Document:

EXHIBIT 10.18

         THE SECURITIES  EVIDENCED BY THIS  CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE U.S.  SECURITIES ACT, AS AMENDED,  OR ANY OTHER APPLICABLE  SECURITIES
LAWS AND HAVE BEEN ISSUED IN RELIANCE  UPON AN EXEMPTION  FROM THE  REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.  NEITHER THIS
SECURITY  NOR ANY  INTEREST  OR  PARTICIPATION  HEREIN  MAY BE  SOLD,  ASSIGNED,
TRANSFERRED,  PLEDGED,  ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO
AN EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE SECURITIES ACT OR PURSUANT TO A
TRANSACTION THAT IS EXEMPT FROM SUCH REGISTRATION.

                             STOCK PURCHASE WARRANT

Warrant No.:  _________

               To Purchase [__________] Shares of Common Stock of

                                 TURBOWORX, INC.

         THIS CERTIFIES that, for value received, [____________________________]
(the  "HOLDER"),  is entitled,  upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth in this Stock Purchase Warrant
(the "WARRANT"),  at any time on or after August 13, 2004 (the "INITIAL EXERCISE
Date") and on or prior to the close of business on the tenth  anniversary of the
Initial Exercise Date (such period referred to herein as the "EXERCISE  PERIOD")
but not  thereafter,  to subscribe  for and  purchase  from  TurboWorx,  Inc., a
corporation  incorporated  in the  State  of  Delaware  (the  "COMPANY"),  up to
[________]  shares (the "WARRANT  SHARES") of Common Stock, $. 001 par value, of
the Company (the  "COMMON  STOCK").  The  purchase  price of one share of Common
Stock (the  "EXERCISE  PRICE") under this Warrant  shall be $0.20.  The Exercise
Price and the number of  Warrant  Shares  for which the  Warrant is  exercisable
shall be subject to adjustment as provided  herein.  Capitalized  terms used and
not otherwise  defined  herein shall have the meaning  ascribed to such terms in
the Subscription  Agreement between the Holder and the Company, dated as of even
date herewith (the "Subscription Agreement").

         1.       TITLE TO WARRANT

         Prior to the end of the Exercise  Period and subject to compliance with
applicable laws and Section 7 hereof,  this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
Holder in person or by duly authorized attorney,  upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed.

         2.       AUTHORIZATION OF SHARES

         The Company  covenants that all Warrant Shares which may be issued upon
the exercise of the purchase  rights  represented  by this  Warrant  will,  upon
exercise of the purchase rights

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represented by this Warrant, be duly authorized,  validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

         3.       EXERCISE OF WARRANT

                  (a) Except as  provided  in Section 4 herein,  exercise of the
purchase  rights  represented  by this  Warrant may be made at any time or times
during the  Exercise  Period by the  surrender of this Warrant and the Notice of
Exercise  Form annexed  hereto duly  executed,  at the office of the Company (or
such  other  office or agency of the  Company as it may  designate  by notice in
writing to the registered  Holder at the address of such Holder appearing on the
books of the  Company)  and upon  payment  of the  Exercise  Price of the shares
thereby  purchased by wire transfer or cashier's  check drawn on a United States
bank,  the Holder shall be entitled to receive a  certificate  for the number of
Warrant Shares so purchased.  Certificates for shares purchased  hereunder shall
be delivered to the Holder within three (3) trading days after the date on which
this Warrant  shall have been  exercised  as  aforesaid.  This Warrant  shall be
deemed to have been  exercised and such  certificate  or  certificates  shall be
deemed to have been issued,  and Holder or any other person so  designated to be
named  therein  shall be deemed to have become a holder of record of such shares
for all purposes,  as of the date the Warrant has been exercised by surrender of
the  Warrant  and  payment to the  Company of the  Exercise  Price and all taxes
required  to be paid by the Holder,  if any,  pursuant to Section 5 prior to the
issuance of such shares, have been paid.

                  (b) If this Warrant  shall have been  exercised  in part,  the
Company  shall,  at the time of  delivery  of the  certificate  or  certificates
representing  Warrant  Shares,  deliver to Holder a new Warrant  evidencing  the
rights of Holder to purchase the  unpurchased  Warrant Shares called for by this
Warrant,  which new Warrant shall in all other  respects be identical  with this
Warrant.

                  (c) The Holder may exercise its right (the "Cashless  Exercise
Right"),  prior to and including the Expiration  Date, to receive Warrant Shares
on a net basis, such that, without the payment of cash, the Holder receives that
number of Warrant  Shares  otherwise  issuable (or payable) upon exercise of the
Warrant  less that  number of Warrant  Shares at the time of  exercise  equal in
value to the aggregate Exercise Price that would otherwise have been paid by the
Holder of the Warrant Shares.

         4.       NO FRACTIONAL SHARES OR SCRIP

         No fractional shares or scrip  representing  fractional shares shall be
issued upon the exercise of this Warrant.  As to any fraction of a share,  which
Holder would  otherwise be entitled to purchase upon such exercise,  the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price.

         5.       CHARGES, TAXES AND EXPENSES

         Issuance of  certificates  for  Warrant  Shares  shall be made  without
charge to the Holder for any issue or transfer tax or other  incidental  expense
in respect of the issuance of such certificate,  all of which taxes and expenses
shall be paid by the Company,  and such certificates shall be

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issued in the name of the Holder or in such name or names as may be  directed by
the Holder; PROVIDED, HOWEVER, that in the event certificates for Warrant Shares
are to be issued in a name other than the name of the Holder,  this Warrant when
surrendered  for exercise shall be  accompanied by the Assignment  Form attached
hereto duly executed by the Holder; and the Company may require,  as a condition
thereto,  the payment of a sum  sufficient  to reimburse it for any transfer tax
incidental thereto.

         6.       CLOSING OF BOOKS

         The  Company  will not close its  stockholder  books or  records in any
manner which prevents the timely exercise of this Warrant.

         7.       TRANSFER, DIVISION AND COMBINATION

                  (a) This  Warrant  may not be sold,  transferred,  assigned or
hypothecated by the Holder except to

                           (i)      one or  more  persons,  each  of whom on the
                                    date  of  transfer  is  an  officer  of  the
                                    Holder;

                           (ii)     a    general    partnership    or    general
                                    partnerships,  the general partners of which
                                    are the Holder and one or more persons, each
                                    of  whom  on  the  date  of  transfer  is an
                                    officer of the Holder;

                           (iii)    a  successor  to the Holder in any merger or
                                    consolidation;

                           (iv)     a purchaser of all or  substantially  all of
                                    the Holder's assets;

                           (v)      any person  receiving  this Warrant from one
                                    or  more  of  the  persons  listed  in  this
                                    Section 7(a) at such person's death pursuant
                                    to  will,  trust  or the  laws of  intestate
                                    succession, or

                           (vi)     if otherwise in compliance  with  applicable
                                    Rule 144 and other  securities  laws,  after
                                    one year from the date of this Warrant,  any
                                    person   receiving   the  Warrant  from  the
                                    persons listed in this Section 7(a).

Subject to compliance  with any  applicable  securities  laws and Section 18(e),
transfer of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained  for such purpose,  upon
surrender of this Warrant at the principal office of the Company,  together with
a written  assignment of this Warrant  substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay
any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required,  such  payment,  the Company  shall  execute and deliver a new
Warrant  or  Warrants  in the  name  of the  assignee  or  assignees  and in the
denomination or  denominations  specified in such instrument of assignment,  and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned,  and this Warrant shall  promptly be cancelled.  A Warrant,  if

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properly assigned,  may be exercised by a new holder for the purchase of Warrant
Shares  without  having a new Warrant  issued.  Notwithstanding  the above,  the
Holder shall not transfer this Warrant or any rights  hereunder to any person or
entity which is then engaged in a business that is, in the reasonable  judgement
of the Company, in direct competition with the Company.

                  (b)  This  Warrant  may be  divided  or  combined  with  other
Warrants  upon  presentation  hereof at the  aforesaid  office  of the  Company,
together with a written notice  specifying the names and  denominations in which
new  Warrants  are to be issued,  signed by the Holder or its agent or attorney.
Subject  to  compliance  with  Section  7(a),  as to any  transfer  which may be
involved in such division or combination,  the Company shall execute and deliver
a new Warrant or Warrants in exchange  for the Warrant or Warrants to be divided
or combined in accordance with such notice.

                  (c) The Company  shall  prepare,  issue and deliver at its own
expense  (other than  transfer  taxes) the new  Warrant or  Warrants  under this
Section 7.

                  (d) The Company agrees to maintain,  at its aforesaid  office,
books for the registration and the registration of transfer of the Warrants.

         8.       NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE

         This Warrant does not entitle the Holder to any voting  rights or other
rights as a shareholder  of the Company prior to the exercise  hereof.  Upon the
surrender of this Warrant and the payment of the aggregate  Exercise Price,  the
Warrant  Shares so purchased  shall be and be deemed to be issued to such Holder
as the record  owner of such  shares as of the close of business on the later of
the date of such surrender or payment.

         9.       LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT

         The  Company  covenants  that upon  receipt by the  Company of evidence
reasonably  satisfactory to it of the loss, theft,  destruction or mutilation of
this Warrant or any stock  certificate  relating to the Warrant  Shares,  and in
case of  loss,  theft  or  destruction,  of  indemnity  or  security  reasonably
satisfactory  to it (which shall not include the posting of any bond),  and upon
surrender and cancellation of such Warrant or stock  certificate,  if mutilated,
the Company  will make and deliver a new  Warrant or stock  certificate  of like
tenor  and  dated  as of such  cancellation,  in lieu of such  Warrant  or stock
certificate.

         10.      SATURDAYS, SUNDAYS, HOLIDAYS, ETC.

         If the  last or  appointed  day for the  taking  of any  action  or the
expiration of any right required or granted  herein shall be a Saturday,  Sunday
or a legal holiday, then such action may be taken or such right may be exercised
on the next succeeding day not a Saturday, Sunday or legal holiday.

         11.      ADJUSTMENTS OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES

                  (a) STOCK  DIVIDENDS,  ETC. The number and kind of  securities
purchasable  upon the exercise of this  Warrant and the Exercise  Price shall be
subject  to  adjustment  from  time to

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time upon the happening of any of the  following.  In case the Company shall (i)
pay a dividend  in shares of Common  Stock or make a  distribution  in shares of
Common Stock to holders of its  outstanding  Common  Stock,  (ii)  subdivide its
outstanding  shares  of Common  Stock  into a greater  number of  shares,  (iii)
combine its  outstanding  shares of Common Stock into a smaller number of shares
of  Common  Stock,  or  (iv)  issue  any  shares  of  its  capital  stock  in  a
reclassification  of the  Common  Stock,  then  the  number  of  Warrant  Shares
purchasable  upon  exercise of this Warrant  immediately  prior thereto shall be
adjusted so that the Holder  shall be entitled to receive the kind and number of
Warrant  Shares or other  securities of the Company which it would have owned or
have been  entitled  to  receive  had such  Warrant  been  exercised  in advance
thereof.  Upon each such  adjustment of the kind and number of Warrant Shares or
other  securities of the Company  which are  purchasable  hereunder,  the Holder
shall  thereafter be entitled to purchase the number of Warrant  Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant Share
or  other  security  obtained  by  multiplying  the  Exercise  Price  in  effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto  immediately prior to such adjustment and dividing by the number
of  Warrant  Shares  or other  securities  of the  Company  resulting  from such
adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately  after the effective  date of such event  retroactive  to the record
date, if any, for such event.

                  (b) ANTIDILUTION ADJUSTMENTS.  In order to prevent dilution of
the exercise  rights of the  Warrants,  the  Exercise  Price shall be subject to
adjustment from time to time pursuant to this Section 11(b).

                  Whenever,  on or after the date of this  Warrant,  the Company
issues or transfers any shares of its Common Stock or issues  rights,  warrants,
options,  or securities or debt  convertible,  exercisable,  or exchangeable for
shares of its Common Stock  (collectively,  the "NEW ISSUE") for a consideration
per share less than the Exercise Price in effect  immediately  prior to such New
Issue (the "NEW ISSUE PRICE"), then:

                           (i) As to a New  Issue  closed  during  the three (3)
year period ending at midnight  Connecticut time on the third anniversary of the
Initial  Exercise Date, the Exercise Price then in effect shall,  immediately on
the date of the New Issue, be reduced to equal the New Issue Price; and

                           (ii) As to a New Issue closed during the remainder of
the Exercise  Period  following the third  anniversary  of the Initial  Exercise
Date, then  immediately on the date of such New Issue,  the Exercise Price shall
be adjusted  so that it shall  equal the price  determined  by  multiplying  the
Exercise Price in effect immediately prior thereto by a fraction,  the numerator
of which shall be the number of shares of Common Stock  outstanding  immediately
prior to the New Issue  plus the  number of  additional  shares of Common  Stock
which the  aggregate of cash  consideration  for the exercise of all Warrants at
the Exercise Price  immediately prior to the New Issue would purchase at the New
Issue  Price,  and the  denominator  of which  shall be the  number of shares of
Common Stock  outstanding  immediately prior to the New Issue plus the number of
additional shares of Common Stock sold in the New Issue.

                  Upon any  adjustment  of the Exercise  Price  pursuant to this
Section 11(b), the number of Warrant Shares shall be adjusted by multiplying the
number of Warrant  Shares

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immediately  prior to the New Issue by a  fraction  (i) the  numerator  of which
shall be the  Exercise  Price in effect  immediately  prior to the New Issue and
(ii)  the  denominator  of  which  shall  be  the  Exercise  Price  as  adjusted
immediately after the New Issue.

                  The  adjustments  provided in this Section  11(b) shall not be
triggered by grants of restricted  stock to officers or directors  made with the
approval  of the Board of  Directors;  to the grant of  options,  or the sale of
shares pursuant to the exercise of such options,  under the Company's current or
future  option  plans for the benefit of  officers,  directors,  employees,  and
consultants;  or to the purchase of shares of Common Stock  pursuant to warrants
or rights granted by the Company prior to the issuance of this Warrant.

                  (c)  THRESHOLD  FUNDING  ADJUSTMENTS.  In the  event  that the
Company consummates a Closing (as defined in the Subscription  Agreement) within
thirty  (30) days  from the date  hereof,  resulting  in gross  proceeds  to the
Company  of  at  least  $750,000  (the  Improved  Offering  as  defined  in  the
Subscription  Agreement),  this  Warrant  shall  enable  the  Holder  thereof to
purchase  up to  [________]  Warrant  Shares at an  exercise  price of $0.16 per
share.

         12.      EFFECT OF REORGANIZATION

                  (a)  REORGANIZATION--NO  CHANGE  IN  CONTROL.  Upon a  merger,
consolidation, acquisition of all or substantially all of the property or stock,
liquidation   or  other   reorganization   of  the  Company   (collectively,   a
"REORGANIZATION")  during  the  Exercise  Period,  as  a  result  of  which  the
shareholders  of the Company  receive cash,  stock or other property in exchange
for their shares of Common Stock and the holders of the Company's  voting equity
securities  immediately  prior to such  Reorganization  together  own a majority
interest  of  the  voting  equity   securities  of  the  successor   corporation
immediately  following such  Reorganization,  lawful  provision shall be made so
that the Holder shall  thereafter be entitled to receive,  upon exercise of this
Warrant,  the  number of  shares  of  securities  of the  successor  corporation
resulting from such  Reorganization  (and cash and other  property),  to which a
holder of the Warrant  Shares  issuable upon exercise of this Warrant would have
been  entitled  in  such  Reorganization  if this  Warrant  had  been  exercised
immediately  prior  to  such  Reorganization.  In  any  such  case,  appropriate
adjustment  (as  determined in good faith by the  Company's  Board of Directors)
shall be made in the  application of the provisions of this Warrant with respect
to the rights and  interest of the Holder  after the  Reorganization  to the end
that the provisions of this Warrant (including adjustments of the Exercise Price
and the number and type of securities  purchasable pursuant to the terms of this
Warrant) shall be applicable  after that event, as near as reasonably may be, in
relation to any shares  deliverable  after that event upon the  exercise of this
Warrant.

                  (b)  REORGANIZATION--CHANGE IN CONTROL/TERMINATION OF WARRANT.
Upon  Reorganization  during  the  Exercise  Period,  as a result  of which  the
shareholders  of the Company  receive cash,  stock or other property in exchange
for their shares of Common Stock and the holders of the Company's  voting equity
securities immediately prior to such Reorganization together do not own at least
a majority interest of the voting equity securities of the successor corporation
(or its parent) immediately  following such Reorganization,  the Holder shall be
given notice of such proposed  action as provided in Section  18(c).  The Holder
may attend the  meeting of the  Company's  shareholders  at which such action is
considered  and voted upon.  If the  proposed  action is approved  according  to
applicable  law,  the Holder  shall be so  notified in

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writing by the Company by registered or certified mail promptly, but in no event
less than 10  business  days  before the  effectiveness  of the  Reorganization.
Notwithstanding the period of exercisability stated on the face of this Warrant,
this Warrant  shall become  forever null and void to the extent not exercised on
or before 5:00 p.m., New York time, on the day immediately  prior to the date of
such  Reorganization.  The Holder shall have the right to condition its exercise
of the Warrant hereunder upon the closing of such Reorganization.

         13.      VOLUNTARY ADJUSTMENT BY THE COMPANY

         The Company may at any time during the Exercise  Period reduce the then
current  Exercise  Price  to any  amount  and for  any  period  of  time  deemed
appropriate by the Board of Directors of the Company.

         14.      NOTICE OF ADJUSTMENT

         Whenever the number of Warrant  Shares or number or kind of  securities
or other property  purchasable upon the exercise of this Warrant or the Exercise
Price is  adjusted,  as herein  provided,  the Company  shall  promptly  mail by
registered or certified mail, return receipt requested,  to the Holder notice of
such  adjustment or adjustments  setting forth the number of Warrant Shares (and
other securities or property)  purchasable upon the exercise of this Warrant and
the Exercise  Price of such Warrant  Shares (and other  securities  or property)
after such  adjustment,  setting forth a brief  statement of the facts requiring
such  adjustment and setting forth the  computation by which such adjustment was
made.  Such  notice,  in the  absence of  manifest  error,  shall be  conclusive
evidence of the correctness of such adjustment.

         15.      NOTICE OF CORPORATE ACTION

         If at any time:

                  (a) the  Company  shall  take a record of the  holders  of its
Common  Stock for the purpose of  entitling  them to receive a dividend or other
distribution,  or any right to subscribe  for or purchase  any  evidences of its
indebtedness,  any  shares  of stock of any  class or any  other  securities  or
property, or to receive any other right; or

                  (b) there shall be any capital  reorganization of the Company,
any  reclassification or recapitalization of the capital stock of the Company or
any consolidation or merger of the Company with, or any sale,  transfer or other
disposition of all or substantially all the property,  assets or business of the
Company to, another corporation or,

                  (c) there shall be a  voluntary  or  involuntary  dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder:

                           (i)      at least 20 days'  prior  written  notice of
                                    the  date on which a  record  date  shall be
                                    selected for such dividend,  distribution or
                                    right or for  determining  rights to vote in
                                    respect   of   any   such

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                                    reorganization,   reclassification,  merger,
                                    consolidation,  sale, transfer, disposition,
                                    liquidation or winding up, and

                           (ii)     in  the  case  of any  such  reorganization,
                                    reclassification,   merger,   consolidation,
                                    sale,  transfer,  disposition,  dissolution,
                                    liquidation or winding up, at least 20 days'
                                    prior  written  notice  of the date when the
                                    same  shall  take  place.   Such  notice  in
                                    accordance  with the  foregoing  clause also
                                    shall specify

                                    (A)     the date on which any such record is
                                            to be taken for the  purpose of such
                                            dividend, distribution or right, the
                                            date on which the  holders of Common
                                            Stock  shall be entitled to any such
                                            dividend, distribution or right, and
                                            the  amount and  character  thereof,
                                            and

                                    (B)     the   date   on   which   any   such
                                            reorganization,    reclassification,
                                            merger,     consolidation,     sale,
                                            transfer, disposition,  dissolution,
                                            liquidation or winding up is to take
                                            place and the time, if any such time
                                            is to be  fixed,  as  of  which  the
                                            holders  of  Common  Stock  shall be
                                            entitled to exchange  their  Warrant
                                            Shares  for   securities   or  other
                                            property   deliverable   upon   such
                                            disposition,            dissolution,
                                            liquidation or winding up. Each such
                                            written notice shall be sufficiently
                                            given if  addressed to Holder at the
                                            last address of Holder  appearing on
                                            the   books  of  the   Company   and
                                            delivered in accordance with Section
                                            18(c).

         16.      AUTHORIZED SHARES

         The   Company   covenants   that  during  the  period  the  Warrant  is
outstanding,  it will reserve from its  authorized  and unissued  Common Stock a
sufficient  number of shares to provide for the  issuance of the Warrant  Shares
upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall  constitute  full authority to
its officers who are charged with the duty of executing  stock  certificates  to
execute and issue the  necessary  certificates  for the Warrant  Shares upon the
exercise of the purchase  rights under this  Warrant.  The Company will take all
such  reasonable  action as may be necessary to assure that such Warrant  Shares
may be issued as provided  herein  without  violation of any  applicable  law or
regulation, or of any requirements of the Principal Market upon which the Common
Stock may be listed.

         The Company will

                  (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value;

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                  (b) take all such action as may be necessary or appropriate in
order  that  the  Company   may  validly  and  legally   issue  fully  paid  and
nonassessable Warrant Shares upon the exercise of this Warrant; and

                  (c) use  commercially  reasonable  efforts  to obtain all such
authorizations,  exemptions or consents from any public  regulatory  body having
jurisdiction  thereof as may be  necessary  to enable the Company to perform its
obligations under this Warrant.

         Before  taking any action  which would result in an  adjustment  in the
number of  Warrant  Shares  for which  this  Warrant  is  exercisable  or in the
Exercise Price, the Company shall obtain all such  authorizations  or exemptions
thereof,  or consents  thereto,  as may be necessary from any public  regulatory
body or bodies having jurisdiction thereof.

         17.      REGISTRATION RIGHTS

         The Holder will be entitled to the registration rights set forth in the
Subscription Agreement.

         18.      MISCELLANEOUS

                  (a)  JURISDICTION.  This Warrant  shall  constitute a contract
under the laws of New York without regard to its conflict of law,  principles or
rules.

                  (b)  RESTRICTIONS.  The Holder  acknowledges  that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered,  will have
restrictions upon resale imposed by state and federal securities laws.

                  (c)  NOTICES.  All  notices,  demands,   requests,   consents,
approvals,  and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be

                           (i) hand delivered; or

                           (ii)     deposited   in  the  mail,   registered   or
                                    certified, return receipt requested, postage
                                    prepaid; or

                           (iii)    delivered by reputable  air courier  service
                                    with charges prepaid; or

                           (iv)     transmitted  by facsimile,  addressed as set
                                    forth below or to such other address as such
                                    party shall have  specified most recently by
                                    written notice.

                           Any  notice  or  other   communication   required  or
permitted to be given hereunder shall be

deemed effective

                            (i)     upon hand delivery or delivery by facsimile,
                                    with accurate confirmation  generated by the
                                    transmitting   facsimile  machine,   at  the
                                    address  or  number   designated  below  (if

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<PAGE>

                                    delivered  on a business  day during  normal
                                    business  hours  where such  notice is to be
                                    received),   or  the  first   business   day
                                    following such delivery (if delivered  other
                                    than  on  a  business   day  during   normal
                                    business  hours  where such  notice is to be
                                    received) or

                           (ii)     on the first business day following the date
                                    of sending  by  reputable  courier  service,
                                    fully prepaid, addressed to such address, or

                           (iii)    upon  actual  receipt  of such  mailing,  if
                                    mailed.     The     addresses    for    such
                                    communications  shall be with respect to the
                                    Holder of this Warrant or of Warrant  Shares
                                    issued pursuant  thereto,  addressed to such
                                    Holder  at  its  last   known   address   or
                                    facsimile  number  appearing on the books of
                                    the Company maintained for such purposes, or
                                    with respect to the Company,  to the address
                                    provided on the signature  page hereof.  Any
                                    party  hereto  may from time to time  change
                                    its  address  for notices by giving at least
                                    ten (10) days written notice of such changed
                                    address to the other party hereto.

                  (d)  LIMITATION  OF  LIABILITY.  No provision  hereof,  in the
absence of  affirmative  action by Holder to  purchase  Warrant  Shares,  and no
enumeration herein of the rights or privileges of Holder, shall give rise to any
liability  of  Holder  for  the  purchase  price  of any  Common  Stock  or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

                  (e) SUCCESSORS AND ASSIGNS.  Subject to applicable  securities
laws, this Warrant and the rights and obligations  evidenced  hereby shall inure
to the  benefit of and be binding  upon the  successors  of the  Company and the
successors and permitted  assigns of Holder.  The provisions of this Warrant are
intended to be for the benefit of all Holders  from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

                  (f) AMENDMENT.  This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder.

                  (g) SEVERABILITY.  Wherever  possible,  each provision of this
Warrant shall be  interpreted  in such manner as to be effective and valid under
applicable  law, but if any  provision of this Warrant shall be prohibited by or
invalid under  applicable law, such provision shall be ineffective to the extent
of such  prohibition or invalidity,  without  invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

                  (h)  HEADINGS.  The headings  used in this Warrant are for the
convenience of reference  only and shall not, for any purpose,  be deemed a part
of this Warrant.

                                  *************

                                       10
<PAGE>

         IN WITNESS WHEREOF,  the Company has caused this Warrant to be executed
by its officer thereunto duly authorized.

         Dated: August 13, 2004

                                         TURBOWORX, INC.

                                         By:
                                            ------------------------------------
                                         Name:  Jeffrey Augen
                                         Title: Chief Executive Officer

                                         [NAME OF WARRANT HOLDER]

                                         By:
                                            ------------------------------------
                                         Name:
                                         Title:

                                       11
<PAGE>

                               NOTICE OF EXERCISE

To:      TurboWorx, Inc.

         (1) The undersigned  hereby elects to purchase  ________ Warrant Shares
(the "Common Stock"),  of TurboWorx,  Inc. pursuant to the terms of the attached
Warrant,  and tenders herewith  payment of the exercise price in full,  together
with all applicable transfer taxes, if any.

         (2)  Please  issue a  certificate  or  certificates  representing  said
Warrant  Shares  in the  name of the  undersigned  or in such  other  name as is
specified below:

         -------------------------------

         The Warrant Shares shall be delivered to the following:

         -------------------------------

         -------------------------------

         -------------------------------

                                             [PURCHASER]

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                             Dated:
                                                   -----------------------------

<PAGE>

         To:  TurboWorx, Inc.

                           NOTICE OF CASHLESS EXERCISE

                    (TO BE EXECUTED UPON EXERCISE OF WARRANT

                            PURSUANT TO SECTION 3(c))

                  The  undersigned  hereby  irrevocably  elects to exchange  its
Warrant  for  ___________  Warrant  Shares  pursuant  to the  cashless  exercise
provisions  of the within  Warrant,  as  provided  for in  Section  3(c) of such
Warrant, and requests that a certificate or certificates for such Warrant Shares
be issued in the name of and delivered to:

         -------------------------------------------------------------

         -------------------------------------------------------------

         -------------------------------------------------------------

                    (Print Name, Address and Social Security

                          or Tax Identification Number)

         and,  if such  number of Warrant  Shares  shall not be all the  Warrant
Shares  which the  undersigned  is entitled to purchase in  accordance  with the
within Warrant, that a new Warrant for the balance of the Warrant Shares covered
by the  within  Warrant be  registered  in the name of,  and  delivered  to, the
undersigned at the address stated below.

         Dated:                               Name
                ---------------------------        -----------------------------
                                                                 (Print)

         Address:
                  --------------------------------------------------------------

<PAGE>

                                                        (Signature)

                                                  (Signature must conform in all
                                           respects to the name of the Holder as
                                           specified on the face of the Warrant)

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

         FOR VALUE  RECEIVED,  the  foregoing  Warrant and all rights  evidenced
thereby are hereby  assigned to  _______________________________________________
whose address is ______________________________________________________________.

         __________________________________________________________________.

         Dated:  ______________, _______

                                  Holder's Signature:
                                                     ---------------------------
                                  Holder's Address:
                                                     ---------------------------

                                                     ---------------------------

Signature Guaranteed:
                      ----------------------------------------

NOTE: The signature to this  Assignment Form must correspond with the name as it
appears on the face of the Warrant,  without  alteration or  enlargement  or any
change whatsoever,  and must be guaranteed by a bank or trust company.  Officers
of  corporations  and  those  acting  in an  fiduciary  or other  representative
capacity  should  file  proper  evidence of  authority  to assign the  foregoing
Warrant.<PAGE>
                                                                    Exhibit 10.1

       ------------------------------------------------------------------

                         WESTERN ALLIANCE BANCORPORATION

                            2005 STOCK INCENTIVE PLAN
       ------------------------------------------------------------------
<PAGE>
                                      - i -

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                    PAGE
                                                                    ----
<S> <C>                                                             <C>
1.  PURPOSE..........................................................1
2.  DEFINITIONS......................................................1
3.  ADMINISTRATION OF THE PLAN.......................................6
    3.1.  Board......................................................6
    3.2.  Committee..................................................6
    3.3.  Terms of Awards............................................7
    3.4.  Deferral Arrangement.......................................7
    3.5.  No Liability...............................................8
    3.6.  Book Entry.................................................8
4.  STOCK SUBJECT TO THE PLAN........................................8
5.  EFFECTIVE DATE, DURATION AND AMENDMENTS..........................9
    5.1.  Effective Date.............................................9
    5.2.  Term.......................................................9
    5.3.  Amendment and Termination of the Plan......................9
6.  AWARD eligibility AND LIMITATIONS................................9
    6.1.  Service Providers and Other Persons........................9
    6.2.  Successive Awards..........................................10
    6.3.  Limitation on Shares of Stock Subject to Awards and Cash
          Awards ....................................................10
    6.4.  Substitute or Exchange Awards..............................10
7.  AWARD AGREEMENT..................................................11
8.  TERMS AND CONDITIONS OF OPTIONS..................................11
    8.1.  Option Price...............................................11
    8.2.  Vesting....................................................11
    8.3.  Term.......................................................11
    8.4.  Termination of Service.....................................11
    8.5.  Limitations on Exercise of Option..........................12
    8.6.  Method of Exercise.........................................12
    8.7.  Rights of Holders of Options...............................12
    8.8.  Delivery of Stock Certificates.............................12
    8.9.  Transferability of Options.................................12
    8.10. Family Transfers...........................................13
    8.11. Limitations on Incentive Stock Options.....................13
9.  TERMS AND CONDITIONS OF Stock Appreciation Rights................13
    9.1.  Right to Payment...........................................13
    9.2.  Other Terms................................................14
10. TERMS AND CONDITIONS OF RESTRICTED STOCK and stock units.........14
    10.1. Grant of Restricted Stock or Stock Units...................14
    10.2. Restrictions...............................................14
    10.3. Restricted Stock Certificates..............................14
    10.4. Rights of Holders of Restricted Stock......................15
    10.5. Rights of Holders of Stock Units...........................15
          10.5.1.Voting and Dividend Rights..........................15
          10.5.2.Creditor's Rights...................................15
</TABLE>

                                       -i-
<PAGE>
<TABLE>
<S> <C>                                                             <C>
    10.6. Termination of Service.....................................15
    10.7. Purchase of Restricted Stock...............................15
    10.8. Delivery of Stock..........................................16
11. TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS................16
12. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK.................16
    12.1. General Rule...............................................16
    12.2. Surrender of Stock.........................................16
    12.3. Cashless Exercise..........................................16
    12.4. Other Forms of Payment.....................................17
13. TERMS AND CONDITIONS OF Dividend Equivalent RIGHTS...............17
    13.1. Dividend Equivalent Rights.................................17
    13.2. Termination of Service.....................................17
14. TERMS AND CONDITIONS OF Performance and Annual Incentive Awards..17
    14.1. Performance Conditions.....................................17
    14.2. Performance or Annual Incentive Awards Granted to
          Designated Covered Employees ..............................18
          14.2.1.Performance Goals Generally.........................18
          14.2.2.Business Criteria...................................18
          14.2.3.Timing For Establishing Performance Goals...........19
          14.2.4.Settlement of Performance or Annual Incentive
                 Awards; Other Terms ................................19
    14.3. Written Determinations.....................................19
    14.4. Status of Section 14.2 Awards Under Code Section 162(m)....19
15. PARACHUTE LIMITATIONS............................................20
16. REQUIREMENTS OF LAW..............................................20
    16.1. General....................................................20
    16.2. Rule 16b-3.................................................21
17. EFFECT OF CHANGES IN CAPITALIZATION..............................21
    17.1. Changes in Stock...........................................21
    17.2. Reorganization in Which the Company Is the Surviving
          Entity Which does not Constitute a Corporate Transaction...22
    17.3. Corporate Transaction......................................22
    17.4. Adjustments................................................23
    17.5. No Limitations on Company..................................24
18. general provisions...............................................24
    18.1. Disclaimer of Rights.......................................24
    18.2. Nonexclusivity of the Plan.................................24
    18.3. Withholding Taxes..........................................24
    18.4. Captions...................................................25
    18.5. Other Provisions...........................................25
    18.6. Number and Gender..........................................25
    18.7. Severability...............................................25
    18.8. Governing Law..............................................25
</TABLE>

                                      -ii-
<PAGE>
                         WESTERN ALLIANCE BANCORPORATION

                            2005 STOCK INCENTIVE PLAN

      Western Alliance Bancorporation, a Nevada corporation (the "Company"),
sets forth herein the terms of its 2005 Stock Incentive Plan (the "Plan"), as
follows:

1.    PURPOSE

      The Plan is intended to enhance the Company's and its Affiliates' (as
defined herein) ability to attract and retain highly qualified officers,
directors, key employees, and other persons, and to motivate such officers,
directors, key employees, and other persons to serve the Company and its
Affiliates and to expend maximum effort to improve the business results and
earnings of the Company, by providing to such persons an opportunity to acquire
or increase a direct proprietary interest in the operations and future success
of the Company. To this end, the Plan provides for the grant of stock options,
stock appreciation rights (on and after the IPO Date), restricted stock, stock
units, unrestricted stock, dividend equivalent rights and cash awards. Any of
these awards may, but need not, be made as performance incentives to reward
attainment of annual or long-term performance goals in accordance with the terms
hereof. Stock options granted under the Plan may be non-qualified stock options
or incentive stock options, as provided herein.

      Furthermore, this Plan is an amendment and restatement of the Bankwest of
Nevada 1997 Incentive Stock Option Plan and the Bankwest of Nevada 1997
Nonqualified Stock Option Plan (together, the "1997 Plans"), the Western
Alliance Bancorporation 2000 Stock Appreciation Rights Plan (the "2000 SAR
Plan"), the Western Alliance Bancorporation 2002 Stock Option Plan (the "2002
Plan") and any other prior plan of the Company or a predecessor in effect prior
to the Effective Date of this Plan under which stock options or other equity
awards covering the Company's Stock remain outstanding to a service provider
(the "Prior Plans"). This Plan document therefore is intended to preserve
material rights and features of the Prior Plans, and should any material
provision of this Plan be determined to impair the rights of a Grantee under an
Award granted prior to the Effective Date of this restated Plan, the Award
Agreement covering the Award shall instead be treated as including the material
provision as an explicit term. In this regard, as of the Effective Date and
notwithstanding the absence of an automatic change in control vesting provision
under this restated Plan, any change in control vesting provision of a Prior
Plan hereby is incorporated into the Awards outstanding as of the Effective Date
and made under the applicable Prior Plan.

2.    DEFINITIONS

      For purposes of interpreting the Plan and related documents (including
Award Agreements), the following definitions shall apply:
<PAGE>
      2.1 "AFFILIATE" means, with respect to the Company, any company or other
trade or business that directly or indirectly controls, is controlled by or is
under common control with the Company within the meaning of Rule 405 of
Regulation C under the Securities Act, including, without limitation, any
Subsidiary.

      2.2 "ANNUAL INCENTIVE AWARD" means an Award made subject to attainment of
performance goals (as described in SECTION 14) over a performance period of up
to one year (the fiscal year, unless otherwise specified by the Committee).

      2.3 "AWARD" means a grant of an Option, Stock Appreciation Right,
Restricted Stock, Unrestricted Stock, Stock Unit, Dividend Equivalent Right, or
cash award under the Plan.

      2.4 "AWARD AGREEMENT" means the written agreement between the Company and
a Grantee that evidences and sets out the terms and conditions of an Award.

      2.5 "BENEFIT ARRANGEMENT" shall have the meaning set forth in SECTION 15
hereof.

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

      2.7 "CAUSE" means, as determined by the Board and unless otherwise
provided in an applicable agreement with the Company or an Affiliate, (i)
performance of any act or failure to perform any act in bad faith and to the
detriment of the Company or an Affiliate; (ii) dishonesty, intentional
misconduct or material breach of any agreement with the Company or an Affiliate;
or (iii) commission of a crime involving dishonesty, breach of trust, or
physical or emotional harm to any person.

      2.8 "CODE" means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended.

      2.9 "COMMITTEE" means a committee of, and designated from time to time by
resolution of, the Board, which shall be constituted as provided in SECTION 3.2.

      2.10 "COMPANY" means Western Alliance Bancorporation.

      2.11 "CORPORATE TRANSACTION" means (i) the dissolution or liquidation of
the Company or a merger, consolidation, or reorganization of the Company with
one or more other entities in which the Company is not the surviving entity,
(ii) a sale of all or substantially all of the assets of the Company to another
person or entity, or (iii) any transaction (including without limitation a
merger or reorganization in which the Company is the surviving entity) which
results in any person or entity (other than persons who are stockholders or
Affiliates immediately prior to the transaction) owning 50% or more of the
combined voting power of all classes of stock of the Company.

      2.12 "COVERED EMPLOYEE" means a Grantee who is a Covered Employee within
the meaning of Section 162(m)(3) of the Code.

                                      -2-
<PAGE>
      2.13 "DISABILITY" means the Grantee is unable to perform each of the
essential duties of such Grantee's position by reason of a medically
determinable physical or mental impairment which is potentially permanent in
character or which can be expected to last for a continuous period of not less
than 12 months; provided, however, that, with respect to rules regarding
expiration of an Incentive Stock Option following termination of the Grantee's
Service, Disability shall mean the Grantee is unable to engage in any
substantial gainful activity by reason of a medically determinable physical or
mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than 12 months.

      2.14 "DIVIDEND EQUIVALENT RIGHT" means a right, granted to a Grantee under
SECTION 13 hereof, to receive cash, Stock, other Awards or other property equal
in value to dividends paid with respect to a specified number of shares of
Stock, or other periodic payments.

      2.15 "EFFECTIVE DATE" means April 7, 2005, the date the Plan is approved
by the Board.

      2.16 "EXCHANGE ACT" means the Securities Exchange Act of 1934, as now in
effect or as hereafter amended.

      2.17 "FAIR MARKET VALUE" means the value of a share of Stock, determined
as follows: if on the Grant Date or other determination date the Stock is listed
on an established national or regional stock exchange, is admitted for quotation
on The Nasdaq Stock Market, Inc. or is publicly traded on an established
securities market, the Fair Market Value of a share of Stock shall be the
closing price of the Stock on such exchange or in such market (if there is more
than one such exchange or market the Board shall determine the appropriate
exchange or market) on the Grant Date or such other determination date (or if
there is no such reported closing price, the Fair Market Value shall be the mean
between the highest bid and lowest asked prices or between the high and low sale
prices on such trading day, as determined by the Board) or, if no sale of Stock
is reported for such trading day, on the next preceding day on which any sale
shall have been reported. If the Stock is not listed on such an exchange, quoted
on such system or traded on such a market, Fair Market Value shall be the value
of the Stock as determined by the Board in good faith.

      2.18 "FAMILY MEMBER" means a person who is a spouse, former spouse, child,
stepchild, grandchild, parent, stepparent, grandparent, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister,
brother-in-law, or sister-in-law, including adoptive relationships, of the
Grantee, any person sharing the Grantee's household (other than a tenant or
employee), a trust in which any one or more of these persons have more than
fifty percent of the beneficial interest, a foundation in which any one or more
of these persons (or the Grantee) control the management of assets, and any
other entity in which one or more of these persons (or the Grantee) own more
than fifty percent of the voting interests.

      2.19 "GRANT DATE" means, as determined by the Board, the latest to occur
of (i) the date as of which the Board approves an Award, (ii) the date on which
the recipient of an

                                      -3-
<PAGE>
Award first becomes eligible to receive an Award under SECTION 6 hereof, or
(iii) such other date as may be specified by the Board.

      2.20 "GRANTEE" means a person who receives or holds an Award under the
Plan.

      2.21 "INCENTIVE STOCK OPTION" means an "incentive stock option" within the
meaning of Section 422 of the Code, or the corresponding provision of any
subsequently enacted tax statute, as amended from time to time.

      2.22 "IPO DATE" means the closing date of the first sale of Stock to the
general public pursuant to a registration statement filed with and declared
effective by the Securities and Exchange Commission under the Securities Act.

      2.23 "NON-QUALIFIED STOCK OPTION" means an Option that is not an Incentive
Stock Option.

      2.24 "OPTION" means an option to purchase one or more shares of Stock
pursuant to the Plan.

      2.25 "OPTION PRICE" means the exercise price for each share of Stock
subject to an Option.

      2.26 "OPTION PROCEEDS" means, with respect to an Option, the sum of (i)
the Option Price paid in cash, if any, to purchase shares of Stock under such
Option, plus (ii) the value of all federal, state, and local deductions to which
the Company is entitled with respect to the exercise of such Option determined
using the highest Federal tax rate applicable to corporations and a blended tax
rate for state and local taxes based on the jurisdictions in which the Company
does business and giving effect to the deduction of state and local taxes for
Federal tax purposes.

      2.27 "OTHER AGREEMENT" shall have the meaning set forth in SECTION 15
hereof.

      2.28 "OUTSIDE DIRECTOR" means a member of the Board who is not an officer
or employee of the Company.

      2.29 "PERFORMANCE AWARD" means an Award made subject to the attainment of
performance goals (as described in SECTION 14) over a performance period of up
to ten (10) years.

      2.30 "PLAN" means this Western Alliance Bancorporation 2005 Stock
Incentive Plan.

      2.31 "PURCHASE PRICE" means the purchase price for each share of Stock
pursuant to a grant of Restricted Stock or Unrestricted Stock.

      2.32 "REPORTING PERSON" means a person who is required to file reports
under Section 16(a) of the Exchange Act.

                                      -4-
<PAGE>
      2.33 "RESTRICTED STOCK" means shares of Stock, awarded to a Grantee
pursuant to SECTION 10 hereof.

      2.34 "SAR EXERCISE PRICE" means the per share exercise price of an SAR
granted to a Grantee under SECTION 9 hereof.

      2.35 "SECURITIES ACT" means the Securities Act of 1933, as now in effect
or as hereafter amended.

      2.36 "SERVICE" means service as a Service Provider to the Company or an
Affiliate. Unless otherwise stated in the applicable Award Agreement, a
Grantee's change in position or duties shall not result in interrupted or
terminated Service, so long as such Grantee continues to be a Service Provider
to the Company or an Affiliate. Subject to the preceding sentence, whether a
termination of Service shall have occurred for purposes of the Plan shall be
determined by the Board, which determination shall be final, binding and
conclusive.

      2.37 "SERVICE PROVIDER" means an employee, officer or director of the
Company or an Affiliate, or a consultant or adviser currently providing services
to the Company or an Affiliate.

      2.38 "STOCK" means the common stock, par value $.0001 per share, of the
Company.

      2.39 "STOCK APPRECIATION RIGHT" or "SAR" means a right granted to a
Grantee under SECTION 9 hereof. SARs may only be awarded under this Plan on and
after the IPO Date, and during a period that the Company remains publicly
traded. Notwithstanding the preceding sentence, SARs awarded under a Prior Plan
on or before October 3, 2004 shall continue in effect under this Plan under the
term then in effect under the Award Agreement for the respective SAR.

      2.40 "STOCK UNIT" means a bookkeeping entry representing the equivalent of
shares of Stock awarded to a Grantee pursuant to SECTION 10 hereof.

      2.41 "SUBSIDIARY" means any "subsidiary corporation" of the Company within
the meaning of Section 424(f) of the Code.

      2.42 "TERMINATION DATE" means the date upon which an Option shall
terminate or expire, as set forth in SECTION 8.3 hereof.

      2.43 "TEN PERCENT STOCKHOLDER" means an individual who owns more than ten
percent (10%) of the total combined voting power of all classes of outstanding
stock of the Company, its parent or any of its Subsidiaries. In determining
stock ownership, the attribution rules of Section 424(d) of the Code shall be
applied.

      2.44 "TRANSITION PERIOD" means the reliance period described in Treas.
Reg. Section 1.162-27(f) or a successor provision.

      2.45 "UNRESTRICTED STOCK" means an Award pursuant to SECTION 11 hereof.

                                      -5-
<PAGE>
3.    ADMINISTRATION OF THE PLAN

      3.1. BOARD.

      The Board shall have such powers and authorities related to the
administration of the Plan as are consistent with the Company's articles of
incorporation and by-laws and applicable law. The Board shall have full power
and authority to take all actions and to make all determinations required or
provided for under the Plan, any Award or any Award Agreement, and shall have
full power and authority to take all such other actions and make all such other
determinations not inconsistent with the specific terms and provisions of the
Plan that the Board deems to be necessary or appropriate for the administration
of the Plan, any Award or any Award Agreement. All such actions and
determinations shall be by the affirmative vote of a majority of the members of
the Board present at a meeting or by unanimous consent of the Board executed in
writing in accordance with the Company's articles of incorporation and by-laws
and applicable law. The interpretation and construction by the Board of any
provision of the Plan, any Award or any Award Agreement shall be final, binding
and conclusive.

      3.2. COMMITTEE.

      The Board from time to time may delegate to the Committee such powers and
authorities related to the administration and implementation of the Plan, as set
forth in SECTION 3.1 above and other applicable provisions, as the Board shall
determine, consistent with the articles of incorporation and by-laws of the
Company and applicable law.

            (i) On and after the IPO Date, except as provided in subsection (ii)
      hereof and except as the Board may otherwise determine, the Committee, if
      any, appointed by the Board to administer the Plan shall consist of two or
      more Outside Directors of the Company who: (a) following the Transition
      Period qualify as "outside directors" within the meaning of Section 162(m)
      of the Code, and (b) meet such other requirements as may be established
      from time to time by the Securities and Exchange Commission for plans
      intended to qualify for exemption under Rule 16b-3 (or its successor)
      under the Exchange Act, and (c) comply with the independence requirements,
      if any, of the stock exchange on which the Stock is listed.

            (ii) The Board may also appoint one or more separate committees of
      the Board, each composed of one or more directors of the Company who need
      not be Outside Directors, who may administer the Plan with respect to
      employees or other Service Providers who are not officers or directors of
      the Company, may grant Awards under the Plan to such employees or other
      Service Providers, and may determine all terms of such Awards.

      In the event that the Plan, any Award or any Award Agreement entered into
hereunder provides for any action to be taken by or determination to be made by
the Board, such action may be taken or such determination may be made by the
Committee if the power and authority to do so has been delegated to the
Committee by the Board

                                      -6-
<PAGE>
as provided for in this Section. Unless otherwise expressly determined by the
Board, any such action or determination by the Committee shall be final, binding
and conclusive.

      3.3. TERMS OF AWARDS.

      Subject to the other terms and conditions of the Plan, the Board shall
have full and final authority to:

            (i) designate Grantees,

            (ii) determine the type or types of Awards to be made to a Grantee,

            (iii) determine the number of shares of Stock to be subject to an
      Award,

            (iv) establish the terms and conditions of each Award (including,
      but not limited to, the exercise price of any Option, the nature and
      duration of any restriction or condition (or provision for lapse thereof)
      relating to the vesting, exercise, transfer, or forfeiture of an Award or
      the shares of Stock subject thereto, and any terms or conditions that may
      be necessary to qualify Options as Incentive Stock Options),

            (v) prescribe the form of each Award Agreement evidencing an Award,
      and

            (vi) amend, modify, or supplement the terms of any outstanding
      Award. Such authority specifically includes the authority, in order to
      effectuate the purposes of the Plan but without amending the Plan, to
      modify Awards to eligible individuals who are foreign nationals or are
      individuals who are employed outside the United States to recognize
      differences in local law, tax policy, or custom. Notwithstanding the
      foregoing, no amendment, modification or supplement of any Award shall,
      without the consent of the Grantee, impair the Grantee's rights under such
      Award.

      The Company may retain the right in an Award Agreement to cause a
forfeiture of the gain realized by a Grantee on account of actions taken by the
Grantee in violation or breach of or in conflict with any employment agreement,
non-competition agreement, any agreement prohibiting solicitation of employees
or clients of the Company or any Affiliate thereof or any confidentiality
obligation with respect to the Company or any Affiliate thereof or otherwise in
competition with the Company or any Affiliate thereof, to the extent specified
in such Award Agreement applicable to the Grantee. Furthermore, the Company may
annul an Award if the Grantee is an employee of the Company or an Affiliate
thereof and is terminated for Cause as defined in the applicable Award Agreement
or the Plan, as applicable. The grant of any Award shall be contingent upon the
Grantee executing the appropriate Award Agreement.

      3.4. DEFERRAL ARRANGEMENT.

      The Board may permit or require the deferral of any award payment into a
deferred compensation arrangement, subject to such rules and procedures as it
may establish in writing that is intended to satisfy Section 409A of the Code,
which may include provisions for the payment or crediting of interest or
dividend equivalents, including converting such

                                      -7-
<PAGE>
credits into deferred Stock equivalents and restricting deferrals to comply with
hardship distribution rules affecting 401(k) plans.

      3.5. NO LIABILITY.

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

      3.6. BOOK ENTRY.

      Notwithstanding any other provision of this Plan to the contrary, the
Company may elect to satisfy any requirement under this Plan for the delivery of
stock certificates through the use of book-entry.

4.    STOCK SUBJECT TO THE PLAN

      Subject to adjustment as provided in SECTION 17 hereof, the number of
shares of Stock available for issuance under the Plan taking into account shares
originally available under the 1997 Plans, the 2000 SAR Plan, the 2002 Plan and
any Prior Plan shall be 3,253,844. Of the shares of Stock so designated for
issuance under the Plan, 2,246,894 shares represent Awards outstanding as of the
Effective Date. Stock issued or to be issued under the Plan shall be authorized
but unissued shares or, to the extent permitted by applicable law, issued shares
that have been reacquired by the Company. If any shares covered by an Award are
not purchased or are forfeited, or if an Award otherwise terminates without
delivery of any Stock subject thereto, then the number of shares of Stock
counted against the aggregate number of shares available under the Plan with
respect to such Award shall, to the extent of any such forfeiture or
termination, again be available for making Awards under the Plan.

      If the Option Price of any Option granted under the Plan, or if pursuant
to SECTION 18.3 the withholding obligation of any Grantee with respect to an
Option or other Award, is satisfied by tendering shares of Stock to the Company
(by either actual delivery or by attestation) or by withholding shares of Stock,
the number of shares of Stock issued net of the shares of Stock tendered or
withheld shall be deemed delivered for purposes of determining the maximum
number of shares of Stock available for delivery under the Plan.

      The Board shall have the right to substitute or assume Awards in
connection with mergers, reorganizations, separations, or other transactions to
which Section 424(a) of the Code applies, provided such substitutions and
assumptions are permitted by Section 424 of the Code and the regulations
promulgated thereunder. The number of shares of Stock reserved pursuant to
Section 4 may be increased by the corresponding number of Awards assumed and, in
the case of a substitution, by the net increase in the number of shares of Stock
subject to Awards before and after the substitution.

      The number of shares of Stock reserved under this SECTION 4 shall be
increased by the number of any shares of Stock that are repurchased by the
Company with Option Proceeds (as defined herein) in respect of the exercise of
an Option; provided, however, that the

                                      -8-
<PAGE>
number of shares of Stock contributed to number of shares of Stock reserved
under this SECTION 4 in respect of the use of Option Proceeds for repurchase
shall not be greater than: (A) the amount of such Option Proceeds, divided by
(B) the Fair Market Value on the date of exercise of the applicable Option.

5.    EFFECTIVE DATE, DURATION AND AMENDMENTS

      5.1. EFFECTIVE DATE.

      The Plan shall be effective as of the Effective Date, subject to approval
of the Plan by the Company's stockholders within one year of the Effective Date.
Upon approval of the Plan by the stockholders of the Company as set forth above,
all Awards made under the Plan on or after the Effective Date shall be fully
effective as if the stockholders of the Company had approved the Plan on the
Effective Date. If the stockholders fail to approve the Plan within one year
after the Effective Date, any Awards made hereunder relating to the period on or
after the Effective Date shall be null and void and of no effect.

      5.2. TERM.

      The Plan shall terminate automatically ten (10) years after its adoption
by the Board and may be terminated on any earlier date as provided in SECTION
5.3.

      5.3. AMENDMENT AND TERMINATION OF THE PLAN.

      The Board may, at any time and from time to time, amend, suspend, or
terminate the Plan as to any shares of Stock as to which Awards have not been
made. An amendment shall be contingent on approval of the Company's stockholders
to the extent stated by the Board, required by applicable law or required by
applicable stock exchange listing requirements. No Awards shall be made after
termination of the Plan. No amendment, suspension, or termination of the Plan
shall, without the consent of the Grantee, impair rights or obligations under
any Award theretofore awarded under the Plan.

6.    AWARD ELIGIBILITY AND LIMITATIONS

      6.1. SERVICE PROVIDERS AND OTHER PERSONS.

      Subject to this SECTION 6, Awards may be made under the Plan to: (i) any
Service Provider to the Company or of any Affiliate, including any Service
Provider who is an officer or director of the Company, or of any Affiliate, as
the Board shall determine and designate from time to time, (ii) any Outside
Director, and (iii) any other individual whose participation in the Plan is
determined to be in the best interests of the Company by the Board.

                                      -9-
<PAGE>
      6.2. SUCCESSIVE AWARDS.

      An eligible person may receive more than one Award, subject to such
restrictions as are provided herein.

      6.3. LIMITATION ON SHARES OF STOCK SUBJECT TO AWARDS AND CASH AWARDS.

      During any time when the Company has a class of equity securities
registered under Section 12 of the Exchange Act, but only after the Transition
Period has expired:

            (i) the maximum number of shares of Stock subject to Options or SARs
      that can be awarded under the Plan to any person eligible for an Award
      under SECTION 6 hereof is one hundred fifty thousand (150,000) per
      calendar year;

            (ii) the maximum number of shares of Stock that can be awarded under
      the Plan, other than pursuant to an Option or SARs, to any person eligible
      for an Award under SECTION 6 hereof is one hundred fifty thousand
      (150,000) per calendar year; and

            (iii) the maximum amount that may be earned as an Annual Incentive
      Award or other cash Award in any calendar year by any one Grantee shall be
      $5,000,000 and the maximum amount that may be earned as a Performance
      Award or other cash Award in respect of a performance period by any one
      Grantee shall be $15,000,000.

      The preceding limitations in this SECTION 6.3, subsections (i) and (ii),
are subject to adjustment as provided in SECTION 17 hereof.

      6.4. SUBSTITUTE OR EXCHANGE AWARDS.

      Awards granted under the Plan may, in the discretion of the Board, be
granted in substitution or exchange for, any other Award or any award granted
under another plan of the Company, any Affiliate, or any business entity to be
acquired by the Company or an Affiliate, or any other right of a Grantee to
receive payment from the Company or any Affiliate. Such substitute or exchange
Awards may be granted at any time. If an Award is granted in substitution or
exchange for another award, the Board shall require the surrender of such other
Award in consideration for the grant of the new Award. Notwithstanding anything
in Section 8.1 or 9.1 below to the contrary, any Awards granted under this
Section 6.4 that are in substitution or exchange for, any other Award or any
award granted under another plan of the Company, any Affiliate, or any business
entity to be acquired by the Company or an Affiliate may be granted at an Option
Price or grant price, as the case may be, as the Board of the Committee may
reasonably determine even if such price is less than Fair Market Value of the
Stock.

                                      -10-
<PAGE>
7.    AWARD AGREEMENT

      Each Award granted pursuant to the Plan shall be evidenced by an Award
Agreement, in such form or forms as the Board shall from time to time determine.
Award Agreements granted from time to time or at the same time need not contain
similar provisions but shall be consistent with the terms of the Plan. Each
Award Agreement evidencing an Award of Options shall specify whether such
Options are intended to be Non-qualified Stock Options or Incentive Stock
Options, and in the absence of such specification such options shall be deemed
Non-qualified Stock Options.

8.    TERMS AND CONDITIONS OF OPTIONS

      8.1. OPTION PRICE.

      The Option Price of each Option shall be fixed by the Board and stated in
the Award Agreement evidencing such Option. The Option Price of each Option
shall be at least the Fair Market Value on the Grant Date of a share of Stock;
provided, however, that in the event that a Grantee is a Ten Percent
Stockholder, the Option Price of an Option granted to such Grantee that is
intended to be an Incentive Stock Option shall be not less than 110 percent of
the Fair Market Value of a share of Stock on the Grant Date. In no case shall
the Option Price of any Option be less than the par value of a share of Stock.

      8.2. VESTING.

      Subject to SECTIONS 8.3 AND 17.3 hereof, each Option granted under the
Plan shall become exercisable at such times and under such conditions as shall
be determined by the Board and stated in the Award Agreement. For purposes of
this SECTION 8.2, fractional numbers of shares of Stock subject to an Option
shall be rounded down to the next nearest whole number. No Option shall be
exercisable in whole or in part prior to the date the Plan is approved by the
Stockholders of the Company as provided in SECTION 5.1 hereof.

      8.3. TERM.

      Each Option granted under the Plan shall terminate, and all rights to
purchase shares of Stock thereunder shall cease, upon the expiration of ten
years from the date such Option is granted, or under such circumstances and on
such date prior thereto as is set forth in the Plan or as may be fixed by the
Board and stated in the Award Agreement relating to such Option (the
"Termination Date"); provided, however, that in the event that the Grantee is a
Ten Percent Stockholder, an Option granted to such Grantee that is intended to
be an Incentive Stock Option shall not be exercisable after the expiration of
five years from its Grant Date.

      8.4. TERMINATION OF SERVICE.

      Each Award Agreement shall set forth the extent to which the Grantee shall
have the right to exercise the Option following termination of the Grantee's
Service. Such

                                      -11-
<PAGE>
provisions shall be determined in the sole discretion of the Board, need not be
uniform among all Options issued pursuant to the Plan, and may reflect
distinctions based on the reasons for termination of Service.

      8.5. LIMITATIONS ON EXERCISE OF OPTION.

      Notwithstanding any other provision of the Plan to the contrary, in no
event may any Option be exercised, in whole or in part, prior to the date the
Plan is approved by the stockholders of the Company as provided herein or after
the occurrence of an event referred to in SECTION 17 hereof which results in
termination of the Option.

      8.6. METHOD OF EXERCISE.

      An Option that is exercisable may be exercised by the Grantee's delivery
to the Company of written notice of exercise on any business day, at the
Company's principal office, on the form specified by the Company. Such notice
shall specify the number of whole shares of Stock with respect to which the
Option is being exercised and shall be accompanied by payment in full of the
Option Price of the shares for which the Option is being exercised plus the
amount (if any) of federal and/or other taxes which the Company may, in its
judgment, be required to withhold with respect to an Award. The minimum number
of shares of Stock with respect to which an Option may be exercised, in whole or
in part, at any time shall be the lesser of (i) 100 shares or such lesser number
as is set forth in the applicable Award Agreement and (ii) the maximum number of
shares available for purchase under the Option at the time of exercise.

      8.7. RIGHTS OF HOLDERS OF OPTIONS.

      Unless otherwise stated in the applicable Award Agreement, an individual
holding or exercising an Option shall have none of the rights of a stockholder
(for example, the right to receive cash or dividend payments or distributions
attributable to the subject shares of Stock or to direct the voting of the
subject shares of Stock) until the shares of Stock covered thereby are fully
paid and issued to him. Except as provided in SECTION 17 hereof, no adjustment
shall be made for dividends, distributions or other rights for which the record
date is prior to the date of such issuance.

      8.8. DELIVERY OF STOCK CERTIFICATES.

      Promptly after the exercise of an Option by a Grantee and the payment in
full of the Option Price, such Grantee shall be entitled to the issuance of a
stock certificate or certificates evidencing his or her ownership of the shares
of Stock subject to the Option.

      8.9. TRANSFERABILITY OF OPTIONS.

      Except as provided in SECTION 8.10, during the lifetime of a Grantee, only
the Grantee (or, in the event of legal incapacity or incompetency, the Grantee's
guardian or legal representative) may exercise an Option. Except as provided in
SECTION 8.10, no Option shall be assignable or transferable by the Grantee to
whom it is granted, other than

                                      -12-
<PAGE>
by will or the laws of descent and distribution or pursuant to a domestic
relations order as referred to in the Code or Title I of the Employment
Retirement Income Security Act or the rules thereunder.

      8.10. FAMILY TRANSFERS.

      If authorized in the applicable Award Agreement, a Grantee may transfer,
not for value, all or part of an Option which is not an Incentive Stock Option
to any Family Member. For the purpose of this SECTION 8.10, a "not for value"
transfer is a transfer which is (i) a gift; (ii) a transfer under a domestic
relations order in settlement of marital property rights; or (iii) a transfer to
an entity in which more than fifty percent of the voting interests are owned by
Family Members (or the Grantee) in exchange for an interest in that entity.
Following a transfer under this SECTION 8.10, any such Option shall continue to
be subject to the same terms and conditions as were applicable immediately prior
to transfer. Subsequent transfers of transferred Options are prohibited except
to Family Members of the original Grantee in accordance with this SECTION 8.10
or by will or the laws of descent and distribution. The events of termination of
Service of SECTION 8.4 hereof shall continue to be applied with respect to the
original Grantee, following which the Option shall be exercisable by the
transferee only to the extent, and for the periods specified, in SECTION 8.4.

      8.11. LIMITATIONS ON INCENTIVE STOCK OPTIONS.

      An Option shall constitute an Incentive Stock Option only (i) if the
Grantee of such Option is an employee of the Company or any Subsidiary of the
Company; (ii) to the extent specifically provided in the related Award
Agreement; and (iii) to the extent that the aggregate Fair Market Value
(determined at the time the Option is granted) of the shares of Stock with
respect to which all Incentive Stock Options held by such Grantee become
exercisable for the first time during any calendar year (under the Plan and all
other plans of the Grantee's employer and its Affiliates) does not exceed
$100,000. This limitation shall be applied by taking Options into account in the
order in which they were granted.

9.    TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

      9.1. RIGHT TO PAYMENT.

      An SAR shall confer on the Grantee to whom it is granted a right to
receive, upon exercise thereof, the excess of (A) the Fair Market Value of one
share of Stock on the date of exercise over (B) the grant price of the SAR as
determined by the Board. The Award Agreement for an SAR shall specify the grant
price of the SAR, which shall be no less than the Fair Market Value of a share
of Stock on the date of grant. SARs may be granted in conjunction with all or
part of an Option granted under the Plan or at any subsequent time during the
term of such Option, in conjunction with all or part of any other Award or
without regard to any Option or other Award. All SARs granted under the Plan
shall have such terms and conditions as are necessary to avoid the imposition of
the 20% excise tax under Code Section 409A.

                                      -13-
<PAGE>
      9.2. OTHER TERMS.

      The Board shall determine at the date of grant or thereafter, the time or
times at which and the circumstances under which a SAR may be exercised in whole
or in part (including based on achievement of performance goals and/or future
service requirements), the time or times at which SARs shall cease to be or
become exercisable following termination of Service or upon other conditions,
the method of exercise, method of settlement, form of consideration payable in
settlement, method by or forms in which Stock will be delivered or deemed to be
delivered to Grantees, whether or not a SAR shall be in tandem or in combination
with any other Award, and any other terms and conditions of any SAR.

10.   TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

      10.1. GRANT OF RESTRICTED STOCK OR STOCK UNITS.

      Awards of Restricted Stock or Stock Units may be made for no consideration
(other than par value of the shares which is deemed paid by Services already
rendered).

      10.2. RESTRICTIONS.

      At the time a grant of Restricted Stock or Stock Units is made, the Board
may, in its sole discretion, establish a period of time (a "restricted period")
applicable to such Restricted Stock or Stock Units. Each Award of Restricted
Stock or Stock Units may be subject to a different restricted period. The Board
may, in its sole discretion, at the time a grant of Restricted Stock or Stock
Units is made, prescribe restrictions in addition to or other than the
expiration of the restricted period, including the satisfaction of corporate or
individual performance objectives, which may be applicable to all or any portion
of the Restricted Stock or Stock Units in accordance with SECTION 14.1 and 14.2.
Neither Restricted Stock nor Stock Units may be sold, transferred, assigned,
pledged or otherwise encumbered or disposed of during the restricted period or
prior to the satisfaction of any other restrictions prescribed by the Board with
respect to such Restricted Stock or Stock Units.

      10.3. RESTRICTED STOCK CERTIFICATES.

      The Company shall issue, in the name of each Grantee to whom Restricted
Stock has been granted, stock certificates representing the total number of
shares of Restricted Stock granted to the Grantee, as soon as reasonably
practicable after the Grant Date. The Board may provide in an Award Agreement
that either (i) the Secretary of the Company shall hold such certificates for
the Grantee's benefit until such time as the Restricted Stock is forfeited to
the Company or the restrictions lapse, or (ii) such certificates shall be
delivered to the Grantee, provided, however, that such certificates shall bear a
legend (or legends) that complies with the applicable securities laws and
regulations and makes appropriate reference to the restrictions imposed under
the Plan and the Award Agreement.

                                      -14-
<PAGE>
      10.4. RIGHTS OF HOLDERS OF RESTRICTED STOCK.

      Unless the Board otherwise provides in an Award Agreement, holders of
Restricted Stock shall have the right to vote such Stock and the right to
receive any dividends declared or paid with respect to such Stock. The Board may
provide that any dividends paid on Restricted Stock must be reinvested in shares
of Stock, which may or may not be subject to the same vesting conditions and
restrictions applicable to such Restricted Stock. All distributions, if any,
received by a Grantee with respect to Restricted Stock as a result of any stock
split, stock dividend, combination of shares, or other similar transaction shall
be subject to the restrictions applicable to the original Grant.

      10.5. RIGHTS OF HOLDERS OF STOCK UNITS.

            10.5.1. VOTING AND DIVIDEND RIGHTS.

      Holders of Stock Units shall have no right to vote any Stock promised upon
settlement of the Stock Unit or to "vote" the Stock Unit. The Board may provide
in an Award Agreement evidencing a grant of Stock Units that the holder of such
Stock Units shall be entitled to receive, upon the Company's payment of a cash
dividend on its outstanding Stock, a cash payment for each Stock Unit held equal
to the per-share dividend paid on the Stock. Such Award Agreement may also
provide that such cash payment will be deemed reinvested in additional Stock
Units at a price per unit equal to the Fair Market Value of a share of Stock on
the date that such dividend is paid.

            10.5.2. CREDITOR'S RIGHTS.

      A holder of Stock Units shall have no rights other than those of a general
creditor of the Company. Stock Units represent an unfunded and unsecured
obligation of the Company, subject to the terms and conditions of the applicable
Award Agreement.

      10.6. TERMINATION OF SERVICE.

      Unless the Board otherwise provides in an Award Agreement or in writing
after the Award Agreement is issued, upon the termination of a Grantee's
Service, any Restricted Stock or Stock Units held by such Grantee that have not
vested, or with respect to which all applicable restrictions and conditions have
not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted
Stock or Stock Units, the Grantee shall have no further rights with respect to
such Award, including but not limited to any right to vote Restricted Stock or
any right to receive dividends with respect to shares of Restricted Stock or
Stock Units.

      10.7. PURCHASE OF RESTRICTED STOCK.

      The Grantee shall be required, to the extent required by applicable law,
to purchase the Restricted Stock from the Company at a Purchase Price equal to
the greater of (i) the aggregate par value of the shares of Stock represented by
such Restricted Stock or (ii) the Purchase Price, if any, specified in the Award
Agreement relating to such Restricted Stock. The Purchase Price shall be payable
in a form described in SECTION 12 or, in the discretion of the Board, in
consideration for past Services rendered to the Company or an Affiliate.

                                      -15-
<PAGE>
      10.8. DELIVERY OF STOCK.

      Upon the expiration or termination of any restricted period and the
satisfaction of any other conditions prescribed by the Board, the restrictions
applicable to shares of Restricted Stock or Stock Units settled in Stock shall
lapse, and, unless otherwise provided in the Award Agreement, a stock
certificate for such shares shall be delivered, free of all such restrictions,
to the Grantee or the Grantee's beneficiary or estate, as the case may be.

11.   TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS

      The Board may, in its sole discretion, grant (or sell at par value or such
other higher purchase price determined by the Board) an Unrestricted Stock Award
to any Grantee pursuant to which such Grantee may receive shares of Stock free
of any restrictions ("Unrestricted Stock") under the Plan. Unrestricted Stock
Awards may be granted or sold as described in the preceding sentence in respect
of past services and other valid consideration, or in lieu of, or in addition
to, any cash compensation due to such Grantee.

12.   FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

      12.1. GENERAL RULE.

      Payment of the Option Price for the shares purchased pursuant to the
exercise of an Option or the Purchase Price for Restricted Stock shall be made
in cash or in cash equivalents acceptable to the Company.

      12.2. SURRENDER OF STOCK.

      To the extent the Award Agreement so provides, payment of the Option Price
for shares purchased pursuant to the exercise of an Option or the Purchase Price
for Restricted Stock may be made all or in part through the tender to the
Company of shares of Stock, which shares, if acquired from the Company and if so
required by the Company, shall have been held for at least six months at the
time of tender and which shall be valued, for purposes of determining the extent
to which the Option Price or Purchase Price has been paid thereby, at their Fair
Market Value on the date of exercise or surrender.

      12.3. CASHLESS EXERCISE.

      With respect to an Option only (and not with respect to Restricted Stock)
for any period that the Company is publicly traded, to the extent permitted by
law and to the extent the Award Agreement so provides, payment of the Option
Price for shares purchased pursuant to the exercise of an Option may be made all
or in part by delivery (on a form acceptable to the Board) of an irrevocable
direction to a licensed securities broker acceptable to the Company to sell
shares of Stock and to deliver all or part of the sales proceeds to the Company
in payment of the Option Price and any withholding taxes described in SECTION
18.3.

                                      -16-
<PAGE>
      12.4. OTHER FORMS OF PAYMENT.

      To the extent the Award Agreement so provides, payment of the Option Price
for shares purchased pursuant to exercise of an Option or the Purchase Price for
Restricted Stock may be made in any other form that is consistent with
applicable laws, regulations and rules.

13.   TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

      13.1. DIVIDEND EQUIVALENT RIGHTS.

      A Dividend Equivalent Right is an Award entitling the recipient to receive
credits based on cash distributions that would have been paid on the shares of
Stock specified in the Dividend Equivalent Right (or other award to which it
relates) if such shares had been issued to and held by the recipient. A Dividend
Equivalent Right may be granted hereunder to any Grantee as a component of
another Award or as a freestanding award. The terms and conditions of Dividend
Equivalent Rights shall be specified in the grant. Dividend equivalents credited
to the holder of a Dividend Equivalent Right may be paid currently or may be
deemed to be reinvested in additional shares of Stock, which may thereafter
accrue additional equivalents. Any such reinvestment shall be at Fair Market
Value on the date of reinvestment. Dividend Equivalent Rights may be settled in
cash or Stock or a combination thereof, in a single installment or installments,
all determined in the sole discretion of the Board. A Dividend Equivalent Right
granted as a component of another Award may provide that such Dividend
Equivalent Right shall be settled upon exercise, settlement, or payment of, or
lapse of restrictions on, such other award, and that such Dividend Equivalent
Right shall expire or be forfeited or annulled under the same conditions as such
other award. A Dividend Equivalent Right granted as a component of another Award
may also contain terms and conditions different from such other award.

      13.2. TERMINATION OF SERVICE.

      Except as may otherwise be provided by the Board either in the Award
Agreement or in writing after the Award Agreement is issued, a Grantee's rights
in all Dividend Equivalent Rights or interest equivalents shall automatically
terminate upon the Grantee's termination of Service for any reason.

14.   TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS

      14.1. PERFORMANCE CONDITIONS.

      The right of a Grantee to exercise or receive a grant or settlement of any
Award, and the timing thereof, may be subject to such performance conditions as
may be specified by the Board. The Board may use such business criteria and
other measures of performance as it may deem appropriate in establishing any
performance conditions, and may exercise its discretion to reduce the amounts
payable under any Award subject to

                                      -17-
<PAGE>
performance conditions, except as limited under SECTIONS 14.2 hereof in the case
of a Performance Award or Annual Incentive Award intended to qualify under Code
Section 162(m). If and to the extent required under Code Section 162(m), any
power or authority relating to a Performance Award or Annual Incentive Award
intended to qualify under Code Section 162(m), shall be exercised by the
Committee and not the Board.

      14.2. PERFORMANCE OR ANNUAL INCENTIVE AWARDS GRANTED TO DESIGNATED COVERED
            EMPLOYEES.

      If and to the extent that the Committee determines that a Performance or
Annual Incentive Award to be granted to a Grantee who is designated by the
Committee as likely to be a Covered Employee should qualify as
"performance-based compensation" for purposes of Code Section 162(m), the grant,
exercise and/or settlement of such Performance or Annual Incentive Award shall
be contingent upon achievement of pre-established performance goals and other
terms set forth in this SECTION 14.2.

            14.2.1. PERFORMANCE GOALS GENERALLY.

      The performance goals for such Performance or Annual Incentive Awards
shall consist of one or more business criteria and a targeted level or levels of
performance with respect to each of such criteria, as specified by the Committee
consistent with this SECTION 14.2. Performance goals shall be objective and
shall otherwise meet the requirements of Code Section 162(m) and regulations
thereunder including the requirement that the level or levels of performance
targeted by the Committee result in the achievement of performance goals being
"substantially uncertain." The Committee may determine that such Performance or
Annual Incentive Awards shall be granted, exercised and/or settled upon
achievement of any one performance goal or that two or more of the performance
goals must be achieved as a condition to grant, exercise and/or settlement of
such Performance or Annual Incentive Awards. Performance goals may differ for
Performance or Annual Incentive Awards granted to any one Grantee or to
different Grantees.

            14.2.2. BUSINESS CRITERIA.

      One or more of the following business criteria for the Company, on a
consolidated basis, and/or specified subsidiaries or business units of the
Company (except with respect to the total stockholder return and earnings per
share criteria), shall be used exclusively by the Committee in establishing
performance goals for such Performance or Annual Incentive Awards: (1) total
stockholder return; (2) total stockholder return as compared to total return (on
a comparable basis) of a publicly available index such as, but not limited to,
the Standard & Poor's 500 Stock Index; (3) net income; (4) pretax earnings; (5)
earnings before interest expense, taxes, depreciation and amortization; (6)
pretax operating earnings after interest expense and before bonuses, service
fees, and extraordinary or special items; (7) operating margin; (8) earnings per
share; (9) return on equity; (10) return on capital; (11) return on investment;
(12) operating earnings; (13) working capital; (14) ratio of debt to
stockholders' equity; and (15) revenue. Business criteria may be measured on an
absolute basis or on a relative basis (i.e., performance relative to peer
companies) and on a GAAP or non-GAAP basis.

                                      -18-
<PAGE>
            14.2.3. TIMING FOR ESTABLISHING PERFORMANCE GOALS.

      Performance goals shall be established not later than 90 days after the
beginning of any performance period applicable to such Performance or Annual
Incentive Awards, or at such other date as may be required or permitted for
"performance-based compensation" under Code Section 162(m).

            14.2.4. SETTLEMENT OF PERFORMANCE OR ANNUAL INCENTIVE AWARDS; OTHER
                    TERMS.

      Settlement of such Performance or Annual Incentive Awards shall be in
cash, Stock, other Awards or other property, in the discretion of the Committee.
The Committee may, in its discretion, reduce the amount of a settlement
otherwise to be made in connection with such Performance or Annual Incentive
Awards. The Committee shall specify the circumstances in which such Performance
or Annual Incentive Awards shall be paid or forfeited in the event of
termination of Service by the Grantee prior to the end of a performance period
or settlement of Performance Awards.

      14.3. WRITTEN DETERMINATIONS.

      All determinations by the Committee as to the establishment of performance
goals, the amount of any Performance Award pool or potential individual
Performance Awards and as to the achievement of performance goals relating to
Performance Awards, and the amount of any Annual Incentive Award pool or
potential individual Annual Incentive Awards and the amount of final Annual
Incentive Awards, shall be made in writing in the case of any Award intended to
qualify under Code Section 162(m). To the extent required to comply with Code
Section 162(m), the Committee may delegate any responsibility relating to such
Performance Awards or Annual Incentive Awards.

      14.4. STATUS OF SECTION 14.2 AWARDS UNDER CODE SECTION 162(M).

      It is the intent of the Company that Performance Awards and Annual
Incentive Awards under SECTION 14.2 hereof granted to persons who are designated
by the Committee as likely to be Covered Employees within the meaning of Code
Section 162(m) and regulations thereunder shall, if so designated by the
Committee, constitute "qualified performance-based compensation" within the
meaning of Code Section 162(m) and regulations thereunder. Accordingly, the
terms of SECTION 14.2, including the definitions of Covered Employee and other
terms used therein, shall be interpreted in a manner consistent with Code
Section 162(m) and regulations thereunder. The foregoing notwithstanding,
because the Committee cannot determine with certainty whether a given Grantee
will be a Covered Employee with respect to a fiscal year that has not yet been
completed, the term Covered Employee as used herein shall mean only a person
designated by the Committee, at the time of grant of Performance Awards or an
Annual Incentive Award, as likely to be a Covered Employee with respect to that
fiscal year. If any provision of the Plan or any agreement relating to such
Performance Awards or Annual Incentive Awards does not comply or is inconsistent
with the requirements of Code Section 162(m) or regulations thereunder, such
provision shall be construed or deemed amended to the extent necessary to
conform to such requirements.

                                      -19-
<PAGE>
15.   PARACHUTE LIMITATIONS

      Notwithstanding any other provision of this Plan or of any other
agreement, contract, or understanding heretofore or hereafter entered into by a
Grantee with the Company or any Affiliate, except an agreement, contract, or
understanding hereafter entered into that expressly modifies or excludes
application of this paragraph (an "Other Agreement"), and notwithstanding any
formal or informal plan or other arrangement for the direct or indirect
provision of compensation to the Grantee (including groups or classes of
Grantees or beneficiaries of which the Grantee is a member), whether or not such
compensation is deferred, is in cash, or is in the form of a benefit to or for
the Grantee (a "Benefit Arrangement"), if the Grantee is a "disqualified
individual," as defined in Section 280G(c) of the Code, any Option, Restricted
Stock or Stock Unit held by that Grantee and any right to receive any payment or
other benefit under this Plan shall not become exercisable or vested (i) to the
extent that such right to exercise, vesting, payment, or benefit, taking into
account all other rights, payments, or benefits to or for the Grantee under this
Plan, all Other Agreements, and all Benefit Arrangements, would cause any
payment or benefit to the Grantee under this Plan to be considered a "parachute
payment" within the meaning of Section 280G(b)(2) of the Code as then in effect
(a "Parachute Payment") and (ii) if, as a result of receiving a Parachute
Payment, the aggregate after-tax amounts received by the Grantee from the
Company under this Plan, all Other Agreements, and all Benefit Arrangements
would be less than the maximum after-tax amount that could be received by the
Grantee without causing any such payment or benefit to be considered a Parachute
Payment. In the event that the receipt of any such right to exercise, vesting,
payment, or benefit under this Plan, in conjunction with all other rights,
payments, or benefits to or for the Grantee under any Other Agreement or any
Benefit Arrangement would cause the Grantee to be considered to have received a
Parachute Payment under this Plan that would have the effect of decreasing the
after-tax amount received by the Grantee as described in clause (ii) of the
preceding sentence, then the Grantee shall have the right, in the Grantee's sole
discretion, to designate those rights, payments, or benefits under this Plan,
any Other Agreements, and any Benefit Arrangements that should be reduced or
eliminated so as to avoid having the payment or benefit to the Grantee under
this Plan be deemed to be a Parachute Payment.

16.   REQUIREMENTS OF LAW

      16.1. GENERAL.

      The Company shall not be required to sell or issue any shares of Stock
under any Award if the sale or issuance of such shares would constitute a
violation by the Grantee, any other individual exercising an Option, or the
Company of any provision of any law or regulation of any governmental authority,
including without limitation any federal or state securities laws or
regulations. If at any time the Company shall determine, in its discretion, that
the listing, registration or qualification of any shares subject to an Award
upon any securities exchange or under any governmental regulatory body is
necessary or desirable as a condition of, or in connection with, the issuance or
purchase of shares hereunder, no shares of Stock may be issued or sold to the
Grantee or any other individual exercising an Option pursuant to such Award
unless such listing, registration, qualification, consent or approval

                                      -20-
<PAGE>
shall have been effected or obtained free of any conditions not acceptable to
the Company, and any delay caused thereby shall in no way affect the date of
termination of the Award. Specifically, in connection with the Securities Act,
upon the exercise of any Option or the delivery of any shares of Stock
underlying an Award, unless a registration statement under such Act is in effect
with respect to the shares of Stock covered by such Award, the Company shall not
be required to sell or issue such shares unless the Board has received evidence
satisfactory to it that the Grantee or any other individual exercising an Option
may acquire such shares pursuant to an exemption from registration under the
Securities Act. Any determination in this connection by the Board shall be
final, binding, and conclusive. The Company may, but shall in no event be
obligated to, register any securities covered hereby pursuant to the Securities
Act. The Company shall not be obligated to take any affirmative action in order
to cause the exercise of an Option or the issuance of shares of Stock pursuant
to the Plan to comply with any law or regulation of any governmental authority.
As to any jurisdiction that expressly imposes the requirement that an Option
shall not be exercisable until the shares of Stock covered by such Option are
registered or are exempt from registration, the exercise of such Option (under
circumstances in which the laws of such jurisdiction apply) shall be deemed
conditioned upon the effectiveness of such registration or the availability of
such an exemption.

      16.2. RULE 16B-3.

      During any time when the Company has a class of equity security registered
under Section 12 of the Exchange Act, it is the intent of the Company that
Awards pursuant to the Plan and the exercise of Options granted hereunder will
qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the
extent that any provision of the Plan or action by the Board does not comply
with the requirements of Rule 16b-3, it shall be deemed inoperative to the
extent permitted by law and deemed advisable by the Board, and shall not affect
the validity of the Plan. In the event that Rule 16b-3 is revised or replaced,
the Board may exercise its discretion to modify this Plan in any respect
necessary to satisfy the requirements of, or to take advantage of any features
of, the revised exemption or its replacement.

17.   EFFECT OF CHANGES IN CAPITALIZATION

      17.1. CHANGES IN STOCK.

      If the number of outstanding shares of Stock is increased or decreased or
the shares of Stock are changed into or exchanged for a different number or kind
of shares or other securities of the Company on account of any recapitalization,
reclassification, stock split, reverse split, combination of shares, exchange of
shares, stock dividend or other distribution payable in capital stock, or other
increase or decrease in such shares effected without receipt of consideration by
the Company occurring after the Effective Date, the number and kinds of shares
for which grants of Options and other Awards may be made under the Plan shall be
adjusted proportionately and accordingly by the Company. In addition, the number
and kind of shares for which Awards are outstanding shall be adjusted
proportionately and accordingly so that the proportionate interest of the
Grantee immediately following such event shall, to the extent practicable, be
the same as immediately before such event. Any such adjustment

                                      -21-
<PAGE>
in outstanding Options or SARs shall not change the aggregate Option Price or
SAR Exercise Price payable with respect to shares that are subject to the
unexercised portion of an outstanding Option or SAR, as applicable, but shall
include a corresponding proportionate adjustment in the Option Price or SAR
Exercise Price per share. The conversion of any convertible securities of the
Company shall not be treated as an increase in shares effected without receipt
of consideration. Furthermore, in the event of any distribution to the Company's
stockholders of securities of any other entity or other assets (including an
extraordinary cash dividend but excluding a non-extraordinary dividend payable
in cash or in stock of the Company) without receipt of consideration by the
Company, the Company may, in such manner as the Company deems appropriate,
adjust (i) the number and kind of shares for which grants of Option and other
Awards may be made under the Plan, (ii) the number and kind of shares subject to
outstanding Awards, and/or (iii) the exercise price of outstanding Options and
Stock Appreciation Rights to reflect such distribution.

      17.2. REORGANIZATION IN WHICH THE COMPANY IS THE SURVIVING ENTITY WHICH
DOES NOT CONSTITUTE A CORPORATE TRANSACTION.

      Subject to SECTION 17.3 hereof, if the Company shall be the surviving
entity in any reorganization, merger, or consolidation of the Company with one
or more other entities which does not constitute a Corporate Transaction, any
Option or SAR theretofore granted pursuant to the Plan shall pertain to and
apply to the securities to which a holder of the number of shares of Stock
subject to such Option or SAR would have been entitled immediately following
such reorganization, merger, or consolidation, with a corresponding
proportionate adjustment of the Option Price or SAR Exercise Price per share so
that the aggregate Option Price or SAR Exercise Price thereafter shall be the
same as the aggregate Option Price or SAR Exercise Price of the shares remaining
subject to the Option or SAR immediately prior to such reorganization, merger,
or consolidation. Subject to any contrary language in an Award Agreement
evidencing an Award, any restrictions applicable to such Award shall apply as
well to any replacement shares received by the Grantee as a result of the
reorganization, merger or consolidation. In the event of a transaction described
in this Section 17.2, Stock Units shall be adjusted so as to apply to the
securities that a holder of the number of shares of Stock subject to the Stock
Units would have been entitled to receive immediately following such
transaction.

      17.3. CORPORATE TRANSACTION.

      Subject to the exceptions set forth in the last sentence of this SECTION
17.3 and the last sentence of SECTION 17.4:

            (i) upon the occurrence of a Corporate Transaction, all outstanding
      shares of Restricted Stock shall be deemed to have vested, and all Stock
      Units shall be deemed to have vested and the shares of Stock subject
      thereto shall be delivered, immediately prior to the occurrence of such
      Corporate Transaction, and

            (ii)  either of the following two actions shall be taken:

                                      -22-
<PAGE>
                  (A) fifteen days prior to the scheduled consummation of a
      Corporate Transaction, all Options and SARs outstanding hereunder shall
      become immediately exercisable and shall remain exercisable for a period
      of fifteen days, or

                  (B) the Board may elect, in its sole discretion, to cancel any
      outstanding Awards of Options, Restricted Stock, Stock Units, and/or SARs
      and pay or deliver, or cause to be paid or delivered, to the holder
      thereof an amount in cash or securities having a value (as determined by
      the Board acting in good faith), in the case of Restricted Stock or Stock
      Units, equal to the formula or fixed price per share paid to holders of
      shares of Stock and, in the case of Options or SARs, equal to the product
      of the number of shares of Stock subject to the Option or SAR (the "Award
      Shares") multiplied by the amount, if any, by which (I) the formula or
      fixed price per share paid to holders of shares of Stock pursuant to such
      transaction exceeds (II) the Option Price or SAR Exercise Price applicable
      to such Award Shares.

      With respect to the Company's establishment of an exercise window, (i) any
exercise of an Option or SAR during such fifteen-day period shall be conditioned
upon the consummation of the event and shall be effective only immediately
before the consummation of the event, and (ii) upon consummation of any
Corporate Transaction the Plan, and all outstanding but unexercised Options and
SARs shall terminate. The Board shall send written notice of an event that will
result in such a termination to all individuals who hold Options and SARs not
later than the time at which the Company gives notice thereof to its
stockholders. This SECTION 17.3 shall not apply to any Corporate Transaction to
the extent that provision is made in writing in connection with such Corporate
Transaction for the assumption or continuation of the Options, SARs, Stock Units
and Restricted Stock theretofore granted, or for the substitution for such
Options, SARs, Stock Units and Restricted Stock for new common stock options and
stock appreciation rights and new common stock stock units and restricted stock
relating to the stock of a successor entity, or a parent or subsidiary thereof,
with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and option and stock appreciation right
exercise prices, in which event the Plan, Options, SARs, Stock Units and
Restricted Stock theretofore granted shall continue in the manner and under the
terms so provided.

      17.4. ADJUSTMENTS.

      Adjustments under this SECTION 17 related to shares of Stock or securities
of the Company shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. No fractional shares or other securities
shall be issued pursuant to any such adjustment, and any fractions resulting
from any such adjustment shall be eliminated in each case by rounding downward
to the nearest whole share. The Board shall determine the effect of a Corporate
Transaction upon Awards other than Options, SARs, Stock Units and Restricted
Stock, and such effect shall be set forth in the appropriate Award Agreement.
The Board may provide in the Award Agreements at the time of grant, or any time
thereafter with the consent of the Grantee, for different provisions to apply to
an Award in place of those described in SECTIONS 17.1, 17.2 and 17.3.

                                      -23-
<PAGE>
      17.5. NO LIMITATIONS ON COMPANY.

      The making of Awards pursuant to the Plan shall not affect or limit in any
way the right or power of the Company to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure or to merge,
consolidate, dissolve, or liquidate, or to sell or transfer all or any part of
its business or assets.

18.   GENERAL PROVISIONS

      18.1. DISCLAIMER OF RIGHTS.

      No provision in the Plan or in any Award or Award Agreement shall be
construed to confer upon any individual the right to remain in the employ or
service of the Company or any Affiliate, or to interfere in any way with any
contractual or other right or authority of the Company either to increase or
decrease the compensation or other payments to any individual at any time, or to
terminate any employment or other relationship between any individual and the
Company. In addition, notwithstanding anything contained in the Plan to the
contrary, unless otherwise stated in the applicable Award Agreement, no Award
granted under the Plan shall be affected by any change of duties or position of
the Grantee, so long as such Grantee continues to be a Service Provider. The
obligation of the Company to pay any benefits pursuant to this Plan shall be
interpreted as a contractual obligation to pay only those amounts described
herein, in the manner and under the conditions prescribed herein. The Plan shall
in no way be interpreted to require the Company to transfer any amounts to a
third party trustee or otherwise hold any amounts in trust or escrow for payment
to any Grantee or beneficiary under the terms of the Plan.

      18.2. NONEXCLUSIVITY OF THE PLAN.

      Neither the adoption of the Plan nor the submission of the Plan to the
stockholders of the Company for approval shall be construed as creating any
limitations upon the right and authority of the Board to adopt such other
incentive compensation arrangements (which arrangements may be applicable either
generally to a class or classes of individuals or specifically to a particular
individual or particular individuals) as the Board in its discretion determines
desirable, including, without limitation, the granting of stock options
otherwise than under the Plan.

      18.3. WITHHOLDING TAXES.

      The Company or an Affiliate, as the case may be, shall have the right to
deduct from payments of any kind otherwise due to a Grantee any federal, state,
or local taxes of any kind required by law to be withheld with respect to the
vesting of or other lapse of restrictions applicable to an Award or upon the
issuance of any shares of Stock upon the exercise of an Option or pursuant to an
Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to
the Company or the Affiliate, as the case may be, any amount that the Company or
the Affiliate may reasonably determine to be necessary to satisfy such
withholding obligation. Subject to the prior approval of the Company or the
Affiliate, which may be withheld by the Company or the Affiliate, as the case
may be, in its sole discretion, the

                                      -24-
<PAGE>
Grantee may elect to satisfy such obligations, in whole or in part, (i) by
causing the Company or the Affiliate to withhold shares of Stock otherwise
issuable to the Grantee or (ii) by delivering to the Company or the Affiliate
shares of Stock already owned by the Grantee. The shares of Stock so delivered
or withheld shall have an aggregate Fair Market Value equal to such withholding
obligations. The Fair Market Value of the shares of Stock used to satisfy such
withholding obligation shall be determined by the Company or the Affiliate as of
the date that the amount of tax to be withheld is to be determined. A Grantee
who has made an election pursuant to this SECTION 18.3 may satisfy his or her
withholding obligation only with shares of Stock that are not subject to any
repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

      18.4. CAPTIONS.

      The use of captions in this Plan or any Award Agreement is for the
convenience of reference only and shall not affect the meaning of any provision
of the Plan or such Award Agreement.

      18.5. OTHER PROVISIONS.

      Each Award granted under the Plan may contain such other terms and
conditions not inconsistent with the Plan as may be determined by the Board, in
its sole discretion.

      18.6. NUMBER AND GENDER.

      With respect to words used in this Plan, the singular form shall include
the plural form, the masculine gender shall include the feminine gender, etc.,
as the context requires.

      18.7. SEVERABILITY.

      If any provision of the Plan or any Award Agreement shall be determined to
be illegal or unenforceable by any court of law in any jurisdiction, the
remaining provisions hereof and thereof shall be severable and enforceable in
accordance with their terms, and all provisions shall remain enforceable in any
other jurisdiction.

      18.8. GOVERNING LAW.

      The validity and construction of this Plan and the instruments evidencing
the Award hereunder shall be governed by the laws of the State of Nevada, other
than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Plan and the instruments evidencing the
Awards granted hereunder to the substantive laws of any other jurisdiction.

                                      * * *

                                      -25-
<PAGE>
      To record adoption of the Plan by the Board as of April 7, 2005, and
approval of the Plan by the stockholders on April 27, 2005, the Company has
caused its authorized officer to execute the Plan.

                                    WESTERN ALLIANCE BANCORPORATION

                                    By:    /s/ Linda Mahan
                                           __________________________
                                    Name:  Linda Mahan
                                    Title: Secretary

                                      -26-

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