Document:

EXHIBIT 10.39

Summary of Guaranty  Contract  of Pledge  Entered by and between the Company and
Development Bank On May 15, 2005 ("Guaranty Contract 6"):

     o    Contract number: Shenfa Longgang zhi zi NO.20050518002;

     o    As guarantor, the Company has pledged a one-year term deposit of RMB50
          million to Development  Bank as collateral to secure its  indebtedness
          under Loan  Agreement 5 which  include the loan  principal,  interest,
          penalty  interest,  expenses  for  Development  Bank  to  realize  its
          creditor's rights, and loan principal secured is RMB 47.5 million.

     o    After the  Company  has pledged  the term  deposit as  collateral,  it
          should  not  transfer  or permit any third  party to use such  deposit
          without the prior written consent of Development Bank.

     o    Guaranty Contract 6 is irrevocable and independently effective.EXHIBIT 10.40

Summary of Comprehensive  Credit Facility  Agreement Entered Between the Company
and Minsheng Bank dated as of March 17th, 2005 ("Comprehensive Agreement 4"):

     o    Contract number: 2005 Shen Binhai Zong'e Zi NO.006;

     o    Maximum amount for credit facilities to be provided: RMB 40 million;

     o    Term: from March 17th, 2005 to March 17th, 2006;

     o    Minsheng  Bank is  entitled  to adjust or cancel the credit and demand
          immediate  payment of the loan if the  Company's  business  operations
          deteriorates  severely,  the Company  loses its  business  reputation,
          there is a dispute between the Company and Minsheng Bank or there is a
          major adjustment of the state monetary policyEXHIBIT 10.41

Summary of  Guaranty  Contract  of  Maximum  Amount  Signed by Jilin  Provincial
Huaruan  Technology  Company Limited by Shares ("Huaruan  Company") as guarantor
with  Minsheng  Bank  on  March  5th,  2005  to  Secure  the   Indebtedness   of
Comprehensive Agreement 4 ("Guaranty Contract 11")

     o    Contract NO: Year (2005) Shen Binhai Zongbao Zi NO.006;

     o    Guaranty Period:  two years commencing from expiry date of fulfillment
          of the Company's obligations under Comprehensive Agreement 4.

     o    Items secured  include loan  principal and related  interest,  penalty
          interest,  breach of contract  compensation  and other  expenses under
          Comprehensive Agreement 4;

               Secured maximum amount for loan principal is RMB 40 Million Yuan

     o    Other Terms

               The guarantor shall take joint and several  responsibilities  for
               the Company's obligations under Comprehensive Agreement 4;

               Amendment  or changes made to  Comprehensive  Agreement 4 (except
               for  increase of credit  amount)  does not need to be approved by
               the  guarantor  and the  Guaranty  Contract 11 shall remain to be
               effective and binding upon the guarantor;

               Guaranty Contract 11 is independently  effective disregard of the
               effectiveness of Comprehensive Agreement 4.EXHIBIT 10.42

Summary of Loan Agreement Entered Between the Company and Minsheng Bank on March
7th, 2005 ("Loan Agreement 8") under Comprehensive Agreement 4:

     o    Contract number: Year (2005) (Shen Ronhai Zongdai) Zi No.021;

     o    Loan principal: RMB 40 million

     o    Loan term: from March 17th, 2005 to March 17th, 2006;

     o    Purpose of loan: working capital;

     o    Interest rate: 5.022%;

     o    Breach of contract:

          Minsheng  Bank is entitled to charge  penalty  interest if the Company
          defaults in repayment.  The Company is also liable for Minsheng Bank's
          expense such as litigation  fee,  legal fees,  traveling  expenses and
          other expense incurred due to the Company's breach of contract.EXHIBIT 10.43

Summary of  Comprehensive  Credit  Facility  Agreement Of Maximum Amount Entered
Between  the  Company  and  the  Commercial  Bank  dated  as  April  22nd,  2005
("Comprehensive Agreement 3")

     a.   Contract number: Shen Shang Yin Shuibei Shouxin Zi No.A110020500006;

     b.   Maximum amount for credit facilities to be provided: RMB 50 million;

     c.   Term: from April 22nd, 2005 to April 22nd, 2006;

     d.   Interest rate of loan shall be the base rate announced by the People's
          Bank of China less 10% ;

     e.   Adjustment of credit can be made by the Commercial  Bank under the any
          of the following:

          o    The Company  suffers  severe  operational  risk or its  financial
               situation severely deteriorates;

          o    Guarantor's  payment  ability is  obviously  weakened or value of
               pledged collaterals decreases obviously;

          o    Occurrence  of other  instances  which make the  Commercial  Bank
               think adjustment of credit facility is necessary;

     f.   Breach of contract  penalty:  adjustment  of credit,  cancellation  of
          unused credit,  imposition of punitive interest,  demand prepayment of
          loan and other measures;

     g.   Special term:

          o    Comprehensive    Agreement   3   shall   replace   the   previous
               comprehensive  agreement  signed in 2005 with the Commercial Bank
               with the contract  number of Shen Shang Yin Shuibei Shouxin Zi No
               NO.A110020500001;

          o    As  RMB16.64   million  is  already   used  under  the   previous
               comprehensive  agreement in the form of banker's acceptance bill,
               such  amount  shall be deemed to have been used  under the credit
               lines of Comprehensive Agreement 3. Consequently, before maturity
               of the RMB16.64  million  banker's  acceptance  bill or guarantee
               bond of such amount is provided,  credit line that the Company is
               entitled to use shall be RMB33.36 million;

          o    Credit line under  Comprehensive  Agreement 3 can only be used to
               open L/C for import of equipments  and open  banker's  acceptance
               bill.

          o    All credit provided under Comprehensive  Agreement 3 shall expire
               on April 22nd, 2006EXHIBIT 10.44

Summary of Individual  Guaranty Contract of Maximum Amount  ("Guaranty  Contract
9") Signed by  Mr.Xiangqian  Li as Guarantor with Commercial Bank on April 20th,
2005 to secure the  Indebtedness  of the Company  towards  Commercial Bank under
Comprehensive Agreement 3.

     o    Contract   NO:   Shen   Shang   Yin    (Shuibei)    Shouxin    Gebaozi
          (2005)No.A110020500006;

     o    Guaranty Period: from the signing date of Comprehensive Agreement 3 to
          the expiry  date of two years  commencing  from  maturity  of the last
          matured loan borrowed under Comprehensive Agreement 3;

     o    Items secured  include loan  principal and related  interest,  penalty
          interest,   breach  of  contract   compensation   and  expenses  under
          Comprehensive Agreement 3;

     o    Maximum  amount  secured  for  loan  principal   under   Comprehensive
          Agreement 3 is RMB 50 Million Yuan;

     o    Other Terms

               The guarantor shall take joint and several  responsibilities  for
               the  Company's  indebtedness  towards the  Commercial  Bank under
               Comprehensive Agreement 3;

               Amendment  or changes made to  Comprehensive  Agreement 3 (except
               for  increase of credit  amount)  does not need to be approved by
               the  guarantor  and the  Guaranty  Contract  shall  remain  to be
               effective and binding upon the guarantor;

               Guaranty Contract 9 is irrevocable and independently effective.EXHIBIT 10.45

Summary of Guaranty Contract of Maximum Amount  ("Guaranty  Contract 10") Signed
by Shenzhen  Tongli Hi-tech  Co.,Ltd as Guarantor with  Commercial Bank on April
21th, 2005 to secure the  indebtedness  of the Company  towards  Commercial Bank
under Comprehensive Agreement 3.

     o    Contract   NO:  Shen  Shang  Yin   (Shuibei)   Shouxin   Baozi  (2005)
          No.A110020500006;

     o    Guaranty Period: from the signing date of Comprehensive Agreement 3 to
          the expiry  date of two years  commencing  from  maturity  of the last
          matured loan borrowed under Comprehensive Agreement 3;

     o    Items secured  include loan  principal and related  interest,  penalty
          interest,   breach  of  contract   compensation   and  expenses  under
          Comprehensive Agreement 3;

               Maximum  amount secured for loan  principal  under  Comprehensive
               Agreement 3 is RMB 50 Million Yuan

     o    Other Terms

               The guarantor shall take joint and several  responsibilities  for
               the  Company's  indebtedness  towards the  Commercial  Bank under
               Comprehensive Agreement 3;

               Amendment  or changes made to  Comprehensive  Agreement 3 (except
               for  increase of credit  amount)  does not need to be approved by
               the  guarantor  and the  Guaranty  Contract  shall  remain  to be
               effective and binding upon the guarantor;

               Guaranty Contract 10 is irrevocable and independently effective.EXHIBIT 10.46

Summary  of  Loan  Borrowed  by the  Company  from  the  Commercial  Bank  Under
Comprehensive Agreement 3 on April 22nd, 2005:

     Only a simple note is signed in place of a formal loan  agreement  with the
     following terms:

          o    Loan principal: RMB 33 million;

          o    Loan term: from April 22nd , 2005 to April 22nd , 2006 ;

          o    Interest rate : fixed rate of 5.022%.SECOND AMENDED AND RESTATED NEVADA GOLD & CASINOS, INC.
                             1999 STOCK OPTION PLAN

                                ARTICLE I - PLAN

     1.1  PURPOSE.  This  Plan is a plan for key employees, officers, directors,
and consultants of the Company and its Affiliates and is intended to advance the
best interests of the Company, its Affiliates, and its stockholders by providing
those  persons who have substantial responsibility for the management and growth
of  the Company and its Affiliates with additional incentives and an opportunity
to  obtain  or  increase  their  proprietary  interest  in  the Company, thereby
encouraging  them  to  continue  in  the  employ  of  the  Company or any of its
Affiliates.

     1.2  RULE 16b-3 PLAN.  The Company is subject to the reporting requirements
of  the  Securities  Exchange  Act  of  1934,  as  amended (the "1934 Act"), and
therefore  the Plan is intended to comply with all applicable conditions of Rule
16b-3 (and all subsequent revisions thereof) promulgated under the 1934 Act.  To
the  extent  any  provision  of  the Plan or action by the Board of Directors or
Committee  fails  to  so comply, it shall be deemed null and void, to the extent
permitted  by law and deemed advisable by the Committee.  In addition, the Board
of  Directors  may  amend  the  Plan from time to time, as it deems necessary in
order  to  meet  the  requirements  of  any amendments to Rule 16b-3 without the
consent  of  the  shareholders  of  the  Company.

     1.3  EFFECTIVE  DATE OF PLAN.  The Plan shall be effective January 18, 1999
(the "Effective Date"), provided that within one year of the Effective Date, the
Plan shall have been approved by at least a majority vote of stockholders voting
in person or by proxy at a duly held stockholders' meeting, or if the provisions
of  the  corporate charter, by-laws or applicable state law prescribes a greater
degree  of  stockholder approval for this action, the approval by the holders of
that  percentage,  at a duly held meeting of stockholders.  No Incentive Option,
Nonqualified  Option,  Stock  Appreciation  Right,  Restricted  Stock  Award  or
Performance  Stock  Award  shall be granted pursuant to the Plan ten years after
the  Effective  Date.

                            ARTICLE II - DEFINITIONS

     The  words  and  phrases defined in this Article shall have the meaning set
out  in  these definitions throughout this Plan, unless the context in which any
such word or phase appears reasonably requires a broader, narrower, or different
meaning.

     2.1  "Affiliate"  means  any  subsidiary corporation.  The term "subsidiary
corporation" means any corporation (other than the Company) in an unbroken chain
of  corporations  beginning  with  the  Company if, at the time of the action or
transaction,  each  of  the  corporations other than the last corporation in the
unbroken  chain  owns  stock

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possessing  50%  or  more  of  the total combined voting power of all classes of
stock  in  one  of  the  other  corporations  in  the  chain.

     2.2  "Award"  means  each  of  the  following  granted  under  this  Plan:
Incentive  Option,  Nonqualified  Option,  Stock  Appreciation Right, Restricted
Stock  Award  or  Performance  Stock  Award.

     2.3  "Board  of  Directors"  means  the  board of directors of the Company.

     2.4  "Change  in Control" shall mean and include the following transactions
or  situations:

     (a)  A sale, transfer, or other disposition by the Company through a single
transaction  or  a  series  of  transactions  of  securities  of  the  Company
representing  thirty  (30%)  percent or more of the combined voting power of the
Company's  then  outstanding  securities to any "Unrelated Person" or "Unrelated
Persons"  acting  in concert with one another.  For purposes of this definition,
the  term  "Person"  shall  mean  and include any individual, partnership, joint
venture, association, trust corporation, or other entity (including a "Group" as
referred  to  in  Section  13(d)(3)  of  the  1934  Act).  For  purposes of this
definition,  the term "Unrelated Person" shall mean and include any Person other
than  the  Company,  a  wholly-owned  subsidiary  of the Company, or an employee
benefit  plan  of  the  Company;  provided  however,  a  sale to underwriters in
connection with a public offering of the Company's securities pursuant to a firm
commitment  shall  not  be  a  Change  of  Control.

     (b)  A sale, transfer, or other disposition through a single transaction or
a  series  of  transactions  of  all  or  substantially all of the assets of the
Company  to  an Unrelated Person or Unrelated Persons acting in concert with one
another.

     (c)  A  change in the ownership of the Company through a single transaction
or  a series of transactions such that any Unrelated Person or Unrelated Persons
acting  in  concert  with one another become the "Beneficial Owner," directly or
indirectly,  of  securities  of  the  Company representing at least thirty (30%)
percent  of  the  combined  voting  power  of  the  Company's  then  outstanding
securities.  For  purposes of this definition, the term "Beneficial Owner" shall
have  the same meaning as given to that term in Rule 13d-3 promulgated under the
1934 Act, provided that any pledgee of voting securities is not deemed to be the
Beneficial  Owner thereof prior to its acquisition of voting rights with respect
to  such  securities.

     (d)  Any  consolidation  or merger of the Company with or into an Unrelated
Person,  unless immediately after the consolidation or merger the holders of the
common stock of the Company immediately prior to the consolidation or merger are
the beneficial owners of securities of the surviving corporation representing at
least  fifty  (50%)  percent  of  the  combined  voting  power  of the surviving
corporation's  then  outstanding  securities.

<PAGE>
     (e)  During  any  period of two years, individuals who, at the beginning of
such  period,  constituted  the Board of Directors of the Company cease, for any
reason,  to  constitute  at  least  a  majority  thereof, unless the election or
nomination  for  election  of  each  new director was approved by the vote of at
least  two-third of the directors then still in office who were directors at the
beginning  of  such  period.

     (f)  A  change in control of the Company of a nature that would be required
to  be  reported  in  response  to  Item  6(e) of Schedule 14A of Regulation 14A
promulgated  under  the  1934  Act,  or  any  successor  regulation  of  similar
importance,  regardless  of  whether  the  Company  is subject to such reporting
requirement.

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

     2.6  "Committee" means the Compensation Committee of the Board of Directors
or such other committee designated by the Board of Directors or the entire Board
of Directors.  It is intended that the Committee shall be comprised solely of at
least  two  members  who  are both Non-Employee Directors and Outside Directors;
provided,  however,  that until such time as two such Directors are available to
serve  in  such roles, the failure to meet this requirement shall not effect the
validity  of  any  grants  under  this  Plan.

     2.7  "Company"  means  NEVADA  GOLD  &  CASINOS,  INC.

     2.8  "Consultant"  means  any  person, including an advisor, engaged by the
Company  or  Affiliate  to  render  services  and  who  is  compensated for such
services.

     2.9  "Non-Employee  Directors"  means  that  term  as defined in Rule 16b-3
under  the  1934  Act.

     2.10  "Eligible  Persons"  shall  mean,  with  respect  to  the Plan, those
persons  who,  at  the  time  that  an  Award is granted, are (i) key personnel,
including  officers  and  directors,  of  the  Company  or  Affiliate,  or  (ii)
Consultants  or  independent  contractors  who  provide valuable services to the
Company  or  Affiliate  as  determined  by  the  Committee.

     2.11  "Employee" means a person employed by the Company or any Affiliate to
whom  an  Award  is  granted.

     2.12  "Fair Market Value" of the Stock as of any date means (a) the average
of  the  high  and  low  sale  prices of the Stock on that date on the principal
securities  exchange  on  which  the Stock is listed; or (b) if the Stock is not
listed  on a securities exchange, the average of the high and low sale prices of
the  Stock on that date as reported on the NASDAQ National Market System; or (c)
if  the Stock is not listed on the NASDAQ National Market System, the average of
the  high  and  low bid quotations for the Stock on that date as reported by the
National  Quotation  Bureau  Incorporated;  or  (d)  if none of the foregoing is
applicable, an amount at the election of the Committee equal to (x), the average
between  the closing bid and ask prices per share of Stock on the last preceding

<PAGE>
date on which those prices were reported or (y) that amount as determined by the
Committee  in  good  faith.

     2.13  "Incentive  Option"  means  an option to purchase Stock granted under
this  Plan  which  is  designated  as  an  "Incentive  Option" and satisfies the
requirements  of  Section  422  of  the  Code.

     2.14  "Nonqualified Option" means an option to purchase Stock granted under
this  Plan  other  than  an  Incentive  Option.

     2.15  "Option"  means  both  an  Incentive Option and a Nonqualified Option
granted  under  this  Plan  to  purchase  shares  of  Stock.

     2.16  "Option  Agreement"  means  that written agreement by and between the
Company  and  an  Eligible  Person,  which  sets  out  the  terms  of an Option.

     2.17  "Outside  Director"  shall  mean  a  member of the Board of Directors
serving  on  the  Committee  who  satisfies  Section  162(m)  of  the  Code.

     2.18  "Plan"  means the NEVADA GOLD & CASINOS, INC. 1999 Stock Option Plan,
as  set  out  in  this  document  and  as  it  may be amended from time to time.

     2.19  "Plan  Year"  means  the  Company's  fiscal  year.

     2.20  "Performance  Stock  Award"  means  an award of shares of Stock to be
issued  to  an  Eligible Person if specified predetermined performance goals are
satisfied  as  described  in  Article  VI.

     2.21  "Restricted  Stock"  means  Stock  awarded  or  purchased  under  a
Restricted Stock Agreement entered into pursuant to this Plan, together with (i)
all  rights,  warranties  or  similar  items  attached  or  accruing  thereto or
represented  by  the  certificate  representing  the stock and (ii) any stock or
securities  into  which  or  for  which  the  stock  is  thereafter converted or
exchanged.  The  terms and conditions of the Restricted Stock Agreement shall be
determined  by  the  Committee  consistent  with  the  terms  of  the  Plan.

     2.22  "Restricted  Stock  Agreement" means an agreement between the Company
or  any  Affiliate and the Eligible Person pursuant to which the Eligible Person
receives  a  Restricted  Stock  Award  subject  to  Article  VI.

     2.23  "Restricted  Stock  Award"  means  an  Award  of  Restricted  Stock.

     2.24  "Restricted  Stock  Purchase Price" means the purchase price, if any,
per  share  of  Restricted  Stock  subject  to  an  Award.  The  Committee shall
determine  the  Restricted Stock Purchase Price.  It may be greater than or less
than  the  Fair  Market  Value  of  the  Stock  on  the date of the Stock Award.

<PAGE>
     2.25  "Stock"  means the common stock of the Company, $.12 par value or, in
the  event that the outstanding shares of common stock are later changed into or
exchanged for a different class of stock or securities of the Company or another
corporation,  that  other  stock  or  security.

     2.26  "Stock  Appreciation  Right" and "SAR" means the right to receive the
difference  between  the Fair Market Value of a share of Stock on the grant date
and  the  Fair  Market  Value  of  the  share  of  Stock  on  the exercise date.

     2.27  "10%  Stockholder" means an individual who, at the time the Option is
granted,  owns Stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or of any Affiliate.  An individual shall
be  considered  as owning the Stock owned, directly or indirectly, by or for his
brothers  and  sisters  (whether by the whole or half blood), spouse, ancestors,
and  lineal  descendants;  and  Stock owned, directly or indirectly, by or for a
corporation,  partnership,  estate, or trust, shall be considered as being owned
proportionately  by  or  for  its  stockholders,  partners,  or  beneficiaries.

                            ARTICLE III - ELIGIBILITY

     The  individuals  who  shall  be  eligible to receive Awards shall be those
Eligible  Persons of the Company or any of its Affiliates as the Committee shall
determine  from  time  to  time.  However,  no  member of the Committee shall be
eligible  to  receive any Award or to receive Stock, Options, Stock Appreciation
Rights,  or  any  Performance Stock Award under any other plan of the Company or
any  of  its  Affiliates,  if  to  do  so would cause the individual not to be a
Non-Employee Director or Outside Director.  The Board of Directors may designate
one  or  more  individuals  who shall not be eligible to receive any Award under
this  Plan  or  under  other  similar  plans  of  the  Company.

               ARTICLE IV - GENERAL PROVISIONS RELATING TO AWARDS

     4.1  AUTHORITY  TO GRANT AWARDS.  The Committee may grant to those Eligible
Persons  of  the Company or any of its Affiliates, as it shall from time to time
determine,  Awards  under  the terms and conditions of this Plan.  The Committee
shall determine subject only to any applicable limitations set out in this Plan,
the  number  of  shares  of Stock to be covered by any Award to be granted to an
Eligible  Person.

     4.2  DEDICATED SHARES.  The total number of shares of Stock with respect to
which  Awards  may  be  granted  under  the Plan shall be 3,250,000 shares.  The
shares  may be treasury shares or authorized but unissued shares.  The number of
shares  stated  in this Section 4.2 shall be subject to adjustment in accordance
with  the  provisions  of  Section 4.5.  In the event that any outstanding Award
shall expire or terminate for any reason or any Award is surrendered, the shares
of Stock allocable to the unexercised portion of that Award may again be subject
to  an  Award  under  the  Plan.

<PAGE>
     4.3  NON-TRANSFERABILITY.  Awards shall not be transferable by the Eligible
Person otherwise than by will or under the laws of descent and distribution, and
shall  be  exercisable,  during  the  Eligible  Person's  lifetime, only by him.
Restricted  Stock  shall be purchased by and/or become vested under a Restricted
Stock Agreement during the Eligible Person's lifetime, only by him.  Any attempt
to  transfer  an  Award other than under the terms of the Plan and the Agreement
shall  terminate  the Award and all rights of the Eligible Person to that Award.

     4.4  REQUIREMENTS  OF  LAW.  The  Company  shall not be required to sell or
issue any Stock under any Award if issuing that Stock would constitute or result
in  a  violation  by  the Eligible Person or the Company of any provision of any
law,  statute,  or  regulation  of any governmental authority.  Specifically, in
connection  with  any  applicable  statute  or  regulation  relating  to  the
registration  of  securities,  upon  exercise  of  any Option or pursuant to any
Award, the Company shall not be required to issue any Stock unless the Committee
has  received  evidence satisfactory to it to the effect that the holder of that
Option or Award will not transfer the Stock except in accordance with applicable
law,  including  receipt of an opinion of counsel satisfactory to the Company to
the  effect  that  any  proposed  transfer  complies  with  applicable  law. The
determination  by  the  Committee  on  this  matter shall be final, binding, and
conclusive.  The  Company  may,  but shall in no event be obligated to, register
any  Stock  covered  by  this Plan pursuant to applicable securities laws of any
country  or  any  political  subdivision.  In  the  event  the Stock issuable on
exercise of an Option or pursuant to an Award is not registered, the Company may
imprint  on the certificate evidencing the Stock any legend that counsel for the
Company  considers  necessary  or  advisable to comply with applicable law.  The
Company  shall not be obligated to take any other affirmative action in order to
cause  the  exercise  of an Option or vesting under an Award, or the issuance of
shares  pursuant  thereto,  to  comply  with  any  law  or  regulation  of  any
governmental  authority.

                 4.5  CHANGES IN THE COMPANY'S CAPITAL STRUCTURE

     (a)  The existence of outstanding Options or Awards shall not affect in any
way  the  right or power of the Company or its stockholders to make or authorize
any  or  all adjustments, recapitalizations, reorganizations or other changes in
the  Company's capital structure or its business, or any merger or consolidation
of the Company, or any issue of bonds, debentures, preferred or prior preference
stock  ahead  of  or  affecting  the  Stock or its rights, or the dissolution or
liquidation  of  the  Company, or any sale or transfer of all or any part of its
assets  or  business,  or  any  other  corporate act or proceeding, whether of a
similar  character  or  otherwise.  If the Company shall effect a subdivision or
consolidation  of  shares  or other capital readjustment, the payment of a Stock
dividend,  or  other  increase or reduction of the number of shares of the Stock
outstanding,  without  receiving  compensation  for  it  in  money,  services or
property,  then  (a)  the  number, class, and per share price of shares of Stock
subject  to  outstanding Options under this Plan shall be appropriately adjusted
in such a manner as to entitle an Eligible Person to receive upon exercise of an
Option,  for  the same aggregate cash consideration, the equivalent total number
and  class  of shares he would have received had he exercised his Option in full

<PAGE>
immediately  prior to the event requiring the adjustment; and (b) the number and
class  of  shares  of  Stock  then reserved to be issued under the Plan shall be
adjusted  by substituting for the total number and class of shares of Stock then
reserved, that number and class of shares of Stock that would have been received
by  the owner of an equal number of outstanding shares of each class of Stock as
the  result  of  the  event  requiring  the  adjustment.

     (b)  If  the Company is merged or consolidated with another corporation and
the Company is not the surviving corporation, or if the Company is liquidated or
sells  or  otherwise  disposes of substantially all its assets while unexercised
Options  remain  outstanding  under  this  Plan:

     (i)  Subject  to  the provisions of clause (iii) below, after the effective
date  of  the  merger, consolidation, liquidation, sale or other disposition, as
the  case  may  be, each holder of an outstanding Option shall be entitled, upon
exercise  of  the Option, to receive, in lieu of shares of Stock, the number and
class or classes of shares of stock or other securities or property to which the
holder  would  have  been  entitled  if,  immediately  prior  to  the  merger,
consolidation,  liquidation, sale, or other disposition, the holder had been the
holder of record of a number of shares of Stock equal to the number of shares as
to  which  the  Option  shall  be  so  exercised;

     (ii)  The  Board  of  Directors  may  waive  any  limitations set out in or
imposed  under this Plan so that all Options, from and after a date prior to the
effective  date  of  the  merger,  consolidation,  liquidation,  sale,  or other
disposition,  as  the case may be, specified by the Board of Directors, shall be
exercisable  in  full;  and

     (iii)  All outstanding Options may be canceled by the Board of Directors as
of  the effective date of any merger, consolidation, liquidation, sale, or other
disposition,  if  (i) notice of cancellation shall be given to each holder of an
Option  and  (ii) each holder of an Option shall have the right to exercise that
Option  in  full  (without regard to any limitations set out in or imposed under
this  Plan  or the Option Agreement granting that Option) during a period set by
the  Board  of  Directors  preceding  the  effective  date  of  the  merger,
consolidation,  liquidation, sale, or other disposition and, if in the event all
outstanding  Options  may  not  be exercised in full under applicable securities
laws  without  registration  of  the shares of Stock issuable on exercise of the
Options,  the  Board  of  Directors may limit the exercise of the Options to the
number  of  shares of Stock, if any, as may be issued without registration.  The
method  of  choosing which Options may be exercised, and the number of shares of
Stock  for which Options may be exercised, shall be solely within the discretion
of  the  Board  of  Directors.

     (c)  After a merger of one or more corporations into the Company or after a
consolidation  of  the Company and one or more corporations in which the Company
shall  be  the  surviving corporation, each Eligible Person shall be entitled to
have  his  Restricted  Stock  and  shares earned under a Performance Stock Award
appropriately  adjusted  based  on  the  manner the Stock was adjusted under the
terms  of  the  agreement  of  merger  or  consolidation.

<PAGE>
     (d)  In  each  situation  described in this Section 4.5, the Committee will
make  similar  adjustments,  as  appropriate,  in outstanding Stock Appreciation
Rights.

     (e)  The  issuance  by  the  Company  of  shares  of stock of any class, or
securities  convertible into shares of stock of any class, for cash or property,
or  for labor or services either upon direct sale or upon the exercise of rights
or  warrants  to subscribe for them, or upon conversion of shares or obligations
of  the  Company  convertible into shares or other securities, shall not affect,
and  no adjustment by reason of such issuance shall be made with respect to, the
number,  class,  or price of shares of Stock then subject to outstanding Awards.

     4.6  ELECTION  UNDER SECTION 83(b) OF THE CODE.  No Employee shall exercise
the  election permitted under Section 83(b) of the Code without written approval
of  the Committee.  Any Employee doing so shall forfeit all Awards issued to him
under  this  Plan.

                ARTICLE V - OPTIONS AND STOCK APPRECIATION RIGHTS

     5.1  TYPE  OF  OPTION.  The  Committee  shall  specify at the time of grant
whether  a  given  Option shall constitute an Incentive Option or a Nonqualified
Option.  Incentive  Stock  Options  may  only  be  granted  to  Employees.

     5.2  OPTION  PRICE.  The  price  at  which  Stock may be purchased under an
Incentive  Option  shall  not be less than the greater of:  (a) 100% of the Fair
Market Value of the shares of Stock on the date the Option is granted or (b) the
aggregate  par  value  of the shares of Stock on the date the Option is granted.
The  Committee  in  its discretion may provide that the price at which shares of
Stock may be purchased under an Incentive Option shall be more than 100% of Fair
Market  Value.  In the case of any 10% Stockholder, the price at which shares of
Stock  may be purchased under an Incentive Option shall not be less than 110% of
the  Fair Market Value of the Stock on the date the Incentive Option is granted.
The  price at which shares of Stock may be purchased under a Nonqualified Option
shall  be  such  price  as  shall  be  determined  by  the Committee in its sole
discretion  but  in  no event lower than the par value of the shares of Stock on
the  date  the  Option  is  granted.

     5.3  DURATION  OF  OPTIONS AND SARS.  No Option or SAR shall be exercisable
after  the  expiration  of  ten  (10)  years  from the date the Option or SAR is
granted.  In  the  case  of  a  10%  Stockholder,  no  Incentive Option shall be
exercisable  after  the  expiration  of  five  years from the date the Incentive
Option  is  granted.

     5.4  AMOUNT  EXERCISABLE - INCENTIVE OPTIONS.  Each Option may be exercised
from  time  to  time,  in  whole  or  in  part, in the manner and subject to the
conditions  the  Committee,  in  its  sole discretion, may provide in the Option
Agreement,  as  long as the Option is valid and outstanding.  To the extent that
the  aggregate  Fair Market

<PAGE>
Value  (determined  as  of the time an Incentive Option is granted) of the Stock
with respect to which Incentive Options first become exercisable by the optionee
during  any  calendar year (under this Plan and any other incentive stock option
plan(s) of the Company or any Affiliate) exceeds $100,000, the portion in excess
of  $100,000  of the Incentive Option shall be treated as a Nonqualified Option.
In  making  this determination, Incentive Options shall be taken into account in
the  order  in  which  they  were  granted.

     5.5  EXERCISE  OF  OPTIONS.  Each Option shall be exercised by the delivery
of  written  notice to the Committee setting forth the number of shares of Stock
with  respect  to  which  the  Option  is  to  be  exercised,  together  with:

     (a)  cash,  certified  check,  bank draft, or postal or express money order
payable  to  the order of the Company for an amount equal to the option price of
the  shares;

     (b)  stock at its Fair Market Value on the date of exercise (if approved in
advance  by  the  Committee);

     (c)  an  election  to  make  a  cashless  exercise  through  a  registered
broker-dealer  (if  approved  in  advance  by  the  Committee);

     (d)  an  election  to have shares of Stock, which otherwise would be issued
on  exercise,  withheld in payment of the exercise price (if approved in advance
by  the  Committee);  and/or

     (e)  any  other  form  of  payment  which  is  acceptable to the Committee,
including  without  limitation,  payment  in  the form of a promissory note, and
specifying  the  address  to  which  the  certificates  for the shares are to be
mailed.

     As  promptly  as  practicable  after  receipt  of  written notification and
payment,  the  Company shall deliver to the Eligible Person certificates for the
number  of shares with respect to which the Option has been exercised, issued in
the  Eligible  Person's  name.  If  shares  of  Stock  are  used in payment, the
aggregate  Fair Market Value of the shares of Stock tendered must be equal to or
less  than  the  aggregate  exercise  price  of  the shares being purchased upon
exercise  of  the  Option,  and  any  difference must be paid by cash, certified
check,  bank draft, or postal or express money order payable to the order of the
Company.  Delivery  of the shares shall be deemed effected for all purposes when
a  stock  transfer agent of the Company shall have deposited the certificates in
the  United  States  mail,  addressed  to  the  Eligible  Person, at the address
specified  by  the  Eligible  Person.

     Whenever  an Option is exercised by exchanging shares of Stock owned by the
Eligible  Person,  the Eligible Person shall deliver to the Company certificates
registered in the name of the Eligible Person representing a number of shares of
Stock  legally and beneficially owned by the Eligible Person, free of all liens,
claims,  and  encumbrances  of  every  kind,  accompanied  by  stock powers duly
endorsed  in  blank  by  the  record  holder  of  the  shares represented by the
certificates (with signature guaranteed by a commercial bank or trust company or
by  a  brokerage  firm  having  a  membership  on  a  registered

<PAGE>
national  stock  exchange).  The  delivery  of certificates upon the exercise of
Options  is  subject  to  the  condition  that  the person exercising the Option
provides  the  Company with the information the Company might reasonably request
pertaining  to  exercise,  sale  or  other  disposition.

     5.6  STOCK  APPRECIATION RIGHTS.  All Eligible Persons shall be eligible to
receive  Stock Appreciation Rights.  The Committee shall determine the SAR to be
awarded  from  time  to  time  to any Eligible Person.  The grant of a SAR to be
awarded  from  time to time shall neither entitle such person to, nor disqualify
such  person  from,  participation  in any other grant of awards by the Company,
whether  under  this  Plan  or  any  other plan of the Company.  If granted as a
stand-alone  SAR  Award,  the  terms  of  the Award shall be provided in a Stock
Appreciation  Rights  Agreement.

     5.7  STOCK  APPRECIATION RIGHTS IN TANDEM WITH OPTIONS.  Stock Appreciation
Rights  may,  at  the  discretion  of  the Committee, be included in each Option
granted  under  the  Plan  to  permit  the holder of an Option to surrender that
Option,  or  a  portion  of  the  part which is then exercisable, and receive in
exchange,  upon  the  conditions and limitations set by the Committee, an amount
equal to the excess of the Fair Market Value of the Stock covered by the Option,
or  the  portion  of  it  that  was  surrendered,  determined  as of the date of
surrender,  over  the aggregate exercise price of the Stock.  The payment may be
made  in shares of Stock valued at Fair Market Value, in cash, or partly in cash
and  partly  in  shares  of  Stock,  as  the  Committee shall decide in its sole
discretion.  Stock  Appreciation  Rights  may  be  exercised  only when the Fair
Market Value of the Stock covered by the Option surrendered exceeds the exercise
price of the Stock.  In the event of the surrender of an Option, or a portion of
it,  to  exercise  the  Stock Appreciation Rights, the shares represented by the
Option  or  that  part  of  it  which is surrendered, shall not be available for
reissuance  under the Plan.  Each Stock Appreciation Right issued in tandem with
an  Option  (a)  will  expire  not  later  than the expiration of the underlying
Option,  (b) may be for no more than 100% of the difference between the exercise
price  of the underlying Option and the Fair Market Value of a share of Stock at
the  time  the  Stock Appreciation Right is exercised, (c) is transfereable only
when  the  underlying Option is transferable, and under the same conditions, and
(d)  may  be  exercised  only  when  the  underlying  Option  is  eligible to be
exercised.

     5.8  CONDITIONS  OF  STOCK  APPRECIATION  RIGHTS.  All  Stock  Appreciation
Rights  shall  be subject to such terms, conditions, restrictions or limitations
as  the Committee deems appropriate, including by way of illustration but not by
way  of  limitation,  restrictions on transferability, requirements of continued
employment,  individual  performance,  financial  performance of the Company, or
payment  of  any  applicable  employment  or  withholding  taxes.

     5.9  PAYMENT  OF STOCK APPRECIATION RIGHTS.  The amount of payment to which
the  Eligible  Person who reserves an SAR shall be entitled upon the exercise of
each  SAR shall be equal to the amount, if any by which the Fair Market Value of
the specified shares of Stock on the exercise date exceeds the Fair Market Value
of the specified shares of Stock on the date of grant of the SAR.  The SAR shall
be  paid  in

<PAGE>
either  cash  or  Stock, as determined in the discretion of the Committee as set
forth  in the SAR agreement. If the payment is in Stock, the number of shares to
be  paid  shall be determined by dividing the amount of such payment by the Fair
Market  Value  of  Stock  on  the  exercise  date  of  such  SAR.

     5.10  EXERCISE  ON  TERMINATION  OF  EMPLOYMENT.  Unless  it  is  expressly
provided  otherwise in the Option or SAR agreement, Options and SAR's granted to
Employees  shall  terminate  one  day  less than three months after severance of
employment  of  the Employee from the Company and all Affiliates for any reason,
with  or  without cause, other than death, retirement under the then established
rules  of  the  Company,  or  severance  for  disability.  The  Committee  shall
determine  whether  authorized  leave  of  absence  or  absence  on  military or
government  service shall constitute severance of the employment of the Employee
at  that  time.

     5.11  DEATH.  If,  before  the expiration of an Option or SAR, the Eligible
Person,  whether  in  the  employ  of the Company or after he has retired or was
severed  for  disability,  or  otherwise  dies, the Option or SAR shall continue
until the earlier of the Option's or SAR's expiration date or one year following
the  date  of his death, unless it is expressly provided otherwise in the Option
or  SAR  agreement.  After  the  death  of  the  Eligible Person, his executors,
administrators,  or  any persons to whom his Option or SAR may be transferred by
will  or  by  the  laws of descent and distribution shall have the right, at any
time  prior  to  the  Option's  or SAR's expiration or termination, whichever is
earlier,  to  exercise it, to the extent to which he was entitled to exercise it
immediately prior to his death, unless it is expressly provided otherwise in the
Option  or  SAR's  agreement.

     5.12  RETIREMENT.  Unless  it is expressly provided otherwise in the Option
Agreement,  before  the expiration of an Incentive Option, the Employee shall be
retired  in  good  standing  from  the  employ  of  the  Company  under the then
established  rules  of  the Company, the Incentive Option shall terminate on the
earlier  of the Option's expiration date or one day less than one year after his
retirement;  provided,  if an Incentive Option is not exercised within specified
time  limits  prescribed  by  the  Code, it will become a Nonqualified Option by
operation  of  law.  Unless  it  is  expressly  provided otherwise in the Option
Agreement, if before the expiration of a Nonqualified Option, the Employee shall
be  retired  in  good  standing  from  the  employ of the Company under the then
established rules of the Company, the Nonqualified Option shall terminate on the
earlier  of  the  Nonqualified Option's expiration date or one day less than one
year  after his retirement.  In the event of retirement, the Employee shall have
the  right  prior  to the termination of the Nonqualified Option to exercise the
Nonqualified  Option,  to  the  extent  to  which he was entitled to exercise it
immediately  prior  to his retirement, unless it is expressly provided otherwise
in  the  Option  Agreement.  Upon  retirement,  a  SAR  shall  continue  to  be
exercisable  for  the  remainder  of  the  term  of  the  SAR  agreement.

     5.13  DISABILITY.  If,  before  the  expiration  of  an  Option or SAR, the
Employee  shall  be  severed  from the employ of the Company for disability, the
Option or SAR shall terminate on the earlier of the Option's or SAR's expiration
date  or  one  day  less  than one year after the date he was severed because of
disability,  unless  it  is  expressly  provided

<PAGE>
otherwise  in  the Option or SAR agreement. In the event that the Employee shall
be  severed  from  the  employ of the Company for disability, the Employee shall
have  the  right  prior  to the termination of the Option or SAR to exercise the
Option,  to the extent to which he was entitled to exercise it immediately prior
to  his  retirement  or  severance  of  employment  for disability, unless it is
expressly  provided  otherwise  in  the  Option  Agreement.

     5.14  SUBSTITUTION  OPTIONS.  Options  may  be granted under this Plan from
time  to  time  in  substitution  for  stock  options held by employees of other
corporations who are about to become employees of or affiliated with the Company
or  any  Affiliate  as  the result of a merger or consolidation of the employing
corporation with the Company or any Affiliate, or the acquisition by the Company
or  any Affiliate of the assets of the employing corporation, or the acquisition
by  the  Company  or  any Affiliate of stock of the employing corporation as the
result  of  which  it  becomes  an  Affiliate  of  the  Company.  The  terms and
conditions  of  the  substitute  Options  granted  may  vary  from the terms and
conditions  set  out  in  this  Plan to the extent the Committee, at the time of
grant,  may  deem appropriate to conform, in whole or in part, to the provisions
of  the  stock  options  in  substitution  for  which  they  are  granted.

     5.15  RELOAD  OPTIONS.  Without  in  any  way limiting the authority of the
Board  of  Directors  or  Committee  to  make  or  not to make grants of Options
hereunder, the Board of Directors or Committee shall have the authority (but not
an  obligation) to include as part of any Option Agreement a provision entitling
the  Eligible  Person  to  a further Option (a "Reload Option") in the event the
Eligible Person exercises the Option evidenced by the Option Agreement, in whole
or  in  part, by surrendering other shares of Stock in accordance with this Plan
and  the  terms  and conditions of the Option Agreement.  Any such Reload Option
(a) shall be for a number of shares equal to the number of shares surrendered as
part  or  all of the exercise price of such Option; (b) shall have an expiration
date  which  is  the  greater  of (i) the same expiration date of the Option the
exercise of which gave rise to such Reload Option or (ii) one year from the date
of  grant  of  the  Reload Option; and (c) shall have en exercise price which is
equal  to  one  hundred  percent  (100%)  of  the Fair Market Value of the Stock
subject  to  the  Reload  Option on the date of exercise of the original Option.
Notwithstanding  the foregoing, a Reload Option which is an Incentive Option and
which  is  granted  to  a 10% Stockholder, shall have an exercise price which is
equal  to  one  hundred ten percent (110%) of the Fair Market Value of the Stock
subject  to the Reload Option on the date of exercise of the original Option and
shall  have  a  term  which  is  no  longer  than  five  (5)  years.

     Any such Reload Option may be an Incentive Option or a Nonqualified Option,
as the Board of Directors or Committee may designate at the time of the grant of
the  original  Option;  provided,  however,  that  the designation of any Reload
Option  as  an  Incentive  Option  shall  be subject to the one hundred thousand
dollar ($100,000) annual limitation on exercisability of Incentive Stock Options
described  in  the  Plan  and  in Section 422(d) of the Code.  There shall be no
Reload  Options  on a Reload Option.  Any such Reload Option shall be subject to
the  availability  of  sufficient  shares  under Section 4.2 herein and shall be
subject  to  such  other  terms  and  conditions  as  the  Board of Directors or

<PAGE>
Committee  may  determine which are not inconsistent with the express provisions
of  the  Plan  regarding  the  terms  of  Options.

     5.16  NO  RIGHTS  AS STOCKHOLDER.  No Eligible Person shall have any rights
as  a  stockholder  with respect to Stock covered by his Option until the date a
stock  certificate  is  issued  for  the  Stock.

                               ARTICLE VI - AWARDS

     6.1  RESTRICTED  STOCK  AWARDS.  The Committee may issue shares of Stock to
an  Eligible  Person  subject to the terms of a Restricted Stock Agreement.  The
Restricted  Stock  may  be issued for no payment by the Eligible Person or for a
payment  below  the  Fair  Market  Value on the date of grant.  Restricted Stock
shall  be  subject  to  restrictions as to sale, transfer, alienation, pledge or
other encumbrance and generally will be subject to vesting over a period of time
specified  in the Restricted Stock Agreement.  The Committee shall determine the
period of vesting, the number of shares, the price, if any, of Stock included in
a  Restricted Stock Award, and the other terms and provisions which are included
in  a  Restricted  Stock  Agreement.

     6.2  RESTRICTIONS.  Restricted  Stock  shall  be  subject  to the terms and
conditions  as determined by the Committee, including without limitation, any or
all  of  the  following:

     (a)  a prohibition against the sale, transfer, alienation, pledge, or other
encumbrance  of the shares of Restricted Stock, such prohibition to lapse (i) at
such  time  or times as the Committee shall determine (whether in annual or more
frequent  installments,  at  the time of the death, disability, or retirement of
the  holder  of  such  shares,  or  otherwise);

     (b)  a  requirement  that the holder of shares of Restricted Stock forfeit,
or  in the case of shares sold to an Eligible Person, resell back to the Company
at  his  cost,  all  or a part of such shares in the event of termination of the
Eligible  Person's  employment  during  any  period  in  which the shares remain
subject  to  restrictions;

     (c)  a  prohibition against employment of the holder of Restricted Stock by
any  competitor  of  the  Company  or  its  Affiliates, or against such holder's
dissemination of any secret or confidential information belonging to the Company
or  an  Affiliate;

     (d)  unless  stated  otherwise  in  the  Restricted Stock Agreement, (i) if
restrictions  remain at the time of severance of employment with the Company and
all  Affiliates,  other  than  for reason of disability or death, the Restricted
Stock  shall  be  forfeited; and (ii) if severance of employment is by reason of
disability or death, the restrictions on the shares shall lapse and the Eligible
Person  or his heirs or estate shall be 100% vested in the shares subject to the
Restricted  Stock  Agreement.

<PAGE>
     6.3  STOCK  CERTIFICATE.  Shares of Restricted Stock shall be registered in
the  name  of  the  Eligible  Person  receiving  the  Restricted Stock Award and
deposited,  together  with  a  stock  power endorsed in blank, with the Company.
Each  such  certificate shall bear a legend in substantially the following form:

     "The  transferability  of  this  certificate  and  the  shares  of  Stock
     represented  by it is restricted by and subject to the terms and conditions
     (including  conditions  of  forfeiture)  contained  in  the  Nevada  Gold &
     Casinos,  Inc.,  1999  Stock  Option  Plan,  and  an agreement entered into
     between  the  registered  owner  and  the  Company.  A copy of the Plan and
     agreement  is  on  file  in  the  office  of the Secretary of the Company."

     6.4  RIGHTS  AS  STOCKHOLDER.  Subject  to  the terms and conditions of the
Plan,  each  Eligible  Person receiving a certificate for Restricted Stock shall
have  all  the  rights  of  a  stock  holder with respect to the shares of Stock
included  in  the  Restricted Stock Award during any period in which such shares
are  subject  to  forfeiture  and  restrictions  on  transfer, including without
limitation,  the  right  to  vote  such  shares.  Dividends paid with respect to
shares  of  Restricted Stock in cash or property other than Stock in the Company
or  rights  to acquire stock in the Company shall be paid to the Eligible Person
currently.  Dividends paid in Stock in the Company or rights to acquire Stock in
the  Company  shall  be  added  to  and  become  a part of the Restricted Stock.

     6.5  LAPSE OF RESTRICTIONS.  At the end of the time period during which any
shares  of  Restricted Stock are subject to forfeiture and restrictions on sale,
transfer,  alienation,  pledge, or other encumbrance, such shares shall vest and
will  be  delivered  in a certificate, free of all restrictions, to the Eligible
Person  or  to  the Eligible Person's legal representative, beneficiary or heir;
provided  the  certificate  shall  bear  such  legend,  if any, as the Committee
determines is reasonably required by applicable law.  By accepting a Stock Award
and  executing a Restricted Stock Agreement, the Eligible Person agrees to remit
when  due  any  federal  and  state  income  and employment taxes required to be
withheld.

     6.6  RESTRICTION  PERIOD.  No  Restricted  Stock  Award  may  provide  for
restrictions  continuing  beyond  ten  (10)  years  from  the  date  of  grant.

                     ARTICLE VII - PERFORMANCE STOCK AWARDS

     7.1  AWARD  OF PERFORMANCE STOCK.  The Committee may award shares of Stock,
without any payment for such shares, to designated Eligible Persons if specified
performance  goals  established  by  the Committee are satisfied.  The terms and
provisions  herein  relating  to  these performance-based awards are intended to
satisfy  Section  162(m)  of  the  Code  and regulations issued thereunder.  The
designation of an employee eligible for a specific Performance Stock Award shall
be  made  by  the  Committee in writing prior to the beginning of the period for
which  the  performance  is  measured (or within such period as permitted by IRS
regulations).  The  Committee  shall  establish  the maximum number of shares of
Stock to be issued to a designated Employee if the performance goal

<PAGE>
or  goals are met. The Committee reserves the right to make downward adjustments
in  the  maximum  amount of an Award if in its discretion unforeseen events make
such  adjustment  appropriate.

     7.2  PERFORMANCE  GOALS.  Performance goals determined by the Committee may
be based on specified increases in cash flow; net profits; Stock price; Company,
segment, or Affiliate sales; market share; earnings per share; return on assets;
and/or  return  on  stockholders'  equity.

     7.3  ELIGIBLITY.  The  Employees  eligible for Performance Stock Awards are
the  senior officers (i.e., chief executive officer, president, vice presidents,
secretary,  treasurer, and similar positions) of the Company and its Affiliates,
and  such other employees of the Company and its Affiliates as may be designated
by  the  Committee.

     7.4  CERTIFICATE  OF  PERFORMANCE.  The  Committee  must certify in writing
that  a  performance goal has been attained prior to issuance of any certificate
for  a  Performance Stock Award to any Employee.  If the Committee certifies the
entitlement  of an Employee to the Performance Stock Award, the certificate will
be  issued  to the Employee as soon as administratively practicable, and subject
to  other  applicable  provisions of the Plan, including but not limited to, all
legal  requirements and tax withholding.  However, payment may be made in shares
of  Stock,  in  cash,  or  partly  in cash and partly in shares of Stock, as the
Committee  shall  decide  in  its sole discretion.  If a cash payment is made in
lieu  of shares of Stock, the number of shares represented by such payment shall
not  be  available  for  subsequent  issuance  under  this  Plan.

                          ARTICLE VIII - ADMINISTRATION

     The  Committee  shall administer the Plan.  All questions of interpretation
and  application of the Plan and Awards shall be subject to the determination of
the  Committee.  A  majority  of the members of the Committee shall constitute a
quorum.  All  determinations of the Committee shall be made by a majority of its
members.  Any  decision  or  determination  reduced  to  writing and signed by a
majority  of  the  members  shall  be  as  effective as if it had been made by a
majority  vote  at  a  meeting  properly  called  and  held.  This Plan shall be
administered  in such a manner as to permit the Options, which are designated to
be  Incentive  Options,  to  qualify  as Incentive Options.  In carrying out its
authority under this Plan, the Committee shall have full and final authority and
discretion,  including  but  not  limited  to  the  following rights, powers and
authorities,  to:

     (a)  determine  the Eligible Persons to whom and the time or times at which
Options  or  Awards  will  be  made;

     (b)  determine the number of shares and the purchase price of Stock covered
in  each  Option  or  Award,  subject  to  the  terms  of  the  Plan;

<PAGE>
     (c)  determine  the  terms,  provisions,  and conditions of each Option and
Award,  which  need  not  be  identical;

     (d)  accelerate  the  time  at  which  any outstanding Option or SAR may be
exercised,  or  Restricted  Stock  Award  will  vest;

     (e)  define  the  effect,  if  any,  or  an  Option  or Award of the death,
disability,  retirement,  or  termination  of  employment  of  the  Employee;

     (f)  prescribe,  amend  and  rescind  rules  and  regulations  relating  to
administration  of  the  Plan;  and

     (g)  make  all  other  determinations  and  take  all  other actions deemed
necessary, appropriate, or advisable for the proper administration of this Plan.

     The  actions  of the Committee in exercising all of the rights, powers, and
authorities  set  out  in this Article and all other Articles of this Plan, when
performed in good faith and in its sole judgment, shall be final, conclusive and
binding  on  all  parties.

                  ARTICLE IX - AMENDMENT OR TERMINATION OF PLAN

     The  Board of Directors of the Company may amend, terminate or suspend this
Plan  at  any time, in its sole and absolute discretion; provided, however, that
to  the  extent required to qualify this Plan under Rule 16b-3 promulgated under
Section 16 of the Securities Exchange Act of 1934, as amended, no amendment that
would  (a)  materially increase the number of shares of Stock that may be issued
under  this  Plan,  (b) materially modify the requirements as to eligibility for
participation  in  this  Plan, or (c) otherwise materially increase the benefits
accruing  to participants under this Plan, shall be made without the approval of
the  Company's  stockholders;  provided  further,  however,  that  to the extent
required  to  maintain  the  status  of  any Incentive Option under the Code, no
amendment  that  would  (a) change the aggregate number of shares of Stock which
may  be  issued  under  Incentive  Options,  (b)  change  the class of employees
eligible  to  receive  Incentive  Options,  or (c) decrease the Option price for
Incentive  Options  below  the  Fair Market Value of the Stock at the time it is
granted,  shall  be  made  without  the  approval of the Company's stockholders.
Subject  to  the preceding sentence, the Board of Directors shall have the power
to  make  any  changes  in  the  Plan  and in the regulations and administrative
provisions  under it or in any outstanding Incentive Option as in the opinion of
counsel  for  the  Company  may be necessary or appropriate from time to time to
enable any Incentive Option granted under this Plan to continue to qualify as an
incentive  stock  option  or such other stock option as may be defined under the
Code  so  as  to  receive  preferential  federal  income  tax  treatment.

<PAGE>
                            ARTICLE X - MISCELLANEOUS

     10.1  NO ESTABLISHMENT OF A TRUST FUND.  No property shall be set aside nor
shall  a  trust  fund  of  any  kind  be established to secure the rights of any
Eligible  Person  under this Plan.  All Eligible Persons shall at all times rely
solely  upon  the  general  credit of the Company for the payment of any benefit
which  becomes  payable  under  this  Plan.

     10.2  NO  EMPLOYMENT OBLIGATION.  The granting of any Option or Award shall
not  constitute  an employment contract, express or implied, nor impose upon the
Company  or  any  Affiliate  any  obligation to employ or continue to employ any
Eligible  Person.  The  right  of  the Company or any Affiliate to terminate the
employment  of  any  person shall not be diminished or affected by reason of the
fact  that  an  Option  or  Award  has  been  granted  to  him.

     10.3  FORFEITURE.  Notwithstanding  any  other  provisions of this Plan, if
the  Committee  finds  by  a majority vote after full consideration of the facts
that  an Eligible Person, before or after termination of his employment with the
Company  or  an  Affiliate  for  any  reason  (a) committed or engaged in fraud,
embezzlement,  theft, commission of a felony, or proven dishonesty in the course
of  his  employment  by  the  Company or an Affiliate, which conduct damaged the
Company or Affiliate, or disclosed trade secrets of the Company or an Affiliate,
or (b) participated, engaged in or had a material, financial, or other interest,
whether  as an employee, officer, director, consultant, contractor, stockholder,
owner,  or  otherwise,  in any commercial endeavor in the United States which is
competitive with the business of the Company or an Affiliate without the written
consent  of  the  Company  or  Affiliate,  the Eligible Person shall forfeit all
outstanding  Options  and  all  outstanding  Awards, and including all exercised
Options and other situations pursuant to which the Company has not yet delivered
a  stock  certificate.  Clause  (b)  shall  not  be deemed to have been violated
solely  by  reason  of the Eligible Person's ownership of stock or securities of
any  publicly  owned corporation, if that ownership does not result in effective
control  of  the  corporation.

     The  decision  of the Committee as to the cause of an Employee's discharge,
the  damage  done  to the Company or an Affiliate, and the extent of an Eligible
Person's  competitive  activity  shall  be final.  No decision of the Committee,
however,  shall  affect  the  finality  of  the discharge of the Employee by the
Company  or  an  Affiliate  in  any  manner.

     10.4  TAX  WITHHOLDING.  The  Company or any Affiliate shall be entitled to
deduct from other compensation payable to each Eligible Person any sums required
by  federal, state, or local tax law to be withheld with respect to the grant or
exercise  of  an  Option  or  SAR, lapse of restrictions on Restricted Stock, or
award  of  Performance  Stock.  In  the alternative, the Company may require the
Eligible  Person  (or  other  person exercising the Option, SAR or receiving the
Stock)  to  pay  the  sum directly to the employer corporation.  If the Eligible
Person  (or other person exercising the Option or

<PAGE>
SAR or receiving the Stock) is required to pay the sum directly, payment in cash
or  by  check of such sums for taxes shall be delivered within 10 days after the
date  of exercise or lapse of restrictions. The Company shall have no obligation
upon  exercise of any Option or lapse of restrictions on Stock until payment has
been  received,  unless  withholding (or offset against a cash payment) as of or
prior  to  the  date of exercise or lapse of restrictions is sufficient to cover
all sums due with respect to that exercise. The Company and its Affiliates shall
not be obligated to advise an Eligible Person of the existence of the tax or the
amount  which  the  employer  corporation  will  be  required  to  withhold.

     10.5  WRITTEN  AGREEMENT.  Each  Option  and  Award  shall be embodied in a
written  agreement  which  shall  be subject to the terms and conditions of this
Plan and shall be signed by the Eligible Person and by a member of the Committee
on  behalf  of  the  Committee  and  the  Company or an executive officer of the
Company,  other  than  the  Eligible  Person,  on  behalf  of  the Company.  The
agreement  may contain any other provisions that the Committee in its discretion
shall  deem  advisable  which  are not inconsistent with the terms of this Plan.

     10.6  INDEMNIFICATION  OF  THE  COMMITTEE AND THE BOARD OF DIRECTORS.  With
respect to administration of this Plan, the Company shall indemnify each present
and  future member of the Committee and the Board of Directors against, and each
member  of  the  Committee  and the Board of Directors shall be entitled without
further  act  on  his  part  to  indemnity  from  the  Company for, all expenses
(including  attorney's fees, the amount of judgments, and the amount of approved
settlements  made  with  a view to the curtailment of costs of litigation, other
than  amounts  paid  to  the  Company  itself)  reasonably  incurred  by  him in
connection  with  or  arising out of any action, suit, or proceeding in which he
may  be involved by reason of his being or having been a member of the Committee
and/or the Board of Directors, whether or not he continues to be a member of the
Committee  and/or  the Board of Directors at the time of incurring the expenses,
including,  without limitation, matters as to which he shall be finally adjudged
in  any  action, suit or proceeding to have been found to have been negligent in
the  performance  of  his  duty  as  a  member  of the Committee or the Board of
Directors.  However,  this  indemnity shall not include any expenses incurred by
any  member of the Committee and/or the Board of Directors in respect of matters
as  to  which  he shall be finally adjudged in any action, suit or proceeding to
have been guilty of gross negligence or willful misconduct in the performance of
his  duty as a member of the Committee and the Board of Directors.  In addition,
no right of indemnification under this Plan shall be available to or enforceable
by any member of the Committee and the Board of Directors unless, within 60 days
after  institution  of any action, suit or proceeding, he shall have offered the
Company,  in  writing,  the  opportunity  to  handle  and defend same at its own
expense.  This right of indemnification shall inure to the benefit of the heirs,
executors  or  administrators  of  each member of the Committee and the Board of
Directors  and shall be in addition to all other rights to which a member of the
Committee  and  the  Board  of  Directors  may  be  entitled as a matter of law,
contract,  or  otherwise.

<PAGE>
     10.7  GENDER.  If  the  context  requires, words of one gender when used in
this  Plan  shall  include  the  others and words used in the singular or plural
shall  include  the  other.

     10.8  HEADINGS.  Headings  of  Articles  and  Sections  are  included  for
convenience  of  reference only and do not constitute part of the Plan and shall
not  be  used  in  construing  the  terms  of  the  Plan.

     10.9  OTHER COMPENSATION PLANS.  The adoption of this Plan shall not affect
any  other  stock  option,  incentive  or other compensation or benefit plans in
effect for the Company or any Affiliate, nor shall the Plan preclude the Company
from  establishing  any  other  forms  of  incentive  or  other compensation for
employees  of  the  Company  or  any  Affiliate.

     10.10  OTHER  OPTIONS OR AWARDS.  The grant of an Option or Award shall not
confer upon the Eligible Person the right to receive any future or other Options
or  Awards  under  this Plan, whether or not Options or Awards may be granted to
similarly  situated  Eligible Persons, or the right to receive future Options or
Awards  upon  the  same  terms  or  conditions  as  previously  granted.

     10.11  GOVERNING  LAW.  The  provisions  of  this  Plan shall be construed,
administered,  and  governed  under  the  laws  of  the  State  of  Nevada.

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