Document:

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                                  Exhibit 10.1

                      1991 Non-Qualified Stock Option Plan

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                      1991 NON-QUALIFIED STOCK OPTION PLAN

       1.     NAME.

       The name of this plan is the 1991 Non-Qualified Stock Option Plan.

       2.     DEFINITIONS.

       For the purposes of the Plan, the following terms shall be defined as set
forth below:

       (a)    "Affiliate" means any partnership, corporation, firm, joint
venture, association, trust, unincorporated organization or other entity (other
than a Subsidiary) that, directly or indirectly through one or more
intermediaries, is controlled by the Company, where the term "controlled by"
means the possession, direct or indirect, of the power to cause the direction of
the management and policies of such entity, whether through the ownership of
voting interests or voting securities, as the case may be, by contract or
otherwise.

       (b)    "Board" means the board of directors of the Company.

       (c)    "Cause" as applied to any Officer or Employee means: (i) the
conviction of such individual for the commission of any felony; (ii) the
commission by such individual of any crime involving moral turpitude (e.g.,
larceny, embezzlement) which results in harm to the business, reputation,
prospects or financial condition of the Company, any Subsidiary or Affiliate; or
(iii) the willful neglect, failure or refusal of such individual to carry out
his duties, which results in harm to the business, reputation, prospects or
financial condition of the Company, any Subsidiary or Affiliate, which neglect,
failure or refusal continues for a period of ten consecutive business days
following notice thereof, or ten cumulative business days following successive
notices thereof, to such individual from the Company; provided, however, that
such willful neglect, failure or refusal is not due to the death or disability
(i.e., as a result of an injury or sickness such individual is rendered
permanently unable to perform his duties as an Officer or an Employee, as the
case may be, on a full-time basis) of such individual or illness leading to the
death or disability of such individual.

       (d)    "Chairman" means the individual appointed by the Board to serve as
the chairman of the Committee.

       (e)    "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

       (f)    "Committee" means the committee appointed by the Board to
administer the Plan as provided in Section 4(a).

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       (g)    "Common Stock" means the $.001 par value common stock of the
Company or any security of the Company identified by the Committee as having
been issued in substitution or exchange therefor or in lieu thereof.

       (h)    "Company" means Institute for Laboratory Medicine, Inc., a Florida
corporation.

       (i)    "Director" means an individual who is now, or hereafter becomes, a
member of the Board or of the board of directors of any Subsidiary or Affiliate.

       (j)    "Employee" means an individual employed by the Company, a
Subsidiary, or an Affiliate whose wages are subject to the withholding of
federal income tax under Section 3401 of the Code.

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

       (l)    "Fair Market Value" of a Share as of a specified date means the
average of the highest bid and lowest asked prices of a Share on such date as
reported by the NASD or, if no trading of Common Stock is reported for that day,
the next preceding day on which trading was reported. In the event the Shares
are not then quoted by the NASD, the Fair Market Value of a Share shall be
determined by the method established by the Committee in good faith.

       (m)    "NQSO" or "Option" means any stock option granted pursuant to the
provisions of the Plan.

       (n)    "Officer" means an individual elected or appointed by the Board or
by the board of directors of a Subsidiary or Affiliate or chosen in such other
manner as may be prescribed by the by-laws of the Company, a Subsidiary or
Affiliate, as the case may be, to serve as such, or, in the case of an Affiliate
which is not a corporation, any individual elected or appointed to fulfill a
similar function by a body or individual exercising similar authority.

       (o)    "Participant" means an individual who is granted an Option under
the Plan.

       (p)    "Plan" means this 1991 Non-Qualified Stock Option Plan.

       (q)    "Share" means one share of Common Stock, adjusted in accordance
with Section 10(b), if applicable.

       (r)    "Stock Option Agreement" means the written agreement between the
Company and the Participant that contains the terms and conditions pertaining to
an Option.

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       (s)    "Subsidiary" means any corporation of which the Company, directly
or indirectly, is the beneficial owner of fifty percent (50%) or more of the
total voting power.

       3.     PURPOSE.

       The purpose of the Plan is to enable the Company to provide incentives,
which are linked directly to increases in shareholder value, to certain key
personnel in order that they will be encouraged to promote the financial success
and progress of the Company.

       4.     ADMINISTRATION.

       (a)    Composition of the Committee.

       The Plan shall be administered by a Committee appointed by the Board,
consisting of not less than two members. Members of the Committee need not be
Directors, Officers or Employees. Members of the Committee shall not be entitled
to participate in the Plan. The Board may from time to time remove members from,
or add members to, the Committee. Vacancies on the Committee, however caused,
shall be filled by the Board. The Board shall appoint one of the members of the
Committee as Chairman.

       (b)    Actions by the Committee.

       The Committee shall hold meetings at such times and places as it may
determine. Acts approved by a majority of the members of the Committee present
at a meeting at which a quorum is present, or acts reduced to or approved in
writing by a majority of the members of the Committee, shall be the valid acts
of the Committee.

       (c)    Powers of the Committee.

       Subject to the express terms and conditions hereof, the Committee shall
have the authority to administer the Plan in its sole and absolute discretion.
To this end, the Committee is authorized to construe and interpret the Plan and
to make all other determinations necessary or advisable for the administration
of the Plan, including, but not limited to, the selection of the eligible
individuals who shall be granted Options, the granting of Options, the vesting
period, if any, for all Options granted hereunder, the date on which any Option
becomes first exercisable, the number of Shares subject to each Option, and the
exercise price for the Shares subject to each Option. In addition, the Committee
shall have the power to impose on any Stock Option Agreement restrictions upon
the transferability of the Shares acquired upon the exercise of such Option. Any
determination, decision or action of the Committee in connection with the
construction, interpretation, administration or application of the Plan shall be
final, conclusive and

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binding upon all Participants and any person validly claiming under or through a
Participant.

       (d)    Liability of Committee Members.

       No member of the Board or the Committee will be liable for any action or
determination made in good faith by the Board or the Committee with respect to
the Plan or any grant or exercise of an Option thereunder.

       (e)    Option Accounts.

       The Committee shall maintain a journal in which a separate account for
each Participant shall be established. Whenever an Option is granted to or
exercised by a Participant, the Participant's account shall be appropriately
credited or debited. Appropriate adjustment shall also be made in the journal
with respect to each account in the event of an adjustment pursuant to Section
10(b).

       5.     EFFECTIVE DATE AND TERM OF THE PLAN.

       (a)    Effective Date of the Plan.

       The Plan is effective as of December __, 1991, the date on which it was
approved by the Board.

       (b)    Term of Plan.

       No Option shall be granted pursuant to the Plan on or after December __,
2001, but Options theretofore granted may extend beyond that date.

       6.     TYPE OF OPTIONS AND SHARES SUBJECT TO THE PLAN.

       Options granted under the Plan shall be NQSOs.

       The maximum aggregate number of Shares that may be issued under the Plan
is 400,000 Shares. The limitation on the number of Shares which may be granted
under the Plan shall be subject to adjustment as provided in Section 10(b).

       If any Option granted under the Plan expires or is terminated for any
reason, any Shares as to which the Option has not been exercised shall again be
available for purchase under Options subsequently granted. At all times during
the term of the Plan, the Company shall reserve and keep available for issuance
such number of Shares as the Company is obligated to issue upon the exercise of
all then outstanding Options.

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       7.     SOURCE OF SHARES ISSUED UNDER THE PLAN.

       Common Stock issued under the Plan may consist, in whole or in part, of
authorized or unissued Shares or treasury Shares, as determined in the sole and
absolute discretion of the Committee. No fractional Shares shall be issued under
the Plan.

       8.     ELIGIBILITY.

       The individuals eligible for the grant of Options under the Plan shall
be: (i) all Directors, Officers and Employees; and (ii) such individuals
determined by the Committee to be rendering substantial services as a consultant
or independent contractor to the Company or any Subsidiary or Affiliate of the
Company, as the Committee shall determine from time to time in its sole and
absolute discretion.

       9.     OPTIONS.

       (a)    Grant of Options.

       The date of the grant of an Option shall be the date on which the
Committee determines to grant the Option.

       (b)    Exercise Price of NQSOs.

       The exercise price of each Share subject to a NQSO shall be determined by
the Committee at the time of grant. Such price, however, may not be lower than
the lesser of: (i) the book value per Share as of the end of the fiscal year of
the Company immediately preceding the date of grant; or (ii) fifty percent (50%)
of the Fair Market Value of a Share on the date of grant (subject to adjustment
pursuant to Section 10(b)).

       (c)    Exercise Period.

       Unless otherwise determined by the Committee, each Option granted
hereunder shall vest and become first exercisable at the rate of thirty-three
and one-third percent (33-1/3%) on each anniversary of the date of grant of such
Option.

       (d)    Terms and Conditions.

       All Options granted pursuant to the Plan shall be evidenced by a Stock
Option Agreement (which need not be the same for each Participant or Option),
approved by the Committee which shall be subject to the following express terms
and conditions and the other terms and conditions as are set forth in this
Section 9, and to such other terms and conditions as shall be determined by the
Committee in its sole and absolute discretion which are not inconsistent with
the terms of the Plan:

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              (i)    the failure of an Option to vest for any reason whatsoever
                     shall cause the Option to expire and be of no further force
                     or effect;

              (ii)   unless terminated earlier pursuant to Sections 9(h) or
                     10(c), the term of any Option granted under the Plan shall
                     be 10 years from the date of grant;

              (iii)  Options shall not be transferable by the holder otherwise
                     than by will or by the laws of descent and distribution,
                     and shall be exercisable during the lifetime of the holder
                     only by him or by his guardian or legal representative;

              (iv)   no Option or interest therein may be transferred, assigned,
                     pledged or hypothecated by the holder during his lifetime
                     whether by operation of law or otherwise, or be made
                     subject to execution, attachment or similar process; and

              (v)    payment for the Shares to be received upon exercise of an
                     Option shall, subject to Section 10(f) hereof, be made in
                     cash.

       (e)    Additional Means of Payment.

       Any Stock Option Agreement may, in the sole and absolute discretion of
the Committee, permit payment by any other form of legal consideration
consistent with applicable law and any rules and regulations relating thereto,
including, but not limited to, the execution and delivery of a full recourse
promissory note by the Participant to the Company.

       (f)    Exercise.

       The holder of an Option may exercise the same by filing with the
Corporate Secretary of the Company and the Chairman a written election, in such
form as the Committee may determine, specifying the number of Shares with
respect to which such Option is being exercised. Such notice shall be
accompanied by payment in full of the exercise price for such Shares.
Notwithstanding the foregoing, 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 the Participant from exercising the
Option with respect to the full number of Shares as to which the Option is then
exercisable.

       (g)    Withholding Taxes.

       Prior to the issuance of the Shares upon exercise of an Option, the
Participant shall pay or make adequate provision for the payment of any federal,
state, local or foreign withholding obligations of the Company or any Subsidiary
or Affiliate of the

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Company, if applicable. In the event a Participant shall fail to make adequate
provision for the payment of such obligations the Company shall have the right,
but not the obligation, to issue a stock certificate for an amount of Shares
equal to the difference obtained by subtracting: (i) the number of Shares,
rounded up for any fraction to the next whole number, that have a Fair Market
Value (as of the date of exercise) equal to such amount as is sufficient to
satisfy applicable federal, state or local withholding obligations; from (ii)
the number of Shares attributable to that portion of the Option so exercised.
The Company shall promptly remit, or cause to be remitted, to the appropriate
taxing authorities the amount so withheld. In such cases, although the stock
certificate delivered to the Participant will be for a net number of Shares,
such Participant shall be considered, for tax purposes, to have received the
number of Shares equal to the full number of Shares to which the Option had been
exercised.

       (h)    Termination of Options.

       Options granted under the Plan shall be subject to the following events
of termination:

              (i)    in the event a Participant who is a Director is removed
                     from the Board or the board of directors of a Subsidiary or
                     an Affiliate, as the case may be, for cause (as
                     contemplated by the charter, by-laws or other
                     organizational or governing documents), all unexercised
                     Options held by such Participant on the date of such
                     removal (whether or not vested) will expire immediately;

              (ii)   in the event the employment of a Participant who is an
                     Officer or Employee is terminated for Cause, all
                     unexercised Options held by such Participant on the date of
                     such termination of employment (whether or not vested) will
                     expire immediately; and

              (iii)  in the event a Participant is no longer a Director, Officer
                     or Employee other than for the reasons set forth in
                     Sections 9(h)(i) or 9(h)(ii), all Options which remain
                     unvested at the time the Participant is no longer a
                     Director, Officer or Employee, as the case may be, shall
                     expire immediately, and all Options which have vested prior
                     to such time shall expire twelve months thereafter unless
                     by their terms they expire sooner.

       10.    RECAPITALIZATION.

       (a)    Corporate Flexibility.

       The existence of the Plan and the Options granted hereunder shall not
affect or restrict in any way the right or power of the Board or the
shareholders of the Company, in their sole and absolute discretion, to make,
authorize or consummate any adjustment,

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recapitalization, reorganization or other change in the Company's capital
structure or its business, any merger or consolidation of the Company, any issue
of bonds, debentures, common stock, preferred or prior preference stock ahead of
or affecting the Company's capital stock or the rights thereof, the dissolution
or liquidation of the Company or any sale or transfer of all or any part of its
assets or business, or any other grant of rights, issuance of securities,
transaction, corporate act or proceeding and notwithstanding the fact that any
such activity, proceeding, action, transaction or other event may have, or be
expected to have, an impact (whether positive or negative) on the value of any
Option.

       (b)    Adjustments Upon Changes in Capitalization.

       Except as otherwise provided in Section 10(c) below and subject to any
required action by the shareholders of the Company, in the event of any change
in capitalization affecting the Common Stock of the Company, such as a stock
dividend, stock split or recapitalization, the Committee, in its sole and
absolute discretion, may make proportionate adjustments with respect to: (i) the
aggregate number of Shares available for issuance under the Plan; (ii) the
number and exercise price of Shares subject to outstanding Options; provided,
however, that the number of Shares subject to any Option shall always be a whole
number; and (iii) such other matters as shall be appropriate in light of the
circumstances.

       (c)    Adjustments Involving Transactions Where Company Does Not Survive.

       In connection with the dissolution or liquidation of the Company or upon
a reorganization, merger, or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation,
or upon the sale of all or substantially all the property of the Company or upon
any other similar extraordinary transaction, the Committee may determine that
all Options then outstanding under the Plan will become fully vested and
exercisable. Unless otherwise determined by the Committee in its sole and
absolute discretion, all Options not exercised on or prior to the effective time
of any such transaction shall immediately terminate and be of no further force
or effect, unless provisions are made in connection with such transaction for
the continuance of the Plan and the assumption or the substitution for such
Options of new incentive awards covering the stock of a successor employer
corporation, or a parent or subsidiary thereof, with appropriate adjustments as
to the number and kind of shares and prices; provided, however, that no such
provision shall be required to be made.

       11.    SECURITIES LAW REQUIREMENTS.

       No Shares shall be issued under the Plan unless and until: (i) the
Company and the Participant have taken all actions required to register the
Shares under the Securities Act of 1933, as amended, or perfect an exemption
from the registration requirements thereof; (ii) any applicable listing
requirement of any stock exchange on which the Common Stock is listed has been
satisfied; and (iii) any other applicable provision of state or federal law has
been satisfied. The Company shall be under no obligation to

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register the Shares with the Securities and Exchange Commission or to effect
compliance with the registration or qualification requirements of any state
securities law or stock exchange.

       12.    AMENDMENT AND TERMINATION.

       (a)    Modifications to the Plan.

       The Board may, insofar as permitted by law, from time to time, with
respect to any Shares at the time not subject to Options, suspend or terminate
the Plan or revise or amend the Plan in any respect whatsoever.

       (b)    Rights of Participant.

       No amendment, suspension or termination of the Plan that would adversely
affect the right of any Participant with respect to an Option previously granted
under the Plan will be effective without the written consent of the affected
Participant.

       13.    MISCELLANEOUS.

       (a)    Shareholders' Rights.

       No Participant and no beneficiary or other person claiming under or
through such Participant shall acquire any rights as a shareholder of the
Company by virtue of such Participant having been granted an Option under the
Plan. No Participant and no beneficiary or other person claiming under or
through such Participant will have any right, title or interest in or to any
Shares, allocated or reserved under the Plan or subject to any Option except as
to Shares, if any, that have been issued or transferred to such Participant. No
adjustment shall be made for dividends or distributions or other rights for
which the record date is prior to the date of exercise, except as may be
provided in the Stock Option Agreement.

       (b)    Other Compensation Arrangements.

       Nothing contained in the Plan shall prevent the Board from adopting other
compensation arrangements, subject to shareholder approval if such approval is
required. Such other arrangements may be either generally applicable or
applicable only in specific cases.

       (c)    Treatment of Proceeds.

       Proceeds realized from the exercise of Options under the Plan shall
constitute general funds of the Company.

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       (d)    Costs of the Plan.

       The costs and expenses of administering the Plan shall be borne by the
Company.

       (e)    No Right to Continue Employment or Services.

       Nothing contained in the Plan or in any instrument executed pursuant to
the Plan will confer upon any Participant any right to continue to render
services to the Company, a Subsidiary or Affiliate; to continue as a Director,
Officer or Employee; or affect the right of the Company, a Subsidiary, an
Affiliate, the Board, the board of directors of a Subsidiary or an Affiliate,
the shareholders of the Company or a Subsidiary, or the holders of interests of
an Affiliate, as applicable, to terminate the directorship, office or
employment, as the case may be, of any Participant at any time with or without
Cause or with or without any other cause, reason or justification. The term
"Cause" as defined herein is included solely for the purposes of the Plan and is
not, and shall not be deemed to be: (i) a restriction on the right of the
Company, a Subsidiary or Affiliate, as the case may be, to terminate any Officer
or Employee for any reason whatsoever; or (ii) a part of the employment
relationship (whether oral or written, express or implied) of any such
individual.

       (f)    Severability.

       The provisions of the Plan shall be deemed severable and the validity or
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

       (g)    Binding Effect of Plan.

       The Plan shall inure to the benefit of the Company, its successors and
assigns.

       (h)    No Waiver of Breach.

       No waiver by any party hereto at any time of any breach by another party
hereto of, or compliance with, any condition or provision of the Plan to be
performed by such other party shall be deemed a waiver of the same, any similar
or any dissimilar provisions of conditions at the same or at any prior or
subsequent time.

       (i)    Governing Law.

       The Plan and all actions taken thereunder shall be enforced, governed and
construed by and interpreted under the laws of the State of Florida applicable
to contracts made and to be performed wholly within such State without giving
effect to the principles of conflict of laws thereof.

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       (j)    Headings.

       The headings contained in this agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this agreement.

       14.    EXECUTION

       To record the adoption of the Plan to read as set forth herein, the
Company has caused its authorized officer to execute the same as of this ____
day of __________________, 1991.

                                                INSTITUTE FOR LABORATORY
                                                  MEDICINE, INC.

                                                By:
                                                   --------------------------

ATTEST:

By:
   ----------------------------

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                                  Exhibit 10.2

                             1994 Stock Option Plan

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                             1994 STOCK OPTION PLAN
                         OF SPECIALTY RETAIL GROUP, INC.

1.     Purpose

              Specialty Retail Group, Inc. (the "Corporation") desires to
attract and retain the best available talent and encourage the highest level of
performance in order to continue to serve the best interests of the Corporation
and its shareholders. By affording key personnel, directors and consultants the
opportunity to acquire proprietary interests in the Corporation and by providing
them incentives to put forth maximum efforts for the success of the business,
the 1994 Stock Option Plan of Specialty Retail Group, Inc. (the "1994 Plan") is
expected to contribute to the attainment of those objectives.

2.     Scope and Duration

              Options under the 1994 Plan may be granted in the form of
incentive stock options ("Incentive Options") as provided in Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"), or in the form of
nonqualified stock options ("Nonqualified Options"). (Unless otherwise
indicated, references in the 1994 Plan to "options" include Incentive Options
and Nonqualified Options.) The maximum aggregate number of shares as to which
options may be granted from time to time under the 1994 Plan is 300,000 shares
of the Common Stock of the Corporation ("Common Stock"), which shares may be, in
whole or in part, authorized but unissued shares or shares reacquired by the
Corporation. If an option shall expire, terminate or be surrendered for
cancellation for any reason without having been exercised in full, the shares
represented by the option or any portion thereof not so exercised shall (unless
the 1994 Plan shall have been terminated) become available for subsequent option
grants under the 1994 Plan. As provided in paragraph 13, the 1994 Plan shall
become effective on October 26, 1994, and unless terminated sooner pursuant to
paragraph 14, the 1994 Plan shall terminate on October 25, 2004, and no option
shall be granted hereunder after that date.

3.     Administration

              The 1994 Plan shall be administered by the Board of Directors, or
by a committee which is appointed by the Board of Directors to perform such
function (the "Committee"). The Committee shall consist of not less than two
members of the Board of Directors.

              The Board of Directors or the Committee, as the case may be, shall
have plenary authority in its discretion, subject to and not inconsistent with
the express provisions of the 1994 Plan, to grant options, to determine the
purchase price of the

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Common Stock covered by each option, the term of each option, the persons to
whom, and the time or times at which, options shall be granted and the number of
shares to be covered by each option; to designate options as Incentive Options
or Nonqualified Options; to interpret the 1994 Plan; to prescribe, amend and
rescind rules and regulations relating to the 1994 Plan; to determine the terms
and provisions of the option agreements (which need not be identical) entered
into in connection with options under the 1994 Plan; and to make all other
determinations deemed necessary or advisable for the administration of the 1994
Plan. The Board of Directors or the Committee, as the case may be, may delegate
to one or more of its members or to one or more agents such administrative
duties as it may deem advisable, and the Board of Directors or the Committee, as
the case may be, or any person to whom it has delegated duties as aforesaid may
employ one or more persons to render advice with respect to any responsibility
the Board of Directors or the Committee, as the case may be, or such person may
have under the 1994 Plan.

4.     Eligibility; Factors to be Considered in Granting Options

              Incentive Options shall be limited to persons who are employees of
the Corporation or its present and future subsidiaries and at the grant of any
option are in the employ of the Corporation or its present or future
subsidiaries. In determining the employees to whom Incentive Options shall be
granted and the number of shares to be covered by each Incentive Option, the
Board of Directors or the Committee, as the case may be, shall take into account
the nature of employees' duties, their present and potential contributions to
the success of the Corporation and such other factors as it shall deem relevant
in connection with accomplishing the purposes of the 1994 Plan. An option holder
who has been granted an option or options under the 1994 Plan may be granted an
additional option or options, subject, in the case of Incentive Options, to such
limitations as may be imposed by the Code on such options. Except as provided
below, Nonqualified Options may be granted to any person, including, but not
limited to, employees, independent agents, consultants, attorneys and
non-employee directors who the Board of Directors or the Committee, as the case
may be, believes has contributed, or will contribute, to the success of the
Corporation.

5.     Option Price

              The purchase price of the Common Stock covered by each option
shall be determined by the Board of Directors or the Committee, as the case may
be, and in the case of Incentive Options shall not be less than 100% of the Fair
Market Value (as defined in paragraph 15 below) of a share of the Common Stock
on the date on which the option is granted. In the case of Nonqualified Options,
the purchase price under the option shall be the Fair Market Value. Such price
shall be subject to adjustment as provided in paragraph 12 below. The Board of
Directors or the Committee, as the case may be, shall determine the date on
which an option is granted; in the absence of such

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determination, the date on which the Board of Directors or the Committee, as the
case may be, adopts a resolution granting an option shall be considered the date
on which such option is granted.

6.     Term of Options

              The term of each option shall be not more than ten years from the
date of grant, as the Board of Directors or the Committee, as the case may be,
shall determine, subject to earlier termination as provided in paragraphs 10 and
11 below.

7.     Exercise of Options

              (a)    The Board of Directors or the Committee, as the case may
be, may, in any case or cases, prescribe that the option will only be
exercisable in specified cumulative or noncumulative installments or provide for
acceleration of the rights of exercise provided in the option under such
circumstances as it deems appropriate.

              (b)    An option may be exercised, at any time or from time to
time (subject, in the case of Incentive Options, to such restrictions as may be
imposed by the Code), as to any or all full shares as to which the option has
become exercisable until the expiration of the period set forth in paragraph 6
hereof, by the delivery to the Corporation, at its principal place of business
in the Bronx, New York, of (i) written notice of exercise in the form specified
by the Board of Directors or the Committee, as the case may be, specifying the
number of shares of Common Stock with respect to which the option is being
exercised and signed by the person exercising the option as provided herein;
(ii) payment of the purchase price; and (iii) in the case of Nonqualified
Options, payment in cash of all withholding tax obligations imposed on the
Corporation by reason of the exercise of the option. Upon acceptance of such
notice, receipt of payment in full, and receipt of payment of all withholding
tax obligations, the Corporation shall cause to be issued a certificate
representing the shares of Common Stock purchased. In the event the person
exercising the option delivers the items specified in (i) and (ii) of this
subparagraph (b), but not the item specified in (iii) hereof, if applicable, the
option shall still be considered exercised upon acceptance by the Corporation
for the full number of shares of Common Stock specified in the notice of
exercise but the actual number of shares issued shall be reduced by the smallest
number of whole shares of Common Stock which, when multiplied by the Fair Market
Value of the Common Stock as of the date the option is exercised, is sufficient
to satisfy the required amount of withholding tax.

              (c)    The purchase price of the shares as to which an option is
exercised shall be paid in full at the time of exercise. Payment shall be made
(i) in cash, which may be paid by check or other instrument acceptable to the
Corporation; (ii) subject to compliance with applicable laws and regulations and
such conditions as the Board of Directors or the Committee, as the case may be,
may impose, in its sole discretion, on a

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<PAGE>   5

case-by-case basis, by delivery of shares of Common Stock of the Corporation
owned either (x) by the option holder prior to exercise of the option or (y) by
the option holder as a result of the exercise of the option, as is equal in
value (as determined by its Fair Market Value, as defined in paragraph 15 below,
at the close of business on the last business day before the date of delivery)
to the purchase price or (iii) by delivery of any combination of cash and such
shares of the Company's Common Stock (valued as set forth above) which, in the
aggregate, is equal in value to the purchase price; provided, however, that with
respect to Incentive Options, no such discretion may be exercised unless the
option agreement permits the payment of the purchase price in that manner.

8.     Incentive Options

              (a)    With respect to Incentive Options granted, the aggregate
Fair Market Value (determined in accordance with the provisions of paragraph 15
at the time the Incentive Option is granted) of the Common Stock or any other
stock of the Corporation or its current or future subsidiary corporations with
respect to which incentive stock options, as defined in Section 422A of the
Code, are exercisable for the first time by any employee during any calendar
year (under all incentive stock option plans of the Corporation and its parent
and subsidiary corporations, as those terms are defined in Section 425 of the
Code) shall not exceed $100,000.

              (b)    No Incentive Option may be awarded to any employee who
immediately prior to the date of the granting of such Incentive Option owns more
than 10% of the combined voting power of all classes of stock of the Corporation
or any of its subsidiaries unless the exercise price under the Incentive Option
is at least 110% of the Fair Market Value and the Option expires within 5 years
from the date of grant.

              (c)    In the event of amendments to the Code or applicable
regulations relating to Incentive Options subsequent to the date hereof, the
Corporation may amend the provisions of the 1994 Plan, and the Corporation and
the employees holding options may agree to amend outstanding option agreements,
to conform to such amendments.

9.     Non-Tranferability of Options

              Incentive Options granted under the 1994 Plan shall not be
transferable otherwise than by will or the laws of descent and distribution, and
Incentive Options may be exercised during the lifetime of the employee only by
the employee.

10.    Termination of Employment

              In the event that the employment of an employee to whom an option
has been granted under the 1994 Plan shall be terminated (except as set forth in
paragraph 11 below), such option may be, subject to the provisions of the 1994
Plan, exercised (to the

                                        4

<PAGE>   6

extent that the employee was entitled to do so at the termination of his
employment) at any time within 30 days after such termination, but not later
than the date on which the option terminates; provided, however, that any option
which is held by an employee whose employment is terminated for cause shall, to
the extent not theretofore exercised, automatically terminate as of the date of
termination of employment. As used herein, "cause" shall mean conduct amounting
to fraud, dishonesty, negligence, or engaging in competition or solicitations in
competition with the Corporation, or any of its current or future subsidiaries,
and breaches of any applicable employment agreement between the Corporation, or
any of its current or future subsidiaries, and such employee. Options granted to
employees under the 1994 Plan shall not be affected by any change of duties or
position as long as the holder continues to be a regular employee of the
Corporation or any of its current or future subsidiaries. Any option agreement
or any rules and regulations relating to the 1994 Plan may contain such
provisions as the Board of Directors or the Committee, as the case may be, shall
approve with reference to the determination of the date employment terminates
and the effect of leaves of absence. Nothing in the 1994 Plan or in any option
granted pursuant to the 1994 Plan shall confer upon any employee any right to
continue in the employ of the corporation or any of its subsidiaries or
interfere in any way with the right of the Corporation or any such subsidiary to
terminate such employment at any time.

11.    Death of Employee

              If an employee to whom an option has been granted under the 1994
Plan shall die while employed by the Corporation or a subsidiary or within 30
days after the termination of such employment (other than termination for
cause), such option may be exercised, to the extent exercisable by the employee
on the date of death, by a legatee or legatees of the employee under the
employee's last will, or by the employee's personal representatives or
distributees, at any time within six months after the date of the employee's
death, but not later than the date on which the option terminates.

12.    Adjustments Upon Changes in Capitalization, Etc.

              Notwithstanding any other provision of the 1994 Plan, the Board of
Directors or the Committee, as the case may be, may, at any time, make or
provide for such adjustments to the 1994 Plan, to the number and class of shares
issuable thereunder or to any outstanding options as it shall deem appropriate
to prevent dilution or enlargement of rights, including adjustments in the event
of changes in the outstanding Common Stock by reason of stock dividends,
split-ups, recapitalization, mergers, consolidations, combinations or exchanges
of shares, separations, reorganizations, liquidations and the like. In the event
of any offer to holders of Common Stock generally relating to the acquisition of
their shares, the Board of Directors or the Committee, as the case may be, may
make such adjustment as it deems equitable in respect of outstanding options and
rights, including in its discretion revision of outstanding options and rights
so

                                        5

<PAGE>   7

that they may be exercisable for the consideration payable in the acquisition
transaction. Any such determination by the Board of Directors or the Committee,
as the case may be, shall be conclusive. Any fractional shares resulting from
such adjustments shall be eliminated.

13.    Effective Date

              The 1994 Plan shall become effective on October 26, 1994, provided
that the shareholders of the Corporation shall have, on or before October 25,
1995, approved the 1994 Plan. Options may be granted under the 1994 Plan prior
to such approval, but each such option shall be subject to such approval of the
1994 Plan by the shareholders of the Corporation. If the 1994 Plan shall not be
so approved, all options granted thereunder shall be of no effect. The date of
grant of any option granted prior to such approval by the shareholders shall be
determined for all purposes as if the option had not been subject to such
approval; provided, however, no option granted under the 1994 Plan may be
exercised prior to the approval of the 1994 Plan by the shareholders of the
Corporation.

14.    Termination and Amendment

              The Board of Directors of the Corporation may suspend, terminate,
modify or amend the 1994 Plan, provided that any amendment that would increase
the aggregate number of shares which may be issued under the 1994 Plan,
materially increase the benefits accruing to participants under the 1994 Plan,
or materially modify the requirements as to eligibility, for participation in
the 1994 Plan, shall be subject to the approval of the Corporation's
shareholders, except that any such increase or modification that may result from
adjustments authorized by paragraph 12 does not require such approval. No
suspension, termination, modification or amendment of the 1994 Plan may, without
the consent of the option holder to whom an option shall theretofore have been
granted, affect the rights of such option holder under such option.

15.    Miscellaneous

              As said term is used in the 1994 Plan, the "Fair Market Value" of
a share of Common Stock on any day means: (a) if the principal market for the
Common Stock is a national securities exchange or the NASDAQ National Market
System, the closing sales price of the Common Stock on such day as reported by
such exchange or market system, or on a consolidated tape reflecting
transactions on such exchange or market system, or (b) if the principal market
for the Common Stock is not a national securities exchange or the NASDAQ
National Market System and the Common Stock is quoted on the National
Association of Securities Dealers Automated Quotations System, the mean between
the closing bid and the closing asked prices for the Common Stock on such day as
quoted on such System, or (c) if the principal market for the Common Stock is
not a national securities exchange or the NASDAQ National Market System and the
Common

                                        6

<PAGE>   8

Stock is not quoted on the National Association of Securities Dealers Automated
Quotations System, the mean between the highest bid and lowest asked prices for
the Common Stock on such day as reported by the National Quotation Bureau, Inc.;
provided that if clauses (a), (b) and (c) of this paragraph are all
inapplicable, or if no trades have been made or no quotes are available for such
day, the Fair Market Value of Common Stock shall be determined by the Board of
Directors or the Committee, as the case may be, and such determination shall be
conclusive as to the Fair Market Value of the Common Stock.

              The Board of Directors or the Committee, as the case may be, may
require, as a condition to the exercise of any options granted under the 1994
Plan, that to the extent required at the time of exercise (i) the shares of
Common Stock reserved for purposes of the 1994 Plan shall be duly listed, upon
official notice of issuance, upon stock exchange(s) on which the Common Stock is
listed, (ii) a Registration Statement under the Securities Act of 1933, as
amended, with respect to such shares shall be effective, and/or (iii) the person
exercising such option deliver to the Corporation such documents, agreements and
investment and other representations as the Board of Directors or the Committee,
as the case may be, shall determine to be in the best interests of the
Corporation.

              During the term of the 1994 Plan, the Board of Directors or the
Committee, as the case may be, in its discretion, may offer one or more option
holders the opportunity to surrender any or all unexpired options for
cancellation or replacement. If any options are so surrendered, the Board of
Directors or the Committee, as the case may be, may then grant new Nonqualified
or Incentive Options to such holders for the same or different numbers of shares
at higher or lower exercise prices than the surrendered options. Such new
options may have a different term and shall be subject to the provisions of the
1994 Plan the same as any other option.

                                        7

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