Document:

THE SECURITY  REPRESENTED BY THIS CERTIFICATE OR OTHERWISE  CONTEMPLATED IN THIS
AGREEMENT  HAS BEEN  ACQUIRED  FOR  INVESTMENT  AND NOT  WITH A VIEW  TO,  OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION  THEREOF.  NO SUCH SALE OR DISPOSITION
MAY BE EFFECTED WITHOUT AN EFFECTIVE  REGISTRATION  STATEMENT RELATED THERETO OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                              STOCK BONUS AGREEMENT

THIS STOCK BONUS  AGREEMENT  ("Agreement")  is entered into as of the 1st day of
June,  2001,  by and  between  Accesspoint  Corporation,  a  Nevada  corporation
("Company"), and Maurice Vasquez, an individual ("Employee"). Accesspoint and/or
the Employees are sometimes herein referred to
individually as a "party" and collectively as the "parties."

                                 R E C I T A L S

A.       WHEREAS,  Employee  is an employee  of Processing Source International,
Inc. ("PSI");

B.       WHEREAS, PSI  is  a wholly  owned subsidiary of Accesspoint Corporation
("APC");

C.       WHEREAS, on or about March 19, 1999 the Company adopted the Accesspoint
Corporation 1999 Stock Incentive Plan ("Plan"); and,

D.       WHEREAS,  the  Board of  Directors of  the Company  desire to grant  to
Employee certain stock awards in the form of Preferred stock, Series A, pursuant
to the terms and conditions of this Agreement and the Plan.

NOW,  THEREFORE,  in consideration of the mutual promises  contained herein, and
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:

                                   ARTICLE 1.

                            GRANT OF PREFERRED SHARES

1.1.     GRANT OF PREFERRED  SHARES.  For value received, the Corporation hereby
grants  to  Employee  the  number of shares  of its  Preferred  Stock,  Series A
("Shares"),  set forth on  Schedule  1,  attached  hereto and made a part hereof
("Award").  The Shares  shall be made  available  from  authorized  and unissued
Preferred  Stock,  Series A, of the Company or from shares of  Preferred  Stock,
Series A, held by the Company as treasury  stock.  The  foregoing  Award is made
subject to the terms and conditions

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hereinafter  set  forth.  The above  Preferred  Stock,  Series A, is  subject to
certain redemption,  conversion and other rights and restrictions set forth in a
Certificate of Determination  filed by the Company.  The Company shall not issue
any Preferred  Stock,  Series A, unless and until a Certificate of Determination
is filed by the Company.

1.2.     FAIR MARKET PRICE. The fair market price for the Shares shall be deemed
to be 3% of the  closing  price  at  which a share  of the  common  stock of the
company shall have been valued on the date of the grant pursuant to Schedule 1.

1.3.     PLAN. The Award set forth herein is made expressly subject to the terms
and conditions of the Plan.  Notwithstanding the foregoing,  APC may, in lieu of
awards by the  Company  under the Plan,  or in  coordination  with awards by the
Company  under the Plan,  make stock bonus awards  pursuant to a similar plan or
plans  adopted by APC. It is the intent of the parties to provide  Employee with
the  benefit  of  ultimately  being  eligible  for  conversion  of some stock or
security into Common Shares of the Company.

1.4.     CONVERSION.   The Shares shall,  subject to the terms and conditions of
this Agreement,  be convertible into fully paid non-assessable  shares of Common
Stock upon the  occurrence of the events set forth herein.  Notwithstanding  the
foregoing,  the Shares may not be  converted  if the  issuance  of any shares of
Common Stock upon such conversion would constitute a violation of any applicable
federal or state  securities or other law or  regulation.  As a condition to the
conversion  of the Shares,  the  Company  may  require the  Employee to make any
representation  and warranty to the Company as may be required by any applicable
law or regulation.

1.5.     CONVERSION SCHEDULE.   The  Shares  shall,  subject  to  the  terms and
conditions set forth in this  Agreement,  and subject to forfeiture as set forth
herein,  be  convertible  into  Common  Shares  upon the  attainment  of certain
earnings and revenue  milestones  by APC, as defined at Article 1, in accordance
with the conversion schedule set forth on Schedule 1.

1.6.     TIME FOR  ATTAINMENT  OF  REVENUE  LEVELS.  The  revenue  levels of APC
as milestones  referenced above must be attained by APC within the time periods,
measured from the effective  date of this  Agreement as set forth on Schedule 1.
If the revenue levels are not so attained within the following times, the number
of Shares  available for  conversion  hereunder  shall decrease at a rate of ten
percent (10%) of the then  remaining  amount of Shares  available for conversion
each  calendar  month,  prorated on the basis of number of days in each calendar
month.

1.7.     SHARES AVAILABLE FOR CONVERSION.  The  Shares  available for conversion
shall be  reduced  as a pool as set forth at,  above.  Should the pool of Shares
available for conversion be insufficient to provide for any level of conversion,
in full or part,  at any  time as set  forth in this  Agreement,  the  remaining
conversion  schedule  shall be of no further force or effect and all  conversion
rights  shall expire and  terminate  and no further  Shares shall  convert or be
subject to conversion.

1.8.     SERVICE ADJUSTMENTS. The Shares subject to the Award, whether converted
or  unconverted,  shall be  forfeited  to the Company if the  employment  of the
Employee by the Company or an Affiliate is  terminated  for cause,  as set forth
herein. If such termination  occurs prior to completion of 180 full

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working  days of  continuous  employment  service,  Employee  shall  forfeit one
hundred percent (100%) of the Shares, whether converted or unconverted.  If such
termination  occurs after  completion  of 180 full  working  days of  continuous
employment  service,  but  prior  to  completion  of 270  full  working  days of
continuous  employment  service,  Employee  shall  forfeit  an amount of Shares,
whether  converted  or  unconverted,  equal to 8/9 of the  total  Award  amount,
prorated on the basis of a 30 day month. Thereafter,  for each 30 day period, or
portion  thereof on a 30 day prorated  basis,  of complete  full working days of
continuous  employment  service,  Employee  shall  forfeit  an  amount of shares
reduced  by an  amount  equal to 1/9 of the  total  Award  amount,  so that upon
completion  of 540  full  working  days of  continuous  employment,  none of the
Shares, whether converted or unconverted, pursuant to the Award shall be subject
to forfeiture. All prorations shall be made on the basis of a 30 day month and a
360 day year.

1.9.     SPECIAL CONVERSION OF DEATH OR FULL DISABILITY.  Upon the death or full
disability of Employee,  and subject to the service  adjustments and forfeitures
as set forth above,  ten percent  (10%) of any Shares not then  converted  shall
automatically convert for the benefit of the Employee or the estate of Employee,
and the  remainder of the  conversion  rights shall expire and terminate and any
then unconverted Shares shall be forfeited to the Company.

1.10.    FULL DISABILITY OF EMPLOYEE.  In the event Employee becomes mentally or
physically  disabled to such an extent that Employee is unable to  substantially
perform  Employee's  normal  employment  duties on behalf of the  Company  for a
period  of  thirty  (30)  consecutive  days or more,  the  Company,  at any time
thereafter,  shall have the right, at its sole option, to declare Employee fully
disabled hereunder.

1.11.    DEFINITION  OF  CAUSE.  As used  herein with regard  to  suspension  or
discharge,  cause shall consist of the following:  (i) cause as defined pursuant
to any written  employment  agreement to which the Employee is a party; (ii) the
conviction  of Employee by a court of  competent  jurisdiction  (and to which no
further  appeal  can be taken) of a felony or any other  crime  involving  moral
turpitude;  (iii) the  commission  by  Employee  of an act of fraud or other act
materially  evidencing bad faith or  dishonesty;  (iv) the  misappropriation  by
Employee  of any  funds or  property  or other  rights of the  Company;  (v) the
suspension  or  removal  or  termination  of  Employee  by or at the  request or
requirement of any governmental  authority having jurisdiction over the Company;
(vi) the  willful  refusal  to  follow  any  lawful  directive  of the  Board of
Directors of Company;  or (vii) the breach by Employee of any material  terms of
this Agreement or any other  agreement  between  Employee and the Company or any
affiliate of the Company. The foregoing definition shall be used for purposes of
this  Agreement  only  and  shall  have  no  other  effect,   whether   binding,
interpretive,  illustrative,  or  otherwise,  on  any  employment  relationship,
whether at-will or pursuant to a written agreement employment agreement.

1.12.    EXPIRATION OF CONVERSION RIGHTS.  The  conversion rights with regard to
any and all Shares  which do not become  fully  converted  at the time set forth
therefor  shall be deemed  expired and such Shares shall no longer be subject to
conversion in accordance with the terms and conditions of this  Agreement.  Such
Shares unconverted Shares shall be forfeited to the Company.

1.13.    REVENUE. Subject to adjustment as set forth at Section 1.13, below, the
term revenue as used herein shall mean the gross  revenue of APC from sources as
follows:  (i) all of the capital inflows of

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APC (or enhancements of assets) from producing and delivering  goods,  rendering
services,  or other  activities  that  constitute the ongoing  central  business
operations of APC; and (ii) gross revenues from sales and licensing  transaction
made by APC with regard to the  services  and products of APC for the account or
benefit of APC pursuant to transactions  materially  initiated by Employee or in
which the Employee is or was a direct and substantial influence.  Subject to the
definitions  and  adjustments  set  forth  herein,  the  term  revenue  shall be
construed  hereunder in a manner consistent with generally  accepted  accounting
principles.

1.14.    ADJUSTMENT TO REVENUE.The term revenue as used herein shall be adjusted
to exclude  contributions or distributions from the Company to APC or any of its
affiliated entities,  contributed capital,  equity inconvertments,  tax credits,
and  revenues,  gains and/or  increases in equity or assets from  peripheral  or
incidental  transactions  not otherwise  specifically set forth at Section 1.10,
above.

1.15.    RIGHTS AS SHAREHOLDER.  Employee shall have all rights as a shareholder
of Preferred Stock,  Series A, with respect to the Shares,  except to the extent
that such  rights as a share  owner would cause the Plan not to comply with Rule
16b-3  under  the  Securities  Exchange  Act  of  1934,  as  amended.   Employee
acknowledges that the Preferred Stock, Series A, bear no voting rights.

                                   ARTICLE 2.

                       ISSUANCE OF FULLY CONVERTED SHARES

2.1.     ISSUANCE ON CONVERSION.  Before any Shares may be converted into Common
Shares,  the Employee must surrender the certificate or certificates  evidencing
the Shares,  duly  endorsed in blank or  accompanied  by proper  instruments  of
transfer,  at the office of the  Company or any  transfer  agent for the Shares.
Employee  shall  give  written  notice to the  Company at such  office  that the
Employee  reasonably  believes  that  that a  certain  number  of Shares is then
subject to  conversion  as set forth  herein.  The notice shall also specify the
name or names in which the Employee the certificate or  certificates  for Common
Shares to be issued.  If a name  specified is not that of  Employee,  the notice
shall  also  state the  address  of the new  holder  and any  other  information
required by law. The Company shall have the right,  in its sole  discretion,  to
decline  to issue  any such  certificates  in any  name  other  than the name of
Employee  appearing the surrendered  certificates  representing the Shares.  The
Company  shall,  subject to the tax provisions set forth at Section 2.7, as soon
as practicable thereafter, issue and deliver at such office to the holder of the
Shares converted, or the that holder's nominee or nominees, certificates for the
number of full Common  Shares to which the holder shall be entitled,  to receive
together with a scrip  certificate or cash in lieu of any fraction of a share as
provided herein,  subject further to an available exemption under the securities
laws and general  compliance with all securities  laws,  rules and  regulations.
Notwithstanding  the  foregoing,  the Company  shall not be obligated to deliver
registered  or  qualified   securities  to  Employee,   and  the  obligation  of
Accesspoint to issue Common Shares and/or deliver stock certificates shall abate
unless and until an available  exemption from the requirement of registration or
qualification  under any  applicable  securities  laws is  available  and may be
obtained and perfected.

2.2      CONVERSION DATE. Conversion hereunder shall be deemed to have been made
as of the date of

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surrender of the Shares to be converted,  and the person or persons  entitled to
receive  the Common  Shares  issuable  upon  conversion  shall be treated for al
purposes as the record holder or holders of such Common Shares on that date.

2.3.     COMPLIANCE  WITH  SECURITIES  LAWS.  All offers, sales,  transfers  and
Conversions  of the  Shares  shall be made in  compliance  with  all  applicable
securities  laws,  rules  and  regulations,  and  pursuant  to  registration  of
securities under the Securities Act (and qualification under General Corporation
Law of  California)  or pursuant to an  exemption  from  registration  under the
Securities Act (and qualification  under General Corporation Law of California).
The Employee  acknowledges  that the Shares are subject to the  restrictions  on
transfer set forth in Rule 144 of the Rules promulgated under the Securities Act
of  1933  ("Act").  Any  and all  offers  and  sales,  to the  extent  permitted
hereunder,  by Employee after the restricted  period shall be made only pursuant
to  such  a  registration   (and   qualification)  or  to  such  exemption  from
registration  (and  qualification).  Employee shall comply with all policies and
procedures established by Accesspoint with regard to Rule 144 matters.

2.4.     CHANGE IN STRUCTURE OF ACCESSPOINT.  Upon the  consummation of any sale
of substantially all of the assets of Accesspoint, or the merger,  consolidation
or  reorganization  of  Accesspoint  in which  Accesspoint  is not the surviving
corporation,  and directly  pursuant to which  Employee is materially  prevented
from achieving any applicable revenue  milestones as set forth herein,  then all
conditionally converted Shares shall fully convert and Employee shall be granted
fully converted Shares as if the next applicable revenue milestone had then been
achieved.  The  remainder of any  conversion  rights  pertaining  to the Shares,
including,  without  limitation,  conversion  rights pertaining to conditionally
converted  Shares,  shall expire and terminate and the Shares shall no longer be
subject to conversion.

2.5.     EMPLOYMENT  RELATIONSHIP.  The  parties acknowledge that any employment
relationship  or  relationships  between  the  Employees  and the Company or the
Employees  and  Accesspoint,  if any,  is set forth  pursuant  to the terms of a
separate written  employment  agreement and that nothing in this Agreement shall
affect in any manner whatsoever such employment  relationships,  if any, between
The Employees and such parties. This Agreement does not constitute an express or
implied  promise of continued  employment for the periods  defined herein or any
other period or periods.

2.6.     TAX MATTERS.  If Accesspoint determines that it is required to withhold
federal,  state or local tax as a result of the grant of the Award or conversion
of the Shares,  then  Employee,  as a condition to the conversion of the Shares,
shall make arrangements satisfactory to Accesspoint to enable it to satisfy such
withholding  requirements.  Employee will pay when due and payable,  any and all
federal and state taxes or fees that may be payable by Employee with respect to,
without  limitation:  (i) the grant of the Shares;  (ii) the  conversion  of the
Shares; (iii) the issuance of any Common Shares or certificates therefor; and/or
(iv) the subsequent  disposition,  to the extent permitted hereunder,  of any of
the Shares, Common Shares, or certificates issued to Employee upon conversion of
the Shares.  The Employee  understands  that any of the foregoing  references to
taxation are based on federal income tax laws and regulations now in effect, and
may not be applicable to the Employee under certain circumstances.  The Employee
may also have  adverse tax  consequences  under state or local law. The Employee
has reviewed with the Employee's own tax advisors the federal,  state, local and
foreign tax consequences of the transactions contemplated by this Agreement. The
Employee  is  relying  solely  on such  advisors  and not on any  statements  or
representations  of the Company or any

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of its agents. The Employee  understands that the Employee (and not the Company)
shall be  responsible  for the  Employee's own tax liability that may arise as a
result of the transactions contemplated by this Agreement.

2.7.     INCIDENTAL REGISTRATION.   Accesspoint  shall  give  written  notice to
Employee of any proposed  registration under the Act of any of its securities of
the same class and series as the Common  Shares  issued to Employee  pursuant to
conversion of the Shares.  Accesspoint  will use its best reasonable  commercial
efforts  to  include  in  any  such  Registration  Statement,  at  the  cost  of
Accesspoint   and  in  accordance   with  the  intended  method  or  methods  of
distribution, any of the Common Shares issued to Employee pursuant to conversion
of the Shares if Employee shall request  inclusion within thirty (30) days after
the  date  of  mailing  of  the  above  notice.  Employee  will  cooperate  with
Accesspoint,  execute,  acknowledge,  notarize, and deliver reasonable documents
and  instruments,   and  provide  Accesspoint  with  all  reasonable  documents,
instruments and information  reasonably  required to prepare,  complete and file
the  Registration  Statement.   Employee  represents  that  no  such  documents,
instruments and information shall contain any untrue statements of material fact
or omit to state any material facts  required to be stated therein  necessary to
make the statements  therein not misleading in light of the  circumstances  then
existing.  Notwithstanding  the  foregoing,  Accesspoint  may,  but shall not be
required hereunder to, keep any such Registration Statement effective or prepare
or  file  any  amendments  or  post-effective  amendments  to  the  Registration
Statement  with  regard to the shares of  Employee or assist in any way with the
sale or distribution of the shares of Employee.

                                   ARTICLE 3.

                            RESTRICTIONS ON TRANSFER

3.1.     RESTRICTIONS. Notwithstanding anything herein to the contrary, Employee
understands  and agrees  that  Employee  shall not dispose of any of the Shares,
whether  by  sale,  exchange,  assignment,   transfer,  gift,  devise,  bequest,
mortgage, pledge, encumbrance or otherwise,  except in accordance with the terms
and conditions of this Agreement, and Employee shall not take or omit any action
which will impair the absolute and  unrestricted  right,  power,  authority  and
capacity of Employee to sell Shares in accordance  with the terms and conditions
hereof

3.2.     TRANSFERS VOID.  Any  purported  transfer of  Shares  by  Employee that
violates any provision of this  Agreement  shall be wholly void and  ineffectual
and  shall  give to the  Company  or its  designee  the right to  purchase  from
Employee  all but not less than all of the Shares then owned by  Employee  for a
period  of 90 days  from the date the  Company  first  learns  of the  purported
transfer at the Agreement  Price and on the Agreement  Terms (as those terms are
defined in  Sections  3.11 and 3.12,  respectively,  of this  Article 3). If the
Shares are not purchased by the Company or its designee,  the purported transfer
thereof shall remain void and  ineffectual and they shall continue to be subject
to this  Agreement.  The Company  shall not cause or permit the  transfer of any
Shares to be made on its books except in accordance with the terms hereof.

3.3.     PERMITTED TRANSFERS.  Employee may sell, assign or transfer  any Shares
held by the Employee but only by complying  with the  provisions of Section 3.7.
Employee may sell,  assign or transfer  any Shares held by the Employee  without
complying  with the  provisions  of Section 3.7 by obtaining  the

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prior written consent of the Company as approved by a majority of the members of
the Board of Directors of the Company,  provided that the  transferee  agrees in
writing to be bound by the provisions of this Agreement and the transfer is made
in accordance with any other restrictions or conditions contained in the written
consent and in accordance with applicable federal and state securities laws.

3.4.     NO TRANSFER  UPON DEATH.  No Shares may be  transferred  upon the death
of  Employee;  the  Shares  shall  be  subject  to the  special  conversion  and
forfeiture  provisions  set  forth  hereinabove   pertaining  to  the  death  or
disability of Employee.

3.5.     NO  PLEDGE.  Unless a majority of the members of the Board of Directors
consent, Shares may not be pledged,  mortgaged or otherwise encumbered to secure
indebtedness  for money borrowed or any other  obligation for which the Employee
is primarily or secondarily liable.

3.6.     STOCK CERTIFICATE  LEGEND.  Each stock certificate for Shares issued to
the Employee shall have conspicuously  written,  printed,  typed or stamped upon
the face thereof,  or upon the reverse  thereof with a conspicuous  reference on
the face  thereof,  the  following  legend,  in addition to any other  legend or
legends deemed required or appropriate by counsel for the Company:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED WITHOUT REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  AND MAY NOT BE TRANSFERRED IN THE
ABSENCE  OF  REGISTRATION   THEREUNDER  OR  AN  APPLICABLE  EXEMPTION  FROM  THE
REGISTRATION  REQUIREMENTS  OF SUCH ACT. SUCH SHARES MAY NOT BE SOLD,  ASSIGNED,
TRANSFERRED,  OR OTHERWISE  DISPOSED OF IN ANY MANNER EXCEPT IN ACCORDANCE  WITH
AND  SUBJECT TO THE TERMS OF THE STOCK  BONUS  AGREEMENT,  A COPY OF WHICH IS ON
FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. UNLESS A MAJORITY OF THE MEMBERS OF
THE BOARD OF DIRECTORS CONSENT, SUCH STOCK BONUS AGREEMENT PROHIBITS ANY PLEDGE,
MORTGAGE OR OTHER  ENCUMBRANCE  OF SUCH SHARES TO SECURE ANY  OBLIGATION  OF THE
HOLDER HEREOF.  EVERY CREDITOR OF THE HOLDER HEREOF AND ANY PERSON  ACQUIRING OR
PURPORTING  TO ACQUIRE THE  CERTIFICATE  OR THE SHARES  HEREBY  EVIDENCED OR ANY
INTEREST  THEREIN  IS HEREBY  NOTIFIED  OF THE  EXISTENCE  OF SUCH  STOCK  BONUS
AGREEMENT,  AND ANY ACQUISITION OR PURPORTED  ACQUISITION OF THIS CERTIFICATE OR
THE SHARES  HEREBY  EVIDENCED  OR ANY INTEREST  THEREIN  SHALL BE SUBJECT TO ALL
RIGHTS AND  OBLIGATIONS OF THE PARTIES TO SUCH STOCK BONUS  AGREEMENT AS THEREIN
SET FORTH.

3.7.     SALES OF SHARES; RIGHT OF FIRST REFUSAL. The Company shall have a right
of  first  refusal  with  regard  to any  sale,  assignment,  transfer  or other
disposition of any Shares held by Employee.

         3.7.1.  In the event that the Employee shall desire to sell,  assign or
transfer  any Shares  held by the  Employee to any other  person  (the  "Offered
Shares")  and shall be in receipt of a bona fide offer to  purchase  the Offered
Shares ("Offer"),  the following  procedure shall apply. The Employee shall give
to the Company written notice  containing the terms and conditions of the Offer,
including,

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but not limited to: (i) the number of Offered Shares;  (ii) the price per Share;
(iii) the method of payment; and (iv) the name(s) of the proposed purchaser(s).

         3.7.2.  An offer shall not be deemed bona fide unless the  Employee has
informed the  prospective  purchaser  of the  Employee's  obligation  under this
Agreement and the  prospective  purchaser has agreed to become a party hereunder
and to be bound  hereby.  The  Company  is  entitled  to take  such  steps as it
reasonably  may deem necessary to determine the validity and bona fide nature of
the Offer.

         3.7.3.  Until 10 days after such  notice is given,  the  Company or its
designee shall have the right to purchase all of the Offered Shares at the price
offered by the prospective purchaser and specified in such notice. Such purchase
shall be on the Agreement Terms, as defined in Sections 3.11 and 3.12.

3.8.     FAILURE OF COMPANY OR ITS DESIGNEE TO PURCHASE  OFFERED SHARES.  If all
of the  Offered  Shares are not  purchased  by the Company  and/or its  designee
within the 10-day period granted for such purchases,  then any remaining Offered
Shares may be sold,  assigned or  transferred  pursuant to the Offer;  provided,
that the Offered Shares are so  transferred  within 15 days of the expiration of
the 10-day  period to the  person or  persons  named in, and under the terms and
conditions of, the bona fide Offer  described in the notice to the Company;  and
provided further,  that such persons agree to execute and deliver to the Company
a written agreement,  in form and content satisfactory to the Company,  agreeing
to be bound by the terms and conditions of this Agreement.

3.9.     MANNER OF EXERCISE.  Any right to purchase hereunder shall be exercised
by giving  written notice of election to the Employee,  the Employee's  personal
representative  or any other  selling  person,  as the case may be, prior to the
expiration of such right to purchase.

3.10.    AGREEMENT PRICE.  The "Agreement  Price" shall be the higher of (i) the
fair market value of the Shares to be purchased  determined in good faith by the
Board of  Directors of the Company or (ii) the  original  exercise  price of the
Shares to be purchased.

3.11.    DELIVERY OF SHARES AND CLOSING  DATE. At the closing, the Employee, the
Employee's personal representative or such other selling person, as the case may
be, shall deliver  certificates  representing the Shares,  properly endorsed for
transfer,  and with the necessary  documentary and transfer tax stamps,  if any,
affixed, to the purchaser of such Shares. Payment of the purchase price therefor
shall   concurrently   be  made  to  the  Employee,   the  Employee's   personal
representative  or such other selling person,  as provided in subsection (ii) of
this Section  3.11.  Such  delivery and payment  shall be made at the  principal
office of the Company or at such other place as the parties  mutually agree. The
foregoing may be herein referred to as the "Agreement Terms."

3.12.    PAYMENT OF PURCHASE PRICE.  The Company shall pay the purchase price to
the Employee at the closing. The purchase price payment terms shall be a part of
the "Agreement Terms."

3.13.    RIGHT TO PURCHASE UPON CERTAIN OTHER EVENTS.The Company or its designee
shall have the right to purchase  all, but not less than all, of the Shares held
by the Employee at the Agreement  Price

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and on the  Agreement  Terms for a period of 90 days after any of the  following
events:

         3.13.1. Any  attempt  by  a  creditor  to  levy upon or sell any of the
Employee's Shares;

         3.13.2. The  filing  of a  petition  by  the  Employee  under  the U.S.
Bankruptcy Code or any insolvency laws;

         3.13.3. The filing of a petition against Employee  under any insolvency
or  bankruptcy  laws by any  creditor of the  Employee  if such  petition is not
dismissed within 30 days of filing;

         3.13.4. The  entry of  a decree of divorce between the Employee and the
Employee's spouse; or,

         3.13.5. The  termination  of  Employee's  services  as  an  employee or
consultant with the Company.

3.14.    NOTICE OF EVENTS.  The Employee   shall  provide  the  Company  written
notice of the  occurrence  of any event set forth at Section 3.13 within 30 days
of the occurrence of such event.

3.15.    TERMINATION.  The  provisions of this Article 3 shall terminate and all
rights of each such party  hereunder  shall  cease  except for those which shall
have theretofore accrued upon the occurrence of any of the following events:

         3.15.1. Cessation of the Company's business;

         3.15.2. Bankruptcy, receivership or dissolution of the Company;

         3.15.3. Ownership of all of the issued and  outstanding  shares of  the
Company by a single shareholder of the Company;

         3.15.4. Written consent or agreement of the shareholders of the Company
holding  50% of the then  issued  and  outstanding  shares  Common  Stock of the
Company (determined on a fully diluted basis);

         3.15.5. Consent or  agreement of a majority of the members of the Board
of Directors of the Company; or,

         3.15.6. Registration of any class of equity  securities of  the Company
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

3.16.    AMENDMENT.  This  Article  3  may be modified or amended in whole or in
part by a written  instrument  signed by shareholders of the Company holding 50%
of the outstanding  shares of Common Stock (determined on a fully diluted basis)
or a majority of the members of the Board of Directors of the Company.

                                       9

<PAGE>

                                   ARTICLE 4.

                               GENERAL PROVISIONS

4.1.     RECITALS.  The recitals set forth above are incorporated herein by this
reference and made a part of this Agreement.

4.2.     ADVICE OF COUNSEL. Each party has been advised of  and  understands the
terms and  conditions  of this  Agreement.  This  Agreement  has been freely and
voluntarily entered into and executed by the parties, each of the parties hereto
being duly represented by counsel or having the benefit of advice of counsel.

4.3.     AMENDMENTS.  This Agreement may be amended  only by written consent  of
each of the parties hereto.

4.4.     FURTHER ACTS.  The parties  hereto shall cooperate  with each other and
execute such  additional  documents or instruments and perform such further acts
as may  be  reasonably  necessary  to  affect  the  purpose  and  intent  of the
Agreement.

4.5.     NOTICES. Any and all notices,demands, requests, or other communications
required or permitted by this  Agreement or by law to be served on, given to, or
delivered to any party hereto by any other party to this  Agreement  shall be in
writing and shall be deemed duly served,  given,  or delivered  when  personally
delivered  to the  party  or to an  officer  of the  party,  or in  lieu of such
personal delivery, when deposited in the United States mail, first-class postage
prepaid addressed as follows:

Accesspoint:                        Accesspoint Corporation
                                    38 Executive Park
                                    Suite 350
                                    Irvine, CA 92614
                                    Att: Tom M. Djokovich

Employee:                           [See Schedule 1]

4.6.     EFFECT  OF  HEADINGS.  The subject headings of the paragraphs and  sub-
paragraphs of this Agreement are included for purposes of convenience  only, and
shall not affect the construction or interpretation of any of its provisions.

4.7.     ENTIRE AGREEMENT; MODIFICATION, WAIVER. This Agreement  constitutes the
entire  agreement  between the parties  pertaining to the  conditional and final
converting  of any  Shares,  and along with the Plan and the  Trust,  the entire
agreement  between the parties  pertaining to any other

                                       10

<PAGE>

subject  matter  contained  herein.  This  Agreement  supersedes  all  prior and
contemporaneous agreement, representations and understandings of the parties. No
waiver of any of the  provisions  of this  Agreement  shall be deemed,  or shall
constitute a waiver of any other  provision,  whether or not similar,  nor shall
any waiver  constitute a continuing  waiver.  No waiver shall be binding  unless
executed in writing by the party making the waiver.

4.8.     SEVERABILITY. Should any provision or portion of this Agreement be held
or  otherwise  become  unenforceable  or invalid for any reason,  the  remaining
provisions  and  portions  of  this  Agreement   shall  be  unaffected  by  such
unenforceability or invalidity.

4.9.     COUNTERPARTS.  This Agreement may be executed  simultaneously in one or
more counterparts,  each of which shall be deemed an original,  but all of which
together shall  constitute one and the same  instrument.  The exhibits  attached
hereto and  initialed  by the parties  are made a part  hereof and  incorporated
herein by this reference.

4.10.    PARTIES  IN  INTEREST.  Nothing in this  Agreement, whether  express or
implied, is intended to confer any rights or remedies under or by reason of this
Agreement  on any persons  other than the parties to it, and APC,  and their and
its respective  successors and assigns.  APC is expressly declared to be a third
party beneficiary under this agreement with full rights of enforcement. Further,
nothing in this  Agreement  intended to relieve or discharge  the  obligation or
liability of any third party to this Agreement, nor shall any provision give any
third  person  except APC any right of  subrogation  or action over  against any
party to this Agreement.

4.11.    ASSIGNMENT. The Shares may be exercised only by Employee during his  or
her  lifetime,  unless  expressly  agreed  otherwise in writing by  Accesspoint.
Employee  may not  transfer or assign,  or purport to  transfer  or assign,  the
Shares  without the prior  written  consent of  Accesspoint.  To the extent that
Accesspoint may consent to any such assignment,  this Agreement shall be binding
on,  and shall  inure to the  benefit  of,  the  heirs,  legal  representatives,
successors and assigns of Employee. Accesspoint may assign this Agreement to any
entity which purchases substantially all of the assets of Accesspoint, or is the
surviving entity in any merger, consolidation or reorganization of Accesspoint.

4.12.    SPECIFIC  PERFORMANCE.  Each party's  obligations  under this Agreement
are unique. If any party should default in its obligations under this Agreement,
the parties each acknowledge that it would be extremely impracticable to measure
the resulting damages;  accordingly, the nondefaulting party, in addition to any
other available rights or remedies,  may sue in equity for specific  performance
without the necessity of posting a bond or other security,  and the parties each
expressly waive the defense that a remedy in damages will be adequate.

4.13.    RECOVERY OF LITIGATION COSTS. If any legal action or any arbitration or
other proceeding is brought for the enforcement of this Agreement, or because of
an alleged dispute,  breach, default or misrepresentation in connection with any
of the  provisions of this  Agreement,  the  successful  or prevailing  party or
parties shall be entitled to recover as an element of their damages,  reasonable
attorneys'  fees and other  costs  incurred  in that  action or  proceeding,  in
addition to any

                                       11

<PAGE>

other relief to which they may be entitled.

4.14.    SURVIVAL  OF  REPRESENTATIONS  AND  OBLIGATIONS.  All  representations,
warranties and agreements of the parties contained in this Agreement,  or in any
instrument,  certificate,  opinion or other  writing  provided  for in it, shall
survive the dissolution of the Partnership.

4.15.    GENDER;  NUMBER.  Whenever the context of this Agreement requires,  the
masculine gender includes the feminine or neuter gender, and the singular number
includes the plural.

4.16.    GOVERNING  LAW. This Agreement  shall be construed in accordance  with,
and governed by, the laws of the State of California.

4.17.    VENUE.  This Agreement is to be performed at Orange County, California.
Therefore,  venue  for  any  action  brought  regarding  the  interpretation  or
enforcement  of  this  Agreement   shall  lie   exclusively  in  Orange  County,
California.

IN WITNESS WHEREOF, this Agreement is executed on the date first set forth above
at Orange County, California.

                                   COMPANY:

                                   Accesspoint Corporation, a Nevada corporation

                                   By: /s/ Al Urcuyo
                                   ----------------------------------
                                   Al Urcuyo, Office of the President

                                   EMPLOYEE:

                                   By: /s/ Maurice Vasquez
                                   ----------------------------------
                                   Maurice Vasquez

                                       12

<PAGE>

                                   SCHEDULE 1

NUMBER OF PREFERRED SHARES, SERIES A, CONDITIONALLY AWARDED:

         (1)   After completion of a minimum of twelve (12) months of employment
               with PSI: 2,000 shares (Two Thousand)

CONDITIONAL CONVERSION SCHEDULE:

The following  conversion  schedule shall outline various  business  development
goals  under the direct  influence  and  responsibility  of  Employee  and shall
require  achievement,  in  accordance  with the  terms  and  conditions  of this
Agreement, of those milestones outlined below.

Milestone 1.      The  Employee  shall  have  the  right to convert Two Thousand
                  (2,000) Class A Preferred  Shares upon attaining the following
                  business development goals for PSI:

                  (a) Employee shall be responsible  for Risk Analyst duties for
                  Processing Source International,  exercising all due diligence
                  and expertise in the discharge of the aforementioned duties.

                  (b)  Employee   shall   perform   aforementioned   duties  and
                  responsibilities  sufficient  to  allow  PSI  to  achieve  its
                  estimated  twelve  month new account  and  revenue  projection
                  totals of a minimum of twenty  thousand  (20,000) new accounts
                  and  seventeen  million  four hundred  thousand  ($17,400,000)
                  dollars  in  gross   revenues.   Furthermore,   the   business
                  development  division  shall  continue  to  grow  its  book of
                  business  and the  underwriting  division  shall  maintain its
                  ability  to keep up with  account  services  for a  period  of
                  thirty (30) days after the  achievement of the above described
                  milestones.

                  The time attainment requirements for Employee's achievement of
                  the foregoing business  development goals and objectives shall
                  be twenty  four (24) months  from the  effective  date of this
                  Agreement.

            ADDRESS OF EMPLOYEE FOR PURPOSE OF NOTICE AND OTHERWISE:

                                 Maurice Vasquez
                               7439 Nestle Avenue
                                Reseda, CA 91335

                                       13THE SECURITY  REPRESENTED BY THIS  CERTIFICATE  HAS BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.
NO SUCH SALE OR DISPOSITION  MAY BE EFFECTED  WITHOUT AN EFFECTIVE  REGISTRATION
STATEMENT  RELATED THERETO OR AN OPINION OF COUNSEL  SATISFACTORY TO THE COMPANY
THAT SUCH  REGISTRATION  IS NOT REQUIRED  UNDER THE  SECURITIES  ACT OF 1933, AS
AMENDED.

                             STOCK OPTION AGREEMENT

         This Stock Option  Agreement  ("AGREEMENT") is made and entered into as
of the  date  of  grant  set  forth  below  ("Date  of  Grant")  by and  between
Accesspoint  Corporation,  a Nevada  corporation  ("Company"),  and the optionee
named below  ("Optionee")  as contemplated in the Company's 1999 Stock Incentive
Plan  ("Plan").  Capitalized  terms not  defined  herein  shall have the meaning
ascribed to them in the Plan.

Optionee:                           Eric Odegard

Social Security Number:

Address:                            20542 Hatteras Street, West Hills, CA 91367

Total Option Shares:                3,840

Exercise Price Per Share:           $0.88

Date of Grant:                      January 2, 2001

First Vesting Date:                 See Section 3

Expiration Date for Exercise of Options:    January 2, 2006

Type of Stock Option:

(Check one):       [X ] Incentive Stock Option        [ ] Statutory Stock Option

                                       1

<PAGE>

1.       GRANT OF OPTION.  The Company  hereby grants to Optionee an option (the
         "Option") to purchase the total number of shares of Common Stock of the
         Company set forth above (the  "Shares") at the Exercise Price Per Share
         set forth above (the "Exercise Price"), subject to all of the terms and
         conditions  of  this  Agreement  and  the  Plan.  If  designated  as an
         Incentive  Stock Option above,  the Option is intended to qualify as an
         "incentive  stock option"  ("ISO") within the meaning of Section 422 of
         the  Internal  Revenue  Code of 1986,  as amended  (the  "Code").  Only
         Employees of the Company shall receive ISOs.  This  Agreement  shall be
         deemed  a Grant  Agreement  as  defined  in the  Plan.  The  terms  and
         conditions of the Plan are incorporated herein by this reference.

2.       EXERCISE  PRICE.  The Exercise  Price, is not less than the fair market
         value per share of Common Stock on the date of grant,  as determined by
         the Board; provided,  however, in the event Optionee is an Employee and
         owns  stock  representing  more  than ten  percent  (10%) of the  total
         combined  voting power of all classes of stock of the Company or of its
         Parent or  Subsidiary  corporations  immediately  before this Option is
         granted,  said exercise  price is not less than one hundred ten percent
         (110%) of the fair market  value per share of Common  Stock on the date
         of grant as determined by the Board.

3.       EXERCISE OF OPTION. This Option shall be exercisable during its term in
         accordance with the provisions of Section 8 of the Plan as follows:

         (i) Vesting:

               (a)      This  Option  shall  become  exercisable  at the rate of
                        1/12th of 2,600  (approximately  217)  Shares per month.
                        This Option  shall not become  exercisable  as to any of
                        the number of the Shares  until the date that is one (1)
                        year  from  the  date  of  grant  of  the  Option   (the
                        "Anniversary  Date").  On  the  Anniversary  Date,  this
                        Option  may be  exercised  to the  extent  of 33% of the
                        Shares.  Upon the expiration of each calendar month from
                        the  Anniversary  Date,  this Option may be exercised to
                        the  extent of the  product  of (a) the total  number of
                        Shares set forth at the beginning of this  Agreement and
                        (b) the fraction  the  numerator of which is one (1) and
                        the   denominator  of  which  is  thirty-six  (36)  (the
                        "Monthly Vesting  Amount"),  plus the shares as to which
                        the right to exercise the Option has previously  accrued
                        but has not  been  exercised;  provided,  however,  that
                        notwithstanding any of the above, the 33% exercisable on
                        the Anniversary Date and the Monthly Vesting Amount with
                        respect to any calendar  month shall become  exercisable
                        only if the  Employee or  Consultant  was an employee or
                        consultant,   as  applicable,  of  the  Company  or  any
                        Subsidiary of the Company as of the Anniversary Date and
                        the last day of such month, respectively.  Any time that
                        the  Optionee is on leave or is absent  from  performing
                        services  for the Company  shall not be counted  towards
                        the vesting provided herein.

               (b)      This  Option may not be  exercised  for a fraction  of a
                        Share.

                                       2

<PAGE>

               (c)      In the event of  Optionee's  death,  disability or other
                        termination of  employment,  the  exercisability  of the
                        Option is governed by Sections 7, 8 and 9 below, subject
                        to the limitations contained in subsection 3(i)(d).

               (d)      In no event may this Option be exercised  after the date
                        of expiration of the term of this Option as set forth in
                        Section 11 below.

         (ii)     Method  of  Exercise.  This  Option  shall be  exercisable  by
                  written  notice which shall state the election to exercise the
                  Option, the number of Shares in respect of which the Option is
                  being exercised, and such other representations and agreements
                  as to the  holder's  investment  intent  with  respect to such
                  shares  of  Common  Stock as may be  required  by the  Company
                  pursuant to the  provisions of the Plan.  Such written  notice
                  shall be signed by Optionee  and shall be  delivered in person
                  or by  certified  mail to the  President,  Secretary  or Chief
                  Financial Officer of the Company.  The written notice shall be
                  accompanied by payment of the exercise price.

                  No Shares will be issued pursuant to the exercise of an Option
                  unless such issuance and such  exercise  shall comply with all
                  relevant  provisions of law and the  requirements of any stock
                  exchange  upon which the  Shares may then be listed.  Assuming
                  such  compliance,  for income tax purposes the Shares shall be
                  considered  transferred  to the  Optionee on the date on which
                  the Option is exercised with respect to such Shares.

         (ii)  Adjustments,  Merger,  etc.  The  number  and class of the Shares
         and/or the exercise  price  specified  above are subject to appropriate
         adjustment  in the event of changes in the capital stock of the Company
         by reason of stock  dividends,  split-ups  or  combinations  of shares,
         reclassifications,   mergers,   consolidations,    reorganizations   or
         liquidations. Subject to any required action of the stockholders of the
         Company,  if the  Company  shall be the  surviving  corporation  in any
         merger or  consolidation,  this  Option (to the extent that it is still
         outstanding)  shall  pertain to and apply to the  securities to which a
         holder of the same  number of  shares  of  Common  Stock  that are then
         subject to this  Option  would have been  entitled.  A  dissolution  or
         liquidation of the Company,  or a merger or  consolidation in which the
         Company is not the  surviving  corporation,  will cause this  Option to
         terminate,  unless  the  agreement  or  merger or  consolidation  shall
         otherwise  provide,  provided  that the  Optionee  shall,  if the Board
         expressly authorizes, in such event have the right immediately prior to
         such  dissolution  or  liquidation,  or  merger  or  consolidation,  to
         exercise this Option in whole or part. To the extent that the foregoing
         adjustments  relate  to  stock  or  securities  of  the  Company,  such
         adjustments  shall be made by the Board,  whose  determination  in that
         respect shall be final, binding and conclusive.

4.       OPTIONEE'S REPRESENTATIONS. By receipt of this Option,by its execution,
         and  by  its  exercise in whole or in part, Optionee  represents to the
         Company that Optionee understands that:

                                       3

<PAGE>

         (i)      Both this Option and any Shares  purchased  upon its  exercise
                  are securities,  the issuance by the Company of which requires
                  compliance with federal and state securities laws;

         (ii)     These  securities  are made  available to Optionee only on the
                  condition that Optionee makes the representations contained in
                  this Section 4 to the Company;

         (iii)    Optionee has made a reasonable investigation of the affairs of
                  the Company  sufficient  to be well  informed as to the rights
                  and the value of these securities;

         (iv)     Optionee   understands  that  the  securities  have  not  been
                  registered  under the  Securities Act of 1933, as amended (the
                  "Act")  in  reliance  upon  one or  more  specific  exemptions
                  contained in the Act,  which may include  reliance on Rule 701
                  promulgated  under the Act, if available,  or which may depend
                  upon  (a)  Optionee's  bona  fide   investment   intention  in
                  acquiring these securities;  (b) Optionee's  intention to hold
                  these   securities  in  compliance   with  federal  and  state
                  securities  laws; (c) Optionee having no present  intention of
                  selling or transferring any part thereof (recognizing that the
                  Option is not transferable) in violation of applicable federal
                  and  state  securities  laws;  and  (d)  there  being  certain
                  restrictions on transfer of the Shares subject to the Option;

         (v)      Optionee  understands  that the Shares subject to this Option,
                  in addition to other  restrictions  on transfer,  must be held
                  indefinitely unless subsequently  registered under the Act, or
                  unless an exemption from registration is available;  that Rule
                  144, the usual exemption from registration,  is only available
                  after the  satisfaction  of certain holding periods and in the
                  presence of a public  market for the Shares;  that there is no
                  certainty that a public market for the Shares will exist,  and
                  that  otherwise it will be  necessary  that the Shares be sold
                  pursuant to another exemption from  registration  which may be
                  difficult to satisfy; and,

         (vi)     Optionee  understands  that the certificate  representing  the
                  Shares will bear a legend  prohibiting  their  transfer in the
                  absence of their  registration  or the  opinion of counsel for
                  the Company that  registration  is not required,  and a legend
                  prohibiting their transfer in compliance with applicable state
                  securities laws unless otherwise exempted.

5.       METHOD OF PAYMENT. Payment of the purchase price shall be made by cash,
         check or, in the sole  discretion of the Board at the time of exercise,
         promissory  notes or other  Shares of Common Stock having a fair market
         value on the date of surrender equal to the aggregate purchase price of
         the Shares being purchased.

6.       RESTRICTIONS  ON  EXERCISE.  This  Option may not be  exercised  if the
         issuance of such Shares upon such  exercise or the method of payment of
         consideration  for such Shares  would  constitute  a  violation  of any
         applicable federal or state securities or other law or regulation. As a
         condition  to the  exercise  of this  Option,  the  Company may require
         Optionee to make any  representation and warranty to the Company as may
         be required by

                                       4

<PAGE>

         any applicable law or regulation.

7.       TERMINATION  OF STATUS AS AN  EMPLOYEE OR  CONSULTANT.  In the event of
         termination  of  Optionee's   Continuous   Status  as  an  Employee  or
         Consultant for any reason other than death or disability, Optionee may,
         but only  within  thirty  (30) days after the date of such  termination
         (but in no event later than the date of  expiration of the term of this
         Option as set forth in Section 11 below),  exercise  this Option to the
         extent that  Optionee  was  entitled to exercise it at the date of such
         termination.  To the extent that  Optionee was not entitled to exercise
         this Option at the date of such  termination,  or if Optionee  does not
         exercise  this Option  within the time  specified  herein,  this Option
         shall terminate.

8.       DISABILITY  OF  OPTIONEE.  In the event of  termination  of  Optionee's
         Continuous  Status  as  an  Employee  or  Consultant  as  a  result  of
         Optionee's  disability,  Optionee  may,  but only within six (6) months
         from the date of termination  of employment or consulting  relationship
         (but in no event later than the date of  expiration of the term of this
         Option as set forth in Section 11 below),  exercise  this Option to the
         extent  Optionee  was  entitled  to  exercise  it at the  date  of such
         termination;  provided, however that if the disability is not total and
         permanent (as defined in Section 22(e)(3) of the Code) and the Optionee
         exercises  the option  within the period  provided  above but more than
         three  months  after  the  date  of  termination,   this  Option  shall
         automatically  be deemed to be a  Nonstatutory  Stock Option and not an
         Incentive Stock Option; and provided,  further,  that if the disability
         is total and  permanent  (as defined in Section  22(e)(3) of the Code),
         then the  Optionee  may,  but only within one (1) year from the date of
         termination of employment or consulting  relationship  (but in no event
         later  than the date of  expiration  of the term of this  Option as set
         forth in Section 11 below), exercise this Option to the extent Optionee
         was  entitled to exercise  it at the date of such  termination.  To the
         extent that  Optionee was not  entitled to exercise  this Option at the
         date of  termination,  or if  Optionee  does not  exercise  such Option
         (which  Optionee  was  entitled to  exercise)  within the time  periods
         specified herein, this Option shall terminate.

9.       DEATH OF OPTIONEE. In the event of the death of Optionee:

         (i)      During the term of this Option while an Employee or Consultant
                  of the  Company  and having  been in  Continuous  Status as an
                  Employee or Consultant since the date of grant of this Option,
                  this Option may be exercised,  at any time within one (1) year
                  following  the date of death (but, in the case of an Incentive
                  Stock Option, in no event later than the date of expiration of
                  the term of this Option as set forth in Section 11 below),  by
                  Optionee's  estate or by a person  who  acquired  the right to
                  exercise the Option by bequest or inheritance, but only to the
                  extent of the right to  exercise  that had accrued at the time
                  of death of the Optionee.  To the extent that such Employee or
                  Consultant was not entitled to exercise the Option at the date
                  of death,  or if such  Employee,  Consultant,  estate or other
                  person does not  exercise  such Option  (which such  Employee,
                  Consultant,  estate or person was entitled to exercise) within
                  the one (1) year time  period  specified  herein,  the  Option
                  shall terminate; or,

                                       5

<PAGE>

         (ii)     During the thirty  (30) day period  specified  in Section 7 or
                  the one (1) year  period  specified  in  Section  8, after the
                  termination of Optionee's  Continuous Status as an Employee or
                  Consultant,  this Option may be exercised,  at any time within
                  one (1) year  following the date of death (but, in the case of
                  an Incentive Stock Option,  in no event later than the date of
                  expiration  of the term of this Option as set forth in Section
                  11 below),  by  Optionee's  estate or by a person who acquired
                  the right to exercise  this Option by bequest or  inheritance,
                  but  only to the  extent  of the  right to  exercise  that had
                  accrued at the date of  termination.  To the extent  that such
                  Employee or  Consultant  was not  entitled  to  exercise  this
                  Option at the date of death, or if such Employee,  Consultant,
                  estate or other  person does not exercise  such Option  (which
                  such  Employee,  Consultant,  estate or person was entitled to
                  exercise)  within  the  one (1)  year  time  period  specified
                  herein, this Option shall terminate.

10.      NON-TRANSFERABILITY  OF OPTION.  This Option may not be  transferred in
         any  manner  otherwise  than  by  will or by the  laws  of  descent  or
         distribution and may be exercised during the lifetime of Optionee, only
         by  Optionee.  The  terms  of this  Option  shall be  binding  upon the
         executors, administrators, heirs, successors and assigns of Optionee.

11.      TERM OF OPTION.  This  Option may not be  exercised  more than five (5)
         years  from  the date of grant  of this  Option,  and may be  exercised
         during  such  term only in  accordance  with the Plan and terms of this
         Option;  provided,  however,  that the term of this option,  if it is a
         Nonstatutory  Stock Option, may be extended for the period set forth in
         Section 9(i) or Section  9(ii) in the  circumstances  set forth in such
         Sections.

12.      EARLY  DISPOSITION  OF STOCK;  TAXATION  UPON  EXERCISE  OF OPTION.  If
         Optionee is an Employee and the Option  qualifies  as an ISO,  Optionee
         understands  that, if Optionee  disposes of any Shares  received  under
         this Option  within two (2) years after the date of this  Agreement  or
         within one (1) year after such Shares  were  transferred  to  Optionee,
         Optionee  will be treated  for  federal  income tax  purposes as having
         received  ordinary income at the time of such disposition in any amount
         generally  measured  as the  difference  between the price paid for the
         Shares and the lower of the fair market value of the Shares at the date
         of  exercise  or  the  fair  market  value  of  the  Shares  at  the of
         disposition.  Any gain  recognized on such premature sale of the Shares
         in  excess  of  the  amount   treated  as   ordinary   income  will  be
         characterized  as capital  gain.  Optionee  hereby agrees to notify the
         Company in writing  within  thirty (30) days after the date of any such
         disposition.  Optionee  understands  that if Optionee  disposes of such
         Shares at any time after the  expiration  of such two-year and one-year
         holding  periods,  any gain on such sale will be treated  as  long-term
         capital  gain  laws  subject  to  meeting  various  qualifications.  If
         Optionee  is a  Consultant  or this  is a  Nonstatutory  Stock  Option,
         Optionee understands that, upon exercise of this Option,  Optionee will
         recognize  income for tax  purposes in an amount equal to the excess of
         the then fair market value of the Shares over the exercise price.  Upon
         a resale of such shares by the  Optionee,  any  difference  between the
         sale  price  and the fair  market  value of the  Shares  on the date of
         exercise  of the  Option  will be

                                       6

<PAGE>

         treated as capital gain or loss. Optionee  understands that the Company
         will be required to withhold tax from Optionee's  current  compensation
         in  some of the  circumstances  described  above;  to the  extent  that
         Optionee's   current   compensation  is  insufficient  to  satisfy  the
         withholding tax liability, the Company may require the Optionee to make
         a cash  payment to cover such  liability  as a condition to exercise of
         this Option.

13.      TAX  CONSEQUENCES.  The Optionee  understands that any of the foregoing
         references  to  taxation  are  based  on  federal  income  tax laws and
         regulations  now in effect,  and may not be  applicable to the Optionee
         under  certain  circumstances.  The  Optionee may also have adverse tax
         consequences  under state or local law. The Optionee has reviewed  with
         the Optionee's own tax advisors the federal,  state,  local and foreign
         tax  consequences of the  transactions  contemplated by this Agreement.
         The  Optionee  is  relying  solely  on  such  advisors  and  not on any
         statements or  representations of the Company or any of its agents. The
         Optionee  understands  that the Optionee (and not the Company) shall be
         responsible  for the  Optionee's  own tax liability that may arise as a
         result of the transactions contemplated by this Agreement.

14.      NET  ISSUE  EXERCISE.  Notwithstanding  any  provisions  herein  to the
         contrary, if the fair market value of one share of the Company's Common
         Stock is  greater  than the Per  Share  Exercise  Price (at the date of
         calculation as set forth below),  in lieu of exercising this Option for
         cash,  the Optionee may elect to receive  shares equal to the value (as
         determined  below)  of  this  Option  (or  the  portion  thereof  being
         canceled) by surrender  of this Option at the  principal  office of the
         Company  together  with the  properly  endorsed  Notice of Exercise and
         Subscription  Form and  notice  of such  election,  in which  event the
         Company  will issue to the  Optionee a number of shares of Common Stock
         computed using the following formula:

                  X = Y (A-B)
                      -------
                         A

         Where X = the  number of  shares  of  Common  Stock to be issued to the
         Optionee

                  Y = the  number of shares of Common  Stock  purchasable  under
         this  Option or, if only a portion of this  Option is being  exercised,
         the  portion  of  this  Option  being  canceled  (at  the  date of such
         calculation)

                  A = the fair market value of one share of the Company's Common
         Stock (at the date of such calculation)

                  B = Per Share  Exercise Price (as adjusted to the date of such
         calculation)

                  For  purposes of the above  calculation,  fair market value of
         one share of the  Company's  Stock will be the  average of the  closing
         prices of the  Company's  shares  of Common  Stock as quoted on the New
         York Stock  Exchange (the "NYSE") (or on such

                                       7

<PAGE>

         other United States stock  exchange or public  trading  market on which
         the shares of the Company trade if, at the time of the  election,  they
         are not trading on the NYSE), for the five (5) consecutive trading days
         immediately  preceding  the date of the date  the  completed,  executed
         Notice of Exercise and Subscription Form is received.

15.      SEVERABILITY;  CONSTRUCTION.  In the event that any  provision  in this
         Option  shall be  invalid or  unenforceable,  such  provision  shall be
         severable  from, and such invalidity or  unenforceability  shall not be
         construed  to have any  effect  on, the  remaining  provisions  of this
         Option.  This Option  shall be construed as to its fair meaning and not
         for or against either party.

16.      DAMAGES.  The parties  agree that any  violation of this Option  (other
         than a default in the payment of money)  cannot be  compensated  for by
         damages,  and any aggrieved  party shall have the right,  and is hereby
         granted the privilege, of obtaining specific performance of this Option
         in any  court of  competent  jurisdiction  in the  event of any  breach
         hereunder.

17.      GOVERNING  LAW.  This  Option  shall be  deemed  to be made  under  and
         governed by and construed in  accordance  with the laws of the State of
         California  Jurisdiction for any disputes  hereunder shall be solely in
         Orange County, California.

18.      DELAY.  No delay or failure on the part of the Company or the  Optionee
         in the exercise of any right, power or remedy shall operate as a waiver
         thereof, nor shall any single or partial exercise by any of them of any
         right,  power or remedy preclude other or further exercise thereof,  or
         the exercise of any other right, power or remedy.

19.      RESTRICTIONS. Notwithstanding anything herein to the contrary, Optionee
         understands  and agrees that  Optionee  shall not dispose of any of the
         Shares, whether by sale, exchange, assignment,  transfer, gift, devise,
         bequest,  mortgage,   pledge,  encumbrance  or  otherwise,   except  in
         accordance  with the terms  and  conditions  of this  Section  19,  and
         Optionee  shall  not take or omit any  action  which  will  impair  the
         absolute  and  unrestricted  right,  power,  authority  and capacity of
         Optionee to sell  Shares in  accordance  with the terms and  conditions
         hereof.

         Any  purported  transfer  of  Shares  by  Optionee  that  violates  any
         provision of this Section 19 shall be wholly void and  ineffectual  and
         shall give to the Company or its  designee  the right to purchase  from
         Optionee all but not less than all of the Shares then owned by Optionee
         for a period of 90 days from the date the Company  first  learns of the
         purported  transfer at the Agreement  Price and on the Agreement  Terms
         (as  those   terms  are   defined  in   subsections   (vi)  and  (vii),
         respectively,  of this Section 19). If the Shares are not  purchased by
         the Company or its  designee,  the  purported  transfer  thereof  shall
         remain void and  ineffectual  and they shall  continue to be subject to
         this Agreement.

         The Company  shall not cause or permit the transfer of any Shares to be
         made on its books except in accordance with the terms hereof.

                                       8

<PAGE>

         (i)      Permitted Transfers.

                  (a)      Optionee may sell, assign or transfer any Shares held
                           by the  Optionee  but  only  by  complying  with  the
                           provisions of subsection (iv) of this Section 19.

                  (b)      Optionee may sell, assign or transfer any Shares held
                           by the Optionee without complying with the provisions
                           of  subsection  (iv) by obtaining  the prior  written
                           consent of the Company's  shareholders  owning 50% of
                           the  then  issued  and  outstanding   shares  of  the
                           Company's Common Stock (determined on a fully diluted
                           basis) or a majority  of the  members of the Board of
                           Directors   of  the   Company,   provided   that  the
                           transferee  agrees  in  writing  to be  bound  by the
                           provisions of this Option and the transfer is made in
                           accordance with any other  restrictions or conditions
                           contained  in the written  consent and in  accordance
                           with applicable federal and state securities laws.

                  (c)      Upon  the  death  of  Optionee,  Shares  held  by the
                           Optionee   may  be   transferred   to  the   personal
                           representative   of  the  Optionee's  estate  without
                           complying  with the  provisions of  subsection  (iv).
                           Shares so  transferred  shall be subject to the other
                           provisions of this Option,  including in  particular,
                           and without limitation, subsection (v).

         (ii)     No Pledge.  Unless a majority  of the  members of the Board of
                  Directors  consent,  Shares may not be pledged,  mortgaged  or
                  otherwise encumbered to secure indebtedness for money borrowed
                  or any other obligation for which the Optionee is primarily or
                  secondarily liable.

         (iii)    Stock  Certificate  Legend.  Each stock certificate for Shares
                  issued  to the  Optionee  shall  have  conspicuously  written,
                  printed,  typed or stamped upon the face thereof,  or upon the
                  reverse  thereof  with a  conspicuous  reference  on the  face
                  thereof, one or both of the following legends:

         THE SHARES  REPRESENTED  BY THIS  CERTIFICATE  HAVE BEEN ISSUED WITHOUT
         REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  AND MAY NOT
         BE  TRANSFERRED  IN  THE  ABSENCE  OF  REGISTRATION  THEREUNDER  OR  AN
         APPLICABLE  EXEMPTION FROM THE  REGISTRATION  REQUIREMENTS OF SUCH ACT.
         SUCH  SHARES  MAY NOT BE  SOLD,  ASSIGNED,  TRANSFERRED,  OR  OTHERWISE
         DISPOSED OF IN ANY MANNER EXCEPT IN ACCORDANCE  WITH AND SUBJECT TO THE
         TERMS OF THE STOCK OPTION AGREEMENT,  A COPY OF WHICH IS ON FILE AT THE
         PRINCIPAL  OFFICE OF THE  COMPANY.  UNLESS A MAJORITY OF THE MEMBERS OF
         THE BOARD OF DIRECTORS CONSENT,  SUCH STOCK OPTION AGREEMENT  PROHIBITS
         ANY PLEDGE,  MORTGAGE OR OTHER ENCUMBRANCE OF SUCH SHARES TO SECURE ANY
         OBLIGATION OF THE HOLDER  HEREOF.  EVERY  CREDITOR OF THE HOLDER HEREOF
         AND ANY

                                       9

<PAGE>

         PERSON  ACQUIRING  OR  PURPORTING  TO ACQUIRE THIS  CERTIFICATE  OR THE
         SHARES HEREBY  EVIDENCED OR ANY INTEREST  THEREIN IS HEREBY NOTIFIED OF
         THE EXISTENCE OF SUCH STOCK OPTION  AGREEMENT,  AND ANY  ACQUISITION OR
         PURPORTED   ACQUISITION  OF  THIS  CERTIFICATE  OR  THE  SHARES  HEREBY
         EVIDENCED  OR ANY INTEREST  THEREIN  SHALL BE SUBJECT TO ALL RIGHTS AND
         OBLIGATIONS  OF THE PARTIES TO SUCH STOCK  OPTION  AGREEMENT AS THEREIN
         SET FORTH.

         IT IS UNLAWFUL TO  CONSUMMATE A SALE OR TRANSFER OF THIS  SECURITY,  OR
         ANY INTEREST THEREIN, OR TO RECEIVE ANY CONSIDERATION THEREFOR, WITHOUT
         THE PRIOR WRITTEN  CONSENT OF THE  COMMISSIONER  OF CORPORATIONS OF THE
         STATE OF CALIFORNIA, EXCEPT AS PERMITTED IN THE COMMISSIONER'S RULES.

         (iv)     Sales of Shares.

                  (a)      Company's  Right of First Refusal.  In the event that
                           the Optionee shall desire to sell, assign or transfer
                           any Shares held by the  Optionee to any other  person
                           (the  "Offered  Shares") and shall be in receipt of a
                           bona  fide  offer  to  purchase  the  Offered  Shares
                           ("Offer"),  the following  procedure shall apply. The
                           Optionee  shall give to the  Company  written  notice
                           containing  the terms and  conditions  of the  Offer,
                           including,  but  not  limited  to (a) the  number  of
                           Offered  Shares;  (b) the  price per  Share;  (c) the
                           method  of  payment;  and  (d)  the  name(s)  of  the
                           proposed purchaser(s).

                           An offer  shall not be deemed  bona fide  unless  the
                           Optionee has informed  the  prospective  purchaser of
                           the Optionee's  obligation  under this Option and the
                           prospective  purchaser  has  agreed to become a party
                           hereunder  and to be bound  hereby.  The  Company  is
                           entitled to take such steps as it reasonably may deem
                           necessary  to  determine  the  validity and bona fide
                           nature of the Offer.

                           Until 30 days after such notice is given, the Company
                           or its designee  shall have the right to purchase all
                           of the  Offered  Shares at the price  offered  by the
                           prospective  purchaser  and specified in such notice.
                           Such  purchase  shall be on the Agreement  Terms,  as
                           defined in subsection (vi).

                  (b)      Failure  of  Company  or  its  Designee  to  Purchase
                           Offered Shares.  If all of the Offered Shares are not
                           purchased by the Company  and/or its designee  within
                           the 30-day period  granted for such  purchases,  then
                           any remaining Offered Shares may be sold, assigned or
                           transferred pursuant to the Offer; provided, that the
                           Offered Shares are so  transferred  within 30 days of
                           the  expiration of the 30-day period to the person or
                           persons named in, and under the terms and  conditions
                           of,  the bona fide Offer  described  in the notice to
                           the Company; and provided further,  that such persons
                           agree to execute and deliver to the Company a written
                           agreement,  in form and

                                       10

<PAGE>

                           content  satisfactory to the Company,  agreeing to be
                           bound by the terms and conditions of this Option.

         (v)      Manner of Exercise.  Any right to purchase  hereunder shall be
                  exercised  by  giving   written  notice  of  election  to  the
                  Optionee, the Optionee's personal  representative or any other
                  selling person, as the case may be, prior to the expiration of
                  such right to purchase.

         (vi)     Agreement Price. The "Agreement  Price" shall be the higher of
                  (a) the  fair  market  value  of the  Shares  to be  purchased
                  determined  in good  faith by the  Board of  Directors  of the
                  Company and (b) the original  exercise  price of the Shares to
                  be purchased.

         (vii)    Agreement Terms. "Agreement Terms" shall mean and include  the
                  following:

                  (a)      Delivery of Shares and Closing  Date. At the closing,
                           the Optionee, the Optionee's personal  representative
                           or such  other  selling  person,  as the case may be,
                           shall deliver  certificates  representing the Shares,
                           properly   endorsed  for   transfer,   and  with  the
                           necessary  documentary  and transfer  tax stamps,  if
                           any,  affixed,  to  the  purchaser  of  such  Shares.
                           Payment  of  the  purchase   price   therefor   shall
                           concurrently be made to the Optionee,  the Optionee's
                           personal representative or such other selling person,
                           as  provided  in  subsection  (b) of this  subsection
                           (vii). Such delivery and payment shall be made at the
                           principal  office  of the  Company  or at such  other
                           place as the parties mutually agree.

                  (b)      Payment of Purchase Price.  The Company shall pay the
                           purchase price to the Optionee at the closing.

         (viii)   Right to Purchase Upon Certain  Other  Events.  The Company or
                  its  designee  shall have the right to purchase  all,  but not
                  less than  all,  of the  Shares  held by the  Optionee  at the
                  Agreement  Price and on the Agreement Terms for a period of 90
                  days after any of the following events:

                  (a)      An attempt by a creditor  to levy upon or sell any of
                           the Optionee's Shares;

                  (b)      The filing of a petition  by the  Optionee  under the
                           U.S. Bankruptcy Code or any insolvency laws;

                  (c)      The filing of a petition  against  Optionee under any
                           insolvency or bankruptcy  laws by any creditor of the
                           Optionee if such petition is not dismissed  within 30
                           days of filing;

                                       11

<PAGE>

                  (d)      The entry of a decree of divorce between the Optionee
                           and the Optionee's spouse; or,

                  (e)      The termination of Optionee's services as an employee
                           or consultant with the Company.

                  The Optionee  shall provide the Company  written notice of the
                  occurrence of any such event within 30 days of such event.

         (ix)     Termination. The provisions of this Section 19 shall terminate
                  and all rights of each such party hereunder shall cease except
                  for  those  which  shall  have  theretofore  accrued  upon the
                  occurrence of any of the following events:

                  (a)      Cessation of the Company's business;

                  (b)      Bankruptcy,   receivership   or  dissolution  of  the
                           Company;

                  (c)      Ownership of all of the issued and outstanding shares
                           of  the  Company  by  a  single  shareholder  of  the
                           Company;

                  (d)      Written  consent or agreement of the  shareholders of
                           the  Company  holding  50% of  the  then  issued  and
                           outstanding  shares of the Company  (determined  on a
                           fully diluted basis);

                  (e)      Consent or  agreement of a majority of the members of
                           the Board of Directors of the Company; or,

                  (f)      Registration of any class of equity securities of the
                           Company  pursuant  to  Section  12 of the  Securities
                           Exchange Act of 1934, as amended.

         (x)      Amendment. This Section 19 may be modified or amended in whole
                  or in part by a written  instrument  signed by shareholders of
                  the Company  holding 50% of the  outstanding  shares of Common
                  Stock  (determined  on a fully diluted basis) or a majority of
                  the members of the Board of Directors of the Company.

20.      MARKET  STANDOFF.  Unless the Board of  Directors  otherwise  consents,
         Optionee agrees hereby not to sell or otherwise  transfer any Shares or
         other securities of the Company during the 180-day period following the
         effective date of a  registration  statement of the Company filed under
         the Act; provided,  however,  that such restriction shall apply only to
         the  first  two  registration  statements  of  the  Company  to  become
         effective under the Act which includes  securities to be sold on behalf
         of the Company to the public in an  underwritten  public offering under
         the Act. The Company may impose stop-transfer instructions with respect
         to securities  subject to the foregoing  restrictions  until the end of
         such 180-day period.

21.      COMPLETE  AGREEMENT.  This Agreement  constitutes the entire  agreement
         between the

                                       12

<PAGE>

         parties with respect to its subject  matter,  and  supersedes all other
         prior or  contemporaneous  agreements and  understandings  both oral or
         written;  subject,  however,  that in the event of any conflict between
         this Agreement and the Plan, the Plan shall govern.  This Agreement may
         only be amended in a writing signed by the Company and the Optionee.

22.      PRIVILEGES OF STOCK  OWNERSHIP.  Participant  shall not have any of the
         rights of a  shareholder  with  respect  to any Shares  until  Optionee
         exercises the Option and pay the Exercise Price.

23.      NOTICES.  Any notice  required to be given or  delivered to the Company
         under the terms of this Agreement  shall be in writing and addressed to
         the  Corporate  Secretary  of the  Company at its  principal  corporate
         offices. Any notice required to be given or delivered to Optionee shall
         be in writing and addressed to Optionee at the address  indicated above
         or to such other  address as such party may  designate  in writing from
         time to tome to the Company.  All notices  shall be deemed to have been
         given or  delivered  upon:  personal  delivery;  three  (3) days  after
         deposit in the United  States  mail by  certified  or  registered  mail
         (return receipt requested); one (1) business day after deposit with any
         return receipt express courier (prepaid); or one (1) business day after
         transmission by facsimile.

Date of Grant: January 2, 2001     Accesspoint Corporation, a Nevada Corporation

                                   By: /s/ Al Urcuyo
                                   -----------------------
                                   Al Urcuyo,
                                   Office of the President

                                       13

<PAGE>

OPTIONEE  ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO SECTION
3 HEREOF IS EARNED ONLY BY  CONTINUING  SERVICE AS AN EMPLOYEE OR  CONSULTANT AT
THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED,  BEING GRANTED THIS
OPTION OR ACQUIRING SHARES HEREUNDER).  OPTIONEE FURTHER ACKNOWLEDGES AND AGREES
THAT THIS OPTION, THE COMPANY'S PLAN WHICH IS INCORPORATED  HEREIN BY REFERENCE,
THE  TRANSACTIONS  CONTEMPLATED  HEREUNDER  AND THE VESTING  SCHEDULE  SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED  PROMISE OF CONTINUED  ENGAGEMENT
AS AN EMPLOYEE OR CONSULTANT FOR THE VESTING PERIOD,  FOR ANY PERIOD, OR AT ALL,
AND  SHALL  NOT  INTERFERE  WITH  OPTIONEE'S  RIGHT  OR THE  COMPANY'S  RIGHT TO
TERMINATE OPTIONEE'S EMPLOYMENT OR CONSULTING  RELATIONSHIP AT ANY TIME, WITH OR
WITHOUT CAUSE.

Optionee acknowledges receipt of a copy of the Plan, represents that Optionee is
familiar with the terms and provisions  thereof,  and hereby accepts this Option
subject to all of the terms and  provisions  thereof.  Optionee has reviewed the
Plan and this Option in their  entirety,  has had an  opportunity  to obtain the
advice of counsel  prior to  executing  this  Option and fully  understands  all
provisions  of this  Option.  Optionee  hereby  agrees  to  accept  as  binding,
conclusive  and final all  decisions or  interpretations  of the Board or of the
Committee upon any questions arising under the Plan.

                                    OPTIONEE

 Dated: January 2, 2001             By: /s/ Eric Odegard
                                    ---------------------
                                    Eric Odegard

                                       14

<PAGE>

CONSENT OF SPOUSE

The undersigned  spouse of the Optionee to the foregoing Stock Option  Agreement
acknowledges  on his or her own behalf  that:  I have read the  foregoing  Stock
Option Agreement and I know its contents. I hereby consent to and approve of the
provisions of the Stock Option Agreement,  and agree that the Shares issued upon
exercise of the options  covered  thereby and my interest in them are subject to
the  provisions of the Stock Option  Agreement and that I will take no action at
any time to hinder operation of the Stock Option Agreement on those Shares or my
interest in them.

Dated: January 2, 2001              By: /s/ Lynn M. Odegard
                                    -----------------------
                                    Lynn M. Odegard

                                       15

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