Document:

EXCLUSIVE LICENSE AGREEMENT

         THIS EXCLUSIVE LICENSE AGREEMENT (the "Agreement"),  dated as of the 12
day of  October,  2000  (the  "Effective  Date") is made by and  Techlabs,  Inc.
("Techlabs"),   a  Florida  corporation,   and  its  wholly-owned   subsidiaries
StartingPoint.com,   Inc.  ("Starting  Point"),  a  Florida   corporation,   and
Interplanner.com, Inc. ("Interplanner"), a Florida corporation, all with offices
at 3435 Galt Ocean Drive, Fort Lauderdale, Florida 33308, and Outcome Mail, N.V.
("Outcome Mail"), a Netherlands Antilles  corporation,  with offices at Arahilla
Top, Unit 1,  Willemstad,  Curacao,  Netherlands  Antilles.  Techlabs,  Starting
Point,  Interplanner  and  Outcome  Mail may be referred  to  individually  as a
"Party" and collectively as the "Parties."

                                    RECITALS

         WHEREAS,    Starting    Point   owns   and   operates   a   web   site,
www.mystartingpoint.com  (the  "Starting  Point  Site"),  which is a web  portal
offering a variety of web searching tools.

         WHEREAS,    Interplanner    owns    and    operates    a   web    site,
www.interplanner.com  (the "Interplanner Site"), which is a free online calendar
and personal  information  management  (PIM) service that offers a comprehensive
set of features,  including a personal calendar, group calendars, contact lists,
appointment entry and tracking, and task lists, as well as a variety of content.

         WHEREAS, Outcome Mail is a permission based Marketing Company.

         WHEREAS,  Outcome  Mail  desires  to  obtain  an  exclusive,  worldwide
licenses to host and operate the Starting Point Site and the  Interplanner  Site
(collectively, the "Web Sites").

         NOW  THEREFORE,  in  consideration  of the mutual  agreements set forth
herein and for other good and  valuable  consideration,  the receipt of which is
hereby acknowledged, the parties hereby agree as follows:

         1.       Recitals.   The  above  recitals  are  true,  correct  and are
                  incorporated herein.

         2,       Granting of Exclusive Licenses.

                                       1
<PAGE>

         a.  Subject  to  Outcome  Mail's  compliance  with  the  terms  of this
Agreement,    Starting    Point   grants   to   Outcome   Mail   an   exclusive,
non-transferrable,  worldwide  license  (the  "Starting  Point  License") to the
Starting Point Site and its source codes and electronic database,  including the
unfettered use of any trademarks,  trade names, copyrights or other intellectual
property  related  thereto,  through or by way of any media  known now or in the
future,  in connection  with the  marketing,  merchandising  or promotion of the
Starting Point Site.

         b.  Subject  to  Outcome  Mail's  compliance  with  the  terms  of this
Agreement, Interplanner grants to Outcome Mail an exclusive,  non-transferrable,
worldwide license (the "Interplanner  License") to the Interplanner Site and its
source  codes and  electronic  database,  including  the  unfettered  use of any
trademarks,  trade names,  copyrights  or other  intellectual  property  related
thereto,  through  or by way of  any  media  known  now  or in  the  future,  in
connection with the marketing,  merchandising  or promotion of the  Interplanner
Site.

         c.  Outcome Mail's licenses grant hereunder is further conditioned upon
Outcome Mail's compliance with the following:

                  (i) Outcome Mail shall not and shall not  authorize  any third
party  to  decompile  or  disassemble  either  the  Starting  Point  Site or the
Interplanner Site (collective, the "Web Sites");

                  (ii)Outcome  Mail  shall not and shall not authorize any third
party to authorize further licensing or redistribution of the Web Sites; and

                  (iii) Outcome Mail shall  maintain and not alter or remove any
copyright,  trademark,  and other protective notices contained on the Web Sites,
including  the end  user  license  agreement  which  is  included  in the  setup
installation of the Interplanner Site.

         3.  Operations  of the Web Sites.  During  the term of this  Agreement,
Outcome  Mail shall host,  operate,  promote  and  maintain at its sole cost and
expense the Web Sites,  including  but not  limited  to, the costs of  hardware,
personnel,  Internet access,  promotional  costs,  facilities,  customer service
obligations,  obligations  to maintain and update the software and hardware used
in the Web Sites,  and any and all other costs and expenses  related to hosting,
operating,  promoting and maintaining  the Web Sites.  Outcome Mail will use its
best  efforts to ensure that Web Sites will be  accessible  on the Internet on a
365/24/7 basis. Outcome Mail will not (i) alter the content of the Web Sites, or
(ii) post any material on the Web Sites which is not the subject of this license
or which may in anyway  infringe  upon the rights of third  parties  who are not
parties to this Agreement, without the prior written consent of Techlabs.

                                       2
<PAGE>

         4.  Compensation.  As full and  complete  compensation  for the  rights
granted to Outcome  pursuant to Section 2 hereof,  Outcome  shall pay Techlabs a
royalty  equal  to 25% of net  operating  revenues  of the  Web  Sites.  For the
purposes of this Section, "net operating revenues" shall mean the total revenues
actually  received by Outcome Mail from the operation of the Web Sites, less the
net operating costs.  Such royalty payments shall be due and payable on the 15th
day of each  month  following  the month in which  Outcome  Mail  receives  such
payment,  and shall be accompanied by a schedule showing for the prior month the
gross revenues received by Outcome Mail which resulted from Web Sites.  Techlabs
shall be permitted to inspect the books and records of Outcome Mail from time to
time in its sole discretion  solely as they relate to the subject matter of this
Agreement and the  obligations of the parties  hereto as set forth herein.  Such
inspection shall be at Techlabs' expense and shall be conducted at the principal
executive  offices of Outcome Mail during  regular  business hours upon five (5)
days prior  notice.  If as a result of such  inspection  it is  determined  that
Outcome Mail shall owe Techlabs additional  compensation,  such amounts shall be
remitted by Outcome Mail to Techlabs  within five (5) business  days of the date
on  which  Techlabs  supplies  Outcome  Mail  with  a  schedule  detailing  such
additional compensation.

         5. Intellectual Property. The Web Sites, including the source codes and
electronic databases, are protected by copyright and other intellectual property
laws,  and all  intellectual  property  rights in the Web Sites shall remain the
sole and exclusive  property of Starting Point and Interplanner,  as applicable.
The  granting of the licenses  hereunder  are further  conditioned  upon Outcome
Mail's" compliance with the following:  (i) Outcome Mail shall not and shall not
authorize any third party to reverse engineer,  decompile or disassemble the Web
Sites;  (ii) Outcome Mail shall not and shall not  authorize  any third party to
authorize further  licensing or  redistribution of the Web Sites;  (iii) Outcome
Mail shall maintain and not alter or remove any copyright,  trademark, and other
protective  notices  contained on the Web Sites; (iv) Outcome Mail shall not and
shall not authorize any third party to rent, lease, sell,  transfer,  or further
sublicense the Web Sites; and (v) any  improvements or enhancements  made to the
sites/source  codes  will  continue  to be the sole and  exclusive  property  of
Techlabs.

                                       3
<PAGE>

         6.       Non-Disclosure of Confidential Information.

         a. Outcome Mail acknowledges that during the Term of this Agreement, it
will have access to  confidential  information  and trade  secrets of  Techlabs,
Starting Point and  Interplanner,  including but not limited to, plans regarding
Techlabs'  structure,   financing,   personnel,   acquisitions,   source  codes,
electronic  databases,  technical  information  or methods of doing business and
other  "know how" or  business  information  which is not in the public  domain,
which said information  Outcome Mail  acknowledges to be a valuable trade assets
of said  corporations,  except for common  general  practices in the industry or
knowledge  in the public  domain.  Outcome Mail shall not at any time during the
Term of this Agreement,  or at any time after  termination of this Agreement for
any reason,  directly  or  indirectly,  use for itself or others,  or divulge to
others any said  trade  secrets or  confidential  information  or data of either
Techlabs, Starting Point or Interplanner obtained as a result of this Agreement.
Outcome  Mail  acknowledges  and agrees  that  Techlabs',  Starting  Point's and
Interplanner's  remedies at law for a breach or threatened  breach of any of the
provisions of this Section 6 would be inadequate  and the breach shall be per se
deemed as causing irreparable harm to said corporations.  In recognition of this
fact,  in the event of a breach or  threatened  breach by Outcome Mail of any of
the  provisions  of this Section 6, Outcome Mail agrees that, in addition to any
remedy at law  available  to said  corporations,  including,  but not limited to
monetary  damages,  Techlabs,  without  posting  any bond,  shall be entitled to
obtain,  and Outcome  Mail agrees not to oppose  said  corporations  request for
equitable  relief in the form of  specific  performance,  temporary  restraining
order, temporary or permanent injunction or any other equitable remedy which may
then be available to said corporations.

         b. Upon  termination  for any reason or the natural  expiration  of the
Term,  Outcome  Mail  shall  turn over  immediately  to  Techlabs  any  property
belonging to Techlabs, Starting Point or Interplanner, including but not limited
to, customers' lists, financial data or any other writings,  records or property
in the  possession  or control of Outcome Mail which  relates to the business of
the Web Sites, all of which writings and records are and will continue to be the
sole and exclusive property of Techlabs.

         7.       Term and Termination.

         a.  Unless  terminated  pursuant  to  Sections  7(b)  and  7(c) of this
Agreement , the term of the Licenses  granted  hereby  shall  commence as of the
Effective  Date  and  shall  continue  for  1  year   thereafter  (the  "Term").
Notwithstanding this Section 7(a), this Agreement shall be automatically renewed
upon the consent of the parties  hereto for  successive  1 year  periods and all
provisions hereof shall remain in full force and effect. For the purpose of this
Agreement, the Term shall include all extensions and renewals.

         b.  Without  prejudice  and in addition to any other  rights,  Techlabs
shall have the right to terminate  this Agreement upon written notice to Outcome
Mail, at any time upon the occurrence of the following:

                  i. Outcome  Mail's   breach   of   any   material   provision,
representation,  warranty  or  covenant  of this  Agreement,  each of  which  is
considered to be the essence of this Agreement; or

                  ii. If Outcome Mail fails to make any payments due pursuant to
Section 4,unless such breach is cured within a ten (10) day period; or

                  iii. Outcome Mail shall (A) become insolvent, (B) apply for or
consent to the  appointment  of, or the  taking of  possession  by, a  receiver,
trustee or similar  official of or for itself or of or for all or a  substantial
part of its property,  (C) make an assignment  for the benefit of its creditors,
(D)  commence a voluntary  case under the  Federal  Bankruptcy  Code,  as now or
hereafter in effect (the "Code"),  (v) file a petition seeking to take advantage
of any other bankruptcy, insolvency, moratorium, reorganization or other similar
law of any  jurisdiction  ("Other  Laws"),  (D)  acquiesce  as to,  or  fail  to
controvert in a timely or appropriate  manner, an involuntary case filed against
Outcome Mail under the Code, or (E) take any corporate  action in furtherance of
any of the foregoing; or

                                       4
<PAGE>

                  iv. A  proceeding  or  involuntary  case  shall be  commenced,
without the  application  or consent of Outcome  Mail in any court of  competent
jurisdiction  (A) under  the  Code,  (B)  seeking  liquidation,  reorganization,
dissolution,  winding up or composition or  readjustment  of its debts under any
Other Laws,  or (C) seeking the  appointment  of a trustee,  receiver or similar
official for it or for all or any substantial  part of its assets,  and any such
proceeding or case shall continue undismissed,  or unstayed and in effect, for a
period of 90 days; or

                  v. A final judgment for the payment of money shall be rendered
by a court of competent  jurisdiction  against  Outcome  Mail,  and Outcome Mail
shall not discharge the same, or procure a stay of execution  thereof  within 30
days from the date of entry thereof and within such 30 day period or such longer
period during which  execution of such judgment  shall have been stayed,  appeal
therefrom and cause the execution  thereof to be stayed during such appeal,  and
such judgment, together with all other judgments against Outcome Mail (including
all  subsidiaries),  shall  exceed  in the  aggregate  $20,000  in excess of any
insurance as to the subject matter of such  judgments,  as to which coverage has
not been declined or the underlying claim rejected by the applicable insurer; or

                  vi. The liquidation or dissolution of Outcome Mail or any vote
in favor thereof by the board of directors and stockholders of Outcome Mail; or

                  vii. Outcome Mail sells all or substantially all of its assets
or merges or is consolidated  with another  corporation in which Outcome Mail is
not the surviving corporation.

         c. This Agreement may be cancelled upon thirty (30)  days  notice  with
the consent of all parties hereto.

         d. The licenses  granted under this Agreement  shall  terminate  thirty
(30) days after  mailing of such  written  notice  unless  such  breach is cured
within such time period.  Immediately  upon the expiration or termination of the
Agreement,  Outcome Mail shall have no further rights to use either the Starting
Point License or the Interplanner License.

                                       5
<PAGE>

         8.       Representations and Warranties.

         a. Outcome Mail is a corporation duly organized,  validity existing and
in good standing under the laws of the jurisdiction in which it is incorporated,
and has the requisite corporate power and authority to own its properties and to
carry on its business as now being  conducted.  Outcome  Mail has all  requisite
power,  authority,  and capacity to enter into this Agreement and to perform the
transactions  and  obligations  to be  performed  by it  hereunder.  No consent,
authorization, approval, license, permit or order of, or filing with, any person
or  governmental  authority is required in connection  with the execution or the
transactions and obligations to be performed by it hereunder. This Agreement has
been duly  executed and  delivered by Outcome Mail and  constitutes  a valid and
legally binding  obligation of Outcome Mail,  enforceable in accordance with its
terms, except as enforcement  thereof may be limited by bankruptcy,  insolvency,
reorganization, moratorium or other similar laws.

         b. Each of Techlabs,  Starting Point and  Interplanner are corporations
duly organized,  validity  existing and in good standing under the laws of their
respective jurisdictions in which they are incorporated,  and have the requisite
corporate  power and  authority  to own their  properties  and to carry on their
business  as  now  being  conducted.  Each  of  Techlabs,   Starting  Point  and
Interplanner  have all requisite  power,  authority,  and capacity to enter into
this Agreement and to perform the  transactions  and obligations to be performed
by it hereunder. No consent,  authorization,  approval, license, permit or order
of, or filing  with,  any  person  or  governmental  authority  is  required  in
connection  with  the  execution  or  the  transactions  and  obligations  to be
performed by any of them  hereunder.  This  Agreement has been duly executed and
delivered by each of Techlabs, Starting Point and Interplanner and constitutes a
valid and legally binding obligations of each of them, enforceable in accordance
with their terms,  except as  enforcement  thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws.

         9. Suits for Third-Party Infringements.  In the event that Outcome Mail
learns of any  infringement or threatened  infringement of any of the either the
Starting Point License or the Interplanner  License,  or any passing off or that
any  third  party  alleges  or claims  that any of the  license  rights  granted
hereunder are liable to cause deception or confusion to the public, or is liable
to dilute or infringe any of Outcome Mail's rights  therein,  Outcome Mail shall
forthwith notify Techlabs or its authorized  representatives  giving particulars
thereof and Outcome Mail shall provide  necessary  information and assistance to
Techlabs  and/or its authorized  representatives.  Techlabs shall defend any and
all such  suits or  actions  and pay all  expenses  of  defending  such suits or
actions, including attorney"s fees.

         10.  Claims  Against  Outcome  Mail.  If a claim is  presented  against
Outcome Mail alleging that either the Starting Point License or the Interplanner
License are an infringement of the rights of third parties,  Techlabs, on behalf
of Outcome Mail,  shall negotiate,  compromise,  or settle such claim, or defend
the  institution  of any  action  thereunder.  All  expenses  of defense in such
action, including compromise or settlement of the claim or action and attorney"s
fees, shall be borne by Techlabs.

                                       6
<PAGE>

         11.  Indemnification.  Each party agrees to indemnify,  defend and hold
harmless the other party and its directors,  officers, employees,  shareholders,
agents  and  affiliates,  and each of their  successors  and  assigns,  from and
against  any  losses,  liabilities,  damages,  deficiencies,  costs or  expenses
(including interest, penalties and reasonable attorneys' fees and disbursements)
("Loss")  based upon,  arising out of, or otherwise due to (i) any inaccuracy in
or any breach of any material representation, warranty, covenant or agreement of
such party  contained  in this  Agreement  or in any  document or other  writing
delivered pursuant to this Agreement, or (ii) facts or circumstances existing on
or prior to the date  hereof  which  give rise to  claims  by any third  parties
against the licenses. Promptly after receipt by the indemnifying party of notice
of any demand,  claim or circumstances which, with the lapse or time, would give
rise to a claim or the commencement (or threatened  commencement) of any action,
proceeding or investigation (an "Asserted Liability") that may result in a Loss,
the  indemnifying  party shall give notice thereof (the "Claims  Notice") to the
indemnified  party. The Claims Notice shall described the Asserted  Liability in
reasonable  detail,  and shall  indicate the amount (if stated) of the Loss that
has been or may be suffered by the indemnified party. The indemnifying party may
elect to  compromise  or defend,  at their own expense and by their own counsel,
any Asserted Liability. If the indemnifying party elects to compromise or defend
such Asserted Liability,  they shall, within thirty (30) days (or sooner, if the
nature of the Asserted  Liability so requires),  notify the indemnified party of
their intent to do so, and the indemnified party shall cooperate, at the expense
of the  indemnifying  party,  in the  compromise  of, or defense  against,  such
Asserted  Liability.  The indemnified party may elect to participate,  at its or
their  own  expense,  in  the  defense  of  such  Asserted  Liability.   If  the
indemnifying  party elects not to compromise  or defend the Asserted  Liability,
fails to notify the  indemnified  party of their  election  as herein  provided,
contest their  obligations  to indemnify  under this  Agreement,  or at any time
fails to pursue in good faith the resolution of any Asserted  Liability,  in the
sole opinion of the  indemnified  party,  then the  indemnified  party may, upon
thirty (30) days' notice to the indemnifying  party,  pay,  compromise or defend
any such  Asserted  Liability.  If the  indemnified  party chooses to defend any
claim, the indemnifying  party shall make available to the indemnified party any
books,  records or other  documents  or  personnel  within its control  that are
necessary or appropriate for such defense.

         12. Force Majeure.  If a party is prevented from  performing any of its
obligations  set forth in this  Agreement  by  reason of an act of God,  strike,
labor dispute,  injunctions,  judgments,  adverse claims,  fire, flood, delay in
transportation,  public disaster or any other cause or reason beyond the control
of Techlabs or Outcome Mail, as the case may be, such condition  shall be deemed
a  valid  excuse  for  failure  on its  part  to  perform  or for  delay  in the
performance of such  obligations,  and in the event of a delay, the Term of this
Agreement  shall be deemed  extended  for a period  co-extensive  with the delay
caused by such condition.

         13. No Partnership or Joint Venture. This Agreement does not constitute
and shall not be  construed  as  constituting  a  partnership  or joint  venture
between  Techlabs or Starting  Point or  Interplanner  and Outcome Mail. A party
shall have no right to obligate or bind any other party in any manner whatsoever
and nothing herein contained shall give or is intended to give any rights of any
kind to any third party.

                                       7
<PAGE>

         14.  Remedies.  All specific  remedies  provided for in this  Agreement
shall be  cumulative  and shall not be  exclusive  of one  another  or any other
remedies  available in law or equity.  The failure of a party to insist upon the
strict  performance  of any of the  covenants or terms hereof to be performed by
any other party shall not be construed  as a waiver of such  covenants or terms.
If any portion of this Agreement shall be ruled as invalid or unenforceable, the
remainder  of the  Agreement  shall  survive and be enforced as if such  invalid
portion was not originally a part hereof.

         15.      Assignment.  This Agreement is binding upon and shall inure to
the benefit of the parties and their  respective  representative  and  permitted
successors.  This  Agreement  may not be  assigned by Outcome  Mail,  but may be
assigned by Techlabs on behalf of itself and/or its subsidiaries.

         16. Waiver and  Modification.  No waiver or  modification of any of the
terms of this  Agreement  shall be valid  unless in  writing  and  signed by the
parties.  No waiver by one party of a breach hereof or a default hereunder shall
be deemed a waiver by any other party of a subsequent  breach or default of like
or similar  nature.  No delay by one party in  exercising  its rights  hereunder
shall be deemed a waiver of such rights.

         17.  Notices.  Whenever  notice  is  required  to be given  under  this
Agreement,  it shall be deemed to be good and  sufficient  notice if in writing,
signed by an officer or an authorized agent of the party serving such notice and
sent by registered or certified mail, postage prepaid, return receipt requested,
to any other party at the address stated above,  unless notification of a change
of address has been given in writing  pursuant to this Section 17.  Notice shall
be deemed given five (5) business days after mailing.

                                       8
<PAGE>

         18.  Venue and  Governing  Law.  This  Agreement  shall be construed in
accordance with the laws of the State of Florida, without and application of the
principles  of  conflicts  of laws.  If it  becomes  necessary  for any party to
institute  legal action to enforce the terms and  conditions of this  Agreement,
and such  legal  action  results  in a final  judgment  in  favor of such  party
("Prevailing Party"), then the party or parties against whom said final judgment
is obtained  shall  reimburse the Prevailing  Party for all direct,  indirect or
incidental  expenses incurred,  including,  but not limited to, all attorney"s's
fees,  court costs and other  expenses  incurred  throughout  all  negotiations,
trials or appeals  undertaken in order to enforce the Prevailing  Party's rights
hereunder.  Any suit,  action or proceeding with respect to this Agreement shall
be brought in the state or federal courts located in Broward County in the State
of Florida.  The parties  hereto hereby accept the  exclusive  jurisdiction  and
venue of those  courts for the purpose of any such suit,  action or  proceeding.
The parties hereto hereby  irrevocably waive, to the fullest extent permitted by
law, any objection  that any of them may now or hereafter  have to the laying of
venue of any suit,  action or  proceeding  arising  out of or  relating  to this
Agreement or any  judgment  entered by any court in respect  thereof  brought in
Broward County, Florida, and hereby further irrevocably waive any claim that any
suit, action or proceeding brought in Broward County,  Florida, has been brought
in an inconvenient forum.

         19.      Entire  Agreement.  This    Agreement  contains  the   entire
understanding  of the  parties  with  respect to the subject  matter  hereof and
supersedes and replaces any prior agreements, if any, between the parties. There
are no representations,  warranties, promises, covenants or understandings other
than those contained herein.

         20.      Headings.  Any paragraph  or  section  heading  used  in  this
Agreement are for reference  purposes only,  are not a substantive  part of this
Agreement and are not to be considered in its interpretation or construction.

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
date first above written.

                                  STARTINGPOINT.COM, INC.,
                                  a Florida corporation

                                  By:
                                  ----------------------------------------------
                                  Thomas J. Taule,
                                  President

                                  INTERPLANNER.COM, INC.
                                  a Florida corporation

                                  By:
                                  ----------------------------------------------
                                  Thomas J. Taule,
                                  President

                                  TECHLABS, INC.,
                                  a Florida corporation

                                  \By:
                                   ---------------------------------------------
                                   Thomas J. Taule,
                                   President

                                   OUTCOME MAIL, N.V.,
                                   a Netherlands Antilles corporation

                                   By:
                                   ---------------------------------------------
                                   President

                                       9Exhibit 4.3.1

                                 ACTIVCARD S.A.

                          1997 FRENCH STOCK OPTION PLAN
                     (As Amended and Restated July 24, 2000)

Pursuant to articles 208-1 to 208-2 of the Law of 24 July 1966 (hereinafter to
be referred to as the "Commercial Enterprises Law"), the General Shareholders
Meeting of ACTIVCARD (hereinafter to be referred to as "ACTIVCARD S.A."),
meeting on May 31, 1996, September 26, 1996 and June 17, 1997, approved the
creation of a stock option plan (hereinafter to be referred to as the "1997
Plan") intended for employees of ACTIVCARD S.A. and its subsidiaries,
specifically the French subsidiaries ACTIVCARD EUROPE SA and ADV Technologies
(hereinafter referred to as the "ActivCard Group"). The purpose of this document
is to define the conditions for allocating the Options to the employees of the
ActivCard Group within the framework of the 1997 Plan, in accordance with the
resolutions of the Board of Directors of ACTIVCARD S.A.:

1.   Definitions. The following terms shall have the definitions assigned below:

     (a)  The term "Administrator" shall refer to the Board or any Committee
          appointed to manage the Plan.

     (b)  The expression "Applicable law" shall refer to any legal conditions
          relating to management of the stock option plans, in accordance with
          the current provisions of the Commercial Enterprises Law, the General
          Tax Code, the applicable rules of the Stock Exchange and French legal
          provisions applying to Options allocated by corporations subject to
          French law.

     (c)  The term "Board" shall refer to the Corporation's Board of Directors.

     (d)  The term "Code" shall refer to the General Tax Code.

     (e)  The term "Committee" shall refer to any committee established by the
          Board to manage the Plan.

     (f)  The term "Corporation" shall refer to ACTIVCARD S.A.

     (g)  The expression "Employment contract" shall mean that the
          employer-to-employee ties involving the Corporation, a parent company
          or a Subsidiary have been neither suspended nor terminated.

     (h)  The term "Employee" shall mean any individual, including an officer or
          a corporate representative, employed by the Corporation, a Parent
          company or a Subsidiary.

     (i)  The expression "Transactions Law" shall refer to the amended version
          of the 1934 U.S. "Securities Exchange Act."
<PAGE>

     (j)  The expression "Market Value" shall mean the value of a Share,
          regardless of the date; this value shall be converted, if necessary,
          using as the exchange rate the purchase rate at noon, as reported by
          the Federal Reserve Bank of New York for the currency in question.
          This value shall be set as follows:

          (i)    If the shares are traded on a Stock Exchange or on an
                 established national market, including the EASDAQ, the NASDAQ
                 National Market (trading of over-the-counter shares) or the
                 NASDAQ Small Cap Market on the NASDAQ exchange, the market
                 value of a share shall be the closing sale price of such Share
                 (or the ask price at the close, if no sale has been recorded)
                 quoted on this system or on this stock exchange on the day the
                 value is set, as published by The Wall Street Journal or any
                 other source which the Board deems reliable.

          (ii)   In the event that the Shares are regularly traded by an
                 approved broker but that the sale price is not published, the
                 Share's Market Value shall be the average between the Share's
                 bid and ask prices on the day the value is set, as published by
                 The Wall Street Journal or any other source which the Board
                 deems reliable.

          (iii)  In the absence of an established market for the Shares or
                 Common Stock, the Market Value shall be set in good faith by
                 the Board of Directors.

     (k)  The term "Option" shall refer to a stock option allocated in
          accordance with the Plan.

     (l)  The expression "Stock Option Agreement" shall mean an agreement
          entered into in writing or electronically, attesting to the allocation
          of an Option, signed by the Corporation and the Beneficiary, as well
          as any addenda corresponding thereto.

     (m)  The expression "Shares covered by the Option" shall refer to the
          Shares covered by an Option.

     (n)  The term "Beneficiary" shall refer to an Employee who benefitted from
          an Option within the framework of the Plan.

     (o)  The expression "Parent company" shall refer to a current or future
          parent company, as defined by Article 208-4 of Law No. 66-537 of July
          24, 1966.

     (p)  The term "Plan" shall refer to the 1997 French Stock Option Plan.

     (q)  The term "Share" shall refer to a common share of the Corporation.

     (r)  The term "Subsidiary" shall refer to a current or future subsidiary as
          defined by Article 208-4 of Law No. 66-537 of July 24, 1966.

                                       2

<PAGE>

2.   Shares covered by the Plan.

     (a)  Subject to the provisions of article 9 below, the maximum total number
          of Shares that may be covered by an Option and be subscribed within
          the framework of the Plan is 1,200,000 Shares.

     (b)  In the event that an Option expires or can no longer be exercised
          because it was not completely exercised or if it has been returned
          within the context of an Option exchange program, the Shares not
          issued may be allocated later within the Plan framework. Shares
          actually issued within the Plan framework may not be distributed later
          within the Plan framework.

3.   Plan Management.

     (a)  Plan Administrator. The Plan shall be managed (A) by the Board or (B)
          by a Committee (or a sub-committee of such Committee) appointed by the
          Board and under its direction; once appointed, the Committee shall
          remain in operation for the stipulated purposes until such time as the
          Board resolves otherwise. The Board shall be advised at regular
          intervals, of at least once per year, as to the Committee's decisions.

     (b)  Authority of the Administrator. Subject to applicable law and the
          provisions of the Plan (including any other authority granted to the
          Administrator by this Agreement) and unless stipulated to the contrary
          by the Board, the Administrator may:

          (i)    select the employees to which to distribute any Options
                 provided for by this Plan;

          (ii)   determine whether, and to what extent, the Options shall be
                 allocated;

          (iii)  determine the number of Shares covered by each Option granted
                 pursuant to the Plan;

          (iv)   approve the form of the Option Agreements used within the Plan
                 framework;

          (v)    determine the conditions of any Option allocated within the
                 framework of such Plan;

          (vi)   define the additional conditions, rules or procedures in order
                 to conform to French regulation or law and offer the
                 Beneficiaries favorable treatment within the framework of such
                 Law, provided, however, that no Option distributed pursuant to
                 such conditions, rules or procedures contain conditions
                 contrary to the provisions of the Plan.

          (vii)  interpret the conditions of the Plan and the Options allocated
                 in accordance with the Plan; and

                                       3

<PAGE>

          (viii) take any measures that it deems appropriate, provided that they
                 not be inconsistent with the provisions of this Plan.

     (c)  Consequence of the Administrator's Decision. All decisions and
          interpretations of the Administrator shall be final and binding on all
          parties involved.

4.   Allocation conditions. Options may only be allocated to Employees of the
     Corporation subject to French tax law. An employee benefiting from an
     Option may be granted additional Options. Pursuant to article 208-2 of the
     Commercial Enterprises Law, no option may be approved for an employee that
     directly or indirectly holds over 10% of the capital of ACTIVCARD S.A.

5.   Conditions of the Option.

     (a)  Conditions of the Option. Subject to the Plan conditions, the
          Administrator shall set the terms and conditions of each Option. If
          the employment contract is suspended, the schedule for exercising the
          Options shall be successively carried forward.

     (b)  Validity of the Option. The validity of each Option shall be the
          duration specified in the Option Agreement and shall not extend beyond
          seven (7) years after the allocation date of the Option.

     (c)  Non-transferability of the Options and Share subscription rights.
          Unless the Administrator resolves otherwise, no Option may be sold,
          pledged, assigned, encumbered with a mortgage, transferred or
          transmitted in any fashion whatsoever other than through a will or by
          virtue of the right of transfer or distribution of assets; the Option
          may only be exercised by the Beneficiary so long as he is alive.

     (d)  Options Allocation Date. For all due purposes, the Allocation Date of
          an Option shall be the date on which the Board allocates the Option. A
          notification of allocation of such Option shall be issued to each
          Employee benefiting from such Option within a reasonable period after
          the Allocation Date.

6.   Share Price and payment conditions; taxes.

     (a)  Share Price. The price per Share shall not be less than 100% of the
          Market Value per Share on the Allocation Date, nor less than the
          average price quoted on a stock exchange regulated by a member State
          of the OECD during the course of the twenty trading sessions prior to
          the Option Allocation Date, nor less than $5.75 on the Allocation
          Date.

     (b)  Payment conditions. Subject to current law, the payment conditions for
          Shares issued following the exercise of an Option shall be set by the
          Administrator.

     (c)  Taxes. Shares subject to the Plan shall not be issued to the
          Beneficiary or to a third party unless the Beneficiary or such third
          party takes every measure, in

                                       4
<PAGE>

          concert with the Administrator, to discharge all foreign, domestic and
          local tax obligations as well as any social charges. After the
          exercise of an Option, the Corporation may withhold or receive from
          the Beneficiary an amount sufficient to discharge its tax obligations.

          The Corporation has made its best efforts to ensure that this Option
          Agreement and the Plan are consistent with current French tax law. The
          Corporation refuses any liability if it is found not to apply for any
          reason whatsoever, specifically a change in the law.

     (d)  Registered form and information. Shares acquired within the Option
          framework shall be kept in registered form by the Corporate Transfer
          Agent (currently Paribas) until their sale by the Beneficiary. The
          latter shall inform the Corporation of the detailed conditions for the
          sale of the Shares in order to allow it to complete the corresponding
          tax returns.

7.   Exercise of the Option.

     (a)  Procedures; Shareholder rights.

          (i)    All Options allocated within the framework of this Agreement
                 shall be deemed as having been acquired and may be exercised in
                 the following fashion: Fifty percent (50%) of the Options shall
                 be exercisable two years after the Allocation Date (as
                 specified in the Allocation Notice addressed to the
                 Beneficiary) and one-forty-eighth (1/48) of the additional
                 Options shall then be exercisable every month for 24 months,
                 provided that the Beneficiary remain a Member of the
                 Corporation's personnel on those dates. Personnel subject to
                 French Law may not sell any Option prior to the end of a
                 three-year period beginning two years after the Allocation Date
                 (or 5 years in all) except pursuant to article 91-ter Ann 2 of
                 the CGI and unless stipulated to the contrary by the Board
                 following a change in the laws.

          (ii)   An Option shall be deemed as exercised when a written
                 notification to this effect has been provided to the
                 Corporation in accordance with the conditions of the Option by
                 such individual as may exercise it and the Corporation has
                 received complete payment for the Shares covered by the Option.
                 Until issuance of the Shares (as attested to by the
                 corresponding registration in the Corporation's books or as
                 confirmed by its Transfer Agent), the Shares subject to the
                 Option shall confer no voting right, right to receive dividends
                 or any other right corresponding to the shareholders,
                 notwithstanding the exercise of the Option. The Corporation
                 shall issue (or cause to issue) its Shares immediately after
                 the exercise of the Option. No adjustment shall be made
                 concerning a dividend or any other right involving a
                 registration date prior to the issuance date of the Shares,
                 unless stipulated otherwise in the Option Agreement or in
                 Section 9(a) below.

                                       5

<PAGE>

     (b)  Exercise of the Option following expiration of Status as Permanent
          Employee of the Corporation. In the event of a Beneficiary's cessation
          of employment (other than for reasons of disability), he may, for
          three (3) months only following the date of cessation of his
          employment (but in no case beyond the expiration date of the Option's
          validity as set forth in the Option Agreement), exercise his Option to
          the extent that he was entitled to exercise it on the date of
          cessation of his employment or any other period set by the
          Administrator. In the event that the Beneficiary dies within three (3)
          months following the cessation of his employment, his heirs or such
          party as acquires the right to exercise the Option by legacy or
          inheritance may exercise the Option, to the extent that the
          Beneficiary could have exercised it on the date of cessation of his
          employment, within six (6) months after the date of the latter's
          death, but in no case after the validity expiration date specified in
          the Option Agreement.

     (c)  Death of the Beneficiary. In the event of a Beneficiary's death, the
          Option may be exercised at any time within twelve (12) months after
          the date of death (but in no case after the validity expiration date
          specified in the Option Agreement), by his heirs or any third parties
          having received by legacy or inheritance the right to exercise the
          Option, only to the extent that the Beneficiary could have exercised
          the Option on the date of his death. If, at the time of death, the
          Beneficiary could not have completely exercised his Option, the Shares
          forming part of the portion of the Option still not capable of being
          exercised shall immediately revert to the Plan. If, after the death,
          the heirs of the Beneficiary or any third party having acquired by
          legacy or inheritance the right to exercise the Option fall to
          exercise it within the specified periods, the Option shall be
          canceled.

8.   Conditions deriving from issuance of the Shares.

     (a)  Shares shall not be issued following the exercise of an Option unless
          the exercise of such Option and the issuance and delivery of the
          Shares subject thereto are consistent with current law; moreover, in
          order to verify such consistency, they may be subject to approval by
          the Corporation's attorney.

     (b)  The Corporation may make exercise of the Option contingent upon the
          obligation, by such party as exercises the Option, to declare and
          attest that it did not subscribe the Shares except for purposes of
          placement and without intending to sell or distribute them if the
          Corporation's attorney believes that current law requires such a
          statement.

9.   Adjustments made in the event of a change in capital, merger or sale of
     assets.

     (a)  In the event that the Corporation undertakes any of the financial
          transactions mentioned in article 195, paragraphs 5 and 6 and article
          196, paragraphs 1 and 3 of the Commercial Enterprises Law, the Board
          shall review, under the conditions provided for by Law, the current
          number and Exercise Price of the Options, in order to take into
          account the effects of the financial transaction in question. At the
          time of such transaction, the Board may temporarily suspend the rights
          to

                                       6

<PAGE>

          exercise the Option for the period during which the capital stock must
          remain unchanged. In the event of a merger of the Corporation with or
          within another Company, or the sale of the majority of its assets,
          each outstanding Option shall be transferred, or an Option or an
          equivalent right shall be granted by the corporation succeeding it, or
          a Parent corporation or Subsidiary of such successor.

     (b)  In the event that the successor refuses to transfer the Option or to
          substitute an equivalent for it, the Beneficiary may completely
          exercise the Option on all Shares forming part thereof, including
          those on which it would not normally have been able to exercise any
          right or which it would not have been able to subscribe. In such a
          case, where the Option may be completely exercised in the absence of
          transfer or replacement, the Administrator shall inform the
          Beneficiary in writing that he has a period of fifteen (15) days after
          such notification to exercise the Option. After such period, the
          Option shall be canceled. For purposes of this paragraph, an Option
          shall be deemed as transferred if, following a merger or sale of
          assets, the Option or the right permits, for each Share resulting from
          the exercise of the Option under the conditions immediately preceding
          the merger or sale of the assets, the subscription or receipt of
          consideration (in shares, cash or other securities or assets) received
          during the merger or sale of the Shares by the holders of the Shares
          for each Share held on the date the transaction was realized (and if
          the holders had a choice, the type of consideration chosen by the
          holder of the majority of the outstanding Shares); provided, however,
          that the consideration received upon the merger or the sale of assets
          not consist solely of the common stock of the succeeding Corporation
          or parent corporation, the Administrator may, subject to agreement by
          the successor, determine that the consideration to be received in
          exchange for the exercise of the Option for each Share resulting from
          exercising the Option shall solely consist of the common stock of the
          successor or of the parent corporation, equivalent in market value to
          the consideration received per share by the bearers of the Shares
          after the merger or sale of assets.

10.  Validity of the Plan. The Options may be allocated within the Plan
     framework for a period of five (5) years after the date on which the Plan
     is approved by the Corporation's Extraordinary General Shareholders Meeting
     (June 17, 1997).

11.  Amendment, suspension or cancellation of the Plan. The Board may at any
     time amend, suspend or cancel the Plan. To the extent necessary in order to
     conform to applicable law, the Corporation shall ensure that the
     shareholders approve any amendment of the Plan in the fashion and to the
     extent required.

     No Option may be allocated during a suspension of the Plan or after its
     cancellation.

     An amendment, suspension or cancellation of the Plan shall not affect the
     Options already allocated, which shall remain in force for all legal
     purposes as if the Plan had not been amended, suspended or canceled, unless
     the Beneficiary and the Administrator jointly resolve otherwise. Such
     agreement shall be drafted in writing and signed by the Beneficiary and the
     Corporation.

                                       7
<PAGE>

12.  Reservation of the Shares.

     (a)  The entire time that this Plan is in force, the Corporation shall
          reserve and keep available a sufficient number of Shares as to address
          the Plan conditions.

     (b)  Failure by the Corporation to obtain from a government with
          jurisdiction such authority as the Corporation's attorney deems
          necessary for the issuance and legal sale of the Plan Shares in
          question shall release the Corporation of any liability deriving from
          failure to issue or sell the Shares for which such authority was
          unable to be obtained.

13.  Absence of impact on employment conditions.

     The Plan shall grant no Beneficiary any right with respect to maintaining
     employment with the Corporation. The Plan shall not in any way interfere
     with the right of the Beneficiary or the Corporation to end their
     professional relations at anytime.

14.  Information intended for the Beneficiaries.

     The Corporation shall provide each Beneficiary, during the period when such
     Beneficiary is holding one or more valid Options, copies of the financial
     statements presented at the Ordinary General Shareholders Meeting convoked
     in order to approve the Corporation's financial statements.

15.  Transferability of Options.

     Notwithstanding any provision in this Plan or the Option Agreement to the
     contrary, Options may not be transferred, pledged, assigned or otherwise
     disposed of except by will or the laws of descent and distribution;
     provided, however, that Options may be, with the approval of the Committee,
     transferred to a member or members of an Optionee's immediate family (as
     defined below) or to one or more trusts or partnerships established in
     whole or in part for the benefit of one or more of such immediate family
     members (collectively, "Permitted Transferees"), subject to such rules and
     procedures as may from time to time be adopted or imposed by the Committee.
     If an Option is transferred to a Permitted Transferee, it shall be further
     transferable only by will or the laws of descent and distribution or, for
     no consideration, to another Permitted Transferee of the Optionee. An
     Optionee shall notify the Corporation (or its designee) in writing prior to
     any proposed transfer of an Option to a Permitted Transferee and shall
     furnish the Corporation, upon request, with information concerning such
     Permitted Transferee's financial condition and investment experience. For
     purposes of the Plan, an Optionee's "immediate family" means spouse, lineal
     descendant, father, mother, brother or sister of the transferor; provided,
     however, that if the Corporation adopts a different definition of
     "immediate family" (or similar term) in connection with the transferability
     of employee stock options awarded to Optionees, such definition shall
     apply, without further action by the Board, to the Plan.

                                       8

<PAGE>

                      ACTIVCARD S.A. 1997 STOCK OPTION PLAN

                                  U.S. APPENDIX

1.   This Appendix governs the grant of Options to United States Participants

     This Appendix constitutes the part of the Plan that will govern the
     subscription of Shares by, and the grant of Options to, United States
     Participants (the "U.S. Options") and incorporates all the terms of the
     Plan (as set forth above) including as modified in accordance with the
     provisions of this Appendix.

2.   The limit on the number of Shares which can be issued

     The maximum aggregate number of Shares (which, for this purpose, means
     fully paid ordinary Shares in the capital of the Corporation) which may be
     issued under U.S. Options, intending to qualify as "incentive stock
     options" ("ISOs") within the meaning of Section 422 of the U.S. Internal
     Revenue Code of 1986, as amended (the "U.S. Tax Code"), under the Plan is
     1,200,000, subject to such adjustments made in a manner consistent with
     Section 422 of the U.S. Tax Code in the event of any issue or
     reorganization, as determined by the Board in its sole discretion. To the
     extent permitted under Section 422 of the U.S. Tax Code, any Shares subject
     to an ISO Award (as defined in Section 7 below) which lapses, expires or is
     otherwise terminated without the issuance of such Shares may, in its sole
     discretion of the Board, again be available for purposes of this limit.

3.   How U.S. Options will be granted

     All U.S. Options shall be evidenced by an instrument(s) in such form or
     forms as may from time to time be approved by the Board or the Committee
     that, among other things, shall set out the manner in which a Participant
     may exercise his U.S. Option and the form of payment for the Shares.

4.   Administration of this Appendix

     The Board or the Committee shall (i) administer this Appendix, (ii)
     establish from time to time such rules and regulations as it may deem
     appropriate for the proper administration of this Appendix and (iii) make
     such determinations under (including, without limitation, factual
     determinations), and such interpretations of, and take such actions in
     connection with this Appendix or the U.S. Options as it may deem necessary
     or advisable, including, without limitation, determinations,
     interpretations and actions to ensure that the U.S. Options intended to
     qualify as ISOs shall so qualify.

<PAGE>

5.   Section 16 Compliance

     If any officer, director or shareholder of the Corporation is awarded U.S.
     Options and therefore becomes subject to Section 16 of the U.S. Securities
     Exchange Act 1934, as amended (the "Exchange Act"), the Corporation shall
     take all appropriate action to ensure that such awards under this Appendix
     are exempt from Section l6b under the Exchange Act.

6.   Form of U.S. Options

     U.S. Options may be either ISOs under Section 422 of the U.S. Tax Code or
     "nonqualified stock options". The Board or the Committee shall have the
     sole authority and discretion as to whether and to whom to grant either
     type of U.S. Option; provided, however, that the terms of each U.S. Option
     shall specify clearly the type of U.S. Option granted and no U.S. Option
     shall permit a "tandem" exercise arrangement within the meaning of Temp.
     Treas. Reg. section 14a.422A-1(Q/A-21), (Q/A-39).

7.   Compliance with the ISO Rules

     The following provisions shall apply to any U.S. Option that is intended to
     qualify as an ISO (each, an "ISO Award"):

     (a)  The aggregate market value (determined as of the date the ISO Award is
          granted in accordance with the requirements of Section 422 of the U.S.
          Tax Code) of the Shares underlying one or more ISO Award that is first
          exercisable in any calendar year (under all stock option plans of the
          Corporation and its Subsidiaries (within the meaning of Section 424 of
          the U.S. Tax Code) shall not exceed U.S. $100,000 (or the equivalent)
          and, in the event that such limit is exceeded, such U.S. Options shall
          be treated, to the extent of such excess, as nonqualified stock
          options.

     (b)  The exercise price of the Shares covered by each ISO Award shall not
          be less than 100% of the market value (determined as of the date the
          ISO Award is granted in accordance with the requirements of Section
          422 of the U.S. Tax Code) of such Shares determined as of the date the
          ISO Award is granted in accordance with the requirements of Section
          422 of the U.S. Tax Code (110% in the case of an ISO Award granted to
          a Ten Percent Shareholder).

     (c)  An ISO Award may not be exercisable more than 10 years after the date
          such ISO Award is granted (5 years in the case of an ISO granted to a
          Ten Percent Shareholder).

     (d)  The terms of such ISO Award shall provide that it is not transferable
          except by will or pursuant to the laws of descent and distribution,
          and shall not permit any U.S. Option designated to be an ISO to be
          exercised more than three months following the Participant's
          termination of employment with the Corporation or its Subsidiaries
          within the meaning of Section 424 of the U.S. Tax Code (more than 12
          months following the Participant's death or disability, as disability
          is defined in

                                       2
<PAGE>

          Section 22(e)(3) of the U.S. Tax Code). The terms of such ISO Award
          shall further provide that, during the Participant's lifetime, such
          ISO Award shall only be exercisable by the Participant.

     (e)  This Appendix may be further modified to ensure that any U.S. Option
          that is intended to be an ISO under this Appendix will comply with the
          requirements of Section 422 of the U.S. Tax Code.

8.   Term of U.S. Option: addition of consistent provisions

     Subject to the provisions of Section 7 above, in the case of an ISO, the
     Corporation shall determine at the date the ISO Award is granted the term
     during which a U.S. Option may be exercised and whether any of the U.S.
     Option shall be exercisable in one or more installments. A U.S. Option may
     also be subject to any other provision imposed by the Corporation that is
     consistent with the purpose and intent of this Appendix.

9.   Exercise Method of U.S. Options

     A Participant may, in accordance with the terms of an applicable Award
     Agreement and subject to the sole discretion of the Board or the Committee,
     exercise his U.S. Option, (i) by a cash payment to the Corporation of the
     exercise price(s) of all Shares purchased pursuant to the exercise of the
     U.S. Option, (ii) in Shares already owned by the Participant or (iii) by
     any combination of cash or Shares.

10.  U.S. Withholding Taxes: disqualifying dispositions

     It shall be a condition to the obligation of the Corporation to deliver
     Shares pursuant to any U.S. Option under the Plan that the Participant pays
     to the Corporation (or the Subsidiary that employs the Participant) such
     amount as may be required by the Corporation or such Subsidiary for the
     purpose of satisfying any liability for any U.S. federal, state or local
     taxes of any kind required to be withheld with respect thereto. Any U.S.
     Option granted under the Plan may require the Corporation (or the
     Subsidiary that employs the Participant), or, the Board in its sole
     discretion may permit the Participant to elect, in accordance with any
     applicable rules established by the Corporation, to withhold or to pay all
     or a part of the amount of the withholding taxes in Shares. Such election
     may be denied by the Corporation in its sole discretion, or may be made
     subject to certain conditions specified by the Board or the Committee.

     The applicable ISO Award shall provide that if a Participant makes a
     disposition, within the meaning of Section 424(c) of the U.S. Tax Code and
     the regulations promulgated thereunder, of any Shares issued to such
     Participant pursuant to the exercise of an ISO Award within the two-year
     period commencing on the date of grant or within the one-year period
     commencing on the date of transfer of such Share to the Participant
     pursuant to such exercise, the Participant shall, within 10 days of such
     disposition, notify the Corporation of it (or the Subsidiary that employs
     the Participant), by delivery of written notice to the Corporation or such
     Subsidiary at its principal executive office.

                                       3
<PAGE>

11.  Securities Laws Compliance

     No Shares may be issued or transferred in connection with the exercise of a
     U.S. Option, unless the Corporation shall have determined that such issue
     or transfer is in compliance with or pursuant to an exemption from all
     applicable U.S. federal and state securities laws.

12.  Certain definitions

     For the purposes of the U.S. Options, the following terms shall have the
     following meanings (notwithstanding any contrary provision in the Plan):

     "Participants" means the Employees who are selected by the Board or the
     Committee to receive U.S. Options.

     "Subsidiary" means any company (other than the Corporation) in an unbroken
     chain of companies beginning with the Corporation, where each of the
     companies other than the last company in the unbroken chain owns stock
     possessing 50% or more of the total combined voting powers of all classes
     of stock in one or the other companies in such chain.

     "Ten Percent Shareholder" means a Participant who, at the date an ISO Award
     is granted, owns (within the meaning of Section 422(b)(6) of the U.S. Tax
     Code) stock possessing more than 10% of the total combined voting power of
     all classes of stock of the Corporation or its Subsidiaries (as such term
     is defined in Section 424 of the U.S. Tax Code).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]