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EMPLOYEE/CONSULTANT STOCK COMPENSATION PLAN

I.       PURPOSE OF THE PLAN.

         The   purpose  of  this  Plan  is  to  further  the  growth  of  EQUITY
TECHNOLOGIES & RESOURCES,  INC. and its subsidiary  ETCR M & A, Inc. by allowing
both companies to compensate  consultants  and certain other  Employees who have
provided bona fide  services to the Companies  through the award of Common Stock
of EQUITY TECHNOLOGIES & RESOURCES, INC.

II.      DEFINITIONS.

         Whenever used in this Plan, the following terms shall have the meanings
set forth in this Section:

1.       "Award" means any grant of (i) Common Stock or (ii) options or warrants
         to purchase Common Stock made under this Plan.

2.       "Board of Directors" means the Board of Directors of the Company.

3.       "Code" means the Internal Revenue Code of 1986, as amended.

4.       "Common Stock" means the Common Stock of the Company.

5.       "Date of Grant"  means the day the Board of  Directors  authorized  the
         grant of an Award or such later date as may be  specified  by the Board
         of Directors as the date a particular Award will become effective.

6.       "Consultant"  means any person or entity (i) who has  rendered  or will
         render bona fide services to the Company,  and (ii) who, in the opinion
         of the  Board of  Directors,  are in a  position  to make,  or who have
         previously  made,  a  significant  contribution  to the  success of the
         Company.

7.       "Subsidiary" means any corporation that is a subsidiary with regard to
         as that term is defined in Section 424(f) of the Code.

III.     EFFECTIVE DATE OF THE PLAN.

         The effective date of this Plan is May 10, 2001.

IV.      ADMINISTRATION OF THE PLAN.

         The Board of Directors will be responsible  for the  administration  of
this  Plan,  and will grant  Awards  under  this  Plan.  Subject to the  express
provisions of this Plan and  applicable  law, the Board of Directors  shall have
full  authority  and sole and absolute  discretion  to interpret  this Plan,  to
prescribe, amend and rescind rules and regulations relating to it, and to make

all other  determinations  which it believes to be  necessary  or  advisable  in
administering  this Plan.  The  determinations  of the Board of Directors on the
matters referred to in this Section shall be conclusive.  The Board of Directors
shall have sole and  absolute  discretion  to amend this Plan.  No member of the
Board of Directors  shall be liable for any act or omission in  connection  with
the  administration  of this Plan unless it resulted  from the member's  willful
misconduct.

V.       STOCK SUBJECT TO THE PLAN.

         The maximum  number of shares of Common Stock as to which Awards may be
granted  under this Plan is  1,800,000.  The Board of Directors may increase the
maximum  number of shares of Common  Stock as to which  Awards may be granted at
such time as it deems advisable.

II       PERSONS ELIGIBLE TO RECEIVE AWARDS.

         Awards may be granted only to Consultants and Employees.

II       GRANTS OF AWARDS.

         Except as otherwise  provided herein, the Board of Directors shall have
complete  discretion to determine  when and to which  Consultants  and Employees
Awards are to be granted,  and the number of shares of Common  Stock as to which
Awards granted to each  Consultant  and Employee will relate,  and the terms and
conditions upon which an Award may be issued (including, without limitation, the
date of  exercisability,  exercise price and term of any Award which constitutes
an option or warrant to purchase Common Stock). No grant will be made if, in the
judgment  of the Board of  Directors,  such a grant  would  constitute  a public
distribution  within the meaning of the  Securities Act of 1933, as amended (the
"Act"), or the rules and regulations promulgated thereunder.

II       DELIVERY OF STOCK CERTIFICATES.

         As promptly as practicable after authorizing the grant of an Award, the
Company  shall  deliver  to the  person who is the  recipient  of the  Award,  a
certificate or certificates  registered in that person's name,  representing the
number of shares  of  Common  Stock  that  were  granted.  If  applicable,  each
certificate shall bear a legend to indicate that the Common Stock represented by
the certificate was issued in a transaction  which was not registered  under the
Act, and may only be sold or  transferred  in a  transaction  that is registered
under the Act or is exempt from the registration requirements of the Act.

IX.      RIGHT TO CONTINUED ENGAGEMENT.

         Nothing in this Plan or in the grant of an Award shall  confer upon any
Consultant  the  right to  continued  engagement  by the  Company  nor  shall it
interfere with or restrict in any way the rights of the Company to discharge any
Consultant or to terminate any consulting relationship at any time.

X.       LAWS AND REGULATIONS.

         The obligation of the Company to sell and deliver shares of Common
Stock on the grant of an Award under this Plan shall be subject to the condition
that  counsel for the Company be satisfied  that the sale and  delivery  thereof
will not violate the Act or any other applicable laws,rules or regulations.

This Plan is intended to meet the requirements of Rule 16b-3 in order to provide
officers  and  directors  with  certain  exemptions  from  Section  16(b) of the
Securities Exchange Act of 1934, as amended.

XI.      TERMINATION OF THE PLAN.

         The Board of Directors  may suspend or terminate  this Plan at any time
or from time to time, but no such action shall adversely  affect the rights of a
person granted an Award under this Plan prior to that date.

XII.     DELIVERY OF PLAN.

         A copy of this Plan shall be  delivered to all  participants,  together
with  a copy  of the  resolution  or  resolutions  of  the  Board  of  Directors
authorizing  the granting of the Award and  establishing  the terms,  if any, of
participation.CONVERTIBLE DEBENTURE

          THIS  CONVERTIBLE  DEBENTURE  HAS  NOT  BEEN  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES LAW.
THIS  CONVERTIBLE  DEBENTURE  MAY  BE  OFFERED,  TRANSFERRED,  SOLD OR OTHERWISE
DISPOSED  OF ONLY IF REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
IF  AN  EXEMPTION  FROM REGISTRATION IS AVAILABLE, AND ONLY IN STRICT COMPLIANCE
WITH  APPLICABLE  STATE  SECURITIES  LAWS  AND  REGULATIONS.

$250,000                                                        March  30,  2001

     FOR  VALUE  RECEIVED,  THE  FEMALE HEALTH COMPANY, a Wisconsin corporation,
promises to pay to the order of RICHARD E. WENNINGER, at 855 W. Dean Road, River
Hills,  WI  53211,  the  principal  sum  of  Two  Hundred Fifty Thousand Dollars
($250,000)  on  March  30,  2002.

The  unpaid  principal  balance hereof shall bear interest, payable quarterly on
June  30,  September  30  and  December  31,  commencing  June  30, 2001, and at
maturity, computed at a rate equal to 12% per annum.  If the holder elects, such
interest shall be payable in shares of The Female Health Company's Common Stock,
valued  at  a price per share equal to the average last sale price of a share of
such  Common  Stock for the five trading days ending on the trading day prior to
the  interest  payment  date.  Principal  of  and  interest  on this Convertible
Debenture  shall  be  payable  in  lawful  money  of  the  United  States.

     All  interest  payable  on this Convertible Debenture shall be computed for
the  actual number of days elapsed using a daily rate determined by dividing the
annual  rate  by 365.  Whenever any payment to be made hereunder shall be stated
to be due on a Saturday, Sunday or public holiday under the laws of the State of
Wisconsin,  such  payment  may  be made on the next succeeding business day, and
such  extension of time shall be included in the computation of interest on this
Convertible  Debenture.

This  Convertible  Debenture  is  convertible  into  shares of The Female Health
Company's  Common  Stock at the election of the holder hereof.  To exercise that
conversion  right,  the  holder hereof must provide written notice to The Female
Health  Company  indicating  the  amount  of  the  Convertible  Debenture  to be
converted  into  Common  Stock,  which  must  be  done in increments of at least
$50,000  of  principal  unless  The Female Health Company agrees otherwise.  The

<PAGE>
Convertible  Debenture  is  convertible  into  Common Stock based on a per share
price of the Common Stock equal to 70% of the "market price" of the Common Stock
as  of  the  day immediately prior to the date the conversion notice is given to
The  Female  Health Company (the "Conversion Price"), but in no event shall such
Conversion  Price  be  less  than  $0.50  or  more  than  $1.00.

For  purposes  of  determining the "market price" of the Common Stock, the price
shall  be  determined  as  the  average last sale price of a share of The Female
Health  Company's  Common  Stock  for  the  five  trading days ending on the day
immediately  prior  to  the  date a notice of conversion is issued to The Female
Health  Company  by  the  holder  of  this  Convertible  Debenture.

This  Convertible  Debenture  may  be  repaid,  in whole or in part, at any time
without penalty; provided, however, that before any payment, including a payment
at maturity, The Female Health Company must first give the holder written notice
of  its intention to repay the Convertible Debenture and the holder shall have a
period  of  ten  days  to  decide  whether to accept such payment or convert the
principal  and  interest in accordance with the terms hereof, into Common Stock.

If  (a)  any  payment  of principal or interest is not made within five business
days  after The Female Health Company is given written notice of such failure to
make  a  required  payment;  or  (b)  the  undersigned  becomes  the  subject of
bankruptcy  or  insolvency proceedings which are not dismissed within 30 days of
filing, the unpaid balance of this Convertible Debenture shall, at the option of
the  holder  and  without  notice,  mature  and  become  immediately  payable.

                              THE  FEMALE  HEALTH  COMPANY

                              By:  /s/  O.B.  Parrish
                                 ----------------------------------------
                                 O.B.  Parrish,  Chairman  of  the  Board
                                      and  Chief  Executive  Officer

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