for all or any portion of an Incentive Stock Option based on the achievement of performance objectives established in advance of the commencement by the Optionee of services related to the achievement of the performance objectives.  Performance objectives shall be expressed in terms of objective criteria, including but not limited to, one or more of the following:  return on equity, return on assets, share price, market share, sales, earnings per share, costs, net earnings, net worth, inventories, cash and cash equivalents, gross margin or the Corporation's performance relative to its internal business plan.  Performance objectives may be in respect of the performance of the Corporation as a whole (whether on a consolidated or unconsolidated basis), a Related Corporation, or a subdivision, operating unit, product or product line of either of the foregoing.  Performance objectives may be absolute or relative and may be expressed in terms of a progression or a range.  An Incentive Stock Option that is exercisable (in full or in part) upon the achievement of one or more performance objectives may be exercised only following written notice to the Optionee and the Corporation by the Plan Administrator that the performance objective has been achieved.

	Acceleration of Vesting

The vesting of one or more outstanding Incentive Stock Options may be accelerated by the Plan Administrator at such times and in such amounts as it shall determine in its sole discretion.

	Term of Option

	Options that have vested shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

	the expiration of the Option, as designated by the Plan Administrator in accordance with Section 6.1(d) above;

	the date of an Optionee's termination of employment or contractual relationship with the Corporation or any Related Corporation for cause (as determined by the Plan Administrator, acting reasonably);

	the expiration of 30 days from the date of an Optionee's termination of employment or contractual relationship with the Corporation or any Related Corporation for any reason whatsoever other than cause, death or Disability (as defined below); or

	the expiration of one year from termination of an Optionee's employment or contractual relationship by reason of death or the expiration of six months from termination of an Optionee's employment or contractual relationship by reason of Disability (as defined below).

	Notwithstanding Section 6.1(g)(i) above, any Options that have vested and which have been granted to the Optionee in the Optionee's capacity as a director of the Corporation or any Related Corporation shall terminate upon the occurrence of the first of the following events:

	the event specified in Section 6.1(g)(i)A above;

	the date of an Optionee is removed as a director for cause (as determined by the Plan Administrator, acting reasonably); 

	the expiration of one year from the date of the death of the Optionee, or the expiration of six (6) months from cessation of the Optionee's service as a director of the Corporation or Related Corporation, as the case may be, by reason of Disability (as defined below); and

	the expiration of 30 days from the date the Optionee ceases to serve as a director of the Corporation or Related Corporation, as the case may be, unless the Optionee continues to be engaged by the Corporation as an Employee, officer or consultant and in such case, the terms of the Option shall be governed by the provisions of Section 6.1(g)(i).

	Upon the death of an Optionee, any vested Options held by the Optionee shall be exercisable only by the person or persons to whom such Optionee's rights under such Option shall pass by the Optionee's will or by the laws of descent and distribution of the Optionee's domicile at the time of death and only until such Options terminate as provided above.

	For purposes of the Plan, unless otherwise defined in the Agreement, "Disability" shall mean medically determinable physical or mental disability which no accommodation otherwise required under the Americans with Disabilities Act can be made and which has lasted or can be expected to last for a continuous period of not less than twelve (12) months or that can be expected to result in death.  The Plan Administrator shall determine whether an Optionee has incurred a Disability on the basis of medical evidence acceptable to the Plan Administrator.  Upon making a determination of Disability, the Plan Administrator shall, for purposes of the Plan, determine the date of an Optionee's termination of employment or contractual relationship.

	Unless accelerated in accordance with Section 6.1(f) above, unvested Incentive Stock Options shall terminate immediately upon:

	if the Optionee is granted the Incentive Stock Options in his capacity as an Employee of the Corporation or a Related Corporation, termination of the Optionee's employment with the Corporation or the Related Corporation, as the case may be, for any reason whatsoever, including death or Disability;

	if the Optionee is granted the Incentive Stock Options in his capacity as a consultant, termination of the consulting agreement between the Optionee and the Corporation or the Related Corporation, as the case may be, for any reason whatsoever; and

	if the Optionee is granted the Incentive Stock Options in his capacity as a director or officer of the Corporation or a Related Corporation, the Optionee ceasing to be a director or officer of the Corporation or the Related Corporation, as the case may be.  

	For purposes of this Plan, transfer of employment between or among the Corporation and/or any Related Corporation shall not be deemed to constitute a termination of employment with the Corporation or any Related Corporation.  Employment shall be deemed to continue while the Optionee is on military leave, sick leave or other bona fide leave of absence (as determined by the Plan Administrator).  The foregoing notwithstanding, employment shall not be deemed to continue beyond the first ninety (90) days of such leave, unless the Optionee's re-employment rights are guaranteed by statute or by contract.

	Exercise of Options

	Options shall be exercisable, in full or in part, at any time after vesting, until termination.  If less than all of the shares included in the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of the Option term. Only whole shares may be issued pursuant to an Option, and to the extent that an Option covers less than one (1) share, it is unexercisable.

	Options or portions thereof may be exercised by giving written notice to the Corporation, which notice shall specify the number of shares to be purchased, and be accompanied by payment in the amount of the aggregate exercise price for the Common Shares so purchased, which payment shall be in the form specified in Section 6.1(i) below.  The Corporation shall not be obligated to issue, transfer or deliver a certificate representing Common Shares to the Holder of any Option, until provision has been made by the Holder, to the satisfaction of the Corporation, for the payment of the aggregate exercise price for all shares for which the Option shall have been exercised and for satisfaction of any tax withholding obligations associated with such exercise.  During the lifetime of an Optionee, Options are exercisable only by the Optionee.

	Payment upon Exercise of Option

Upon the exercise of any Option, the aggregate exercise price shall be paid to the Corporation in cash or by certified or cashier's check.  In addition, if pre-approved in writing by the Plan Administrator who may arbitrarily withhold consent, the Holder may pay for all or any portion of the aggregate exercise price by complying with one or more of the following alternatives:

	by delivering a properly executed exercise notice together with irrevocable instructions to a broker promptly to sell or margin a sufficient portion of the Common Shares and deliver directly to the Corporation the amount of sale or margin loan proceeds to pay the exercise price; or

	by complying with any other payment mechanism approved by the Plan Administrator at the time of exercise.

	No Rights as a Shareholder

A Holder shall have no rights as a shareholder with respect to any Common Shares covered by an Option until such Holder becomes a record holder of such Common Shares, irrespective of whether such Holder has given notice of exercise.  Subject to the provisions of Section 6.1(m) hereof, no rights shall accrue to a Holder and no adjustments shall be made on account of dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights declared on, or created in, the Common Shares for which the record date is prior to the date the Holder becomes a record holder of the Common Shares covered by the Option, irrespective of whether such Holder has given notice of exercise.

	Non-transferability of Options

Options granted under this Plan and the rights and privileges conferred by this Plan may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will, by applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by this Plan contrary to the provisions hereof, or upon the sale, levy or any attachment or similar process upon the rights and privileges conferred by this Plan, such Option shall thereupon terminate and become null and void.

	Securities Regulation and Tax Withholding

	Common Shares shall not be issued with respect to an Option unless the exercise of such Option and the issuance and delivery of such Common Shares shall comply with all Applicable Laws, and such issuance shall be further subject to the approval of counsel for the Corporation with respect to such compliance, including the availability of an exemption from prospectus and registration requirements for the issuance and sale of such Common Shares.  The inability of the Corporation to obtain from any regulatory body the authority deemed by the Corporation to be necessary for the lawful issuance and sale of any Common Shares under this Plan, or the unavailability of an exemption from prospectus and registration requirements for the issuance and sale of any Common Shares under this Plan, shall relieve the Corporation of any liability with respect to the non-issuance or sale of such Common Shares.

	By accepting an Option, the Optionee represents and agrees that none of the Common Shares purchased upon exercise of the Option will be distributed in violation of any Applicable Laws.  As a condition to the exercise of an Option, the Plan Administrator may require the Holder to represent and warrant in writing at the time of such exercise that the Common Shares are being purchased only for investment and without then-present intention to sell or distribute such Common Shares.  If necessary under Applicable Laws, the Plan Administrator may cause a stop-transfer order against such Common Shares to be placed on the stock books and records of the Corporation, and a legend indicating that such Common Shares may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any Applicable Laws, may be stamped on the certificates representing such Common Shares in order to assure an exemption from registration.  The Plan Administrator also may require such other documentation as may from time to time be necessary to comply with applicable securities laws.  THE CORPORATION HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF OPTIONS OR THE COMMON SHARES ISSUABLE UPON THE EXERCISE OF OPTIONS.

	The Holder shall pay to the Corporation by certified or cashier's check, promptly upon exercise of an Option or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state, local and foreign withholding taxes that the Plan Administrator, in its discretion, determines to result upon exercise of an Option or from a transfer or other disposition of Common Shares acquired upon exercise of an Option or otherwise related to an Option or Common Shares acquired in connection with an Option.  Upon approval of the Plan Administrator, a Holder may satisfy such obligation by complying with one or more of the following alternatives selected by the Plan Administrator:

	by executing appropriate loan documents approved by the Plan Administrator by which the Holder borrows funds from the Corporation to pay any withholding taxes due under this Section 6.1(l)(iii), with such repayment terms as the Plan Administrator shall select; or

	by complying with any other payment mechanism approved by the Plan Administrator from time to time.

	The issuance, transfer or delivery of certificates representing Common Shares pursuant to the exercise of Options may be delayed, at the discretion of the Plan Administrator, until the Plan Administrator is satisfied that the applicable requirements of all Applicable Laws and the withholding provisions of the Code have been met and that the Holder has paid or otherwise satisfied any withholding tax obligation as described in Section 6.1(l)(iii) above.

	Adjustments Upon Changes In Capitalization

	The aggregate number and class of shares for which Options may be granted under this Plan, the number and class of shares covered by each outstanding Option, and the exercise price per share thereof (but not the total price), and each such Option, shall all be proportionately adjusted for any increase or decrease in the number of issued Common Shares of the Corporation resulting from:

	a subdivision or consolidation of shares or any like capital adjustment, or

	the issuance of any Common Shares, or securities exchangeable for or convertible into Common Shares, to the holders of all or substantially all of the outstanding Common Shares by way of a stock dividend (other than the issue of Common Shares, or securities exchangeable for or convertible into Common Shares, to holders of Common Shares pursuant to their exercise of options to receive dividends in the form of Common Shares, or securities convertible into Common Shares, in lieu of dividends paid in the ordinary course on the Common Shares).

	Except as provided in Section 6.1(m)(iii) hereof, upon a merger (other than a merger of the Corporation in which the holders of Common Shares immediately prior to the merger have the same proportionate ownership of common shares in the surviving corporation immediately after the merger), consolidation, acquisition of property or stock, separation, reorganization (other than a mere re-incorporation or the creation of a holding Corporation) or liquidation of the Corporation, as a result of which the shareholders of the Corporation, receive cash, shares or other property in exchange for or in connection with their Common Shares, any Option granted hereunder shall terminate, but the Holder shall have the right to exercise such Holder's vested Option immediately prior to any such merger, consolidation, acquisition of property or shares, separation, reorganization or liquidation, and to be treated as a shareholder of record for the purposes thereof, to the extent the vesting requirements set forth in the Option agreement have been satisfied.

	If the shareholders of the Corporation receive shares in the capital of another corporation ("Exchange Shares") in exchange for their Common Shares in any transaction involving a merger (other than a merger of the Corporation in which the holders of Common Shares immediately prior to the merger have the same proportionate ownership of Common Shares in the surviving corporation immediately after the merger), consolidation, acquisition of property or shares, separation or reorganization (other than a mere re-incorporation or the creation of a holding Corporation), all Options granted hereunder shall be converted into options to purchase Exchange Shares unless the Corporation and the corporation issuing the Exchange Shares, in their sole discretion, determine that any or all such Options granted hereunder shall not be converted into options to purchase Exchange Shares but instead shall terminate in accordance with, and subject to the Holder's right to exercise the Holder's Options pursuant to, the provisions of Section 6.1(m)(ii).  The amount and price of converted options shall be determined by adjusting the amount and price of the Options granted hereunder in the same proportion as used for determining the number of Exchange Shares the holders of the Common Shares receive in such merger, consolidation, acquisition or property or stock, separation or reorganization.  Unless accelerated by the Board, the vesting schedule set forth in the option agreement shall continue to apply to the options granted for the Exchange Shares.

	In the event of any adjustment in the number of Common Shares covered by any Option, any fractional shares resulting from such adjustment shall be disregarded and each such Option shall cover only the number of full shares resulting from such adjustment.

	All adjustments pursuant to Section 6.1(m) shall be made by the Plan Administrator, and its determination as to what adjustments shall be made, and the extent thereof, shall be final, binding and conclusive.  

	The grant of an Option shall not affect in any way the right or power of the Corporation to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

	EFFECTIVE DATE; AMENDMENT; SHAREHOLDER APPROVAL

	Options may be granted by the Plan Administrator from time to time on or after the date on which this Plan is adopted by the Board (the "Effective Date").

	Unless sooner terminated by the Board, this Plan shall terminate on the tenth anniversary of the Effective Date.  No Option may be granted after such termination or during any suspension of this Plan.

	Any Incentive Stock Options granted by the Plan Administrator prior to the ratification of this Plan by the shareholders of the Corporation shall be granted subject to approval of this Plan by the holders of a majority of the Corporation's outstanding voting shares within twelve (12) months before or after the Effective Date.  If such shareholder approval is sought and not obtained, all such Incentive Stock Options granted prior thereto and thereafter shall be considered Non-Qualified Stock Options and any such Incentive Stock Options granted to Covered Employees will not be eligible for the exclusion set forth in Section 162(m) of the Code with respect to the deductibility by the Corporation of certain compensation.

	NO OBLIGATIONS TO EXERCISE OPTION

	The grant of an Option shall impose no obligation upon the Optionee to exercise such Option.

	NO RIGHT TO OPTIONS OR TO EMPLOYMENT

	Whether or not any Options are to be granted under this Plan shall be exclusively within the discretion of the Plan Administrator, and nothing contained in this Plan shall be construed as giving any person any right to participate under this Plan.  The grant of an Option shall in no way constitute any form of agreement or understanding binding on the Corporation or any Related Corporation, express or implied, that the Corporation or any Related Corporation will employ or contract with an Optionee for any length of time, nor shall it interfere in any way with the Corporation's or, where applicable, a Related Corporation's right to terminate Optionee's employment at any time, which right is hereby reserved.

	APPLICATION OF FUNDS

	The proceeds received by the Corporation from the sale of Common Shares issued upon the exercise of Options shall be used for general corporate purposes, unless otherwise directed by the Board.

	INDEMNIFICATION OF PLAN ADMINISTRATOR

	In addition to all other rights of indemnification they may have as members of the Board, members of the Plan Administrator shall be indemnified by the Corporation for all reasonable expenses and liabilities of any type or nature, including attorneys' fees, incurred in connection with any action, suit or proceeding to which they or any of them are a party by reason of, or in connection with, this Plan or any Option granted under this Plan, and against all amounts paid by them in settlement thereof (provided that such settlement is approved by independent legal counsel selected by the Corporation), except to the extent that such expenses relate to matters for which it is adjudged that such Plan Administrator member is liable for willful misconduct; provided, that within fifteen (15) days after the institution of any such action, suit or proceeding, the Plan Administrator member involved therein shall, in writing, notify the Corporation of such action, suit or proceeding, so that the Corporation may have the opportunity to make appropriate arrangements to prosecute or defend the same.

	Amendment of Plan

	The Plan Administrator may, at any time, modify, amend or terminate this Plan or modify or amend Options granted under this Plan, including, without limitation, such modifications or amendments as are necessary to maintain compliance with the Applicable Laws.  The Plan Administrator may condition the effectiveness of any such amendment on the receipt of shareholder approval at such time and in such manner as the Plan Administrator may consider necessary for the Corporation to comply with or to avail the Corporation and/or the Optionees of the benefits of any securities, tax, market listing or other administrative or regulatory requirements.

Effective Date:  October 10, 2001EXHIBIT 10.21

                              EMPLOYMENT AGREEMENT

         AGREEMENT dated August 29, 2001 between Kirlin Holding Corp., a
Delaware corporation having its principal office at 6901 Jericho Turnpike,
Syosset, New York 11791 ("Corporation"), and David O. Lindner, residing at the
address indicated on the signature page hereof ("Executive").

                                    RECITALS
                                    --------

                  The Corporation wishes to employ Executive, and Executive
wishes to accept such employment, all upon the terms and conditions herein
contained.

                  IT IS AGREED:

1.       Employment, Duties and Acceptance.
         ---------------------------------

         1.1   General. Corporation hereby employs Executive in an executive
capacity to serve as Chairman of the Board and Chief Executive Officer of the
Corporation and as Co-Chief Executive Officer of the Corporation's wholly-owned
subsidiary, Kirlin Securities, Inc. ("Kirlin"), with such executive duties for
the Corporation and Kirlin as appertain to such offices and such additional
duties and authority as may be reasonably assigned to Executive by the Boards of
Directors of the Corporation or Kirlin from time to time, provided that the
nature of such duties and authority shall be consistent with the executive
status of Executive. Executive also agrees to serve in an executive capacity for
such other subsidiaries of the Corporation as may be designated by the Board of
Directors of the Corporation from time to time. Executive hereby accepts such
employment.

         1.2   Full-Time Position. Subject to Executive's right under Section 3
to convert his full-time employment with the Corporation into a part-time
consultancy, Executive agrees to devote his full and exclusive time, energies
and attention to the business and affairs of the Corporation and its
subsidiaries in the performance of his duties hereunder. Subject to Executive's
rights under Section 3, Executive will not, without the prior written consent of
the Corporation, during the term of this Agreement, be engaged in any other
activity whether or not pursued for gain, profit or other pecuniary advantage;
but this shall not be construed as preventing Executive from making and
supervising personal investments, provided that (i) he will not be required to
render any services to the companies in which such investments are made; (ii)
such investment will not cause a breach of Section 5 hereof; and (iii) such
investment will not interfere with the performance of Executive's duties
hereunder.

         1.3   Travel. Executive will be based in the Corporation's principal
executive offices on Long Island and will undertake such occasional travel as is
reasonably necessary in the interests of the Corporation.

         1.4   Position with the Board. During the term of this Agreement,
Executive shall be entitled to, and the Corporation shall cause Executive to, be
nominated as a member of the Board of Directors of the Corporation and Kirlin.

2.       Compensation and Benefits.
         -------------------------

         2.1   Salary. As full compensation during the term of this Agreement
for all Executive's services to be rendered to the Corporation and its
subsidiaries, the Corporation agrees to pay, or cause to be paid by one or more
of its subsidiaries, to Executive, in the manner hereinafter provided, (i) base
salary (hereinafter "Base Salary") at the rate of $375,000 per annum, payable in
periodic installments in accordance with the Corporation's normal payroll
procedures, plus .0075% of the Corporation's consolidated quarterly revenue,
payable within 50 days of the end of each fiscal quarter, and (ii) the
additional compensation hereinafter set forth in this Section 2. The Base Salary
paid in any fiscal year shall be subject to adjustment in the event the year-end

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audit conducted by the Corporation's independent auditors for such fiscal year
results in an adjustment to the consolidated quarterly revenue numbers used to
calculate the variable portion of such Base Salary. In no event shall the Base
Salary for any fiscal year exceed $1,000,000. The rate of the fixed portion of
Executive's Base Salary (initially $375,000 per annum) will be increased
effective on September 1 of each year (commencing on September 1, 2002) to
reflect the percentage increase, if any, in the Consumer Price Index for the New
York Metropolitan Region during the twelve-month period ending on June 30
immediately preceding such adjustment date.

         2.2   Discretionary Bonus. In addition to Base Salary, Executive shall
be entitled to receive bonus payments in the discretion of the Board of
Directors.

         2.3   Brokerage Commissions; Investment Banking Compensation.

               (i)   Executive will be entitled to receive an equal share
                     of the brokerage commissions from customer accounts
                     for which the Executive or Anthony J. Kirincic, who
                     is also being employed as Co-Chief Executive Officer
                     of Kirlin, is the designated account representative
                     (which commissions shall be computed at a 60% cash
                     payout rate), less customary charges in accordance
                     with the Corporation's general policies in effect
                     from time to time, and payable in accordance with
                     Kirlin's normal payroll procedures. Executive hereby
                     acknowledges that Mr. Kirincic and the Corporation
                     are concurrently entering into an employment
                     agreement containing this sharing arrangement and
                     Executive agrees that also long as Mr. Kirincic is
                     employed by the Corporation he shall be entitled to
                     an equal share of such commissions which, but for
                     this sharing arrangement, would be payable solely to
                     Executive for accounts for which he is the designated
                     representative, and his agreement to share in such
                     commissions shall be for Mr. Kirincic's benefits.

                                       2
<Page>

               (ii)  Executive will be entitled to receive additional
                     compensation in connection with Executive's
                     investment banking activities in accordance with the
                     Corporation's standard investment banking
                     compensation formula ("Investment Banking
                     Compensation").

         2.4   Stock Options. On the first business day immediately following
the end of each fiscal quarter, commencing as of the quarter ended September 30,
2001, Executive shall receive ten-year options to purchase that number of shares
of the Corporation's common stock equal to 0.25% of the shares of common stock
of the Corporation outstanding as of the end of such fiscal quarter ("Quarterly
Options"). The Quarterly Options shall be issued under one or more of the
Corporation's stock option plans and shall have an exercise price equal to the
last sale price of a share of common stock of the Corporation as reported on
each of the last 20 consecutive trading days during most recently completed
fiscal quarter. If Executive's employment (other than a termination for "cause"
by the Corporation) terminates as of the last day of a fiscal quarter, Executive
shall receive, on the last day of his employment, the options he would otherwise
have received on the next following business day if he had remained employed by
the Corporation. All Quarterly Options so granted shall vest and become
exercisable immediately upon grant and shall be evidenced by a Stock Option
Agreement in the form annexed hereto as Exhibit A.

         2.5   Benefits. Executive will be entitled to participate in all
welfare and fringe benefit plans as are customarily afforded to all executives
or other employees in accordance with the terms of such plans and arrangements.

         2.6   Vacation. Executive will be entitled to five weeks of paid
vacation in each calendar year to be taken at times mutually convenient to the
Corporation and Executive.

         2.7   Expenses. The Corporation will reimburse Executive in accordance
with its regular policies and practices for business expenses reasonably
incurred by Executive in connection with the performance of Executive's duties

                                       3

<Page>

under this Agreement, subject to Executive's presentation of appropriate
documentation of such expenses.

         2.8   Automobile. Executive shall maintain a suitable automobile for
business use. The Corporation shall reimburse Executive for the costs of leasing
such automobile and for all other reasonable costs associated with the use of
the automobile, including insurance, maintenance and repair and fuel costs.

         2.9   Directors and Officers Insurance Coverage. The Corporation shall
cause the Executive to be covered under all directors and officers liability
insurance policies maintained by Parent, which policy or policies shall provide
a minimum coverage of $3,000,000.

         2.10   Accounting Services. The Corporation shall provide Executive
with a $2,500 annual expense allowance to pay for accounting and tax planning
services for Executive and his immediate family, which allowance shall
accumulate each year if unused and may be drawn upon by Executive for up to six
months following the termination of employment (other than a terminations for
"cause" by the Corporation).

         2.11   Life Insurance. The Corporation shall provide Executive with an
annual expense allowance of up to $10,000 to pay for premiums for insuring the
life of Executive for the benefit of Executive or his designees with a death
benefit of up to $3,000,000.

         2.12   Housing. If Executive's duties are such as to require him to
work in the City of New York for more than two days per week, The Corporation
shall arrange for appropriate housing at a cost of up to $4,000 per month.

         2.13   Proration. The items provided for in Sections 2.6, 2.10 and 2.11
shall be prorated for partial years.

                                       4
<Page>

3.       Term; Conversion to Consultancy. The term of this Agreement shall
commence as of September 1, 2001 ("Commencement Date") and shall continue for a
period of seven years (i.e., August 31, 2008), unless sooner terminated as
herein provided. Notwithstanding anything to the contrary, Executive shall be
entitled to terminate his employment or convert his employment to a consultancy
at any time in his sole discretion upon at least six months' prior written
notice to the Corporation. Upon a conversion to a consultancy, (i) Executive
shall be required to devote only 50% of his business time to the affairs of the
Corporation, (ii) Executive, as a consultant to the Corporation, shall have such
duties and responsibilities to the Corporation as is reasonably determined by
the Board of Directors of the Corporation, (iii) Executive shall receive only
50% of the compensation provided by Sections 2.1 and 2.4, (iv) Executive shall
be entitled to continued participation in the Investment Banking Pool at the
discretion of the Board of Directors, (v) Executive shall be entitled to
continue to receive all other benefits and shall continue to have all other
obligations provided under this Agreement.

4.       Termination and Payment.
         -----------------------

         4.1   Death. If Executive shall die during the term of this Agreement,
this Agreement shall thereupon terminate, except that the Corporation will pay
to Executive's estate Executive's Base Salary through the last day of the month
during which Executive shall have died and all brokerage commissions earned by
Executive under Section 2.3 through the date of death.

         4.2   Disability. The Corporation, by notice to Executive, may
immediately terminate this Agreement if Executive shall become disabled, or
shall fail because of illness or incapacity, to render services of the character
contemplated by this Agreement for 120 consecutive days (or an aggregate of 180
days) during any one-year period. Notwithstanding such termination, the
Corporation will pay to Executive his Base Salary through the last day of the
month during which such notice shall have been given and brokerage commissions
earned by Executive under Section 2.3 through the date of termination.

                                       5
<Page>

         4.3   For Cause. The Corporation, by notice to Executive, may
immediately terminate this Agreement "for cause" for any of the reasons
enumerated below in this Section 4.3 (provided, however, in the event of
termination for a reason specified in clause (i)(B) below, such termination
shall be effective only after Executive has been given written notice setting
forth in reasonable detail the acts, omissions or failures of the Executive and
a specified reasonable period of time in which to cure all of such acts,
omissions or failures (if capable of being cured), and such shall not have been
cured within such reasonable period) and upon such termination (i) Executive
shall be released from any duties hereunder except as set forth in Section 5
hereof; and (ii) the Corporation will pay to Executive his Base Salary through
the date of termination:

               (i)      If Executive (A) willfully refuses or fails to carry
                        out specific legal directions of the Board of
                        Directors, or (B) willfully refuses or fails to
                        perform a material part of his duties hereunder;

               (ii)     If Executive commits a breach of any of the
                        provisions of Section 5 hereof or breaches the
                        representations and warranties set forth in Section 6
                        hereof;

               (iii)    If Executive commits an act involving any
                        misappropriation or embezzlement involving the
                        properties, assets or funds of the Corporation or its
                        subsidiaries or affiliates; or

               (iv)     If Executive committed an act (or the failure
                        thereof) which involves intentional wrongdoing or
                        gross negligence relating to the Corporation or its
                        subsidiaries or affiliates.

         The inability of Executive to continue to be associated with a member
of the NASD, such as Kirlin or another broker-dealer subsidiary of the
Corporation, as a result of a regulatory bar or suspension shall not in and of

                                       6

<Page>

itself by grounds for a termination for "cause" by the Corporation under Section
4.3(i) or otherwise unless the basis for such bar or suspension involves an act
or omission specified in Sections 4.3(iii) or (iv).

         4.4   For "Good Reason." The Executive, by notice to the Corporation,
may terminate this Agreement if a "Good Reason" exists. For purposes of this
Agreement, "Good Reason" shall mean the occurrence of any of the following
circumstances without the Executive's prior express written consent: (a) a
material adverse change in the nature of Executive's title, duties or
responsibilities with the Corporation that represents a demotion from his title,
duties or responsibilities as in effect immediately prior to such change; (b) a
material breach of this Agreement by the Corporation; (c) a failure by the
Corporation to make any payment to Executive when due, unless the payment is not
material and is being contested by the Corporation, in good faith; (d) a
liquidation, bankruptcy or receivership of the Corporation; or (e) if Executive
is at any time not a member of the Board of Directors, unless he voluntarily
resigns therefrom. Notwithstanding the foregoing, Good Reason shall not be
deemed to exist with respect to the Corporation's acts described in clauses (a),
(b) or (c) above, unless Executive shall have given written notice to the
Corporation specifying the Good Reason with reasonable detail and, within twenty
business days after such notice, the Corporation shall not have cured or
eliminated the problem or thing giving rise to such Good Reason; provided,
however, that a repeated breach after notice and cure of any provision of
clauses (a), (b) or (c) above involving the same or substantially similar
actions or conduct, shall be grounds for termination for Good Reason without any
additional notice from Executive.

         4.5   In the event that Executive terminates this Agreement for Good
Reason, pursuant to the provisions of Section 4.4, or the Corporation terminates
this Agreement without "Cause," as defined in Section 4.3, the Corporation shall
continue to pay to Executive (or in the case of his death, the legal
representative of Executive's estate or such other person or persons as
Executive shall have designated by written notice to the Corporation), all
payments, compensation and benefits required under Section 2 hereof through the

                                       7

<Page>

then remaining term of this Agreement. If Executive's employment is terminated
for Good Reason or without "Cause," Executive shall have no duty to mitigate
awards paid or payable to him pursuant to this Section, and any compensation
paid or payable to Executive from sources other than the Corporation will not
offset or terminate the Corporation's obligation to pay to Executive the full
amounts pursuant to this Section 4.5.

5.       Protection of Confidential Information.
         --------------------------------------

         5.1   Nondisclosure of Confidential Information. Executive agrees that
he will not at any time, either during the term of this Agreement or thereafter,
divulge to any person, firm or corporation any information obtained or learned
by him during the course of his employment with the Corporation or any of its
affiliates with regard to the operational, financial, business or other affairs
of the Corporation or its subsidiaries or affiliates, or its or their officers
and directors, including, without limitation, trade "know how," secrets,
customer lists, sources of supply, pricing policies, operational methods or
technical processes, except (i) in the course of performing his duties
hereunder, (ii) with the Corporation's express written consent; (iii) to the
extent that any such information is in the public domain other than as a result
of Executive's breach of any of his obligations hereunder; or (iv) where
required to be disclosed by court order, subpoena or other government process.
In the event that Executive is required to make disclosure pursuant to the
provisions of clause (iv) of the preceding sentence, Executive promptly, but in
no event more than two business days after learning of such subpoena, court
order, or other government process, will notify, by personal delivery or by
facsimile, confirmed by express mail, the Corporation and, at the Corporation's
expense, Executive will: (a) take all necessary steps reasonably requested by
the Corporation to defend against the enforcement of such subpoena, court order
or other government process, and (b) permit the Corporation to intervene and
participate with counsel of its choice in any proceeding relating to the
enforcement thereof.

                                       8
<Page>

         5.2   Termination of Employment. Upon termination of this Agreement, or
at any time the Corporation may so request, Executive will promptly deliver to
Corporation all memoranda, notes, records, reports, customer lists, manuals,
drawings and other documents (and all copies thereof) relating to the business
of the Corporation and its subsidiaries and affiliates and all property
associated therewith, which he may then possess or have under his control;
provided, however, that Executive may retain copies of documents containing
information that relates solely to those customers that Executive is permitted
to solicit within the first year following the termination of his employment as
provided in Section 5.3.

         5.3   Nonsolicitation. During the term of this Agreement and for a
period of one year thereafter, Executive shall not, without the prior written
permission of the Corporation, in the United States, its territories and
possessions, directly or indirectly, (i) employ or retain, or have or cause any
other person or entity to employ or retain, any person who was employed or
retained by Corporation or any of its subsidiaries and affiliates at any time
within 90 days prior to the later of the termination of Executive's employment
or consultancy hereunder; or (ii) solicit, interfere with, or endeavor to entice
away from the Corporation or any of its subsidiaries or affiliates any of its or
their customers or sources of supply, other than those customers of any of the
broker-dealer subsidiaries of the Corporation for which the Executive was the
designated account representative; provided, however, that Executive shall not
solicit, interfere with, or endeavor to entice away from such broker-dealer
subsidiary any customers for which Executive was the designated account
representative if such was obtained through such broker-dealer's customer lead
program.

         5.4   Injunctive Relief. The parties hereto hereby acknowledge and
agree that (i) the Corporation would be irreparably injured in the event of a
breach by Executive of any of his obligations under Section 5 hereof, (ii)
monetary damages would not be an adequate remedy for any such breach, and (iii)
the Corporation shall be entitled to injunctive relief, in addition to any other
remedy which it may have, in the event of any such breach or threatened breach.
It is hereby also agreed that the existence of any claims which Executive may
have against the Corporation or any of it subsidiaries, whether under this
Agreement or otherwise, shall not be a defense to the enforcement by the
Corporation of any of its rights under this Section 5 hereof. In the event of a
breach, the Corporation may also require Executive to account for and pay over

                                       9

<Page>

to Corporation all compensation, profits, monies, accruals, increments or other
benefits derived or received by Executive as the result of any transactions
constituting such breach.

         5.5   Scope of Restriction. It is the intent of the parties hereto that
the covenants contained in Section 5 hereof shall be enforced to the fullest
extent permissible under the laws and public policies of each jurisdiction in
which enforcement is sought (Executive hereby acknowledging that said
restrictions are reasonably necessary for the protection of Executive).
Accordingly, it is hereby agreed that if any of the provisions of Section 5
hereof shall be adjudicated to be invalid or unenforceable for any reason
whatsoever, said provision shall be (only with respect to the operation thereof
in the particular jurisdiction in which such adjudication is made) construed by
limiting and reducing it so as to be enforceable to the extent permissible,
without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of said provision in any other jurisdiction.

         5.6   Nonexclusivity. The undertakings of Executive contained in
Section 5 hereof shall be in addition to, and not in lieu of, any obligations
which he may have with respect to the subject matter hereof, whether by
contract, as a matter of law or otherwise.

6.       Executive's Representations. Executive represents and warrants that
Executive has the right to enter into this Agreement and is not subject to any
contract, commitment, agreement, arrangement or restriction of any kind which
would prevent Executive from performing Executive's duties and obligations
hereunder, nor is Executive subject to any post-employment restriction pursuant
to a contractual arrangement or otherwise. Executive acknowledges that the
Corporation's willingness to employ Executive is based upon the accuracy of the
foregoing representation and warranties. Executive agrees that he will indemnify

                                       10

<Page>

the Corporation against all costs and expenses, including reasonable attorney's
fees, incurred in the defense of any claims that would constitute a breach of
Section 6 brought against the Corporation.

7.       Miscellaneous Provisions.
         ------------------------

         7.1   Notices. All notices provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when delivered if delivered
personally or by nationally recognized overnight courier, or four days after
deposit with the United States Post Office if mailed by postage prepaid
registered or certified mail, return receipt requested, addressed to the
Corporation at its principal executive office and to the Executive at his then
current residence address as indicated in the records of the Corporation.

         7.2   Entire Agreement. This Agreement, together with the Stock Option
Agreements referred to in Section 2.4, set forth the entire agreement of the
parties with respect to the subject matter hereof and is intended to supersede
all prior negotiations, understandings and agreements. No provisions of this
Agreement may be waived or changed except by a writing by the party against whom
such waiver of change is sought to be enforced. The failure of any party to
require performance of any provision hereof shall in no manner affect the right
at a later time to enforce such provision.

         7.3   Governing Law. All questions with respect to the construction or
interpretation of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the internal law of the State
of New York without regard to principles of conflicts of law.

         7.4   Headings. The article headings are inserted only as a matter of
convenience and for reference and in no way define, limit or describe the scope
or intent of any provision of this Agreement.

                                       11
<Page>

         7.5   Successors. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of the Corporation. This Agreement shall
not be assignable by Executive and shall inure to the benefit of and be binding
upon Executive and his legal representatives.

         7.6   Severability. If any provision or if any part of any provisions
of this Agreement is found to be unenforceable, illegal or contrary to public
policy by a court of competent jurisdiction, the parties agree that this
Agreement shall remain in full force and effect except for such provision or
part of any such provision held to be unenforceable.

               IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first above written.

KIRLIN HOLDING CORP.

    /s/ Barry Shapiro                       /s/ David O. Lindner
By_______________________________           ____________________________________
      Barry Shapiro                         DAVID O. LINDNER
      Chief Financial Officer

                                            Residence Address of Executive

                                            3390 Jason Court
                                            Bellmore, NY  11710

                                       12

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