Document:

EXHIBIT 4.1

                           ENIGMA SOFTWARE GROUP, INC.

                        2005 STOCK OPTION AND GRANT PLAN

SECTION 1.    GENERAL PURPOSE OF THE PLAN, DEFINITIONS

         The name of the plan is the Enigma Software Group, Inc. 2005 Stock
Option and Grant Plan (the "Plan"). The purpose of the Plan is to encourage and
enable the employees, directors and Consultants (as defined below) of Enigma
Software Group, Inc., a Delaware corporation (the "Company"), and its
Subsidiaries (as defined below), upon whose judgment, initiative and efforts the
Company largely depends for the successful conduct of its business to acquire a
proprietary interest in the Company. It is anticipated that providing such
persons with a direct stake in the Company's welfare will assure a closer
identification of their interests with those of the Company, thereby stimulating
their efforts on the Company's behalf and strengthening their desire to remain
with and further the interests of the Company.

         The following terms shall be defined as set forth below:

         "Act" means the Securities Act of 1933, as amended.

         "Award" or "Awards" shall include Incentive Stock Options,
Non-Qualified Stock Options, Restricted Stock Awards, and Unrestricted Stock
Awards, or any combination of the foregoing.

         "Board" means the Board of Directors of the Company or its successor
entity.

         "Code" means the Internal Revenue Code of 1986, as amended, and related
rules, regulations and interpretations.

         "Committee" has the meaning specified in Section 2.

         "Company" has the meaning specified in Section 1.

         "Consultant" means a person engaged to provide consulting or advisory
services (other than as an employee or director) to the Company or its
Subsidiaries, provided that the identity of such person, the nature of such
services or the entity to which such services are provided would not preclude
the Company from offering or selling securities to such person pursuant to the
Plan in reliance on a Form S-8 Registration Statement under the Act if the
Company is required to file reports pursuant to Section 13 or 15(d) of the
Exchange Act.

         "Disability" has the meaning specified in Code Section 22(c)(3).

         "Effective Date" has the meaning specified in Section 13.

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

         "Fair Market Value" of the Stock on any given date means (i) if the
Stock is admitted to quotation on the National Association of Securities Dealers
Automated Quotation System ("NASDAQ") Over-the-Counter/Bulletin Board, National
Market or Small Cap Market, or if the Stock is admitted to trading on a national
securities exchange, the Fair Market Value on any date shall not be less than
the last reported closing price for the Stock on such exchange or system, or
(ii) if no price can be determined under the preceding alternatives, the Fair
Market Value of the Stock determined in good faith by the Committee, using any
reasonable valuation method, without regard to any restriction other than a
restriction which, by its terms will never lapse. If the relevant date does not
fall on a day on which the Stock has traded on NASDAQ or on a national
securities exchange or market, the date on which the Fair Market Value shall be
established shall be the last day on which the Stock was so traded prior to the
relevant date, or such other appropriate day as shall be determined by the
Committee, in its discretion.

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         "Incentive Stock Option" means any Stock Option designated and
qualified as an "incentive stock option" as defined in Section 422(b) of the
Code.

         "Non-Qualified Stock Option" means any Stock Option that is not
designated as an Incentive Stock Option or which does not qualify as an
Incentive Stock Option.

         "Option" or "Stock Option" means any right to purchase shares of Stock
granted pursuant to Section 5.

         "Option Agreement" means a written agreement between the Company and a
grantee setting forth the terms, conditions and restrictions of the Option
granted to the grantee and any shares of Stock acquired upon the exercise
thereof. An Option Agreement may consist of a "Notice of Grant of Stock Option"
and a form of "Stock Option Agreement" incorporated therein by reference, or
such other form or forms as the Committee may approve from time to time.

         "Option Shares" means the shares of Stock which are issuable upon
exercise of a Stock Option.

         "Parent" means any corporation (other than the Company) in an unbroken
chain of corporations ending with the Company if, at the time of the granting of
the Award, each of the corporations other than the Company owns stock or other
interests possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

         "Plan" has the meaning specified in Section 1.

         "Restricted Stock" has the meaning specified in Section 6(a).

         "Restricted Stock Agreement" means a written agreement between the
Company and a grantee setting forth the terms, conditions and restrictions of
Restricted Stock Award granted to the grantee and any shares of Restricted Stock
acquired upon the exercise thereof.

         "Restricted Stock Award" means any Awards of Restricted Stock
hereunder.

         "Service Relationship" means the grantee's employment or service with
the Company or its Subsidiaries, whether in the capacity of an employee,
director or a Consultant. Unless otherwise determined by the Committee, a
grantee's Service Relationship shall not be deemed to have terminated merely
because of a change in the capacity in which the grantee renders service to the
Company or a transfer between locations of the Company or its Subsidiaries or a
transfer between the Company and any Subsidiary, provided that there is no
interruption or other termination of the Service Relationship. Subject to the
foregoing and Section 9 below, the Company, in its discretion, shall determine
whether the grantee's Service Relationship has terminated and the effective date
of such termination. The Committee shall have the sole discretion to determine
the reason for the termination of the grantee's Service Relationship.

         "Stock" means the common stock, par value $0.001 per share, of the
Company, subject to adjustment pursuant to Section 3.

         "Subsidiary" means any corporation (other than the Company) in any
unbroken chain of corporations beginning with the Company if, at the time of the
granting of the Award, each of the corporations (other than the last corporation
in the unbroken chain) owns stock possessing fifty percent (50%) or more of the
total combined voting power of all classes of stock in one of the other
corporations in the chain.

         "Transaction" has the meaning specified in Section 3(c).

         "Unrestricted Stock" has the meaning specified in Section 7(a).

         "Unrestricted Stock Award" means any Award of Unrestricted Stock
hereunder.

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         "10% Owner Optionee" means an individual who owns or is deemed to own
(by reason of the attribution rules of Section 424(b) of the Code) more than ten
percent (10%) of the combined voting power of all classes of stock of the
Company or any Parent or Subsidiary Corporation.

SECTION 2.    ADMINISTRATION OF PLAN: COMMITTEE AUTHORITY TO SELECT GRANTEES
              --------------------------------------------------------------
              AND DETERMINE AWARDS
              --------------------

         (a) Administration of Plan. The Plan shall be administered by the Board
or a Board-appointed committee consisting of not less than two (2) directors
(the "Committee"). If and so long as the Stock is registered under Section 12(b)
or 12(g) of the Exchange Act, the Board shall consider in selecting the
Committee the provisions regarding (a) "nonemployee directors" as contemplated
by Rule 16b-3(b)(3) of the Exchange Act; (ii) "outside directors" as
contemplated by Section 162(m) of the Code; and (iii) "independent directors" as
contemplated by NASD Rule 4200(a)(15). All references herein to the Committee
shall be deemed to refer to the entity then responsible for administration of
the Plan at the relevant time (i.e., either the Board or a committee of the
Board, as applicable). Committee members shall serve for such term as the Board
may determine, subject to removal by the Board at any time.

         (b)  Powers of Committee. The Committee shall have the power and
authority to grant Awards consistent with the terms of the Plan; provided,
however, the Committee may only award or grant those Awards that either comply
with the applicable requirements of Section 409A of the Code, or do not result
in the deferral of compensation within the meaning of Section 409A of the Code.
The Committee's power and authority shall include the power and authority:

              (i) to select the employees, directors and Consultants of the
Company and its Subsidiaries to whom Awards may from time to time be granted;

              (ii) to determine the time or times of grant, and the type of
Award to be granted which shall include Incentive Stock Options, Non-Qualified
Stock Options, Restricted Stock Awards, and Unrestricted Stock Awards, or any
combination of the forgoing, granted to any one or more grantees;

              (iii) to determine the number of shares of Stock to be covered by
any Award;

              (iv) to determine and modify from time to time the terms and
conditions, including restrictions, not inconsistent with the terms of the Plan,
of any Award, which terms and conditions may differ among individual Awards and
grantees, and to approve the form of written instruments evidencing the Awards;
provided, however, that the Committee shall consider the impact of Section 409A
of the Code on any modification;

              (v) to accelerate at any time the exercisability or vesting of all
or any portion of any Award and/or to include provisions in Awards providing for
such acceleration;

              (vi) to impose any limitations on Awards granted under the Plan,
including limitations on transfers, repurchase provisions and the like and to
exercise repurchase rights or obligations;

              (vii) subject to the provisions of Section 5(a)(ii), to extend at
any time the period in which Stock Options may be exercised; provided, however,
the Committee shall consider the impact of Section 409A of the Code on any
extension; and

              (viii) at any time to adopt, alter and repeal such rules,
guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of
the Plan and any Award (including related written instruments); to make all
determinations it deems advisable for the administration of the Plan; to decide
all disputes arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

         All decisions and interpretations of the Committee shall be binding on
all persons, including the Company, the Company's stockholders and grantees.

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         (c)  Delegation of Authority to Grant Awards. The Committee, in its
discretion, may delegate to the Chief Executive Officer, President and/or the
Chief Financial Officer of the Company authority to designate the officers and
employees to be issued Awards at Fair Market Value and to determine the number
of Awards to be issued to those officers and employees; provided, however, (1)
any delegation pursuant to this Section 2(c) shall comply with any applicable
state or federal law; and (2) any designee shall have the authority to grant
Awards to only those individuals who are not: (a) subject to the reporting and
other provisions of Section 16 of the Exchange Act; (b) "covered employees"
within the meaning of Section 162(m) of the Code; or (c) to the extent required
by NASD Rule 4350(c), the Chief Executive Officer or any executive officer of
the Company. The Committee may revoke or amend the terms of a delegation at any
time but such action shall not invalidate any prior actions of the Committee's
delegate or delegates that were consistent with the terms of the Plan.

SECTION 3.    STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION
              ----------------------------------------------------

         (a)  Stock Issuable. The maximum aggregate number of shares of Stock
reserved and available for issuance under the Plan shall be 3,000,000 of shares
of common stock of the Company. The foregoing share numbers are subject to
adjustment as provided in Section 3(b). For purposes of this Section 3(a), the
shares of Stock underlying any Awards which are forfeited, canceled, satisfied
without the issuance of Stock or otherwise terminated (other than by exercise)
shall be added back to the shares of Stock available for issuance under the
Plan. The shares available for issuance under the Plan may be authorized, but
unissued shares of Stock or shares of Stock reacquired by the Company and held
in its treasury.

         (b)  Changes in Stock. Subject to Section 3(c) hereof, if, as a result
of any reorganization, recapitalization, reclassification, stock dividend, stock
split, reverse stock split or other similar change in the Company's capital
stock, the outstanding shares of Stock are increased or decreased or are
exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of
the Company or other non-cash assets are distributed with respect to such shares
of Stock or other securities, or, if, as a result of any merger, consolidation
or sale of all or substantially all of the assets of the Company, the
outstanding shares of Stock are converted into or exchanged for a different
number or kind of the Company or any successor entity (or a parent or subsidiary
thereof), the Committee shall make an appropriate or proportionate adjustment in
(i) the maximum number of shares reserved for issuance under the Plan, (ii) the
number and kind of shares or other securities subject to any then outstanding
Awards under the Plan, and (iii) the exercise price of any Stock Option. The
adjustment by the Committee shall be final, binding and conclusive. No
fractional shares of Stock shall be issued under the Plan resulting from any
such adjustment, but the Committee in its discretion may either make a cash
payment in lieu of fractional shares or round any resulting fractional share
down to the nearest whole number.

         The Committee may also adjust the number of shares subject to
outstanding Awards and the exercise price and the terms of outstanding Awards to
take into consideration material changes in accounting practices or principles,
extraordinary dividends, acquisitions or dispositions of stock or property or
any other event if it is determined by the Committee that such adjustment is
appropriate to avoid distortion in the operation of the Plan, provided that no
such adjustment shall be made in the case of an Incentive Stock Option, without
the consent of the grantee, if it would constitute a modification, extension or
renewal of the Option within the meaning of Section 424(h) of the Code.

         (c)  Mergers and Other Transactions. Upon the effectiveness of (i) a
merger, reorganization or consolidation between the Company and another person
or entity (other than a holding company or Parent or Subsidiary of the Company)
as a result of which the holders of the Company's outstanding voting stock
immediately prior to the transaction hold less than a majority of the
outstanding voting stock of the surviving entity immediately after the
transaction, or (ii) the sale of all or substantially all of the assets of the
Company to an unrelated person or entity (in each case, a "Transaction"), unless
provision is made in connection with the Transaction for the assumption of all
outstanding Awards, or the substitution of such Awards with new Awards of the
successor entity or parent thereof, with appropriate adjustment as to the number
and kind of shares and, if appropriate, the per share exercise prices, as
provided in Section 3(b) above (an "Assumption"), this Plan and all outstanding
Awards granted hereunder, except with respect to specific Awards as the
Committee otherwise determines, shall terminate. In the event of such
termination, each grantee shall be permitted to exercise for a period of at
least ten (10) days prior to the anticipated effective date of the Transaction
all outstanding Awards held by such grantee which are then vested and

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exercisable; provided, however, that the grantee may, but will not be required
to, condition such exercise upon the effectiveness of the Transaction.
Notwithstanding the foregoing, any outstanding Option that is either assumed or
substituted for a new option in a corporate transaction within the meaning of
Treasury Regulation ss. 1.424-1 shall comply with the requirements of Treasury
Regulation ss. 1.424-1. The preceding sentence applies to both Incentive Stock
Options and Non-Qualified Stock Options. In addition, in the event of a
Transaction, the Committee may accelerate the vesting of all Awards prior to the
effectiveness of a Transaction.

         (d)  Dissolution or Liquidation. In the event of a dissolution or
liquidation of the Company, any outstanding Awards issued under the Plan shall
be terminated if not exercised prior to such event.

         (e)  Substitute Awards. The Committee may grant Awards under the Plan
in substitution for stock and stock based awards held by employees, directors or
Consultants of another company in connection with a merger or consolidation of
such company with the Company (or any Parent of the Company or any Subsidiary of
the Company) or the acquisition by the Company (or any Parent of the Company or
any Subsidiary of the Company) of property or stock of such company. The
Committee may direct that the substitute Awards be granted on such terms and
conditions as the Committee considers appropriate in the circumstances.
Notwithstanding the foregoing, any outstanding stock option that is either
assumed or substituted for a new Option in a corporate transaction within the
meaning of Treasury Regulation ss. 1.424-1 shall comply with the requirements of
Treasury Regulation ss. 1.424-1. The preceding sentence applies to both
incentive stock options within the meaning of Section 422 of the Code and
non-qualified stock options.

SECTION 4.    ELIGIBILITY
              -----------

         Awards may be granted to employees, directors and Consultants
(including prospective employees, directors and Consultants to whom Awards are
granted in connection with written offers of employment or other Service
Relationship with the Company or its Subsidiaries) of the Company and its
Subsidiaries who are responsible for, or contribute to, the management, growth
or profitability of the Company and its Subsidiaries as are selected from time
to time by the Committee in its sole discretion.

SECTION 5.    STOCK OPTIONS
              -------------

         Any Stock Option granted under the Plan shall be pursuant to an Option
Agreement, which shall be in such form as the Committee may from time to time
approve. Option Agreements need not be identical.

         Stock Options granted under the Plan may be either Incentive Stock
Options or Non-Qualified Stock Options. Incentive Stock Options may be granted
only to employees of the Company or any Subsidiary provided, however, that, an
Incentive Stock Option may be granted to a prospective employee upon the
condition that such person becomes an employee and such grant shall be deemed
granted effective on the date that such person commences services with the
Company or its Subsidiaries, with an exercise price determined as of such date
in accordance with Section 5(a)(i) below.

         Non-Qualified Stock Options may be granted to employees, directors,
including non-employee directors, and Consultants of the Company or its
Subsidiaries.

         No Incentive Stock Option shall be granted under the Plan after the
date which is ten (10) years from the date the Plan is approved by the Board.

         (a) Terms of Stock Options. Stock Options granted under the Plan shall
be subject to the following terms and conditions and shall contain such
additional terms and conditions, to the extent permitted by Section 2(b) and to
the extent not inconsistent with the terms of the Plan, as the Committee shall
deem desirable:

              (i) Exercise Price. The exercise price per share for the Stock
covered by a Stock Option shall be determined by the Committee at the time of
grant, but shall not be less than one hundred percent (100%) of the Fair Market
Value on the grant date in the case of Incentive Stock Options. If an Incentive
Stock Option is granted to a 10% Owner Optionee, the exercise price per share
for the Stock covered by such Incentive Stock Option shall be not less than one

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<PAGE>

hundred ten percent (110%) of the Fair Market Value on the grant date.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an
exercise price lower than the minimum exercise price per share set forth above
if the Incentive Stock Option is granted pursuant to an assumption or
substitution for another option in a manner qualifying under Section 424(a) of
the Code and comply with Section 409A of the Code.

              (ii) Option Term. The term of each Stock Option shall be fixed by
the Committee, but no Stock Option shall be exercisable more than ten (10) years
after the date the Stock Option is granted. If an Incentive Stock Option is
granted to a 10% Owner Optionee, the term of such Stock Option shall be no more
than five (5) years from the grant date. In addition, with respect to Stock
Options granted to employees, the Stock Option shall terminate: (x) upon the
last day of their employment with the Company, in the event the employee
voluntarily resigns from the Company, or (y) three months from the last day of
employment with the Company, in the event the Company terminates the employee,
the employee dies, the employee becomes disabled or the employee reaches the age
of 62 and, with the consent of the Company, retires.

              (iii) Exercisability; Rights of a Stockholder. Stock Options shall
become exercisable at such time or times, whether or not in installments, as
shall be determined by the Committee and set forth in the Option Agreement
evidencing such Option. A grantee shall have no rights of a stockholder with
respect to any shares covered by the Option until the date of the issuance of a
certificate for the shares for which the Option has been exercised (as evidenced
by an appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company). No adjustment shall be made for dividends,
distributions or other rights which the record date is prior to the date such
certificate is issued, expect as provided in Section 3(b).

              (iv) Method of Exercise. Stock Options may be exercised in whole
or in part, by giving written notice of exercise to the Company, specifying the
number of shares of Stock to be purchased. Payment of the exercise price may be
made by one or more of the following methods to the extent provided in the Award
agreement:

                   (A) in cash, by certified or bank check, or other instrument
acceptable to the Committee in U.S. funds payable to the order of the Company in
an amount equal to the exercise price of such Option Shares;

                   (B) if permitted by the Committee, (x) by having the Company
withhold from the Option Shares having a Fair Market Value equal to the
aggregate purchase price of the Option Shares, (y) through the delivery (or
attestation to ownership) of shares of Stock that have been purchased by the
grantee on the open market or that have been held by the grantee for at least
six (6) months and are not subject to restrictions under any plan of the
Company, and (z) by the grantee delivering to the Company a properly executed
Exercise Notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company to
pay the option purchase price, provided that in the event the grantee chooses
such payment procedure, the grantee and the broker shall comply with such
procedures and enter into such agreements of indemnity and other agreements as
the Committee shall prescribe as a condition of such payment procedure; or

                   (C) a combination of the payment methods set forth in clauses
(A) and (B) above, if applicable.

         No certificates for Option Shares so purchased will be issued to the
grantee until the Company has completed all steps required by law to be taken in
connection with the issuance and sale of the shares, including, without
limitation, obtaining from grantee payment or provision for all withholding
taxes due as a result of the exercise of the Stock Option. The delivery of
certificates representing the shares of Stock to be purchased pursuant to the
exercise of a Stock Option will be contingent upon receipt from the grantee (or
a purchaser acting in his or her stead in accordance with the provisions of the
Stock Option) by the Company of the full exercise price. If the grantee is
paying the exercise price by delivery of previously owned shares of Stock by the
attestation method set forth in clause (C)(y) above, the shares of Stock
transferred to the grantee upon the exercise of the Stock Option shall be net of
the number of the shares of Stock delivered.

         (b) Annual Limit on Incentive Stock Options. To the extent that the
aggregate Fair Market Value (determined as of the time the Option is granted) of
the shares of Stock with respect to which Incentive Stock Options are

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exercisable for the first time by a grantee during any calendar year (under all
option plans of the Company, its Parent and/or its Subsidiaries) exceeds
$100,000, such Incentive Stock Options shall constitute Non-Qualified Stock
Options. For purposes of this Section 5(b), Incentive Stock Options shall be
taken into account in the order in which they were granted, except as otherwise
provided in Treasury Regulation ss. 1.422-4(b)(4). If pursuant to the above, an
Incentive Stock Option is treated as an Incentive Stock Option in part and a
Non-Qualified Stock Option in part, the grantee may designate which portion
shall be deemed to have exercised the Incentive Stock Option portion of the
Option first.

         (c) Non-transferability of Options. No Stock Option shall be
transferable by the grantee otherwise than by will or by the laws of descent and
distribution and all Stock Options shall be exercisable, during the grantee's
lifetime, only by the grantee, or by the grantee's legal representative or
guardian in the event of the grantee's incapacity. Notwithstanding the
foregoing, the Committee, in its sole discretion, may provide in the Option
Agreement regarding a given Option that the grantee may transfer, without
consideration for the transfer, his or her Non-Qualified Stock Options to
members of his or her immediate family, to trusts for the benefit of such family
members, or to partnerships in which such family members are the only partners,
or to limited liability companies in which such family members are the only
members, provided that the transferee agrees in writing with the Company to be
bound by all of the terms and conditions of this Plan and the applicable Option
Agreement.

         (d) Board Non-Qualified Stock Options.

              (i) Initial Grant. Upon a Board member who is not an employee
joining the Board, such member shall receive a grant of Stock Options to
purchase 39,000 shares of Stock with an exercise price equal to the Fair Market
Value. The Option shall vest 13,000 Shares on the one year anniversary of the
date of grant, 13,000 Shares on the second anniversary of the date of grant, and
13,000 Shares on the three year anniversary of the date of grant as long as the
Board member is still a member of the Board as of such date. The Option shall
have a term of ten years.

              (ii) Annual Grant. Every Board member who is not an employee shall
be entitled to an annual grant of Stock Options to purchase 3,000 Shares on the
last trading day in March following the first anniversary of the member joining
the Board. The Options shall fully vest on the date of grant with a term of ten
years. The exercise price shall be the Fair Market Value.

SECTION 6.    RESTRICTED STOCK AWARDS
              -----------------------

         (a)  Nature of Restricted Stock Awards. To the extent permitted by
Section 2(b), a Restricted Stock Award is an Award pursuant to which the Company
may, in its sole discretion, grant or sell, at par value or such greater
purchase price as determined by the Committee, in its sole discretion, shares of
Stock subject to such restrictions and conditions as the Committee may determine
at the time of grant ("Restricted Stock"), which purchase price shall be payable
in cash. Conditions may be based on continuing employment (or other Service
Relationship) and/or achievement of pre-established performance goals and
objectives. The grant of a Restricted Stock Award is contingent on the grantee
executing a Restricted Stock Agreement. The terms and conditions of each such
Restricted Stock Agreement shall be determined by the Committee, and such terms
and conditions may differ among individual Awards and grantees.

         (b)  Rights as a Stockholder. Upon execution of the Restricted Stock
Agreement and payment of any applicable purchase price, a grantee shall have the
rights of a stockholder with respect to the voting of the Restricted Stock,
subject to such conditions contained in the Restricted Stock Agreement. Unless
the Committee shall otherwise determine, certificates evidencing the Restricted
Stock shall remain in the possession of the Company until such Restricted Stock
is vested as provided in Section 6(d) below, and the grantee shall be required,
as a condition of the grant, to deliver to the Company a stock power endorsed in
blank.

         (c)  Restrictions. Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Restricted Stock Agreement.

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         (d)  Vesting of Restricted Stock. The Committee at the time of grant
shall specify the date or dates and/or the attainment of pre-established
performance goals, objectives and other conditions on which Restricted Stock
shall become vested, subject to such further rights of the Company or its
assigns as may be specified in the Restricted Stock Agreement.

         (e)  Waiver, Deferral and Reinvestment of Dividends. The Restricted
Stock Agreement may require or permit the immediate payment, waiver, deferral or
investment of dividends paid on the Restricted Stock; provided, however, that
any such payment, waiver, deferral or investment of dividends shall either
comply with the applicable requirements of Section 409A of the Code, or not
result in the deferral of compensation within the meaning of Section 409A of the
Code.

SECTION 7.    UNRESTRICTED STOCK AWARDS
              -------------------------

         (a)  Grant or Sale of Unrestricted Stock. To the extent permitted by
Section 2(b), The Committee may, in its sole discretion, grant or sell at par
value or such greater purchase price determined by the Committee, an
Unrestricted Stock Award to any grantee, pursuant to which such grantee may
receive shares of Stock free of any vesting 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 or other valid consideration,
or in lieu of any cash compensation due to such individual.

         (b)  Elections to Receive Unrestricted Stock in Lieu of Compensation.
Upon the request of a grantee and with the consent of the Committee, such
grantee may, pursuant to an advance written election delivered to the Company no
later than the date specified by the Committee, receive a portion of the cash
compensation otherwise due to such grantee in the form of shares of Unrestricted
Stock either currently or on a deferred basis; provided, however, any such
deferral shall either comply with the applicable requirements of Section 409A of
the Code, or not result in the deferral of compensation within the meaning of
Section 409A of the Code.

         (c)  Restrictions on Transfers. The right to receive shares of
Unrestricted Stock on a deferred basis may not be sold, assigned, transferred,
pledged or otherwise encumbered, other than by will or the laws of descent and
distribution.

SECTION 8.    TAX WITHHOLDING
              ---------------

         (a)  Payment by Grantee. Each grantee shall, no later than the date as
of which the value of an Award or of any Stock or other amounts received
thereunder first becomes includable in the gross income of the grantee for
Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Committee regarding payment of, any federal, state, foreign,
or local taxes of any kind required by law to be withheld with respect to such
income. The Company and its Subsidiaries shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise
due to the grantee. Notwithstanding the foregoing, with respect to any Award
that is subject to Section 409A of the Code, the Company may, to the extent
permitted by Section 409A of the Code, permit the acceleration of the time or
schedule of a payment to pay the FICA tax imposed on the Award (FICA Amount),
and any related income tax at source imposed by Section 3401 of the Code on the
FICA Amount.

         (b)  Payment in Stock. Subject to approval by the Committee, a grantee
may elect to have the minimum required tax withholding obligation satisfied, in
whole or in part, by (i) authorizing the Company to withhold from shares of
Stock to be issued pursuant to any Award a number of shares with an aggregate
Fair Market Value (as of the date the withholding is effected) that would
satisfy the withholding amount due, or (ii) transferring to the Company shares
of Stock owned by the grantee with an aggregate Fair Market Value (as of the
date the withholding is effected) that would satisfy the withholding amount due;
provided, however, with respect to any Award that is subject to Section 409A of
the Code, the Company may, to the extent permitted by Section 409A of the Code,
permit the acceleration of the time or schedule of a payment to pay the FICA tax
imposed on the Grant (FICA Amount), and any related income tax at source imposed
by Section 3401 of the Code on the FICA Amount. The Fair Market Value of any
shares of Stock withheld or tendered to satisfy any such tax withholding
obligation shall not exceed the amount determined by the applicable minimum
statutory withholding rates.

                                       8
<PAGE>

SECTION 9.    LEAVE OF ABSENCE
              ----------------

         For purposes of the Plan, the following events shall not be deemed a
termination of the Service Relationship:

         (a)  an approved leave of absence for military service or sickness, or
for any other purpose approved by the Company; provided, however, the grantee's
Service Relationship shall not be deemed to continue beyond the first 3 months
of leave unless the grantee's right to return to service is provided by a
statute or by contract; and

         (b)  notwithstanding the foregoing, unless otherwise designated by the
Company or required by law, a leave of absence shall not be treated as service
for purposes of determining vesting under the grantee's Option Agreement or
Restricted Stock Agreement.

SECTION 10.   AMENDMENTS AND TERMINATION
              --------------------------

         The Board may, at any time, amend or discontinue the Plan, but no such
action shall adversely affect rights under any outstanding Award without the
holder's consent unless (i) required to ensure that a Stock Option is treated as
an Incentive Stock Option or (ii) to comply with applicable law. Except as
herein provided, no such action of the Board, unless taken with the approval of
the stockholders of the Company, may: (a) increase the maximum number of shares
of Stock for which Awards granted under this Plan may be issued (except by
operation of Section 3(b)); (b) amend the Plan in any other manner which the
Board, in its discretion, determines would require approval of the stockholders
under any applicable law, rule, listing requirement, or regulation to become
effective even though such stockholder approval is not expressly required by
this Plan; or (c) alter the class of employees eligible to receive Incentive
Stock Options under the Plan. No termination or amendment of the Plan shall
affect any outstanding Award unless expressly provided hereunder or as
determined by the Board. Nothing in this Section 10 shall limit the Board's or
Committee's authority to take any action permitted pursuant to Section 3(c). The
Plan shall continue in effect until the earlier of: (i) ten (10) years after the
Effective Date, (ii) its termination by the Board, or (iii) the date on which
all of the shares of Stock available for issuance under the Plan have been
issued and all restrictions on such shares under the terms of the Plan and the
Option Agreement and Restricted Stock Agreement have lapsed. Notwithstanding the
foregoing, the Board shall consider the impact of Section 409A of the Code on
any termination or amendment of the Plan.

SECTION 11.   STATUS OF PLAN
              --------------

         With respect to the portion of any Award that has not been exercised
and any payments in cash, Stock or other consideration not received by a
grantee, a grantee shall have no rights greater than those of a general creditor
of the Company unless the Committee shall otherwise expressly determine in
connection with any Award or Awards. In its sole discretion, the Committee may
authorize the creation of trusts or other arrangements to meet the Company's
obligations to deliver Stock or make payments with respect to Awards hereunder,
provided that the existence of such trusts or other arrangements is consistent
with the foregoing sentence.

SECTION 12.   GENERAL PROVISIONS
              ------------------

         (a)  No Distribution; Compliance with Legal Requirements. The grant of
Awards and the issuance of shares of Stock upon exercise of Awards shall be
subject to compliance with all applicable requirements of federal, state and
foreign law with respect to such securities. Awards may not be exercised if the
issuance of shares of Stock upon exercise would constitute a violation of any
applicable federal, state or foreign securities laws or other law or regulations
or the requirements of any stock exchange or market system upon which the Stock
may then be listed. In addition, no Award may be exercised unless: (a) a
registration statement under the Act shall at the time of exercise of the Award
be in effect with respect to the shares of Stock issuable upon exercise of the
Award, or (b) in the opinion of legal counsel to the Company, the shares of
Stock issuable upon exercise of the Award may be issued in accordance with the
terms of an applicable exemption from the registration requirements of the Act.
The inability of the Company to obtain from any regulatory body having
jurisdiction and authority, if any, deemed by Company's legal counsel to be
necessary to the lawful issuance and sale of any shares hereunder shall relieve
the Company of any liability in respect of the failure to issue or sell such
shares as to which such requisite authority shall not have been obtained. As a

                                       9
<PAGE>

condition to the exercise of any Award, the Company may require the grantee to
satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation
or warranty with respect thereto as may be requested by the Company.

         (b)  Delivery of Stock Certificates. Stock certificates issued under
this Plan shall be deemed delivered for all purposes when the Company or a stock
transfer agent of the Company shall have mailed such certificates in the United
States mail, addressed to the grantee, at the grantee's last known address on
file with the Company.

         (c)  Other Compensation Arrangements; No Employment Rights. Nothing
contained in this Plan shall prevent the Committee from adopting other or
additional compensation arrangements, including trusts, and such arrangements as
may be either generally applicable or applicable only in specific cases. The
adoption of this Plan and the grant of Awards do not confer upon any grantee any
right to continued employment or service with the Company or any Parent or
Subsidiary of the Company or interfere in any way with the right of the Company
or its Parent or Subsidiaries to terminate the grantee's employment or service
at any time.

         (d)  Conflict with Agreement, Notice. In the event of a conflict
between the terms and provisions of this Plan and the terms and provisions of
any Restricted Stock Agreement, Option Agreement or Notice of Grant of Stock
Option, the terms and provisions of this Plan shall govern.

SECTION 13.   EFFECTIVE DATE OF PLAN
              ----------------------

         (a)  The Plan is effective on March 8, 2005 (the "Effective Date"), the
date on which the Board adopted the Plan, subject to approval by the
stockholders of the Company, if necessary, in the manner and within the time
required under Section 422(b)(2) of the Code. Any increase in the maximum
aggregate number of shares of Stock issuable under the Plan pursuant to Section
3 shall be approved by stockholders of the Company within twelve (12) months of
approval of such increase by the Board in accordance with applicable law;
provided that no new shares of Stock associated with such increase may be issued
hereunder prior to such approval. Subject to such approvals by the stockholders
and to the requirement that no shares of Stock may be issued hereunder prior to
such approval, Awards may be granted hereunder on and after adoption of the Plan
by the Board.

SECTION 14.   GOVERNING LAW
              -------------

         This Plan and all Awards and actions taken thereunder shall be governed
by the laws of the State of Delaware, applied without regard to conflict of law
principles thereof.

APPROVED BY THE BOARD OF DIRECTORS:    March 8, 2005
                                       -------------
APPROVED BY THE STOCKHOLDERS:          March 8, 2005 subject to effectiveness on
                                       -----------------------------------------
                                       April 15, 2005

                                       10<PAGE>

                                                                     EXHIBIT 4.5

                       FORM OF AMENDMENT NO. 1 AND WAIVER
                          TO RESTRUCTURED LOAN FACILITY
                                 as evidenced by

              AMENDMENT NO. 1 AND WAIVER TO NOTE PURCHASE AGREEMENT

      This AMENDMENT No. 1 AND WAIVER TO NOTE PURCHASE AGREEMENT (this
"Amendment and Waiver") is entered into as of December 20, 2004 among BANCO DE
GALICIA Y BUENOS AIRES S.A., a sociedad anonima organized under the laws of the
Republic of Argentina (the "Issuer"), the holders parties hereto (the
"Holders"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as agent for the Holders
(in such capacity, together with any successor Agent appointed pursuant to
Article VIII to the Note Purchase Agreement referred to below, the "Agent").

                                    RECITALS

      WHEREAS, the Issuer, the Holders, the Agent and Barclays Bank PLC, as
Documentation Agent, have entered into a Note Purchase Agreement, dated as of
April 27, 2004 (the "Note Purchase Agreement");

      WHEREAS, the Issuer, the Holders and the Agent desire to amend certain
terms thereof relating to certain Securitization transactions to be entered into
by the Issuer in order to facilitate the growth of the Issuer's business and
respond to market conditions;

      WHEREAS, the Issuer desires to enter into a transaction to provide for the
financing to complete the construction and improvements of the real estate set
forth in Part A of Schedule V to the Note Purchase Agreement, which transaction
is described in more detail in Schedule VI hereto (the "Proposed Torre
Transaction"); and

      WHEREAS, to facilitate the Proposed Torre Transaction, the Issuer and the
Holders desire to waive certain provisions of the Note Purchase Agreement.

      NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the parties hereto agree as follows:

            SECTION 1. Defined Terms. Capitalized terms used in this Amendment
and Waiver and not otherwise defined herein shall have the meanings assigned to
them in the Note Purchase Agreement.

            SECTION 2. Amendments to Section 1.1 of the Note Purchase Agreement.

            (a)   The definition of "Debt" in Section 1.1 of the Note Purchase
Agreement is hereby amended by deleting in its entirety the phrase "that the
term "Debt" shall not include (i) "Debt incurred by the Issuer or any of its
Subsidiaries in the ordinary course of business" (hereinafter defined) but shall
include any Debt attributable to any Securitization" in the proviso therein, and
replacing it with the following phrase:

                                      S-1
<PAGE>

            "that the term "Debt" shall not include (i) (x) "Debt incurred by
            the Issuer or any of its Subsidiaries in the ordinary course of
            business" (hereinafter defined) or (y) for purposes of Section
            3.2(a) (A) any Net Cash Proceeds, up to an aggregate amount, for any
            Fiscal Year, equal to three percent (3%) of the Issuer's total
            consolidated (as defined pursuant to the terms of Section 33 of
            Argentine Law No. 19,550) assets, net of an amount equivalent to the
            aggregate of the Issuer's Debt with the Central Bank for liquidity
            support and for the purchase of the "Hedge Bond", received by the
            Issuer from the incurrence of Debt that is attributable to any
            Securitization, the Net Cash Proceeds of which are reinvested by the
            Issuer in Financial Assets by a date no later than one (1) year from
            the date of the closing of such Securitization transaction, or (B)
            any Debt attributable to, and incurred in compliance with the terms
            of, the Proposed Torre Transaction".

            (b)   The definition of "Debt" in Section 1.1 of the Note Purchase
Agreement is hereby further amended by adding the following sentence at the end
thereof:

            "Notwithstanding the foregoing, the amount of any recourse
            obligation of the Issuer arising from or in connection with any
            Securitization shall constitute "Debt"."

            (c)   Section 1.1 of the Note Purchase Agreement, is hereby further
amended by deleting the "or" before sub-clause (vii) in the definition of
"Permitted Liens", and by adding the following before the period therein:

            "; or (viii) any Lien upon the Torre Headquarters; provided, that
            (A) such Lien is created solely for the purpose of securing Debt
            attributable to, and incurred in compliance with the terms of, the
            Proposed Torre Transaction, (B) such Lien secures only such Debt and
            no other Debt obligation, and (C) such Lien shall not extend to or
            cover any Property other than the Torre Headquarters and any
            improvements to the Torre Headquarters".

            (d)   Section 1.1 of the Note Purchase Agreement is hereby further
amended by deleting the definition of "Headquarter Offices" and adding the
following defined terms in alphabetical order:

            ""Financial Assets" means, on any date, new loans or credits
            originated and extended by the Issuer and of a nature or type
            arising from a Permitted Business."

            ""Proposed Torre Transaction" means the transaction described in
            Schedule VI hereto."

            ""Torre Headquarters" means the real estate set forth in Part A to
            Schedule V."

                                      -2-
<PAGE>

            SECTION 3. Amendments to Section 3.2 to the Note Purchase Agreement.

            (a)   The proviso in the Section 3.2(a) of the Note Purchase
Agreement Note Purchase Agreement is hereby deleted in its entirety and replaced
by the following proviso:

            "provided that (i) the Issuer or such Significant Subsidiary shall
            not be required to so apply Net Cash Proceeds received by the Issuer
            or such Significant Subsidiary from the incurrence of Debt or from
            any Securitization that constitutes Debt having an original maturity
            of one (1) year or less; and (ii) any Debt or Securitization that
            constitutes Debt having an original maturity of greater than one (1)
            year and a portion of which is required to be used to prepay or
            redeem, as applicable, Debt pursuant to this paragraph, shall always
            have a maturity date and interest rate provision that, in each case,
            are more beneficial to the Issuer as compared with the Restructured
            Debt most similar in term and type to the Debt so incurred".

            (b)   Section 3.2(b) is hereby amended by deleting in its entirety
the proviso therein, and replacing it with the following proviso:

            "provided that (i) the Issuer or such Significant Subsidiary shall
            not be required to so apply Net Cash Proceeds received by the Issuer
            or such Significant Subsidiary from the Transfer of any Financial
            Assets, fixed assets, or the Transfer of any Capital Stock or Voting
            Stock in Permitted Businesses if such Net Cash Proceeds are
            reinvested, by such Person, by a date no later than one (1) year
            from the date of such Transfer in Financial Assets, and six (6)
            months from the date of such Transfer in fixed assets or any Capital
            Stock or Voting Stock in Permitted Businesses, respectively (it
            being understood that if at the end of such one-year or six-month
            period, as the case may be, no such investment has been consummated,
            the Issuer or such Significant Subsidiary shall immediately effect
            such prepayment or redemption as required hereunder); or (ii) one
            hundred percent (100%) of any portion of the Net Cash Proceeds
            (without deducting any amount or applying any basket) of the
            Transfer of any interest in the Torre Headquarters (other than the
            original Transfer effected as part, and in compliance with, the
            Proposed Torre Transaction) shall be applied, first, to the
            repayment of debt instruments incurred either directly or indirectly
            by the Issuer in connection with the Proposed Torre Transaction and
            second, to Debt prepayment or redemptions as described above".

            (c)   Section 3.2(b) is hereby further amended by deleting the last
sentence thereof in its entirety and replaced with the following:

            "Notwithstanding anything to the contrary herein, the Net Cash
            Proceeds received by the Issuer or any Significant Subsidiary from
            any Securitization (whether or not the material terms of such
            Securitization are

                                      -3-
<PAGE>

            governed by Argentine law) attributable to Debt shall be applied in
            accordance with Section 3.2(a) and the Net Cash Proceeds received by
            the Issuer or any Significant Subsidiary from any Securitization
            (whether or not the material terms of such Securitization are
            governed by Argentine law) that are not attributable to Debt (i.e.,
            non-recourse Securitizations) shall be applied in accordance with
            Section 3.2(b)."

            SECTION 4. Amendment of Section 6.4 to the Note Purchase Agreement.
Subsection (k) of Section 6.4 of the Note Purchase Agreement is hereby amended
by deleting in its entirety the proviso therein, and replacing it with the
following proviso:

            "provided that, notwithstanding the foregoing, the Issuer may, in
            addition to the above-mentioned, make Capital Expenditures (either
            directly or indirectly, as described in Schedule VI) during the term
            of this Agreement in connection with the Proposed Torre Transaction
            up to an aggregate amount of thirty million Dollars ($30,000,000)
            (or the Dollar Equivalent in any other currency)."

            SECTION 5. Amendment of Section 7.2 to the Note Purchase Agreement.
The first sentence of Section 7.2 of the Note Purchase Agreement is amended to
add the words "after the date hereof" after the words "shall occur".

            SECTION 6. Amendment to the Schedules to the Note Purchase
Agreement. The Note Purchase Agreement is hereby amended by inserting Schedule
VI, in the form attached hereto as Schedule VI, as new Schedule VI to the Note
Purchase Agreement.

            SECTION 7. Waiver under the Note Purchase Agreement. Solely in
connection with the Proposed Torre Transaction, the Holders hereby waive the
delivery requirement of the opinion as set forth in Section 6.4(e) of the Note
Purchase Agreement.

            SECTION 8. Conditions Precedent to Effectiveness. This Amendment and
Waiver shall become effective upon the fulfillment by the Issuer, in form and
substance satisfactory to the Agent, of all and each of the following conditions
(the first Business Day on which the last of such conditions shall have been
satisfied, the "Effective Date"):

            (a)   The Agent (or its counsel) shall have received this Amendment
and Waiver, duly executed and delivered by the Agent, the Issuer and each Holder
party hereto;

            (b)   The Issuer shall have paid to the Agent's Account, for the
benefit of each Holder, the amount for each Holder set forth on Annex A hereto;
and

            (c)   The Holders have received the reimbursement of all invoiced
fees and expenses of the Holder's counsel (Mayer, Brown, Rowe & Maw LLP), which
invoices may include an estimate of fees and expenses, or confirmation that
those fees and expenses have been paid directly by the Issuer.

                                      -4-
<PAGE>

            SECTION 9. Representations and Warranties. The Issuer represents and
warrants to the Holders and the Agent that, as of the date hereof:

            (a)   Organization; Powers. The Issuer and each of its Subsidiaries
(i) is a company duly incorporated and validly existing under the laws of the
jurisdiction of its incorporation, (ii) has obtained all required Authorizations
to own its assets and conduct its business as presently conducted, and (iii) has
the power, authority and legal right to enter into and perform its obligations
hereunder.

            (b)   No Conflicts. Neither the execution, delivery or performance
hereof nor the compliance with its terms will conflict with or result in a
breach of any of the terms, conditions or provisions of, or constitute a default
or require any consent under, any indenture, mortgage, agreement or other
instrument or arrangement (except those indentures, mortgages, agreements or
other instruments or arrangements relating to, and/or in connection with, any
Surviving Debt) to which the Issuer is a party or by which it is bound, or
violate any of the terms or provisions of the Issuer's Charter or any
Authorization, judgment, decree or order or any statute, rule or regulation
(including Regulation X of the Board of Governors of the Federal Reserve System)
applicable to the Issuer or result in or require the creation or imposition of
any Lien upon or with respect to any of the properties of the Issuer or any of
its Subsidiaries.

            (c)   Due Authorization; Enforceability. This Amendment and Waiver
has been duly authorized and executed by the Issuer and constitutes a valid and
legally binding obligation of the Issuer, enforceable in accordance with its
terms, subject to (i) applicable bankruptcy, insolvency and other similar laws
affecting creditor's rights generally, and (ii) general equitable principles
regardless of whether the issue of enforceability is considered in a proceeding
in equity or at law.

            (d)   No Additional Authorization, Etc. All the Authorizations
needed by the Issuer to conduct its business and execute and comply with its
obligations under this Amendment and Waiver or under which the Issuer is in any
manner obligated have been obtained (except those Authorizations from the
Central Bank that may become necessary for the Issuer to (i) make prepayments in
accordance with the provisions of the Note Purchase Agreement and (ii) effect
the Proposed Torre Transaction) and are final and in full force and effect and
the Issuer has not received any notice of proceedings relating to the
revocation, cancellation, expropriation or modification of any such
Authorization.

            SECTION 10. Binding Effect; Ratification.

            (a)   This Amendment and Waiver shall become effective as of the
date first set forth above, when counterparts hereof shall have been executed
and delivered by the parties hereto, and thereafter shall be binding on the
parties hereto and their respective successors and assigns.

            (b)   The Note Purchase Agreement, as amended hereby, remains in
full force and effect, and is hereby ratified and confirmed by the parties
hereto. Any reference to the Note Purchase Agreement from and after the date
hereof shall be deemed to refer to the Note Purchase Agreement as amended
hereby, unless otherwise expressly stated.

                                      -5-
<PAGE>

            SECTION 11. Miscellaneous.

            (a)   Jurisdiction; Consent to Service of Process. (i) Each of the
parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the nonexclusive jurisdiction of any New York State court or
Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Amendment and Waiver, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in any such New York State court or, to the fullest extent
permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Amendment and Waiver shall affect any right
that any Holder or the Agent may otherwise have to bring any action or
proceeding relating to this Amendment and Waiver in the courts of any
jurisdiction. The Issuer irrevocably and unconditionally waives any right to
claim a lack of jurisdiction should this Amendment and Waiver be enforced in the
Country.

            (ii)  Each of the parties hereto hereby irrevocably and
      unconditionally waives, to the fullest extent it may legally and
      effectively do so, any objection which it may now or hereafter have to the
      laying of venue of any suit, action or proceeding arising out of or
      relating to this Amendment and Waiver in any court referred to in
      subparagraph (i) of this section (a). Each of the parties hereto hereby
      irrevocably waives, to the fullest extent permitted by law, the defense of
      an inconvenient forum to the maintenance of such action or proceeding in
      any such court.

                                      -6-
<PAGE>

            (b)   WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL RIGHTS IT MAY HAVE TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AMENDMENT AND WAIVER OR THE ACTIONS OF ANY LENDER IN THE NEGOTIATION,
ADMINISTRATION, OR PERFORMANCE THEREOF. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND WAIVER BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

            (c)   GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW).

                               [SIGNATURES FOLLOW]

                                      -7-
<PAGE>

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

                                           BANCO DE GALICIA Y BUENOS AIRES S.A.,
                                           as Issuer

                                               /S/ Hector E. Arzeno
                                           By:_________________________________
                                              Name: Hector E. Arzeno
                                              Title: Executive Vice President

                                      S-1
<PAGE>

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                               as Agent

                                              /S/ Wanda Camacho
                                           By:__________________________________
                                              Name: Wanda Camacho
                                              Title: Vice President

                                              /S/ Dorothy Robinson
                                           By:__________________________________
                                              Name: Dorothy Robinson
                                              Title: Vice President

                                      S-1
<PAGE>

                                    HOLDERS:

                                    NATEXIS BANQUES POPULAIRES

                                       /S/ Marc Colas de la Noue
                                    By:_________________________________________
                                       Name: Marc Colas de la Noue
                                       Title: FVP Head of Mercosur and Venezuela

                                        /S/ M. Chatelain
                                    By:_________________________________________
                                       Name: M. Chatelain
                                       Title: Senior Vice President

                                      S-2
<PAGE>

                                    NEDERLANDSE FINANCIERINGS-
                                    MAATSCHAPPIJ VOOR
                                    ONTWIKKELINGSLANDEN N.V.

                                       /S/ Janos Bonta
                                    By:_____________________________________
                                       Name: Janos Bonta
                                       Title: Head Regional Department Latin
                                              America and the Caribbean

                                         /S/ H. Cornelissen
                                     By:_____________________________________
                                       Name: H. Cornelissen
                                       Title: Manager IMR

                                      S-3
<PAGE>

                                                RZB FINANCE LLC

                                                    /S/ Juan M. Csillagi
                                                By:_____________________________
                                                    Name: Juan M. Csillagi
                                                    Title: Group Vice President

                                                    /S/ Christoph Hoedl
                                                By:_____________________________
                                                    Name: Christoph Hoedl
                                                    Title: Vice President

                                      S-4
<PAGE>

                                   SCHEDULE VI

                           Proposed Torre Transaction

<TABLE>
<S>                                     <C>
Description of the transaction:         A real estate investment trust organized
                                        under the laws of Argentina would be
                                        established (the "REIT"). The Issuer
                                        shall own all of the ownership interests
                                        in the REIT which will be evidenced by
                                        certificates of participation in the
                                        REIT.

                                        The only assets to be owned by the REIT
                                        is the real estate set forth in Part A
                                        of Schedule V to the Note Purchase
                                        Agreement (the "Torre Headquarters"),
                                        cash and rent receivables. The REIT's
                                        income will be derived from rents from
                                        its real property or the gain from the
                                        sale of its real property.

                                        The sole purpose of the REIT will be to
                                        own the Torre Headquarters, to rent the
                                        Torre Headquarters, and to oversee the
                                        works required to complete construction
                                        of the Torre Headquarters. The REIT will
                                        not engage in any business and will not
                                        acquire any real property or own assets
                                        other than those related to its
                                        ownership of the Torre Headquarters.

                                        The REIT will issue debt instruments in
                                        an amount not to exceed U.S.$30 million
                                        (the "REIT debt instruments"). The term
                                        of the REIT debt instruments will be at
                                        least 15 years. The repayment terms of
                                        the REIT debt instruments will be
                                        substantially similar to the lease
                                        payments required to be made by the
                                        Issuer (or a third party) under a lease
                                        agreement with a substantially
                                        coterminous term to that of the debt
                                        instruments to be entered into between
                                        the REIT and the Issuer (or such third
                                        party).

Aggregate amount of capital
expenditures on Torre Headquarters      U.S.$30,000,000

Contribution Value of Torre
Headquarters:                           U.S.$44,100,000

Aggregate amount of debt to be
incurred by REIT:                       U.S.$30,000,000
</TABLE>

                                    ANNEX A-1

<PAGE>

                                     ANNEX A

                            Amendment and Waiver Fee

<TABLE>
<CAPTION>
          HOLDER                     FEE
--------------------------       ----------
<S>                              <C>
NATEXIS BANQUES POPULAIRES       $12,692.34

NEDERLANDSE FINANCIERINGS-
MAATSCHAPPIJ VOOR
ONTWIKKELINGSLANDEN N.V.         $44,813.15

RZB FINANCE LLC                  $12,692.34
</TABLE>

                                      S-2

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