Document:

Exhibit 4.1

                             ADEPT TECHNOLOGY, INC.

                        1998 EMPLOYEE STOCK PURCHASE PLAN
                        (as amended through August 2000)

         The following  constitute  the  provisions  of the 1998 Employee  Stock
Purchase Plan of Adept Technology, Inc.

         1.  Purpose.  The  purpose of the Plan is to provide  employees  of the
Company and its Designated  Subsidiaries  with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the intention
of the Company to have the Plan qualify as an  "Employee  Stock  Purchase  Plan"
under  Section  423 of the  Internal  Revenue  Code of  1986,  as  amended.  The
provisions  of the Plan,  accordingly,  shall be  construed  so as to extend and
limit participation in a manner consistent with the requirements of that section
of the Code.

         2.  Definitions.

             (a) "Board" shall mean the Board of Directors of the Company

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

             (c)"Common Stock" shall mean the common stock of the Company.

             (d)"Company"  shall mean Adept Technology,  Inc. and any Designated
Subsidiary of the Company.

             (e)"Compensation" shall mean all base straight time gross earnings,
commissions, and payments for overtime.

             (f)"Designated Subsidiaries" shall mean the Subsidiaries which have
been  designated  by the  Board  from  time to time in its  sole  discretion  as
eligible to participate in the Plan.

             (g) "Employee"  shall mean any individual who is an employee of the
Company for tax purposes whose customary employment with the Company is at least
twenty  (20) hours per week and more than two (2) months in any  calendar  year.
For  purposes  of the Plan,  the  employment  relationship  shall be  treated as
continuing  intact  while  the  individual  is on sick  leave or other  leave of
absence  approved by the Company.  Where the period of leave exceeds 90 days and
the individual's right to reemployment is not guaranteed either by statute or by
contract,  the employment  relationship will be deemed to have terminated on the
91st day of such leave.

             (h)  "Enrollment  Date"  shall mean the first  Trading  Day of each
Offering Period.

             (i)  "Exercise  Date"  shall  mean  the  last  Trading  Day of each
Purchase Period.

             (j) "Fair Market  Value" shall mean,  as of any date,  the value of
Common Stock determined as follows:

                  (1) If the  Common  Stock is listed on any  established  stock
exchange or a national market system,  including  without  limitation The Nasdaq
Stock Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market,  its Fair
Market  Value shall be the closing  sale price for the Common Stock (or the mean
of the closing bid and asked prices,  if no sales were  reported),  as quoted on
such  exchange  or system for the last  market  trading  day on the date of such
determination,  as reported in The Wall Street  Journal or such other  source as
the Board deems reliable; or

                  (2) If the Common  Stock is  regularly  quoted by a recognized
securities  dealer but selling  prices are not  reported,  its Fair Market Value
shall be the mean of the  closing bid and asked  prices for the Common  Stock on
the date of such  determination,  as reported in The Wall Street Journal or such
other source as the Board deems reliable; or

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                  (3) In the  absence  of an  established  market for the Common
Stock,  the Fair Market Value  thereof  shall be determined in good faith by the
Board.

             (k)  "Offering  Period"  shall mean,  commencing  May 1, 2001,  the
period of  approximately  twenty-four (24) months during which an option granted
pursuant to the Plan may be exercised, commencing on the first Trading Day on or
after May 1 and November 1 of each year and  terminating on the last Trading Day
in the period ending twenty-four (24) months later; provided,  however, that the
first  Offering  Period under the Plan shall commence with the first Trading Day
on or after  November 6, 1998,  and ending on the last  Trading Day on or before
October 31, 1999.  The  duration  and timing of Offering  Periods may be changed
pursuant to Section 4 of this Plan.

             (l) "Plan" shall mean this 1998 Employee Stock Purchase Plan.

             (m) "Purchase Period" shall mean the approximately six month period
commencing  after one  Exercise  Date and ending  with the next  Exercise  Date,
except that the first Purchase  Period of any Offering  Period shall commence on
the Enrollment Date and end with the next Exercise Date; provided, however, that
the first  Purchase  Period under the Plan shall commence with the first Trading
Day on or after  November 6, 1998,  and shall end on the last  Trading Day on or
before April 30, 1999.

             (n)  "Purchase  Price" shall mean 85% of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date,  whichever
is lower; provided however, that the Purchase Price may be adjusted by the Board
pursuant to Section 20.

             (o)  "Reserves"  shall  mean the  number of shares of Common  Stock
covered by each option under the Plan which have not yet been  exercised and the
number of shares of Common Stock which have been  authorized  for issuance under
the Plan but not yet placed under option.

             (p) "Subsidiary" shall mean a corporation,  domestic or foreign, of
which  not less  than 50% of the  voting  shares  are held by the  Company  or a
Subsidiary, whether or not such corporation now exists or is hereafter organized
or acquired by the Company or a Subsidiary.

             (q)  "Trading  Day"  shall  mean  a day  on  which  national  stock
exchanges and the Nasdaq System are open for trading.

         3.  Eligibility.

             (a) Any  Employee  (as  defined  in  Section  2(g)),  who  shall be
employed  by the  Company  on a given  Enrollment  Date  shall  be  eligible  to
participate in the Plan.

             (b) Any provisions of the Plan to the contrary notwithstanding,  no
Employee  shall be  granted  an option  under the Plan (i) to the  extent  that,
immediately  after the grant,  such  Employee  (or any other  person whose stock
would be  attributed to such  Employee  pursuant to Section  424(d) of the Code)
would own  capital  stock of the  Company  and/or  hold  outstanding  options to
purchase such stock  possessing  five percent (5%) or more of the total combined
voting  power or value of all classes of the capital  stock of the Company or of
any  Subsidiary,  or (ii) to the extent that his or her rights to purchase stock
under all  employee  stock  purchase  plans of the Company and its  subsidiaries
accrues at a rate which exceeds Twenty-Five  Thousand Dollars ($25,000) worth of
stock (determined at the fair market value of the shares at the time such option
is granted) for each  calendar year in which such option is  outstanding  at any
time.

         4. Offering  Periods.  The Plan shall be  implemented  by  consecutive,
overlapping  Offering Periods with a new Offering Period commencing on the first
Trading Day on or after May 1 and November 1 of each year, or on such other date
as the Board shall  determine,  and continuing  thereafter  until  terminated in
accordance with Section 20 hereof;  provided,  however,  that the first Offering
Period  under the Plan shall  commence  with the first  Trading  Day on or after
November 6, 1998,  and ending on the last  Trading Day on or before  October 31,
1999. The Board shall have the power to change the duration of Offering  Periods
(including  the  commencement  dates  thereof) with respect to future  offerings
without shareholder  approval if such change is announced prior to the scheduled
beginning of the first Offering Period to be affected thereafter.

         5. Participation.

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             (a) An eligible  Employee may become a  participant  in the Plan by
completing a subscription  agreement  authorizing payroll deductions in the form
of Exhibit A to this Plan and filing it with the Company's  payroll office prior
to the applicable Enrollment Date.

             (b) Payroll  deductions  for a  participant  shall  commence on the
first payroll following the Enrollment Date and shall end on the last payroll in
the Offering  Period to which such  authorization  is applicable,  unless sooner
terminated by the participant as provided in Section 10 hereof.

         6.  Payroll Deductions.

             (a)  At the  time  a  participant  files  his  or her  subscription
agreement, he or she shall elect to have payroll deductions made on each pay day
during the Offering  Period in an amount not exceeding  fifteen percent (15%) of
the  Compensation  which he or she  receives on each pay day during the Offering
Period, provided, however, the aggregate of such payroll deductions under two or
more employee stock purchase plans of the Company that are  overlapping  may not
exceed fifteen percent (15%) of the participant's  Compensation  which he or she
receives on each pay day during the Offering Period.

             (b) All payroll deductions made for a participant shall be credited
to his or her account  under the Plan and will be withheld in whole  percentages
only. A participant may not make any additional payments into such account.

             (c) A participant may discontinue his or her  participation  in the
Plan as provided in Section 10 hereof,  or may  increase or decrease the rate of
his or her payroll deductions during the Offering Period by completing or filing
with the Company a new  subscription  agreement  authorizing a change in payroll
deduction  rate.  The  Board  may,  in  its  discretion,  limit  the  number  of
participation  rate changes during any Offering Period. The change in rate shall
be effective with the first full payroll period following five (5) business days
after the Company's receipt of the new subscription agreement unless the Company
elects to process a given change in participation  more quickly. A participant's
subscription  agreement shall remain in effect for successive  Offering  Periods
unless terminated as provided in Section 10 hereof.

             (d)  Notwithstanding  the  foregoing,  to the extent  necessary  to
comply  with  Section   423(b)(8)  of  the  Code  and  Section  3(b)  hereof,  a
participant's  payroll  deductions  may be decreased to zero percent (0%) by the
participant  at any time  during a Purchase  Period.  Payroll  deductions  shall
recommence at the rate provided in such participant's  subscription agreement at
the  beginning  of the first  Purchase  Period  which is scheduled to end in the
following  calendar year,  unless  terminated by the  participant as provided in
Section 10 hereof.

             (e) At the time the option is exercised, in whole or in part, or at
the time some or all of the  Company's  Common  Stock  issued  under the Plan is
disposed of, the  participant  must make  adequate  provision  for the Company's
federal, state, or other tax withholding  obligations,  if any, which arise upon
the exercise of the option or the  disposition of the Common Stock. At any time,
the Company may, but will not be obligated to,  withhold from the  participant's
compensation the amount necessary for the Company to meet applicable withholding
obligations, including any withholding required to make available to the Company
any tax  deductions or benefits  attributable  to sale or early  disposition  of
Common Stock by the Employee.

         7. Grant of Option.  On the  Enrollment  Date of each Offering  Period,
each eligible Employee participating in such Offering Period shall be granted an
option to purchase on each  Exercise  Date during such  Offering  Period (at the
applicable  Purchase  Price) up to a number of  shares of the  Company's  Common
Stock  determined by dividing such  Employee's  payroll  deductions  accumulated
prior to such Exercise Date and retained in the Participant's  account as of the
Exercise Date by the applicable Purchase Price;  provided that in no event shall
an Employee be permitted to purchase during each Purchase Period more than 3,000
shares of the  Company's  Common Stock  (subject to any  adjustment  pursuant to
Section  19), and provided  further that such  purchase  shall be subject to the
limitations set forth in Sections 3(b) and 12 hereof.  The Board may, for future
Offering Periods, increase or decrease, in its absolute discretion,  the maximum
number of shares of the Company's  Common Stock an Employee may purchase  during
each Purchase Period of such Offering Period. Exercise of the option shall occur
as provided in Section 8 hereof,  unless the participant has withdrawn  pursuant
to  Section  10  hereof,  and the  option  shall  expire  on the last day of the
Offering Period.

         8. Exercise of Option.

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             (a) Unless a  participant  withdraws  from the Plan as  provided in
Section  10  hereof,  his or her  option  for the  purchase  of  shares  will be
exercised  automatically  on the Exercise  Date,  and the maximum number of full
shares  subject  to  option  shall  be  purchased  for such  participant  at the
applicable  Purchase Price with the accumulated payroll deductions in his or her
account.  No  fractional  shares  will  be  purchased;  any  payroll  deductions
accumulated  in a  participant's  account which are not sufficient to purchase a
full share  shall be retained in the  participant's  account for the  subsequent
Purchase  Period or  Offering  Period,  subject  to  earlier  withdrawal  by the
participant  as provided in Section 10 hereof.  Any other  monies left over in a
participant's  account  after  the  Exercise  Date  shall  be  returned  to  the
participant. During a participant's lifetime, a participant's option to purchase
shares hereunder is exercisable only by him or her.

             (b) If the Board  determines  that, on a given  Exercise  Date, the
number of shares with respect to which options are to be exercised may exceed:

                 (i) the number of shares of Common  Stock  that were  available
for  sale  under  the Plan on the  Enrollment  Date of the  applicable  Offering
Period, or

                 (ii) the number of shares  available for sale under the Plan on
such Exercise Date, the Board may in its sole discretion

                       (x)  provide  that  the  Company  shall  make a pro  rata
allocation  of the  shares  of  Common  Stock  available  for  purchase  on such
Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall
be practicable  and as it shall determine in its sole discretion to be equitable
among all  participants  exercising  options to  purchase  Common  Stock on such
Exercise Date, and continue all Offering Periods then in effect, or

                       (y)  provide  that  the  Company  shall  make a pro  rata
allocation  of the shares  available  for  purchase on such  Enrollment  Date or
Exercise Date, as applicable, in as uniform a manner as shall be practicable and
as it  shall  determine  in  its  sole  discretion  to be  equitable  among  all
participants  exercising options to purchase Common Stock on such Exercise Date,
and terminate any or all Offering  Periods then in effect pursuant to Section 20
hereof.

The  Company  may make a pro rata  allocation  of the  shares  available  on the
Enrollment  Date of any  applicable  Offering  Period  pursuant to the preceding
sentence,  notwithstanding  any  authorization of additional shares for issuance
under the Plan by the Company's shareholders subsequent to such Enrollment Date.

         9.  Delivery.  As promptly as  practicable  after each Exercise Date on
which a purchase of shares  occurs,  the Company  shall  arrange the delivery to
each  participant,  as  appropriate,  of a certificate  representing  the shares
purchased upon exercise of his or her option.

         10. Withdrawal.

             (a) A  participant  may  withdraw  all but not  less  than  all the
payroll  deductions  credited to his or her account and not yet used to exercise
his or her  option  under the Plan at any time by giving  written  notice to the
Company in the form of Exhibit B to this Plan. All of the participant's  payroll
deductions  credited  to his or her  account  will be  paid to such  participant
promptly after receipt of notice of withdrawal and such participant's option for
the Offering  Period will be  automatically  terminated,  and no further payroll
deductions for the purchase of shares will be made for such Offering Period.  If
a participant  withdraws from an Offering  Period,  payroll  deductions will not
resume at the beginning of the succeeding Offering Period unless the participant
delivers to the Company a new subscription agreement.

             (b) A  participant's  withdrawal  from an Offering Period shall not
have any effect upon his or her  eligibility  to participate in any similar plan
which may hereafter be adopted by the Company or in succeeding  Offering Periods
which  commence  after the  termination  of the  Offering  Period from which the
participant withdraws.

         11. Termination of Employment.

         Upon a  participant's  ceasing to be an Employee (as defined in Section
2(g)  hereof),  for any  reason,  he or she will be  deemed to have  elected  to
withdraw from the Plan and the payroll deductions credited to such participant's
account during the Offering  Period but not yet used to exercise the option will
be  returned  to such

<PAGE>

participant  or,  in the case of his or her  death,  to the  person  or  persons
entitled thereto under Section 15 hereof, and such participant's  option will be
automatically terminated. The preceding sentence notwithstanding,  a participant
who receives  payment in lieu of notice of  termination  of employment  shall be
treated as continuing to be an Employee for the  participant's  customary number
of hours per week of employment  during the period in which the  participant  is
subject to such payment in lieu of notice.

         12. Interest.  No interest shall accrue on the payroll  deductions of a
participant in the Plan.

         13. Stock.

             (a) Subject to  adjustment  upon changes in  capitalization  of the
Company as  provided in Section 19 hereof,  the maximum  number of shares of the
Company's  Common  Stock which shall be made  available  for sale under the Plan
shall be 600,000 shares, plus an annual increase to be added on the first day of
the  Company's  fiscal  year  beginning  in July 1999 equal to the lesser of (i)
600,000 shares or (ii) 3% of the outstanding shares on the last day of the prior
fiscal year or (iii) a lesser amount determined by the Board.

             (b) The participant will have no interest or voting right in shares
covered by his option until such option has been exercised.

             (c) Shares to be delivered to a participant  under the Plan will be
registered in the name of the  participant or in the name of the participant and
his or her spouse.

         14.  Administration.  The Plan shall be  administered by the Board or a
committee  of members  of the Board  appointed  by the  Board.  The Board or its
committee  shall have full and  exclusive  discretionary  authority to construe,
interpret  and  apply the terms of the Plan,  to  determine  eligibility  and to
adjudicate all disputed claims filed under the Plan. Every finding, decision and
determination  made by the  Board or its  committee  shall,  to the full  extent
permitted by law, be final and binding upon all parties.

         15. Designation of Beneficiary.

             (a) A participant  may file a written  designation of a beneficiary
who is to receive any shares and cash,  if any, from the  participant's  account
under  the  Plan in the  event  of such  participant's  death  subsequent  to an
Exercise  Date on which the option is  exercised  but prior to  delivery to such
participant  of such shares and cash.  In  addition,  a  participant  may file a
written  designation  of a  beneficiary  who is to  receive  any  cash  from the
participant's  account under the Plan in the event of such  participant's  death
prior to exercise of the option.  If a participant is married and the designated
beneficiary  is not the  spouse,  spousal  consent  shall be  required  for such
designation to be effective.

             (b)  Such   designation  of  beneficiary  may  be  changed  by  the
participant  at any time by  written  notice.  In the  event  of the  death of a
participant  and in the absence of a beneficiary  validly  designated  under the
Plan who is living at the time of such  participant's  death,  the Company shall
deliver such shares and/or cash to the executor or  administrator  of the estate
of the participant,  or if no such executor or administrator  has been appointed
(to the knowledge of the Company),  the Company, in its discretion,  may deliver
such  shares  and/or  cash to the  spouse  or to any one or more  dependents  or
relatives of the participant, or if no spouse, dependent or relative is known to
the Company, then to such other person as the Company may designate.

         16.   Transferability.   Neither  payroll  deductions   credited  to  a
participant's account nor any rights with regard to the exercise of an option or
to  receive  shares  under the Plan may be  assigned,  transferred,  pledged  or
otherwise  disposed of in any way (other  than by will,  the laws of descent and
distribution or as provided in Section 15 hereof) by the  participant.  Any such
attempt at assignment,  transfer,  pledge or other  disposition shall be without
effect,  except  that the  Company may treat such act as an election to withdraw
funds from an Offering Period in accordance with Section 10 hereof.

         17.  Use of  Funds.  All  payroll  deductions  received  or held by the
Company under the Plan may be used by the Company for any corporate purpose, and
the Company shall not be obligated to segregate such payroll deductions.

         18.   Reports.   Individual   accounts  will  be  maintained  for  each
participant  in the Plan.  Statements of account will be given to  participating
Employees  at least  annually,  which  statements  will set forth the amounts of
payroll  deductions,  the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.

<PAGE>

         19.   Adjustments   Upon   Changes  in   Capitalization,   Dissolution,
Liquidation, Merger or Asset Sale.

             (a) Changes in  Capitalization.  Subject to any required  action by
the shareholders of the Company, the Reserves, the maximum number of shares each
participant may purchase each Purchase  Period  (pursuant to Section 7), as well
as the price per share and the number of shares of Common Stock  covered by each
option under the Plan which has not yet been exercised shall be  proportionately
adjusted for any  increase or decrease in the number of issued  shares of Common
Stock  resulting  from a stock  split,  reverse  stock  split,  stock  dividend,
combination or  reclassification  of the Common Stock,  or any other increase or
decrease in the number of shares of Common  Stock  effected  without  receipt of
consideration  by  the  Company;  provided,  however,  that  conversion  of  any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of  consideration".  Such adjustment shall be made by the Board,
whose  determination  in that respect  shall be final,  binding and  conclusive.
Except as  expressly  provided  herein,  no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to an option.

             (b)  Dissolution  or  Liquidation.  In the  event  of the  proposed
dissolution or liquidation of the Company,  the Offering Period then in progress
shall be shortened by setting a new Exercise Date (the "New Exercise Date"), and
shall  terminate   immediately  prior  to  the  consummation  of  such  proposed
dissolution or  liquidation,  unless  provided  otherwise by the Board.  The New
Exercise Date shall be before the date of the Company's proposed  dissolution or
liquidation.  The Board shall notify each  participant in writing,  at least ten
(10)  business days prior to the New Exercise  Date,  that the Exercise Date for
the participant's  option has been changed to the New Exercise Date and that the
participant's option shall be exercised  automatically on the New Exercise Date,
unless prior to such date the participant has withdrawn from the Offering Period
as provided in Section 10 hereof.

             (c) Merger or Asset Sale. In the event of a proposed sale of all or
substantially  all of the assets of the  Company,  or the merger of the  Company
with or into another corporation, each outstanding option shall be assumed or an
equivalent  option  substituted  by the  successor  corporation  or a Parent  or
Subsidiary  of the  successor  corporation.  In the  event  that  the  successor
corporation refuses to assume or substitute for the option, any Purchase Periods
then in progress  shall be shortened  by setting a new  Exercise  Date (the "New
Exercise  Date") and any Offering  Periods then in progress shall end on the New
Exercise  Date.  The New Exercise Date shall be before the date of the Company's
proposed sale or merger. The Board shall notify each participant in writing,  at
least ten (10) business days prior to the New Exercise  Date,  that the Exercise
Date for the participant's  option has been changed to the New Exercise Date and
that the  participant's  option  shall  be  exercised  automatically  on the New
Exercise Date,  unless prior to such date the participant has withdrawn from the
Offering Period as provided in Section 10 hereof.

         20. Amendment or Termination.

             (a) The Board of  Directors  of the Company may at any time and for
any reason terminate or amend the Plan. Except as provided in Section 19 hereof,
no such  termination  can affect options  previously  granted,  provided that an
Offering Period may be terminated by the Board of Directors on any Exercise Date
if the Board  determines that the termination of the Offering Period or the Plan
is in the best interests of the Company and its shareholders. Except as provided
in Section 19 and this Section 20 hereof,  no  amendment  may make any change in
any  option  theretofore  granted  which  adversely  affects  the  rights of any
participant.  To the extent necessary to comply with Section 423 of the Code (or
any successor rule or provision or any other applicable law, regulation or stock
exchange rule), the Company shall obtain  shareholder  approval in such a manner
and to such a degree as required.

             (b) Without  shareholder  consent and without regard to whether any
participant  rights may be considered  to have been  "adversely  affected,"  the
Board (or its committee) shall be entitled to change the Offering Periods, limit
the frequency and/or number of changes in the amount withheld during an Offering
Period,  establish  the  exchange  ratio  applicable  to amounts  withheld  in a
currency other than U.S.  dollars,  permit payroll  withholding in excess of the
amount  designated by a participant in order to adjust for delays or mistakes in
the Company's processing of properly completed withholding elections,  establish
reasonable  waiting and  adjustment  periods  and/or  accounting  and  crediting
procedures  to ensure that amounts  applied  toward the purchase of Common Stock
for  each  participant  properly  correspond  with  amounts  withheld  from  the
participant's  Compensation,  and establish such other limitations or procedures
as the Board (or its  committee)  determines  in its sole  discretion  advisable
which are consistent with the Plan.

<PAGE>

             (c) In the event the Board determines that the ongoing operation of
the Plan may result in unfavorable financial accounting consequences,  the Board
may, in its  discretion  and, to the extent  necessary or  desirable,  modify or
amend the Plan to reduce or eliminate such accounting consequence including, but
not limited to:

                (1)  altering  the  Purchase  Price  for  any  Offering   Period
including  an  Offering  Period  underway  at the time of the change in Purchase
Price;

                (2) shortening any Offering  Period so that the Offering  Period
ends on a new Exercise Date,  including an Offering  Period underway at the time
of the Board action; and

                (3) allocating shares pursuant to Section 8(b) above.

                Such  modifications or amendments shall not require  shareholder
approval or the consent of any Plan participants.

         21. Notices.  All notices or other  communications  by a participant to
the Company  under or in  connection  with the Plan shall be deemed to have been
duly given when  received in the form  specified by the Company at the location,
or by the person, designated by the Company for the receipt thereof.

         22. Conditions Upon Issuance of Shares. Shares shall not be issued with
respect to an option  unless the  exercise of such option and the  issuance  and
delivery of such  shares  pursuant  thereto  shall  comply  with all  applicable
provisions  of law,  domestic or foreign,  including,  without  limitation,  the
Securities  Act of 1933,  as amended,  the  Securities  Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder,  and the requirements
of any stock  exchange  upon which the  shares may then be listed,  and shall be
further  subject to the approval of counsel for the Company with respect to such
compliance.

             As a  condition  to the  exercise  of an option,  the  Company  may
require the person  exercising  such option to represent and warrant at the time
of any such exercise that the shares are being purchased only for investment and
without  any  present  intention  to sell or  distribute  such shares if, in the
opinion of counsel for the Company,  such a representation is required by any of
the aforementioned applicable provisions of law.

         23. Term of Plan.  The Plan shall become  effective upon the earlier to
occur  of its  adoption  by the  Board  of  Directors  or  its  approval  by the
shareholders of the Company.  It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 20 hereof.

         24.  Automatic  Transfer to Low Price  Offering  Period.  To the extent
permitted by any applicable  laws,  regulations,  or stock exchange rules if the
Fair Market Value of the Common Stock on any Exercise Date in an Offering Period
is lower than the Fair Market Value of the Common Stock on the  Enrollment  Date
of such Offering Period,  then all participants in such Offering Period shall be
automatically withdrawn from such Offering Period immediately after the exercise
of their  option on such  Exercise  Date and  automatically  re-enrolled  in the
immediately following Offering Period as of the first day thereof.EXHIBIT 4.1

                                 1993 STOCK PLAN
                        (as amended through August 2000)

         1. Purposes of the Plan. The purposes of this Stock Plan are to attract
and  retain  the  best   available   personnel  for  positions  of   substantial
responsibility,  to provide  additional  incentive to  Employees,  Directors and
Consultants  of the Company and its  Subsidiaries  and to promote the success of
Adept's business.  Options granted under the Plan may be incentive stock options
(as defined under Section 422 of the Code) or  non-statutory  stock options,  as
determined by the Administrator at the time of grant of an option and subject to
the  applicable  provisions  of Section  422 of the Code,  as  amended,  and the
regulations promulgated thereunder.

         2. Definitions. As used herein, the following definitions shall apply:

                  (a)  "Administrator"  means the Board or any of its Committees
         appointed pursuant to Section 4 of the Plan.

                  (b) "Applicable  Laws" means the requirements  relating to the
         administration  of stock option plans under U.S. state  corporate laws,
         U.S. federal and state securities laws, the Code, any stock exchange or
         quotation  system on which the Common Stock is listed or quoted and the
         applicable laws of any foreign  country or  jurisdiction  where Options
         are, or will be, granted under the Plan.

                  (c) "Board" means the Board of Directors of the Company.

                  (d)  "Code"  means  the  Internal  Revenue  Code of  1986,  as
         amended.

                  (e)  "Committee"  means a Committee  appointed by the Board in
         accordance with Section 4 of the Plan.

                  (f) "Common Stock" means the common stock of the Company.

                  (g)  "Company"  means Adept  Technology,  Inc.,  a  California
         corporation.

                  (h) "Consultant" means any person,  including an advisor,  who
         is  engaged  by the  Company  or any  Parent  or  Subsidiary  to render
         services and is compensated for such services.

                  (i) "Continuous Status as an Employee, Director or Consultant"
         means that the  employment  relationship,  directorship  or  consulting
         relationship  is not  interrupted  or  terminated  by the Company,  any
         Parent or  Subsidiary.  Continuous  Status as an Employee,  Director or
         Consultant shall not be considered  interrupted in the case of: (i) any
         leave of absence approved by the Board,  including sick leave, military
         leave,  or any  other  personal  leave;  provided,  however,  that  for
         purposes  of  Incentive  Stock  Options,  any such leave may not exceed
         ninety (90) days, unless reemployment upon the expiration of such leave
         is  guaranteed  by contract  (including  certain  Company  policies) or
         statute;  or (ii) transfers between locations of the Company or between
         the Company, its Parent, its Subsidiaries or its successor.

                  (j) "Director" means a member of the Board.

<PAGE>

                  (k)  "Employee"  means  any  person,  including  Officers  and
         Directors,  employed by the Company or any Parent or  Subsidiary of the
         Company.  The payment of a director's  fee by the Company  shall not be
         sufficient to constitute "employment" by the Company.

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

                  (m) "Fair Market  Value" means,  as of any date,  the value of
         Common Stock determined as follows:

                         (i) If the  Common  Stock is listed on any  established
                  stock exchange or a national market system  including  without
                  limitation the Nasdaq  National  Market or The Nasdaq SmallCap
                  Market of The Nasdaq Stock Market, its Fair Market Value shall
                  be the closing sales price for such stock (or the closing bid,
                  if no sales  were  reported,  as  quoted on such  exchange  or
                  system for the last  market  trading  day prior to the time of
                  determination)  as reported in The Wall Street Journal or such
                  other source as the Administrator deems reliable:

                         (ii) If the  Common  Stock  is  regularly  quoted  by a
                  recognized  securities  dealer  but  selling  prices  are  not
                  reported,  the Fair  Market  Value of a Share of Common  Stock
                  shall be the mean  between  the high bid and low asked  prices
                  for the Common  Stock on the last market  trading day prior to
                  the day of  determination,  as  reported  in The  Wall  Street
                  Journal  or  such  other  source  as the  Administrator  deems
                  reliable; or

                         (iii) In the absence of an  established  market for the
                  Common   Stock,   the  Fair  Market  Value  thereof  shall  be
                  determined in good faith by the Administrator.

                  (n)  "Incentive  Stock  Option"  means an Option  intended  to
         qualify as an incentive  stock option within the meaning of Section 422
         of the Code.

                  (o)  "Nonstatutory  Stock Option" means an Option not intended
         to qualify as an Incentive Stock Option.

                  (p)  "Notice  of  Grant"  means a  written  notice  evidencing
         certain terms and conditions of an individual  option grant. The Notice
         of Grant is part of the Option Agreement.

                  (q) "Officer"  means a person who is an officer of the Company
         within the meaning of Section 16 of the  Exchange Act and the rules and
         regulations promulgated thereunder.

                  (r)  "Option"  means a stock  option  granted  pursuant to the
         Plan.

                  (s) "Option  Agreement" means a written  agreement between the
         Company  and an  Optionee  evidencing  the terms and  conditions  of an
         individual  Option grant.  The Option Agreement is subject to the terms
         and conditions of the Plan.

                  (t)  "Optioned  Stock"  means the Common  Stock  subject to an
         Option.

<PAGE>

                  (u) "Optionee"  means an Employee,  Director or Consultant who
         receives an Option.

                  (v)  "Parent"  means a "parent  corporation",  whether  now or
         hereafter existing, as defined in Section 424 (e) of the Code.

                  (w) "Plan" means this 1993 Stock Plan.

                  (x) "Rule  16b-3"  means Rule 16b-3 of the Exchange Act or any
         successor  to  Rule  16b-3,  as in  effect  when  discretion  is  being
         exercised with respect to the Plan.

                  (y) "Share" means a share of the Common Stock,  as adjusted in
         accordance with Section 11 below.

                  (z) "Subsidiary" means a "subsidiary corporation", whether now
         or hereafter existing, as defined in Section 424 (f) of the Code.

         3. Stock Subject to the Plan.  Subject to the  provisions of Section 11
of the Plan,  the maximum  aggregate  number of Shares which may be optioned and
sold under the Plan is 4,462,500. The Shares may be authorized, but unissued, or
reacquired Common Stock. However, should the Company reacquire Shares which were
issued  pursuant  to the  exercise of an Option,  such  Shares  shall not become
available for future grant under the Plan.

         If an  Option  should  expire or become  unexercisable  for any  reason
without having been exercised in full, the unpurchased Shares which were subject
thereto shall, unless the Plan shall have been terminated,  become available for
future grant under the Plan.

         4. Administration of the Plan.

                  (a) Procedure.

                         (i)  Multiple  Administrative  Bodies.  The Plan may be
                  administered by different Committees with respect to different
                  groups of Employees, Directors and Consultants.

                         (ii)   Section   162(m).   To  the   extent   that  the
                  Administrator determines it to be desirable to qualify Options
                  granted hereunder as  "performance-based  compensation" within
                  the meaning of Section 162 (m) of the Code,  the Plan shall be
                  administered by a Committee of two or more "outside directors"
                  within the meaning of Section 162 (m) of the Code.

                         (iii) Rule 16b-3.  To the extent  desirable  to qualify
                  transactions   hereunder  as  exempt  under  Rule  16b-3,  the
                  transactions  contemplated  hereunder  shall be  structured to
                  satisfy the requirements for exemption under Rule 16b-3.

                         (iv)  Other  Administration.  Other  than  as  provided
                  above,  the Plan shall be administered by (A) the Board or (B)
                  a Committee,  which  committee shall be constituted to satisfy
                  Applicable Laws.

                  (b) Powers of the Administrator.  Subject to the provisions of
         the Plan and in the case of a Committee,  the specific duties delegated
         by the Board to such  Committee,  and  subject to the  approval  of any
         relevant authorities, including the approval, if required,
<PAGE>

         of any stock  exchange  upon  which the  Common  Stock is  listed,  the
         Administrator shall have the authority, in its discretion:

                         (i) to  determine  the Fair Market  Value of the Common
                  Stock, in accordance with Section 2(1) of the Plan;

                         (ii) to select the Employees, Directors and Consultants
                  to whom options may from time to time be granted hereunder;

                         (iii) to determine  whether and to what extent  Options
                  are granted hereunder;

                         (iv) to determine  the number of Shares of Common Stock
                  to be covered by each such award granted hereunder;

                         (v) to  approve  forms of  agreement  for use under the
                  Plan;

                         (vi)  to  determine  the  terms  and  conditions,   not
                  inconsistent  with the terms of the Plan, of any award granted
                  hereunder.  Such  terms and  conditions  include,  but are not
                  limited to, the exercise price, the time or times when Options
                  may be exercised (which may be based on performance criteria),
                  and any restriction or limitation  regarding any Option or the
                  Shares of Common Stock relating thereto, based in each case on
                  such  factors as the  Administrator,  in its sole  discretion,
                  shall determine;

                         (vii) to reduce the exercise price of any Option to the
                  then current Fair Market Value if the Fair Market Value of the
                  Common Stock covered by such Option shall have declined  since
                  the date the Option was granted;

                         (viii) to construe and  interpret the terms of the Plan
                  and awards granted pursuant to the Plan;

                         (ix)  to   prescribe,   amend  and  rescind  rules  and
                  regulations relating to the Plan;

                         (x) to modify or amend each Option  (subject to Section
                  13 (b) of the Plan);

                         (xi) to allow  Optionees  to  satisfy  withholding  tax
                  obligations by electing to have the Company  withhold from the
                  Shares to be issued upon  exercise of an Option that number of
                  Shares having a Fair Market Value equal to the amount required
                  to be  withheld.  The Fair  Market  Value of the  Shares to be
                  withheld  shall be  determined  on the date that the amount of
                  tax to be withheld is to be  determined.  All  elections by an
                  Optionee to have Shares  withheld  for this  purpose  shall be
                  made  in  such  form  and  under   such   conditions   as  the
                  Administrator may deem necessary or advisable;

                         (xii) to  authorize  any person to execute on behalf of
                  the Company any instrument  required to effect the grant of an
                  Option previously granted by the Administrator;

<PAGE>

                         (xiii)  to   determine   the  terms  and   restrictions
                  applicable to Options; and

                         (xiv) to make all other determinations deemed necessary
                  or advisable for administering the Plan.

                  (c)  Effect  of  Administrator's   Decision.   All  decisions,
         determinations and  interpretations of the Administrator shall be final
         and binding on all Optionees and any other holders of any options.

         5. Eligibility.

                  (a)  Nonstatutory  Stock  Options may be granted to Employees,
         Directors and Consultants.  Incentive Stock Options may be granted only
         to Employees. An Employee,  Director or Consultant who has been granted
         an Option may, if otherwise eligible, be granted additional Options.

                  (b) Each Option  shall be  designated  in the  written  option
         agreement as either an Incentive  Stock Option or a Nonstatutory  Stock
         Option. However,  notwithstanding such designations, to the extent that
         the  aggregate  Fair Market  Value of the Shares with  respect to which
         Options  designated as Incentive  Stock Options are exercisable for the
         first time by any Optionee during any calendar year (under all plans of
         the Company or any Parent or Subsidiary) exceeds $100,000,  such excess
         Options shall be treated as Nonstatutory Stock Options.

                  (c) For  purposes of Section  5(b),  Incentive  Stock  Options
         shall be taken into  account  in the order in which they were  granted,
         and the Fair Market Value of the Shares shall be  determined  as of the
         time the Option with respect to such Shares is granted.

                  (d) The Plan shall not confer upon any Optionee any right with
         respect  to   continuation  of  Optionee's   employment   relationship,
         directorship or consulting  relationship with the Company, nor shall it
         interfere  in any way with his or her right or the  Company's  right to
         terminate  his  or  her  employment   relationship,   directorship   or
         consulting relationship at any time, with or without cause.

                  (e) The following limitations shall apply to grants of options
         to Employees:

                         (i) No Employee shall be granted, in any fiscal year of
                  the Company,  Options to purchase  more than  200,000  Shares,
                  provided,  however, that in connection with his or her initial
                  employment,  an Employee may be granted Options to purchase up
                  to  400,000  Shares.  To the  extent  such a new  Employee  is
                  granted  options to purchase more than 200,000  shares,  he or
                  she shall not be entitled  to  additional  grants  during such
                  fiscal year.

                         (ii)  The  foregoing   limitations  shall  be  adjusted
                  proportionately in connection with any change in the Company's
                  capitalization as described in Section 11.

                         (iii) If an option is cancelled in the same fiscal year
                  of  the  Company  in  which  it was  granted  (other  than  in
                  connection  with a  transaction  described in Section 11), the
                  cancelled  Option will be counted against the limits set forth
                  in subsection  (i) above.  For this  purpose,  if the exercise
                  price of an Option is

<PAGE>

                  reduced,  the transaction will be treated as a cancellation of
                  the Option and the grant of a new Option.

         6. Term of Plan.  The Plan shall become  effective  upon the earlier to
occur of its  adoption by the Board or its approval by the  shareholders  of the
Company as described in Section 17 of the Plan. It will continue in effect for a
term of ten (10) years unless sooner terminated under Section 13 of the Plan.

         7. Term of Option.  The term of each Option shall be the term stated in
the Option Agreement; provided, however, that the term shall be no more than ten
(10)  years  from the  date of  grant  thereof  or such  shorter  term as may be
provided  in the Notice of Grant.  However,  in the case of an  Incentive  Stock
Option granted to an Optionee who, at the time the Option is granted, owns stock
representing  more than ten percent  (10%) of the voting power of all classes of
stock of the Company or any Parent or  Subsidiary,  the term of the Option shall
be five (5) years from the date of grant  thereof or such shorter term as may be
provided in the Notice of Grant.

         8. Option Exercise Price and Consideration.

                  (a) The per Share  exercise  price for the Shares to be issued
         pursuant to exercise of an Option shall be such price as is  determined
         by the Board, but shall be subject to the following:

                         (i) In the case of an Incentive Stock Option

                             (A) granted to an Employee  who, at the time of the
                         grant  of  such  Incentive  Stock  Option,  owns  stock
                         representing  more than ten percent (10%) of the voting
                         power of all  classes  of stock of the  Company  or any
                         Parent  or  Subsidiary,  the per Share  exercise  price
                         shall be no less than 110% of the Fair Market Value per
                         Share on the date of grant.

                             (B) granted to any Employee  other than an Employee
                         described in paragraph (A) immediately  above,  the per
                         Share  exercise price shall be no less than 100% of the
                         Fair Market Value per Share on the date of grant.

                         (ii) In the case of a  Nonstatutory  Stock Option,  the
                  per  Share   exercise   price  shall  be   determined  by  the
                  Administrator.  In the  case of a  Nonstatutory  Stock  Option
                  intended to qualify as "performance-based compensation" within
                  the  meaning  of  Section  162 (m) of the Code,  the per Share
                  exercise  price  shall be no less than 100% of the Fair Market
                  Value per Share on the date of grant.

                         (iii)  Notwithstanding  the  foregoing,  Options may be
                  granted with a per Share  exercise  price of less than 100% of
                  the Fair Market Value per Share on the date of grant  pursuant
                  to a merger or other corporate transaction.

                  (b) At the time an Option is granted,  the Administrator shall
         fix the  period  within  which the Option  may be  exercised  and shall
         determine any conditions  which must be satisfied before the Option may
         be exercised. In so doing, the Administrator may specify that an Option
         may not be exercised until the completion of a service period.

                  (c) The  consideration  to be paid for the Shares to be issued
         upon exercise of an option,  including the method of payment,  shall be
         determined by the Administrator

<PAGE>

         (and, in the case of an Incentive Stock Option,  shall be determined at
         the time of grant) and may consist entirely of (1) cash, (2) check, (3)
         promissory  note,  (4)  other  Shares  which  (x) in the case of Shares
         acquired  upon  exercise  of an Option  either  have been  owned by the
         Optionee  for more than six months on the date of surrender or were not
         acquired, directly or indirectly, from the Company, and (y) have a Fair
         Market Value on the date of surrender  equal to the aggregate  exercise
         price of the Shares as to which said  Option  shall be  exercised,  (5)
         delivery of a properly  executed  exercise  notice  together  with such
         other documentation as the Administrator and the broker, if applicable,
         shall  require to effect an exercise of the Option and  delivery to the
         Company  of the  sale or loan  proceeds  required  to pay the  exercise
         price, (6) any combination of the foregoing methods of payment,  or (7)
         such other  consideration  and method of payment  for the  issuance  of
         Shares to the  extent  permitted  by  Applicable  Laws.  In making  its
         determination  as to the type of  consideration  to  accept,  the Board
         shall  consider if acceptance of such  consideration  may be reasonably
         expected to benefit the Company.

         9. Exercise of Option.

                  (a)  Procedure  for  Exercise;  Rights as a  Shareholder.  Any
         Option granted  hereunder  shall be exercisable at such times and under
         such  conditions  as  determined  by the Board,  including  performance
         criteria with respect to the Company and/or the Optionee,  and as shall
         be permissible under the terms of the Plan.

         An Option may not be exercised for a fraction of a Share.

         An Option shall be deemed to be exercised  when written  notice of such
exercise  has been  given to the  Company  in  accordance  with the terms of the
Option by the person  entitled to exercise  the Option and full  payment for the
Shares with  respect to which the Option is exercised  has been  received by the
Company.  Full  payment  may,  as  authorized  by  the  Board,  consist  of  any
consideration  and method of payment  allowable  under Section 8(c) of the Plan.
Until the issuance (as  evidenced by the  appropriate  entry on the books of the
Company or of a duly  authorized  transfer  agent of the  Company)  of the stock
certificate evidencing such Shares, no right to vote or receive dividends or any
other rights as a  shareholder  shall exist with respect to the Optioned  Stock,
notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued)  such stock  certificate  promptly  upon  exercise of the option.  No
adjustment  will be made for a dividend or other right for which the record date
is prior to the date the stock  certificate  is issued,  except as  provided  in
Section 11 of the Plan.

         Exercise of an option in any manner  shall  result in a decrease in the
number of Shares which  thereafter  may be  available,  both for purposes of the
Plan and for sale  under  the  Option,  by the  number of Shares as to which the
Option is exercised.

                  (b) Termination of Continuous Status as an Employee,  Director
         or Consultant.  In the event of termination of an Optionee's Continuous
         Status as an Employee,  Director or Consultant  with the Company,  such
         Optionee  may, but only within such period of time as is  determined by
         the   Administrator,   of  at  least   thirty  (30)  days,   with  such
         determination  in the case of an Incentive  Stock Option not  exceeding
         three (3) months  after the date of such  termination  (but in no event
         later than the expiration  date of the term of such Option as set forth
         in the Notice of Grant),  exercise his or her Option to the extent that
         Optionee was  entitled to exercise it at the date of such  termination.
         To the extent that  Optionee was not entitled to exercise the Option at
         the date of such
<PAGE>

         termination, or if Optionee does not exercise such Option to the extent
         so  entitled  within  the  time  specified  herein,  the  Option  shall
         terminate.

                  (c) Disability of Optionee.  Notwithstanding the provisions of
         Section  9(b)  above,  in the  event of  termination  of an  Optionee's
         Continuous Status as an Employee, Director or Consultant as a result of
         his total and permanent  disability (as defined in Section  22(e)(3) of
         the Code),  Optionee  may, but only within six (6) months from the date
         of such  termination (but in no event later than the expiration date of
         the term of such Option as set forth in the Notice of Grant),  exercise
         the Option to the extent otherwise  entitled to exercise it at the date
         of such  termination.  To the extent that  Optionee was not entitled to
         exercise the Option at the date of termination, or if Optionee does not
         exercise  such  Option  to the  extent  so  entitled  within  the  time
         specified herein, the Option shall terminate.

                  (d)  Death of  Optionee.  In the  event of  termination  of an
         Optionee's Continuous Status as an Employee,  Director or Consultant as
         a result of the death of an Optionee,  the Option may be exercised,  at
         any time within six (6) months  following  the date of death (but in no
         event later than the expiration  date of the term of such Option as set
         forth in the Notice of Grant),  by the Optionee's estate or by a person
         who   acquired   the  right  to  exercise  the  Option  by  bequest  or
         inheritance,  but only to the  extent  the  Optionee  was  entitled  to
         exercise the Option at the date of death.  To the extent that  Optionee
         was not  entitled  to exercise  the Option at the date of death,  or if
         Optionee does not exercise such option to the extent so entitled within
         the time specified herein, the Option shall terminate.

                  (e) Buyout Provisions. The Administrator may at any time offer
         to buy  out for a  payment  in cash or  Shares,  an  Option  previously
         granted,  based on such terms and conditions as the Administrator shall
         establish and  communicate  to the Optionee at the time that such offer
         is made.

         10.  Non-Transferability of Options. Unless determined otherwise by the
Administrator,  an  Option  may not be sold,  pledged,  assigned,  hypothecated,
transferred,  or disposed of in any manner other than by shall or by the laws of
descent  or  distribution  and may be  exercised,  during  the  lifetime  of the
Optionee,   only  by  the  Optionee.   If  the  Administrator  makes  an  option
transferable,  such Option shall contain such additional terms and conditions as
the Administrator deems appropriate.

         11. Adjustments Upon Changes in Capitalization;  Dissolution, Merger or
Asset Sale.

                  (a) Changes in Capitalization.  Subject to any required action
         by the  shareholders  of the  Company,  the  number of Shares of Common
         Stock covered by each outstanding  Option,  and the number of Shares of
         Common Stock which have been authorized for issuance under the Plan but
         as to  which  no  Options  have yet been  granted  or which  have  been
         returned to the Plan upon  cancellation or expiration of an Option,  as
         well as the  price  per  Share of  Common  Stock  covered  by each such
         outstanding Option, shall be proportionately  adjusted for any increase
         or decrease in the number of issued  Shares of Common  Stock  resulting
         from a stock split, reverse stock split, stock dividend, combination or
         reclassification of the Common Stock, or any other increase or decrease
         in the number of issued Shares of Common Stock effected without receipt
         of
<PAGE>

         consideration by the Company; provided, however, that conversion of any
         convertible  securities of the Company shall not be deemed to have been
         "effected without receipt of  consideration."  Such adjustment shall be
         made by the Board, whose  determination in that respect shall be final,
         binding  and  conclusive.  Except  as  expressly  provided  herein,  no
         issuance by the Company of Shares of stock of any class,  or securities
         convertible  into Shares of stock of any class,  shall  affect,  and no
         adjustment by reason  thereof shall be made with respect to, the number
         or price of Shares of Common Stock subject to an Option.

                  (b) Dissolution or  Liquidation.  In the event of the proposed
         dissolution or  liquidation of the Company,  the Board shall notify the
         Optionee at least fifteen (15) days prior to such proposed  action.  To
         the  extent  it has not been  previously  exercised,  the  option  will
         terminate  immediately  prior  to the  consummation  of  such  proposed
         action.

                  (c)  Merger  or Asset  Sale.  In the  event of a merger of the
         Company with or into another corporation,  or the sale of substantially
         all of the assets of the  Company,  the  Option  shall be assumed or an
         equivalent option shall be substituted by such successor corporation or
         a parent or subsidiary of such successor corporation. In the event that
         the  successor  corporation  refuses  to assume or  substitute  for the
         Option,  the Board shall have the discretion  either (i) to permit each
         Optionee  to  exercise  the  Option  as to all of the  Optioned  Stock,
         including  Shares as to which it would not otherwise be  exercisable or
         (ii) to  terminate  the option with respect to unvested  Shares.  If an
         Option is  exercisable  in lieu of  assumption or  substitution  in the
         event of a merger or sale of assets, the Administrator shall notify the
         Optionee  that the Option  shall be fully  exercisable  for a period of
         fifteen  (15) days from the date of such  notice,  and the Option shall
         terminate upon the expiration of such period.  For the purposes of this
         paragraph,  the Option shall be  considered  assumed if,  following the
         merger or asset sale,  the option  confers the right to  purchase,  for
         each Share of Optioned Stock subject to the option immediately prior to
         the merger or asset sale, the  consideration  (whether stock,  cash, or
         other  securities or property)  received in the merger or asset sale by
         holders of Common  Stock for each Share held on the  effective  date of
         the transaction (and if holders were offered a choice of consideration,
         the type of  consideration  chosen by the  holders of a majority of the
         outstanding  Shares);  provided,  however,  that if such  consideration
         received in the merger or asset sale was not solely common stock of the
         successor  corporation or its parent,  the Administrator  may, with the
         consent of the successor  corporation and the participant,  provide for
         the  consideration to be received upon the exercise of the Option,  for
         each Share of Optioned Stock subject to the option, to be solely common
         stock of the successor  corporation  or its parent equal in fair market
         value to the per Share  consideration  received  by  holders  of Common
         Stock in the merger or asset sale.

         12. Time of Granting Options. The date of grant of an Option shall, for
all purposes,  be the date on which the  Administrator  makes the  determination
granting such option,  or such other date as is determined by the Board.  Notice
of the determination shall be given to each Employee,  Director or Consultant to
whom an Option is so  granted  within a  reasonable  time after the date of such
grant.

         13. Amendment and Termination of the Plan.

                  (a)  Amendment  and  Termination.  The  Board  may at any time
         amend,  alter,  suspend  or  discontinue  the Plan,  but no  amendment,
         alteration, suspension or
<PAGE>

         discontinuation  shall be made  which  would  impair  the rights of any
         Optionee under any grant theretofore made,  without his or her consent.
         In  addition,  to the extent  necessary  and  desirable  to comply with
         Applicable Laws, the Company shall obtain  shareholder  approval of any
         Plan amendment in such a manner and to such a degree as required.

                  (b) Effect of Amendment or Termination.  Any such amendment or
         termination  of the Plan shall not affect Options  already  granted and
         such Options  shall remain in full force and effect as if this Plan had
         not been  amended  or  terminated,  unless  mutually  agreed  otherwise
         between the Optionee and the Board,  which agreement must be in writing
         and signed by the Optionee and the Company.

         14.  Conditions  Upon  Issuance of Shares.  Shares  shall not be issued
pursuant to the exercise of an Option unless the exercise of such option and the
issuance  and  delivery of such Shares  pursuant  thereto  shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933,  as amended,  the  Exchange  Act,  the rules and  regulations  promulgated
thereunder, and the requirements of any stock exchange upon which the Shares may
then be listed,  and shall be further subject to the approval of counsel for the
Company with respect to such compliance.

         As a condition  to the  exercise of an Option,  the Company may require
the person  exercising  such Option to represent  and warrant at the time of any
such  exercise  that the  Shares are being  purchased  only for  investment  and
without  any  present  intention  to sell or  distribute  such Shares if, in the
opinion of counsel for the Company,  such a representation is required by any of
the aforementioned relevant provisions of law.

         15. Reservation of Shares.  The Company,  during the term of this Plan,
will at all times reserve and keep  available  such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

         The inability of the Company to obtain  authority  from any  regulatory
body having jurisdiction,  which authority is deemed by the Company's counsel to
be necessary  to the lawful  issuance  and sale of any Shares  hereunder,  shall
relieve the Company of any  liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have been obtained.

         16.  Agreements.  Options  shall be evidenced by written  agreements in
such form as the Board shall approve from time to time.

         17. Shareholder  Approval.  Continuance of the Plan shall be subject to
approval by the  shareholders of the Company within twelve (12) months before or
after the date the Plan is adopted.  Such shareholder approval shall be obtained
in the degree and manner required under applicable state and federal law and the
rules of any stock exchange upon which the Common Stock is listed.

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