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sec document

                                                                     Exhibit 4.2

                          SOFTWAVE MEDIA EXCHANGE, INC.

                             2006 STOCK OPTION PLAN

      1.    PURPOSE OF THE PLAN.

            This  2006  Stock  Option  Plan  (the  "Plan")  is  intended  as  an
incentive, to retain in the employ of and as directors,  officers,  consultants,
advisors and employees to SoftWave Media Exchange,  Inc., a Delaware corporation
(the  "Company"),  and any  Subsidiary  of the  Company,  within the  meaning of
Section  424(f) of the United States  Internal  Revenue Code of 1986, as amended
(the  "Code"),  persons of  training,  experience  and  ability,  to attract new
directors,  officers,  consultants,  advisors and employees  whose  services are
considered  valuable,  to encourage the sense of proprietorship and to stimulate
the active interest of such persons in the development and financial  success of
the Company and its Subsidiaries.

            It is further  intended that certain options granted pursuant to the
Plan shall constitute  incentive stock options within the meaning of Section 422
of the Code (the  "Incentive  Options")  while  certain  other  options  granted
pursuant to the Plan shall be  nonqualified  stock  options  (the  "Nonqualified
Options").  Incentive Options and Nonqualified  Options are hereinafter referred
to collectively as "Options."

            The  Company  intends  that the Plan meet the  requirements  of Rule
16b-3 ("Rule 16b-3")  promulgated under the Securities  Exchange Act of 1934, as
amended (the  "Exchange  Act") and that  transactions  of the type  specified in
subparagraphs  (c) to (f)  inclusive of Rule 16b-3 by officers and  directors of
the Company  pursuant to the Plan will be exempt from the  operation  of Section
16(b)  of the  Exchange  Act.  Further,  the Plan is  intended  to  satisfy  the
performance-based  compensation exception to the limitation on the Company's tax
deductions  imposed by Section  162(m) of the Code with respect to those Options
for which qualification for such exception is intended. In all cases, the terms,
provisions,  conditions  and  limitations  of the Plan  shall be  construed  and
interpreted consistent with the Company's intent as stated in this Section 1.

      2.    ADMINISTRATION OF THE PLAN.

            The Plan shall be  administered by the  Compensation  Committee (the
"Committee") of the Board of Directors of the Company (the "Board"), which shall
consist of three or more  directors who are  "Non-Employee  Directors"  (as such
term is defined in Rule 16b-3) and "Outside  Directors" (as such term is defined
in  Section  162(m) of the Code)  serving  at the  pleasure  of the  Board.  The
Committee,  subject  to  Sections  3, 5 and 6 hereof,  shall have full power and
authority  to  designate  recipients  of  Options,  to  determine  the terms and
conditions of the respective Option agreements (which need not be identical) and
to interpret the  provisions and supervise the  administration  of the Plan. The
Committee  shall have the  authority,  without  limitation,  to designate  which
Options  granted  under the Plan shall be  Incentive  Options and which shall be
Nonqualified  Options. To the extent any Option does not qualify as an Incentive
Option, it shall constitute a separate Nonqualified Option.

            Subject to the provisions of the Plan, the Committee shall interpret
the Plan and all  Options  granted  under the Plan,  shall make such rules as it
deems necessary for the proper  administration of the Plan, shall make all other
determinations  necessary or advisable  for the  administration  of the Plan and
shall correct any defects or supply any omission or reconcile any  inconsistency
in the Plan or in any  Options  granted  under the Plan in the manner and to the
extent that the Committee  deems  desirable to carry into effect the Plan or any
Options.  The act or  determination  of a majority of the Committee shall be the
act or  determination  of the Committee and any decision  reduced to writing and
signed by all of the members of the Committee  shall be fully effective as if it
had been made by a majority at a meeting duly held. Subject to the provisions of
the Plan, any action taken or  determination  made by the Committee  pursuant to
this and the other Sections of the Plan shall be conclusive on all parties.

            In the event that for any reason the  Committee  is unable to act or
if the Committee at the time of any grant,  award or other acquisition under the
Plan does not consist of two or more Non-Employee  Directors,  or if there shall
be no such  Committee,  then the Plan shall be  administered  by the Board,  and
references  herein to the  Committee  (except in the  proviso to this  sentence)
shall be deemed to be  references  to the Board,  and any such  grant,  award or
other  acquisition may be approved or ratified in any other manner  contemplated
by  subparagraph  (d) of Rule  16b-3;  provided,  however,  that  grants  to the
Company's  Chief  Executive  Officer or to any of the Company's  other four most
highly  compensated  officers that are intended to qualify as  performance-based
compensation  under  Section  162(m)  of the  Code may  only be  granted  by the
Committee.

      3.    DESIGNATION OF OPTIONEES.

            The persons eligible for  participation in the Plan as recipients of
Options (the "Optionees") shall include directors, officers and employees of the
Company,  and subject to their meeting the eligibility  requirements of Rule 701
promulgated under the Securities Act of 1933, as amended (the "Securities Act"),
consultants,  vendors,  joint venture partners,  and advisors to, the Company or
any Subsidiary; provided that Incentive Options may only be granted to employees
of the Company and any Subsidiary.  In selecting  Optionees,  and in determining
the number of shares to be  covered by each  Option  granted to  Optionees,  the
Committee  may  consider  any  factors  it  deems  relevant,  including  without
limitation,  the  office or  position  held by the  Optionee  or the  Optionee's
relationship to the Company,  the Optionee's  degree of  responsibility  for and
contribution  to the growth and  success of the Company or any  Subsidiary,  the
Optionee's length of service,  promotions and potential. A Optionee who has been
granted an Option hereunder may be granted an additional  Option or Options,  if
the Committee shall so determine.

      4.    STOCK RESERVED FOR THE PLAN.

            Subject to  adjustment  as provided in Section 8 hereof,  a total of
3,000,000  shares of the Company's  Common Stock, par value $0.01 per share (the
"Stock"),  shall be subject to the Plan.  The maximum  number of shares of Stock
that may be subject to Options  granted under the Plan to any  individual in any
calendar year shall not exceed 1,500,000 shares (subject to adjustment  pursuant
to Section 7 hereof) and the method of counting such shares shall conform to any
requirements  applicable to performance-based  compensation under Section 162(m)
of the Code, if qualification as  performance-based  compensation  under Section

                                       2

162(m) of the Code is  intended.  The shares of Stock  subject to the Plan shall
consist of unissued shares,  treasury shares or previously issued shares held by
any  Subsidiary of the Company,  and such amount of shares of Stock shall be and
is hereby reserved for such purpose. Any of such shares of Stock that may remain
unsold and that are not subject to outstanding Options at the termination of the
Plan  shall  cease to be  reserved  for the  purposes  of the  Plan,  but  until
termination  of the Plan the  Company  shall at all times  reserve a  sufficient
number of  shares of Stock to meet the  requirements  of the  Plan.  Should  any
Option expire or be canceled  prior to its exercise or vesting in full or should
the number of shares of Stock to be  delivered  upon the  exercise or vesting in
full of an Option be reduced  for any  reason,  the shares of Stock  theretofore
subject to such Option may be subject to future  Options under the Plan,  except
where such reissuance is  inconsistent  with the provisions of Section 162(m) of
the Code where  qualification as  performance-based  compensation  under Section
162(m) of the Code is intended.

      5.    TERMS AND CONDITIONS OF OPTIONS.

            Options  granted  under the Plan shall be  subject to the  following
conditions  and  shall  contain  such  additional  terms  and  conditions,   not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

            (a)  OPTION  PRICE.  The  purchase  price  of each  share  of  Stock
purchasable  under an Incentive  Option shall be  determined by the Committee at
the time of grant,  but shall not be less than 100% of the Fair Market Value (as
defined  below)  of such  share of Stock on the  date  the  Option  is  granted;
provided,  however,  that with  respect  to an  Optionee  who,  at the time such
Incentive  Option is granted,  owns (within the meaning of Section 424(d) of the
Code) more than 10% of the total  combined  voting power of all classes of stock
of the Company or of any Subsidiary, the purchase price per share of Stock shall
be at least  110% of the Fair  Market  Value  per  share of Stock on the date of
grant.  The  purchase  price  of  each  share  of  Stock   purchasable  under  a
Nonqualified Option shall not be less than 100% of the Fair Market Value of such
share of Stock on the date the Option is granted.  The  exercise  price for each
Option  shall be subject to  adjustment  as provided  in Section 8 below.  "Fair
Market Value" means the closing price on the final trading day immediately prior
to the grant of  publicly  traded  shares of Stock on the  principal  securities
exchange  on which  shares of Stock are  listed  (if the  shares of Stock are so
listed),  or on the NASDAQ  Stock  Market (if the shares of Stock are  regularly
quoted on the NASDAQ Stock  Market),  or, if not so listed or regularly  quoted,
the mean between the closing bid and asked prices of publicly  traded  shares of
Stock in the over the counter market, or, if such bid and asked prices shall not
be  available,  as  reported  by any  nationally  recognized  quotation  service
selected  by  the  Company,  or as  determined  by  the  Committee  in a  manner
consistent with the provisions of the Code. Anything in this Section 5(a) to the
contrary  notwithstanding,  in no event shall the  purchase  price of a share of
Stock be less than the minimum price  permitted  under the rules and policies of
any national securities exchange on which the shares of Stock are listed.

            (b)  OPTION  TERM.  The  term of each  Option  shall be fixed by the
Committee, but no Option shall be exercisable more than ten years after the date
such  Option is  granted  and in the case of an  Incentive  Option  granted to a
Optionee  who, at the time such  Incentive  Option is granted,  owns (within the
meaning  of  Section  424(d)  of the Code)  more than 10% of the total  combined
voting  power of all  classes of stock of the Company or of any  Subsidiary,  no
such Incentive  Option shall be exercisable  more than five years after the date
such Incentive Option is granted.

                                       3

            (c) EXERCISABILITY. Subject to Section 5(j) hereof, Options shall be
exercisable  at such time or times and subject to such terms and  conditions  as
shall be determined by the  Committee at the time of grant;  provided,  however,
that in the absence of any Option vesting periods designated by the Committee at
the time of grant,  Options shall vest and become exercisable as to one-third of
the total  amount of shares  subject to the Option on each of the first,  second
and third  anniversaries  of the date of grant;  and  provided  further  that no
Options shall be exercisable until such time as any vesting limitation  required
by Section 16 of the Exchange Act, and related rules, shall be satisfied if such
limitation  shall be required for continued  validity of the exemption  provided
under Rule 16b-3(d)(3).

            Upon  the  occurrence  of a  "Change  in  Control"  (as  hereinafter
defined),  the  Committee  may  accelerate  the  vesting and  exercisability  of
outstanding  Options, in whole or in part, as determined by the Committee in its
sole discretion. In its sole discretion,  the Committee may also determine that,
upon the  occurrence  of a Change in  Control,  each  outstanding  Option  shall
terminate  within a  specified  number  of days  after  notice  to the  Optionee
thereunder,  and each such Optionee shall receive, with respect to each share of
Company Stock subject to such Option,  an amount equal to the excess of the Fair
Market Value of such shares immediately prior to such Change in Control over the
exercise  price per share of such Option;  such amount shall be payable in cash,
in one or more kinds of property (including the property, if any, payable in the
transaction) or a combination  thereof,  as the Committee shall determine in its
sole discretion.

            For  purposes  of the Plan,  a Change in Control  shall be deemed to
have occurred if:

                  (i) a tender offer (or series of related offers) shall be made
            and  consummated for the ownership of 50% or more of the outstanding
            voting securities of the Company,  unless as a result of such tender
            offer  more than 50% of the  outstanding  voting  securities  of the
            surviving or resulting  corporation  shall be owned in the aggregate
            by the stockholders of the Company (as of the time immediately prior
            to the commencement of such offer), any employee benefit plan of the
            Company or its Subsidiaries, and their affiliates;

                  (ii) the Company shall be merged or consolidated  with another
            corporation, unless as a result of such merger or consolidation more
            than 50% of the  outstanding  voting  securities of the surviving or
            resulting  corporation  shall  be  owned  in  the  aggregate  by the
            stockholders  of the  Company (as of the time  immediately  prior to
            such  transaction),  any employee benefit plan of the Company or its
            Subsidiaries, and their affiliates;

                  (iii) the Company shall sell  substantially  all of its assets
            to  another  corporation  that is not wholly  owned by the  Company,
            unless as a result of such sale more than 50% of such  assets  shall
            be owned in the aggregate by the  stockholders of the Company (as of
            the  time  immediately  prior  to such  transaction),  any  employee
            benefit  plan  of  the  Company  or  its   Subsidiaries   and  their
            affiliates; or

                                       4

                  (iv) a Person (as defined  below) shall acquire 50% or more of
            the outstanding  voting securities of the Company (whether directly,
            indirectly,  beneficially or of record),  unless as a result of such
            acquisition  more than 50% of the outstanding  voting  securities of
            the  surviving  or  resulting  corporation  shall  be  owned  in the
            aggregate  by the  stockholders  of  the  Company  (as  of the  time
            immediately  prior to the first  acquisition  of such  securities by
            such  Person),  any  employee  benefit  plan of the  Company  or its
            Subsidiaries, and their affiliates.

            For purposes of this Section  5(c),  ownership of voting  securities
shall take into account and shall  include  ownership as  determined by applying
the  provisions of Rule  13d-3(d)(I)(i)  (as in effect on the date hereof) under
the  Securities  Exchange  Act of 1934,  as amended  (the  "Exchange  Act").  In
addition,  for such  purposes,  "Person" shall have the meaning given in Section
3(a)(9) of the Exchange  Act, as modified  and used in Sections  13(d) and 14(d)
thereof;  however,  a Person  shall not  include  (A) the  Company or any of its
Subsidiaries;  (B) a trustee  or other  fiduciary  holding  securities  under an
employee  benefit  plan  of the  Company  or any  of  its  Subsidiaries;  (C) an
underwriter  temporarily  holding  securities  pursuant  to an  offering of such
securities;  or  (D)  a  corporation  owned,  directly  or  indirectly,  by  the
stockholders  of the  Company  in  substantially  the same  proportion  as their
ownership of stock of the Company.

            (d)  METHOD OF EXERCISE.  Options to the extent then exercisable may
be exercised in whole or in part at any time during the option period, by giving
written  notice to the  Company  specifying  the number of shares of Stock to be
purchased,  accompanied by payment in full of the purchase price, in cash, or by
check  or such  other  instrument  as may be  acceptable  to the  Committee.  As
determined by the Committee, in its sole discretion,  at or after grant, payment
in full or in part may be made at the  election of the  Optionee (i) in the form
of Stock  owned by the  Optionee  (based on the Fair  Market  Value of the Stock
which is not the subject of any pledge or security interest, (ii) in the form of
shares of Stock withheld by the Company from the shares of Stock otherwise to be
received with such withheld  shares of Stock having a Fair Market Value equal to
the exercise  price of the Option,  or (iii) by a combination  of the foregoing,
such Fair Market  Value  determined  by  applying  the  principles  set forth in
Section 5(a),  provided that the combined value of all cash and cash equivalents
and the Fair Market Value of any shares  surrendered  to the Company is at least
equal to such exercise price and except with respect to (ii) above,  such method
of payment will not cause a disqualifying disposition of all or a portion of the
Stock received upon exercise of an Incentive  Option.  A Optionee shall have the
right to dividends and other rights of a  stockholder  with respect to shares of
Stock  purchased upon exercise of an Option at such time as the Optionee (i) has
given written notice of exercise and has paid in full for such shares,  and (ii)
has satisfied such conditions that may be imposed by the Company with respect to
the withholding of taxes.

            (e)  NON-TRANSFERABILITY OF OPTIONS; CONDITION OF EXERCISE.

                  (i) Except as provided in Section 5(e)(ii) hereof,  during the
            lifetime  of an  Optionee,  only the  Optionee  (or, in the event of
            legal incapacity or incompetence,  the Optionee's  guardian or legal
            representative)  may  exercise  an  Option.  Except as  provided  in

                                       5

            Section   5(e)(ii)   hereof,   no  Option  shall  be  assignable  or
            transferable  by the  Optionee to whom it is granted,  other than by
            will or the laws of descent and distribution.

                  (ii) Except pursuant to the laws of descent and  distribution,
            Optionee shall not sell or in any other way, directly or indirectly,
            transfer, assign, distribute, pledge, hypothecate, encumber, gift or
            otherwise  alienate  or dispose of  (collectively,  "Transfer")  any
            Stock  issued  pursuant to the  exercise of an Option  (whether  now
            owned or hereafter acquired pursuant to such exercise), or any right
            or  interest  therein,  whether  voluntarily  or  involuntarily,  by
            operation  of  law,  court  order,  foreclosure,   marital  property
            division or otherwise,  except (a) in compliance with all applicable
            U.S. federal and state and foreign  securities laws and (b) with the
            written consent of the Company.  Notwithstanding the foregoing,  the
            Optionee may Transfer such Stock by gift or domestic relations order
            to any "family member" (as that term is defined under Rule 701(c)(3)
            of the  Securities  Act,  as  amended  from  time to  time)  without
            obtaining  the written  consent of the Company;  provided,  that (i)
            such  Transfer  shall  be in  compliance  with all  applicable  U.S.
            federal and state and foreign  securities  laws; (ii) there shall be
            no  consideration  for any such  Transfer;  and (iii) the transferee
            shall agree not to Transfer  such Stock  except in  accordance  with
            this Section  5(e)(iii).  Any attempted  Transfer of Stock  acquired
            pursuant  to the  exercise  of an Option  that is not  permitted  in
            accordance  with  this  Section  5(e)(iii)  shall  be void and of no
            further force and effect and shall not be registered on the books of
            the Company. In addition, the Company may require, as a condition to
            exercise,  that  the  Optionee  agree  to  execute  a  stockholders'
            agreement  in  such  form  as may  be  reasonably  requested  by the
            Company.  The  provisions  of this Section  5(e)(iii)  will be of no
            further  force or effect  upon the earlier of: (x) the first date on
            which  Shares  are held of  record by more  than two  hundred  (200)
            persons and the company is filing  reports  pursuant to the Exchange
            Act,  as  amended;   (y)  the  consummation  of  a  firm  commitment
            underwritten public offering,  pursuant to an effective registration
            statement under the Securities Act, as amended from time to time; or
            (z) a sale of the  Company  to,  or merger of the  Company  with,  a
            company  subject to the reporting  requirements of the Exchange Act,
            as amended from time to time.

            (f)  TERMINATION  BY  DEATH.  Unless  otherwise  determined  by  the
Committee,  if any Optionee's  employment  with or service to the Company or any
Subsidiary  terminates  by  reason  of  death,  the  Option  may  thereafter  be
exercised,  to the extent then exercisable (or on such accelerated  basis as the
Committee shall determine at or after grant), by the legal representative of the
estate or by the legatee of the Optionee  under the will of the Optionee,  for a
period of one (1) year after the date of such death (or, if later,  such time as
the Option may be  exercised  pursuant  to  Section  13(d)  hereof) or until the
expiration  of the  stated  term of such  Option  as  provided  under  the Plan,
whichever period is shorter.

            (g)  TERMINATION   BY  REASON  OF   DISABILITY.   Unless   otherwise
determined by the Committee, if any Optionee's employment with or service to the
Company  or  any  Subsidiary   terminates  by  reason  of  total  and  permanent
disability, any Option held by such Optionee may thereafter be exercised, to the

                                       6

extent it was  exercisable at the time of  termination  due to disability (or on
such accelerated basis as the Committee shall determine at or after grant),  but
may not be exercised  after ninety (90) days after the date of such  termination
of employment or service (or, if later, such time as the Option may be exercised
pursuant to Section 13(d)  hereof) or the  expiration of the stated term of such
Option,  whichever period is shorter;  PROVIDED,  HOWEVER, that, if the Optionee
dies within such ninety  (90) day period,  any  unexercised  Option held by such
Optionee  shall  thereafter  be  exercisable  to  the  extent  to  which  it was
exercisable  at the time of death for a period of one (1) year after the date of
such death (or, if later,  such time as the Option may be exercised  pursuant to
Section 13(d) hereof) or for the stated term of such Option, whichever period is
shorter.

            (h)  TERMINATION   BY  REASON  OF   RETIREMENT.   Unless   otherwise
determined by the Committee, if any Optionee's employment with or service to the
Company or any Subsidiary terminates by reason of Normal or Early Retirement (as
such terms are defined  below),  any Option held by such Optionee may thereafter
be exercised to the extent it was exercisable at the time of such Retirement (or
on such  accelerated  basis as the Committee shall determine at or after grant),
but  may  not be  exercised  after  ninety  (90)  days  after  the  date of such
termination of employment or service (or, if later,  such time as the Option may
be exercised  pursuant to Section 13(d) hereof) or the  expiration of the stated
term of such Option, whichever date is earlier; provided,  however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by
such Optionee  shall  thereafter be  exercisable,  to the extent to which it was
exercisable at the time of death, for a period of one (1) year after the date of
such death (or, if later,  such time as the Option may be exercised  pursuant to
Section 13(d) hereof) or for the stated term of such Option, whichever period is
shorter.

            For purposes of this paragraph (h), "Normal  Retirement"  shall mean
retirement from active employment with the Company or any Subsidiary on or after
the normal  retirement  date specified in the  applicable  Company or Subsidiary
pension plan or if no such pension plan,  age 65, and "Early  Retirement"  shall
mean  retirement  from  active  employment  with the  Company or any  Subsidiary
pursuant  to the  early  retirement  provisions  of the  applicable  Company  or
Subsidiary pension plan or if no such pension plan, age 55.

                  (a)   OTHER  TERMINATION.  Unless otherwise  determined by the
                        Committee  and  except  as is  provided  below,  if  any
                        Optionee's  employment with or service to the Company or
                        any  Subsidiary  terminates  for any  reason  other than
                        death,  disability  or Normal or Early  Retirement,  the
                        Option  shall  thereupon  terminate,   except  that  the
                        portion of any Option that was  exercisable  on the date
                        of such  termination  of  employment  or service  may be
                        exercised  for the lesser of ninety  (90) days after the
                        date of  termination  (or,  if  later,  such  time as to
                        Option  may  be  exercised  pursuant  to  Section  13(d)
                        hereof) or the balance of such Option's term, which ever
                        period  is  shorter  if  the  Optionee's  employment  or
                        service with the Company or  Subsidiary is terminated by
                        the   Company   or   Subsidiary   without   cause,   the
                        determination as to whether termination was for cause to
                        be made by the  Committee.  The  transfer of an Optionee
                        from the  employ of or  service  to the  Company  to the
                        employ of or service to a Subsidiary,  or vice versa, or

                                       7

                        from one  Subsidiary to another,  shall not be deemed to
                        constitute a  termination  of  employment or service for
                        purposes of the Plan.

            (i)  LIMIT ON VALUE OF INCENTIVE  OPTION.  The aggregate Fair Market
Value,  determined as of the date the Incentive Option is granted,  of Stock for
which  Incentive  Options  are  exercisable  for the first time by any  Optionee
during any calendar  year under the Plan (and/or any other stock option plans of
the Company or any Subsidiary) shall not exceed $100,000.

            (j)  INCENTIVE  OPTION SHARES.  A grant of an Incentive Option under
this Plan shall  provide that if the Optionee  makes a  disposition,  within the
meaning of Section 424(c) of the Code and regulations promulgated thereunder, of
any share or shares of Stock issued to him upon exercise of an Incentive  Option
granted  under the Plan within the two-year  period  commencing on the day after
the date of the  grant of such  Incentive  Option or  within a  one-year  period
commencing  on the day after the date of  transfer of the share or shares to him
pursuant to the  exercise of such  Incentive  Option,  he shall,  within 10 days
after such disposition, notify the Company.

      6.    TERM OF PLAN.

            No Option shall be granted pursuant to the Plan on or after the date
that is ten years from the effective date of the Plan,  but Options  theretofore
granted may extend beyond that date.

      7.    CAPITAL CHANGE OF THE COMPANY.

            In  the  event  of  any   merger,   reorganization,   consolidation,
recapitalization,  stock  dividend,  or  other  change  in  corporate  structure
affecting  the Stock,  the  Committee  shall make an  appropriate  and equitable
adjustment in the number and kind of shares reserved for issuance under the Plan
and in the number  and option  price of shares  subject to  outstanding  Options
granted  under  the Plan,  to the end that  after  such  event  each  Optionee's
proportionate   interest  shall  be  maintained  (to  the  extent  possible)  as
immediately  before the occurrence of such event.  The Committee  shall,  to the
extent  feasible,  make such other  adjustments as may be required under the tax
laws so that any  Incentive  Options  previously  granted  shall  not be  deemed
modified within the meaning of Section 424(h) of the Code.

            The  adjustments  described  above  will be made only to the  extent
consistent with continued  qualification  of the Option under Section 422 of the
Code (in the case of an Incentive Option) and Section 409A of the Code.

      8.    PURCHASE FOR INVESTMENT/CONDITIONS.

            Unless  the  Options  and  shares  covered  by the  Plan  have  been
registered  under the Securities  Act, or the Company has  determined  that such
registration is unnecessary,  each person  exercising or receiving Options under
the Plan may be required by the Company to give a representation in writing that
he is acquiring the securities for his own account for investment and not with a
view to, or for sale in connection  with, the  distribution of any part thereof.
The Committee may impose any  additional  or further  restrictions  on awards of
Options as shall be determined by the Committee at the time of award.

                                       8

      9.    TAXES.

            The Company  may make such  provisions  as it may deem  appropriate,
consistent with applicable law, in connection with any Options granted under the
Plan  with  respect  to  the  withholding  of any  taxes  (including  income  or
employment taxes) or any other tax matters.

      10.   EFFECTIVE DATE OF PLAN.

            The Plan shall be effective on April 19,  2006;  provided,  however,
that if, and only if, certain options are intended to qualify as Incentive Stock
Options,  the  Plan  must  subsequently  be  approved  by  majority  vote of the
Company's  stockholders  no later than April 19, 2007, and further,  that in the
event   certain   Option   grants   hereunder   are   intended   to  qualify  as
performance-based compensation within the meaning of Section 162(m) of the Code,
the  requirements as to shareholder  approval set forth in Section 162(m) of the
Code are satisfied.

      11.   AMENDMENT AND TERMINATION.

            The Board may amend,  suspend, or terminate the Plan, except that no
amendment  shall be made that would impair the rights of any Optionee  under any
Option theretofore  granted without the Optionee's  consent,  and except that no
amendment shall be made which,  without the approval of the  stockholders of the
Company would:

            (a)  materially  increase  the  number of shares  that may be issued
under the Plan, except as is provided in Section 8;

            (b)  materially  increase  the  benefits  accruing to the  Optionees
under the Plan;

            (c)  materially  modify  the  requirements  as  to  eligibility  for
participation in the Plan;

            (d)  decrease the exercise price of an Incentive Option to less than
100% of the Fair Market Value per share of Stock on the date of grant thereof or
the exercise price of a Nonqualified Option to less than 100% of the Fair Market
Value per share of Stock on the date of grant thereof; or

            (e)  extend  the term of any  Option  beyond  that  provided  for in
Section 5(b).

            The  Committee  may at any  time  or  times  amend  the  Plan or any
outstanding  award for any purpose which may at the time be permitted by law, or
may at any time terminate the Plan as to any further grants of awards,  provided
that (except to the extent expressly  required or permitted by the Plan) no such
amendment  will,  without  the  approval  of the  stockholders  of the  Company,
effectuate a change for which stockholder  approval is required in order for the
Plan to continue to qualify for the award of Incentive Options under Section 422
of the Code.

                                       9

            It is the intention of the Board that the Plan comply  strictly with
the  provisions of Section 409A of the Code and Treasury  Regulations  and other
Internal  Revenue  Service  guidance  promulgated  thereunder (the "Section 409A
Rules") and the  Committee  shall  exercise its  discretion  in granting  awards
hereunder (and the terms of such awards), accordingly. The Plan and any grant of
an award hereunder may be amended from time to time (without,  in the case of an
award, the consent of the Optionee) as may be necessary or appropriate to comply
with the Section 409A Rules.

      12.   GOVERNMENT REGULATIONS.

            The Plan, and the grant and exercise of Options  hereunder,  and the
obligation of the Company to sell and deliver shares under such Options shall be
subject to all applicable laws, rules and regulations,  and to such approvals by
any  governmental  agencies,   national  securities  exchanges  and  interdealer
quotation systems as may be required.

      13.   GENERAL PROVISIONS.

            (a)  CERTIFICATES.  All  certificates  for shares of Stock delivered
under  the Plan  shall  be  subject  to such  stop  transfer  orders  and  other
restrictions  as the Committee may deem advisable  under the rules,  regulations
and other  requirements  of the  Securities  and Exchange  Commission,  or other
securities  commission  having  jurisdiction,  any  applicable  Federal or state
securities  law, any stock exchange or interdealer  quotation  system upon which
the  Stock is then  listed  or traded  and the  Committee  may cause a legend or
legends to be placed on any such  certificates to make appropriate  reference to
such restrictions.

            (b)  EMPLOYMENT  MATTERS.  Neither the  adoption of the Plan nor any
grant or award under the Plan shall  confer upon any Optionee who is an employee
of the Company or any  Subsidiary  any right to continued  employment or, in the
case of a Optionee who is a director,  continued service as a director, with the
Company or a  Subsidiary,  as the case may be, nor shall it interfere in any way
with the right of the Company or any  Subsidiary to terminate the  employment of
any of its  employees,  the service of any of its  directors or the retention of
any of its consultants or advisors at any time.

            (c)  LIMITATION OF  LIABILITY.  No member of the  Committee,  or any
officer or employee of the Company acting on behalf of the  Committee,  shall be
personally liable for any action,  determination or interpretation taken or made
in good faith with  respect to the Plan,  and all members of the  Committee  and
each and any officer or employee of the Company acting on their behalf shall, to
the extent  permitted by law, be fully  indemnified and protected by the Company
in respect of any such action, determination or interpretation.

            (d)  REGISTRATION OF STOCK.  Notwithstanding  any other provision in
the Plan,  no Option  may be  exercised  unless and until the Stock to be issued
upon the  exercise  thereof has been  registered  under the  Securities  Act and
applicable  state  securities  laws,  or are,  in the  opinion of counsel to the
Company,  exempt from such registration in the United States.  The Company shall
not be under any  obligation  to  register  under  applicable  federal  or state
securities  laws any Stock to be issued upon the  exercise of an Option  granted
hereunder in order to permit the exercise of an Option and the issuance and sale
of the Stock  subject  to such  Option,  although  the  Company  may in its sole

                                       10

discretion  register such Stock at such time as the Company shall determine.  If
the Company  chooses to comply with such an  exemption  from  registration,  the
Stock issued  under the Plan may, at the  direction  of the  Committee,  bear an
appropriate  restrictive  legend restricting the transfer or pledge of the Stock
represented  thereby,  and the Committee may also give appropriate stop transfer
instructions with respect to such Stock to the Company's transfer agent.

      14.   NON-UNIFORM DETERMINATIONS.

            The Committee's  determinations under the Plan,  including,  without
limitation,  (i) the determination of the Optionees to receive awards,  (ii) the
form,  amount and timing of such awards,  (iii) the terms and provisions of such
awards and (ii) the agreements  evidencing the same, need not be uniform and may
be made by it selectively  among  Optionees who receive,  or who are eligible to
receive,  awards under the Plan,  whether or not such  Optionees  are  similarly
situated.

      15.   GOVERNING LAW.

            The validity, construction, and effect of the Plan and any rules and
regulations  relating to the Plan shall be  determined  in  accordance  with the
internal laws of the State of Delaware,  without  giving effect to principles of
conflicts of laws, and applicable federal law.

                                    SoftWave Media Exchange, Inc.
                                    June 2, 2006

                                       11sec document

                                                                     Exhibit 4.3

                          SOFTWAVE MEDIA EXCHANGE, INC.

                                STOCK OPTION PLAN

      1.    PURPOSE OF THE PLAN.

            This Stock Option Plan (the "Plan") is intended as an incentive,  to
retain  [NAME] in the employ of and as an officer to  SoftWave  Media  Exchange,
Inc., a Delaware corporation (the "Company"), and any subsidiary of the Company,
within the meaning of Section 424(f) of the United States Internal  Revenue Code
of 1986, as amended (the "Code"),  whose  services are considered  valuable,  to
encourage the sense of  proprietorship  and to stimulate the active  interest of
such persons in the  development  and  financial  success of the Company and its
subsidiaries.

            It is further  intended  that options  granted  pursuant to the Plan
shall be nonqualified stock options (the "Nonqualified Options" or "Options").

            The  Company  intends  that the Plan meet the  requirements  of Rule
16b-3 ("Rule 16b-3")  promulgated under the Securities  Exchange Act of 1934, as
amended (the  "Exchange  Act") and that  transactions  of the type  specified in
subparagraphs  (c) to (f)  inclusive of Rule 16b-3 by officers and  directors of
the Company  pursuant to the Plan will be exempt from the  operation  of Section
16(b)  of the  Exchange  Act.  Further,  the Plan is  intended  to  satisfy  the
performance-based  compensation exception to the limitation on the Company's tax
deductions  imposed by Section  162(m) of the Code with respect to those Options
for which qualification for such exception is intended. In all cases, the terms,
provisions,  conditions  and  limitations  of the Plan  shall be  construed  and
interpreted consistent with the Company's intent as stated in this Section 1.

      2.    ADMINISTRATION OF THE PLAN.

            The Plan shall be  administered by the  Compensation  Committee (the
"Committee") of the Board of Directors of the Company (the "Board"), which shall
consist of three or more  directors who are  "Non-Employee  Directors"  (as such
term is defined in Rule 16b-3) and "Outside  Directors" (as such term is defined
in  Section  162(m) of the Code)  serving  at the  pleasure  of the  Board.  The
Committee,  subject  to  Sections  3 and 5 hereof,  shall  have  full  power and
authority  to  designate  recipients  of  Options,  to  determine  the terms and
conditions of the respective Option agreements (which need not be identical) and
to interpret the provisions and supervise the administration of the Plan.

            Subject to the provisions of the Plan, the Committee shall interpret
the Plan and all  Options  granted  under the Plan,  shall make such rules as it
deems necessary for the proper  administration of the Plan, shall make all other
determinations  necessary or advisable  for the  administration  of the Plan and
shall correct any defects or supply any omission or reconcile any  inconsistency
in the Plan or in any  Options  granted  under the Plan in the manner and to the
extent that the Committee  deems  desirable to carry into effect the Plan or any
Options.  The act or  determination  of a majority of the Committee shall be the
act or  determination  of the Committee and any decision  reduced to writing and
signed by all of the members of the Committee  shall be fully effective as if it
had been made by a majority at a meeting duly held. Subject to the provisions of
the Plan, any action taken or  determination  made by the Committee  pursuant to
this and the other Sections of the Plan shall be conclusive on all parties.

            In the event that for any reason the  Committee  is unable to act or
if the Committee at the time of any grant,  award or other acquisition under the
Plan does not consist of two or more Non-Employee  Directors,  or if there shall
be no such  Committee,  then the Plan shall be  administered  by the Board,  and
references  herein to the  Committee  (except in the  proviso to this  sentence)
shall be deemed to be  references  to the Board,  and any such  grant,  award or
other  acquisition may be approved or ratified in any other manner  contemplated
by  subparagraph  (d) of Rule  16b-3;  provided,  however,  that  grants  to the
Company's  Chief  Executive  Officer or to any of the Company's  other four most
highly  compensated  officers that are intended to qualify as  performance-based
compensation  under  Section  162(m)  of the  Code may  only be  granted  by the
Committee.

      3.    DESIGNATION OF OPTIONEE.

            The Company has determined  that the Optionee meets the  eligibility
requirements  of Rule 701  promulgated  under  the  Securities  Act of 1933,  as
amended (the "Securities Act").

      4.    STOCK RESERVED FOR THE PLAN.

            Subject to  adjustment  as provided in Section 7 hereof,  a total of
[NUMBER]  shares of the Company's  Common Stock,  par value $0.01 per share (the
"Stock"),  shall be subject to the Plan. The shares of Stock subject to the Plan
shall consist of unissued  shares,  treasury shares or previously  issued shares
held by any Subsidiary of the Company,  and such amount of shares of Stock shall
be and is hereby reserved for such purpose.

      5.    TERMS AND CONDITIONS OF OPTIONS.

            Options  granted  under the Plan shall be  subject to the  following
conditions  and  shall  contain  such  additional  terms  and  conditions,   not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

            (a)   Upon the  occurrence of a "Change in Control" (as  hereinafter
defined),  the  Committee  may  accelerate  the  vesting and  exercisability  of
outstanding  Options, in whole or in part, as determined by the Committee in its
sole discretion. In its sole discretion,  the Committee may also determine that,
upon the  occurrence  of a Change in  Control,  each  outstanding  Option  shall
terminate  within a  specified  number  of days  after  notice  to the  Optionee
thereunder,  and each such Optionee shall receive, with respect to each share of
Company Stock subject to such Option,  an amount equal to the excess of the Fair
Market Value of such shares immediately prior to such Change in Control over the
exercise  price per share of such Option;  such amount shall be payable in cash,
in one or more kinds of property (including the property, if any, payable in the
transaction) or a combination  thereof,  as the Committee shall determine in its
sole  discretion.  "Fair  Market  Value"  means the  closing  price on the final
trading day immediately prior to the grant of publicly traded shares of Stock on
the  principal  securities  exchange on which shares of Stock are listed (if the
shares of Stock are so listed),  or on the NASDAQ Stock Market (if the shares of
Stock are regularly quoted on the NASDAQ Stock Market),  or, if not so listed or
regularly quoted,  the mean between the closing bid and asked prices of publicly
traded shares of Stock in the over the counter market, or, if such bid and asked

                                       2

prices  shall  not  be  available,  as  reported  by any  nationally  recognized
quotation service selected by the Company,  or as determined by the Committee in
a manner consistent with the provisions of the Code.

            For  purposes  of the Plan,  a Change in Control  shall be deemed to
have occurred if:

                  (i) a tender offer (or series of related offers) shall be made
            and  consummated for the ownership of 50% or more of the outstanding
            voting securities of the Company,  unless as a result of such tender
            offer  more than 50% of the  outstanding  voting  securities  of the
            surviving or resulting  corporation  shall be owned in the aggregate
            by the stockholders of the Company (as of the time immediately prior
            to the commencement of such offer), any employee benefit plan of the
            Company or its Subsidiaries, and their affiliates;

                  (ii) the Company shall be merged or consolidated  with another
            corporation, unless as a result of such merger or consolidation more
            than 50% of the  outstanding  voting  securities of the surviving or
            resulting  corporation  shall  be  owned  in  the  aggregate  by the
            stockholders  of the  Company (as of the time  immediately  prior to
            such  transaction),  any employee benefit plan of the Company or its
            Subsidiaries, and their affiliates;

                  (iii) the Company shall sell  substantially  all of its assets
            to  another  corporation  that is not wholly  owned by the  Company,
            unless as a result of such sale more than 50% of such  assets  shall
            be owned in the aggregate by the  stockholders of the Company (as of
            the  time  immediately  prior  to such  transaction),  any  employee
            benefit  plan  of  the  Company  or  its   Subsidiaries   and  their
            affiliates; or

                  (iv) a Person (as defined  below) shall acquire 50% or more of
            the outstanding  voting securities of the Company (whether directly,
            indirectly,  beneficially or of record),  unless as a result of such
            acquisition  more than 50% of the outstanding  voting  securities of
            the  surviving  or  resulting  corporation  shall  be  owned  in the
            aggregate  by the  stockholders  of  the  Company  (as  of the  time
            immediately  prior to the first  acquisition  of such  securities by
            such  Person),  any  employee  benefit  plan of the  Company  or its
            Subsidiaries, and their affiliates.

            For purposes of this Section  5(c),  ownership of voting  securities
shall take into account and shall  include  ownership as  determined by applying
the  provisions of Rule  13d-3(d)(I)(i)  (as in effect on the date hereof) under
the  Securities  Exchange  Act of 1934,  as amended  (the  "Exchange  Act").  In
addition,  for such  purposes,  "Person" shall have the meaning given in Section
3(a)(9) of the Exchange  Act, as modified  and used in Sections  13(d) and 14(d)
thereof;  however,  a Person  shall not  include  (A) the  Company or any of its
Subsidiaries;  (B) a trustee  or other  fiduciary  holding  securities  under an
employee  benefit  plan  of the  Company  or any  of  its  Subsidiaries;  (C) an
underwriter  temporarily  holding  securities  pursuant  to an  offering of such
securities;  or  (D)  a  corporation  owned,  directly  or  indirectly,  by  the
stockholders  of the  Company  in  substantially  the same  proportion  as their
ownership of stock of the Company.

                                       3

            (b)   METHOD OF EXERCISE. Options to the extent then exercisable may
be exercised in whole or in part at any time during the option period, by giving
written  notice to the  Company  specifying  the number of shares of Stock to be
purchased,  accompanied by payment in full of the purchase price, in cash, or by
check  or such  other  instrument  as may be  acceptable  to the  Committee.  As
determined by the Committee, in its sole discretion,  at or after grant, payment
in full or in part may be made at the  election of the  Optionee (i) in the form
of Stock  owned by the  Optionee  (based on the Fair  Market  Value of the Stock
which is not the subject of any pledge or security interest, (ii) in the form of
shares of Stock withheld by the Company from the shares of Stock otherwise to be
received with such withheld  shares of Stock having a Fair Market Value equal to
the exercise  price of the Option,  or (iii) by a combination  of the foregoing,
such Fair Market  Value  determined  by  applying  the  principles  set forth in
Section 5(a),  provided that the combined value of all cash and cash equivalents
and the Fair Market Value of any shares  surrendered  to the Company is at least
equal to such exercise  price.  A Optionee shall have the right to dividends and
other rights of a  stockholder  with respect to shares of Stock  purchased  upon
exercise of an Option at such time as the Optionee (i) has given written  notice
of exercise and has paid in full for such shares,  and (ii) has  satisfied  such
conditions that may be imposed by the Company with respect to the withholding of
taxes.

            (c)   NON-TRANSFERABILITY OF OPTIONS; CONDITION OF EXERCISE.

                  (i) Except as provided in Section 5(e)(ii) hereof,  during the
            lifetime  of an  Optionee,  only the  Optionee  (or, in the event of
            legal incapacity or incompetence,  the Optionee's  guardian or legal
            representative)  may  exercise  an  Option.  Except as  provided  in
            Section   5(e)(ii)   hereof,   no  Option  shall  be  assignable  or
            transferable  by the  Optionee to whom it is granted,  other than by
            will or the laws of descent and distribution.

                  (ii) Except pursuant to the laws of descent and  distribution,
            Optionee shall not sell or in any other way, directly or indirectly,
            transfer, assign, distribute, pledge, hypothecate, encumber, gift or
            otherwise  alienate  or dispose of  (collectively,  "Transfer")  any
            Stock  issued  pursuant to the  exercise of an Option  (whether  now
            owned or hereafter acquired pursuant to such exercise), or any right
            or  interest  therein,  whether  voluntarily  or  involuntarily,  by
            operation  of  law,  court  order,  foreclosure,   marital  property
            division or otherwise,  except (a) in compliance with all applicable
            U.S. federal and state and foreign  securities laws and (b) with the
            written consent of the Company.  Notwithstanding the foregoing,  the
            Optionee may Transfer such Stock by gift or domestic relations order
            to any "family member" (as that term is defined under Rule 701(c)(3)
            of the  Securities  Act,  as  amended  from  time to  time)  without
            obtaining  the written  consent of the Company;  provided,  that (i)
            such  Transfer  shall  be in  compliance  with all  applicable  U.S.
            federal and state and foreign  securities  laws; (ii) there shall be
            no  consideration  for any such  Transfer;  and (iii) the transferee
            shall agree not to Transfer  such Stock  except in  accordance  with
            this Section  5(e)(iii).  Any attempted  Transfer of Stock  acquired
            pursuant  to the  exercise  of an Option  that is not  permitted  in
            accordance  with  this  Section  5(e)(iii)  shall  be void and of no
            further force and effect and shall not be registered on the books of
            the Company. In addition, the Company may require, as a condition to
            exercise,  that  the  Optionee  agree  to  execute  a  stockholders'

                                       4

            agreement  in  such  form  as may  be  reasonably  requested  by the
            Company.  The  provisions  of this Section  5(e)(iii)  will be of no
            further  force or effect  upon the earlier of: (x) the first date on
            which  Shares  are held of  record by more  than two  hundred  (200)
            persons and the company is filing  reports  pursuant to the Exchange
            Act,  as  amended;   (y)  the  consummation  of  a  firm  commitment
            underwritten public offering,  pursuant to an effective registration
            statement under the Securities Act, as amended from time to time; or
            (z) a sale of the  Company  to,  or merger of the  Company  with,  a
            company  subject to the reporting  requirements of the Exchange Act,
            as amended from time to time.

            (d)   TERMINATION  BY  DEATH.  Unless  otherwise  determined  by the
Committee,  if any Optionee's  employment  with or service to the Company or any
Subsidiary  terminates  by  reason  of  death,  the  Option  may  thereafter  be
exercised,  to the extent then exercisable (or on such accelerated  basis as the
Committee shall determine at or after grant), by the legal representative of the
estate or by the legatee of the Optionee  under the will of the Optionee,  for a
period of one (1) year after the date of such death (or, if later,  such time as
the Option may be  exercised  pursuant  to  Section  12(d)  hereof) or until the
expiration  of the  stated  term of such  Option  as  provided  under  the Plan,
whichever period is shorter.

            (e)   TERMINATION   BY  REASON  OF  DISABILITY.   Unless   otherwise
determined by the Committee, if any Optionee's employment with or service to the
Company  or  any  Subsidiary   terminates  by  reason  of  total  and  permanent
disability, any Option held by such Optionee may thereafter be exercised, to the
extent it was  exercisable at the time of  termination  due to disability (or on
such accelerated basis as the Committee shall determine at or after grant),  but
may not be exercised  after ninety (90) days after the date of such  termination
of employment or service (or, if later, such time as the Option may be exercised
pursuant to Section 12(d)  hereof) or the  expiration of the stated term of such
Option,  whichever period is shorter;  PROVIDED,  HOWEVER, that, if the Optionee
dies within such ninety  (90) day period,  any  unexercised  Option held by such
Optionee  shall  thereafter  be  exercisable  to  the  extent  to  which  it was
exercisable  at the time of death for a period of one (1) year after the date of
such death (or, if later,  such time as the Option may be exercised  pursuant to
Section 12(d) hereof) or for the stated term of such Option, whichever period is
shorter.

            (f)   TERMINATION   BY  REASON  OF  RETIREMENT.   Unless   otherwise
determined by the Committee, if any Optionee's employment with or service to the
Company or any Subsidiary terminates by reason of Normal or Early Retirement (as
such terms are defined  below),  any Option held by such Optionee may thereafter
be exercised to the extent it was exercisable at the time of such Retirement (or
on such  accelerated  basis as the Committee shall determine at or after grant),
but  may  not be  exercised  after  ninety  (90)  days  after  the  date of such
termination of employment or service (or, if later,  such time as the Option may
be exercised  pursuant to Section 12(d) hereof) or the  expiration of the stated
term of such Option, whichever date is earlier; provided,  however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by
such Optionee  shall  thereafter be  exercisable,  to the extent to which it was
exercisable at the time of death, for a period of one (1) year after the date of
such death (or, if later,  such time as the Option may be exercised  pursuant to
Section 12(d) hereof) or for the stated term of such Option, whichever period is
shorter.

                                       5

            For purposes of this paragraph (f), "Normal  Retirement"  shall mean
retirement from active employment with the Company or any Subsidiary on or after
the normal  retirement  date specified in the  applicable  Company or Subsidiary
pension plan or if no such pension plan,  age 65, and "Early  Retirement"  shall
mean  retirement  from  active  employment  with the  Company or any  Subsidiary
pursuant  to the  early  retirement  provisions  of the  applicable  Company  or
Subsidiary pension plan or if no such pension plan, age 55.

            (g)   OTHER   TERMINATION.   Unless  otherwise   determined  by  the
Committee and except as is provided below, if any Optionee's  employment with or
service to the Company or any  Subsidiary  terminates  for any reason other than
death,  disability  or Normal or Early  Retirement,  the Option shall  thereupon
terminate,  except that the portion of any Option  that was  exercisable  on the
date of such  termination  of  employment  or service may be  exercised  for the
lesser of ninety (90) days after the date of  termination  (or,  if later,  such
time as to Option may be  exercised  pursuant  to Section  12(d)  hereof) or the
balance of such Option's  term,  which ever period is shorter if the  Optionee's
employment  or service  with the  Company or  Subsidiary  is  terminated  by the
Company or Subsidiary without cause, the determination as to whether termination
was for cause to be made by the Committee.  The transfer of an Optionee from the
employ of or service to the Company to the employ of or service to a Subsidiary,
or vice  versa,  or from one  Subsidiary  to  another,  shall  not be  deemed to
constitute a termination of employment or service for purposes of the Plan.

      6.    CAPITAL CHANGE OF THE COMPANY.

            In  the  event  of  any   merger,   reorganization,   consolidation,
recapitalization,  stock  dividend,  or  other  change  in  corporate  structure
affecting  the Stock,  the  Committee  shall make an  appropriate  and equitable
adjustment in the number and kind of shares reserved for issuance under the Plan
and in the number  and option  price of shares  subject to  outstanding  Options
granted  under  the Plan,  to the end that  after  such  event  each  Optionee's
proportionate   interest  shall  be  maintained  (to  the  extent  possible)  as
immediately before the occurrence of such event.

            The  adjustments  described  above  will be made only to the  extent
consistent with continued qualification of the Option under Section Section 409A
of the Code.

      7.    PURCHASE FOR INVESTMENT/CONDITIONS.

            Unless  the  Options  and  shares  covered  by the  Plan  have  been
registered  under the Securities  Act, or the Company has  determined  that such
registration is unnecessary,  each person  exercising or receiving Options under
the Plan may be required by the Company to give a representation in writing that
he is acquiring the securities for his own account for investment and not with a
view to, or for sale in connection  with, the  distribution of any part thereof.
The Committee may impose any  additional  or further  restrictions  on awards of
Options as shall be determined by the Committee at the time of award.

      8.    TAXES.

            The Company  may make such  provisions  as it may deem  appropriate,
consistent with applicable law, in connection with any Options granted under the
Plan  with  respect  to  the  withholding  of any  taxes  (including  income  or
employment taxes) or any other tax matters.

                                       6

      9.    EFFECTIVE DATE OF PLAN.

            The Plan shall be effective on [DATE];  provided,  however,  that in
the  event  certain   Option  grants   hereunder  are  intended  to  qualify  as
performance-based compensation within the meaning of Section 162(m) of the Code,
the  requirements as to shareholder  approval set forth in Section 162(m) of the
Code are satisfied.

      10.   AMENDMENT AND TERMINATION.

            The Board may amend,  suspend, or terminate the Plan, except that no
amendment  shall be made that would impair the rights of the Optionee  under the
Option theretofore  granted without the Optionee's  consent,  and except that no
amendment shall be made which,  without the approval of the  stockholders of the
Company would:

            (a)   materially  increase  the number of shares  that may be issued
under the Plan, except as is provided in Section 7;

            (b)   materially  increase  the  benefits  accruing to the  Optionee
under the Plan;

            (c)   materially  modify  the  requirements  as to  eligibility  for
participation in the Plan;

            (d)   decrease the exercise price of a  Nonqualified  Option to less
than  100% of the  Fair  Market  Value  per  share of Stock on the date of grant
thereof; or

            (e)   extend  the term of the Option  beyond  that  provided  for in
Section 5(b).

            The  Committee  may at any  time  or  times  amend  the  Plan or any
outstanding  award for any purpose which may at the time be permitted by law, or
may at any time terminate the Plan as to any further grants of awards.

            It is the intention of the Board that the Plan comply  strictly with
the  provisions of Section 409A of the Code and Treasury  Regulations  and other
Internal  Revenue  Service  guidance  promulgated  thereunder (the "Section 409A
Rules") and the  Committee  shall  exercise its  discretion  in granting  awards
hereunder (and the terms of such awards), accordingly. The Plan and any grant of
an award hereunder may be amended from time to time (without,  in the case of an
award, the consent of the Optionee) as may be necessary or appropriate to comply
with the Section 409A Rules.

      11.   GOVERNMENT REGULATIONS.

            The Plan, and the grant and exercise of Options  hereunder,  and the
obligation of the Company to sell and deliver shares under such Options shall be
subject to all applicable laws, rules and regulations,  and to such approvals by
any  governmental  agencies,   national  securities  exchanges  and  interdealer
quotation systems as may be required.

                                       7

      12. GENERAL PROVISIONS.

            (a)   CERTIFICATES.  All  certificates for shares of Stock delivered
under  the Plan  shall  be  subject  to such  stop  transfer  orders  and  other
restrictions  as the Committee may deem advisable  under the rules,  regulations
and other  requirements  of the  Securities  and Exchange  Commission,  or other
securities  commission  having  jurisdiction,  any  applicable  Federal or state
securities  law, any stock exchange or interdealer  quotation  system upon which
the  Stock is then  listed  or traded  and the  Committee  may cause a legend or
legends to be placed on any such  certificates to make appropriate  reference to
such restrictions.

            (b)   EMPLOYMENT  MATTERS.  Neither the adoption of the Plan nor any
grant or award under the Plan shall  confer upon any Optionee who is an employee
of the Company or any  Subsidiary  any right to continued  employment or, in the
case of a Optionee who is a director,  continued service as a director, with the
Company or a  Subsidiary,  as the case may be, nor shall it interfere in any way
with the right of the Company or any  Subsidiary to terminate the  employment of
any of its  employees,  the service of any of its  directors or the retention of
any of its consultants or advisors at any time.

            (c)   LIMITATION OF LIABILITY.  No member of the  Committee,  or any
officer or employee of the Company acting on behalf of the  Committee,  shall be
personally liable for any action,  determination or interpretation taken or made
in good faith with  respect to the Plan,  and all members of the  Committee  and
each and any officer or employee of the Company acting on their behalf shall, to
the extent  permitted by law, be fully  indemnified and protected by the Company
in respect of any such action, determination or interpretation.

            (d)   REGISTRATION OF STOCK.  Notwithstanding any other provision in
the Plan,  no Option  may be  exercised  unless and until the Stock to be issued
upon the  exercise  thereof has been  registered  under the  Securities  Act and
applicable  state  securities  laws,  or are,  in the  opinion of counsel to the
Company,  exempt from such registration in the United States.  The Company shall
not be under any  obligation  to  register  under  applicable  federal  or state
securities  laws any Stock to be issued upon the  exercise of an Option  granted
hereunder in order to permit the exercise of an Option and the issuance and sale
of the Stock  subject  to such  Option,  although  the  Company  may in its sole
discretion  register such Stock at such time as the Company shall determine.  If
the Company  chooses to comply with such an  exemption  from  registration,  the
Stock issued  under the Plan may, at the  direction  of the  Committee,  bear an
appropriate  restrictive  legend restricting the transfer or pledge of the Stock
represented  thereby,  and the Committee may also give appropriate stop transfer
instructions with respect to such Stock to the Company's transfer agent.

      13.   GOVERNING LAW.

            The validity, construction, and effect of the Plan and any rules and
regulations  relating to the Plan shall be  determined  in  accordance  with the
internal laws of the State of Delaware,  without  giving effect to principles of
conflicts of laws, and applicable federal law.

                                    SoftWave Media Exchange, Inc.
                                    [DATE]

                                       8

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