Document:

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of
July 25, 2002, by and among Texas Commercial Resources, Inc., a corporation duly
incorporated  and existing under the laws of the State of Texas (the "Company"),
and  the Investor as named on the signature page hereto (hereinafter referred to
as  "Investor").

                                    RECITALS:

     WHEREAS,  pursuant  to  the  Company's  offering  ("Offering")  of  up  to
$8,000,000  excluding  any  funds  paid upon exercise of the Warrants, of Common
Stock  of  the  Company pursuant to the Investment Agreement between the Company
and  the Investor, the Company has agreed to sell and the Investor has agreed to
purchase,  from  time to time as provided in the Investment Agreement, shares of
the  Company's  Common  Stock  for  a  maximum  aggregate  offering  amount  of
$8,000,000;

     WHEREAS,  under  the  terms  of  the  Investment Agreement, the Company has
agreed to issue to the Investor Warrants defined in the Investment Agreement, to
purchase a number of shares of Common Stock, exercisable for five (5) years from
their  date  of  issuance  (the  "Warrants");  and

     WHEREAS, pursuant to the terms of the Investment Agreement, the Company has
agreed  to provide the Investor with certain registration rights with respect to
the Common Stock to be issued in the Offering and the Common Stock issuable upon
exercise  of  the  Warrants  as  set  forth  in  this  Agreement.

                                     TERMS:

     NOW,  THEREFORE,  in consideration of the mutual promises, representations,
warranties,  covenants  and conditions set forth in this Agreement and for other
good  and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged,  the  parties  hereto  agree  as  follows:

     1.     Certain  Definitions.  As  used  in  this  Agreement  (including the
Recitals  above),  the  following  terms shall have the following meanings (such
meanings to be equally applicable to both singular and plural forms of the terms
defined):

          "Business  Day"  shall  have  the  meaning set forth in the Investment
Agreement.

          "Closing Bid Price" shall have the meaning set forth in the Investment
Agreement."

          "Common  Stock"  shall  mean  the  common  stock  of  the  Company.

          "Due  Date"  shall mean the date that is one hundred twenty (120) days
after  the  date  of  this  Agreement.

<PAGE>
          "Exchange  Act"  shall  mean  the  Securities Exchange Act of 1934, as
amended,  together  with  the  rules  and  regulations  promulgated  thereunder.

          "Filing  Deadline"  shall  mean the date that is sixty (60) days after
the  date  of  this  Agreement.

          "Holder" shall mean Investor, and any other person or entity owning or
having  the  right  to acquire Registrable Securities or any permitted assignee;

          "Put" shall have the meaning as set forth in the Investment Agreement.

          "Register," "Registered," and "Registration" shall mean and refer to a
registration  effected  by  preparing  and  filing  a  registration statement or
similar  document in compliance with the Securities Act and pursuant to Rule 415
under  the Securities Act or any successor rule, and the declaration or ordering
of  effectiveness  of  such  registration  statement  or  document.

          "Securities  Act"  shall  mean the Securities Act of 1933, as amended,
together  with  the  rules  and  regulations  promulgated  thereunder.

          "Warrant  Shares"  shall  mean  shares  of  Common Stock issuable upon
exercise  of  any  Warrant.

     2.   Required  Registration.

          2.1   Registrable  Securities.  "Registrable  Securities"  shall  mean
                ------------------------
those  shares of the Common Stock of the Company together with any capital stock
issued in replacement of, in exchange for or otherwise in respect of such Common
Stock,  that  are:  (i)  issuable  or  issued  to  the  Investor pursuant to the
Investment Agreement, and (ii) issuable or issued upon exercise of the Warrants;
provided,  however,  that  notwithstanding the above, the following shall not be
considered  Registrable  Securities:

               Any  Common  Stock  which  would  otherwise  be  deemed  to  be
Registrable  Securities,  ifand  to the extent that those shares of Common Stock
may  be  resold  in  a  public  transaction  without  volume limitationsor other
material  restrictions  without registration under the Securities Act, including
without  limitation,  pursuant  to  Rule  144  under  the  Securities  Act.

          2.2   Filing  of  Initial Registration Statement.  The  Company shall,
                ------------------------------------------
by the Filing Deadline, file a registration statement ("Registration Statement")
on  Form  SB-2 (or other suitable form, at the Company's discretion, but subject
to  the  reasonable  approval  of  Investor), covering the resale of a number of
shares  of  Common  Stock  as Registrable Securities equal to at least 5,750,000
shares of Common Stock and shall cover, to the extent allowed by applicable law,
such  indeterminate  number  of  additional

                                        2
<PAGE>
shares  of  Common  Stock  that  may be issued or become issuable as Registrable
Securities  by  the  Company  pursuant  to  Rule  416  of  the  Securities  Act.

          2.3   Registration  Effective  Date.  The  Company  shall use its best
                ------------------------------
efforts  to  have  the Registration Statement declared effective by the SEC (the
date of such effectiveness is referred to herein as the "Effective Date") by the
Due  Date.  In  the  event that the Registration Statement has not been declared
effective  by  the  Due  Date,  the  Company shall pay a delay fee of $25,000 to
Investor  within  five  Business  Days  and the Due Date shall be considered the
Effective  Date  for  purposes  of  paragraph  2.6  of  the Investment Agreement
executed  between  the  parties  of  even  date  herewith.

          2.4   Shelf  Registration.  The  Registration  Statement  shall  be
                --------------------
prepared  as  a  "shelf"  registration  statement  under  Rule 415, and shall be
maintained effective until all Registrable Securities are resold pursuant to the
Registration  Statement.

          2.5   Supplemental  Registration Statement.  Anytime  the Registration
                ------------------------------------
Statement  does not cover a sufficient number of shares of Common Stock to cover
all  outstanding  Registrable Securities, the Company shall promptly prepare and
file  with  the  SEC such Supplemental Registration Statement and the prospectus
used  in  connection  with  such  registration  statement as may be necessary to
comply with the provisions of the Securities Act with respect to the disposition
of  all such Registrable Securities and shall use its best efforts to cause such
Supplemental  Registration  Statement  to  be  declared  effective  as  soon  as
possible.

     3.     Obligations  of the Company.  Whenever required under this Agreement
to  effect the registration of any Registrable Securities, the Company shall, as
expeditiously  as  possible:

          (a)   Prepare  and  file with the  Securities  and Exchange Commission
("SEC") a Registration Statement with respect to such Registrable Securities and
use  its  best  efforts to cause such Registration Statement to become effective
and  to remain effective until all Registrable Securities are resold pursuant to
such  Registration  Statement,  notwithstanding  any  Termination  or  Automatic
Termination  (as  each is defined in the Investment Agreement) of the Investment
Agreement.

          (b)   Prepare  and  file  with the SEC such amendments and supplements
to  such  Registration Statement and the prospectus used in connection with such
Registration  Statement  ("Amended  Registration Statement") or prepare and file
any  additional  registration  statement  ("Additional  Registration Statement,"
together  with  the  Amended  Registration Statement, "Supplemental Registration
Statements") as may be necessary to comply with the provisions of the Securities
Act  with  respect  to  the  disposition  of  all  securities  covered  by  such
Supplemental Registration Statements or such prior registration statement and to
cover  the  resale  of  all  Registrable  Securities.

          (c)   Furnish  to  the Holders such numbers of copies of a prospectus,
including  a  preliminary prospectus, in conformity with the requirements of the

                                        3
<PAGE>
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Securities owned by them.

          (d)   Use  its  best  efforts  to  register and qualify the securities
covered  by  such Registration Statement under such other securities or Blue Sky
laws  of  the  jurisdictions  in  which  the  Holders are located, of such other
jurisdictions as shall be reasonably requested by the Holders of the Registrable
Securities covered by such Registration Statement and of all other jurisdictions
where  legally  required,  provided  that  the  Company shall not be required in
connection  therewith  or as a condition thereto to qualify to do business or to
file  a  general  consent  to  service  of  process  in  any  such  states  or
jurisdictions.

          (e)   As  promptly  as practicable after becoming aware of such event,
notify  each  Holder  of Registrable Securities of the happening of any event of
which the Company has knowledge, as a result of which the prospectus included in
the Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary  to  make  the statements therein, in light of the circumstances under
which they were made, not misleading, use its best efforts promptly to prepare a
supplement  or  amendment  to  the Registration Statement to correct such untrue
statement  or  omission,  and  deliver  a number of copies of such supplement or
amendment  to  each  Holder  as  such  Holder  may  reasonably  request.

          (f)   Provide  Holders  with  notice of  the  date that a Registration
Statement  or  any Supplemental Registration Statement registering the resale of
the  Registrable  Securities  is  declared effective by the SEC, and the date or
dates  when  the  Registration  Statement  is  no  longer  effective.

          (g)   Provide  Holders  and  their representatives the opportunity and
a  reasonable  amount  of  time,  based  upon reasonable notice delivered by the
Company,  to  conduct  a reasonable due diligence inquiry of Company's pertinent
financial  and  other  records and make available its officers and directors for
questions  regarding  such information as it relates to information contained in
the  Registration  Statement.

          (h)   Provide  Holders  and  their  representatives the opportunity to
review  the  Registration  Statement  and  all amendments or supplements thereto
prior  to  their  filing  with  the  SEC  by giving the Holder at least ten (10)
business  days  advance  written  notice  prior  to  such  filing.

          (i)   Provide  each  Holder  with prompt notice of the issuance by the
SEC  or  any  state securities commission or agency of any stop order suspending
the  effectiveness  of  the  Registration  Statement  or  the  initiation of any
proceeding  for  such purpose. The Company shall use its best efforts to prevent
the  issuance  of  any  stop  order and, if any is issued, to obtain the removal
thereof  at  the  earliest  possible  date.

          (j)   Use  its best efforts to list the Registrable Securities covered
by  the Registration Statement with all securities exchanges or markets on which
the  Common

                                        4
<PAGE>
Stock  is  then  listed and prepare and file any required filing with the Nasdaq
Stock  Market,  American  Stock  Exchange, New York Stock Exchange and any other
exchange  or  market  on  which  the  Common  Stock  is  listed.

     4.     Piggyback  Registration.  If  anytime  prior  to  the  date that the
Registration  Statement  is  declared effective or during any Ineffective Period
(as  defined  in  the  Investment  Agreement)  the  Company proposes to register
(including  for  this  purpose  a  registration  effected  by  the  Company  for
shareholders  other  than  the  Holders)  any  of  its  Common  Stock  under the
Securities  Act in connection with the public offering of such securities solely
for  cash  (other than a registration relating solely for the sale of securities
to  participants  in  a  Company  stock  plan  or  a  registration  on  Form S-4
promulgated  under  the  Securities  Act  or  any  successor  or  similar  form
registering  stock issuable upon a reclassification, upon a business combination
involving  an exchange of securities or upon an exchange offer for securities of
the  issuer  or  another entity), the Company shall, at such time, promptly give
each  Holder  written  notice  of  such  registration (a "Piggyback Registration
Statement").  Upon  the  written  request of each Holder given by fax within ten
(10)  days  after mailing of such notice by the Company, the Company shall cause
to  be  included  in such registration statement under the Securities Act all of
the  Registrable Securities that each such Holder has requested to be registered
("Piggyback  Registration")  to  the  extent such inclusion does not violate the
registration rights of any other security holder of the company granted prior to
the  date  hereof;  provided,  however,  that  nothing  herein shall prevent the
Company  from withdrawing or abandoning such registration statement prior to its
effectiveness.

     5.     Limitation  on  Obligations  to  Register  under  a  Piggyback
Registration.  In  the  case  of  a  Piggyback  Registration  pursuant  to  an
underwritten  public  offering  by  the  Company,  if  the  managing underwriter
determines  and  advises  in writing that the inclusion in the related Piggyback
Registration  Statement  of  all  Registrable Securities proposed to be included
would  interfere  with the successful marketing of the securities proposed to be
registered  by the Company, then the number of such Registrable Securities to be
included  in  such  Piggyback  Registration  Statement,  to  the extent any such
Registrable Securities may be included in such Piggyback Registration Statement,
shall  be  allocated  among all Holders who had requested Piggyback Registration
pursuant  to  the terms hereof, in the proportion that the number of Registrable
Securities which each such Holder seeks to register bears to the total number of
Registrable  Securities sought to be included by all Holders. If required by the
managing  underwriter of such an underwritten public offering, the Holders shall
enter  into  an  agreement  limiting  the number of Registrable Securities to be
included  in  such  Piggyback  Registration  Statement  and  the  terms, if any,
regarding  the  future  sale  of  such  Registrable  Securities.

     6.     Dispute  as  to  Registrable  Securities.  In  the event the Company
believes  that  shares  sought  to be registered under Section 2 or Section 4 by
Holders  do  not constitute "Registrable Securities" by virtue of Section 2.1 of
this  Agreement,  and  the  status  of those shares as Registrable Securities is
disputed,  the  Company  shall  provide,  at its expense, an Opinion of Counsel,
reasonably  acceptable  to  the  Holders  of  the  Securities  at  issue  (and
satisfactory  to  the Company's transfer agent to permit the sale and transfer),

                                        5
<PAGE>
that  those  securities  may  be  sold immediately, without volume limitation or
other  material  restrictions, without registration under the Securities Act, by
virtue  of  Rule  144  or  similar  provisions.

     7.     Furnish  Information.  At  the  Company's request, each Holder shall
furnish  to  the  Company  such  information  regarding  Holder, the Registrable
Securities held by it, and the intended method of disposition of such securities
to  the extent required to effect the registration of its Registrable Securities
or  to determine that registration is not required pursuant to Rule 144 or other
applicable  provision  of  the  Securities  Act.  The  Company shall include all
information  provided  by  such  Holder  pursuant  hereto  in  the  Registration
Statement,  substantially  in  the  form  supplied,  except  to  the extent such
information  is  not  permitted  by  law.

     8.     Expenses.  All  expenses,  other  than  commissions  and  fees  and
expenses  of  counsel  to  the  selling  Holders,  incurred  in  connection with
registrations,  filings  or  qualifications  pursuant hereto, including (without
limitation)  all  registration,  filing  and  qualification  fees, printers' and
accounting  fees,  fees  and  disbursements of counsel for the Company, shall be
borne  by  the  Company.

     9.     Indemnification.  In  the  event  any  Registrable  Securities  are
included  in  a  Registration  Statement  under  this  Agreement:

          (a)   To  the  extent permitted by law, the Company will indemnify and
hold  harmless  each  Holder,  the officers, directors, members, partners, legal
counsel,  and  accountants  of  each  Holder, any underwriter (as defined in the
Securities  Act,  or  as  deemed  by  the  Securities Exchange Commission, or as
indicated  in a registration statement) for such Holder and each person, if any,
who  controls such Holder or underwriter within the meaning of Section 15 of the
Securities  Act  or  the  Exchange  Act, against any losses, claims, damages, or
liabilities  (joint  or  several)  to  which  they  may become subject under the
Securities  Act, the Exchange Act or other federal or state law, insofar as such
losses,  claims,  damages,  or liabilities (or actions in respect thereof) arise
out  of  or are based upon any of the following statements or omissions: (i) any
untrue  statement  or  alleged  untrue statement of a material fact contained in
such  registration  statement,  including  any  preliminary  prospectus or final
prospectus  contained  therein or any amendments or supplements thereto, or (ii)
the omission or alleged omission to state therein a material fact required to be
stated  therein, or necessary to make the statements therein not misleading, and
the  Company  will  reimburse  each such Holder, officer, member, partner, legal
counsel,  accountant,  director, underwriter or controlling person for any legal
or  other  expenses reasonably incurred by them in connection with investigating
or  defending  any  such  loss,  claim,  damage, liability, or action; provided,
however,  that  the  indemnity agreement contained in this subsection 9(a) shall
not  apply  to  amounts  paid  in  settlement  of  any such loss, claim, damage,
liability,  or  action if such settlement is effected without the consent of the
Company  (which  consent  shall  not  be  unreasonably  withheld), nor shall the
Company  be liable in any such case for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon a violation which
occurs  in  reliance  upon  and  in  conformity  with  written  information

                                        6
<PAGE>
furnished  expressly  for  use  in connection with such registration by any such
Holder,  officer, director, underwriter or controlling person; provided however,
that the above shall not relieve the Company from any other liabilities which it
might  otherwise  have.

          (b)   Each  Holder  of  any  securities  included in such registration
being  effected  shall  indemnify  and hold harmless the Company, its directors,
officers, legal counsel and accountants, each underwriter and each other person,
if  any,  who controls (within the meaning of the Securities Act) the Company or
such  other indemnified party, against any liability, joint or several, to which
any  such  indemnified  party may become subject under the Securities Act or any
other statute or at common law, insofar as such liability (or actions in respect
thereof) arises out of or is based upon any omission or alleged omission by such
Holder  to  state  therein  a  material  fact  required  to be stated therein or
necessary to make the statements therein not misleading, to the extent, but only
to  the  extent,  that  such  untrue  statement  or  alleged untrue statement or
omission  or  alleged  omission  was  made  in  such  registration  statement,
preliminary  or  final  prospectus,  amendment or supplement thereto in reliance
upon  and  in conformity with information furnished in writing to the Company by
such  Holder  specifically  for  use  therein.  Such  Holder shall reimburse any
indemnified  party for any legal fees incurred in investigating or defending any
such  liability;  provided,  however,  that  such Holder's obligations hereunder
                  --------   -------
shall  be  limited  to  an  amount  equal  to the proceeds to such Holder of the
securities  sold  in  any such registration; and providedfurther, that no Holder
                                                 ---------------
shall  be required to indemnify any party against any liability arising from any
untrue  or  misleading  statement  or  omission  contained  in  any  preliminary
prospectus  if  such  deficiency is corrected in the final prospectus or for any
liability  which arises out of the failure of such party to deliver a prospectus
as  required  by  the  Securities  Act.

          (c)   Promptly  after  receipt  by  an  indemnified  party  under this
Section  9  of  notice  of  the  commencement  of  any  action  (including  any
governmental action), such indemnified party will, if a claim in respect thereof
is  to  be  made against any indemnifying party under this Section 9, deliver to
the  indemnifying  party  a  written  notice of the commencement thereof and the
indemnifying  party  shall  have the right to participate in, and, to the extent
the  indemnifying  party  so  desires, jointly with any other indemnifying party
similarly  noticed,  to  assume,  the  defense  thereof  with  counsel  mutually
satisfactory  to the parties; provided, however, that an indemnified party shall
have  the right to retain its own counsel, with the reasonably incurred fees and
expenses  of  one  such  counsel  to  be  paid  by  the  indemnifying  party, if
representation  of  such  indemnified  party  by  the  counsel  retained  by the
indemnifying party would be inappropriate due to actual or potential conflicting
interests between such indemnified party and any other party represented by such
counsel  in  such  proceeding.  The  failure  to  deliver  written notice to the
indemnifying  party  within  a  reasonable  time of the commencement of any such
action,  if  materially  prejudicial to its ability to defend such action, shall
relieve  such indemnifying party of any liability to the indemnified party under
this  Section  9,  but  the  omission  so  to  deliver  written  notice  to  the
indemnifying  party will not relieve it of any liability that it may have to any
indemnified  party  otherwise  than  under  this  Section  9.

                                        7
<PAGE>
          (d)   In  the  event  that  the  indemnity  provided in paragraphs (a)
and/or  (b) of this Section 9 is unavailable to or insufficient to hold harmless
an  indemnified  party  for  any  reason,  the  Company and each Holder agree to
contribute  to  the aggregate claims, losses, damages and liabilities (including
legal  or other expenses reasonably incurred in connection with investigating or
defending  same) (collectively "Losses") to which the Company and one or more of
the  Holders  may be subject in such proportion as is appropriate to reflect the
relative  fault of the Company and the Holders in connection with the statements
or  omissions which resulted in such Losses.  Relative fault shall be determined
by  reference  to  whether  any  alleged untrue statement or omission relates to
information  provided  by  the  Company  or by the Holders.  The Company and the
Holders  agree  that  it  would  not  be just and equitable if contribution were
determined  by  pro  rata allocation or any other method of allocation that does
not  take  account  of  the  equitable  considerations  referred  to  above.
Notwithstanding  the  provisions  of  this  paragraph  (d),  no person guilty of
fraudulent  misrepresentation  (within  the  meaning  of  Section  11(f)  of the
Securities  Act)  shall  be entitled to contribution from any person who was not
guilty  of  such  fraudulent misrepresentation.  For purposes of this Section 9,
each  person  who controls a Holder of Registrable Securities within the meaning
of  either  the  Securities  Act or the Exchange Act and each director, officer,
director,  partner, employee and agent of a Holder shall have the same rights to
contribution as such holder, and each person who controls the Company within the
meaning  of  either the Securities Act or the Exchange Act and each director and
officer  of  the  Company  shall  have  the  same  rights to contribution as the
Company,  subject  in  each  case to the applicable terms and conditions of this
paragraph  (d).

          (e)   The  obligations of  the  Company and Holders under this Section
shall  survive  the  resale,  if any, of the Common Stock, the completion of any
offering  of  Registrable  Securities  in  a  Registration  Statement under this
Agreement,  and  otherwise.

     10.     Reports Under Exchange Act.  With a view to making available to the
Holders  the  benefits  of Rule 144 promulgated under the Securities Act and any
other rule or regulation of the SEC that may at any time permit a Holder to sell
securities of the Company to the public without registration, the Company agrees
to:

          (a)   make  and  keep public information available, as those terms are
understood  and  defined  in  Rule  144;  and

          (b)   use  its  best  efforts  to file with the SEC in a timely manner
all reports and other documents required of the Company under the Securities Act
and  the  Exchange  Act.

     11.     Amendment  of Registration Rights.  Any provision of this Agreement
may  be amended and the observance thereof may be waived (either generally or in
a  particular instance and either retroactively or prospectively), only with the
written  consent  of the Company and the written consent of each Holder affected
thereby.  Any  amendment  or  waiver  effected in accordance with this paragraph
shall be binding upon each Holder, each future Holder, and the Company.

                                        8
<PAGE>
     12.     Notices.  All  notices  required  or permitted under this Agreement
shall  be made in writing signed by the party making the same, shall specify the
section  under  this  Agreement  pursuant  to  which  it  is given, and shall be
addressed  if  to:

     The  Company  at the address shown on the signature page below; (or at such
     other  location  as  directed  by  the  Company  in  writing)

     The  Holders  at  Goldbridge  Capital,  LLC,  1240 Blalock Road, Suite 150,
     Houston,  Texas, 77055 or their last address as shown on the records of the
     Company.

     Any  notice,  except as otherwise provided in this Agreement, shall be made
by  fax  and  shall  be  deemed  given  at  the time of transmission of the fax.

     13.     Termination.  This  Agreement  shall  terminate  on  the  date  all
Registrable  Securities  cease  to exist (as that term is defined in Section 2.1
hereof);  but  without  prejudice  to  (i)  the  parties' rights and obligations
arising from breaches of this Agreement occurring prior to such termination (ii)
other  indemnification  obligations  under  this  Agreement.

     14.     Assignment.  No  assignment,  transfer  or  delegation,  whether by
operation of law or otherwise, of any rights or obligations under this Agreement
by  the  Company  or  any  Holder, respectively, shall be made without the prior
written  consent  of  the  majority  in  interest of the Holders or the Company,
respectively;  provided  that  the  rights  of  a Holder may be transferred to a
subsequent  holder  of  the  Holder's  Registrable  Securities  (provided  such
transferee  shall  provide  to  the  Company,  together  with  or  prior to such
transferee's  request  to  have  such  Registrable  Securities  included  in  a
Registration,  a  writing  executed by such transferee agreeing to be bound as a
Holder by the terms of this Agreement), and the Company hereby agrees to file an
amended  registration  statement including such transferee as a selling security
holder thereunder; and provided further that the Company may transfer its rights
and  obligations  under  this  Agreement  to a purchaser of all or a substantial
portion  of  its business if the obligations of the Company under this Agreement
are  assumed  in  connection  with  such  transfer,  either  by  merger or other
operation of law (which may include without limitation a transaction whereby the
Registrable  Securities  are  converted  into  securities  of  the  successor in
interest)  or  by  specific  assumption  executed  by  the  transferee.

     15.     Governing  Law.  This  Agreement shall be governed by and construed
in  accordance with the laws of the State of Texas applicable to agreements made
in  and  wholly to be performed in that jurisdiction, except for matters arising
under  the  Securities Act or the Exchange Act, which matters shall be construed
and  interpreted  in  accordance  with such laws.  Any dispute arising out of or
relating  to  this Agreement or the breach, termination or validity hereof shall
be  finally  settled  by  the  federal or state courts located in Harris County,
Texas.

                                        9
<PAGE>
     16.     Execution  in  Counterparts  Permitted.  This  Agreement  may  be
executed  in  any  number  of  counterparts,  each of which shall be enforceable
against  the  parties  actually  executing  such  counterparts, and all of which
together  shall  constitute  one  (1)  instrument.

     17.     Specific  Performance.  The  Holder shall be entitled to the remedy
of  specific performance in the event of the Company's breach of this Agreement,
the  parties  agreeing  that  a  remedy  at  law  would  be  inadequate.

     18.     Indemnity.  Each party shall indemnify each other party against any
and  all  claims,  damages  (including reasonable attorney's fees), and expenses
arising  out  of the first party's breach of any of the terms of this Agreement.

     19.     Entire  Agreement;  Written  Amendments  Required.  This Agreement,
including  any  Exhibits  attached  hereto, the Investment Agreement, the Common
Stock certificates, and the other documents delivered pursuant hereto constitute
the  full and entire understanding and agreement between the parties with regard
to the subjects hereof and thereof, and no party shall be liable or bound to any
other party in any manner by any warranties, representations or covenants except
as  specifically  set  forth  herein  or  therein.  Except as expressly provided
herein,  neither  this  Agreement  nor  any  term hereof may be amended, waived,
discharged  or terminated other than by a written instrument signed by the party
against whom enforcement of any such amendment, waiver, discharge or termination
is  sought.

IN  WITNESS WHEREOF, the undersigned have executed this Agreement as of July 25,
2002.

                              TEXAS  COMMERCIAL  RESOURCES,  INC.

                              By:
                                 ---------------------------------------
                                   B.  Briit  Brooks,  Vice  President

                              Address:    7500 San Felipe, Suite 475
                                          Houston, Texas 77063
                                          (71)  914-9193

                          INVESTOR:

                              GOLDBRIDGE  CAPITAL,  LLC

                              By:
                                 ---------------------------------------
                                   James  W.  Carroll,  President

                              Address:    1240 Blalock Road, Suite 150
                                          Houston, Texas 77057
                                          Telephone: (713) 266-3700
                                          Facsimile: (713) 266-3701

                                       10
<PAGE>Exhibit 4.1

                                  COVANCE INC.
                     2002 EMPLOYEE EQUITY PARTICIPATION PLAN

1.       PURPOSE

         The Covance Inc. 2002 Employee Equity Participation Plan (the "Plan")
is intended to (i) encourage executive, managerial, technical and other
Employees of Covance Inc. (the "Corporation") or a Subsidiary (as defined below)
to become owners of stock of the Corporation in order to increase their
proprietary interest in the Corporation's success; (ii) to stimulate the efforts
of certain key executive, managerial, technical and other Employees by giving
suitable recognition to services which contribute materially to the
Corporation's success; and (iii) to provide such Employees with additional
incentive and reward opportunity.

2.       EFFECTIVE DATE AND DURATION OF PLAN

         The Plan shall become effective upon its approval by the stockholders
of the Corporation. Unless previously terminated by the Corporation's Board of
Directors (the "Board"), the Plan shall have a term of ten years.

3.       DEFINITIONS

         (a) "1934 Act" means the Securities and Exchange Act of 1934, as
amended, including the rules and regulations promulgated thereunder.

         (b) "Award" means a stock option, SAR (as defined below), stock award
(as defined below), any other award made pursuant to the terms of the Plan, or
any combination of them, as described in and granted under the Plan.

         (c) "Award Agreement" is defined in Section 13 hereof.

         (d) "Change of Control" is defined in Section 12(b).

         (e) "Code" means the Internal Revenue Code of 1986, as amended,
including any rules and regulations promulgated thereunder or any successor body
of laws, rules and regulations.

         (f) "Committee" means the Compensation and Organization Committee of
the Board of Directors or such other committee as is appointed by the Board to
administer the Plan.

         (g) "Employee" means an employee or a consultant of the Corporation or
a Subsidiary.

         (h) "Fair Market Value" means the average of the highest and the lowest
quoted selling prices of the Shares on the New York Stock Exchange Composite
Tape on the valuation date, or, if there were no sales on the valuation date,
the average of the highest and lowest quoted selling prices on the New York
Stock Exchange Composite Tape on the first trading day before and the first
trading day after the valuation date.

         (i) "Grant Price" is defined in Section 9 hereof.

         (j) "ISO" means an incentive stock option as defined in Section 422 of
the Code.

         (k) "Non-Statutory Option" means an option that is not an ISO.

<PAGE>

         (l) "Participant" means an Employee who has been granted an Award under
the Plan.

         (m) "Prior Plan" means the Covance Inc. 2000 Employee Equity
Participation Program.

         (n) "SAR" means a stock appreciation right.

         (o) "Shares" means the common stock of the Corporation, par value $0.01
per share.

         (p) "Stock Award" means an award other than a stock option or SAR.

         (q) "Subsidiary" means an entity that is directly or indirectly
controlled by the Corporation or any entity, including an acquired entity, in
which the Corporation has a significant equity interest, as determined by the
Committee.

         (r) "Treasury Shares" means authorized and issued, but not outstanding,
Shares.

4.       PLAN ADMINISTRATION

         (a) The Committee shall be responsible for administering the Plan. If
considered appropriate by the Board in light of applicable laws, rules, or
regulations, the Committee shall be comprised of two or more non-employee
members of the Board each of whom is a "Non-Employee Director" within the
meaning of Rule 16b-3 under the 1934 Act and an "outside director" within the
meaning of Section 162(m) of the Code.

         (b) The Committee shall have full and exclusive power to interpret the
Plan and to adopt such rules, regulations, and guidelines for carrying out the
Plan as it may deem necessary or proper, all of which power shall be executed in
the best interests of the Corporation and in keeping with the provisions and
objectives of the Plan. This power includes, but is not limited to (i) selecting
Award recipients and the extent of their participation; (ii) establishing all
Award terms and conditions; (iii) adopting procedures and regulations governing
Awards; and (iv) making all other determinations necessary or advisable for the
administration of the Plan. All decisions made by the Committee shall be final,
binding and conclusive on all persons interested in the Plan or any Awards.

         The Committee may delegate from time to time during the term of the
Plan to one or more executive officers or directors of the Corporation the
authority to carry out some or all of its responsibilities provided that the
Committee may not delegate its authority and powers in any way which would be
inconsistent with the requirements of the Code or the 1934 Act. The Committee
may at any time rescind the authority delegated to any such executive officer or
director.

         To the extent consistent with the Corporation's Amended and Restated
Certificate of Incorporation, no member of the Committee shall be liable for any
action or determination with respect to the Plan, and the members shall be
entitled to indemnification and reimbursement in the manner provided in the
Corporation's Restated Certificate of Incorporation, as amended, modified or
supplemented from time to time. In the performance of its functions under the
Plan, the Committee shall be entitled to rely upon information and advice
furnished by the Corporation's officers, accountants, counsel and any other
party the Committee deems necessary, and no member of the Committee shall be
liable for any action taken or not taken in reliance upon any such advice.

         (c) The Committee may, from time to time, alter or amend, and the Board
of Directors may terminate, the Plan as it shall deem advisable, subject to any
requirement for shareholder approval imposed by applicable law or securities
exchange listing requirements. However, the Committee and Board may not, without
the approval of the Corporation's shareholders, amend the Plan to increase the
number of Shares that may be issued under the Plan (except for adjustments
pursuant to Section 6 hereof), or reduce the minimum Grant Price per share
specified by Section 9(a) hereof.

                                       2
<PAGE>

         (d) The termination of the Plan, either pursuant to Section 2, Section
4(c) or otherwise, shall not cause any previously granted Awards to terminate.
After the termination of the Plan, any previously granted Awards shall remain in
effect and shall continue to be governed by the terms of the Plan, the Awards,
and any applicable Award Agreements.

5.       PARTICIPATION

         The individuals who shall be eligible to receive Awards under the Plan
shall be Employees (including officers who are directors) as the Committee or
one or more executive officers or directors, in accordance with Section 4(b)
hereof shall approve from time to time.

6.       LIMITATION ON NUMBER OF SHARES

         (a) Subject to the provisions of this Section 6 and Section 7 hereof,
up to 3,250,000 Shares may be issued under the Plan. The stock subject to the
provisions of this Plan shall be shares of authorized but unissued Shares and
Treasury Shares.

         (b) In addition to the Shares authorized by Section 6(a) hereof, the
following Shares may be issued under the Plan: (i) Shares that were available
for issuance under the Prior Plan but were not issued or subject to options
granted under the Prior Plan, (ii) Shares that are forfeited under the Prior
Plan and Shares that are not issued under the Prior Plan because of the
cancellation, termination or expiration of awards, and/or other similar events
under the Prior Plan, (iii) Shares that a Participant tenders, or has withheld,
in payment of all or part of the Grant Price under a stock option granted under
the Plan or the Prior Plan, or in satisfaction of tax withholding obligations
hereunder or thereunder, and (iv) Shares that are issued under the Plan which
are subsequently forfeited in accordance with the terms of the Award or an Award
Agreement or shares that are not issued because of the cancellation,
termination, or expiration of Awards and/or similar events under the Plan.

         (c) Subject to the adjustment provisions set forth herein, not more
than 1,000,000 Shares shall be issued under Awards other than stock options and
SARs.

         (d) Subject to the foregoing provisions of this Section 6, if an Award
may be paid only in Shares or in either cash or Shares, the Shares shall be
deemed to be issued hereunder only when and to the extent that payment is
actually made in Shares. However, the Committee may, in its discretion,
authorize a cash payment under an Award in lieu of Shares.

         (e) Subject to the adjustment provisions set forth herein, an
individual Participant may not receive Awards with respect to more than 25% of
the number of Shares specified in Section 6(a) hereof over the term of the Plan.

7.       ADJUSTMENT PROVISIONS

         In the event that any dividend or other distribution (whether in the
form of Shares, other securities, or other property), extraordinary cash
dividend, recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase, or exchange
of Shares or other securities, the exercisability of stock purchase rights
received under the Corporation's Rights Agreement with Harris Trust and Savings
Bank dated December 31, 1996, the issuance of warrants or other rights to
purchase Shares or other securities, or other similar corporate transaction or
event materially affects the Shares with respect to which Awards have been or
may be issued under the Plan, then the Committee shall, in a manner and to the
extent that the Committee deems appropriate to prevent any dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, adjust any or all of:

                                       3
<PAGE>

         (a) the number and type of securities that thereafter may be issued
under the Plan,

         (b) the number and type of securities subject to outstanding Awards,
and

         (c) the Grant Price or purchase price with respect to any Award, or, if
deemed appropriate, make provision for a cash payment to the holder of an
outstanding Award.

         However, no adjustment shall be authorized with respect to incentive
stock options to the extent that the adjustment would cause the options to
violate Section 422(b) of the Code or any successor provision. In addition, the
number of securities subject to any Award denominated in Shares shall always be
a whole number.

         In the event the Corporation acquires another entity by means of a
merger, consolidation, acquisition of property or stock, reorganization or
otherwise, the Committee shall be authorized to cause the Corporation to issue
or to assume stock options or stock appreciation rights, whether or not in a
transaction to which Section 424(a) of the Code applies, by means of
substitution of new options or rights for previously issued options or rights or
an assumption of previously issued options or rights.

         Subject to any required action by the Corporation's shareholders, if
the Corporation is a party to any merger or consolidation where the Corporation
is not the survivor, a Participant holding an outstanding Award valued directly
or indirectly by Shares shall be entitled to receive, upon the exercise of the
Award, the same per Share consideration (cash, shares or other consideration) on
the same terms that a holder of the same number of Shares that are subject to
the Participant's Award would be entitled to receive pursuant to the merger or
consolidation.

8.       TERMINATION OF GRANTS UNDER THE PRIOR PLAN

         Effective upon the approval of this Plan by the Corporation's
shareholders, no further grants of options, rights, units or other awards are or
will be permitted under the Prior Plan. All grants and awards under the Prior
Plan that remain outstanding after the approval of this Plan by the
Corporation's shareholders shall be administered and paid in accordance with the
provisions of the Prior Plan; provided, however, that the shares related to such
grants and awards which have not been issued prior to this Plan's approval by
the Corporation's shareholders shall be issuable under this Plan in accordance
with Section 9(e) hereof.

9.       AWARDS UNDER THE PLAN

         The following types of Awards may be granted under this Plan, singly,
or in combination as the Committee may determine from time to time:

         (a) Stock Options - A stock option shall represent a right to purchase
a specified number of Shares at a stated exercise price (the "Grant Price")
during a specified time, not to exceed ten years from the date of grant, as
determined by the Committee. The Grant Price per Share for each stock option
shall not be less than 100% of the Fair Market Value on the date of grant. A
stock option may be in the form of an ISO or a Non-Statutory Option which in
each case is consistent with the applicable terms, conditions, and limitations
established by the Committee. Upon satisfaction of the applicable conditions to
exercisability specified in the terms and conditions of the Award Agreement, the
Participant shall be entitled to exercise the option in whole or in part and to
receive, upon satisfaction or payment of the Grant Price in the manner
contemplated in this Section 9(a), the number of Shares in respect of which the
option shall have been exercised.

         The Shares covered by a stock option may be purchased by methods
permitted by the Committee, including: (i) a cash payment; (ii) tendering Shares
owned for at least six months by the Participant, valued at the Fair Market
Value at the date of exercise; (iii) authorizing the Corporation to sell the
Shares (or a sufficient portion thereof) acquired upon exercise of a stock

                                       4
<PAGE>

option, and assigning to the Corporation a sufficient amount of the sale
proceeds to pay for all the Shares acquired through such exercise and any tax
withholding obligations resulting from such exercise, or (iv) any combination of
the above.

         The Committee may not grant additional stock options under the Plan to
a Participant contingent upon the surrender of Shares owned by the Participant
in payment of the Grant Price of a stock option granted under the Plan.

         (b) SARs - An SAR shall represent a right to receive a payment in cash,
Shares, or a combination thereof as determined by the Committee, equal to the
excess of the Fair Market Value of a specified number of Shares on the date the
SAR is exercised over an amount which shall be no less than the Fair Market
Value on the date the SAR was granted as set forth in the applicable Award
Agreement.

         (c) Other Stock Awards - A Stock Award shall represent an Award made in
Shares or denominated in units equivalent in value to Shares or any other Award
based on or related to Shares. All or part of any Stock Award may be subject to
conditions and restrictions established by the Committee, and set forth in the
applicable Award Agreement, which may include, but are not limited to,
continuous service with the Corporation or a Subsidiary and/or the achievement
of Corporation or individual performance goals. The performance criteria that
shall be used by the Committee in granting Stock Awards contingent on
performance goals for officers to which Section 162(m) of the Code is applicable
shall consist of stock price, earnings level, and return on equity or such other
criteria that shall satisfy the requirements of Section 162(m) or any successor
provision.

         (d) Dividends - The Committee may provide that Awards under Section
9(c) of the Plan earn dividends or dividend equivalents. Such dividends or
dividend equivalents may be paid currently or may be credited to a participant's
account. Any crediting of dividends or dividend equivalents may be subject to
such restrictions and conditions as the Committee may establish, including
reinvestment in additional Shares or Share equivalents.

         (e) Prior Plan Awards - Awards which, pursuant to their terms, would
have been made under the Prior Plan but were not done so prior to the approval
of this Plan by the Corporation's shareholders, such as "reload" options and
additional performance shares earned under restricted stock agreements, shall be
issued under the Plan in accordance with the terms of the Prior Plan.

10.      PAYMENTS AND PAYMENT DEFERRALS

         Payment of Awards may be in the form of cash, Shares, other Awards, or
combinations thereof as the Committee shall determine, and with such
restrictions as it may impose. The Committee also may require or permit
participants to elect to defer the receipt or issuance of Shares from stock
options or Stock Awards or the settlement of Awards in cash under such rules and
procedures as it may establish under the Plan. It also may provide that deferred
settlements of Awards include the payment or crediting of earnings on deferred
amounts, or the payment or crediting of dividend equivalents where the deferred
amounts are denominated in Share equivalents. In addition, the Committee may
stipulate in an Award Agreement, either at the time of grant or by subsequent
amendment to such Award Agreement, that a payment or portion of a payment of an
Award be delayed in the event that Section 162(m) of the Code (or any successor
or similar provision of the Code affecting tax deductibility) would disallow a
tax deduction by the Corporation for all or a portion of such payment. The
period of any such delay in payment shall be until the payment, or portion
thereof, is tax deductible, or such earlier date as the Committee shall
determine.

                                       5
<PAGE>

11.      TRANSFERABILITY

         During the lifetime of a Participant, the Award shall be exercisable
only by such Participant and Awards shall not be transferable or assignable
other than by will or the laws of descent and distribution, or pursuant to
qualified domestic relations orders as defined in or meeting the requirements of
the Code or Title I of the Employee Retirement Income Security Act of 1974, as
amended provided, however, that, in the discretion of the Committee, a
Non-Statutory Option may, in connection with a Participant's estate plan, be
assigned in whole or in part during the Participant's lifetime to one or more
members of the Participant's immediate family or to a trust established
exclusively for one or more such family members. The assigned portion may only
be exercised by the person or persons who acquire a proprietary interest in the
Option pursuant to the assignment. The terms applicable to the assigned portion
shall be the same as those in effect for the Option immediately prior to such
assignment and shall be set forth in such documents issued to the assignee as
the Committee may deem appropriate.

12.      CHANGE OF CONTROL

         (a) In the event of a Change of Control, all Awards which have not
vested shall immediately vest upon the occurrence of such Change of Control.

         (b) A "Change of Control" shall be deemed to occur if and when: (i) any
person (including as such term is used in Section 13(d) and 14(d)(2) of the 1934
Act) becomes the beneficial owner, directly or indirectly, of securities
representing 20% or more of the combined voting power of the Corporation's then
outstanding securities; or (ii) as a result of a proxy contest or contests or
other forms of contested shareholder votes (in each case either individually or
in the aggregate), a majority of the individuals elected to serve on the
Corporation's Board of Directors are different than the individuals who served
on the Corporation's Board of Directors at any time within the two years prior
to such proxy contest or contests or other forms of contested shareholder votes
(in each case either individually or in the aggregate); or (iii) when the
Corporation's shareholders approve a merger, or consolidation (where in each
case the Corporation is not the survivor thereof), or sale or disposition of all
or substantially all of the Corporation's assets or a plan or partial or
complete liquidation; or (iv) when an offeror (other than the Corporation)
purchases shares of the Corporation's Common Stock pursuant to a tender or
exchange offer for securities representing 20% or more of the combined voting
power of the Corporation's then outstanding securities.

13.      AWARD AGREEMENTS

         Each Award under the Plan shall be evidenced by an agreement setting
forth its terms, conditions, and limitations for each Award, and the provisions
applicable in the event the Participant's employment terminates (an "Award
Agreement"). The Committee need not require the execution of any such agreement
by the recipient, in which case acceptance of the Award by the respective
Participant shall constitute agreement by the Participant to the terms and
conditions of the Awards.

14.      TAX WITHHOLDING

         The Corporation shall have the right to deduct from any settlement of
an Award made under the Plan, including the delivery or vesting of Shares, or
require the payment of, a sufficient amount to cover withholding of any federal,
state or local or other governmental taxes or charges required by law or such
greater amount of withholding as the Committee shall determine from time to time
and as permitted by applicable laws, rules and regulations, or to take such
other action as may be necessary to satisfy any such withholding obligations. If
the Committee permits or requires Shares to be used to satisfy required tax
withholdings, such Shares shall be valued at the Fair Market Value as of the tax
recognition date for such Award or such other date as may be required by
applicable law, rule or regulation.

                                       6
<PAGE>

15.      OTHER BENEFIT AND COMPENSATION PROGRAMS

         Unless otherwise specifically determined by the Committee, settlements
of Awards received by Participants under the Plan shall not be deemed a part of
a Participant's regular, recurring compensation for purposes of calculating
payments or benefits from any Corporation benefit plan or severance program.
Further, the Corporation or any Subsidiary may adopt from time to time other
compensation programs, plans or arrangements as it deems appropriate or
necessary.

16.      UNFUNDED PLAN

         Unless otherwise determined by the Committee, the Plan shall be
unfunded and shall not create (or be construed to create) a trust or a separate
fund or funds. The Plan shall not establish any fiduciary relationship between
the Corporation and any participant or other person. To the extent any person
holds any rights by virtue of an Award granted under the Plan, such rights shall
constitute general unsecured liabilities of the Corporation and shall not confer
upon any participant any right, title, or interest in any assets of the
Corporation.

17.      REGULATORY APPROVALS

         The implementation of the Plan, the granting of any Award under the
Plan, and the issuance of Shares upon the exercise or settlement or any Award
shall be subject to the Corporation's procurement of all approvals and permits
required by regulatory authorities having jurisdiction over the Plan, the Awards
granted under it, or the Shares issued pursuant to it.

18.      RIGHTS AS A STOCKHOLDER

         A Participant shall have no rights as a stockholder with respect to
Shares covered by an Award until the date the Participant or his nominee is the
holder of record with respect to the Shares covered by such Award. No adjustment
will be made for dividends or other rights for which the record date is prior to
such date, except as may be provided pursuant to Section 9(d) hereunder.

19.      FUTURE RIGHTS

         No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Corporation or a Subsidiary or to participate in
any other compensation or benefit plan, program or arrangement of the
Corporation or any Subsidiary or to receive any future Award under the Plan. In
addition, the Corporation expressly reserves the right at any time to dismiss a
Participant free from any liability or any claim under the Plan, except as
expressly provided in the Plan or in any Award Agreement entered into hereunder.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]