Document:

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                                                                    EXHIBIT 10.9

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, A "NO ACTION" LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF
RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM
SUCH REGISTRATION.

                              STAN LEE MEDIA, INC.
                        WARRANT TO PURCHASE COMMON STOCK

               This is to certify that, for value received, VMR LUXEMBOURG S.A.
(the "Holder" and/or "Warrantholder"), is entitled to purchase from STAN LEE
MEDIA, INC., a Colorado corporation (the "Company"), twenty-five thousand
(25,000) shares of Common Stock, no par value per share, of the Company ("Common
Stock"), at a purchase price per share of Six and 18/100 Dollars ($6.18) at such
times and under such terms and conditions as are hereinafter stated; provided
that the number of shares of Common Stock to be received upon exercise of this
Warrant and the price to be paid for a share of Common Stock shall be adjusted
from time to time as hereinafter set forth. The Common Stock subject to this
Warrant is hereinafter sometimes referred to as "Warrant Stock," and the
exercise price of a share of Warrant Stock, in effect at any time and as
adjusted from time to time, is hereinafter sometimes referred to as the
"Exercise Price."

I.      EXERCISE OF WARRANT

               SECTION 1.01. Exercise Period. Holder may exercise this Warrant
in whole or part at any time and from time to time after the date hereof to and
including the day immediately preceding 5:00 P.M. (Los Angeles time) three years
from the date hereof, as to all shares of Warrant Stock.

               SECTION 1.02. Method of Exercise. Each exercise of this Warrant
shall be accomplished by presentation and delivery to the Company of a Notice of
Exercise in the form designated as Exhibit A attached hereto and incorporated
herein by reference, duly executed and accompanied by payment of the Exercise
Price for the number of shares of Common Stock specified in such Notice of
Exercise, together with all Federal and state taxes applicable upon such
exercise.

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II.     RESERVATION OF SHARES

               The Company hereby agrees that at all times there shall be
reserved for issuance and delivery upon exercise of this Warrant such number of
shares of its Common Stock as shall be required for issuance and delivery upon
full exercise of this Warrant.

III.    FRACTIONAL SHARES

               No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant, but the Company shall pay the
cash value of any fraction of a share of Common Stock upon the exercise of the
Warrant.

IV.     RIGHTS OF HOLDER

               Holder shall not, by virtue hereof, be entitled to any rights of
a shareholder of the Company either at law or in equity, and the rights of
Holder under this Warrant are limited to those expressed herein.

V.      ANTI-DILUTION PROVISIONS

               SECTION 5.01. Adjustments of Exercise Price. Unless otherwise
specified herein, if the Company should at any time or from time to time
hereafter issue or sell any shares of its Common Stock without consideration or
for a consideration per share less than the Exercise Price in effect immediately
prior to the time of such issue or sale, then forthwith upon such issue or sale
the Exercise Price of the shares shall be adjusted to a price (computed to the
nearest cent) determined by dividing (1) the sum of (a) the number of shares of
Common Stock outstanding immediately prior to such issue or sale multiplied by
the Exercise Price in effect immediately prior to such issue or sale and (b) the
consideration, if any, received by the Company upon such issue or sale by (2)
the total number of shares of Common Stock outstanding immediately after such
issue or sale. For purposes of this Section 5.01, the following provisions shall
also be applicable:

               (a) Options and Warrants. Except for options and warrants to
purchase shares pursuant to written compensatory agreements with Company
employees and/or consultants, and except for options and warrants not to exceed
an additional three million (3,000,000) shares of Common Stock of the Company
from time to time outstanding, as are issued upon exercise of options granted or
to be granted under any stock option plan of the Company which provides for the
grant of stock options to employees, consultants and directors of the Company,
or as hereinafter adopted by the Company pursuant to any future registrations on
Forms S-4 and/or S-8, if at any time hereafter the Company shall, in any manner,
grant any right to subscribe for or to purchase, or any option for the purchase
of Common Stock or any stock or other securities convertible into or
exchangeable for Common Stock (such convertible or exchangeable stock or
securities being hereinafter referred to as "Convertible Securities") other than
this Warrant, and the minimum price per share for which Common Stock is issuable
pursuant to such rights or option or upon conversion or exchange of such
Convertible Securities (determined by dividing (1) the total amount, if any,
received or receivable by the Company as consideration for the

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granting of such rights or options, plus, in the case of such Convertible
Securities, the minimum aggregate amount of additional consideration, if any,
payable upon the conversion or exchange thereof by (2) the total maximum number
of shares of Common Stock issuable pursuant to such rights or options or upon
the conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon the exercise of such rights or options) shall be less
than the Exercise Price in effect immediately prior to the time of the granting
of such rights or options, then the total maximum number of shares of Common
Stock issuable pursuant to such rights or options or upon conversion or exchange
of the total maximum amount of such Convertible Securities issuable upon the
exercise of such rights or options shall (as of the date of granting of such
rights or options) be deemed to be outstanding and to have been issued for said
price per share as so determined; provided that no further adjustment of the
Exercise Price shall be made upon the actual issue of Common Stock so deemed to
have been issued; provided further that upon the expiration of such rights
(including rights to convert or exchange) or options, (1) the number of shares
of Common Stock deemed to have been issued and outstanding by reason of the fact
that they were issuable pursuant to such rights or options (including rights to
convert or exchange), which were not exercised shall no longer be deemed to be
issued and outstanding, and (2) the Exercise Price shall forthwith be adjusted
to the price which would have prevailed had all adjustments been made on the
basis of the issue only of the shares of Common Stock actually issued upon the
exercise of such rights or options or upon conversion or exchange of such
Convertible Securities.

               (b) Convertible Securities. If the Company shall in any manner
issue or sell any Convertible Securities, and the minimum price per share for
which Common Stock is issuable upon conversion or exchange of such Convertible
Securities (determined by dividing (1) the total amount received or receivable
by the Company as consideration for the issue or sale of such Convertible
Securities, plus the minimum aggregate amount of additional consideration, if
any, payable to the Company upon the conversion or exchange thereof, by (2) the
total maximum number of shares of Common Stock issuable upon the conversion or
exchange of all such Convertible Securities) shall be less than the Exercise
Price in effect immediately prior to the time of such issue or sale, then the
total maximum number of shares of Common Stock issuable upon conversion or
exchange of all such Convertible Securities shall (as of the date of the issue
or sale of such Convertible Securities) be deemed to be outstanding and to have
been issued for said price per share as so determined; provided, that no further
adjustment of the Exercise Price shall be made upon the actual issue of Common
Stock so deemed to have been issued; provided further, that if any such issue or
sale of such Convertible Securities is made upon exercise of any right to
subscribe for or to purchase or any option to purchase any such Convertible
Securities for which an adjustment of the Exercise Price has been or is to be
made pursuant to other provisions of this Section 5.01, no further adjustment of
the Exercise Price shall be made by reason of such issue or sale.

               (c) Reclassifications, etc. The reclassification of securities
other than Common Stock into securities including Common Stock shall be deemed
to involve the issuance of such Common Stock for a consideration other than cash
immediately prior to the close of business on the date fixed for the
determination of security holders entitled to receive such

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Common Stock. If any share of Common Stock or Convertible Securities or any
rights or options to purchase any such stock or other securities shall be issued
together with other stock or securities or other assets of the Company for a
consideration which includes both, the Board of Directors of the Company shall
determine what part of the consideration so received is to be deemed to be
consideration for the issue of such shares of such Common Stock, Convertible
Securities, rights, or options.

               (d) Determination of Date of Issue. If the Company shall take a
record of the holders of any Common Stock for the purpose of entitling them (1)
to receive a dividend or other distribution payable in Common Stock or in
Convertible Securities, or (2) to subscribe for or purchase Common Stock or
Convertible Securities, then such record date shall be deemed to be the date of
the issue or sale of the share of Common Stock deemed to have been issued or
sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

               (e) Treasury Shares. For the purpose of this Section, shares of
Common Stock at any relevant time owned or held by, or for the account of, the
Company shall not be deemed outstanding.

               SECTION 5.02. Adjustment of Number of Shares. Notwithstanding
anything contained in this Article V to the contrary, if the Company shall at
any time issue Common Stock or Convertible Securities by way of dividend or
other distribution on any stock of the Company or subdivide or combine the
outstanding shares of Common Stock, then the Exercise Price shall be
proportionately decreased in the case of such issuance (on the day following the
date fixed for determining shareholders entitled to receive such dividend or
other distribution) or decreased in the case of such subdivision or increased in
the case of such combination (on the date that such subdivision or combination
shall become effective).

               SECTION 5.03. Number of Shares Adjusted. Upon any adjustment of
the Exercise Price, Holder shall thereafter (until another such adjustment) be
entitled to purchase, at the new Exercise Price, the number of shares,
calculated to the nearest full share, obtained by multiplying the number of
shares of Common Stock initially issuable upon exercise of this Warrant by the
Exercise Price in effect on the date hereof and dividing the product so obtained
by the new Exercise Price.

               SECTION 5.04. Common Stock Defined. "Common Stock" means the
Company's common stock authorized as of the date hereof and any other class of
stock hereinafter authorized ranking on a parity with such Common Stock.

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VI.     RECLASSIFICATION, REORGANIZATION OR MERGER

               In the event of any reclassification, capital reorganization or
other change of outstanding shares of Common Stock (other than as a result of an
issuance of Common Stock by way of dividend or other distribution or of a
subdivision or combination), or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not
result in any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the class issuable upon exercise of this
Warrant), or in case of any sale or conveyance to any other corporation of the
property and assets of the Company as an entirety or substantially as an
entirety, as a condition to any of the foregoing, the Company shall cause
effective provision to be made so that Holder shall have the right thereafter,
by exercising this Warrant, to purchase the kind and amount of shares of stock
and other securities and property receivable upon such reclassification, capital
reorganization or other change, consolidation, merger, sale or conveyance as if
Holder had exercised this Warrant prior to such transaction. Any such provision
shall include provision for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Warrant. The
foregoing provisions of this Article shall similarly apply to successive
reclassifications, capital reorganizations and changes of shares of Common Stock
and to successive consolidations, mergers, sales or conveyances. In the event
that in any such capital reorganization or reclassification, consolidation,
merger, sale or conveyance, additional shares of Common Stock shall be issued in
exchange, conversion, substitution or payment, in whole or in part, for or of a
security of the Company other than Common Stock, any such issue shall be treated
as an issue of Common Stock covered by the provisions of Section 5.01 hereof
with the amount of the consideration received upon the issue thereof being
determined by the Board of Directors of the Company, such determination to be
final and binding on Holder.

VII.    SPIN-OFFS

               In the event the Company spins off a subsidiary by distributing
to the shareholders of the Company, as a dividend or otherwise, the stock of the
subsidiary, the Company shall reserve, for the life of this Warrant, shares of
the subsidiary to be delivered to Holder upon exercising this Warrant to the
same extent as if Holder were the owner of record of the Warrant Stock on the
record date for payment of the shares of the subsidiary.

VIII.   REGISTRATION RIGHTS

               SECTION 8.01. Piggyback Registration. If the Company at any times
proposes to file a registration statement under the Act respecting any
securities of the Company on a form appropriate for registration of a sale of
Warrant Stock (excluding registrations of shares of Common Stock to be offered
in connection with the Company's employee benefit plans and registrations of
securities to be offered by the Company in connection with acquisitions, mergers
or similar transactions), it will at such time give written notice to Holder of
its intention to do so. Upon the written request of Holder given within 15 days
after receipt of any such

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notice (which request shall specify the Warrant Stock intended to be sold or
disposed of by Holder and describe the nature of any proposed sale or other
disposition thereof), the Company shall use its best efforts, but shall not be
obligated, to cause all such Warrant Stock specified in such request to be so
registered. In the event that any such registration shall be underwritten, if
the underwriters notify the Company in writing that the inclusion in such
underwriting of such Warrant Stock would materially and adversely affect the
underwriting, the Company shall have the right not to include such Warrant
Stock.

               SECTION 8.02. Other Registrations. If, in connection with a
registration under the Act, any Warrant Stock requires registration or
qualification with or approval of any United States or state governmental
official or authority other than registration under the Act before the Warrant
Stock may be sold, the Company shall use its best efforts to cause any such
Warrant Stock to be duly registered or approved as may be required; provided,
however, that the Company shall not be required to give a general consent to
service of process or to qualify as a foreign corporation or subject itself to
taxation as doing business in any such state.

               SECTION 8.03. Registration Obligations. The Company shall deliver
to Holder after effectiveness of any registration under this Warrant such
reasonable number of copies of a definitive prospectus included in such
registration statement and of any revised or supplemental prospectus filed as
Holder may from time to time request. The Company shall file post-effective
amendments or supplements to such registration statement for a period of up to
90 days after the commencement of the offering and so long as a prospectus is
required to be delivered under the Act in order that the registration statement
may be effective at all times during such period and at all times comply with
the various applicable federal and state securities laws (after which period the
Company may withdraw such Warrant Stock from registration), and shall deliver
copies of the prospectus contained therein as hereinabove provided. Holder shall
notify the Company when his sales are completed.

               Prior to filing a registration statement which includes Warrant
Stock, the Company shall (i) provide copies of such registration statement at a
reasonable time before it is filed for the review of Holder and the underwriters
of Holder; and (ii) make available to such Holders or underwriters the
appropriate employees and records for purposes of performing the requisite "due
diligence".

               SECTION 8.04. Expenses. In any registration pursuant to Section
8.01 of this Warrant, Holder shall pay the Company for the incremental portion
of the federal and state registration and filing fees attributable to the
Warrant Stock and shall pay all underwriting commissions, discounts,
underwriting expenses and taxes attributable to the Warrant Stock.

               SECTION 8.05. Indemnity. The Company shall indemnify Holder and
each underwriter of Warrant Stock (and any person who controls such underwriter
within the meaning of Section 15 of the Securities Act) against all claims,
losses, damages, liabilities and expenses resulting from any untrue statement or
alleged untrue statement of a material fact contained in a prospectus or in any
related registration statement, notification or the like or from any

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omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as the same may have been based upon information furnished in
writing to the Company by Holder or such underwriter expressly for use therein
and used in accordance with such writing.

               Holder shall furnish to the Company such information concerning
Holder as may be requested by the Company which is necessary in connection with
any registration or qualification of Warrant Stock pursuant to Section 8.01
hereof, and to indemnify the Company, its officers and directors and each
underwriter of the Company's securities (and any person who controls the Company
or any such underwriter within the meaning of Section 15 of the Securities Act),
against all claims, losses, damages, liabilities and expenses resulting from any
untrue statement or alleged untrue statement of material fact contained in a
prospectus or any related registration statement, notification or the like, or
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, to
the extent the same was derived from information furnished in writing to the
Company by Holder expressly for use therein and used in accordance with such
writing.

               If any action is brought or any claim is made against any persons
indemnified pursuant to this Section in respect of which indemnity may be sought
against the indemnitor pursuant to this Section, such person shall promptly
notify the indemnitor in writing of the institution of such action or the making
of such claim and the indemnitor shall promptly notify the indemnitor in writing
of the institution of such action or the making of such claim and the indemnitor
shall assume the defense of such action or claim, including the employment of
counsel and payment of expenses. Such person shall have the right to employ his,
its or their own counsel in any such case, but the fees and expenses of such
counsel shall be at the expense of such person unless the employment of such
counsel shall have been authorized in writing by the indemnitor in connection
with the defense of such action or claim or the indemnitor shall not have
employed counsel to have charge of the defense of such action or claim or such
indemnified party or parties shall have reasonably concluded that there may be
defenses available to him, it or them which are different from or additional to
those available to the indemnitor (in which the case the indemnitor shall have
the right to direct any different or additional defense of such action or claim
on behalf of the indemnified party or parties), in any of which events such fees
and expenses of not more than one additional counsel for the indemnified person
shall be borne by the indemnitor. Except as expressly provided above, in the
event that the indemnitor shall not previously have assumed the defense of any
such action or claim, at such time as the indemnitor does not assume the defense
of such action or claim, the indemnitor shall thereafter be liable to any person
indemnified pursuant to this Section for any legal or other expenses
subsequently incurred by such person in investigating, preparing or defending
against such action or claim. Anything in this Section to the contrary
notwithstanding, the indemnitor shall not be liable for any settlement of any
such claim or action effected without its written consent.

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IX.     PAYMENT OF TAXES

               The Company will pay any documentary stamp taxes attributable to
the initial issuance of the Warrant Shares; provided, however, that the Company
shall not be required to pay any tax or taxes which may be payable in respect of
any transfer involved in the issue or delivery of any certificates for shares of
Common Stock in the name other than that of the Holder of the Warrant.

X.      NOTICES

               All notices, requests, demands and other communications hereunder
shall be in writing and may be personally delivered or sent by telecopy or first
class certified or registered mail. Any notice, request, demand or other
communication required or permitted hereunder shall be deemed effectively given
(i) on the date of delivery if personally delivered, (ii) three business days
after deposit in the mails if mailed by first class certified or registered
mail, postage prepaid, or (iii) twenty-four hours after being sent by telecopy,
with confirmation sheet. All such notices, certificates, requests, demands and
other communications shall be sent or given to the addresses indicated below or
at such other address(es) as a party may specify by written notice:

        If to Company:              Stan Lee Media, Inc.
                                    15821 Ventura Boulevard, Suite 675
                                    Encino, CA   91436
                                    Attention of Chief Operating Officer
                                    Fax: (818) 461-1757

        If to Holder:               VMR Luxembourg S.A.
                                    c/o VMR Capital Markets U.S.
                                    1901 Avenue of the Stars, Suite 1500
                                    Los Angeles, CA   90067
                                    Attention of President.
                                    Fax: (310) 286-2373

XI.     REDEMPTION

               Subject to the provisions of this Agreement, on not less than
fifteen (15) days notice given at any time after the first anniversary of this
Agreement, the Warrant Stock may be redeemed at the option of the Company at a
redemption price of $.05 per Warrant Share, provided the closing price of the
Company's Common Stock exceeds Eight Dollars ($8.00) for thirty (30) consecutive
trading days. For these purposes, the closing price of the Common Stock shall be
determined by the closing bid price, as reported on The NASDAQ SmallCap Stock
Market or National Market System or any comparable system or, if the Company's
Common Stock is not reported on The NASDAQ SmallCap Stock Market or National
Market System or a comparable system, the average of the closing bid and asked
prices as furnished by two

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members of the National Association of Securities Dealers, Inc. reasonably
selected by the Company for that purpose.

               In case the Company shall desire to exercise its right to redeem
the Warrant Stock, it shall mail a notice of redemption to the Holder, first
class, postage prepaid, not later than the fifteenth (15th) day before the date
fixed for redemption at its last address set forth in the Company's records. Any
notice mailed in the manner provided herein shall be conclusively presumed to
have been duly given whether or not the Holder receives such notice. The
redemption notice shall specify the redemption price, the date fixed for
redemption (the "Redemption Date"), the place where the Warrants shall be
delivered and the redemption price paid, and that the right to exercise the
Warrants shall terminate at 5:00 P.M. (Los Angeles time) on the business day
immediately preceding the Redemption Date. No failure to mail such notice nor
any defect therein or in the mailing thereof shall affect the validity of the
proceedings for such redemption except to a holder to whom notice was not mailed
or whose notice was defective. An affidavit by the Company Secretary that notice
of redemption has been mailed shall, in the absence of fraud, be prima facie
evidence of the facts stated herein. On and after the Redemption Date, the
Holder shall have no further rights except to receive, upon surrender of the
Warrant, the redemption price. From and after the Redemption Date, the Company
shall, at the place specified in the notice of redemption, upon presentation and
surrender to the Company by or on behalf of the Holder of the Warrant Stock to
be redeemed, deliver or cause to be delivered to or upon the written order of
the Holder a sum in cash equal to the redemption price of each such Warrant
Share. From and after the Redemption Date and upon the deposit or setting aside
by the Company of a sum sufficient to redeem all Warrant Stock called for
redemption, such Warrant Stock shall expire and become void and all rights
hereunder, except the right to receive payment of the redemption price, shall
cease.

XII.    WARRANTHOLDER NOT DEEMED STOCKHOLDER

               The Holder shall not, as such, be entitled to vote or to receive
dividends or be deemed the holder of Common Stock that may at any time be
issuable upon exercise of such Warrant Stock for any purpose whatsoever, nor
shall anything set forth in this Agreement be construed to confer upon the
Holder, as such, any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matters submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issue or reclassification
of stock, change of par value or change of stock to no par value, consolidation,
merger or otherwise), or to receive notice of meetings, or to receive dividends
or subscription rights, until such Holder shall have exercised such Warrants and
been issued shares of Common Stock in accordance with the provisions hereof.

XIII.   GOVERNING LAW

               This Agreement shall be governed by the laws of the State of
California without regard to principles of conflicts of laws.

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               IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of this October , 1999.

               COMPANY:             STAN LEE MEDIA, INC.

                              By: /s/ Gill Champion
                                  ----------------------------------------
                                  Gill Champion, Vice President & COO

               HOLDER:       VMR LUXEMBOURG S.A.

                                    By:
                                       -----------------------------------
                                         [Signature]

                                    --------------------------------------
                                    [Name and Title]

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                                    EXHIBIT A
                                     [FRONT]
             WARRANT TO PURCHASE ________________________ SHARES OF COMMON STOCK
                              VOID AFTER 5:00 P.M.,
                        PACIFIC TIME ON OCTOBER __ , 2002
                              STAN LEE MEDIA, INC.

               This certifies that, for value received, VMR LUXEMBOURG S.A., the
registered holder hereof (the "Warrantholder") is entitled to purchase from Stan
Lee Media, Inc., a Colorado corporation (the "Company"), at any time during the
period commencing at 9:00 A.M., Pacific Time, on October , 1999, and continuing
through 5:00 P.M. Pacific Time, on October , 2002, at the purchase price per
share of Common Stock of Dollars ($ ) (the "Warrant Price"), the number of
shares of Common Stock of the Company set forth above (the "Common Stock"). The
number of shares of Common Stock of the Company purchasable upon exercise of
this Warrant shall be subject to adjustment from time to time as set forth in
the Warrant Agreement dated October , 1999 (the "Warrant Agreement") between the
Company and Warrantholder, to all of which the Warrantholder by acceptance
hereof consents.

               The Warrant evidenced hereby may be exercised in whole or in part
by presentation of this Warrant Certificate with the Purchase Form attached
hereto duly executed and simultaneous payment and/or cancellation of
indebtedness of the Warrant Price at the principal office of the Company.
Payment of such price shall be made at the option of the Warrantholder in cash,
by check, or by wire transfer. The Warrant evidenced hereby represents the right
to purchase an aggregate of up to ____________________________ (_______) shares
of the Company's Common Stock and is issued under and in accordance with the
Warrant Agreement.

               Upon any partial exercise of the Warrant evidenced hereby, there
shall be signed and issued to the Warrantholder a new Warrant Certificate in
respect of the shares of Common Stock as to which the Warrant evidenced hereby
shall not have been exercised. The Warrant or any portion thereof may be
exchanged at the office of the Company by surrender of this Warrant Certificate
properly endorsed for one or more new Warrant Certificates representing the same
aggregate number of shares of Common Stock as here evidenced by the Warrant
exchanged. No fractional shares of Common Stock will be issued upon the exercise
of rights to purchase hereunder, but the Company shall pay the cash value of any
fraction of a share of Common Stock upon the exercise of the Warrant.

               This Warrant Certificate does not entitle any Warrantholder to
any of the rights of a stockholder of the Company.

                                    STAN LEE MEDIA, INC.,

Dated: October ____, 1999           By:
                                        ---------------------------------------
                                            Gill Champion, Vice President & COO

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                                     [BACK]
                              STAN LEE MEDIA, INC.
                                  PURCHASE FORM

                                Mailing Address:
                              STAN LEE MEDIA, INC.
                       15821 Ventura Boulevard, Suite 675
                                Encino, CA 91436

               The undersigned hereby irrevocably elects to exercise the right
of purchase represented by the within Warrant Certificate for, and to purchase
thereunder __________________, shares of Common Stock (the "Shares") provided
for therein, and requests that certificates for the Shares be issued in the name
of: ___________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

                (Please print or type name, address and taxpayer
                      i.d. number/Social Security Number)

and if said number of Shares shall not be all the Shares purchasable hereunder,
that a new Warrant Certificate for the balance of the Shares purchasable under
the within Warrant Certificate be registered in the name of the undersigned
Warrantholder as below indicated and delivered to the address stated below.

Dated:
       -------------------------------------------------------------------------

Name of Warrantholder or Assignee:
                                   ---------------------------------------------

Address:
         -----------------------------------------------------------------------

Signature:
           ---------------------------------------------------------------------

        Note: The above signature must correspond with the name as written upon
the face of this Warrant Certificate in every particular, without alteration or
enlargement or any change whatever.

                                       2<PAGE>   1

                                                                   EXHIBIT 10.10

                              STAN LEE MEDIA, INC.

                            1999 INCENTIVE STOCK PLAN

               (adopted by Board of Directors on October 11, 1999)
                   (adopted by Shareholders on ____________)

        1. Purposes of the Plan. The purposes of this 1999 Stock Incentive Plan
are to attract and retain the best available personnel for positions of
substantial responsibility, to provide additional incentive to Employees and
Consultants of the Company and its Subsidiaries and to promote the success of
the Company's business. Options granted under the Plan may be Incentive Stock
Options (as defined under Section 422 of the Code) or Nonstatutory Stock
Options, as determined by the Administrator at the time of grant of an Option
and subject to the applicable provisions of Section 422 of the Code, as amended,
and the regulations promulgated thereunder. Stock purchase rights may also be
granted under the Plan.

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

           (a) "Administrator" means the Board or any of its Committees
appointed pursuant to Section 4 of the Plan.

           (b) "Affiliate" means an entity other than a Subsidiary (as defined
below) in which the Company owns an equity interest.

           (c) "Applicable Laws" means the legal requirements relating to the
administration of stock option and restricted stock purchase plans under
applicable U.S. state corporate laws, U.S. federal and applicable state
securities laws, the Code, any stock exchange rules or regulations and the
applicable laws of any other country or jurisdiction where Options or Stock
Purchase Rights are granted under the Plan, as such laws, rules, regulations and
requirements shall be in place from time to time.

           (d) "Board" means the Board of Directors of the Company.

           (e) "Change in Control" means a sale of all or substantially all of
the Company's assets, or a merger, consolidation or other capital reorganization
of the Company with or into another corporation; provided, however, that a
merger, consolidation or other capital reorganization in which the holders of
more than 50% of the shares of capital stock of the Company outstanding
immediately prior to such transaction continue to hold (either by the voting
securities remaining outstanding or by being converted into voting securities of
the surviving entity) more than 50% of the total voting power represented by the
voting securities of the Company, or such surviving entity, outstanding
immediately after such transaction shall not constitute a Change in Control.

<PAGE>   2

           (f) "Code" means the Internal Revenue Code of 1986, as amended.

           (g) "Committee" means the Committee appointed by the Board of
Directors in accordance with Section 4(a) and (b) of the Plan.

           (h) "Common Stock" means the Common Stock of the Company.

           (i) "Company" means Stan Lee Media, Inc., a Colorado corporation.

           (j) "Consultant" means any person, including an advisor, who renders
services to the Company, or any Parent, Subsidiary or Affiliate, and is
compensated for such services, and any director of the Company whether
compensated for such services or not.

           (k) "Continuous Status as an Employee or Consultant" means the
absence of any interruption or termination of service as an Employee or
Consultant. Continuous Status as an Employee or Consultant shall not be
considered interrupted in the case of: (i) sick leave; (ii) military leave;
(iii) any other leave of absence approved by the Administrator, provided that
such leave is for a period of not more than 90 days, unless reemployment upon
the expiration of such leave is guaranteed by contract or statute, or unless
provided otherwise pursuant to Company policy adopted from time to time; or (iv)
in the case of transfers between locations of the Company or between the
Company, its Parent(s), Subsidiaries, Affiliates or their respective successors.
For purposes of this Plan, a change in status from an Employee to a Consultant
or from a Consultant to an Employee will not constitute an interruption of
Continuous Status as an Employee or Consultant.

           (l) "Director" means a member of the Board.

           (m) "Employee" means any person (including if appropriate, any Named
Executive, Officer or Director) employed by the Company or any Parent,
Subsidiary or Affiliate of the Company, with the status of employment determined
based upon such minimum number of hours or periods worked as shall be determined
by the Administrator in its discretion, subject to any requirements of the Code.
The payment by the Company of a director's fee to a director shall not be
sufficient to constitute "employment" of such director by the Company.

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

           (o) "Fair Market Value" means, as of any date, the fair market value
of Common Stock determined as follows:

               (i) If the Common Stock is listed on any established stock
exchange or an automated quotation system or bulletin board, including without
limitation, the National Market of the National Association of Securities
Dealers, Inc. Automated Quotation ("Nasdaq") System, the

                                       2
<PAGE>   3

Nasdaq SmallCap Market, OTC Electronic Bulletin Board, The New York Stock
Exchange, Inc., or The American Stock Exchange, Inc., its Fair Market Value
shall be the closing sales price for such stock (or the closing bid, if no sales
were reported), as quoted on such system or exchange, or the exchange with the
greatest volume of trading in Common Stock for the last market trading day prior
to the time of determination, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable;

               (ii) If the Common Stock is quoted on the Nasdaq System (but not
on the National Market thereof) or regularly quoted by a recognized securities
dealer but selling prices are not reported, its Fair Market Value shall be the
mean between the high bid and low asked prices for the Common Stock for the last
market trading day prior to the time of determination, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; or

               (iii) In the absence of an established market for the Common
Stock, the Fair Market Value thereof shall be determined in good faith by the
Administrator.

           (p) "Incentive Stock Option" means an Option intended to qualify as
an incentive stock option within the meaning of Section 422 of the Code, as
designated in the applicable written Option Agreement.

           (q) "Listed Security" means any security of the Company that is
listed or approved for listing on a national securities exchange or designated
or approved for designation as a national market system security on an
interdealer quotation system by the National Association of Securities Dealers,
Inc.

           (r) "Named Executive" means any individual who, on the last day of
the Company's fiscal year, is the chief executive officer of the Company (or is
acting in such capacity) or among the four most highly compensated officers of
the Company (other than the chief executive officer). Such officer status shall
be determined pursuant to the executive compensation disclosure rules under the
Exchange Act.

           (s) "Nonstatutory Stock Option" means an Option not intended to
qualify as an Incentive Stock Option, as designated in the applicable written
Option Agreement.

           (t) "Officer" means a person who is an officer of the Company within
the meaning of Section 16(a) of the Exchange Act and the rules and regulations
promulgated thereunder.

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

           (v) "Option Agreement" means a written agreement between an Optionee
and the Company reflecting the terms of an Option granted under the Plan and
includes any documents attached to such Option Agreement, including, but not
limited to, a notice of stock option grant and a form of exercise notice.

                                       3
<PAGE>   4

           (w) "Option Exchange Program" means a program whereby outstanding
Options are exchanged for Options with a lower exercise price.

           (x) "Optioned Stock" means the Common Stock subject to an Option or a
Stock Purchase Right.

           (y) "Optionee" means an Employee or Consultant who receives an Option
or a Stock Purchase Right.

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

           (aa) "Plan" means this 1999 Incentive Stock Plan.

           (bb) "Reporting Person" means an Officer, Director, or greater than
10% stockholder of the Company within the meaning of Rule 16a-2 under the
Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the
Exchange Act.

           (cc) "Restricted Stock" means shares of Common Stock acquired
pursuant to a grant of a Stock Purchase Right under Section 11 below.

           (dd) "Restricted Stock Purchase Agreement" means a written agreement
between a holder of a Stock Purchase Right and the Company reflecting the terms
of a Stock Purchase Right granted under the Plan and includes any documents
attached to such agreement.

           (ee) "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange
Act, as the same may be amended from time to time, or any successor provision.

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

           (gg) "Stock Exchange" means any stock exchange or consolidated stock
price reporting system on which prices for the Common Stock are quoted at any
given time.

           (hh) "Stock Purchase Right" means the right to purchase Common Stock
pursuant to Section 11 below.

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

        3. Stock Subject to the Plan. Subject to the provisions of Section 13 of
the Plan, the

                                       4
<PAGE>   5

maximum aggregate number of Shares that may be optioned and sold under the Plan
is one million five hundred thousand (1,500,000) Shares of Common Stock. The
Shares may be authorized, but unissued, or reacquired Common Stock. If an Option
should expire or become unexercisable for any reason without having been
exercised in full, or is surrendered pursuant to an Option Exchange Program, the
unpurchased Shares that were subject thereto shall, unless the Plan shall have
been terminated, become available for future grant under the Plan. In addition,
any Shares of Common Stock which are retained by the Company upon exercise of an
Option or Stock Purchase Right in order to satisfy the exercise or purchase
price for such Option or Stock Purchase Right or any withholding taxes due with
respect to such exercise shall be treated as not issued and shall continue to be
available under the Plan. Shares repurchased by the Company pursuant to any
repurchase right which the Company may have shall not be available for future
grant under the Plan.

        4. Administration of the Plan.

           (a) General. The Plan shall be administered by the Board or a
Committee, or a combination thereof, as determined by the Board. The Plan may be
administered by different administrative bodies with respect to different
classes of Optionees and, if permitted by the Applicable Laws, the Board may
authorize one or more officers (who may (but need not) be Officers) to grant
Options or Stock Purchase Rights to Employees and Consultants.

           (b) Administration With Respect to Reporting Persons. With respect to
Options granted to Reporting Persons and Named Executives, the Plan may (but
need not) be administered so as to permit such Options to qualify for the
exemption set forth in Rule 16b-3 and to qualify as performance-based
compensation under Section 162(m) of the Code.

           (c) Committee Composition. If a Committee has been appointed pursuant
to this Section 4, such Committee shall continue to serve in its designated
capacity until otherwise directed by the Board. From time to time the Board may
increase the size of any Committee and appoint additional members thereof,
remove members (with or without cause) and appoint new members in substitution
therefor, fill vacancies (however caused) and remove all members of a Committee
and thereafter directly administer the Plan, all to the extent permitted by the
Applicable Laws and, in the case of a Committee administering the Plan pursuant
to Section 4(b) above, to the extent permitted or required by Rule 16b-3 and
Section 162(m) of the Code.

           (d) Powers of the Administrator. Subject to the provisions of the
Plan and in the case of a Committee, the specific duties delegated by the Board
to such Committee, and subject to the approval of any relevant authorities,
including the approval, if required, of any Stock Exchange, the Administrator
shall have the authority, in its discretion:

               (i) to determine the Fair Market Value of the Common Stock, in
accordance with Section 2(o) of the Plan;

                                       5
<PAGE>   6

               (ii) to select the Consultants and Employees to whom Options and
Stock Purchase Rights or any combination thereof may from time to time be
granted hereunder;

               (iii) to determine whether and to what extent Options and Stock
Purchase Rights or any combination thereof are granted hereunder;

               (iv) to determine the number of shares of Common Stock to be
covered by each such award granted hereunder;

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

               (vi) to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the
time or times when Options or Stock Purchase Rights may be exercised (which may
be based on performance criteria), any vesting acceleration or waiver of
forfeiture restrictions, and any restriction or limitation regarding any Option,
Optioned Stock, Stock Purchase Right or Restricted Stock, based in each case on
such factors as the Administrator, in its sole discretion, shall determine;

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

               (viii) to reduce the exercise price of any Option to the then
current Fair Market Value if the Fair Market Value of the Common Stock covered
by such Option shall have declined since the date the Option was granted;

               (ix) to determine the terms and restrictions applicable to Stock
Purchase Rights and the Restricted Stock purchased by exercising such Stock
Purchase Rights;

               (x) to initiate an Option Exchange Program;

               (xi) to construe and interpret the terms of the Plan and awards
granted pursuant to the Plan; and

               (xii) in order to fulfill the purposes of the Plan and without
amending the Plan, to modify grants of Options or Stock Purchase Rights to
participants who are foreign nationals or employed outside of the United States
in order to recognize differences in local law, tax policies or customs.

           (d) Effect of Administrator's Decision. All decisions, determinations
and interpretations of the Administrator shall be final and binding on all
holders of Options or Stock Purchase Rights.

                                       6
<PAGE>   7

        5. Eligibility.

           (a) Recipients of Grants. Nonstatutory Stock Options and Stock
Purchase Rights may be granted to Employees and Consultants. Incentive Stock
Options may be granted only to Employees; provided, however, that Employees of
Affiliates shall not be eligible to receive Incentive Stock Options. An Employee
or Consultant who has been granted an Option or Stock Purchase Right may, if he
or she is otherwise eligible, be granted additional Options or Stock Purchase
Rights.

           (b) Type of Option. Each Option shall be designated in the Option
agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.
However, notwithstanding such designations, to the extent that the aggregate
Fair Market Value of Shares with respect to which Options designated as
Incentive Stock Options are exercisable for the first time by any Optionee
during any calendar year (under all plans of the Company or any Parent or
Subsidiary) exceeds $100,000, such excess Options shall be treated as
Nonstatutory Stock Options. For purposes of this Section 5(b), Incentive Stock
Options shall be taken into account in the order in which they were granted, and
the Fair Market Value of the Shares subject to an Incentive Stock Option shall
be determined as of the date of the grant of such Option.

           (c) The Plan shall not confer upon the holder of any Option or Stock
Purchase Right any right with respect to continuation of employment or
consulting relationship with the Company, nor shall it interfere in any way with
such holder's right or the Company's right to terminate his or her employment or
consulting relationship at any time, with or without cause.

        6. Term of Plan. The Plan shall become effective upon the earlier to
occur of its adoption by the Board of Directors or its approval by the
stockholders of the Company as described in Section 20 of the Plan. It shall
continue in effect for a term of ten years unless sooner terminated under
Section 16 of the Plan.

        7. Term of Option. The term of each Option shall be the term stated in
the Option Agreement; provided, however, that the term shall be no more than ten
years from the date of grant thereof or such shorter term as may be provided in
the Option Agreement and provided further that, in the case of an Incentive
Stock Option granted to an Optionee who, at the time the Option is granted, owns
stock representing more than 10% of the total combined voting power of all
classes of stock of the Company or any Parent or Subsidiary, the term of the
Option shall be five years from the date of grant thereof or such shorter term
as may be provided in the Option Agreement.

        8. Limitation. Subject to adjustment as provided in Section 14 below,
the maximum number of Shares which may be subject to Options and Stock Purchase
Rights granted to any one Employee under this Plan for any fiscal year of the
Company shall be five hundred thousand

                                       7
<PAGE>   8

(500,000) Shares.

        9. Option Exercise Price and Consideration.

           (a) The per share exercise price for the Shares to be issued pursuant
to exercise of an Option shall be such price as is determined by the Board and
set forth in the Option Agreement, but shall be subject to the following:

               (i) In the case of an Incentive Stock Option that is:

                   (A) granted to an Employee who, at the time of the grant of
such Incentive Stock Option, owns stock representing more than 10% of the total
combined voting power of all classes of stock of the Company or any Parent or
Subsidiary, the per Share exercise price shall be no less than 110% of the Fair
Market Value per Share on the date of grant.

                   (B) granted to any other Employee, the per Share exercise
price shall be no less than 100% of the Fair Market Value per Share on the date
of grant.

               (ii) In the case of a Nonstatutory Stock Option, the per Share
exercise price shall be determined by the Administrator, provided however that
the per share exercise price of an Option granted to a Named Executive of the
Company shall be no less than 100% of the Fair Market Value per Share on the
date of grant if such Option is intended to qualify as performance-based
compensation under Section 162(m) of the Code.

               (iii) Notwithstanding the foregoing, Options may be granted with
a per Share exercise price other than as required above pursuant to a merger or
other corporate transaction.

           (b) The consideration to be paid for the Shares to be issued upon
exercise of an Option, including the method of payment, shall be determined by
the Administrator (and, in the case of an Incentive Stock Option, shall be
determined at the time of grant) and may consist entirely of (1) cash, (2)
check, (3) promissory note (subject to the provisions of the Colorado Business
Corporation Act), (4) cancellation of indebtedness, (5) other Shares that (x) in
the case of Shares acquired upon exercise of an Option, have been owned by the
Optionee for more than six months on the date of surrender or such other period
as may be required to avoid a charge to the Company's earnings, and (y) have a
Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which such Option shall be exercised, (6) authorization for
the Company to retain from the total number of Shares as to which the Option is
exercised that number of Shares having a Fair Market Value on the date of
exercise equal to the exercise price for the total number of Shares as to which
the Option is exercised, (7) delivery of a properly executed exercise notice
together with such other documentation as the Administrator and the broker, if
applicable, shall require to effect an exercise of the Option and delivery to
the Company of the sale or loan proceeds required to pay the exercise price and
any applicable

                                       8
<PAGE>   9

income or employment taxes, (8) delivery of an irrevocable subscription
agreement for the Shares that irrevocably obligates the option holder to take
and pay for the Shares not more than twelve months after the date of delivery of
the subscription agreement, (9) any combination of the foregoing methods of
payment, or (10) such other consideration and method of payment for the issuance
of Shares to the extent permitted under the Applicable Laws. In making its
determination as to the type of consideration to accept, the Administrator shall
consider if acceptance of such consideration may be reasonably expected to
benefit the Company.

        10. Exercise of Option.

            (a) Procedure for Exercise; Rights as a Stockholder. Any Option
granted hereunder shall be exercisable at such times and under such conditions
as determined by the Administrator and reflected in the Option Agreement, which
may include vesting requirements and/or including performance criteria with
respect to the Company and/or the Optionee. The Administrator shall have the
discretion, after the grant of an Option, to adjust the vesting of an Option
held by an Employee or Consultant as a result in a change in the terms or
conditions under which such person is providing services to the Company, or for
any other reason. The Administrator shall have the discretion to determine
whether and to what extent the vesting of Options shall be tolled during any
unpaid leave of absence; provided however that in the absence of such
determination, vesting of Options shall be tolled during any such leave.

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

        An Option shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the
Option by the person entitled to exercise the Option and the Company has
received full payment for the Shares with respect to which the Option is
exercised. Full payment may, as authorized by the Administrator, consist of any
consideration and method of payment allowable under Section 8(b) of the Plan.
Until the issuance (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company) of the stock
certificate evidencing such Shares, no right to vote or receive dividends or any
other rights as a stockholder shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued) such stock certificate promptly upon exercise of the Option. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the stock certificate is issued, except as provided in
Section 12 of the Plan.

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

            (b) Termination of Employment or Consulting Relationship. In the
event of termination of an Optionee's Continuous Status as an Employee or
Consultant with the Company, such Optionee may, but only within three months (or
such other period of time as is determined

                                       9
<PAGE>   10

by the Administrator, with such determination in the case of an Incentive Stock
Option being made at the time of grant of the Option) after the date of such
termination (but in no event later than the expiration date of the term of such
Option as set forth in the Option Agreement), exercise his or her Option to the
extent that the Optionee was entitled to exercise it at the date of such
termination. To the extent that the Optionee was not entitled to exercise the
Option at the date of such termination, or if the Optionee does not exercise
such Option to the extent so entitled within the time specified herein, the
Option shall terminate and the Optioned Stock underlying the unexercised portion
of the Option shall revert to the Plan. No termination shall be deemed to occur
and this Section 9(b) shall not apply if (i) the Optionee is a Consultant who
becomes an Employee, or (ii) the Optionee is an Employee who becomes a
Consultant.

            (c) Disability of Optionee. Notwithstanding Section 10(b) above, in
the event of termination of an Optionee's Continuous Status as an Employee or
Consultant as a result of his or her total and permanent disability (within the
meaning of Section 22(e)(3) of the Code), such Optionee may, but only within
twelve months from the date of such termination (but in no event later than the
expiration date of the term of such Option as set forth in the Option
Agreement), exercise the Option to the extent otherwise entitled to exercise it
at the date of such termination. To the extent that the Optionee was not
entitled to exercise the Option at the date of termination, or if the Optionee
does not exercise such Option to the extent so entitled within the time
specified herein, the Option shall terminate and the Optioned Stock underlying
the unexercised portion of the Option shall revert to the Plan.

            (d) Death of Optionee. In the event of the death of an Optionee
during the period of Continuous Status as an Employee or Consultant since the
date of grant of the Option, or within 30 days following termination of the
Optionee's Continuous Status as an Employee or Consultant, the Option may be
exercised, at any time within twelve months following the date of death (but in
no event later than the expiration date of the term of such Option as set forth
in the Option Agreement), by such Optionee's estate or by a person who acquired
the right to exercise the Option by bequest or inheritance, but only to the
extent of the right to exercise that had accrued at the date of death or, if
earlier, the date of termination of the Optionee's Continuous Status as an
Employee or Consultant. To the extent that the Optionee was not entitled to
exercise the Option at the date of death or termination, as the case may be, or
if the Optionee does not exercise such Option to the extent so entitled within
the time specified herein, the Option shall terminate and the Optioned Stock
underlying the unexercised portion of the Option shall revert to the Plan.

            (e) Extension of Exercise Period. The Administrator shall have full
power and authority to extend the period of time for which an Option is to
remain exercisable following termination of an Optionee's Continuous Status as
an Employee or Consultant from the periods set forth in Sections 10(b), 10(c)
and 10(d) above or in the Option Agreement to such greater time as the Board
shall deem appropriate, provided, that in no event shall such option be
exercisable later than the date of expiration of the term of such Option as set
forth in the Option Agreement.

                                       10
<PAGE>   11

            (f) Rule 16b-3. Options granted to Reporting Persons shall comply
with Rule 16b-3 and shall contain such additional conditions or restrictions as
may be required thereunder to qualify for the maximum exemption for Plan
transactions.

            (g) Buy-Out Provisions. The Administrator may at any time offer to
buy out for a payment in cash or Shares an Option previously granted based on
such terms and conditions as the Administrator shall establish and communicate
to the Optionee at the time such offer is made.

        11. Stock Purchase Rights.

            (a) Rights to Purchase. Stock Purchase Rights may be issued either
alone, in addition to, or in tandem with other awards granted under the Plan
and/or cash awards made outside of the Plan. After the Administrator determines
that it will offer Stock Purchase Rights under the Plan, it shall advise the
offeree in writing of the terms, conditions and restrictions related to the
offer, including the number of Shares that such person shall be entitled to
purchase, the price to be paid, and the time within which such person must
accept such offer, which shall in no event exceed 30 days from the date upon
which the Administrator made the determination to grant the Stock Purchase
Right. The offer shall be accepted by execution of a Restricted Stock Purchase
Agreement in the form determined by the Administrator.

            (b) Repurchase Option. Unless the Administrator determines
otherwise, the Restricted Stock Purchase Agreement shall grant the Company a
repurchase option exercisable upon the voluntary or involuntary termination of
the purchaser's employment with the Company for any reason (including death or
disability). The purchase price for Shares repurchased pursuant to the
Restricted Stock Purchase Agreement shall be the original purchase price paid by
the purchaser and may be paid by cancellation of any indebtedness of the
purchaser to the Company.

            (c) Other Provisions. The Restricted Stock Purchase Agreement shall
contain such other terms, provisions and conditions not inconsistent with the
Plan as may be determined by the Administrator in its sole discretion. In
addition, the provisions of Restricted Stock Purchase Agreements need not be the
same with respect to each purchaser.

            (d) Rights as a Stockholder. Once the Stock Purchase Right is
exercised, the purchaser shall have the rights equivalent to those of a
stockholder, and shall be a stockholder when his or her purchase is entered upon
the records of the duly authorized transfer agent of the Company. No adjustment
will be made for a dividend or other right for which the record date is prior to
the date the Stock Purchase Right is exercised, except as provided in Section 12
of the Plan.

                                       11
<PAGE>   12

        12. Tax Withholding.

            (a) General. As a condition to the exercise of Options or Stock
Purchase Rights granted hereunder, the Optionee or holder of such Stock Purchase
Right shall make such arrangements as the Administrator may require for the
satisfaction of any federal, state, local or foreign withholding tax obligations
that may arise in connection with the exercise, receipt or vesting of such
award. The Company shall not be required to issue any Shares under the Plan
until such obligations are satisfied.

            (b) Stock Withholding to Satisfy Withholding Tax Obligations. At the
discretion of the Administrator, Optionees may satisfy withholding obligations
as provided in this paragraph. When an Optionee incurs tax liability in
connection with an Option or Stock Purchase Right, which tax liability is
subject to tax withholding under applicable tax laws, and the Optionee is
obligated to pay the Company an amount required to be withheld under applicable
tax laws, the Optionee may satisfy the withholding tax obligation by one or some
combination of the following methods: (i) by cash or check payment, (ii) out of
the Optionee's current compensation, (iii) if permitted by the Administrator, in
its discretion, by surrendering to the Company Shares that (A) in the case of
Shares previously acquired from the Company, have been owned by the Optionee for
more than six months on the date of surrender, and (B) have a Fair Market Value
on the date of surrender equal to or less than the amount required to be
withheld, or (iv) by electing to have the Company withhold from the Shares to be
issued upon exercise of the Option, or the Shares to be issued in connection
with the Stock Purchase Right, if any, that number of Shares having a Fair
Market Value equal to the amount required to be withheld. For this purpose, the
Fair Market Value of the Shares to be withheld shall be determined on the date
that the amount of tax to be withheld is to be determined (the "Tax Date").

        Any surrender by a Reporting Person of previously owned Shares to
satisfy tax withholding obligations arising upon exercise of this Option must
comply with the applicable provisions of Rule 16b-3.

        All elections by an Optionee to have Shares withheld to satisfy tax
withholding obligations shall be made in writing in a form acceptable to the
Administrator and shall be subject to the following restrictions:

           (x) the election must be made on or prior to the applicable Tax Date;

           (y) once made, the election shall be irrevocable as to the particular
Shares of the Option or Stock Purchase Right as to which the election is made;
and

           (z) all elections shall be subject to the consent or disapproval of
the Administrator.

                                       12
<PAGE>   13

        In the event the election to have Shares withheld is made by an Optionee
and the Tax Date is deferred under Section 83 of the Code because no election is
filed under Section 83(b) of the Code, the Optionee shall receive the full
number of Shares with respect to which the Option or Stock Purchase Right is
exercised but such Optionee shall be unconditionally obligated to tender back to
the Company the proper number of Shares on the Tax Date.

        13. Adjustments Upon Changes in Capitalization, Merger or Certain Other
Transactions.

            (a) Changes in Capitalization. Subject to any required action by the
stockholders of the Company, the number of shares of Common Stock covered by
each outstanding Option or Stock Purchase Right, and the number of shares of
Common Stock that have been authorized for issuance under the Plan but as to
which no Options or Stock Purchase Rights have yet been granted or that have
been returned to the Plan upon cancellation or expiration of an Option or Stock
Purchase Right, the number of Shares set forth in Section 8 above, as well as
the price per share of Common Stock covered by each such outstanding Option or
Stock Purchase Right, shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, combination, recapitalization or
reclassification of the Common Stock, or any other increase or decrease in the
number of issued shares of Common Stock effected without receipt of
consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to an Option or Stock
Purchase Right.

            (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Board shall notify the Optionee
at least 15 days prior to such proposed action. To the extent it has not been
previously exercised, the Option or Stock Purchase Right will terminate
immediately prior to the consummation of such proposed action.

            (c) Change in Control. In the event of a Change in Control, each
outstanding Option or Stock Purchase Right shall be assumed or an equivalent
option or right shall be substituted by the successor corporation or a Parent or
Subsidiary of such successor corporation, unless such successor corporation does
not agree to assume the outstanding Options or Stock Purchase Rights or to
substitute equivalent options or rights, in which case such Options or Stock
Purchase Rights shall terminate upon the consummation of the transaction. For
purposes of this Section 13(c), an Option or a Stock Purchase Right shall be
considered assumed, without limitation, if, at the time of issuance of the stock
or other consideration upon such Change in Control, each holder of an Option or
Stock Purchase Right would be entitled to receive upon exercise of the Option or
Stock Purchase Right the same number and kind of shares of stock or the same
amount of property, cash or securities as such holder would have been entitled
to receive upon the occurrence of the

                                       13
<PAGE>   14

transaction if the holder had been, immediately prior to such transaction, the
holder of the number of Shares of Common Stock covered by the Option or the
Stock Purchase Right at such time (after giving effect to any adjustments in the
number of Shares covered by the Option or Stock Purchase Right as provided for
in this Section 13); provided, however, that if such consideration received in
the Change in Control was not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon exercise of the
Option to be solely common stock of the successor corporation or its Parent
equal to the Fair Market Value of the per Share consideration received by
holders of Common Stock in the transaction.

            (d) Certain Distributions. In the event of any distribution to the
Company's stockholders of securities of any other entity or other assets (other
than dividends payable in cash or stock of the Company) without receipt of
consideration by the Company, the Administrator may, in its discretion,
appropriately adjust the price per Share of Common Stock covered by each
outstanding Option or Stock Purchase Right to reflect the effect of such
distribution.

        14. Non-Transferability of Options and Stock Purchase Rights. Options
and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution, provided that, after the date, if any, upon which the
Common Stock becomes a Listed Security, the Administrator may in its discretion
grant transferable Nonstatutory Stock Options pursuant to Option Agreements
specifying (i) the manner in which such Nonstatutory Stock Options are
transferable and (ii) that any such transfer shall be subject to the Applicable
Laws. The designation of a beneficiary by an Optionee will not constitute a
transfer. An Option or Stock Purchase Right may be exercised, during the
lifetime of the holder of the Option or Stock Purchase Right, only by such
holder or a transferee permitted by this Section 14.

        15. Time of Granting Options and Stock Purchase Rights. The date of
grant of an Option or Stock Purchase Right shall, for all purposes, be the date
on which the Administrator makes the determination granting such Option or Stock
Purchase Right, or such other date as is determined by the Board; provided,
however, that in the case of any Incentive Stock Option, the grant date shall be
the later of the date on which the Administrator makes the determination
granting such Incentive Stock Option or the date of commencement of the
Optionee's employment relationship with the Company. Notice of the determination
shall be given to each Employee or Consultant to whom an Option or Stock
Purchase Right is so granted within a reasonable time after the date of such
grant.

        16. Amendment and Termination of the Plan.

            (a) Authority to Amend or Terminate. The Board may at any time
amend, alter, suspend or discontinue the Plan, but no amendment, alteration,
suspension or discontinuation (other than an adjustment made pursuant to Section
13 above) shall be made that would impair the rights of any Optionee under any
grant theretofore made, without his or her consent. In addition, to the extent
necessary and desirable to comply with the Applicable Laws the Company

                                       14
<PAGE>   15

shall obtain stockholder approval of any Plan amendment in such a manner and to
such a degree as required.

            (b) Effect of Amendment or Termination. No amendment or termination
of the Plan shall adversely affect Options already granted, unless mutually
agreed otherwise between the Optionee and the Administrator, which agreement
must be in writing and signed by the Optionee and the Company.

        17. Conditions Upon Issuance of Shares. Shares shall not be issued
pursuant to the exercise of an Option or Stock Purchase Right unless the
exercise of such Option or Stock Purchase Right and the issuance and delivery of
such Shares pursuant thereto shall comply with all relevant provisions of law,
including, without limitation, the Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any Stock Exchange.

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

        18. Reservation of Shares. The Company, during the term of this Plan,
will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan. The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company's counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which
such requisite authority shall not have been obtained.

        19. Agreements. Options and Stock Purchase Rights shall be evidenced by
written Option Agreements and Restricted Stock Purchase Agreements,
respectively, in such form(s) as the Administrator shall approve from time to
time.

        20. Stockholder Approval. If required by the Applicable Laws,
continuance of the Plan shall be subject to approval by the stockholders of the
Company within twelve months before or after the date the Plan is adopted. Such
stockholder approval shall be obtained in the degree and manner required under
the Applicable Laws. All Options and Stock Purchase Rights issued under the Plan
shall become void in the event such approval is not obtained.

        21. Documents to Optionees. At the time of issuance of any awards under
the Plan, the Company shall provide to the recipient of such award a copy of the
Plan and any agreement(s) pursuant to which awards granted under the Plan are
issued.

                                       15
<PAGE>   16

        22. Awards Granted to California Residents. Options and Stock Purchase
Rights granted under the Plan to persons resident in California shall be subject
to the provisions set forth in Attachment A hereto. To the extent the provisions
of the Plan conflict with the provisions set forth on Attachment A, the
provisions on Attachment A shall govern the terms of such Options.

                                       16
<PAGE>   17

                                  Attachment A

                    Provisions Applicable to Award Recipients
                             Resident in California

        Until such time as any security of the Company becomes a Listed Security
and if required by the Applicable Laws, the following additional terms shall
apply to Options and Stock Purchase Rights, and Shares issued upon exercise of
such awards, granted under the Stan Lee Media, Inc. 1999 Incentive Stock Plan
(the "Plan") to persons resident in California as of the date of grant of any
such award (each such person, a "California Recipient"):

        1. In the case of a Nonstatutory Stock Option, that is:

           (a) granted to a California Recipient who, at the time of the grant
of such Option, owns stock representing more than 10% of the total combined
voting power of all classes of stock of the Company or any Parent or Subsidiary,
the per Share exercise price shall be no less than 110% of the Fair Market Value
on the date of grant.

           (b) granted to any California Recipient who is a Named Executive of
the Company, the per Share exercise price shall be no less than 100% of the Fair
Market Value per Share on the date of grant.

           (c) granted to any other California Recipient, the per Share exercise
price shall be no less than 85% of the Fair Market Value per Share on the date
of grant.

        2. In the case of Stock Purchase Rights granted to a California
Recipient, the purchase price applicable to such right shall not be less than
85% of the Fair Market Value of the Shares as of the date of the offer, or, in
the case of a person owning stock representing more than 10% of the total
combined voting power of all classes of stock of the Company or any Parent or
Subsidiary, the price shall not be less than 100% of the Fair Market Value of
the Shares as of the date of the offer.

        3. With respect to an Option or Stock Purchase Right issued to any
California Recipient who is not an Officer, Director or Consultant, such Option
or Stock Purchase Right shall become exercisable, or any repurchase option in
favor of the Company shall lapse, at the rate of at least 20% per year over five
years from the date the award is granted.

        4. (a) Subject to Section 10(c) of the Plan and to Section 4(b) below,
in the event of termination of a California Recipient's Continuous Status as an
Employee or Consultant with the Company, such California Recipient shall have at
least 30 days after the date of such termination (but in no event later than the
expiration of the term of such Option as set forth in the Option Agreement) to
exercise such Option.

                                       17
<PAGE>   18

           (b) In the event of termination of a California Recipient's
Continuous Status as an Employee or Consultant as a result of a disability which
does not fall within the meaning of total and permanent disability (as set forth
in Section 22(e)(3) of the Code), such California Recipient may, but only within
six months from the date of such termination (but in no event later than the
expiration date of the term of such Option as set forth in the Option
Agreement), exercise the Option to the extent otherwise entitled to exercise it
at the date of such termination. However, to the extent that such California
Recipient fails to exercise an Option which is an Incentive Stock Option (within
the meaning of Section 422 of the Code) within three months of the date of such
termination, the Option will not qualify for Incentive Stock Option treatment
under the Code. To the extent that the California Recipient was not entitled to
exercise the Option at the date of termination, or if the California Recipient
does not exercise such Option to the extent so entitled within six months from
the date of termination, the Option shall terminate and the Optioned Stock
underlying the unexercised portion of the Option shall revert to the Plan.

        5. The Company shall provide financial statements at least annually to
each California Recipient during the period such person has one or more Options
or Stock Purchase Rights outstanding, and in the case of an individual who
acquired Shares pursuant to the Plan, during the period such individual owns
such Shares. The Company shall not be required to provide such information if
the issuance of awards under the Plan is limited to key employees whose duties
in connection with the Company assure their access to equivalent information.

        6. Capitalized terms not defined in this Attachment shall have the
meanings set forth in the Plan.

                                       18

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