Document:

EXHIBIT 4.2

                           THE JACKSON RIVERS COMPANY
           NON-EMPLOYEE DIRECTORS AND CONSULTANTS RETAINER STOCK PLAN
                             FOR THE YEAR 2004 NO. 5

     1.   Introduction.  This  Plan  shall  be  known as the "The Jackson Rivers
          ------------
Company  Non-Employee Directors and Consultants Retainer Stock Plan for the Year
2004 No. 5," and is hereinafter referred to as the "Plan."  The purposes of this
Plan  are  to  enable  The  Jackson  Rivers  Company, a Florida corporation (the
"Company"),  to  promote  the  interests  of the Company and its stockholders by
attracting  and  retaining  non-employee  Directors  and  Consultants capable of
furthering  the  future  success  of  the Company and by aligning their economic
interests more closely with those of the Company's stockholders, by paying their
retainer  or fees in the form of shares of the Company's common stock, par value
$  001  per  share  (the  "Common  Stock").

     2.   Definitions.  The  following  terms  shall have the meanings set forth
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below:

     "Board"  means  the  Board  of  Directors  of  the  Company.

     "Change  of  Control"  has the meaning set forth in Paragraph 12(d) hereof.

     "Code"  means  the Internal Revenue Code of 1986, as amended, and the rules
and  regulations  thereunder. References to any provision of the Code or rule or
regulation  thereunder  shall  be  deemed  to  include  any amended or successor
provision,  rule  or  regulation.

     "Committee"  means  the committee that administers this Plan, as more fully
defined  in  Paragraph  13  hereof.

     "Common  Stock"  has  the  meaning  set  forth  in  Paragraph  1  hereof.

     "Company"  has  the  meaning  set  forth  in  Paragraph  1  hereof.

     "Consultants"  means  Company's  consultants and advisors only if: (i) they
are  natural  persons;  (ii) they provide bona fide services to the Company; and
(iii) the services are not in connection with the offer or sale of securities in
a  capital-raising  transaction,  and  do  not directly or indirectly promote or
maintain  a  market  for  the  Company's  securities.

     "Deferral  Election"  has  the  meaning  set  forth  in Paragraph 6 hereof.

     "Deferred  Stock  Account"  means  a  bookkeeping account maintained by the
Company  for a Participant representing the Participant's interest in the shares
credited  to  such  Deferred  Stock  Account  pursuant  to  Paragraph  7 hereof.

     "Delivery  Date"  has  the  meaning  set  forth  in  Paragraph  6  hereof.

     "Director" means an individual who is a member of the Board of Directors of
the  Company.

     "Dividend  Equivalent"  for  a given dividend or other distribution means a
number  of  shares  of  the  Common  Stock having a Fair Market Value, as of the
record date for such dividend or distribution, equal to the amount of cash, plus
the  Fair  Market  Value  on  the  date of distribution of any property, that is
distributed  with  respect  to  one  share  of the Common Stock pursuant to such
dividend  or  distribution;  such  Fair  Market  Value  to  be determined by the
Committee  in  good  faith.

     "Effective  Date"  has  the  meaning  set  forth  in  Paragraph  3  hereof.

     "Exchange  Act"  has  the  meaning  set  forth  in  Paragraph 12(d) hereof.

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     "Fair  Market Value" means the mean between the highest and lowest reported
sales  prices  of the Common Stock on the New York Stock Exchange Composite Tape
or, if not listed on such exchange, on any other national securities exchange on
which  the  Common  Stock is listed or on The Nasdaq Stock Market, or, if not so
listed  on  any  other  national securities exchange or The Nasdaq Stock Market,
then  the  average  of  the  bid  price of the Common Stock during the last five
trading  days  on  the OTC Bulletin Board immediately preceding the last trading
day  prior  to  the  date  with  respect to which the Fair Market Value is to be
determined.  If  the  Common  Stock  is  not then publicly traded, then the Fair
Market  Value  of  the  Common  Stock shall be the book value of the Company per
share  as  determined  on the last day of March, June, September, or December in
any  year  closest  to  the  date when the determination is to be made.  For the
purpose  of  determining book value hereunder, book value shall be determined by
adding  as  of  the  applicable date called for herein the capital, surplus, and
undivided  profits  of  the  Company,  and  after  having  deducted any reserves
theretofore  established;  the sum of these items shall be divided by the number
of shares of the Common Stock outstanding as of said date, and the quotient thus
obtained shall represent the book value of each share of the Common Stock of the
Company.

     "Participant"  has  the  meaning  set  forth  in  Paragraph  4  hereof.

     "Payment  Time"  means  the  time  when  a  Stock  Retainer is payable to a
Participant  pursuant to Paragraph 5 hereof (without regard to the effect of any
Deferral  Election).

     "Stock  Retainer"  has  the  meaning  set  forth  in  Paragraph  5  hereof.

     "Third  Anniversary"  has  the  meaning  set  forth  in Paragraph 6 hereof.

     3.   Effective  Date  of  the  Plan.  This  Plan  was  adopted by the Board
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effective  November  8,  2004  (the  "Effective  Date").

     4.   Eligibility.  Each  individual  who is a Director or Consultant on the
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Effective  Date  and  each  individual  who  becomes  a  Director  or Consultant
thereafter  during  the  term  of  this  Plan,  shall  be  a  participant  (the
"Participant")  in this Plan, in each case during such period as such individual
remains a Director or Consultant and is not an employee of the Company or any of
its  subsidiaries.  Each  credit  of shares of the Common Stock pursuant to this
Plan shall be evidenced by a written agreement duly executed and delivered by or
on  behalf of the Company and a Participant, if such an agreement is required by
the  Company  to  assure  compliance  with  all applicable laws and regulations.

     5.   Grants  of  Shares.  Commencing  on  the Effective Date, the amount of
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compensation  for service to directors or consultants shall be payable in shares
of  the  Common  Stock (the "Stock Retainer") pursuant to this Plan.  The deemed
issuance  price  of  shares  of  the Common Stock subject to each Stock Retainer
shall  not  be less than 85 percent of the Fair Market Value of the Common Stock
on  the  date  of  the  grant.  In  the  case  of any person who owns securities
possessing  more than ten percent of the combined voting power of all classes of
securities  of the issuer or its parent or subsidiaries possessing voting power,
the  deemed  issuance  price of shares of the Common Stock subject to each Stock
Retainer  shall  be  at least 100 percent of the Fair Market Value of the Common
Stock  on  the  date  of  the  grant.

     6.   Deferral Option.  From and after the Effective Date, a Participant may
          ---------------
make an election (a "Deferral Election") on an annual basis to defer delivery of
the Stock Retainer specifying which one of the following ways the Stock Retainer
is to be delivered (a) on the date which is three years after the Effective Date
for  which  it was originally payable (the "Third Anniversary"), (b) on the date
upon  which the Participant ceases to be a Director or Consultant for any reason
(the  "Departure  Date")  or (c) in five equal annual installments commencing on
the  Departure  Date  (the  "Third  Anniversary" and "Departure Date" each being
referred  to  herein as a "Delivery Date").  Such Deferral Election shall remain
in  effect  for each Subsequent Year unless changed, provided that, any Deferral
Election  with  respect  to  a  particular Year may not be changed less than six
months  prior to the beginning of such Year, and provided, further, that no more
than  one  Deferral  Election  or  change  thereof  may  be  made  in  any Year.

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     Any Deferral Election and any change or revocation thereof shall be made by
delivering  written  notice  thereof  to  the Committee no later than six months
prior to the beginning of the Year in which it is to be effected; provided that,
with  respect to the Year beginning on the Effective Date, any Deferral Election
or  revocation  thereof must be delivered no later than the close of business on
the  30th  day  after  the  Effective  Date.

     7.   Deferred  Stock Accounts.  The Company shall maintain a Deferred Stock
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Account  for  each  Participant  who makes a Deferral Election to which shall be
credited,  as of the applicable Payment Time, the number of shares of the Common
Stock  payable  pursuant  to  the  Stock Retainer to which the Deferral Election
relates.  So  long  as  any amounts in such Deferred Stock Account have not been
delivered  to  the  Participant  under  Paragraph  8 hereof, each Deferred Stock
Account  shall be credited as of the payment date for any dividend paid or other
distribution  made  with respect to the Common Stock, with a number of shares of
the  Common Stock equal to (a) the number of shares of the Common Stock shown in
such Deferred Stock Account on the record date for such dividend or distribution
multiplied  by  (b)  the  Dividend Equivalent for such dividend or distribution.

     8.   Delivery  of  Shares.
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     (a)  The  shares  of  the  Common  Stock  in a Participant's Deferred Stock
Account  with  respect  to  any Stock Retainer for which a Deferral Election has
been  made (together with dividends attributable to such shares credited to such
Deferred  Stock  Account) shall be delivered in accordance with this Paragraph 8
as  soon as practicable after the applicable Delivery Date.  Except with respect
to  a  Deferral  Election  pursuant  to  Paragraph  6 hereof, or other agreement
between  the parties, such shares shall be delivered at one time; provided that,
if  the  number  of shares so delivered includes a fractional share, such number
shall  be rounded to the nearest whole number of shares.  If the Participant has
in  effect  a Deferral Election pursuant to Paragraph 6 hereof, then such shares
shall  be  delivered  in five equal annual installments (together with dividends
attributable  to  such shares credited to such Deferred Stock Account), with the
first  such installment being delivered on the first anniversary of the Delivery
Date;  provided  that,  if  in  order  to equalize such installments, fractional
shares  would  have  to  be  delivered,  such  installments shall be adjusted by
rounding  to  the  nearest  whole share.  If any such shares are to be delivered
after  the  Participant  has  died  or become legally incompetent, they shall be
delivered  to the Participant's estate or legal guardian, as the case may be, in
accordance  with  the  foregoing;  provided that, if the Participant dies with a
Deferral  Election pursuant to Paragraph 6 hereof in effect, the Committee shall
deliver  all  remaining  undelivered  shares  to  the  Participant's  estate
immediately.  References  to a Participant in this Plan shall be deemed to refer
to  the  Participant's  estate  or  legal  guardian,  where  appropriate.

     (b)  The  Company may, but shall not be required to, create a grantor trust
or  utilize  an existing grantor trust (in either case, "Trust") to assist it in
accumulating  the  shares  of the Common Stock needed to fulfill its obligations
under this Paragraph 8.  However, Participants shall have no beneficial or other
interest  in  the Trust and the assets thereof, and their rights under this Plan
shall  be  as  general  creditors of the Company, unaffected by the existence or
nonexistence  of  the  Trust,  except  that  deliveries  of  Stock  Retainers to
Participants  from  the  Trust  shall,  to  the  extent  thereof,  be treated as
satisfying  the  Company's  obligations  under  this  Paragraph  8.

     9.   Share  Certificates;  Voting  and  Other Rights.  The certificates for
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shares  delivered to a Participant pursuant to Paragraph 8 above shall be issued
in the name of the Participant, and from and after the date of such issuance the
Participant shall be entitled to all rights of a stockholder with respect to the
Common Stock for all such shares issued in his name, including the right to vote
the  shares,  and  the  Participant  shall  receive  all  dividends  and  other
distributions  paid  or  made  with  respect  thereto.

     10.  General  Restrictions.
          ---------------------

          (a)  Notwithstanding  any  other  provision of this Plan or agreements
made pursuant thereto, the Company shall not be required to issue or deliver any
certificate or certificates for shares of the Common Stock under this Plan prior
to  fulfillment  of  all  of  the  following  conditions:

               (i)  Listing  or  approval  for  listing  upon official notice of
issuance  of  such  shares  on  the New York Stock Exchange, Inc., or such other
securities  exchange  as  may  at  the  time  be  a market for the Common Stock;

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               (ii) Any registration or other qualification of such shares under
any state or federal law or regulation, or the maintaining in effect of any such
registration  or  other qualification which the Committee shall, upon the advice
of  counsel,  deem  necessary  or  advisable;  and

               (iii) Obtaining  any  other consent, approval, or permit from any
state  or federal governmental agency which the Committee shall, after receiving
the  advice  of  counsel,  determine  to  be  necessary  or  advisable.

          (b)  Nothing  contained  in  this  Plan shall prevent the Company from
adopting  other  or  additional  compensation arrangements for the Participants.

     11.  Shares  Available.  Subject  to Paragraph 12 below, the maximum number
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of  shares  of  the  Common  Stock  which  may in the aggregate be paid as Stock
Retainers  pursuant  to  this  Plan  is 195,000,000.  Shares of the Common Stock
issuable  under  this  Plan  may be taken from treasury shares of the Company or
purchased  on the open market.  In the event that any outstanding Stock Retainer
under  this  Plan  for any reason expires or is terminated, the shares of Common
Stock  allocable  to  the  unexercised  portion  of  the Stock Retainer shall be
available  for  issuance  under  The  Jackson  Rivers  Company's  Employee Stock
Incentive  Plan for the Year 2004 No. 5.  The Compensation Committee may, in its
discretion,  increase  the  number  of  shares available for issuance under this
Plan,  while  correspondingly  decreasing  the  number  of  shares available for
issuance  under  The  Jackson Rivers Company's Employee Stock Incentive Plan for
the  Year  2004  No.  5.

     12.  Adjustments;  Change  of  Control.
          ---------------------------------

          (a)  In  the  event  that there is, at any time after the Board adopts
this  Plan,  any  change  in  corporate  capitalization,  such as a stock split,
combination  of  shares,  exchange  of  shares,  warrants  or rights offering to
purchase  the  Common  Stock  at  a  price  below  its  Fair  Market  Value,
reclassification,  or  recapitalization, or a corporate transaction, such as any
merger,  consolidation,  separation,  including  a  spin-off, stock dividend, or
other  extraordinary  distribution  of  stock  or  property  of the Company, any
reorganization  (whether  or not such reorganization comes within the definition
of  such term in Section 368 of the Code) or any partial or complete liquidation
of  the Company (each of the foregoing a "Transaction"), in each case other than
any  such  Transaction which constitutes a Change of Control (as defined below),
(i)  the  Deferred Stock Accounts shall not be credited with the amount and kind
of  shares  or  other property which would have been received by a holder of the
number  of  shares  of  the Common Stock held in such Deferred Stock Account had
such  shares of the Common Stock been outstanding as of the effectiveness of any
such  Transaction,  (ii) the number and kind of shares or other property subject
to  this  Plan  shall  also  not  be  appropriately  adjusted  to  reflect  the
effectiveness  of  any such Transaction, and (iii) the Committee will not adjust
any  other  relevant  provisions  of  this Plan to reflect any such Transaction.

          (b)  If  the shares of the Common Stock credited to the Deferred Stock
Accounts  are  converted  pursuant  to  Paragraph  12(a)  into  another  form of
property,  references  in  this  Plan to the Common Stock shall be deemed, where
appropriate,  to  refer  to  such  other  form  of  property,  with  such  other
modifications as may be required for this Plan to operate in accordance with its
purposes.  Without  limiting  the  generality  of  the  foregoing, references to
delivery of certificates for shares of the Common Stock shall be deemed to refer
to delivery of cash and the incidents of ownership of any other property held in
the  Deferred  Stock  Accounts.

          (c)  In lieu of the adjustment contemplated by Paragraph 12(a), in the
event  of  a  Change  of  Control,  the following shall occur on the date of the
Change  of Control (i) the shares of the Common Stock held in each Participant's
Deferred  Stock  Account  shall be deemed to be issued and outstanding as of the
Change  of Control; (ii) the Company shall forthwith deliver to each Participant
who  has  a  Deferred Stock Account all of the shares of the Common Stock or any
other property held in such Participant's Deferred Stock Account; and (iii) this
Plan  shall  be  terminated.

          (d)  For  purposes  of  this Plan, Change of Control shall mean any of
the  following  events:

               (i)  The  acquisition  by any individual, entity or group (within
the  meaning  of  Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934,  as  amended  (the  "Exchange  Act"))  (a

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"Person")  of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 40 percent or more of either (1) the then outstanding
shares  of  the  Common  Stock  of  the Company (the "Outstanding Company Common
Stock"),  or (2) the combined voting power of then outstanding voting securities
of  the  Company  entitled  to  vote generally in the election of directors (the
"Outstanding  Company Voting Securities"); provided, however, that the following
acquisitions  shall  not  constitute  a  Change  of  Control (A) any acquisition
directly from the Company (excluding an acquisition by virtue of the exercise of
a  conversion  privilege  unless  the  security  being  so  converted was itself
acquired directly from the Company), (B) any acquisition by the Company, (C) any
acquisition  by  any  employee  benefit  plan  (or  related  trust) sponsored or
maintained  by  the  Company or any corporation controlled by the Company or (D)
any  acquisition  by  any  corporation  pursuant  to a reorganization, merger or
consolidation,  if,  following such reorganization, merger or consolidation, the
conditions  described  in  clauses  (A),  (B) and (C) of paragraph (iii) of this
Paragraph  12(d)  are  satisfied;  or

               (ii) Individuals who, as of the date hereof, constitute the Board
of  the  Company (as of the date hereof, "Incumbent Board") cease for any reason
to  constitute  at  least  a  majority of the Board; provided, however, that any
individual  becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company's stockholders, was approved by a vote of
at  least  a majority of the directors then comprising the Incumbent Board shall
be  considered  as  though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest (as
such  terms  are  used  in  Rule  14a-11 of Regulation 14A promulgated under the
Exchange  Act) or other actual or threatened solicitation of proxies or consents
by  or  on  behalf  of  a  Person  other  than  the  Board;  or

               (iii)  Approval  by  the  stockholders  of  the  Company  of  a
reorganization,  merger,  binding  share  exchange  or  consolidation,  unless,
following  such  reorganization, merger, binding share exchange or consolidation
(A)  more  than  60  percent of, respectively, then outstanding shares of common
stock  of  the  corporation  resulting from such reorganization, merger, binding
share  exchange  or  consolidation  and  the  combined  voting  power  of  then
outstanding  voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of  the Outstanding Company Common Stock and Outstanding
Company  Voting  Securities  immediately  prior  to such reorganization, merger,
binding share exchange or consolidation in substantially the same proportions as
their ownership, immediately prior to such reorganization, merger, binding share
exchange  or  consolidation,  of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as  the  case  may  be, (B) no Person
(excluding  the  Company,  any  employee  benefit plan (or related trust) of the
Company  or such corporation resulting from such reorganization, merger, binding
share  exchange or consolidation and any Person beneficially owning, immediately
prior  to  such reorganization, merger, binding share exchange or consolidation,
directly  or  indirectly,  20  percent or more of the Outstanding Company Common
Stock or Outstanding Company Voting Securities, as the case may be) beneficially
owns,  directly  or  indirectly,  20  percent  or  more  of,  respectively, then
outstanding  shares  of  common  stock  of  the  corporation resulting from such
reorganization,  merger, binding share exchange or consolidation or the combined
voting  power of then outstanding voting securities of such corporation entitled
to  vote  generally in the election of directors, and (C) at least a majority of
the  members  of  the  board of directors of the corporation resulting from such
reorganization,  merger, binding share exchange or consolidation were members of
the  Incumbent  Board  at  the  time  of  the execution of the initial agreement
providing  for  such  reorganization,  merger,  binding  share  exchange  or
consolidation;  or

               (iv)  Approval  by  the  stockholders  of  the  Company  of (1) a
complete  liquidation  or  dissolution  of the Company, or (2) the sale or other
disposition of all or substantially all of the assets of the Company, other than
to  a  corporation,  with  respect  to  which  following  such  sale  or  other
disposition,  (A) more than 60 percent of, respectively, then outstanding shares
of  common  stock  of  such  corporation  and  the combined voting power of then
outstanding  voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of  the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such sale or other disposition in
substantially  the same proportion as their ownership, immediately prior to such
sale  or  other  disposition,  of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as  the  case  may  be, (B) no Person
(excluding  the  Company and any employee benefit plan (or related trust) of the
Company  or  such  corporation  and  any Person beneficially owning, immediately
prior  to  such sale or other disposition, directly or indirectly, 20 percent or
more  of  the  Outstanding  Company  Common  Stock

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or Outstanding Company Voting Securities, as the case may be) beneficially owns,
directly  or  indirectly,  20 percent or more of, respectively, then outstanding
shares of common stock of such corporation and the combined voting power of then
outstanding  voting securities of such corporation entitled to vote generally in
the  election  of  directors,  and (C) at least a majority of the members of the
board  of  directors  of such corporation were members of the Incumbent Board at
the  time  of  the  execution  of  the  initial agreement or action of the Board
providing  for  such  sale  or  other  disposition  of  assets  of  the Company.

     13.  Administration;  Amendment  and  Termination.
          --------------------------------------------

          (a)  This  Plan shall be administered by a committee consisting of two
members  who  shall  be the current directors of the Company or senior executive
officers or other directors who are not Participants as may be designated by the
Chief  Executive  Officer  (the "Committee"), which shall have full authority to
construe  and  interpret  this  Plan,  to establish, amend and rescind rules and
regulations  relating  to  this  Plan, and to take all such actions and make all
such  determinations  in  connection  with this Plan as it may deem necessary or
desirable.

          (b)  The  Board  may  from  time  to time make such amendments to this
Plan,  including  to  preserve or come within any exemption from liability under
Section  16(b)  of  the  Exchange  Act,  as  it  may deem proper and in the best
interest  of the Company without further approval of the Company's stockholders,
provided  that,  to  the  extent  required  under  Florida  law  or  to  qualify
transactions  under  this  Plan for exemption under Rule 16b-3 promulgated under
the  Exchange  Act,  no  amendment to this Plan shall be adopted without further
approval  of  the  Company's stockholders and, provided, further, that if and to
the  extent  required  for this Plan to comply with Rule 16b-3 promulgated under
the  Exchange Act, no amendment to this Plan shall be made more than once in any
six  month period that would change the amount, price or timing of the grants of
the  Common  Stock hereunder other than to comport with changes in the Code, the
Employee  Retirement Income Security Act of 1974, as amended, or the regulations
thereunder.  The  Board  may  terminate  this  Plan  at  any time by a vote of a
majority  of  the  members  thereof.

     14.  Restrictions  on  Transfer.  Each Stock Option granted under this Plan
          --------------------------
shall  be transferable only by will or the laws of descent and distribution.  No
interest  of  any  Employee  under  this  Plan  shall  be subject to attachment,
execution, garnishment, sequestration, the laws of bankruptcy or any other legal
or  equitable  process.  Each  Stock  Option  granted  under  this Plan shall be
exercisable  during  an  Employee's  lifetime  only  by  the  Employee or by the
Employee's  legal  representative.

     15.  Term  of  Plan.  No shares of the Common Stock shall be issued, unless
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and  until  the  Directors  of the Company have approved this Plan and all other
legal  requirements have been met.  This Plan was adopted by the Board effective
November  8,  2004,  and  shall  expire  on  November  8,  2014.

     16.  Governing  Law.  This  Plan  and all actions taken thereunder shall be
          --------------
governed by, and construed in accordance with, the laws of the State of Florida.

     17.  Information to Shareholders.  The Company shall furnish to each of its
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stockholders  financial  statements  of  the  Company  at  least  annually.

     18.  Miscellaneous.
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          (a)  Nothing  in this Plan shall be deemed to create any obligation on
the  part  of the Board to nominate any Director for reelection by the Company's
stockholders  or to limit the rights of the stockholders to remove any Director.

          (b)  The  Company  shall  have  the  right  to  require,  prior to the
issuance  or  delivery  of any shares of the Common Stock pursuant to this Plan,
that  a  Participant  make  arrangements  satisfactory  to the Committee for the
withholding  of  any  taxes  required  by law to be withheld with respect to the
issuance  or  delivery  of  such  shares,  including, without limitation, by the
withholding  of  shares  that  would  otherwise  be  so  issued or delivered, by
withholding  from any other payment due to the Participant, or by a cash payment
to  the  Company  by  the  Participant.

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     IN WITNESS WHEREOF, this Plan has been executed effective as of November 8,
2004.

                                        THE JACKSON RIVERS COMPANY

                                        By /s/ Dennis N. Lauzon
                                           -------------------------------------
                                           Dennis N. Lauzon, President

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                                                                    Exhibit 10.1

                               COMTECH GROUP, INC.

                            2004 STOCK INCENTIVE PLAN

                               SECTION 1. PURPOSE
                               ------------------

                  The purpose of this 2004 Stock Incentive Plan (the "PLAN") is
to advance the interests of Comtech Group, Inc., a Maryland corporation
("COMTECH") and its stockholders by enhancing the ability of Comtech and its
Affiliates (as hereinafter defined) to attract, retain and incentivize officers,
employees and independent contractors who are crucial to the future growth and
success of the Company and its Affiliates.

                             SECTION 2. DEFINITIONS
                             ----------------------

                  "AFFILIATE" means any entity, whether or not incorporated,
that directly or through one or more intermediaries is controlled by Comtech.

                  "AWARD" means any Option, Stock Appreciation Right,
Performance Share or Restricted Stock awarded under the Plan.

                  "BOARD" means the board of directors of Comtech.

                  "CODE" means the Internal Revenue Code of 1986, as amended.

                  "COMMITTEE" means a committee of not less than two members of
the Board appointed by the Board to administer the Plan; provided, however, that
while the Common Stock is registered under Section 12 of the Exchange Act (as
hereinafter defined), each member of the Committee shall be a "nonemployee
director" within the meaning of Rule 16b-3 under the Exchange Act ("RULE
16B-3"), and provided further, that if and to the extent necessary to exclude
Options and SARs granted under the Plan from the calculation of the income tax
deduction limit under Code Section 162(m), each member of the Committee shall be
an "outside director" within the meaning of Code Section 162(m).

                  "COMMON STOCK" or "STOCK" means the common stock, with $0.01
par value per share, of Comtech.

                  "COMPANY" means Comtech and, except where the content requires
otherwise, all of its present and future Affiliates.

                  "DESIGNATED BENEFICIARY" means the beneficiary designated by a
Participant, in a manner determined by the Board, to receive amounts due or
exercise rights of the Participant in the event of the Participant's death or
incapacity. In the absence of an effective designation by a Participant,
Designated Beneficiary shall mean the Participant's estate, in the event of the
Participant's death, and the Participant's legal guardian, in the event of the
Participant's incapacity.

<PAGE>

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

                  "FAIR MARKET VALUE" means with respect to Common Stock on any
given date (i) if the Common Stock is listed for trading on one or more national
securities exchanges, the mean of the high and low sales prices on the principal
such exchange on the date in question, or, if the Common Stock shall not have
been traded on such principal exchange on such date, the mean of the high and
low sales prices on such principal exchange on the first day prior thereto on
which the Common Stock was so traded; (ii) if Common Stock is not listed for
trading on a national securities exchange but is traded on the over-the-counter
market, the mean of the highest and lowest bid prices for the Common Stock on
the date in question, or, if there are no such bid prices for the Common Stock
on such date, the mean of the highest and lowest bid prices on the first day
prior thereto on which such prices appear; and (iii) in all other events, such
amount as may be determined by the Board in good faith by any fair and
reasonable means.

                  "INCENTIVE STOCK OPTION" or "ISO" means an option to purchase
shares of Common Stock awarded to a Participant under Section 6 which is
intended to meet the requirements of Code Section 422.

                  "NONSTATUTORY STOCK OPTION" or "NSO" means an option to
purchase shares of Common Stock awarded to a Participant under Section 6 which
is not intended to be an ISO.

                  "OPTION" means an Incentive Stock Option or a Nonstatutory
Stock Option.

                  "PARTICIPANT" means a person selected by the Board to receive
an Award under the Plan.

                  "PERFORMANCE SHARES" mean shares of Common Stock which may be
earned by the achievement of performance goals awarded to a Participant under
Section 8.

                  "REPORTING PERSON" means a person subject to Section 16 of the
Exchange Act or any successor provision.

                  "RESTRICTED PERIOD" means the period of time selected by the
Board during which shares subject to a Restricted Stock Award may be repurchased
by or forfeited to the Company.

                  "RESTRICTED STOCK" means shares of Common Stock awarded to a
Participant under Section 9.

                  "STOCK APPRECIATION RIGHT" or "SAR" means a right to receive
any excess in Fair Market Value of shares of Common Stock over the exercise
price awarded to a Participant under Section 7.

                                       2
<PAGE>

                           SECTION 3. ADMINISTRATION
                           -------------------------

                  The Board shall have plenary authority in its discretion, to
the maximum extent permissible by law, subject to and not inconsistent with the
express provisions of the Plan, to administer the Plan. Without limiting the
foregoing, the Board shall have authority to make Awards, to set administrative
rules, guidelines and practices relating to the Plan as it shall deem advisable
from time to time, and to interpret the provisions of the Plan. In determining
the persons to whom Awards shall be made, the number of shares to be covered by
each Award and the terms thereof (including the restriction, if any, which shall
apply to the Common Stock subject to an Award), the Board shall take into
account the duties of the respective persons, their present and potential
contributions to the success of the Company and such other factors as the Board,
in its discretion, shall deem relevant in connection with accomplishing the
purposes of the Plan.

                  The Board's decisions shall be final and binding. Except as
otherwise required by law, no member of the Board shall be liable for any action
or determination relating to the Plan made in good faith.

                  The Board may appoint a Committee and delegate to the
Committee some or all of its authority with respect to Plan administration. In
the event the Board appoints a Committee, references in the Plan to the Board
shall, as appropriate, be read as references to the Committee.

                             SECTION 4. ELIGIBILITY
                             ----------------------

                  Awards may be made to employees and independent contractors of
the Company. For purposes hereof, independent contractors shall include
consultants, directors, advisors and other service providers of the Company.

                     SECTION 5. STOCK AVAILABLE FOR AWARDS
                     -------------------------------------

                  (a) Subject to adjustment under Section 10(h) below, Awards
may be made under the Plan for up to five million (5,000,000) shares of Common
Stock, subject to adjustment as provided herein. If any Award in respect of
shares of Common Stock expires or is terminated unexercised or is forfeited for
any reason or settled in a manner that results in fewer shares outstanding than
were initially awarded, the shares subject to such Award or so surrendered, as
the case may be, to the extent of such expiration, termination, forfeiture or
decrease, shall again be available for award under the Plan, subject, however,
in the case of Incentive Stock Options, to any limitation required under the
Code. Shares issued under the Plan may consist in whole or in part of authorized
but unissued shares or treasury shares.

                  (b) Subject to adjustment under Section 10(h) below, for so
long as the Company is a "publicly held corporation" within the meaning of Code
Section 162(m), the maximum number of shares of Common Stock as to which Awards
may be granted to a single individual in any year shall not exceed seven hundred
thousand (700,000).

                                       3
<PAGE>

                  (c) The Board may grant Awards under the Plan in substitution
for stock and stock based awards held by employees of another corporation who
concurrently become employees of the Company as a result of a merger or
consolidation of the employing corporation with the Company or the acquisition
by the Company of property or stock of the employing corporation. The substitute
Awards shall be granted on such terms and conditions as the Board considers
appropriate in the circumstances. The shares which may be delivered under such
substitute Awards shall be in addition to the maximum number of shares provided
for in Section 5(a).

                            SECTION 6. STOCK OPTIONS
                            ------------------------

                  (a) GENERAL.

                           (i) Subject to the provisions of the Plan, the Board
may award Incentive Stock Options and Nonstatutory Stock Options, and determine
the number of shares to be covered by each Option, the option price therefor,
the conditions and limitations applicable to the exercise of the Option and the
restrictions, if any, applicable to the shares of Common Stock issuable
thereunder.

                           (ii) The Board shall establish the exercise price at
the time each Option is awarded.

                           (iii) Subject to Section 10(a), each Option shall be
exercisable at such times and subject to such terms and conditions as the Board
may specify in the applicable Award or thereafter. The Board may impose such
conditions with respect to the exercise of Options, including conditions
relating to applicable federal or state securities laws, as it considers
necessary or advisable.

                           (iv) Options granted under the Plan shall provide for
the payment of the exercise price by delivery of cash or check in an amount
equal to the exercise price of such Options or by delivery of shares of Common
Stock of the Company owned by the optionee for at least six months (valued at
Fair Market Value) and, to the extent permitted by the Board at or after the
award of the Option, may provide for payment by (A) delivery of other property
acceptable to the Board (valued at Fair Market Value), (B) delivery of a
promissory note of the optionee to the Company on terms determined by the Board,
(C) delivery of an irrevocable undertaking by a broker to deliver promptly to
the Company sufficient funds to pay the exercise price or delivery of
irrevocable instructions to a broker to deliver promptly to the Company cash or
a check sufficient to pay the exercise price, (D) payment of such other lawful
consideration as the Board may determine, or (E) any combination of the
foregoing.

                           (v) The Board may provide for the automatic award of
an Option upon the delivery of shares to the Company in payment of the exercise
price of an Option for up to the number of shares so delivered.

                           (vi) The Board may at any time accelerate the time at
which all or any part of an Option may be exercised.

                                       4
<PAGE>

                           (vii) Non-Transferability.

                                    (1) Except as provided in subparagraphs (2)
and (3) below, Options granted under the Plan shall not be assignable or
transferable other than by will or the laws of descent and distribution and
Options may be exercised during the lifetime of the Participant only by the
Participant or by the Participant's guardian or legal representative.

                                    (2) Notwithstanding subparagraph (1), a
Nonstatutory Stock Option may (but need not) provide, that it is transferable by
gift or a domestic relations order, to a Family Member (as hereinafter defined)
of the Participant. If a Nonstatutory Stock Option is transferred in accordance
with this subparagraph, the Option shall be exercisable solely by the
transferee, but the determination of the exercisability of the Option shall be
based solely on the activities and state of affairs of the Participant. For
purposes hereof, a Participant's "Family Member" means the Participant's child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, any person sharing the Participant's household (other than a
tenant or employee), a trust in which these persons have more than 50% of the
beneficial interest, a foundation in which these persons (or the Participant)
control the management of assets, and any other entity in which these persons
(or the Participant) own more than 50% of the voting interests.

                                    (3) Notwithstanding subparagraph (1), a
Participant may transfer a Nonstatutory Stock Option with the express, written
consent of the Board, which consent may be withheld for any reason or for no
reason.

                  (b) INCENTIVE STOCK OPTIONS.

                  Options granted under the Plan which are intended to be ISOs
shall be subject to the following additional terms and conditions:

                           (i) All ISOs granted under the Plan shall, at the
time of grant, be specifically designated as such in the option agreement
covering such Award. All Options designated as ISOs shall be interpreted in a
manner consistent with the requirements of Code Section 422.

                           (ii) While the Company shall take reasonable measures
to assure that an Option intended to be an ISO shall be so treated for federal
income tax purposes, it makes no assurances to anyone that any Option intended
to be an ISO shall be taxed as an ISO. Without limiting the foregoing, Options
intended to be ISOs which are exercised after the period permitted by Code
Section 422 shall not be taxed as ISOs.

                           (iii) ISOs may only be awarded to employees of
Comtech or a corporation which, with respect to Comtech, is a "parent
corporation" or "subsidiary corporation" within the meaning of Code Sections
424(e) and (f). Furthermore, except as otherwise provided in Code Section 422,
if a Participant is no longer employed by Comtech or a parent corporation or
subsidiary corporati

                                       5
<PAGE>

                           (iv) Subject to clause (v), the Option exercise price
per share of Common Stock covered by an ISO shall be no less than the fair
market value of a share of Common Stock on the date of grant of the Option.

                           (v) In the case of an individual who at the time the
Option is granted owns stock possessing more than 10% of the total combined
voting power of all classes of the stock of Comtech or of a parent or subsidiary
corporation of Comtech (a "10% HOLDER"), (1) the Option exercise price of the
Common Stock covered by any ISO granted to such person shall in no event be less
than 110% of the fair market value of the Common Stock on the date the ISO is
granted and (2) the term of an ISO granted to such person may not exceed five
years from the date of grant.

                           (vi) The aggregate fair market value (determined at
the time an ISO is granted) of the Common Stock covered by ISOs exercisable for
the first time by an employee during any calendar year (under all plans of the
Company) may not exceed $100,000.

                           (vii) To the extent that any Option which is issued
under the Plan exceeds the limit set forth in subparagraph (vi) or otherwise
does not comply with the requirements of Code Section 422, it shall be treated
as a Nonstatutory Stock Option.

                      SECTION 7. STOCK APPRECIATION RIGHTS
                      ------------------------------------

                  (a) The Board may grant Stock Appreciation Rights entitling
recipients on exercise of the SAR to receive an amount, in cash or Stock or a
combination thereof (such form to be determined by the Board), determined in
whole or in part by reference to appreciation in the Fair Market Value of the
Stock between the date of the Award and the exercise of the Award. A Stock
Appreciation Right shall entitle the Participant to receive, with respect to
each share of Stock as to which the SAR is exercised, the excess of the share's
Fair Market Value on the date of exercise over its Fair Market Value on the date
the SAR was granted.

                  (b) Stock Appreciation Rights may be granted in tandem with,
or independently of, Options granted under the Plan. A Stock Appreciation Right
granted in tandem with an Option which is not an Incentive Stock Option may be
granted either at or after the time the Option is granted. A Stock Appreciation
Right granted in tandem with an Incentive Stock Option may be granted only at
the time the Option is granted.

                  (c) When Stock Appreciation Rights are granted in tandem with
Options, the following provisions shall apply:

                           (i) The Stock Appreciation Right shall be exercisable
only at such time or times, and to the extent, that the related Option is
exercisable and shall be exercisable in accordance with the procedure required
for exercise of the related Option.

                                       6
<PAGE>

                           (ii) The Stock Appreciation Right shall terminate and
no longer be exercisable upon the termination or exercise of the related Option,
except that a Stock Appreciation Right granted with respect to less than the
full number of shares covered by an Option shall not be reduced until the number
of shares as to which the related Option has been exercised or has terminated
exceeds the number of shares not covered by the Stock Appreciation Right.

                           (iii) The Option shall terminate and no longer be
exercisable upon the exercise of the related Stock Appreciation Right.

                           (iv) The Stock Appreciation Right shall be
transferable only with the related Option.

                           (v) A Stock Appreciation Right granted in tandem with
an Incentive Stock Option may be exercised only when the market price of the
Stock subject to the Option exceeds the exercise price of such Option.

                  (d) A Stock Appreciation Right not granted in tandem with an
Option shall become exercisable at such time or times, and on such conditions,
as the Board may specify.

                  (e) The Board may at any time accelerate the time at which all
or any part of the SAR may be exercised.

                         SECTION 8. PERFORMANCE SHARES
                         -----------------------------

                  (a) The Board may make Performance Share Awards entitling
recipients to acquire shares of Stock upon the attainment of specified
performance goals. The Board may make Performance Share Awards independent of or
in connection with the granting of any other Award under the Plan. The Board in
its sole discretion shall determine the performance goals applicable under each
such Award, the periods during which performance is to be measured, and all
other limitations and conditions applicable to the awarded Performance Shares.

                  (b) A Participant receiving a Performance Share Award shall
have the rights of a stockholder only as to shares actually received by the
Participant under the Plan and not with respect to shares subject to an Award
but not actually received by the Participant. A Participant shall be entitled to
receive a stock certificate evidencing the acquisition of shares of Stock under
a Performance Share Award only upon satisfaction of all conditions specified in
the Agreement evidencing the Performance Share Award.

                  (c) The Board may at any time accelerate or waive any or all
of the goals, restrictions or conditions imposed under any Performance Share
Award.

                           SECTION 9. RESTRICTED STOCK
                           ---------------------------

                  (a) The Board may grant Restricted Stock Awards entitling
recipients to acquire shares of Stock, subject to the right of the Company to
repurchase all or part of such shares at their purchase price (or to require
forfeiture of such shares if purchased at no cost) from the recipient in the
event that conditions specified by the Board in the applicable Award are not
satisfied prior to the end of the applicable Restricted Period or Restricted

                                       7
<PAGE>

Periods established by the Board for such Award. Conditions for repurchase (or
forfeiture) may be based on continuing employment or service or achievement of
pre-established performance or other goals and objectives.

                  (b) Shares of Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered, except as permitted by the Board
during the applicable Restricted Period. Shares of Restricted Stock shall be
evidenced in such manner as the Board may determine. Any certificates issued in
respect of shares of Restricted Stock shall be registered in the name of the
Participant and, unless otherwise determined by the Board, deposited by the
Participant, together with a stock power endorsed in blank, with the Company (or
its designee). At the expiration of the Restricted Period, the Company (or such
designee) shall deliver such certificates to the Participant or, if the
Participant has died, to the Participants' Designated Beneficiary.

                  (c) The purchase price for each share of Restricted Stock
shall be determined by the Board and may not be less than the par value of the
Common Stock. Such purchase price may be paid in cash or such other lawful
consideration as is determined by the Board.

                  (d) The Board may at any time accelerate the expiration of the
Restricted Period applicable to all, or any particular, outstanding shares of
Restricted Stock.

                  SECTION 10. GENERAL PROVISIONS APPLICABLE TO AWARDS
                  ---------------------------------------------------

                  (a) MAXIMUM TERM. No Award shall have a term exceeding ten
years, measured from the date of the Award grant.

                  (b) APPLICABILITY OF RULE 16B-3. Those provisions of the Plan
which make an express reference to Rule 16b-3 shall apply to the Company only at
such time as the Company's Common Stock is registered under the Exchange Act, or
any successor provision, and then only to Reporting Persons.

                  (c) REPORTING PERSON LIMITATIONS. Notwithstanding any other
provision of the Plan, to the extent required to qualify for the exemption
provided by Rule 16b-3, the selection of a Reporting Person as a Participant and
the terms of his or her Award shall be determined only in accordance with the
applicable provisions of Rule 16b-3.

                  (d) DOCUMENTATION. Each Award under the Plan shall be
evidenced by an instrument delivered to the Participant specifying the terms and
conditions thereof and containing such other terms and conditions not
inconsistent with the provisions of the Plan as the Board considers necessary or
advisable. Such instruments may be in the form of agreements to be executed by
both the Company and the Participant, or certificates, letters or similar
documents, acceptance of which shall evidence agreement to the terms thereof and
of this Plan.

                                       8
<PAGE>

                  (e) BOARD DISCRETION. Each type of Award may be made alone, in
addition to or in relation to any other type of Award. The terms of each type of
Award need not be identical and the Board need not treat Participants uniformly.
Except as otherwise provided by the Plan or a particular Award, any
determination with respect to an Award may be made by the Board at the time of
the Award grant or at any time thereafter.

                  (f) TERMINATION OF STATUS. The Board shall determine and
specify in the Award documentation the effect on an Award of the disability,
death, retirement, authorized leave of absence or other termination of
employment or other status of a Participant and the extent to which, and the
period during which, the Participant's legal representative, guardian or
Designated Beneficiary may exercise rights under such Award.

                  (g) DILUTIONS AND OTHER ADJUSTMENTS. In the event of any stock
dividend or split, issuance or repurchase of stock or securities convertible
into or exchangeable for shares of stock, grants of options, warrants or rights
to purchase stock, recapitalization, combination, exchange or similar change
affecting the Common Stock, or any other increase or decrease in the number of
issued shares of Common Stock effected without receipt of consideration by the
Company, the Board in its sole discretion may equitably adjust any or all of (i)
the number and kind of shares in respect of which Awards may be made under the
Plan, (ii) the number and kind of shares subject to outstanding Awards, and
(iii) the award, exercise or conversion price with respect to any of the
foregoing, and may make any other equitable adjustments or take such other
equitable action as the Board, in its discretion, shall deem appropriate,
including, if considered appropriate by the Board, making provision for a cash
payment with respect to an outstanding Award. Such adjustments or actions shall
be conclusive and binding for all purposes. In the event of a change in the
Common Stock which is limited to a change in the designation thereof to "Capital
Stock" or other similar designation, or to a change in the par value thereof, or
from no par value to par value (or vice versa), without increase or decrease in
the number of issued shares, the shares resulting from any such change shall be
deemed to be Common Stock within the meaning of the Plan. For purposes hereof,
the conversion of any convertible securities of the Company shall not be deemed
to have been "effected without receipt of consideration."

                  In the event that Comtech or the division, subsidiary or other
Affiliate for which a Participant performs services is sold, merged,
consolidated, reorganized or liquidated, the Board may take any one or more of
the following actions as to outstanding Awards: (i) provide that such Awards
shall be assumed, or substantially equivalent Awards shall be substituted, by
the acquiring or succeeding corporation (or an affiliate thereof) on such terms
as the Board determines to be appropriate, (ii) upon written notice to
Participants, provide that all unexercised Options or SARS shall terminate
immediately prior to the consummation of such transaction unless exercised by
the Participant within a specified period following the date of such notice,
(iii) in the event of a sale or similar transaction under the terms of which
holders of the Common Stock of the Company receive a cash payment for each share
surrendered in the transaction (the "SALES PRICE"), make or provide for a cash
payment to each Option and/or SAR holder equal to the amount by which (A) the
Sales Price times the number of shares of Common Stock subject to Participant's
outstanding, vested Options or SARs exceeds (B) the aggregate exercise price of
all such outstanding, vested Options or SARs, in exchange for the termination of
such Options or SARs, (iv) or make such other adjustments, if any, as the Board
determines to be necessary or advisable to provide each Participant with a
benefit substantially similar to that to which the Participant would have been
entitled had such event not occurred.

                                       9
<PAGE>

                  (h) WITHHOLDING. The Participant shall pay to the Company, or
make provision satisfactory to the Board for payment of, any taxes required by
law to be withheld in respect of Awards under the Plan no later than the date of
the event creating the tax liability. In the Board's discretion, and subject to
such conditions as the Board may establish, such tax obligations may be paid in
whole or in part in shares of Common Stock, including shares retained from the
Award creating the tax obligation, valued at their Fair Market Value. The
Company may, to the extent permitted by law, deduct any such tax obligations
from any payment of any kind otherwise due to the Participant.

                  (i) FOREIGN NATIONALS. Awards may be made to Participants who
are foreign nationals or employed outside the United States on such terms and
conditions that are different from those specified in the Plan, but which are
consistent with the purpose of the Plan, as the Board considers necessary or
advisable to achieve the purposes of the Plan and comply with applicable laws
and/or achieve favorable tax results under foreign tax laws.

                  (j) AMENDMENT OF AWARD. The Board may amend, modify or
terminate any outstanding Award, including substituting therefor another Award
of the same or a different type, changing the date of exercise or realization
and converting an Incentive Stock Option to a Nonstatutory Stock Option,
provided that the Participant's consent to such action shall be required unless
the action, taking into account any related action, would not materially and
adversely affect the Participant.

                  (k) CONDITIONS ON DELIVERY OF STOCK. The Company shall not be
obligated to deliver any shares of Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan (i) until all
conditions of the Award have been satisfied or removed, (ii) until, in the
opinion of the Company's counsel, all applicable federal and state laws and
regulations have been complied with, (iii) if the outstanding Stock is at the
time listed on any stock exchange, until the shares to be delivered have been
listed or authorized to be listed on such exchange upon official notice of
notice of issuance, and (iv) until all other shares have been approved by the
Company's counsel. If the sale of Stock has not been registered under the
Securities Act of 1933, as amended, the Company may require, as a condition to
exercise of the Award, such representations or agreements as the Company may
consider appropriate to avoid violation of such Act and may require that the
certificates evidencing such Stock bear an appropriate legend restricting
transfer. Except to the extent as may be specified in the documentation with
respect to a particular Award grant, the Company shall be under no obligation to
register or qualify any shares of Common Stock subject to Awards under any
federal or state securities law or on any exchange.

                                       10
<PAGE>

                           SECTION 11. MISCELLANEOUS
                           -------------------------

                  (a) NO RIGHT TO EMPLOYMENT OR OTHER STATUS. No person shall
have any claim or right to be granted an Award, and the grant of an Award shall
not be construed as giving a Participant the right to continued employment or
service for the Company. The Company expressly reserves the right at any time to
dismiss a Participant free from any liability or claim under the Plan, except as
expressly provided in the applicable Award.

                  (b) NO RIGHTS AS STOCKHOLDER. Subject to the provisions of the
applicable Award, no Participant or Designated Beneficiary shall have any rights
as a stockholder with respect to any shares of Common Stock to be distributed
under the Plan until he or she becomes the record holder thereof.

                  (c) NO RESTRICTION ON THE RIGHT OF THE COMPANY TO EFFECT
CORPORATE CHANGES. The Plan and the Options granted hereunder shall not affect
in any way the right or power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalization, reorganizations or other
changes in the Company or the Company's capital structure or its business, or
any merger or consolidation of the Company, or any issue of stock or of options,
warrants or rights to purchase stock or of bonds, debentures, preferred or prior
preference stocks whose rights are superior to or affect the Common Stock or the
rights of holders thereof or which are convertible into or exchangeable for
Common Stock, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of its assets or business, or any other corporate
act or proceeding, whether of a similar character or otherwise.

                  (d) EXCLUSION FROM BENEFIT COMPUTATIONS. Except as expressly
specified in the applicable plan or program, no amount or shares of Common Stock
payable upon exercise of an Award granted under the Plan shall be considered
salary, wages or compensation for purposes of determining the amount or nature
of benefits that a Participant is entitled to receive under any Company benefit
plan or program.

                  (e) TRANSFERS TO AND FROM AFFILIATES. For all Plan purposes,
except to the extent specifically provided otherwise in a particular Award,
employment shall include all periods of employment with any Comtech Affiliate,
and a transfer of an employee from Comtech to a Comtech Affiliate or visa versa,
or a transfer from one Comtech Affiliate to another, will not be treated as a
termination of employment.

                  (f) EFFECTIVE DATE AND TERM. Subject to the approval of the
stockholders of the Company within 12 months of such date, the Plan is effective
as of __________________, 2004, the date of its adoption by the Board. Prior to
such stockholder approval, Awards incorporating provisions authorized by the
Plan may be made under the Plan, but shall be expressly subject to such
approval. In the event that such stockholder approval is not obtained within
such time period, the Plan and any Options granted under the Plan on or prior to
the expiration of such 12 month period shall be void and of no further force and
effect. No Award may be made under the Plan after the tenth anniversary of the
Plan's effective date, but Awards granted before such date may extend beyond
that date. In the event that such stockholder approval is not obtained within
such time period, the Plan and any Options granted under the Plan on or prior to
the expiration of such 12 month period shall be void and of no further force and
effect.

                                       11
<PAGE>

                  (g) AMENDMENT OF PLAN. The Board may at any time and from time
to time alter, amend, suspend or terminate the Plan in whole or in part;
provided, however, that no amendment requiring stockholder approval by law,
rules or regulations, or by the rules of any stock exchange, inter-dealer
quotation system, or other market in which shares of Common Stock are traded,
shall be effective unless and until such stockholder approval has been obtained
in compliance with such rule or law. Without limiting the foregoing, outstanding
Options may be repriced downward without stockholder approval.

                  (h) GOVERNING LAW. The provisions of the Plan shall be
governed by and interpreted in accordance with the laws the United States and of
the State of Maryland.

                                       12

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