Document:

Exhibit 4(m)

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

                          OREGON DISTRIBUTION GUARANTEE

                             Made as of May 15, 2003

                                     Between

                            OREGON DISTRIBUTION LTD.,

                                  as Guarantor

                                       and

                      GENERAL ELECTRIC CAPITAL CANADA INC.,

                                as Canadian Agent

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                               TABLE OF CONTENTS

                                                                           PAGE

SECTION 1 -    INTERPRETATION................................................1
      1.1   Definitions......................................................1
      1.2   Other Defined Terms..............................................2
      1.3   References.......................................................2
      1.4   Rules of Interpretation..........................................2

SECTION 2 -    GUARANTEE.....................................................2

SECTION 3 -    PAYMENT.......................................................2
      3.1   Payment on Demand................................................2
      3.2   No Set-Off.......................................................3
      3.3   Taxes............................................................3
      3.4   Tax Gross-up.....................................................3

SECTION 4 -    OBLIGATIONS ABSOLUTE..........................................3

SECTION 5 -    INDEMNITY.....................................................3

SECTION 6 -    OBLIGATIONS CONTINUING........................................4
      6.1   No Reduction.....................................................4
      6.2   Effect of Rescission.............................................4

SECTION 7 -    OBLIGATIONS NOT AFFECTED......................................4
      7.1   Obligations Not Affected.........................................4
      7.2   Waiver...........................................................5
      7.3   No Obligation to Take Action Against Credit Parties..............6
      7.4   Dealing With Borrower and Others.................................6
      7.5   Acknowledgement..................................................6
      7.6   Accounts Stated..................................................7
      7.7   Postponement.....................................................7
      7.8   Funds Transfer...................................................7

SECTION 8 -    REPRESENTATIONS AND WARRANTIES OF GUARANTOR...................7
      8.1   Representations and Warranties...................................7

SECTION 9 -    GENERAL.......................................................8
      9.1   Notices..........................................................8
      9.2   Successor Canadian Agent.........................................9
      9.3   Applicable Law..................................................10
      9.4   Jurisdiction....................................................10
      9.5   Costs and Expenses..............................................10
      9.6   No Waiver; Cumulative Remedies..................................10
      9.7   Waiver of Rights of Subrogation, Reimbursement, Etc.............11
      9.8   Guarantee in Addition to Other Obligations......................11

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                               TABLE OF CONTENTS
                                  (CONTINUED)

                                                                           PAGE

      9.9   Entire Agreement................................................11
      9.10  Severability....................................................12
      9.11  Successors and Assignees........................................12
      9.12  Counterparts....................................................12

                                      -ii-

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                       OREGON DISTRIBUTION LTD. GUARANTEE

This Guarantee is made as of  May 15, 2003, between

                    OREGON DISTRIBUTION LTD., an Ontario corporation
                    ("GUARANTOR"),

                                      and

                    GENERAL ELECTRIC CAPITAL CANADA INC., a Canada corporation,
                    individually and as agent (together with its successors and
                    assigns, "CANADIAN AGENT") for itself and the financial
                    institutions and other entities that are from time to time
                    Canadian Lenders under the Credit Agreement (as hereinafter
                    defined)

RECITALS

A. Pursuant to that certain Credit Agreement dated as of the date hereof by and
among Blount, Inc., a Delaware corporation, Blount Canada Ltd., a Canada
corporation ("CANADIAN BORROWER"), the other Credit Parties (as defined in the
Credit Agreement) signatory thereto, General Electric Capital Corporation, as
Agent, General Electric Capital Canada Inc., as Canadian Agent and the other
Persons signatory thereto from time to time as Canadian Lenders ("CANADIAN
LENDERS") (as from time to time amended, restated, supplemented or otherwise
modified, the "Credit Agreement"), US Lenders (as defined in the Credit
Agreement) have agreed to make Loans (as defined in the Credit Agreement) to,
and to incur Letter of Credit Obligations (as defined in the Credit Agreement)
on behalf of US Borrowers (as defined in the Credit Agreement), and Canadian
Lenders (as defined in the Credit Agreement) have agreed to make Canadian Loans
(as defined in the Credit Agreement) to Canadian Borrower.

B. Guarantor is a Credit Party under the Credit Agreement.

C. In connection with making the Canadian Loans, as provided for in the Credit
Agreement, and as a condition precedent thereto, the Canadian Agent and the
Canadian Lenders require that Guarantor shall have executed and delivered a
guarantee of the Canadian Obligations (as defined in the Credit Agreement) of
Canadian Borrower and the other Canadian Credit Parties (other than Guarantor).

     NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, and to induce Canadian Lenders to provide the Canadian
Loans and other financial accommodations under the Credit Agreement, it is
agreed as follows:

SECTION 1 - INTERPRETATION

1.1   DEFINITIONS.

In this Guarantee:

(1) GUARANTEE means this Guarantee, as amended, restated, supplemented and
otherwise modified from time to time.

(2) GUARANTEED OBLIGATIONS has the meaning given to it in Section 2 of this
Guarantee.

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                                      -2-

(3) GUARANTEED PARTIES has the meaning given to it in Section 2 of this
Guarantee.

(4) TAX and TAXES each has the meaning given to it in Section 3.2(2) of this
Guarantee.

1.2 OTHER DEFINED TERMS.

Capitalized terms used herein and not otherwise defined have the meanings given
to them in the Credit Agreement.

1.3 REFERENCES.

Unless something in the subject matter or context is inconsistent therewith, all
references to Sections are to sections and subsections of this Guarantee. The
words "hereto", "herein", "hereof", "hereunder" and similar expressions refer to
this Guarantee and not to any particular Section, paragraph or other portion
hereof.

1.4 RULES OF INTERPRETATION.

In this Guarantee, unless otherwise specifically provided, the singular includes
the plural and vice versa and "in writing" or "written" includes printing,
typewriting or any electronic means of communication capable of being visibly
reproduced at the point of reception, including telecopier.

SECTION 2 - GUARANTEE

Guarantor hereby irrevocably and unconditionally guarantees to Canadian Agent
and each of the Canadian Lenders and their respective successors, transferees
and assigns (collectively, the "GUARANTEED PARTIES") the punctual and complete
payment when due (whether at stated maturity, by acceleration or otherwise) and
performance of all the Canadian Obligations of Canadian Borrower or any other
Canadian Credit Party (other than Guarantor) which are or may become at any time
and from time to time owing or payable, or to be performed to, or for the
benefit of, the Guaranteed Parties, or any of them, or which remain owing or
unpaid to, or to be performed for the benefit of, the Guaranteed Parties, or any
of them (the "GUARANTEED OBLIGATIONS"). Guarantor agrees that this Guarantee is
a guarantee of payment and performance and not of collection.

SECTION 3 - PAYMENT

3.1 PAYMENT ON DEMAND.

Guarantor agrees to make immediate payment to the Guaranteed Parties, or any of
them, of all Guaranteed Obligations owing or payable at that time to the
Guaranteed Parties, or any of them, upon demand for payment therefor by Canadian
Agent to Guarantor. Any payment made under this Guarantee shall be applied in
reduction of the Guaranteed Obligations, as contemplated by the Credit
Agreement.

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3.2   NO SET-OFF.

Each payment to be made by Guarantor hereunder in respect of the Guaranteed
Obligations shall be payable in the currency or currencies in which such
Guaranteed Obligations are denominated, and shall be made:

(1) without set-off or counterclaim; and

(2) free and clear of and without deduction or withholding for or on account of
any present and future taxes, levies, imposts, stamp taxes, duties, charges to
tax, fees, deductions, withholdings and any conditions or restrictions resulting
in charges to tax and all penalties, interest and other payments on or in
respect thereof ("TAX" or "TAXES") unless Guarantor is compelled by law to make
payment subject to such Taxes.

3.3 TAXES.

All Taxes (other than those imposed on or measured by the net income or capital
of Canadian Agent or a Lender by the jurisdiction under the laws of which
Canadian Agent or such Lender is organized or is resident or carries on business
through a permanent establishment located therein or a political subdivision
thereof) in respect of this Guarantee or any amounts payable or paid under this
Guarantee shall be paid by Guarantor when due and, in any event, prior to the
date on which penalties attach thereto. Guarantor will indemnify each of the
Guaranteed Parties against and in respect of all such Taxes.

3.4 TAX GROSS-UP.

Without limiting the generality of the foregoing, if any Taxes (other than those
imposed on or measured by the net income or capital of Canadian Agent or a
Lender by the jurisdiction under the laws of which Canadian Agent or such Lender
is organized or is resident or carries on business through a permanent
establishment located therein or a political subdivision thereof) or amounts in
respect thereof must be deducted or withheld from any amounts payable or paid by
Guarantor hereunder, Guarantor shall pay such additional amounts as may be
necessary to ensure that each of the Guaranteed Parties receives a net amount
equal to the full amount which it would have received had payment (including of
any additional amounts payable under this Section 3.4) not been made subject to
such Taxes. Within thirty (30) days of each payment by Guarantor hereunder of
Taxes or in respect of Taxes, Guarantor shall deliver to Canadian Agent
satisfactory evidence (including originals, or certified copies, of all relevant
receipts) that such Taxes have been duly remitted to the appropriate authority
or authorities.

SECTION 4 - OBLIGATIONS ABSOLUTE

The obligations of Guarantor hereunder are and shall be absolute and
unconditional.

SECTION 5 - INDEMNITY

As an original and independent obligation under this Guarantee, Guarantor shall:

(1) indemnify each of the Guaranteed Parties, and keep each of the Guaranteed
Parties indemnified, against all costs, losses, expenses and liabilities of
whatever kind resulting from the failure by any Canadian Credit Party (other
than Guarantor) to make due and punctual payment

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                                      -4-

of any of the Guaranteed Obligations or resulting from any of the Guaranteed
Obligations being or becoming void, voidable, unenforceable or ineffective
against any Canadian Credit Party (other than Guarantor) (including, but without
limitation, all legal and other costs, charges and expenses incurred by the
Guaranteed Parties, or any of them, in connection with preserving or enforcing,
or attempting to preserve or enforce, its rights under this Guarantee); and

(2) pay on demand the amount of such costs, losses, expenses and liabilities
whether or not any of the Guaranteed Parties has attempted to enforce any rights
against any other Credit Party or any other Person or otherwise.

SECTION 6 - OBLIGATIONS CONTINUING

6.1 NO REDUCTION.

The obligations of Guarantor hereunder shall be continuing and shall remain in
full force and effect so long as any of the Canadian Obligations remain
outstanding and until all the Guaranteed Obligations have been paid, satisfied
and performed in full. The obligations of Guarantor hereunder shall not be
satisfied, reduced, affected or discharged by any intermediate payment,
settlement or satisfaction of the whole or any part of the principal, interest,
fees and other monies or amounts which may at any time be or become owing or
payable under or by virtue of or otherwise in connection with the Guaranteed
Obligations or the Loan Documents.

6.2 EFFECT OF RESCISSION.

The obligations of Guarantor hereunder shall continue to be effective or shall
be reinstated, as the case may be, if at any time any payment which would
otherwise have reduced the obligations of Guarantor hereunder (whether such
payment shall have been by or on behalf of Canadian Borrower, any other Credit
Party or by or on behalf of Guarantor) is rescinded or reclaimed from any of the
Guaranteed Parties upon the insolvency, bankruptcy, liquidation or
reorganization of Guarantor, any other Credit Party or otherwise, or any part of
such payment is, pursuant to applicable law, rescinded or reduced in amount, or
must otherwise be restored or returned by Canadian Agent or any Canadian Lender
as a "voidable preference", "fraudulent conveyance", or otherwise, all as though
such payment had not been made. In the event that any payment, or any part
thereof, is rescinded, reduced, restored or returned, the Guaranteed Obligations
shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned.

SECTION 7 - OBLIGATIONS NOT AFFECTED

7.1 OBLIGATIONS NOT AFFECTED.

The obligations of Guarantor hereunder shall not be affected or impaired by any
act, omission, matter or thing whatsoever, occurring before, upon or after any
demand for payment hereunder (and whether or not known to Guarantor or any of
the Guaranteed Parties) which, but for this provision, might constitute a whole
or partial defence to a claim against Guarantor hereunder or might operate to
release or otherwise exonerate Guarantor from any of its obligations hereunder
or otherwise affect such obligations, whether occasioned by default of any of
the Guaranteed Parties or otherwise, including, without limitation:

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                                      -5-

(1) any limitation of status or power, disability, incapacity or other
circumstance relating to Canadian Borrower, any other Credit Party or any other
Person, including any insolvency, bankruptcy, liquidation, reorganization,
readjustment, composition, dissolution, winding-up or other proceeding involving
or affecting Guarantor, any other Credit Party or any other Person;

(2) any irregularity, defect, unenforceability or invalidity in respect of any
indebtedness or other obligation of any Credit Party or any other Person under
the Loan Documents or any other document or instrument;

(3) any failure of any Credit Party or any other Person, whether or not without
fault on their part, to perform or comply with any of the provisions of the Loan
Documents or to give notice thereof to Guarantor;

(4) the taking or enforcing or exercising or the refusal or neglect to take or
enforce or exercise any right or remedy against any Credit Party or any other
Person or their respective assets, or the release or discharge of any such right
or remedies;

(5) the granting of time, renewals, extensions, compromises, concessions,
waivers, releases, discharges and other indulgences to any Credit Party or any
other Person;

(6) any amendment, variation, modification, supplement or replacement of the
Loan Documents or any other document or instrument;

(7) any change in the ownership, control, name, objects, businesses, assets,
capital structure or constitution of Guarantor, any other Credit Party or any
other Person;

(8) any merger, amalgamation or consolidation of Guarantor or any other Credit
Party with any Person or Persons;

(9) the occurrence of any change in the laws, rules, regulations or ordinances
of any jurisdiction or by any present or future action of any governmental body
or court amending, varying, reducing or otherwise affecting, or purporting to
amend, vary, reduce or otherwise affect, any of the Guaranteed Obligations or
the obligations of Guarantor under this Guarantee;

(10) the existence of any claim, set-off or other rights which Guarantor may
have at any time against any other Credit Party, the Guaranteed Parties or any
other Person, or which any Credit Party may have at any time against the
Guaranteed Parties, whether in connection with the Loan Documents or otherwise;
and

(11) any other circumstance (other than by complete, irrevocable payment) that
might otherwise constitute a legal or equitable discharge or defence of any
Credit Party under the Loan Documents, or of Guarantor in respect of its
guarantee hereunder.

7.2 WAIVER.

Without in any way limiting the provisions of Section 7.1 of this Guarantee,
Guarantor hereby waives notice of acceptance hereof, notice of any liability of
Guarantor hereunder, notice or proof of reliance by the Guaranteed Parties upon
the obligations of Guarantor hereunder, and diligence, presentment, demand for
payment on any other Credit Party, protest, notice of

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                                      -6-

dishonour or non-payment of any of the Guaranteed Obligations, or other notice
or formalities to such Credit Party, of any kind whatsoever.

7.3 NO OBLIGATION TO TAKE ACTION AGAINST CREDIT PARTIES.

Neither Canadian Agent nor any of the other Guaranteed Parties shall have any
obligation to enforce any rights or remedies or to take any other steps against
Canadian Borrower, any other Credit Party or any other Person or any property of
Canadian Borrower, any other Credit Party or any other Person before Canadian
Agent is entitled to demand payment and performance by Guarantor of its
liabilities and obligations under this Guarantee, and Guarantor hereby waives
all benefit of discussion. The obligations of Guarantor hereunder are
independent of the Guaranteed Obligations and a separate action or actions may
be brought and prosecuted against Guarantor to enforce this Guarantee,
irrespective of whether any action is brought against Canadian Borrower or any
other Credit Party or whether Canadian Borrower or any other Credit Party is
joined in any such action or actions.

7.4 DEALING WITH BORROWER AND OTHERS.

The Guaranteed Parties, without releasing, discharging, limiting or otherwise
affecting in whole or in part Guarantor's obligations and liabilities hereunder
and without the consent of or notice to Guarantor, may:

(1) grant time, renewals, extensions, compromises, concessions, waivers,
releases, discharges and other indulgences to any other Credit Party or any
other Person;

(2) amend, vary, modify, supplement or replace any Loan Document or any other
related document or instrument;

(3) take or abstain from taking securities or collateral from any other Credit
Party, or from perfecting securities or collateral of any other Credit Party;

(4) release, discharge, compromise, realize, enforce or otherwise deal with or
do any act or thing in respect of (with or without consideration) any and all
collateral, mortgages or other security given by any other Credit Party or any
third party with respect to the obligations or matters contemplated by the
Credit Agreement;

(5) accept compromises or arrangements from any other Credit Party;

(6) apply all money at any time received from any other Credit Party, or from
securities upon such part of the Guaranteed Obligations as they may see fit or
change any such application in whole or in part from time to time as they may
see fit; and

(7) otherwise deal with, or waive or modify their right to deal with, any other
Credit Party, and all other Persons and securities as they may see fit.

7.5 ACKNOWLEDGEMENT.

Guarantor hereby acknowledges communication of the terms of the Loan Documents
and of all the provisions therein contained and consents to and approves the
same.

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7.6 ACCOUNTS STATED.

Guarantor shall be bound by any account settled between any Canadian Credit
Party and the Guaranteed Parties, and if no such account has been so settled
immediately before demand for payment under this Guarantee, any account stated
by Canadian Agent shall be accepted by Guarantor as prima facie evidence in the
absence of manifest error of the amount which at the date of the account so
stated is due by a Canadian Credit Party to the Guaranteed Parties or remains
unpaid by Canadian Credit Party to the Guaranteed Parties.

7.7 POSTPONEMENT.

Until the Termination Date, all indebtedness and liabilities, present and
future, of Canadian Borrower or any other Credit Party to Guarantor are hereby
postponed to the liabilities to the Guaranteed Parties and all money received by
Guarantor in respect of the indebtedness and liabilities of Canadian Borrower or
any other Credit Party to Guarantor shall be received in trust for the
Guaranteed Parties and forthwith upon receipt shall be paid over to Canadian
Agent on behalf of the Guaranteed Parties, the whole without in any way limiting
or lessening the liability of Guarantor under the guarantee contained in this
Guarantee; and this postponement is independent of such guarantee and shall
remain in full effect notwithstanding that the liability of Guarantor under such
guarantee may be extinct; provided, that nothing in this Section 7.7 shall
restrict in any way any payments in respect of the indebtedness and liabilities
of Canadian Borrower or any other Credit Party to Guarantor which are expressly
permitted by the Credit Agreement.

7.8 FUNDS TRANSFER.

If Guarantor shall engage in any transaction as a result of which Canadian
Borrower is required to make a mandatory prepayment with respect to the
Guaranteed Obligations under the terms of the Credit Agreement (including any
issuance or sale of Guarantor's equity interests or any sale of its assets),
Guarantor shall distribute to Canadian Borrower an amount equal to the mandatory
prepayment required under the terms of the Credit Agreement to the extent
attributable to such transaction.

SECTION 8 - REPRESENTATIONS AND WARRANTIES OF GUARANTOR

8.1 REPRESENTATIONS AND WARRANTIES.

Guarantor represents and warrants to Canadian Agent on behalf of the Guaranteed
Parties as follows and acknowledges and confirms that the Guaranteed Parties are
relying upon such representations and warranties:

(1) Guarantor is a corporation duly incorporated and validly existing under the
laws of the Province of Ontario and has all requisite power and authority to
execute, deliver and perform this Guarantee;

(2)Guarantor is duly qualified to do business and is in good standing under the
laws of each jurisdiction where its ownership or lease of property or the
conduct of its business requires such

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                                      -8-

qualification, except where the failure to be so qualified would not result in
exposure to losses, damages or liabilities which could, in the aggregate,
reasonably be expected to result in a Material Adverse Effect;

(3) Guarantor has the requisite power and authority and the legal right to own
and operate its properties, to lease the property it operates under lease, and
to conduct its business as now, heretofore and proposed to be conducted and has
the requisite power and authority and the legal right to pledge, mortgage,
hypothecate or otherwise encumber the Collateral;

(4) subject to specific representations set forth in the Credit Agreement
regarding Environmental Laws, Guarantor has all material licenses, permits,
consents or approvals from or by, and has made all material filings with, and
has given all material notices to, all Governmental Authorities having
jurisdiction, to the extent required for such ownership, operation and conduct;

(5) Guarantor is in compliance with its constating documents and bylaws or
partnership or operating agreement, as applicable;

(6) subject to specific representations set forth in the Credit Agreement
regarding Environmental Laws, Tax and other laws, Guarantor is in compliance
with all applicable provisions of law, except where the failure to comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect;

(7) this Guarantee is a legal, valid and binding obligation of Guarantor
enforceable against Guarantor in accordance with its terms, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium
or other laws relating to or affecting generally the enforcement of creditors'
rights and except to the extent that availability of the remedy of specific
performance or injunctive relief and other equitable remedies are subject to the
discretion of the court before which any proceeding therefor may be brought.

SECTION 9 - GENERAL

9.1 NOTICES.

Whenever it is provided herein that any notice, demand, request, consent,
approval, declaration or other communication shall or may be given to or served
upon any of the parties by any other party, or whenever any of the parties
desires to give or serve upon another any such communication with respect to
this Guarantee, each such notice, demand, request, consent, approval,
declaration or other communication shall be in writing and shall be addressed to
the party to be notified as follows:

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      (a)   If to Canadian Agent, at:

            c/o General Electrical Capital Corporation
            1100 Abernathy Road, Suite 900
            Atlanta, Georgia 30328
            Attention: Blount, Inc. Account Manager
            Telecopy Number: (678) 320-8902
            Telephone Number: (678) 320-8900

            with a copy to:

            Paul, Hastings, Janofsky & Walker LLP
            600 Peachtree Street, N.E.
            Suite 2400
            Atlanta, Georgia 30308
            Attention: Jesse H. Austin, III Esq.
            Telecopy Number: (404) 815-2424
            Telephone Number: (404) 815-2208

      (b)   If to any Lender, at the address of such Lender specified in the
            Credit Agreement

      (c)   If to Guarantor, at the following address:

            505 Edinburgh Road North,
            Guelph, Ontario  N1H 6L4
            Attention: General Manager
            Telecopy Number:  (519) 822-1450
            Telephone Number:  (519) 822-6870

            with copies to:

            Oregon Distribution Ltd.
            c/o Blount, Inc.
            4909 S.E. International Way
            Portland, Oregon 97222
            Attention:  Calvin E. Jenness and Richard H. Irving III
            Telecopy Number: (503) 653-461
            Telephone Number: (503) 653-4573

            and to:

            Blake, Cassels & Graydon LLP
            P.O. Box 25, Suite 2800
            Commerce Court West
            199 Bay Street

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            Toronto, Ontario  M5L 1A9
            Attention: Nathan Cheifetz
            Telecopy Number: (416) 863-2653
            Telephone Number: (416) 863-2969

or such other address as may be substituted by notice given as herein provided.

9.2 SUCCESSOR CANADIAN AGENT.

In the event that Canadian Agent for the time being under the Credit Agreement
shall resign and a successor agent thereafter shall be appointed in accordance
with Section 9.7 of the Credit Agreement, then upon such successor agent
agreeing in writing to be bound by the provisions of this Guarantee as Canadian
Agent hereunder, all references herein to Canadian Agent in this Guarantee shall
be deemed to be references to such successor agent as and from such date and
such successor agent shall receive and become vested with all the rights,
powers, privileges and duties of the retiring or removed Canadian Agent and the
retiring or removed Canadian Agent shall be discharged from its further duties
and obligations as Canadian Agent under this Guarantee.

9.3 APPLICABLE LAW.

This Guarantee shall be conclusively deemed to be a contract made under, and
shall for all purposes be governed by, and construed and interpreted in
accordance with, the laws of the Province of Ontario and the federal laws of
Canada applicable therein in effect from time to time without prejudice to or
limitation of any other rights or remedies available under the laws of any
jurisdiction where property or assets of Guarantor may be found.

9.4 JURISDICTION.

(1) Guarantor irrevocably agrees that any suits, actions or proceedings arising
out of or in connection with this Guarantee (collectively "PROCEEDINGS") may be
brought in any court in the Province of Ontario and submits and attorns to the
non-exclusive jurisdiction of each such court.

(2) Guarantor irrevocably waives any objections which it may have now or
hereafter to the laying of the venue of any Proceedings in any court referred to
in paragraph (1) and any claim that any such Proceedings have been brought in an
inconvenient forum and further irrevocably agrees that a judgment in any
Proceedings brought in any such court shall be conclusive and binding upon
Guarantor and may be enforced in any courts to the jurisdiction of which such
parties may be subject by Proceedings upon such judgment.

(3) Nothing contained in this Section 9.4 shall limit the right of Canadian
Agent or any other Guaranteed Party to take Proceedings against Guarantor in any
other court of competent jurisdiction nor shall the taking of Proceedings in one
or more jurisdictions preclude the taking of Proceedings in any other
jurisdiction, whether concurrently or not.

(4) Guarantor hereby irrevocably consents generally to the fullest extent
permitted by law in respect of any Proceedings to the giving of any relief and
the issue of any process in connection with such Proceedings including, without
limitation, the making, enforcement or execution

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                                      -11-

against any property whatsoever (irrespective of its use or intended use) of any
order or judgment which may be made or given in such Proceedings.

(5) Guarantor hereby irrevocably waives all right to trial by jury in any
action, proceeding or counterclaim (whether based on contract, tort or
otherwise) arising out of or relating to this Guarantee or any other Loan
Document, the transactions contemplated hereby or thereby or the actions of any
Guaranteed Party in the negotiation, administration, performance or enforcement
hereof or thereof.

9.5 COSTS AND EXPENSES.

Guarantor shall pay on demand by Canadian Agent any and all reasonable costs,
fees and expenses (including, without limitation, reasonable legal fees and
expenses) incurred by Canadian Agent in enforcing any of its rights under this
Guarantee.

9.6   NO WAIVER; CUMULATIVE REMEDIES.

No failure to exercise and no delay in exercising, on the part of any Guaranteed
Party, any right, remedy, power or privilege hereunder or under the Loan
Documents, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder or under the Loan
Documents preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein and under the Loan Documents are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

9.7 WAIVER OF RIGHTS OF SUBROGATION, REIMBURSEMENT, ETC.

Guarantor hereby irrevocably waives any claim or other rights that it may now or
hereafter acquire against any other Credit Party, that arise from the existence,
payment, performance or enforcement of the Guaranteed Obligations under this
Guarantee, the Credit Agreement or any other Loan Document, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification and any right to participate in any claim or remedy of any
Guaranteed Party against any other Credit Party, or any collateral, whether or
not such claim, remedy or right arises in equity or under contract, statute or
common law, including, without limitation, the right to take or receive from any
other Credit Party, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security on account of such claim,
remedy or right; provided, however, that such waiver shall terminate on the
Termination Date; provided, that Canadian Agent shall be entitled to hold any
Potential Preference Payment (as hereafter defined) in trust for the benefit of
the Guaranteed Parties and shall forthwith pay such amount to the Guaranteed
Parties, to be credited and applied following the expiry of the potential
preference period, to the Guaranteed Obligations, whether matured or unmatured,
in accordance with the terms of the Credit Agreement. The term "POTENTIAL
PREFERENCE PAYMENT" shall mean any payment or other transfer received for the
benefit of the Guaranteed Parties for or on account of the Guaranteed
Obligations which could be avoided by a trustee in bankruptcy for any other
Credit Party, or by or for the benefit of other creditors of any other Credit
Party as a "preference" or a "preferential transfer" or for any other reason
under any applicable bankruptcy, insolvency or similar law now or hereafter in
effect in any bankruptcy, insolvency or similar proceeding with respect to any
other Credit Party. Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by

<PAGE>

                                      -12-

the Credit Agreement and that the waiver set forth in this Section 9.7 is
knowingly made in contemplation of such benefits.

9.8 GUARANTEE IN ADDITION TO OTHER OBLIGATIONS.

The obligations of Guarantor under this Guarantee are in addition to and not in
substitution for any other obligations to Canadian Agent or to any of the other
Guaranteed Parties in relation to the Loan Documents and any guarantees,
indemnities or security at any time held by or for the benefit of any of them.
To secure payment of the obligations of the Guarantor under this Guarantee,
concurrently with the execution of this Guarantee, the Guarantor has entered
into Collateral Documents pursuant to which the Guarantor has granted to the
Canadian Agent, for the benefit of itself and Canadian Lenders, security in all
of its Collateral identified therein.

9.9 ENTIRE AGREEMENT.

This Guarantee, including all documents contemplated hereby, constitutes the
entire agreement between the parties with respect to the subject matter and
supersedes all prior negotiations, undertakings, representations and
understandings.

9.10 SEVERABILITY.

Any provision of this Guarantee which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

9.11 SUCCESSORS AND ASSIGNEES.

This Guarantee shall be binding upon and enure to the benefit of Guarantor and
Canadian Agent and the other Guaranteed Parties and their respective successors
and permitted assignees, except that Guarantor may not assign any of its
obligations hereunder.

9.12 COUNTERPARTS.

This Guarantee may be executed in any number of separate counterparts, each of
which shall collectively and separately constitute one agreement.

                           [INTENTIONALLY LEFT BLANK]

<PAGE>

                                      -13-

     IN WITNESS WHEREOF, Guarantor has caused this Guarantee to be duly executed
and delivered by its proper and duly authorized officers as of the day and year
first above written.

                                        OREGON DISTRIBUTION LTD.

                                                                c/s
                                        By:____________________________
                                           Name: Calvin E. Jenness
                                           Title: Treasurer

                                        GENERAL ELECTRIC CAPITAL CANADA INC.,
                                        AS CANADIAN AGENT

                                                                c/s
                                        By:____________________________
                                           Name:
                                           Title: TreasurerEXHIBIT 4.3

                           CIRCLE GROUP INTERNET INC.
                              STOCK INCENTIVE PLAN

1.       ESTABLISHMENT, PURPOSE AND TYPES OF AWARDS

         CIRCLE GROUP INTERNET INC., an Illinois corporation (the "Company"),
hereby establishes the CIRCLE GROUP INTERNET INC. 2002 STOCK INCENTIVE PLAN (the
"Plan"). The purpose of the Plan is to promote the long-term growth and
profitability of the Company by (i) providing key people with incentives to
improve stockholder value and to contribute to the growth and financial success
of the Company, and (ii) enabling the Company to attract, retain and reward the
best-available persons. This Plan is a continuation, and amendment and
restatement, of the Circle Group Internet, Inc. 1999 Stock Option Plan (the
"1999 Plan"), the provisions of which shall continue to control with respect to
any options outstanding thereunder that are intended to qualify as "incentive
stock options" within the meaning of Section 422 of the Internal Revenue Code to
the extent necessary to preserve such status.

         The Plan permits the granting of stock options (including incentive
stock options qualifying under Code section 422 and nonqualified stock options),
stock appreciation rights, restricted or unrestricted stock awards, phantom
stock, performance awards, other stock-based awards, or any combination of the
foregoing.

2.       DEFINITIONS

         Under this Plan, except where the context otherwise indicates, the
following definitions apply:

                (a) "Administrator" means the Board or committee(s) appointed by
         the Board that administers the Plan in accordance with Section 3
         hereof.

                (b) "Affiliate" means any entity, whether now or hereafter
         existing, which controls, is controlled by, or is under common control
         with, the Company (including, but not limited to, joint ventures,
         limited liability companies, and partnerships). For this purpose,
         "control" shall mean ownership of 50% or more of the total combined
         voting power or value of all classes of stock or interests of the
         entity.

                (c) "Award" means any stock option, stock appreciation right,
         stock award, phantom stock award, performance award, or other
         stock-based award.

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

                (e) "Change in Control" means: (i) the acquisition (other than
         from the Company) in one or more transactions by any Person, as defined
         in this Section 2(e), of the beneficial ownership (within the meaning
         of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as
         amended) of 50% or more of (A) the then outstanding shares of the
         securities of the Company, or (B) the combined voting power of the then
         outstanding securities of the Company entitled to vote generally in the
         election of directors (the "Company Voting Stock"); (ii) the closing of
         a sale or other conveyance of all or substantially all of the assets of
         the Company; or

<PAGE>

         (iii) the effective time of any merger, share exchange, consolidation,
         or other business combination of the Company if immediately after such
         transaction persons who hold a majority of the outstanding voting
         securities entitled to vote generally in the election of directors of
         the surviving entity (or the entity owning 100% of such surviving
         entity) are not persons who, immediately prior to such transaction,
         held the Company Voting Stock; provided, however, that a Change in
         Control shall not include a public offering of capital stock of the
         Company. For purposes of this Section 2(e), a "Person" means any
         individual, entity or group within the meaning of Section 13(d)(3) or
         14(d)(2) of the Securities Exchange Act of 1934, as amended, other
         than: employee benefit plans sponsored or maintained by the Company and
         corporations controlled by the Company.

                (f) "Code" means the Internal Revenue Code of 1986, as amended,
         and any regulations promulgated thereunder.

                (g) "Common Stock" means shares of common stock of the Company,
         par value $.00005 per share.

                (h) "Fair Market Value" means, with respect to a share of the
         Company's Common Stock for any purpose on a particular date, the value
         determined by the Administrator in good faith. However, if the Common
         Stock is registered under Section 12(b) or 12(g) of the Securities
         Exchange Act of 1934, as amended, and listed for trading on a national
         exchange or market, "Fair Market Value" means, as applicable, (i)
         either the closing price or the average of the high and low sale price
         on the relevant date, as determined in the Administrator's discretion,
         quoted on the New York Stock Exchange, the American Stock Exchange, or
         the Nasdaq National Market; (ii) the last sale price on the relevant
         date quoted on the Nasdaq SmallCap Market; (iii) the average of the
         high bid and low asked prices on the relevant date quoted on the Nasdaq
         OTC Bulletin Board Service or by the National Quotation Bureau, Inc. or
         a comparable service as determined in the Administrator's discretion;
         or (iv) if the Common Stock is not quoted by any of the above, the
         average of the closing bid and asked prices on the relevant date
         furnished by a professional market maker for the Common Stock, or by
         such other source, selected by the Administrator. If no public trading
         of the Common Stock occurs on the relevant date but the shares are so
         listed, then Fair Market Value shall be determined as of the next
         preceding date on which trading of the Common Stock does occur. For all
         purposes under this Plan, the term "relevant date" as used in this
         Section 2(h) means either the date as of which Fair Market Value is to
         be determined or the next preceding date on which public trading of the
         Common Stock occurs, as determined in the Administrator's discretion.

                (i) "Grant Agreement" means a written document memorializing the
         terms and conditions of an Award granted pursuant to the Plan and shall
         incorporate the terms of the Plan.

3.       ADMINISTRATION

                (a) Administration of the Plan. The Plan shall be administered
         by the Board or by such committee or committees as may be appointed by
         the Board from time to time (the Board, committee or committees
         hereinafter referred to as the "Administrator").

                (b) Powers of the Administrator. The Administrator shall have
         all the powers vested in it by the terms of the Plan, such powers to
         include authority, in its sole and absolute discretion, to grant Awards
         under the Plan, prescribe Grant Agreements evidencing such Awards and
         establish programs for granting Awards.

                                       2

<PAGE>

         The Administrator shall have full power and authority to take all other
actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to: (i) determine the eligible persons to
whom, and the time or times at which Awards shall be granted; (ii) determine the
types of Awards to be granted; (iii) determine the number of shares to be
covered by or used for reference purposes for each Award; (iv) impose such
terms, limitations, restrictions and conditions upon any such Award as the
Administrator shall deem appropriate; (v) modify, amend, extend or renew
outstanding Awards, or accept the surrender of outstanding Awards and substitute
new Awards (provided however, that, except as provided in Section 6 or 7(d) of
the Plan, any modification that would materially adversely affect any
outstanding Award shall not be made without the consent of the holder); (vi)
accelerate or otherwise change the time in which an Award may be exercised or
becomes payable and to waive or accelerate the lapse, in whole or in part, of
any restriction or condition with respect to such Award, including, but not
limited to, any restriction or condition with respect to the vesting or
exercisability of an Award following termination of any grantee's employment or
other relationship with the Company; (vii) establish objectives and conditions,
if any, for earning Awards and determining whether Awards will be paid after the
end of a performance period; and (viii) for any purpose, including but not
limited to, qualifying for preferred tax treatment under foreign tax laws or
otherwise complying with the regulatory requirements of local or foreign
jurisdictions, to establish, amend, modify, administer or terminate sub-plans,
and prescribe, amend and rescind rules and regulations relating to such
sub-plans.

         The Administrator shall have full power and authority, in its sole and
absolute discretion, to administer and interpret the Plan, Grant Agreements and
all other documents relevant to the Plan and Awards issued thereunder, and to
adopt and interpret such rules, regulations, agreements, guidelines and
instruments for the administration of the Plan and for the conduct of its
business as the Administrator deems necessary or advisable.

                (c) Non-Uniform Determinations. The Administrator's
         determinations under the Plan (including without limitation,
         determinations of the persons to receive Awards, the form, amount and
         timing of such Awards, the terms and provisions of such Awards and the
         Grant Agreements evidencing such Awards) need not be uniform and may be
         made by the Administrator selectively among persons who receive, or are
         eligible to receive, Awards under the Plan, whether or not such persons
         are similarly situated.

                (d) Limited Liability. To the maximum extent permitted by law,
         no member of the Administrator shall be liable for any action taken or
         decision made in good faith relating to the Plan or any Award
         thereunder.

                (e) Indemnification. To the maximum extent permitted by law and
         by the Company's charter and by-laws, the members of the Administrator
         shall be indemnified by the Company in respect of all their activities
         under the Plan.

                (f) Effect of Administrator's Decision. All actions taken and
         decisions and determinations made by the Administrator on all matters
         relating to the Plan pursuant to the powers vested in it hereunder
         shall be in the Administrator's sole and absolute discretion and

                                       3

<PAGE>

                shall be conclusive and binding on all parties concerned,
                including the Company, its stockholders, any participants in the
                Plan and any other employee, consultant, or director of the
                Company, and their respective successors in interest.

4.       SHARES AVAILABLE FOR THE PLAN

         Subject to adjustments as provided in Section 7(d) of the Plan, the
shares of Common Stock that may be issued with respect to Awards granted under
the Plan shall not exceed an aggregate of 2,000,060 shares of Common Stock. The
Company shall reserve such number of shares for Awards under the Plan, subject
to adjustments as provided in Section 7(d) of the Plan. If any Award, or portion
of an Award, under the Plan expires or terminates unexercised, becomes
unexercisable or is forfeited or otherwise terminated, surrendered or canceled
as to any shares, or if any shares of Common Stock are surrendered to the
Company in connection with any Award (whether or not such surrendered shares
were acquired pursuant to any Award), or if any shares are withheld by the
Company, the shares subject to such Award and the surrendered and withheld
shares shall thereafter be available for further Awards under the Plan;
provided, however, that any such shares that are surrendered to or withheld by
the Company in connection with any Award or that are otherwise forfeited after
issuance shall not be available for purchase pursuant to incentive stock options
intended to qualify under Code section 422.

         Subject to adjustments as provided in Section 7(d) of the Plan, the
maximum number of shares of Common Stock subject to Awards of any combination
that may be granted during any one fiscal year of the Company to any one
individual under this Plan shall be limited to 1,000,000 shares; provided,
however, that such maximum number shall be 1,000,000 shares with respect to any
individual during the first fiscal year that the individual is employed with the
Company or an Affiliate. Such per-individual limit shall not be adjusted to
effect a restoration of shares of Common Stock with respect to which the related
Award is terminated, surrendered or canceled.

5.       PARTICIPATION

         Participation in the Plan shall be open to all employees, officers, and
directors of, and other individuals providing bona fide services to or for the
Company, or of any Affiliate of the Company, as may be selected by the
Administrator from time to time. The Administrator may also grant Awards to
individuals in connection with hiring, retention or otherwise, prior to the date
the individual first performs services for the Company or an Affiliate, provided
that such Awards shall not become vested or exercisable prior to the date the
individual first commences performance of such services.

6.       AWARDS

         The Administrator, in its sole discretion, establishes the terms of all
Awards granted under the Plan. Awards may be granted individually or in tandem
with other types of Awards. All Awards are subject to the terms and conditions
provided in the Grant Agreement. The Administrator may permit or require a
recipient of an Award to defer such individual's receipt of the payment of cash
or the delivery of Common Stock that would otherwise be due to such individual
by virtue of the exercise of, payment of, or lapse or waiver of restrictions
respecting, any Award. If any such payment deferral is required or permitted,
the Administrator shall, in its sole discretion, establish rules and procedures
for such payment deferrals.

                                       4

<PAGE>

                (a) Stock Options. The Administrator may from time to time grant
         to eligible participants Awards of incentive stock options as that term
         is defined in Code section 422 or nonstatutory stock options; provided,
         however, that Awards of incentive stock options shall be limited to
         employees of the Company or of any current or hereafter existing
         "parent corporation" or "subsidiary corporation," as defined in Code
         sections 424(e) and (f), respectively, of the Company. Options intended
         to qualify as incentive stock options under Code section 422 must have
         an exercise price at least equal to Fair Market Value as of the date of
         grant, but nonstatutory stock options may be granted with an exercise
         price less than Fair Market Value. No stock option shall be an
         incentive stock option unless so designated by the Administrator at the
         time of grant or in the Grant Agreement evidencing such stock option.

                (b) Stock Appreciation Rights. The Administrator may from time
         to time grant to eligible participants Awards of Stock Appreciation
         Rights ("SAR"). An SAR entitles the grantee to receive, subject to the
         provisions of the Plan and the Grant Agreement, a payment having an
         aggregate value equal to the product of (i) the excess of (A) the Fair
         Market Value on the exercise date of one share of Common Stock over (B)
         the base price per share specified in the Grant Agreement, times (ii)
         the number of shares specified by the SAR, or portion thereof, which is
         exercised. Payment by the Company of the amount receivable upon any
         exercise of an SAR may be made by the delivery of Common Stock or cash,
         or any combination of Common Stock and cash, as determined in the sole
         discretion of the Administrator. If upon settlement of the exercise of
         an SAR a grantee is to receive a portion of such payment in shares of
         Common Stock, the number of shares shall be determined by dividing such
         portion by the Fair Market Value of a share of Common Stock on the
         exercise date. No fractional shares shall be used for such payment and
         the Administrator shall determine whether cash shall be given in lieu
         of such fractional shares or whether such fractional shares shall be
         eliminated.

                (c) Stock Awards. The Administrator may from time to time grant
         restricted or unrestricted stock Awards to eligible participants in
         such amounts, on such terms and conditions, and for such consideration,
         including no consideration or such minimum consideration as may be
         required by law, as it shall determine. A stock Award may be paid in
         Common Stock, in cash, or in a combination of Common Stock and cash, as
         determined in the sole discretion of the Administrator.

                (d) Phantom Stock. The Administrator may from time to time grant
         Awards to eligible participants denominated in stock-equivalent units
         ("phantom stock") in such amounts and on such terms and conditions as
         it shall determine. Phantom stock units granted to a participant shall
         be credited to a bookkeeping reserve account solely for accounting
         purposes and shall not require a segregation of any of the Company's
         assets. An Award of phantom stock may be settled in Common Stock, in
         cash, or in a combination of Common Stock and cash, as determined in
         the sole discretion of the Administrator. Except as otherwise provided
         in the applicable Grant Agreement, the grantee shall not have the
         rights of a stockholder with respect to any shares of Common Stock
         represented by a phantom stock unit solely as a result of the grant of
         a phantom stock unit to the grantee.

                (e) Performance Awards. The Administrator may, in its
         discretion, grant performance awards which become payable on account of
         attainment of one or more performance goals established by the
         Administrator. Performance awards may be paid by the delivery of Common
         Stock or cash, or any combination of Common Stock and cash, as

                                       5

<PAGE>

         determined in the sole discretion of the Administrator. Performance
         goals established by the Administrator may be based on the Company's or
         an Affiliate's operating income or one or more other business criteria
         selected by the Administrator that apply to an individual or group of
         individuals, a business unit, or the Company or an Affiliate as a
         whole, over such performance period as the Administrator may designate.

                (f) Other Stock-Based Awards. The Administrator may from time to
         time grant other stock-based awards to eligible participants in such
         amounts, on such terms and conditions, and for such consideration,
         including no consideration or such minimum consideration as may be
         required by law, as it shall determine. Other stock-based awards may be
         denominated in cash, in Common Stock or other securities, in
         stock-equivalent units, in stock appreciation units, in securities or
         debentures convertible into Common Stock, or in any combination of the
         foregoing and may be paid in Common Stock or other securities, in cash,
         or in a combination of Common Stock or other securities and cash, all
         as determined in the sole discretion of the Administrator.

7.       MISCELLANEOUS

                (a) Withholding of Taxes. Grantees and holders of Awards shall
         pay to the Company or its Affiliate, or make provision satisfactory to
         the Administrator for payment of, any taxes required to be withheld in
         respect of Awards under the Plan no later than the date of the event
         creating the tax liability. The Company or its Affiliate may, to the
         extent permitted by law, deduct any such tax obligations from any
         payment of any kind otherwise due to the grantee or holder of an Award.
         In the event that payment to the Company or its Affiliate of such tax
         obligations is made in shares of Common Stock, such shares shall be
         valued at Fair Market Value on the applicable date for such purposes
         and shall not exceed in amount the minimum statutory tax withholding
         obligation.

                (b) Loans. The Company or its Affiliate may make or guarantee
         loans to grantees to assist grantees in exercising Awards and
         satisfying any withholding tax obligations.

                (c) Transferability. Except as otherwise determined by the
         Administrator, and in any event in the case of an incentive stock
         option or a stock appreciation right granted with respect to an
         incentive stock option, no Award granted under the Plan shall be
         transferable by a grantee otherwise than by will or the laws of descent
         and distribution. Unless otherwise determined by the Administrator in
         accord with the provisions of the immediately preceding sentence, an
         Award may be exercised during the lifetime of the grantee, only by the
         grantee or, during the period the grantee is under a legal disability,
         by the grantee's guardian or legal representative.

                (d) Adjustments for Corporate Transactions and Other Events.

                    (i) Stock Dividend, Stock Split and Reverse Stock Split. In
the event of a stock dividend of, or stock split or reverse stock split
affecting, the Common Stock, (A) the maximum number of shares of such Common
Stock as to which Awards may be granted under this Plan and the maximum number
of shares with respect to which Awards may be granted during any one fiscal year
of the Company to any individual, as provided in Section 4 of the Plan, and (B)
the number of shares covered by and the exercise price and other terms of
outstanding Awards, shall, without further action of the Board, be adjusted to
reflect such event unless the Board determines, at the time it approves such

                                       6

<PAGE>

stock dividend, stock split or reverse stock split, that no such adjustment
shall be made. The Administrator may make adjustments, in its discretion, to
address the treatment of fractional shares and fractional cents that arise with
respect to outstanding Awards as a result of the stock dividend, stock split or
reverse stock split.

                    (ii) Non-Change in Control Transactions. Except with respect
to the transactions set forth in Section 7(d)(i), in the event of any change
affecting the Common Stock, the Company or its capitalization, by reason of a
spin-off, split-up, dividend, recapitalization, merger, consolidation or share
exchange, other than any such change that is part of a transaction resulting in
a Change in Control of the Company, the Administrator, in its discretion and
without the consent of the holders of the Awards, may make (A) appropriate
adjustments to the maximum number and kind of shares reserved for issuance or
with respect to which Awards may be granted under the Plan, in the aggregate and
with respect to any individual during any one fiscal year of the Company, as
provided in Section 4 of the Plan; and (B) any adjustments in outstanding
Awards, including but not limited to modifying the number, kind and price of
securities subject to Awards.

                    (iii) Change in Control Transactions. In the event of any
transaction resulting in a Change in Control of the Company, outstanding stock
options and SARs under this Plan will terminate upon the effective time of such
Change in Control unless provision is made in connection with the transaction
for the continuation or assumption of such Awards by, or for the substitution of
the equivalent awards of, the surviving or successor entity or a parent thereof.
In the event of such termination, (A) the outstanding stock options and SARs
that will terminate upon the effective time of the Change in Control shall
become fully vested immediately before the effective time of the Change in
Control, and (B) the holders of stock options and SARs under the Plan will be
permitted, for a period of at least twenty days prior to the effective time of
the Change in Control, to exercise all portions of such Awards that are then
exercisable or which become exercisable upon or prior to the effective time of
the Change in Control; provided, however, that any such exercise of any portion
of such an Award which becomes exercisable as a result of such Change in Control
shall be deemed to occur immediately prior to the effective time of such Change
in Control.

                    (iv) Unusual or Nonrecurring Events. The Administrator is
authorized to make, in its discretion and without the consent of holders of
Awards, adjustments in the terms and conditions of, and the criteria included
in, Awards in recognition of unusual or nonrecurring events affecting the
Company, or the financial statements of the Company or any Affiliate, or of
changes in applicable laws, regulations, or accounting principles, whenever the
Administrator determines that such adjustments are appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan.

                (e) Substitution of Awards in Mergers and Acquisitions. Awards
         may be granted under the Plan from time to time in substitution for
         awards held by employees, officers, consultants or directors of
         entities who become or are about to become employees, officers,
         consultants or directors of the Company or an Affiliate as the result
         of a merger or consolidation of the employing entity with the Company
         or an Affiliate, or the acquisition by the Company or an Affiliate of
         the assets or stock of the employing entity. The terms and conditions
         of any substitute Awards so granted may vary from the terms and
         conditions set forth herein to the extent that the Administrator deems
         appropriate at the time of grant to conform the substitute Awards to
         the provisions of the awards for which they are substituted.

                                       7

<PAGE>

                (f) Termination, Amendment and Modification of the Plan. The
         Board may terminate, amend or modify the Plan or any portion thereof at
         any time.

                (g) Non-Guarantee of Employment or Service. Nothing in the Plan
         or in any Grant Agreement thereunder shall confer any right on an
         individual to continue in the service of the Company or shall interfere
         in any way with the right of the Company to terminate such service at
         any time with or without cause or notice and whether or not such
         termination results in (i) the failure of any Award to vest; (ii) the
         forfeiture of any unvested or vested portion of any Award; and/or (iii)
         any other adverse effect on the individual's interests under the Plan.

                (h) Compliance with Securities Laws; Listing and Registration.
         If at any time the Administrator determines that the delivery of Common
         Stock under the Plan is or may be unlawful under the laws of any
         applicable jurisdiction, or Federal or state securities laws, the right
         to exercise an Award or receive shares of Common Stock pursuant to an
         Award shall be suspended until the Administrator determines that such
         delivery is lawful. The Company shall have no obligation to effect any
         registration or qualification of the Common Stock under Federal, state
         or foreign laws.

         The Company may require that a grantee, as a condition to exercise of
an Award, and as a condition to the delivery of any share certificate, make such
written representations (including representations to the effect that such
person will not dispose of the Common Stock so acquired in violation of Federal,
state or foreign securities laws) and furnish such information as may, in the
opinion of counsel for the Company, be appropriate to permit the Company to
issue the Common Stock in compliance with applicable Federal, state or foreign
securities laws. The stock certificates for any shares of Common Stock issued
pursuant to this Plan may bear a legend restricting transferability of the
shares of Common Stock unless such shares are registered or an exemption from
registration is available under the Securities Act of 1933, as amended, and
applicable state or foreign securities laws.

                (i) No Trust or Fund Created. Neither the Plan nor any Award
         shall create or be construed to create a trust or separate fund of any
         kind or a fiduciary relationship between the Company and a grantee or
         any other person. To the extent that any grantee or other person
         acquires a right to receive payments from the Company pursuant to an
         Award, such right shall be no greater than the right of any unsecured
         general creditor of the Company.

                (j) Governing Law. The validity, construction and effect of the
         Plan, of Grant Agreements entered into pursuant to the Plan, and of any
         rules, regulations, determinations or decisions made by the
         Administrator relating to the Plan or such Grant Agreements, and the
         rights of any and all persons having or claiming to have any interest
         therein or thereunder, shall be determined exclusively in accordance
         with applicable federal laws and the laws of the State of Illinois,
         without regard to its conflict of laws principles.

                (k) Effective Date; Termination Date. The Plan is effective as
         of the date on which the Plan is adopted by the Board, subject to
         approval of the stockholders within twelve months before or after such
         date. No Award shall be granted under the Plan after the close of
         business on the day immediately preceding the tenth anniversary of the
         effective date of the Plan, or if earlier, the tenth anniversary of the
         date this Plan is approved by the stockholders. Subject to other
         applicable provisions of the Plan, all Awards made under the Plan prior
         to such

                                       8

<PAGE>

         termination of the Plan shall remain in effect until such Awards have
         been satisfied or terminated in accordance with the Plan and the terms
         of such Awards.

                                       9

<PAGE>

                                   APPENDIX A
                                   ----------
                       PROVISIONS FOR CALIFORNIA RESIDENTS
                       -----------------------------------

With respect to Awards granted to California residents prior to a public
offering of capital stock of the Company that is effected pursuant to a
registration statement filed with, and declared effective by, the Securities and
Exchange Commission under the Securities Act of 1933 and only to the extent
required by applicable law, the following provisions shall apply notwithstanding
anything in the Plan or a Grant Agreement to the contrary:

                (1) No such persons shall be entitled to receive Awards in the
form of any stock appreciation rights or phantom stock.

                (2) With respect to any Award granted in the form of a stock
option pursuant to Section 6(a) of the Plan:

         (a) The Award shall provide an exercise price which is not less than
         85% of the Fair Market Value of the stock at the time the option is
         granted, except that the price shall be 110% of the Fair Market Value
         in the case of any person who owns stock possessing more than 10% of
         the total combined voting power of all classes of stock of the issuing
         corporation or its parent or subsidiary corporations.

         (b) The exercise period shall be no more than 120 months from the date
         the option is granted.

         (c) The options shall be non-transferable other than by will, by the
         laws of descent and distribution, by instrument to an inter vivos or
         testamentary trust in which the options are to be passed to
         beneficiaries upon the death of the trustor (settlor), or by gift to
         "immediate family" as that term is defined in 17 C.F.R. 240.16a-1(e).

         (d) The Award recipient shall have the right to exercise at the rate of
         at least 20% per year over 5 years from the date the option is granted,
         subject to reasonable conditions such as continued employment. However,
         if an option is granted to officers, directors, or consultants of the
         Company or the issuer of the underlying security or any of its
         affiliates, the option may become fully exercisable, subject to
         reasonable conditions such as continued employment, at any time or
         during any period established by the issuer of the option or the issuer
         of the underlying security or any of its affiliates.

         (e) Unless employment is terminated for "cause" as defined by
         applicable law, the terms of the Plan or Grant Agreement or a contract
         of employment, the right to exercise the option in the event of
         termination of employment, to the extent that the Award recipient is
         otherwise entitled to exercise on the date employment terminates, will
         be as follows:

                (1) At least 6 months from the date of termination if
termination was caused by death or disability.

                (2) At least 30 days from the date of termination if termination
was caused by other than death or disability.

<PAGE>

                (3) The Company's shareholders must approve the Plan within 12
months before or after the date the Plan is adopted. Any option exercised before
shareholder approval is obtained must be rescinded if shareholder approval is
not obtained within 12 months before or after the Plan is adopted. Such shares
shall not be counted in determining whether such approval is obtained.

                (4) At the discretion of the Administrator, the Company may
reserve to itself and/or its assignee(s) in the Grant Agreement or Stock
Restriction Agreement a right to repurchase shares held by an Award recipient
following such Award recipient's termination at any time within 90 days after
such Award recipient's termination date (or in the case of securities issued
upon exercise of an option after the termination date, within 90 days after the
date of such exercise) for cash and/or cancellation of purchase money
indebtedness, at: (A) with respect to vested shares, the Fair Market Value of
such shares on the Award recipient's termination date; provided that such right
to repurchase vested shares terminates when the Company's securities have become
publicly traded; or (B) with respect to unvested shares, the Award recipient's
exercise price, provided, that to the extent the Award recipient is not an
officer, director or consultant of the Company or of a Parent or Subsidiary of
the Company such right to repurchase unvested shares at the exercise price
lapses at the rate of at least 20% per year over 5 years from the date of the
grant of the option.

                (5) The Company will provide financial statements to each Award
recipient annually during the period such individual has Awards outstanding, or
as otherwise required under Section 260.146.46 of Title 10 of the California
Code of Regulations. Notwithstanding the foregoing, the Company will not be
required to provide such financial statements to Award recipients when issuance
is limited to key employees whose services in connection with the Company assure
them access to equivalent information.

                (6) The Company will comply with Section 260.140.1 of Title 10
of the California Code of Regulations with respect to the voting rights of
Common Stock.

                (7) The Plan is intended to comply with Section 25102(o) of the
California Corporations Code. Any provision of this Plan which is inconsistent
with Section 25102(o), including without limitation any provision of this Plan
that is more restrictive than would be permitted by Section 25102(o) as amended
from time to time, shall, without further act or amendment by the Board, be
reformed to comply with the provisions of Section 25102(o). If at any time the
Administrator determines that the delivery of Common Stock under the Plan is or
may be unlawful under the laws of any applicable jurisdiction, or federal or
state securities laws, the right to exercise an Award or receive shares of
Common Stock pursuant to an Award shall be suspended until the Administrator
determines that such delivery is lawful. The Company shall have no obligation to
effect any registration or qualification of the Common Stock under federal or
state laws.

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