Document:

EXHIBIT 10.10

                             1997 STOCK OPTION PLAN

                                       OF

                              PROGINET CORPORATION
                              --------------------

            1. PURPOSES OF THE PLAN. This stock option plan (the "Plan") is
designed to provide an incentive to key employees (including officers and
directors who are key employees), of Proginet Corporation, a ________
corporation (the "Company"), and its present and future subsidiary corporations,
as defined in Paragraph 19 ("Subsidiaries"), and to offer an additional
inducement in obtaining the services of such individuals. The Plan provides for
the grant of "incentive stock options" ("ISOs") within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended (the "Code"), and
nonqualified stock options ("NQSOs"), but the Company makes no warranty as to
the qualification of any option as an "incentive stock option" under the Code.

            2. STOCK SUBJECT TO THE PLAN. Subject to the provisions of Paragraph
12, the aggregate number of shares of Common Stock, $.0001 par value per share,
of the Company ("Common Stock") for which options may be granted under the Plan
shall not exceed ______. Such shares of Common Stock may, in the discretion of
the Board of Directors of the Company (the "Board of Directors"), consist either
in whole or in part of authorized but unissued shares of Common Stock or shares
of Common Stock held in the treasury of the Company. The Company shall at all
times during the term of the Plan reserve and keep available such number of
shares of Common Stock as will be sufficient to satisfy the requirements of the
Plan. Subject to the provisions of Paragraph 13, any shares of Common Stock
subject to an option which for any reason expires, is cancelled or is terminated
unexercised or which ceases for any reason to be exercisable shall again become
available for the granting of options under the Plan.

            3. ADMINISTRATION OF THE PLAN. The Plan shall be administered by the
Board of Directors which, to the extent it shall determine, may delegate its
powers with respect to the administration of the Plan to a committee of the
Board of Directors (the "Committee") consisting of not less than two directors
(or such greater number as required by law), each of whom shall be a
"non-employee director" (within the meaning of Rule 16b-3 (or any successor rule
or regulation) promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and an "outside director" (within the meaning of Section
162(m)

<PAGE>

of the Code), to the extent Rule 16b-3 and Section 162(m), respectively,
are applicable to the Company. References in the Plan to determinations or
actions by the Committee shall be deemed to include determinations and actions
by the Board of Directors. A majority of the members of the Committee shall
constitute a quorum, and the acts of a majority of the members present at any
meeting at which a quorum is present, and any acts approved in writing by all
members without a meeting, shall be the acts of the Committee.

            Subject to the express provisions of the Plan, the Committee shall
have the authority, in its sole discretion, to determine: the key employees who
shall receive options; the times when they shall receive options; whether an
option shall be an ISO or a NQSO; the number of shares of Common Stock to be
subject to each option; the term of each option; the date each option shall
become exercisable; whether an option shall be exercisable in whole, in part or
in installments, and, if in installments, the number of shares of Common Stock
to be subject to each installment; whether the installments shall be cumulative;
the date each installment shall become exercisable and the term of each
installment; whether to accelerate the date of exercise of any installment;
whether shares of Common Stock may be issued on exercise of an option as partly
paid, and, if so, the dates when future installments of the exercise price shall
become due and the amounts of such installments; the exercise price of each
option; the form of payment of the exercise price; whether to restrict the sale
or other disposition of the shares of Common Stock acquired upon the exercise of
an option and to waive any such restriction; whether to subject the exercise of
all or any portion of an option to the fulfillment of contingencies as specified
in the Contract (as described in Paragraph 11), including without limitation,
contingencies relating to entering into a covenant not to compete with the
Company and its Parent and Subsidiaries, to financial objectives for the
Company, a Subsidiary, a division, a product line or other category, and/or the
period of continued employment of the optionee with the Company or its
Subsidiaries, to determine whether such contingencies have been met; to construe
the respective Contracts and the Plan; to determine the amount, if any,
necessary to satisfy the Company's obligation to withhold taxes; with the
consent of the optionee, to cancel or modify an option, provided such option as
modified would be permitted to be granted on such date under the terms of the
Plan; to prescribe, amend and rescind rules and regulations relating to the
Plan; and to make all other determinations necessary or advisable for
administering the Plan. The determinations of the Committee on the matters
referred to in this Paragraph 3 shall be conclusive. No member or former member
of the Committee shall be liable for any action or determination made in good
faith with respect to the Plan or any option granted hereunder.

            4. ELIGIBILITY; GRANTS. The Committee may, consistent with the
purposes of the Plan, grant options from time to time, to key employees
(including officers and directors who are key employees) of the Company or any
of its Subsidiaries. Options granted shall cover such number of shares of Common
Stock as the Committee may determine; provided, however, that the maximum number
of shares subject to options that may be granted to any employee in any fiscal
year of the Company under the Plan (the "162(m) Maximum") may not exceed
________; and further, provided, that the aggregate market value (determined at
the time the option is granted) of the shares of Common Stock for which any
eligible employee may be

                                      -2-
<PAGE>

granted ISOs under the Plan or any other plan of the Company, or of a Parent or
a Subsidiary of the Company, which are exercisable for the first time by such
optionee during any calendar year shall not exceed $100,000. The $100,000 ISO
limitation shall be applied by taking ISOs into account in the order in which
they were granted. Any option (or the portion thereof) granted in excess of such
amount shall be treated as a NQSO.

            5. EXERCISE PRICE. The exercise price of the shares of Common Stock
under each Option shall be determined by the Committee; provided, however, that
the exercise price shall not be less than 100% of the fair market value of the
Common Stock subject to such option on the date of grant; and, further provided,
that if, at the time an ISO is granted, the optionee owns (or is deemed to own
under Section 424(d) of the Code) stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company, of any of its
Subsidiaries or of a Parent, the exercise price of such ISO shall not be less
than 110% of the fair market value of the Common Stock subject to such ISO on
the date of grant.

            The fair market value of a share of Common Stock on any day shall be
(a) if the principal market for the Common Stock is a national securities
exchange (including, the Vancouver Stock Exchange), the average between the high
and low sales prices per share of the Common Stock on such day as reported by
such exchange or on a consolidated tape reflecting transactions on such
exchange, (b) if the principal market for the Common Stock is not a national
securities exchange and the Common Stock is quoted on the National Association
of Securities Dealers Automated Quotations System ("NASDAQ"), and (i) if actual
sales price information is available with respect to the Common Stock, the
average between the high and low sales prices per share of the Common Stock on
such day on NASDAQ, or (ii) if such information is not available, the average
between the highest bid and the lowest asked prices for the Common Stock on such
day on NASDAQ, or (c) if the principal market for the Common Stock is not a
national securities exchange and the Common Stock is not quoted on NASDAQ, the
average between the highest bid and lowest asked prices per share for the Common
Stock on such day as reported on the NASDAQ OTC Bulletin Board Service, National
Quotation Bureau, Incorporated or a comparable service; provided that if clauses
(a), (b) and (c) of this Paragraph are all inapplicable, or if no trades have
been made or no quotes are available for such day, the fair market value of a
share of Common Stock shall be determined by the Committee by any method
consistent with applicable regulations adopted by the Treasury Department
relating to stock options. The determination of the Committee shall be
conclusive in determining the fair market value of the stock.

            6. TERM. The term of each option granted pursuant to the Plan shall
be such term as is established by the Committee, in its sole discretion, at or
before the time such option is granted; provided, however, that the term of each
ISO granted pursuant to the Plan shall be for a period not exceeding 10 years
from the date of grant thereof, and further, provided, that if, at the time an
ISO is granted, the optionee owns (or is deemed to own under Section 424(d) of
the Code) stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company, of any of its Subsidiaries or of a Parent,
the term of the ISO shall be for a

                                      -3-
<PAGE>

period not exceeding five years from the date of grant. Options shall be subject
to earlier termination as hereinafter provided.

            7. EXERCISE. An option (or any part or installment thereof), to the
extent then exercisable, shall be exercised by giving written notice to the
Company at its principal office (at present
__________________________________________________, Attn.:___________), stating
which ISO or NQSO is being exercised, specifying the number of shares of Common
Stock as to which such option is being exercised and accompanied by payment in
full of the aggregate exercise price therefor (or the amount due on exercise if
the Contract permits installment payments) (a) in cash or by certified check or
(b) if the applicable Contract at the time of grant so permits, with the
authorization of the Committee, with previously acquired shares of Common Stock
having an aggregate fair market value, on the date of exercise, equal to the
aggregate exercise price of all options being exercised, or with any combination
of cash, certified check or shares of Common Stock.

            The Committee may, in its discretion, permit payment of the exercise
price of an option by delivery by the optionee of a properly executed exercise
notice, together with a copy of his irrevocable instructions to a broker
acceptable to the Committee to deliver promptly to the Company the amount of
sale or loan proceeds sufficient to pay such exercise price. In connection
therewith, the Company may enter into agreements for coordinated procedures with
one or more brokerage firms.

            A person entitled to receive Common Stock upon the exercise of an
option shall not have the rights of a shareholder with respect to such shares of
Common Stock until the date of issuance of a stock certificate to him for such
shares; provided, however, that until such stock certificate is issued, any
option holder using previously acquired shares of Common Stock in payment of an
option exercise price shall continue to have the rights of a shareholder with
respect to such previously acquired shares.

            8. TERMINATION OF RELATIONSHIP. Any holder of an Employee Option
whose employment with the Company (and its Parent and Subsidiaries) has
terminated for any reason other than his death or Disability (as defined in
Paragraph 19) may exercise such option, to the extent exercisable on the date of
such termination, at any time within three months after the date of termination,
but not thereafter and in no event after the date the option would otherwise
have expired; provided, however, that if his employment shall be terminated
either (a) for cause, or (b) without the consent of the Company, said option
shall terminate immediately. Options granted under the Plan shall not be
affected by any change in the status of the holder so long as he continues to be
a full-time employee of the Company, its Parent or any of the Subsidiaries
(regardless of having been transferred from one corporation to another).

            For purposes of the Plan, an employment relationship shall be deemed
to exist between an individual and a corporation if, at the time of the
determination, the individual was an employee of such corporation for purposes
of Section 422(a) of the Code. As a result, an

                                      -4-
<PAGE>

individual on military, sick leave or other bona fide leave of absence shall
continue to be considered an employee for purposes of the Plan during such leave
if the period of the leave does not exceed 90 days, or, if longer, so long as
the individual's right to reemployment with the Company (or a related
corporation) is guaranteed either by statute or by contract. If the period of
leave exceeds 90 days and the individual's right to reemployment is not
guaranteed by statute or by contract, the employment relationship shall be
deemed to have terminated on the 91st day of such leave. In addition, for
purposes of the Plan, an optionee's employment with a Subsidiary or Parent of
the Company shall be deemed to have terminated on the date such corporation
ceases to be a Subsidiary or Parent of the Company.

            Nothing in the Plan or in any option granted under the Plan shall
confer on any individual any right to continue in the employ of the Company, its
Parent or any of its Subsidiaries, or interfere in any way with the right of the
Company, its Parent or any of its Subsidiaries to terminate such relationship at
any time for any reason whatsoever without liability to the Company, its Parent
or any of its Subsidiaries.

            9. DEATH OR DISABILITY OF AN OPTIONEE. If an optionee dies (a) while
he is employed by the Company, its Parent or any of its Subsidiaries, (b) within
three months after the termination of his employment (unless such termination
was for cause or without the consent of the Company) or (c) within one year
following the termination of his employment by reason of Disability, an option
may be exercised, to the extent exercisable on the date of his death, by his
executor, administrator or other person at the time entitled by law to his
rights under such option, at any time within one year after death, but not
thereafter and in no event after the date the option would otherwise have
expired.

            Any optionee whose employment has terminated by reason of Disability
may exercise his option, to the extent exercisable upon the effective date of
such termination, at any time within one year after such date, but not
thereafter and in no event after the date the option would otherwise have
expired.

            10. COMPLIANCE WITH SECURITIES LAW. It is a condition to the
exercise of any option that either (a) a Registration Statement under the
Securities Act of 1933, as amended (the "Securities Act"), with respect to the
shares of Common Stock to be issued upon such exercise shall be effective and
current at the time of exercise, or (b) there is an exemption from registration
under the Securities Act for the issuance of shares of Common Stock upon such
exercise. Nothing herein shall be construed as requiring the Company to register
shares subject to any option under the Securities Act.

            The Committee may require the optionee to execute and deliver to the
Company his representations and warranties, in form and substance satisfactory
to the Committee, that (i) the shares of Common Stock to be issued upon the
exercise of the option are being acquired by the optionee for his own account,
for investment only and not with a view to

                                      -5-
<PAGE>

the resale or distribution thereof, and (ii) any subsequent resale or
distribution of shares of Common Stock by such optionee will be made only
pursuant to (a) a Registration Statement under the Securities Act which is
effective and current with respect to the shares of Common Stock being sold, or
(b) a specific exemption from the registration requirements of the Securities
Act, but in claiming such exemption, the optionee shall prior to any offer of
sale or sale of such shares of Common Stock provide the Company with a favorable
written opinion of counsel, in form and substance satisfactory to the Company,
as to the applicability of such exemption to the proposed sale or distribution.
In addition, if at any time the Committee shall determine in its discretion that
the listing or qualification of the shares of Common Stock subject to such
option on any securities exchange or under any applicable law, or the consent or
approval of any governmental regulatory body, is necessary or desirable as a
condition of, or in connection with, the granting of an option, or the issuance
of shares of Common Stock thereunder, such option may not be exercised in whole
or in part unless such listing, qualification, consent or approval shall have
been effected or obtained free of any conditions not acceptable to the
Committee.

            11. STOCK OPTION CONTRACTS. Each option shall be evidenced by an
appropriate Contract which shall be duly executed by the Company and the
optionee, and shall contain such terms and conditions not inconsistent herewith
as may be determined by the Committee.

            12. ADJUSTMENTS UPON CHANGES IN COMMON STOCK. Notwithstanding any
other provisions of the Plan, in the event of any change in the outstanding
Common Stock by reason of a stock dividend, recapitalization, merger or
consolidation in which the Company is the surviving corporation, split-up,
spin-off, combination or exchange of shares or the like, the aggregate number
and kind of shares subject to the Plan, the aggregate number and kind of shares
subject to each outstanding option and the exercise price thereof and the 162(m)
Maximum shall be appropriately adjusted by the Board of Directors, whose
determination shall be conclusive.

            In the event of (a) the liquidation or dissolution of the Company,
(b) a merger or consolidation in which the Company is not the surviving
corporation, or (c) any other capital reorganization (other than a
recapitalization) in which more than 50% of the shares of Common Stock of the
Company entitled to vote are exchanged, any outstanding options shall terminate,
unless other provision is made therefor in the transaction.

            13. AMENDMENTS AND TERMINATION OF THE PLAN. The Plan was adopted by
the Board of Directors on _________, 1997. No option may be granted under the
Plan after _________, 2007. The Board of Directors, without further approval of
the Company's shareholders, may at any time suspend or terminate the Plan, in
whole or in part, or amend it from time to time in such respects as it may deem
advisable, including, without limitation, in order that ISO granted hereunder
meet the requirements for "incentive stock options" under the Code, to comply
with the provisions of Rule 16b-3 promulgated under the

                                      -6-
<PAGE>

Exchange Act, Section 162(m) of the Code and to conform to any change in
applicable law or to regulations or rulings of administrative agencies;
provided, however, that no amendment shall be effective without the requisite
prior or subsequent shareholder approval which would (a) except as contemplated
in Paragraph 12, increase the maximum number of shares of Common Stock for which
options may be granted under the Plan or the 162(m) Maximum, (b) materially
increase the benefits to participants under the Plan or (c) change the
eligibility requirements for individuals entitled to receive options hereunder.
No termination, suspension or amendment of the Plan or amendment to the Contract
shall, without the consent of the holder of an existing option affected thereby,
adversely affect his rights under such option. The power of the Committee to
construe and administer any options granted under the Plan prior to the
termination or suspension of the Plan nevertheless shall continue after such
termination or during such suspension.

            14. NON-TRANSFERABILITY OF OPTIONS. No option granted under the Plan
shall be transferable otherwise than by will or the laws of descent and
distribution, and options may be exercised, during the lifetime of the holder
thereof, only by him or his legal representatives. Except to the extent provided
above, options may not be assigned, transferred, pledged, hypothecated or
disposed of in any way (whether by operation of law or otherwise) and shall not
be subject to execution, attachment or similar process.

            15. WITHHOLDING TAXES. The Company may withhold cash and/or, with
the authorization of the Committee, shares of Common Stock to be issued with
respect thereto having an aggregate fair market value equal to the amount which
it determines is necessary to satisfy its obligation to withhold Federal, state
and local income taxes or other taxes incurred by reason of the grant or
exercise of an option, its disposition, or the disposition of the underlying
shares of Common Stock. Alternatively, the Company may require the holder to pay
to the Company such amount, in cash, promptly upon demand. The Company shall not
be required to issue any shares of Common Stock pursuant to any such option
until all required payments have been made. Fair market value of the shares of
Common Stock shall be determined in accordance with Paragraph 5.

            16. LEGENDS; PAYMENT OF EXPENSES. The Company may endorse such
legend or legends upon the certificates for shares of Common Stock issued upon
exercise of an option under the Plan and may issue such "stop transfer"
instructions to its transfer agent in respect of such shares as it determines,
in its discretion, to be necessary or appropriate to (a) prevent a violation of,
or to perfect an exemption from, the registration requirements of the Securities
Act, (b) implement the provisions of the Plan or any agreement between the
Company and the optionee with respect to such shares of Common Stock, or (c)
permit the Company to determine the occurrence of a "disqualifying disposition,"
as described in Section 421(b) of the Code, of the shares of Common Stock
transferred upon the exercise of an ISO granted under the Plan.

                                      -7-
<PAGE>

            The Company shall pay all issuance taxes with respect to the
issuance of shares of Common Stock upon the exercise of an option granted under
the Plan, as well as all fees and expenses incurred by the Company in connection
with such issuance.

            17. USE OF PROCEEDS. The cash proceeds from the sale of shares of
Common Stock pursuant to the exercise of options under the Plan shall be added
to the general funds of the Company and used for its general corporate purposes
as the Board of Directors may determine.

            18. SUBSTITUTIONS AND ASSUMPTIONS OF OPTIONS OF CERTAIN CONSTITUENT
CORPORATIONS. Anything in this Plan to the contrary notwithstanding, the Board
of Directors may, without further approval by the shareholders, substitute new
options for prior options of a Constituent Corporation (as defined in Paragraph
19) or assume the prior options of such Constituent Corporation.

            19. DEFINITIONS.

               (a) Subsidiary. The term "Subsidiary" shall have the same
definition as "subsidiary corporation" in Section 424(f) of the Code.

               (b) Parent. The term "Parent" shall have the same definition as
"parent corporation" in Section 424(e) of the Code.

               (c) Constituent Corporation. The term "Constituent Corporation"
shall mean any corporation which engages with the Company, its Parent or any
Subsidiary in a transaction to which Section 424(a) of the Code applies (or
would apply if the option assumed or substituted were an ISO), or any Parent or
any Subsidiary of such corporation.

               (d) Disability. The term "Disability" shall mean a permanent and
total disability within the meaning of Section 22(e)(3) of the Code.

            20. GOVERNING LAW. The Plan, such options as may be granted
hereunder and all related matters shall be governed by, and construed in
accordance with, the laws of the State of [New York].

            21. PARTIAL INVALIDITY. The invalidity or illegality of any
provision herein shall not affect the validity of any other provision.

            22. SHAREHOLDER APPROVAL. The Plan shall be subject to approval by a
majority of the votes cast at the next duly held meeting of the Company's
shareholders at which a majority of the outstanding voting shares are present,
in person or by proxy, and voting on the Plan. No options granted pursuant to
the Plan may be exercised prior to such approval, provided that the date of
grant of any options granted thereunder shall be determined as if the amendment
to the Plan had not been subject to such approval. Notwithstanding the
foregoing, if

                                      -8-
<PAGE>

the Plan is not approved by a vote of the shareholders of the Company on or
before _________, 1997, the Plan and any options granted thereunder shall
terminate.

                                      -9-EXHIBIT 10.11
                        INCENTIVE STOCK OPTION AGREEMENT
                        --------------------------------

         INCENTIVE STOCK OPTION AGREEMENT made this 16th day of November 1999
between PROGINET CORPORATION, a Delaware corporation (hereinafter called the
"Company") and______________, an employee of the Company(hereinafter called the
"Employee").

         WHEREAS, the company desires, by affording the Employee opportunity to
purchase shares of its common stock, $.001 par value per share ("Stock"),
pursuant to the exercise of an Incentive Stock Option, as hereinafter provided,
to carry out the purpose of the Equity Incentive Plan of the Company ("Plan");
and

         WHEREAS, the Employee desires to acquire the opportunity to purchase
shares of Stock, under the terms and conditions herein stated and in the Plan;

         NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration acknowledged by the
parties to be adequate, the parties hereto agree as follows:

1.   Grant of Option. The Company hereby grants to the Employee an option
     ("Option") to purchase all or any part of an aggregate of shares of Stock
     ("Option Shares"), such number being subject to adjustment as provided in
     paragraph 7 hereof, on the terms and conditions herein set forth , and as
     set forth in the Plan.

2.   Purchase Price. The purchase price ("Purchase Price") of the Options Shares
     shall be the price of the Company's Stock at closing on the Vancouver Stock
     Exchange on the date of the grant, which was $ per share.

3. Terms and Condition of Option.

     (a) The term of the Option shall be for a period of ten (10) years from the
         date hereof, subject to earlier termination as provided in Section 6
         and 7 hereof.

     (b) The Option may not be exercised as to fewer than 100 Option shares at
         any one time (or the number of shares then purchasable under the
         Option, if less than 100 Shares are then purchasable under the Option).

     (c) The purchase price of the Option Shares as to which the Option shall be
         exercised shall be paid, at the time of exercise, in full (i) in cash
         or (ii) by delivery of certificates for shares of Stock, appropriately
         endorsed for transfer to the Company, equal in fair market value on the
         date of exercise to the Purchase Price of the Option Shares.

     (d) Subject to the provisions of Section 6 below, the Option may not be
         exercised at any time unless the Employee shall have been and is in the
         continuous employ of the Company from the date hereof to the date of
         the exercise of the Option

                                       1
<PAGE>

<TABLE>
<CAPTION>

     (e) The Option shall only be exercisable as follows:

        -----------------------------------------------------------------------------------------------------------
        GRANT DATE     SHARES     PRICE $     DATE(S)        TO BE                   VESTING CRITERIA
                      GRANTED                 VESTING        VESTED
        -----------------------------------------------------------------------------------------------------------
        <S>          <C>         <C>         <C>            <C>           <C>
                                                                           If company profitability of US $400,000
                                                                              is achieved for Fiscal Year End 2000
        -----------------------------------------------------------------------------------------------------------
                                                                                           None
        -----------------------------------------------------------------------------------------------------------
                                                                           If company profitability of US $600,000
                                                                              is achieved for Fiscal Year End 2001
        -----------------------------------------------------------------------------------------------------------
                                                                                           None
        -----------------------------------------------------------------------------------------------------------

</TABLE>

         provided, however, that the Option shall be fully exercisable upon (i)
         (A) merger, reorganization or consolidation of the Company into or with
         another corporation or entity unless the stockholders or the Company
         immediately prior thereto shall have the right, immediately thereafter,
         to cast at least a majority of the votes of voting securities of the
         resulting or surviving corporation or entity on any matter on which any
         such holders of voting securities shall be entitled to vote, or (B)
         sale of all or substantially all of the Company's assets to another
         corporation, or (ii) there shall be a voluntary or involuntary
         dissolution, liquidation, or winding up of the Company. In any one or
         more of said cases, the Company shall give written notice, by first
         class mail, postage prepaid, addressed to the Employee at his or her
         address appearing on the records of the Company, of the date on which
         the action in question shall take place. Such notice shall also specify
         the date as of which the holders of Stock of record shall be entitled
         to exchange their stock for securities or other property deliverable
         upon consummation of the action in question. Such written notice shall
         be given at least twenty (20) days prior to date upon which the action
         in question is to be effected, and not less than twenty (20) days prior
         the record date or the date on which the Company's transfer books are
         closed in respect thereto. Anything to the contrary herein contained
         notwithstanding, the Option shall not be exercisable after such time as
         provided in paragraph 3(a) hereof.

     (f) The holder of the Option shall not have any of the rights of a
         stockholder with respect to the Option Shares except to the extent that
         one or more certificates for such shares shall be delivered to him upon
         the due exercise of the Option.

     (g) The Option may not be exercised unless at the date of exercise (i) a
         registration statement on Form S-8 under the Securities Act of 1933
         (the "Act"), as amended, relating to the Option Shares covered by the
         Option shall be in effect, or (ii) in the opinion of counsel to the
         holder of the Option, in form and substance satisfactory to counsel to
         the Company, an exemption from the registration requirements of the Act
         relating to the Option Shares covered by the Option is available.

     (h) The Company may impose at any time such other restrictions on any
         Option Shares sold hereunder as it may deem advisable, including
         without limitation, (i) restrictions under the Act, as amended, in
         addition to those set forth above; (ii) restrictions or requirements of
         any stock exchange upon which such Option Shares or shares of the same
         class are

                                       2
<PAGE>

         then listed; and (iii) restrictions under any "blue sky" or securities
         laws applicable to such Option Shares.

4.   Nontransferability. The Option is not transferable by the Employee other
     than by will or the laws of descent and distribution, and may be exercised
     only by him or otherwise in accordance with the provisions of Section 6
     below.

5. Covenants of Holder and Restriction on Transfer.

     (a) Unless at the time the Option is exercised there is an effective
         registration statement covering the Option Shares issuable upon
         exercise of the Option, the Employee, by acceptance hereof, agrees that
         he will acquire all of the Option Shares issuable upon the exercise of
         this Option for his own account for investment and not with a view to
         the distribution of such shares. The Employee further agrees that, upon
         each exercise of this Option, he will at such time or times make such
         representation and warranties to the Company confirming such agreement
         as the Company shall require.

     (b) Unless at the time the Option is exercised there is an effective
         registration statement covering the Option Shares issuable upon
         exercise of the Option, any certificate or certificates representing
         the Option Shares shall bear a legend substantially upon the following
         terms:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended ("Act"), and
         may not be offered, sold, transferred, pledged or hypothecated except
         pursuant to an effective registration statement under the Act or in a
         transaction which, in the opinion of counsel to the company, is exempt
         from registration under the Act and any applicable state "blue sky"
         laws; and such securities, furthermore, are subject to certain
         restriction as set forth in an agreement between the Company and the
         holder hereof, a copy of which shall be furnished to the holder without
         charge upon written request to the Secretary of the Company."

6.   Termination of Employment

     (a) In the event that the employment of the Employee shall be terminated by
         the Company other than for cause or by Employee, then the Employee
         shall be entitled to exercise the vested portion of the Option
         (determined at the date of such termination) within the 30-day period
         following such termination.

     (b) In the event that the Employee becomes "disabled" (as defined in
         Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the
         "Code") and, as a result, his employment with the Company is
         terminated, or if the Employee dies, then the Employee or his legal
         representative, as applicable, shall be entitled to exercise the vested
         portion of the Option (determined at the date of such termination or
         death, as applicable) within 12 months following such termination or
         death, as applicable.

                                       3
<PAGE>

     (c) In all other cases, including without limitation, termination of the
         employment of the Employee by the Company for cause, the Option shall
         terminate and no longer be exercisable upon termination of the
         Employee's employment with the Company.

     (d) So long as the Employee shall continue to be an employee of the
         Company, the Option shall not be affected by any change of duties or
         position of the Employee. Nothing in this Option Agreement shall confer
         upon the Employee any right to continue in the employ of the Company or
         interfere in any way with the right of the Company to terminate his
         employment at any time.

7.   Capital Changes Affecting the Stock.

     (a) In the event that, after the date hereof and prior to the exercise of
         the Option, the Company shall issue additional shares of Stock as a
         result of a stock dividend being paid or becoming payable in respect of
         the Stock or there shall occur a split or reverse-split in the number
         of shares of Stock outstanding, then the number of shares for which the
         Option may thereafter be exercised shall be proportionately adjusted,
         so that the Option shall be deemed to cover such additional shares of
         Stock to the extent that the same would have been issued to the
         Employee had such Option been exercised in its entirety immediately
         prior to the issuance of such additional shares of Stock. There shall
         be a corresponding proportionate adjustment of the Purchase Price of
         such Option so that in the aggregate the Purchase Price for all shares
         of Stock then covered by the Option shall be the same as the aggregate
         Purchase Price for the shares of Stock remaining subject to such Option
         immediately prior the issuance of such additional shares of Stock.

     (b) In the event of a reclassification or change of outstanding shares of
         Stock or a consolidation or merger of the Company with or into another
         corporation or a sale or conveyance, substantially as a whole, of the
         property of the Company, the Company shall take appropriate actions to
         enable the Employee, upon exercise of his or her Option, to be entitled
         to receive shares of Stock or other securities equivalent in kind and
         value to the shares of Stock he or she would have held if he or she
         both had exercised the Option in full immediately prior to such
         reclassification, change, consolidation, merger, sale or conveyance and
         had continued to hold such shares of Stock (together with all other
         shares and securities thereafter issued in respect thereof) until the
         time of actual exercise of the Option.

     (c) In the event that there is to occur a recapitalization involving an
         increase in the par value of the Stock which would result in a par
         value exceeding the exercise price under an Option, the Company shall
         notify the Employee of such proposed recapitalization immediately upon
         its being recommended by the Board of Directors to the Company's
         shareholders, after which the Employee shall have the right to exercise
         his or her Option prior to such recapitalization; if the Employee fails
         to exercise the Option prior to recapitalization, the exercise price
         under the Option shall be appropriately adjusted. In the event of a
         dissolution or liquidation of the Company, except pursuant to a
         transaction to which Section 424(a) of the Code applies, each Option
         shall terminate, but the

                                       4
<PAGE>

          Employee shall have the right to exercise his or her Option prior to
          such dissolution or liquidation.

     (d) No fraction of a share shall be purchasable or deliverable under an
         Option. In the event that an adjustment of the number of shares
         purchasable under an Option shall cause such number to include a
         fraction of a share, such fraction shall be adjusted to the nearest
         smaller whole number of shares and the purchase price shall be
         appropriately adjusted.

8.   Successive Options. This Option may be exercised notwithstanding that there
     is outstanding any Option of an earlier date granted to the Employee under
     the Plan.

9.   Method of Exercising Option. Subject to the terms and conditions of this
     Option Agreement, the Option may be exercised by written notice to the
     Company at its main office, 200 Garden City Plaza, Garden City, New York,
     11530. Such notice shall state the election to exercise the Option and
     number of Option Shares with respect to which it is being exercised, and
     shall be signed by the person or persons so exercising this Option. Such
     notice shall either (a) be accompanied by payment of the full Purchase
     Price Option Shares, or (b) fix a date (not less than (5) nor more than ten
     (10) business days from the date such notice shall be received by the
     Company) for the payment of the full Purchase Price to the Company, against
     delivery of a certificate or certificates representing such Option Shares.
     The Company shall deliver or cause to be delivered to the Employee a
     certificate or certificates for the Option Shares then being purchased by
     the Employee. The certificate or certificates for the Option Shares as to
     which the Option shall have been so exercised shall be registered in the
     name of the person or persons so exercising the Option and shall be
     delivered as provided above to or upon the written order of the person or
     persons exercising the Option. All Option Shares that shall be purchased
     upon the exercise of the Option as provided herein shall be fully paid and
     nonaccessible.

10.  Incentive Stock Option Status. It is intended that the Option represented
     by this Option Agreement shall be construed as an "Incentive Stock Option"
     as that term is defined in the Section 422 of the Code.

11.  General. The Company shall at all times during the term of the Option
     reserve and keep available such number of Option Shares as will be
     sufficient to satisfy the requirements of this Option Agreement, shall pay
     all original issue and transfer taxes with respect to the issue and
     transfer of Option Shares pursuant hereto and all other necessary fees and
     expenses incurred by the Company in connection therewith, and will from
     time to time use its best efforts to comply with all laws and regulations
     which, in the opinion of counsel for the Company, shall be applicable
     thereto.

12.  Binding Effect. This Agreement shall be binding upon and inure to the
     benefit of the Company, its successors and assigns, and the Employee and
     his successors.

                                       5
<PAGE>

13.  Notices. Any notice or communication hereunder shall be considered to have
     been given if mailed, certified mail, return receipt requested, if to the
     Company, to its principle business address, or if to the Employee, to his
     address as listed in the records of the Company.

14.  Priority of Plan. The Plan shall control in any matters of inconsistency
     between the Plan and this Option Agreement.

     IN WITNESS WHEREOF, the Company has caused this Option Agreement to be duly
     executed by its officer thereunto authorized and the Employee has hereunto
     set his hand and seal, all on the day and year first above written.

     EMPLOYEE:                              PROGINET CORPORATION:

     ___________________________            By:___________________________

                                               President

                                       6

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