Document:

Date:  March 2, 2000
                                                                -------------
                                                         Effective Feb. 15, 2000
$200,000.00      Office Address: 1185 Avenue of the Americas, New York, NY 10036
                                 -----------------------------------------------

On May  15____________________,  2000 (maturity  date) for value  received,  the
undersigned jointly and severally  promise(s) to pay to the order of Fleet Bank,
N.A.  _________________________________________________  (hereinafter called the
"Bank") at its office in the place first above stated, or if no place is stated,
at 1185 Ave. of the Am._______________________________, or such other address as
the  holder may  designate,  in  immediately  available  funds,  the sum of: Two
Hundred  Thousand  Dollars  and no  cents  ($200,000.00----)  Dollars,  or,  the
aggregate  unpaid  principal  amount  of  all  loans  made  by the  Bank  to the
undersigned  hereunder  as indicated on the schedule on the reverse side hereof,
whichever is less. The undersigned  also promises to pay interest at said office
in  like  money  on the  unpaid  principal  amount  hereof  from  time  to  time
outstanding  prior to maturity at an annual rate equal to the Bank's  Prime Rate
(the variable per annum rate of interest designated from the time to time by the
Bank as its "prime  rate,"  which  Prime Rate is a  reference  rate and does not
necessarily  represent  the lowest or best rate being  charged to any  borrower)
plus 0%, which  interest  rate shall change when and as the Prime Rate  changes.
Interest  shall be payable on the first day of each month  commencing  the first
such day to occur after the date  hereof and on the  maturity  hereof.  Interest
shall be  calculated  on the basis of a 360-day  year and actual  days  elapsed,
provided  that any  interest  so  calculated  hereunder  shall in no event be in
excess of the maximum  permitted  under  applicable  law.  Upon and following an
Event of Default (as defined below) and/or after maturity,  whether after stated
maturity,  acceleration or otherwise, and/or after judgment has been rendered on
this note, this note, and, to the extent not specifically  provided elsewhere to
the contrary and to the extent permitted by applicable law, any interest, fee or
other amount due in connection with the  Liabilities  (as hereinafter  defined),
shall bear interest at a per annum rate  determined  daily and payable on demand
which shall be 4% in excess of the rate hereinbefore  provided,  but in no event
in excess of the maximum rate of interest  permitted  under  applicable law. All
payments made in connection  with this note and the documents,  instruments  and
agreements executed pursuant hereto or in connection herewith  (collectively the
"Loan  Documents")  shall be in lawful money of the United  States of America in
immediately  available funds. If this note or any payment  hereunder becomes due
on a day which is not a Business Day, the due date of this note or payment shall
be extended to the next  succeeding  Business  Day,  and such  extension of time
shall be  included  in  computing  interest  and fees in  connection  with  such
payment. As used herein "Business Day" shall mean any day other than a Saturday,
Sunday or day which shall be in the Governing  State a legal holiday or a day on
which banking  institutions  are required or authorized to close.  If the entire
amount of principal and/or interest required to be paid pursuant to this note or
the Loan  Documents  is not paid in full  within ten (10) days after the same is
due,  whether at  maturity,  upon  acceleration  or  otherwise,  if permitted by
applicable law, the  undersigned  shall pay to the Bank a late fee equal to five
percent  (5%) of the required  payment.  If the entire  amount of any  principal
and/or interest  required to be paid pursuant to this note or the Loan Documents
is not paid in full  within  ten (10)  days  after the same is due,  whether  at
maturity,  upon  acceleration or otherwise,  if permitted by applicable law, the
undersigned  shall pay to the Bank a laet fee equal to five  percent (5%) of the
required payment.

This note does not constitute a commitment and the Bank shall have no obligation
to make any loan  hereunder.  The  making of a loan,  at any time,  shall not be
deemed a waiver  of, or  consent,  agreement  or  commitment  by the Bank to the
making of any future loan to the undersigned. If any loan is made hereunder, the
Bank may, at its option,  record on the books and records of the Bank or endorse
on the Schedule of Loans and Payments below, an appropriate  notation evidencing
any such loan,  the rate of interest  thereon,  each repayment on account of the
principal  thereof,  and the  amount  of  interest  paid;  and  the  undersigned
authorizes  the Bank to maintain such records or make such  notations and agrees
that  the  amount  shown  on the  books  and  records  or on said  Schedule,  as
applicable,  as outstanding  from time to time shall constitute the amount owing
to the Bank pursuant to this note, absent manifest error; provided, however, the
failure to make any such record or notation  with respect to any loan or payment
shall  not  limit  or  otherwise  affect  the  obligations  of  the  undersigned
hereunder.  In the event the amount shown on said  Schedule  conflicts  with the
amount noted as due pursuant to the books and records of the Bank, the books and
records of the Bank shall control the disposition of the conflict.

Any loan  may be  prepaid  in whole or in pat at any time and from  time to time
without premium or penalty  together with Interest accrued on the amount prepaid
to the date of any such prepayment.

As  collateral  security  for the  payment of this note and for all other  notes
and/or  obligations  or  Liabilities  (as  hereinafter  defined) or the Obligors
(which  term as used  herein  shall be  deemed  to  include  each and all of the
undersigned and each and every endorser or guarantor hereof), or any one or more
of them,  now or  hereafter  owed to, or held by,  the Bank  (and/or  any entity
controlling,  controlled  by or under common  control  with the Bank,  each such
entity referred to herein as an "Affiliate"),  the undersigned  hereby grants to
the Bank a  security  interest  in and  transfers  and  assigns  to the Bank the
following  property:  (i)  any and  all  monies  and/or  other  property  now or
hereafter  held by the Bank and/or  Affiliate  on deposit,  in  safekeeping,  or
otherwise, for the account of or to the credit of or belonging to any Obligor or
in which any  Obligor  shall  have any  interest  and (ii) any and all  property
described on the  "Schedule of Specific  Possessory  Collateral"  on the reverse
side  hereof,   together  with  any  additions   and   accessions   thereto  and
substitutions therefore and the products and proceeds thereof. This note and all
of the  aforementioned  obligations  and Liabilities are also secured by (a) any
and  all  property  of  any  Obligor  now or  hereafter  subject  to a  security
agreement,  mortgage,  pledge  agreement,  assignment,  hypothecation  or  other
document granting the Bank or any Affiliate a security interest or other lien or
encumbrance  and  (b) any and all  collateral  described  in any and all  credit
accommodations,  notes, loan agreements, and any other agreements and documents,
now or  hereafter  existing,  creating,  evidencing,  guaranteeing,  securing or
relating  to  any  or all of the  Liabilities,  together  with  all  amendments,
modifications, renewals, or extensions thereof. All of the property described in
clauses (i), (ii), (a) and (b) shall be  collectively  referred to herein as the
"Collateral".  The Bank at any  time,  before or after an Event of  Default  (as
hereinafter  defined),  may, but shall not be obligated to, transfer into or out
of its own name or that of its nominee all or any of the  Collateral,  including
stocks, bonds, and other securities, and the Bank or its nominee may demand, sue
for, collect, receive and hold as like Collateral any or all interest, dividends
and income  thereon and if any securities are held in he name of the Bank or its
nominee,  the Bank may, after an Event of Default  exercise all voting and other
rights  pertaining  thereto as if the Bank were the absolute owner thereof;  but
the Bank shall not be obligated to demand payment of, protest, or take any steps
necessary to preserve any rights in the collateral against prior parties,  or to
take any action whatsoever in regard to the Collateral or any part thereof,  all
of which the Obligor  assumes and agrees to do. Without  limiting the generality
of the  foregoing,  the  Bank  shall  not be  obligated  to take any  action  in
connection with any conversion, call, redemption,  retirement or any other event
relating to any Collateral,  unless the Obligor gives written notice to the Bank
that such action shall be taken not more than thirty (30) days prior to the time
such  action  may first be taken  and not less  than ten (10) days  prior to the
expiration  of the time  during  which such  action  may be taken.  At any time,
without  demand or notice,  if permitted by applicable  law, the Bank may setoff
all  deposits,  credits,  collateral  and  property,  now  or  hereafter  in the
possession,  custody,  safekeeping  or  control  of  the  Bank  or  any  of  its
Affiliates,  or in transit to any of then, or any pat thereof and apply the same
to any of the Liabilities  even though  unmatured and regardless of the adequacy
of any other collateral securing the Liabilities.  ANY AND ALL RIGHTS TO REQUIRE
THE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH  SECURES THE  LIABILITIES,  PRIOR TO  EXERCISING  ITS RIGHT OF SETOFF WITH
RESPECT TO SUCH  DEPOSITS,  CREDITS OR OTHER  PROPERTY  OF THE  BORROWER  OR ANY
OBLIGOR ARE HEREBY  KNOWINGLY,  VOLUNTARILY  AND  IRREVOCABLY  WAIVED.  The term
"Liabilities" shall include this note and all other indebtedness and obligations
and  liabilities  of any  kin of any  Obligor  to  the  Bank,  now or  hereafter
existing,  arising  directly  between  any  Obligor  and the Bank or acquired by
assignment,  conditionally  or as collateral  security by the Bank,  absolute or
contingent,  joint  and/or  several,  secured  or  unsecured,  due or  not  due,
contractual or tortious, liquidated or unliquidated, arising by operation of law
or otherwise, direct or indirect, including, but without limiting the generality
of the  foregoing,  indebtedness,  obligations or liabilities to the Bank or any
Obligor as a member of any partnership,  syndicate,  association or other group,
and whether incurred by any Obligor as principal,  surety, endorser,  guarantor,
accommodation  party or otherwise.  Each Obligor (if more than one,  jointly and
severally)  hereby  agrees that on demand at any time and from time to time they
will deposit and pledge with the Bank  additional  collateral of a kind and of a
market value  required by it further to secure any  indebtedness  or liabilities
aforesaid.

If any of the following  events shall occur with respect to any Obligor (each an
"Event of Default"):  failure to comply with  forthwith with any such demand for
additional collateral;  default in payment of any liability to the holder hereof
(however  acquired);  default in the due payment of any other  indebtedness  for
borrowed  money or default in the  observance or  performance of any covenant or
condition in any agreement or instrument evidencing, securing or relating to any
such  indebtedness  which  causes or permits the  acceleration  of the  maturity
thereof;  suspension or liquidation of usual  business;  calling of a meeting of
creditors;  assignment for the benefit of creditors;  dissolution,  bulk sale or
notice thereof;  mortgage or pledge of, creation of a security  interest in, any
assets  without  consent  of the holder of this  note;  insolvency  of any kind,
attachment,   distraint,   garnishment,   levy,  execution,   judgment,   death,
application  for  or  appointment  of  a  receiver,  filing  of a  voluntary  or
involuntary petition or entry of any order for relief under any provision of the
Federal Bankruptcy Code as now or hereafter in effect;  failure to pay its debts
as they become due;  failure to comply with the terms of any agreement  with the
Bank; failure on request of any Obligor or any Obligor's accountant,  to furnish
any financial information,  or to permit inspection of any books or records; any
change in, or discovery with regard to, the condition or affairs  which,  in the
Bank's  opinion,  increases its credit risk; or if the Bank for any other reason
deems itself insecure;  the Liabilities  shall become absolute,  and immediately
due and payable without demand or notice to any Obligor. Upon default in the due
payment of this note or any other Event of Default, or whenever this note or any
payment of principal or interest  hereof shall become due in accordance with any
of the provisions hereof, the Bank may, but shall not be required to (1) proceed
to apply to the payment hereof the balance of any accounts  maintained  with the
Bank  or  any  Affiliate  by  any  Obligor  and  (2)  sell  (without  demand  of
performance, advertisement, notice of intention to sell, notice of time or place
of sale,  notice to redeem or other notice  whatsoever,  all of which are hereby
waived)  all or any part of the  Collateral  (on all of which the  Obligor  does
hereby give to the Bank a continuing  lien,  security  interests and/or right of
setoff) at public or private sale to purchase all or any part thereof, free from
any right or equity of redemption, applying the net proceeds of such sale to the
payment of this note and of any other liabilities,  claims or obligations to the
Bank of any of the Obligors,  or of any partnership in which any of the Obligors
is a  partner,  all of whom  together  with any  endorser  or  guarantor  hereby
expressly agree to remain jointly and severally  liable for any deficiency.  The
Bank may exercise any other right or remedy  hereby  granted or allowed to it by
law,  including  but not limited to, the rights and remedies of a Secured  Party
under the Uniformed  Commercial  Code of the Governing State (which term as used
in this Note shall mean the state in which the office  indicated  above opposite
"Office Address" is located;  provided,  that, if no such office is so indicated
then  Governing  State  shall  mean the  state  where  the  Bank's  office  that
originated the loan evidenced by this note is located), and each and every right
and  remedy  hereby  granted  to the  Bank  or  allowed  to it by law  shall  be
cumulative and not exclusive of one of the other rights or remedies,  and may be
exercised by the Bank from time to time as often as may be  necessary.  The Bank
shall have at any time in its  discretion  the right to enforce  collection  and
payment  or  liquidation  of any of the  collateral  by  appropriate  action  or
proceedings,  and the net amounts received therefrom,  after deducting all costs
and expenses  incurred in connection  therewith,  shall be applied on account of
this note and any other  indebtedness  or liabilities of the Obligor  aforesaid;
all without notice to any Obligor. Any demand or notice, if made or given, shall
be  sufficiently  made upon or given to any  Obligor if left at or mailed to the
last address of such Obligor  known to the Bank or if made or given in any other
manner  reasonably  calculated  to come to the  attention of such Obligor or the
personal representatives,  successors or assigns of such Obligor, whether or not
in fact  received by them  respectively.  Unless the  Collateral is perishable r
threatens  to decline  speedily  in value or is f a type  customarily  sold on a
recognized market,  the Bank will give the undersigned  reasonable notice of the
time and place of any public sale  thereof or of ht time after which any private
sale or other  intended  disposition  is to be made.  Five (5) days prior notice
shall be deemed reasonable notice. The Bank may assign and transfer this note to
any  other  person,  firm  or  corporation  and may  deliver  and  repledge  the
Collateral or any part thereof to the assignee or  transferee of this note,  who
shall thereupon  become vested with all the powers and rights above given to the
Bank in respect  thereof,  and the Bank shall thereafter be forever released and
discharged of and from all  responsibility or liability to the Obligor for or on
account of the  Collateral  so  delivered.  If an attorney is used to enforce or
collect  this note,  the Obligor  agrees to pay the Bank's  reasonable  attorney
fees.  The Obligor  jointly and  severally  promises to pay all  expenses of any
nature as so as incurred  whether in or out of court and whether incurred before
or after the note shall become due at its maturity  date or otherwise  and costs
which the Bank may deem necessary or proper in connection with the  satisfaction
of the indebtedness or the administration, supervision, preservation, protection
including  but  not  limited  to  __________   adequate  insurance)  or  of  the
realization  upon the  Collateral.  THE UNDERSIGNED AND THE BANK MUTUALLY HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY, AND
THE UNDERSIGNED  WAIVES THE RIGHT TO INTERPOSE ANY SETOFF OR COUNTERCLAIM,  EACH
IN RESPECT OF ANY CLAIM BASED  HEREON,  ARISING OUT OF,  UNDER OR IN  CONNECTION
WITH  THIS NOTE OR ANY OTHER  LOAN  DOCUMENTS  CONTEMPLATED  TO BE  EXECUTED  IN
CONNECTION  STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, THIS
WAIVER  CONSTITUTES A MATERIAL  INDUCEMENT  FOR THE BANK TO ACCEPT THIS NOTE AND
EXTEND CREDIT TO THE UNDERSIGNED, The note shall be deemed to have been made and
delivered in the Governing  state,  the Obligor  consents to the jurisdiction of
the state and federal  courts of the  Governing  State in any action  brought to
enforce  any  rights of the Bank  under  this note and the Bank and the  Obligor
shall be  determined in accordance  with the laws of the Governing  State.  This
note and any other agreements,  documents and instruments executed and delivered
pursuant to or in connection with the Liabilities  contain the entire  agreement
between the  parties  relating to the subject  matter  hereof and  thereof.  The
undersigned  expressly   acknowledges  that  the  Bank  has  not  made  and  the
undersigned  is  not  relying  on  any  oral   representations,   agreements  or
commitments  of the Bank or of any officer,  employee,  agent or  representative
thereof. No change, modification, termination, waiver, or discharge, in whole or
in part, of this instrument  shall be effective  unless in writing and signed by
the  party  against  whom  such  change,  modification,  termination,  waiver or
discharge is sought to be enforced.

All agreements between the Obligors and the Bank are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration of
maturity of the  indebtedness  evidenced  hereby or otherwise,  shall the amount
paid or  agreed  to be paid to the Bank for the use or the  forebearance  of the
indebtedness   evidenced  hereby  exceed  the  maximum  permissible  rate  under
applicable law. As used herein,  the term "applicable law" shall mean the law in
effect as of the date  hereof  provided,  however,  that in the event there is a
change in the law which results in a higher  permissible rate of interest,  then
this note shall be governed by such new law as of its  effective  date.  In this
regard,  it is expressly agreed that it is the intent of the undersigned and the
Bank. In execution,  delivery and  acceptance of this note to contract in strict
compliance with the laws of the Governing State from time to time in effect. If,
under or from any circumstances whatsoever,  fulfillment of any provision hereof
or of any of the Loan  Documents at the time of  performance  of such  provision
shall be due, shall involve  transcending the limit of such validity  prescribed
by applicable  law, then the obligation to be fulfilled shall  automatically  be
reduced  to the  limits  of such  validity,  and if under or from  circumstances
whatsoever the Bank should ever receive as interest an amount which would exceed
the highest lawful rate, such amount which would be excessive  interest shall be
applied to the reduction of the principal  balance  evidenced hereby and not the
payment of interest.  The provision  shall control every other  provision of all
agreements between each and every Obligor and the Bank.

Upon receipt of an  affidavit  of an officer of the Bank as to the loss,  theft,
destruction  of this note or any other  security  document  which is not  public
record,  and, in the case of any such loss,  theft or  destruction or mutilation
upon cancellation of such note or other security document,  the undersigned will
issue,  in lieu thereof,  a replacement  note or other security  document in the
same principal amount thereof and otherwise of like tenor.

The Bank shall have the unrestricted  right at any time to time, and without the
undersigned's  or any  Obligor's  consent,  to assign all or any  portion of its
rights  and  obligations  hereunder  to one or more  banks  or  other  financial
institutions (each, an "Assignee"),  and the undersigned and each Obligor agrees
that it shall  execute,  or  cause to be  executed,  such  documents,  including
without  limitation,  amendments  to this note and to any other  Loan  Documents
without  limitation,  amendments to this note and to any other Loan Documents as
the Bank shall  deem  necessary  to effect the  forgoing.  In  addition,  at the
request of the Bank and any such Assignee,  the  undersigned  shall issue one or
more new promissory notes, as applicable,  to any such Assignee and, if the Bank
has  retained  any  of its  rights  and  obligations  hereunder  following  such
assignment,  to the  Bank,  which  new  promissory  notes  shall  be  issued  in
replacement  of,  but  not in  discharge  of,  the  liability  evidenced  by the
promissory  note held by the Bank prior to such assignment and shall reflect the
amount of the  respective  commitments  and loans held by such  Assignee and the
Bank after giving effect to such assignment.  Upon the execution and delivery of
the appropriate assignment documentation, amendments and any other documentation
required  by the Bank in  connection  with such  assignment,  and the payment by
Assignee of the purchase price agreed to by the Bank,  and such  Assignee,  such
Assignee  shall be a payee of this note and  shall  have all of the  rights  and
obligations of the Bank  hereunder (and under any and all other Loan  Documents)
to the extent that such rights and  obligations  have been  assigned by the Bank
pursuant to the assignment  documentation between the Bank and such Assignee and
the Bank shall be released from its  obligations  hereunder and  thereunder to a
corresponding extent.

The Bank shall have the unrestricted right at any time and from time to time and
without the consent of or notice to the undersigned or any Obligor,  to grant to
one  or  more  banks  or  other  financial   institutions  (each  "Participant")
participating interests in this note. In the event of any such grant by the Bank
of a participating interest to a Participant,  whether or not upon notice to the
undersigned,  the Bank  shall  remain  responsible  for the  performance  of its
obligations  hereunder  and the  undersigned  shall  continue to deal solely and
directly  with the Bank in  connection  with the Bank's  rights and  obligations
hereunder.  The Bank may furnish any  information  concerning the undersigned in
its  possession  from time to time to  prospective  assignees and  Participants,
provided  that  the  Bank  shall  require  any  such  prospective   assignee  or
Participant  to  agree  in  writing  to  maintain  the  confidentiality  of such
information.

The Bank may at any time pledge all or any portion of its rights  under the Loan
Documents  including any portion of this note to any of the twelve (12 ) Federal
Reserve Banks  organized  under  Section 4 of the Federal  Reserve Act 12 U.S.C.
Section 341. No such pledge or  enforcement  thereof shall release the Bank from
its obligations under any of the Loan Documents.

NO CLAIM MAY BE MADE BY _________________________________________, OTHER PERSON,
AGAINST  THE  BANK  OR  _______________,   OFFICERS,  EMPLOYEES,   ATTORNEYS  OR
_________________________________ ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES
OR, TO THE FULLEST EXTENT  PERMITTED BY LAW, FOR ANY PUNITIVE DAMAGES IN RESPECT
OF ANY CLAIM OR CAUSE OF ACTION  (WHETHER  BASED ON  CONTRACT,  TORT,  STATUTORY
LIABILITY, OR ANY OTHER GROUND) BASED ON, ARISING OUT OF OR RELATED TO THIS NOTE
OR THE TRANSACTIONS  CONTEMPLATED HEREBY OR ANY ACT, OMISSION OR EVENT OCCURRING
IN CONNECTION  THEREWITH,  AND THE UNDERSIGNED (FOR ITSELF AND ON BEHALF OF EACH
OBLIGOR)  HEREBY  WAIVE,  RELEASE AND AGREE NEVER TO SUE UPON ANY CLAIM FOR, ANY
SUCH DAMAGES,  WHETHER SUCH CLAIM NOW EXISTS OR HEREAFTER  ARISES AND WHETHER OR
NOT IT IS NOW KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.  The Obligors,  and each
of them, demand for payment, protest, notice of protest, notice of dishonor, and
any  and  all  other  notices  or  demands  in  connection  with  the  delivery,
acceptance,  performance,  default, or enforcement of this note, consents to any
and all delays,  extensions of time,  renewals,  releases of any Obligor and o f
any  available  security,  waivers  or  modifications  that  may be  granted  or
consented  to by the Bank with regard to the time of payment or with  respect to
any other  provisions  of this note and agrees that no such action or failure to
act on the part of the Bank shall in any way affect or impair the obligations of
any Obligor or be construed as a waiver by the Bank of, to otherwise affect, its
right to avail itself of any remedy  hereunder with the same force and effect as
if each Obligor had expressly consented to such action or inaction upon the part
of the Bank.  Each Obligor hereby  authorizes the Bank to request his accountant
or accountants to furnish such financial information relating to such Obligor as
the Bank  shall  from  time to time  desire;  each  such  accountant  is  hereby
authorized to deliver such  financial  information  to the Bank and each Obligor
hereby  agrees  to  promptly  provide  to the  Bank all  information  reasonably
requested by the Bank. The invalidity or unenforceability of any portion of this
note shall in no way affect the validity or  enforceability of any other portion
of this note. The Obligors hereby authorize the Bank to date this note as of the
day when the first loan evidenced hereby is made and to complete and fill in any
blank  spaces in this note in order to  conform to the terms upon which any loan
is granted.  Each Obligor further authorizes the Bank to execute and file one or
more  financing  statements  covering the Collateral or any part thereof and the
Obligors  agree to bear  the cost of such  filing(s).  The term  "Bank"  as used
herein  shall be deemed to include  the Bank and its  successors,  endorses  and
assigns.

Special provisions .............................................................
 ....................................N/A.........................................
 ................................................................................
 ................................................................................

Schedule of Specific Possessory Collateral
 ................................................................................
 ..........................................N/A...................................
 ................................................................................

IN WITNESS WHEREOF, this instrument has been duly executed by the undersigned on
the date first above written.

CORPORATION,   PARTNERSHIP,  LIMITED  LIABILITY  COMPANY  OR  LIMITED  LIABILITY
PARTNERSHIP SIGNORS:

Platinum Executive Search, Inc. D/B/A Platinum Holdings
--------------------------------------------------------------------------------
Name of Corporation, Partnership or Limited Liability Company/Partnership

By:  /s/ John Mazzuto
     ---------------------------------------------
     Name: John Mazzuto
     Title:President

(Address)

WITNESS:
       --------------------------------------------------------

INDIVIDUAL SIGNORS

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Name:                                               , Individually
------------------------------------------------------------------
(Address)

------------------------------------------------------------------
Name:                                               , Individually
------------------------------------------------------------------
(Address)

WITNESS:
          --------------------------------------------------------

   SCHEDULE OF LOANS AND PAYMENTS
<TABLE>
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<S>     <C>    <C>    <C>    <C>    <C>    <C>
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                                                                          LOAN NO.
                                                                                    -----------------
</TABLE>PLATINUM EXECUTIVE SEARCH, INC.

                             1999 STOCK OPTION PLAN
                             ----------------------

I.    Purpose

     The  purposes  of the Plan are (i) to promote  the  interests  of  PLATINUM
EXECUTIVE SEARCH,  INC. (the "Company"),  its stockholders and its subsidiaries,
by encouraging  certain present and future  officers,  employees,  directors and
independent contractors of the Company and its subsidiaries,  to purchase shares
of common stock (no par value) of the Company ("Common Stock"),  and to increase
their personal and  proprietary  interest in the success of the Company,  and to
act as an incentive to continue their employment or association with the Company
or its  subsidiaries,  and (ii) to provide a means by which select  officers and
employees may be given an  opportunity to benefit from increases in value of the
stock of the  Company  through  the  granting  of stock  appreciation  rights as
provided herein (sometimes referred to herein as "SARs"). It is further intended
that  options  issued  pursuant to this Plan shall  constitute  incentive  stock
options within the meaning of Section 422 of the Internal  Revenue Code of 1986,
as amended (the  "Code"),  or shall  constitute  non-qualified  stock options as
described in Treasury  Regulation  Section  1.83-7 to which Section 421 does not
apply.

II.   Administration

     2.1 The Plan shall be  administered  by the  Company's  Board of  Directors
("Board").  The Board shall meet at such times and places as it  determines  and
may meet through  telephone  conference  call.  A majority of its members  shall
constitute a quorum,  and the  decision of the majority of those  present at any
meeting at which a quorum is present shall constitute the decision of the Board.
The Board shall have the sole power to grant options and/or SARs pursuant to the
Plan,  including the  determination of the persons to whom options or SARs shall
be granted,  the times when they shall  receive  them,  the option price of each
option,  and the number of shares to be subject to each  option or the amount of
any SARs to be granted.

     2.2 The Board may  delegate  its  authority  under the Plan to a committee,
comprised of two or more  non-employee  directors of the Company  ("Committee").
The Board may, from time to time, at its sole  discretion,  remove members from,
or add members to, the Committee.  Vacancies on the Committee,  however  caused,
shall be filled by the Board.  The Committee  shall select one of its members as
Chairman,  and shall  hold  meetings  at such  time and  place as it  determines
advisable. A majority of the Committee shall constitute the quorum; and the acts
of a majority  of the members  present at any  meeting,  or acts  reduced to and
approved in writing by a majority of the  Committee,  shall be valid acts of the
Committee.

     2.3 Incentive stock options granted pursuant to the Plan are intended to be
"incentive stock options" within the meaning of Section 422 of the Code, and the
interpretation by the Committee of any provision of the Plan or of any incentive
stock  option  agreement  entered into  hereunder  shall be in  accordance  with
Section 422 of the Code and  Regulations  issued  thereunder  as such Section or
Regulations  may be amended from time to time, in order that the

                                      -1-
<PAGE>

rights  granted  hereunder  and under said  option  agreement  shall  constitute
"incentive  stock  options"  within the meaning of such  Section.  Non-qualified
options  granted  pursuant to the Plan are  intended to be  non-qualified  stock
options described in Treasury  Regulation Section 1.83-7 to which Section 421 of
the Code does not apply, and the  interpretation by the Board (or Committee,  if
applicable)  of any provision of the Plan or of any  non-qualified  stock option
agreement entered into hereunder shall be in accordance with Treasury Regulation
Section  1.83-7 as such  Regulation  may be amended from time to time,  in order
that the  rights  granted  hereunder  and  under  said  option  agreement  shall
constitute  "non-qualified stock options" within the meaning of such Regulation.
The Board (or Committee, if applicable) shall have the sole authority and power,
subject to the express  provisions and  limitations of the Plan, to construe the
Plan and option or SAR agreements granted thereunder,  and to adopt,  prescribe,
amend,  and rescind rules and regulations  relating to the Plan, and to make all
determinations   necessary  or  advisable  for   administering   the  Plan.  The
interpretation  and  construction by the Board (or Committee,  if applicable) of
any provisions of the Plan or of any option or SAR granted  thereunder  shall be
final and  conclusive.  No member of the Board or the Committee  shall be liable
for any action or  determination  made in good faith with respect to the Plan or
any option or SAR granted thereunder.

     2.4 All  options  or SARs  granted  under the Plan  shall be  evidenced  by
written  option or SAR  agreements  signed by an officer of the  Company and the
person receiving the option or SAR.  Subject to the requirements  that incentive
stock options and SARs only be granted to employees of the Company,  an optionee
may be granted  incentive stock options or  non-qualified  stock options or both
under the Plan and/or SARs; provided, however, that the grant of incentive stock
options and  non-qualified  stock  options to an optionee  shall be the grant of
separate  options and each incentive stock option and each  non-qualified  stock
option  shall  be  specifically  designated  as  such  in  accordance  with  the
applicable provisions of the Treasury Regulations.

III.  Eligible Participants

     3.1 Excepting  members of the  Committee,  if  applicable,  all  directors,
officers and other executive,  managerial, and other employees of the Company or
its  subsidiary  corporations,  as such term is defined in Section 424(f) of the
Code  ("subsidiary   corporations  or  subsidiaries"),   shall  be  eligible  to
participate   under  the  Plan  with   respect  to  incentive   stock   options,
non-qualified stock options and SARs, and all independent  contractors rendering
services to the  Company or its  subsidiaries  shall be eligible to  participate
under the Plan with  respect to  non-qualified  stock  options  only;  provided,
however,  that no director of the Company or its subsidiaries  shall be eligible
to receive an  incentive  stock option or SAR  appurtenant  thereto  unless,  in
addition  to  being  a  director,  he is an  employee  of  the  Company  or  its
subsidiaries in a class eligible to receive incentive stock options or SARs.

     3.2 An  individual  may hold  more  than  one  option,  and may be  granted
additional options from time to time, as the Board (or Committee, if applicable)
may determine,  but only on the terms and subject to the restrictions herein set
forth.  No person  shall be eligible  to receive an option  under the Plan if he
directly or  indirectly  owns  (within the meaning of Section  422(b)(6)  of the
Code) stock possessing more than 10% of the total combined voting power or value
of all

                                      -2-
<PAGE>

classes of stock of the  Company  or of its  parent or any of its  subsidiaries.
This limitation shall not apply if at the time such option is granted the option
price is at least  110% of the fair  market  value of the stock  subject  to the
option and such option by its terms is not  exercisable  after the expiration of
five years from the date such option is granted.

IV.   Shares Subject to the Plan

     4.1  Shares  subject  to the  options  will  be  shares  of  the  Company's
authorized  but unissued  Common  Stock,  or treasury  shares  reacquired by the
Company or any combination thereof.

     4.2 The aggregate number of shares of Common Stock of the Company which may
be issued or delivered  upon the  exercise of all  incentive  stock  options and
non-qualified  stock options  granted under the Plan shall not exceed  5,000,000
shares,  subject to adjustment as provided in Article VIII hereof.  In the event
any option  granted  under the Plan shall  expire,  terminate or be  surrendered
without  having been  exercised  in full,  the common  shares of the Company for
which such option or unexercised portion thereof were granted shall be available
again for future grant of options pursuant to the Plan; provided,  however, that
shares subject to stock appreciation rights exercised in accordance with Section
6 of the Plan shall not be available for subsequent issuance under the Plan.

V.    Terms and Conditions of Options

     5.1 Each option  shall state the number of shares of Common  Stock to which
it pertains,  and shall state the option price,  which price,  in the case of an
incentive  stock  option,  shall  not be less  than  100%,  and in the case of a
non-qualified  stock  option not less than 85%, of the fair market value of such
shares on the date on which the option  was  granted.  Subject  to  Section  5.2
below, the Board (or Committee,  if applicable) shall exercise its best judgment
in good  faith in  fixing  the  option  price,  shall  have full  authority  and
discretion to do so, and shall be fully protected in so doing.  Unless otherwise
provided in the relevant option agreement,  the option price shall be payable in
United States dollars upon exercise of the option,  and may be in cash, check or
Common Stock of the Company,  or in such other manner as determined by the Board
(or Committee, if applicable) in order to facilitate the exercise of the option.
If an option is granted to an individual (a "Section  16(b)  Insider") who is at
the time subject to Section  16(b) of the 1934  Securities  Exchange Act, as the
same  has  been  or may be  amended  from  time to time  ("Exchange  Act"),  the
agreement of grant shall  incorporate  all the terms and  conditions at the time
necessary to assure that the subsequent exercise of such right shall qualify for
the safe-harbor  exemption from short-swing  profit  liability  provided by Rule
16b-3 promulgated under the Exchange Act (or any successor rule or regulation).

     5.2 The fair market value per share of Common Stock shall be  determined by
the Board in accordance with the following provisions:

     A. If the Common  Stock is at the time listed or admitted to trading on any
national stock exchange, then the fair market value shall be the closing selling
price  per  share on the date in  question  on the  exchange  determined  by the
Committee to be the primary market for

                                      -3-
<PAGE>

the Common Stock,  as such price is officially  quoted in the composite  tape of
transactions  on such exchange.  If there is no reported sale of Common Stock on
such  exchange on the date in question,  then the fair market value shall be the
closing  selling price on the exchange on the last preceding date for which such
quotation exists.

          B. If the  Common  Stock  is not at the time  listed  or  admitted  to
trading on any  national  stock  exchange  but is traded on the NASDAQ  National
Market  System,  the fair market  value shall be the closing  selling  price per
share  on the  date in  question,  as such  price is  reported  by the  National
Association of Securities  Dealers  through the NASDAQ National Market System or
any  successor  system.  If there is no reported  closing  selling price for the
Common Stock on the date in question, then the closing selling price on the last
preceding date for which such quotation  exists shall be  determinative  of fair
market value.

          C. If the  Common  Stock  is not at the time  listed  or  admitted  to
trading on any national stock exchange and is not traded on the NASDAQ  National
Market System, the fair market value on the date in question shall be determined
in good faith by the Board.

     5.3 The period of time  within  which an option may be  exercised  shall be
determined in each case by the Board (or Committee,  if applicable),  but in the
case of an  incentive  stock  option shall in no event exceed ten years from the
date of grant,  at which time any unexercised  option shall expire.  Each option
shall be exercisable in such  installments,  which need not be equal,  upon such
contingencies  as the Board  (or  Committee,  if  applicable)  shall  determine;
provided, however, that if an optionee shall not in any given installment period
purchase  all the shares  which such  optionee  is  entitled to purchase in such
installment  period,  such optionee's right to purchase any shares not purchased
in such installment  period shall continue until  expiration of such option.  No
option may be exercised for a fraction of a share, but a cash payment in lieu of
a  fractional  share may be made if  appropriate  in the event that  options for
fractional shares are created pursuant to any adjustment made under Article VIII
below.

     5.4 Except as provided in Section 5.6 below,  an optionee  may not exercise
his/her  incentive  stock  option  unless  he/she  has been in the employ of the
Company or one of its subsidiaries  continuously  during the period beginning on
the date of the  granting of the  incentive  stock  option and ending on the day
three months before the date of such exercise.  Continuous  employment shall not
be deemed to be interrupted by transfers between  subsidiaries or between parent
and subsidiary, whether or not effected by termination from one entity or rehire
by  another.  All  employment  with the Company  and all  subsidiaries  shall be
totaled and  considered as one  employment  for purposes of this Plan,  provided
there is no such interval between  employments,  as, in the opinion of the Board
(or Committee,  if applicable),  shall be deemed to break continuity of service.
The Board (or Committee,  if applicable)  shall in its discretion  determine the
effect of approved leaves of absence and all other matters affecting "continuous
employment".

     5.5 Subject to earlier  expiration as provided in Section 5.4, above, if an
optionee  ceases to be employed by the Company or a subsidiary  (or, in the case
of a  non-qualified  option,  ceases  to serve  as a  non-employee  director  or
independent contractor of the Company or a

                                      -4-
<PAGE>

subsidiary) for any reason other than death,  such optionee's  option or options
shall expire three months thereafter, and during such period after such optionee
ceases to be an employee (or director or independent contractor, if applicable),
such option or options shall be  exercisable  only to the extent  exercisable on
the date on which the  optionee  ceased to be  employed  by the  Company or such
subsidiary  (or  ceased to serve as a director  or  independent  contractor,  if
applicable).

     5.6 If the optionee  shall die while  employed by the Company or any of its
subsidiaries  (or,  in the case of a holder  of a  non-qualified  option,  while
serving as a non-employee  director or independent  contractor of the Company or
any of its  subsidiaries)  or during the subsequent  period not exceeding  three
months under the circumstances  referred to in Section 5.6 above, the option may
(subject to earlier  expiration  under Section 5.4 above) be exercised  within a
period  of not more  than one year  after  his/her  death,  and only by  his/her
personal  representatives  or persons to whom  his/her  rights  under the option
shall pass by will or the laws of descent  and  distribution.  The option may be
exercised  only as to  those  shares  of  Common  Stock  with  respect  to which
installments  had accrued as of the date of death, or if death occurs within the
three month period subsequent to termination of employment or association,  then
only as to those shares with respect to which installments had accrued as of the
date of such  termination.  The Board (or Committee,  if applicable) may, in its
discretion,  provide  in an  option  agreement  that  all or  any  unexercisable
installments  shall become  exercisable on the date of death of an optionee,  so
that such installments may be exercised pursuant to this Section 5.7 even though
they would not  otherwise  have been  exercisable  had the optionee not died. No
transfer  of an option by the  employee  by will or by the laws of  descent  and
distribution  shall be effective,  nor shall any designation of a person who may
exercise the option after the optionee's death be effective, to bind the Company
unless the Company shall have been  furnished  with written notice thereof and a
copy of the will  and/or  such other  evidence  as the Board (or  Committee,  if
applicable) may deem necessary to establish the validity of the transfer and the
acceptance  by the  transferee  or  transferees  or  designee  of the  terms and
conditions of the option.

     5.7 No option granted under this Plan shall be transferable  otherwise than
by will (and in  accordance  with Section 5.7 hereof) or the laws of descent and
distribution  and an  option  may  be  exercised,  during  the  lifetime  of the
optionee, only by him/her.

     5.8 An  optionee  or  transferee  of an  option  shall  have no rights as a
stockholder with respect to any shares of Common Stock covered by his/her option
until  the date of the  issuance  of a stock  certificate  to  him/her  for such
shares.  No adjustment shall be made for dividends  (ordinary or  extraordinary,
whether in cash,  securities or other property) or distributions or other rights
for which the record date is prior to the date such stock certificate is issued,
except as provided in Article VIII below.

     5.9 Subject to the terms and conditions  and within the  limitations of the
Plan,  the Board (or  Committee,  if  applicable)  may  modify,  extend or renew
outstanding  options  granted  under  the  Plan,  or  accept  the  surrender  of
outstanding options (to the extent not theretofore  exercised) and authorize the
granting of new options in substitution  therefor (to the extent not theretofore
exercised).  The Board (or Committee,  if applicable) shall not, however, modify
any

                                      -5-
<PAGE>

outstanding incentive stock options so as to specify a lower price or accept the
surrender of  outstanding  options and  authorize the granting of new options in
substitution  therefor specifying a lower price.  Notwithstanding the foregoing,
no modification of an option shall,  without the consent of the optionee,  alter
or impair any rights or obligations under any option  theretofore  granted under
the Plan, and any modification  which  constitutes a  "modification"  within the
meaning  of  Section  424(h)  of the  Code  shall be null  and  void  unless  it
specifically  states that it  constitutes a  modification  within the meaning of
that Section.

     5.10 The option  agreements  authorized  under the Plan shall  contain such
other provisions, including, without limitation,  restrictions upon the exercise
of the option, as the Board (or Committee,  if applicable) shall deem advisable.
Any  incentive  stock  option  agreement  shall  contain  such  limitations  and
restrictions upon the exercise of the option as shall be necessary in order that
such option will be an "incentive stock option" as defined in Section 422 of the
Code,  or to conform to any change in the law.  At the time of  exercise  of any
option,  the Board (or Committee,  if applicable) may require the holder of such
option to execute any  documents or take any actions that may be then  necessary
to comply with the Securities Act of 1933 and the rules and regulations  adopted
thereunder,  and any other  applicable  federal or state laws for the purpose of
regulating the sale and issuance of securities,  and the Board (or Committee, if
applicable) may, if it deems necessary,  include  provisions in the stock option
agreements to ensure such compliance. The Company may, from time to time, change
its  requirements  with respect to enforcing  compliance  with federal and state
securities  laws  including  the  request  for and  enforcement  of  letters  of
investment intent,  such requirements all to be determined by the Company in its
judgment as necessary to ensure  compliance  with said laws. Such changes may be
made,  with  respect to any  particular  option or shares of Common Stock issued
under exercise thereof, prior to or after the exercise of such option. No shares
shall be  issued  and  delivered  upon the  exercise  of an option  unless  such
issuance,  in the  judgment of the  Committee,  is in full  compliance  with all
applicable  laws,  governmental  rules and regulations  and  undertakings of the
Company made under the Securities  Act of 1933 and stock exchange  agreements of
the Company.

     5.11 As a condition to the  exercise,  in whole or in part,  of any option,
the Board (or Committee,  if applicable) may in its sole discretion  require the
optionee to pay, in addition to the purchase price of the shares of Common Stock
covered by the option,  an amount  equal to any  federal,  state and local taxes
that may be  required to be withheld  in  connection  with the  exercise of such
option or the transfer of Common Stock pursuant to such exercise.

VI.   Stock Appreciation Rights

     6.1 The Board (or  Committee,  if  applicable)  shall  have full  power and
authority,  exercisable  in its sole  discretion,  to grant  stock  appreciation
rights to employees or directors of or independent consultants or other advisers
to the Company or its  affiliates  under the Plan.  To exercise any  outstanding
stock appreciation  right, the holder must provide written notice of exercise to
the Company in compliance  with the provisions of the agreement  evidencing such
right. If a stock appreciation right is granted to a Section 16(b) Insider,  the
agreement of grant shall  incorporate  all the terms and  conditions at the time
necessary to assure that the subsequent

                                      -6-
<PAGE>

exercise  of such  right  shall  qualify  for  the  safe-harbor  exemption  from
short-swing  profit  liability  provided  by Rule  16b-3  promulgated  under the
Exchange Act (or any successor rule or regulation). No limitation shall exist on
the  aggregate  amount of cash  payments  the Company may make under the Plan in
connection with the exercise of a stock appreciation rights.

     6.2  Three  types of stock  appreciation  rights  shall be  authorized  for
issuance under the Plan:

          A. Tandem Stock Appreciation Rights.  Tandem stock appreciation rights
will be granted  appurtenant  to an  option,  and if tandem  stock  appreciation
rights are granted  appurtenant to an incentive stock option, they shall satisfy
any applicable  Treasury  Regulations so as not to disqualify  such option as an
incentive  stock option under the Code.  Tandem stock  appreciation  rights will
require the holder to elect  between the exercise of the  underlying  option for
shares of stock and the  surrender,  in whole or in part,  of such option for an
appreciation   distribution.   The  appreciation  distribution  payable  on  the
exercised  tandem right shall be in cash in an amount equal to the excess of (A)
the fair  market  value (on the date of the option  surrender)  of the number of
shares of stock covered by that portion of the  surrendered  option in which the
optionee is vested over (B) the aggregate exercise price payable for such vested
shares.

          B. Concurrent Stock Appreciation Rights. Concurrent stock appreciation
rights  ("Concurrent  Rights") will be granted  appurtenant to an option and may
apply to all or any  portion  of the shares of stock  subject to the  underlying
option and shall, except as specifically set forth in this Section 6, be subject
to the same terms and conditions  applicable to the  particular  option grant to
which it pertains.  A Concurrent  Right shall be exercised  automatically at the
same time the  underlying  option is exercised  with  respect to the  particular
shares  of  stock to which  the  Concurrent  Right  pertains.  The  appreciation
distribution  payable on an  exercised  Concurrent  Right shall be in cash in an
amount  equal to such  portion  as  shall be  determined  by the  Board  (or the
Committee,  if  applicable)  at the time of the  grant of the  excess of (A) the
aggregate fair market value (on the exercise date) of the vested shares of stock
purchased under the underlying option which have Concurrent  Rights  appurtenant
to them over (B) the aggregate exercise price paid for such shares.

          C.  Independent   Stock   Appreciation   Rights.   Independent   stock
appreciation rights ("Independent  Rights") will be granted independently of any
option and shall, except as specifically set forth in this Section 6, be subject
to the same terms and conditions applicable to nonstatutory stock options as set
forth  in this  Plan.  They  shall be  denominated  in  share  equivalents.  The
appreciation  distribution  payable on the exercised  Independent Right shall be
not greater than an amount equal to the excess of (i) the aggregate  fair market
value  (on the date of the  exercise  of the  Independent  Right) of a number of
shares of Company  stock equal to the number of share  equivalents  in which the
holder is vested  under such  Independent  Right,  and with respect to which the
holder is exercising the Independent Right on such date, over (ii) the aggregate
fair market  value (on the date of the grant of the  Independent  Right) of such
number of shares of Company stock. The appreciation  distribution payable on the
exercised  Independent Right may be paid, in the discretion of the Board (or the
Committee,  if  applicable),  in cash, in shares of stock or in a combination of
cash and  stock.  Any  shares  of stock so  distributed  shall be

                                      -7-
<PAGE>

valued at fair market value on the date the Independent Right is exercised.

VII.  Adjustments upon Changes in Capitalization

     7.1 The  aggregate  number and class of shares as to which options SARs may
be  granted  under the Plan,  the  number  and class of shares  subject  to each
outstanding  option  or SAR,  the price  per  share  thereof  (but not the total
price),  and the  minimum  number  of shares as to which an option or SAR may be
exercised at any one time, shall all be proportionately adjusted in the event of
any change or increase or decrease in the number of the issued  shares of Common
Stock,  without receipt of  consideration  by the Company,  which results from a
split-up  or   consolidation  of  shares,   payment  of  a  stock  dividend,   a
recapitalization,  a combination of shares or other like capital adjustment,  so
that (i) upon  exercise of the option the optionee  shall receive the number and
class of shares  he/she  would have  received  had he/she been the holder of the
number of Common  Shares  for which the  option is being  exercised  immediately
before the  effective  date of such change or increase or decrease in the number
of issued shares of Common Stock, and (ii) the holders of SARs maintain the same
rights relative to the changes in the issued shares of Common Stock.

     7.2  Subject to any  required  action by its  stockholders,  if the Company
shall  be  the  surviving   corporation   in  any   reorganization,   merger  or
consolidation,  the aggregate number and class of shares on which options may be
granted under the Plan,  together with each outstanding  option or SAR, shall be
proportionately adjusted so as to apply to the securities to which the holder of
the  number  of  shares of stock of the  Company  subject  to the Plan or to any
outstanding option or SAR would have been entitled.

     7.3 In the  event of a change  in the  stock of the  Company  as  presently
constituted,  which is limited to a change of all of its authorized  shares with
par value into the same number of shares  with a different  par value or without
par value, or to a change of all of its authorized shares without par value into
the same number of shares with a par value,  the shares  resulting from any such
change shall be deemed to be the stock of the Company  within the meaning of the
Plan.

     7.4 To the  extent  that  the  foregoing  adjustments  relate  to  stock or
securities  of the  Company,  such  adjustment  shall be made by the  Board  (or
Committee,  if applicable),  whose determination in that respect shall be final,
binding and  conclusive,  provided  that each  incentive  stock  option  granted
pursuant  to this  Plan  shall  not be  adjusted  in a manner  that  causes  the
incentive  stock  option to fail to  continue to qualify as an  incentive  stock
option within the meaning of Section 422 of the Code.  No  fractional  shares of
stock shall be issued under the Plan on account of any such adjustment.

     7.5 The grant of an option pursuant to the Plan shall not affect in any way
the  right or  power  of the  Company  to make  adjustments,  reclassifications,
reorganizations  or changes in its capital or business  structure or to merge or
to consolidate or to dissolve, liquidate or sell, or transfer all or any part of
its business or assets.

                                      -8-
<PAGE>

VIII. Change in Control

     8.1 If a tender offer for at least thirty percent of the outstanding shares
of Common Stock is commenced  during the term of this Agreement by any person or
entity other than any person or entity that directly or indirectly,  through one
or more intermediaries, controls or is controlled by, or is under common control
with, the Company, the optionee (or in the case of exercise after the optionee's
death,  the optionee's  executor,  administrator,  heir or legatee,  as the case
maybe) may give the Company notice,  at any time within the period  beginning on
the date such tender offer  commences  and ending on the date ten calendar  days
prior to the scheduled  expiration  (including all  extensions  thereof) of such
tender offer, of his/her  intention to exercise the option.  In such event, this
option shall be  exercised  on the date which is ten calendar  days prior to the
scheduled  expiration  date  (including all  extensions  thereof) of such tender
offer,  except  that (1) no such  exercise  shall  occur if the tender  offer is
withdrawn by the bidder  prior to the date which is ten  calendar  days prior to
the scheduled  expiration date (including all extensions thereof) of such tender
offer, and (2) the provisions  described above shall in no event extend the date
of exercise of this  option to a date later than that  provided in Sections  5.4
through 5.8 hereof.

     8.2 If any proposed sale or conveyance of all or  substantially  all of the
assets of the Company or any proposed  consolidation or merger of the Company in
which the Company is not the  surviving  entity,  (except for: (1) a transaction
the  principal  purpose of which is to change the state in which the  Company is
incorporated,   or  (2)  a  transaction  in  which  the  Company's  stockholders
immediately  prior to such  merger  or  consolidation  will  hold (by  virtue of
securities  received in exchange for their shares in the Company)  securities of
the surviving entity  representing more than seventy percent of the total voting
power  of such  entity  immediately  after  such  transaction)  or any  proposed
liquidation  or  dissolution  of the Company occurs during the term of an option
granted hereunder and the Board (or Committee, if applicable) determines, in the
exercise of its sole discretion,  that such transaction will, more probably than
not, be  consummated  on a date which is at least fifteen days after the date of
such determination,  the Board (or Committee,  if applicable) will promptly give
notice to optionee  that  his/her  option may be  exercised on the date which is
five  calendar days prior to the scheduled  date of  consummation  of any of the
above-described  proposed  transactions,  provided  that this  option may not be
exercised  after the expiration date provided in Section 5.4 through 5.8 hereof.
In order to exercise this option pursuant to this  provision,  the optionee must
give  written  notice to the Company to that  effect  prior to the date which is
five calendar days prior to the scheduled date of consummation of the triggering
proposed transaction.

     8.3 In  exercising  this option  pursuant to the  provisions  discussed  in
Section 8.1 or 8.2 hereof,  the  optionee  shall have the right to exercise  the
option as to all or any  portion  of the  number of shares of Common  Stock with
respect to which the option is then  exercisable on such date in accordance with
the Exercise Schedule provided in the Grant Notice.  Optionee may cancel his/her
notice of exercise by giving a notice of cancellation to the Company at any time
prior to the exercise of the option as provided above.

     8.4 In the event of (1) the  direct or  indirect  sale or  exchange  by the
stockholders of

                                      -9-
<PAGE>

the  Company  of at least  thirty  percent of the  outstanding  shares of Common
Stock,  other than  pursuant to a public  tender  offer,  or (2) a change in the
composition  of the Board as a result of which at least  one-half of the members
of the Board is  replaced  during any  twelve-month  period by  directors  whose
appointment  or  election  was not  endorsed by a majority of the members of the
Board prior to the date of the appointment or election,  the optionee shall have
the right to  exercise  the option as to all or any portion of the number of the
shares of Common Stock with respect to which the option is then  exercisable  on
such date in accordance with the Exercise Schedule provided in the Grant Notice.

IX.   Restrictions on Shares of Common Stock

     Until such time,  if ever,  that the Company  engages in an initial  public
offering of its Common  Stock or registers  its Common Stock for public  trading
with the Securities Exchange Commission,  the shares of Common Stock acquired by
an optionee  upon  exercise of an option  granted  pursuant to the Plan shall be
subject to the restrictions  imposed on such shares hereunder and/or pursuant to
the  related  Stock  Option  and  Shareholder   Agreements.   Each   certificate
representing such shares shall bear the following legend:

          "The sale or other  transfer of shares  represented  by this
          Certificate,  whether voluntary, involuntary or by operation
          of law,  is subject to certain  restrictions  or transfer as
          set forth in the Platinum Executive Search,  Inc. 1999 Stock
          Option  Plan,  the related  Stock Option  Agreement  and the
          related  Shareholder  Agreement.  A copy  of such  Plan  and
          related  Agreements  may be obtained  from the  Secretary of
          Platinum Executive Search, Inc."

X.    Indemnification of Board (or Committee, if applicable)

     In addition  to such other  rights of  indemnification  as they may have as
members of the Board (or Committee, if applicable), the members of the Board (or
Committee,  if  applicable)  shall be  indemnified  by the  Company  against the
reasonable  expenses,   including  attorneys'  fees,  actually  and  necessarily
incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein,  to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection  with the
Plan or any option or SAR granted  thereunder,  and against all amounts  paid by
them in settlement  thereof (provided such settlement is approved by independent
legal  counsel  selected by the  Company) or paid by them in  satisfaction  of a
judgment in any such action, suit or proceeding except in relation to matters as
of which it shall be adjudged in such action, suit or proceeding that such Board
(or Committee,  if applicable)  member is liable for negligence or misconduct in
the performance of his duties; provided that within sixty days after institution
of any such action, suit or proceeding a Committee member shall in writing offer
the Company the opportunity, at its own expense, to handle and defend the same.

                                      -10-
<PAGE>

XI.   Termination and Amendment of the Plan

     11.1 The term during  which  options  may be granted  under this Plan shall
expire on _________ __, 2009.

     11.2 The Board may,  insofar as permitted by law,  from time to time,  with
respect to any shares at the time not subject to options, suspend or discontinue
the Plan or revise or amend it in any respect  whatsoever  except that,  without
approval of the stockholders, no such revision or amendment shall (a) change the
designation  of the class of  employees  eligible  to  receive  incentive  stock
options,  (b)  increase  the total  number of shares for which  incentive  stock
options  may be granted  under the Plan,  (c) extend the term of the Plan or the
maximum  option period  thereunder,  or (d) decrease the minimum option price or
permit or make reduction of the price at which shares may be purchased under any
option  granted  under the Plan,  except as provided in Article  VIII above.  No
termination or amendment to this Plan may, without the consent of an optionee or
owner of an SAR,  terminate his option or SAR or materially or adversely  affect
his rights under any outstanding options or SARs.

XII.  Application of Funds

     The proceeds received by the Company from the sale of Common Stock pursuant
to options will be used for general corporate purposes.

XIII. Approval of Stockholders

     This Plan is effective as of the date of adoption by the Board of Directors
(or the date the Plan received stockholder  approval, if earlier) but is subject
to the  approval of the holders of a majority of the  outstanding  shares of the
stock of the Company, which approval must occur no later than one year after the
date of the adoption of this Plan by the Company's Board of Directors.

Date Plan Adopted by Board of Directors: _________ __, 1999

Date Plan Approved by Stockholders: _________ __, 1999

                                      -11-

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