Document:

Exhibit 4.1

                             1992 STOCK OPTION PLAN

                                 MAGNA-LAB INC.

      1. Purpose of the Plan.

      The purpose of the Magna-Lab Inc. 1992 Stock Option Plan (the "Plan") is
to promote the interests of Magna-Lab Inc., a New York corporation (the
"Company") and its shareholders by strengthening the Company's ability to
attract and retain competent employees, to make service on the Board of
Directors of the Company more attractive to present and prospective non-employee
directors of the Company and to provide a means to encourage stock ownership and
proprietary interest in the Company by officers, non-employee directors and
valued employees and other individuals upon whose judgment, initiative, and
efforts the financial success and growth of the Company largely depend. This
Plan and the grant of any option or stock appreciation right hereunder shall be
effective upon approval by the Board of Directors and shareholders of the
Company.

      2. Stock Subject to the Plan.

            (a) The total number of shares of the authorized but unissued or
treasury shares of the Class A Common Stock, $.001 par value per share, of the
Company ("Common Stock") for which options and stock appreciation rights
("SARs") may be granted under the Plan shall be 14,000,000, subject to
adjustment as provided in Section 14 hereof.

            (b) If an option granted or assumed hereunder shall expire or
terminate for any reason without having been exercised in full, the unpurchased
shares subject thereto shall again be available for subsequent option grants
under the Plan, provided, however, that shares as to which an option has been
surrendered in connection with the exercise of a related SAR will not again be
available for subsequent option or SAR grants under the Plan.

            (c) Stock issuable upon exercise of an option or SAR granted under
the Plan may be subject to such restrictions on transfer, repurchase rights or
other restrictions as shall be determined by the Board of Directors.

      3. Administration of the Plan.

            (a) The Plan shall be administered by the Board of Directors of the
Company (the "Board"). No member of the Board shall act upon any matter
exclusively affecting any option or SAR granted or to be granted to himself or
herself under the Plan. The decision of the Board as to all questions of
interpretation and application of the Plan shall be final, binding and
conclusive on all persons. The Board may, in its sole discretion, grant options
to purchase shares of the Company's Common Stock, grant SAR's and issue shares
upon exercise of such options and SAR's, as provided in the Plan. The Board
shall have authority, subject to the express provisions of the Plan, to construe
the respective option and SAR agreements and the Plan, to prescribe, amend and
rescind rules and regulations relating to the Plan, to determine the terms and
provisions of the respective option or SAR agreements, which may but need not be
identical, and to make all other determinations in the judgment of the Board
necessary or desirable for the administration of the Plan. The Board may correct
any defect or supply any omission or reconcile any inconsistency in the Plan or
in any option agreement in the manner and to the extent it shall deem expedient
to carry the Plan into effect and shall be the sole and final judge of such
expediency. No director shall be liable for any action or determination made in
good faith. The Board may, in its discretion, delegate its power, duties and
responsibilities to a committee, consisting of two or more members of the Board,
all of whom are "disinterested

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persons" (as hereinafter defined). If a committee is so appointed, all
references to the Board herein shall mean and relate to such committee, unless
the context otherwise requires. For the purposes of the Plan, a director or
member of such committee shall be deemed to be "disinterested" only if such
person qualified as a "disinterested person" within the meaning of paragraph
(c)(2) of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as
amended ("Exchange Act"), as such term is interpreted from time to time.

      4. Type of Options.

      Options granted pursuant to the Plan shall be authorized by action of the
Board (or a committee designated by the Board) and may be designated as either
incentive stock options meeting the requirements of Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"), or non-qualified options which
are not intended to meet the requirements of such Section 422 of the Code, the
designation to be in the sole discretion of the Board. Options designated as
incentive stock options that fail to continue to meet the requirements of
Section 422 of the Code shall be redesignated as non-qualified options
automatically on the date of such failure to continue to meet the requirements
of Section 422 of the Code without further action by the Board.

      5. Eligibility.

      Options designated as incentive stock options may be granted only to
officers and key employees of the Company or of any subsidiary corporation
(herein called "subsidiary" or "subsidiaries"), as defined in Section 424 of the
Code and the Treasury Regulations promulgated thereunder (the "Regulations").
Directors who are not otherwise employees of the Company or a subsidiary shall
not be eligible to be granted incentive stock options pursuant to the Plan. SARs
and options designated as non-qualified options may be granted to (i) officers
and key employees of the Company or of any of its subsidiaries, or (ii) agents,
medical advisors and directors of and consultants to the Company, whether or not
otherwise employees of the Company.

      In determining the eligibility of an individual to be granted an option or
SAR, as well as in determining the number of shares to be optioned to any
individual, the Board shall take into account the position and responsibilities
of the individual being considered, the nature and value to the Company or its
subsidiaries of his or her service and accomplishments, his or her present and
potential contribution to the success of the Company or its subsidiaries, and
such other factors as the Board may deem relevant.

      6. Restrictions on Incentive Stock Options.

      Incentive stock options (but not non-qualified options) granted under this
Plan shall be subject to the following restrictions:

            (a) Limitation on Number of Shares. Ordinarily, the aggregate fair
market value of the shares of Common Stock with respect to which incentive stock
options are granted, (determined as of the date the incentive stock options are
granted), exercisable for the first time by an individual during any calendar
year shall not exceed $100,000. If an incentive stock option is granted pursuant
to which the aggregate fair market value of shares with respect to which it
first becomes exercisable in any calendar year by an individual exceeds such
$100,000 limitation, the portion of such option which is in excess of the
$100,000 limitation, and any such options issued subsequently in the same
calendar year, shall be treated as a non-qualified option pursuant to Section
422(d)(1) of the Code. In the event that an individual is eligible to
participate in any other stock option plan of the Company or any parent or
subsidiary of the Company which is also intended to comply with the provisions
of Section 422 of the Code, such $100,000 limitation shall apply to the
aggregate number of shares for which incentive stock options may be granted
under this Plan and all such other plans.

            (b) Ten Percent (10%) Shareholder. If any employee to whom an
incentive stock option is granted pursuant to the provisions of this Plan is on
the date of grant the owner of stock (as determined under Section 424(d) of the
Code) possessing more than 10% of the total combined voting power of all classes
of stock of the Company or any parent or subsidiary of the Company, then the
following special provisions shall be applicable to the incentive stock options
granted to such individual:

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                  (i)   The option price per share subject to such incentive
                        stock options shall be not less than 110% of the fair
                        market value of the stock determined at the time such
                        option was granted. In determining the fair market value
                        under this clause (i), the provisions of Section 8
                        hereof shall apply.

                  (ii)  The incentive stock option shall have a term expiring
                        not more than five (5) years from the date of the
                        granting thereof.

      7. Option Agreement.

      Each option and SAR shall be evidenced by an agreement (the "Agreement")
duly executed on behalf of the Company and by the grantee to whom such option or
SAR is granted, which Agreement shall comply with and be subject to the terms
and conditions of the Plan. The Agreement may contain such other terms,
provisions and conditions which are not inconsistent with the Plan as may be
determined by the Board, provided that options designated as incentive stock
options shall meet all of the conditions for incentive stock options as defined
in Section 422 of the Code. No option or SAR shall be granted within the meaning
of the Plan and no purported grant of any option or SAR shall be effective until
the Agreement shall have been duly executed on behalf of the Company and the
optionee. More than one option and SAR may be granted to an individual.

      8. Option Price.

            (a) Subject to the conditions set forth in Section 8(d) hereof, the
option price or prices of shares of the Company's Common Stock for options
designated as non-qualified stock options shall be as determined by the Board.

            (b) Subject to the conditions set forth in Sections 8(d) and 6(b)
hereof, the option price or prices of shares of the Company's Common Stock for
incentive stock options shall be at least the fair market value of such Common
Stock at the time the option is granted as determined by the Board in accordance
with the Regulations promulgated under Section 422 of the Code.

            (c) If shares of the Company's Common Stock are then listed on any
national securities exchange, the fair market value shall be the mean between
the high and low sales prices, if any, on the largest such exchange on the date
of the grant of the option or, if none, shall be determined by taking a weighted
average of the mean between the highest and lowest sales on the nearest date
before and the nearest date after the date of grant in accordance with Treasury
Regulations Section 25.2512-2. If the shares are not then listed on any such
exchange, the fair market value of such shares shall be the mean between the
closing "Bid" and the closing "Ask" prices, if any, as reported in the National
Association of Securities Dealers Automated Quotation System ("NASDAQ") for the
date of the grant of the option, or, if none, shall be determined by taking a
weighted average of the means between the highest and lowest sales on the
nearest date before and the nearest date after the date of grant in accordance
with Treasury Regulations Section 25.2512-2. If the shares are not then either
listed on any such exchange or quoted in NASDAQ, the fair market value shall be
the mean between the average of the "Bid" National Daily Quotation Service for
the date of the grant of the option, or, if none, shall be determined by taking
a weighted average of the means between the highest and lowest sales on the
nearest date before and the nearest date after the date of grant in accordance
with Treasury Regulations Section 25.2512-2. If the fair market value cannot be
determined under the preceding three sentences, it shall be determined in good
faith by the Board.

            (d) Prior to the effective date of the Company's contemplated
initial public offering, the Company may not grant options to purchase more than
142,500 shares of Common Stock. Such options, if any, so granted must be granted
at an exercise price per share of not less than the per share initial public
offering price of the Common Stock (without giving any value to warrants which
may be issued in conjunction with Common Stock in such initial public offering).
"Initial public offering" means an underwritten public offering on a firm
commitment basis pursuant to an effective registration statement under the
Securities Act of 1933, as amended ("1933 Act"), covering the offer and sale of
equity securities of and for the account of the Company.

      9. Manner of Payment; Manner of Exercise.

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            (a) Options granted under the Plan may provide for the payment of
the exercise price by delivery of (i) cash or a check payable to the order of
the Company in an amount equal to the exercise price of such options, (ii)
shares of any class of common stock of the Company owned by the optionee having
a fair market value equal in amount to the exercise price of the options being
exercised, or (iii) any combination of (i) and (ii), provided, however, that
payment of the exercise price by delivery of shares of common stock of the
Company owned by such optionee may be made only upon the condition that such
payment does not result in a charge to earnings for financial accounting
purposes as determined by the Board, unless such condition is waived by the
Board. The fair market value of any shares of the Company's common stock which
may be delivered upon exercise of an option shall be determined by the Board in
accordance with Section 8 hereof.

            (b) To the extent that the right to purchase shares under an option
has accrued and is in effect, options may be exercised in full at one time or in
part from time to time, by giving written notice, signed by the person or
persons exercising the option, to the Company, stating the number of shares with
respect to which the option is being exercised, accompanied by payment in full
for such shares as provided in subparagraph (a) above. Upon such exercise,
delivery of a certificate for paid-up non-assessable shares shall be made at the
principal office of the Company to the person or persons exercising the option
at such time, during ordinary business hours, after thirty (30) days but not
more than ninety (90) days from the date of receipt of the notice by the
Company, as shall be designated in such notice, or at such time, place and
manner as may be agreed upon by the Company and the person or persons exercising
the option.

      10. Exercise of Options and SARs.

      Each option and SAR granted under the Plan shall, subject to Section 11(b)
and Section 13 hereof, be exercisable at such time or times and during such
period as shall be set forth in the Agreement; provided, however, that no option
or SAR granted under the Plan shall have a term in excess of ten (10) years from
the date of grant. To the extent that an option or SAR is not exercised when it
becomes initially exercisable, it shall not expire but shall be carried forward
and shall be exercisable, on a cumulative basis, until the expiration of the
exercise period. No partial exercise may be made for less than one hundred (100)
full shares of Common Stock. The exercise of an option shall result in the
cancellation of the SAR to which it relates with respect to the same number of
shares of Common Stock as to which the option was exercised.

      11. Term of Options and SARs; Exercisability.

            (a)   Term.

            (i)   Each option shall expire not more than ten (10) years from the
                  date of the granting thereof, except as (a) otherwise provided
                  pursuant to the provisions of Section 6(b) hereof, and (b)
                  earlier termination as herein provided.

            (ii)  Except as otherwise provided in this Section 11, an option or
                  SAR granted to any grantee who ceases to perform services for
                  the Company or one of its subsidiaries shall terminate on the
                  earlier of the last day of the third month or ninety days
                  after the date such grantee ceases to perform services for the
                  Company or one of its subsidiaries, or on the date on which
                  the option or SAR expires by its terms, whichever occurs
                  first.

            (iii) If the grantee ceases to perform services for the Company
                  because of dismissal for cause or because the grantee is in
                  breach of any employment agreement, such option or SAR will
                  terminate on the date the grantee ceases to perform services
                  for the Company or one of its subsidiaries.

            (iv)  If the grantee ceases to perform services for the Company
                  because the grantee has become permanently disabled (within
                  the meaning of Section 22(e)(3) of the Code), such option or
                  SAR shall terminate on the last day of the twelfth month from
                  the date such grantee ceases to perform services for the
                  Company, or on the date on which the option or SAR expires by
                  its terms, whichever occurs first.

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            (v)   In the event of the death of any grantee, any option or SAR
                  granted to such grantee shall terminate on the last day of the
                  twelfth month from the date of death, or on the date on which
                  the option or SAR expires by its terms, whichever occurs
                  first.

            (b)   Exercisability.

            (i)   Except as provided below, an option or SAR granted to a
                  grantee who ceases to perform services for the Company or one
                  of its subsidiaries shall be exercisable only to the extent
                  that such option or SAR has accrued and is in effect on the
                  date such grantee ceases to perform services for the Company
                  or one of its subsidiaries.

            (ii)  An option or SAR granted to a grantee who ceases to perform
                  services for the Company or one of its subsidiaries because he
                  or she has become permanently disabled, as defined above,
                  shall be exercisable with respect to the full number of shares
                  covered by such option or SAR.

            (iii) In the event of the death of any grantee, the option or SAR
                  granted to such grantee may be exercised with respect to the
                  full number of shares covered thereby, whether or not under
                  the provisions of Section 10 hereof the grantee was entitled
                  to do so at the date of his or her death, by the estate of
                  such grantee, or by any person or persons who acquired the
                  right to exercise such option or SAR by bequest or inheritance
                  or by reason of the death of such grantee.

      12. Options Not Transferable.

      The right of any grantee to exercise any option or SAR granted to him or
her shall not be assignable or transferable by such grantee other than by will
or the laws of descent and distribution or pursuant to a domestic relations
order as defined in the Code or Title 1 of the Employee Retirement Income
Security Act, or the rules thereunder, and any such option or SAR shall be
exercisable during the lifetime of such grantee only by him. Any option or SAR
granted under the Plan shall be null and void and without effect upon the
bankruptcy of the grantee to whom the option is granted, or upon any attempted
assignment or transfer, except as herein provided, including without limitation,
any purported assignment, whether voluntary or by operation of law, pledge,
hypothecation or other disposition, attachment, trustee process or similar
process, whether legal or equitable, upon such option or SAR.

      13. Terms and Conditions of SARs.

            (a) An SAR may be granted separately or in connection with an option
(either at the time of grant or at any time during the term of the option).

            (b) The exercise of an SAR shall result in the cancellation of the
option to which it relates with respect to the same number of shares of Common
Stock as to which the SAR was exercised.

            (c) An SAR granted in connection with an option shall be exercisable
or transferable only to the extent that such related option is exercisable or
transferable.

            (d) Upon the exercise of an SAR related to an option, the holder
will be entitled to receive payment of an amount determined by multiplying

                  (i) The difference obtained by subtracting the purchase price
of a share of Common Stock specified in the related option from the fair market
value of a share of Common Stock on the date of exercise of such SAR (as
determined by the Board of Directors), by

                  (ii) The number of shares as to which such SAR is exercised.

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            (e) An SAR granted without relationship to an option shall be
exercisable as determined by the Board of Directors, but in no event after ten
years from the date of grant.

            (f) An SAR granted without relationship to an option will entitle
the holder, upon exercise of the SAR, to receive payment of an amount determined
by multiplying:

                  (i) The difference obtained by subtracting the fair market
value of a share of Common Stock on the date the SAR was granted (which for the
six month period following the effective date of the initial public offering
shall not be less than the per share initial public offering price of the Common
Stock (without giving any value to warrants which may be issued in conjunction
with Common Stock in the initial public offering), from the fair market value of
a share of Common Stock on the date of exercise of such SAR (as determined by
the Board), by

                  (ii) The number of shares as to which such SAR is exercised.

            (g) Notwithstanding subsections (d) and (f) above, the Board may
limit the amount payable upon exercise of an SAR. Any such limitation shall be
determined as of the date of grant and noted on the instrument evidencing the
SAR granted.

            (h) At the discretion of the Board, payment of the amount determined
under subsections (d) and (f) above may be made solely in whole shares of Common
Stock valued at their fair market value on the date of exercise of the SAR (as
determined by the Board), or solely in cash, or in a combination of cash and
shares. If the Board decides to make full payment in shares of Common Stock and
the amount payable results in a fractional share, payment for the fractional
share shall be made in cash.

            (i) Neither an SAR nor an option granted in connection with an SAR
granted to a person subject to Section 16(b) of the Act may be exercised before
six months after the date of grant.

      14. Recapitalization, Reorganizations and the Like.

      In the event that the outstanding shares of the Common Stock of the
Company are changed into or exchanged for a different number or kind of shares
or other securities of the Company or of another corporation by reason of any
reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, combination of shares, or dividends payable in capital stock,
appropriate adjustment shall be made in the number and kind of shares as to
which options and SARs may be granted under the Plan and as to which outstanding
options and SARs or portions thereof then unexercised shall be exercisable, to
the end that the proportionate interest of the grantee shall be maintained as
before the occurrence of such event; such adjustment in outstanding options and
SARs shall be made without change in the total price applicable to the
unexercised portion of such options and SARs and with a corresponding adjustment
in the exercise price per share.

      In addition, unless otherwise determined by the Board in its sole
discretion, in the case of any (i) sale or conveyance to another entity of all
or substantially all of the property and assets of the Company or (ii) Change in
Control (as hereinafter defined) of the Company, the purchaser(s) of the
Company's assets or stock may, in his, her or its discretion, deliver to the
optionee the same kind of consideration that is delivered to the shareholders of
the Company as a result of such sale, conveyance or Change in Control, or the
Board may cancel all outstanding options and SARs in exchange for consideration
in cash or in kind which consideration in both cases shall be equal in value to
the value of those shares of stock or other securities the optionee would have
received had the option been exercised (to the extent then exercisable) and no
disposition of the shares acquired upon such exercise been made prior to such
sale, conveyance or Change in Control, less the exercise price therefor. Upon
receipt of such consideration, the options and SARs shall immediately terminate
and be of no further force and effect. The value of the stock or other
securities the grantee would have received if the option had been exercised
shall be determined in good faith by the Board of the Company, and in the case
of shares of the Common Stock of the Company, in accordance with the provisions
of Section 8 hereof.

      The Board shall also have the power and right to accelerate the
exercisability of any options or SARs, notwithstanding any limitations in this
Plan or in the Agreement upon such a sale, conveyance or Change in Control.

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Upon such acceleration, any options or portion thereof originally designated as
incentive stock options that no longer qualify as incentive stock options under
Section 422 of the Code as a result of such acceleration shall be redesignated
as non-qualified stock options.

      A "Change in Control" shall be deemed to have occurred if any person, or
any two or more persons acting as a group, and all affiliates of such person or
persons, who prior to such time owned less than fifty percent (50%) of the then
outstanding Common Stock of the Company, shall acquire such additional shares of
the Company's Common Stock in one or more transactions, or series of
transactions, such that following such transaction or transactions, such person
or group and affiliates beneficially own fifty percent (50%) or more of the
Company's Common Stock outstanding.

      Upon dissolution or liquidation of the Company, all options and SARs
granted under this Plan shall terminate, but each grantee (if at such time in
the employ of or otherwise associated with the Company or any of its
subsidiaries) shall have the right, immediately prior to such dissolution or
liquidation, to exercise his or her option or SAR to the extent then
exercisable.

      If by reason of a corporate merger, consolidation, acquisition of property
or stock, separation, reorganization, or liquidation, the Board shall authorize
the issuance or assumption of a stock option or stock options in a transaction
to which Section 424(a) of the Code applies, then, notwithstanding any other
provision of the Plan, the Board may grant an option or options upon such terms
and conditions as it may deem appropriate for the purpose of assumption of the
old option, or substitution of a new option for the old option, in conformity
with the provisions of such Section 424(a) of the Code and the Regulations
thereunder, and any such option shall not reduce the number of shares otherwise
available for issuance under the Plan.

      No fraction of a share shall be purchasable or deliverable upon the
exercise of any option or SAR, but in the event of any adjustment hereunder in
the number of shares covered by the option or SAR shall cause such number to
include a fraction of a share, such fraction shall be adjusted to the nearest
smaller whole number of shares.

      15. No Special Employment Rights.

      Nothing contained in the Plan or in any option or SAR granted under the
Plan shall confer upon any grantee any right with respect to the continuation of
his or her employment by the Company (or any subsidiary) or interfere in any way
with the right of the Company (or any subsidiary), subject to the terms of any
separate employment agreement to the contrary, at any time to terminate such
employment or to increase or decrease the compensation of the grantee from the
rate in existence at the time of the grant of an option or SAR. Whether an
authorized leave of absence, or absence in military or government service, shall
constitute termination of employment shall be determined by the Board at the
time.

      16. Withholding.

      The Company's obligation to deliver shares upon the exercise of any
non-qualified option or SAR granted under the Plan shall be subject to the
option holder's satisfaction of all applicable Federal, state and local income
and employment tax withholding requirements. The Company and optionee may agree
to withhold shares of Common Stock purchased upon exercise of an option or SAR
to satisfy the above-mentioned withholding requirements; provided, however, no
such agreement may be made by a grantee who is an "officer" or "director" within
the meaning of Section 16 of the Exchange Act, except pursuant to a standing
election to so withhold shares of Common Stock purchased upon exercise of an
option, such election to be made not less than six months prior to such exercise
and which election may be revoked only upon six months prior written notice.

      17. Restrictions on Issuance of Shares.

            (a) Notwithstanding the provisions of Section 9, the Company may
delay the issuance of shares covered by the exercise of an option or SAR and the
delivery of a certificate for such shares until one of the following conditions
shall be satisfied:

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            (i)   The shares with respect to which such option or SAR has been
                  exercised are at the time of the issue of such shares
                  effectively registered or qualified under applicable Federal
                  and state securities acts now in force or as hereafter
                  amended; or

            (ii)  Counsel for the Company shall have given an opinion, which
                  opinion shall not be unreasonably conditioned or withheld,
                  that such shares are exempt from registration and
                  qualification under applicable Federal and state securities
                  acts now in force or as hereafter amended.

            (b) It is intended that all exercises of option and SARs shall be
effective, and the Company shall use its best efforts to bring about compliance
with the above conditions within a reasonable time, except that the Company
shall be under no obligation to qualify shares or to cause a registration
statement or a post-effective amendment to any registration statement to be
prepared for the purpose of covering the issue of shares in respect of which any
option may be exercised, except as otherwise agreed to by the Company in
writing.

      18. Purchase for Investment; Rights of Holder on Subsequent Registration.

      Unless the shares to be issued upon exercise of an option or SAR granted
under the Plan have been effectively registered under the 1933 Act, as now in
force or hereafter amended, the Company shall be under no obligation to issue
any shares covered by any option or SAR unless the person who exercises such
option, in whole or in part, shall give a written representation and undertaking
to the Company which is satisfactory in form and scope to counsel for the
Company and upon which, in the opinion of such counsel, the Company may
reasonably rely, that he or she is acquiring the shares issued pursuant to such
exercise of the option or SAR for his or her own account as an investment and
not with a view to, or for sale in connection with, the distribution of any such
shares, and that he or she will make no transfer of the same except in
compliance with any rules and regulations in force at the time of such transfer
under the 1933 Act, or any other applicable law, and that if shares are issued
without such registration, a legend to this effect may be endorsed upon the
securities so issued.

      In the event that the Company shall, nevertheless, deem it necessary or
desirable to register under the 1933 Act or other applicable statutes any shares
with respect to which an option or SAR shall have been exercised, or to qualify
any such shares for exemption from the 1933 Act or other applicable statutes,
then the Company may take such action and may require from each grantee such
information in writing for use in any registration statement, supplementary
registration statement, prospectus, preliminary prospectus or offering circular
as is reasonably necessary for such purpose and may require reasonable indemnity
to the Company and its officers and directors from such holder against all
losses, claims, damages and liabilities arising from such use of the information
so furnished and caused by any untrue statement of any material fact therein or
caused by the omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances under which they were made.

      19. Loans.

      At the discretion of the Board, the Company may loan to the optionee some
or all of the purchase price of the shares acquired upon exercise of an option
granted under the Plan.

      20. Modification of Outstanding Options and SARs.

      Subject to limitations contained herein, the Board may authorize the
amendment of any outstanding option or SAR with the consent of the grantee when
and subject to such conditions as are deemed to be in the best interests of the
Company and in accordance with the purposes of the Plan.

      21. Approval of Shareholders.

      The Plan shall be subject to approval by the vote of shareholders holding
at least a majority of the voting stock of the Company voting in person or by
proxy at a duly held shareholders' meeting, or by written consent of
shareholders in accordance with the laws of the State of New York, within twelve
(12) months after the adoption of the Plan by the Board and shall take effect as
of the date set forth in Section 1. The Board may grant options and

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SARs under the Plan prior to such approval, but any such option shall become
effective as of the date of grant only upon such approval and, accordingly, no
such option may be exercisable prior to such approval.

      22. Termination and Amendment of Plan.

      Unless sooner terminated as herein provided, the Plan shall terminate ten
(10) years from the effective date of the Plan, which shall be the date the Plan
is duly adopted by the Board and approved by the shareholders of the Company.
The Board may at any time terminate the Plan or make such modification or
amendment thereof as it deems advisable; provided, however, (i) the Board may
not, without the approval of the shareholders of the Company obtained in the
manner stated in Section 21, increase the maximum number of shares for which
options and SARs may be granted or change the designation of the class of
persons eligible to receive options and SARs under the Plan, and (ii) any such
modification or amendment of the Plan shall be approved by a majority of the
shareholders of the Company to the extent that such stockholder approval is
necessary to comply with applicable provisions of the Code, rules promulgated
pursuant to Section 16 of the Exchange Act, applicable state law, or applicable
NASD or exchange listing requirements. Termination or any modification or
amendment of the Plan shall not, without the consent of an optionee, affect his
or her rights under an option or SAR theretofore granted to him or her.

      23. Limitation of Rights in the Underlying Shares.

      A holder of an option or SAR shall not be deemed for any purpose to be a
stockholder of the Company with respect to such option or SAR except to the
extent that such option or SAR shall have been exercised with respect thereto
and, in addition, a stock certificate shall have been issued theretofore and
delivered to the holder.

      24. Notices.

      Any communication or notice required or permitted to be given under the
Plan shall be in writing, and mailed by registered or certified mail or
delivered by hand, if to the Company, to its principal place of business's
attention: President, and, if to the holder of an option or SAR, to the address
as appearing on the records of the Company.

                                       15<PAGE>

                                                                    EXHIBIT 4.02

                              AT HOME CORPORATION

                          1997 EQUITY INCENTIVE PLAN

                          As Adopted May 15, 1997 and
                    Amended March 18, 1998, April 16, 1999
                              and April 18, 2000

         1.   PURPOSE.  The purpose of this Plan is to provide incentives to
              -------
attract, retain and motivate eligible persons whose present and potential
contributions are important to the success of the Company, its Parent and
Subsidiaries, by offering them an opportunity to participate in the Company's
future performance through awards of Options, Restricted Stock and Stock
Bonuses.  Capitalized terms not defined in the text are defined in Section 23.

         2.   SHARES SUBJECT TO THE PLAN.
              --------------------------

              2.1  Number of Shares Available.  Subject to Sections 2.2 and 18,
                   --------------------------
the total number of Shares reserved and available for grant and issuance
pursuant to this Plan will be 106,900,000 Shares/*/, less: (a) the total number
of Shares issued by the Company under (i) restricted stock purchase agreements
entered into prior to the Effective Date of this Plan with employees, officers,
directors, consultants, independent contractors or advisors of the Company and
(ii) the Company's 1996 Incentive Stock Option Plan or 1996 Incentive Stock
Option Plan No. 2 (the "Prior Plans") pursuant to the exercise of options
granted on or before the Effective Date; (b) Shares that are issuable as of the
Effective Date upon exercise of options granted under the Prior Plans.

              Subject to Sections 2.2 and 18 hereof, Shares that: (a) are
subject to issuance upon exercise of an option granted under the Prior Plans or
under this Plan that cease to be subject to such option for any reason other
than exercise of such option; (b) are subject to an award granted under
restricted stock purchase agreements entered into prior to the Effective Date of
this Plan with employees, officers, directors, consultants, independent
contractors or advisors of the Company, the Prior Plans, or this Plan, that are
forfeited or are repurchased by the Company at the original issue price; or (c)
are subject to any other award granted under the Prior Plans or under this Plan
that otherwise terminates without Shares being issued, will again be available
for grant and issuance in connection with future Awards under this Plan.

              At all times the Company shall reserve and keep available a
sufficient number of Shares as shall be required to satisfy the requirements of
all outstanding Options granted under this Plan and all other outstanding but
unvested Awards granted under this Plan.

              The sum of (a) Restricted Stock Awards, (b) Stock Bonus Awards, or
(c) Options with a Purchase Price or Exercise Price, as the case may be, below
Fair Market Value issued under this Plan may not exceed 20% of the total number
of Shares reserved for grant and issuance pursuant to this Plan as of any date.

              2.2  Adjustment of Shares.  In the event that the number of
                   --------------------
outstanding Shares is changed by a stock dividend, recapitalization, stock
split, reverse stock split, subdivision, combination, reclassification or
similar change in the capital structure of the Company without consideration,
then (a) the number of Shares reserved for issuance under this Plan, (b) the
Exercise Prices of and number of Shares subject to outstanding Options, and (c)
the number of Shares subject to other outstanding Awards will be proportionately
adjusted, subject to any required action by the Board or the stockholders of the
Company and compliance with applicable securities laws; provided, however, that
                                                        --------  -------
fractions of a Share will not be issued but will either be replaced

------------------------
/*/  Reflects an increase of 40,000,000 shares on April 18, 2000.
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

by a cash payment equal to the Fair Market Value of such fraction of a Share or
will be rounded up to the nearest whole Share, as determined by the Committee.

         3.   ELIGIBILITY.  ISOs (as defined in Section 5 below) may be granted
              -----------
only to employees (including officers and directors who are also employees) of
the Company or of a Parent or Subsidiary of the Company.  All other Awards may
be granted to employees, officers, directors, consultants, independent
contractors and advisors of the Company or any Parent or Subsidiary of the
Company; provided such consultants, contractors and advisors render bona fide
         --------
services not in connection with the offer and sale of securities in a capital-
raising transaction.  No person will be eligible to receive more than 1,000,000
Shares in any calendar year under this Plan pursuant to the grant of Awards
hereunder, other than new employees of the Company or of a Parent or Subsidiary
of the Company (including new employees who are also officers and directors of
the Company or any Parent or Subsidiary of the Company) who are eligible to
receive up to a maximum of 2,000,000 Shares in the calendar year in which they
commence their employment.  A person may be granted more than one Award under
this Plan.

         4.   ADMINISTRATION.
              --------------

              4.1  Committee Authority.  This Plan will be administered by the
                   -------------------
Committee or by the Board acting as the Committee.  Subject to the general
purposes, terms and conditions of this Plan, and to the direction of the Board,
the Committee will have full power to implement and carry out this Plan.
Without limitation, the Committee will have the authority to:

         (a)  construe and interpret this Plan, any Award Agreement and any
              other agreement or document executed pursuant to this Plan;

         (b)  prescribe, amend and rescind rules and regulations relating to
              this Plan or any Award;

         (c)  select persons to receive Awards;

         (d)  determine the form and terms of Awards;

         (e)  determine the number of Shares or other consideration subject to
              Awards;

         (f)  determine whether Awards will be granted singly, in combination
              with, in tandem with, in replacement of, or as alternatives to,
              other Awards under this Plan or any other incentive or
              compensation plan of the Company or any Parent or Subsidiary of
              the Company;

         (g)  grant waivers of Plan or Award conditions;

         (h)  determine the vesting, exercisability and payment of Awards;

         (i)  correct any defect, supply any omission or reconcile any
              inconsistency in this Plan, any Award or any Award Agreement;

         (j)  determine whether an Award has been earned; and

         (k)  make all other determinations necessary or advisable for the
              administration of this Plan.

              4.2  Committee Discretion.  Any determination made by the
                   --------------------
Committee with respect to any Award will be made in its sole discretion at the
time of grant of the Award or, unless in contravention of any express term of
this Plan or Award, at any later time, and such determination will be final and
binding on the Company and on all persons having an interest in any Award under
this Plan.  The Committee may delegate to one or more officers of the Company
the authority to grant an Award under this Plan to Participants who are not
Insiders of the Company.

                                      -2-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

         5.   OPTIONS.  The Committee may grant Options to eligible persons and
              -------
will determine whether such Options will be Incentive Stock Options within the
meaning of the Code ("ISO") or Nonqualified Stock Options ("NQSOs"), the number
of Shares subject to the Option, the Exercise Price of the Option, the period
during which the Option may be exercised, and all other terms and conditions of
the Option, subject to the following:

              5.1  Form of Option Grant.  Each Option granted under this Plan
                   --------------------
will be evidenced by an Award Agreement which will expressly identify the Option
as an ISO or an NQSO ("Stock Option Agreement"), and will be in such form and
contain such provisions (which need not be the same for each Participant) as the
Committee may from time to time approve, and which will comply with and be
subject to the terms and conditions of this Plan.

              5.2  Date of Grant.  The date of grant of an Option will be the
                   -------------
date on which the Committee makes the determination to grant such Option, unless
otherwise specified by the Committee.  The Stock Option Agreement and a copy of
this Plan will be delivered to the Participant within a reasonable time after
the granting of the Option.

              5.3  Exercise Period.  Options may be exercisable within the times
                   ---------------
or upon the events determined by the Committee as set forth in the Stock Option
Agreement governing such Option; provided, however, that no Option will be
                                 --------  -------
exercisable after the expiration of ten (10) years from the date the Option is
granted; and provided further that no ISO granted to a person who directly or by
             -------- -------
attribution owns more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or of any Parent or Subsidiary of the
Company ("Ten Percent Stockholder") will be exercisable after the expiration of
five (5) years from the date the ISO is granted.  The Committee also may provide
for Options to become exercisable at one time or from time to time, periodically
or otherwise, in such number of Shares or percentage of Shares as the Committee
determines.

              5.4  Exercise Price.  The Exercise Price of an Option will be
                   --------------
determined by the Committee when the Option is granted and may be not less than
85% of the Fair Market Value of the Shares on the date of grant; provided that:
(i) the Exercise Price of an ISO will be not less than 100% of the Fair Market
Value of the Shares on the date of grant; and (ii) the Exercise Price of any ISO
granted to a Ten Percent Stockholder will not be less than 110% of the Fair
Market Value of the Shares on the date of grant.  Payment for the Shares
purchased may be made in accordance with Section 8 of this Plan.

              5.5  Method of Exercise.  Options may be exercised only by
                   ------------------
delivery to the Company of a written stock option exercise agreement  (the
"Exercise Agreement") in a form approved by the Committee (which need not be the
same for each Participant), stating the number of Shares being purchased, the
restrictions imposed on the Shares purchased under such Exercise Agreement, if
any, and such representations and agreements regarding Participant's investment
intent and access to information and other matters, if any, as may be required
or desirable by the Company to comply with applicable securities laws, together
with payment in full of the Exercise Price for the number of Shares being
purchased.

              5.6  Termination.  Notwithstanding the exercise periods set forth
                   -----------
in the Stock Option Agreement, exercise of an Option will always be subject to
the following:

         (a)  If the Participant is Terminated for any reason except death or
              Disability, then the Participant may exercise such Participant's
              Options only to the extent that such Options would have been
              exercisable upon the Termination Date no later than three (3)
              months after the Termination Date (or such shorter or longer time
              period not exceeding five (5) years as may be determined by the
              Committee, with any exercise beyond three (3) months after the
              Termination Date deemed to be an NQSO), but in any event, no later
              than the expiration date of the Options.

                                      -3-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

         (b)  If the Participant is Terminated because of Participant's death or
              Disability (or the Participant dies within three (3) months after
              a Termination other than because of Participant's death or
              disability), then Participant's Options may be exercised only to
              the extent that such Options would have been exercisable by
              Participant on the Termination Date and must be exercised by
              Participant (or Participant's legal representative or authorized
              assignee) no later than twelve (12) months after the Termination
              Date (or such shorter or longer time period not exceeding five (5)
              years as may be determined by the Committee, with any such
              exercise beyond (a) three (3) months after the Termination Date
              when the Termination is for any reason other than the
              Participant's death or Disability, or (b) twelve (12) months after
              the Termination Date when the Termination is for Participant's
              death or Disability, deemed to be an NQSO), but in any event no
              later than the expiration date of the Options.

         (c)  If a Participant is terminated for Cause, then the Participant may
              exercise such Participant Options only to the extent that such
              Options would have been exercisable upon the Termination Date no
              later than one (1) month after the Termination Date (or such
              shorter period as may be determined by the Committee), but in any
              event, no later than the expiration date of the Options.  In
              making such determination, the Board shall give the Participant an
              opportunity to present to the Board evidence on his behalf.  For
              the purpose of this paragraph, termination of service shall be
              deemed to occur on the date when the Company dispatches notice or
              advice to the Participant that his service is terminated.

              5.7  Limitations on Exercise.  The Committee may specify a
                   -----------------------
reasonable minimum number of Shares that may be purchased on any exercise of an
Option, provided that such minimum number will not prevent Participant from
exercising the Option for the full number of Shares for which it is then
exercisable.

              5.8  Limitations on ISO.  The aggregate Fair Market Value
                   ------------------
(determined as of the date of grant) of Shares with respect to which ISO are
exercisable for the first time by a Participant during any calendar year (under
this Plan or under any other incentive stock option plan of the Company, Parent
or Subsidiary of the Company) will not exceed $100,000.  If the Fair Market
Value of Shares on the date of grant with respect to which ISO are exercisable
for the first time by a Participant during any calendar year exceeds $100,000,
then the Options for the first $100,000 worth of Shares to become exercisable in
such calendar year will be ISO and the Options for the amount in excess of
$100,000 that become exercisable in that calendar year will be NQSOs.  In the
event that the Code or the regulations promulgated thereunder are amended after
the Effective Date of this Plan to provide for a different limit on the Fair
Market Value of Shares permitted to be subject to ISO, such different limit will
be automatically incorporated herein and will apply to any Options granted after
the effective date of such amendment.

              5.9  Modification, Extension or Renewal.  The Committee may
                   ----------------------------------
modify, extend or renew outstanding Options and authorize the grant of new
Options in substitution therefor, provided that any such action may not, without
the written consent of a Participant, impair any of such Participant's rights
under any Option previously granted.  Any outstanding ISO that is modified,
extended, renewed or otherwise altered will be treated in accordance with
Section 424(h) of the Code.  The Committee may reduce the Exercise Price of
outstanding Options without the consent of Participants affected by a written
notice to them; provided, however, that the Exercise Price may not be reduced
                --------  -------
below the minimum Exercise Price that would be permitted under Section 5.4 of
this Plan for Options granted on the date the action is taken to reduce the
Exercise Price.

              5.10 No Disqualification.  Notwithstanding any other provision in
                   -------------------
this Plan, no term of this Plan relating to ISO will be interpreted, amended or
altered, nor will any discretion or authority granted under this Plan be
exercised, so as to disqualify this Plan under Section 422 of the Code or,
without the consent of the Participant affected, to disqualify any ISO under
Section 422 of the Code.

         6.   RESTRICTED STOCK.  A Restricted Stock Award is an offer by the
              ----------------
Company to sell to an eligible person Shares that are subject to restrictions.
The Committee will determine to whom an offer will be made, the number of Shares
the person may purchase, the price to be paid (the "Purchase Price"), the
restrictions

                                      -4-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

to which the Shares will be subject, and all other terms and conditions of the
Restricted Stock Award, subject to the following:

              6.1  Form of Restricted Stock Award.  All purchases under a
                   ------------------------------
Restricted Stock Award made pursuant to this Plan will be evidenced by an Award
Agreement ("Restricted Stock Purchase Agreement") that will be in such form
(which need not be the same for each Participant) as the Committee will from
time to time approve, and will comply with and be subject to the terms and
conditions of this Plan.  The offer of Restricted Stock will be accepted by the
Participant's execution and delivery of the Restricted Stock Purchase Agreement
and full payment for the Shares to the Company within thirty (30) days from the
date the Restricted Stock Purchase Agreement is delivered to the person.  If
such person does not execute and deliver the Restricted Stock Purchase Agreement
along with full payment for the Shares to the Company within thirty (30) days,
then the offer will terminate, unless otherwise determined by the Committee.

              6.2  Purchase Price.  The Purchase Price of Shares sold pursuant
                   --------------
to a Restricted Stock Award will be determined by the Committee on the date the
Restricted Stock Award is granted, except in the case of a sale to a Ten Percent
Stockholder, in which case the Purchase Price will be 100% of the Fair Market
Value.  Payment of the Purchase Price may be made in accordance with Section 8
of this Plan.

              6.3  Terms of Restricted Stock Awards.  Restricted Stock Awards
                   --------------------------------
shall be subject to such restrictions as the Committee may impose.  These
restrictions may be based upon completion of a specified number of years of
service with the Company or upon completion of the performance goals as set out
in advance in the Participant's individual Restricted Stock Purchase Agreement.
Restricted Stock Awards may vary from Participant to Participant and between
groups of Participants.  Prior to the grant of a Restricted Stock Award, the
Committee shall:  (a) determine the nature, length and starting date of any
Performance Period for the Restricted Stock Award; (b) select from among the
Performance Factors to be used to measure performance goals, if any; and (c)
determine the number of Shares that may be awarded to the Participant.  Prior to
the payment of any Restricted Stock Award, the Committee shall determine the
extent to which such Restricted Stock Award has been earned.  Performance
Periods may overlap and Participants may participate simultaneously with respect
to Restricted Stock Awards that are subject to different Performance Periods and
having different performance goals and other criteria.

              6.4  Termination During Performance Period.  If a Participant is
                   -------------------------------------
Terminated during a Performance Period for any reason, then such Participant
will be entitled to payment (whether in Shares, cash or otherwise) with respect
to the Restricted Stock Award only to the extent earned as of the date of
Termination in accordance with the Restricted Stock Purchase Agreement, unless
the Committee will determine otherwise.

         7.   STOCK BONUSES.
              -------------

              7.1  Awards of Stock Bonuses.  A Stock Bonus is an award of Shares
                   -----------------------
(which may consist of Restricted Stock) for services rendered to the Company or
any Parent or Subsidiary of the Company.  A Stock Bonus may be awarded for past
services already rendered to the Company, or any Parent or Subsidiary of the
Company pursuant to an Award Agreement (the "Stock Bonus Agreement") that will
be in such form (which need not be the same for each Participant) as the
Committee will from time to time approve, and will comply with and be subject to
the terms and conditions of this Plan.  A Stock Bonus may be awarded upon
satisfaction of such performance goals as are set out in advance in the
Participant's individual Award Agreement (the "Performance Stock Bonus
Agreement") that will be in such form (which need not be the same for each
Participant) as the Committee will from time to time approve, and will comply
with and be subject to the terms and conditions of this Plan.  Stock Bonuses may
vary from Participant to Participant and between groups of Participants, and may
be based upon the achievement of the Company, Parent or Subsidiary and/or
individual performance factors or upon such other criteria as the Committee may
determine.

              7.2  Terms of Stock Bonuses.  The Committee will determine the
                   ----------------------
number of Shares to be awarded to the Participant.  If the Stock Bonus is being
earned upon the satisfaction of performance goals pursuant to a Performance
Stock Bonus Agreement, then the Committee will: (a)  determine the nature,
length and starting date of any Performance Period for each Stock Bonus; (b)
select from among the Performance Factors to be

                                      -5-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

used to measure the performance, if any; and (c) determine the number of Shares
that may be awarded to the Participant. Prior to the payment of any Stock Bonus,
the Committee shall determine the extent to which such Stock Bonuses have been
earned. Performance Periods may overlap and Participants may participate
simultaneously with respect to Stock Bonuses that are subject to different
Performance Periods and different performance goals and other criteria. The
number of Shares may be fixed or may vary in accordance with such performance
goals and criteria as may be determined by the Committee. The Committee may
adjust the performance goals applicable to the Stock Bonuses to take into
account changes in law and accounting or tax rules and to make such adjustments
as the Committee deems necessary or appropriate to reflect the impact of
extraordinary or unusual items, events or circumstances to avoid windfalls or
hardships.

              7.3  Form of Payment.  The earned portion of a Stock Bonus may be
                   ---------------
paid currently or on a deferred basis with such interest or dividend equivalent,
if any, as the Committee may determine.  Payment may be made in the form of cash
or whole Shares or a combination thereof, either in a lump sum payment or in
installments, all as the Committee will determine.

         8.   PAYMENT FOR SHARE PURCHASES.
              ---------------------------

              8.1  Payment.  Payment for Shares purchased pursuant to this Plan
                   -------
may be made in cash (by check) or, where expressly approved for the Participant
by the Committee and where permitted by law:

         (a)  by cancellation of indebtedness of the Company to the Participant;

         (b)  by surrender of shares that either:  (1) have been owned by
              Participant for more than six (6) months and have been paid for
              within the meaning of SEC Rule 144 (and, if such shares were
              purchased from the Company by use of a promissory note, such note
              has been fully paid with respect to such shares); or (2) were
              obtained by Participant in the public market;

         (c)  by tender of a full recourse promissory note having such terms as
              may be approved by the Committee and bearing interest at a rate
              sufficient to avoid imputation of income under Sections 483 and
              1274 of the Code; provided, however, that Participants who are not
                                --------  -------
              employees or directors of the Company will not be entitled to
              purchase Shares with a promissory note unless the note is
              adequately secured by collateral other than the Shares;

         (d)  by waiver of compensation due or accrued to the Participant for
              services rendered;

         (e)  with respect only to purchases upon exercise of an Option, and
              provided that a public market for the Company's stock exists:

              (1)  through a "same day sale" commitment from the Participant and
                   a broker-dealer that is a member of the National Association
                   of Securities Dealers (an "NASD Dealer") whereby the
                   Participant irrevocably elects to exercise the Option and to
                   sell a portion of the Shares so purchased to pay for the
                   Exercise Price, and whereby the NASD Dealer irrevocably
                   commits upon receipt of such Shares to forward the Exercise
                   Price directly to the Company; or

              (2)  through a "margin" commitment from the Participant and a NASD
                   Dealer whereby the Participant irrevocably elects to exercise
                   the Option and to pledge the Shares so purchased to the NASD
                   Dealer in a margin account as security for a loan from the
                   NASD Dealer in the amount of the Exercise Price, and whereby
                   the NASD Dealer irrevocably commits upon receipt of such
                   Shares to forward the Exercise Price directly to the Company;
                   or

         (f)  by any combination of the foregoing.

                                      -6-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

              8.2  Loan Guarantees.  The Committee may help the Participant pay
                   ---------------
for Shares purchased under this Plan by authorizing a guarantee by the Company
of a third-party loan to the Participant.

         9.   WITHHOLDING TAXES.
              -----------------

              9.1  Withholding Generally.  Whenever Shares are to be issued in
                   ---------------------
satisfaction of Awards granted under this Plan, the Company may require the
Participant to remit to the Company an amount sufficient to satisfy federal,
state and local withholding tax requirements prior to the delivery of any
certificate or certificates for such Shares.  Whenever, under this Plan,
payments in satisfaction of Awards are to be made in cash, such payment will be
net of an amount sufficient to satisfy federal, state, and local withholding tax
requirements.

              9.2  Stock Withholding.  When, under applicable tax laws, a
                   -----------------
Participant incurs tax liability in connection with the exercise or vesting of
any Award that is subject to tax withholding and the Participant is obligated to
pay the Company the amount required to be withheld, the Committee may in its
sole discretion allow the Participant to satisfy the minimum withholding tax
obligation by electing to have the Company withhold from the Shares to be issued
that number of Shares having a Fair Market Value equal to the minimum amount
required to be withheld, determined on the date that the amount of tax to be
withheld is to be determined.  All elections by a Participant to have Shares
withheld for this purpose will be made in accordance with the requirements
established by the Committee and be in writing in a form acceptable to the
Committee

         10.  PRIVILEGES OF STOCK OWNERSHIP.
              -----------------------------

              10.1  Voting and Dividends.  No Participant will have any of the
                    --------------------
rights of a stockholder with respect to any Shares until the Shares are issued
to the Participant.  After Shares are issued to the Participant, the Participant
will be a stockholder and have all the rights of a stockholder with respect to
such Shares, including the right to vote and receive all dividends or other
distributions made or paid with respect to such Shares; provided, that if such
                                                        --------
Shares are Restricted Stock, then any new, additional or different securities
the Participant may become entitled to receive with respect to such Shares by
virtue of a stock dividend, stock split or any other change in the corporate or
capital structure of the Company will be subject to the same restrictions as the
Restricted Stock; provided, further, that the Participant will have no right to
                  --------  -------
retain such stock dividends or stock distributions with respect to Shares that
are repurchased at the Participant's original Purchase Price pursuant to Section
12.

              10.2  Financial Statements.  The Company will provide financial
                    --------------------
statements to each Participant prior to such Participant's purchase of Shares
under this Plan, and to each Participant annually during the period such
Participant has Awards outstanding; provided, however, the Company will not be
                                    --------  -------
required to provide such financial statements to Participants whose services in
connection with the Company assure them access to equivalent information.

         11.  TRANSFERABILITY.  Awards granted under this Plan, and any interest
              ---------------
therein, will not be transferable or assignable by Participant, and may not be
made subject to execution, attachment or similar process, otherwise than by will
or by the laws of descent and distribution or as determined by the Committee and
set forth in the Award Agreement with respect to Awards that are not ISOs.
During the lifetime of the Participant an Award will be exercisable only by the
Participant, and any elections with respect to an Award may be made only by the
Participant unless otherwise determined by the Committee and set forth in the
Award Agreement with respect to Awards that are not ISOs.

         12.  RESTRICTIONS ON SHARES.  At the discretion of the Committee, the
              ----------------------
Company may reserve to itself and/or its assignee(s) in the Award Agreement a
right to repurchase a portion of or all Unvested Shares held by a Participant
following such Participant's Termination at any time within ninety (90) days
after the later of Participant's Termination Date and the date Participant
purchases Shares under this Plan, for cash and/or cancellation of purchase money
indebtedness, at the Participant's Exercise Price or Purchase Price, as the case
may be.

                                      -7-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

         13.  CERTIFICATES.  All certificates for Shares or other securities
              ------------
delivered under this Plan will be subject to such stock transfer orders, legends
and other restrictions as the Committee may deem necessary or advisable,
including restrictions under any applicable federal, state or foreign securities
law, or any rules, regulations and other requirements of the SEC or any stock
exchange or automated quotation system upon which the Shares may be listed or
quoted.

         14.  ESCROW; PLEDGE OF SHARES.  To enforce any restrictions on a
              ------------------------
Participant's Shares, the Committee may require the Participant to deposit all
certificates representing Shares, together with stock powers or other
instruments of transfer approved by the Committee, appropriately endorsed in
blank, with the Company or an agent designated by the Company to hold in escrow
until such restrictions have lapsed or terminated, and the Committee may cause a
legend or legends referencing such restrictions to be placed on the
certificates.  Any Participant who is permitted to execute a promissory note as
partial or full consideration for the purchase of Shares under this Plan will be
required to pledge and deposit with the Company all or part of the Shares so
purchased as collateral to secure the payment of Participant's obligation to the
Company under the promissory note; provided, however, that the Committee may
                                   --------  -------
require or accept other or additional forms of collateral to secure the payment
of such obligation and, in any event, the Company will have full recourse
against the Participant under the promissory note notwithstanding any pledge of
the Participant's Shares or other collateral.  In connection with any pledge of
the Shares, Participant will be required to execute and deliver a written pledge
agreement in such form as the Committee will from time to time approve.  The
Shares purchased with the promissory note may be released from the pledge on a
pro rata basis as the promissory note is paid.

         15.  EXCHANGE AND BUYOUT OF AWARDS.  The Committee may, at any time or
              -----------------------------
from time to time, authorize the Company, with the consent of the respective
Participants, to issue new Awards in exchange for the surrender and cancellation
of any or all outstanding Awards.  The Committee may at any time buy from a
Participant an Award previously granted with payment in cash, Shares (including
Restricted Stock) or other consideration, based on such terms and conditions as
the Committee and the Participant may agree.

         16.  SECURITIES LAW AND OTHER REGULATORY COMPLIANCE.  An Award will not
              ----------------------------------------------
be effective unless such Award is in compliance with all applicable federal and
state securities laws, rules and regulations of any governmental body, and the
requirements of any stock exchange or automated quotation system upon which the
Shares may then be listed or quoted, as they are in effect on the date of grant
of the Award and also on the date of exercise or other issuance.
Notwithstanding any other provision in this Plan, the Company will have no
obligation to issue or deliver certificates for Shares under this Plan prior to:
(a) obtaining any approvals from governmental agencies that the Company
determines are necessary or advisable; and/or (b) completion of any registration
or other qualification of such Shares under any state or federal law or ruling
of any governmental body that the Company determines to be necessary or
advisable.  The Company will be under no obligation to register the Shares with
the SEC or to effect compliance with the registration, qualification or listing
requirements of any state securities laws, stock exchange or automated quotation
system, and the Company will have no liability for any inability or failure to
do so.

         17.  NO OBLIGATION TO EMPLOY.  Nothing in this Plan or any Award
              -----------------------
granted under this Plan will confer or be deemed to confer on any Participant
any right to continue in the employ of, or to continue any other relationship
with, the Company or any Parent or Subsidiary of the Company or limit in any way
the right of the Company or any Parent or Subsidiary of the Company to terminate
Participant's employment or other relationship at any time, with or without
cause.

         18.  CORPORATE TRANSACTIONS.
              ----------------------

              18.1  Assumption or Replacement of Awards by Successor.  In the
                    ------------------------------------------------
event of (a) a dissolution or liquidation of the Company, (b) a merger or
consolidation in which the Company is not the surviving corporation (other than
a merger or consolidation with a wholly-owned subsidiary, a reincorporation of
the Company in a different jurisdiction, or other transaction in which there is
no substantial change in the stockholders of the Company or their relative stock
holdings and the Awards granted under this Plan are assumed, converted or

                                      -8-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

replaced by the successor corporation, which assumption will be binding on all
Participants), (c) a merger in which the Company is the surviving corporation
but after which the stockholders of the Company immediately prior to such merger
(other than any stockholder that merges, or which owns or controls another
corporation that merges, with the Company in such merger) cease to own their
shares or other equity interest in the Company, (d) the sale of substantially
all of the assets of the Company, or (e) the acquisition, sale, or transfer of
more than 50% of the outstanding shares of the Company by tender offer or
similar transaction, any or all outstanding Awards may be assumed, converted or
replaced by the successor corporation (if any), which assumption, conversion or
replacement will be binding on all Participants.  In the alternative, the
successor corporation may substitute equivalent Awards or provide substantially
similar consideration to Participants as was provided to stockholders (after
taking into account the existing provisions of the Awards).  The successor
corporation may also issue, in place of outstanding Shares of the Company held
by the Participant, substantially similar shares or other property subject to
repurchase restrictions no less favorable to the Participant.  In the event such
successor corporation (if any) refuses to assume or substitute Awards, as
provided above, pursuant to a transaction described in this Subsection 18.1, the
vesting of all Awards will accelerate and the Options will become exercisable in
full prior to the consummation of such event at such times and on such
conditions as the Committee determines, and if such Options are not exercised
prior to the consummation of the corporate transaction, they shall terminate in
accordance with the provisions of this Plan.

              18.2  Other Treatment of Awards.  Subject to any greater rights
                    -------------------------
granted to Participants under the foregoing provisions of this Section 18, in
the event of the occurrence of any transaction described in Section 18.1, any
outstanding Awards will be treated as provided in the applicable agreement or
plan of merger, consolidation, dissolution, liquidation, or sale of assets.

              18.3  Assumption of Awards by the Company.  The Company, from time
                    -----------------------------------
to time, also may substitute or assume outstanding awards granted by another
company, whether in connection with an acquisition of such other company or
otherwise, by either; (a) granting an Award under this Plan in substitution of
such other company's award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award
granted under this Plan.  Such substitution or assumption will be permissible if
the holder of the substituted or assumed award would have been eligible to be
granted an Award under this Plan if the other company had applied the rules of
this Plan to such grant.  In the event the Company assumes an award granted by
another company, the terms and conditions of such award will remain unchanged
(except that the exercise price and the number and nature of Shares issuable
 ------
upon exercise of any such option will be adjusted appropriately pursuant to
Section 424(a) of the Code).  In the event the Company elects to grant a new
Option rather than assuming an existing option, such new Option may be granted
with a similarly adjusted Exercise Price.

         19.  ADOPTION AND STOCKHOLDER APPROVAL.  This Plan will become
              ---------------------------------
effective on the date on which the registration statement filed by the Company
with the SEC under the Securities Act registering the initial public offering of
the Company's Series A Common Stock is declared effective by the SEC (the
"Effective Date").  This Plan shall be approved by the stockholders of the
Company (excluding Shares issued pursuant to this Plan), consistent with
applicable laws, within twelve (12) months before or after the date this Plan is
adopted by the Board.  Upon the Effective Date, the Committee may grant Awards
pursuant to this Plan; provided, however, that: (a) no Option may be exercised
                       --------  -------
prior to initial stockholder approval of this Plan; (b) no Option granted
pursuant to an increase in the number of Shares subject to this Plan approved by
the Board will be exercised prior to the time such increase has been approved by
the stockholders of the Company; and (c) in the event that stockholder approval
of such increase is not obtained within the time period provided herein, all
Awards granted hereunder will be canceled, any Shares issued pursuant to any
Award will be canceled, and any purchase of Shares hereunder will be rescinded.

         20.  TERM OF PLAN/GOVERNING LAW.  Unless earlier terminated as provided
              --------------------------
herein, this Plan will terminate ten (10) years from the date this Plan is
adopted by the Board or, if earlier, the date of stockholder approval.  This
Plan and all agreements thereunder shall be governed by and construed in
accordance with the laws of the State of California.

                                      -9-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

         21.  AMENDMENT OR TERMINATION OF PLAN.  The Board may at any time
              --------------------------------
terminate or amend this Plan in any respect, including without limitation
amendment of any form of Award Agreement or instrument to be executed pursuant
to this Plan; provided, however, that the Board will not, without the approval
              --------  -------
of the stockholders of the Company, amend this Plan in any manner that requires
such stockholder approval.

         22.  NONEXCLUSIVITY OF THE PLAN.  Neither the adoption of this Plan by
              --------------------------
the Board, the submission of this Plan to the stockholders of the Company for
approval, nor any provision of this Plan will be construed as creating any
limitations on the power of the Board to adopt such additional compensation
arrangements as it may deem desirable, including, without limitation, the
granting of stock options and bonuses otherwise than under this Plan, and such
arrangements may be either generally applicable or applicable only in specific
cases.

         23.  DEFINITIONS.  As used in this Plan, the following terms will have
              -----------
the following meanings:

              "Award" means any award under this Plan, including any Option,
Restricted Stock or Stock Bonus.

              "Award Agreement" means, with respect to each Award, the signed
written agreement between the Company and the Participant setting forth the
terms and conditions of the Award.

              "Board" means the Board of Directors of the Company.

              "Cause" means the commission of an act of theft, embezzlement,
fraud, dishonesty or a breach of fiduciary duty to the Company or a Parent or
Subsidiary of the Company.

              "Code" means the Internal Revenue Code of 1986, as amended.

              "Committee" means the Compensation Committee of the Board.

              "Company" means At Home Corporation or any successor corporation.

              "Disability" means a disability, whether temporary or permanent,
partial or total, within the meaning of Section 22(e)(3) of the Code, as
determined by the Committee.

              "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

              "Exercise Price" means the price at which a holder of an Option
may purchase the Shares issuable upon exercise of the Option.

              "Fair Market Value" means, as of any date, the value of a share of
the Company's Series A Common Stock determined as follows:

         (a)  if such Series A Common Stock is then quoted on the Nasdaq
              National Market, its closing price on the Nasdaq National Market
              on the date of determination as reported in The Wall Street
                                                          ---------------
              Journal;
              -------

         (b)  if such Series A Common Stock is publicly traded and is then
              listed on a national securities exchange, its closing price on the
              date of determination on the principal national securities
              exchange on which the Series A Common Stock is listed or admitted
              to trading as reported in The Wall Street Journal;
                                        -----------------------

         (c)  if such Series A Common Stock is publicly traded but is not quoted
              on the Nasdaq National Market nor listed or admitted to trading on
              a national securities exchange, the average of

                                      -10-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

              the closing bid and asked prices on the date of determination as
              reported in The Wall Street Journal;
                          -----------------------

         (d)  in the case of an Award made on the Effective Date, the price per
              share at which shares of the Company's Series A Common Stock are
              initially offered for sale to the public by the Company's
              underwriters in the initial public offering of the Company's
              Series A Common Stock pursuant to a registration statement filed
              with the SEC under the Securities Act;  or

         (d)  if none of the foregoing is applicable, by the Committee in good
              faith.

              "Insider" means an officer or director of the Company or any other
person whose transactions in the Company's Common Stock are subject to Section
16 of the Exchange Act.

              "Option" means an award of an option to purchase Shares pursuant
to Section 5.

              "Parent" means any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company if each of such
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

              "Participant" means a person who receives an Award under this
Plan.

              "Performance Factors" means the factors selected by the Committee
from among the following measures to determine whether the performance goals
established by the Committee and applicable to Awards have been satisfied:

              (a)  Net revenue and/or net revenue growth;

              (b)  Earnings before income taxes and amortization and/or earnings
                   before income taxes and amortization growth;

              (c)  Operating income and/or operating income growth;

              (d)  Net income and/or net income growth;

              (e)  Earnings per share and/or earnings per share growth;

              (f)  Total shareholder return and/or total shareholder return
                   growth;

              (g)  Return on equity;

              (h)  Operating cash flow return on income;

              (i)  Adjusted operating cash flow return on income;

              (j)  Economic value added; and

              (k)  Individual confidential business objectives.

              "Performance Period" means the period of service determined by the
Committee, not to exceed five years, during which years of service or
performance is to be measured for Restricted Stock Awards or Stock Bonuses.

                                      -11-
<PAGE>

                                                             At Home Corporation
                                                      1997 Equity Incentive Plan

              "Plan" means this At Home Corporation 1997 Equity Incentive Plan,
as amended from time to time.

              "Restricted Stock Award" means an award of Shares pursuant to
Section 6.

              "SEC" means the Securities and Exchange Commission.

              "Securities Act" means the Securities Act of 1933, as amended.

              "Shares" means shares of the Company's Series A Common Stock
reserved for issuance under this Plan or any other compensatory arrangement of
the Company, as adjusted pursuant to Sections 2 and 18, and any successor
security.

              "Stock Bonus" means an award of Shares, or cash in lieu of Shares,
pursuant to Section 7.

              "Subsidiary" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain.

              "Termination" or "Terminated" means, for purposes of this Plan
with respect to a Participant, that the Participant has for any reason ceased to
provide services as an employee, officer, director, consultant, independent
contractor, or advisor to the Company or a Parent or Subsidiary of the Company.
An employee will not be deemed to have ceased to provide services in the case of
(i) sick leave, (ii) military leave, or (iii) any other leave of absence
approved by the Committee, provided, that such leave is for a period of not more
than 90 days, unless reemployment upon the expiration of such leave is
guaranteed by contract or statute or unless provided otherwise pursuant to
formal policy adopted from time to time by the Company and issued and
promulgated to employees in writing. In the case of any employee on an approved
leave of absence, the Committee may make such provisions respecting suspension
of vesting of the Award while on leave from the employ of the Company or a
Subsidiary as it may deem appropriate, except that in no event may an Option be
exercised after the expiration of the term set forth in the Option agreement.
The Committee will have sole discretion to determine whether a Participant has
ceased to provide services and the effective date on which the Participant
ceased to provide services (the "Termination Date").

              "Unvested Shares" means "Unvested Shares" as defined in the Award
Agreement.

              "Vested Shares" means "Vested Shares" as defined in the Award
Agreement.

                                      -12-

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