Document:

Exhibit 10.1

                                   AGREEMENT
                                    ---------

     AGREEMENT  (this  "Agreement"),  dated as of May 10,  2005 (the  "Effective
Date"), by and between GSV, Inc., a Delaware corporation (the "Company"), and D.
Emerald Investments Ltd., an Israeli corporation (the "Investor").

                                   WITNESSETH:
                                   -----------

     WHEREAS,  pursuant  to a Purchase  Agreement  dated as of May 11, 2004 (the
"Purchase  Agreement"),  the Investor  purchased  (i) a two-year 8%  convertible
promissory note in the principal  amount of $200,000 (the  "Convertible  Note"),
and (ii) a warrant to  purchase  up to  1,142,857  shares  ("Shares")  of common
stock, par value $.001 per share ("Common Stock"), of the Company, at a price of
$.70 per share (the  "Warrant",  and together  with the  Convertible  Note,  the
"Securities") from the Company; and

     WHEREAS,  the Company and the Investor now desire to amend the terms of the
Convertible  Note and  Warrant  in order to renew and  extend  their  respective
rights and obligations under such agreements.

     NOW,  THEREFORE,  in  consideration  of the premises,  the mutual covenants
herein  contained  and other good and  valuable  consideration,  the receipt and
sufficiency  of  which is  hereby  acknowledged,  the  parties  hereto  agree as
follows:

     1. Amendment of Convertible Note. The Convertible Note is hereby amended as
follows:

     (a)   Extension of Maturity Date.  The first sentence of the first
paragraph of the Convertible Note is hereby deleted and replaced in its entirety
with the following:

                FOR VALUE RECEIVED,  GSV, INC., a Delaware  corporation
           ("Company"),  with its  principal  office  at 191 West  Post
           Road, Westport, Connecticut 06880, hereby promises to pay to
           the  order  of  D.  EMERALD  INVESTMENTS  LTD.,  an  Israeli
           corporation  ("Holder"),  with its  principal  office  at 85
           Medinat Ha-Yehudim Street, Herzeliya,  Israel (the "Holder's
           Office"),  or its  assigns,  on May 10, 2007 (the  "Maturity
           Date"), the principal amount of TWO HUNDRED THOUSAND DOLLARS
           ($200,000)  (the  "Principal  Amount"),   in  such  coin  or
           currency  of the United  States of America as at the time of
           payment  shall be legal  tender for the payment of public or
           private debts,  together with interest on the unpaid balance
           of said  Principal  Amount from time to time  outstanding at
           the  rate  of  eight  percent  (8%)  per  annum   ("Contract
           Interest").

     (b)   Extension of Conversion Rights.  Section 3.1 of the Convertible Note
is hereby deleted and replaced in its entirety with the following:

                3.1  Right to  Convert.  At any  time  prior to May 10,
           2006,  the Holder may, at its option,  by written  notice to
           the Company  ("Conversion  Notice"),  elect to convert  this
           Note and all accrued and unpaid Contract  Interest  thereon,
           in whole but

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<PAGE>
           not in part,  into  Common  Stock  at the  price of $.70 per
           share of Common Stock (the "Conversion  Price"), as adjusted
           to reflect stock dividends, stock splits,  recapitalizations
           and the like pursuant to Section 3.3 below.

     (c)   Full  Force and  Effect.  Except as amended  hereby, the terms of the
Convertible Note remain in full force and effect.

     2. Amendment of Warrant. The Warrant is hereby amended as follows:

     (a)   Extension of Term.  The second full  paragraph of the Warrant is
hereby deleted and replaced in its entirety with the following:

                Subject to the terms of the Purchase Agreement dated as
           of May 11, 2004,  by and between the Company and the Holder,
           as  amended  by  agreement  dated  as of May 10,  2005  (the
           "Purchase   Agreement")   and   subject  to  the  terms  and
           conditions  hereinafter  set  forth  below,  the  Holder  is
           entitled  upon  surrender  of  this  Warrant  and  the  duly
           executed  Notice of Exercise form annexed hereto as Appendix
           1,  at the  office  of the  Company,  191  Post  Road  West,
           Westport,  Connecticut  06880,  or such other  office as the
           Company   shall   notify  the  Holder  of  in  writing  (the
           "Principal  Office"),  to  purchase  from  the  Company  One
           Million,  One  Hundred  and  Forty-Two  Thousand  and  Eight
           Hundred  and  Fifty-Seven   (1,142,857),   duly  authorized,
           validly issued,  fully paid and non-assessable  shares, free
           and  clear  of  all  liens,  pledges,   security  interests,
           charges,  and  encumbrances  (the "Shares") of the Company's
           common stock,  $.001 par value per share  ("Common  Stock").
           The purchase  price per Share shall be the  Exercise  Price,
           subject to adjustment as set forth in Article 2 below.  This
           Warrant may be exercised in whole or in part at any time and
           from time to time until 5:00 PM,  Eastern  time,  on May 10,
           2006  (the  "Expiration  Date").  Until  such  time  as this
           Warrant is exercised in full or expires,  the Exercise Price
           and the number of Shares shall be subject to  adjustment  as
           hereinafter provided.

     (b)   Full  Force and  Effect.  Except as amended hereby, the terms of the
Warrant remain in full force and effect.

     3. Representations and Warranties of the Company

     The Company hereby represents, warrants and agrees to and with the Investor
as follows:

     (a)   Organization and Good Standing.  The Company is a corporation  duly
organized,  validly existing and in good standing under the laws of the State of
Delaware and has all  requisite  corporate  power and  authority to carry on its
business as now conducted.  The Company is duly  qualified to transact  business
and is in good standing in each  jurisdiction in which the failure so to qualify
would have a material adverse effect on its business or properties.  The rights,
preferences,  privileges and restrictions granted to or imposed upon the Shares,
and the  holders  thereof  are as set  forth  in the  Company's  Certificate  of
Incorporation and Certificates of Amendment  thereof,  Certificate of Merger and
Amended  and  Restated  By-laws,  true and  complete  copies of which  have been
delivered to Investor and are attached as Exhibit E to the Purchase Agreement.

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<PAGE>
     (b)   Authorization.  All  corporate  action on the part of the  Company,
its  officers,  directors  and  stockholders  necessary  for the  authorization,
execution and delivery of this Agreement and the  performance of all obligations
of the Company  hereunder has been taken.  This Agreement  constitutes the valid
and legally  binding  obligation of the Company,  enforceable in accordance with
its  terms,  except  (i)  as  limited  by  applicable  bankruptcy,   insolvency,
reorganization,  moratorium  and other  laws of  general  application  affecting
enforcement of creditors' rights generally, and (ii) as limited by laws relating
to  the  availability  of  specific  performance,  injunctive  relief  or  other
equitable remedies.

     4. Representations and Warranties of Investor

     The Investor hereby represents, warrants and agrees to and with the Company
as follows:

     (a)   Organization, Good  Standing.  The  Investor  is a  corporation  duly
organized, validly existing and in good standing under the laws of Israel.

     (b)   Authorization.  All corporate action on the part of the Investor, its
officers, directors and stockholders, necessary for the authorization, execution
and delivery of this  Agreement and the  performance  of all  obligations of the
Investor  hereunder has been taken.  This  Agreement  constitutes  the valid and
legally binding  obligation of the Investor,  enforceable in accordance with its
terms,   except   (i)  as   limited  by   applicable   bankruptcy,   insolvency,
reorganization,  moratorium  and other  laws of  general  application  affecting
enforcement of creditors' rights generally, and (ii) as limited by laws relating
to  the  availability  of  specific  performance,  injunctive  relief  or  other
equitable remedies.

     5. Miscellaneous.

     (a)   Further Assurances.  The parties to this Agreement agree to execute
and deliver any and all papers and documents  that may be necessary to carry out
the terms of this Agreement.

     (b)   Entire Agreement. Except as otherwise provided in this Agreement or
the Purchase Agreement,  this Agreement, the Purchase Agreement, the Convertible
Note and the Warrant  contain the entire  agreement among the parties hereto and
there are no agreements,  representations  or warranties  that are not set forth
herein. This Agreement may not be amended, revised,  terminated or waived except
by an  instrument  in writing  signed and  delivered  by the party to be charged
therewith.

     (c)   Binding  Effect,  Assignment.  This Agreement shall be binding upon
and inure to the benefit of the successors of the respective parties hereto.

     (d)   Governing Law and  Jurisdiction.  This Agreement will be deemed to
have  been  made and  delivered  in New York  City  and will be  governed  as to
validity, interpretation,  construction, effect and in all other respects by the
internal  laws of the State of New York.  Each of the Company  and the  Investor
hereby (i) agrees that any legal suit,  action or  proceeding  arising out of or
relating to this  Agreement  will be  instituted  exclusively  in New York State
Supreme Court, County of New York or in the United States District Court for the
Southern  District of New York,  (ii) waives any  objection  to the venue of any
such suit, action or proceeding and the right to assert

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<PAGE>
that such forum is not a convenient  forum for such suit,  action or proceeding,
(iii)  irrevocably  consents to the  jurisdiction  of the New York State Supreme
Court,  County of New York and the United States District Court for the Southern
District  of New York in any such suit,  action or  proceeding,  (iv)  agrees to
accept and acknowledge  service of any and all process that may be served in any
such suit,  action or proceeding in New York State Supreme Court,  County of New
York or in the United  States  District  Court for the Southern  District of New
York and (v) agrees that service of process upon it mailed by certified  mail to
its  address  set forth in Section  6(f)  below will be deemed in every  respect
effective service of process upon it in any suit, action or proceeding.

     (e)   Notices.   All  notices,   consents,   requests,  demands  and  other
communications  herein shall be in writing and shall be deemed duly given to any
party or parties  (a) upon  delivery  to the  address of the party or parties as
specified below if delivered in person or any courier or if sent by certified or
registered mail (return receipt requested);  or (b) upon dispatch if transmitted
by confirmed telecopy or other means of confirmed  facsimile  transmissions,  in
each case as addressed to such party or parties at their  addresses as set forth
in the Purchase Agreement.  The parties hereto may designate different addresses
or facsimile numbers by written notice in the aforesaid manner.

     (f)   Survival  of  Representations and Warranties.  The  representations,
warranties  and  covenants of the Company and the Investor  contained in or made
pursuant to this  Agreement  shall  survive the  execution  and delivery of this
Agreement  and shall in no way be affected by any  investigation  of the subject
matter thereof by or on behalf of the Investor or the Company.

     (g)   Severability.  In the event any provision of this Agreement is found
to be void and unenforceable by a court of competent jurisdiction, the remaining
provisions of this Agreement shall nevertheless be binding upon the parties with
the same effect as though the void or  unenforceable  part had been  severed and
deleted.

     (h)   Counterparts. This Agreement may be signed in two counterparts, each
of which shall be an original and both of which  together  shall  constitute one
and the same  instrument.  It shall not be  necessary  in  making  proof of this
Agreement or any  counterpart  hereof to produce or account for any of the other
counterparts.

                      [Signatures appear on following page]

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<PAGE>
     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed as of the date first written above.

                                        GSV, INC.

                                        By: /s/ Gilad Gat
                                            -------------
                                            Name:  Gilad Gat
                                            Title: Chief Executive Officer and
                                                   President

                                        D. EMERALD INVESTMENTS LTD.

                                        By: /s/ Roy Harel
                                            -------------
                                            Name:  Roy Harel
                                            Title: Manager

                                      -5-sec document

                                                                    EXHIBIT 10.1

                            RELATIONSERVE MEDIA, INC.

                  2005 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

1.   PURPOSE.  The RelationServe  Media, Inc. 2005 Non-Employee  Directors Stock
     Option Plan (the  "Plan") is  established  effective  as of the 23rd day of
     June 2005, (the "Effective  Date") to create  additional  incentive for the
     non employee directors of RelationServe  Media, Inc., a Nevada corporation,
     and any  successor  corporation  thereto  (collectively  referred to as the
     "Company") to promote the financial success and progress of the Company and
     any present or future parent and/or subsidiary corporations of the Company.
     For purposes of the Plan, a parent corporation and a subsidiary corporation
     shall be as defined in sections  424(e) and 424(f) of the Internal  Revenue
     Code of 1986, as amended (the "Code").

2.   ADMINISTRATION. The Plan shall be administered by the Board of Directors of
     the Company (the "Board") and/or by a duly appointed committee of the Board
     having  such  powers as shall be  specified  by the Board.  Any  subsequent
     references  herein  to the Board  shall  also  mean the  committee  if such
     committee has been appointed  and,  unless the powers of the committee have
     been  specifically  limited,  the committee shall have all of the powers of
     the Board  granted  herein,  including,  without  limitation,  the power to
     terminate  or amend the Plan at any time  subject  to the terms of the Plan
     and any  applicable  limitations  imposed by law.  The Board  shall have no
     authority,  discretion or power to select the non-employee directors of the
     Company who will receive  options under the Plan, to set the exercise price
     of the options granted under the Plan, to determine the number of shares of
     common  stock to be granted  under option or the time at which such options
     are to be granted,  to establish the duration of option grants, or to alter
     other terms or  conditions  specified  in the Plan,  except in the sense of
     administering  the Plan subject to the provisions of the Plan and except as
     is provided in Paragraph 7. All questions of  interpretation of the Plan or
     of any options  granted under the Plan (an "Option") shall be determined by
     the Board,  and such  determinations  shall be final and  binding  upon all
     persons  having an interest  in the Plan and/or any Option.  Any officer of
     the Company  shall have the  authority to act on behalf of the Company with
     respect  to  any  matter,  right,  obligation,  or  election  which  is the
     responsibility of or which is allocated to the Company herein, provided the
     officer  has  apparent  authority  with  respect  to  such  matter,  right,
     obligation, or election.

3.   ELIGIBILITY AND TYPE OF OPTION. Options may be granted only to directors of
     the  Company  who,  at the time of such  grant,  are not  employees  of the
     Company  or  of  any  parent  or  subsidiary  corporation  of  the  Company
     ("Non-Employee Directors"). Options granted to Non-Employee Directors shall
     be  non-qualified  stock options;  that is, options that are not treated as
     having been granted under section  422(b) of the Code. A person  granted an
     Option is hereinafter referred to as an "Optionee".

4.   SHARES  SUBJECT TO OPTION.  Options  shall be for the purchase of shares of
     authorized but unissued  common stock or treasury shares of common stock of
     the Company (the "Stock"), subject to adjustment as provided in paragraph 8
     below.  The maximum number of shares of Stock which may be issued under the
     Plan shall be two million  (2,000,000)  shares as follows:  (a) One million
     (1,000,000)  shall be reserved for issuance pursuant to Section 6(a)(i) and
     (b) One million  (1,000,000) shall be reserved pursuant to Section 6(a)(ii)
     and (iii),  collectively.  In the event that any outstanding Option for any
     reason  expires  or  is  terminated  and/or  shares  of  Stock  subject  to
     repurchase  are  repurchased  by the Company,  the shares  allocable to the
     unexercised  portion of such Option, or such repurchased  shares, may again
     be subject to an Option grant.

5.   TIME FOR GRANTING OPTIONS.  All Options shall be granted, if at all, within
     five (5) years from the Effective Date.

6.   TERMS, CONDITIONS AND FORM OF OPTIONS. Options granted pursuant to the Plan
     shall be evidenced by written agreements specifying the number of shares of
     Stock covered thereby (the "Option Agreement"), which written agreement may
     incorporate  all or any of the  terms of the Plan by  reference  and  shall
     comply with and be subject to the following terms and conditions:

          a.   AUTOMATIC   GRANT  OF  OPTIONS.   Subject  to   execution  by  an
               Non-Employee Director of an appropriate Option Agreement, Options
               shall be granted  automatically and without further action of the
               Board (subject to such additional terms and conditions as are set
               forth herein) as follows:

               i.   Each Non-Employee Director who is newly-elected or appointed
                    Chairman of the Board on or after the  Effective  Date shall
                    at the time first  elected as Chairman  receive an Option to
                    purchase one million  (1,000,000) shares of Stock. No Option
                    Agreement  shall be issued prior to stockholder  approval of
                    this Plan, and if not so approved the award provided  hereby
                    shall  be of no  effect  and the  Chairman  Option  shall be
                    cancelled.

               ii.  Each person  (other than the  Chairman) who is newly elected
                    or  appointed  as an  Non-Employee  Director on or after the
                    Effective Date shall be granted an Option on the day of such
                    initial  election  or  appointment  (and not upon any future
                    re-election  or  appointment)  to  purchase  Fifty  Thousand
                    (50,000) shares of Stock.

               iii. Each  person who  remains  an  Non-Employee  Director  for a
                    period of two (2)  consecutive  years  following the date of
                    initial  election or appointment  shall be granted an Option
                    to purchase fifty thousand  (50,000)  shares of Stock on the
                    two (2) year  anniversary  of such  Non-Employee  Director's
                    initial election or appointment.

               iv.  Notwithstanding  the foregoing,  any person may elect not to
                    receive an Option to be granted  pursuant to this  paragraph
                    6(a) by  delivering  written  notice of such election to the
                    Board no later  than the day prior to the date on which such
                    Option would otherwise be granted.  A person so declining an
                    Option shall  receive no payment or other  consideration  in
                    lieu of such declined  Option.  A person who has declined an
                    Option may revoke such election by delivering written notice
                    of such  revocation to the Board no later than the day prior
                    to the date on which such Option  would be granted  pursuant
                    to paragraph 6(a).

               v.   Notwithstanding  any  other  provision  of the  Plan  to the
                    contrary,  no Option shall be granted to any individual on a
                    day when he or she is no longer  serving as an  Non-Employee
                    Director of the Company.

          b.   OPTION EXERCISE PRICE.  The purchase price of each share of Stock
               purchasable  under an Option  shall be the Fair Market  Value (as
               defined  below) of such  share of Stock on the date the Option is
               granted.  "Fair  Market  Value" means the average of the high and
               low prices of  publicly  traded  shares of Stock,  rounded to the
               nearest cent, on the principal  national  securities  exchange on
               which  shares of Stock are  listed (if the shares of Stock are so
               listed),  or on the Nasdaq  Stock  Market (if the shares of Stock
               are regularly  quoted on the Nasdaq Stock Market),  or, if not so
               listed or regularly quoted,  the mean between the closing bid and
               asked  prices  of  publicly   traded   shares  of  Stock  in  the
               over-the-counter  market,  or, if such bid and asked prices shall
               not  be  available,  as  reported  by any  nationally  recognized
               quotation  service  selected by the Company,  or as determined by
               the Board in a manner consistent with the provisions of the Code.
               Anything in this Section 6(b) to the contrary notwithstanding, in
               no event  shall  the  purchase  price of a share of Stock be less
               than the minimum price  permitted under the rules and policies of
               any national securities exchange on which the shares of Stock are
               listed.

          c.   EXERCISE PERIOD AND EXERCISABILITY OF OPTIONS.  An Option granted
               pursuant to Section  6(a)(i),  6(a)(ii) or  6(a)(iii) of the Plan
               shall  be  exercisable  for a term  of ten  (10)  years.  Options
               granted  pursuant  to Section  6(a)(i)  of the Plan shall  become
               exercisable on the six months anniversary of the date of approval
               of this Plan by the stockholders of the Company.  Options granted
               pursuant  to  Section  6(a)(ii)  or  6(a)(iii)  of the Plan shall
               become  exercisable as to fifty (50%) percent on the day which is
               one (1) year from the date on which the  Option was  granted  and
               the  remaining  fifty (50%)  percent on the date which is two (2)
               years from the date the Option was granted.

          d.   TERMINATION   OF  OPTIONEE.   In  the  event  of  an   Optionee's
               termination  as Chairman or as director for any reason other than
               as a result of death or disability of the Optionee (in which case
               of death or  disability  all Options that have become vested will
               remain  exercisable  for the earlier of twelve (12) months or the
               expiration date of the Options). All Options that have not become
               vested  and  exercisable  as of the  date  of such  cessation  of
               Service  shall be  forfeited  and to the extent that such Options

                                       2

               have become vested and  exercisable as of such date, such Options
               must be exercised,  if at all,  within ninety (90) days after the
               Optionee's  termination,  after  which  time such  Options  shall
               automatically  terminate;  provided,  however,  in the  event  an
               Optionee ceases being a director  because the Optionee's  service
               was  terminated  by removal or breach of any  agreement  with the
               Company,   all  Options  granted  hereunder  (whether  vested  or
               unvested) shall terminate immediately.

          e.   PAYMENT OF OPTION EXERCISE. Payment of the exercise price for the
               number of shares of Stock being purchased  pursuant to any Option
               shall be made in cash,  by check or such other  instrument as may
               be acceptable to the Board.

          f.   TRANSFER OF CONTROL.  A "Transfer of Control"  shall be deemed to
               have  occurred  in the event  any of the  following  occurs  with
               respect to the Company:

               (i)   a merger or  consolidation  in which the Company is not the
                     surviving corporation;

               (ii)  a merger  or  consolidation  in which  the  Company  is the
                     surviving corporation where the stockholders of the Company
                     before such merger or consolidation do not retain, directly
                     or  indirectly,  at  least  a  majority  of the  beneficial
                     interest  in the  voting  stock of the  Company  after such
                     merger or consolidation;

               (iii) the sale, exchange, or transfer of all or substantially all
                     of the assets of the Company  other than a sale,  exchange,
                     or  transfer  to one or more  subsidiary  corporations  (as
                     defined in paragraph 1 above) of the Company;

               (iv)  the direct or indirect sale or exchange by the stockholders
                     of the Company of all or substantially  all of the stock of
                     the Company where the  stockholders  of the Company  before
                     such  sale  or  exchange   do  not   retain,   directly  or
                     indirectly,  at least a majority of the beneficial interest
                     in the  voting  stock of the  Company  after  such  sale or
                     exchange; or

               (v)   a liquidation or dissolution of the Company.

               In the event of a  Transfer  of  Control,  any  unexercisable  or
          unvested  portion  of the  outstanding  Options  shall be  immediately
          exercisable  and  vested in full as of the date ten (10) days prior to
          the expected date of the Transfer of Control.  The exercise or vesting
          of any Option that was permissible  solely by reason of this paragraph
          6(f) shall be  conditioned  upon the  consummation  of the Transfer of
          Control.  In  addition,  the  surviving,  continuing,   successor,  or
          purchasing  corporation or parent corporation thereof, as the case may
          be (the  "Acquiring  Corporation"),  may either  assume the  Company's
          rights and  obligations  under  outstanding  Options or substitute for
          outstanding Options substantially equivalent options for the Acquiring
          Corporation's  stock.  For purposes of this paragraph  6(e), an Option
          shall be deemed  assumed if,  following  the Transfer of Control,  the
          Option  confers the right to acquire in accordance  with its terms and
          conditions,  for each share of Stock subject to the Option immediately
          prior to the Transfer of Control,  the  consideration  (whether stock,
          cash or other  securities or property) to which a holder of a share of
          Stock on the  effective  date of the Transfer of Control was entitled.
          Any Options  which are  neither  assumed  nor  substituted  for by the
          Acquiring  Corporation in connection  with the Transfer of Control nor
          exercised  as of the date of the Transfer of Control  shall  terminate
          and cease to be  outstanding  effective as of the date of the Transfer
          of Control.

          g.   STOCKHOLDER  APPROVAL.  No Option may be granted  pursuant to the
               Plan prior to obtaining stockholder approval of the Plan.

7.   AUTHORITY TO VARY TERMS.  The Board shall have the  authority  from time to
     time to vary the terms of the Option  Agreements  either in connection with
     the grant of an individual  Option or in connection with the  authorization
     of a new  standard  form or forms of Option;  provided,  however,  that the
     terms and  conditions of such revised or amended  standard form or forms of
     stock option  agreement  shall be in accordance with the terms of the Plan.
     Such authority shall include, but not be limited to, the authority to grant
     Options which are immediately exercisable subject to the Company's right to

                                       3

     repurchase  any  unvested  shares  of Stock  acquired  by the  Optionee  on
     exercise of an Option in the event such  Optionee's  service as director of
     the Company is terminated for any reason.

8.   EFFECT OF CHANGE IN STOCK SUBJECT TO PLAN. Appropriate adjustments shall be
     made in the  number and class of shares of Stock  subject to the Plan,  the
     number  of  shares  to be  granted  under  the Plan and to any  outstanding
     Options and in the Option exercise price of any outstanding  Options in the
     event of a stock  dividend,  stock split,  recapitalization,  reverse stock
     split,  combination,  reclassification,  or  like  change  in  the  capital
     structure of the Company.

9.   TRANSFERABILITY OF OPTIONS.

          a.   Except as provided in paragraph  9(b), an Option may be exercised
               during the lifetime of the  Optionee  only by the Optionee or the
               Optionee's  guardian  or  legal  representative  and  may  not be
               assigned or  transferred  in any manner  except by will or by the
               laws of descent and distribution.

          b.   Notwithstanding the foregoing,  with the consent of the Board, in
               its sole discretion, an Optionee may transfer all or a portion of
               the Option to: (i) an Immediate Family Member (as defined below),
               (ii) a trust for the exclusive benefit of the Optionee and/or one
               or more Immediate  Family  Members,  (iii) a partnership in which
               the Optionee and/or one or more Immediate  Family Members are the
               only  partners,  or (iv) such other person or entity as the Board
               may permit (individually, a "Permitted Transferee"). For purposes
               of this paragraph 9(b) "Immediate  Family Members" shall mean the
               Optionee's  spouse,  former  spouse,  children or  grandchildren,
               whether natural or adopted. As a condition to such transfer, each
               Permitted  Transferee to whom the Option or any interest  therein
               is transferred  shall agree in writing (in a form satisfactory to
               the  Company) to be bound by all of the terms and  conditions  of
               the Option  Agreement  evidencing  such Option and any additional
               restrictions or conditions as the Company may require.  Following
               the transfer of an Option, the term "Optionee" shall refer to the
               Permitted   Transferee,   except   that,   with  respect  to  any
               requirements of continued  Service or provision for the Company's
               tax  withholding  obligations,  such  term  shall  refer  to  the
               original Optionee. The Company shall have no obligation to notify
               a Permitted  Transferee  of any  termination  of the  transferred
               Option,   including  an  early  termination  resulting  from  the
               termination  of Service of the  Original  Optionee.  A  Permitted
               Transferee shall be prohibited from making a subsequent  transfer
               of a  transferred  Option  except to the original  Optionee or to
               another permitted Transferee or as provided in paragraph 9(a).

10.  RE-PRICING OF OPTIONS / REPLACEMENT OPTIONS

               The  Company   shall  not  re-price  any  Options  or  issue  any
               replacement  Options  unless  the  Option  re-pricing  or  Option
               replacement shall have been approved by the holders of a majority
               of the outstanding shares of the Company.

11.  TERMINATION OR AMENDMENT OF PLAN.

          a.   The Board,  including any duly appointed  committee of the Board,
               may terminate or amend the Plan at any time;  provided,  however,
               that  without the  approval of the  stockholders  of the Company,
               there shall be no increase in the total number of shares of Stock
               covered by the Plan  (except by operation  of the  provisions  of
               paragraph 8 above).  In any event,  no  amendment  may  adversely
               affect any then outstanding  Option,  or any unexercised  portion
               thereof, without the consent of the Optionee.

          b.   It is the  intention  of the Board that the Plan comply  strictly
               with the  provisions  of  Section  409A of the Code and  Treasury
               Regulations   and  other  Internal   Revenue   Service   guidance
               promulgated  thereunder  (the "Section 409A Rules") and the Board
               shall exercise its discretion in granting Options  hereunder (and
               the terms of such Options) accordingly. The Plan and any grant of

                                       4

               an Option hereunder may be amended from time to time (without, in
               the case of an Option,  the  consent of the  Optionee)  as may be
               necessary or appropriate to comply with the Section 409A Rules.

                                                       Adopted:  August 9, 2005

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