Document:

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                                                                     Exhibit 4.4

                              FIRSTCOM CORPORATION

              1999 STOCK OPTION AND RESTRICTED STOCK PURCHASE PLAN

                  Section 1. PURPOSE. The purpose of the FirstCom Corporation
and its Subsidiaries Stock Option and Restricted Stock Purchase Plan (the
"Plan") is to promote the interests of FirstCom Corporation, a Texas corporation
(the "Company"), and any Subsidiary thereof and the interests of the Company's
stockholders by providing an opportunity to selected employees, officers and
directors of the Company or any Subsidiary thereof as of the date of the
adoption of the Plan or at any time thereafter to purchase Common Stock of the
Company. By encouraging such stock ownership, the Company seeks to attract,
retain and motivate such employees and other persons and to encourage such
employees and other persons to devote their best efforts to the business and
financial success of the Company. It is intended that this purpose will be
effected by the granting of "non-qualified stock options" and/or "incentive
stock options" to acquire the Common Stock of the Company and/or by the granting
of rights to purchase the Common Stock of the Company on a "restricted stock"
basis. Under the Plan, the Committee shall have the authority (in its sole
discretion) to grant "incentive stock options" within the meaning of Section
422(b) of the Code, "non-qualified stock options" as described in Treasury
Regulation Section 1.83-7 or any successor regulation thereto, or "restricted
stock" awards.

                  Section 2. DEFINITIONS. For purposes of the Plan, the
following terms used herein shall have the following meanings, unless a
different meaning is clearly required by the context:

                  2.1. "AWARD" shall mean an award of the right to purchase
Common Stock granted under the provisions of Section 7 of the Plan.

                  2.2. "BOARD OF DIRECTORS" shall mean the Board of Directors of
the Company.

                  2.3. "CODE" shall mean the Internal Revenue Code of 1986, as
amended.

                  2.4. "COMMITTEE" shall mean the committee of the Board of
Directors referred to in Section 5 hereof; provided, that if no such committee
is appointed by the Board of Directors, the Board of Directors shall have all of
the authority and obligations of the Committee under the Plan.

                  2.5. "COMMON STOCK" shall mean the Common Stock, $.001 par
value, of the Company.

                  2.6. "EMPLOYEE" shall mean (i) with respect to an ISO, any
person, including, without limitation, an officer or director of the Company,
who, at the time an ISO is granted to such person hereunder, is employed on a
full-time basis by the Company or any Subsidiary of the Company, and (ii) with
respect to a Non-Qualified Option and/or an Award, any person employed by, or
performing services for, the Company or any Subsidiary of the Company,
including, without limitation, directors and officers.

                  2.7. "ISO" shall mean an Option granted to a Participant
pursuant to the Plan that constitutes and shall be treated as an "incentive
stock option" as defined in Section 422(b) of the Code.

                  2.8. "NON-QUALIFIED OPTION" shall mean an Option granted to a
Participant pursuant to the Plan that is intended to be, and qualifies as, a
"non-qualified stock option" as described in Treasury Regulation Section 1.83-7
or any successor regulation thereto and that shall not constitute or be treated
as an ISO.

                  2.9. "OPTION" shall mean any ISO or Non-Qualified Option
granted to an Employee pursuant to the Plan.

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                  2.10. "PARTICIPANT" shall mean any Employee to whom an Award
and/or an Option is granted under the Plan.

                  2.11. "PARENT" of the Company shall have the meaning set forth
in Section 424(e) of the Code.

                  2.12. "SUBSIDIARY" of the Company shall have the meaning set
forth in Section 424(f) of the Code.

                  Section 3. ELIGIBILITY. Awards and/or Options may be granted
to any Employee. The Committee shall have the sole authority to select the
persons to whom Awards and/or Options are to be granted hereunder, and to
determine whether a person is to be granted a Non-Qualified Option, an ISO or an
Award or any combination thereof. No person shall have any right to participate
in the Plan unless selected for participation by the Committee. Any person
selected by the Committee for participation during any one period will not by
virtue of such participation have the right to be selected as a Participant for
any other period.

                  Section 4. COMMON STOCK SUBJECT TO THE PLAN.

                  4.1. NUMBER OF SHARES. The total number of shares of Common
Stock for which Options and/or Awards may be granted under the Plan shall not
exceed in the aggregate three million (3,000,000) shares of Common Stock
(subject to adjustment as provided in Section 8 hereof).

                  4.2. REISSUANCE. The shares of Common Stock that may be
subject to Options and/or Awards granted under the Plan may be either authorized
and unissued shares or shares reacquired at any time and now or hereafter held
as treasury stock as the Committee may determine. In the event that any
outstanding Option expires or is terminated for any reason, the shares allocable
to the unexercised portion of such Option may again be subject to an Option
and/or Award granted under the Plan. If any shares of Common Stock issued or
sold pursuant to an Award or the exercise of an Option shall have been
repurchased by the Company, then such shares may again be subject to an Option
and/or Award granted under the Plan.

                  4.3. SPECIAL ISO LIMITATIONS.

                  (a) The aggregate fair market value (determined as of the date
an ISO is granted) of the shares of Common Stock with respect to which ISOs are
exercisable for the first time by an Employee during any calendar year (under
all incentive stock option plans of the Company or any Subsidiary of the
Company) shall not exceed $100,000.

                  (b) No ISO shall be granted to an Employee who, at the time
the ISO is granted, owns (actually or constructively under the provisions of
Section 424(d) of the Code) stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or any Subsidiary of the
Company, unless (i) the option price is at least 110% of the fair market value
(determined as of the time the ISO is granted) of the shares of Common Stock
subject to the ISO and (ii) the ISO by its terms is not exercisable more than
five years from the date it is granted.

                  4.4. LIMITATIONS NOT APPLICABLE TO NON-QUALIFIED OPTIONS OR
AWARDS. Notwithstanding any other provision of the Plan, the provisions of
Sections 4.3(a) and (b) shall not apply, nor shall be construed to apply, to any
Non-Qualified Option or Award granted under the Plan.

                  Section 5. ADMINISTRATION OF THE PLAN.

                  5.1. ADMINISTRATION. The Plan shall be administered by a
committee of the Board of Directors (the "Committee") established by the Board
of Directors and consisting of no less than three persons. All members of the

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Committee shall be "disinterested persons" within the meaning of Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). The Committee shall be appointed from time to time by, and shall serve at
the pleasure of, the Board of Directors.

                  5.2. GRANT OF OPTIONS/AWARDS.

                  (a) OPTIONS. The Committee shall have the sole authority and
discretion under the Plan (i) to select the Employees who are to be granted
Options hereunder; (ii) to designate whether any Option to be granted hereunder
is to be an ISO or a Non-Qualified Option; (iii) to establish the number of
shares of Common Stock that may be subject to each Option; (iv) to determine the
time and the conditions subject to which Options may be exercised in whole or in
part; (v) to determine the amount (not less than the par value per share) and
the form of the consideration that may be used to purchase shares of Common
Stock upon exercise of any Option (including, without limitation, the
circumstances under which issued and outstanding shares of Common Stock owned by
a Participant may be used by the Participant to exercise an Option); (vi) to
impose restrictions and/or conditions with respect to shares of Common Stock
acquired upon exercise of an Option; (vii) to determine the circumstances under
which shares of Common Stock acquired upon exercise of any Option may be subject
to repurchase by the Company; (viii) to determine the circumstances and
conditions subject to which shares acquired upon exercise of an Option may be
sold or otherwise transferred, including, without limitation, the circumstances
and conditions subject to which a proposed sale of shares of Common Stock
acquired upon exercise of an Option may be subject to the Company's right of
first refusal (as well as the terms and conditions of any such right of first
refusal); (ix) to establish a vesting provision for any Option relating to the
time when (or the circumstances under which) the Option may be exercised by a
Participant, including, without limitation, vesting provisions that may be
contingent upon (A) the Company's meeting specified financial goals, (B) a
change of control of the Company or (C) the occurrence of other specified
events; (x) to accelerate the time when outstanding Options may be exercised,
PROVIDED, HOWEVER, that any ISOs shall be deemed "accelerated" within the
meaning of Section 424(h) of the Code; and (xi) to establish any other terms,
restrictions and/or conditions applicable to any Option not inconsistent with
the provisions of the Plan. Notwithstanding anything in the Plan to the
contrary, in no event shall any Option granted to any director or officer of the
Company who is subject to Section 16 of the Exchange Act become exercisable, in
whole or in part, prior to the date that is six months after the date such
Option is granted to such director or officer.

                  (b) AWARDS. The Committee shall have the sole authority and
discretion under the Plan (i) to select the Employees who are to be granted
Awards hereunder; (ii) to determine the amount to be paid by a Participant to
acquire shares of Common Stock pursuant to an Award, which amount may be equal
to, more than, or less than 100% of the fair market value of such shares on the
date the Award is granted (but in no event less than the par value of such
shares); (iii) to determine the time or times and the conditions subject to
which Awards may be made; (iv) to determine the time or times and the conditions
subject to which the shares of Common Stock subject to an Award are to become
vested and no longer subject to repurchase by the Company; (v) to establish
transfer restrictions and the terms and conditions on which any such transfer
restrictions with respect to shares of Common Stock acquired pursuant to an
Award shall lapse; (vi) to establish vesting provisions with respect to any
shares of Common Stock subject to an Award, including, without limitation,
vesting provisions which may be contingent upon (A) the achievement of specified
financial goals by the Company or any Subsidiary or operating unit, (B) a change
of control of the Company or (C) the occurrence of other specified events; (vii)
to determine the circumstances under which shares of Common Stock acquired
pursuant to an Award may be subject to repurchase by the Company, which may be
in addition to, or in lieu of, the circumstances set forth herein; (viii) to
determine the circumstances and conditions subject to which any shares of Common
Stock acquired pursuant to an Award may be sold or otherwise transferred,
including, without limitation, the circumstances and conditions subject to which
a proposed sale of shares of Common Stock acquired pursuant to an Award may be
subject to the Company's right of first refusal (as well as the terms and
conditions of any such right of first refusal); (ix) to determine the form of
consideration that may be used to purchase shares of Common Stock pursuant to an
Award (including, without limitation, the circumstances under which issued and
outstanding shares of Common Stock owned by a Participant may be used by the

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Participant to purchase the Common Stock subject to an Award); (x) to accelerate
the time at which any or all restrictions imposed with respect to any shares of
Common Stock subject to an Award will lapse; and (xi) to establish any other
terms, restrictions and/or conditions applicable to any Award not inconsistent
with the provisions of the Plan.

                  5.3. INTERPRETATION. The Committee shall be authorized to
interpret the Plan and may, from time to time, adopt such rules and regulations,
not inconsistent with the provisions of the Plan, as it may deem advisable to
carry out the purposes of the Plan.

                  5.4. FINALITY. The interpretation and construction by the
Committee of any provision of the Plan, any Option and/or Award granted
hereunder or any agreement evidencing any such Option and/or Award shall be
final and conclusive upon all parties.

                  5.5. EXPENSES, ETC. All expenses and liabilities incurred by
the Committee in the administration of the Plan shall be borne by the Company.
The Committee may employ attorneys, consultants, accountants or other persons in
connection with the administration of the Plan. The Company, and its officers
and directors, shall be entitled to rely upon the advice, opinions or valuations
of any such persons. No member of the Committee shall be liable for any action,
determination or interpretation taken or made in good faith with respect to the
Plan or any Option and/or Award granted hereunder.

                  Section 6. TERMS AND CONDITIONS OF OPTIONS.

                  6.1. ISOS. The terms and conditions of each ISO granted under
the Plan shall be specified by the Committee and shall be set forth in an ISO
agreement between the Company and the Participant in such form as the Committee
shall approve. The terms and conditions of each ISO shall be such that each ISO
issued hereunder shall constitute and shall be treated as an "incentive stock
option" as defined in Section 422(b) of the Code. The terms and conditions of
any ISO granted hereunder need not be identical to those of any other ISO
granted hereunder.

                  The terms and conditions of each ISO shall include the
following:

                  (a) The option price shall be fixed by the Committee but shall
in no event be less than 100% (or 110% in the case of an Employee referred to in
Section 4.3(b) hereof) of the fair market value of the shares of Common Stock
subject to the ISO on the date the ISO is granted. For purposes of the Plan, the
fair market value per share of Common Stock as of any day shall mean the average
of the closing prices of sales of shares of Common Stock on all national
securities exchanges on which the Common Stock may at the time be listed or, if
there shall have been no sales on any such day, the average of the highest bid
and lowest asked prices on all such exchanges at the end of such day, or, if on
any day the Common Stock shall not be so listed, the average of the
representative bid and asked prices quoted in the NASDAQ system as of 3:30 p.m.,
New York time, on such day, or, if on any day the Common Stock shall not be
quoted in the NASDAQ system, the average of the high and low bid and asked
prices on such day in the over-the-counter market as reported by National
Quotation Bureau Incorporated, or any similar successor organization, in each
case for the five business days immediately preceding the date of grant. If at
any time the Common Stock is not listed on any national securities exchange or
quoted in the NASDAQ system or the over-the-counter market, the fair market
value of the shares of Common Stock subject to an Option on the date the ISO is
granted shall be the fair market value thereof determined in good faith by the
Board of Directors.

                  (b) ISOs, by their terms, shall not be transferable otherwise
than by will or the laws of descent and distribution, and, during a
Participant's lifetime, an ISO shall be exercisable only by the Participant.

                  (c) The Committee shall fix the term of all ISOs granted
pursuant to the Plan (including, without limitation, the date on which such ISO
shall expire and terminate); PROVIDED, HOWEVER, that such term shall in no event
exceed ten years from the date on which such ISO is granted (or, in the case of
an ISO granted to an Employee referred to in Section 4.3(b) hereof, such term

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shall in no event exceed five years from the date on which such ISO is granted).
Each ISO shall be exercisable in such amount or amounts, under such conditions
and at such times or intervals or in such installments as shall be determined by
the Committee in its sole discretion; PROVIDED, HOWEVER, that in no event shall
any ISO granted to any director or officer of the Company who is subject to
Section 16 of the Exchange Act become exercisable, in whole or in part, prior to
the date that is six months after the date such ISO is granted to such director
or officer.

                  (d) To the extent that the Company or any Subsidiary of the
Company is required to withhold any Federal, state or local taxes in respect of
any compensation income realized by any Participant as a result of any
"disqualifying disposition" of any shares of Common Stock acquired upon exercise
of an ISO granted hereunder, the Company shall deduct from any payments of any
kind otherwise due to such Participant the aggregate amount of such Federal,
state or local taxes required to be so withheld or, if such payments are
insufficient to satisfy such Federal, state or local taxes, such Participant
will be required to pay to the Company, or make other arrangements satisfactory
to the Company regarding payment to the Company of, the aggregate amount of any
such taxes. All matters with respect to the total amount of taxes to be withheld
in respect of any such compensation income shall be determined by the Board of
Directors, in its sole discretion.

                  (e) In the sole discretion of the Committee the terms and
conditions of any ISO may include any of the following provisions:

             (1) In the event that (x) the Company or any Subsidiary of the
Company terminates a Participant's employment "for cause" or (y) a Participant
terminates his employment by such entity for any reason whatsoever other than as
a result of his death or "disability" (within the meaning of Section 22(e)(3) of
the Code), the unexercised portion of any ISO held by such Participant at that
time may only be exercised within one month after the date on which the
Participant ceased to be so employed, and only to the extent that the
Participant could have otherwise exercised such ISO as of the date on which he
ceased to be so employed.

             (2) In the event a Participant shall cease to be employed by the
Company or any Subsidiary of the Company on a full-time basis as a result of the
termination of such Participant's employment by such entity other than "for
cause" or as a result of his death or "disability" (within the meaning of
Section 22(e)(3) of the Code), the unexercised portion of any ISO held by such
Participant at that time may only be exercised within three months after the
date on which the Participant ceased to be so employed, and only to the extent
that the Participant could have otherwise exercised such ISO as of the date on
which he ceased to be so employed.

             (3) In the event a Participant shall cease to be employed by the
Company or any Subsidiary of the Company on a full-time basis by reason of his
"disability" (within the meaning of Section 22(e)(3) of the Code), the
unexercised portion of any ISO held by such Participant at that time may only be
exercised within one year after the date on which the Participant ceased to be
so employed, and only to the extent that the Participant could have otherwise
exercised such ISO as of the date on which he ceased to be so employed.

             (4) In the event a Participant shall die while in the employ of the
Company or a Subsidiary of the Company (or within a period of one month after
ceasing to be an Employee for any reason other than his "disability" (within the
meaning of Section 22(e)(3) of the Code) or within a period of one year after
ceasing to be an Employee by reason of such "disability"), the unexercised
portion of any ISO held by such Participant at the time of his death may only be
exercised within one year after the date of such Participant's death, and only
to the extent that the Participant could have otherwise exercised such ISO at
the time of his death. In such event, such ISO may be exercised by the executor
or administrator of the Participant's estate or by any person or persons who
shall have acquired the ISO directly from the Participant by bequest or
inheritance.

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                  6.2. NON-QUALIFIED OPTIONS. The terms and conditions of each
Non-Qualified Option granted under the Plan shall be specified by the Committee,
in its sole discretion, and shall be set forth in a written option agreement
between the Company and the Participant in such form as the Committee shall
approve. The terms and conditions of each Non-Qualified Option will be such (and
each Non-Qualified Option Agreement shall expressly so state) that each
Non-Qualified Option issued hereunder shall not constitute nor be treated as an
"incentive stock option" as defined in Section 422(b) of the Code, but will be a
"non-qualified stock option" for Federal, state and local income tax purposes.
The terms and conditions of any Non-Qualified Option granted hereunder need not
be identical to those of any other Non-Qualified Option granted hereunder.

                  The terms and conditions of each Non-Qualified Option
Agreement shall include the following:

                  (a) The option (exercise) price shall be fixed by the
Committee and may be equal to, more than or less than 100% of the fair market
value of the shares of Common Stock subject to the Non-Qualified Option on the
date such Non-Qualified Option is granted.

                  (b) The Committee shall fix the term of all Non-Qualified
Options granted pursuant to the Plan (including, without limitation, the date on
which such Non-Qualified Option shall expire and terminate). Such term may be
more than ten years from the date on which such Non-Qualified Option is granted.
Each Non-Qualified Option shall be exercisable in such amount or amounts, under
such conditions (including, without limitation, provisions governing the rights
to exercise such Non-Qualified Option), and at such times or intervals or in
such installments as shall be determined by the Committee in its sole
discretion; PROVIDED, HOWEVER, that in no event shall any Non-Qualified Option
granted to any director or officer of the Company who is subject to Section 16
of the Exchange Act become exercisable, in whole or in part, prior to the date
that is six months after the date such Non-Qualified Option is granted to such
director or officer.

                  (c) Non-Qualified Options shall not be transferable otherwise
than by will or the laws of descent and distribution, and during a Participant's
lifetime a Non-Qualified Option shall be exercisable only by the Participant.

                  (d) To the extent that the Company is required to withhold any
Federal, state or local taxes in respect of any compensation income realized by
any Participant in respect of a Non-Qualified Option granted hereunder or in
respect of any shares of Common Stock acquired upon exercise of a Non-Qualified
Option, the Company shall deduct from any payments of any kind otherwise due to
such Participant the aggregate amount of such Federal, state or local taxes
required to be so withheld or, if such payments are insufficient to satisfy such
Federal, state or local taxes, or if no such payments are due or to become due
to such Participant, then, such Participant will be required to pay to the
Company, or make other arrangements satisfactory to the Company regarding
payment to the Company of, the aggregate amount of any such taxes. All matters
with respect to the total amount of taxes to be withheld in respect of any such
compensation income shall be determined by the Board of Directors, in its sole
discretion.

                  (e) In the sole discretion of the Committee the terms and
conditions of any Non-Qualified Option may include any of the following
provisions:

             (1) In the event that (x) the Company or any Subsidiary of the
Company terminates a Participant's employment "for cause" or (y) a Participant
terminates his employment by such entity for any reason whatsoever other than as
a result of his death or "disability" (within the meaning of Section 22(e)(3) of
the Code), the unexercised portion of any Non-Qualified Option held by such
Participant at that time may only be exercised within one month after the date
on which the Participant ceased to be so employed, and only to the extent that
the Participant could have otherwise exercised such Non-Qualified Option as of
the date on which he ceased to be so employed.

             (2) In the event a Participant shall cease to be employed by the
Company or any Subsidiary of the Company on a full-time basis as a result of the
termination of such Participant's employment by such entity other than "for
cause" or as a result of his death or "disability" (within the meaning of

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Section 22(e)(3) of the Code), the unexercised portion of any Non-Qualified
Option held by such Participant at that time may only be exercised within three
months after the date on which the Participant ceased to be so employed, and
only to the extent that the Participant could have otherwise exercised such
Non-Qualified Option as of the date on which he ceased to be so employed.

             (3) In the event a Participant shall cease to be employed by the
Company or any Subsidiary of the Company on a full-time basis by reason of his
"disability" (within the meaning of Section 22(e)(3) of the Code), the
unexercised portion of any Non-Qualified Option held by such Participant at that
time may only be exercised within one year after the date on which the
Participant ceased to be so employed, and only to the extent that the
Participant could have otherwise exercised such Non-Qualified Option as of the
date on which he ceased to be so employed.

             (4) In the event a Participant shall die while in the employ of the
Company or a Subsidiary of the Company (or within a period of one month after
ceasing to be an Employee for any reason other than his "disability" (within the
meaning of Section 22(e)(3) of the Code) or within a period of one year after
ceasing to be an Employee by reason of such "disability"), the unexercised
portion of any Non-Qualified Option held by such Participant at the time of his
death may only be exercised within one year after the date of such Participant's
death, and only to the extent that the Participant could have otherwise
exercised such Non-Qualified Option at the time of his death. In such event,
such Non-Qualified Option may be exercised by the executor or administrator of
the Participant's estate or by any person or persons who shall have acquired the
Non Qualified Option directly from the Participant by bequest or inheritance.

                  7. TERMS AND CONDITIONS OF AWARDS. The terms and conditions of
each Award granted under the Plan shall be specified by the Committee, in its
sole discretion, and shall be set forth in a written agreement between the
Participant and the Company, in such form as the Committee shall approve. The
terms and provisions of any Award granted hereunder need not be identical to
those of any other Award granted hereunder.

                  The terms and conditions of each Award shall include the
following:

                  (a) The amount to be paid by a Participant to acquire the
shares of Common Stock pursuant to an Award shall be fixed by the Committee and
may be equal to, more than or less than 100% of the fair market value of the
shares of Common Stock subject to the Award on the date the Award is granted
(but in no event less than the par value of such shares).

                  (b) Each Award shall contain such vesting provisions, such
transfer restrictions and such other restrictions and conditions as the
Committee, in its sole discretion, may determine, including, without limitation,
the circumstances under which the Company shall have the right and option to
repurchase shares of Common Stock acquired pursuant to an Award.

                  (c) Stock certificates representing Common Stock acquired
pursuant to an Award shall bear a legend referring to any restrictions imposed
on such Stock and such other matters as the Committee may determine.

                  (d) To the extent that the Company is required to withhold any
Federal, state or local taxes in respect of any compensation income realized by
the Participant in respect of an Award granted hereunder, in respect of any
shares acquired pursuant to an Award, or in respect of the vesting of any such
shares of Common Stock, then the Company shall deduct from any payments of any
kind otherwise due to such Participant the aggregate amount of such Federal,
state or local taxes required to be so withheld, or if such payments are
insufficient to satisfy such Federal, state or local taxes, or if no such
payments are due or to become due to such Participant, then such Participant
will be required to pay to the Company, or make other arrangements satisfactory
to the Company regarding payment to the Company of, the aggregate amount of any
such taxes. All matters with respect to the total amount of taxes to be withheld
in respect of any such compensation income shall be determined by the Committee,
in its sole discretion.

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                  Section 8. ADJUSTMENTS. (a) In the event that, after the
adoption of the Plan by the Board of Directors, the outstanding shares of the
Company's Common Stock shall be increased or decreased or changed into or
exchanged for a different number or kind of shares of stock or other securities
of the Company or of another entity through reorganization, merger or
consolidation, recapitalization, reclassification, stock split, split-up,
combination or exchange of shares or declaration of any dividends payable in
Common Stock, the Board of Directors shall appropriately adjust (i) the number
of shares of Common Stock (and the option price per share) subject to the
unexercised portion of any outstanding Option (to the nearest possible full
share); PROVIDED, HOWEVER, that the limitations of Section 424 of the Code shall
apply with respect to adjustments made to ISOs, (ii) the number of shares of
Common Stock to be acquired pursuant to an Award which have not become vested,
and (iii) the number of shares of Common Stock for which Options and/or Awards
may be granted under the Plan, as set forth in Section 4.1 hereof, and such
adjustments shall be effective and binding for all purposes of the Plan.

                  (b) If any capital reorganization or reclassification of the
capital stock of the Company or any consolidation or merger of the Company with
another entity, or the sale of all or substantially all its assets to another
entity, shall be effected in such a way that holders of Common Stock shall be
entitled to receive stock, securities or assets with respect to or in exchange
for Common Stock, then, subject to Section 8(c) below, each holder of an Option
shall thereafter have the right to purchase, upon the exercise of the Option in
accordance with the terms and conditions specified in the option agreement
governing such Option and in lieu of the shares of Common Stock immediately
theretofore receivable upon the exercise of such option, such shares of stock,
securities or assets (including, without limitation, cash) as may be issued or
payable with respect to or in exchange for a number of outstanding shares of
such Common Stock equal to the number of shares of such Common Stock immediately
theretofore so receivable had such reorganization, reclassification,
consolidation, merger or sale not taken place.

                  (c) Notwithstanding Section 8(b) hereof (but only if expressly
provided in any option agreement), in the event of (i) any offer to holders of
the Company's Common Stock generally relating to the acquisition of all or
substantially all of their shares, including, without limitation, through
purchase, merger or otherwise, or (ii) any proposed transaction generally
relating to the acquisition of substantially all of the assets or business of
the Company (herein sometimes referred to as an "Acquisition"), the Board of
Directors may, in its sole discretion, cancel any outstanding Options (PROVIDED,
HOWEVER, that the limitations of Section 424 of the Code shall apply with
respect to adjustments made to ISO's) and pay or deliver, or cause to be paid or
delivered, to the holder thereof an amount in cash or securities having a value
(as determined by the Board of Directors acting in good faith) equal to the
product of (A) the number of shares of Common Stock (the "Option Shares") that,
as of the date of the consummation of such acquisition, the holder of such
Option had become entitled to purchase (and had not purchased) multiplied by (B)
the amount, if any, by which (1) the formula or fixed price per share paid to
holders of shares of Common Stock pursuant to such Acquisition exceeds (2) the
option price applicable to such Option Shares.

                  Section 9. EFFECT OF THE PLAN ON EMPLOYMENT RELATIONSHIP.
Neither the Plan nor any Option and/or Award granted hereunder to a Participant
shall be construed as conferring upon such Participant any right to continue in
the employ of (or otherwise provide services to) the Company or any Subsidiary
or Parent thereof, or limit in any respect the right of the Company or any
Subsidiary or Parent thereof to terminate such Participant's employment or other
relationship with the Company or any Subsidiary or Parent, as the case may be,
at any time.

                  Section 10. AMENDMENT OF THE PLAN. The Board of Directors may
amend the Plan from time to time as it deems desirable; PROVIDED, HOWEVER, that,
without the approval of the holders of a majority of the outstanding capital
stock of the Company entitled to vote thereon or consent thereto, the Board of
Directors may not amend the Plan (i) to increase (except for increases due to
adjustments in accordance with Section 8 hereof) the aggregate number of shares
of Common Stock for which Options and/or Awards may be granted hereunder, (ii)
to decrease the minimum exercise price specified by the Plan in respect of ISOs
or (iii) to change the class of Employees eligible to receive ISOs under the
Plan.

                  Section 11. TERMINATION OF THE PLAN. The Board of Directors
may terminate the Plan at any time. Unless the Plan shall theretofore have been
terminated by the Board of Directors, the Plan shall terminate ten years after

                                       8
<PAGE>   9

the date of its initial adoption by the Board of Directors. No Option and/or
Award may be granted hereunder after termination of the Plan. The termination or
amendment of the Plan shall not alter or impair any rights or obligations under
any Option and/or Award theretofore granted under the Plan.

                  Section 12. EFFECTIVE DATE OF THE PLAN. The Plan shall be
effective as of October 18, 1999, the date on which the Plan was adopted by the
Board of Directors and approved by the stockholders of the Company.

                                    * * * * *

                                       9<PAGE>   1
                                                                     Exhibit 4.5

                                                     SAMPLE THEODORE GAMES, INC.
                                                          STOCK OPTION AGREEMENT

Neither this Option nor the Common Stock to be issued upon exercise hereof, has
been registered under the Securities Act of 1993, as amended, (The "Act"), or
qualified under any state securities law (the "Law"), and this Option has been,
and the Common Stock to be issued upon exercise hereof will be, acquired for
investment and not with a view to, or for resale in connection with, any
distribution thereof. No such sale or other disposition may be made without an
effective registration statement under the Act and qualification under the law
related thereto or an opinion of counsel reasonably satisfactory to Theodore
Games, Inc. and its counsel, that said registration and qualifications are not
required under the Act and Law, respectively.

                              THEODORE GAMES, INC.

                             STOCK OPTION AGREEMENT

         This stock option (the "Option" or the "Agreement") is being granted
pursuant to certain resolutions of the Board of Directors of Theodore Games,
Inc. dated [                    ].

     I.       NOTICE OF STOCK OPTION GRANT

              Optionee:

              [ ]

              You have been granted an option to purchase Common Stock of
              Theodore Games, Inc. (the"Company"). This option shall be subject
              to the following terms and conditions:

              Effective Date of Grant                  [ ]

              Exercise Price Per Share                 [ ]

              Number of Shares Granted                 [ ]

              Type of Option:                          [ ]

              Expiration Date:                         [ ]

              VESTING SCHEDULE:
              ----------------

              This Option may be exercised, in whole or in part, in accordance
              with the following vesting schedule:

<PAGE>   2
                         [ ]

           EXERCISE PRICE:
           --------------

           The Exercise Price of this Option is [ ] per share.

     II.      AGREEMENT

              1.         GRANT OF OPTION. The Company hereby grants to the
                         Optionee named in the Notice of Grant attached as Part
                         I of this agreement (the "Optionee"), an option
                         (the"Option") to purchase the number of shares
                         ("Shares"), as set forth in the Notice of Grant, at the
                         exercise price per share set forth in the Notice of
                         Grant (the "Exercise Price"), subject to the terms and
                         conditions set forth therein.

              2.         EXERCISE OF OPTION.

                        (a) RIGHT TO EXERCISE. This option is exercisable during
         its term in accordance with the Vesting Schedule set forth in the
         Notice of Grant and the applicable provisions of the Option Agreement.
         In the event of Optionees's death, Disability or other termination of
         Optionee's employment or consulting relationship, the exercisability of
         the Option is governed by the applicable provisions of this Agreement.

                        (b) METHOD OF EXERCISE. This option is exercisable by
         delivery of an exercise notice, in the form of Exhibit A (the "Exercise
         Notice"), which shall state the election to exercise the Option, the
         number of Shares in respect of which the Option is being exercised (the
         "Exercised Shares"), and such other representations and agreements as
         may be required by the Company. The Exercise Notice shall be signed by
         the Optionee and shall be delivered in person or by certified mail to
         the Secretary of the Company. The Exercise Notice shall be accompanied
         by payment of the aggregate Exercise Price as to all Exercised Shares.
         This Option shall be deemed to be exercised upon receipt by the Company
         of such fully executed Exercise Notice accompanied by such aggregate
         Exercise Price.

              3.        (c) METHOD OF PAYMENT. Payment of the aggregate Exercise
         Price shall be by any of the following, or a combination thereof, at
         the election  of the Optionee:

                   (a)     Cash;
                   (b)     Check
                   (c)     In lieu of exercising this Option by delivery of cash
                           or check, the Optionee may make a valid Option
                           exercise by electing to receive shares equal to the
                           value of this Option (or the portion thereof being
                           canceled) by surrendering this Option at the
                           principal office of the Company together with the
                           Exercise Notice (a "Net Exercise"), in which event
                           the Company shall transfer to the Optionee a number
                           of Shares computed using the following formula:

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

                  Where    X        = the number of Option Shares to be issued
                                      to such Optionee.

                           Y        = the number of Option Shares purchasable by
                                      such Optionee under this Option Agreement
                                      the rights to which are surrendered
                                      pursuant to the Net Exercise.

                           A        = the Fair Market Value of one Option Share,
                                      (as determined by the average bid and ask
                                      price per share of the Company stock as
                                      quoted on the OTC Bulletin Board or other
                                      national exchange upon which the Company's
                                      stock is quoted).

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

                                       2

<PAGE>   3
         4. NON-TRANSFERABILITY OF OPTION. This Option may not be transferred in
any manner other than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Optionee only be the Optionee. The terms of
this Option Agreement shall be binding upon the executors, administrators,
heirs, successors and assigns of the Optionee.

         5. TERM OF OPTION. This Option may be exercised only within the term
set out in the Notice of Grant and may be exercised during such term only in
accordance with the terms of this Option Agreement.

         6. TERMINATION OF OPTION. The Option shall terminate under the
following circumstances:

            (a) The Option shall terminate on the Expiration Date;
            (b) The Option shall terminate three months after the Optionee's
                termination of employment;
            (c) If the Optionee dies before the Option terminates pursuant to
                paragraph 6(a) or 6(b), above, the Option shall terminate on the
                earlier of (i) the date on which the Option would have lapsed
                had the Optionee lived and had his employment status (I.E.,
                whether the Participant was employed by the Company on the date
                of his death or had previously terminated employment) remained
                unchanged; or (ii) 15 months after the date of the Optionee's
                death. Upon the Optionee's death, any exercisable Options may be
                exercised by the Optionee's legal representative or
                representatives, by the person or persons entitled to do so
                under the Optionee's last will and testament, or, if the
                Optionee shall fail to make testamentary disposition of the
                Option or shall die intestate, by the person or persons entitled
                to receive said Option under the applicable laws of descent and
                distribution.

         7. DILUTION PROTECTION:

            (a) In the event the Company shall (i) declare a dividend on its
                Common Stock in shares of Common Stock or make a distribution in
                shares of Common Stock, (ii) declare a stock split or reverse
                stock split of its outstanding shares of Common Stock, (iii)
                combine its outstanding shares of Common Stock into a smaller
                number of shares of Common Stock or (iv) issue by
                reclassification of its shares of Common Stock other securities
                (including any such reclassification in connection with a
                consolidation or merger in which the Company or any of its
                subsidiaries is the continuing corporation), then the number of
                shares of Common Stock of the Company, deliverable to Holder
                hereunder and the exercise price related thereto shall be
                adjusted so that the Holder shall be entitled to receive the
                kind and number of shares of Common Stock of the Company which
                the Holder has the right to receive, upon the happening of any
                of the events described above, with the respect to the shares of
                the Company stock which were otherwise deliverable pursuant
                hereto. An adjustment made pursuant to this paragraph shall
                become effective immediately after the effective date of such
                event;

            (b) Whenever the number of Shares or the exercise price of this
                Option is adjusted pursuant to this paragraph, the Company shall
                promptly mail by first class mail, postage prepaid, to Holder,
                notice of such adjustment or adjustments.

         8. AVAILABILTY OF COMPANY STOCK. The Company hereby agrees and
covenants that at all times during the Exercise Period it shall reserve for
issuance a sufficient number of shares of common stock as would be required upon
full exercise of the rights represented by this agreement.

         9. NO RIGHT TO EMPLOYMENT. Nothing in this agreement shall interfere
with or limit in any way the right of the Company to terminate the Optionee's

                                       3
<PAGE>   4

employment at any time, nor confer upon the Optionee any right to continue in
the employment of the company or any Subsidiary.

         10. GOVERNING LAW. This Agreement is governed by the laws of the State
of Texas.

                                                     THEODORE GAMES, INC.

                                                     By:______________________

                                                     Optionee

                                                     By:______________________

                                       4

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