Document:

<PAGE>

                                                                    Exhibit 10.4

                       NOBEL LEARNING COMMUNITIES, INC.
                    2000 STOCK OPTION PLAN FOR CONSULTANTS

                       Effective date: February 3, 2000
<PAGE>

                               TABLE OF CONTENTS

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                                                                      Page
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SECTION 1 Purpose......................................................  1

SECTION 2 Administration...............................................  1

SECTION 3 Eligibility..................................................  2

SECTION 4 Stock........................................................  2

SECTION 5 Granting of Options to Key Consultants.......................  3

SECTION 6 Options......................................................  3

SECTION 7 Capital Adjustments..........................................  6

SECTION 8 Change in Control............................................  7

SECTION 9 Amendment or Discontinuance of the Plan......................  8

SECTION 10 Termination of Plan.........................................  8

SECTION 11 Miscellaneous...............................................  8
</TABLE>
<PAGE>

                       NOBEL LEARNING COMMUNITIES, INC.
                    2000 STOCK OPTION PLAN FOR CONSULTANTS
                    --------------------------------------

                                   SECTION 1
                                    Purpose
                                    -------

        This NOBEL LEARNING COMMUNITIES, INC. 2000 STOCK OPTION PLAN FOR
CONSULTANTS ("Plan") is intended to provide a means whereby Nobel Learning
Communities, Inc. ("Company") and any Subsidiary of the Company (as hereinafter
defined) may, through the grant of non-qualified stock options ("Options")
attract and retain Key Consultants (defined below) and motivate such individuals
to exercise their best efforts on behalf of the Company and of any Subsidiary.

        Options granted hereunder are not intended to qualify as "incentive
stock options" within the meaning of section 422 of the Internal Revenue Code of
1986, as amended from time to time (the "Code"). The term "Subsidiary" means an
entity (whether or not in existence at the time the Plan is adopted) which, at
the time an Option is granted or such other time as is relevant for the purposes
hereof, is a subsidiary of the Company under the definition of "subsidiary"
contained in Rule 405 under the Securities Act of 1933, as amended (the "Act").

                                   SECTION 2
                                Administration
                                --------------

        The Plan shall be administered by the Company's Board of Directors (the
"Board") or a committee consisting of two or more members of the Board (such
committee, or the Board, if it is administering the Plan, is hereinafter
referred to as the "Committee"). Each member of the Committee, while serving as
such, shall be deemed to be acting in his capacity as a director of the Company.

        The Committee shall have full and final authority in its absolute
discretion, subject to the terms of the Plan, to select the Key Consultants to
be granted Options under the Plan, to grant Options on behalf of the Company,
and to set the date of grant and the other terms of such Options.

        The Committee may correct any defect, supply any omission and reconcile
any inconsistency in the Plan and in any Option granted hereunder in the manner
and to the extent it shall deem desirable. In the event of any conflict between
the Plan and any Option granted hereunder, the Plan shall be controlling. The
Committee also shall have the authority to establish such rules and regulations,
not inconsistent with the provisions of the Plan, for the proper administration
of the Plan, and to amend, modify or rescind any such rules and regulations, and
to make such determinations and interpretations under, or in connection with,
the Plan, as it deems necessary or advisable. All such rules, regulations,
determinations and interpretations shall be
<PAGE>

binding and conclusive on all persons having any interest in the Plan or in any
Options granted hereunder.

        No member of the Board or the Committee shall be liable for any action
or determination made in good faith with respect to the Plan or any Option
granted hereunder.

                                   SECTION 3
                                  Eligibility
                                  -----------

        (a) In General. Key Consultants shall be eligible to receive Options
            -----------
under the Plan. Key Consultants who have been granted an Option under the Plan
shall be referred to as "Grantees." More than one Option may be made to a
Grantee under the Plan.

        (b) Key Consultants. Key Consultants are consultants or advisors (1) who
            ---------------
are natural persons; (2) who provide bona fide services to the Company or any
Subsidiary; and (3) whose services are not in connection with the offer or sale
of securities in a capital-raising transaction and who do not directly or
indirectly promote or maintain a market in the Company's securities.

                                   SECTION 4
                                     Stock
                                     -----

        The number of common shares of the Company, par value $.001 per share
("Common Shares"), that may be subject to Options under the Plan shall be
200,000 shares, subject to adjustment as hereinafter provided. Common Shares
issuable under the Plan may be authorized but unissued shares or reacquired
shares, as the Company may determine from time to time.

        Any Common Shares subject to an Option which expires or otherwise
terminates for any reason whatever (including, without limitation, the Key
Consultant's surrender thereof) without having been exercised shall continue to
be available for the granting of Options under the Plan.

                                   SECTION 5
                    Granting of Options to Key Consultants
                    --------------------------------------

        From time to time until the expiration or earlier suspension or
discontinuance of the Plan, the Committee may, on behalf of the Company, grant
to Key Consultants under the Plan such Options as it determines are warranted,
subject to the limitations of the Plan; provided that no grant shall be made to
any Key Consultant if such grant would require the approval of the stockholders
of the Company pursuant to (i) the Act or the rules and regulations thereunder
or (ii) any applicable rules and regulation of any stock exchange or automatic
trading system on which the Common Shares are traded. The granting of an Option
under the Plan shall not be

                                       2
<PAGE>

deemed either to entitle the Key Consultant to, or to disqualify the Key
Consultant from, any further Options under the Plan. In making any determination
as to whether a Key Consultant shall be granted an Option, the type of Option to
be granted, and the number of Common Shares to be covered by the Option, the
Committee shall take into account the duties of the Key Consultant, his present
and potential contributions to the success of the Company or a Subsidiary, and
such other factors as the Committee shall deem relevant in accomplishing the
purposes of the Plan. Moreover, the Committee may provide in the Option
Agreement (as defined in Section 6(a)(9)) that the Option may be exercised only
if certain conditions, as determined by the Committee, are fulfilled.

                                   SECTION 6
                                    Options
                                    -------

     (a)  Terms and Conditions of Options. The Options granted pursuant to the
          -------------------------------
Plan shall include expressly or by reference the following terms and conditions,
as well as such other provisions not inconsistent with the provisions of this
Plan as the Committee shall deem desirable:

          (1)  Number of Common Shares. The Option Agreement shall state the
               -------------------------
     number of Common Shares to which the Option pertains.

          (2)  Price. With respect to Options granted to Key Consultants, the
               -----
     Option exercise price shall be determined and fixed by the Committee in its
     discretion at the time of grant.

          (3)  Term. Subject to earlier termination as provided in Subsections
               ----
     (5), (6) and (7) below, the term of each Option granted to a Key Consultant
     shall be not more than 10 years from the date of grant.

          (4)  Exercise.
               --------

               (A)  Options Granted to Key Consultants. Options granted to Key
                    ----------------------------------
          Consultants shall be exercisable in such installments and on such
          dates, as the Committee may specify, provided that, without limiting
          the authority of the Committee with respect to outstanding Options,
          the Committee may accelerate the exercise date of any outstanding
          Options granted to Key Consultants in its discretion, if it deems such
          acceleration to be desirable.

               (B)  General. Any Common Shares, the right to the purchase of
                    -------
          which has accrued, under an Option may be purchased at any time up to
          the expiration or termination of the Option. Exercisable Options may
          be exercised, in whole or in part, from time to time by giving written
          notice of exercise to the Company at its principal office, specifying
          the number of Common Shares to be purchased and accompanied by payment
          in full of the aggregate Option exercise price for such

                                       3
<PAGE>

          shares. Only full shares shall be issued under the Plan, and any
          fractional share which might otherwise be issuable upon the exercise
          of an Option granted hereunder shall be forfeited.

               (C)  Manner of Payment. The Option price of an Option granted to
                    -----------------
          a Key Consultant shall be payable:

                    (i)   In cash or its equivalent;

                    (ii)  If the Committee, in its discretion, so determines at
               or prior to the time of exercise, in Common Shares previously
               acquired by the Grantee;

                    (iii) by such other method as the Committee may approve,
               including payment through a broker in accordance with procedures
               permitted by Regulation T of the Federal Reserve Board; or

                    (iv)  In the discretion of the Committee, in any combination
               of (i), (ii) and (iii) above.

               In the event such Option exercise price is paid, in whole or in
          part, with Common Shares, the portion of the Option exercise price so
          paid shall equal the Fair Market Value on the date of exercise of the
          Common Shares surrendered in payment of such Option exercise price.
          Common Shares used to exercise an Option shall have been held by the
          Grantee for the period of time necessary to avoid adverse accounting
          consequences to the Company.

          (5)  Exercise Upon Termination of Key Consultant. Except as otherwise
               -------------------------------------------
     set forth by the Committee in an Option Agreement, if a Key Consultant's
     retention by the Company (and Subsidiaries) is terminated by either party
     prior to the expiration date fixed for his or her Option for any reason
     other than death or disability, such Option may be exercised, to the extent
     of the number of Common Shares with respect to which the Key Consultant
     could have exercised it on the date of such termination, or to any greater
     extent permitted by the Committee, by the Key Consultant at any time prior
     to the earlier of:

               (A)  The expiration date specified in such Option; or

               (B)  Three months after the date of such termination of
          retention.

          (6)  Exercise upon Disability of Key Consultant. Except as otherwise
               ------------------------------------------
     set forth by the Committee in an Option Agreement, if a Key Consultant
     shall become disabled (within the meaning of section 22(e)(3) of the Code)
     during his or her retention and, prior to the expiration date fixed for his
     or her Option, his or her retention is terminated as a

                                       4
<PAGE>

     consequence of such disability, such Option may be exercised, to the extent
     of the number of Common Shares with respect to which the Key Consultant
     could have exercised it on the date of such termination, or to any greater
     extent permitted by the Committee, by the Key Consultant at any time prior
     to the earlier of:

               (A)  The expiration date specified in such Option; or

               (B)  One year after the date of such termination of retention.

          In the event of the Key Consultant's legal disability, such Option may
     be so exercised by the Key Consultant's legal representative.

          (7)  Exercise upon Death of Key Consultant. Except as otherwise set
               -------------------------------------
     forth by the Committee in an Option Agreement, if a Key Consultant shall
     die during his or her retention and prior to the expiration date fixed for
     his or her Option, or if a Key Consultant whose retention is terminated for
     any reason shall die following his or her termination of retention but
     prior to the earliest of:

               (A)  The expiration date fixed for his or her Option; or

               (B)  The expiration of the period determined under Subsections
          (5) and (6) above,

     such Option may be exercised, to the extent of the number of Common Shares
     with respect to which the Key Consultant could have exercised it on the
     date of his or her death, or to any greater extent permitted by the
     Committee, by the Key Consultant's estate, personal representative or
     beneficiary who acquired the right to exercise such Option by bequest or
     inheritance or by reason of the death of the Key Consultant, at any time
     prior to the earlier of:

                    (i)  The expiration date specified in such Option; or

                    (ii) One year after the date of death.

          (8)  Rights as a Stockholder. A Grantee shall have no rights as a
               -----------------------
     stockholder with respect to any Common Shares covered by his or her Option
     until the issuance of a stock certificate to him or her for such shares.

          (9)  Option Agreements. Options granted under the Plan shall be
               -----------------
     evidenced by written documents ("Option Agreements") in such form as the
     Committee shall, from time to time, approve. Option Agreements shall
     contain such provisions, not inconsistent with the provisions of the Plan
     as the Committee shall deem advisable. Each Grantee who receives an Option
     shall enter into, and be bound by, the terms of an Option Agreement.

                                       5
<PAGE>

                                   SECTION 7
                              Capital Adjustments
                              -------------------

     If there is any change in the number or kind of shares of Common Stock
outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock
split, or combination or exchange of shares, (ii) by reason of a merger,
reorganization or consolidation in which the Company is the surviving
corporation, (iii) by reason of a reclassification or change in par value, or
(iv) by reason of any other extraordinary or unusual event affecting the
outstanding Common Stock as a class without the Company's receipt of
consideration, or if the value of outstanding shares of Common Stock is
substantially reduced as a result of a spinoff or the Company's payment of an
extraordinary dividend or distribution, the maximum number of shares of Common
stock available for grants of Options under the Plan and/or the exercise price
per share of such Options may be appropriately adjusted by the Board to reflect
any increase or decrease in the number of, or change in the kind or value of,
issued shares of Common Stock to preclude, to the extent practicable, the
enlargement or dilution of rights and benefits under such Options; provided,
however, that any fractional shares resulting from such adjustment shall be
eliminated. Any adjustments determined by the board shall be final, binding and
conclusive.

                                   SECTION 8
                               Change in Control
                               -----------------

     (a)  Definition. As used herein, a "Change in Control" shall be deemed to
          ----------
have occurred if any "person" (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act) becomes a "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing more than 50 percent of the voting power of the then outstanding
securities of the Company entitled to be cast at elections for directors of the
Company (without consideration of the rights of any class of stock to elect
directors by a separate class vote); provided that a Change in Control shall not
be deemed to occur as a result of a change of ownership resulting from the death
of a stockholder, and a Change in Control shall not be deemed to occur as a
result of a transaction in which the Company becomes a subsidiary of another
corporation and in which the stockholders of the Company, immediately prior to
the transaction, will beneficially own, immediately after the transaction,
shares entitling such stockholders to more than 50 percent of all votes to which
all stockholders of the parent corporation would be entitled in the election of
directors (without consideration of the rights of any class of stock to elect
directors by a separate class vote).

     (b)  Notice and Acceleration. Upon a Change in Control, unless the Board
          -----------------------
determines otherwise on or before the date of the Change in Control or as may
otherwise be set forth in the applicable Option Agreement, (i) the Company shall
provide each Grantee holding outstanding Options written notice of such Change
in Control and (ii) all outstanding Options shall automatically accelerate and
become fully exercisable.

                                       6
<PAGE>

     (c)  Assumption of Grants. Upon a Change in Control where the Company is
          --------------------
not a surviving corporation (or survives only as a subsidiary of another
corporation), unless the Board determines otherwise or as may otherwise be set
forth in the applicable Option Agreement, all outstanding Options that are not
exercised shall be assumed by, or replaced with comparable options by, the
surviving corporation.

     (d)  Other Alternatives. Notwithstanding the foregoing, in connection with
          ------------------
a Change in Control, the Board may take one or both of the following actions:
the Board may (i) require that Grantees surrender their outstanding Options in
exchange for a payment by the Company, in cash or Common Stock as determined by
the Board, in an amount equal to the amount by which the then fair market value
(as determined in good faith by the Board) of the shares of Common Stock subject
to the Grantee's unexercised Options exceeds the exercise price of the Options,
or (ii) terminate any or all unexercised Options. Such surrender or termination
shall take place as of the date of the Change in Control or such other date as
the Board may specify. If the Board determines to terminate any or all
unexercised Options, it shall provide Grantees holding Options to be terminated
with at least seven days' prior notice of such termination, and such Grantees
shall have the right to exercise fully their Options following such notice until
termination (regardless of whether or not the Options would otherwise be
exercisable (unless the Board determines otherwise or as may otherwise be set
forth in the applicable Option Agreement)).

                                   SECTION 9
                    Amendment or Discontinuance of the Plan
                    ---------------------------------------

     The Board from time to time may suspend or discontinue the Plan or amend it
in any respect whatsoever. Notwithstanding the foregoing, Section 8 may not be
amended following a Change in Control.

                                  SECTION 10
             Termination of Plan; Amendment of Outstanding Options
             -----------------------------------------------------

     Unless earlier terminated by the Board or as otherwise provided in the
Plan, the Plan and all authority granted hereunder shall terminate absolutely at
12:00 midnight on February 3, 2010, which date is within 10 years after the date
the Plan was adopted by the Board, and no Options hereunder shall be granted
thereafter. Nothing contained in this Section 14, however, shall terminate or
affect the continued existence of rights created under Options issued hereunder
and outstanding on February 3, 2010, which by their terms extend beyond such
date. Whether or not the Plan has terminated, an outstanding Option may be
terminated or modified as provided by the Plan or may be amended or terminated
by agreement of the Company and the Grantee consistent with the Plan.

                                       7
<PAGE>

                                  SECTION 11
                                 Miscellaneous
                                 -------------

     (a)  Governing Law. The validity, construction, interpretation and effect
          -------------
of the Plan, the Option Agreements, and the Options granted thereunder, shall be
governed by the laws of the state of Delaware, without regard to principles of
conflict of laws.

     (b)  Rights. Neither the adoption of the Plan nor any action of the Board
          ------
or the Committee shall be deemed to give any individual any right to be granted
an Option, or any other right hereunder, unless and until the Committee shall
have granted such individual an Option, and then his or her rights shall be only
such as are provided by the Plan and the Option Agreement.

     Any Option under the Plan shall not entitle the holder thereof to any
rights as a stockholder of the Company prior to the exercise of such Option and
the issuance of the Common Shares pursuant thereto. Further, notwithstanding any
provisions of the Plan or any Option Agreement with a Key Consultant, the
Company shall have the right, in its discretion, to terminate the retention of a
Key Consultant at any time at any time for any reason whatsoever.

     (c)  No Obligation to Exercise Option. The granting of an Option shall
          ---------------------------------
impose no obligation upon a Grantee to exercise such Option.

     (d)  Non-Transferability. No Option shall be assignable or transferable by
          -------------------
a Grantee otherwise than by will or by the laws of descent and distribution, and
during the lifetime of the Grantee, any Options shall be exercisable only by the
Grantee or by his or her guardian or legal representative. If a Grantee is
married at the time of exercise of an Option and if the Grantee so requests at
the time of exercise, the certificate or certificates issued shall be registered
in the name of the Grantee and the Grantee's spouse, jointly, with right of
survivorship.

     (e)  Withholding and Use of Common Shares to Satisfy Tax Obligations. The
          ---------------------------------------------------------------
obligation of the Company to deliver Common Shares or pay cash to a Key
Consultant pursuant to any Option under the Plan shall be subject to applicable
federal, state and local tax withholding requirements.

     (f)  Listing and Registration of Common Shares. Each Option shall be
          -----------------------------------------
subject to the requirement that, if at any time the Committee shall determine,
in its discretion, that the listing, registration or qualification of the Common
Shares covered thereby upon any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the granting of
such Option or the purchase or vesting of Common Shares thereunder, or that
action by the Company or by the Grantee should be taken in order to obtain an
exemption from any such requirement, no such Option may be exercised, in whole
or in part, unless and until such listing, registration, qualification, consent,
approval, or action shall have been effected, obtained, or taken under
conditions acceptable to the Committee. Without limiting the generality of the
foregoing, each

                                       8
<PAGE>

Grantee or his or her legal representative or beneficiary may also be required
to give satisfactory assurance that Common Shares purchased upon exercise of an
Option are being purchased for investment and not with a view to distribution,
and certificates representing such Common Shares may be legended accordingly.

                                       9<PAGE>

                                                                    EXHIBIT 10.1

                        COMMON STOCK PURCHASE AGREEMENT

                                    BETWEEN

                       THE ASHTON TECHNOLOGY GROUP, INC.
                                 (THE COMPANY)

                                      AND

                          CALP II LIMITED PARTNERSHIP
                                (THE PURCHASER)

                         DATED AS OF FEBRUARY 5, 2001
<PAGE>

                        COMMON STOCK PURCHASE AGREEMENT

     This Common Stock Purchase Agreement (this "Agreement") is made and entered
into as of February 5, 2001 (the "Effective Date"), between The Ashton
Technology Group, Inc. (the "Company"), a Delaware corporation, and CALP II
Limited Partnership (the "Purchaser"), a Bermuda limited partnership.

                                  BACKGROUND

     The Company has authorized the issuance, sale, and delivery of 1,333,333
shares (the "Shares") of the Company's Common Stock, par value $0.01 ("Common
Stock") at a price per Share of $1.50, in currency of the United States of
America, for a total purchase price of U.S. $2,000,000. The Purchaser wishes to
purchase the Shares upon the terms and conditions stated in this Agreement. The
Purchaser is purchasing the Shares in reliance upon an exemption from the
registration requirements of Section 5 of the U.S. Securities Act of 1933, as
amended (the "Securities Act"), in reliance upon the safe harbor afforded by
Rule 903 promulgated by the U.S. Securities and Exchange Commission (the "SEC").

                                   AGREEMENT

     For and in consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Purchaser hereby agree as
follows:

     SECTION 1. ISSUANCE AND SALE OF COMMON STOCK

     1.1. The Company agrees to issue and sell the Shares to the Purchaser and
the Purchaser agrees to purchase the Shares from the Company, at the Closing,
for the Purchase Price of U.S.$2,000,000.

     1.2. At the Closing, the Company agrees to issue and deliver to the
Purchaser a certificate for the Shares, registered in the Purchaser's name, free
and clear of any claims, and containing a legend complying with the requirements
of SEC Rule 903(b)(3)(iii)(B)(3) and the Purchaser agrees to deliver the
Purchase Price to the Company.

                                    RIDER A

     1.3. The closing of the transactions contemplated by this Agreement (the
"Closing") shall take place at a mutually agreed upon time, date and place.

     SECTION 2. PURCHASER'S REPRESENTATIONS AND WARRANTIES.

     2.1. The Purchaser represents and warrants to the Company that:

               (a) The Purchaser is not a U.S. person (a "U.S. Person") as
     defined in SEC Rule 902(k).

                                       2
<PAGE>

               (b) The offer to sell the Shares to the Purchaser was made
     outside the United States.

               (c) The Purchaser's buy order for the Shares was made outside the
     United States.

               (d) The Purchaser has complied with all of the conditions
     required of it by SEC Regulation S in connection with its purchase of the
     Shares.

               (e) The Purchaser is acquiring the Shares for investment, and not
     with a view towards or for resale in connection with the public sale or
     distribution thereof in the United States, or to or for the account of a
     U.S. person; provided, however, that by making this representation, the
     Purchaser does not agree to hold any Shares for any minimum or other
     specific term.

               (f) The Purchaser is an "accredited investor" as that term is
     defined in Rule 501(a)(3) of Regulation D promulgated under the Securities
     Act.

                                    RIDER B

               (g) The Purchaser understands that the Shares are being offered
     and sold to it in reliance upon specific exemptions from the registration
     requirements of United States federal and state securities laws and that
     the Company is relying upon the truth and accuracy of, and the Purchaser's
     compliance with, the representations, warranties, agreements,
     acknowledgements, and understandings of the Purchaser set forth herein in
     order to determine the availability of such exemptions and the eligibility
     of the Purchaser to acquire the Shares.

               (h) The Purchaser and its advisors, if any, have been furnished
     with all materials relating to the proposed business, financial condition,
     and operations of the Company and materials relating to the offer and sale
     of the Shares, which have been requested by the Purchaser. The Purchaser
     and its advisors, if any, have been afforded the opportunity to ask
     questions of the Company; provided, however, neither such inquiries nor any
     other due diligence investigations conducted by the Purchaser or its
     advisors, if any, or its representatives shall modify, amend, or affect the
     Purchaser's right to rely on the Company's representations and warranties
     contained in Section 3 below. The Purchaser understands that its investment
     in the Shares involves a high degree of risk. The Purchaser has sought such
     accounting, legal, and tax advice as it has considered necessary to make an
     informed investment decision with respect to its acquisition of the Shares.

               (i) The Purchaser understands that no United States federal or
     state agency or any other government or governmental agency has passed on
     or made any recommendation or endorsement of the Shares, or the fairness or
     suitability of the investment in the Shares, nor have such authorities
     passed upon or endorsed the merits of the offering of the Shares.

                                       3
<PAGE>

                                    RIDER C

               (j) The Purchaser understands that (i) the sale or re-sale of the
     Shares has not been registered under United States federal or state
     securities laws, and the Shares may not be transferred unless (a) the
     Shares are sold pursuant to an effective registration statement under the
     Securities Act, (b) the Purchaser shall have delivered to the Company an
     opinion of counsel (which opinion shall be in form, substance and scope
     customary for opinions of counsel in comparable transactions) to the effect
     that the Shares to be sold or transferred may be sold or transferred
     pursuant to an exemption from such registration, (c) the Shares are sold or
     transferred to an "affiliate" (as defined in Rule 144 promulgated under the
     Securities Act (or a successor rule) ("Rule 144")) of the Purchaser who
     agrees to sell or otherwise transfer the Shares only in accordance with
     this Section 2(j) and who is an "accredited investor" as that term is
     defined in Rule 501(a) of Regulation D promulgated under the Securities
     Act, or (d) the Shares are sold pursuant to Rule 144; (ii) any sale of such
     Shares made in reliance on Rule 144 may be made only in accordance with the
     terms of Rule 144 and further, if Rule 144 is not applicable, any re-sale
     of such Shares under circumstances in which the seller (or the person
     through whom the sale is made) may be deemed to be an underwriter (as that
     term is defined in the Securities Act) may require compliance with some
     other exemption under the Securities Act or the rules and regulations of
     the SEC thereunder; and (iii) neither the Company nor any other person is
     under any obligation to register such Shares under the Securities Act or
     any state securities laws or to comply with the terms and conditions of any
     exemption thereunder (in each case, other than pursuant to Section 4.1
     hereof). Notwithstanding the foregoing or anything else contained herein to
     the contrary, the Shares may be pledged as collateral in connection with a
     bona fide margin account or other lending arrangement.

               (k) The Purchaser understands that the Shares may bear a
     restrictive legend in substantially the following form (and a stop-transfer
     order may be placed against transfer of the certificates for such Shares:

               "The securities represented by this certificate have not been
               registered under the Securities Act of 1933, as amended. The
               securities may not be sold, transferred or assigned in the
               absence of an effective registration statement for the securities
               under said Act, or an opinion of counsel, in form, substance and
               scope customary for opinions of counsel in comparable
               transactions, that registration is not required under said Act or
               unless sold pursuant to Rule 144 under said Act."

               The legend set forth above shall be removed and the Company shall
issue a certificate without such legend to the holder of any Share upon

                                       4
<PAGE>

which it is stamped, if, unless otherwise required by applicable state
securities laws, (a) such Share is registered for sale under an effective
registration statement filed under the Securities Act or otherwise may be sold
pursuant to Rule 144 without any restriction as to the number of securities as
of a particular date that can then be immediately sold, or (b) such holder
provides the Company with an opinion of counsel, in form, substance and scope
customary for opinions of counsel in comparable transactions, to the effect that
a public sale or transfer of such Share may be made without registration under
the Securities Act and such sale or transfer is effected, or (c) such holder
provides the Company with reasonable assurances that such Share can be sold
pursuant to Rule 144. The Purchaser agrees to sell all Shares including those
represented by a certificate(s) from which the legend has been removed, in
compliance with applicable prospectus delivery requirements, if any.

               (l) This Agreement has been duly and validly authorized,
     executed, and delivered on behalf of the Purchaser and is a valid and
     binding agreement of the Purchaser enforceable in accordance with its
     terms, subject as to enforceability to general principles of equity and to
     applicable bankruptcy, insolvency, reorganization, moratorium, liquidation,
     and other similar laws relating to, or affecting generally, the enforcement
     of applicable creditors' rights and remedies.

               (m) The Purchaser is a limited partnership organized under the
     laws of Bermuda.

               (n) The Purchaser's acquisition of the Shares is not a
     transaction (or any element of a series of transactions) that is part of a
     plan or scheme by the Purchaser to evade the registration provisions of the
     Securities Act.

     SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     3.1. The Company represents and warrants to the Purchaser that:

               (a) The Company is a corporation duly organized, validly
     existing, and in good standing under the laws of the State of Delaware, and
     has the requisite corporate power to own its properties and to carry on its
     business as now being conducted.

               (b) The Company has the requisite corporate power and authority
     to enter into and perform this Agreement and to issue the Shares.

               (c) The execution and delivery of this Agreement by the Company,
     and the consummation by it of the transactions contemplated hereby,
     including without limitation the issuance of the Shares, have been duly
     authorized by the Company's Board of Directors and no further consent or
     authorization is required by the Company, its Board of Directors or its
     stockholders.

               (d) This Agreement has been duly executed and delivered by the
     Company and the persons signing on behalf of the Company have full power
     and authority to do so.

                                       5
<PAGE>

               (e) This Agreement constitutes the valid and binding obligation
     of the Company enforceable against the Company in accordance with its
     terms, except as such enforceability may be limited by general principles
     of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
     liquidation, or similar laws relating to, or affecting generally, the
     enforcement of creditors' rights and remedies.

               (f) The Shares are duly authorized and, upon issuance in
     accordance with the terms hereof, shall be validly issued, fully paid, and
     nonassessable, and free from all taxes, liens, and charges with respect to
     the issue thereof.

               (g) The execution, delivery, and performance of this Agreement by
     the Company, and the consummation by the Company of the transactions
     contemplated hereby, will not (i) result in a violation of the Certificate
     of Incorporation, any Certificate of Designation applicable to any
     Preferred Stock of the Company, or the Bylaws of the Company or (ii)
     conflict with, constitute a default (or an event which with notice or lapse
     of time or both would become a default) under, or give to others any rights
     of termination, amendment, acceleration, or cancellation of, any agreement,
     indenture, or instrument to which the Company is a party, or result in a
     violation of any law, rule, regulation, order, judgment, or decree
     (including federal and state securities laws and regulations) applicable to
     the Company or by which any property or asset of the Company is bound or
     affected.

               (h) The Company acknowledges and agrees that the Purchaser is
     acting solely in the capacity of an arm's length purchaser with respect to
     this Agreement and the transactions contemplated hereby. The Company
     further acknowledges that the Purchaser is not acting as a financial
     advisor or fiduciary of the Company (or in any similar capacity) with
     respect to this Agreement or the transactions contemplated herein. The
     Company's decision to enter into this Agreement has been based solely on
     the independent evaluation by the Company and its representatives.

               (i) Neither the Company, nor any of its affiliates, nor any
     person acting on its or their behalf (i) has engaged in any form of general
     solicitation or general advertising (within the meaning of Regulation D
     under the Securities Act) in connection with the offer or sale of the
     Shares; or (ii) has directly or indirectly made any offers or sales of any
     security or solicited any offers to buy any security, under circumstances
     that would require registration of the Shares under the Securities Act or
     cause this offering of the Shares to be integrated with prior offerings by
     the Company for purposes of the Securities Act or any applicable
     stockholder approval provisions.

                                       6
<PAGE>

               (j) The Company understands that the Purchaser is purchasing the
     Shares in reliance on the exemption from the registration requirements of
     Section 5 of the Securities Act for offshore transactions as defined in SEC
     Rule 902(h), and that the Purchaser is relying in part upon the truth and
     accuracy of, and the Company's compliance with, the representations,
     warranties, agreements, acknowledgments, and understandings of the Company
     set forth herein in order to determine the availability of such exemptions
     and the eligibility of the Company to issue and sell the Shares to the
     Purchaser without having complied with those registration requirements.
     With respect to that exemption, the Company further represents and warrants
     to the Purchaser that (i) the Company has not offered any of the Shares to
     a U.S. Person (as defined in SEC Rule 902(k)) or to a person in the United
     States; (ii) the offer and sale of the Shares to the Purchaser is being
     made in an offshore transaction as defined in SEC Rule 902(h); (iii) the
     Company has not engaged in any directed selling efforts, as defined in SEC
     Rule 902(c), with respect to the Shares; and (iv) in offering and selling
     the Shares to the Purchaser, the Company has complied with all of the
     conditions required of it under SEC Regulation S.

               (k) The Company is, and for more than the past 12 months it
     continuously has been, a "reporting company" under the Securities and
     Exchange Act of 1934, as amended (the "Exchange Act"), as defined by the
     rules and regulations of the SEC and the NASD, and has filed in a timely
     manner all reports and other information required by it to be filed with
     the SEC under the Exchange Act in order to remain a reporting company.

     SECTION 4. REGISTRATION RIGHTS

     4.1. As soon as is practicable after the Closing, the Company shall file a
registration statement (the "Registration Statement") with the SEC to register
the resale of the Shares, and shall use its best efforts to cause the
Registration Statement to become effective as soon as is reasonably practicable.
The Company shall use its best efforts to cause the registration statement to
remain effective for a period of one year from its effective date, or until the
Purchaser is no longer the owner of any Shares, whichever shall first occur.

     SECTION 5. GENERAL PROVISIONS

     5.1. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Delaware. The parties agree that the United States
District Court for the Southern District of New York, and the courts of the
State of New York located in the Borough of Manhattan, shall have exclusive
jurisdiction and venue for the adjudication of any civil action between them
arising out of relating to this Agreement, and hereby irrevocably consent to
such jurisdiction and venue.

     5.2. This Agreement may be executed in counterparts, each of which shall be
deemed an original, and all of which hall be considered one and the same
agreement.

     5.3. This agreement supersedes all other prior oral or written agreements
between the Purchaser, the Company, their affiliates and persons acting on their
behalf with respect to the issuance and sale of the Shares, and this Agreement
and the instruments referenced herein

                                       7
<PAGE>

contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor any Purchaser makes any representation,
warranty, covenant, or undertaking with respect to such matters. No provision of
this Agreement may be waived or amended other than by an instrument in writing
signed by the party to be charged with enforcement.

     5.4. Any notices, consents, waivers, or other communications required or
permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered (a) upon receipt, when delivered
personally, (b) upon receipt, when sent by facsimile, (c) three (3) days after
being sent by certified mail, return receipt requested, or (d) one (1) day after
deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile
numbers for such communications shall be:

     If to the Company:                      If to the Purchaser:

     The Ashton Technology Group, Inc.       CALP II Limited Partnership
     1835 Market Street, Suite 420           c/o Forum Fund Services
     Philadelphia, Pennsylvania 19103        Washington Mall, 3rd Floor
     Facsimile: (215) ___-____               Hamilton, HM11, Bermuda
                                             Facsimile: (441) 296-1301

     5.5. This Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors and assigns.

     IN WITNESS WHEREOF, the Company and the Purchaser have caused this Common
Stock Purchase Agreement to be duly executed as of the Effective Date.

THE ASHTON TECHNOLOGY GROUP, INC.       CALP II LIMITED PARTNERSHIP

By   /s/ ARTHUR J. BACCI                 By   /s/ MARK VALENTINE
     ---------------------------------        ----------------------------------
Name     Arthur J. Bacci                 Name     Mark Valentine
     ---------------------------------        ----------------------------------
Title    President and COO               Title    Chairman
     ---------------------------------        ----------------------------------

                                       8

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