Document:

Exhibit 10.2
                                 BLACK IPO, INC.

                   KEY EMPLOYEES' INCENTIVE STOCK OPTION PLANS

     1. Purpose and Designation. The purpose of the Black IPO, Inc. (the
"Company") Key Employees' Incentive Stock Option Plans (the "Black IPO Stock
Option Plans") is to promote the interests of the Company and its shareholders
by providing a method whereby officers and other key employees of the Company,
and any subsidiary or parent, may be encouraged to invest in the Company's
common stock on reasonable terms by means of incentive stock options and thereby
increase their proprietary interest in the Company's business, encourage them to
remain in the employ of the Company, and increase their personal interest in its
continued success and progress. These Options are a form of compensation to
executives and other key employees of the Company. They are to be granted
without cost to the employees, both as a reward for past services and as an
incentive for future performance on behalf of the Company. The grant of Options
by the Company constitutes an agreement under which the Grantee/Optionee of the
Option has the right but not an obligation to exercise the Grantee"s right to
purchase Company shares of Common Stock at a predetermined fixed price on or
before a fixed date. Once granted, the Directors may reduce the price and extend
the exercise date depending upon changed business, economic, financial and
employee performance criteria.

     Designation. The Company has adopted both: (i) a "Qualified" Stock Option
Plan pursuant to the Internal Revenue Code, Sections 421-424; and, (ii) a
"NonQualified" Stock Option Plan (as that term is defined in the Code). The
Company has authorized the granting of One Million Two Hundred Thousand
(1,200,000) Qualified Options and NonQualified Options. The principal difference
between the Qualified Options and the NonQualified Options is the Federal
taxation to the Grantee/Optionee. In summary, the Qualified Options are not
taxed until they are exercised and the stock is acquired by the Grantee paying
the Company the Option exercise price; whereas the NonQualified Options are
subject to federal taxation at the date of grant (but only if at the date of the
granting they have a readily ascertainable fair market value at that time); as
that term is defined in the Code. Although the tax status of these Options will
be determined by the Company"s tax counsel or independent accountants, the
relevant provision of the Code concludes that the statutory conditions for
Federal taxation of NonQualified Options "are seldom satisfied," and the Company
has structured these NonQualified Options so they should not be taxed upon date
of grant, and the Optionee Stock Option Agreement referred to in Paragraph 6
will so designate.

     2. Participation. Officers and other key employees of the Company or any
subsidiary or parent shall be eligible for selection to participate in the Black
IPO Stock Option Plans; provided, however, that members of the Committee, if
any, administering the Plans shall not be eligible to receive Options under the
Plan while members of the Committee. Directors who are not officers or employees
of the Company or any subsidiary or parent are not eligible to participate in
the Black IPO Qualified Stock Option Plans. Except as provided in Paragraph 7,
no Option shall be granted to a Disqualified Employee.

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     3. Administration of the Black IPO Stock Option Plans.
        --------------------------------------------------

          (a) The Plans shall be administered by the Board. Subject to the
provisions contained herein, the Board shall have the authority to: (i) construe
and interpret the Plans; (ii) define the terms used herein; (iii) prescribe,
amend and rescind rules and regulations relating to the administration of the
Plans; (iv) determine the duration and purpose of leaves of absence which may be
granted to Optionee without constitution of a termination of their employment
for the purposes of the Plans; and (v) make all other determinations necessary
or advisable for the administration of the Plans. The determination of the Board
in the matters referred to in this paragraph shall be by majority vote and shall
be conclusive.

          (b) The Board shall have power, subject to the limitations contained
herein, to fix any terms and conditions for the grant or exercise of any Option
under the Plans.

          (c) The Board shall select Optionees from the eligible class of
participants and determine the terms and provisions of the respective Stock
Options, the times at which such Options shall be exercised, the number of
shares subject to such Option and the price per share upon exercise. An
individual who has been granted an Option may be granted an additional Option or
Options if he is otherwise eligible and if the Board so determines.

          (d) The Board may at any time and from time to time amend, suspend or
terminate the Black IPO Stock Option Plans and may amend the form of Stock
Option Agreement, in such respects as it shall deem advisable; provided that
such modification shall not change: (i) the maximum number of shares for which
Options have been granted; (ii) the exercise price(s) of any grant; (iii) the
period during which granted Options may be exercised; (iv) the provisions
relating to the class of persons eligible to receive Options granted under the
applicable Black IPO Stock Option Plans; (v) the provisions relating to
adjustments to be made and changes in capitalization of the Company; or (vi)
Optionee's rights under an Option previously granted to him without Optionee's
written consent.

          (e) If the provisions of the Code or Regulations relating to incentive
stock options are changed during the term of the Black IPO Stock Option Plans,
the Board shall have the power to alter the Plans to conform to such changes.
The Board shall have such authority without the necessity of obtaining further
stockholder approval unless such changes in the Code or Regulations require such
approval.

          (f) The Board may, but is not required, from time to time to appoint a
Committee, consisting of not less than two directors, none of whom shall be
eligible to participate in the Plans while members of the Committee. The Board
may delegate to the Committee full power and authority to take any action
required or permitted to be taken by the Board under the Plans if needed.

     4. Shares Subject To Plans. Subject to the provisions of Paragraph 1 and
Paragraph 11, the total number of shares of stock which may be optioned under
the Black IPO Stock Option Plans is One Million Hundred Two Hundred Thousand
(1,200,000) shares of the Company's Class B Common Stock which shall be
authorized and un-issued stock or treasury stock. If an Option ceases to be
exercisable, in whole or in part, the shares representing such Option shall
continue to be available under the Plans.

     5. Option Price. The purchase price of the stock under each Option shall be
determined solely by the Board in evaluating the fair value of an Option at the
date of grant in consideration of all the factors the Board decides to be
relevant.

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     6. Stock Option Agreement. Each Option shall be evidenced by a Stock Option
Certificate which shall be signed by the President and Chief Executive Officer
of the Company and the Optionee and which shall be subject to the following, but
not by way of limitation:

          (a) That the Option shall not be exercisable after the expiration of
not more than five (5) years from the date the Option is granted.

          (b) That the Option is non-transferable by the Optionee other than by
will or the laws of descent and distribution and otherwise shall be exercisable
during the lifetime of the Optionee only by the Optionee.

          (c) That the Option may not be exercised until at least twelve months
from the date of the grant.

          (d) That the Option may be exercised in full or in fractions solely at
the election of the Optionee. If exercised in part, the Option Agreement will be
so amended or a new agreement executed.

          (e) That the Option shall not be exercisable while there is any other
incentive stock option which was granted to the Optionee prior to the granting
of an Option under the Plans (options must be exercised in the chronological
order of the dates they were granted). For purposes of this Paragraph 5(e), an
incentive stock option shall be deemed to be outstanding until it is exercised
in full or expires by its terms.

          (f) That the Option may not have a designated market value; and none
may be quoted by the Company nor the Optionee.

          (g) That the Optionee may exercise an Option, in full or in part, upon
payment in cash; or in Company stock, valued by the Board, as set forth in
Paragraph 9(e).

     7. Options Granted to Disqualified Employee. Notwithstanding Paragraph 2,
Options may be granted to Disqualified Employees under the Plans if, at the time
an Option is granted to a Disqualified Employee, the purchase price of the stock
under such Option is at least one hundred ten percent (110%) of the fair market
value of the stock subject to the Option and such Option is not exercisable
after the expiration of five (5) years from the date such Option is granted.

     8. Annual Limitation on Options. The aggregate fair market value of stock
for which any Option may be granted in any calendar year under the Qualified
Plan shall not exceed $100,000.00 plus any "unused limit carryover" within the
meaning of Section 422A(c) of the Code.

     9. Exercise of Option.
        ------------------

          (a) Except as provided in Paragraph 9(b) and Paragraph 9(c)
hereinafter, an Optionee may exercise an Option only if, at the time such Option
is exercised such Optionee is an employee of, and has continuously since the
grant of the Option been an employee of, the Company or any subsidiary or
parent, for a period of at least twelve (12) continuous calendar months from the
date of the grant.

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          (b) If an Optionee shall cease to be employed by the Company or any
subsidiary or parent because of voluntary termination or termination other than
for cause, the Option shall expire concurrently with the termination of his
employment unless the Stock Option Agreement provides that the Optionee may,
within the one (1) month period immediately following such termination of
employment, and in no event later than the expiration date specified in the
Stock Option Agreement, exercise such Option to the extent he was entitled to
exercise it at the date of such termination. If the termination is for cause,
solely as determined by the Board of Directors any Option granted shall be
declared null and void as of the date of its grant.

          (c) If the termination is on account of the Optionee's disability, the
Optionee shall have twelve (12) months to exercise the Option from the date of
the declaration of full disability by a medical doctor.

          (d) If an Optionee dies while he is an employee of the Company or any
subsidiary or parent company, the Optionee may, to the extent that the Optionee
was entitled to exercise such Option on the date of his death, be exercised by
the person or persons to whom his rights under the Option shall pass by the
Optionee's will or by the applicable laws of descent and distribution; provided,
however, that no such Option may be exercised after the expiration date
specified in the Stock Option Agreement.

          (e) In order to exercise an Option, the Optionee shall give written
notice to the Company in form satisfactory to the Legal Counsel to the Board,
which notice shall specify the number of shares with respect to which the
Optionee elects to exercise such Option, together with full payment of the
Option Price for the Options to be exercised. Payment shall be made either (i)
in cash or certified funds; (ii) in shares of stock of the Company already owned
by the Optionee and having a fair market value equal to the applicable Option
Price, as determined by the Board; or (iii) in a combination of (i) and (ii).

     10. Alternative Settlement Right. The Board or the Committee, if appointed,
shall have the right to grant alternative settlement rights in any Stock Option
Agreement.

     11. Adjustments Upon Changes in Capitalization. In the event that the
outstanding shares of common stock of the Company are hereafter increased or
decreased, an appropriate proportionate adjustment shall be made in the number
and kind of shares to which an Option applies and the exercise price per share
thereof, to the end that the Optionee's proportionate interest shall be
maintained as before the occurrence of such event. Any such adjustment in shares
subject to Options shall be made without change to the total Option Price
applicable to the unexercised portion of such Options and with a corresponding
adjustment in the Option Price per share.

     12. Employee Rights Under the Plans. No officer or other employee of the
Company shall have a right to be granted Options under the Black IPO Stock
Option Plans nor, having been granted Options, be selected to receive additional
Options. Nothing contained in the Plans, nor in any Stock Option Agreement,
shall confer upon any Optionee any right to continued employment by the Company
or any subsidiary or parent nor limit in any way the right of the Company or any
subsidiary or parent to terminate an Optionee's employment at any time.

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     13. Termination. The Black IPO Stock Option Plans shall terminate ten (10)
years after their approval by the stockholders of the Company or adoption by the
Board, whichever is earlier. Any Option outstanding under either the Qualified
or NonQualified Plan at the time of its termination shall remain in effect until
the Option has been exercised or expires.

     14. Effective Date. The Black IPO Stock Option Plan became effective March
1, 2000 upon its adoption by the favorable vote of the holders of a majority of
the common stock of the Company present, in person or by proxy, and entitled to
vote at said meeting of such stockholders; and the NonQualified Plan became
effective upon unanimous resolution of the Board on August 10, 2000.

     15. Definitions. As used herein, the following terms shall have the
following respective meanings:

          "Board" shall mean the Board of Directors of the Company.

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

          "Committee" shall mean the Stock Option Plan Committee appointed by
          the Board in accordance with Paragraph 3(f) hereof.

          "Company" shall mean Black IPO, Inc., a California corporation.

          "Disabled" shall mean disabled within the meaning of Section 105(d)
          (4) of the Code.

          "Disqualified Employee" shall mean an employee of the Company who
          owns, or is deemed to own under Sections 421(d) of the Code, at the
          time an option is granted more than ten (10) percent of the total
          combined voting power of all classes of stock of the Company or any
          subsidiary or parent of the Company.

          "Fair market value" of stock shall mean the average of the bid and ask
          price over the immediately preceding thirty day period prior to
          determination of the fair market value quoted on any over-the-counter
          stock exchange or other national exchange, where the stock is not so
          traded, the fair market value shall be as determined by the Board in
          good faith.

          "Option" shall mean an option to purchase common stock in the Company
          under the Black IPO Stock Option Plans.

          "Optionee" shall mean an officer or other employee of the Company who
          is granted an Option pursuant to the terms of the Black IPO Stock
          Option Plans.

          "Parent" shall mean the parent corporation of the Company as defined
          in Section 421(e) of the Code.

          "Stock Option Agreement" shall mean an agreement between the Company
          and an Optionee evidencing the Optionee's right to acquire stock under
          the Plans, which shall contain such terms and conditions consistent
          with the terms of the Plans as may be approved by the Board or the
          Committee.

          "Subsidiary" shall mean any subsidiary corporation of the Company as
          defined in Section 421(f) of the Code.

ADOPTED BY ACTION OF THE BOARD
OF DIRECTORS AND SHAREHOLDERS

BLACK IPO, INC.

By:                                            Attest:  By:
-----------------------------------------                   --------------------
Wendell R. Stemley, Chairman of the Board                        Secretary

Dated:  June 30,2000

                                      -5-Exhibit 10.4(1)

                                 BLACK IPO, INC.
                             A Multicultural Company

                    WENDELL R. STEMLEY EMPLOYMENT AGREEMENT

Dated June 30, 2000 between BLACK IPO, INC. ("Black IPO"), a Colorado
corporation and WENDELL R. STEMLEY.

IN CONSIDERATION OF THE COVENANTS HEREIN, THE PARTIES AGREE AS FOLLOWS:

1. EMPLOYMENT

     1.1. Position. During the Term of this Agreement and subject to the terms
     and conditions set forth herein, BLACK IPO agrees to employ Stemley as its
     President and Chief Executive Officer, reporting only to the Board of
     Directors of BLACK IPO.

     1.2 Election to Office. During the Term of this Agreement, BLACK IPO shall
     use its best efforts to continue Stemley's position and designation as
     President and Chief Executive Officer.

     1.3. Duties. During the Term of this Agreement, Stemley shall (i) devote
     his full-time efforts during normal business hours to the performance of
     his services, (except during vacation periods and periods of illness or
     incapacity and except that nothing in this Agreement shall preclude Stemley
     from devoting reasonable periods required for serving as a director, or
     member of a committee of, or holding other positions, in any organization
     involving no conflict of interest with the interests of BLACK IPO) and (ii)
     perform his services faithfully, diligently and to the best of his skill
     and ability.

     1.4. Location. During the Term of this Agreement, Stemley will perform his
     duties and services principally at Black IPO"s executive offices, and at
     such locations as he shall deem appropriate, and Stemley agrees to make
     such business trips as may be reasonable and necessary in the performance
     of his services hereunder.

2. COMPENSATION AND BENEFITS

     2.1. Salary. As compensation for the services to be performed by Stemley,
     Black IPO agrees to pay Stemley during the Term of this Agreement a base
     salary (the "Base Salary") of not less than $80,000 per year, which may be
     accrued, if not paid, payable bi-monthly in accordance with Black IPO's
     regular payroll practices. Black IPO may review Stemley's Base Salary and
     other compensation (including bonuses and incentive compensation) from time
     to time during the Term of this Agreement and, at the recommendation of the
     Compensation Committee of the Board of Directors (the "Committee"), may
     increase his Base Salary or other compensation (including bonuses and
     incentive compensation) from time to time. Any increase in Base Salary or
     other compensation (including bonuses or incentive compensation) shall in
     no way limit or reduce any other obligation of Black IPO. Once established
     at an increased rate, Stemley's Base Salary hereunder shall not be reduced.

     2.2. Incentive Compensation. During the term of this Agreement, in addition
     to the Base Salary provided in Section 2.1 above, Stemley shall be eligible
     to receive additional incentive compensation, upon achievement of
     performance or other goals to be established from time to time by the
     Committee.

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     Such incentive compensation may be payable in cash, or in stock, stock
     options or other stock based awards, or in any combination of cash and
     stock based awards, as shall be determined by the Committee.

     2.3. Participation in Benefit Plans. During the Term of this Agreement,
     Stemley shall be entitled to participate in any pension plans,
     profit-sharing plans and group insurance, medical, hospitalization,
     disability and other benefit plans adopted, by The Board of Directors.

     2.4. Reimbursement of Expenses. Black IPO will reimburse Stemley for all
     business expenses, including, without limitation, traveling, entertainment
     and similar expenses, incurred by Stemley on behalf of Black IPO during the
     Term of this Agreement if such expenses are ordinary and necessary business
     expenses incurred on behalf of Black IPO pursuant to Black IPO's standard
     expense reimbursement policy, provided that Stemley shall provide Black IPO
     with itemized accounts, receipts or documentation for such expenses.

     2.5. Vacation and Sick Leave. During the Term of this Agreement, Stemley
     will be entitled to three weeks of paid vacation per year. Stemley shall
     also be entitled to paid sick leave in accordance with the policy
     applicable to the other senior executives of Black IPO.

3. TERM

     3.1. Term. The "Term" of employment under this Agreement means the period
     commencing July 1, 2000 and expiring on December 31, 2004 or the earlier
     termination pursuant to Section 4.1.

4. TERMINATION OF EMPLOYMENT

     4.1. Events of Termination. Upon the occurrence of any of the following
     events, Stemley's employment hereunder shall terminate and Stemley shall be
     entitled to the benefits provided in Section 4.2 hereof.

          (i) Termination due to Stemley's death.

          (ii) Termination due to Stemley's Disability. If, as a result of
     Stemley's incapacity due to physical or mental illness, injury or
     disability Stemley shall have been absent from his duties with Black IPO on
     a full-time basis for three consecutive months, and within thirty days
     after the receipt of written Notice of Termination (as hereunder defined)
     he shall not have returned to the full-time performance of his duties,
     Black IPO may terminate Stemley's employment for "Disability." "Absent from
     his Duties" means, (ii), that Stemley is devoting less than 40 hours per
     week to his duties under this Agreement.

          (iii) Black IPO shall be entitled to terminate Stemley's employment
     for Cause. For purposes of this Agreement, "Cause" shall mean:

               (1) the willful and continued failure by Stemley to substantially
          perform his duties with Black IPO in good faith (other than any such
          failure resulting from his incapacity due-to physical or mental
          illness, injury or disability or any such actual or anticipated
          failure resulting from his termination foGood Reason (as hereinafter
          defined), after a demand for substantial performance is delivered to
          him by the Board of Directors of Black IPO which identifies, in
          reasonable detail, the manner in which the Board of Directors believes
          that Stemley has not substantially performed his duties in good faith;

               (2) the willful engaging by Stemley in conduct which causes
          material harm to Black IPO, monetarily or otherwise; or Stemley's
          conviction of a felony arising from conduct during the Term of this
          Agreement.

               (3) No act, or failure to act, on Stemley's part shall be
          considered "willful" unless done, or omitted to be done, by him not in
          good faith and without reasonable belief that his action or omission

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          was in the best interest of Black IPO or its shareholders.
          Notwithstanding the foregoing, Stemley shall not be deemed to have
          been terminated for Cause unless and until there shall have been
          delivered to him a copy of a resolution duly adopted by the
          affirmative vote of not less than two-thirds of the entire membership
          of the Board of Directors at a meeting of the Board of Directors
          called and held for such purpose (after ten days notice to him and an
          opportunity for him, together with his counsel, to appear before the
          Board of Directors), finding that Stemley was guilty of conduct set
          forth above in this Subsection 4. l (iii) in a "Notice of Termination"
          setting forth, in reasonable detail, the basis for such finding.

               (iv) Stemley shall be entitled to terminate his employment for
          Good Reason. For purposes of this Agreement, "Good Reason" shall,
          without Stemley's express written consent, mean:

                    (1) the assignment to Stemley of any duties substantially
               inconsistent with his status as President and Chief Executive
               Officer of Black IPO;

                    (2) a reduction by Black IPO in Stemley's Base Salary as in
               effect on the date hereof or as the same may be increased from
               time to time;

                    (3) the relocation of Black IPO's principal executive
               offices to a location not approved by Stemley or Black IPO"s
               requiring Stemley to be based location not approved by Stemley;

                    (4) the failure by Black IPO to continue in effect any
               pension, health, compensation or other benefit plan in which
               Stemley participates, or any similar plans hereafter adopted,
               unless an equitable arrangement (as determined by an employee
               benefit consultant of national standing selected by Black IPO and
               reasonably satisfactory to Stemley), embodied in an ongoing
               substitute or alternative plan, has been made with respect to
               such plan, or the failure by Black IPO to continue his
               participation therein, or the taking of any action by Black IPO
               which would directly or indirectly materially reduce any of such
               benefits or deprive Stemley of any material fringe benefit
               presently enjoyed by him;

                    (5) the failure of Black IPO to obtain a satisfactory
               agreement from any successor (by means of merger, consolidation,
               sale of assets or otherwise) to assume and agree to perform this
               Agreement as contemplated by Section 5 hereof; or

                    (6) any purported termination of Stemley's employment which
               is not effected pursuant to a Notice of Termination satisfying
               the requirements of Subsection (v) of this Section 4.1 (and, if
               applicable, Subsection (iii) of this Section 4.1); and for
               purposes of this Agreement, no such purported termination shall
               be effective.

         Stemley's right to terminate his employment pursuant to this Subsection
         4.1 (iv) shall not be affected by his incapacity due to physical or
         mental illness, injury or disability. Black IPO may, solely during the
         period of such incapacity, make arrangements for the discharge of any
         of Stemley's duties hereunder by another officer of Black IPO, but any
         such arrangement shall not affect or in any way diminish Stemley's
         rights hereunder.

               (v) Any purported termination by Black IPO or by Stemley shall be
          communicated by written Notice of Termination to the other party
          hereto in accordance with Sections 4.3 and 8.1 hereof.

               (vi) Notwithstanding the pendency of a Notice of Dispute (as
          hereinafter defined), Black IPO will continue to pay Stemley his full
          compensation in effect when the notice giving rise to the dispute was
          given (including, but not limited to, Base Salary) and continue his
          participation in all incentive compensation, bonus, option, benefit
          and insurance plans in which he was participating when the notice
          giving rise to the dispute was given (or provide Stemley with benefits
          substantially similar, as determined by an employee benefit consultant
          of national standing selected by Black IPO and reasonably satisfactory
          to Stemley, to those under such plans), until the dispute is finally
          resolved. Amounts paid under this Section 4.1 (vi) are in addition to
          all other amounts due under this Agreement and shall not be offset

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          against or reduce any other amounts due under this Agreement or
          otherwise. If it is finally determined that Stemley terminated his
          employment for other than Good Reason or Black IPO rightfully
          terminated Stemley's employment for Cause, Stemley shall reimburse
          Black IPO for all amounts paid to him under this Section 4.1 (vi)
          (less any amounts determined to be owing to Stemley under any other
          provision of this Agreement), with interest thereon calculated at a
          rate of six percent per annum.

4.2 Financial Events on Termination.

               (i) Upon the termination of Stemley's employment as a result of
          his Disability, Stemley shall be entitled to receive:

                    (1) His Base Salary for twelve (12) months and any and all
               benefits to which he is entitled on the date of such termination
               under Black IPO"s pension, life, disability, accident and health
               and other benefit plans in accordance with the provisions of such
               plans;

                    (2) One hundred percent (100%) of the maximum amount of
               incentive compensation for which Stemley could have become
               eligible during the year in which such termination occurs.

                    (3) Vested Options. Options to purchase stock (common or
               otherwise) in Black IPO granted pursuant to any plan or
               otherwise, or any equivalent or similar rights which appreciate
               or tend to appreciate as the value of Black IPO"s stock
               appreciate shall become immediately and fully vested.

               (ii) Upon the termination of Stemley's employment as a result of
          his Death, Stemley's heirs, devises, executors or other legal
          representatives shall receive:

                    (1) for an additional twelve months from the date of such
               termination, his Base Salary and any and all benefits to which he
               is entitled on the date of such termination under Black IPO"s
               pension, life, disability, accident and health and other benefit
               plans in accordance with the provisions of such plans; and (B)
               one hundred percent (100%) of the maximum amount of incentive
               compensation for which Stemley could have become eligible during
               the year in which such termination occurs.

                    (2) any options to purchase stock (common or otherwise) in
               Black IPO granted pursuant to any plan or otherwise, or any
               equivalent or similar rights which appreciate or tend to
               appreciate as the value of Black IPO"s stock appreciates, shall
               become immediately accelerated fully vested and any restrictions
               on such options or equivalent or similar rights shall, to the
               extent permissible under application securities laws, fully
               lapse, and Black IPO shall endeavor to cause any restrictions on
               such options or equivalent or similar rights not lapsed by
               operation of the clause to so lapse.

               (iii) If Stemley's employment shall be terminated for Cause,
          Black IPO shall pay Stemley his full Base Salary and other benefits to
          which he is entitled for a period of twelve months, (vi)(b) if
          Stemley's employment shall be terminated for Cause as described in
          Section 4. (iii) hereto, Black IPO shall pay, Stemley his full Base
          Salary and other benefits to which he is entitled, through the Date of
          Termination at the rate of effect at the Notice of Termination is
          given, and Black IPO shall have no further obligations to him under
          this Agreement.

               (iv) If Stemley's employment for Black IPO shall be terminated
          (a) by Black IPO other than for Cause, Death or Disability, or (b) by
          Stemley for Good Reason, then Stemley shall be entitled to the
          benefits provided below:

                    (1) any options to purchase stock (common or otherwise) in
               Black IPO granted pursuant to any plan or otherwise, or any
               equivalent or similar rights which appreciate or tend to
               appreciate as the value of Black IPO"s stock appreciates, shall
               become immediately accelerated and fully vested.

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                    (2) not later than thirty days following the Date of
               Termination, a lump sum in cash equal to twelve months of Base
               Salary, at the rate of Stemley's Base Salary on the Date of
               Termination, discounted to the then present value at a discount
               rate often ten percent (10%) per annum applied to each future
               payment from the time it would have become payable; and:

                    (3) one hundred percent (100%) of the maximum amount of
               incentive compensation for which Stemley could have become
               eligible during the year in which such termination occurs;

                    (4) Stemley shall not be required to mitigate the amount of
               any payment provided for in this Section 4.2 by seeking other
               employment or otherwise, nor shall the amount of any payment or
               benefit provided for in this Section 4.2 be subject to set-off or
               reduced by any compensation earned by him as the result of
               employment by another employer or by benefits after the Date of
               Termination, or otherwise.

         4.3      Definitions.

               (i) "Notice of Termination" means a written notice which shall
          indicate the specific termination provision in this Agreement relied
          upon and shall set forth in reasonable detail the facts and
          circumstances claimed to provide a basis for termination of employment
          under the provision so indicated.

               (ii) "Date of Termination" means (I) if employment is terminated
          for Disability, thirty days after Notice of Termination is given
          (provided that Stemley shall not have returned to the performance of
          his duties on a full-time basis during such thirty-day period), and
          (ii) if employment is terminated pursuant to Subsection (iii) or (iv)
          of Section 4.1 or for any other reason, the date specified in the
          Notice of Termination (which, in the case of a termination pursuant to
          Subsection (iii) of Section 4.1, shall not be less than ten days and,
          in the case of a termination pursuant to Subsection (iv) of Section
          4.1, shall not be more than sixty days, respectively, from the date
          such Notice of Termination is given); provided that if within thirty
          days after any Notice of Termination is given, the party receiving
          such Notice of Termination notifies the other party that a dispute
          exists concerning the termination (a "Notice of Dispute"), the Date of
          Termination shall be the date on which the dispute is finally
          determined, either by mutual written agreement of the parties, by a
          binding arbitration award, or by a final judgment, order or decree of
          a court of competent jurisdiction (the time for appeal therefrom
          having expired and no appeal having been perfected); and provided
          further that the Date of Termination shall be extended by a Notice of
          Dispute only if such notice is given in good faith and the party
          giving such notice pursues the resolution of such dispute with
          reasonable diligence.

5. SUCCESSORS

         5.1 Assumption by Successors. Black IPO shall require any successor
         (whether direct or indirect, by purchase, merger, consolidation or
         otherwise) to all or substantially all of the business or assets of
         Black IPO to expressly assume and agree to perform this Agreement in
         the same manner and to the same extent that Black IPO would be required
         to perform it if no such succession had taken place. Failure of Black
         IPO to obtain such assumption and agreement prior to the effectiveness
         of any such succession shall be a breach of this Agreement and shall
         entitle Stemley to compensation from Black IPO in the same amount and
         on the same terms as he would be entitled hereunder if he terminates
         his employment for Good Reason, except that for purposes of
         implementing the foregoing, the date on which any such succession
         becomes effective shall be deemed the Date of Termination. As used in
         this Agreement, "Company" shall mean Black IPO as hereinbefore defined
         and any successor to its business or assets which assumes and agrees to
         perform this Agreement by operation of law, or otherwise.

6. NON-COMPETITION AND CONFIDENTIALITY

         6.1 Non-competition. During Stemley's employment by Black IPO hereunder
         and during the period of one year after the termination of Stemley's
         employment hereunder by Black IPO for Cause or by Stemley for other
         than Good Reason:

                                       5

<PAGE>

                  (i) Stemley will not directly compete with the business of
                  Black IPO so as to cause Black IPO to lose material revenue
                  from any client account which is in existence on the Date of
                  Termination.

                  (ii) Stemley will not directly or indirectly employ or solicit
                  for employment any person whom he knows to be an employee of
                  Black IPO or any subsidiary of Black IPO.

         6.2      Confidential Information.

                  (i) Stemley agrees and acknowledges that the Confidential
                  Information of Black IPO is valuable, special and unique to
                  its business; that such business depends on such Confidential
                  Information; and that Black IPO wishes to protect such
                  confidential Information by keeping it confidential for the
                  use and benefit of Black IPO. Based on the foregoing Stemley
                  agrees to undertake the following obligations with respect to
                  such confidential Information:

                    (1) Stemley agrees to keep any and all confidential
               Information in trust for the use and benefit of Black IPO;

                    (2) Stemley agrees that, except as required by Stemley's
               duties hereunder or authorized in writing by Black IPO, he will
               not at any time during and for one year after the termination of
               his employment with Black IPO, disclose or use, directly or
               indirectly, any Confidential Information of Black IPO;

                    (3) Stemley agrees to take all reasonable steps necessary,
               or reasonably requested by Black IPO, to ensure that all
               Confidential Information of Black IPO is kept confidential for
               the use and benefit of Black IPO; and

                    (4) Stemley agrees that, upon termination of his employment
               by Black IPO or at any other time Black IPO may in writing so
               request, he will promptly deliver to Black IPO all materials
               constituting Confidential Information (including all copies
               thereof) that are in the possession of or under the control of
               Stemley. Stemley further agrees that, if requested by Black IPO
               to return any Confidential Information pursuant to this
               Subsection 6.2 (i)(4), he will not make or retain any copy of or
               extract from such materials.

               (ii) for purposes of this Section 6.2, Confidential Information
               means any and all information developed by or for Black IPO of
               which Stemley gained knowledge by reason of his employment by
               Black IPO prior to date hereof or his employment under this
               Agreement that is not generally known in any industry in which
               Black IPO is or may become engaged. Confidential Information
               includes, but is not limited to, any and all information
               developed by or for Black IPO concerning plans, marketing and
               sales methods, materials, processes, business forms, procedures,
               devices used by Black IPO, contractors and customers with which
               Black IPO has dealt prior to Stemley's termination of employment
               with Black IPO, plans for development of new products, services
               and expansion into new areas or markets, internal operations, and
               any trade secrets and proprietary information of any type owned
               by Black IPO together with all written, graphic and other
               materials relating to all or any part of the same.

               In the event that Stemley is, in the opinion of his legal counsel
               (which counsel shall be acceptable to Black IPO in its reasonable
               discretion), required to disclose any Confidential Information to
               any federal, state, local or foreign judicial, legislative,
               administrative or any other authority, agency or instrumentality
               or is required to disclose such Confidential Information by
               reason of his fiduciary duties to Black IPO or its shareholders
               or by any federal, state, local or foreign securities, blue-sky
               or other similar laws, rules, regulations or ordinances, then,

                                       6

<PAGE>

               notwithstanding anything in this Section 6.2 to the contrary,
               Stemley may disclose such Confidential Information to the extent,
               and to the persons and entities, so required without any
               liability hereunder, without constituting a breach hereunder and
               without giving rise to a right of Black IPO to terminate
               Stemley's employment (for Cause or otherwise) hereunder. Stemley
               shall notify Black IPO of any disclosure required to be made in
               connection with the preceding sentence as soon as practicable
               after Stemley becomes aware of such required disclosure.

7. REMEDIES

     7.1. Injunctive Relief. Stemley acknowledges and agrees that the covenants
     and obligations contained in Sections 6.1 and 6.2 relate to special, unique
     and extraordinary matters and that a violation of any of the terms of such
     sections will cause Black IPO irreparable injury for which adequate remedy
     at law is not available. Therefore, Stemley agrees that Black IPO shall be
     entitled to an injunction, restraining order, or other equitable relief
     from any court of competent jurisdiction, restraining Stemley from
     committing any violation of the covenants and obligations set forth in
     Sections 6.1 and 6.2 hereof.

     7.2. Remedies Cumulative. Black IPO"s rights and remedies under Section 7.1
     hereof are cumulative and are in addition to any other rights and remedies
     Black IPO may have at law or in equity.

8. MISCELLANEOUS

     8.1. Notices. Any written notice, required or permitted under this
     Agreement, shall be deemed sufficiently given if either hand-delivered or
     if sent by fax or overnight courier. Written notices must be delivered to
     the receiving party at his or its address on the signature page of this
     Agreement. The parties may change the address at which written notices are
     to be received in accordance with this section.

     8.2. Assignment. Neither Black IPO nor Stemley may assign, transfer, or
     delegate its or his rights or obligations hereunder and any attempt to do
     so shall be void. This Agreement shall be binding upon and shall insure to
     the benefit of Black IPO and its successors and assigns.

     8.3. Entire Agreement. This Agreement contains the entire agreement of the
     parties with respect to the subject matter hereof, and all other prior
     agreements, written or oral, are hereby merged herein and are of no further
     force or effect. This Agreement may be modified or amended only by a
     written agreement that is signed by Black IPO and Stemley. No waiver of any
     section or provision of this Agreement will be valid unless such waiver is
     in writing and signed by the party against whom enforcement of the waiver
     is sought.

     The waiver by Black IPO of any section or provision of this Agreement shall
     not apply to any subsequent breach of this Agreement. Captions to the
     various sections in this Agreement are for the convenience of the parties
     only and shall not affect the meaning or interpretation of this Agreement.
     This Agreement may be executed in several counterparts, each of which shall
     be deemed an original, but together they shall constitute one and the same
     instrument.

     8.4. Severability. The provisions of this Agreement shall be deemed
     severable, and if any part of any provision is held illegal, void, or
     invalid under applicable law such provision may be changed to the extent
     reasonably necessary to make the provision, as so changed, legal, valid and
     binding. If any provision of this Agreement is held illegal, void or
     invalid in its entirety, the remaining provisions of this Agreement shall
     not in any way be affected or impaired but shall remain binding in
     accordance with their terms.

                                       7
<PAGE>

     8.5. Continuing Obligations. All of the sections of this Agreement
     including but not by way of limitation, that provide for ongoing
     obligations of Black IPO in Sections 4.2, 6.1, and 6.2 shall continue and
     survive the termination of this Agreement.

     8.6. Applicable Law. This Agreement and the right and obligation of Black
     IPO and Stemley thereunder shall be governed by and construed and enforced
     under the laws of the State of Colorado applicable to agreements made and
     to be performed entirely within such State.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                           BLACK IPO, INC.

ACKNOWLEDGEMENT                           AGREED AND ACCEPTED

By:                                       By:
     ------------------------------------    -----------------------------------

     Malcolm D. Crawford                   Wendell R. Stemley
     General Counsel                       President and Chief Executive Officer

                                       8

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