Document:

PANTHER TELECOMMUNICATIONS CORPORATION
                                STOCK OPTION PLAN

1.                Purposes of the Plan.  The purposes of this Plan are:

          a.   to attract and retain the best available personnel for positions
               of substantial responsibility;

          b.   to provide additional incentive to Employees and Consultants;

          c.   to attract,  engage, and compensate  consultants and non-employee
               directors; and

          d.   to promote the success of the Company's business.

2.        Definitions. As used herein, the following definitions shall apply:

          a.   "Administrator"  means the Board or any of its  Committees  shall
               be administering  the Plan, in   accordance with Section 4 of the
               Plan.

          b.   "Applicable   Laws"  means  the  requirements   relating  to  the
               administration  of stock option plans under U.S. state  corporate
               laws, U.S. federal and state securities laws, the Code, any stock
               exchange or quotation  system on which the Common Stock is listed
               or quoted,  and the applicable  laws of any foreign  jurisdiction
               where Options are, or will be, granted under the Plan.

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

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

          e.   "Committee"  means  a  Committee  appointed  by  the  Board  in
               accordance with Section  4 of the Plan.

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

          g.   "Company" means Panther Telecommunications Corporation.

          h.   "Consultant" means any person, including an advisor,  engaged by
               the  Company or a Parent or Subsidiary to render services to such
               entity.

          i.   "Continuous  Status as an  Employee or Consultant" means that the
               employment  or  consulting  relationship  with the  Company,  any
               Parent,   or  Subsidiary,   is  not  interrupted  or  terminated.
               Continuous  Status  as an  Employee  or  Consultant  shall not be
               considered  interrupted  in the case of (i) any leave of  absence

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               approved by the Company or (ii)  transfers  between  locations of
               the Company or between the Company,  its Parent,  any Subsidiary,
               or any  successor.  A leave of absence  approved  by the  Company
               shall include sick leave,  military  leave, or any other personal
               leave approved by an authorized representative of the Company.

          j.   "Director" means a member of the Board.

          k.   "Disability" means total and permanent disability as defined in
               Section 22(e)(3) of the Code.

          l.   "Eligible Persons" means those persons described in paragraph 5.

          m.   "Employee" means any person who, on the date he or she is granted
               an Option  under this Plan is (i)  employed by the Company or any
               Parent or Subsidiary  of the Company,  and (ii) is not an Officer
               or  Director of the  Company or any Parent or  Subsidiary  of the
               Company.   Neither  service  as  a  Director  nor  payment  of  a
               director's  fee by the Company  shall be sufficient to constitute
               "employment" by the Company. An Employee who is not an Officer or
               Director  on the date he or she is granted  an Option  under this
               Plan,  but who  thereafter  becomes an Officer or Director of the
               Company  or  any  Parent  or  Subsidiary  of the  Company,  shall
               continue to be an "Employee" under this Plan for purposes of such
               Option.

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

          o.   "Fair Market  Value" means,  as of any date,  the value of Common
               Stock determined as the closing sales price for such Common Stock
               (or the closing bid, if no sales were reported) as quoted on such
               exchange or system for the date of determination,  as reported in
               The Wall Street Journal or such other source as the Administrator
               deems reliable.  In the absence of an established  market for the
               Common  Stock,  the Fair Market Value shall be determined in good
               faith by the Administrator.

          p.   "Incentive  Stock  Option" means an option as defined in Section
               422 of the Code.

          q.   "Misconduct"  means the  Optionee  (i) is  convicted  of a felony
               involving dishonesty or moral turpitude, (ii) committed an act of
               dishonesty intended to result in substantial personal enrichment,
               (iii) engaged in actions intended to cause significant  injury to
               the  Company  (including   derogatory  statements  regarding  the
               Company,  but excluding  statements  made in connection  with any
               legal action filed  against the  Company),  or (iv)  breached the
               non-disclosure,  non-compete  or  non-solicit  provisions  of any
               agreement between the Optionee and the Company.

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          r.   "Nonstatutory  Stock  Option"  means an Option  not  intended  to
               qualify  as an  incentive  stock  option  within  the  meaning of
               Section  422  of  the  Code  and  the   regulations   promulgated
               thereunder.

          s.   "Notice of Grant" means a written or electronic notice evidencing
               certain terms and conditions of an individual  Option grant.  The
               Notice of Grant is part of the Option Agreement.

          t.   "Officer"  means a person who is an officer  of the  Company  (i)
               within the  meaning of  Section  16 of the  Exchange  Act and the
               rules and regulations promulgated  thereunder,  or (ii) by virtue
               of having the title of vice president or above.

          u.   "Option" means a stock option granted pursuant to the Plan.

          v.   "Option  Agreement" means an agreement between the Company and an
               Optionee  evidencing  the terms and  conditions  of an individual
               Option  grant.  The Option  Agreement is subject to the terms and
               conditions of the Plan.

          w.   "Optioned Stock" means the Common Stock subject to an Option.

          x.   "Optionee"  means  an  Employee  or  Consultant  who  holds  an
               outstanding Option.

          y.   "Parent" means a "parent  corporation",  whether now or hereafter
               existing, as defined in Section 424(e) of the Code.

          z.   "Plan" means this Stock Option Plan.

          aa   "Share"  means  a share  of the  Common  Stock,  as  adjusted  in
               accordance with Section 13 of the Plan.

          bb.  "Subsidiary"  means a  "subsidiary  corporation",  whether now or
               hereafter existing, as defined in Section 424(f) of the Code.

3.       Type and Amount of Option. Subject to the provisions  of  Section 13 of
         the Plan, the maximum  aggregate  number of Shares that may be optioned
         and sold under the Plan is  1,500,000.   The Shares may be  authorized,
         but unissued,  or reacquired  Common  Stock.   If an Option  expires or
         becomes  unexercisable  without  having been   exercised  in full,  the
         unpurchased  Shares that were  subject  thereto shall become  available
         for  future  grant  or  sale  under  the  Plan  (unless  the  Plan  has
         terminated).

         The Board or the Committee is authorized to issue Incentive Stock
         Options ("ISOs") which meet the requirements of Section 422 of the
         Code. The Board or the Committee is also, in its discretion, authorized
         to issue options which are not ISOs, which options are hereinafter
         referred to collectively as Non-Statutory Options ("NSOs"), or

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         singularly as an NSO. The Board or the Committee is also authorized to
         issue "Reload Options," which options are hereinafter referred to
         collectively as Reload Options, or singularly as a Reload Option.
         Except where the context indicates to the contrary, the term "Option"
         or "Options" means ISOs, NSOS, and Reload Options.

         The Board or the Committee may include a Reload Option provision in the
         grant of option. A Reload Option provision provides that if the
         Eligible Person pays th exercise price of Shares to be purchased by the
         exercise of an ISO, NSO or another Reload Option (the "Original
         Option") by delivering to the Company Shares already owned by the
         Eligible Person (the "Tendered Shares"), the Eligible Person shall
         receive a Reload Option which shall be a new Option to purchase Shares
         equal in number to the Tendered Shares. The terms of any Reload Option
         shall be determined by the Board of the Committee consistent with the
         provisions of this Plan.

4.       Administration of the Plan.

         a.    Administration.  The Plan shall be administered by (A) the Board,
               or (B) a  Committee,  which  Committee  shall be  constituted  to
               satisfy  Applicable  Laws. Once  appointed,  such Committee shall
               serve in its designated  capacity until otherwise directed by the
               Board.  The  Board may  increase  the size of the  Committee  and
               appoint  additional  members,  remove  members  (with or  without
               cause)  and  substitute  new  members,  fill  vacancies  (however
               caused),  and remove all members of the Committee and  thereafter
               directly  administer  the Plan,  all to the extent  permitted  by
               Applicable Laws.

         b.    Powers of the  Administrator.  Subject to the  provisions  of the
               Plan,  and in the case of a  Committee,  subject to the  specific
               duties   delegated   by  the   Board  to  such   Committee,   the
               Administrator shall have the authority, in its discretion:

               i.   to determine the Fair Market Value of the Common Stock;

               ii.  to select the  Consultants and Employees to whom Options may
                    be granted hereunder;

               iii. to determine  whether  and to what  extent  Options  or any
                    combination thereof, are granted hereunder;

               iv.  to determine   the  number  of  shares of Common Stock to be
                    covered by each Option granted hereunder;

               v.   to approve forms of agreement for use under the Plan;

               vi.  to determine the terms and conditions, not inconsistent with
                    the terms of the Plan, of any award granted hereunder.  Such

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                    terms and  conditions  include,  but are not limited to, the
                    exercise  price,  the  time or  times  when  Options  may be
                    exercised (which may be based on performance criteria),  any
                    vesting  acceleration or waiver of forfeiture  restrictions,
                    and any  restriction  or limitation  regarding any Option or
                    the shares of Common Stock relating  thereto,  based in each
                    case on  such  factors  as the  Administrator,  in its  sole
                    discretion, shall determine;

               vii. to construe and  interpret  the terms of the Plan and awards
                    granted pursuant to the Plan;

               viii.to  prescribe,  amend  and  rescind  rules  and  regulations
                    relating  to  the  Plan,  including  rules  and  regulations
                    relating  to  sub-plans   established  for  the  purpose  of
                    qualifying  for preferred  tax  treatment  under foreign tax
                    laws;

               ix.b to modify or amend each Option  (subject to Section 15(b) of
                    the Plan),  including the discretionary  authority to extend
                    the post-termination exercisability period of Options;

               x.   to authorize  any person to execute on behalf of the Company
                    any  instrument  required  to effect  the grant of an Option
                    previously granted by the Administrator;

               xi.  to  determine  the  terms  and  restrictions  applicable  to
                    Options;

               xii. to determine whether and under what  circumstances an Option
                    may be settled in cash under Section 10(f) instead of Common
                    Stock;

               xiii. to determine  whether,   to  what  extent  and  under  what
                    circumstances  Common Stock and other  amounts  payable with
                    respect to an award under this Plan shall be deferred either
                    automatically   or  at  the  election  of  the   participant
                    (including providing for and determining the amount (if any)
                    of any deemed  earnings on any  deferred  amount  during any
                    deferral period); and

               xiv. to  make  all  other  determinations   deemed  necessary  or
                    advisable for administering the Plan.

          c.   Effect   of   Administrator's   Decision.   The   Administrator's
               decisions,  determinations and interpretations shall be final and
               binding on all Optionees and any other holders of Options.

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5.        Eligible Persons.

          a.   With respect to ISOs an Eligible  Person means any individual who
               has been  employed  by the  Company or by any  subsidiary  of the
               Company, for a continuous period of at least ten (10) days.

          b.   With respect to NSOS, an Eligible Person means (i) any individual
               who has been employed by the Company or by any  subsidiary of the
               Company,  for a continuous period of at least ten (10) days, (ii)
               any director of the Company or any subsidiary of the Company,  or
               (iii) any  consultant  of the  Company or any  subsidiary  of the
               Company.

6.        Limitation.  Neither  the Plan nor any  Option  shall  confer  upon an
          Optionee  any  right  with  respect  to  continuing   the   Optionee's
          employment or consulting relationship with the Company, nor shall they
          interfere in any way with the Optionee's  right or the Company's right
          to terminate such  employment or consulting  relationship at any time,
          with or without cause.

7.        Term of Plan. The Plan shall become effective upon its adoption by the
          Board. It shall continue in effect for a term of ten (10) years unless
          terminated earlier under Section 15 of the Plan.

8.        Term of Option.  The term of each Option shall be stated in the Notice
          of Grant.

9.        Option Exercise Price and Consideration.

          a.   Option  Price.  The option price per share shall be determined by
               the Board or the Committee at the time any Option is granted, and
               shall be determined by the Board or the Committee at the time any
               Option is granted,  and shall not be less than (i) in the case of
               an ISO, the fair market value, (ii) in the case of an ISO granted
               to a ten percent or greater  shareholder,  110 percent  (110%) of
               the fair market  value,  or (iii) in the case of an NSO, not less
               than 55% of the fair market  value (but in no event less than the
               par  value)  of one  share of Stock  on the  date the  option  si
               granted, as determined by the Board or the Committee. Fair market
               value as used herein shall be:

               i.   If  shares  of  Stock  shall be  traded  on an  exchange  or
                    over-the-counter  market,  the mean between the high and low
                    sales prices of Stock on such  exchange or  over-the-counter
                    on which such  shares  shall be traded on that  date,  or if
                    such exchange or over-the-counter  market is closed or if no
                    shares shall have traded on such date, on the last preceding
                    date on which such shares shall have traded.

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               ii.  If shares of Stock  shall  not be traded on an  exchange  or
                    over-the-counter  market,  the  value  as  determined  by  a
                    recognized  appraiser  as selected by the Board or the stock
                    Option Committee.

          b.   Waiting  Period  and  Exercise  Dates.  At the time an  Option is
               granted,  the Administrator shall fix the period within which the
               Option may be exercised and shall determine any conditions  which
               must be  satisfied  before  the Option  may be  exercised.  In so
               doing,  the  Administrator  may specify that an Option may not be
               exercised  until  the  completion  of a  service  period  or  the
               attainment  of  certain   performance  goals  determined  by  the
               Administrator.

          c.   Form of  Consideration.  The  Administrator  shall  determine the
               acceptable  form  of  consideration  for  exercising  an  Option,
               including the method of payment.  Such  consideration may consist
               entirely of:

               i.   cash;

               ii.  check;

               iii. other Shares which (A) in the case of Shares  acquired  upon
                    exercise of an option,  have been owned by the  Optionee for
                    more than six (6) months on the date of  surrender,  and (B)
                    have a Fair Market Value on the date of  surrender  equal to
                    the aggregate  exercise price of the Shares as to which said
                    Option shall be exercised;

               iv.  delivery of a properly  executed  exercise  notice  together
                    with such other  documentation as the  Administrator and the
                    broker,  if applicable,  shall require to effect an exercise
                    of the Option  and  delivery  to the  Company of the sale or
                    loan proceeds required to pay the exercise price;

               v.   a reduction  in the amount of any Company  liability  to the
                    Optionee,   including  any  liability  attributable  to  the
                    Optionee's  participation in any Company- sponsored deferred
                    compensation program or arrangement;

               vi.  any combination of the foregoing methods of payment; or

               vii. such  other  consideration  and  method of  payment  for the
                    issuance  of Shares to the extent  permitted  by  Applicable
                    Laws.

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10.               Exercise of Option.

          a.   Procedure  for  Exercise;  Rights as a  Shareholder.  Any  Option
               granted hereunder shall be exercisable  according to the terms of
               the  Plan  and  at  such  times  and  under  such  conditions  as
               determined  by the  Administrator  and set  forth  in the  Option
               Agreement.

               An Option may not be exercised for a fraction of a Share.

               An Option shall be deemed  exercised  when the Company  receives:
               (i) written or electronic  notice of exercise (in accordance with
               the Option  Agreement)  from the person  entitled to exercise the
               Option,  and (ii) full  payment  for the Shares  with  respect to
               which the Option is  exercised.  Full  payment may consist of any
               consideration   and   method  of   payment   authorized   by  the
               Administrator and permitted by the Option Agreement and the Plan.
               Shares  issued upon  exercise of an Option shall be issued in the
               name of the Optionee or, if  requested  by the  Optionee,  in the
               name of the  Optionee  and his or her  spouse.  Until  the  stock
               certificate evidencing such Shares is issued (as evidenced by the
               appropriate  entry  on  the  books  of the  Company  or of a duly
               authorized  transfer  agent of the Company),  no right to vote or
               receive  dividends  or any other  rights as a  shareholder  shall
               exist with respect to the  Optioned  Stock,  notwithstanding  the
               exercise of the Option.  The Company  shall issue (or cause to be
               issued)  such  stock  certificate  promptly  after the  Option is
               exercised.  No  adjustment  will be made for a dividend  or other
               right for which  the  record  date is prior to the date the stock
               certificate  is issued,  except as  provided in Section 13 of the
               Plan.

               Exercising  an Option in any manner shall  decrease the number of
               Shares  thereafter  available,  both for purposes of the Plan and
               for sale  under the  Option,  by the number of Shares as to which
               the Option is exercised.

          b.   Termination  of  Employment  or  Consulting  Relationship.   Upon
               termination of an Optionee's  Continuous Status as an Employee or
               Consultant,  other than as provided for in Sections 10(c),  10(d)
               and 10(e), the Optionee may exercise his or her Option,  but only
               within  such  period  of time as is  specified  in the  Notice of
               Grant,  and only to the extent that the  Optionee was entitled to
               exercise  it at the date of  termination  (but in no event  later
               than the  expiration  of the term of such  Option as set forth in
               the Notice of Grant).  In the absence of a specified  time in the
               Notice of Grant, the Option shall remain exercisable for 180 days
               following  the  Optionee's  termination.   If,  on  the  date  of
               termination,  the  Optionee  is  not  entitled  to  exercise  the
               Optionee's entire Option, the Shares covered by the unexercisable
               portion  of the  Option  shall  revert  to the  Plan.  If,  after
               termination,  the  Optionee  does not  exercise his or her Option
               within the time specified by the Administrator,  the Option shall
               terminate,  and the Shares covered by such Option shall revert to
               the Plan.

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               i.   Notwithstanding  the  above,  in  the  event  an  Optionee's
                    Continuous  Status as an Employee or  Consultant  terminates
                    and  the  Optionee  performs  an  act  of  Misconduct,   all
                    unexercised  Options held by such Optionee shall expire five
                    (5) business days following  written notice from the Company
                    to the Optionee.

          ii.       Notwithstanding  the  above,  in the event of an  Optionee's
                    change in status from  Consultant to Employee or Employee to
                    Consultant,  an Optionee's  Continuous Status as an Employee
                    or Consultant shall not automatically  terminate solely as a
                    result of such change in status.

          c.   Disability   of  Optionee.   In  the  event  that  an  Optionee's
               Continuous  Status as an Employee or  Consultant  terminates as a
               result of the  Optionee's  Disability,  the Optionee may exercise
               his or her Option at any time within  twelve (12) months from the
               date  of  such  termination,  but  only to the  extent  that  the
               Optionee  was  entitled  to  exercise  it at  the  date  of  such
               termination  (but in no event  later than the  expiration  of the
               term of such Option as set forth in the Notice of Grant).  If, at
               the date of termination, the Optionee is not entitled to exercise
               his or her entire Option, the Shares covered by the unexercisable
               portion  of the  Option  shall  revert  to the  Plan.  If,  after
               termination,  the  Optionee  does not  exercise his or her Option
               within the time specified herein, the Option shall terminate, and
               the Shares covered by such Option shall revert to the Plan.

          d.   Death of Optionee. In the event of the death of an Optionee,  the
               Option may be  exercised  at any time  within  twelve (12) months
               following  the date of  death  (but in no  event  later  than the
               expiration  of the term of such Option as set forth in the Notice
               of Grant),  by the Optionee's  estate or by a person who acquired
               the right to exercise the Option by bequest or  inheritance,  but
               only to the extent that the Optionee was entitled to exercise the
               Option  at the  date of  death.  If,  at the time of  death,  the
               Optionee was not  entitled to exercise his or her entire  Option,
               the  Shares  covered by the  unexercisable  portion of the Option
               shall  immediately  revert  to the Plan.  If,  after  death,  the
               Optionee's  estate or a person who acquired the right to exercise
               the Option by bequest or inheritance does not exercise the Option
               within the time specified herein, the Option shall terminate, and
               the Shares covered by such Option shall revert to the Plan.

          e.   Buyout Provisions. The Administrator may at any time offer to buy
               out for a payment in cash or Shares, an Option previously granted
               based on such terms and  conditions  as the  Administrator  shall
               establish and  communicate  to the Optionee at the time that such
               offer is made.

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11.  Withholding  Taxes.  In  accordance  with  any  applicable   administrative
     guidelines it establishes,  the  Administrator may allow a purchaser to pay
     the  amount  of taxes  required  by law to be  withheld  as a  result  of a
     purchase of Shares or a lapse of  restrictions  in  connection  with Shares
     purchased  pursuant to an Option, by withholding from any payment of Common
     Stock  due as a result of such  purchase  or lapse of  restrictions,  or by
     permitting  the  purchaser to deliver to the Company,  Shares having a Fair
     Market Value,  as determined by the  Administrator,  equal to the amount of
     such required withholding taxes.

12.  Non-Transferability   of  Options.   Unless  otherwise   specified  by  the
     Administrator  in the Notice of Grant, an Option may not be sold,  pledged,
     assigned,  hypothecated,  transferred,  or disposed of in any manner  other
     than  by  will  or by the  laws  of  descent  or  distribution  and  may be
     exercised,  during the lifetime of the Optionee,  only by the Optionee.  If
     the Administrator makes an Option  transferable,  such Option shall contain
     such   additional   terms  and  conditions  as  the   Administrator   deems
     appropriate.

13.  Adjustments Upon Changes  in Capitalization, Dissolution,  Merger  or Asset
     Sale.

          a.   Changes in Capitalization.  Subject to any required action by the
               stockholders of the Company, the number of shares of Common Stock
               covered by each outstanding  Option,  and the number of shares of
               Common Stock which have been  authorized  for issuance  under the
               Plan but as to which no  Options  have yet been  granted or which
               have been returned to the Plan upon cancellation or expiration of
               an Option, as well as the price per share of Common Stock covered
               by  each  such  outstanding  Option,   shall  be  proportionately
               adjusted  for any  increase  or  decrease in the number of issued
               shares of Common  Stock  resulting  from a stock  split,  reverse
               stock split, stock dividend,  combination or  reclassification of
               the Common Stock, or any other increase or decrease in the number
               of issued  shares of Common  Stock  effected  without  receipt of
               consideration by the Company; provided,  however, that conversion
               of any convertible  securities of the Company shall not be deemed
               to have been "effected  without receipt of  consideration."  Such
               adjustment  shall be made by the Board,  whose  determination  in
               that respect shall be final,  binding and  conclusive.  Except as
               expressly  provided herein,  no issuance by the Company of shares
               of stock of any class, or securities  convertible  into shares of
               stock of any class,  shall  affect,  and no  adjustment by reason
               thereof  shall be made with  respect  to,  the number or price of
               shares of Common Stock subject to an Option.

          b.   Dissolution  or  Liquidation.   In  the  event  of  the  proposed
               dissolution  or  liquidation  of the Company,  the  Administrator
               shall notify each  Optionee as soon as  practicable  prior to the
               effective date of such proposed transaction. The Administrator in
               its  discretion  may provide for an Optionee to have the right to
               exercise  his or her  Option  until ten (10)  days  prior to such
               transaction  as to all of the  Optioned  Stock  covered  thereby,
               including  Shares as to which the Option  would not  otherwise be
               exercisable.  In addition, the Administrator may provide that any
               Company repurchase rights applicable to any Shares purchased upon

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               exercise of an Option shall lapse as to all such Shares, provided
               the proposed  dissolution or liquidation  takes place at the time
               and in the  manner  contemplated.  To the  extent it has not been
               previously exercised,  an Option will terminate immediately prior
               to the consummation of such proposed action.

          c.   Merger or Asset  Sale.  In the  event of a merger of the  Company
               with or into another  corporation,  or the sale of  substantially
               all of the assets of the Company,  each outstanding  Option shall
               be assumed or an equivalent  option  substituted by the successor
               corporation   or  a  Parent  or   Subsidiary   of  the  successor
               corporation (the "Successor  Corporation"),  unless the Successor
               Corporation  refuses to assume or substitute  for the Option,  in
               which  case the  Optionee  shall have the right to  exercise  the
               Option as to all of the Optioned  Stock,  including  Shares as to
               which it would  not  otherwise  be  exercisable.  If an Option is
               exercisable in lieu of assumption or substitution in the event of
               a merger or sale of assets,  the  Administrator  shall notify the
               Optionee in writing or  electronically  that the Option  shall be
               fully  exercisable  for a period of not less than forty-five (45)
               days from the date of such notice, and the Option shall terminate
               upon the  expiration  of such  period.  For the  purposes of this
               paragraph,  the Option shall be considered  assumed if, following
               the merger or sale of assets,  the  Option  confers  the right to
               purchase or receive,  for each Share of Optioned Stock subject to
               the Option immediately prior to the merger or sale of assets, the
               consideration  (whether  stock,  cash,  or  other  securities  or
               property)  received in the merger or sale of assets by holders of
               Common  Stock for each  Share held on the  effective  date of the
               transaction   (and  if   holders   were   offered   a  choice  of
               consideration, the type of consideration chosen by the holders of
               a majority of the outstanding Shares); provided, however, that if
               such  consideration  received in the merger or sale of assets was
               not  solely  common  stock  of  the  Successor  Corporation,  the
               Administrator may, with the consent of the Successor Corporation,
               provide for the consideration to be received upon the exercise of
               the  Option,  for each  Share of  Optioned  Stock  subject to the
               Option,  to be solely common stock of the  Successor  Corporation
               equal  in  fair  market  value  to the  per  share  consideration
               received  by  holders  of Common  Stock in the  merger or sale of
               assets.

14.  Date of Grant.  The date of grant of an Option shall be, for all  purposes,
     the date on which the Administrator  makes the determination  granting such
     Option,  or such other later date as is  determined  by the  Administrator.
     Notice of the  determination  shall be provided to each  Optionee  within a
     reasonable time after the date of such grant.

15.  Amendment and Termination of the Plan.

          a.   Amendment  and  Termination.  The  Board  may at any time  amend,
               alter, suspend or terminate the Plan.

                                 Page 11 of 12
<PAGE>

          b.   Effect of Amendment or  Termination.  No  amendment,  alteration,
               suspension or  termination of the Plan shall impair the rights of
               any  Optionee,  unless  mutually  agreed  otherwise  between  the
               Optionee  and  the  Administrator,  which  agreement  must  be in
               writing and signed by the Optionee  and the Company.  Termination
               of the Plan  shall not  affect  the  Administrator's  ability  to
               exercise  the powers  granted  to it  hereunder  with  respect to
               options  granted  under  the  Plan  prior  to the  date  of  such
               termination.

16.            Conditions Upon Issuance of Shares.

          a.   Legal  Compliance.  Shares  shall not be issued  pursuant  to the
               exercise of an Option  unless the exercise of such Option and the
               issuance and delivery of such Shares shall comply with Applicable
               Laws,  including  Section 16 of the  Exchange  Act and Rule 16b-3
               thereunder,  and shall be  further  subject  to the  approval  of
               counsel for the Company with respect to such compliance.

          b.   Investment Representations.  As a condition to the exercise of an
               Option, the Company may require the person exercising such Option
               to represent  and warrant at the time of any such  exercise  that
               the Shares are being  purchased  only for  investment and without
               any present  intention to sell or  distribute  such Shares if, in
               the opinion of counsel for the Company,  such a representation is
               required.

17.  Liability of Company. The inability of the Company to obtain authority from
     any regulatory body having  jurisdiction,  which authority is deemed by the
     Company's  counsel to be necessary  to the lawful  issuance and sale of any
     Shares hereunder,  shall relieve the Company of any liability in respect of
     the  failure  to issue or sell  such  Shares  as to  which  such  requisite
     authority shall not have been obtained.

18.  Reservation of Shares.  The Company,  during the term of this Plan, will at
     all times  reserve  and keep  available  such  number of Shares as shall be
     sufficient to satisfy the requirements of the Plan.

19.  Effective  Date.  This Plan was  adopted by the Board of  Directors  of the
     Company on March 12, 2002. The effective date of the Plan shall be the same
     date.

     DATED as of March 12, 2002.

                              PANTHER TELECOMMUNICATIONS CORPORATION

                              By:
                                ------------------------------------------------
                                              Manuel Sanchez, President

                                  Page 12 of 12Sublease Agreement

     This sublease agreement (the "Sublease Agreement") is made and entered into
as  of  the  1st  day  of   November,   2001,   by  and  between   GLOBALXCHANGE
COMMUNICATIONS,   INC.,  a  Florida  corporation   ("Sublessor"),   and  PANTHER
TELECOMMUNICATIONS CORPORATION., a Florida corporation ("Sublessee").

     WHEREAS,  Sublessor  is lessee from Koala Miami Realty  Holding  Co.,  Inc.
("Landlord")  under a lease dated  August 7, 1998,  as amended,  a copy of which
lease is attached hereto as Exhibit A (the "Main Lease"); and

     WHEREAS, the real property leased by the Main Lease to Sublessor is located
at 5225 NW 87th Ave., Miami, FL 33178, and is more specifically described in the
Main Lease (the "Main Premises"); and

     WHEREAS, Sublessor is desirous of leasing 5,250 square feet which comprises
the  entire  area of Suite 101 which is part of the Main  Premises  set forth in
Exhibit A hereto (the  "Premises")  to Sublessee  upon the terms and  conditions
contained herein.

     NOW,  THEREFORE,  in  consideration  of the  premises,  the  covenants  and
conditions hereinafter contained, and other good and valuable consideration,  it
is mutually agreed by and between the parties hereto as follows:

     1. Sublessor  hereby leases the Premises to Sublessee and Sublessee  leases
        the Premises from Sublessor.

     2. The Term of this Sublease  shall  commence on November 1, 2001 and shall
        end on February 29, 2004.

     3. Sublessee shall pay directly to Sublessor the monthly Base Rent of:

          a.  $7,496.87(plus  applicable sales tax and Additional Rent [as later
              defined]) from November 1, 2001 until February 28, 2002

          b. $7,706.87  (plus  applicable  sales tax and  Additional  Rent) from
             March 1, 2002 until February 28, 2003

          c. $7,930.00  (plus  applicable  sales tax and  Additional  Rent) from
             March 1, 2003 until February 29, 2004

     which  shall be paid in advance and which shall be due on the first of each
     month as  specified  in the Main  Lease.  The  monthly  rent is  subject to
     adjustment in accordance with the terms of the Main Lease. Included in said
     monthly rent are other rental amounts,  taxes and assessments,  maintenance
     fees  and  utilities  specified  in  the  Main  Lease.  In no  event  shall
     Sublessor's  rental  obligations to Landlord specified in the Main Lease be
     reduced or diminished.  Notwithstanding the foregoing, throughout the Term,
     Sublessee shall pay,  directly to the utility company  furnishing same, all

<PAGE>

     charges for electric, telephone and refuse collection to the Premises

  4. Sublessee  additionally  desires to lease from  Sublessor all furniture
     currently  being used at Premises,  including  but not limited to the desk,
     chairs and filing cabinets  located on the Premises as listed on Schedule A
     All furniture  shall be leased to Sublessor in accordance with the terms of
     this  Sublease  Agreement at an  additional  cost of $875.00 per month (the
     "Additional Rent"). This offer will include the use of 20 telephone systems
     and  the  partition  and  maintenance  of the  PBX  systems  by  Sublessor.
     Sublessee agrees to take good care of the furniture and further agrees that
     it will deliver up same to  Sublessor in good  condition at the end of this
     lease, normal wear and tear excepted.  Sublessee agrees to pay promptly any
     invoice  presented by Sublessor for items lost or damaged and/or  requiring
     repair or  replacement  as a result  of  Sublessee's  use of the  Premises,
     normal wear and tear excepted.

  5. Commencing on the Commencement Date,  Sublessee shall be entitled to the
     non-exclusive use in common with the Sublessor's  pro-rata share of parking
     applicable to the Premises at no additional cost to Sublessor.

  6. Sublessee  shall  deliver to  Sublessor  at the time of  execution  of this
     Sublease Agreement $15,860.00 in immediately available funds (the "Security
     Deposit")  to be held by  Sublessor  as security  for the full and faithful
     performance  by  Sublessee  of all the  agreements,  terms,  covenants  and
     conditions set forth herein and applied against  expenses or other costs or
     damages  incurred  by  Sublessor  and to be payable  as damages  and not as
     penalty, upon forfeiture, default or early termination without prejudice to
     any further  claims by  Sublessor  for damages and any remedy for  recovery
     thereof.  In the  event  Sublessee  observes  and  performs  the  terms and
     conditions  of this  Sublease  Agreement,  the  Security  Deposit  shall be
     returned  to  Sublessee  90 days  following  expiration  of the Term or any
     renewals or extensions, as applicable.

  7. Sublessee  shall pay  Sublessor  interest  on all  overdue  rent,  all such
     interest to be calculated  from the date upon which the amount is first due
     hereunder  until actual  payment  thereof and at a rate being the lesser of
     five percent  (5%) per annum in excess of the minimum  lending rate charged
     to prime commercial  borrowers by Sublessor's bank from time to time or the
     maximum  rate  permitted by law. All rent payable by Sublessee to Sublessor
     shall be paid  without  deduction,  set-off or  abatement  except as herein
     expressly provided.

  8. Sublessee shall use the Premises  exclusively  for the purposes  allowed by
     the Main Lease,  and shall conduct its business on the Premises  within the
     same hours of operation as Sublessor.
<PAGE>

  9. Sublessee  hereby  acknowledges  that Sublessor is now leasing the Premises
     from Landlord under the Main Lease,  and the parties hereto expressly agree
     that the Main Lease is incorporated  herein by reference as fully as if its
     terms and  provisions  were herewith set forth in full.  Capitalized  terms
     used herein and not otherwise  defined shall have the meanings set forth in
     the Main Lease.  Except as modified herein,  Sublessee agrees to assume and
     be bound by all responsibilities and duties as Sublessor has under the Main
     Lease. Except as modified herein,  Sublessee shall have the same rights and
     privileges  as  Sublessor  has under the Main  Lease  and  Sublessor  shall
     further have the same rights and  privileges as Landlord has under the Main
     Lease,  where  applicable.  Except as modified herein,  Sublessee agrees to
     fully  indemnify and hold harmless  Sublessor  from any  responsibility  or
     liability  which Sublessor may incur under the Main Lease by virtue of this
     Sublease  Agreement or  Sublessee's  occupancy of the Premises.  Nothing in
     this Sublease Agreement shall be deemed to establish a relationship between
     Landlord and Sublessee.

 10. If Sublessee  shall default in the payment when due of the monthly rent, or
     in the  payment  of any other  payment  required  under  the Main  Lease or
     hereunder,  or shall default in the payment of any other  obligations  from
     Sublessee  to  Sublessor,  Sublessor  or  other  agents  and  employees  of
     Sublessor may,  without notice if said default is in the payment of rent or
     other  monetary  obligations,  or,  if  said  default  is any  non-monetary
     default, upon five (5) days written notice to Sublessee,  during which five
     (5) days such default is not  corrected,  terminate  this  Sublease  and/or
     immediately or at any time thereafter,  reenter the Premises and remove all
     persons and all or any property therefrom. Removal may be either by summary
     dispossession  proceedings or by any suitable  action or proceeding at law,
     or by force or otherwise,  without  Sublessor  being liable to  indictment,
     prosecution  or damages  therefor,  and Sublessor may  repossess,  hold and
     enjoy the Premises,  as the former  estate of Sublessor,  together with all
     additions, alterations and improvements thereto. Notwithstanding the above,
     such recourse shall not be contrary to Florida law.

 11. Sublessee  shall name  Sublessor and Landlord as additional  insureds under
     all  of  Sublessee's   insurance  policies  required  to  be  obtained  and
     maintained  during the term of the  Sublease,  including but not limited to
     liability, fire, workers' compensation and such other forms of insurance as
     are required  under the terms of the Main Lease.  Sublessee  shall  deliver
     copies of all such policies or certificates of insurance to Sublessor prior
     to execution of this Sublease Agreement in accordance with the terms of the
     Main Lease.

 12. Sublessee understands and agrees that this is a lease of space only, except
     as  otherwise  provided,  and  Sublessor  assumes no  liability  for any of
     Sublessee's property, including without limitation, any destruction, damage
     or theft of the property while being stored in the leased space.  Sublessee
     represents  and warrants  that it has  adequate  insurance to cover loss or
     destruction of its property and that its insurance policy contains a waiver
     of subrogation  rights such that its insurance company (and any other third
     party)  shall not have any right of  recovery  for any amount  paid by such
     insurance  company for damages for loss or  destruction  to its property at

<PAGE>

     the Main Premises.  Sublessee  agrees to have its property damage insurance
     company waive any right to subrogation that it may have against  Sublessor.
     Sublessee agrees to indemnify and hold Sublessor  harmless from any damage,
     loss or  injury  resulting  from  Sublessee's  occupancy  of the  Premises,
     including without limitation, any attorney's fees or other costs associated
     with any claim or action  involving  the property or breach of the terms of
     this Sublease. Notwithstanding the above, Sublessor must maintain insurance
     in accordance with the Main Lease.

 13. Sublessee shall indemnify and hold harmless  Sublessor from and against any
     and all claims arising from  Sublessee's  use of the Premises,  or from any
     activity,  work,  or thing done,  permitted  or suffered by Sublessee in or
     about the  Premises  or  elsewhere  and shall  further  indemnify  and hold
     harmless  Sublessor  from and against any and all claims  arising  from any
     breach or default in the performance of any obligation on Sublessee's  part
     to be  performed  under the terms of this  Sublease,  or  arising  from any
     negligence of the Sublessee, or any of Sublessee's agents,  contractors, or
     employees,  and from and against all costs,  attorney's fees,  expenses and
     liabilities  incurred  in the  defense  of any such  claim or any action or
     proceeding brought thereon; and in case any action or proceeding be brought
     against  Sublessor by reason of any such claim,  Sublessee upon notice from
     Sublessor  shall  defend  the  same  at  Sublessee's   expense  by  counsel
     satisfactory   to  Sublessor.   Sublessee,   as  a  material  part  of  the
     consideration  to Sublessor,  hereby assumes all risk of damage to property
     or injury to persons, in, upon or about the Premises arising from any cause
     and  Sublessee   hereby  waives  all  claims  in  respect  thereof  against
     Sublessor.

 14. Sublessor  acknowledges  that  any  termination  of the  Main  Lease  shall
     extinguish this Sublease.

 15. This  Sublease  Agreement  shall be  binding  upon and  shall  inure to the
     benefit of the successors,  assigns,  executors and  administrators  of the
     parties hereto.

 16. Any and all notices,  designations,  consents,  offers,  acceptances or any
     other  communication  provided  for  herein  shall be given in  writing  by
     registered  or  certified  mail which shall be  addressed to the parties as
     follows, or to such other address as may be designated by said parties:

               If to Sublessor, to:
                       GlobalXchange Communications, , Inc.
                       5225 NW 87th Avenue, Suite 100
                       Miami, FL 33178
                       Attn: Anil Ganatra

<PAGE>

               If to Sublessee, to:
                       Panther Telecommunications Corporation.
                       5225 NW 87th Avenue, Suite 101
                       Miami, FL 33178
                       Attn:  Manny Sanchez

 17. The  invalidity or  unenforceability  of any  particular  provision of this
     Sublease  Agreement shall not affect the other provisions  hereof, and this
     Sublease Agreement shall be construed in all respects as if such invalid or
     unenforceable provisions are omitted.

 18. No change or modification  of the Sublease  Agreement shall be valid unless
     the same be in writing and signed by all of the parties hereto.

 19. This Sublease Agreement shall be interpreted under the laws of the State of
     Florida.  The parties hereto agree that all actions or proceedings  arising
     in connection with this Agreement shall be tried and litigated  exclusively
     in the State and Federal courts located in Dade County, State of Florida.

 20. To   the   fullest   extent   permitted   by   law,   and   as   separately
     bargained-for-consideration, each party hereby waives any right to trial by
     jury in any action, suit,  proceeding,  or counterclaim of any kind arising
     out  of  or  relating  to  this  agreement.  Each  party  hereby  expressly
     acknowledges  the inclusion of this jury trial waiver  through the initials
     of its duly authorized representative.

            IN WITNESS WHEREOF, the parties hereto have executed this Sublease
Agreement as of the day, month and year first written above.

                              GLOBALXCHANGE COMMUNICATIONS, INC.

                              By:_________________________________
                              Name:
                              Title:

                              PANTHER TELECOMMUNICATIONS CORPORATION.

                              By: :_________________________________
                              Name:
                              Title:

Landlord's Consent

The undersigned landlord hereby approves the sublease of the Premises to
Sublessee.

Koala Miami Realty Holding Co., Inc.
By Jones Lang LaSalle Americas, Inc., Its Agent

-------------------------------             --------------------
Name:                                                         Date:
Title:   President, Jones Lang LaSalle

<PAGE>
                          Schedule A: Leased Furniture

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