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                                                                    EXHIBIT 10.2

                             WESTECH CAPITAL CORP.

                             1999 STOCK OPTION PLAN

         SECTION 1. ESTABLISHMENT. Westech Capital Corp., a New York
corporation (and any successor thereto, the "Company"), hereby establishes the
Westech Capital Corp. 1999 Stock Option Plan (as amended from time to time, the
"Plan") for employees, directors, and consultants of the Company and its
Subsidiaries. Options granted to an optionee under the Plan shall be either
Incentive Stock Options or Nonqualified Stock Options.

         SECTION 2. PURPOSE. The purpose of the Plan is to strengthen the
ability of the Company and its Subsidiaries to attract, motivate, compensate,
and retain employees, directors, and consultants of the Company and its
Subsidiaries by providing a means for such persons to acquire a proprietary
interest in the Company and to participate in the growth of the Company through
ownership of common stock of the Company. The Plan furnishes additional
incentives to those persons responsible for the success of the Company and its
Subsidiaries, and thereby serves as an incentive for long and short-term
performance intended to enhance stockholders' investment in the Company.

         SECTION 3. DEFINITIONS.

                  (a) "Award" means the grant of an Option pursuant to the
         Plan.

                  (b) "Board" means the Board of Directors of the Company.

                  (c) "Change of Control" shall have the meaning set forth in
         Section 11(b).

                  (d) "Code" means the Internal Revenue Code of 1986, as
         amended from time to time.

                  (e) "Committee" means the Committee established by the Board
         to administer the Plan, as such Committee may be constituted from time
         to time; provided, however, membership on the Committee shall be
         limited to "Non-Employee Directors" (as that term is defined in Rule
         16b-3 (or any successor to such rule) promulgated under the Exchange
         Act) who are also "outside directors," as required pursuant to Section
         162(m) of the Code and such Treasury regulations as may be promulgated
         thereunder; and provided further, the Committee will consist of not
         less than two (2) directors. All members of the Committee will serve
         at the pleasure of the Board.

                  (f) "Company" means Westech Capital Corp., a New York
         corporation, and any successor thereto.

                  (g) "Date of Grant" means the date on which an Award is
         granted as determined in accordance with the rules set forth in
         Treasury Regulation Section 1.421-7(c).

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                  (h) "Exchange Act" means the Securities Exchange Act of 1934,
         as amended.

                  (i) "Fair Market Value" means the fair market value of the
         Stock, determined as follows:

                         (i) if the Stock is actively traded on any national
                  securities exchange or is included on the National Market
                  System of the National Association of Securities Dealers
                  Automated Quotation System, Fair Market Value shall be the
                  average of the high and low prices of the Stock as reported
                  for the date the Award is granted or, if no sale of the Stock
                  shall have been made on that day, the next preceding day on
                  which there was a sale of Stock; or

                         (ii) if the price for the Stock is not reported in the
                  manner described in subsection (i) above, Fair Market Value
                  shall be determined by the Committee; provided, however, that
                  with respect to Incentive Stock Options, Fair Market Value
                  must be determined in accordance with Section 422 of the
                  Code.

                  (j) "Incentive Stock Option" means an Option granted under
         the Plan which is designated by the Committee as an incentive stock
         option and which complies with the requirements of Section 422 of the
         Code, as amended from time to time.

                  (k) "Nonqualified Stock Option" means an Option granted under
         the Plan which is not an Incentive Stock Option.

                  (l) "Option" means an award granted under the Plan in the
         form of a right to purchase Stock, evidenced by a Stock Option
         Agreement containing such provisions as the Committee may establish.

                  (m) "Plan" means this Westech Capital Corp. 1999 Stock Option
         Plan, as amended from time to time.

                  (n) "Stock" means the Common Stock, par value $.001 per
         share, of the Company and any shares of capital stock or other
         securities hereafter issued or issuable upon, in respect of, or in
         substitution or exchange for, shares of such Common Stock.

                  (o) "Stock Option Agreement" means the agreement, entered
         into between the Company and an optionee, evidencing an Option.

                  (p) "Subsidiary" shall mean a "subsidiary" of the Company as
         such term is defined in Section 424(f) of the Code.

                  (q) "Ten Percent Owner" means a person who, on the Date of
         Grant of an Incentive Stock Option, owns stock possessing more than
         ten percent (10%) of the total combined voting power of all classes of
         stock of the Company, its parent corporation (as defined in

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         Section 424(e) of the Code), or a Subsidiary, applying the ownership
         attribution rules of Section 424(d) of the Code.

         SECTION 4. ADMINISTRATION. The Plan shall be administered by the
Committee, which shall have the following powers:

                  (a) As to each Award, the Committee shall have the full and
         final authority and discretion to determine: (i) the persons to whom
         Awards are to be granted; (ii) whether an Option shall be an Incentive
         Stock Option or a Nonqualified Stock Option or both; (iii) the number
         of shares of Stock subject to each Award; (iv) the time or times at
         which Awards shall be granted; (v) the exercise or purchase price of
         the shares of Stock subject to each Award; and (v) the time or times
         when each Option shall become exercisable and the duration of the
         exercise period, which shall not exceed the maximum period specified
         in Section 7.

                  (b) As to the Plan, the Committee shall have the authority
         (i) to exercise all of the powers granted to it under the Plan; (ii)
         to construe, interpret and implement the Plan and any Stock Option
         Agreements; (iii) to prescribe, amend and rescind rules and
         regulations relating to the Plan; (iv) to make all determinations
         necessary or advisable in administering the Plan; and (v) to correct
         any defect, supply any omission and reconcile any inconsistency in the
         Plan.

                  (c) Without limiting the Board's right to amend the Plan
         pursuant to Section 12, the Board may take all actions authorized by
         this Section 4, including, without limitation, granting such Awards
         pursuant to the Plan as the Board deems desirable.

                  (d) The determination of the Committee (or the Board) on all
         matters relating to the Plan or any Stock Option Agreement shall be
         conclusive. Proceedings by the Board with respect to this Plan will be
         conducted in accordance with the Articles of Incorporation and Bylaws
         of the Company. A majority of the Committee members shall constitute a
         quorum for action by the Committee. All determinations of the
         Committee shall be made by not less than a majority of its members. In
         the event of a conflict between any decision of the Committee and of
         the Board, the decision of the Board shall be controlling.

         SECTION 5. ELIGIBILITY. Eligibility for participation in the Plan
shall be confined to employees, directors, and consultants of the Company and
its Subsidiaries who are designated by the Committee (or the Board). In making
any determination as to the persons to whom Awards are granted, the type of
Award, and/or the number of shares of Stock to be issued pursuant to the Award,
the Committee (or the Board) shall consider the position and responsibilities
of the person; the importance of the person to the Company; the duties of the
person; the past, present, and potential contributions of the person to the
growth and success of the Company and its Subsidiaries; and such other factors
as the Committee (or the Board) may deem relevant in accomplishing the purposes
of the Plan.

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         SECTION 6. STOCK AVAILABLE UNDER THE PLAN.

                  (a) The aggregate number of shares of Stock for which Awards
         may be granted under the Plan shall not exceed 3,000,000 shares,
         unless increased or decreased by reason of changes in the
         capitalization of the Company as provided in Section 10 or by
         amendment of the Plan. The shares of Stock issued pursuant to the Plan
         may be, at the discretion of the Committee, authorized but unissued
         shares or previously issued and reacquired shares of Stock held by the
         Company as treasury shares.

                  (b) If an Option granted under this Plan shall expire or
         terminate unexercised as to any shares of Stock covered thereby, such
         shares shall thereafter be available for the granting of other Awards
         under this Plan.

         SECTION 7. TERMS AND CONDITIONS OF OPTIONS. Each Option granted under
the Plan shall be evidenced by a Stock Option Agreement in such form as is
consistent with the Plan and as the Committee shall determine; provided that
each Stock Option Agreement shall clearly and separately identify Incentive
Stock Options and Nonqualified Stock Options and that the substance of the
following terms and conditions shall be included therein:

                  (a) Exercise Price. The price at which each share of Stock
         covered by such Option may be purchased shall be determined by the
         Committee (or the Board). With respect to Incentive Stock Options, the
         exercise price shall not be less than one hundred percent (100%) of
         the Fair Market Value of the Stock on the Date of Grant. With respect
         to Incentive Stock Options awarded to Ten Percent Owners, the exercise
         price shall not be less than one hundred ten percent (110%) of the
         Fair Market Value of the Stock on the Date of Grant.

                  (b) Term of Options. Notwithstanding anything herein to the
         contrary, no Option shall be exercisable after the expiration of ten
         (10) years from its Date of Grant or from such earlier time as is
         provided in the Stock Option Agreement. Notwithstanding anything
         herein to the contrary, with respect to an Incentive Stock Option
         granted to a Ten Percent Owner, such Option shall not be exercisable
         after the expiration of five (5) years from its Date of Grant or from
         such earlier time as is provided in the Stock Option Agreement.

                  (c) Exercise of Option by an Employee. Subject to Subsections
         (d) and (e) below, an Option awarded to an employee of the Company or
         a Subsidiary and any right related thereto, if exercisable by the
         optionee, may be exercised (subject however, to the provisions of
         Subsection (g) below) only if the optionee has been an employee of the
         Company or a Subsidiary at all times during the period beginning with
         the Date of Grant of the Option and ending on the date that is three
         months before the date of such exercise; provided however, that in the
         case of an optionee who terminates employment with the Company due to
         total and permanent disability, the three-month period shall be
         extended to six (6) months. An optionee's employment relationship with
         the Company or a Subsidiary will be considered to continue during a
         leave of absence to the extent so provided in the personnel policies
         of the Company or Subsidiary; provided that with respect to an
         Incentive Stock Option, such

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         employment relationship shall not be considered continued for a period
         exceeding that set forth in Treasury Regulation Section 1.421-7(h)(2).

                  (d) Death of Optionee who is an Employee. In the event of the
         death of an optionee while the optionee is in the employ of the
         Company or a Subsidiary (or within three months after the optionee's
         termination of employment with the Company or a Subsidiary), any
         Option then held by the optionee shall, subject to the provisions of
         Subsection (g) below, be exercisable during the six-month period
         immediately following such death. In such case, the Option may only be
         exercised by the executor or administrator of the optionee's estate or
         by the person or persons to whom the optionee's rights under the
         Option pass by the optionee's will or the laws of descent and
         distribution; provided that in no event shall an Option be exercisable
         more than ten (10) years after its Date of Grant.

                  (e) Termination of Employment for Cause. In the event that
         any optionee who is an employee of the Company or a Subsidiary shall
         be dismissed from the employ of the Company or a Subsidiary for any
         reason which, in the opinion of the Board (or the Committee if so
         authorized by the Board), shall constitute good cause for dismissal,
         any Option held by such person at such time shall automatically
         terminate and shall not be exercisable as of such dismissal. The
         decision of the Board (or the Committee if so acting) as to what shall
         constitute good cause for dismissal shall be final and binding upon
         all concerned.

                  (f) Exercise of Option by Consultant or Non-Employee
         Director.

                           (i) Subject to Subsections (f)(ii) and (f)(iii)
                  below, an Option awarded to a consultant or non-employee
                  director of the Company or a Subsidiary and any right related
                  thereto, if exercisable by the optionee, may be exercised
                  (subject, however, to the provisions of Subsection (g) below)
                  only if the optionee has had a director or consultant
                  relationship with the Company or a Subsidiary at all times
                  during the period beginning with the Date of Grant of the
                  Option and ending on the date that is three months before the
                  date of such exercise; provided, however, that in the case of
                  an optionee who terminates such relationship with the Company
                  due to total and permanent disability, the three-month period
                  shall be extended to six (6) months.

                           (ii) In the event of the death of an optionee while
                  the optionee is a consultant or non-employee director of the
                  Company or a Subsidiary (or within three months after the
                  optionee's termination of such a relationship with the
                  Company or a Subsidiary), any Option then held by the
                  optionee shall, subject to the provisions of Subsection (g)
                  below, be exercisable during the six-month period immediately
                  following such death. In such case, the Option may only be
                  exercised by the executor or administrator of the optionee's
                  estate or by the person or persons to whom the optionee's
                  rights under the Option passed by the optionee's will or the
                  laws of descent and distribution; provided that in no event
                  shall an Option be exercisable more than ten (10) years after
                  its Date of Grant.

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                           (iii) In the event that any optionee who is a
                  consultant or non-employee director of the Company or a
                  Subsidiary shall be dismissed from such relationship with the
                  Company or a Subsidiary for any reason which, in the opinion
                  of the Board (or the Committee if so authorized by the
                  Board), shall constitute good cause for dismissal, any Option
                  held by such person at such time shall automatically
                  terminate and shall not be exercisable as of such dismissal.
                  The decision of the Board (or the Committee if so acting) as
                  to what shall constitute good cause for dismissal shall be
                  final and binding upon all concerned.

                  (g) Execution of Stock Option Agreement. After the effective
         date of the Plan, the Committee (or the Board) may grant Options
         pursuant to the Plan at any time. Within thirty (30) days after the
         Date of Grant, the Company shall notify the optionee of the grant of
         the Option, and submit to the optionee a Stock Option Agreement duly
         executed by and on behalf of the Company, with the request that the
         optionee execute and return the Stock Option Agreement within thirty
         (30) days thereafter. If the optionee shall fail to return the
         executed Stock Option Agreement within such thirty (30) day period,
         such person's Option shall automatically terminate and no longer be
         exercisable.

                  (h) Periods of Exercise. An Option shall be exercisable in
         whole or in part at such times as may be determined by the Committee
         (or the Board) and stated in the Stock Option Agreement. The Committee
         shall have the authority to prescribe upon the granting of an Option
         the schedule (if any) under which Options will become exercisable by
         each optionee and the conditions of any such exercise. Except as
         provided otherwise in this Section 7, to the extent that any
         installment of an Option has become exercisable it may be exercised
         thereafter, until termination of the Option, in whole or in part at
         any time or from time to time.

                  (i) Notice of Exercise. An Option shall be exercised by
         written notice of exercise, in the form prescribed by the Committee,
         delivered to the Company in such manner as the Committee may
         designate. The notice shall specify the number of shares of Stock for
         which the Option is being exercised and whether the Option being
         exercised is an Incentive Stock Option or a Nonqualified Stock Option.
         Each such notice of exercise shall be irrevocable when given.

                  (j) Payment. An Option shall be exercisable for the purchase
         of shares of Stock only upon payment to the Company of the full
         exercise price of the Stock with respect to which the Option is
         exercised. Payment for shares of Stock acquired upon exercise of an
         Option shall be in either cash or other consideration deemed
         acceptable by the Committee in its sole discretion, including, without
         limitation, shares of Stock (including shares retained out of the
         shares of Stock being acquired through the exercise of the Option),
         promissory notes, or the proceeds of loans made or guaranteed by the
         Company or a Subsidiary. If shares of Stock are used to pay the
         exercise price of an Option, such shares shall have an aggregate fair
         market value equal to the number of shares with respect to which such
         Option is exercised multiplied by the exercise price per share;
         provided, that the Committee may,

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         in the Stock Option Agreement, impose whatever restrictions it deems
         necessary or desirable with respect to the payment for shares by the
         delivery of Stock already owned by the optionee. The fair market value
         of Stock delivered in payment of the Option price shall be determined
         in the same manner as set forth in Section 3(i), except that such
         determination shall be made on the date of exercise of the Option. An
         Option shall be deemed exercised on the date such payment and the
         written notice of exercise are received by the Committee.

                  (k) Fractional Shares. The Company shall not be required to
         issue any fractional shares upon exercise of any Option, but in lieu
         thereof, the Company shall pay cash equal to the same fraction of the
         Fair Market Value of one share of Stock (determined as provided in
         Section 3(i) on the date such Option is exercised).

         SECTION 8. LIMITATION ON INCENTIVE STOCK OPTIONS.

                  (a) Limitation on Eligibility. Incentive Stock Options may
         only be granted to persons who are employees of the Company or a
         Subsidiary on the Date of Grant. Incentive Stock Options shall not be
         granted to consultants or non-employee directors of the Company and/or
         its Subsidiaries.

                  (b) Limitation on Grant. The aggregate Fair Market Value
         (determined as of the Date of Grant) of Stock with respect to which
         Incentive Stock Options are exercisable for the first time by an
         optionee during any calendar year (under all such plans of the Company
         and its parent and Subsidiary corporations) shall not exceed One
         Hundred Thousand Dollars ($100,000). In the event the limits of this
         Subsection (b) would otherwise be exceeded, such Option to the extent
         of such excess, shall be deemed to be a Nonqualified Stock Option.

                  (c) Limitation on Disposition. To maintain special tax
         treatment for Incentive Stock Options, to the extent required by
         Section 421 of the Code, an optionee may not dispose of the Stock
         acquired pursuant to the exercise of an Incentive Stock Option within
         two years after the Date of Grant nor within one year after the
         optionee receives the Stock following exercise of the Incentive Stock
         Option. This limitation on disposal does not apply to Stock acquired
         pursuant to the exercise of an Incentive Stock Option after an
         optionee's death by his or her estate or heirs, as applicable.

                  (d) Recharacterization of Incentive Stock Options. To the
         extent that any Option designated as an Incentive Stock Option does
         not qualify as such (whether because of its provisions, the failure of
         the stockholders of the Company to authorize the issuance of Incentive
         Stock Options, the timely manner of its exercise, or otherwise), such
         Option, or the portion thereof which does not qualify, shall be deemed
         to constitute a Nonqualified Stock Option.

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         SECTION 9. OTHER CONDITIONS APPLICABLE TO AWARDS.

                  (a) No Employment or Similar Rights. Nothing contained in
         this Plan or any Stock Option Agreement shall confer upon any person
         any right to continue an employment, director, or consultant
         relationship with the Company or any Subsidiary, nor interfere in any
         way with the right of the Company and its Subsidiaries to terminate a
         person's employment at will or change the person's compensation at any
         time.

                  (b) Nontransferable. Awards shall not be transferable,
         otherwise than by will or the laws of descent and distribution,
         without the written consent of the Committee or the Board (which
         consent may be granted or withheld at the sole discretion of the
         Committee or the Board). Notwithstanding the foregoing, Incentive
         Stock Options shall not be transferable otherwise than by will or the
         laws of descent and distribution. Awards may be exercised, during the
         lifetime of the recipient, only by the recipient or by the recipient's
         duly appointed guardian or personal representative. Any attempted
         assignment, transfer, pledge, hypothecation, or other disposition of
         an Award contrary to the provisions hereof, or the levy of any
         execution, attachment, or similar process upon an Award shall be null
         and void and without effect.

                  (c) Stockholder Rights. No holder of an Option shall, by
         virtue of holding such Option, be entitled to any rights of a
         stockholder in the Company. An optionee shall not be considered a
         record holder of any shares of Stock purchased pursuant to the
         exercise of an Option for any purpose until the date on which such
         Stock is registered in such optionee's name upon the stock records of
         the Company.

                  (d) Issuance of Certificates and Withholding. The Company
         shall not be required to issue or deliver any certificates for shares
         of Stock purchased upon the exercise of an Option prior to: (i) the
         obtaining of any approval from any governmental agency which the
         Company shall, in its sole discretion, determine to be necessary or
         advisable; (ii) the completion of any registration or other
         qualification of such shares under any state or federal law or ruling
         or regulation of any governmental body which the Company shall, in its
         sole discretion, determine to be necessary or advisable; and (iii) the
         determination by the Committee that the optionee has tendered to the
         Company (in cash, shares of Stock, or such other consideration as is
         acceptable to the Committee) any federal, state or local tax owed by
         the optionee as a result of the Award, if the Company has or may have
         a legal liability to satisfy such tax. In addition, if Stock reserved
         for issuance upon the granting of an Award shall not then be
         registered under the Securities Act of 1933, the Company may, upon
         exercise of an Option, require the holder thereof to represent in
         writing that the shares being acquired are for investment and not with
         a view to distribution thereof, and may mark the certificate(s) for
         the shares with a legend restricting transfer and may issue stop
         transfer orders relating to such certificate(s) to the transfer agent.
         The Company shall not be liable for damages due to delay in the
         issuance or delivery of any Stock certificate for any reason
         whatsoever. Furthermore, the Company shall not be liable to any
         optionee for refusing to deliver shares of Stock if such refusal is
         based upon the provisions of this Subsection (d).

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         SECTION 10. ADJUSTMENTS UPON CHANGES IN STOCK.

                  (a) In the event that the outstanding shares of Stock are
         hereafter increased or decreased or changed into or exchanged for a
         different number of shares or kind of shares or other securities of
         the Company or of another corporation, by reason of reorganization,
         merger, consolidation, recapitalization, reclassification, Stock
         split, combination of shares, or a dividend payable in Stock, the
         number and kind of shares reserved for issuance under the Plan, but
         not yet covered by an Award, shall be automatically adjusted to
         reflect such change. In addition, there shall be an appropriate
         adjustment in the number and kind of shares then subject to any Award,
         to the end that the Award recipient's proportionate interest shall be
         maintained as before the occurrence of such event, and such adjustment
         of outstanding Awards shall be made with a corresponding adjustment in
         the exercise price or purchase price per share; provided, however,
         that each such adjustment in the number and kind of shares subject to
         outstanding Awards, including any adjustment in the exercise price,
         shall be made in such manner as not to constitute a modification as
         defined in Section 424 of the Code. The determination of any
         adjustment by the Committee shall be conclusive.

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

         SECTION 11. CHANGES OF CONTROL; ACCELERATION OF RIGHT TO EXERCISE.

                  (a) Notwithstanding anything in the Plan or any Stock Option
         Agreement to the contrary, in the event a Change of Control occurs,
         each Option shall become exercisable, during the period beginning on
         the date of the occurrence of such Change of Control and ending on the
         sixtieth (60th) day following such date, with respect to the full
         number of shares of Stock subject to such Option.

                  (b) "Change of Control" shall mean the occurrence of any of
         the following events:

                           (i) any "person" or "group" of persons, as such
                  terms are used in Sections 13 and 14 of the Exchange Act,
                  other than (A) any employee benefit plan sponsored by the
                  Company or (B) John J. Gorman and any of his "affiliates" as
                  such term is used in Rule 405 adopted pursuant to the
                  Securities Act of 1933, becomes the "beneficial owner," as
                  such term is used in Section 13 of the Exchange Act, of fifty
                  percent (50%)" or more of the outstanding shares of the
                  Company's stock entitled to vote for the election of
                  directors; or

                           (ii) any shares of any class of the Company's stock
                  are purchased pursuant to a tender or exchange offer other
                  than an offer by the Company; or

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                           (iii) the dissolution or liquidation of the Company
                  or the consummation of any merger or consolidation of the
                  Company or any sale or other disposition of all or
                  substantially all of its assets, if the stockholders of the
                  Company immediately before such transaction own, immediately
                  after consummation of such transaction, equity securities
                  (other than options and other rights to acquire equity
                  securities) possessing less than fifty percent (50%) of the
                  voting power of the surviving or acquiring corporation.

         SECTION 12. PLAN AMENDMENTS AND TERMINATION.

                  (a) Plan Amendment and Termination. The Board may terminate
         the Plan or make such amendments thereto at any time as it shall deem
         advisable and in the best interests of the Company, without further
         action on the part of the stockholders of the Company, provided,
         however, that no such termination or amendment shall, without the
         consent of the individual to whom any Award shall theretofore have
         been granted, affect or impair the rights of such individual under
         such Award, and provided, further, any amendment shall be approved by
         the stockholders of the Company if the amendment would:

                           (1) increase the number of shares for which
                  Incentive Stock Options may be issued under the Plan; or

                           (2) modify the requirements as to eligibility to
                  receive Incentive Stock Options under the Plan.

                  (b) Expiration of Plan. No Awards shall be granted under the
         Plan after ten (10) years from the earlier of the date the Plan is
         adopted or the date the Plan is approved by the stockholders of the
         Company.

                  (c) Amendment of Awards. The Committee may amend, modify, or
         terminate any outstanding Award with the Participant's consent at any
         time prior to payment or exercise in any manner that is consistent
         with the terms of the Plan, including, without limitation, (i) to
         change the date or dates as of which and/or the terms and conditions
         pursuant to which an Option becomes exercisable; (ii) to amend the
         terms of any outstanding Option to provide an exercise price per share
         which is higher or lower than the then current exercise price per
         share of such outstanding Option; or (iii) to cancel an Award and
         grant a new Award in substitution therefor under such different terms
         and conditions as the Committee determines in its sole discretion to
         be appropriate, including, but not limited to, having an exercise
         price or purchase price per share which may be higher or lower than
         the exercise price per share of the canceled Award. The Committee may
         also make adjustments in the terms and conditions of, and the criteria
         included in, agreements evidencing Awards in recognition of unusual or
         nonrecurring events affecting the Company, or the financial statements
         of the Company, or of changes in applicable laws, regulations, or
         accounting principles, whenever the Committee determines that such
         adjustments are appropriate to prevent reduction or enlargement of the
         benefits or potential benefits intended to be made

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         available pursuant to this Plan. Notwithstanding any provision of this
         Plan or any agreement regarding an Award to the contrary, the
         Committee may cause any Award granted to be canceled in consideration
         of a cash payment or alternative Award made to the holder of such
         canceled Award equal in value to the Fair Market Value of such
         canceled Award. The determinations of value pursuant to this Section
         shall be made by the Committee in its sole discretion.

         SECTION 13. EFFECTIVE DATE. This Plan shall become effective as of
October 15, 1999, pursuant to its adoption by the Board; provided, however, no
Option shall constitute an Incentive Stock Option unless the Plan is approved
by the affirmative vote of a majority of the outstanding shares of the Company
present and entitled to vote at a meeting of the stockholders at which a quorum
is present within one year before or after the Plan's approval by the Board. If
the required stockholder approval is not received within such time period, any
Incentive Stock Options awarded in the intervening period shall be deemed to be
Nonqualified Stock Options.

         SECTION 14. NO LIABILITY FOR GOOD FAITH DETERMINATIONS. Neither the
members of the Board nor any member of the Committee shall be liable for any
act, omission or determination taken or made in good faith with respect to the
Plan or any Option.

         SECTION 15. NO OBLIGATION TO EXERCISE OPTION. The granting of an
Option shall impose no obligation on the optionee to exercise such Option.

         SECTION 16. GOVERNING LAW. The validity, construction, and effect of
this Plan and any rules and regulations relating to this Plan shall be
determined in accordance with the laws of the state of New York, without giving
effect to the conflict of laws principles thereof.

         SECTION 17. CONSTRUCTION.

                  (a) Severability. If any provision of this Plan or any Award
         is or becomes or is deemed to be invalid, illegal, or unenforceable in
         any jurisdiction or as to any individual or Award, or would disqualify
         this Plan or any Award under any law deemed applicable by the
         Committee, such provision shall be construed or deemed amended to
         conform to applicable law, or if it cannot be construed or deemed
         amended without, in the sole determination of the Committee,
         materially altering the intent of this Plan or the Award, such
         provision shall be stricken as to such jurisdiction, individual, or
         Award, and the remainder of this Plan and any such Award shall be
         remain in full force and effect.

                  (b) Headings. Headings are given to the Sections and
         Subsections of this Plan solely as a convenience to facilitate
         reference. Such headings shall not be deemed in any way material or
         relevant to the construction or interpretation of this Plan or any
         provisions thereof.

                                      -11-
<PAGE>   12

         SECTION 18. RESTRICTIONS APPLICABLE TO NAMED EXECUTIVE OFFICERS.

         The provisions of this Section 18 shall apply only to those executive
officers (i) whose compensation is required to be reported in the Company's
proxy statement pursuant to Item 402(a)(3)(i) and (ii) (or any successor
thereto) of Regulation S-K (or any successor thereto) under the general rules
and regulations under the Exchange Act and (ii) whose total compensation is
determined by the Board to possibly be subject to the limitations on deductions
imposed by Section 162(m) of the Code ("Named Executive Officers"). In the
event of any inconsistencies between this Section 18 and the other Plan
provisions as they pertain to Named Executive Officers, the provisions of this
Section 18 shall control.

                  (a) No amendment of this Plan with respect to any Named
         Executive Officer may be made which would (i) increase the maximum
         amount that can be paid to any one Participant pursuant to this Plan
         or (ii) modify the requirements as to eligibility for participation in
         this Plan, unless the Company's stockholders have first approved such
         amendment in a manner which would permit the deduction under Section
         162(m) (or any successor thereto) of the Code of such payment in the
         fiscal year it is paid. The Board shall amend this Section 18 and such
         other provisions as it deems appropriate, to cause amounts payable to
         Named Executive Officers to satisfy the requirements of Section 162(m)
         (or any successor thereto) and the Treasury regulations promulgated
         thereunder.

                  (b) Notwithstanding any provision of this Plan (including the
         provisions of this Section 18) to the contrary, the amount of
         compensation which a Named Executive Officer may receive with respect
         to Options which are granted hereunder is based solely on an increase
         in the value of the applicable shares of Stock after the date of grant
         of such Award. Thus, no Option may be granted hereunder to a Named
         Executive Officer with an exercise price less than the Fair Market
         Value of the shares of Stock on the date of grant. Furthermore, the
         maximum number of shares of Stock with respect to which Options may be
         granted hereunder to any Named Executive Officer during any calendar
         year may not exceed three million (3,000,000) shares, subject to
         adjustment as provided in Section 10 hereunder.

                                      -12-<PAGE>   1
                                                                    EXHIBIT 10.3

                        INCENTIVE STOCK OPTION AGREEMENT

                             WESTECH CAPITAL CORP.
                             1999 STOCK OPTION PLAN

         THIS INCENTIVE STOCK OPTION AGREEMENT (the "Agreement") is made this
_____ day of _____________, _____, between WESTECH CAPITAL CORP., a New York
corporation (the "Company") and_______________________, an employee of the
Company or one or more of its Subsidiaries (the "Employee"). All capitalized
terms not otherwise defined herein shall have the meaning set forth in the
Westech Capital Corp. 1999 Stock Option Plan, as amended (the "Plan").

                              W I T N E S S E T H:

         WHEREAS, the Company desires to carry out the purposes of the Plan by
affording Employee the opportunity to purchase shares of Stock;

         NOW THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the parties hereto
agree as follows:

         1. Grant of Option. The Company hereby grants to Employee the right
and option (the "Option") to purchase an aggregate of _____________ shares (the
"Shares") of Stock, such Shares being subject to adjustment as provided in
Paragraph 7 hereof, on the terms and conditions herein set forth. The Option is
intended to constitute an Incentive Stock Option, and subject to the terms of
the Plan and applicable law, this Agreement shall be construed so that the
Option shall qualify as an Incentive Stock Option.

         2. Purchase Price. The purchase price of the Shares shall be $______
per Share which is the Fair Market Value of a Share on the date first set forth
above (the "Date of Grant").

         3. Exercise of Option. Unless expired as provided in Paragraph 5
below, this Option may be exercised from time to time after the date first set
forth above (the "Date of Grant") to the extent of Shares that have vested in
accordance with the vesting schedule set forth below. The Employee's right to
exercise the Option accrues only in accordance with the following vesting
schedule and, except as otherwise provided herein, only to the extent that the
Employee remains in the continuous employ or service of the Company or a
Subsidiary.

<TABLE>
<CAPTION>
                                                  Percentage of Shares that Are Vested On and After
                   Vesting Date                   the Vesting Date and Before the Next Vesting Date
                   ------------                   -------------------------------------------------
<S>                                               <C>
                                                                            %
                 ---------------                                       -----

                                                                            %
                 ---------------                                       -----

                                                                            %
                 ---------------                                       -----
</TABLE>

                                      -1-
<PAGE>   2

         4.       Manner of Exercise, Payment of Purchase Price.

                  (a) Subject to the terms and conditions of this Agreement,
         the Option shall be exercised by written notice to the Company at its
         principal office. Such notice shall state the election to exercise the
         Option and specify the number of Shares to be purchased. Such notice
         of exercise shall be signed by Employee and shall be irrevocable when
         given.

                  (b) The notice of exercise shall be accompanied by full
         payment of the purchase price for the Shares to be purchased. The
         purchase price may be paid in cash or certified funds, by cashless
         exercise (deducting from the number of Shares to be delivered upon
         exercise of the Option the number of Shares having a Fair Market Value
         equal to the purchase price of the Shares purchased upon exercise of
         the Option), by the surrender (or deemed surrender) of stock
         certificates representing Stock or of other securities of the Company
         or a Subsidiary already owned by Employee having an aggregate Fair
         Market Value on the date of exercise equal to the purchase price of
         the Shares, or by a combination of any of the methods described above;
         provided, however, that the Committee may limit the availability of
         the above methods of payment (other than the cash or certified funds
         method) in its sole discretion. In the event Employee wishes to pay
         all or any portion of the purchase price by any of the above methods,
         Employee shall, not less than fourteen (14) days prior to the date of
         exercise, give written notice to the Secretary of the Company
         requesting approval of such payment method, setting forth the
         particulars of the proposed payment method. The Committee shall
         approve, disapprove or modify (to the extent consistent with the above
         options) the proposed payment method within fourteen (14) days of its
         receipt of the request.

                  (c) Upon receipt of the purchase price, and subject to the
         terms of Paragraph 10, the certificate or certificates representing
         the Shares purchased shall be registered in the name of the person or
         persons so exercising the Option. If the Option shall be exercised by
         Employee and, if Employee shall so request in the notice exercising
         the Option, the Shares shall be registered in the name of Employee and
         another person as joint tenants with right of survivorship, and shall
         be delivered as provided above to or upon the written order of the
         person or persons exercising the Option. All Shares that shall be
         purchased upon the exercise of the Option as provided herein shall be
         fully paid and nonassessable.

         5. Expiration of Option. The Option shall expire and become null and
void upon the first to occur of the following: (a) the expiration of three (3)
months after Employee ceases to be employed by the Company or any of its
Subsidiaries for any reason other than termination for cause or due to death or
total and permanent disability; (b) a period of six (6) months shall have
elapsed since Employee's death or total and permanent disability; (c) a period
of five (5) years shall have elapsed since the Date of Grant; or (d) Employee's
employment shall have been terminated for cause as determined by the Committee
or the Board of Directors of the Company.

                                      -2-
<PAGE>   3

         6. Acceleration of Exercise Dates. Notwithstanding the provisions of
Paragraph 3 hereof:

                  (a) Upon Employee's death or total disability, this Option
         shall be immediately exercisable, until the expiration date provided
         in Paragraph 5 above, for the entire number of Shares covered hereby;

                  (b) Upon Employee's retirement from service with the Company
         and its Subsidiaries on or after the attainment of age 65, this Option
         shall be immediately exercisable, until the expiration date provided
         in Paragraph 5 above, for the entire number of shares covered hereby;
         and

                  (c) Upon a Change of Control, this Option may be immediately
         exercised pursuant to Section 11 of the Plan for the entire number of
         Shares covered hereby.

         7. Adjustments of Shares Subject to Option. The Shares subject to the
Option shall be adjusted from time to time as set forth in Section 10 of the
Plan. The determination of any such adjustment by the Committee shall be final,
binding and conclusive.

         8. No Contract. This Agreement does not constitute a contract for
employment and shall not affect the right of the Company to terminate
Employee's employment for any reason or no reason whatsoever.

         9. Rights as Stockholder. This Option shall not entitle Employee to
any rights of a stockholder of the Company or to any notice of proceedings of
the Company with respect to any Shares issuable upon exercise of this Option
unless and until the Option has been exercised for such Shares and such Shares
have been registered in the Employee's name upon the stock records of the
Company.

         10. Restriction on Issuance of Shares. The Company shall not be
required to issue or deliver any certificates for Shares purchased upon the
exercise of an Option prior to: (a) the obtaining of any approval from any
governmental agency which the Company shall, in its sole discretion, determine
to be necessary or advisable; (b) the completion of any registration or other
qualification of such Shares under any state or federal law or ruling or
regulation of any governmental body which the Company shall, in its sole
discretion, determine to be necessary or advisable; and (c) the determination
by the Committee that Employee has tendered to the Company any federal, state
or local tax owed by Employee as a result of exercising the Option when the
Company has a legal liability to satisfy such tax. In addition, if the Stock
reserved for issuance upon the exercise of Options shall not then be registered
under the Securities Act of 1933, the Company may upon Employee's exercise of
an Option, require Employee or his permitted transferee to represent in writing
that the Shares being acquired are for investment and not with a view to
distribution, and may mark the certificate for the Shares with a legend
restricting transfer and may issue stop transfer orders relating to such
certificate to the Company's transfer agent (if applicable).

                                      -3-
<PAGE>   4

         11. Lapse of Option. This Agreement shall be null and void in the
event Employee shall fail to sign and return a counterpart hereof to the
Company within thirty (30) days of its delivery to Employee.

         12. Binding Effect. This Agreement shall be binding upon the heirs,
executors, administrators, and successors of the parties hereto.

         13. Governing Instrument and Entire Agreement. This Option and any
Shares issued hereunder shall in all respects be governed by the terms and
provisions of the Plan. In the event of a conflict between the terms of this
Agreement and the terms of the Plan (a copy of which is attached), the terms of
the Plan shall control. There are no oral agreements between the parties
relating to the subject matter hereof, and this Agreement and the terms of the
Plan constitute the entire agreement of the parties with respect to the subject
matter hereof. This Agreement may not be amended except by written agreement
executed by the Company and Employee.

                                                  COMPANY

                                                  WESTECH CAPITAL CORP.

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

Accepted and Agreed:

EMPLOYEE:

                                                      Date:
--------------------------                                 --------------------
Name:
     ---------------------

                                      -4-

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