Document:

<PAGE>

                                                                    EXHIBIT 10.6

                       AMENDED INVESTOR RIGHTS DECLARATION

                THIS AMENDED INVESTOR RIGHTS DECLARATION (the "Amended
Declaration") is entered into effective the 28th day of December, 2001, by and
between AspenBio, Inc., a Colorado corporation (the "Company") and the
shareholders listed on the signature page hereto (the "Shareholders").

                                    RECITALS

        In July 2001 the Company agreed to sell shares of the Common Stock of
the Company to the Shareholders. As part of that transaction, the Company
discussed with the Shareholders that certain Investor Rights Declaration,
attached hereto as Exhibit A (the "Investor Rights Declaration") which set forth
certain recommended rights and obligations of the Company and the Shareholders.
On December 28, 2001, the Company entered into a Securities Purchase Agreement
with Cambridge Holdings, Ltd. ("Cambridge" and the "Securities Purchase
Agreement"). The Company, with the assistance of Cambridge, intends to become a
reporting company under the provisions of Section 13 or 15(d) of the Securities
Exchange Act of 1934 (the "Initial Registration"). As part of the Securities
Purchase Agreement, the Company agreed to provide certain rights to Cambridge
including piggyback registration rights. The parties hereto have entered into
this Amended Declaration in order to waive any rights the Shareholders may have
under the Investor Rights Declaration and to provide the Shareholders with the
same piggyback registration rights as those received by Cambridge.

                             STATEMENT OF AGREEMENT

        NOW THEREFORE, in consideration of the premises and of the respective
covenants and provisions herein contained, and intending to be legally bound
hereby, the Parties agree as follows:

1.      Certain Definitions.

        As used in this Amended Declaration, the following terms shall have the
meanings ascribed to them below:

        "Affiliate" means (i) with respect to any Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person or (ii) with respect to any
individual, the spouse, child, step-child, grandchild, niece, nephew or parent
of such Person, or the spouse thereof.

        "Common Stock" means the Common Stock of the Company and any equity
securities issued or issuable with respect to the Common Stock in connection
with a reclassification, recapitalization, merger, consolidation or other
reorganization.

<PAGE>

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

        "Holder" means any Person owning of record Registrable Securities that
have not been sold to the public.

         "Person" means any individual, corporation, limited liability company,
limited or general partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivisions thereof.

        "Registrable Securities" means any (i) of the Shares of the Common Stock
purchased by the Shareholders, and (ii) any other shares of Common Stock issued
or issuable, directly or indirectly, with respect to the Common Stock referenced
in clause (i) or by way of stock dividend, stock split or combination of shares.
As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (a) such securities shall be been disposed of in
accordance with a registration described in Section 2.1 herein ("Piggyback
Registration"), or (b) such securities shall have been sold pursuant to Rule 144
(or any successor provision) under the Securities Act, or (c) such securities
are eligible for sale under Rule 144(k) (or any successor provision) under the
Securities Act. Provided, however, that Registrable Securities which otherwise
would cease to be considered Registrable Securities as a result of item (a)
above shall remain Registrable Securities solely for the purposes of Section 2.1
herein.

        "SEC" means the United States Securities and Exchange Commission.

        "Securities Act" means the Securities Act of 1933, as amended.

2.      Registration Rights.

                2.1     Piggyback Registrations.

                        (a)     Piggyback Registrations. Except with respect to
        the Initial Registration, if, at any time after September 30, 2002 and
        prior to June 30, 2007 the Company proposes to register its Common Stock
        under the Securities Act in connection with the public offering of
        Common Stock (other than a registration relating solely to the sale of
        Common Stock to participants in an employee benefit plan or with respect
        to any corporate reorganization or other transaction under Rule 145 of
        the Securities Act) whether or not for its own account, the Company
        shall give prompt written notice of its intention to do so to the
        Holders. Upon the written request of any of the Holders made within 15
        days following the receipt of any such written notice (which request
        shall specify the Registrable Securities intended to be disposed of by
        the Holders and the intended method of distribution thereof), the
        Company shall use commercially reasonable efforts to cause all such
        Registrable Securities to be registered under the Securities Act (with
        the securities which the Company at the time proposes to register) to
        permit the sale or other disposition by the Holders (in accordance with
        the intended method of distribution thereof) of the Registrable
        Securities to be so registered.

                        (b)     Abandonment or Delay. If, at any time after
        giving written notice of its intention to register its Common Stock and
        prior to the effective date of the

                                     2 of 13
<PAGE>

        registration statement filed in connection with such registration, the
        Company shall determine for any reason not to register or to delay
        registration of its Common Stock, the Company may, at its election, give
        written notice of such determination to all Holders and (i) in the case
        of a determination not to register, shall be relieved of its obligation
        to register any Registrable Securities in connection with such abandoned
        registration, without prejudice, however, to the rights of Holders under
        Section 2.1(a), and (ii) in the case of a determination to delay such
        registration of its Common Stock shall be permitted to delay the
        registration of such Registrable Securities for the same period as the
        delay in registering its Common Stock.

                        (c)     Holder's Right to Withdraw. Any Holder shall
        have the right to withdraw its request for inclusion of its Registrable
        Securities in any registration statement pursuant to this Section 2.1 by
        giving written notice to the Company of its request to withdraw.

                        (d)     Underwriting Requirements. In connection with
        any offering involving an underwriting of the Common Stock, the Company
        shall not be required under Section 2.1 to include any of the
        Registrable Securities in such underwriting unless the Holders accept
        the terms of the underwriting as agreed upon between the Company and the
        underwriters selected by it (or by other persons entitled to select the
        underwriters), and then only in such quantity as the underwriters
        determine in their sole discretion will not jeopardize the success of
        the offering by the Company. If the total amount of securities,
        including Registrable Securities, requested by persons to be included in
        such offering exceeds the amount of securities that the underwriters
        determine in their sole discretion is compatible with the success of the
        offering, then the Company shall be required to include in the offering
        only that number of shares of Common Stock, including Registrable
        Securities, which the underwriters determine in their discretion will
        not jeopardize the success of the offering (the securities so included
        to be apportioned pro rata among the Persons according to the total
        amount of securities entitled to be included therein owned by each
        Person or in such proportions as shall mutually be agreed to by such
        Persons. In the event that the underwriters determine that the total
        amount of securities requested to be included in the offering exceeds
        the amount that the underwriters determine is compatible with the
        success of the offering, then the underwriters shall provide written
        notice of such determination to the Holders.

                2.2     Registration Procedures. If and whenever the Company is
required by the provisions of this Amended Declaration to use commercially
reasonable efforts to effect or cause the registration of any Registrable
Securities under the Securities Act as provided in this Amended Declaration, the
Company shall, as expeditiously as possible:

                        (a)     prepare and file with the SEC a registration
        statement on an appropriate registration form of the SEC for the
        disposition of such Registrable Securities in accordance with the
        intended method of disposition thereof, which form (i) shall be selected
        by the Company and (ii) shall, in the case of a shelf registration, be
        available for the sale of the Registrable Securities by the Holders and
        such registration statement shall comply as to form in all material
        respects with the requirements of the applicable form

                                    3 of 13

<PAGE>

        and include all financial statements required by the SEC to be filed
        therewith, and the Company shall use its best efforts to cause such
        registration statement to become effective (provided, however, that
        before filing a registration statement or prospectus or any amendments
        or supplements thereto, or comparable statements under securities or
        blue sky laws of any jurisdiction, the Company will furnish to one
        counsel for the Holders participating in the planned offering and the
        underwriters, if any, copies of all such documents proposed to be filed
        (including all exhibits thereto), which documents will be subject to the
        reasonable review and reasonable comment of such counsel, and the
        Company shall not file any registration statement or amendment thereto
        or any prospectus or supplement thereto to which the underwriters, if
        any, shall reasonably object in writing);

                        (b)     prepare and file with the SEC such amendments
        and supplements to such registration statement and the prospectus used
        in connection therewith as may be necessary to keep such registration
        statement effective for such period (which shall not be required to
        exceed 90 days unless mutually agreed to in writing by the parties) as
        any seller of Registrable Securities pursuant to such registration
        statement shall request and to comply with the provisions of the
        Securities Act with respect to the sale or other disposition of all
        Registrable Securities covered by such registration statement in
        accordance with the intended methods of disposition by the seller or
        sellers thereof set forth in such registration statement;

                        (c)     furnish, without charge, to each seller of such
        Registrable Securities and each underwriter, if any, of the securities
        covered by such registration statement such number of copies of such
        registration statement, each amendment and supplement thereto (in each
        case including all exhibits), and the prospectus included in such
        registration statement (including each preliminary prospectus) in
        conformity with the requirements of the Securities Act, and other
        documents, as such seller and underwriter may reasonably request in
        order to facilitate the public sale or other disposition of the
        Registrable Securities owned by such seller (the Company hereby
        consenting to the use in accordance with applicable law of each such
        registration statement (or amendment or post-effective amendment
        thereto) and each such prospectus (or preliminary prospectus or
        supplement thereto) by each such seller of Registrable Securities and
        the underwriters, if any, in connection with the offering and sale of
        the Registrable Securities covered by such registration statement or
        prospectus);

                        (d)     use its best efforts to register or qualify the
        Registrable Securities covered by such registration statement under such
        other securities or "blue sky" laws of such jurisdictions as any sellers
        of Registrable Securities or any managing underwriter, if any, shall
        reasonably request in writing, and do any and all other acts and things
        which may be reasonably necessary or advisable to enable such sellers or
        underwriter, if any, to consummate the disposition of the Registrable
        Securities in such jurisdictions, except that in no event shall the
        Company be required to qualify to do business as a foreign corporation
        in any jurisdiction where it would not, but for the requirements of this
        paragraph (d), be required to be so qualified, to subject itself to
        taxation in any such jurisdiction or to consent to general service of
        process in any such jurisdiction;

                                    4 of 13

<PAGE>

                        (e)     promptly notify each Holder selling Registrable
        Securities covered by such registration statement and each managing
        underwriter, if any: (i) when the registration statement, any
        pre-effective amendment, the prospectus or any prospectus supplement
        related thereto or post-effective amendment to the registration
        statement has been filed and, with respect to the registration statement
        or any post-effective amendment, when the same has become effective;
        (ii) of any request by the SEC or state securities authority for
        amendments or supplements to the registration statement or the
        prospectus related thereto or for additional information; (iii) of the
        issuance by the SEC of any stop order suspending the effectiveness of
        the registration statement or the initiation of any proceedings for that
        purpose; (iv) of the receipt by the Company of any notification with
        respect to the suspension of the qualification of any Registrable
        Securities for sale under the securities or blue sky laws of any
        jurisdiction or the initiation of any proceeding for such purpose; (v)
        of the existence of any fact of which the Company becomes aware which
        results in the registration statement, the prospectus related thereto or
        any document incorporated therein by reference containing an untrue
        statement of a material fact or omitting to state a material fact
        required to be stated therein or necessary to make any statement therein
        not misleading; and (vi) if at any time the representations and
        warranties contemplated by Section 3 below cease to be true and correct
        in all material respects, and, if the notification relates to an event
        described in clause (v), the Company shall promptly prepare and furnish
        to each such seller and each underwriter, if any, a reasonable number of
        copies of a prospectus supplemented or amended so that, as thereafter
        delivered to the Shareholders of such Registrable Securities, such
        prospectus shall not include an untrue statement of a material fact or
        omit to state a material fact required to be stated therein or necessary
        to make the statements therein in the light of the circumstances under
        which they were made not misleading;

                        (f)     enter into such customary agreements (including,
        if applicable, an underwriting agreement) and take such other actions as
        the Holders participating in such offering shall reasonably request in
        order to expedite or facilitate the disposition of such Registrable
        Securities. The Holders of the Registrable Securities which are to be
        distributed by such underwriters shall be parties to such underwriting
        agreement and may, at their option, require that the Company make to and
        for the benefit of such Holders the representations, warranties and
        covenants of the Company which are being made to and for the benefit of
        such underwriters and which are of the type customarily provided in
        secondary offerings;

                        (g)     if an opinion from the Company's counsel is
        delivered to any underwriters in the offering, the Company shall furnish
        to the Holders of Registrable Securities participating in the offering,
        a copy of such opinion and letter addressed to such Holders;

                        (h)     delivery promptly to the Holders of Registrable
        Securities participating in the offering and each underwriter, if any,
        copies of all correspondence between the Commission and the Company, its
        counsel or auditors and any memoranda relating to discussions with the
        Commission or its staff with respect to the registration statement,
        other than those portions of any such memoranda which contain
        information

                                    5 of 13

<PAGE>

        subject to attorney-client privilege with respect to the Company, and,
        upon receipt of such confidentiality agreements as the Company may
        reasonably request, make reasonably available for inspection by any
        seller of such Registrable Securities covered by such registration
        statement, by any underwriter, if any, participating in any disposition
        to be effected pursuant to such registration statement and by any
        attorney, accountant or other agent retained by any such seller or any
        such underwriter, all pertinent financial and other records, pertinent
        corporate documents and properties of the Company, and cause all of the
        Company's officers, directors and employees to supply all information
        reasonably requested by any such seller, underwriter, attorney,
        accountant or agent in connection with such registration statement
        provided the recipient of such information seeks such information in
        good faith and for a proper purpose;

                        (i)     make reasonably available its employees and
        personnel and otherwise provide reasonable assistance to the
        underwriters (taking into account the needs to the Company's businesses
        and the requirements of the marketing process) in the marketing of
        Registrable Securities in any underwritten offering;

                        (j)     cooperate with the Holders of Registrable
        Securities and the managing underwriters, if any, to facilitate the
        timely preparation and delivery of certificates not bearing any
        restrictive legends representing the Registrable Securities to be sold,
        and cause such Registrable Securities to be issued in such denominations
        and registered in such names in accordance with the underwriting
        agreement prior to any sale of Registrable Securities to the
        underwriters or, if not an underwritten offering, in accordance with the
        instructions of the selling holders of the Registrable Securities at
        least three business days prior to any sale of Registrable Securities;
        and

                        (k)     take all such other commercially reasonable
        actions as are necessary or advisable in order to expedite or facilitate
        the disposition of such Registrable Securities.

                2.3     Registration Expenses.

                        (a)     "Expenses" shall mean any and all fees and
        expenses incident to the Company's performance of or compliance with
        this Article 2, including, without limitation: (i) SEC, stock exchange
        or NASD registration, listing and filing fees and all listing fees and
        fees with respect to the including of securities in NASDAQ, (ii) fees
        and expenses of compliance with state securities or "blue sky" laws and
        in connection with the preparation of a "blue sky" survey, including
        without limitation, reasonable fees and expenses of blue sky counsel,
        (iii) printing and copying expenses, (iv) messenger and delivery
        expenses, (v) fees and disbursements of counsel for the Company, (vi)
        fees and disbursements of all independent public accountants (including
        the expenses of any audit and/or "cold comfort" letter) and fees and
        expenses of other persons, including special experts, retained by the
        Company, and (vii) any other fees and disbursements of underwriters, if
        any, customarily paid by issuers or sellers of securities (collectively,
        "Expenses").

                                    6 of 13

<PAGE>

                        (b)     The Company shall pay all Expenses with respect
        to any to any registration effected under Section 2.1, whether or not it
        becomes effective or remains effective for the period contemplated by
        Section 2.2(b).

                        (c)     Notwithstanding the foregoing, (x) the
        provisions of this Section 2.3 shall be deemed amended to the extent
        necessary to cause these expense provisions to comply with "blue sky"
        laws of each state in which the offering is made and (y) in connection
        with any registration hereunder, each Holder of Registrable Securities
        being registered shall pay all underwriting discounts and commissions
        and any transfer taxes, if any, attributable to the sale of such
        Registrable Securities, pro rata with respect to payments of discounts
        and commissions in accordance with the number of shares sold in the
        offering by such Holder, and (z) the Company shall, in the case of all
        registrations under this Article 2, be responsible for all its internal
        expenses (including, without limitation, all salaries and expenses of
        its officers and employees performing legal or accounting duties).

                2.4     Furnish Information. It shall be a condition precedent
to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any Holder that such Holder shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities.

                2.5     Indemnification.

                        (a)     In the event of any registration of any
        securities of the Company under the Securities Act pursuant to this
        Article 2, the Company will, and hereby does, indemnify and hold
        harmless, to the fullest extent permitted by law, each Holder of
        Registrable Securities, its directors, officers and representatives, and
        each other person, if any, who controls such Holder within the meaning
        of the Securities Act, against any and all losses, claims, damages or
        liabilities, joint or several, actions or proceedings (whether commenced
        or threatened) in respect thereof ("Claims") and expenses (including
        reasonable fees of counsel and any amounts paid in any settlement
        effected with the Company's consent, which consent shall not be
        unreasonably withheld or delayed) to which each such indemnified party
        may become subject under the Securities Act or otherwise, insofar as
        such Claims or expenses arise out of or are based upon (i) any untrue
        statement or alleged untrue statement of a material fact contained in
        any registration statement under which such securities were registered
        under the Securities Act, together with the documents incorporated by
        reference therein, or the omission or alleged omission to state therein
        a material fact required to be stated therein or necessary to make the
        statements therein not misleading, or (ii) any untrue statement or
        alleged untrue statement of a material fact contained in any
        preliminary, final or summary prospectus or any amendment or supplement
        thereto, together with the documents incorporated by reference therein,
        or the omission or alleged omission to state therein a material fact
        required to be stated therein or necessary in order to make the
        statements therein, in the light of the circumstances under which they
        were made, not misleading;

                                    7 of 13

<PAGE>

        provided, however, that the Company shall not be liable to any such
        indemnified party in any such case to the extent such Claim or expense
        arises out of or is based upon any untrue statement or alleged untrue
        statement of a material fact or omission or alleged omission of a
        material fact in such registration statement or amendment thereof or
        supplement thereto or in any such prospectus or any preliminary, final
        or summary prospectus in reliance upon and in conformity with written
        information furnished to the Company by or on behalf of such indemnified
        party specifically for use therein. Such indemnity and reimbursement of
        expenses shall remain in full force and effect regardless of any
        investigation made by or on behalf of such indemnified party and shall
        survive the transfer of such securities by such seller.

                        (b)     In the event of any registration of any
        securities of the Company under the Securities Act pursuant to this
        Article 2, the Holders of Registrable Securities will, and hereby
        indemnify and hold harmless, to the fullest extent permitted by law, the
        Company, its shareholders, directors, officers, agents and
        representatives, and each other person, if any, who controls the Company
        within the meaning of the Securities Act, against any and all losses,
        claims, damages or liabilities, joint or several, actions or proceedings
        (whether commenced or threatened) in respect thereof ("Claims") and
        expenses (including reasonable fees of counsel and any amounts paid in
        any settlement effected with the Holders' consent, which consent shall
        not be unreasonably withheld or delayed) to which each such indemnified
        party may become subject under the Securities Act or otherwise, insofar
        as such Claims or expenses arise out of or are based upon (i) any untrue
        statement or alleged untrue statement of a material fact contained in
        any registration statement under which such securities were registered
        under the Securities Act, together with the documents incorporated by
        reference therein, or the omission or alleged omission to state therein
        a material fact required to be stated therein or necessary to make the
        statements therein not misleading, or (ii) any untrue statement or
        alleged untrue statement of a material fact contained in any
        preliminary, final or summary prospectus or any amendment or supplement
        thereto, together with the documents incorporated by reference therein,
        or the omission or alleged omission to state therein a material fact
        required to be stated therein or necessary in order to make the
        statements therein, in the light of the circumstances under which they
        were made, not misleading; provided, however, that the Holders shall not
        be liable to any such indemnified party in any such case to the extent
        such Claim or expense arises out of or is based upon any untrue
        statement or alleged untrue statement of a material fact or omission or
        alleged omission of a material fact in such registration statement or
        amendment thereof or supplement thereto or in any such prospectus or any
        preliminary, final or summary prospectus unless it is contained in the
        written information furnished to the Company by or on behalf of such
        Holder specifically for use therein; provided, further, that the
        obligation to indemnify will be individual to each Holder and will be
        limited to the amount of proceeds received by such Holder from the sale
        of Registrable Securities pursuant to such registration statement. Such
        indemnity and reimbursement of expenses shall remain in full force and
        effect regardless of any investigation made by or on behalf of such
        indemnified party and shall survive the transfer of such securities by
        such seller.

                                    8 of 13

<PAGE>

                        (c)     Any person entitled to indemnification under
        this Amended Declaration shall notify promptly the indemnifying party in
        writing of the commencement of any action or proceeding with respect to
        which a claim for indemnification may be made pursuant to this Section
        2.5, but the failure of any indemnified party to provide such notice
        shall not relieve the indemnifying party of its obligations under the
        preceding paragraphs of this Section 2.5, except to the extent the
        indemnifying party is materially prejudiced thereby and shall not
        relieve the indemnifying party from any liability which it may have to
        any indemnified party otherwise than under this Section 2. In case any
        action or proceeding is brought against an indemnified party and it
        shall notify the indemnifying party of the commencement thereof, the
        indemnifying party shall be entitled to participate therein and, unless
        in the reasonable opinion of outside counsel to the indemnified party a
        conflict of interest between such indemnified and indemnifying parties
        may exist in respect of such claim, to assume the defense thereof
        jointly with any other indemnifying party similarly noticed, to the
        extent that it chooses, with counsel reasonably satisfactory to such
        indemnified party, and after notice from the indemnifying party to such
        indemnified party that it so chooses, the indemnifying party shall not
        be liable to such indemnified party for any legal or other expenses
        subsequently incurred by such indemnified party in connection with the
        defense thereof other than reasonable costs of investigation; provided,
        however, that (i) if the indemnifying party fails to take reasonable
        steps necessary to defend diligently the action or proceeding within 20
        days after receiving notice from such indemnified party that the
        indemnified party believes it has failed to do so; or (ii) if such
        indemnified party who is a defendant in any action or proceeding which
        is also brought against the indemnifying party reasonably shall have
        concluded that there may be one or more legal defenses available to such
        indemnified party which are not available to the indemnifying party; or
        (iii) if representation of both parties by the same counsel is otherwise
        inappropriate under applicable standards of professional conduct, then,
        in any such case, the indemnified party shall have the right to assume
        or continue its own defense as set forth above, and the indemnifying
        party shall be liable for any expenses therefor. No indemnifying party
        shall, without the written consent of the indemnified party, effect the
        settlement or compromise of, or consent to the entry of any judgment
        with respect to, any pending or threatened action or claim in respect of
        which indemnification or contribution may be sought hereunder (whether
        or not the indemnified party is an actual or potential party to such
        action or claim) unless such settlement, compromise or judgment (A)
        includes an unconditional release of the indemnified party from all
        liability arising out of such action or claim and (B) does not include a
        statement as to or an admission of fault, culpability or a failure to
        act, by or on behalf of any indemnified party.

                        (d)     If for any reason the foregoing indemnity is
        unavailable or is insufficient to hold harmless an indemnified party
        under Sections 2.5 or each indemnifying party shall contribute to the
        amount paid or payable by such indemnified party as a result of any
        Claim in such proportion as is appropriate to reflect the relative fault
        of the indemnifying party, on the one hand, and the indemnified party,
        on the other hand, with respect to such offering of securities. The
        relative fault shall be determined by reference to, among other things,
        whether the untrue or alleged untrue statement of a

                                    9 of 13

<PAGE>

        material fact or the omission or alleged omission to state a material
        fact relates to information supplied by the indemnifying party or the
        indemnified party and the parties' relative intent, knowledge, access to
        information and opportunity to correct or prevent such untrue statement
        or omission. If, however, the allocation provided in the second
        preceding sentence is not permitted by applicable law, then each
        indemnifying party shall contribute to the amount paid or payable by
        such indemnified party in such proportion as is appropriate to reflect
        not only such relative faults but also the relative benefits of the
        indemnifying party and the indemnified party as well as any other
        relevant equitable considerations. The parties hereto agree that it
        would not be just and equitable if contributions pursuant to this
        Section 2.5(d) were to be determined by pro rata allocation or by any
        other method of allocation which does not take into account the
        equitable considerations referred to in the preceding sentences of this
        Section 2.5(d). The amount paid or payable in respect of any Claim shall
        be deemed to include any legal or other expenses reasonably incurred by
        such indemnified party in connection with investigating or defending any
        such Claim. No person guilty of fraudulent misrepresentation (within the
        meaning of Section 11(t) of the Securities Act) shall be entitled to
        contribution from any person who was not guilty of such fraudulent
        misrepresentation.

        2.6     Underwritten Offerings. If requested by the underwriters for any
underwritten offering by the Holders of Registrable Securities pursuant to a
registration requested under Section 2, the Company shall enter into a customary
underwriting agreement with the underwriters. Such underwriting agreement shall
be reasonably satisfactory in form and substance to the Holders and shall
contain such representations and warranties by, and such other agreements on the
part of, the Company and such other terms as are generally included in the
underwriting agreement of such underwriters, including, without limitations,
indemnities and contribution agreements.

3.      Rule 144 Reporting.  With a view of making available to the Holders the
benefits of certain rules and regulations of the SEC which may permit the sale
of the Registrable Securities to the public without registration, the Company
agrees to use its best efforts to:

                        (a)     Make a keep public information available, as
        those terms are understood and defined in SEC Rule 144 or any successor
        rule promulgated under the Securities Act, at all times after the
        effective date of the first registration filed by the Company for an
        offering of its securities to the general public;

                        (b)     File with the SEC, in a timely manner, all
        reports and other documents required of the Company under the Exchange
        Act; and

                        (c)     So long as Holder owns any Registrable
        Securities, furnish to such Holder forthwith upon request a written
        statement by the Company as to its compliance with the reporting
        requirements of Rule 144 and of the Exchange Act at any time after it
        has become subject to such reporting requirements.

4.      Waiver. Except for the Subscription Agreement and Offeree Questionnaire
executed by each Shareholder, this Amended Declaration embodies the entire
agreement and understanding

                                    10 of 13

<PAGE>

between the parties hereto and supersedes all prior agreements and
understandings whether oral or written, including without limitation the
Investor Rights Declaration. In consideration of the rights provided by this
Amended Declaration the Shareholders specifically waive all possible rights or
claims that they may have or raise based in any respect on the Investor Rights
Declaration.

5.      General.

        5.1     Amendments and Waivers. This Amended Declaration may be amended,
modified, supplemented or waived only upon the written agreement of the party
against whom enforcement of such amendment, modification, supplement or waiver
is sought.

        5.2     Notices. All notices, elections, request, demands or other
communications hereunder shall be in writing and shall be deemed given at the
time delivered personally or by fax or upon receipt if deposited in the United
States mail, certified or registered, return receipt requested, postage prepaid
addressed to the parties as follows (or to such other person or place, written
notice of which any party hereto shall have given to the other):

                (a)  If to the Shareholders:  To the address set forth on
                                              the signature page below.

                (b)  If to Company:           AspenBio, Inc.
                                              8100 Southpark Way, Building B-1
                                              Littleton, Colorado  80120
                                              Attention:  Roger Hurst, President
                                              Telephone:  (303) 794-2000
                                              Facsimile:  (303) 798-8332

                     With a Copy to:          Krendl Krendl Sachnoff & Way PC
                                              370 17th Street, Suite 5350
                                              Denver, Colorado  80202
                                              Telephone:  (303) 629-2600
                                              Facsimile :  (303) 629-2606
                                              Attention:  Cathy S. Krendl, Esq.

        5.3     Miscellaneous.

                        (a)     This Amended Declaration shall be binding upon
        and inure to the benefit of and be enforceable by the parties hereto and
        the respective successors, personal representatives and assigns. No
        Person other than a Holder shall be entitled to any benefits under this
        Amended Declaration, except as otherwise expressly provided herein.

                        (b)     This Amended Declaration shall be construed and
        enforced in accordance with and governed by the laws of the State of
        Colorado without giving effect to the conflicts of law principles
        thereof.

                                    11 of 13

<PAGE>

                        (c)     The headings in this Amended Declaration are for
        convenience of reference only and shall not limit or otherwise affect
        the meaning hereof. All section references are to this Amended
        Declaration unless otherwise expressly provided.

                        (d)     This Amended Declaration may be executed in any
        number of counterparts, each of which shall be an original, but all of
        which together shall constitute one instrument.

                        (e)     Any term or provision of this Amended
        Declaration which is invalid or unenforceable in any jurisdiction shall,
        as to such jurisdiction, be ineffective to the extent of such invalidity
        or unenforceability without rendering invalid or unenforceable the
        remaining terms and provisions of this Amended Declaration or affecting
        the validity or enforceability of any of the terms or provisions of this
        Amended Declaration in any other jurisdiction.

                        (f)     The parties hereto acknowledge that there would
        be no adequate remedy at law if any party fails to perform any of its
        obligations hereunder, and accordingly agree that each party, in
        addition to any other remedy to which it may be entitled at law or in
        equity, shall be entitled to injunctive relief, including specific
        performance, to enforce such obligations without the posting of any
        bond, and, if any action should be brought in equity to enforce any of
        the provisions of this Amended Declaration, none of the parties hereto
        shall raise the defense that there is an adequate remedy at law.

                        (g)     Each party hereto shall do and perform or cause
        to be done and performed all such further acts and things and shall
        execute and deliver all such other agreements, certificates,
        instruments, and documents as any other party hereto reasonably may
        request in order to carry out the intent and accomplish the purposes of
        this Amended Declaration and the consummation of the transactions
        contemplated hereby.

                            [SIGNATURE PAGE FOLLOWS]

                                    12 of 13

<PAGE>

                IN WITNESS WHEREOF, the undersigned have executed this Amended
Investor Rights Declaration as of the date set forth above.

ASPENBIO, INC.

By:
   -----------------------------
Name:
     ---------------------------
Title:
      --------------------------

<TABLE>
<CAPTION>
SHAREHOLDERS
<S>                                      <C>

--------------------------------         --------------------------------
Carl M. Berke                            Charles J. Neerdaels & Nicolle R. Nelson, Trustees
330 Clark Road                           Neerdaels-Nelson Family Trust
Brookline, MA 02445                      622 Bayview Dr.
                                         Aptos, CA 95003

--------------------------------         --------------------------------
Allison Colgin                           Gail Schoettler
2715 Ramona Street                       11855 E. Daley Circle
Palo Alto, CA 04306                      Parker, CO 80134

--------------------------------         --------------------------------
William F. Colgin                        James D. Schoettler
2715 Ramona Street                       512 29th Street
Palo Alto, CA 04306                      San Francisco, CA 94131

--------------------------------
Ann Deal
1721 Skyline Drive
Wenatchee, WA 98801

--------------------------------
Bruce Deal
371 Linfield Drive
Menlo Park, CA 94025

--------------------------------
Colin P. Hubbard, trustee
Colin P. Hubbard Trust
10441 Bocacanyon Drive
Santa Ana, CA 92705
</TABLE>

                                    13 of 13<PAGE>

                                                                    EXHIBIT 10.7

                                 ASPENBIO, INC.

                            2002 STOCK INCENTIVE PLAN

        This 2002 Stock Incentive Plan (the "Plan") is adopted in consideration
for services rendered and to be rendered AspenBio, Inc. and related companies.

        1.      Definitions.

                The terms used in this Plan shall, unless otherwise indicated or
required by the particular context, have the following meanings:

                Board:  The Board of Directors of AspenBio, Inc.

                Change in Control: (i) The acquisition, directly or indirectly,
by any person or group (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934) of the beneficial ownership of more than fifty percent of
the outstanding securities of the Company, (ii) a merger or consolidation in
which the Company is not the surviving entity, except for a transaction the
principal purpose of which is to change the state in which the Company is
incorporated, (iii) the sale, transfer or other disposition of all or
substantially all of the assets of the Company, (iv) a complete liquidation or
dissolution of the Company, or (v) any reverse merger in which the Company is
the surviving entity but in which securities possessing more than fifty percent
of the total combined voting power of the Company's outstanding securities are
transferred to a person or persons different from the persons holding those
securities immediately prior to such merger.

                Code:  The Internal Revenue Code of 1986, as amended.

                Common Stock:  The Common Stock of AspenBio, Inc.

                Company:  AspenBio, Inc., a corporation incorporated under the
laws of Colorado, and any successors in interest by merger, operation of law,
assignment or purchase of all or substantially all of the property, assets or
business of the Company.

                Consultant:  A Consultant is any person, including any advisor,
engaged by the Company or any Related Company to render consulting services and
may include members of the Board.

                Continuous Status as an Employee or Consultant: The employment
by, or relationship as a Consultant with, the Company or any Related Company is
not interrupted or terminated. The Board, at its sole discretion, may determine
whether Continuous Status as an Employee or Consultant shall be considered
interrupted due to personal or other mitigating circumstances.

                Date of Grant:  The date on which an Option is granted under the
Plan.

                Employee:  An Employee is an employee of the Company or any
Related Company.

                Exercise Price:  The price per share of Common Stock payable
upon exercise of an Option.

<PAGE>

                Fair Market Value: The Fair Market Value of the Option Shares.
Such Fair Market Value shall be determined, in good faith, by the Option
Committee after such consultation with outside legal, accounting and other
experts as the Option Committee may deem advisable, and the Option Committee
shall maintain a written record of its method of determining such value.

                Incentive Stock Options ("ISOs"):  "Incentive Stock Options" as
that term is defined in Section 422 of the Code.

                Non-Incentive Stock Options ("Non-ISOs"): Options which are not
intended to qualify as "Incentive Stock Options" under Section 422 of the Code.

                Offeree:  An Employee or Consultant to whom a Right to Purchase
has been offered or who has acquired Restricted Stock under the Plan.

                Option:  The rights granted to an Employee or Consultant to
purchase Common Stock pursuant to the terms and conditions of an Option
Agreement.

                Option Agreement:  The written agreement (and any amendment or
supplement thereto) between the Company and an Employee or Consultant
designating the terms and conditions of an Option.

                Option Committee: The Plan shall be administered by the Option
Committee which shall consist of the Board or a committee of the Board as the
Board may from time to time designate composed of not less than two members of
the Board who are not employees of the Company or a Related Company.

                Option Shares:  The shares of Common Stock underlying an Option
granted to an Employee or Consultant.

                Optionee:  An Employee or Consultant who has been granted an
Option.

                Participant:  An Employee or Consultant who holds an Option, a
Right to Purchase or Restricted Stock under the Plan.

                Purchase Price:  The Purchase Price per share of Restricted
Stock payable upon acceptance of a Right to Purchase.

                Related Company:  Any subsidiary of the Company and any other
business venture in which the Company has a significant interest as determined
in the discretion of the Option Committee.

                Restricted Stock: The shares of Common Stock issued pursuant to
Section 15, subject to any restrictions and conditions as are established
pursuant to such Section 15.

                Right to Purchase:  A right to purchase Restricted Stock granted
to an Offeree pursuant to Section 15 hereof.

                                     - 2 -

<PAGE>

        2.      Purpose and Scope.

                (a) The purpose of this Plan is to advance the interests of the
Company and its stockholders by affording Employees and Consultants an
opportunity for investment in the Company and the incentive advantages inherent
in stock ownership in this Company.

                (b) This Plan authorizes the Option Committee to grant Options
to purchase shares of Common Stock to Employees and Consultants selected by the
Option Committee while considering criteria such as employment position or other
relationship with the Company, duties and responsibilities, ability,
productivity, length of service or association, morale, interest in the Company,
recommendations by supervisors, and other matters.

        3.      Administration of the Plan.  The Plan shall be administered by
the Option Committee. The Option Committee shall have the authority granted to
it under this section and under each other section of the Plan.

                In accordance with and subject to the provisions of the Plan,
the Option Committee shall select the Optionees and Offerees, shall determine
(i) the number of shares of Common Stock to be subject to each Option and Right
to Purchase, (ii) the time at which each Option or Right to Purchase is to be
granted, (iii) whether an Option or Right to Purchase shall be granted in
exchange for the cancellation and termination of a previously granted option or
options under the Plan or otherwise, (iv) the Exercise Price for the Option
Shares, (v) the Purchase Price of Restricted Stock, (vi) the option period, and
(vii) the manner in which the Option becomes exercisable. In addition, the
Option Committee shall fix such other terms of each Option and Right to Purchase
as the Option Committee may deem necessary or desirable. The Option Committee
shall determine the form of Option Agreement to evidence each Option and the
form of Stock Purchase Agreement to evidence each Right to Purchase.

                The Option Committee from time to time may adopt such rules and
regulations for carrying out the purposes of the Plan as it may deem proper and
in the best interests of the Company. The Option Committee shall keep minutes of
its meetings and those minutes shall be distributed to every member of the
Board.

                All actions taken and all interpretations and determinations
made by the Option Committee in good faith (including determinations of Fair
Market Value) shall be final and binding upon all Employees, Consultants, the
Company and all other interested persons. No member of the Option Committee
shall be personally liable for any action, determination or interpretation made
in good faith with respect to the Plan, and all members of the Option Committee
shall, in addition to rights they may have if Directors of the Company, be fully
protected by the Company with respect to any such action, determination or
interpretation.

        4.      The Common Stock. The Board is authorized to appropriate, issue
and sell for the purposes of the Plan, and the Option Committee is authorized to
grant Options and Rights to Purchase with respect to, a total number, not in
excess of 900,000 shares of Common Stock, either treasury or authorized but
unissued, or the number and kind of shares of stock or other securities which in
accordance with Section 16 shall be substituted for the 900,000 shares or into
which such 900,000 shares shall be adjusted. All or any unsold shares subject to
an Option or Right to Purchase that for any reason expires or otherwise
terminates may again be made subject to Options or Rights to Purchase under the
Plan. No person may be granted Options or Rights to Purchase under this Plan
covering in excess of an aggregate of 300,000 Option Shares and shares of
Restricted Stock in any calendar year, subject to adjustments in connection with
Section 16.

                                      - 3 -

<PAGE>

        5.      Eligibility.  Options which are intended to qualify as ISOs will
be granted only to Employees. Employees and Consultants may hold more than one
Option under the Plan and may hold Options under the Plan and options granted
pursuant to other plans or otherwise, and may hold Rights to Purchase under the
Plan.

        6.      Option Price. The Exercise Price for the Option Shares shall be
established by the Option Committee or shall be determined by a method
established by the Option Committee; provided that the Exercise Price to be paid
by Optionees for the Option Shares that are intended to qualify as ISOs, shall
not be less than 100 percent of the Fair Market Value of the Option Shares on
the Date of Grant, or the date on which the Optionee is hired or promoted (or
similar event), if the Date of Grant occurs not more than 90 days after the date
of such hiring, promotion or other event.

        7.      Duration and Exercise of Options.

                (a) The option period shall commence on the Date of Grant and
shall be as set by the Option Committee, but not to exceed 10 years in length.
Except as otherwise provided herein or as determined by the Option Committee, no
Option shall be exercised for the period of six months following the Date of
Grant; provided, however, that this limitation shall not apply to the exercise
of an Option pursuant to the terms of the relevant Option Agreement upon the
Optionee's death.

                (b) During the lifetime of the Optionee, the Option shall be
exercisable only by the Optionee; provided, that in the event of the legal
disability of an Optionee, the guardian or personal representative of the
Optionee may exercise the Option. However, if the Option is an ISO it may be
exercised by the guardian or personal representative of the Optionee only if
such guardian or personal representative obtains a ruling from the Internal
Revenue Service or an opinion of counsel to the effect that neither the grant
nor the exercise of such power is violative of the Code. Any opinion of counsel
must be both from counsel and in a form acceptable to the Option Committee.

                (c) The Option Committee may determine whether any Option shall
be exercisable in installments only; if the Option Committee determines that an
Option shall be exercisable in installments, it shall determine the number of
installments and the percentage of the Option exercisable at each installment
date. All such installments shall be cumulative.

                (d) In the event an Optionee's Continuous Status as an Employee
or Consultant terminates for any reason, any Option held by the Optionee on the
date of termination may be exercised within 90 days after the date of
termination, but only to the extent that the Option was exercisable according to
its terms on the date of termination. After such 90-day period, any unexercised
portion of an Option shall expire.

                (e) Each Option shall be exercised in whole or in part by
delivering to the office of the Treasurer of the Company written notice of the
number of shares with respect to which the Option is to be exercised and by
paying in full the Exercise Price for the Option Shares purchased as set forth
in Section 8; provided, that an Option may not be exercised in part unless the
Exercise Price for the Option Shares purchased is at least $5,000.

                (f) No Option may be exercised until the Plan is approved by the
shareholders of the Company as provided in Section 17 below.

        8.      Payment for Option Shares. If the Exercise Price of the Option
Shares purchased by any Optionee at one time exceeds $5,000, the Option
Committee may permit all or part of the Exercise Price for the Option Shares to
be paid by delivery to the Company for cancellation shares of the Company's
Common Stock

                                      - 4 -

<PAGE>

previously owned by the Optionee with a Fair Market Value as of the date of
payment equal to the portion of the Exercise Price for the Option Shares that
the Optionee does not pay in cash. In the case of all other Option exercises,
the Exercise Price shall be paid in cash or check upon exercise of the Option,
except that the Option Committee may permit an Optionee to elect to pay the
Exercise Price upon the exercise of an Option by authorizing a third party to
sell some or all of the Option Shares acquired upon exercise of an Option and
remit to the Company a sufficient portion of the sale proceeds to pay the entire
Exercise Price and any tax withholding resulting from such exercise.

        9.      Relationship to Employment or Position. Nothing contained in the
Plan, or in any Option or Right to Purchase granted pursuant to the Plan, shall
confer upon any Participant any right with respect to continuance of employment
by the Company, as an Employee or as a Consultant or interfere in any way with
the right of the Company to terminate the Participant's employment as an
Employee or position as a Consultant, at any time.

        10.     Nontransferability of Option.  Except as otherwise provided by
the Option Committee, no Option granted under the Plan shall be transferable by
the Optionee, either voluntarily or involuntarily, except by will or the laws of
descent and distribution.

        11.     Rights as a Stockholder. No person shall have any rights as a
shareholder with respect to any share covered by an Option until that person
shall become the holder of record of such share and, except as provided in
Section 16, no adjustments shall be made for dividends or other distributions or
other rights as to which there is an earlier record date.

        12.     Securities Laws Requirements. No Option Shares shall be issued
unless and until, in the opinion of the Company, any applicable registration
requirements of the Securities Act of 1933, as amended, any applicable listing
requirements of any securities exchange on which stock of the same class is then
listed, and any other requirements of law or of any regulatory bodies having
jurisdiction over such issuance and delivery, have been fully complied with.
Each Option and each Option Share certificate may be imprinted with legends
reflecting federal and state securities laws, restrictions and conditions, and
the Company may comply therewith and issue "stop transfer" instructions to its
transfer agent and registrar in good faith without liability.

        13.     Disposition of Shares. Each Optionee, as a condition of
exercise, shall represent, warrant and agree, in a form of written certificate
approved by the Company, as follows: (a) that all Option Shares are being
acquired solely for his own account and not on behalf of any other person or
entity; and (b) that no Option Shares will be sold or otherwise distributed in
violation of the Securities Act of 1933, as amended, or any other applicable
federal or state securities laws.

        14.     Ten Percent Shareholder Rule. With respect to ISO's, no Option
may be granted to an Employee who, at the time the Option is granted, owns stock
possessing more than 10 percent of the total combined voting power of all
classes of stock of the Company, unless at the time the Option is granted the
purchase price for the Option Shares is at least 110 percent of the Fair Market
Value of the Option Shares on the Date of Grant and such Option by its terms is
not exercisable after the expiration of five years from the Date of Grant.

        15.     Rights to Purchase

                15.1    Nature of Right to Purchase. A Right to Purchase granted
to an Offeree entitles the Offeree to purchase, for a Purchase Price determined
by the Option Committee, shares of Common Stock subject to such terms,
restrictions and conditions as the Option Committee may determine at the time of
grant

                                      - 5 -

<PAGE>

("Restricted Stock"). Such conditions may include, but are not limited to,
continued employment or the achievement of specified performance goals or
objectives.

                15.2    Acceptance of Right to Purchase. An Offeree shall have
no rights with respect to the Restricted Stock subject to a Right to Purchase
unless the Offeree shall have accepted the Right to Purchase within ten days (or
such longer or shorter period as the Option Committee may specify) following the
grant of the Right to Purchase by making payment of the full Purchase Price to
the Company in the manner set forth in Section 15.3 hereof and by executing and
delivering to the Company a Stock Purchase Agreement. Each Stock Purchase
Agreement shall be in such form, and shall set forth the Purchase Price and such
other terms, conditions and restrictions of the Restricted Stock, not
inconsistent with the provisions of this Plan, as the Option Committee shall,
from time to time, deem desirable. Each Stock Purchase Agreement may be
different from each other Stock Purchase Agreement.

                15.3    Payment of Purchase Price. Subject to any legal
restrictions, payment of the Purchase Price upon acceptance of a Right to
Purchase Restricted Stock may be made, in the discretion of the Option
Committee, by (a) cash; (b) check; (c) the surrender of shares of Common Stock
owned by the Offeree that have been held by the Offeree for at least six months,
which surrendered shares shall be valued at Fair Market Value as of the date of
such exercise; (d) any combination of the foregoing methods of payment or any
other consideration or method of payment as shall be permitted by applicable
corporate law.

                15.4    Rights as a Shareholder. Upon complying with the
provisions of Section 15.2 hereof, an Offeree shall have the rights of a
shareholder with respect to the Restricted Stock purchased pursuant to the Right
to Purchase, including voting and dividend rights, subject to the terms,
restrictions and conditions as are set forth in the Stock Purchase Agreement.
Unless the Option Committee shall determine otherwise, certificates evidencing
shares of Restricted Stock shall remain in the possession of the Company in
accordance with the terms of the Stock Purchase Agreement.

                15.5    Restrictions. Shares of Restricted Stock may not be
sold, assigned, transferred, pledged or otherwise encumbered or disposed of
except as specifically provided in the Stock Purchase Agreement or by the Option
Committee. In the event a Participant's Continuous Service as an Employee or
Consultant terminates for any reason, the Stock Purchase Agreement may provide,
in the discretion of the Option Committee, that the Company shall have the
right, exercisable at the discretion of the Option Committee, to repurchase any
shares of Restricted Stock, on such terms as may be provided in the Stock
Purchase Agreement.

                15.6    Vesting of Restricted Stock. The Stock Purchase
Agreement may provide, in the discretion of the Option Committee, standards for
vesting of the Restricted Stock, including dates, performance goals, or other
conditions.

                15.7    Dividends. If payment for shares of Restricted Stock is
made by promissory note, any cash dividends paid with respect to the Restricted
Stock may be applied, in the discretion of the Option Committee, to repayment of
such note.

                15.8    Non-Assignability of Rights. No Right to Purchase shall
be assignable or transferable except by will or the laws of descent and
distribution or as otherwise provided by the Option Committee.

        16.     Change in Stock, Adjustments, Etc. In the event that each of the
outstanding shares of Common Stock (other than shares held by dissenting
shareholders which are not changed or exchanged) should be changed into, or
exchanged for, a different number or kind of shares of stock or other securities
of the

                                      - 6 -

<PAGE>

Company, or, if further changes or exchanges of any stock or other securities
into which the Common Stock shall have been changed, or for which it shall have
been exchanged, shall be made (whether by reason of merger, consolidation,
reorganization, recapitalization, stock dividends, reclassification, split-up,
combination of shares or otherwise), then appropriate adjustment shall be made
by the Option Committee to the aggregate number and kind of shares subject to
this Plan, and the number and kind of shares and the price per share subject to
outstanding Options and Rights to Purchase as provided in the respective Option
Agreements and Stock Purchase Agreements in order to preserve, as nearly as
practical, but not to increase, the benefits to Participants.

        17.     Effective Date of Plan; Termination Date of Plan. Subject to the
approval of the Plan by the affirmative vote of the holders of a majority of the
Company's securities entitled to vote and represented at a meeting duly held in
accordance with applicable law, the Plan shall be deemed effective April 3,
2002. The Plan shall terminate at midnight on April 2, 2012, except as to
Options previously granted and outstanding under the Plan at that time. No
Options or Rights to Purchase shall be granted after the date on which the Plan
terminates. The Plan may be abandoned or terminated at any earlier time by the
Board, except with respect to any Options or Rights to Purchase then outstanding
under the Plan.

        18.     Withholding Taxes. The Company, or any Related Company, may take
such steps as it may deem necessary or appropriate for the withholding of any
taxes which the Company, or any Related Company, is required by any law or
regulation or any governmental authority, whether federal, state or local,
domestic or foreign, to withhold in connection with any Option or Right to
Purchase including, but not limited to, the withholding of all or any portion of
any payment or the withholding of issuance of Option Shares or Restricted Stock
to be issued upon the exercise of any Option.

        19.     Change in Control.

                In the event of a Change in Control of the Company, (a) the
Option Committee, in its discretion, may, at any time an Option or Right to
Purchase is granted, or at any time thereafter, accelerate the time period
relating to the exercise or realization of any Options, Rights to Purchase and
Restricted Stock and (b) with respect to Options and Rights to Purchase, the
Option Committee in its discretion may, at any time an Option or Right to
Purchase is granted, or at any time thereafter, take one or more of the
following actions: (i) provide for the purchase of each Option or Right to
Purchase for an amount of cash or other property that could have been received
upon the exercise of the Option or Right to Purchase had the Option been
currently exercisable, (ii) adjust the terms of the Options and Rights to
Purchase in a manner determined by the Option Committee to reflect the Change in
Control, (iii) cause the Options and Rights to Purchase to be assumed, or new
rights substituted therefor, by another entity, through the continuance of the
Plan and the assumption of outstanding Options and Rights to Purchase, or the
substitution for such Options and Rights to Purchase of new options and new
rights to purchase of comparable value covering shares of a successor
corporation, with appropriate adjustments as to the number and kind of shares
and exercise prices, in which event the Plan and such Options and Rights to
Purchase, or the new options and rights to purchase substituted therefor, shall
continue in the manner and under the terms so provided or (iv) make such other
provision as the Committee may consider equitable. If the Option Committee does
not take any of the foregoing actions, all Options and Rights to Purchase shall
terminate upon the consummation of the Change in Control and the Option
Committee shall cause written notice of the proposed transaction to be given to
all Participants not less than fifteen days prior to the anticipated effective
date of the proposed transaction.

        20.    Amendment.

                (a) The Board may amend, alter or discontinue the Plan, but no
amendment, alteration or discontinuation shall be made which would impair the
right of a Participant under an outstanding Option

                                      - 7 -

<PAGE>

Agreement or Stock Purchase Agreement. In addition, no such amendment shall be
made without the approval of the Company's shareholders to the extent such
approval is required by law or agreement.

                (b) The Committee may amend the terms of any Option or Right to
Purchase theretofore granted, prospectively or retroactively, but no such
amendment shall impair the rights of any Participant without the Participant's
consent.

                (c) Subject to the above provisions, the Board shall have
authority to amend the Plan to take into account changes in law and tax and
accounting rules as well as other developments, and to grant Options and Rights
to Purchase which qualify for beneficial treatment under such rules without
shareholder approval.

        21.     Other Provisions.

                (a) The use of a masculine gender in the Plan shall also include
within its meaning the feminine, and the singular may include the plural, and
the plural may include the singular, unless the context clearly indicates to the
contrary.

                (b) Any expenses of administering the Plan shall be borne by the
Company.

                (c) This Plan shall be construed to be in addition to any and
all other compensation plans or programs. Neither the adoption of the Plan by
the Board nor the submission of the Plan to the shareholders of the Company for
approval shall be construed as creating any limitations on the power or
authority of the Board to adopt such other additional incentive or other
compensation arrangements as the Board may deem necessary or desirable.

                (d) The validity, construction, interpretation, administration
and effect of the Plan and of its rules and regulations, and the rights of any
and all personnel having or claiming to have an interest therein or thereunder
shall be governed by and determined exclusively and solely in accordance with
the laws of the State of Colorado.

                                 * * * * * * * *

                                      - 8 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]