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                                                                     EXHIBIT 4.3

                             Digi International Inc.
                             2000 Omnibus Stock Plan

                       (effective as of November 6, 2000)

         1. Purpose. The purpose of the Digi International Inc. 2000 Omnibus
Stock Plan (the "Plan") is to promote the interests of the Company and its
stockholders by providing key personnel of the Company and its Affiliates with
an opportunity to acquire a proprietary interest in the Company and reward them
for achieving a high level of corporate performance and thereby develop a
stronger incentive to put forth maximum effort for the continued success and
growth of the Company and its Affiliates. In addition, the opportunity to
acquire a proprietary interest in the Company will aid in attracting and
retaining key personnel of outstanding ability. The Plan is also intended to
provide Outside Directors with an opportunity to acquire a proprietary interest
in the Company, to compensate Outside Directors for their contribution to the
Company and to aid in attracting and retaining Outside Directors.

         2.       Definitions.

                  2.1      The capitalized terms used elsewhere in the Plan have
         the meanings set forth below.

                           (a) "Affiliate" means any corporation that is a
                  "parent corporation" or "subsidiary corporation" of the
                  Company, as those terms are defined in Code Sections 424(e)
                  and (f), or any successor provisions, and, for purposes other
                  than the grant of Incentive Stock Options, any joint venture
                  in which the Company or any such "parent corporation" or
                  "subsidiary corporation" owns an equity interest.

                           (b) "Agreement" means a written contract (i)
                  consistent with the terms of the Plan entered into between the
                  Company or an Affiliate and a Participant and (ii) containing
                  the terms and conditions of an Award in such form and not
                  inconsistent with the Plan as the Committee shall approve from
                  time to time, together with all amendments thereto, which
                  amendments may be unilaterally made by the Company (with the
                  approval of the Committee) unless such amendments are deemed
                  by the Committee to be materially adverse to the Participant
                  and not required as a matter of law.

                           (c) "Award" or "Awards" means a grant made under the
                  Plan in the form of Restricted Stock, Options, Stock
                  Appreciation Rights, Performance Units, Stock or any other
                  stock-based award.

                           (d) "Board" means the Board of Directors of the
                  Company.

                           (e) "Code" means the Internal Revenue Code of 1986,
                  as amended and in effect from time to time or any successor
                  statute.

                           (f) "Committee" means two or more Non-Employee
                  Directors designated by the Board to administer the Plan under
                  Plan Section 3.1 and constituted so as to permit grants
                  thereby to comply with Exchange Act Rule 16b-3 and Code
                  Section 162(m).

                           (g) "Company" means Digi International  Inc., a
                  Delaware  corporation, or any successor to all or
                  substantially all of its businesses by merger, consolidation,
                  purchase of assets or otherwise.

                           (h) "Effective Date" means the date specified in Plan
                  Section 12.1.

                           (i) "Employee"  means an employee (including an
                  officer or director who is also an employee) of the Company or
                  an Affiliate.

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                           (j) "Exchange Act" means the Securities Exchange Act
                  of 1934, as amended and in effect from time to time or any
                  successor statute.

                           (k) "Exchange Act Rule 16b-3" means Rule 16b-3
                  promulgated by the Securities and Exchange Commission under
                  the Exchange Act, as now in force and in effect from time to
                  time or any successor regulation.

                           (l) "Fair Market Value" as of any date means, unless
                  otherwise expressly provided in the Plan:

                                    (i) the closing sale price of a Share on the
                           date immediately preceding that date or, if no sale
                           of Shares shall have occurred on that date, on the
                           next preceding day on which a sale of Shares occurred

                                        (A) on the composite tape for New York
                                     Stock Exchange listed shares, or

                                        (B) if the Shares are not quoted on
                                    the composite tape for New York Stock
                                    Exchange listed shares, on the principal
                                    United States Securities Exchange registered
                                    under the Exchange Act on which the Shares
                                    are listed, or

                                        (C) if the Shares are not listed on any
                                    such  exchange, on the National Association
                                    of Securities Dealers, Inc. Automated
                                    Quotations National Market System or any
                                    system then in use, or

                                    (ii) if clause (i) is inapplicable, the mean
                           between the closing "bid" and the closing "asked"
                           quotation of a Share on the date immediately
                           preceding that date, or, if no closing bid or asked
                           quotation is made on that date, on the next preceding
                           day on which a closing bid and asked quotation is
                           made, on the National Association of Securities
                           Dealers, Inc. Automated Quotations System or any
                           system then in use, or

                                    (iii) if clauses (i) and (ii) are
                           inapplicable, what the Committee determines in good
                           faith to be 100% of the fair market value of a Share
                           on that date, using such criteria as it shall
                           determine, in its sole discretion, to be appropriate
                           for valuation.

                           However, if the applicable securities exchange or
                  system has closed for the day at the time the event occurs
                  that triggers a determination of Fair Market Value, whether
                  the grant of an Award, the exercise of an Option or Stock
                  Appreciation Right or otherwise, all references in this
                  paragraph to the "date immediately preceding that date" shall
                  be deemed to be references to "that date." In the case of an
                  Incentive Stock Option, if this determination of Fair Market
                  Value is not consistent with the then current regulations of
                  the Secretary of the Treasury, Fair Market Value shall be
                  determined in accordance with those regulations. The
                  determination of Fair Market Value shall be subject to
                  adjustment as provided in Plan Section 16.

                           (m) "Fundamental Change" means a dissolution or
                  liquidation of the Company, a sale of substantially all of the
                  assets of the Company, a merger or consolidation of the
                  Company with or into any other corporation, regardless of
                  whether the Company is the surviving corporation, or a
                  statutory share exchange involving capital stock of the
                  Company.

                           (n) "Incentive Stock Option" means any Option
                  designated as such and granted in accordance with the
                  requirements of Code Section 422 or any successor provision.

                           (o) "Insider" as of a particular date means any
                  person who, as of that date is an officer of the Company as
                  defined under Exchange Act Rule 16a-1(f) or its successor
                  provision.

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                           (p) "Non-Employee Director" means a member of the
                  Board who is considered a non-employee director within the
                  meaning of Exchange Act Rule 16b-3(b)(3) or its successor
                  provision and an outside director for purposes of Code Section
                  162(m).

                           (q) "Non-Statutory Stock Option" means an Option
                  other than an Incentive Stock Option.

                           (r) "Option" means a right to purchase Stock,
                  including both Non-Statutory Stock Options and Incentive Stock
                  Options.

                           (s) "Outside Director" means a director who is not an
                  Employee.

                           (t) "Participant" means a person or entity to whom an
                  Award is or has been made in accordance with the Plan.

                           (u) "Performance Cycle" means the period of time as
                  specified in an Agreement over which Performance Units are to
                  be earned.

                           (v) "Performance Units" means an Award made pursuant
                  to Plan Section 11.

                           (w) "Plan" means this Digi International Inc. 2000
                  Omnibus Stock Plan, as may be amended and in effect from time
                  to time.

                           (x) "Restricted Stock" means Stock granted under Plan
                  Section 7 so long as such Stock remains subject to one or more
                  restrictions.

                           (y) "Section 16" or "Section 16(b)" means Section 16
                  or Section 16(b), respectively, of the Exchange Act or any
                  successor statute and the rules and regulations promulgated
                  thereunder as in effect and as amended from time to time.

                           (z) "Share" means a share of Stock.

                           (aa) "Stock" means the common stock, par value $.01
                  per share, of the Company.

                           (bb) "Stock Appreciation Right" means a right, the
                  value of which is determined in relation to the appreciation
                  in value of Shares pursuant to an Award granted under Plan
                  Section 10.

                           (cc) "Subsidiary" means a "subsidiary corporation,"
                  as that term is defined in Code Section 424(f) or any
                  successor provision.

                           (dd) "Successor" with respect to a Participant means
                  the legal representative of an incompetent Participant, and if
                  the Participant is deceased the estate of the Participant or
                  the person or persons who may, by bequest or inheritance, or
                  pursuant to the terms of an Award, acquire the right to
                  exercise an Option or Stock Appreciation Right or to receive
                  cash and/or Shares issuable in satisfaction of an Award in the
                  event of the Participant's death.

                           (ee) "Term" means the period during which an Option
                  or Stock Appreciation Right may be exercised or the period
                  during which the restrictions or terms and conditions placed
                  on Restricted Stock or any other Award are in effect.

                           (ff) "Transferee" means any member of the
                  Participant's immediate family (i.e., his or her children,
                  step-children, grandchildren and spouse) or one or more trusts
                  for the benefit of such family members or partnerships in
                  which such family members are the only partners.

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                  2.2 Gender and Number. Except when otherwise indicated by the
         context, reference to the masculine gender shall include, when used,
         the feminine gender and any term used in the singular shall also
         include the plural.

         3.       Administration and Indemnification.

                  3.1      Administration.

                           (a) The Committee shall administer the Plan. The
                  Committee shall have exclusive power to (i) make Awards, (ii)
                  determine when and to whom Awards will be granted, the form of
                  each Award, the amount of each Award (except as to the amount
                  of the Outside Director Options pursuant to Plan Section 9.3),
                  and any other terms or conditions of each Award consistent
                  with the Plan, and (iii) determine whether, to what extent and
                  under what circumstances, Awards may be settled, paid or
                  exercised in cash, Shares or other Awards, or other property
                  or canceled, forfeited or suspended. Each Award shall be
                  subject to an Agreement authorized by the Committee. A
                  majority of the members of the Committee shall constitute a
                  quorum for any meeting of the Committee, and acts of a
                  majority of the members present at any meeting at which a
                  quorum is present or the acts unanimously approved in writing
                  by all members of the Committee shall be the acts of the
                  Committee. Notwithstanding the foregoing, the Board shall have
                  the sole and exclusive power to administer the Plan with
                  respect to Awards granted to Outside Directors, including any
                  grants made under Plan Section 9.3(e).

                           (b) Solely for purposes of determining and
                  administering Awards to Participants who are not Insiders, the
                  Committee may delegate all or any portion of its authority
                  under the Plan to one or more persons who are not Non-Employee
                  Directors.

                           (c) To the extent within its discretion and subject
                  to Plan Sections 15 and 16, other than price, the Committee
                  may amend the terms and conditions of any outstanding Award.

                           (d) It is the intent that the Plan and all Awards
                  granted pursuant to it shall be administered by the Committee
                  so as to permit the Plan and Awards to comply with Exchange
                  Act Rule 16b-3, except in such instances as the Committee, in
                  its discretion, may so provide. If any provision of the Plan
                  or of any Award would otherwise frustrate or conflict with the
                  intent expressed in this Section 3.1(d), that provision to the
                  extent possible shall be interpreted and deemed amended in the
                  manner determined by the Committee so as to avoid the
                  conflict. To the extent of any remaining irreconcilable
                  conflict with this intent, the provision shall be deemed void
                  as applicable to Insiders to the extent permitted by law and
                  in the manner deemed advisable by the Committee.

                           (e) The Committee's interpretation of the Plan and of
                  any Award or Agreement made under the Plan and all related
                  decisions or resolutions of the Board or Committee shall be
                  final and binding on all parties with an interest therein.
                  Consistent with its terms, the Committee shall have the power
                  to establish, amend or waive regulations to administer the
                  Plan. In carrying out any of its responsibilities, the
                  Committee shall have discretionary authority to construe the
                  terms of the Plan and any Award or Agreement made under the
                  Plan.

                  3.2 Indemnification. Each person who is or shall have been a
         member of the Committee, or of the Board, and any other person to whom
         the Committee delegates authority under the Plan, shall be indemnified
         and held harmless by the Company, to the extent permitted by law,
         against and from any loss, cost, liability or expense that may be
         imposed upon or reasonably incurred by such person in connection with
         or resulting from any claim, action, suit or proceeding to which such
         person may be a party or in which such person may be involved by reason
         of any action taken or failure to act, made in good faith, under the
         Plan and against and from any and all amounts paid by such person in
         settlement thereof, with the Company's approval, or paid by such person
         in satisfaction of any judgment in any such action, suit or proceeding
         against such person, provided such person shall give the Company an
         opportunity, at the

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         Company's expense, to handle and defend the same before such person
         undertakes to handle and defend it on such person's own behalf. The
         foregoing right of indemnification shall not be exclusive of any other
         rights of indemnification to which such person or persons may be
         entitled under the Company's Certificate of Incorporation or Bylaws,
         as a matter of law, or otherwise, or any power that the Company may
         have to indemnify them or hold them harmless.

         4.       Shares Available Under the Plan.

                           (a) The number of Shares available for distribution
                  under the Plan shall not exceed 750,000 (subject to adjustment
                  pursuant to Plan Section 16).

                           (b) Any Shares subject to the terms and conditions of
                  an Award under the Plan that are not used because the terms
                  and conditions of the Award are not met may again be used for
                  an Award under the Plan; provided however, that Shares with
                  respect to which a Stock Appreciation Right has been exercised
                  whether paid in cash and/or in Shares may not again be awarded
                  under the Plan.

                           (c) Any unexercised or undistributed portion of any
                  terminated, expired, exchanged, or forfeited Award, or any
                  Award settled in cash in lieu of Shares (except as provided in
                  Plan Section 4(b)) shall be available for further Awards.

                           (d) For the purposes of computing the total number of
                  Shares granted under the Plan, the following rules shall apply
                  to Awards payable in Shares where appropriate:

                                (i) each Option shall be deemed to be the
                           equivalent of the maximum number of Shares that may
                           be issued upon exercise of the particular Option;

                                (ii) an Award (other than an Option) payable
                           in some other security shall be deemed to be equal to
                           the number of Shares to which it relates;

                                 (iii) where the number of Shares available
                           under the Award is variable on the date it is
                           granted, the number of Shares shall be deemed to be
                           the maximum number of Shares that could be received
                           under that particular Award; and

                                 (iv) where two or more types of Awards (all
                           of which are payable in Shares) are granted to a
                           Participant in tandem with each other, such that the
                           exercise of one type of Award with respect to a
                           number of Shares cancels at least an equal number of
                           Shares of the other, each such joint Award shall be
                           deemed to be the equivalent of the maximum number of
                           Shares available under the largest single Award.

                           Additional rules for determining the number of Shares
                  granted under the Plan may be made by the Committee as it
                  deems necessary or desirable.

                           (e) No fractional Shares may be issued under the
                  Plan; however, cash shall be paid in lieu of any fractional
                  Share in settlement of an Award.

                           (f) The maximum number of Shares that may be awarded
                  to a Participant in any calendar year in the form of Options
                  is 250,000 and the maximum number of Shares that may be
                  awarded to a Participant in any calendar year in the form of
                  Stock Appreciation Rights is 100,000.

         5. Eligibility. Participation in the Plan shall be limited to Employees
and to individuals or entities who are not Employees but who provide services to
the Company or an Affiliate, including services provided in the capacity of a
consultant, advisor or director. The granting of Awards is solely at the
discretion of the Committee, except that Incentive Stock Options may only be
granted to Employees and except for certain Awards to Outside

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Directors pursuant to Plan Section 9.3. References herein to "employed,"
"employment" or similar terms (except "Employee") shall include the providing of
services in any capacity or as a director. Neither the transfer of employment of
a Participant between any of the Company or its Affiliates, nor a leave of
absence granted to such Participant and approved by the Committee, shall be
deemed a termination of employment for purposes of the Plan.

         6.       General Terms of Awards.

                  6.1 Amount of Award. Each Agreement shall set forth the number
         of Shares of Restricted Stock, Stock or Performance Units subject to
         the Agreement, or the number of Shares to which the Option subject to
         the Agreement applies or with respect to which payment upon the
         exercise of the Stock Appreciation Right subject to the Agreement is to
         be determined, as the case may be, together with such other terms and
         conditions applicable to the Award as determined by the Committee
         acting in its sole discretion.

                  6.2 Term. Each Agreement, other than those relating solely to
         Awards of Shares without restrictions, shall set forth the Term of the
         Option, Stock Appreciation Right, Restricted Stock or other Award or
         the Performance Cycle for the Performance Units, as the case may be.
         Acceleration of the expiration of the applicable Term is permitted,
         upon such terms and conditions as shall be set forth in the Agreement,
         which may, but need not, include, without limitation, acceleration in
         the event of the Participant's death or retirement. Acceleration of the
         Performance Cycle of Performance Units shall be subject to Plan Section
         11.2.

                  6.3 Transferability. Except as provided in this Section,
         during the lifetime of a Participant to whom an Award is granted, only
         that Participant (or that Participant's legal representative) may
         exercise an Option or Stock Appreciation Right, or receive payment with
         respect to Performance Units or any other Award. No Award of Restricted
         Stock (before the expiration of the restrictions), Options, Stock
         Appreciation Rights or Performance Units or other Award may be sold,
         assigned, transferred, exchanged or otherwise encumbered other than to
         a Successor in the event of a Participant's death or pursuant to a
         qualified domestic relations order as defined in the Code or Title 1 of
         the Employee Retirement Income Security Act of 1974, as amended
         ("ERISA"), or the rules thereunder; any attempted transfer in violation
         of this Section 6.3 shall be of no effect. Notwithstanding the
         immediately preceding sentence, the Committee, in an Agreement or
         otherwise at its discretion, may provide that the Award (other than
         Incentive Stock Options) may be transferable to a Transferee if the
         Participant does not receive any consideration for the transfer. Any
         Award held by a Transferee shall continue to be subject to the same
         terms and conditions that were applicable to that Award immediately
         before the transfer thereof to the Transferee. For purposes of any
         provision of the Plan relating to notice to a Participant or to
         acceleration or termination of an Award upon the death, disability or
         termination of employment of a Participant (or, in the case of Plan
         Section 9.3, an Outside Director) the references to "Participant" (or
         "Outside Director") shall mean the original grantee of an Award and not
         any Transferee.

                  6.4 Termination of Employment. Except as otherwise determined
         by the Committee or provided by the Committee in an Agreement, in case
         of a Participant's termination of employment, the following provisions
         shall apply:

                           (a)      Options and Stock Appreciation Rights.

                           (i)      If a Participant's employment or other
                                    relationship with the Company and its
                                    Affilitates terminates because of the
                                    Participant's death, then any Option or
                                    Stock Appreciation Right that has not
                                    expired or been terminated shall become
                                    exercisable in full if the Participant's
                                    employment or other relationship with the
                                    Company and its Affiliates has been
                                    continuous between the date the Option or
                                    Stock Appreciation Right was granted and a
                                    date not more than three months prior to
                                    such death, and may be exercised by the
                                    Participant's Successor at any time, or from
                                    time to time, within one year after the date
                                    of the Participant's death.

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                           (ii)     If a Participant's employment or other
                                    relationship with the Company and its
                                    Affiliates terminates because the
                                    Participant is disabled (within the meaning
                                    of Section 22(e)(3) of the Code), then any
                                    Option or Stock Appreciation Right that has
                                    not expired or been terminated shall become
                                    exercisable in full if the Participant's
                                    employment or other relationship with the
                                    Company and its Affiliates has been
                                    continuous between the date the Option or
                                    Stock Appreciation Right was granted and the
                                    date of such disability, and the Participant
                                    or the Participant's Successor may exercise
                                    such Option or Stock Appreciation Right at
                                    any time, or from time to time, within one
                                    year after the date of the Participant's
                                    disability.

                           (iii)    If a Participant's employment terminates for
                                    any reason other than death or disability,
                                    then any Option or Stock Appreciation Right
                                    that has not expired or been terminated
                                    shall remain exercisable for three months
                                    after termination of the Participant's
                                    employment, but, unless otherwise provided
                                    in the Agreement, only to the extent that
                                    such Option or Stock Appreciation Right was
                                    exercisable immediately prior to such
                                    Participant's termination of employment;
                                    provided, however, that if the Participant
                                    is an Outside Director, the Option or Stock
                                    Appreciation Right shall remain exercisable
                                    until the expiration of the Term after such
                                    Outside Director ceases to be a director of
                                    the Company but, unless otherwise provided
                                    in the Agreement, only to the extent that
                                    such Option or Stock Appreciation Right was
                                    exercisable immediately prior to such
                                    Outside Director ceasing to be a director.

                           (iv)     Notwithstanding the foregoing Plan Sections
                                    6.4(a)(i), (ii) and (iii), in no event shall
                                    an Option or a Stock Appreciation Right be
                                    exercisable after the expiration of the Term
                                    of such Award. Any Option or Stock
                                    Appreciation Right that is not exercised
                                    within the periods set forth in Plan
                                    Sections 6.4 (i), (ii) and (iii), except as
                                    otherwise provided by the Committee in the
                                    Agreement, shall terminate as of the end of
                                    the periods described in such Sections.

                            (b) Performance Units. If a Participant's employment
                  or other relationship with the Company and its Affiliates
                  terminates during a Performance Cycle because of death or
                  disability, or under other circumstances provided by the
                  Committee in its discretion in the Agreement or otherwise, the
                  Participant, unless the Committee shall otherwise provide in
                  the Agreement, shall be entitled to a payment with respect to
                  Performance Units at the end of the Performance Cycle based
                  upon the extent to which achievement of performance targets
                  was satisfied at the end of such period (as determined at the
                  end of the Performance Cycle) and prorated for the portion of
                  the Performance Cycle during which the Participant was
                  employed by the Company or its Affiliates. Except as provided
                  in this Section 6.4(b) or in the Agreement, if a Participant's
                  employment or other relationship with the Company and its
                  Affiliates terminates during a Performance Cycle, then such
                  Participant shall not be entitled to any payment with respect
                  to that Performance Cycle.

                           (c) Restricted Stock Awards. Unless otherwise
                  provided in the Agreement, in case of a Participant's death or
                  disability, the Participant shall be entitled to receive a
                  number of Shares of Restricted Stock under outstanding Awards
                  that has been prorated for the portion of the Term of the
                  Awards during which the Participant was employed by the
                  Company and its Affiliates, and, with respect to such Shares,
                  all restrictions shall lapse. Any Shares of Restricted Stock
                  as to which restrictions do not lapse under the preceding
                  sentence shall terminate at the date of the Participant's
                  termination of employment and such Shares of Restricted Stock
                  shall be forfeited to the Company.

                  6.5 Rights as Stockholder. Each Agreement shall provide that a
         Participant shall have no rights as a stockholder with respect to any
         securities covered by an Award unless and until the date the
         Participant becomes the holder of record of the Stock, if any, to which
         the Award relates.

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         7.       Restricted Stock Awards.

                           (a) An Award of Restricted Stock under the Plan shall
                  consist of Shares subject to restrictions on transfer and
                  conditions of forfeiture, which restrictions and conditions
                  shall be included in the applicable Agreement. The Committee
                  may provide for the lapse or waiver of any such restriction or
                  condition based on such factors or criteria as the Committee,
                  in its sole discretion, may determine.

                           (b) Except as otherwise provided in the applicable
                  Agreement, each Stock certificate issued with respect to an
                  Award of Restricted Stock shall either be deposited with the
                  Company or its designee, together with an assignment separate
                  from the certificate, in blank, signed by the Participant, or
                  bear such legends with respect to the restricted nature of the
                  Restricted Stock evidenced thereby as shall be provided for in
                  the applicable Agreement.

                           (c) The Agreement shall describe the terms and
                  conditions by which the restrictions and conditions of
                  forfeiture upon awarded Restricted Stock shall lapse. Upon the
                  lapse of the restrictions and conditions, Shares free of
                  restrictive legends, if any, relating to such restrictions
                  shall be issued to the Participant or a Successor or
                  Transferee.

                           (d) A Participant or a Transferee with a Restricted
                  Stock Award shall have all the other rights of a stockholder
                  including, but not limited to, the right to receive dividends
                  and the right to vote the Shares of Restricted Stock.

                           (e) No more than 100,000 of the total number of
                  Shares available for Awards under the Plan shall be issued
                  during the term of the Plan as Restricted Stock. This
                  limitation shall be calculated pursuant to the applicable
                  provisions of Plan Sections 4 and 16.

         8.       Other Awards. The Committee may from time to time grant
Stock and other Awards under the Plan including, without limitation, those
Awards pursuant to which Shares are or may in the future be acquired, Awards
denominated in Stock units, securities convertible into Stock and phantom
securities. The Committee, in its sole discretion, shall determine the terms and
conditions of such Awards provided that such Awards shall not be inconsistent
with the terms and purposes of the Plan. The Committee may, at its sole
discretion, direct the Company to issue Shares subject to restrictive legends
and/or stop transfer instructions that are consistent with the terms and
conditions of the Award to which the Shares relate. No more than 50,000 of the
total number of Shares available for Awards under the Plan shall be issued
during the term of the Plan in the form of Stock without restrictions.

         9.       Stock Options.

                  9.1      Terms of All Options.

                           (a) An Option shall be granted pursuant to an
                  Agreement as either an Incentive Stock Option or a
                  Non-Statutory Stock Option. The purchase price of each Share
                  subject to an Option shall be determined by the Committee and
                  set forth in the Agreement, but shall not be less than 50% of
                  the Fair Market Value of a Share as of the date the Option is
                  granted (except as provided in Plan Sections 9.2 and 19).

                           (b) The purchase price of the Shares with respect to
                  which an Option is exercised shall be payable in full at the
                  time of exercise, provided that to the extent permitted by
                  law, the Agreement may permit some or all Participants to
                  simultaneously exercise Options and sell the Shares thereby
                  acquired pursuant to a brokerage or similar relationship and
                  use the proceeds from the sale as payment of the purchase
                  price of the Shares. The purchase price may be payable in
                  cash, by delivery or tender of Shares having a Fair Market
                  Value as of the date the Option is exercised equal to the
                  purchase price of the Shares being purchased pursuant to the
                  Option, or a combination thereof, as determined by the
                  Committee, but no fractional Shares will be issued or
                  accepted. Provided, however, that a Participant exercising a
                  stock option shall not be permitted to

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                  pay any portion of the purchase price with Shares if, in the
                  opinion of the Committee, payment in such manner could have
                  adverse financial accounting consequences for the Company.

                           (c) The Committee may provide, in an Agreement or
                  otherwise, that a Participant who exercises an Option and pays
                  the Option price in whole or in part with Shares then owned by
                  the Participant will be entitled to receive another Option
                  covering the same number of shares tendered and with a price
                  of no less than Fair Market Value on the date of grant of such
                  additional Option ("Reload Option"). Unless otherwise provided
                  in the Agreement, a Participant, in order to be entitled to a
                  Reload Option, must pay with Shares that have been owned by
                  the Participant for at least the preceding 180 days.

                           (d) Each Option shall be exercisable in whole or in
                  part on the terms provided in the Agreement. In no event shall
                  any Option be exercisable at any time after the expiration of
                  its Term. When an Option is no longer exercisable, it shall be
                  deemed to have lapsed or terminated.

                  9.2      Incentive Stock Options. In addition to the other
         terms and conditions applicable to all Options:

                           (i) the purchase price of each Share subject to an
                  Incentive Stock Option shall not be less than 100% of the Fair
                  Market Value of a Share as of the date the Incentive Stock
                  Option is granted if this limitation is necessary to qualify
                  the Option as an Incentive Stock Option (except as provided in
                  Plan Section 19);

                           (ii) the aggregate Fair Market Value (determined as
                  of the date the Option is granted) of the Shares with respect
                  to which Incentive Stock Options held by an individual first
                  become exercisable in any calendar year (under the Plan and
                  all other incentive stock option plans of the Company and its
                  Affiliates) shall not exceed $100,000 (or such other limit as
                  may be required by the Code) if this limitation is necessary
                  to qualify the Option as an Incentive Stock Option and to the
                  extent an Option or Options granted to a Participant exceed
                  this limit the Option or Options shall be treated as a
                  Non-Statutory Stock Option;

                           (iii) an Incentive Stock Option shall not be
                  exercisable more than 10 years after the date of grant (or
                  such other limit as may be required by the Code) if this
                  limitation is necessary to qualify the Option as an Incentive
                  Stock Option;

                           (iv) the Agreement covering an Incentive Stock Option
                  shall contain such other terms and provisions that the
                  Committee determines necessary to qualify this Option as an
                  Incentive Stock Option; and

                           (v) notwithstanding any other provision of the Plan
                  to the contrary, no Participant may receive an Incentive Stock
                  Option under the Plan if, at the time the Award is granted,
                  the Participant owns (after application of the rules contained
                  in Code Section 424(d), or its successor provision), Shares
                  possessing more than 10% of the total combined voting power of
                  all classes of stock of the Company or its Subsidiaries,
                  unless (i) the option price for that Incentive Stock Option is
                  at least 110% of the Fair Market Value of the Shares subject
                  to that Incentive Stock Option on the date of grant and (ii)
                  that Option is not exercisable after the date five years from
                  the date that Incentive Stock Option is granted.

                  9.3 Terms and Conditions of Outside Director Options. This
         Section 9.3 shall apply from and after the earlier of the date of
         termination of the Digi International Inc. Stock Option Plan or the
         date on which no Shares remain available for issuance thereunder.

                           (a) Outside Director Option Grants. Subject to the
                  terms and conditions of the Plan, the Committee shall grant
                  Options to each Outside Director who is not on the date such
                  Option

                                       9

<PAGE>   10

                  would be granted the beneficial owner (as defined in Rule
                  13d-3 under the Exchange Act) of more than 5% of the
                  outstanding Shares, on the terms and conditions set forth in
                  this Section 9.3. During the term of the Plan and provided
                  that sufficient Shares are available pursuant to Plan Section
                  4:
                           (i)      each person who is elected to be an Outside
                                    Director and who was not at any time
                                    previously a director of the Company shall
                                    be granted a Non-Statutory Stock Option. The
                                    date such person is elected to be an Outside
                                    Director of the Company shall be the date of
                                    grant for such Options granted pursuant to
                                    this Section 9.3(a)(i). The number of Shares
                                    covered by each such Option shall be 5,000;

                           (ii)     each person who is an Outside Director at
                                    the conclusion of an Annual Meeting of
                                    Stockholders shall be granted a
                                    Non-Statutory Stock Option on the date of
                                    such Annual Meeting of Stockholders. The
                                    date of such Annual Meeting of Stockholders
                                    shall also be the date of grant for Options
                                    granted pursuant to this Section 9.3(a)(ii).
                                    The number of Shares covered by each such
                                    Option shall be 1,500;

                           (iii)    each person who is elected to be an Outside
                                    Director between Annual Meetings of
                                    Stockholders shall be granted a
                                    Non-Statutory Stock Option. The date such
                                    person is elected to be an Outside Director
                                    of the Company by the Board shall be the
                                    date of grant for such Options granted
                                    pursuant to this Section 9.3(a)(iii). The
                                    number of Shares covered by each such Option
                                    shall be 1,500 multiplied by a fraction, the
                                    numerator of which shall be 12 minus the
                                    number of whole 30-day months that have
                                    elapsed from the date of the most recent
                                    Annual Meeting of Stockholders to the date
                                    such person is elected to be an Outside
                                    Director, and the denominator of which shall
                                    be 12;

                           (iv)     each person who is an Outside Director at
                                    the conclusion of an Annual Meeting of
                                    Stockholders may elect in writing to be
                                    granted a Non-Statutory Stock Option on the
                                    date of such Annual Meeting of Stockholders
                                    in lieu of all cash compensation to which
                                    such Outside Director would be entitled for
                                    the Board year of the Company commencing
                                    with such Annual Meeting of Stockholders.
                                    The date of such Annual Meeting of
                                    Stockholders shall also be the date of grant
                                    for Options granted pursuant to this Section
                                    9.3(a)(iv). The number of Shares covered by
                                    each such Option shall be 6,000. Any such
                                    election by an Outside Director shall be
                                    subject to prior approval by the Committee;
                                    and

                           (v)      each person who is elected to be an Outside
                                    Director between Annual Meetings of
                                    Stockholders may elect in writing to be
                                    granted a Non-Statutory Stock Option in lieu
                                    of all cash compensation to which such
                                    Outside Director would otherwise be entitled
                                    for the period commencing with the date such
                                    person is elected to be an Outside Director
                                    of the Company by the Board and ending on
                                    the date of the next Annual Meeting of
                                    Stockholders. The date such person is
                                    elected to be an Outside Director of the
                                    Company by the Board shall be the date of
                                    grant for such Options granted pursuant to
                                    this Section 9.3(a)(v). The number of Shares
                                    covered by each such Option shall be 6,000
                                    multiplied by a fraction, the numerator of
                                    which shall be 12 minus the number of whole
                                    30-day months that have elapsed from the
                                    date of the most recent Annual Meeting of
                                    Stockholders to the date such person is
                                    elected to be an Outside Director, and the
                                    denominator of which shall be 12. Such
                                    election by an Outside Director shall be
                                    subject to prior approval by the Committee.

                           (b) Exercise Price of Outside Director Options. The
                  purchase price of each Share subject to an Option granted to
                  an Outside Director pursuant to this Section 9.3 shall be the
                  Fair Market Value of a Share on the date of grant.

                                       10
<PAGE>   11

                           (c)      Vesting of Outside Director Options.

                           (i)      Subject to the provisions of Plan Sections
                                    9.3(d) and (e), (x) options granted to
                                    Outside Directors pursuant to Plan Sections
                                    9.3(a)(ii) and (iv) and (y) options granted
                                    to Outside Directors pursuant to Plan
                                    Section 9.3(a)(i) if the date of grant of
                                    such Options is the date of an Annual
                                    Meeting of Stockholders shall vest and
                                    become exercisable in accordance with the
                                    following schedule:

<TABLE>
<CAPTION>
             Annual Meeting                       Cumulative Percentage
             of Stockholders                       Becoming Exercisable
          ---------------------                   ---------------------
<S>                                                <C>
          One Year After Grant                             50%
          Two Years After Grant                            100%
</TABLE>

                           (ii)     Subject to the provisions of Plan Sections
                                    9.3(d) and (e), (x) the options granted to
                                    Outside Directors pursuant to Plan Sections
                                    9.3(a)(iii) and (v) and (y) options granted
                                    to Outside Directors pursuant to Plan
                                    Section 9.3(a)(i) if the date of grant of
                                    such Options is a date other than the date
                                    of an Annual Meeting of Stockholders shall
                                    vest and become exercisable in accordance
                                    with the following schedule:

<TABLE>
<CAPTION>
           Anniversary of the                    Cumulative Percentage
             Date of Grant                        Becoming Exercisable
         ---------------------                   ---------------------
<S>                                              <C>
          One Year After Grant                             50%
         Two Years After Grant                            100%
</TABLE>

                           (d) Accelerated Vesting of Outside Director Options.
                  Notwithstanding the vesting schedules set forth in Plan
                  Section 9.3(c), an Option held by an Outside Director shall
                  vest and become immediately exercisable upon the latest of (i)
                  the date on which such Outside Director attains 62 years of
                  age, (ii) the date on which such Outside Director has
                  completed five years of Service (as hereinafter defined) and
                  (iii) the first anniversary of the date of grant of such
                  Option or, if applicable, the Annual Meeting of Stockholders
                  next succeeding the Annual Meeting at which such Option was
                  granted. Any Option granted to an Outside Director on or after
                  the first accelerated vesting date for such Outside Director
                  shall automatically vest on the Annual Meeting of Stockholders
                  next succeeding the Annual Meeting at which such Option was
                  granted. As used herein, "Service" shall mean service to the
                  Company or an Affiliate in the capacity of any advisor,
                  consultant, employee, officer or director, and Service as a
                  director from an Annual Meeting of Stockholders to the next
                  succeeding Annual Meeting shall constitute a year of Service,
                  notwithstanding that such period may actually be more or less
                  than one year.

                           (e) Non-exclusivity of Section 9.3. The provisions of
                  this Section 9.3 are not intended to be exclusive; the
                  Committee, in its discretion, may grant Options or other
                  Awards to an Outside Director.

         10. Stock Appreciation Rights. An Award of a Stock Appreciation Right
shall entitle the Participant (or a Successor or Transferee), subject to terms
and conditions determined by the Committee, to receive upon exercise of the
Stock Appreciation Right all or a portion of the excess of (i) the Fair Market
Value of a specified number of Shares as of the date of exercise of the Stock
Appreciation Right over (ii) a specified price that shall not be less than 100%
of the Fair Market Value of such Shares as of the date of grant of the Stock
Appreciation Right. A Stock Appreciation Right may be granted in connection with
part or all of, in addition to, or completely independent of an Option or any
other Award under the Plan. If issued in connection with a previously or
contemporaneously granted Option, the Committee may impose a condition that
exercise of a Stock Appreciation Right cancels a pro rata portion of the Option
with which it is connected and vice versa. Each Stock Appreciation Right may be
exercisable in whole or in part on the terms provided in the Agreement. No Stock
Appreciation Right shall be exercisable at any time after the expiration of its
Term. When a Stock Appreciation Right is no longer exercisable, it shall be
deemed to have lapsed or terminated.

                                       11

<PAGE>   12

Upon exercise of a Stock Appreciation Right, payment to the Participant or a
Successor or Transferee shall be made at such time or times as shall be provided
in the Agreement in the form of cash, Shares or a combination of cash and Shares
as determined by the Committee. The Agreement may provide for a limitation upon
the amount or percentage of the total appreciation on which payment (whether in
cash and/or Shares) may be made in the event of the exercise of a Stock
Appreciation Right.

         11.      Performance Units.

                  11.1     Initial Award.

                           (a) An Award of Performance Units under the Plan
                  shall entitle the Participant or a Successor or Transferee to
                  future payments of cash, Shares or a combination of cash and
                  Shares, as determined by the Committee, based upon the
                  achievement of pre-established performance targets. These
                  performance targets may, but need not, include, without
                  limitation, targets relating to one or more of the Company's
                  or a group's, unit's, Affiliate's or an individual's
                  performance. The Agreement may establish that a portion of a
                  Participant's Award will be paid for performance that exceeds
                  the minimum target but falls below the maximum target
                  applicable to the Award. The Agreement shall also provide for
                  the timing of the payment.

                           (b) Following the conclusion or acceleration of each
                  Performance Cycle, the Committee shall determine the extent to
                  which (i) performance targets have been attained, (ii) any
                  other terms and conditions with respect to an Award relating
                  to the Performance Cycle have been satisfied and (iii) payment
                  is due with respect to an Award of Performance Units.

                  11.2 Acceleration and Adjustment. The Agreement may permit an
         acceleration of the Performance Cycle and an adjustment of performance
         targets and payments with respect to some or all of the Performance
         Units awarded to a Participant, upon the occurrence of certain events,
         which may, but need not include, without limitation, a Fundamental
         Change, a recapitalization, a change in the accounting practices of the
         Company, a change in the Participant's title or employment
         responsibilities, the Participant's death or retirement or, with
         respect to payments in Shares with respect to Performance Units, a
         reclassification, stock dividend, stock split or stock combination as
         provided in Plan Section 16. The Agreement also may provide for a
         limitation on the value of an Award of Performance Units that a
         Participant may receive.

         12.      Effective Date and Duration of the Plan.

                  12.1 Effective Date. The Plan shall become effective as of
         November 6, 2000, provided that the Plan is approved by the requisite
         vote of stockholders at the January 2001 Annual Meeting of Stockholders
         or any adjournment thereof.

                  12.2 Duration of the Plan. The Plan shall remain in effect
         until all Stock subject to it shall be distributed, all Awards have
         expired or lapsed, the Plan is terminated pursuant to Plan Section 15,
         or November 6, 2010 (the "Termination Date"); provided, however, that
         Awards made before the Termination Date may be exercised, vested or
         otherwise effectuated beyond the Termination Date unless limited in the
         Agreement or otherwise. No Award of an Incentive Stock Option shall be
         made more than 10 years after the Effective Date (or such other limit
         as may be required by the Code) if this limitation is necessary to
         qualify the Option as an Incentive Stock Option. The date and time of
         approval by the Committee of the granting of an Award shall be
         considered the date and time at which the Award is made or granted.

         13.      Plan Does Not Affect Employment Status.

                           (a) Status as an eligible Employee shall not be
                  construed as a commitment that any Award will be made under
                  the Plan to that eligible Employee or to eligible Employees
                  generally.

                                       12

<PAGE>   13

                           (b) Nothing in the Plan or in any Agreement or
                  related documents shall confer upon any Employee or
                  Participant any right to continue in the employment of the
                  Company or any Affiliate or constitute any contract of
                  employment or affect any right that the Company or any
                  Affiliate may have to change such person's compensation, other
                  benefits, job responsibilities, or title, or to terminate the
                  employment of such person with or without cause.

         14.      Tax Withholding. The Company shall have the right to withhold
from any cash payment under the Plan to a Participant or other person (including
a Successor or a Transferee) an amount sufficient to cover any required
withholding taxes. The Company shall have the right to require a Participant or
other person receiving Shares under the Plan to pay the Company a cash amount
sufficient to cover any required withholding taxes before actual receipt of
those Shares. In lieu of all or any part of a cash payment from a person
receiving Shares under the Plan, the Committee may permit the individual to
cover all or any part of the required withholdings through a reduction of the
number of Shares delivered or delivery or tender return to the Company of Shares
held by the Participant or other person, in each case valued in the same manner
as used in computing the withholding taxes under the applicable laws.

         15.      Amendment, Modification and Termination of the Plan.

                  (a) The Board may at any time and from time to time terminate,
         suspend or modify the Plan. Except as limited in (b) below, the
         Committee may at any time alter or amend any or all Agreements under
         the Plan to the extent permitted by law.

                  (b) No termination, suspension, or modification of the Plan
         will materially and adversely affect any right acquired by any
         Participant or Successor or Transferee under an Award granted before
         the date of termination, suspension, or modification, unless otherwise
         agreed to by the Participant in the Agreement or otherwise, or required
         as a matter of law; but it will be conclusively presumed that any
         adjustment for changes in capitalization provided for in Plan Sections
         11.2 or 16 does not adversely affect these rights.

         16.      Adjustment for Changes in Capitalization. Subject to any
required action by the Company's stockholders, appropriate adjustments, so as to
prevent enlargement of rights or inappropriate dilution -- (i) in the aggregate
number and type of Shares available for Awards under the Plan, (ii) in the
limitations on the number of Shares that may be issued to an individual
Participant as an Option or a Stock Appreciation Right in any calendar year or
that may be issued in the form of Restricted Stock or Shares without
restrictions, (iii) in the number and type of Shares and amount of cash subject
to Awards then outstanding, (iv) in the Option price as to any outstanding
Options and, (v) subject to Plan Section 11.2, in outstanding Performance Units
and payments with respect to outstanding Performance Units -- may be made by the
Committee in its sole discretion to give effect to adjustments made in the
number or type of Shares through a Fundamental Change (subject to Plan Section
17), recapitalization, reclassification, stock dividend, stock split, stock
combination or other relevant change, provided that fractional Shares shall be
rounded to the nearest whole Share.

         17.      Fundamental Change. In the event of a proposed Fundamental
Change, the Committee may, but shall not be obligated to:

                  (a) if the Fundamental Change is a merger or consolidation or
         statutory share exchange, make appropriate provision for the protection
         of the outstanding Options and Stock Appreciation Rights by the
         substitution of options, stock appreciation rights and appropriate
         voting common stock of the corporation surviving any merger or
         consolidation or, if appropriate, the parent corporation of the Company
         or such surviving corporation; or

                  (b) at least ten days before the occurrence of the Fundamental
         Change, declare, and provide written notice to each holder of an Option
         or Stock Appreciation Right of the declaration, that each outstanding
         Option and Stock Appreciation Right, whether or not then exercisable,
         shall be canceled at the time of, or immediately before the occurrence
         of the Fundamental Change in exchange for payment to each holder of an
         Option or Stock Appreciation Right, within ten days after the
         Fundamental Change, of cash equal to (i) for each Share covered by the
         canceled Option, the amount, if any, by which the Fair Market

                                       14

<PAGE>   14

         Value (as defined in this Section) per Share exceeds the exercise price
         per Share covered by such Option or (ii) for each Stock Appreciation
         Right, the price determined pursuant to Section 10, except that Fair
         Market Value of the Shares as of the date of exercise of the Stock
         Appreciation Right, as used in clause (i) of Plan Section 10, shall be
         deemed to mean Fair Market Value for each Share with respect to which
         the Stock Appreciation Right is calculated determined in the manner
         hereinafter referred to in this Section. At the time of the declaration
         provided for in the immediately preceding sentence, each Stock
         Appreciation Right and each Option shall immediately become exercisable
         in full and each person holding an Option or a Stock Appreciation Right
         shall have the right, during the period preceding the time of
         cancellation of the Option or Stock Appreciation Right, to exercise the
         Option as to all or any part of the Shares covered thereby or the Stock
         Appreciation Right in whole or in part, as the case may be. In the
         event of a declaration pursuant to Plan Section 17(b), each outstanding
         Option and Stock Appreciation Right granted pursuant to the Plan that
         shall not have been exercised before the Fundamental Change shall be
         canceled at the time of, or immediately before, the Fundamental Change,
         as provided in the declaration. Notwithstanding the foregoing, no
         person holding an Option or a Stock Appreciation Right shall be
         entitled to the payment provided for in this Section 17(b) if such
         Option or Stock Appreciation Right shall have terminated, expired or
         been cancelled. For purposes of this Section only, "Fair Market Value"
         per Share means the cash plus the fair market value, as determined in
         good faith by the Committee, of the non-cash consideration to be
         received per Share by the stockholders of the Company upon the
         occurrence of the Fundamental Change.

         18.      Forfeitures. An Agreement may provide that if a Participant
has received or been entitled to payment of cash, delivery of Shares, or a
combination thereof pursuant to an Award within six months before the
Participant's termination of employment with the Company and its Affiliates, the
Committee, in its sole discretion, may require the Participant to return or
forfeit the cash and/or Shares received with respect to the Award (or its
economic value as of (i) the date of the exercise of Options or Stock
Appreciation Rights, (ii) the date of, and immediately following, the lapse of
restrictions on Restricted Stock or the receipt of Shares without restrictions,
or (iii) the date on which the right of the Participant to payment with respect
to Performance Units vests, as the case may be) in the event of certain
occurrences specified in the Agreement. The Committee's right to require
forfeiture must be exercised within 90 days after discovery of such an
occurrence but in no event later than 15 months after the Participant's
termination of employment with the Company and its Affiliates. The occurrences
may, but need not, include competition with the Company or any Affiliate,
unauthorized disclosure of material proprietary information of the Company or
any Affiliate, a violation of applicable business ethics policies of the Company
or Affiliate or any other occurrence specified in the Agreement within the
period or periods of time specified in the Agreement.

         19.      Corporate Mergers, Acquisitions, Etc. The Committee may also
grant Options, Stock Appreciation Rights, Restricted Stock or other Awards under
the Plan in substitution for, or in connection with the assumption of, existing
options, stock appreciation rights, restricted stock or other award granted,
awarded or issued by another corporation and assumed or otherwise agreed to be
provided for by the Company pursuant to or by reason of a transaction involving
a corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation to which the Company or a Subsidiary is a party.
The terms and conditions of the substitute Awards may vary from the terms and
conditions set forth in the Plan to the extent as the Board at the time of the
grant may deem appropriate to conform, in whole or in part, to the provisions of
the awards in substitution for which they are granted.

         20.      Unfunded Plan. The Plan shall be unfunded and the Company
shall not be required to segregate any assets that may at any time be
represented by Awards under the Plan. Neither the Company, its Affiliates, the
Committee, nor the Board of Directors shall be deemed to be a trustee of any
amounts to be paid under the Plan nor shall anything contained in the Plan or
any action taken pursuant to its provisions create or be construed to create a
fiduciary relationship between the Company and/or its Affiliates, and a
Participant or Successor or Transferee. To the extent any person acquires a
right to receive an Award under the Plan, this right shall be no greater than
the right of an unsecured general creditor of the Company.

         21.      Limits of Liability.

                  (a) Any liability of the Company to any Participant with
         respect to an Award shall be based solely upon contractual obligations
         created by the Plan and the Award Agreement.

                                       14

<PAGE>   15

                  (b) Except as may be required by law, neither the Company nor
         any member of the Board of Directors or of the Committee, nor any other
         person participating in any determination of any question under the
         Plan, or in the interpretation, administration or application of the
         Plan, shall have any liability to any party for any action taken, or
         not taken, in good faith under the Plan.

         22.      Compliance with Applicable Legal Requirements. No certificate
for Shares distributable pursuant to the Plan shall be issued and delivered
unless the issuance of the certificate complies with all applicable legal
requirements including, without limitation, compliance with the provisions of
applicable state securities laws, the Securities Act of 1933, as amended and in
effect from time to time or any successor statute, the Exchange Act and the
requirements of the exchanges on which the Company's Shares may, at the time, be
listed.

         23.      Deferrals and Settlements. The Committee may require or permit
Participants to elect to defer the issuance of Shares or the settlement of
Awards in cash under such rules and procedures as it may establish under the
Plan. It may also provide that deferred settlements include the payment or
crediting of interest on the deferral amounts.

         24.      Other Benefit and Compensation Programs. Payments and other
benefits received by a Participant under an Award made pursuant to the Plan
shall not be deemed a part of a Participant's regular, recurring compensation
for purposes of the termination, indemnity or severance pay laws of any country
and shall not be included in, nor have any effect on, the determination of
benefits under any other employee benefit plan, contract or similar arrangement
provided by the Company or an Affiliate unless expressly so provided by such
other plan, contract or arrangement, or unless the Committee expressly
determines that an Award or portion of an Award should be included to accurately
reflect competitive compensation practices or to recognize that an Award has
been made in lieu of a portion of competitive cash compensation.

         25.      Beneficiary Upon  Participant's Death. To the extent that the
transfer of a Participant's Award at his or her death is permitted under an
Agreement, a Participant's Award shall be transferable at death to the estate or
to the person who acquires the right to succeed to the Award by bequest or
inheritance.

         26.      Requirements of Law.

                  (a) To the extent that federal laws do not otherwise control,
         the Plan and all determinations made and actions taken pursuant to the
         Plan shall be governed by the laws of the State of Minnesota without
         regard to its conflicts-of-law principles and shall be construed
         accordingly.

                  (b) If any provision of the Plan shall be held illegal or
         invalid for any reason, the illegality or invalidity shall not effect
         the remaining parts of the Plan, and the Plan shall be construed and
         enforced as if the illegal or invalid provision had not been included.

                                       15<PAGE>   1

                                                                    EXHIBIT 10.1

================================================================================

                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

================================================================================
<PAGE>   2

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT, is made as of January _______, 2001
between Capco Energy, Inc., a Colorado corporation ("Purchaser") and Meteor
Industries, Inc., a Colorado corporation ("Seller").

         WHEREAS, Meteor Industries, Inc. is a holding company which owns
subsidiary entities as listed on Exhibit A hereto (the "Subsidiaries"). Meteor
Enterprises, Inc. ("MEI") is the subsidiary of Seller which owns all of the
shares of the Subsidiaries. The primary operating subsidiaries are Meteor
Marketing, Inc., Graves Oil & Butane Co., Inc., Meteor Holdings, LLC, and
Innovative Solutions & Technologies, Inc. ("Operating Subsidiaries");

         WHEREAS, the Subsidiaries own, operate and acquire petroleum product
distribution facilities. The facilities currently and formerly owned or operated
by the Subsidiaries or formerly owned subsidiaries are listed on Exhibit B
hereto (the "Business");

         WHEREAS, Purchaser desires to acquire and Seller desires to sell all of
the issued and outstanding stock of MEI (the "Stock") in exchange for the
consideration and upon the terms described herein (the "Purchase"); and

         WHEREAS, Purchaser and Seller desire to make certain representations,
warranties, covenants and agreements in connection with the Purchase;

         NOW THEREFORE, in consideration of the mutual promises, covenants,
provisions and representations contained herein, the parties hereto agree as
follows:

                                    ARTICLE I

                                  THE PURCHASE

         1.1 SALE AND DELIVERY OF STOCK. Subject to all the terms and conditions
of this Agreement, Seller shall sell, transfer, convey, assign and deliver to
Purchaser at the Closing (as defined in paragraph 1.3 hereof) and Purchaser
shall purchase, acquire and accept from the Seller certificates for the Stock
duly endorsed by Seller or MEI, as the case may be, or accompanied by duly
executed stock powers.

         1.2 EFFECTIVE DATE AND CLOSING. The effective date (the "Effective
Date") of this transaction shall be immediately preceding the closing of the
merger between activeIQ Technologies, Inc. and the Company (the "Merger")
pursuant to an agreement dated January 11, 2001. The closing of the transaction
contemplated herein (the "Closing") shall occur at a mutually agreeable time and
place, on the earliest practicable date following the day on which all of the
obligations and conditions precedent herein are complied with but in no event
later than the date of the Merger. It is expected that the Closing shall be on
or about April 16, 2001 or as soon thereafter as reasonably practicable.

<PAGE>   3

         1.3 PURCHASE PRICE. Subject to all of the terms and conditions set
forth in the Agreement and in reliance on the representations, warranties and
covenants hereinafter set forth, Purchaser shall deliver to Seller the amount of
$5,500,000 (hereinafter referred to as the "Purchase Price").

         1.4 PAYMENT OF PURCHASE PRICE. The total Purchase Price shall be paid
as follows:

                  1.4(a) $250,000 of the Purchase Price shall be paid to the
         Seller by certified or bank check or by electronic wire transfer of
         immediately available funds at the time of the execution of this
         Agreement. This amount shall be nonrefundable and shall be the property
         of the Seller immediately upon receipt, except that if there is no
         Closing because Seller failed to close and Buyer was unconditionally
         ready, willing and able to close, the $250,000 shall be the property of
         the Purchaser.

                  1.4(b) $5,250,000 of the total Purchase Price shall be paid to
         the Seller by certified or bank check or electronic wire transfer of
         immediately available funds at the Closing.

                  1.4(c) Purchaser shall assigns, transfers, pledges and
         delivers to Seller substantially all of Purchaser's shares of stock in
         Seller ("Collateral") for Purchaser's due and punctual performance of
         this Section 1.4 to give Seller a valid and perfected first priority
         security interest in and to the Collateral, effective against all third
         parties. Purchaser agrees and acknowledges that it shall do all things
         necessary to perfect Seller's interest in and to the Collateral within
         thirty (30) days of the date of the execution of this Agreement.

                                   ARTICLE II

                            REPRESENTATIONS OF SELLER

         As an inducement to Purchaser to enter into this Agreement, Seller
represents and warrants to Purchaser as of the Closing the following:

         2.1 ORGANIZATION. Each of Seller, MEI and the Operating Subsidiaries is
a corporation duly organized, validly existing, and in good standing under the
laws of the jurisdiction of its incorporation, has all necessary corporate
powers to own properties and to carry on its business as now owned and operated
by it, and is duly qualified to do business and is in good standing in each of
the states where its business requires qualification. To the best of Seller's
knowledge and belief, each of the Subsidiaries is a corporation duly organized,
validly existing, and in good standing under the laws of the jurisdiction of its
incorporation, has all necessary corporate powers to own properties and to carry
on its business as now owned and operated by it, and is duly qualified to do
business and is in good standing in each of the states where its business
requires qualification. Other than the Subsidiaries, MEI has no material equity
or other material ownership interest in any corporation, limited liability
company, partnership, association or other business entity.

         2.2 AUTHORITY. The execution of this Agreement and the consummation of
the transactions contemplated herein have been authorized by the directors and
shareholders of Seller

                                       2
<PAGE>   4

and the officers and directors of its Subsidiaries and Seller has the full power
and authority to execute, deliver and perform this Agreement and this Agreement
is a legal, valid and binding obligation of the Seller, and is enforceable in
accordance with its terms and conditions, except as enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance, moratorium or other
laws generally effecting the rights of creditors and general principles of
equity.

         2.3 TITLE TO THE STOCK. The authorized capital stock of MEI consists of
1,000,000 shares of $.001 par value Common Stock of which one share is currently
issued and outstanding. Seller owns all of the issued and outstanding shares of
MEI and MEI owns, directly or indirectly, all of the issued and outstanding
shares of each of the Operating Subsidiaries, which shares are duly and validly
issued, fully paid and non-assessable. Seller has good and marketable title to
the Stock, free and clear of all debts, liens and encumbrances and, by virtue of
the grant, conveyance, sale, transfer, and assignment of the Stock hereunder,
Purchaser shall receive good and marketable title to the Stock, including all of
the issued and outstanding stock of MEI, free and clear of all debts, liens and
encumbrances. As of the Closing, there shall be no outstanding options,
contracts, warrants, appreciation rights, redemption rights or subscription
rights of any nature relating to the issuance, sale or acquisition of the Stock
or any other securities of MEI or the Operating Subsidiaries, regardless of
series, class or designation.

         2.4 ABILITY TO CARRY OUT OBLIGATIONS. The execution and delivery of
this Agreement by Seller and the performance by Seller of its obligations
hereunder will not cause, constitute, or conflict with or result in (a) any
breach or violation of any of the provisions of or constitute a default under
any license, indenture, mortgage, charter, instrument, certificate of
incorporation, bylaw, or other agreement or instrument to which Seller is a
party, or by which it may be bound, nor will any consents or authorizations of
any party other than those hereto be required, (b) an event that would permit
any party to any agreement or instrument to terminate it or to accelerate the
maturity of any indebtedness or other obligation of Seller, or (c) an event that
would result in the creation or imposition of any lien, charge, or encumbrance
on any asset of Seller.

         2.5 DIRECTORS AND OFFICERS. Schedule 2.5 of this Agreement contains the
names and titles of all current directors and officers of MEI and the
Subsidiaries, who shall resign at the request of the Purchaser, effective as of
the closing.

                                   ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

         As an inducement to Seller to enter into this Agreement, the Purchaser
represents and warrants to the Seller as of the date hereof and as of the
Closing the following:

         3.1 ORGANIZATION. Purchaser is a corporation duly organized, validly
existing, and in good standing under the laws of Colorado, has all necessary
corporate powers to own properties and to carry on its business as now owned and
operated by it, and is duly qualified to do business and is in good standing in
each of the states where its business requires qualification.

                                       3
<PAGE>   5

         3.2 AUTHORITY. The Board of Directors of Purchaser has authorized the
execution of this Agreement and the transactions contemplated herein, and
Purchaser has full power and authority to execute, deliver and perform this
Agreement and this Agreement is the legal, valid and binding obligation of
Purchaser, and is enforceable in accordance with its terms and conditions,
except as enforceability may be limited by bankruptcy, insolvency, fraudulent
conveyance, moratorium or other laws generally effecting the rights of creditors
and general principles of equity.

         3.3 ABILITY TO CARRY OUT OBLIGATIONS. The execution and delivery of
this Agreement by Purchaser and the performance by Purchaser of its obligations
hereunder will not cause, constitute, or conflict with or result in (a) any
breach or violation of any of the provisions of or constitute a default under
any license, indenture, mortgage, charter, instrument, certificate of
incorporation, bylaw, or other agreement or instrument to which Purchaser is a
party, or by which it may be bound, nor will any consents or authorizations of
any party other than those hereto be required, (b) an event that would permit
any party to any agreement or instrument to terminate it or to accelerate the
maturity of any indebtedness or other obligation of Purchaser, or (c) an event
that would result in the creation or imposition of any lien, charge, or
encumbrance on any asset of Purchaser.

                                   ARTICLE IV

                                   COVENANTS

         4.1 CONTINUING COVENANTS. For a period of eight years from the Closing
Date, Purchaser agrees with respect to MEI and each of the Operating
Subsidiaries to the following:

                  4.1(a) The Purchaser shall maintain the corporate structure
         and good standing status of MEI and each of the Operating Subsidiaries
         in its various states of incorporation and shall maintain any necessary
         qualifications of MEI and each of the Operating Subsidiaries to do
         business in various foreign states. MEI and each of the Operating
         Subsidiaries shall not be mere divisions or departments of Purchaser,
         but shall be separate and distinct entities, and shall observe all
         corporate formalities.

                  4.1(b) The directors of MEI and each of the Operating
         Subsidiaries shall conduct an annual meeting of directors and any
         corporate actions requiring the consent of the Board of Directors of
         MEI and each of the Operating Subsidiaries shall be approved by the
         respective Board of Directors as evidenced by minutes of a meeting or
         by unanimously adopted consent resolutions.

                  4.1(c) The directors of MEI and each of the Operating
         Subsidiaries shall call an annual meeting of shareholders for MEI and
         each Operating Subsidiary and any fundamental corporate changes or
         other corporate actions requiring the consent of the shareholders of
         MEI and each of the Operating Subsidiaries shall be submitted to the
         shareholders of MEI and each Operating Subsidiary for approval.
         Approval by shareholders shall be evidenced by minutes of a meeting or
         by unanimously adopted consent resolutions.

                                       4
<PAGE>   6

                  4.1(d) MEI and each of the Operating Subsidiaries shall be
         adequately capitalized and funded at all times and shall have
         sufficient assets at all times to cover any currently known estimated
         costs of cleanup for the properties listed on Exhibit B as set forth in
         Schedule 4.1.

                  4.1(e) MEI and each of the Operating Subsidiaries shall open
         and maintain at least one bank account for use as an operating and
         payroll account and shall pay their own respective expenses and shall
         pay the salaries of their respective employees.

                  4.1(f) Notwithstanding any of the foregoing, in the event the
         Purchaser effects a dissolution or liquidation of MEI or any Operating
         Subsidiary or any corporate separation or division, including, but not
         limited to, a split-up, split-off or spin-off, or a merger or
         consolidation of MEI or any Operating Subsidiary with other entities
         with the approval of Seller, which shall not be unreasonably withheld,
         the Purchaser shall make or adopt the covenants set forth above in
         Article IV with respect to any successor entity that results from such
         dissolution, liquidation, separation or division.

         4.2 ACCOUNTS PAYABLE. With regard to all accounts payable and accrued
taxes as of the Effective Date, Purchaser will cause such amounts to be paid
according to the payment plan and/or requirements of the creditor or taxing
authority, without extension, delinquency or other material deviation from the
payment term and plan. Purchaser shall, as of the Closing, arrange for the
release of Seller and other key employees of the Seller from personal guaranties
relating to the business of the Seller.

         4.3 RELEASE OF GUARANTIES. Purchaser shall have released Seller of all
obligations, contingent or otherwise, relating to or in any way connected to or
with the Stock or Subsidiaries, including but not limited to any and all bank or
other guaranties.

         4.4 SELLER'S COOPERATION AFTER THE CLOSING; FURTHER ACTION. At any
time, and from time to time after the Closing, the Seller shall execute and
deliver to the Purchaser such other instruments and take such other actions as
the Purchaser may reasonably request more effectively to vest title of the Stock
in the Purchaser and, to the full extent permitted by law, to put the Purchaser
in actual possession and operating control of the Subsidiaries, the Stock and
the Business. Each of the parties hereto shall use all reasonable efforts to
take, or cause to be taken, all appropriate action, do or cause to be done, all
things necessary, proper or advisable under applicable laws, and execute and
deliver such documents and other papers, as may be required to carry out the
provisions of this Agreement and to consummate and make effective the
transactions contemplated hereby.

         4.5 REGULAR COURSE OF BUSINESS. Except as otherwise consented to or
approved by Purchaser in writing, until the Closing, Seller covenants and agrees
(and will cause each of the Subsidiaries to act or refrain from acting where
required hereinafter) as follows:

                  4.5(a) Each of the Subsidiaries will operate its respective
         business in the ordinary course, diligently and in good faith,
         consistent with past management practices;

                                       5
<PAGE>   7

                  4.5(b) Except as required for the transaction contemplated in
         this Agreement, no change or amendment shall be made in the articles or
         certificate of incorporation or bylaws of any of the Subsidiaries. None
         of the Subsidiaries will merge into or consolidate with any other
         corporation or person, or change the character of its business;

                  4.5(c) Each of the Subsidiaries will not (i) issue or sell any
         shares of its capital stock of any class or issue or sell any
         securities convertible into, or options, warrants to purchase or rights
         to subscribe to, any shares of its capital stock of any class or (ii)
         directly or indirectly, redeem, purchase or otherwise acquire any
         shares of its capital stock;

                  4.5(d) Each of the Subsidiaries will not declare, pay or set
         aside for payment any dividend or other distribution in respect of its
         capital stock or pay, set aside, accrue, agree to or become liable in
         any manner for any bonus, of any nature or type, to Sellers or to any
         employee or officer of any of the Subsidiaries inconsistent with past
         practices;

                  4.5(e) None of the Subsidiaries will (i) incur, assume or
         guarantee any indebtedness or capital leases or (ii) create or permit
         to become effective any mortgage, pledge, lien, encumbrance or charge
         of any kind upon its assets other than in the ordinary course of
         business; and

                  4.5(f) Except in the ordinary course of business consistent
         with past practices or with the written consent of Purchaser, the
         Company will not enter into any transaction, make any commitment or
         incur any obligation.

                                    ARTICLE V

                                    INDEMNITY

         5.1 INDEMNIFICATION.

                  5.1(a) SURVIVAL OF INDEMNITY AND DEFINITION OF LOSSES. Any
         claims arising out of covenants or obligations agreed to or liabilities
         arising by operation of law and the indemnification of Seller and the
         Subsidiaries pursuant to this Agreement shall survive Closing and shall
         have no limitation with regard to any monetary limitation. This
         indemnity shall expire upon the applicable statute of limitation for
         the underlying claim, provided that no action has been brought or
         threatened concerning the Loss. Any claim brought by Seller against
         Purchaser or the Subsidiaries resulting from a violation of Section 4.1
         shall be limited to Losses and subject to this Section 5.1 and there
         shall be no other remedy at law or in equity. "Loss" or "Losses" shall
         include: any occurrence or circumstance which occurs or exists prior to
         on and subsequent to the Closing Date, and which constitutes, or which
         by the lapse of time or giving notice (or both) would constitute, a
         breach or default under any lease, contract, or other instrument or
         agreement (whether written or oral); (b) injury to or death of any
         person or damage to or destruction of any property occurring prior to
         on and subsequent to the Closing Date, whether based on negligence,
         breach of warranty, or any other theory; (c) violation of the
         requirements of any governmental authority or of the rights of any
         third person, including, without limitation, any requirements relating
         to the reporting and payment of federal, state, local or other income,
         sales, use, franchise, excise or property tax liabilities of Seller
         relating to the Subsidiaries, the Business or the Stock; (d) the
         generation, collection, transportation, storage or disposal of
         Hazardous Materials (as defined below) by the Subsidiaries, the
         Business

                                       6
<PAGE>   8

         or related to in any way or connected with the Stock; (e) any liability
         or obligation arising from, connected with or relating to any indemnity
         or guaranty, either written or oral, from Seller to any Subsidiary or
         other third party in any acquisition, transaction or agreement relating
         to the Subsidiaries, the Business or the Stock including, but not
         limited to, the agreements listed on Schedule 5.1 and all agreements
         related to, connected with or incorporated into such agreements; (f)
         any liability or obligation arising from, connected with or relating to
         any indemnity or guaranty, either written or oral, from a Subsidiary to
         a third party in any acquisition, transaction or agreement relating to
         the Subsidiaries, the Business or the Stock including, but not limited
         to, the agreements listed on Schedule 5.1; and (g) all losses,
         liabilities, obligations, governmental suits, damages, penalties,
         fines, deficiencies, remedial or response action costs, corrective
         action costs, cleanup costs and expenses, and all actions, judgments,
         costs and expenses, including expert witness and attorneys' fees and
         disbursements incident to the foregoing, whether arising out of, either
         prior to or after the Closing Date and including, but not limited to,
         (1) corrective measures or action actions required by or approved by
         any local, state or federal agency with applicable authority to require
         corrective measures or action related to the Subsidiaries, the Business
         or the Stock, (2) third party claims for injury to persons or property
         and liability arising under any Environmental Laws; (3) underground
         tank storage and activities related thereto and waste disposal
         activities on-site or off-site; (4) clean-up responses and the cost of
         remediation, control or compliance with respect to surface or
         subsurface pollution caused by spills, leaks or releases from any
         equipment used or owned by the Subsidiaries, the Business or the Stock;
         (5) pollution or contamination of the environment, including soil,
         surface water, groundwater or air; (6) failure to comply with
         applicable land use, surface disturbance, licensing or notification
         requirements; (7) violation of environmental or land use laws, rules,
         regulations, or demands or orders of any local, state or federal agency
         with applicable authority over the Subsidiaries, the Business or the
         Stock; (8) the estimated costs of cleanup for the properties listed on
         Exhibit B as set forth in Schedule 4.1; and (9) any other liability,
         contractual, environmental or otherwise, that arises from or relates to
         any of the Business.

                           (1) For the purposes of this Agreement,
                  "Environmental Laws" shall mean any law and any judicial or
                  administrative interpretation thereof, including any judicial
                  or administrative order, consent decree or judgment, relating
                  to the environment, health, safety or hazardous materials,
                  including CERCLA; the Resource Conservation and Recovery Act;
                  the Hazardous Materials Transportation Act; the Clean Water
                  Act; the Toxic Substances Control Act; the Clean Air Act; the
                  Safe Drinking Water Act; the Atomic Energy Act; the Federal
                  Insecticide, Fungicide and Rodenticide Act; and the Federal
                  Food, Drug and Cosmetic Act; and the state or local
                  equivalents of these laws.

                           (2) For the purposes of this Agreement, "Hazardous
                  Materials" shall mean (1) oil, petroleum and petroleum
                  products, radioactive materials, asbestos in any form that is
                  or could become friable, urea formaldehyde foam insulation,
                  transformers or other equipment that contain polychlorinated
                  biphenlys and radon gas; (2) any other chemical, material or
                  substance defined as or included in the definition of
                  "hazardous wastes," "hazardous substances," "hazardous
                  constituents," "hazardous materials," "toxic substances,"
                  "extremely hazardous wastes," "restricted hazardous wastes,"
                  "toxic pollutants," "contaminants," "pollutants,"

                                       7
<PAGE>   9

                  "pollution" or words of similar import, under any
                  Environmental Law; and (3) any other chemical, material or
                  substance, including radioactive materials or related
                  materials, whether solids, liquids or gases, that are subject
                  to regulation under any Environmental Laws.

                  5.1(b) INDEMNIFICATION BY PURCHASER. Purchaser and each
         Subsidiary, jointly and severally, agree to indemnify, defend and hold
         harmless Seller, and the respective officers, representatives, agents,
         employees of the Subsidiaries and successors and assigns of the Seller
         from and against:

                           (1) Any and all Losses resulting from any
                  misrepresentation or breach of any representation or warranty
                  or non-fulfillment of any covenant or agreement on the part of
                  Purchaser under the terms of this Agreement;

                           (2) Any liability or assessment relating to any
                  Losses (including tax liability or assessment) related to
                  Seller, the Subsidiaries, the Stock or this Agreement or the
                  transactions contemplated hereby;

                           (3) All actions, suits, proceedings, arbitration's,
                  demands, assessments, judgments, costs and expenses, including
                  attorney's fees and disbursements, incident to the foregoing;
                  and

                           (4) All claims, demands, losses, costs, expenses,
                  obligations, liabilities, damages, recoveries and
                  deficiencies, including interest, penalties, and reasonable
                  attorney fees, that they shall incur or suffer, which result
                  from or relate to any activities of the Subsidiaries or
                  Purchaser prior to on or subsequent to the Closing Date or
                  which result from or relate to any breach of, or failure by
                  Purchaser to perform any of its representations, warranties,
                  covenants or agreements in this Agreement or in any schedule,
                  certificate, exhibit or other instrument furnished or to be
                  furnished by Purchaser under this Agreement.

                  5.1(c) CONTINUING LIABILITY. In addition to all other
         indemnities contained herein, Purchaser agrees that after the Closing
         Date it will not alter the rights of any person who has a right to
         indemnification (the "Indemnitees") from the Seller or any of the
         Subsidiaries pursuant to the Articles of Incorporation and/or Bylaws of
         Seller or any of the Subsidiaries in effect on the date of this
         Agreement. In addition, Purchaser shall be bound by all determinations
         made by the Board of Directors of Seller and the Subsidiaries prior to
         or on the Closing (including, but not limited to, determinations of
         whether officers and/or directors acted in good faith). Purchaser shall
         assume the obligations of Seller and Subsidiaries to provide
         indemnification to the Indemnitees of Seller and Subsidiaries as if
         such persons were officers or directors of Purchaser. Purchaser
         covenants that it will not take or permit any action that would impair
         in any material respect the ability or obligation of Purchaser to
         comply with Section 5.1. For a period of eight years from the Closing,
         Purchaser shall obtain coverage for such Indemnitees under their
         directors and officers insurance policy or policies and/or maintain all
         current policies of Seller and the Subsidiaries. In the event Purchaser
         is deposed of, sold, or reorganized (regardless of the method or
         structure of such disposition, sale or reorganization), as a condition
         precedent to such disposition, sale or reorganization, Purchaser (or
         its Parent company, if applicable) shall either (i) continue to provide
         substantially the same coverage for the Indemnitees as required hereby;
         or (ii) require the acquiring entity with which it is dealing to

                                       8
<PAGE>   10

         assume and continue its obligations under Section 5.1. If the scope of
         indemnity to which the Indemnitees are entitled under the Articles of
         Incorporation and/or Bylaws of the Seller and Subsidiaries is more
         beneficial than the right of indemnification provided by Purchaser, the
         indemnification obligation of Purchaser hereunder shall be
         automatically expanded to provide the Indemnitees with the maximum
         indemnification rights provided by the Articles of Incorporation and/or
         Bylaws of the Seller and the Subsidiaries.

                                   ARTICLE VI

                  CONDITIONS PRECEDENT TO SELLER'S PERFORMANCE

         The Seller's obligations hereunder shall be subject to the
satisfaction, at or before the Closing, of all the conditions set forth in this
Article VI. The Seller may waive any or all of these conditions in whole or in
part without prior notice; so long as such waiver is in writing; and provided,
however, that no such waiver of a condition shall constitute a waiver by the
Seller of any other condition of or any of the Seller's rights or remedies at
law or in equity, if Purchaser shall be in default of any of its
representations, warranties, or covenants under this Agreement.

         6.1 PERFORMANCE. Purchaser shall have performed, satisfied, and
complied with all covenants, agreements and conditions required by this
Agreement to be performed or complied with by it, on or before the Closing Date,
and the Representations and Warranties contained in Article III shall be true
and correct as of the Closing.

         6.2 ABSENCE OF LITIGATION. No action, suit or proceeding before any
court or any governmental body or authority, pertaining to the transaction
contemplated by this Agreement or to its consummation, shall have been
instituted against any party hereto on or before the Closing Date.

         6.3 FAIRNESS OPINION. The Seller shall have received a written opinion
acceptable to the Seller, in its sole discretion, stating that the consideration
to be received by the Seller pursuant to this Agreement is fair to the Seller
and its shareholders from a financial point of view.

         6.4 SHAREHOLDER APPROVAL. This Agreement shall have been adopted by the
affirmative vote of the shareholders of the Seller. Purchaser shall abstain from
such a vote.

         6.5 DISSENTER'S RIGHTS. The owners of no more than 3% of the Seller's
common stock shall have exercised Dissenter's Rights in connection with the
transactions contemplated in the Agreement.

         6.6 APPROVAL AND CONSUMMATION OF MERGER. The Merger shall have been
adopted by the affirmative vote of a majority of all the votes entitled to be
cast of the Seller, or as otherwise required and in accordance with the Articles
of Incorporation of the Seller and the Colorado Business Corporation Law.

         6.7 APPROVAL OF ACTIVEIQ. The Board of Directors of activeIQ
Technologies Inc., ("activeIQ") shall have approved of this Agreement and made a
determination that the directors

                                       9
<PAGE>   11

of the Seller acted in good faith and in the best interest of Seller in all ways
related to or in connection with the transaction contemplated by this Agreement.

         6.8 RELEASE OF SELLER. Purchaser and the Subsidaries shall have
released Seller for all claims of the Subsidiaries and shall have executed a
release substantially in a form approved by the Seller.

                                   ARTICLE VII

                 CONDITIONS PRECEDENT TO PURCHASER'S PERFORMANCE

         The Purchaser's obligations hereunder shall be subject to the
satisfaction, at or before the Closing, of all the conditions set forth in this
Article VII. The Purchaser may waive any or all of these conditions in whole or
in part without prior notice; so long as such waiver is in writing; and
provided, however, that no such waiver of a condition shall constitute a waiver
by the Purchaser of any other condition of or any of the Purchaser's rights or
remedies at law or in equity, if Seller shall be in default of any of its
representations, warranties, or covenants under this Agreement.

                                       10
<PAGE>   12

         7.1 PERFORMANCE. Seller shall have performed, satisfied, and complied
with all covenants, agreements and conditions required by this Agreement to be
performed or complied with by it, on or before the closing Date, and the
Representations and Warranties contained in Article II shall be true and correct
as of the Closing.

         7.2 ABSENCE OF LITIGATION. No action, suit or proceeding before any
court or any governmental body or authority, pertaining to the transaction
contemplated by this Agreement or to its consummation, shall have been
instituted against any party hereto on or before the Closing Date.

         7.3 FAIRNESS OPINION. The Seller shall have received a written opinion
acceptable to the Seller, in its sole discretion, stating that the consideration
to be received by the Seller pursuant to this Agreement is fair to the Seller
and its shareholders from a financial point of view.

         7.4 DISSENTER'S RIGHTS. The owners of no more than 3% of the Seller's
common stock shall have exercised Dissenter's Rights in connection with the
transactions contemplated in the Agreement.

         7.5 APPROVAL AND CONSUMMATION OF MERGER. The Merger shall have been
adopted by the affirmative vote of a majority of all the votes entitled to be
cast of Seller, or as otherwise required and in accordance with the Articles of
Incorporation of the Seller and the Colorado Business Corporation Law

         7.6 APPROVAL OF ACTIVEIQ. The Board of Directors of activeIQ shall have
approved of this Agreement and made a determination that the directors of the
Seller acted in good faith and in the best interest of the Seller in all ways
related to or in connection with the transaction contemplated by this Agreement.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         8.1 CAPTIONS AND HEADINGS. The Articles and paragraph/section headings
throughout this Agreement are for convenience and reference only, and shall in
no way be deemed to define, limit or add to the meaning of any provisions of
this Agreement.

         8.2 NO ORAL CHANGE. This Agreement and any provision hereof, may not be
waived, changed, modified or discharged orally, but it can be changed by an
agreement in writing signed by the party against whom enforcement of any waiver,
change, modification, or discharge is sought.

         8.3 WAIVER. Except as otherwise expressly provided herein, no waiver of
any covenant, condition, or provision of this Agreement shall be deemed to have
been made unless expressly in writing and signed by the party against whom such
waiver is charged; and (i) the failure of any party to insist in any one or more
cases upon the performance of any of the

                                       11
<PAGE>   13

provisions, covenants, or conditions of this Agreement to exercise any option
herein contained shall not be construed as a waiver or relinquishment for the
future of any such provisions, covenants, or conditions, (ii) the acceptance of
performance of anything required by this Agreement to be performed with
knowledge of the breach or failure of a covenant, condition, or provision hereof
shall not be deemed a waiver of such breach or failure, and (iii) no waiver by
any party of one breach by another party shall be construed as a waiver with
respect to any other subsequent breach.

         8.4 ENTIRE AGREEMENT. This Agreement contains the entire Agreement and
understandings between the parties hereto, and supersedes all prior agreements
and understandings with respect to the subject matter hereof.

         8.5 CHOICE OF LAW, JURISDICTION AND VENUE. This Agreement and the
rights and obligations of the parties hereunder shall be governed by and
construed in accordance with the laws of the State of Colorado without regard to
conflict of laws principles. Any action at law or in equity directly or
indirectly in connection with, related to or in any way connected to this
Agreement or any provisions hereof, shall be litigated exclusively in the state
or federal courts located in the City and County of Denver, Colorado. The
parties hereto irrevocably waive any rights such party may otherwise have to
transfer or change the venue of any litigation brought or arising in connection
with this Agreement.

         8.6 COUNTERPARTS. This Agreement may be executed simultaneously in one
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         8.7 NOTICES. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly
given on the date of receipt if served personally on the party to whom notice is
to be given, by telecopy or telegram, or mailing if mailed to the party to whom
notice is to be given, by first class mail, registered or certified, postage
prepaid, and properly addressed as follows:

         PURCHASER:   CAPCO ENERGY, INC.
                      2922 Chapman Avenue, Suite 202
                      Orange, California 92869
                      Attention: Ilyas Chaudhary, President

         SELLER:      METEOR INDUSTRIES, INC.
                      1401 Blake Street, Suite 200
                      Denver, Colorado  80202

         8.8 BINDING EFFECT. This Agreement shall inure to and be binding upon
the heirs, executors, personal representatives, successors and assigns of each
of the parties to this Agreement.

                                       12
<PAGE>   14

         8.9 MUTUAL COOPERATION. The parties hereto shall cooperate with each
other to achieve the purpose of this Agreement, and shall execute such other and
further documents and take such other and further actions as may be necessary or
convenient to effect the transaction described herein.

         8.10 ANNOUNCEMENTS. Purchaser and Seller will consult and cooperate
with each other as to the timing and content of any announcements of the
transactions contemplated hereby to the general public or to employees,
customers or suppliers. Except to the extent that the parties consent in writing
otherwise, no party to this Agreement shall make, or cause to be made, any press
release or public announcement in respect of this Agreement or the transactions
contemplated hereby or otherwise communicate with any news media. Nevertheless,
the parties agree that the Seller and the Purchaser or any affiliate thereof may
make such disclosure (on Form 8-K, by press release or otherwise) regarding the
terms of this Agreement and the transactions contemplated hereby as it deems
necessary to comply with the applicable securities laws or the rules and
regulations of the NASDAQ, including a press release following the execution of
this Agreement.

         8.11 EXPENSES. Except as specifically provided in this Agreement, all
direct costs and expenses including legal, and any other out-of-pocket expense
incurred by Seller, in connection with this transaction, shall be paid by the
Seller. All costs and expenses including legal, accounting and any other
out-of-pocket expenses incurred by the Purchaser, in connection with this
transaction, shall be paid by the Purchaser.

         8.12 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations
and warranties of the parties set forth in Articles II and III shall not survive
the Closing. The covenants, agreements and indemnities set forth in Articles IV,
V, and VII shall survive the Closing.

         8.13 ASSIGNMENT. This Agreement may not be assigned by operation of law
or otherwise by the Seller or the Purchaser; provided, however, that Purchaser
may assign its rights and obligations to Capco Resources Ltd. or any subsidiary
or affiliate of Purchaser, provided however that such assignment shall not
release the Purchaser of it's obligations hereunder and Purchaser shall
guarantee the obligation of any assignee.

         8.14 TERMINATION. This Agreement may be terminated prior to the
Effective Date; (a) by mutual consent of the Seller and the Purchaser if the
Boards of Directors of each so determines; or (b) by Seller if the Merger is not
consummated.

         AGREED TO AND ACCEPTED as of the date first above written.

                                       PURCHASER:  CAPCO ENERGY, INC.

                                       By: /signed/ Ilyas Chaudhary
                                          --------------------------------------
                                           Title:  President

                                       SELLER:  METEOR INDUSTRIES, INC.

                                       By: /signed/ Edward J. Names
                                          --------------------------------------
                                           Title: President

                                       13

<PAGE>   15

                            STOCK PURCHASE AGREEMENT
                                 BY AND BETWEEN
                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

                                    EXHIBIT A

                     SUBSIDIARIES OF METEOR INDUSTRIES, INC.
                          AND METEOR ENTERPRISES, INC.

METEOR MARKETING, INC. (formerly Pyramid Stores, Inc.) * (Merged with Fleischli)

FLEISCHLI OIL COMPANY, INC.*

GRAVES OIL & BUTANE CO., INC.

INNOVATIVE SOLUTIONS AND TECHNOLOGIES, INC.

METEOR HOLDINGS, LLC

METEOR PROPERTIES LLC (formerly BNGS, LLC)

METEOR OFFICE LLC

ROCKY MOUNTAIN PROPANE LLC

SOCORRO PYRAMID LLC

FLEISCHLI FLUIDS MANAGEMENT LLC

TRI-VALLEY GAS CO.

GRAVES RIO RANCHO NO. 1 LTD.

EL BORACHO, INC.

AMERICAN LP

BLOOMFIELD PYRAMID LLC

COORS PYRAMID LLC

CAPCO RESOURCES, INC.

SABA POWER COMPANY LTD.

METEOR CARROLL LLC

METEOR MONUMENT LLC

                                    Exhibit A

<PAGE>   16

                            STOCK PURCHASE AGREEMENT
                                 BY AND BETWEEN
                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

                                    EXHIBIT B

         LIST OF FACILITIES CURRENTLY AND FORMERLY OWNED OR OPERATED BY
                THE SUBSIDIARIES OR FORMERLY OWNED SUBSIDIARIES

Commercial Properties:          Party            Address
----------------------          -----            ------

 1.  Bennett Card Lock          Tri Valley Gas   610 Colfax Ave. Bennett, CO

 2.  Bob's Garage Card Lock     Tri Valley Gas   4919 State Highway 79
                                                 Prospect Valley, CO

 3.  Boxelder Card Lock         Fleischli Oil    521 East Boxelder, Gillette, WY

 4.  Casper Card Lock           Fleischli Oil    515 South Walnut Casper, WY

 5.  M&M Truck Stop             Graves Oil       7006 Highway 160 Cortez, CO

 6.  Pac Pride Cardlock         Fleischli Oil    515 El Camino Road Gillette, WY

 7.  Rock Springs Cardlock      Fleischli Oil    151 North Industrial Drive, WY

 8.  Strasburg Card Lock        Tri Valley Gas   56180 East Colfax Strasburg, CO

 9.  Tedken Cardlock            Graves Oil       200 South Fairview
                                                 Farmington, NM

10.  Interstate Texaco          Fleischli Oil    1600 East Highway 14-16
                                                 Gillette, WY

Bulk Fuel Facilities:           Party            Address
---------------------           -----            -------

 1.  Byers                      Fleischli Oil    25 Front Street Byers, CO

 2.  Carlin                     Fleischli Oil    923 Spruse Street Carlin, NV

 3.  Carroll Main               Fleischli Oil    105 South Main Street
                                                 Fort Morgan, CO

 4.  Carroll Oil                Fleischli Oil    101 Deuel Street
                                                 Fort Morgan, Co

                                    Exhibit B
<PAGE>   17

 5.  Castle Rock                Tri Valley Gas   2855 North Highway 85,
                                                 Castle Rock, CO

 6.  Cheyenne                   Fleischli Oil    2302 West Lincolnway
                                                 Cheyenne, WY

 7.  Commerce City              Fleischli Oil    6395 East 80th Avenue
                                                 Commerce City, CO

 8.  Craig                      Fleischli Oil    666 West First Street Craig, CO

 9.  Elbert                     Tri Valley Gas   24541 North Elbert Road
                                                 Elbert, CO

10.  Evansville                 Fleischli Oil    6000 Yellowstone
                                                 Evansville, WY

11.  Farmington                 Graves Trust     761 South Miller Farmington, NM

12.  Gillette                   Fleischli Oil    1514 East Energy Gillette, WY

13.  Las Cruces                 Graves Oil       801 Organ Road Las Cruces, NM

14.  Roggen                     Tri Valley Gas   109 Front Street Highway 73
                                                 Roggen, CO

15.  Rock Springs               Fleischli Oil    151 North Industrial Drive
                                                 Rock Springs, WY

16.  Simla                      Tri Valley Gas   229 Sioux Avenue Simla, CO

17.  South Valley               Graves Oil       105 Date Avenue SE
                                                 Albuquerque, NM

                                Exhibit B Page 2

<PAGE>   18

Closed or Sold Properties       Party            Address
-------------------------       -----            -------

 1.  Agate Amoco                Tri Valley       640 East Bridge Street
                                                 Agate, CO

 2.  A&C Auto/Transfer Yard     Graves Oil       3400 Second Street NW
                                                 Albuquerque, NM

 3.  Elko Bulk Plant            Unknown          1850 Idaho Street Elko, NV

 4.  Graves No. 4               Graves Oil       2707 East Main Farmington, NM

 5.  High Country Store         Graves Oil       38724 Highway 126
                                                 Jemez Springs, NM

 6.  Tom Growney                Unknown          2301 Candelaria
                                                 Albuquerque, NM

 7.  High Rolls                 Unknown          845 Highway 82 High Rolls, NM

 8.  La Luz                     Meteor Stores    27 Alamo La Luz, NM

 9.  Roggen                     Tri Valley       109 Front Street Roggen, CO

10.  Socorro Exxon              Meteor Stores    1202 California Socorro, NM

11.  Springerville              Graves Oil       170 West Main Street
                                                 Springerville, AZ

12.  Saint Johns                Graves Oil       445 West Cleveland,
                                                 Saint Johns, AZ

13.  Graves No. 2               Graves Oil       760 South Miller Farmington, NM

14.  Byers Cardlock/C-Store     Meteor Stores    35 Front Street Byers, CO
     (#301)

15.  Elks Conoco (#104)         Meteor Stores    3041 North Main Las Cruces, NM

16.  Graves No. 1 (#144)        Meteor Stores    551 East Main Farmington, NM

17.  Graves No. 2 (#143)        Meteor Stores    761 South Miller Farmington, NM

18.  Graves No. 3 (#141)        Meteor Stores    1721 East 20th Ave.
                                                 Farmington, NM

19.  Graves No. 5 (#121)        Meteor Stores    151-191 Alameda Blvd
                                                 Albuquerque, NM

                                Exhibit B Page 3

<PAGE>   19

20.  Graves No. 8 (#122)        Meteor Stores    9160 South Coors Blvd NW
                                                 Albuquerque, NM

21.  Graves No. 9 (#142)        Meteor Stores    3029 Bloomfield Highway
                                                 Farmington, NM

22.  Lantern Conoco (#107)      Meteor Stores    1311 Avenida de Mesilla
                                                 Las Cruces, NM

23.  Lohman Conoco (#107)       Meteor Stores    2200 East Lohman
                                                 Las Cruces, NM

24.  Pan Am Conoco (#101)       Meteor Stores    1685 University Las Cruces, NM

25.  Quik Check  (#106)         Meteor Stores    161 East Madrid Las Cruces, NM

26.  Simla C-Store (#302)       Meteor Stores    702 Caribou Simla, CO

27.  The Spot (#103)            Meteor Stores    603 Franklin Hatch, NM

28.  Valley Conoco (#123)       Meteor Stores    5th & Loring Estancia, NM

29.  Westside Conoco (#105)     Meteor Stores    100 West Pine Deming, NM

30.  Digger's                   Meteor Stores    1113 West Edison Brush, CO

31.  Monument                   Meteor Stores    581 Highway 105 Monument, CO

32.  Mustang's                  Meteor Stores    530 West Platte Ave.
                                                 Ft. Morgan, CO

33.  Thrasher's                 Meteor Stores    321 East 8th Ave. Yuma, CO

34.  Butte Conoco               Meteor Stores    217 Date Street
                                                 Truth or Consequences, NM

                                Exhibit B Page 4

<PAGE>   20

                            STOCK PURCHASE AGREEMENT
                                 BY AND BETWEEN
                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

                                  SCHEDULE 2.5

                         CURRENT OFFICERS AND DIRECTORS
                           OF MEI AND THE SUBSIDIARIES

METEOR ENTERPRISES, INC.
------------------------
Dennis R. Staal                   Director
Edward J. Names                   President, Director
Richard E. Kisser                 Secretary/Treasurer
Rosanne Manes                     Assistant Secretary

METEOR MARKETING, INC. (formerly Pyramd Stores, Inc.- Merged with Fleischli Oil)
--------------------------------------------------------------------------------
Edward J.  Names                  Director
Gus Fleischli                     Director
Gerald Loghry                     Director
Paul W. Greaves                   Director
Dennis R. Staal                   Director
Paul H. Gutknecht                 Director, Chief Executive Officer
Darrell O. Owen                   Director, President
Richard Kisser                    Secretary/Treasurer
Rosanne Manes                     Assistant Secretary

FLEISCHLI FLUIDS MANAGEMENT LLC
-------------------------------
Meteor Marketing, Inc.            Manager

GRAVES OIL & BUTANE CO., INC.
-----------------------------
Edward Names                      Director
Dennis Staal                      Director
Patrick Flanagan                  Director
Ronald Foust                      Director
C. Thomas Houseman                Director
Darrell Owen                      President
Richard E. Kisser                 Secretary/Treasurer

GRAVES RIO RANCHO NO. 1 LTD.
----------------------------
Graves Oil & Butane Co.,          Manager
Inc.

                                  Schedule 2.5
<PAGE>   21

EL BORACHO, INC.
----------------
Cuff Sellmeyer                    Vice President
Paul Greaves                      Director
Richard Kisser                    Secretary/Treasurer/Director
Darrell Owen                      President

AMERICAN LP
-----------
Gerald Schell                     Managing Member
Michael Boren                     Managing Member
Graves Oil & Butane  Co., Inc.    Managing Member

BLOOMFIELD PYRAMID LLC
----------------------
Graves Oil & Butane Co., Inc.     Managing Member

COORS PYRAMID LLC
-----------------
Graves Oil & Butane Co., Inc.     Managing Member
Jordan Weinberg                   Member
Adly Abdelmalak                   Member

TRI-VALLEY GAS CO.
------------------
Richard Kisser                    Secretary/Treasurer
Darrell Owen                      President
Dennis R. Staal                   Director
Edward. J. Names                  Director
Paul W. Greaves                   Director

METEOR PROPERTIES LLC
---------------------
Darrell O. Owen                   President
Richard Kisser                    Secretary/Treasurer

METEOR CARROLL LLC
------------------
Richard Kisser                    Secretary/Treasurer
Darrell Owen                      Director/President

METEOR MONUMENT LLC
-------------------
Richard Kisser                    Secretary/Treasurer
Darrell Owen                      Director/President

SOCORRO PYRAMID  LLC
--------------------
Richard Kisser                    Secretary/Treasurer
Darrell Owen                      Director/President

INNOVATIVE SOLUTIONS AND TECHNOLOGIES, INC.
-------------------------------------------
Tom Martella                      President/Director
Richard Kisser                    Secretary/Treasurer

METEOR HOLDINGS, LLC
--------------------
Edward Names                      Operating Manager
Dennis R. Staal                   Secretary

                              Schedule 2.5 Page 2

<PAGE>   22

CAPCO RESOURCES, INC.
---------------------
Edward Names                      President/Director
Dennis Staal                      Secretary/Treasurer/Vice President/Director
Ilyas Chaudhary                   Director
Rosanne Manes                     Assistant Secretary

SABA POWER COMPANY LTD.
-----------------------
No officers or Directors related

METEOR OFFICE LLC
-----------------
Edward J. Names                   Manager
Tom K. Martella                   Manager

ROCKY MOUNTAIN PROPANE LLC
--------------------------
Paul W. Greaves                   President, Director
Edward J. Names                   Secretary, Director
Richard E. Dana                   Director
Ross Marzolf                      Director

                              Schedule 2.5 Page 3

<PAGE>   23

                            STOCK PURCHASE AGREEMENT
                                 BY AND BETWEEN
                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

                                  SCHEDULE 4.1

ESTIMATED COSTS OF CLEANUP FOR THE PROPERTIES LISTED ON EXHIBIT B

PROPERTIES CURRENTLY OWNED OR OPERATED BY THE SUBSIDIARIES

<PAGE>   24

                            STOCK PURCHASE AGREEMENT
                                 BY AND BETWEEN
                 CAPCO ENERGY, INC. AND METEOR INDUSTRIES, INC.

                                JANUARY 30, 2001

                                  SCHEDULE 5.1

                               LIST OF AGREEMENTS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
          AGREEMENT                        PURCHASER/                       SELLER/TENANT             AGREEMENT DATE
                                           LANDLORD
----------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                <C>                               <C>
1.   Fleischli Oil             Pyramid Stores, Inc. & Meteor      G. Fleischli, J. Loghry and       07/31/97
     Company, Incorporated     Industries, Inc.                   R. Jensen
     Stock Purchase Agreement

2.   Tri-Valley Gas            Fleischli Oil Co., Inc. & Meteor   Tri-Valley Gas Co. Shareholders   05/21/98
     Company Stock Purchase    Industries Inc. (Guarantor)
     Agreement

3.   Graves Oil & Butane       Meteor Industries, Inc.            Theron J. Graves                  06/23/93
     Company, Incorporated
     Stock Purchase Agreement

4.   Settlement and Debt       Meteor Industries, Inc., Meteor    Graves Family Investments,        08/09/00
     Restructuring Agreement   Marketing, Inc. & Graves Oil &     Limited Partnership & the
                               Butane Co., Inc.                   estate of Theron J. Graves

5.   Hillger Oil               Meteor Industries, Inc.            Hillger Oil Co., Inc.             04/07/95
     Company, Incorporated                                        Shareholders
     Stock Purchase Agreement

6.   Meteor Stores,            Capco Energy, Inc.                 Meteor Industries, Inc.           12/31/99
     Incorporated Stock
     Purchase Agreement

7.   R & R Oil,                Fleischli Oil Co., Inc.            R & R Oil, Inc. and R & R Oil     09/30/98
     Incorporated Asset                                           Inc. Shareholders
     Purchase Agreement

8.   Master Lease &            Carroll Oil Co., Inc. & Carroll    Meteor Stores, Inc.               04/30/99
     Operating Agreement       Oil Co. No. 5 LLC
</TABLE>

                                  Schedule 5.1
<PAGE>   25

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
          AGREEMENT                        PURCHASER/                       SELLER/TENANT             AGREEMENT DATE
                                           LANDLORD
----------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                <C>                               <C>
 9.  Amendment to Master       Carroll Oil Co., Inc. & Carroll    Meteor Stores, Inc. & Meteor      06/09/99
     Lease & Operating         Oil Co. No. 5 LLC                  Industries, Inc. (Guarantor)
     Agreement

10.  Contract to Buy &         BNGS, LLC                          B & B Land, Co.                   09/30/98
     Sell Real Estate

11.  Lease                     BNGS, LLC                          Hillger Oil Co.                   09/30/98

12.  Commercial Contract       Coors Pyramid, LLC                 Se-Mark, Inc.                     05/02/96
     to Buy & Sell Real
     Estate

13.  Tedken Oil Company        Graves Oil & Butane Co., Inc.      Tedken Oil Co., T. Paulson, and   01/31/97
     Asset Purchase Agreement                                     F. Santoro

14.  Carroll Asset             Meteor Carroll LLC                 Carroll Oil Company, Inc.         03/00/99
     Purchase Agreement

15.  Credit Agreement          Bloomfield Pyramid L.L.C. &        Phillips Performance Fund Inc.    07/08/97
                               Graves Oil & Butane Co., Inc.      (Creditor)
                               (Borrowers)

16.  Duke City                 Graves Oil & Butane Co., Inc.      Duke City Distributing            05/02/96
     Distributing Company,                                        Co.,Inc., W. Sedden, and D.D.
     Incorporated Asset                                           Sedden
     Purchase Agreement

17.  Duke City                 Hillger Oil Co.                    Duke City Distributing            05/02/96
     Distributing Company,                                        Co.,Inc., W. Sedden, and D.D.
     Incorporated Asset                                           Sedden
     Purchase Agreement
</TABLE>

                               Schedule 5.1 Page 2

<PAGE>   26

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
          AGREEMENT                        PURCHASER/                       SELLER/TENANT             AGREEMENT DATE
                                           LANDLORD
----------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                <C>                               <C>
18.  Lease                     B. T. Wilcox &                     Graves Oil & Butane Co., Inc      11/07/91
                               W. J. Wilcox Trust

19.  Lease Termination         East Main Properties               Graves Oil & Butane Co., Inc.     10/01/97
     Agreement

20.  Lease                     East Main Properties               Graves Oil & Butane Co.           08/30/88

21.  Commission                Hillger Oil Co.                    S. Phillips & J. Phillips         09/01/89
     Marketing Agreement                                          (Marketers)

22.  Special Purpose           R. Merrill & C. Merrill            Hillger Oil Co.                   09/01/89
     Lease

23.  Commission                Hillger Oil Co.                    R. Merrill & C. Merrill           09/01/89
     Marketing Agreement                                          (Marketers)

24.  Lease                     Hillco, Inc.                       Hillger Oil Co.                   06/12/95

25.  Lease                     Theron J. Graves                   Graves Oil & Butane Co., Inc.     04/29/94

26.  Lease                     Graves Oil & Butane Co., Inc.      MRL Enterprises, Inc.             06/14/94

27.  Lease                     Tedken Oil Co.                     Graves Oil & Butane Co., Inc.     01/31/97

28.  Lease                     Fleischli Enterprises, Inc.        Fleischli Oil Co., Inc.           07/14/95

29.  Warehouse Building        Fleischli Enterprises. Inc.        Fleischli Oil Co.                 07/01/95
     Lease Agreement

30.  Lease                     Amoco Oil Co.                      Fleischli Oil Co., Inc.           12/10/96

31.  Lease                     Theron J. Graves                   Graves Oil & Butane Co., Inc.     09/29/93
</TABLE>

                               Schedule 5.1 Page 3

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