Document:

Exhibit 4.3

                      CONSENT AND AMENDMENT NO. 1 TO THE
                            5-YEAR CREDIT AGREEMENT

                                                   Dated as of August 13, 2003

          CONSENT AND AMENDMENT NO. 1 TO THE 5-YEAR CREDIT AGREEMENT (this
"Amendment") among THE WASHINGTON POST COMPANY, a Delaware corporation (the
"Borrower"), the banks, financial institutions and other institutional lenders
parties to the Credit Agreement referred to below (collectively, the
"Lenders") and CITIBANK, N.A., as agent (the "Agent") for the Lenders.

          PRELIMINARY STATEMENTS:

          (1) The Borrower, the Lenders and the Agent have entered into a
5-Year Credit Agreement dated as of August 14, 2002 (the "Credit Agreement").
Capitalized terms not otherwise defined in this Amendment have the same
meanings as specified in the Credit Agreement.

          (2) The Borrower has proposed to undertake an internal restructuring
pursuant to which the Borrower will merge with a wholly owned Subsidiary of a
newly formed corporate parent of the Borrower and transfer its assets and
liabilities, other than the assets and liabilities relating to the Borrower's
newspaper publishing business, to such new corporate parent (the
"Restructuring"). As a part of the Restructuring, the new corporate parent
(the "New Borrower") and the Borrower will enter into an assignment and
assumption agreement whereby the New Borrower will become the "Borrower" under
the Credit Agreement. The Borrower has requested that the Required Lenders (x)
consent to the Restructuring and the assignment and assumption agreement
described above, and (y) agree to amend the Credit Agreement as hereinafter
set forth.

          (3) The Required Lenders are, on the terms and conditions stated
below, willing to grant the request of the Borrower and the Borrower and the
Required Lenders have agreed to amend the Credit Agreement as hereinafter set
forth.

          SECTION 1. Consent to Restructuring. Effective as of the date hereof
and subject to the satisfaction of the conditions precedent set forth in
Section 3, the Required Lenders hereby consent to the Restructuring and to the
assignment and assumption of the rights and obligations of the Borrower under
the Credit Agreement as described above.

          SECTION 2. Amendments to Credit Agreement. The Credit Agreement is,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 3, hereby amended as follows:

          (a) Section 1.01 is amended by adding in appropriate alphabetical
order the following definitions:

          "Borrower" has the meaning specified in the recital or parties to
     this Agreement, provided that upon the completion of the Restructuring
     and the

<PAGE>

     satisfaction of the conditions set forth in Section 5.01(j), the Borrower
     shall be the New Borrower.

          "Loan Document" means this Agreement, the Notes and, after the
     Restructuring, the Subsidiary Guaranty and the New Borrower Assignment.

          "Loan Party" means the Borrower and, so long as the Subsidiary
     Guaranty is in effect, the Subsidiary Guarantor.

          "New Borrower" means, upon the completion of the Restructuring, the
     new parent holding company that is the corporate parent of the Newspaper
     Subsidiary.

          "New Borrower Assignment" has the meaning specified in Section
     5.01(j).

          "Newspaper Subsidiary" has the meaning specified in the definition
     of "Restructuring".

          "Restructuring" means an internal restructuring of the Borrower
     pursuant to which the Borrower merges with a wholly owned Subsidiary of
     the New Borrower and transfers its assets and liabilities, other than the
     newspaper publishing business, to the New Borrower. Thereafter the
     Borrower shall be a wholly owned subsidiary of the New Borrower and shall
     be referred to as the "Newspaper Subsidiary".

          "Subsidiary Guaranty" has the meaning specified in Section 5.01(j).

          (b) The definition of "Significant Subsidiary" in Section 1.01 is
amended by adding to the end thereof the phrase "and shall include, so long as
the Subsidiary Guaranty is in effect, the Newspaper Subsidiary".

          (c) Section 3.02(a) is amended by deleting the phrase "contained in
Section 4.01" and substituting therefor the phrase "contained in Section 4.01
and, so long as the Subsidiary Guaranty is in effect, in Section 6 of the
Subsidiary Guaranty".

          (d) Section 3.03(a) is amended by deleting the phrase "contained in
Section 4.01" and substituting therefor the phrase "contained in Section 4.01
and, so long as the Subsidiary Guaranty is in effect, in Section 6 of the
Subsidiary Guaranty".

          (e) Section 5.01(d) is amended in full to read as follows:

          (d) Preservation of Corporate Existence, Etc. Preserve and maintain,
     and so long as the Newspaper Subsidiary is in effect, cause the Newspaper
     Subsidiary to preserve and maintain, its corporate or other legal
     existence, rights (charter and statutory) and franchises if the loss or
     failure to maintain the same could, individually or in the aggregate, be
     reasonably likely to have a Material Adverse Effect; provided, however,
     that the Borrower and the Subsidiary Guarantor may consummate any merger,

<PAGE>

     consolidation or other transaction permitted under Section 5.02(b),
     including the Restructuring.

          (f) Section 5.01 is amended by adding to the end thereof a new
     subsection (j) to read as follows:

          (j) Restructuring. Deliver to the Agent not later than five (5)
     Business Days after the completion of the Restructuring, in sufficient
     copies for each Lender:

               (i) An assignment and assumption agreement, substantially in
          the form of Exhibit G hereto (the "New Borrower Assignment"), duly
          executed by the parties thereto.

               (ii) Certified copies of the resolutions of the Board of
          Directors of (x) the New Borrower approving or ratifying the New
          Borrower Assignment and the assumption by the New Borrower of the
          obligations of the Borrower under the Credit Agreement and the Notes
          and (y) the Newspaper Subsidiary approving or ratifying the
          Subsidiary Guaranty.

               (iii) A certificate of the Secretary or an Assistant Secretary
          of each of the New Borrower and the Newspaper Subsidiary certifying
          the names and true signatures of the officers of such Loan Party
          authorized to sign each Loan Document to which it is a party and the
          other documents to be delivered by it hereunder.

               (iv) A guaranty in substantially the form of Exhibit F hereto
          (as amended, supplemented or otherwise modified from time to time,
          the "Subsidiary Guaranty"), duly executed by the Newspaper
          Subsidiary.

               (v) Favorable opinions of in-house counsel for each of the New
          Borrower and the Newspaper Subsidiary, substantially in the forms of
          Exhibits E-2 and E-3 hereto, respectively.

          (g) Section 5.02(b) is amended in full to read as follows:

          (b) Mergers, Etc. Merge or consolidate with or into, or convey,
     transfer, lease or otherwise dispose of (whether in one transaction or in
     a series of transactions) all or substantially all of its assets (whether
     now owned or hereafter acquired) to, any Person, or so long as the
     Subsidiary Guaranty is in effect, permit the Newspaper Subsidiary to do
     any of the foregoing, provided that the Borrower and the Newspaper
     Subsidiary may (i) merge or consolidate with any other Person so long as
     the Borrower or the Newspaper Subsidiary, as the case may be, is the
     surviving entity and (ii) consummate the Restructuring and provided
     further that no Default shall have occurred and be continuing at the time
     of such proposed transaction or would result therefrom.

          (h) Section 6.01(b) is amended in full to read as follows:

<PAGE>

          (b) Any representation or warranty made by any Loan Party in any
     Loan Document or by any Loan Party (or any of its officers) in connection
     with any Loan Document shall prove to have been incorrect in any material
     respect when made; or

          (i) Section 8.06 is amended by adding to the end thereof a new
proviso to read as follows:

     ; provided that upon completion of the Restructuring, the Borrower's
     assignment to the New Borrower of the Borrower's rights hereunder, and
     the New Borrower's assumption thereof, shall not require the prior
     written consent of the Lenders, and after such assignment and assumption
     is effective (i) this Agreement shall be binding on and inure to the
     benefit of the New Borrower and (ii) the Newspaper Subsidiary shall be
     released from its rights and obligations under this Agreement and the
     other Loan Documents other than the Subsidiary Guaranty.

          (j) Section 8.08 is amended by adding to the end thereof a new
sentence to read as follows:

     Notwithstanding anything herein to the contrary, each Loan Party, the
     Agent, each Lender and Citigroup Global Markets Inc. (and each employee,
     representative or other agent of each of the foregoing parties) may
     disclose to any and all Persons, without limitation of any kind, the U.S.
     tax treatment and tax structure of the transactions contemplated hereby
     and all materials of any kind (including opinions or other tax analyses)
     that are provided to any of the foregoing parties relating to such U.S.
     tax treatment and tax structure, except that the tax treatment and tax
     structure shall not include the identity of any existing or future party
     (or any Affiliate of such party) to this Agreement.

          (k) A new Section 8.13 is added to read as follows:

               SECTION 8.13. Amendments to the Subsidiary Guaranty. The Agent
          shall not consent to any amendment or waiver of any provision of the
          Subsidiary Guaranty, nor consent to any departure by the Newspaper
          Subsidiary therefrom, without the prior consent of the Required
          Lenders, and then such consent shall be effective only in the
          specific instance and for the specific purpose for which given;
          provided, however, that, without the prior consent of all the
          Lenders, the Agent shall not consent to any amendment or waiver of
          the provisions of Section 1 of the Subsidiary Guaranty which would
          reduce or limit the scope of the obligations under or in respect of
          the Credit Agreement which are being guaranteed by the Newspaper
          Subsidiary under the Subsidiary Guaranty. This Section 8.13 may not
          be amended unless such amendment is in writing and is signed by all
          the Lenders.

          (l) Exhibit E is renamed "Exhibit E-1" and new Exhibits E-2, E-3, F
     and G are added in the forms attached as Exhibits E-2, E-3, F and G to
     this Amendment.

          SECTION 3. Conditions of Effectiveness. This Amendment shall become
effective as of the date first above written when, and only when, on or before
September 5, 2003,

<PAGE>

the Agent shall have received counterparts of this Amendment executed by the
Borrower and the Required Lenders or, as to any of the Lenders, advice
satisfactory to the Agent that such Lender has executed this Amendment. The
effectiveness of this Amendment is conditioned upon the accuracy of the
factual matters described herein. This Amendment is subject to the provisions
of Section 8.01 of the Credit Agreement.

          SECTION 4. Representations and Warranties of the Borrower. The
Borrower represents and warrants as follows:

          (a) The Borrower is a corporation duly organized, validly existing
     and in good standing under the laws of the jurisdiction indicated in the
     recital of parties to this Amendment.

          (b) The execution, delivery and performance by the Borrower of this
     Amendment and the Credit Agreement, as amended hereby, are within the
     Borrower's corporate powers, have been duly authorized by all necessary
     corporate action, and do not contravene (i) the Borrower's charter or
     by-laws or (ii) law or any contractual restriction binding on or
     affecting the Borrower.

          (c) No authorization or approval or other action by, and no notice
     to or filing with, any governmental authority or regulatory body or any
     other third party is required for the due execution, delivery or
     performance by the Borrower of this Amendment or the Credit Agreement, as
     amended hereby.

          (d) This Amendment has been duly executed and delivered by the
     Borrower. This Amendment and the Credit Agreement, as amended hereby, are
     legal, valid and binding obligations of the Borrower, enforceable against
     the Borrower in accordance with their respective terms.

          (e) There is no pending or threatened action, suit, investigation,
     litigation or proceeding affecting the Borrower or any of its
     Subsidiaries before any court, governmental agency or arbitrator that
     purports to affect the legality, validity or enforceability of this
     Amendment or the Credit Agreement.

          (f) No Default has occurred and is continuing.

          SECTION 5. Reference to and Effect on the Credit Agreement and the
Notes. (a) On and after the effectiveness of this Amendment, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of
like import referring to the Credit Agreement, and each reference in the Notes
to "the Credit Agreement", "thereunder", "thereof" or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit
Agreement, as amended by this Amendment.

          (b) The Credit Agreement and the Notes, as specifically amended by
this Amendment, are and shall continue to be in full force and effect and are
hereby in all respects ratified and confirmed.

<PAGE>

          (c) The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Agent under the Credit Agreement,
nor constitute a waiver of any provision of the Credit Agreement.

          SECTION 6. Costs and Expenses. The Borrower agrees to pay on demand
all costs and expenses of the Agent in connection with the preparation,
execution, delivery and administration, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel
for the Agent) in accordance with the terms of Section 8.04(a) of the Credit
Agreement.

          SECTION 7. Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be deemed equivalent to delivery of a manually
executed counterpart of this Amendment.

          SECTION 8. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                          THE WASHINGTON POST COMPANY

                                          By     /s/ Daniel J. Lynch
                                                 ------------------------
                                          Title: Treasurer

                                          CITIBANK, N.A.
                                            as Agent and as a Lender

                                          By     /s/ Julio Ojea Quintana
                                                 ------------------------
                                          Title: Director

                                          WACHOVIA BANK, NATIONAL ASSOCIATION

                                          By     /s/ Barbara K. Angel
                                                 --------------------------
                                          Title: Senior Vice President

<PAGE>

                                          SUNTRUST BANK

                                          By     /s/ Kip Hurd
                                                 --------------------------
                                          Title: Vice President

                                          BANK ONE, NA

                                           By     /s/Matthew J. Reilly
                                                  -------------------------
                                           Title: Director

                                           JPMORGAN CHASE BANK

                                            By     /s/ Peter J. D'Agostino
                                                   -------------------------
                                            Title: Vice President/Team Leader

                                            THE BANK OF NEW YORK

                                            By     /s/ John C. Lambert
                                                   --------------------------
                                            Title: Senior Vice President

                                            RIGGS BANK N.A.

                                            By     /s/ Douglas H. Klamfoth
                                                   --------------------------
                                            Title: Vice President

<PAGE>

                                             THE NORTHERN TRUST COMPANY

                                             By     /s/ Alfred Armengol
                                                    -------------------------
                                             Title: Officer

<PAGE>

                                                        EXHIBIT E-2 - FORM OF
                                                           OPINION OF COUNSEL
                                                         FOR THE NEW BORROWER

                                                                       [Date]

To each of the Lenders parties
to the 5-Year Credit Agreement dated
as of August 14, 2002 among
The Washington Post Company,
presently known as WP Company LLC,
said Lenders, Citibank, N.A., as
Agent for said Lenders

THE WASHINGTON POST COMPANY (FORMERLY KNOWN AS TWPC, INC.)

Ladies and Gentlemen:

          This opinion is furnished to you pursuant to Section 5.01(j)(v) of
the 5-Year Credit Agreement, dated as of August 14, 2002 (as amended to date,
the "Credit Agreement"), among The Washington Post Company, presently known as
WP Company LLC (the "Initial Borrower"), the Lenders parties thereto,
Citibank, N.A., as Agent for said Lenders. Terms defined in the Credit
Agreement are used herein as therein defined.

          I am the General Counsel of the New Borrower and as such I am
familiar with the Credit Agreement and the corporate proceedings taken by the
New Borrower to authorize the assumption by the New Borrower of the rights and
obligations of the Initial Borrower under the Credit Agreement.

          For purposes of this opinion, I have examined:

         (1) The Credit Agreement.

         (2) The documents furnished by the New Borrower pursuant to Section
         5.01(j) of the Credit Agreement, including the New Borrower
         Assignment.

         (3) The Certificate of Incorporation of the New Borrower and all
         amendments thereto (the "Charter").

         (4) The by-laws of the New Borrower and all amendments thereto (the
         "By-laws").

         (5) A certificate of the Secretary of State of Delaware, dated
         ________ __, 2003, attesting to the continued corporate existence and
         good standing of the New Borrower in that State.

<PAGE>

          In addition, I have examined the originals, or copies certified to
my satisfaction, of such other corporate records of the New Borrower,
certificates of public officials and of officers of the New Borrower, and
agreements, instruments and other documents, as I have deemed necessary as a
basis for the opinions expressed below. As to questions of fact material to
such opinions, I have, when relevant facts were not independently established
by me, relied upon certificates of the New Borrower or its officers or of
public officials. I have assumed the due execution and delivery, pursuant to
due authorization, of the Credit Agreement by the Initial Lenders and the
Agent.

          My opinions expressed below are limited to the law of the State of
New York, the General Corporation Law of the State of Delaware and the Federal
law of the United States of America.

          Based upon the foregoing and upon such investigation as I have
deemed necessary, I am of the following opinion:

         1. The New Borrower is a corporation validly existing and in good
         standing under the laws of the State of Delaware.

         2. The execution and delivery by the New Borrower of the New Borrower
         Assignment, and the performance by the New Borrower of its
         obligations as the "Borrower" under the Credit Agreement and the
         Notes, and the consummation of the transactions contemplated thereby,
         are within the New Borrower's corporate powers, and have been duly
         authorized by all necessary corporate action, and do not contravene
         (i) the Charter or the By-laws or (ii) any law, rule or regulation
         applicable to the New Borrower (including, without limitation,
         Regulation X of the Board of Governors of the Federal Reserve System)
         or (iii) to the best of my knowledge after appropriate inquiry, (x)
         any contractual restriction or (y) any legal restriction contained in
         orders, writs, judgments, awards, injunctions or decrees applicable
         to the New Borrower or its assets, in each case that affects or
         purports to affect the New Borrower's right to borrow money or the
         New Borrower's obligations as the "Borrower" under the Credit
         Agreement or Notes. The New Borrower Assignment delivered on the date
         hereof has been duly executed and delivered on behalf of the New
         Borrower.

         3. No authorization, approval or other action by, and no notice to or
         filing with, any United States Federal, New York or, to the extent
         required under the General Corporation Law of the State of Delaware,
         Delaware governmental authority or regulatory body is required for
         the due execution, delivery and performance by the New Borrower of
         the New Borrower Assignment and the performance by the New Borrower
         of the Credit Agreement and the Notes.

         4. After the execution and delivery of the New Borrower Assignment,
         the Credit Agreement is, and upon the consummation of any Borrowings,
         the Notes will be, legal, valid and binding obligations of the New
         Borrower enforceable against the New Borrower in accordance with
         their respective terms.

<PAGE>

         5. To the best of my knowledge after appropriate inquiry, there are
         no pending or overtly threatened actions or proceedings against the
         New Borrower or any of its Subsidiaries before any court,
         governmental agency or arbitrator that purport to affect the
         legality, validity, binding effect or enforceability of the New
         Borrower Assignment, the Credit Agreement or any of the Notes or the
         consummation of the transactions contemplated thereby or that are
         likely to have a materially adverse effect upon the financial
         condition or operations of the New Borrower and its Subsidiaries
         taken as a whole.

The opinions set forth above are subject to the following qualifications:

          (a) My opinion in paragraph 4 above as to enforceability is subject
     to the effect of any applicable bankruptcy, insolvency (including,
     without limitation, all laws relating to fraudulent transfers),
     reorganization, moratorium or similar law affecting creditors' rights
     generally.

          (b) My opinion in paragraph 4 above as to enforceability is subject
     to the effect of general principles of equity, including, without
     limitation, concepts of materiality, reasonableness, good faith and fair
     dealing (regardless of whether considered in a proceeding in equity or at
     law).

          (c) Insofar as provisions contained in the Credit Agreement provide
     for indemnification, the enforceability thereof may be limited by public
     policy considerations.

          (d) I express no opinion as to the effect of the law of any
     jurisdiction other than the State of New York wherein any Lender may be
     located or wherein enforcement of the Credit Agreement or the Notes may
     be sought that limits the rates of interest legally chargeable or
     collectible.

                                       Very truly yours,

<PAGE>

                                                         EXHIBIT E-3 - FORM OF
                                                            OPINION OF COUNSEL
                                                  FOR THE NEWSPAPER SUBSIDIARY

[Date]

To each of the Lenders parties to the 5-Year Credit Agreement dated as of
August 14, 2002 among The Washington Post Company, presently known as WP
Company, LLC, said Lenders, Citibank, N.A., as Agent for said Lenders

WP COMPANY LLC (FORMERLY KNOWN AS THE WASHINGTON POST COMPANY)

Ladies and Gentlemen:

          This opinion is furnished to you pursuant to Section 5.01(j)(v) of
the 5-Year Credit Agreement, dated as of August 14, 2002 (as amended to date,
the "Credit Agreement"), among The Washington Post Company (the "Initial
Borrower"), presently known as WP Company LLC, the Lenders parties thereto,
Citibank, N.A., as Agent for said Lenders. Terms defined in the Credit
Agreement are used herein as therein defined.

          I am the General Counsel of The Washington Post Company (formerly
known and TWPC, Inc.), the sole stockholder of the Newspaper Subsidiary, and
as such I am familiar with the Credit Agreement and the proceedings taken by
the Newspaper Subsidiary to authorize the execution and delivery of the
Subsidiary Guaranty.

          For purposes of this opinion, I have examined:

         (1) The Credit Agreement.

         (2) The documents furnished by the Newspaper Subsidiary pursuant to
         Section 5.01(j) of the Credit Agreement, including the Subsidiary
         Guaranty.

         (3) The Certificate of Formation and Certificate of Conversion of the
         Newspaper Subsidiary and all amendments thereto (the "Certificates").

         (4) The limited liability company agreement of the Newspaper
         Subsidiary and all amendments thereto (the "LLC Agreement").

         (5) A certificate of the Secretary of State of Delaware, dated
         ________ __, 2003, attesting to the continued existence and good
         standing of the Newspaper Subsidiary in that State.

          In addition, I have examined the originals, or copies certified to
my satisfaction, of such other records of the Newspaper Subsidiary,
certificates of public officials and of officers

<PAGE>

of the Newspaper Subsidiary, and agreements, instruments and other documents,
as I have deemed necessary as a basis for the opinions expressed below. As to
questions of fact material to such opinions, I have, when relevant facts were
not independently established by me, relied upon certificates of the Newspaper
Subsidiary or its officers or of public officials. I have assumed the due
execution and delivery, pursuant to due authorization, of the Credit Agreement
by the Initial Lenders and the Agent.

          My opinions expressed below are limited to the law of the State of
New York, the Limited Liability Company Act of the State of Delaware and the
Federal law of the United States of America.

          Based upon the foregoing and upon such investigation as I have
deemed necessary, I am of the following opinion:

         1. The Newspaper Subsidiary is a limited liability company validly
         existing and in good standing under the laws of the State of
         Delaware.

         2. The execution, delivery and performance by the Newspaper
         Subsidiary of the Subsidiary Guaranty are within the Newspaper
         Subsidiary's powers, and have been duly authorized by all necessary
         action, and do not contravene (i) the Certificates or LLC Agreement
         or (ii) any law, rule or regulation applicable to the Newspaper
         Subsidiary (including, without limitation, Regulation X of the Board
         of Governors of the Federal Reserve System) or (iii) to the best of
         my knowledge after appropriate inquiry, (x) any contractual
         restriction or (y) any legal restriction contained in orders, writs,
         judgments, awards, injunctions or decrees applicable to the Newspaper
         Subsidiary or its assets, in each case that affects or purports to
         affect the Newspaper Subsidiary's obligations under the Subsidiary
         Guaranty. The Subsidiary Guaranty delivered on the date hereof has
         been duly executed and delivered on behalf of the Newspaper
         Subsidiary.

         3. No authorization, approval or other action by, and no notice to or
         filing with, any United States Federal, New York or, to the extent
         required under the Limited Liability Company Act of the State of
         Delaware, Delaware governmental authority or regulatory body is
         required for the due execution, delivery and performance by the
         Borrower of the Subsidiary Guaranty.

         4. The Subsidiary Guaranty is a legal, valid and binding obligation
         of the Newspaper Subsidiary enforceable against the Newspaper
         Subsidiary in accordance with its terms.

         5. To the best of my knowledge after appropriate inquiry, there are
         no pending or overtly threatened actions or proceedings against the
         Newspaper Subsidiary before any court, governmental agency or
         arbitrator that purport to affect the legality, validity, binding
         effect or enforceability of the Subsidiary Guaranty.

<PAGE>

The opinions set forth above are subject to the following qualifications:

          (a) My opinion in paragraph 4 above as to enforceability is subject
     to the effect of any applicable bankruptcy, insolvency (including,
     without limitation, all laws relating to fraudulent transfers),
     reorganization, moratorium or similar law affecting creditors' rights
     generally.

          (b) My opinion in paragraph 4 above as to enforceability is subject
     to the effect of general principles of equity, including, without
     limitation, concepts of materiality, reasonableness, good faith and fair
     dealing (regardless of whether considered in a proceeding in equity or at
     law).

          (c) Insofar as provisions contained in the Subsidiary Guaranty
     provide for indemnification, the enforceability thereof may be limited by
     public policy considerations.

          (d) I express no opinion as to the effect of the law of any
     jurisdiction other than the State of New York wherein any Lender may be
     located or wherein enforcement of the Subsidiary Guaranty may be sought
     that limits the rates of interest legally chargeable or collectible.

                                         Very truly yours,

<PAGE>

                                                            EXHIBIT G - FORM OF
                                                        NEW BORROWER ASSIGNMENT

                          ASSIGNMENT AND ASSUMPTION AGREEMENT (this
                 "Agreement"), dated as of /o/, 2003, between WP
                 COMPANY LLC, a Delaware limited liability company
                 (the "Newspaper Subsidiary"), and THE WASHINGTON
                 POST COMPANY (formerly known as TWPC, Inc.), a
                 Delaware corporation (the "New Borrower").

          WHEREAS, reference is made to the 5-Year Credit Agreement (as
amended to date, the "Credit Agreement") dated as of August 14, 2002, among
the Newspaper Subsidiary (then known as The Washington Post Company), as
Borrower; Bank One, NA, The Bank of New York, Citibank, N.A., JPMorgan Chase
Bank, Riggs Bank NA, SunTrust Bank, Wachovia Bank, National Association and
The Northern Trust Company;

          WHEREAS, as contemplated by Section 5.01(j) of the Credit Agreement,
the Newspaper Subsidiary wishes to assign to the New Borrower, and the New
Borrower wishes to assume from the Newspaper Subsidiary, all of the Newspaper
Subsidiary's rights and obligations under the Credit Agreement;

          WHEREAS, simultaneously with the execution and delivery of this
Agreement, the parties hereto have caused to be delivered to the Agent the
documents referred to in Section 5.01(j) of the Credit Agreement.

          NOW, THEREFORE, for consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and as contemplated by the Credit Agreement, the parties agree
as follows:

          SECTION 1. Defined Terms. All capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to them in the
Credit Agreement.

          SECTION 2. Assignment and Assumption. The Newspaper Subsidiary
hereby assigns to the New Borrower, and the New Borrower hereby assumes from
the Newspaper Subsidiary, effective as of the date of this Agreement, all of
the Newspaper Subsidiary's right, title and interest in and to, and all of its
duties, obligations and liabilities under, the Credit Agreement. From and
after the date of this Agreement, (i) the Credit Agreement shall be binding on
and inure to the benefit of the New Borrower as if the New Borrower were the
Borrower under the Credit Agreement and (ii) the Newspaper Subsidiary shall be
released from its right, title and interest in and to, and all of its duties,
obligations and liabilities under, the Credit Agreement.

          SECTION 3. Performance. The New Borrower hereby agrees to faithfully
perform all of the duties imposed upon the Borrower under the Credit Agreement
and to comply with all of the covenants therein contained.

<PAGE>

          SECTION 4. Subsidiary Guaranty. Nothing in this Agreement shall be
construed to release the Newspaper Subsidiary from its duties, obligations and
liabilities under the Subsidiary Guaranty.

          SECTION 5. Counterparts. This Agreement may be executed in one or
more counterparts by facsimile signature, each of which shall be deemed an
original and all of which shall, taken together, be considered one and the
same agreement.

          SECTION 6. New York Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without
regard to its principles of conflicts of laws.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.

                            WP COMPANY LLC,

                              by:
                                  --------------------------------------
                                   Name:
                                   Title:

                            THE WASHINGTON POST COMPANY (formerly known as
                            TWPC, Inc.),

                              by:
                                   -------------------------------------
                                   Name:
                                   Title:ex10.17

 

EXHIBIT 10.17

PRO-DEX, INC. 

1994 AMENDED STOCK OPTION PLAN

 

            This
Stock Option Plan (the "Plan") is adopted in consideration for services
rendered and to be rendered to Pro-Dex, Inc. and related companies.

1.    Definitions.  The terms used in this Plan shall, unless otherwise
indicated or required by the particular
context, have the following meanings:

        Board:    
The Board of Directors of Pro-Dex, Inc.

        Code:     
The Internal Revenue Code of 1986, as amended.

        Common Stock:   
The no par value common stock of Pro-Dex, Inc.

       
Company: 
       Pro-Dex, Inc., a corporation incorporated under the laws of California, and any successors in
interest by merger, operation of law, assignment or purchase of all or
substantially all of the property, assets or business of the Company.

        
Date of Grant:    The date on which an Option (see below) is granted under the
Plan.

        Disinterested
Person:  A director who has not been granted or awarded equity securities
pursuant to any plan of the Company or of any Related Company of the Company
during one year prior to that director's service as an administrator of the
Plan, except as otherwise provided in Rule 16b-3 promulgated under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") with respect
to (a) participation in formula plans or ongoing securities acquisitions plans,
and (b) an election to receive securities for an annual retainer fee.

         Employee:   
An Employee is an employee of the Company or any Related Company.

        Fair
Market Value:   The Fair Market Value of the Option Shares.  Such Fair
Market Value as of any date shall be determined by the Option Committee as of
the last business day for which the prices or quotes discussed in this sentence
are available prior to the date an Option is granted and shall mean (a) the
average (on that date) of the high and low prices of the Common Stock on the
principal national securities exchange by which the Common Stock is traded, if
the stock is then traded on a national securities exchange; or, (b) the last
reported sale price (on that date) of the Common Stock on NASDAQ, if the stock
is not then traded on a national securities exchange; or (c) the closing bid
price (or average of bid prices) last quoted (on that date) by an established
quotation service for over-the-counter securities, if the stock is not reported
on NASDAQ.  However, if the Common Stock is not publicly-traded at the time an
Option is granted under the Plan, Fair Market Value shall be deemed to be the
fair value of the stock as determined in good faith by the Board or the Option
Committee, and a written record of the method of determining such value shall
be maintained.

      
Incentive Stock Options ("ISOs"):  "Incentive Stock Options" as that term is defined
in Section 422A of the Code.

        Key
Employee:     A person designated by the Option Committee who either is
employed by the Company or a Related Company (see below) and upon whose
judgment, initiative and efforts the Company or a Related Company is largely
dependent for the successful conduct of its business; provided, however, that
Key Employees shall not include those members of the Board who are not
employees of the Company or a Related Company.

-1-

 

                        Non-Incentive
Stock Options ("Non-ISOs"):     Options which are not intended to qualify
as "Incentive Stock Options" under Section 422A of the Code.

                        Option:    
The rights granted to an Employee to purchase Common Stock pursuant to the
terms and conditions of an Option Agreement (see below).

                        Option
Agreement:     The written agreement (and any amendment or supplement
thereto) between the Company and an Employee designating the terms and
conditions of an Option.

                        Option
Committee:     With respect to grants of Options to Employees who are not
also Officers and/or Directors of the Company, the Plan shall be administered
by an Option Committee ("Option Committee") composed of the Board or at least
two members of the Board.  With respect to grants of Options to Employees who
are also Officers or Directors, the Plan shall be administered by a committee,
selected by the Board, consisting of two or more persons, each of whom is a
Disinterested Person.  Such committee may also be deemed an Option Committee.

                        Option
Shares:     The shares of Common Stock underlying an Option granted to an
Employee.

                        Optionee:    
An Employee who has been granted an Option.

                        Related
Company:     Any corporation that is a "parent corporation" or a
"subsidiary corporation" with respect to the Company, as those terms are
defined in Section 425 of the Code.  The determination of whether a corporation
is a Related Company shall be made without regard to whether the corporation or
the relationship between the corporation and the Company now exists or comes
into existence hereinafter.

2.     
Purpose and Scope.

        (a)    The
purpose of this Plan is to advance the interests of the Company and
its shareholders by affording Employees an opportunity for investment in the
Company and the incentive advantages inherent in stock ownership in this
Company.

        (b)     This
Plan authorizes the Option Committee to grant Options to purchase shares
of Common Stock to Employees selected by the Option Committee while considering
criteria such as employment position or other relationship with the Company,
duties and responsibilities, ability, productivity, length of service or
association, morale, interest in the Company, recommendations by supervisors,
and other matters.

3.     
Administration of the Plan.  The Plan shall be administered by the
Option Committee.  The Option Committee
shall have the authority granted to it under this section and under each other
section of the Plan.

In accordance
with and subject to the provisions of the Plan, the Option Committee shall select the
Optionees, shall determine (a) the number of shares of Common Stock to be
subject to each Option, (b) the time at which each Option is to be granted, (c)
whether an Option shall be granted in exchange for the cancellation and
termination of a previously granted option or options under the Plan or
otherwise, (d) the purchase price for the Option Shares, (e) the option period,
and (f) the manner in which the Option becomes exercisable.  In addition, the
Option Committee shall fix such other terms of each Option as the Option
Committee may deem necessary or desirable.  The Option Committee shall
determine the form of Option Agreement to evidence each Option.

-2-

 

The Option
Committee from time to time may adopt such rules and regulations for carrying out the
purposes of the Plan as it may deem proper and in the best interests of the
Company.  The Option Committee shall keep minutes of its meetings and those
minutes shall be distributed to every member of the Board.

The Board may
from time to time make such changes in and additions to the Plan as it may
deem proper and in the best interest of the Company; provided, however, that no
such change or addition shall impair any Option previously granted under the
Plan, and that the approval by the affirmative vote of the holders of a
majority of the Company's securities entitled to vote and represented at a
meeting duly held in accordance with the applicable laws of the State of
California, shall be required for any amendment which would:

(a)    modify
the eligibility requirements for receiving Options under the Plan;

(b)       increase
the benefits accruing to Employees under the Plan; or

(c)        increase
the number of shares of Common Stock that may be issued under the
Plan.

All actions
taken and all interpretations and determinations made by the Option Committee in good
faith (including determinations of Fair Market Value) shall be final and
binding upon all Employees, the Company and all other interested persons.  No
member of the Option Committee shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan,
and all members of the Option Committee shall, in addition to rights they may
have as Directors of the Company be fully protected by the Company with respect
to any such action, determination or interpretation.

4.     
Number of Shares.  The Board is authorized to appropriate, issue
and sell for the purposes of the Plan, and
the Option Committee is authorized to grant Options with respect to, a total
number, not in excess of 1,500,000 shares of Common Stock, either treasury or
authorized but unissued, or the number and kind of shares of stock or other
securities which in accordance with Section 9 shall be substituted for the
1,500,000 shares or into which such 1,500,000 shares shall be adjusted.  All or
any unsold shares subject to an Option that for any reason expires or otherwise
terminates, may again be made subject to Options under the Plan.

5.     
Eligibility.  Options which are intended to qualify as ISOs will
be granted only to Key Employees.  Key
Employees and other Employees may hold more than one Option under the Plan and
may hold Options under the Plan and options granted pursuant to other plans or
otherwise.

6.     
Option Price.  The Option Committee shall determine the purchase
price for the Options Shares, provided
that the purchase price to be paid by Optionees for the Option Shares which are
intended to qualify as ISOs shall not be less than 100 percent of the Fair
Market Value of the Option Shares at the time the ISO is granted.  The purchase
price to be paid by Optionees for Option Shares which are not intended to
qualify as ISOs may be less than the Fair Market Value of the Option Shares at
the time the Non-ISO is granted.  The purchase price for the Option Shares
shall be a fixed, and cannot be a fluctuating, price.

-3-

 

7.     
Duration and Exercise of Options.

(a)      Each
Option granted under the Plan shall be exercisable on such date or dates
and during such period and for such number of shares as shall be determined
pursuant to the provisions of the instrument evidencing such Option.  The
Option Committee shall have the right to accelerate the date of exercise of any
Option, provided that the Option Committee shall not accelerate the exercise of
any ISO granted if such acceleration would violate the annual vesting
limitation contained in Section 422(d) (1) of the Code.

(b)       Except
as otherwise permitted under Section 11, during the lifetime of
the Optionee, the Option shall be exercisable only by the Optionee; provided,
that in the event of the legal disability of an Optionee, the guardian or
personal representative of the Optionee may exercise the Option.  However, if
the Option is an ISO it may be exercised by the guardian or personal
representative of the Optionee only if such guardian or personal representative
obtains a ruling from the Internal Revenue Service or an opinion of counsel to
the effect that neither the grant nor the exercise of such power is violative
of Section 422A(b) (5) of the Code.  Any opinion of counsel must be both from
counsel arid in a form acceptable to the Option Committee.

(c)       The
Option Committee may determine whether any Option shall be exercisable
as provided in Paragraph (a) of this Section 7 or whether the Options shall be
exercisable in installments only; if the Option Committee determines the
latter, it shall determine the number of installments and the percentage of the
Option exercisable at each installment date.  All such installments shall be
cumulative.

(d)       If
the Optionee ceases to be employed by either the Company or a Related
Company because of the death or permanent and total disability (as defined in
Section 22(e) (3) of the Code) of the Optionee, any Option held by the Optionee
at the time his employment ceases may be exercised within 90 days after the
date his employment ceased, but only to the extent that the Option was
exercisable according to its terms on the date the Optionee's employment
ceased.  After such 90-day period, any unexercised portion of an Option shall
expire.

(e)        Notwithstanding
the provisions of Paragraph (d) of this Section 7, if an
Optionee's employment by the Company or a Related Company ceases for any reason
other than the Optionee's death or permanent and total disability, any unexercised
portion of any Option held by the Optionee at the time his employment ceases
may be exercised within 30 days after the date his employment ceased, but only
to the extent that the Option was exercisable according to its terms on the
date the Optionee's employment ceased.  After such date, any unexercised
portion of an Option shall expire.

(f)         Each
Option shall be exercised in whole or part by delivering to the office of
the Treasurer of the Company written notice of the number of shares with respect
to which the Option is to be exercised and by paying in full the purchase price
for the Option Shares purchased as set forth in Section 8; provided, that an
Option may not be exercised in part unless the purchase price for the Option
Shares purchased is at least $2,000.

(g)        To
the extent required to qualify for the exemption provided by Rule 16b-3
under the Exchange Act, and any successor provision, at least six months must
elapse from the date of acquisition of an Option by any person who is subject
to the reporting requirements of Section 16(a) of the Exchange Act to the date
of exercise of such Option or disposition of the Option Shares.

-4-

 

8.     
Payment for Option Shares.  If the purchase price of the Option
Shares purchased by any Optionee at one
time exceeds $2,000, the Option Committee may permit all or part of the
purchase price for the Option Shares to be paid by the Optionee by (a)
delivering to the Company shares of the Company's common Stock previously owned
by the Optionee with a Fair Market Value as of the date of payment equal to the
portion of the purchase price for the Option Shares that the Optionee does not
pay in cash, (b) having shares withheld from the amount of shares to be
received by the Optionee, (c) delivering an irrevocable subscription agreement
obligating the Optionee to take and pay for the shares to be purchased within
one year of the date of such exercise, or (d) complying with any other payment
mechanisms as the Option Committee may approve from time to time.  As a
condition to the exercise of any Option granted under this Plan, the Optionee
shall make such arrangements as the Option Committee may require for the
satisfaction of any federal, state or withholding tax obligations which may
arise in connection with such exercise.  The issuance, transfer or delivery of
certificates of shares of Common Stock pursuant to the exercise or Options may
be delayed, at the discretion of the Option Committee, until the Option
Committee is satisfied that the applicable requirements of federal and state
securities laws and the withholding provisions of the Code have been met. 
Until such person has been issued a certificate or certificates for the Option
Shares so purchased, he or she shall possess no rights of a recordholder with
respect to any of such shares.

9.     
Change in Stock, Adjustments, Inc.

        (a)      In the
event that each of the outstanding shares of Common Stock (other than
shares held by dissenting shareholders which are not changed or exchanged)
should be changed into, or exchanged for, a different number or kind of shares
of stock or other securities of the Company, or, if further changes or
exchanges of any stock or other securities into which the Common Stock shall
have been changed, or for which it shall have been exchanged, shall be made
(whether by reason of merger, consolidation reorganization, recapitalization,
stock dividends, reclassification, split-up, combination or shares or
otherwise(, then there shall be substituted for each share of Common Stock that
is subject to the Plan but not subject to an outstanding Option thereunder, the
number and kind of shares of stock or other securities into which each
outstanding share of Common Stock (other than shares held by dissenting
shareholders which are not changed or exchanged) shall be so changed or for
which each outstanding share of Common Stock (other than shares held by
dissenting shareholders) shall be exchanged.  Any securities so substituted
shall be subject to similar successive adjustments.

        In the event
of any such changes or exchanges, the Option Committee shall determine whether,
in order to prevent dilution or enlargement of rights, an adjustment should be
made in the number, or kind, or Option price of the shares or other securities
then subject to an Option or Options granted pursuant to the Plan and the
Option Committee shall make any such adjustment, and such adjustments shall be
made and shall be effective and binding for all purposes of the Plan.

        (b)       The
Company completed a Plan of Reorganization and Merger ("Reorganization")
whereby P-D Acquiring Corp., a California corporation, merged with and into the
Company in exchange for shares of Pro-Dex Holdings, Inc., a Colorado
corporation.  Post Reorganization, the Plan is the Plan of Pro-Dex, Inc.

10.  Relationship
to Employment.  Nothing contained in the Plan, or in any Option granted pursuant to the
Plan, shall confer upon any Optionee any right with respect to continuance of
employment by the Company, or interfere in any way with the right of the
Company to terminate the Optionee's employment at any time.

-5-

11.  Nontransferability
of Option.  No Option granted under the Plan shall be transferable by the Optionee,
either voluntarily or involuntarily, except by will or the laws of descent and
distribution, pursuant to a qualified domestic relations order as defined in
the Code, or pursuant to the Employee Retirement Income Security Act or rules
promulgated thereunder; except that (a) Optionees who are not subject to
Section 16(b) of the Exchange Act may upon written notice transfer an Option
(i) to an Optionee's spouse, parents, siblings, or lineal descendants, or (ii)
to a trust for the benefit of the Optionee or any of the Optionee's spouse,
parents, siblings, or lineal descendants, or (iii) to any corporation or
partnership controlled by the Optionee; and (b) Optionees who are subject to
Section 16(b) of the Exchange Act may transfer Options to immediate family
members and family trusts.  No Option shall be subject to execution, attachment
or similar process.  Except as specifically provided herein, any attempt to
transfer the Option shall void the Option.

12.  Rights
as a Shareholder.  No person shall have any rights as a shareholder with respect to any shares
covered by an Option until that person shall become the holder of record of
such shares and, except as provided in Section 9, no adjustments shall be made
for dividends or other distributions or other rights as to which there is an
earlier record date.

13.  Securities
Laws Requirements.  No Option Shares shall be issued unless and until, in the opinion of the
Company, any applicable registration requirements of the Securities Act of
1933, as amended ("Securities Act"), any applicable listing requirements of any
securities exchange on which stock of the same class is then listed, and any other
requirements of law or of any regulatory bodies having jurisdiction over such
issuance and delivery, have been fully complied with.  Each Option and each
Option Share certificate may be imprinted with legends reflecting federal and
state securities laws, restrictions and conditions, and the Company may comply
therewith and issue "stop transfer" instructions to its transfer agent and
registrar in good faith without liability.

14.  Disposition
of Shares.  Each Optionee, as a condition of exercise, shall represent, warrant and agree, in
a form of written certificate approved by the Company, as follows:  (a) that
all Option Shares are being acquired solely for his own account and not on
behalf of any other person or entity; (b) that no Option Shares will be sold or
otherwise distributed in violation of the Securities Act, or any other
applicable federal or state securities laws; (c) that if he is subject to
reporting requirements under Section 16(a) of the Exchange Act, he will (i) not
violate Section 16(b) of the Exchange Act, (ii) furnish the Company with a copy
of each Form 4 and Form 5 filed by him, and (iii) timely file all reports
required under the federal securities laws; and (d) that he will report all
sales of Option Shares to the Company in writing on a form prescribed by the
Company.

15.  Effective
Date of Plan; Termination Date of Plan.  The Plan shall be effective on the date of the
approval of the Plan by the affirmative vote of the holders of a majority of
the Company's securities entitled to vote and represented at a meeting duly
held in accordance with applicable law.  The Plan shall terminate on May 25, 2004, except as to Options previously granted and outstanding under the Plan at
that time.  No Options shall be granted after the date on which the Plan
terminates.  The Plan may be abandoned or terminated at any earlier time by the
Board, except with respect to any Options then outstanding under the Plan.

16.  Limitation
on Amount of Option.  With respect to ISOs, the aggregate Fair Market Value (determined as of
the time the ISO is granted) of the stock as to which an ISO may first become
exercisable in a particular calendar year may not exceed $100,000.

17.  Ten
Percent Shareholder Rule.  With respect to ISOs, no Option may be granted to a Key Employee who, at
the time the Option is granted, owns stock possessing more than 10 percent of
the total combined voting power of all classes of stock of the Company or of
any "parent corporation" or "subsidiary corporation" as those terms are defined
in Section 425 of the Code, unless at the time the Option is granted the
purchase price for the Option shares is at least 110 percent of the Fair Market
Value of the Option Shares at the time the ISO is granted and such Option by
its terms is not exercisable after the  expiration of five years from the Date
of Grant.  For purposes of the preceding sentence, stock ownership shall be
determined as provided in Section 425 of the Code.

-6-

18.  Withholding
Taxes.  The Company, or any Related Company, may take such steps as it may deem necessary
or appropriate for the withholding of any taxes which the Company, or any
Related Company, is required by any law or regulation or any governmental
authority, whether federal, state or local, domestic or foreign, to withhold in
connection with any Option including, but riot limited to, the withholding of
all or any portion of any payment or the withholding of issuance of Option
Shares to be issued upon the exercise of any Option.

19.  Change
in Control, Stock Dividends, Reorganization and Other Extraordinary Actions.

(a)     If (i)
the company shall at any time be involved in a transaction described n
Section 424(a) of the Code (or any successor provision) or any "corporate
transaction" described in the regulations thereunder; (ii) the Company shall
declare dividends payable in, or shall subdivide or combine, its Common Stock
or (iii) any other event with substantially the same effect shall occur, the
Option Committee shall, with respect to each outstanding Option,
proportionately adjust the number of Option Shares and/or the exercise price
per share so as to preserve the rights of the Optionee substantially
proportionate to the rights of the Optionee prior to such event, and to the
extent that such action shall include an increase or decrease in the number of
Option Shares subject to outstanding Options, the number of shares available
under this Plan shall automatically be increased or decreased, as this case may
be, proportionately, without further action on the part of the Option
Committee, the Company or the Company's shareholders.

(b)     If the Company is liquidated or dissolved, the Option Committee
may allow the holders of any outstanding Options to exercise all or any part of
the unvested portion of the Options held by them; provided, however, that such
Options must be exercised prior to the effective date of such liquidation or
dissolution.  If the Option Holders do not exercise their Options prior to such
effective date, each outstanding Option shall terminate as of the effective
date of the liquidation or dissolution.

(c)        The
grant of an Option shall not affect in any way the right or power of the Company
to make adjustments, reclassifications, reorganizations or  changes of its
capital or business structure, to merge, consolidate or dissolve, to liquidate
or to sell or transfer all or part of its business or assets.

(d)       In
the event of a Change in Control (as defined below) of the Company, the
Option Committee may, in its discretion, accelerate all outstanding Options so
that they immediately become fully vested and immediately exercisable for the
duration of the Option Term.  For purposes of this subsection (d), "Change in
Control" shall mean either one of the following:  (i) when any "person," as
such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than a
shareholder of the Company on the date of this Plan), the Company, a subsidiary
or a Company Employee Benefit Plan, (including any trustee of such Plan acting
as trustee) becomes, after the date of this Plan, the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 35% or more of the combined voting power
of the Company's then outstanding securities; or (ii) the occurrence of a
transaction requiring shareholder approval, arid involving the sale of all or
substantially all of the assets of the Company or the merger of the Company
with or into another corporation.

-7-

(e)        If
at any time the Company declares an Extraordinary Dividend, as defined
below, all Options shall accelerate and thereupon become fully vested and
immediately exercisable for the duration of the Option Term.  For purposes of
this subsection (e), "Extraordinary Dividend" shall mean a cash dividend
payable to holders of record of the Common Stock in an amount in excess of 10%
of the then Fair Market Value of the Company's Common Stock.

20.  Other
Provisions.

(a)     
    The use of a masculine gender in the Plan shall also include within its
meaning the feminine, and the singular may include the plural, and the plural
may include the singular, unless the context clearly indicates to the contrary.

(b)     
Any expenses of administering the Plan shall be borne by the Company.

(c)     
This Plan shall be construed to be in addition to any and all other compensation plans
or programs.  Neither the adoption of the Plan by the Board nor the submission
of the Plan to the shareholders of the Company shall be construed as creating
any limitations on the power of authority of the Board to adopt such other
additional incentive or other compensation arrangements as the Board may deem
necessary or desirable.

(d)     
The validity, construction, interpretation, administration and effect of the Plan and
its rules and regulations, and the rights of any and all personnel having or
claiming to have an interest therein or thereunder shall be governed by and
determined exclusively and solely in accordance with the laws of the State of
California; provided, however, if the Reorganization described in Section 9(b)
hereof shall be consummated, the laws of the State of Colorado shall govern and
determine construction, etc. of this Plan.

*********

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