Document:

Exhibit 10.3

                               Sigma Limited S.A.
                            Rue-Fritz-Courvoisier 40
                              2300 La Chaux-deFonds
                                   Switzerland

                                January 19, 2000

Ikon Ventures, Inc
163-169 Brompton Road
London SW3 1PY
England

Gentlemen:

                  Reference is made to the Consulting Agreement between us dated
as of July 1, 1997,  as  amended on October  10,  1997.  This will  confirm  our
agreement  that Ikon may defer payment of the fees payable under the  Consulting
Agreement,  effective for the month of January  2000,  until the earlier of such
time as Ikon  shall  have  funds  available  to make such  payments  or upon the
closing of a combination  transaction between Ikon and a third party,  whereupon
all accrued but unpaid fees shall be immediately due and payable.

                                                     Very truly yours,

                                                     SIGMA LIMITED S.A.

                                                     By: /s/ Ian Rice
                                                         Authorized AgentExhibit 10.4

                               IKON VENTURES, INC.

                             1999 INCENTIVE PROGRAM

                  The 1999 Incentive  Program (the  "Program")  provides for the
grant to officers, directors and employees of IKON Ventures, Inc. and its direct
and indirect subsidiaries (collectively, the "Company"), and certain consultants
to the Company,  with certain rights to acquire  shares of the Company's  common
stock, par value $.001 per share (the "Common Stock"). The Company believes that
this Program will cause those persons to contribute materially to the growth and
success of the Company, thereby benefiting its stockholders.

         1.       Administration.

                  The Program shall be administered and interpreted by the Board
of Directors of the Company or by one or more Committees  appointed by the Board
of Directors  of the Company from among its members (the "Plan  Administrator").
The Board of Directors  may appoint  different  Committees  to handle  different
duties under the Program. The Plan Administrator's  decisions shall be final and
conclusive with respect to the  interpretation and administration of the Program
and any Grant made under it.

         2.       Grants.

                  Incentives  under the Program shall consist of incentive stock
options,  non-qualified stock options,  stock appreciation rights in tandem with
stock  options  or  freestanding,  and  restricted  stock  grants  (any  of  the
foregoing,  in any  combination,  collectively,  "Grants").  All Grants shall be
subject to the terms and  conditions  set out herein and to such other terms and
conditions  consistent  with  this  Program  as  the  Plan  Administrator  deems
appropriate.  The Plan  Administrator  shall approve the form and  provisions of
each  Grant.  Grants  under a  particular  section  of the  Program  need not be
uniform,  and  Grants  under  two  or  more  sections  may  be  combined  in one
instrument.

         3.       Eligibility for Grants.

                  Grants may be made to any employee,  officer,  key  executive,
director,  professional or administrative employee, consultant or advisor to the
Company or any subsidiary of the Company  selected by the Plan  Administrator to
receive  Grants  under  the  Program  (persons  so  selected,  the  "Grantees").
Provided,  that incentive  stock options may only be granted to employees of the
Company.

         4.       Shares Available for Grant.

                  (a)  Shares  Subject  to  Issuance  or  Transfer.  Subject  to
adjustment as provided in Section 4(b), the aggregate number of shares of Common
Stock (the  "Shares")  that may be issued or  transferred  under the  Program is
2,225,000  Shares,  plus,  (i) any Shares which are forfeited  under the Program

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after the  adoption  of the Program by the  Company's  Board of  Directors  (the
"Adoption Date");  plus (ii) the number of Shares  repurchased by the Company in
the open market and otherwise  with an aggregate  price no greater than the cash
proceeds received by the Company from the sale of Shares under the Program; plus
(iii) any Shares  surrendered to the Company in payment of the exercise price of
options  issued  under the Program.  However,  no award may be issued that would
bring the total of all outstanding  awards under the Program to more than 15% of
the  total  number  of  Shares  of  Common  Stock  of the  Company  at the  time
outstanding.  The Shares  may be  authorized  but  unissued  Shares or  treasury
Shares.  The  number of Shares  available  for Grants at any given time shall be
reduced by the aggregate of all Shares previously issued or transferred pursuant
to the Program  plus the  aggregate  of all Shares  which may become  subject to
issuance or  transfer  under  then-outstanding  and  then-currently  exercisable
Grants under the  Program.  The maximum  number of Shares for which  options and
stock appreciation  rights may be granted under the Program to any person during
any calendar year is 150,000 (subject to appropriate  adjustment in the event of
any changes in capitalization of the Company).

                  (b)  Adjustments  Upon  Changes  in  Capitalization  or  Other
Events.  Upon  changes in the Common  Stock of the  Company by reason of a stock
dividend, stock split, reverse split,  recapitalization,  merger, consolidation,
combination or exchange of shares,  separation,  reorganization  or liquidation,
the number and class of Shares  available  under the Program as to which  Grants
may be made (both in the aggregate and to any one Grantee), the number and class
of Shares  under each  then-outstanding  Stock  Option and the Option  Price per
share of such  options,  and the  terms of stock  appreciation  rights  shall be
correspondingly adjusted by the Plan Administrator,  such adjustments to be made
in the case of  outstanding  Stock  Options  without  change in the total  price
applicable  to  such  options.   In  the  event  of  a  merger,   consolidation,
combination,  reorganization  or other transaction in which the Company will not
be the surviving  corporation,  or in which the Company  becomes a  wholly-owned
subsidiary of the new corporation,  a Grantee of Stock Options under the Program
shall be  entitled  to  options  on that  number  of  shares of stock in the new
corporation  which the Grantee would have received had the Grantee exercised all
of the unexercised  options available to the Grantee under the Program,  whether
or not then exercisable,  at the instant immediately prior to the effective date
of such  transaction,  and,  if  such  unexercised  options  had  related  stock
appreciation rights, the Grantee also will receive new stock appreciation rights
related to the new  options.  Thereafter,  adjustments  as provided  above shall
relate to the  options  or stock  appreciation  rights  of the new  corporation.
Except as otherwise  specifically  provided in the  instrument of Grant,  in the
event  of a  Change  in  Control  (as  defined  below),  merger,  consolidation,
combination,  reorganization  or other  transaction in which the shareholders of
the Company will receive cash or securities  (other than Common Stock) or in the
event  that an offer is made to the  holders of Common  Stock of the  Company to
sell or exchange  such  Common  Stock for cash,  securities  or stock of another
corporation  and such offer, if accepted,  would result in the offeror  becoming
the owner of (a) at least 50% of the outstanding  Common Stock of the Company or
(b) such  lesser  percentage  of the  outstanding  Common  Stock  which the Plan
Administrator in its sole discretion determines will materially adversely affect
the market  value of the Common  Stock after the tender or exchange  offer,  the
Plan Administrator shall have the right, but not the obligation, in the exercise
of its business judgment, prior to the shareholders' vote on such transaction or
prior to the  expiration  date  (without  extensions)  of the tender or exchange
offer,  (i)  accelerate the time of exercise so that all Stock Options and stock

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appreciation  rights which are outstanding shall become immediately  exercisable
in full, and all Restricted Stock Grants shall immediately vest in full, without
regard to any limitations of time,  performance or amount otherwise contained in
the  Program or in the  instruments  of Grant  and/or  (ii)  determine  that the
options  and  stock  appreciation   rights  shall  be  adjusted  and  make  such
adjustments by  substituting  for Common Stock of the Company subject to options
and stock  appreciation  rights,  common stock of the surviving  corporation  or
offeror if such stock of such  corporation is publicly  traded or, if such stock
is not  publicly  traded,  by  substituting  common  stock  of a  parent  of the
surviving corporation or offeror if the stock of such parent is publicly traded,
in which event the  aggregate  option price shall remain the same and the number
of shares  subject to  outstanding  grants  shall be the number of shares  which
could  have  been  purchased  on the  closing  day of  such  transaction  or the
expiration date of the offer with the proceeds which would have been received by
the Grantee if the option had been  exercised in full prior to such  transaction
or  expiration  date and the  Grantee  had  exchanged  all of such shares in the
transaction  or sold or exchanged  all of such shares  pursuant to the tender or
exchange offer,  and if any such option has related stock  appreciation  rights,
the stock appreciation  rights shall likewise be adjusted.  For purposes of this
Section 4(b),  "Change in Control" means (i) any "person",  as such term is used
in Section  13(d) and 14(d) of the  Securities  Exchange Act of 1934, as amended
(the  "Exchange  Act") (other than the Company,  any trustee or other  fiduciary
holding  securities  under  an  employee  benefit  plan of the  Company,  or any
corporation owned, directly or indirectly, by the shareholders of the Company in
substantially  the same  proportion as their ownership of stock of the Company),
is or  becomes  the  "beneficial  owner" (as  defined  in Rule  13d-3  under the
Exchange Act), directly or indirectly, of securities of the Company representing
30% or more of the  combined  voting  power of the  Company's  then  outstanding
securities  without the approval of the Board of Directors of the Company;  (ii)
during any period of two consecutive years,  individuals who at the beginning of
such period  constitute the Board,  and any new director  (other than a director
designated  by a person who has entered  into an  agreement  with the Company to
effect a transaction  described in clause (i),  (iii), or (iv) of this sentence)
whose  election  by the  Board  or  nomination  for  election  by the  Company's
shareholders  was  approved  by a  vote  of at  least  two-thirds  (2/3)  of the
directors then still in office who either were directors at the beginning of the
period or whose  election or nomination  for election was previously so approved
cease for any  reason  to  constitute  at least a  majority  thereof;  (iii) the
shareholders  of the Company  approve a merger or  consolidation  of the Company
with any other  company,  other than (1) a merger or  consolidation  which would
result in the voting  securities of the Company  outstanding  immediately  prior
thereto  continuing to represent  (either by remaining  outstanding  or by being
converted into voting  securities of the surviving  entity) more than 50% of the
combined voting power of the voting  securities of the Company or such surviving
entity  outstanding  immediately  after such  merger or  consolidation  or (2) a
merger or consolidation  effected to implement a recapitalization of the Company
(or similar  transaction) in which no "person" (as hereinabove defined) acquires
more than 50% of the combined  voting power of the  Company's  then  outstanding
securities;  or (iv) the  shareholders of the Company approve a plan of complete
liquidation  of the Company or an agreement for the sale or  disposition  by the
Company of all or substantially all of the Company's assets and properties.

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         5.       Stock Options.

                  The  Plan   Administrator  may  grant  options  qualifying  as
incentive  stock  options  under the Internal  Revenue Code of 1986,  as amended
("Incentive  Stock Options"),  or non-qualified  options not entitled to special
tax  treatment  under  Section  422 of the  Internal  Revenue  Code of 1986 (the
"Code"), as amended (collectively, "Stock Options"). The following provisions of
this Section 5 are applicable to Stock Options:

                  (a)  Exercise of Option.  A  Grantee   may  exercise  a  Stock
Option by  delivering  a notice of  exercise  to  the  Company,  either  with or
without  accompanying  payment  of the option  price (the "Option  Price").  The
notice of exercise, once delivered, shall be irrevocable.

                  (b)  Satisfaction  of Option Price.  The Grantee shall pay the
Option  Price  in  cash or  with  the  Program  Administrator's  permission,  by
delivering shares of Common Stock already owned by the Grantee and having a Fair
Market Value on the date of exercise equal to the Option Price, or a combination
of cash and Shares. The Grantee shall pay the Option Price not later than thirty
(30) days after the date of a  statement  from the  Company  following  exercise
setting  forth the  Option  Price,  Fair  Market  Value of  Common  Stock on the
exercise  date,  the number of shares of Common  Stock that may be  delivered in
payment of the Option Price,  and the amount of withholding  tax due, if any. If
the Grantee fails to pay the Option Price within the thirty (30) day period, the
Plan  Administrator  shall  have the  right  to take  whatever  action  it deems
appropriate,  including voiding the option exercise. The Company shall not issue
or transfer  shares of Common  Stock upon  exercise of a Stock  Option until the
Option Price is fully paid.

                  (c)  Share  Withholding.  With  respect  to any  non-qualified
option or SAR (as defined below),  the Plan Administrator may, in its discretion
and  subject  to such  rules as the Plan  Administrator  may  adopt,  permit the
Grantee to satisfy,  in whole or in part, any withholding  tax obligation  which
may arise in connection with the exercise of the non-qualified  option or SAR by
electing  to have the  Company  withhold  shares of Common  Stock  having a Fair
Market Value equal to the amount of the  withholding  tax.  Notwithstanding  the
foregoing, as a condition of the Grant of any Stock Option or SAR to any officer
or director of the Company  subject to the reporting  requirements (a "Reporting
Person") of Section 16 promulgated under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"),  the Plan  Administrator  shall require,  upon the
exercise of any Stock Option or SAR by any Reporting  Person, at a time when the
Company  shall be  required to file  periodic  reports  under  Section 13 of the
Exchange Act, that the number of shares of Common Stock otherwise  issuable upon
the  exercise  of such  Stock  Option or SAR shall be  reduced  by the number of
shares of Common Stock having an aggregate Fair Market Value equal to the amount
of the Reporting  Person's liability for any and all taxes required by law to be
withheld.

                  (d)  Price and Term. The  Option  Price  per  share, term  and
other  provisions of Stock Options  granted under the Program shall be specified
by the  Grant,  as  limited,  in the case of  Incentive  Stock  Options,  by the
provisions  of Section  5(e)  below,  if granted  pursuant to such  Section.  In
addition,  the Plan  Administrator may prescribe such other conditions as it may
deem  appropriate,  which  conditions  shall be specified in the  instrument  of
Grant.

                  (e)  Limits on Incentive Stock  Options.  The  aggregate  fair
market value of the stock covered by Incentive  Stock Options  granted under the
Program or any other  stock  option  plan of the  Company or any  subsidiary  or

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parent of the Company that become exercisable for the first time by any employee
in any calendar year shall not exceed $100,000.  The aggregate Fair Market Value
will be determined at the time of grant. The period for exercise of an Incentive
Stock Option shall not exceed ten (10) years from the date of the Grant (or five
years if the  Grantee  is also a 10%  stockholder).  The  Option  Price at which
Common  Stock may be purchased  by the Grantee  under an Incentive  Stock Option
shall be the Fair Market  Value (or 110% of the Fair Market Value if the Grantee
is a 10%  stockholder)  of the Common Stock on the date of the Grant.  Incentive
Stock Options may only be granted to employees of the Company or any  subsidiary
or parent of the Company.  Incentive  Stock  Options by their terms shall not be
transferable by the Grantee other than by the laws of descent and  distribution,
and shall be  exercisable,  during  the  lifetime  of the  Grantee,  only by the
Grantee.

                  (f)  Restored  Options.   Stock   Options  granted  under  the
Program  may,  with the Plan  Administrator's  permission,  include the right to
acquire a  restored  option  (a  "Restored  Option").  If a Stock  Option  grant
contains  a Restored  Option  feature  and if a Grantee  pays all or part of the
Option  Price of such  Stock  Option  with  shares of Common  Stock  held by the
Grantee,  then upon exercise of such Stock Option the Grantee shall be granted a
Restored Option to purchase,  at the Fair Market Value of the Common Stock as of
the date of the grant of the  Restored  Option,  the  number of shares of Common
Stock of the Company  equal to the sum of the number of whole shares used by the
Grantee in payment of the Option Price and the number of whole  shares,  if any,
withheld by the Company as payment for withholding  taxes. A Restored Option may
be exercised between the date of grant and the date of expiration, which will be
the same as the date of  expiration  of the Stock Option to which such  Restored
Option is related.

         6.       Stock Appreciation Right.

                  The Plan  Administrator may grant a Stock  Appreciation  Right
("SAR") either  independently  or in  conjunction  with any Stock Option granted
under the Program. The following provisions are applicable to each SAR:

                  (a)  Options to Which Right Relates.  Each SAR which is issued
in  conjunction  with a Stock Option shall specify the Stock Option to which the
SAR is  related,  together  with the Option  Price and  number of option  shares
subject to the SAR at the time of its grant.

                  (b)  Requirement of  Employment.  An SAR may be exercised only
while the Grantee is in the  employment or  consultancy  of the Company,  except
that the Plan  Administrator  may provide for partial or complete  exceptions to
this requirement as it deems equitable.

                  (c)  Exercise.  A Grantee  may  exercise an SAR in whole or in
part by  delivering  a notice of exercise to the  Company,  except that the Plan
Administrator may provide for partial or complete exceptions to this requirement
as it deems equitable.

                  (d)  Payment and Form of Settlement.  If a  Grantee  exercises
an SAR which is issued in conjunction with a Stock Option,  he shall receive the
aggregate  of the excess of the fair market  value of each share of Common Stock
with respect to which  the SAR  is being exercised over the Option Price of each

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such  share.  Payment,  in any  event,  may be made in cash,  Common  Stock or a
combination of the two, in the discretion of the Plan Administrator. Fair Market
Value shall be determined as of the date of exercise.

                  (e)  Expiration  and  Termination.  Each SAR shall expire on a
date  determined  by the Plan  Administrator  at the time of  grant.  If a Stock
Option is exercised in whole or in part, any SAR related to the Shares purchased
in connection with such exercise shall terminate immediately.

         7.       Restricted Stock Grants.

                  The Plan  Administrator may issue or transfer shares of Common
Stock ("Restricted  Stock") to a Grantee under a Restricted Stock Grant.  Shares
of  Restricted  Stock are  subject  to  forfeiture  unless  and until  specified
employment vesting and/or performance  vesting conditions are met, as determined
by the Plan Administrator.  Until the shares vest or are forfeited,  as the case
may be, the  Grantee  shall be  entitled  to vote the shares and to receive  any
dividends  paid. The following  provisions  are  applicable to Restricted  Stock
Grants:

                  (a)  Requirement  of Employment.  If the Grantee's  employment
terminates  prior  to the  fulfillment  of the  conditions  for  vesting  of the
Restricted  Stock, as set forth in the specific  instrument of Grant, all shares
of Restricted  Stock held by him or her and still subject to restriction will be
forfeited and must be returned  immediately  to the Company.  However,  the Plan
Administrator may provide for partial or complete exceptions to this requirement
as it deems equitable.

                  (b)  Restrictions of Transfer and Legend on Stock Certificate.
Prior to the fulfillment of the conditions for vesting,  a Grantee may not sell,
assign,  transfer,  pledge,  or otherwise  dispose of the shares of Common Stock
except to a Successor  Grantee under Section 9(a).  Each  certificate for shares
issued or  transferred  under a  Restricted  Stock Grant shall  contain a legend
giving appropriate notice of the restrictions  applicable to the Grant. The Plan
Administrator  may, in its sole  discretion,  require that such  certificates be
placed into escrow with the Company until vesting.

                  (c) Lapse of Restrictions.  All  restrictions  imposed under a
Restricted  Stock Grant shall lapse upon the  fulfillment  of the conditions for
vesting set forth in the instrument of Grant provided that all of the conditions
stated in Sections 7(a) and (b) have been met as of the date of such lapse.  The
Grantee shall then be entitled to have the legend removed from the certificate.

         8.       Amendment and Termination of the Program.

                  (a)  Amendment. The Administrator may from time to time amend,
alter,  suspend  or  discontinue  the  Program,  subject to any  requirement  of
stockholder  approval required by applicable law, rule or regulation,  including
Section  162(m) of the Code or, if the Common  Stock is then  listed or admitted
for  trading  on any  United  States  securities  exchange  or on  the  National
Association of Securities  Dealers,  Inc. Automated Quotation System ("NASDAQ"),

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any  requirement  for  stockholder  approval  required  under  the rules of such
exchange or NASDAQ,  as the case may be;  provided,  however,  that no amendment
shall be made without stockholder  approval if such amendment would (1) increase
the maximum  number of shares of Common Stock  available for issuance under this
Program  (subject to Section  4(b)),  (2) reduce the minimum Option Price in the
case of an option or the base price in the case of an SAR, (3) effect any change
inconsistent  with  Section  422 of the  Code  or (4)  extend  the  term of this
Program.

                  (b)  Termination of the Program. The Program  shall  terminate
on the tenth anniversary of its effective date unless terminated  earlier by the
Board or unless extended by the Board.

                  (c)  Termination  and  Amendment  of  Outstanding   Grants.  A
termination  or amendment of the Program that occurs after a Grant is made shall
not result in the  termination  or  amendment  of the Grant  unless the  Grantee
consents  or  unless  the  Plan  Administrator  acts  under  Section  9(d).  The
termination  of the Program shall not impair the power and authority of the Plan
Administrator with respect to outstanding Grants. Whether or not the Program has
terminated, an outstanding Grant may be terminated or amended under Section 9(d)
or may be  amended  by  agreement  of the  Company  and  the  Grantee  on  terms
consistent with the Program.

         9.       General Provisions.

                  (a)  Prohibitions  Against Transfer.  Only a Grantee or his or
her authorized  representative  may exercise rights under a Grant.  Such persons
may not transfer those rights,  except upon the express  written  consent of the
Company,  which may be granted or denied in the Company's discretion.  Except as
otherwise  expressly  provided  herein or in the  instrument  of  grant,  when a
Grantee dies, the personal representative or other person entitled under a Grant
under the Program to succeed to the rights of the Grantee ("Successor  Grantee")
may exercise the rights. A Successor Grantee must furnish proof  satisfactory to
the Plan  Administrator  of his or her  right to  receive  the  Grant  under the
Grantee's will or under the applicable laws of descent and distribution.

                  (b)  Suitable Grants.  The Plan Administrator may make a Grant
to an employee of another  corporation who becomes an Eligible Grantee by reason
of a corporate merger,  consolidation,  acquisition of stock or property,  share
exchange,  reorganization  or liquidation  involving the Company in substitution
for a stock option,  stock appreciation right,  performance award, or restricted
stock grant previously granted by such corporation (the "Original  Incentives").
The terms and  conditions  of the  substitute  Grant may vary from the terms and
conditions  required by the Program and from those of the  Original  Incentives.
The Plan  Administrator  shall prescribe the exact  provisions of the substitute
Grants, preserving where possible the provisions of the Original Incentives.

                  (c)  Subsidiaries.  The term  "subsidiary" means a corporation
in which the Company owns directly or indirectly  50%  or  more  of  the  voting
power.

                  (d)  Compliance with Law. The Program, the exercise of Grants,
and the  obligations of the Company to issue or transfer  shares of Common Stock
under  Grants  shall be subject to all  applicable  laws and to approvals by any

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governmental or regulatory agency as may be required. The Plan Administrator may
revoke  any  Grant if it is  contrary  to law or modify a Grant to bring it into
compliance  with  any  valid  and  mandatory  government  regulation.  The  Plan
Administrator may also adopt rules regarding the withholding of taxes on payment
to Grantees.

                  (e)  Ownership of Stock.  A Grantee or Successor Grantee shall
have no rights as a  stockholder  of the  Company  with  respect  to any  Shares
covered by a Grant until the Shares are issued or  transferred to the Grantee or
Successor Grantee on the Company's books.

                  (f)  No Right to Employment.  The Program and the Grants under
it shall not confer upon any Grantee the right to continue in the  employment of
the  Company  or affect in any way the right of the  Company  to  terminate  the
employment of a Grantee at any time.

                  (g)  Effective  Date of the Program.  The Program shall become
effective upon its approval by the Company's  stockholders  under applicable law
and  regulatory  requirements.  Grants may be made prior to such approval but no
Grant may be exercised until such approval is obtained.

                  (h)  Fair Market Value.  For the purposes of the Program,  the
term "Fair Market Value" means,  as of any date, the closing price of a share of
Common Stock of the Company on such date.  The closing price shall be (i) if the
Common Stock is then listed or admitted  for trading on any national  securities
exchange, or if not so listed or admitted for trading, is listed or admitted for
trading on NASDAQ, the last sale price of the Common Stock,  regular way, or the
mean of the bid and asked  prices  thereof  for any trading day on which no such
sale occurred,  in each case as officially reported on the principal  securities
exchange  on which the  Common  Stock is listed or  admitted  for  trading or on
NASDAQ,  as the case may be, or (ii) if not so listed or admitted for trading on
a national  securities exchange or NASDAQ, the mean between the closing high bid
and low asked quotations for the Common Stock in the over-the-counter  market as
reported by NASDAQ,  or any similar  system for the automated  dissemination  of
securities  prices then in common  use, if so quoted,  as reported by any member
firm of the New York Stock Exchange selected by the Company; provided,  however,
that if, by reason of extended or continuous trading hours on any exchange or in
any market or for any other reason,  the time,  with respect to any trading day,
of the close of trading for the purpose of determining  the "last sale price" or
the "closing" bid and asked prices is not objectively determinable,  the time on
such trading day used for the purpose of reporting any  compilation of last sale
prices or closing bid and asked prices in The Wall Street  Journal  shall be the
time on such trading day as of which the "last sale price" or "closing"  bid and
asked prices are determined for purposes of this definition. If the Common Stock
is quoted on a national  securities or central market system in lieu of a market
or quotation  system  described  above, the closing price shall be determined in
the  manner  set  forth  in  clause  (i) of the  preceding  sentence  if  actual
transaction  are  reported,  and in the manner  set forth in clause  (ii) of the
preceding  sentence  if  bid  and  asked  quotations  are  reported  but  actual
transactions  are not.  If on the date in  question,  there  is no  exchange  or
over-the-counter  market for the Common  Stock,  the "fair market value" of such
Common Stock shall be determined by the Plan Administrator acting in good faith.
Notwithstanding the foregoing,  so long as the Common Stock of the Company shall
be listed for trading on the  Vancouver  Stock  Exchange  (the  "VSE"),  for the
purposes of the Program the term "Fair Market Value" means,  as of any date, the
average of the closing  price of a share of Common  Stock of the Company for the

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ten trading days  immediately  preceding  such date, and the closing price shall
mean the last sale price of the Common Stock on the VSE.

                  (i)  Application  of  Funds.  The  proceeds  received  by  the
Company  from the  issuance of Grants  pursuant to the Program  will be used for
general corporate purposes.

                  (j)  No Obligation  to  Exercise  Option.  The  granting of an
option to any Grantee  under the Program  shall impose no  obligation  upon such
Grantee to exercise such option.

                  (k)  Severability. If any provision  of  the  Program, or  any
term or  condition  of any Grant  granted  or form  executed  or to be  executed
thereunder,  or any  application  thereof  to any  person  or  circumstances  is
invalid, such provision,  term, condition or application shall to that extent be
void (or, in the discretion of the Plan Administrator,  such provision,  term or
condition may be amended so as to avoid such  invalidity or failure),  and shall
not affect other provisions, terms or conditions or applications thereof, and to
this extent such provisions, terms and conditions are severable.

                  (l)  Instrument of Grant.  Each Grant under this Program shall
be evidenced by an agreement  (i.e.,  an instrument of Grant)  setting forth the
terms and conditions  applicable to such Grant. No Grant shall be valid until an
agreement is executed by the Company and the  recipient of such award and,  upon
execution by each party and delivery of the agreement to the Company, such award
shall be effective as of the effective date set forth in the Agreement.

                  (m)  Restricted  Shares.  Each award made  hereunder  shall be
subject to the requirement  that if at any time the Company  determines that the
listing,  registration or qualification of the shares of Common Stock subject to
such award upon any  securities  exchange  or under any law,  or the  consent or
approval  of any  governmental  body,  or the  taking  of any  other  action  is
necessary or desirable as a condition of, or in connection with, the delivery of
shares  thereunder,  such shares  shall not be  delivered  unless such  listing,
registration,  qualification,  consent, approval or other action shall have been
effected or obtained,  free of any conditions not acceptable to the Company. The
Company  may  require  that  certificates  evidencing  shares  of  Common  Stock
delivered pursuant to any award made hereunder bear a legend indicating that the
sale,  transfer or other disposition  thereof by the holder is prohibited except
in compliance  with the  Securities  Act of 1933, as amended,  and the rules and
regulations thereunder.

                  (n)  Program  Controls.   In  the  case  of  any  conflict  or
inconsistency  between the terms of this Program and the terms of any instrument
of Grant, the terms of this Program will control, unless the instrument of grant
expressly provides that the terms of such instrument of grant will control.

                                       9

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