Document:

EXHIBIT 10(v)(a)

                                OPTIONABLE, INC.
                             2004 STOCK OPTION PLAN
                            ADOPTED DECEMBER 3, 2004

      1. PURPOSE OF THE PLAN. The Optionable, Inc., 2004 Stock Option Plan (the
"Plan") is intended to advance the interests of Optionable, Inc. (the
"Company"), by inducing individuals, and eligible entities (as hereinafter
provided) of outstanding ability and potential to join and remain with, or
provide consulting or advisory services to, the Company, by encouraging and
enabling eligible employees, non-employee Directors, consultants, and advisors
to acquire proprietary interests in the Company, and by providing the
participating employees, non-employee Directors, consultants, and advisors with
an additional incentive to promote the success of the Company. This is
accomplished by providing for the granting of "Options", which term as used
herein includes both "Incentive Stock Options" and "Nonstatutory Stock Options"
(as hereinafter defined) to employees, non-employee Directors, consultants, and
advisors.

      2. ADMINISTRATION. The Plan shall be administered by the Board of
Directors of the Company (the "Board of Directors") or by a committee (the
"Committee") chosen by the Board of Directors. Except as herein specifically
provided, the interpretation and construction by the Board of Directors or the
Committee of any provision of the Plan or of any Option granted under it shall
be final and conclusive. The receipt of Options by Directors, or any members of
the Committee, shall not preclude their vote on any matters in connection with
the administration or interpretation of the Plan.

      3. SHARES SUBJECT TO THE PLAN. The stock subject to Options granted under
the Plan shall be shares of the Company's Common Stock, par value $.0001 per
share (the "Common Stock"), whether authorized but unissued or held in the
Company's treasury, or shares purchased from stockholders expressly for use
under the Plan. The maximum number of shares of Common Stock which may be issued
pursuant to Options granted under the Plan shall not exceed in the aggregate
seven million five hundred thousand (7,500,000) shares, plus such number of
Common Stock shares issuable upon the exercise of Reload Options (as hereinafter
defined) granted under the Plan, subject to adjustment in accordance with the
provisions of Section 12 hereof. The Company shall at all times while the Plan
is in force reserve such number of shares of Common Stock as will be sufficient
to satisfy the requirements of all outstanding Options granted under the Plan.
In the event any Option granted under the Plan shall expire or terminate for any
reason without having been exercised in full or shall cease for any reason to be
exercisable in whole or in part, the un-purchased shares subject thereto shall
again be available for Options under the Plan.

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      4. PARTICIPATION. The class of individual or entity that shall be eligible
to receive Options under the Plan shall be (a) with respect to Incentive Stock
Options described in Section 6 hereof, all employees (including officers) of
either the Company or any subsidiary corporation of the Company, and (b) with
respect to Nonstatutory Stock Options described in Section 7 hereof, all
employees (including officers) and non-employee Directors of, or consultants and
advisors to, either the Company or any subsidiary corporation of the Company;
provided, however, that Nonstatutory Stock Options shall not be granted to any
such consultants and advisors unless (i) bona fide services have been or are to
be rendered by such consultant or advisor and (ii) such services are not in
connection with the offer or sale of securities in a capital raising
transaction. For purposes of the Plan, for an entity to be an eligible entity,
it must be included in the definition of "employee" for purposes of a Form S-8
Registration Statement filed under the Securities Act of 1933, as amended (the
"Act"). The Board of Directors or the Committee, in its sole discretion, but
subject to the provisions of the Plan, shall determine the employees and
non-employee Directors of, and the consultants and advisors to, the Company and
its subsidiary corporations to whom Options shall be granted, and the number of
shares to be covered by each Option, taking into account the nature of the
employment or services rendered by the individuals or entities being considered,
their annual compensation, their present and potential contributions to the
success of the Company, and such other factors as the Board of Directors or the
Committee may deem relevant.

      5. STOCK OPTION AGREEMENT. Each Option granted under the Plan shall be
authorized by the Board of Directors or the Committee, and shall be evidenced by
a Stock Option Agreement which shall be executed by the Company and by the
individual or entity to whom such Option is granted. The Stock Option Agreement
shall specify the number of shares of Common Stock as to which any Option is
granted, the period during which the Option is exercisable, the option price per
share thereof, and such other terms and provisions not inconsistent with this
Plan.

      6. INCENTIVE STOCK OPTIONS. The Board of Directors or the Committee may
grant Options under the Plan, which Options are intended to meet the
requirements of Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code"), and which are subject to the following terms and conditions and
any other terms and conditions as may at any time be required by Section 422 of
the Code (referred to herein as an "Incentive Stock Option"):

            (a) No Incentive Stock Option shall be granted to individuals other
than employees of the Company or of a subsidiary corporation of the Company;

            (b) Each Incentive Stock Option under the Plan must be granted prior
to the date which is ten (10) years from the date the Plan initially was adopted
by the Board of Directors of the Company;

            (c) The option price of the shares of Common Stock subject to any
Incentive Stock Option shall not be less than the fair market value of the
Common Stock at the time such Incentive Stock Option is granted; provided,
however, if an Incentive Stock Option is granted to an individual who owns, at
the time the Incentive Stock Option is granted, more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or of a
parent or subsidiary corporation of the Company (a "Principal Stockholder"), the
option price of the shares subject to the Incentive Stock Option shall be at
least one hundred ten percent (110%) of the fair market value of the Common
Stock at the time the Incentive Stock Option is granted;

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            (d) No Incentive Stock Option granted under the Plan shall be
exercisable after the expiration of ten (10) years from the date of its grant.
However, if an Incentive Stock Option is granted to a Principal Stockholder,
such Incentive Stock Option shall not be exercisable after the expiration of
five (5) years from the date of its grant. Every Incentive Stock Option granted
under the Plan shall be subject to earlier termination as expressly provided in
Section 12 hereof;

            (e) For purposes of determining stock ownership under this Section
6, the attribution rules of Section 424(d) of the Code shall apply; and

            (f) For purposes of the Plan, and except as otherwise provided
herein, fair market value shall be determined by the Board of Directors or the
Committee. If the Common Stock is listed on a national securities exchange or
traded on the over-the-counter market, fair market value shall be the closing
selling price or, if not available, the closing bid price or, if not available,
the high bid price of the Common Stock quoted on such exchange, or on the
over-the-counter market as reported by The NASDAQ Stock Market ("NASDAQ") or, if
the Common Stock is not listed on NASDAQ, then by the National Quotation Bureau,
Incorporated, as the case may be, on the day immediately preceding the day on
which the Option is granted or exercised, as the case may be, or, if there is no
selling or bid price on that day, the closing selling price, closing bid price,
or high bid price on the most recent day which precedes that day and for which
such prices are available.

      7. NONSTATUTORY STOCK OPTIONS. The Board of Directors or the Committee may
grant Options under the Plan which are not intended to meet the requirements of
Section 422 of the Code, as well as Options which are intended to meet the
requirements of Section 422 of the Code but the terms of which provide that they
will not be treated as Incentive Stock Options (referred to herein as a
"Nonstatutory Stock Options"). Nonstatutory Stock Options which are not intended
to meet those requirements shall be subject to the following terms and
conditions:

            (a) A Nonstatutory Stock Option may be granted to any individual or
entity eligible to receive an Option under the Plan pursuant to Section 4(b)
hereof;

            (b) The option price of the shares of Common Stock subject to a
Nonstatutory Stock Option shall be determined by the Board of Directors or the
Committee, in its sole discretion, at the time of the grant of the Nonstatutory
Stock Option; provided, however, the option price shall not be less than one
hundred percent (100%) of the fair market value of a share of Common Stock on
the date of grant. For purposes of this Section 7(b), fair market value shall
mean, if the Common Stock is publicly traded, the closing trading price on the
day preceding the date of the grant; and

            (c) A Nonstatutory Stock Option granted under the Plan may be of
such duration as shall be determined by the Board of Directors or the Committee
(subject to earlier termination as expressly provided in Section 11 hereof).

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      8. RELOAD FEATURE. The Board of Directors or the Committee may grant
Options with a reload feature. A reload feature shall only apply when the option
price is paid by delivery of Common Stock (as set forth in Section 13(b)(ii)).
The Stock Option Agreement for the Options containing the reload feature shall
provide that the Option holder shall receive, contemporaneously with the payment
of the option price in shares of Common Stock, a reload stock option (the
"Reload Option") to purchase that number of shares of Common Stock equal to the
sum of (i) the number of shares of Common Stock used to exercise the Option, and
(ii) with respect to Nonstatutory Stock Options, the number of shares of Common
Stock used to satisfy any tax withholding requirement incident to the exercise
of such Nonstatutory Stock Option. The terms of the Plan applicable to the
Option shall be equally applicable to the Reload Option with the following
exceptions: (i) the option price per share of Common Stock deliverable upon the
exercise of the Reload Option, (A) in the case of a Reload Option which is an
Incentive Stock Option being granted to a Principal Stockholder, shall be one
hundred ten percent (110%) of the fair market value of a share of Common Stock
on the date of grant of the Reload Option, and (B) in the case of a Reload
Option which is an Incentive Stock Option being granted to a person other than a
Principal Stockholder or is a Nonstatutory Stock Option, shall be the fair
market value of a share of Common Stock on the date of grant of the Reload
Option; and (ii) the term of the Reload Option shall be equal to the remaining
option term of the Option (including a Reload Option) which gave rise to the
Reload Option. The Reload Option shall be evidenced by an appropriate amendment
to the Stock Option Agreement for the Option which gave rise to the Reload
Option. In the event the exercise price of an Option containing a reload feature
is paid by check and not in shares of Common Stock, the reload feature shall
have no application with respect to such exercise.

      9. RIGHTS OF OPTION HOLDERS. The holder of any Option granted under the
Plan shall have none of the rights of a stockholder with respect to the stock
covered by his Option until such stock shall be transferred to him upon the
exercise of his Option and payment for the respective shares.

      10. TRANSFERABILITY. No Option granted under the Plan shall be
transferable by the individual or entity to whom it was granted otherwise than
by will or the laws of descent and distribution, or other operation of law, and,
during the lifetime of such individual, shall not be exercisable by any other
person, but only by the optionee.

      11. TERMINATION OF EMPLOYMENT OR DEATH.

            (a) Subject to the terms of the Stock Option Agreement, if the
employment of an employee by, or the services of a non-employee Director for, or
consultant or advisor to, the Company or a subsidiary corporation of the Company
shall be terminated for cause or voluntarily by the employee, non-employee
Director, consultant, or advisor, then his or its Option shall expire forthwith.
Subject to the terms of the Stock Option Agreement, and except as provided in
subsections (b) and (c) of this Section 11, if such employment or services shall
terminate for any other reason, then such Option may be exercised at any time
within three (3) months after

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such termination, subject to the provisions of subsection (d) of this Section
11. For purposes of the Plan, the retirement of an individual either pursuant to
a pension or retirement plan adopted by the Company or at the normal retirement
date prescribed from time to time by the Company shall be deemed to be a
termination of such individual's employment other than voluntarily or for cause.
For purposes of this subsection (a), an employee, non-employee Director,
consultant, or advisor who leaves the employ or services of the Company to
become an employee or non-employee Director of, or a consultant or advisor to, a
subsidiary corporation of the Company or a corporation (or subsidiary or parent
corporation of the Company) which has assumed the Option of the Company as a
result of a corporate reorganization or the like shall not be considered to have
terminated his employment or services.

            (b) Subject to the terms of the Stock Option Agreement, if the
holder of an Option under the Plan dies (i) while employed by, or while serving
as a non-employee Director for or a consultant or advisor to, the Company or a
subsidiary corporation of the Company, or (ii) within three (3) months after the
termination of his employment or services other than voluntarily by the employee
or non-employee Director, consultant or advisor, or for cause, then such Option
may, subject to the provisions of subsection (d) of this Section 11, be
exercised by the estate of the employee or non-employee Director, consultant or
advisor, or by a person who acquired the right to exercise such Option by
bequest or inheritance or by reason of the death of such employee or
non-employee Director, consultant or advisor at any time within one (1) year
after such death.

            (c) Subject to the terms of the Stock Option Agreement, if the
holder of an Option under the Plan ceases employment or services because of
permanent and total disability [within the meaning of Section 22(e)(3) of the
Code] while employed by, or while serving as a non-employee Director for or
consultant or advisor to, the Company or a subsidiary corporation of the
Company, then such Option may, subject to the provisions of subsection (d) of
this Section 11, be exercised at any time within one (1) year after his
termination of employment, termination of Directorship or termination of
consulting or advisory services, as the case may be, due to the disability.

            (d) An Option may not be exercised pursuant to this Section 11
except to the extent that the holder was entitled to exercise the Option at the
time of termination of employment, termination of Directorship, termination of
consulting or advisory services, or death, and in any event may not be exercised
after the expiration of the Option, except as provided herein.

            (e) For purposes of this Section 11, the employment relationship of
an employee of the Company or of a subsidiary corporation of the Company will be
treated as continuing intact while he is on military or sick leave or other bona
fide leave of absence (such as temporary employment by the Government) if such
leave does not exceed ninety (90) days, or, if longer, so long as his right to
reemployment is guaranteed either by statute or by contract.

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      12. EXERCISE OF OPTIONS.

            (a) Unless otherwise provided in the Stock Option Agreement, any
Option granted under the Plan shall be exercisable in whole at any time, or in
part from time to time, prior to expiration. The Board of Directors or the
Committee, in its absolute discretion, may provide in any Stock Option Agreement
that the exercise of any Options granted under the Plan shall be subject (i) to
such condition or conditions as it may impose, including, but not limited to, a
condition that the holder thereof remain in the employ or service of, or
continue to provide consulting or advisory services to, the Company or a
subsidiary corporation of the Company for such period or periods from the date
of grant of the Option as the Board of Directors or the Committee, in its
absolute discretion, shall determine; and (ii) to such limitations as it may
impose, including, but not limited to, a limitation that the aggregate fair
market value of the Common Stock with respect to which Incentive Stock Options
are exercisable for the first time by any employee during any calendar year
(under all plans of the Company and its parent and subsidiary corporations)
shall not exceed one hundred thousand dollars ($100,000). In addition, in the
event that, under any Stock Option Agreement, the aggregate fair market value of
the Common Stock with respect to which Incentive Stock Options are exercisable
for the first time by any employee during any calendar year (under all plans of
the Company and its parent and subsidiary corporations) exceeds one hundred
thousand dollars ($100,000), the Board of Directors or the Committee may, when
shares are transferred upon exercise of such Options, designate those shares
which shall be treated as transferred upon exercise of an Incentive Stock Option
and those shares which shall be treated as transferred upon exercise of a
Nonstatutory Stock Option.

            (b) An Option granted under the Plan shall be exercised by the
delivery by the holder thereof to the Company at its principal office (attention
of the Secretary) of written notice of the number of shares with respect to
which the Option is being exercised. Such notice shall be accompanied, or
followed within ten (10) days of delivery thereof, by payment of the full option
price of such shares, and payment of such option price shall be made by the
holder's delivery of (i) his check payable to the order of the Company; (ii)
previously acquired Common Stock, the fair market value of which shall be
determined as of the date of exercise; (iii) by "cash-less" exercise, if
cash-less exercise is otherwise permitted by the Stock Option Agreement; or (iv)
by the holder's delivery of any combination of the foregoing (i), (ii) and
(iii).

      13. ADJUSTMENT UPON CHANGE IN CAPITALIZATION.

            (a) In the event that the outstanding Common Stock is hereafter
changed by reason of reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, combination of shares, reverse split, stock
dividend or the like, an appropriate adjustment shall be made by the Board of
Directors or the Committee in the aggregate number of shares available under the
Plan, in the number of shares and option price per share subject to outstanding
Options, and in any limitation on exerciseability referred to in Section
12(a)(ii) hereof which is set forth in outstanding Incentive Stock Options. If
the Company shall be reorganized, consolidated, or merged with another
corporation, the holder of an Option shall be entitled to receive, upon the
exercise of his Option, the same number and kind of

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shares of stock or the same amount of property, cash or securities as he would
have been entitled to receive upon the happening of any such corporate event as
if he had been, immediately prior to such event, the holder of the number of
shares covered by his Option; provided, however, that, in such event, the Board
of Directors or the Committee shall have the discretionary power to take any
action necessary or appropriate to prevent any Incentive Stock Option granted
hereunder which is intended to be an "incentive stock option" from being
disqualified as such under the then existing provisions of the Code or any law
amendatory thereof or supplemental thereto.

            (b) Any adjustment in the number of shares shall apply
proportionately to only the unexercised portion of the Option granted hereunder.
If fractions of a share would result from any such adjustment, the adjustment
shall be revised to the next lower whole number of shares.

      14. FURTHER CONDITIONS OF EXERCISE.

            (a) Unless prior to the exercise of the Option the shares issuable
upon such exercise have been registered with the Securities and Exchange
Commission pursuant to the Act, the notice of exercise shall be accompanied by a
representation or agreement of the person or estate exercising the Option to the
Company to the effect that such shares are being acquired for investment
purposes and not with a view to the further distribution thereof, and such other
documentation as may be required by the Company, unless, in the opinion of
counsel to the Company, such representation, agreement or documentation is not
necessary to comply with the Act.

            (b) The Company shall not be obligated to deliver any Common Stock
until it has been listed on each securities exchange or market on which the
Common Stock may then be listed or until there has been qualification under or
compliance with such federal or state laws, rules or regulations as the Company
may deem applicable. The Company shall use reasonable efforts to obtain such
listing, qualification, and compliance.

      15. EFFECTIVENESS OF THE PLAN.The Plan shall become operative and in
effect on such date as shall be fixed by the Board of Directors of the Company,
in its sole discretion, following approval by a vote of the majority of the
holders of the outstanding voting common shares of the Company.

      16. TERMINATION, MODIFICATION AND AMENDMENT.

            (a) The Plan (but not the Options granted pursuant to the Plan)
shall terminate on a date within ten (10) years from the date of its adoption by
the Board of Directors of the Company, or sooner as hereinafter provided, and no
Option shall be granted after termination of the Plan.

            (b) The Plan may, from time to time, be terminated, modified, or
amended by the affirmative vote of the holders of a majority of the outstanding
shares of capital stock of the Company present at a meeting of shareholders and
entitled to vote thereon (or, in the case of action by written consent, a
majority of the outstanding shares of capital stock of the Company entitled to
vote thereon).

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            (c) The Board of Directors may at any time, on or before the
termination date referred to in Section 16(a) hereof, terminate the Plan, or
from time to time make such modifications or amendments to the Plan as it may
deem advisable; provided, however, that the Board of Directors shall not,
without approval by the affirmative vote of the holders of a majority of the
outstanding shares of capital stock of the Company present at a meeting of
shareholders and entitled to vote thereon (or, in the case of action by written
consent, a majority of the outstanding shares of capital stock of the Company
entitled to vote thereon), increase (except as otherwise provided by Section 13
hereof) the maximum number of shares as to which Incentive Stock Options may be
granted hereunder, change the designation of the employees or class of employees
eligible to receive Incentive Stock Options, or make any other change which
would prevent any Incentive Stock Option granted hereunder which is intended to
be an "incentive stock option" from disqualifying as such under the then
existing provisions of the Code or any law amendatory thereof or supplemental
thereto.

            (d) No termination, modification, or amendment of the Plan may,
without the consent of the individual or entity to whom any Option shall have
been granted, adversely affect any rights previously conferred by such Option.

      17. NOT A CONTRACT OF EMPLOYMENT. Nothing contained in the Plan or in any
Stock Option Agreement executed pursuant hereto shall be deemed to confer upon
any individual or entity to whom an Option is or may be granted hereunder any
right to remain in the employ or service of the Company or a subsidiary
corporation of the Company or any entitlement to any remuneration or other
benefit pursuant to any consulting or advisory arrangement.

      18. USE OF PROCEEDS. The proceeds from the sale of shares pursuant to
Options granted under the Plan shall constitute general funds of the Company.

      19. INDEMNIFICATION OF BOARD OF DIRECTORS OR COMMITTEE. In addition to
such other rights of indemnification as they may have, the members of the Board
of Directors or the Committee, as the case may be, shall be indemnified by the
Company to the extent permitted under applicable law against all costs and
expenses reasonably incurred by them in connection with any action, suit, or
proceeding to which they or any of them may be a party by reason of any action
taken or failure to act under or in connection with the Plan or any rights
granted thereunder and against all amounts paid by them in settlement thereof or
paid by them in satisfaction of a judgment of any such action, suit or
proceeding, except a judgment based upon a finding of bad faith. Upon the
institution of any such action, suit, or proceeding, the member or members of
the Board of Directors or the Committee, as the case may be, shall notify the
Company in writing, giving the Company an opportunity at its own cost to defend
the same before such member or members undertake to defend the same on his or
their own behalf.

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      20. DEFINITIONS. For purposes of the Plan, the terms "parent corporation"
and "subsidiary corporation" shall have the meanings set forth in Sections
424(e) and 424(f) of the Code, respectively, and the masculine shall include the
feminine and the neuter as the context requires.

      21. GOVERNING LAW. The Plan shall be governed by, and all questions
arising hereunder shall be determined in accordance with, the laws of the State
of New York.

                                       9EXHIBIT 10(v)(b)

                                OPTIONABLE, INC.

                       NONSTATUTORY STOCK OPTION AGREEMENT

            THIS NONSTATUTORY STOCK OPTION AGREEMENT (the "AGREEMENT") is made
and entered into as of December 3, 2004 (the "GRANT DATE") by and between
Optionable, Inc., a Delaware corporation (the "COMPANY"), and Yechiel Abraham
Zucker (the "OPTIONEE").

            WHEREAS, the Company desires to grant the Optionee a stock option
under the Company's 2004 Stock Option Plan (the "PLAN") to acquire shares of the
Company's Common Stock, $0.001 par value per share (the "COMMON STOCK").

            WHEREAS, Section 5 of the Plan provides that each option is to be
evidenced by an award agreement, setting forth the terms and conditions of the
option.

            NOW THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the Company and the Optionee hereby
agree as follows:

      1. Grant of Option. The Company hereby grants to the Optionee, under the
Plan and subject to the terms and conditions of the Plan, a stock option (the
"OPTION") to purchase all or any part of the number of shares of Common Stock
(the "SHARES") set forth below the Optionee's name on the signature page hereto,
on the terms and conditions hereinafter set forth. The Option granted hereunder
shall be treated as a nonstatutory stock option and is not intended to
constitute an incentive stock option under section 422 of the Internal Revenue
Code of 1986, as amended (the "CODE").

      2. Exercise Price. The exercise price per share ("EXERCISE PRICE") for the
Shares covered by the Option shall be twenty cents ($.20) per Share, subject to
adjustment pursuant to Section 10.

      3. Vesting.

            The right to exercise the Option shall be zero percent (0%) vested
upon the Grant Date. The "VESTED PERCENTAGE" of the Option shall be as follows:

            June 3, 2005: 33 - 1/3%

            December 3, 2005: 33 - 1/3%

            June 3, 2006: 33 - 1/3%

            The right to exercise this Option shall immediately vest in the
event of a "Change of Control" of the Company. For this purpose, a "Change of
Control" means the acquisition after the date hereof, directly or indirectly, by
any Person of ownership of, or the power to direct the exercise of voting power
with respect to, a majority of the issued and outstanding voting shares of the
Company. For this purpose, a "Person" means an individual or a corporation,
partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or
political subdivision thereof) or other entity of any kind.

<PAGE>

      4. Term of Options.

            (a) Cancellation and Forfeiture. The Option shall be cancelled and
shall be null and void, and the Optionee shall forfeit all rights pursuant to
the Option, (i) if the Optionee does not execute and return this Agreement to
the Company within sixty (60) days of the Grant Date, (ii) unless otherwise
agreed to in writing by the Board, upon the Optionee's bankruptcy, and (iii)
upon the Optionee's attempted assignment or transfer of the Option in violation
of Section 9.

            (b) Termination. The Option shall terminate and shall no longer be
exercisable, even if vested, upon the earliest to occur of the following events:

                  (i) if the Optionee dies, the first anniversary of the date of
death; and

                  (ii) immediately upon the termination of the Optionee's
employment or service as a consultant for Cause, or because the Optionee is in
breach of any employment or consulting agreement with the Company or one of its
subsidiaries, in each case as determined by the Board. For purposes of this
Agreement "CAUSE" shall mean (A) deliberate or intentional failure, in a
continuing or repeated manner, by the Optionee to substantially perform the
material duties of Optionee's employment or consulting relationship (other than
due to Disability), (B) deliberate or intentional engagement by the Optionee in
conduct which is materially detrimental to the reputation, goodwill, business or
operations or the Company or any of its subsidiaries, (C) willful fraud or
material dishonesty by the Optionee in connection with the performance of the
duties of the Optionee or (D) conviction or plea of nolo contendere by the
Optionee to a felony or to a misdemeanor involving moral turpitude, all as
determined by the Board.

      5. Exercise of Option.

            (a) Exercisability. The Option shall be exercisable at any time
prior to its termination pursuant to Section 4(b) only to the extent of the
Vested Percentage as of that time. Notwithstanding termination of the Option
pursuant to Section 4(b), the Board, in its discretion, may extend the period of
exercisability of the Option for such time period as it deems appropriate.

            (b) Method of Exercise. To the extent the Option is exercisable
pursuant to Section 5(a), the Optionee may exercise the Option in full or in
part by giving written notice to the Company, signed by the Optionee (or his
legal representative or heir, in the event of the Optionee's death), stating the
Optionee's election to exercise the Option and the number of whole Shares for
which the Option is being exercised. The written notice must be accompanied by
(i) full payment of the exercise price for the number of Shares being purchased,
and (ii) an executed copy of the form of investor representation letter referred
to in Section 6(b), if required pursuant to such Section 6(b).

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            (c) Payment of Exercise Price. Payment of the exercise price for the
number of Shares for which the Option is being exercised shall be made:

                  (i) In cash or by check payable to the order of the Company;

                  (ii) at the discretion of the Board, by tender to the Company
of shares of Common Stock owned by the Optionee, acceptable to the Board, having
a Fair Market Value (as defined in the Plan) on the date of exercise at least
equal to the exercise price;

                  (iii) at the discretion of the Board, by a combination of the
methods described above; or

                  (iv) by such other method as may be approved by the Board.

            (d) Maintenance of Shares. The Company shall at all times during the
term of the Option reserve and keep available such number of shares of its
Common Stock as will be sufficient to satisfy the requirements of the Option.

      6. Securities Law Restrictions.

            (a) The grant of the Option and the issuance of Shares upon exercise
of the Option shall be subject to compliance with all applicable requirements of
federal, state or foreign law with respect to such securities. The Option may
not be exercised if the issuance of Shares upon such exercise would constitute a
violation of any applicable federal, state or foreign securities laws or other
law or regulations. In addition, the Option may not be exercised unless (i) a
registration statement under the Securities Act of 1933, as amended (the
"SECURITIES ACT"), shall at the time of exercise of the Option be in effect with
respect to the Shares to be issued upon exercise of the Option or (ii) in the
opinion of legal counsel to the Company, the Shares to be issued upon exercise
of the Option may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Securities Act. THE Optionee
IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISABLE UNLESS THE FOREGOING
CONDITIONS ARE SATISFIED. ACCORDINGLY, THE Optionee MAY NOT BE ABLE TO EXERCISE
THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. As a condition to the
exercise of the Option, the Company may require the Optionee to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with
any applicable law or regulation and to make any representation or warranty with
respect thereto as may be requested by the Company.

            (b) In the event that, as of the date on which the Option is
exercised in whole or in part, the Shares to be issued upon exercise of the
Option shall not be effectively registered under the Securities Act, the person
exercising the Option shall give a written representation to the Company in the
form attached hereto as Exhibit A and the Company shall place an "investment
legend," as described in Exhibit A, upon any certificate for the Shares issued
by reason of such exercise.

            (c) The Company shall be under no obligation to cause a registration
statement or a post-effective amendment to any registration statement to be
prepared for the purposes of covering the issue of Shares.

                                      -3-
<PAGE>

      7. Tax Withholding. Upon exercise of the Option, in whole or in part, and
as a condition thereto, the Optionee shall remit to the Company an amount
sufficient to satisfy the Optionee's share of all United States federal, state
and local withholding tax requirements, in such manner and amount as shall be
specified by the Board. With respect to an Optionee that is an employee or
consultant of Company, the Company shall have the right to withhold (or to cause
one of the Company's subsidiaries to withhold), from compensation otherwise
payable to the Optionee, an amount sufficient to satisfy all federal, state and
local withholding tax requirements prior to the issuance of such Shares and the
delivery of any certificate or certificates for such Shares, and from time to
time thereafter to the extent such withholding obligations arise in connection
with the Option, including, without limitation, obligations arising upon (i) the
exercise, in whole or in part, of the Option, (ii) the transfer, in whole or in
part, of any Shares acquired on exercise of the Option, (iii) the operation of
any law or regulation providing for the imputation of interest, or (iv) the
lapsing of any restriction with respect to any Shares acquired on exercise of
the Option. The Optionee acknowledges that the Company may issue a Form W-2,
W-2c, 1099 or substitute therefore, as appropriate, to the Optionee with respect
to any United States income recognized by the Optionee with respect to the
Option.

      8. Non-Transferability.

            (a) Unless otherwise approved by the Board in its discretion, the
Option may be exercised during the lifetime of the Optionee only by the Optionee
and may not be assigned or transferred in any manner, except by will or by the
laws of descent and distribution. Upon the Optionee's death, the Optionee's
legal representative, or any person empowered under the Optionee's will or under
applicable laws of descent and distribution, may exercise the Option to the
extent unexercised and exercisable by the Optionee as of the date of death.

            (b) Except as provided in Section 9(a), without the prior written
consent of the Board, no right or benefit under this Agreement shall be subject
to anticipation, alienation, sale, assignment, pledge, encumbrance or charge,
and any attempt to anticipate, alienate, sell, assign, pledge, encumber or
charge the same without such consent, if applicable, shall be void. Except with
such consent, no right or benefit under this Agreement shall in any manner be
liable for or subject to the debts, contracts, liabilities or torts of the
Optionee.

      9. Change in Stock Subject to Option. In the event of a recapitalization,
reclassification, stock dividend, stock split, reverse stock split, or other
change in corporate structure affecting the Common Stock, the Board may adjust
the terms of the Option in accordance with Section 3 of the Plan.

      10. No Special Rights; Duties of Optionee.

            (a) The Optionee shall have no rights as a stockholder with respect
to any Shares covered by the Option until the date of the issuance of a
certificate or certificates for the Shares for which the Option has been
exercised. No adjustment shall be made for dividends or distributions or other
rights for which the record date is prior to the date such certificate or
certificates are issued, except as provided pursuant to Section 10.

                                      -4-
<PAGE>

            (b) Nothing contained in this Agreement shall be construed or deemed
by any person under any circumstances to bind the Company to commence or
continue the employment or consulting relationship of the Optionee for the
period within which this Option may be exercised, nor shall this Agreement be
construed to create any duty of the Company or any of its affiliates or any of
its other shareholders to the Optionee, or any duty of the Optionee to the
Company or any of its affiliates or other shareholders, comparable to the duties
which partners or joint venturers may owe to each other. However, during the
period that the Optionee provides employment or consulting services to the
Company, the Optionee shall render diligently and faithfully the services which
are assigned to the Optionee from time to time by the Board or by the executive
officers of the Company. The Optionee shall at no time take any action which
directly or indirectly would be inconsistent with the best interests of the
Company.

      11. Notices. Any notices or other communications required to be given
hereunder shall be given by hand delivery or by certified or registered mail,
return receipt requested, with all fees prepaid and addressed, if to the
Company, to it at 555 Pleasantville Road, South Building, Suite 110, Briarcliff
Manor, New York 10510, and if to the Optionee, at the address set forth on the
signature page hereto, or to such other address as either party may specify in
writing from time to time.

      12. Termination or Amendment. The Board may terminate or amend the Plan
and/or the Option at any time; provided, however, that no such termination or
amendment may adversely affect the Option or any unexercised portion thereof
without the written consent of the Optionee.

      13. Integrated Agreement. This Agreement constitutes the entire
understanding and agreement of the Optionee and the Company with respect to the
subject matter contained herein and supersedes any prior understanding or
agreement between the parties, whether or not in writing, including, but not
limited to, any prior grant by the Company or any of its officers or authorized
representatives to the Optionee of an option or warrant to purchase Common
Stock. There are no agreements, understandings, restrictions, representations,
or warranties among the Optionee and the Company other than those as set forth
or provided for herein. To the extent contemplated herein, the provisions of
this Agreement shall survive any exercise of the Option and shall remain in full
force and effect.

      14. Binding Effect. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors,
administrations, successors and assigns.

      15. Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with, the internal laws of the State of New York, without
regard to principles of conflicts of laws.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -5-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this
Nonstatutory Stock Option Agreement as of the Grant Date.

                                     OPTIONABLE, INC.

                                     By: /s/Edward J. O'Connor
                                         -------------------------
                                     Name:  Edward J. O'Connor
                                     Title: President

            The undersigned Optionee represents that the Optionee is familiar
with the terms and provisions of this Nonstatutory Stock Option Agreement and
the Plan, and hereby accepts the Option subject to all of the terms and
provisions thereof. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Board upon any questions
arising under this Nonstatutory Stock Option Agreement and the Plan. The
undersigned acknowledges receipt of a copy of the Plan.

                                     /s/ Yechiel Abraham Zucker

                                     Signature of Optionee

                                     Address:

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

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

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

                                     Social Security Number:

                                     Number of Shares Subject to Option: 175,000

                                      -6-

<PAGE>

                                                                       EXHIBIT A

                            Date:___________________

Optionable, Inc.
555 Pleasantville Road
South Building
Suite 110
Briarcliff Manor, New York 10510

Ladies and Gentlemen:

            In connection with the acquisition by me of [ ] shares of common
stock, $0.0001 par value per share (the "Shares"), of Optionable, Inc., a
Delaware corporation (the "Company"), I hereby represent to the Company as
follows:

            (a) I hereby confirm that: (i) the Shares to be received by me will
be acquired for investment only, for my own account, not as a nominee or agent
and not with a view to the sale or distribution of any part thereof; and (ii) I
have no current intention of selling, granting participation in or otherwise
distributing the Shares. I further represent that I do not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person, or to any third person, with respect to any of the
Shares.

            (b) I understand that the Shares have not been registered under the
Securities Act of 1933, as amended (the "1933 Act") on the basis that the
acquisition of the Shares by me and the issuance of securities by the Company to
me is exempt from registration under the 1933 Act and that the Company's
reliance on such exemption is predicated on my representations set forth herein.

            (c) I represent that I have, either alone or together with the
assistance of a "purchaser representative" (as that term is defined in
Regulation D promulgated under the 1933 Act), such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of my investment in the Company. I further represent that I am familiar
with the business and financial condition, properties, operations and prospects
of the Company. I further represent that I have had, prior to my acquisition of
the Shares, the opportunity to ask questions of, and receive answers from, the
Company concerning the terms and conditions of the issuance and to obtain
information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify the
accuracy of any information furnished to me or to which I have had access. I am
satisfied that there is no material information concerning the condition,
properties, operations and prospects of the Company of which I am unaware. I
have made, either alone or together with my advisors, such independent
investigation of the Company as I deem to be, or my advisors deem to be,
necessary or advisable in correction with this investment.

                                      -1-
<PAGE>

            (d) I understand that the Shares may not be sold, transferred or
otherwise disposed of without registration under the 1933 Act and applicable
state securities laws, or an exemption there from, and that in the absence of an
effective registration statement covering the Shares or an available exemption
from registration tinder the 1933 Act or applicable state securities laws, the
Shares must be held indefinitely. In particular, I acknowledge that I am aware
that the Shares may not be sold pursuant to Rule 144 promulgated under the 1933
Act unless all of the conditions of that Rule are met. Among the current
conditions for use of Rule 144 by certain holders is the availability to the
public of current information about the Company. Such information is not now
available, and the Company has no current plans to make such information
available. I represent that, in the absence of an effective registration
statement covering the Shares or an available exemption from registration under
the 1933 Act or applicable state securities laws, I will not sell, transfer or
otherwise dispose of the Shares.

            (e) I represent that I (i) am capable of bearing the economic risk
of holding the unregistered Shares for an indefinite period of time and have
adequate means for providing for my current needs and contingencies, (ii) can
afford to suffer a complete loss of my investment in the Shares, and (iii)
understand and have taken cognizance of all risk factors related to the
acquisition of the Shares.

            (f) I understand that the acquisition of the Shares involves a high
degree of risk and there is no established market for the Company's capital
stock and it is not likely that any public market for such stock will develop in
the near future.

            (g) I represent that neither I nor anyone acting on my behalf has
paid any commission or other remuneration to any person in connection with the
acquisition of the Shares.

            (h) Independent of the additional restrictions on the transfer of
the Shares contained herein, I agree that I will not make a transfer,
disposition or pledge of any of the Shares other than pursuant to an effective
registration statement under the 1933 Act and applicable state securities laws,
unless and until: (i) I shall have notified the Company of the proposed
disposition and shall have furnished the Company with a statement of the
circumstances surrounding the disposition and (ii) if requested by the Company
and at my expense or at the expense of my transferee, I shall have furnished to
the Company an opinion of counsel, reasonably satisfactory (as to counsel and as
to substance) to the Company and its counsel, to the effect that such transfer
may be made without registration of the Shares under the 1933 Act, and
applicable state securities laws.

            (i) I acknowledge that all certificates evidencing the Shares shall
bear a legend in substantially the following form:

                              "TRANSFER RESTRICTED"

            The shares represented by this certificate have not been registered
            under the Securities Act of 1933 and applicable state securities
            laws. These shares have been acquired for investment and not with a
            view to distribution or resale, and may not be sold, mortgaged,
            pledged, hypothecated or otherwise transferred without an effective
            registration statement for such shares under the Securities Act of
            1933 and applicable state securities laws, or an opinion of counsel
            satisfactory to the Company that registration is not required under
            such Act and applicable state securities laws.

                                      -2-
<PAGE>

            The shares of stock represented by this certificate are subject to
            certain restrictions on transfer, repurchase rights and lock-up
            provisions as set forth in the certain Stock Option Agreement
            pursuant to which such shares were acquired. Such Agreement is
            available for inspection without charge at the office of the
            Secretary of the Company.

            (j) The certificates evidencing the Shares shall also bear any
legend required by any applicable state securities law.

            (k) In addition, the Company shall make a notation regarding the
restrictions on transfer of the Shares in its stock books, and the Shares shall
be transferred on the books of the Company only if transferred or sold pursuant
to an effective registration statement under the 1933 Act and applicable state
securities laws covering such Shares or pursuant to and in compliance with the
provisions of the Stock Option Agreement referenced above. A copy of this
Agreement, together with any amendments thereto, shall remain on file with the
Secretary of the Company and shall be available for inspection to any properly
interested person without charge within five (5) days after the Company's
receipt of a written request therefore.

                                  Sincerely yours,

                                  ----------------------------------------
                                  Signature of Optionee

                                      -3-

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