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                                   EXHIBIT 4.4

                                 AQUA DYNE, INC.
                 AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

         1. AMENDMENT AND RESTATEMENT. The Aqua Dyne, Inc. 2002 Stock Option
Plan is amended and restated as set forth herein as the "Aqua Dyne, Inc. 2003
Amended and Restated Stock Incentive Plan", effective as of October 13, 2003
(the "Effective Date"). Options granted under the Plan prior to the Effective
Date shall be subject to the terms and conditions of the Plan in effect with
respect to such Options prior to the Effective Date and Options granted after
the Effective Date shall be subject to the terms and conditions of the Plan as
set forth herein, as it may be amended from time to time.

         2. PURPOSE. The purposes of the Plan are to attract and retain for the
Company and its Affiliates the best available personnel, to provide additional
incentive to Employees, Directors and Consultants and to increase their interest
in the Company's welfare, and to promote the success of the business of the
Company and its Affiliates.

         3. DEFINITIONS. As used herein, unless the context requires otherwise,
the following terms shall have the meanings indicated below:

                  (a) "Affiliate" means (i) any corporation, partnership or
other entity which owns, directly or indirectly, a majority of the voting equity
securities of the Company, (ii) any corporation, partnership or other entity of
which a majority of the voting equity securities or equity interest is owned,
directly or indirectly, by the Company, and (iii) with respect to an Option that
is intended to be an Incentive Stock Option, (A) any "parent corporation" of the
Company, as defined in Section 424(e) of the Code or (B) any "subsidiary
corporation" of the Company as defined in Section 424(f) of the Code, any other
entity that is taxed as a corporation under Section 7701(a)(3) of the Code and
is a member of the "affiliated group" as defined in Section 1504(a) of the Code
of which the Company is the common parent, and any other entity as may be
permitted from time to time by the Code or by the Internal Revenue Service to be
an employer of Employees to whom Incentive Stock Options may be granted;
provided, however, that in each case the Affiliate must be consolidated in the
Company's financial statements.

                  (b) "Award" means any right granted under the Plan, including
an Option and a Restricted Stock Award, whether granted singly or in
combination, to a Grantor pursuant to the terms, conditions and limitations that
the Committee may establish in order to fulfill the objectives of the Plan.

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

                  (d) "Change in Control" has the meaning set forth in Section
11(c).

                  (e) "Chief Executive Officer" means the individual serving at
any relevant time as the chief executive officer of the Company.

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         (f) "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute. Reference in the Plan to any section of the Code shall be
deemed to include any amendments or successor provisions to such section and any
Treasury regulations promulgated under such section.

         (g) "Committee" means the committee, as constituted from time to time,
of the Board that is appointed by the Board to administer the Plan; provided,
however, that while the Common Stock is publicly traded, the Committee shall be
a committee of the Board consisting solely of two or more Outside Directors, in
accordance with Section 162(m) of the Code, and/or solely of two or more
Non-Employee Directors, in accordance with Rule 16b-3, as necessary in each case
to satisfy such requirements with respect to Awards granted under the Plan.
Within the scope of such authority, the Committee may (i) delegate to a
committee of one or more members of the Board who are not Outside Directors the
authority to grant Options to eligible persons who are either (A) not then
Covered Employees and are not expected to be Covered Employees at the time of
recognition of income resulting from such Options or (B) not persons with
respect to whom the Company wishes to comply with Section 162(m) of the Code
and/or (ii) delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Options to eligible persons
who are not then subject to Section 16 of the Exchange Act. Notwithstanding the
foregoing provisions, the Chief Executive Officer has the authority to grant
Non-Qualified Stock Options to certain Employees, as described in Section 6 of
this Plan.

         (h) "Common Stock" means the Common Stock of the Company or the common
stock that the Company may in the future be authorized to issue (as long as the
common stock varies from that currently authorized, if at all, only in amount of
par value).

         (i) "Company" means Aqua Dyne, Inc., a Delaware corporation.

         (j) "Consultant" means any person (other than an Employee or a
Director, solely with respect to rendering services in such person's capacity as
a Director) who is engaged by the Company or any Affiliate to render consulting
or advisory services to the Company or such Affiliate and who is a "consultant
or advisor" within the meaning of Rule 701 promulgated under the Securities Act
or Form S-8 promulgated under the Securities Act.

         (k) "Continuous Service" means that the provision of services to the
Company or an Affiliate in any capacity of Employee, Director or Consultant is
not interrupted or terminated. Except as otherwise provided in the Option
Agreement, service shall not be considered interrupted or terminated for this
purpose in the case of (i) any approved leave of absence, (ii) transfers among
the Company, any Affiliate, or any successor, in any capacity of Employee,
Director or Consultant, or (iii) any change in status as long as the individual
remains in the service of the Company or an Affiliate in any capacity of
Employee, Director or Consultant. An approved leave of absence shall include
sick leave, military leave, or any other authorized personal leave. For purposes
of each Incentive Stock Option, if such leave exceeds ninety (90) days, and
re-employment upon expiration of such leave is not guaranteed by statute or
contract, then the Incentive Stock Option shall be treated as a Non-Qualified
Stock Option on the day that is three (3) months and one (1) day following the
expiration of such ninety (90)-day period.

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         (l) "Covered Employee" means the Chief Executive Officer and the four
other most highly compensated officers of the Company for whom total
compensation is required to be reported to shareholders under Regulation S-K, as
determined for purposes of Section 162(m) of the Code.

         (m) "Director" means a member of the Board or the board of directors of
an Affiliate.

         (n) "Disability" means the "disability" of a person as defined in a
then effective long-term disability plan maintained by the Company that covers
such person, or if such a plan does not exist at any relevant time, "Disability"
means the permanent and total disability of a person within the meaning of
Section 22(e)(3) of the Code. For purposes of determining the time during which
an Incentive Stock Option may be exercised under the terms of an Option
Agreement, "Disability" means the permanent and total disability of a person
within the meaning of Section 22(e)(3) of the Code. Section 22(e)(3) of the Code
provides that an individual is permanently disabled if he is unable to engage in
any substantial gainful activity due to any medically determinable physical or
mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than twelve (12)
months.

         (o) "Employee" means any person, including an Officer or Director, who
is employed, within the meaning of Section 3401 of the Code, by the Company or
an Affiliate. The provision of compensation by the Company or an Affiliate to a
Director solely with respect to such individual rendering services in the
capacity of a Director, however, shall not be sufficient to constitute
"employment" by the Company or that Affiliate.

         (p) "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute. Reference in the Plan to any section of the
Exchange Act shall be deemed to include any amendments or successor provisions
to such section and any rules and regulations relating to such section.

         (q) "Fair Market Value" means, as of any date, the value of the Common
Stock determined as follows:

                  (i) If the Common Stock is listed on any established stock
exchange or traded on the Nasdaq National Market or the Nasdaq SmallCap Market,
the Fair Market Value of a share of Common Stock shall be the closing sales
price for such a share of Common Stock (or the closing bid, if no sales were
reported) as quoted on such exchange or market (or the exchange or market with
the greatest volume of trading in the Common Stock) on the day of determination
(or if no such price or bid is reported on that day, on last market trading day
prior to the day of determination), as reported in The Wall Street Journal or
such other source as the Committee deems reliable.

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                  (ii) If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the high bid and low asked prices for the Common Stock
on the last market trading day prior to the day of determination.

                  (ii) In the absence of any such established markets for the
Common Stock, the Fair Market Value shall be determined in good faith by the
Committee.

         (r) "Grantee" means an Employee, Director or Consultant to whom an
Award has been granted under the Plan, including an Option.

         (s) "Incentive Stock Option" means an Option granted to an Employee
under the Plan that meets the requirements of Section 422 of the Code.

         (t) "Non-Employee Director" means a Director of the Company who either
(i) is not an Employee or Officer, does not receive compensation (directly or
indirectly) from the Company or an Affiliate in any capacity other than as a
Director (except for an amount as to which disclosure would not be required
under Item 404(a) of Regulation S-K), does not possess an interest in any other
transaction as to which disclosure would be required under Item 404(a) of
Regulation S-K and is not engaged in a business relationship as to which
disclosure would be required under Item 404(b) of Regulation S-K or (ii) is
otherwise considered a "non-employee director" for purposes of Rule 16b-3.

         (u) "Non-Qualified Stock Option" means an Option granted under the Plan
that is not intended to be an Incentive Stock Option.

         (v) "Officer" means a person who is an "officer" of the Company or any
Affiliate within the meaning of Section 16 of the Exchange Act (whether or not
the Company is subject to the requirements of the Exchange Act).

         (w) "Option" means a stock option granted pursuant to the Plan to
purchase a specified number of shares of Common Stock, whether granted as an
Incentive Stock Option or as a Non-Qualified Stock Option.

         (x) "Option Agreement" means the written agreement evidencing the grant
of an Option executed by the Company and the Optionee, including any amendments
thereto.

         (y) "Optionee" means an individual to whom an Option has been granted
under the Plan.

         (z) "Outside Director" means a Director of the Company who either (i)
is not a current employee of the Company or an "affiliated corporation" (within
the meaning of the Treasury regulations promulgated under Section 162(m) of the
Code), is not a former employee of the Company or an "affiliated corporation"
receiving compensation for prior services (other than benefits under a tax
qualified pension plan), has not been an officer of the Company or an
"affiliated corporation" at any time and is not currently receiving (within the
meaning of the Treasury regulations promulgated under Section 162(m) of the
Code) direct or indirect remuneration from the Company or an "affiliated
corporation" for services in any capacity other than as a Director, or (ii) is
otherwise considered an "outside director" for purposes of Section 162(m) of the
Code.

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         (aa) "Plan" means this Aqua Dyne, Inc. 2003 Amended and Restated Stock
Incentive Plan, as set forth herein and as it may be amended from time to time.
Immediately prior to the Effective Date of this amendment and restatement, the
Plan was known as the "Aqua Dyne, Inc. 2002 Stock Option Plan".

         (bb) "Qualifying Shares" means shares of Common Stock which either (i)
have been owned by the Grantee for more than six (6) months and have been "paid
for" within the meaning of Rule 144 promulgated under the Securities Act, or
(ii) were obtained by the Grantee in the public market.

         (cc) "Regulation S-K" means Regulation S-K promulgated under the
Securities Act, as it may be amended from time to time, and successor to
Regulation S-K. Reference in the Plan to any item of Regulation S-K shall be
deemed to include any amendments or successor provisions to such item.

         (dd) "Restriction Period" means the period during which the Common
Stock under a Restricted Stock Award is nontransferable and subject to
"Forfeiture Restrictions" as defined in Section 11(a) of this Plan and set forth
in the related Restricted Stock Agreement.

         (ee) "Restricted Stock Agreement" means the written agreement
evidencing the grant of a Restricted Stock Award executed by the Company and the
Grantee, including any amendments thereto. Each Restricted Stock Agreement shall
be subject to the terms and conditions of the Plan.

         (ff) "Restricted Stock Award" means an Award granted under Section 11
of this Plan of shares of Common Stock issued to the Grantee for such
consideration, if any, and subject to such restrictions on transfer, rights of
first refusal, repurchase provisions, forfeiture provisions and other terms and
conditions as are established by the Committee.

         (gg) "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange Act,
as it may be amended from time to time, and any successor to Rule 16b-3.

         (hh) "Section" means a section of the Plan unless otherwise stated or
the context otherwise requires.

         (ii) "Securities Act" means the Securities Act of 1933, as amended, and
any successor statute. Reference in the Plan to any section of the Securities
Act shall be deemed to include any amendments or successor provisions to such
section and any rules and regulations relating to such section.

         (jj) "Stock" the Common Stock.

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         (kk) "Ten Percent Shareholder" means a person who owns (or is deemed to
own pursuant to Section 424(d) of the Code) at the time an Option is granted
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or of any of its Affiliates.

         4. INCENTIVE AWARDS AVAILABLE UNDER THE PLAN. Awards granted under this
Plan may be (a) Incentive Stock Options, (b) Non-Qualified Stock Options, and
(c) Restricted Stock Awards.

         5. SHARES SUBJECT TO PLAN. Subject to adjustment pursuant to Section
11(a) hereof, the total amount of Common Stock with respect to which Awards may
be granted under the Plan shall not exceed One Million (1,000,000). Any shares
of Common Stock covered by an Award (or a portion of an Award) that is forfeited
or canceled, or that expires shall be deemed not to have been issued for
purposes of determining the maximum aggregate number of shares of Common Stock
which may be issued under the Plan and shall again be available for Awards under
the Plan. At all times during the term of the Plan, the Company shall reserve
and keep available such number of shares of Common Stock as will be required to
satisfy the requirements of outstanding Awards under the Plan. Nothing in this
Section 5 shall impair the right of the Company to reduce the number of
outstanding shares of Common Stock pursuant to repurchases, redemptions, or
otherwise; provided, however, that no reduction in the number of outstanding
shares of Common Stock shall (a) impair the validity of any outstanding Award,
whether or not that Award is fully exercisable or fully vested, or (b) impair
the status of any shares of Common Stock previously issued pursuant to an Award
as duly authorized, validly issued, fully paid, and nonassessable. The shares to
be delivered under the Plan shall be made available from (a) authorized but
unissued shares of Common Stock, (b) Common Stock held in the treasury of the
Company, or (c) previously issued shares of Common Stock reacquired by the
Company, including shares purchased on the open market, in each situation as the
Committee may determine from time to time in its sole discretion.

         6. ELIGIBILITY. Awards other than Incentive Stock Options may be
granted to Employees, Officers, Directors, and Consultants. Incentive Stock
Options may be granted only to Employees (including Officers and Directors who
are also Employees), as limited by clause (iii) of Section 3(a). The Committee
in its sole discretion shall select the recipients of Awards. A Grantee may be
granted more than one Award under the Plan, and Awards may be granted at any
time or times during the term of the Plan. The grant of an Award to an Employee,
Officer, Director or Consultant shall not be deemed either to entitle that
individual to, or to disqualify that individual from, participation in any other
grant of Awards under the Plan.

         7. RESERVED.

         8. TERMS AND CONDITIONS OF OPTIONS. The Committee shall determine (a)
whether each Option shall be granted as an Incentive Stock Option or a
Non-Qualified Stock Option and (b) the provisions, terms and conditions of each
Option including, but not limited to, the vesting schedule, the number of shares
of Common Stock subject to the Option, the exercise price of the Option, the
period during which the Option may be exercised, repurchase provisions,
forfeiture provisions, methods of payment, and all other terms and conditions of
the Option, subject to the following:

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                  (a) Form of Option Grant. Each Option granted under the Plan
shall be evidenced by a written Option Agreement in such form (which need not be
the same for each Optionee) as the Committee from time to time approves, but
which is not inconsistent with the Plan, including any provisions that may be
necessary to assure that any Option that is intended to be an Incentive Stock
Option will comply with Section 422 of the Code.

                  (b) Date of Grant. The date of grant of an Option will be the
date on which the Committee makes the determination to grant such Option unless
otherwise specified by the Committee. The Option Agreement evidencing the Option
will be delivered to the Optionee with a copy of the Plan and other relevant
Option documents, within a reasonable time after the date of grant.

                  (c) Exercise Price. The exercise price of a Non-Qualified
Stock Option shall be not less than 100% of the Fair Market Value of the shares
of Common Stock on the date of grant of the Option. The exercise price of any
Incentive Stock Option shall be not less than 100% of the Fair Market Value of
the shares of Common Stock on the date of grant of the Option. The exercise
price of any Incentive Stock Option granted to a Ten Percent Shareholder shall
not be less than 110% of the Fair Market Value of the shares of Common Stock on
the date of grant of the Option.

                  (d) Exercise Period. Options shall be exercisable within the
time or times or upon the event or events determined by the Committee and set
forth in the Option Agreement; provided, however, that no Option shall be
exercisable after the expiration of ten (10) years from the date of grant of the
Option, and provided further, that no Incentive Stock Option granted to a Ten
Percent Shareholder shall be exercisable after the expiration of five (5) years
from the date of grant of the Option.

                  (e) Limitations on Incentive Stock Options. The aggregate Fair
Market Value (determined as of the date of grant of an Option) of Common Stock
which any Employee is first eligible to purchase during any calendar year by
exercise of Incentive Stock Options granted under the Plan and by exercise of
incentive stock options (within the meaning of Section 422 of the Code) granted
under any other incentive stock option plan of the Company or an Affiliate shall
not exceed $100,000. If the Fair Market Value of stock with respect to which all
incentive stock options described in the preceding sentence held by any one
Optionee are exercisable for the first time by such Optionee during any calendar
year exceeds $100,000, the Options (that are intended to be Incentive Stock
Options on the date of grant thereof) for the first $100,000 worth of shares of
Common Stock to become exercisable in such year shall be deemed to constitute
incentive stock options within the meaning of Section 422 of the Code and the
Options (that are intended to be Incentive Stock Options on the date of grant
thereof) for the shares of Common Stock in the amount in excess of $100,000 that
become exercisable in that calendar year shall be treated as Non-Qualified Stock
Options. If the Code or the Treasury regulations promulgated thereunder are
amended after the effective date of the Plan to provide for a different limit
than the one described in this Section 8(e), such different limit shall be
incorporated herein and shall apply to any Options granted after the effective
date of such amendment.

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                  (f) Transferability of Options. Options granted under the
Plan, and any interest therein, shall not be transferable or assignable by the
Optionee, and may not be made subject to execution, attachment or similar
process, otherwise than by will or by the laws of descent and distribution, and
shall be exercisable during the lifetime of the Optionee only by the Optionee;
provided, that the Optionee may, however, designate persons who or which may
exercise his Options following his death. Notwithstanding the preceding
sentence, Non-Qualified Stock Options may be transferred to such family members,
family member trusts and charitable institutions as the Committee, in its sole
discretion, may provide for at the date of the grant of such Option in the
Optionee's Option Agreement.

                  (g) Acquisitions and Other Transactions. The Committee may,
from time to time, assume outstanding options granted by another entity, whether
in connection with an acquisition of such other entity or otherwise, by either
(i) granting an Option under the Plan in replacement of or in substitution for
the option assumed by the Company, or (ii) treating the assumed option as if it
had been granted under the Plan if the terms of such assumed option could be
applied to an Option granted under the Plan. Such assumption shall be
permissible if the holder of the assumed option would have been eligible to be
granted an Option hereunder if the other entity had applied the rules of this
Plan to such grant. The Committee also may grant Options under the Plan in
settlement of or substitution for, outstanding options or obligations to grant
future options in connection with the Company or an Affiliate acquiring another
entity, an interest in another entity or an additional interest in an Affiliate
whether by merger, stock purchase, asset purchase or other form of transaction.
Notwithstanding the foregoing provisions of this Section 8, in the case of an
Option issued or assumed pursuant to this Section 8(g), the exercise price for
the Option shall be determined in accordance with the principles of Section
424(a) of the Code and the Treasury regulations promulgated thereunder.

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         9. EXERCISE OF OPTIONS.

                  (a) Notice. Options may be exercised only by delivery to the
Company of a written exercise agreement approved by the Committee (which need
not be the same for each Optionee), stating the number of shares of Common Stock
being purchased, the restrictions imposed on the shares of Common Stock, if any,
and such representations and agreements regarding the Optionee's investment
intent and access to information and other matters, if any, as may be required
by the Company to comply with applicable securities laws, or as may be deemed
appropriate by the Company in connection with the issuance of shares of Common
Stock upon exercise of the Option, together with payment in full of the exercise
price for the number of shares of Common Stock being purchased. Such exercise
agreement may be part of an Optionee's Option Agreement.

                  (b) Early Exercise. An Option Agreement may, but need not,
include a provision that permits the Optionee to elect at any time while an
Employee, Director or Consultant, to exercise any part or all of the Option
prior to full vesting of the Option. Any unvested shares of Common Stock
received pursuant to such exercise may be subject to a repurchase right in favor
of the Company or an Affiliate or to any other restriction the Committee
determines to be appropriate.

                  (c) Payment. Payment for the shares of Common Stock to be
purchased upon exercise of an Option may be made in cash (by check) or, where
approved by the Committee in its sole discretion at the date of grant and stated
in the Option Agreement and where permitted by law: (i) if a public market for
the Common Stock exists, through a "same day sale" commitment from the Optionee
and a broker-dealer that is a member of the National Association of Securities
Dealers, Inc. (an "NASD Dealer") whereby the Optionee irrevocably elects to
exercise the Option and to sell a portion of the shares of Common Stock so
purchased to pay for the exercise price and whereby the NASD Dealer irrevocably
commits upon receipt of such shares of Common Stock to forward the exercise
price directly to the Company; (ii) if a public market for the Common Stock
exists, through a "margin" commitment from the Optionee and an NASD Dealer
whereby the Optionee irrevocably elects to exercise the Option and to pledge the
shares of Common Stock so purchase to the NASD Dealer in a margin account as
security for a loan from the NASD Dealer in the amount of the exercise price,
and whereby the NASD Dealer irrevocably commits upon receipt of such shares of
Common Stock to forward the exercise price directly to the Company; (iii) by
surrender for cancellation of Qualifying Shares at the Fair Market Value per
share at the time of exercise (provided that such surrender does not result in
an accounting charge for the Company); (iv) by delivery of the Optionee's
promissory note with such recourse, interest, security, redemption and other
provisions as the Committee may require; or (v) by any combination of the
foregoing. No shares of Common Stock may be issued until full payment of the
purchase price therefor has been made.

                  (d) Withholding Taxes. The Committee may establish such rules
and procedures as it considers desirable in order to satisfy any obligation of
the Company to withhold the statutory prescribed minimum amount of federal or
state income taxes or other taxes with respect to the exercise of any Option
granted under the Plan. Prior to issuance of the shares of Common Stock upon
exercise of an Option, the Optionee shall pay or make adequate provision
acceptable to the Committee for the satisfaction of the statutory minimum
prescribed amount of any federal or state income or other tax withholding
obligations of the Company, if applicable. Upon exercise of an Option, the
Company shall withhold or collect from the Optionee an amount sufficient to
satisfy such tax withholding obligations.

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                  (e) Exercise of Option Following Termination of Continuous
Service.

                           (i) An Option may not be exercised after the
expiration date of such Option set forth in the
Option Agreement and may be exercised following the termination of an Optionee's
Continuous Service only to the extent provided in the Option Agreement.

                           (ii) Where the Option Agreement permits an Optionee
to exercise an Option following the
termination of the Optionee's Continuous Service for a specified period, the
Option shall terminate to the extent not exercised on the last day of the
specified period or the last day of the original term of the Option, whichever
occurs first.

                           (iii) Any Option designated as an Incentive Stock
Option, to the extent not exercised within the
time permitted by law for the exercise of Incentive Stock Options following the
termination of an Optionee's Continuous Service, shall convert automatically to
a Non-Qualified Stock Option and thereafter shall be exercisable as such to the
extent exercisable by its terms for the period specified in the Option
Agreement.

                           (iv) The Committee shall have discretion to determine
whether the Continuous Service of an
Optionee has terminated and the effective date on which such Continuous Service
terminates and whether the Optionee's Continuous Service terminated as a result
of the Disability of the Optionee.

                  (f) Limitations on Exercise.

                           (i) The Committee may specify a reasonable minimum
number of shares of Common Stock or a percentage of the shares subject to an
Option that may be purchased on any exercise of an Option; provided, that such
minimum number will not prevent Optionee from exercising the full number of
shares of Common Stock as to which the Option is then exercisable.

                           (ii) The obligation of the Company to issue any
shares of Common Stock pursuant to the exercise of any Option shall be subject
to the condition that such exercise and the issuance and delivery of such shares
pursuant thereto comply with the Securities Act, all applicable state securities
laws and the requirements of any stock exchange or national market system upon
which the shares of Common Stock may then be listed or quoted, as in effect on
the date of exercise. The Company shall be under no obligation to register the
shares of Common Stock with the Securities and Exchange Commission or to effect
compliance with the registration, qualification or listing requirements of any
state securities laws or stock exchange or national market system, and the
Company shall have no liability for any inability or failure to do so.

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                           (iii) As a condition to the exercise of an Option,
the Company may require the person exercising such Option to represent and
warrant at the time of any such exercise that the shares of Common Stock are
being purchased only for investment and without any present intention to sell or
distribute such shares of Common Stock if, in the opinion of counsel for the
Company, such a representation is required by any securities or other applicable
laws.

                  (g) Modification, Extension And Renewal of Options . The
Committee shall have the power to modify, extend or renew outstanding Options
and to authorize the grant of new Options in substitution therefor, provided
that (except as permitted by Section 11 of this Plan) any such action may not,
without the written consent of any Optionee, impair any rights under any Option
previously granted to such Optionee. Any outstanding Incentive Stock Option that
is modified, extended, renewed or otherwise altered will be treated in
accordance with Section 424(h) of the Code.

                  (h) Privileges of Stock Ownership. No Optionee will have any
of the rights of a shareholder with respect to any shares of Common Stock
subject to an Option until such Option is properly exercised and the purchased
shares are issued and delivered to the Optionee, 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 or distributions or other
rights for which the record date is prior to such date of issuance and delivery,
except as provided in the Plan.

         10. TERMS AND CONDITIONS OF RESTRICTED STOCK AWARDS. Each Restricted
tock Agreement shall be in such form and shall contain such terms and conditions
as the Committee shall deem appropriate. The terms and conditions of such
Restricted Stock Agreements may change from time to time, and the terms and
conditions of separate Restricted Stock Agreements need not be identical, but
each such Restricted Stock Agreement shall be subject to the terms and
conditions of this Section 10.

                  (a) Forfeiture Restrictions. Shares of Common Stock that are
the subject of a Restricted Stock Award, may, but need not, be subject to
restrictions on disposition by the Grantee and to an obligation of the Grantee
to forfeit and surrender the shares to the Company under certain circumstances
(the "Forfeiture Restrictions"). Any Forfeiture Restrictions shall be determined
by the Committee in its sole discretion, and the Committee may provide that the
Forfeiture Restrictions shall lapse on the passage of time, the attainment of
one or more performance targets established by the Committee, or the occurrence
of such other event or events determined to be appropriate by the Committee. The
Forfeiture Restrictions applicable to a particular Restricted Stock Award (which
may differ from any other such Restricted Stock Award) shall be stated in the
Restricted Stock Agreement.

                  (b) Restricted Stock Awards. At the time any Restricted Stock
Award is granted under the Plan, the Company and the Grantee shall enter into a
Restricted Stock Agreement setting forth each of the matters addressed in this
Section 10 and such other matters as the Committee may determine to be
appropriate. Shares of Common Stock awarded pursuant to a Restricted Stock Award
shall be represented by a stock certificate registered in the name of the
Grantee of such Restricted Stock Award. The Grantee shall have the right to
receive dividends with respect to the shares of Common Stock subject to a

                                       11
<PAGE>

Restricted Stock Award, to vote the shares of Common Stock subject thereto and
to enjoy all other stockholder rights with respect to the shares of Common Stock
subject thereto, except that, unless provided otherwise in the Restricted Stock
Agreement, (i) the Grantee shall not be entitled to delivery of the shares of
Common Stock certificate until any applicable Forfeiture Restrictions have
expired, (ii) the Company or an escrow agent shall retain custody of the shares
of Common Stock until any applicable Forfeiture Restrictions have expired, (iii)
the Grantee may not sell, transfer, pledge, exchange, hypothecate or otherwise
dispose of the shares of Common Stock until any applicable Forfeiture
Restrictions have expired, and (iv) a breach of the terms and conditions
established by the Committee pursuant to the Restricted Stock Agreement shall
cause a forfeiture of the Restricted Stock Award. At the time of such Award, the
Committee may, in its sole discretion, prescribe additional terms, conditions or
restrictions relating to Restricted Stock Award, including rules pertaining to
the termination of the Grantee's Continuous Service (by retirement, Disability,
death or otherwise) prior to expiration of the Forfeiture Restrictions. Such
additional terms, conditions or restrictions shall also be set forth in a
Restricted Stock Agreement made in connection with the Restricted Stock Award.

         (c) Rights and Obligations of Grantee. One or more stock certificates
representing shares of Common Stock, free of Forfeiture Restrictions, shall be
delivered to the Grantee promptly after, and only after, any applicable
Forfeiture Restrictions have expired. Each Restricted Stock Agreement containing
Forfeiture Restrictions shall require that (i) the Grantee, by his or her
acceptance of the Restricted Stock Award, shall irrevocably grant to the Company
a power of attorney to transfer any shares so forfeited to the Company and
agrees to execute any documents requested by the Company in connection with such
forfeiture and transfer, and (ii) such provisions regarding transfers of
forfeited shares of Common Stock shall be specifically performable by the
Company in a court of equity or law.

         (d) Restriction Period. The Restriction Period for a Restricted Stock
Award shall commence on the date of grant of the Restricted Stock Award and,
unless otherwise established by the Committee and stated in the Restricted Stock
Award Agreement, shall expire upon satisfaction of the conditions set forth in
the Restricted Stock Agreement pursuant to which the Forfeiture Restrictions
will lapse. The Committee, in its sole discretion may not impose any Forfeiture
Restrictions in connection with a Restricted Stock Award, in which case there
shall be no Restriction Period.

         (e) Securities Restrictions. The Committee may impose other conditions
on any shares of Common Stock subject to a Restricted Stock Award as it may deem
advisable, including (i) restrictions under applicable state or federal
securities laws, and (ii) the requirements of any stock exchange or national
market system upon which shares of Common Stock are then listed or quoted.

         (f) Payment for Restricted Stock. The Committee shall determine the
amount and form of any payment for shares of Common Stock received pursuant to a
Restricted Stock Award; provided, that in the absence of such a determination,
the Grantee shall not be required to make any payment for shares of Common Stock
received pursuant to a Restricted Stock Award, except to the extent otherwise
required by law.

                                       12
<PAGE>

         (g) Forfeiture of Restricted Stock. Subject to the provisions of the
particular Restricted Stock Agreement, on termination of the Grantee's
Continuous Service during the Restriction Period, the shares of Common Stock
subject to the Restricted Stock Award shall be forfeited by the Grantee. Upon
any forfeiture, all rights of the Grantee with respect to the forfeited shares
of the Common Stock subject to the Restricted Stock Award shall cease and
terminate, without any further obligation on the part of the Company, except
that if so provided in the Restricted Stock Agreement applicable to the
Restricted Stock Award, the Company shall repurchase each of the shares of
Common Stock forfeited for the purchase price per share paid by the Grantee. The
Committee will have discretion to determine whether the Continuous Service of a
Grantee has terminated and the date on which such Continuous Service terminates
and whether the Grantee's Continuous Service terminated as a result of the
Disability of the Grantee.

         (h) Lapse of Forfeiture Restrictions in Certain Events; Committee's
Discretion. Notwithstanding the provisions of Section 10(g) or any other
provision in the Plan to the contrary, the Committee may, in its discretion and
as of a date determined by the Committee, fully vest any or all Common Stock
awarded to the Grantee pursuant to a Restricted Stock Award, and upon such
vesting, all Forfeiture Restrictions applicable to such Restricted Stock Award
shall lapse or terminate. Any action by the Committee pursuant to this Section
10(h) may vary among individual Grantees and may vary among the Restricted Stock
Awards held by any individual Grantee. Notwithstanding the preceding provisions
of this Section 10(h), the Committee may not take any action described in this
Section 10(h) with respect to a Restricted Stock Award that has been granted to
a Covered Employee if such Award has been designed to meet the exception for
performance-based compensation under Section 162(m) of the Code.

         11. ADJUSTMENT UPON CHANGES IN CAPITALIZATION AND CORPORATE EVENTS.

         (a) Capital Adjustments. The number of shares of Common Stock (i)
covered by each outstanding Award granted under the Plan, the exercise or
purchase price of such outstanding Award, and any other terms of the Award that
the Committee determines requires adjustment and (ii) available for issuance
under Sections 5 and 7 shall be adjusted to reflect, as deemed appropriate by
the Committee, any increase or decrease in the number of shares of Common Stock
resulting from a stock dividend, stock split, reverse stock split, combination,
reclassification or similar change in the capital structure of the Company
without receipt of consideration, subject to any required action by the Board or
the shareholders of the Company and compliance with applicable securities laws;
provided, however, that a fractional share will not be issued upon exercise of
any Award, and either (i) any fraction of a share of Common Stock that would
have resulted will be cashed out at Fair Market Value or (ii) the number of
shares of Common Stock issuable under the Award will be rounded up to the
nearest whole number, as determined by the Committee. Except as the Committee
determines, no issuance by the Company of shares of capital stock of any class,
or securities convertible into shares of capital stock of any class, shall
affect, and no adjustment by reason hereof shall be made with respect to, the
number or price of shares of Common Stock subject to an Award.

                                       13
<PAGE>

         (b) Dissolution or Liquidation. The Committee shall notify the Grantee
at least twenty (20) days prior to any proposed dissolution or liquidation of
the Company. Unless provided otherwise in an individual Option Agreement or
Restricted Stock Agreement or in a then-effective written employment agreement
between the Grantee and the Company or an Affiliate, to the extent that an Award
has not been previously exercised, the Company's repurchase rights relating to
an Award have not expired or the Forfeiture Restrictions have not lapsed, any
such Award that is an Option shall expire and any such Award that is a
Restricted Stock Award shall be forfeited and the shares of Common Stock subject
to such Award shall be returned to the Company, in each case, immediately prior
to consummation of such dissolution or liquidation, such Award shall terminate
immediately prior to consummation of such dissolution or liquidation.

         (c) Change in Control. If, during the effectiveness of the Plan (i) any
"person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing
50 percent or more of the combined voting power of the Company's then
outstanding securities; (ii) as a result of, or in connection with, any tender
offer or exchange offer, merger, or other business combination (a
"Transaction"), the persons who were directors of the Company immediately before
the Transaction shall cease to constitute a majority of the Board of Directors
of the Company or any successor to the Company; (iii) the Company is merged or
consolidated with another corporation and as a result of the merger or
consolidation less than 75 percent of the outstanding voting securities of the
surviving or resulting corporation shall then be owned in the aggregate by the
former stockholders of the Company; (iv) a tender offer or exchange offer is
made and consummated for the ownership of securities of the Company representing
50 percent or more of the combined voting power of the Company's then
outstanding voting securities; or (v) the Company transfers substantially all of
its assets to another corporation which is not controlled by the Company (any
such event described in this Section 11(c), a "Change in Control"), (A) each
Option which is at the time outstanding under the Plan shall (1) except as
provided otherwise in an individual Option Agreement, automatically become,
subject to all other terms of the Option Agreement, fully vested and exercisable
and be released from any repurchase or forfeiture rights, immediately prior to
the specified effective date of such Change in Control, for all of the shares of
Common Stock at the time represented by such Option, and (2) notwithstanding any
contrary terms in the Option Agreement (other than terms providing for a
specific exercise period following a Change in Control), expire twenty (20) days
after the Committee gives written notice to Optionees specifying the terms and
conditions of the acceleration of the Options, except as provided otherwise in a
then-effective written employment agreement between the Grantee and the Company
or an Affiliate or as provided otherwise specifically with respect to a Change
in Control in an individual Option Agreement and (B) the Forfeiture Restrictions
applicable to all outstanding Restricted Stock Awards shall lapse and shares of
Common Stock subject to such Restricted Stock Awards shall be released from
escrow, if applicable, and delivered to the Grantees of the Awards free of any
Forfeiture Restriction.

         To the extent that an Optionee exercises his Option before or on the
effective date of the Change in Control, the Company shall issue all Common
Stock purchased by exercise of that Option, and those shares of Common Stock
shall be treated as issued and outstanding for purposes of the Change in
Control.

                                       14
<PAGE>

         12. STOCKHOLDER APPROVAL. The Company shall obtain the approval of the
Plan by the Company's stockholders to the extent required to satisfy Section
162(m) of the Code or to satisfy or comply with any applicable laws or the rules
of any stock exchange or national market system on which the Common Stock may be
listed or quoted.

         13. ADMINISTRATION. This Plan shall be administered by the Committee.
The Committee shall interpret the Plan and any Awards granted pursuant to the
Plan and shall prescribe such rules and regulations in connection with the
operation of the Plan as it determines to be advisable for the administration of
the Plan. The Committee may rescind and amend its rules and regulations from
time to time. The interpretation by the Committee of any of the provisions of
this Plan or any Award granted under this Plan shall be final and binding upon
the Company and all persons having an interest in any Option or any shares of
Common Stock acquired pursuant to an Award.

         14. EFFECT OF PLAN. Neither the adoption of the Plan nor any action of
the Board or the Committee shall be deemed to give any Employee, Director or
Consultant any right to be granted an Award or any other rights except as may be
evidenced by the Option Agreement or Restricted Stock Agreement, or any
amendment thereto, duly authorized by the Committee and executed on behalf of
the Company, and then only to the extent and on the terms and conditions
expressly set forth therein. The existence of the Plan and the Awards granted
hereunder shall not affect in any way the right of the Board, the Committee or
the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company's capital
structure or its business, any merger or consolidation or other transaction
involving the Company, any issue of bonds, debentures, or shares of preferred
stock ahead of or affecting the Common Stock or the rights thereof, the
dissolution or liquidation of the Company or any sale or transfer of all or any
part of the Company's assets or business, or any other corporate act or
proceeding by or for the Company. Nothing contained in the Plan or in any Option
Agreement, Restricted Stock Agreement, or in other related documents shall
confer upon any Employee, Director or Consultant any right with respect to such
person's Continuous Service or interfere or affect in any way with the right of
the Company or an Affiliate to terminate such person's Continuous Service at any
time, with or without cause.

         15. NO EFFECT ON RETIREMENT AND OTHER BENEFIT PLANS. Except as
specifically provided in a retirement or other benefit plan of the Company or an
Affiliate, Awards shall not be deemed compensation for purposes of computing
benefits or contributions under any retirement plan of the Company or an
Affiliate, and shall not affect any benefits under any other benefit plan of any
kind or any benefit plan subsequently instituted under which the availability or
amount of benefits is related to level of compensation. The Plan is not a
"Retirement Plan" or "Welfare Plan" under the Employee Retirement Income
Security Act of 1974, as amended.

                                       15
<PAGE>

         16. AMENDMENT OR TERMINATION OF PLAN. The Board in its discretion may,
at any time or from time to time after the date of adoption of the Plan,
terminate or amend the Plan in any respect, including amendment of any form of
Option Agreement, Restricted Stock Agreement, exercise agreement or instrument
to be executed pursuant to the Plan; provided, however, to the extent necessary
to comply with the Code, including Sections 162(m) and 422 of the Code, other
applicable laws, or the applicable requirements of any stock exchange or
national market system, the Company shall obtain stockholder approval of any
Plan amendment in such manner and to such a degree as required. No Award may be
granted after termination of the Plan. Any amendment or termination of the Plan
shall not affect Awards previously granted, and such Awards shall remain in full
force and effect as if the Plan had not been amended or terminated, unless
mutually agreed otherwise in a writing (including an Option Agreement or
Restricted Stock Agreement) signed by the Grantee and the Company.

         17. EFFECTIVE DATE AND TERM OF PLAN. The amendment and restatement of
Plan as set forth herein shall become effective upon its adoption by the Board.
It shall continue in effect for a term of ten (10) years from April 26, 2002,
the original effective date of the Plan, unless sooner terminated by action of
the Board. Subject to the terms and conditions of the Plan, as amended and
restated herein, and applicable laws, Awards may be granted under the Plan upon
its adoption.

         18. SEVERABILITY AND REFORMATION. The Company intends all provisions of
the Plan to be enforced to the fullest extent permitted by law. Accordingly,
should a court of competent jurisdiction determine that the scope of any
provision of the Plan is too broad to be enforced as written, the court should
reform the provision to such narrower scope as it determines to be enforceable.

         If, however, any provision of the Plan is held to be wholly illegal,
invalid, or unenforceable under present or future law, such provision shall be
fully severable and severed, and the Plan shall be construed and enforced as if
such illegal, invalid, or unenforceable provision were never a part hereof, and
the remaining provisions of the Plan shall remain in full force and effect and
shall not be affected by the illegal, invalid, or unenforceable provision or by
its severance.

         19. GOVERNING LAW. The Plan shall be construed and interpreted in
accordance with the laws of the State of California.

         20. INTERPRETIVE MATTERS. Whenever required by the context, pronouns
and any variation thereof shall be deemed to refer to the masculine, feminine,
or neuter, and the singular shall include the plural, and visa versa. The term
"include" or "including" does not denote or imply any limitation. The captions
and headings used in the Plan are inserted for convenience and shall not be
deemed a part of the Plan for construction or interpretation.

                                       16<PAGE>

                                                                    EXHIBIT 4.1

NUMBER                                                                   SHARES
FMD

                             [FIRST MARBLEHEAD LOGO]

                        THE FIRST MARBLEHEAD CORPORATION
              Incorporated under the laws of the State of Delaware

COMMON STOCK                                                       COMMON STOCK

                                                              CUSIP 320771 10 8
                                       SEE REVERSE SIDE FOR CERTAIN DEFINITIONS

          THIS CERTIFICATE IS TRANSFERABLE IN NEW YORK, NY, CANTON, MA
                              AND JERSEY CITY, NJ

THIS CERTIFIES THAT

IS THE OWNER OF

              FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK,
                          $.01 PAR VALUE PER SHARE, OF

THE FIRST MARBLEHEAD CORPORATION (the "Corporation"), transferable on the books
of the Corporation by the holder hereof, in person or by duly authorized
attorney, upon surrender of this Certificate properly endorsed. This Certificate
and the shares represented hereby are subject to the laws of the State of
Delaware and to the provisions of the Restated Certificate of Incorporation and
the Amended and Restated By-laws of the Corporation, and all the amendments from
time to time made thereto. This Certificate is not valid until countersigned and
registered by the Transfer Agent and Registrar.

WITNESS the facsimile seal of the Corporation and facsimile signatures of its
duly authorized officers.

Dated:

/s/ Daniel Maxwell Meyers              [Seal]         /s/ Donald R. Peck
Chairman of the Board                                 Treasurer

Countersigned and Registered:

EQUISERVE TRUST COMPANY, N.A.

Transfer Agent and Registrar

By:
   ---------------------------------------
          Authorized Signature

<PAGE>

                        THE FIRST MARBLEHEAD CORPORATION

         The Corporation has more than one class of stock authorized to be
issued. The Corporation will furnish without charge to each stockholder who so
requests in writing, a copy of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock
or series thereof and the qualifications, limitations or restrictions of such
preferences and/or rights. Any such requests may be addressed to the Secretary
of the Corporation at the principal office of the Corporation.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>       <C>                       <C>                       <C>
TEN COM - as tenants in common      UNIF GIFT MIN ACT -       ________________ Custodian _______________
                                                                   (Cust)                   (Minor)
TEN ENT - as tenants by the                                   under Uniform Gifts to Minors Act ___________
entireties                                                                                        (State)

JT TEN - as joint tenants with
right of survivorship and not
as tenants in common
</TABLE>

     Additional abbreviations may also be used though not in the above list.

For value received, _________________________ hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------------

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

-------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

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

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

------------------------------------------------------------------------ Shares
of the Common Stock represented by the within Certificate, and do(es) hereby
irrevocably constitute and appoint

------------------------------------------------------------ Attorney to
transfer the said Shares on the books of the within-named Corporation with full
power of substitution in the premises.

Dated
      ---------------------------

                                                     --------------------------
                                                             Signature

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

                                                     THE SIGNATURE(S) TO THIS
                                                     ASSIGNMENT MUST CORRESPOND
                                                     WITH THE NAME AS WRITTEN
                                                     UPON THE FACE OF THE
                                                     CERTIFICATE IN EVERY
                                                     PARTICULAR WITHOUT
                                                     ALTERATION OR ENLARGEMENT
                                                     OR ANY CHANGE WHATSOEVER.

                                                     SIGNATURE(S) MUST BE
                                                     GUARANTEED BY AN ELIGIBLE
                                                     GUARANTOR INSTITUTION
                                                     (BANKS, STOCKBROKERS,
                                                     SAVINGS AND LOAN
                                                     ASSOCIATIONS AND CREDIT
                                                     UNIONS WITH MEMBERSHIP IN
                                                     AN APPROVED SIGNATURE
                                                     GUARANTEE MEDALLION
                                                     PROGRAM), PURSUANT TO
                                                     S.E.C. RULE 17Ad-15

Signature Guaranteed:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]